Ework Group AB (publ) publishes Year-End Report, January – December 2020: Continued recovery in the fourth quarter
“We're proud to report a fourth quarter with continued recovery. Thanks to our employees' efforts, resolute cost reductions and our digital offering, we really succeeded in spite of the reduced demand in the year.”
Extract from CEO Zoran Covics commentary to the Year-end report
Fourth quarter 2020 compared to 2019
· Net sales were SEK 3,238 M (3,543).
· EBIT was SEK 17.2 M (32.1).
· Profit after financial items amounted to SEK 14.2 M (28.3).
· Other operating income, and thus profit, was negatively impacted by SEK 4.3 M after a decision by the Board of Directors to repay covid-related furlough support received.
· Profit was charged with SEK 7.0 M provisioned for the previously reported tax dispute in Norway, after a ruling by the Norwegian Tax Agency against the company. Ework is considering an appeal against this decision.
· Order intake was SEK 6,047 M (6,267).
· Earnings per share after tax before and after dilution were SEK 0.66 (1.26).
Full year 2020 compared to 2019
· Net sales amounted to SEK 12,238 M (12,621).
· EBIT was SEK 94.3 M (107.9).
· Profit after financial items of SEK 84.9 M (96.6).
· Full-year profit was also charged with the SEK 7.0 M for provisions in the fourth quarter for a tax dispute in Norway.
· Order intake was SEK 16,888 M (17,594).
· Earnings per share after tax before and after dilution were SEK 4.02 (4.37).
· The Board of Directors is proposing a dividend of SEK 4.50 per share for the financial year 2020.
Events after the period
· An Extraordinary General Meeting (EGM) on 27 January approved the dividend of SEK 2.00 per share for the financial year 2019, and elected Frida Westerberg as a Director.
The complete Year-End Report is available via link below or at www.eworkgroup.com
For further information, please contact:
Zoran Covic, President and CEO, 46 (0) 706 65 65 17
Ola Maalsnes, CFO, 46 (0) 8 50 60 55 00, 46 (0) 738 68 22 90
The information disclosed in this Year-end Report is mandatory for Ework Group AB (publ) to publish pursuant to the EU Market Abuse Regulation. This information will be submitted for publication at 11:00 a.m. (CET) on 10 February 2021. This Year-End Report has not been reviewed by the company’s auditor.