Strong cash flow and financial position, despite Covid-19
The fourth quarter: October – December
The full year 2020: January – December
Events during the fourth quarter and after end of the quarter
- On February 10, Balco acquired Stora Fasad AB, with net sales in 2020 of 30 MSEK and an operating profit of 5 MSEK. The acquisition adds expertise in the facade area and will strengthen Balco Group’s offer for turnkey contracts for both balcony and facade renovation.
- Covid-19, with a continued high spread of infection in most countries, affected order intake, net sales and earnings in the fourth quarter and will continue to do so in the coming quarters. Costs affecting comparability of 19 MSEK were taken in the quarter in connection with increased risk exposure with Covid-19. No grants or other support linked to Covid-19 were received in 2020.
- The Board does not propose a dividend to the Annual General Meeting as the company has reduced occupancy during the first half of the year and laid off staff starting in January. At the same time, the Board is open for an Extraordinary General Meeting later in 2021 for a new dividend decision.
An online telephone conference will be held on 18 February 2021 at 09:00 CET at which President and CEO Kenneth Lundahl and CFO Michael Grindborn will present the report and answer questions. To participate, please call:
SE: +46 8 505 583 66
UK: +44 333 300 92 73
USA: +1 833 526 83 98
For more information, please contact:
Kenneth Lundahl, President and CEO
Michael Grindborn, CFO and Head of IR
This disclosure contains information that Balco Group AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 18-02-2021 07:30 CET.