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BTS GROUP AB ( PUBL ) INTERIM REPORT JANUARY 1 - SEPTEMBER 30 , 2021 Earnings 20 percent higher than in 2019 January 1 - September 30 , 2021 • Net sales amounted to MSEK 1,346 ( 1,042 ) . Adjusted for changes in foreign exchange rates , sales increased 40 percent . ● ● ● Operating profit ( EBITA ) increased to MSEK 238 ( 45 ) . Excluding the forgiven PPP loan 188 ( 45 ) . The operating margin ( EBITA margin ) was 17.7 ( 4.3 ) percent . Excluding the forgiven PPP loan 14.0 ( 4.3 ) . Profit after tax increased to MSEK 156 ( 12 ) . Excluding the forgiven PPP loan 106 ( 12 ) . ● Earnings per share increased to SEK 8.08 ( 0.60 ) . Excluding the forgiven PPP loan 5.51 ( 0.60 ) . Our comparison year is 2019 , since 2020 was an extraordinary year . Adjusted for changes in foreign exchange rates , net sales in the first nine months of the year increased 13 percent compared with 2019. Virtual deliveries mean that there are no expenses charged to revenue . The actual growth of the operations was approximately 18 percent . Compared with the nine - month period for 2019 , operating profit ( EBITA ) increased by 20 percent and profit before tax by 13 percent , excluding the forgiven PPP loan . Third quarter 2021 • Net sales amounted to MSEK 478 ( 347 ) . Adjusted for changes in foreign exchange rates , sales increased 40 percent . • obts ● Strategy made personal • The operating margin ( EBITA margin ) was 23.9 percent ( 6.0 ) . Excluding the forgiven PPP loan 13.5 ( 6.0 ) . ● ● ● Operating profit ( EBITA ) increased to MSEK 114 ( 21 ) . Excluding the forgiven PPP loan 64 ( 21 ) . ● Profit after tax increased to MSEK 85 ( 8 ) . Excluding the forgiven PPP loan 36 ( 8 ) . In May 2020 , the US BTS subsidiary received federal COVID - 19 support under the " Paycheck Protection Program " ( known as PPP loans ) . In accordance with the guidelines from the US Authorities , this loan was written off during the third quarter of 2021 and had a positive impact of MSEK 49.7 on operating profit . For increased comparability , the outcome for 2021 is stated throughout this interim report both including and excluding the forgiven PPP loan . Earnings per share increased to SEK 4.42 ( 0.40 ) . Excluding the forgiven PPP loan 1.85 ( 0.40 ) . Upgraded outlook for 2021 The result - excluding the forgiven PPP loan - is expected to be significantly better than 2020 and significantly better than in 2019. This deviates from the previous report when the result was expected to be significantly better than 2020 and better than in 2019 . Q3 Our comparison year is 2019 , since 2020 was an extraordinary year . Adjusted for changes in foreign exchange rates , net sales increased 15 percent . Virtual deliveries mean that there are no expenses charged to revenue . The actual growth of the operations was approximately 20 percent . Compared with the third quarter of 2019 , operating profit ( EBITA ) increased 19 percent and profit before tax increased by 13 percent , excluding the forgiven PPP loan .