Interim report
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GARO INTERIM REPORT JANUARY - MARCH 2021 STRONG GROWTH AND HIGH MARGIN JANUARY - MARCH 2021 • Net sales amounted to MSEK 290.6 ( 248.3 ) . • Growth was 17 % ( 0 ) . • EBIT amounted to MSEK 45.9 ( 18.8 ) . • EBIT margin amounted to 15.8 % ( 7.6 ) . • Net income was MSEK 38.3 ( 14.6 ) . • Earnings per share¹ amounted to SEK 3.83 ( 1.46 ) . GARO Group key figures Net sales , MSEK Jan - Mar 2021 Jan - Mar +/- 2020 % R12 Jan - Dec 2020 290.6 248.3 17 17 1,082.2 1,039.8 EBITDA , MSEK 53.8 25.1 114 191.8 163.2 EBITDA margin , % EBIT , MSEK EBIT margin , % 18.5 10.1 17.7 15.7 45.9 18.8 144 163.3 136.2 15.8 7.6 15.1 13.1 Net income , MSEK 38.3 14.6 163 119.1 95.3 Earnings per share¹ ,, SEK 3.83 1.46 11.91 9.53 Cash flow from operating activities , MSEK 16.6 -8.8 112.3 86.9 Investments , MSEK 8.3 9.1 44.6 45.3 Depreciation , MSEK 7.9 6.3 28.6 26.9 Equity ratio , % 59.3 56.4 59.3 57.9 Equity per share² , SEK 46.95 35.80 46.95 43.03 Return on equity , % 28.8 22.2 28.8 24.7 Net debt ( + ) / net cash position ( - ) , MSEK 6.6 62.1 6.6 11.3 1 ) Earnings per share were not diluted , so earnings per share pertains to before and after dilution . 2 ) For definitions of key figures , see page 18 . 3 ) Where applicable , the difference compared with previously reported figures for 2020 is due to changed application / recognition of IFRS 16 . GARO AB ( publ ) Corp. Reg . No. 556071–7772 is a company that develops , manufactures and markets innovative products and systems for the electrical installations market under its own brand . GARO's customer offering is to provide complete solutions in the product areas of Electrical distribution products , E - mobility , Project business & Temporary Power with a focus on electrical safety , user - friendliness and sustainability . GARO was founded in 1939 , has its head office in Gnosjö and is today an international company with operations in six countries with around 400 employees . The company's production units in Sweden are located in Gnosjö and Värnamo , as well as in Szczecin , Poland . GARO's sales in 2020 amounted to MSEK 1,040 . GARO is listed on Nasdaq Stockholm under the ticker name GARO . For more information , see www.garo.se 1