Consti - Rather upbeat report
Consti's net sales in Q2 amounted to EUR 70.9m, in line with our and consensus estimates (EUR 68.5m/69.2m Evli/cons.). EBIT amounted to EUR -0.5m, in line with our and consensus estimates (EUR -0.4m/-0.7m Evli/cons.). The order backlog was up 11.5% to EUR 236.5m. Excluding one-offs the report was in our view rather upbeat, in particular on order intake.
- Net sales in Q2 were EUR 70.9m (EUR 69.3m in Q2/20), in line with our and consensus estimates (EUR 68.5m/69.2m Evli/Cons.). Sales grew 2.3% y/y.
- Operating profit in Q2 amounted to EUR -0.5m (EUR 2.4m in Q2/20), in line with our and consensus estimates (EUR -0.4m/-0.7m Evli/cons.), at a margin of -0.7%. Consti recognized a non-recurring loss of EUR 3.4m as a result of the arbitral award relating to the Hotel St. George project. Adj. EBIT was EUR 2.9m (Q2/20: EUR 2.7m). On adj. basis EBIT was better than expected as we had expected EBIT excl. St. George items to amount to EUR 2.6m.
- EPS in Q2 amounted to EUR -0.09 (EUR 0.21 in Q2/20), below our estimates and above consensus estimates (EUR -0.07/-0.12 Evli/cons.).
- The order backlog in Q2 was EUR 236.5m (EUR 211.8m in Q2/20), up by 11.5%. Order intake was at a very healthy EUR 98.5m in Q2 (Q2/20: EUR 66.8m).
- Free cash flow amounted to EUR -1.4m (Q2/20: EUR 8.1m).
- Guidance for 2021 (intact): Operating profit is expected to be between EUR 4-8m.