Q4 sales were in line with our expectations, but the gross margin was better than we expected. Total sales for 2021 ended all-time-high at SEK 2,829m, with 7% y-o-y growth. Despite tough comps, own brands (EMV) delivered 9% y-o-y growth (+46% in Q4’20). This resulted in a strong GM of 22.8%, above our expectations of 21.0%. The decline in gross margin y-o-y is largely due to currency headwinds, where the GM excl. currency effects was 70bp higher in Q4’21 at 23.3% vs Q4’20 of 22.6%. DistIT has been proactive in handling the supply chain challenges, with a large inventory build-up during 2021, affecting working capital. However, it did not materialise as expected, and with inventories still high, we expect some pressure on the GM in Q1’22e due to products sold at a discount to lower inventory, after which we expect price increases to have a positive impact on the GM. EBIT was in line with our expectations. However, Efuel delivered a somewhat disappointing adj. EBIT of SEK -0.7m. Although this, to some extent, can be explained by delayed deliveries of high-margin products and by one-offs related to inventory, we still believe Efuel’s margin will be pressured both by competition and by costs to grow in H1’22.
We expect near-term focus on development and growth…
We slightly lower our EBIT for full-year 2022e, mainly due to lower profitability expectations for Efuel. Moreover, we raise our ‘22e-‘23e EBIT for Septon on strong momentum that we expect to continue. Looking forward, we expect the focus in 2022 will be to realize synergies for Aurora Deltaco and increased grow efforts for Efuel. It should elevate the cost base in the near term, but to bear fruit in the longer term.
…that will bear fruit in the longer term
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