SANDVIK AB S/ADR - SDVKY STOCK NEWS

On April 27, 2022, Sandvik AB's Annual General Meeting approved a proposal to distribute all shares of its subsidiary Alleima to shareholders. The record date for the distribution is set for August 29, 2022, with trading in Alleima shares starting on August 31, 2022, on Nasdaq Stockholm. Alleima aims to lead in advanced materials, with financial targets including organic revenue growth and a 9% EBIT margin. Key dates include the publication of Alleima's prospectus on August 4 and its first Capital Markets Day on August 23.

Sandvik AB held its Annual General Meeting on April 27, 2022, in Sweden, where President and CEO Stefan Widing highlighted strong organic growth and acquisition activities for 2021. The meeting adopted financial accounts and approved a dividend of SEK 4.75 per share, with the record date set for April 29, 2022. Shareholders will receive shares in Alleima Holding AB at a ratio of 5:1 for Sandvik shares. The Board was re-elected, and a long-term incentive program covering 1.9 million shares was approved, estimated to cost up to SEK 346 million.

Sandvik, in its Q1 2022 report, announced a strong performance with SEK 30,474 million in order intake, a growth of 30% year-over-year at fixed exchange rates. Revenues also rose to SEK 24,921 million, marking a 27% increase. The adjusted EBITA was SEK 5,043 million, reflecting a 20.2% margin, although slightly down from 21.4% in the previous year. Profit for the period was SEK 3,395 million, up from SEK 2,885 million in Q1 2021. The report highlights Sandvik's fifth consecutive quarter of double-digit growth.

On April 11, 2022, Sandvik announced updates to its financial reporting methods, including the treatment of Sandvik Materials Technology as discontinued operations. From Q1 2022, adjusted EBITA will replace adjusted EBIT as the primary profit metric, with M&A transaction costs reported as items affecting comparability. Key comparative figures for Q1 2021 through FY 2021 reveal fluctuating order intake, revenues, and profit margins, indicating a mixed financial performance. The upcoming Annual General Meeting is set for April 27, 2022.

Sandvik will release its first quarter results on April 20, 2022, at approximately 11:30 AM CEST. Following the report, a combined webcast and conference call for investors and analysts will take place at 1:00 PM CEST, led by President and CEO Stefan Widing and CFO Cecilia Felton. Attendees can access presentation slides from 12:30 PM CEST on the company website. Dial-in options are available for participants in Sweden, the UK, and the US.

Sandvik has successfully completed its acquisition of Deswik, an Australian leader in mine planning software, as of April 4, 2022. Deswik generated AUD 79 million in revenue over the last twelve months, with 45% coming from recurring sources and an EBITA margin of 30%. This acquisition is expected to be accretive to Sandvik's earnings per share, excluding non-cash amortization effects from business combinations. Deswik will now operate under the newly established division, Digital Mining Technologies, within Sandvik Mining and Rock Solutions.

Sandvik Aktiebolag has announced its Annual General Meeting (AGM) scheduled for April 27, 2022, at 4:00 p.m. in Sandviken, Sweden. Shareholders can participate in person, by proxy, or via postal voting, with notices due by April 21, 2022. The agenda includes adopting a cash dividend of SEK 4.75 per share, distribution of shares in Sandvik Materials Technology (to be renamed Alleima AB), and election of board members. The meeting will also address a long-term incentive program for 2022, and the Board's proposal to authorize share buybacks.

Sandvik announced significant accounting and reporting changes effective in 2022. The company will classify Sandvik Materials Technology (SMT) as discontinued operations, with a proposal for its distribution and listing to be made at the Annual General Meeting on April 27, 2022. Furthermore, Sandvik is shifting its key operating profit metric to adjusted EBITA, replacing the previous adjusted EBIT. Additionally, M&A transaction costs will now be reported as items affecting comparability. These updates aim to enhance clarity on Sandvik's underlying operating performance.

Sandvik has proposed the distribution and listing of Sandvik Materials Technology (SMT) during the Annual General Meeting set for April 27, 2022. The planned listing on the Nasdaq Stockholm Exchange is scheduled for August 31, 2022. Subject to shareholder approval, SMT will be renamed Alleima, reflecting its focus on advanced materials technology. The leadership believes this move will enhance long-term shareholder value for both Sandvik and SMT.