Share 2016-09-30 17:29 RATOS B 40.74 SEK



Ledil develops and sells secondary optics (plastic lenses which through design and material properties focus light from a source to achieve a desired lighting solution) for LED lighting. The company has a broad portfolio of proprietary products sold globally through its own sales force as well as through agents and distributors with emphasis on Europe, North America and Asia. Production is carried out by subcontractors in Finland and China. Today the products are mainly used in environments with high demands on lighting performance and are found exclusively in commercial applications such as retail stores, offices and street lighting. The company’s many proprietary products are of a high quality and compatible with most available light sources.


The global lighting market has annual sales of approximately SEK 750bn. Underlying growth is driven by the rising population, urbanisation and an increased interest in lighting.

LED technology has revolutionised the lighting market through lower energy consumption, environmental friendliness and superior operating life. In addition to the economic advantages, LED penetration, today assessed as reaching approximately 15–25%, is also driven by legislation banning traditional incandescent bulbs. LED market penetration is expected to see strong growth in future years.

Secondary optics, which are mounted adjacent to the light source, give the light its properties by changing the direction (concentrating or diffusing) as well as dispersing the light and are a vital component in an LED lamp.

Ledil has a strong market position in Europe and significant potential for further growth in North America and Asia. In addition to Ledil, the Taiwanese company LedLink is a larger market player within secondary optics. The market is, however, relatively fragmented with a number of smaller local players.

The year in brief

Ledil’s markets continued to perform strongly throughout 2015 when demand for secondary optics was still high.

Sales climbed by 19% (13% adjusted for currency effects). The strong growth is driven by increased demand in several product areas and geographic markets as well as Ledil’s high pace of innovation. Strategic growth initiatives have started, particularly within the sales organisation.

Profitability, with an EBITA margin of 32.1% (30.5), improved driven by increased volume and positive currency effects.

During the period, Ratos received a dividend of SEK 17m from Ledil.


Ledil’s products are instrumental in the conversion to more environmental lighting and thereby, to reduced climate impact. Prioritised sustainability issues are the company’s climate impact in the value chain, as are human rights and working conditions among the subcontractors.

Development potential

Ledil is a fast-growing, profitable and innovation-focused company that has built up a strong market position within its niche. The company’s opportunities for continued organic growth within several product areas and markets, combined with the underlying rising demand for energy-efficient, environmentally friendly and high-quality LED lighting, will be growth drivers in the years ahead. In addition to growth within secondary optics, Ledil is assessed in the medium term as having the potential to expand its offering to related product areas and to grow through add-on acquisitions.

The expertise and innovative powers of its management, combined with Ratos’s experience of supporting companies in growth phases and further developing organisations, create exciting opportunities to take Ledil to the next level.

(Mainly from Ratos's annual report 2015.)