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Alimak Group
Annual Report • Feb 13, 2025
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Annual Report
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Alimak Group AB ALIG, SE0007158910 JANUARY – DECEMBER 2024
Interim report
Q4
Solid quarter with strong order intake, profit and cash flow
- ⎯ Order intake increased by 8% to MSEK 1 837 (1 696), an increase of 8% at constant currency
- ⎯ Revenue decreased by 1% to MSEK 1 817 (1 838), a decrease of 2% at constant currency
- ⎯ Adjusted EBITA margin increased to 17.6% (15.7%)
- ⎯ Strong cash flow from operations of MSEK 506 (363), and Net debt/EBITA was 1.79 (2.26)
- ⎯ The Board of Directors proposes an ordinary dividend for 2024 of SEK 3.00 (2.50) per share
FOURTH QUARTER
- ⎯ Order intake increased by 8% (8% at constant currency) to MSEK 1 837 (1 696). Strong performance in the Construction and Industrial divisions, while the Facade Access, HSPS and Wind divisions reported lower order intake.
- ⎯ Revenue decreased by 1% (-2% at constant currency) to MSEK 1 817 (1 838), with positive contribution from the Facade Access and Industrial divisions, while revenue decreased in the Construction and HSPS divisions.
- ⎯ Adjusted EBITA increased to MSEK 320 (288), corresponding to a margin of 17.6% (15.7%).
- ⎯ EBITA, as reported, amounted to MSEK 314 (258), negatively affected by a net difference of MSEK -6 in Items Affecting Comparability (IAC). The IAC of MSEK -6 (-30) related this quarter to the closure of the Mammendorf assembly facility.
- ⎯ EBIT amounted to MSEK 263 (205).
- ⎯ Basic earnings per share increased to SEK 1.83 (1.13) and diluted to SEK 1.83 (1.13).
- ⎯ Cash flow from operations was MSEK 506 (363).
JANUARY - DECEMBER
- ⎯ Order intake decreased by 1% (-1% at constant currency) to MSEK 6 947 (7 027), negatively impacted by the Facade Access, HSPS and Wind divisions. The Industrial and Construction divisions contributed positively.
- ⎯ Revenue was flat (+1% at constant currency) at MSEK 7 099 (7 097), with a strong performance in the Industrial and Wind divisions.
- ⎯ Adjusted EBITA for the period was MSEK 1 221 (1 150), corresponding to a margin of 17.2% (16.2%).
- ⎯ EBITA, as reported, amounted to MSEK 1 198 (1 145). It was negatively impacted by Items Affecting Comparability (IAC) of MSEK -23 (-5) related this year to the closure of the Mammen Dorf assembly facility and was partially offset by the earn-out adjustment for the Tall Crane acquisition.
- ⎯ EBIT amounted to MSEK 998 (945).
- ⎯ Basic earnings per share increased to SEK 5.89 (5.25) and diluted to SEK 5.87 (5.25).
- ⎯ Cash flow from operations was MSEK 1 149 (1 067).
- ⎯ Net debt/EBITDA decreased to 1.79 (2.26).
| KEY FIGURES, GROUP | Q4 2024 | Q4 2023 | ∆ | Jan-Dec 2024 | Jan-Dec 2023 | ∆ |
|---|---|---|---|---|---|---|
| Order intake*, MSEK | 1 837 | 1 696 | 8,3% | 6 947 | 7 027 | -1,1% |
| Revenue, MSEK | 1 817 | 1 838 | -1,2% | 7 099 | 7 097 | 0,0% |
| EBITA adj*, MSEK | 320 | 288 | 11,0% | 1 221 | 1 150 | 6,2% |
| EBITA adj*, margin, % | 17,6% | 15,7% | 17,2% | 16,2% | ||
| EBITA*, MSEK | 314 | 258 | 21,4% | 1 198 | 1 145 | 4,6% |
| EBITA* margin, % | 17,3% | 14,0% | 16,9% | 16,1% | ||
| EBIT, MSEK | 263 | 205 | 28,6% | 998 | 945 | 5,6% |
| EBIT margin, % | 14,5% | 11,1% | 14,1% | 13,3% | ||
| Result for the period, MSEK | 194 | 121 | 60,5% | 623 | 515 | 20,9% |
| Earnings per share, before dilution, SEK | 1,83 | 1,13 | 61,9% | 5,89 | 5,25 | 12,2% |
| Earnings per share, after dilution, SEK | 1,83 | 1,13 | 61,9% | 5,87 | 5,25 | 11,8% |
| Earnings per share adj., before dilution*, SEK | 2,21 | 1,72 | 28,5% | 7,45 | 6,76 | 10,2% |
| Cash flow from operations, MSEK | 506 | 363 | 39,2% | 1 149 | 1 067 | 7,6% |
| Net debt/EBITDA*, ratio | 1,79 | 2,26 | -20,7% | 1,79 | 2,26 | -20,7% |
Comments by the CEO
During the year, Alimak Group has continued to deliver on the New Heights programme and our financial targets. Adjusted EBITA margin for the full year increased to 17.2% (16.2) and I am in particular pleased about the strong cash flow in 2024, reducing our leverage to a Net Debt/EBITDA of 1.79. The Board of Directors proposes a dividend of SEK 3.00 (2.50) per share.
Solid quarter with strong order intake, profit and cash flow
We ended the year 2024 with another solid quarter. The adjusted EBITA margin improved to 17.6% (15.7), and operating cash flow increased to MSEK 506 (363), driven by higher earnings and the closing of many projects in the Facade Access division. Order intake for the Group grew by 8% at constant currency, mainly driven by the strong order intake in the Construction division.
In the Facade Access division, it is pleasing to see the continued positive effects of our transformation programme. The division achieved an EBITA margin of 15.7% (5.9) in the quarter, driven by significant improvements in project execution, better project pricing and higher service revenue. Our efforts in developing adjacent applications, such as infrastructure and integrated design services, makes the business more resilient and contributes to growth opportunities in a challenging market.
The Construction division delivered a strong order intake, especially on hoists and mast climbing work platforms (MCWP) after a soft Q3, which negatively impacted revenue in the quarter. The EBITA margin was affected by lower volumes and a less favourable product mix with low deliveries of hoists and MCWP's. Based on the strong orders in Q4, margins will return to higher levels in the first quarter of 2025. The market remains challenging, but our global market presence, attractive product portfolio, and a strong rental and service business generates significant business opportunities going forward.
The Industrial division continued its robust growth with high order intake, revenue and earnings. The EBITA margin increased to 25.7%. The expansion of our product and service portfolio, sales organisation and key account approach in selected industrial segments have contributed to the positive development and we continue to see a lot of opportunities ahead.
The HSPS division reported a soft quarter driven by weaker demand from the elevator segment and distributors in most geographies. We continue to invest in product development to accelerate growth in this relative resilient business.
The Wind division reported another stable quarter. The division faces increased uncertainty regarding the US market following the election, but globally we continue to see a lot of opportunities.
Since Tractel was acquired a bit more than two years ago, Philippe Gastineau has done a remarkable job in managing the HSPS and Facade Access divisions and ensured a great transition into the Group. As of 1 March, Philippe will fully focus on the Facade Access division and José Maria Nevot, currently EVP of the Wind division, will take on the responsibility as EVP for the HSPS division. Rafael Peña Guinaliu, currently COO in the Wind division, will take on the responsibility as EVP for Wind.
Accelerating profitable growth
We still face significant macroeconomic and geopolitical uncertainties, and I expect challenging market conditions to remain during at least the first half of 2025. The announced custom duties by the US administration will affect the Group, but for now we don't see any material effect. We continue to follow this very closely and take actions as needed.
We are continuing to invest in our profitable growth agenda and in driving the New Heights programme. With a strong financial position, we are also focusing on complementary acquisitions that can further strengthen the Group. Our most important asset is our people. We have 3,000 highly qualified, smart, and loyal employees who challenge themselves and improve the business every day. I want to thank all our employees, customers, and partners for their contributions to moving the Group to new heights. Thank you!
President and CEO
Ole Kristian Jødahl,
Group Performance
FOURTH QUARTER
Order intake in the period increased by 8% (8% at constant currency) to MSEK 1 837 (1 696). The Construction and Industrial divisions performed strongly, while the Facade Access, Height Safety and Productivity Solutions and Wind divisions reported lower order intake.
Revenue decreased by 1% (-2% at constant currency) to MSEK 1 817 (1 838), with positive contribution from the Facade Access and Industrial divisions, while Construction and Height Safety and Productivity Solutions revenue decreased.
Adjusted EBITA increased to MSEK 320 (288), corresponding to a margin of 17.6% (15.7%).
EBITA, as reported, amounted to MSEK 314 (258). Items Affecting Comparability was MSEK -6 (-30) for the period and related to the closure of the Facade Access assembly facility in Germany.
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| ORDER INTAKE* | 2024 | 2023 | 2024 | 2023 | |
| Orders, MSEK | 1 837 | 1 696 | 6 947 | 7 027 | |
| Change, MSEK | 140 | 301 | -79 | 2 243 | |
| Change, % | 8.3% | 21.6% | -1.1% | 46.9% | |
| Whereof: | |||||
| Volume & price, % | 7.7% | -1.7% | -0.5% | -4.1% | |
| Currency, % | 0.6% | 1.1% | -0.6% | 3.9% | |
| Acquisition & divestment, % | 0.0% | 22.1% | 0.0% | 47.2% |
| REVENUE | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Revenue, MSEK | 1 817 | 1 838 | 7 099 | 7 097 | |
| Change, MSEK | -22 | 435 | 2 | 2 585 | |
| Change, % | -1.2% | 31.0% | 0.0% | 57.3% | |
| Whereof: | |||||
| Volume & price, % | -1.8% | 4.3% | 0.6% | 4.5% | |
| Currency, % | 0.6% | 1.7% | -0.5% | 4.2% | |
| Acquisition & divestment, % | 0.0% | 25.0% | 0.0% | 48.6% |
| EBITA adj.* | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| EBITA adj., MSEK | 320 | 288 | 1 221 | 1 150 | |
| Change, MSEK | 32 | 71 | 71 | 535 | |
| Change, % | 11.0% | 32.5% | 6.2% | 86.9% | |
| Whereof: | |||||
| Volume & price, % | 11.1% | 5.1% | 6.9% | 18.2% | |
| Currency, % | -0.1% | 1.4% | -0.7% | 3.0% | |
| Acquisition & divestment, % | 0.0% | 26.0% | 0.0% | 65.7% | |
| *Alternative performance measure, see Definitions |
Amortisation for the period amounted to MSEK 51 (54).
EBIT for the period was MSEK 263 (205).
The financial net amounted to MSEK -16 (-58). The interest net was MSEK -33 (-53), leases was MSEK -4 (-2) and the remainder related to currency impacts.
Tax expense for the period was MSEK 53 (27), corresponding to a tax rate of 21.6% (18.3).
Result for the period amounted to MSEK 194 (121).
Basic earnings per share was SEK 1.83 (1.13) and diluted SEK 1,83 (1.13).
Cash flow from operations amounted to MSEK 506 (363). Cash flow improved significantly due to higher earnings and improved working capital management.
Net investments in fixed assets for the period totalled MSEK 64 (72), of which MSEK 34 (20) was related to additions to the rental fleet.
Net borrowings decreased by MSEK 127 (102).
Alimak Group AB
Interim Report Q4 JANUARY - DECEMBER 2024
JANUARY - DECEMBER
Order intake in the period decreased by 1% (-1% at constant currency) to MSEK 6 947 (7 027), negatively impacted by the Facade Access, Height Safety and Productivity Solutions, and Wind divisions. The Industrial and Construction divisions contributed positively.
Revenue was flat (+1% at constant currency) at MSEK 7 099 (7 097), with strong performance in the Industrial and Wind divisions.
Adjusted EBITA for the period was MSEK 1 221 (1 150), corresponding to a margin of 17.2% (16.2%), with positive contribution from the Facade Access, Industrial and Wind divisions.
EBITA, as reported, amounted to MSEK 1 198 (1 145). Items Affecting Comparability was MSEK -23 (-5) and related to the closure of the Facade Access assembly facility in Germany and the implied transition costs within the Spanish facility, partially offset by an adjusted earn-out for the Tall Crane acquisition.
Amortisation for the period amounted to MSEK 201 (200).
EBIT for the period was MSEK 998 (945), negatively affected by a net difference of MSEK -23 in Items Affecting Comparability.
The financial net amounted to MSEK -188 (-265). The interest net was MSEK -186 (-234), leases was MSEK -15 (-11) and the remainder related to currency impacts. The decreased interest net was due to lower liability to credit institutions following repayment of loans during the period.
Tax expense for the period was MSEK 187 (165), corresponding to a tax rate of 23.1% (24.3).
Result for the period improved to MSEK 623 (515).
Basic earnings per share increased to SEK 5.89 (5.25) and diluted to SEK 5.87 (5.25).
Cash generation continues to be strong. Cash flow from operations amounted to MSEK 1 149 (1 067).
Net investments in fixed assets for the period totalled MSEK 126 (191), of which MSEK 70 (53) was related to additions to the rental fleet.
Net borrowings have decreased by MSEK 302 (3 076). Last year, the full proceeds from the rights issue were used to repay loans during the first quarter.
During the period a dividend of MSEK 265 (194) was paid to the shareholders.
FINANCIAL POSITION
As of 31 December 2024, net debt totalled MSEK 2 599 (3 105).
The equity ratio was 53.1% (50.8) and the leverage ratio (net debt/EBITDA) was 1.79 (2.26).
EMPLOYEES
As of 31 December 2024, there were 2 957 (2 956) FTEs in the Group.
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD JANUARY - DECEMBER 2024
Change in Board of Directors
Heléne Mellquist was elected as a new member of the Board of Directors at the Annual General Meeting, on 29 April 2024.
Investor Update
Alimak Group hosted an Investor Update on 20 November 2024 for investors, analysts and media.
Investing in new technology
On 19 December 2024 it was announced that Alimak Group and Skyline Robotics have signed a five-year exclusive agreement to develop automated Building Maintenance Units, BMUs, for permanent facade access. Alimak Group also invested a minor undisclosed amount in Skyline Robotics.
FINANCIAL TARGETS AND POLICIES
Please refer to alimakgroup.com
SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD
Organisational change
As of 1 March 2025, Philippe Gastineau will fully focus on the Facade Access division and José Maria Nevot, currently EVP of the Wind division, will take on the responsibility as EVP for the HSPS division. Rafael Peña Guinaliu, currently COO in the Wind division, will take on the responsibility as EVP for Wind.
Facade Access
Order intake decreased by 6% (-7% at constant currency) to MSEK 480 (512). The order intake was relatively high compared with previous quarters, but at a lower level compared to Q4 last year. The North American market continued to be soft. APAC sales were strong due to significant equipment orders in China, Hong Kong, Australia and Malaysia. Order intake in Europe was at a reasonable level, including a nuclear infrastructure project order secured in France.
Revenue increased by 4% (3% at constant currency) to MSEK 526 (505). Service revenue continued to increase in all regions, with double-digit growth overall.
EBITA increased to MSEK 82 (30), corresponding to a margin of 15.7% (5.9). Improved pricing and project management continued to impact the margin positively. The result was driven up as well by several large projects ending earlier and with favourable margin impact in the US.
| ORDER INTAKE* | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Orders, MSEK | 480 | 512 | 1 720 | 1 815 | |
| Change, MSEK | -32 | 149 | -95 | 425 | |
| Change, % | -6.2% | 40.9% | -5.2% | 30.6% | |
| Whereof: | |||||
| Volume & price, % | -7.1% | 17.5% | -4.7% | -24.7% | |
| Currency, % | 0.9% | -0.1% | -0.5% | 3.2% | |
| Acquisition & divestment, % | 0.0% | 23.5% | 0.0% | 52.2% | |
| REVENUE | Q4 | Jan-Dec | |||
|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | ||
| Revenue, MSEK | 526 | 505 | 1 985 | 1 992 | |
| Change, MSEK | 21 | 62 | -6 | 619 | |
| Change, % | 4.1% | 13.9% | -0.3% | 45.2% | |
| Whereof: | |||||
| Volume & price, % | 2.7% | -12.0% | 0.1% | -8.5% | |
| Currency, % | 1.4% | 1.0% | -0.4% | 3.9% | |
| Acquisition & divestment, % | 0.0% | 24.9% | 0.0% | 49.7% |
| EBITA* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| EBITA, MSEK | 82 | 30 | 233 | 125 |
| EBITA, % | 15.7% | 5.9% | 11.7% | 6.3% |
| Change, MSEK | 53 | -4 | 108 | 69 |
| Change, % | 175.4% | -10.9% | 86.6% | 122.3% |
Construction
Order intake increased by 47% (46% at constant currency) to MSEK 468 (319), driven by solid order intake for new equipment in the Middle East, North America and the Nordics. Rental orders were stable in all regions. Parts and service orders had a strong development in all regions, while used equipment orders were particularly strong in Europe.
Revenue decreased by 9% (-10% at constant currency) to MSEK 401 (440) and was impacted by the lower order intake in Q3.
EBITA was MSEK 44 (76), corresponding to a margin of 11.1% (17.2). The margin was affected by the lower revenue and low deliveries of hoists and mast climbing work platforms.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Orders, MSEK | 468 | 319 | 1 756 | 1 753 |
| Change, MSEK | 149 | -175 | 3 | 287 |
| Change, % | 46.9% | -35.4% | 0.2% | 19.6% |
| Whereof: | ||||
| Volume & price, % | 46.1% | -41.5% | 0.8% | -8.7% |
| Currency, % | 0.8% | 0.9% | -0.6% | 3.8% |
| Acquisition & divestment, % | 0.0% | 5.1% | 0.0% | 24.5% |
| REVENUE | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue, MSEK | 401 | 440 | 1 626 | 1 748 |
| Change, MSEK | -39 | 53 | -123 | 402 |
| Change, % | -8.8% | 13.7% | -7.0% | 29.9% |
| Whereof: | ||||
| Volume & price, % | -9.5% | 6.2% | -6.6% | 2.2% |
| Currency, % | 0.7% | 1.9% | -0.4% | 4.0% |
| Acquisition & divestment, % | 0.0% | 5.6% | 0.0% | 23.6% |
| Q4 | Jan-Dec | ||
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 |
| 44 | 76 | 228 | 315 |
| 11.1% | 17.2% | 14.0% | 18.0% |
| -31 | 3 | -86 | 72 |
| -41.4% | 4.4% | -27.5% | 29.5% |
Height Safety & Productivity Solutions
Order intake decreased by 6% (-6% at constant currency) to MSEK 336 (357). Distribution order intake was relatively weak across most geographies and elevator customers are at a low point in their investment cycle.
Revenue decreased by 9% (-10% at constant currency) to MSEK 317 (349), impacted by lower order intake and unfavourable phasing of deliveries.
EBITA decreased to MSEK 56 (64), corresponding to a margin of 17.5% (18.3), affected by the lower revenue.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Orders, MSEK | 336 | 357 | 1 337 | 1 407 |
| Change, MSEK | -21 | 246 | -70 | 1 296 |
| Change, % | -5.9% | 220.6% | -5.0% | 1162.5% |
| Whereof: | ||||
| Volume & price, % | -6.2% | 30.8% | -4.7% | 30.8% |
| Currency, % | 0.3% | 8.3% | -0.3% | 8.3% |
| Acquisition & divestment, % | 0.0% | 181.5% | 0.0% | 1123.4% |
| Q4 | Jan-Dec | ||
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 |
| 317 | 349 | 1 360 | 1 410 |
| -32 | 238 | -50 | 1 298 |
| -9.3% | 213.3% | -3.5% | 1164.6% |
| -9.6% | 77.3% | -3.1% | 77.3% |
| 0.3% | 11.2% | -0.4% | 11.2% |
| 0.0% | 124.8% | 0.0% | 1076.0% |
| EBITA* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| EBITA, MSEK | 56 | 64 | 250 | 269 |
| EBITA, % | 17.5% | 18.3% | 18.4% | 19.1% |
| Change, MSEK | -8 | 33 | -18 | 238 |
| Change, % | -12.9% | 110.5% | -6.9% | 786.8% |
Interim Report Q4 JANUARY - DECEMBER 2024
Industrial
Order intake increased by 14% (13% at constant currency) to MSEK 436 (384), mainly driven by APAC and North America. Equipment orders were spread across multiple customer segments, with the highest growth seen in the ports, infrastructure and oil & gas segments. Furthermore, the aftermarket business was robust in the quarter with high activity globally.
Revenue increased by 4% (4% at constant currency) to MSEK 422 (404). Significant equipment deliveries to the power, infrastructure and ports segments enabled further growth. Strong parts and service momentum also contributed.
EBITA was MSEK 108 (95), corresponding to a margin of 25.7% (23.4). Higher revenue, strong project management and execution contributed to the result.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Orders, MSEK | 436 | 384 | 1 548 | 1 457 |
| Change, MSEK | 52 | 75 | 91 | 154 |
| Change, % | 13.5% | 24.2% | 6.3% | 11.8% |
| Whereof: | ||||
| Volume & price, % | 13.1% | 24.9% | 7.1% | 8.9% |
| Currency, % | 0.4% | -0.8% | -0.8% | 2.9% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| Q4 | Jan-Dec | ||
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 |
| 422 | 404 | 1 535 | 1 386 |
| 17 | 71 | 149 | 246 |
| 4.3% | 21.4% | 10.8% | 21.5% |
| 4.1% | 21.2% | 11.5% | 18.4% |
| 0.1% | 0.2% | -0.8% | 3.2% |
| 0.0% | 0.0% | 0.0% | 0.0% |
| Q4 | Jan-Dec | ||
|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 |
| 108 | 95 | 378 | 322 |
| 25.7% | 23.4% | 24.6% | 23.2% |
| 14 | 26 | 56 | 105 |
| 14.5% | 37.7% | 17.3% | 48.6% |
Wind
Order intake decreased by 7% (-7% at constant currency) to MSEK 132 (141). The North American market remained soft, and Europe was at a lower level due to a major OEM that experienced project delays in the quarter. New equipment orders were strong in APAC, and aftermarket contributed positively in all regions.
Revenue remained at a stable level (same at constant currency) at MSEK 166 (166). Sales were solid in China and South America. Safety products and aftermarket sales contributed positively in all regions.
EBITA was MSEK 29 (25), corresponding to a margin of 17.4% (14.9). The improved margin was achieved through continued optimisation of internal processes and supply chain reinforcement.
| ORDER INTAKE* | Q4 | Jan-Dec | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Orders, MSEK | 132 | 141 | 670 | 689 |
| Change, MSEK | -10 | 24 | -19 | 174 |
| Change, % | -6.9% | 20.3% | -2.8% | 33.9% |
| Whereof: | ||||
| Volume & price, % | -6.7% | 17.0% | -1.8% | 26.1% |
| Currency, % | -0.1% | 3.4% | -1.0% | 7.8% |
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| REVENUE | Q4 | Jan-Dec | ||
| 2024 | 2023 | 2024 | 2023 | |
| Revenue, MSEK | 166 | 166 | 693 | 674 |
| Change, MSEK | -1 | 37 | 19 | 132 |
| Change, % | -0.3% | 28.9% | 2.8% | 24.4% |
| Whereof: |
| Currency, % | -0.3% | 3.4% | -1.0% | 7.1% |
|---|---|---|---|---|
| Acquisition & divestment, % | 0.0% | 0.0% | 0.0% | 0.0% |
| EBITA* | Q4 | Jan-Dec | ||
| 2024 | 2023 | 2024 | 2023 | |
| EBITA, MSEK | 29 | 25 | 133 | 120 |
| EBITA, % | 17.4% | 14.9% | 19.1% | 17.9% |
| Change, MSEK | 4 | 13 | 12 | 51 |
| Change, % | 16.6% | 104.1% | 10.1% | 73.5% |
Volume & price, % 0.0% 25.5% 3.7% 17.2%
Alimak Group AB
Interim Report Q4 JANUARY - DECEMBER 2024
DECLARATION
The CEO declares that the interim report presents a true and fair view of the operations, financial position and results of the Parent Company and Group and describes the significant risks and uncertainties facing the Parent Company and the companies forming part of the Group.
Stockholm, 13 February 2025
Alimak Group AB (publ) corporate identity number 556714-1857
Ole Kristian Jødahl Board Member President and CEO
This interim report has not been reviewed by the company's auditors.
Condensed statement of comprehensive income, Group
| Amounts in MSEK | Note | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|---|
| Revenue | 2 | 1 817 | 1 838 | 7 099 | 7 097 |
| Cost of sales | -1 099 | -1 096 | -4 248 | -4 277 | |
| Gross profit | 718 | 742 | 2 852 | 2 820 | |
| Operating expenses | -455 | -538 | -1 854 | -1 875 | |
| Participations in the results of associated companies | 0 | 0 | 0 | 0 | |
| Operating profit (EBIT) | 263 | 205 | 998 | 945 | |
| Financial net* | -16 | -58 | -188 | -265 | |
| Profit before tax (EBT) | 248 | 148 | 810 | 681 | |
| Income tax | -53 | -27 | -187 | -165 | |
| Net profit | 194 | 121 | 623 | 515 | |
| Attributable to owners of the parent company | 194 | 121 | 623 | 515 | |
| Earnings per share, basic, SEK | 1.83 | 1.13 | 5.89 | 5.25 | |
| Earnings per share, diluted, SEK | 1.83 | 1.13 | 5.87 | 5.25 | |
| OTHER COMPREHENSIVE INCOME | |||||
| Items that will not be reclassified to net profit for the period | |||||
| Remeasurements of defined benefit pension plans | 9 | 11 | -35 | 28 | |
| Income tax relating to remeasurements of pension plans | 6 | -2 | 19 | -5 | |
| Total | 15 | 9 | -16 | 23 | |
| Items that may be reclassified to net profit for the period | |||||
| Foreign exchange translation differences | 200 | -385 | 298 | -163 | |
| Change in fair value of cash flow hedges | 0 | 6 | -5 | -11 | |
| Income tax relating to change in fair value of cash flow hedges | 0 | -1 | 1 | 0 | |
| Total | 199 | -380 | 294 | -174 | |
| 215 | -371 | 278 | -151 | ||
| Other comprehensive income | |||||
| Total comprehensive income | 409 | -250 | 901 | 365 | |
| Attributable to owners of the parent company | 409 | -250 | 901 | 365 |
* From the second quarter 2024 financial income and expenses are presented on a net basis.
Condensed statement of financial position, Group
| Amounts in MSEK | Note | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|---|
| ASSETS | |||
| Goodwill and Intangible assets | 8 545 | 8 420 | |
| Property, plant and equipment | 680 | 659 | |
| Right-of-use assets | 299 | 274 | |
| Deferred tax assets | 148 | 160 | |
| Financial and other non-current assets | 4 | 252 | 182 |
| Total non-current assets | 9 923 | 9 695 | |
| Inventories | 1 249 | 1 186 | |
| Contract assets | 321 | 338 | |
| Trade receivables | 4 | 1 341 | 1 330 |
| Other receivables | 4 | 210 | 217 |
| Prepaid expenses and accrued income | 4 | 133 | 143 |
| Short-term investments | 4 | 45 | 35 |
| Cash and cash equivalents | 4 | 1 095 | 739 |
| Total current assets | 4 394 | 3 987 | |
| TOTAL ASSETS | 14 317 | 13 683 | |
| EQUITY AND LIABILITIES | |||
| Shareholders equity | 7 600 | 6 955 | |
| Long-term borrowings | 4 | 3 428 | 3 579 |
| Lease liabilities | 4 | 197 | 180 |
| Deferred tax liabilities | 849 | 876 | |
| Other long term liabilities | 4 | 303 | 273 |
| Total non-current liabilities | 4 777 | 4 907 | |
| Short-term borrowings | 4 | 0 | 28 |
| Lease liabilities | 4 | 113 | 92 |
| Contract liabilities | 311 | 326 | |
| Trade payables | 4 | 444 | 436 |
| Other current liabilities | 4 | 1 073 | 938 |
| Total current liabilities | 1 940 | 1 821 | |
| TOTAL EQUITY AND LIABILITIES | 14 317 | 13 683 |
Condensed statement of changes in equity, Group
| Amounts in MSEK | Share capital |
Other paid-in capital |
Translation reserve |
Hedging reserve |
Retained earnings and profit for the period |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance, 1 Jan 2023 | 1 | 2 871 | 487 | 0 | 1 018 | 4 377 |
| Result for the period | - | - | - | - | 515 | 515 |
| Changes of fair value | - | - | - | -11 | - | -11 |
| Revaluation of pension plans | - | - | - | - | 28 | 28 |
| Tax attributable to revaluations | - | - | - | 0 | -6 | -6 |
| Translation difference | - | - | -163 | - | - | -163 |
| Total comprehensive income | - | - | -163 | -11 | 539 | 365 |
| Dividend | - | - | - | - | -194 | -194 |
| Repurchase of Treasury shares | - | -75 | - | - | - | -75 |
| Issued call options | - | 5 | - | - | - | 5 |
| Share issue¹ | 1 | 2 476 | - | - | - | 2 477 |
| Closing balance, 31 Dec 2023 | 2 | 5 277 | 324 | -11 | 1 363 | 6 955 |
| Opening balance, 1 Jan 2024 | 2 | 5 277 | 324 | -11 | 1 363 | 6 955 |
| Result for the period | - | - | - | - | 623 | 623 |
| Changes of fair value | - | - | - | -5 | - | -5 |
| Revaluation of pension plans | - | - | - | - | -35 | -35 |
| Tax attributable to revaluations | - | - | - | 1 | 19 | 20 |
| Translation difference | - | - | 298 | - | - | 298 |
| Total comprehensive income | - | - | 298 | -4 | 607 | 901 |
| Dividend | - | - | - | - | -265 | -265 |
| Issued call options | - | 9 | - | - | - | 9 |
| Closing balance, 31 Dec 2024 | 2 | 5 286 | 623 | -15 | 1 705 | 7 600 |
¹A new issue of 53,415,250 shares for SEK 46.8 per share was fully completed and registered on 27 April 2023. Other paid-in capital is reported net for issue costs of MSEK 20.0.
Cash flow statement, Group
| Amounts in MSEK | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|
| Operating activities | ||||
| Profit before tax | 248 | 148 | 810 | 681 |
| Depreciation, amortisation, impairment | 112 | 117 | 453 | 428 |
| Other non-cash items | -46 | -108 | -36 | -58 |
| Income taxes paid | -63 | -72 | -177 | -260 |
| Cashflow before change in working capital | 250 | 85 | 1 050 | 791 |
| Change in working capital | ||||
| Change in inventory | 50 | 44 | -10 | -17 |
| Change in contract assets | 62 | 70 | 37 | -1 |
| Change in current receivables | 94 | 186 | 76 | 193 |
| Change in current liabilities | 50 | -21 | -4 | 101 |
| Cash flow from change in working capital | 256 | 278 | 99 | 276 |
| Cash flow from operating activities | 506 | 363 | 1 149 | 1 067 |
| Investing activities | ||||
| Purchase of intangible assets | -4 | -2 | -6 | -6 |
| Purchase of property, plant and equipment | -60 | -70 | -120 | -185 |
| Purchase of financial instruments | -11 | - | -11 | - |
| Net change in short term financial investments | 0 | -2 | 7 | -2 |
| Cash flow from investing activities | -75 | -74 | -130 | -193 |
| Financing activities | ||||
| Rights issue, net | - | - | - | 2 476 |
| Proceeds from borrowings | 0 | 293 | 250 | 373 |
| Repayment of borrowings | -127 | -396 | -552 | -3 448 |
| Bank overdrafts | - | 2 | - | 0 |
| Repayment of lease liability | -34 | -32 | -128 | -123 |
| Repurchase of treasury shares | - | -75 | - | -75 |
| Issued call options | - | 0 | 9 | 5 |
| Dividends paid | - | - | -265 | -194 |
| Cash flow from financing activities | -161 | -209 | -686 | -986 |
| Net change in cash and cash equivalents | 270 | 80 | 332 | -113 |
| Cash & cash equivalents at beginning of period | 805 | 690 | 739 | 869 |
| Exchange rate differences in cash and cash equivalents | 20 | -31 | 24 | -18 |
| Cash & cash equivalents at end of period | 1 095 | 739 | 1 095 | 739 |
Key figures
| 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| KEY FIGURES MSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| INCOME STATEMENT ITEMS (MSEK) | ||||||||
| Order intake* | 1 837 | 1 592 | 1 789 | 1 729 | 1 696 | 1 678 | 1 782 | 1 870 |
| Revenue | 1 817 | 1 742 | 1 806 | 1 736 | 1 838 | 1 730 | 1 784 | 1 745 |
| EBITDA* | 375 | 372 | 366 | 339 | 321 | 369 | 343 | 340 |
| EBITA adj* | 320 | 310 | 307 | 285 | 288 | 279 | 295 | 289 |
| EBITA adj %* | 17,6% | 17,8% | 17,0% | 16,4% | 15,7% | 16,1% | 16,5% | 16,6% |
| EBITA* | 314 | 308 | 296 | 281 | 258 | 312 | 288 | 286 |
| EBIT | 263 | 261 | 247 | 228 | 205 | 256 | 236 | 248 |
| Result for the period | 194 -6 |
155 -2 |
143 -11 |
131 -4 |
121 | 141 34 |
130 -6 |
124 -3 |
| Items affecting comparability* | 409 | 29 | 69 | 394 | -30 | 32 | 449 | 145 |
| Total comprehensive income, MSEK | -261 | |||||||
| BALANCE SHEET ITEMS (MSEK) | ||||||||
| Total assets | 14 317 | 13 935 | 14 148 | 14 208 | 13 683 | 14 497 | 14 931 | 14 344 |
| Capital employed* | 10 200 | 10 153 | 10 361 | 10 443 | 10 059 | 10 692 | 11 036 | 10 564 |
| Equity | 7 600 | 7 191 | 7 162 | 7 349 | 6 955 | 7 291 | 7 254 | 6 998 |
| Net debt* | 2 599 | 2 963 | 3 198 | 3 094 | 3 105 | 3 401 | 3 782 | 3 566 |
| Goodwill and other intangible assets | 8 545 | 8 387 | 8 538 | 8 674 | 8 420 | 8 792 | 9 005 | 8 702 |
| Capital employed, excluding goodwill* | 4 091 | 4 200 | 4 326 | 4 353 | 4 177 | 4 593 | 4 841 | 4 600 |
| Working capital* | 1 581 | 1 718 | 1 736 | 1 815 | 1 655 | 2 006 | 2 192 | 1 980 |
| Cash and cash equivalents | 1 095 | 805 | 755 | 728 | 739 | 690 | 714 | 733 |
| CASH FLOW ITEMS (MSEK) | ||||||||
| Cash flow from working capital | 256 | -36 | -61 | -60 | 278 | 118 | -23 | -97 |
| Cash flow from operating activities | 506 | 265 | 164 | 214 | 363 | 390 | 206 | 108 |
| Cash flow for the period | 270 | 62 | 38 | -37 | 80 | -13 | -43 | -137 |
| Depreciation | -61 | -63 | -69 | -58 | -63 | -57 | -55 | -54 |
| Amortization | -51 | -48 | -49 | -53 | -56 | -52 | -38 | |
| -54 | ||||||||
| -4 | 0 | -1 | -1 | -2 | -1 | 0 | ||
| Purchase of intangible fixed assets | -60 | -12 | -29 | -19 | -2 | -44 | -48 | -23 |
| Purchase of property, plant and equipment | -70 | |||||||
| Rolling 12 Months | ||||||||
| Order intake* | 6 947 | 6 807 | 6 893 | 6 886 | 7 027 | 6 726 | 6 134 | 5 601 |
| Revenue | 7 099 | 7 121 | 7 110 | 7 088 | 7 097 | 6 662 | 6 027 | 5 321 |
| EBITDA* | 1 451 | 1 397 | 1 395 | 1 372 | 1 374 | 1 342 | 1 126 | 958 |
| EBITA adj* | 1 221 | 1 190 | 1 159 | 1 146 | 1 150 | 1 080 | 951 | 797 |
| EBITA adj %* | 17,2% | 16,7% | 16,3% | 16,2% | 16,2% | 16,2% | 15,8% | 15,0% |
| EBITA* | 1 198 | 1 143 | 1 148 | 1 140 | 1 145 | 1 124 | 929 | 782 |
| EBIT | 998 | 939 | 935 | 924 | 945 | 949 | 800 | 695 |
| Result for the period | 623 | 550 | 536 | 522 | 515 | 524 | 461 | 430 |
| Items affecting comparability* | -23 | -47 | -11 | -6 | -5 | 44 | -22 | -16 |
| Total comprehensive income | 901 | 231 | 234 | 625 | 365 | 682 | 901 | 725 |
| Cash flow from operating activities | 1 149 | 1 006 | 1 131 | 1 173 | 1 067 | 997 | 742 | 572 |
| Cash flow for the period | 332 | 143 | 68 | -13 | -113 | 280 | 396 | 484 |
Key figures (cont)
| 2024 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| GROWTH (Year-Over-Year) | ||||||||
| Order intake*, total % | 8.3% | -5.1% | 0.4% | -7.5% | 21.6% | 54.5% | 42.6% | 77.7% |
| Order intake*, organic % | 7.7% | -1.8% | -0.2% | -7.1% | -1.7% | -4.0% | -15.2% | 6.0% |
| Order intake*, acquisitions % | 0.0% | 0.0% | 0.0% | 0.0% | 22.1% | 55.1% | 52.8% | 65.4% |
| Revenue, total % | -1.2% | 0.7% | 1.2% | -0.5% | 31.0% | 58.0% | 65.4% | 86.4% |
| Revenue, organic % | -1.8% | 4.1% | 0.7% | -0.4% | 4.3% | 0.7% | 1.4% | 12.1% |
| Revenue, acquisitions % | 0.0% | 0.0% | 0.0% | 0.0% | 25.0% | 53.1% | 58.6% | 67.1% |
| FINANCIAL RATIOS | ||||||||
| Gross margin % | 39.5% | 40.0% | 40.9% | 40.2% | 40.4% | 38.8% | 39.8% | 39.9% |
| EBITDA margin* % | 20.8% | 21.3% | 20.3% | 19.4% | 17.5% | 21.4% | 19.3% | 19.5% |
| EBITA margin* % | 17.4% | 17.7% | 16.4% | 16.2% | 14.0% | 18.1% | 16.2% | 16.4% |
| Operating expenses % of revenue | 25.0% | 25.1% | 27.3% | 27.1% | 29.2% | 24.0% | 26.6% | 25.7% |
| Depreciation and amortization % of revenue | 6.2% | 6.4% | 6.6% | 6.4% | 6.3% | 6.5% | 6.0% | 5.2% |
| Investments % of revenue | 3.1% | 0.7% | 1.7% | 1.1% | 3.9% | 2.7% | 2.8% | 1.3% |
| Equity ratio* % | 53.1% | 51.6% | 50.6% | 51.7% | 50.8% | 50.3% | 48.6% | 48.8% |
| Return on equity* % | 8.2% | 7.6% | 7.4% | 7.3% | 9.1% | 7.2% | 6.4% | 6.1% |
| Return on capital employed* % | 9.7% | 9.1% | 8.9% | 8.8% | 8.9% | 9.9% | 9.6% | 10.0% |
| Return on capital employed, excluding goodwill* % | 23.6% | 21.7% | 21.0% | 20.5% | 20.8% | 18.2% | 21.8% | 22.6% |
| Net debt/EBITDA, ratio* | 1.79 | 2.12 | 2.29 | 2.25 | 2.26 | 2.53 | 3.36 | 3.72 |
| Interest coverage ratio*, times | 5.6 | 4.3 | 3.5 | 3.4 | 3.1 | 3.7 | 3.7 | 3.2 |
| SHARE RATIOS (SEK) | ||||||||
| Number of shares, thousands | 107 573 | 107 573 | 107 573 | 107 573 | 107 573 | 107 573 | 107 573 | 107 380 |
| Dividend per share | - | - | 2.50 | - | - | - | 1.82 | - |
| Earnings per share, before dilution, SEK | 1.83 | 1.46 | 1.35 | 1.24 | 1.13 | 1.32 | 1.21 | 1.72 |
| Earnings per share, after dilution, SEK | 1.83 | 1.46 | 1.34 | 1.24 | 1.13 | 1.32 | 1.21 | 1.72 |
| Earnings per share adj. before dilution*, SEK | 2.21 | 1.79 | 1.78 | 1.66 | 1.72 | 1.46 | 1.61 | 2.11 |
| Equity per share* | 70.65 | 66.85 | 66.58 | 68.32 | 64.65 | 67.78 | 67.43 | 65.17 |
| Cash flow per share* | 2.51 | 0.57 | 0.35 | -0.34 | 0.75 | -0.12 | -0.40 | -1.27 |
| OTHER | ||||||||
| Number of Employees - Full Time Equivalent | 2 956 | 2 968 | 2 959 | 2 954 | 2 956 | 2 977 | 2 964 | 3 012 |
Historical quarterly data 2022 – 2024
| 2024 | 2023 | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Order Intake* | ||||||||||||
| Facade Access | 480 | 453 | 364 | 423 | 512 | 376 | 433 | 493 | 364 | 345 | 416 | 265 |
| Construction | 468 | 350 | 454 | 484 | 319 | 489 | 476 | 469 | 494 | 297 | 354 | 321 |
| Height Safety & Productivity Solutions | 336 | 312 | 352 | 336 | 357 | 351 | 350 | 350 | 111 | - | - | - |
| Industrial | 436 | 342 | 442 | 328 | 384 | 328 | 373 | 372 | 309 | 322 | 334 | 338 |
| Wind | 132 | 161 | 202 | 175 | 141 | 152 | 187 | 208 | 117 | 122 | 146 | 129 |
| Interdivision elimination | -16 | -26 | -24 | -18 | -18 | -18 | -37 | -21 | - - | - | - | |
| Total | 1 837 1 592 1 789 | 1 729 | 1 696 | 1 678 | 1 782 | 1 870 | 1 396 | 1 086 | 1 249 | 1 053 | ||
| Revenue | ||||||||||||
| Facade Access | 526 | 479 | 496 | 485 | 505 | 507 | 495 | 485 | 443 | 325 | 313 | 291 |
| Construction | 401 | 427 | 426 | 371 | 440 | 440 | 402 | 467 | 387 | 351 | 338 | 270 |
| Height Safety & Productivity Solutions | 317 | 335 | 354 | 354 | 349 | 326 | 373 | 362 | 111 | - | - | - |
| Industrial | 422 | 354 | 362 | 397 | 404 | 331 | 339 | 311 | 333 | 275 | 294 | 238 |
| Wind | 166 | 180 | 194 | 153 | 166 | 169 | 188 | 151 | 129 | 143 | 133 | 137 |
| Interdivision elimination | -14 | -34 | -27 | -24 | -26 | -42 | -13 | -32 | - - | - | - | |
| Total | 1 817 1 742 1 806 | 1 736 | 1 838 | 1 730 | 1 784 | 1 745 | 1 403 | 1 095 | 1 078 | 936 | ||
| EBITA* | ||||||||||||
| Facade Access | 82 | 55 | 50 | 46 | 30 | 40 | 26 | 29 | 34 | 12 | 6 | 4 |
| Construction | 44 | 74 | 71 | 39 | 76 | 82 | 71 | 86 | 73 | 65 | 64 | 41 |
| Height Safety & Productivity Solutions | 56 | 64 | 69 | 61 | 64 | 51 | 79 | 75 | 30 | - | - | - |
| Industrial | 108 | 81 | 82 | 106 | 95 | 73 | 81 | 74 | 69 | 50 | 52 | 46 |
| Wind | 29 | 35 | 39 | 30 | 25 | 33 | 38 | 25 | 12 | 22 | 19 | 16 |
| Items affecting comparability | -6 | -2 | -11 | -4 | -31 | 34 | -6 | -3 | 19 | -32 | - | - |
| Total | 314 | 308 | 296 | 281 | 258 | 312 | 288 | 286 | 237 | 118 | 141 | 107 |
| EBIT | ||||||||||||
| Facade Access | 60 | 35 | 28 | 22 | 8 | 18 | 7 | 18 | 23 | 10 | 5 | 2 |
| Construction | 38 | 68 | 64 | 32 | 69 | 75 | 63 | 80 | 70 | 64 | 63 | 41 |
| Height Safety & Productivity Solutions | 36 | 44 | 49 | 42 | 46 | 31 | 58 | 61 | 23 | - | - | - |
| Industrial | 108 | 81 | 82 | 105 | 94 | 72 | 81 | 73 | 68 | 50 | 51 | 45 |
| Wind | 28 | 34 | 37 | 27 | 18 | 26 | 32 | 19 | 6 | 16 | 13 | 10 |
| Items affecting comparability* | -6 | -2 | -11 | -4 | -31 | 34 | -4 | -3 | 19 | -32 | - | - |
| Total | 263 | 260 | 247 | 228 | 205 | 256 | 236 | 248 | 208 | 107 | 132 | 98 |
*Alternative performance measure, see Definitions
Following the acquisition of Tractel, a new division has been added in Q4 2022 – Height Safefy & Productivity Solutions. The Facade Access and Construction divisions have also been affected by the Tractel acquisition and now include parts from the acquisition. The historical data has not been restated due to the Tractel Acquisition.
Financial measures Bridge
| In MSEK | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|
| EBIT | 263 | 205 | 998 | 945 |
| Add back: | ||||
| Amortization | 51 | 54 | 201 | 200 |
| EBITA* | 314 | 258 | 1 198 | 1 145 |
| Add back: | ||||
| Depreciation | 61 | 63 | 252 | 228 |
| EBITDA* | 375 | 321 | 1 451 | 1 374 |
| EBITA* | 314 | 258 | 1 198 | 1 145 |
| Add back: | ||||
| Items affecting comparability | 6 | 30 | 23 | 5 |
| EBITA adj* | 320 | 288 | 1 221 | 1 150 |
| In MSEK | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|
| Net profit | 194 | 121 | 623 | 515 |
| Add back: | ||||
| Items affecting comparability | 6 | 30 | 23 | 5 |
| Acquisition related amortization | 47 | 51 | 194 | 186 |
| Tax effect | -13 | -19 | -51 | -44 |
| Net profit adj. | 234 | 183 | 789 | 663 |
| No of shares | 106 | 106 | 106 | 98 |
| EPS adjusted* | 2.21 | 1.72 | 7.45 | 6.76 |
| In MSEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Non-current interest bearing debts | 3 430 | 3 579 |
| Current interest bearing debts | 0 | 28 |
| Non-current lease liability | 197 | 180 |
| Current lease liability | 113 | 92 |
| Deduct: | ||
| Long term interest bearing receivables | 0 | 0 |
| Short term interest bearing receivables | 45 | 35 |
| Cash and cash equivalents | 1 095 | 739 |
| Net debt | 2 599 | 3 105 |
| Net debt | 2 599 | 3 105 |
| Add: | ||
| Shareholders equity | 7 600 | 6 955 |
| Capital Employed | 10 200 | 10 059 |
Condensed Income statement, parent company
| Amounts in MSEK | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|
| Revenue | 3 | 6 | 9 | 11 |
| Operating expenses | -22 | -27 | -42 | -52 |
| Operating profit/loss (EBIT) | -19 | -20 | -33 | -41 |
| Financial Net* | 3 | 334 | 44 | 389 |
| Profit/loss after financial items | -16 | 314 | 11 | 349 |
| Change in untaxed reserves | -3 | - | -3 | - |
| Group contribution | - | 64 | - | 64 |
| Profit/loss before tax (EBT) | -18 | 378 | 8 | 413 |
| Income tax | 2 | -3 | -1 | -5 |
| Result for the period | -16 | 375 | 7 | 408 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income | -16 | 375 | 7 | 408 |
| * From the second quarter 2024 financial income and expenses are presented on a net basis. |
Condensed Balance sheet, parent company
| Amounts in MSEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Non-current assets | ||
| Shares in group companies | 5 198 | 5 198 |
| Non-current receivables from group companies | 3 446 | 3 329 |
| Other non-current assets | 41 | 17 |
| Total non-current assets | 8 686 | 8 544 |
| Current assets | ||
| Receivables from group companies | 287 | 867 |
| Other short term receivables | 28 | 27 |
| Cash and cash equivalents | 398 | 77 |
| Total current assets | 714 | 971 |
| TOTAL ASSETS | 9 399 | 9 515 |
| EQUITY AND LIABILITIES | ||
| Restricted Equity | 202 | 202 |
| Unrestricted Equity | 5 567 | 5 816 |
| Untaxed reserves | 104 | 101 |
| Non-current liabilities, interest bearing | 3 446 | 3 329 |
| Liabilities to group companies | 18 | 20 |
| Other current liabilities | 63 | 47 |
| TOTAL EQUITY AND LIABILITIES | 9 399 | 9 515 |
Notes
NOTE 1. ACCOUNTING POLICIES
This interim report was prepared in accordance with IAS 34, Interim Financial Reporting. The same accounting and valuation policies were applied as in the most recent annual report except for new and revised standards and interpretations effective from 1 January 2024. Non-IFRS measures are also presented in the report since they are considered to be important supplemental measures of the Alimak Group's performance. The definition of these can be found on page 25 of this report and a bridge from IFRS measures into non-IFRS measures is found on page 19 of this report.
Alimak Group AB is the Parent Company of Alimak Group. The Interim Report for the parent company has been prepared in accordance with the Annual Accounts Act and with the standard RFR 2 Accounting for Legal Entities, issued by the Swedish Corporate Reporting Board. The same accounting policies and calculation methods are applied in the interim financial statements as in the most recent Annual Report.
A detailed description of the Group's risks and uncertainties can be found in the Annual Report. There are no significant changes in risks since the Annual Report for 2023 was published on 19 March 2024.
All items are stated in MSEK without decimals and, therefore, rounding differences can occur. Historic periods have been adjusted accordingly.
| Amounts in MSEK | Q4 2024 | Q4 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
|---|---|---|---|---|
| EMEA | 859 | 925 | 3 478 | 3 400 |
| APAC | 400 | 337 | 1 327 | 1 279 |
| Americas | 557 | 577 | 2 295 | 2 419 |
| Total | 1 817 | 1 838 | 7 099 | 7 097 |
| Over time | ||||
| Facade Access | 288 | 313 | 1 178 | 1 314 |
| Construction | 78 | 71 | 324 | 306 |
| Height Safety & Productivity Solutions | - | 0 | - | 5 |
| Industrial | 11 | 41 | 94 | 98 |
| Wind | - | - | - | - |
| Total over time | 378 | 426 | 1 595 | 1 724 |
| Point in time | ||||
| Facade Access | 238 | 192 | 807 | 677 |
| Construction | 323 | 368 | 1 302 | 1 442 |
| Height Safety & Productivity Solutions | 317 | 349 | 1 360 | 1 404 |
| Industrial | 410 | 363 | 1 441 | 1 288 |
| Wind | 166 | 166 | 693 | 674 |
| Interdivision elimination | -14 | -26 | -99 | -112 |
| Total point in time | 1 439 | 1 412 | 5 504 | 5 373 |
| Total | 1 817 | 1 838 | 7 099 | 7 097 |
NOTE 2. REVENUE SPLIT
Classification of regions was changed to EMEA, APAC and Amercias.
Alimak Group AB
Interim Report Q4 JANUARY - DECEMBER 2024
NOTE 3. SEGMENT REPORTING
| Q4 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Interdivision elimination |
Items affecting comparability |
Other Total, Group | |
| Revenue | 526 | 401 | 317 | 422 | 166 | -14 | - | - | 1 817 |
| EBITA* | 82 | 44 | 56 | 108 | 29 | - | -6 | 0 | 314 |
| EBITA* % | 15,7% | 11,1% | 17,5% | 25,7% | 17,4% | - | - | - | 17,3% |
| Trade receivables | 421 | 252 | 227 | 288 | 154 | - | - | - | 1 341 |
| Inventories & Contract Assets | 441 | 503 | 321 | 206 | 98 | - | - | 0 | 1 570 |
| Trade payables | -162 | -93 | -67 | -59 | -55 | -8 | -444 | ||
| Other receivables/liabilities | -381 | -202 | -125 | -138 | -20 | - - |
- | -21 | -887 |
| Working capital | 320 | 460 | 357 | 297 | 177 | - | - - |
-29 | 1 581 |
| Investments | 9 | 68 | 7 | 5 | -24 | - | - | 0 | 64 |
| Q4 2023 | |||||||||
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Interdivision elimination |
Items affecting comparability |
Other Total, Group | |
| Revenue | 505 | 440 | 349 | 404 | 166 | -26 | - | - | 1 838 |
| EBITA* | 30 | 76 | 64 | 95 | 25 | - | -31 | - | 258 |
| EBITA* % | 5,9% | 17,2% | 18,3% | 23,4% | 14,9% | - | - | - | 14,0% |
| Trade receivables | 455 | 241 | 231 | 274 | 129 | - | - | - | 1 330 |
| Inventories & Contract Assets | 443 | 448 | 302 | 241 | 90 | - | - | - | 1 524 |
| Trade payables | -151 | -96 | -69 | -69 | -52 | - | - | 0 | -436 |
| Other receivables/liabilities | -398 | -109 | -108 | -113 | -19 | - | 0 | -15 | -762 |
| Working capital | 349 | 484 | 356 | 333 | 148 | - | 0 | -15 | 1 655 |
| Investments | 4 | 35 | 19 | 13 | 1 | - | - | 0 | 72 |
| Jan-Dec 2024 | |||||||||
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Interdivision elimination |
Items affecting comparability |
Other Total, Group | |
| Revenue | 1 985 | 1 626 | 1 360 | 1 535 | 693 | -99 | - | - | 7 099 |
| EBITA* | 233 | 228 | 250 | 378 | 133 | - | -23 | 0 | 1 198 |
| EBITA* % | 11,7% | 14,0% | 18,4% | 24,6% | 19,1% | - | - | - | 16,9% |
| Trade receivables | 421 | 252 | 227 | 288 | 154 | - | - | 0 | 1 341 |
| Inventories | 441 | 503 | 321 | 206 | 98 | - | - | 0 | 1 570 |
| Trade payables | -162 | -93 | -67 | -59 | -55 | - | - | -8 | -444 |
| Other receivables/liabilities | -381 | -202 | -125 | -138 | -20 | - | - | -21 | -887 |
| Working capital | 320 | 460 | 357 | 297 | 177 | - | - | -29 | 1 581 |
| Investments | 15 | 80 | 14 | 8 | 6 | - | - | 4 | 126 |
| Jan-Dec 2023 | |||||||||
| Amounts in MSEK | Facade Access |
Construction | HS&PS | Industrial | Wind | Interdivision elimination |
Items affecting comparability |
Other Total, Group | |
| Revenue | 1 992 | 1 748 | 1 410 | 1 386 | 674 | -112 | - | - | 7 097 |
EBITA* 125 315 269 322 120 - -5 - 1 145 EBITA* % 6,3% 18,0% 19,1% 23,2% 17,9% - - - 16,1% Trade receivables 455 241 231 274 129 - - - 1 330 Inventories 443 448 302 241 90 - - - 1 524 Trade payables -151 -96 -69 -69 -52 - - 0 -436 Other receivables/liabilities -398 -109 -108 -113 -19 - - -15 -762 Working capital 349 484 356 333 148 - - -15 1 655
| Investments | 15 | 88 | 65 | 16 | 8 | - | - | 0 | 191 |
|---|---|---|---|---|---|---|---|---|---|
| *Alternative performance measure, see Definitions |
23
Interim Report Q4 JANUARY - DECEMBER 2024
NOTE 4. FINANCIAL INSTRUMENTS
| Total carrying amount | ||||
|---|---|---|---|---|
| Amounts in MSEK | 31 Dec 2024 | 31 Dec 2023 | ||
| FINANCIAL ASSETS | ||||
| Derivative financial instruments | 4 | 7 | ||
| Other financial receivables | 1 709 | 1 645 | ||
| Cash and cash equivalents | 1 095 | 739 | ||
| Total | 2 807 | 2 391 | ||
| FINANCIAL LIABILITIES | ||||
| Derivative financial instruments | 8 | 3 | ||
| Interest bearing debts | 3 430 | 3 607 | ||
| Other financial liabilities | 1 229 | 1 177 | ||
| Total | 4 667 | 4 788 |
The interest rate on interest-bearing liabilities are in line with market terms at December 31, 2024, and the fair value at the end of the reporting period therefore in all material aspects corresponds to the carrying amount.
| FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE | ||
|---|---|---|
| 31 Dec 2024 | Level 2 | Level 3 |
| Financial assets | ||
| Other financial receivables | - | 11 |
| Currency derivatives | 4 | - |
| Total | 4 | 11 |
| Financial liabilities | ||
| Currency derivatives | 8 | - |
| Other short term liabilities | - | 29 |
| Other long term liabilities | - | - |
| Total | 8 | 29 |
| 31 Dec 2023 | Level 2 | Level 3 |
| Financial assets | ||
| Currency derivatives | 7 | - |
| Total | 7 | - |
| Financial liabilities | ||
| Currency derivatives | 3 | - |
| Other long term liabilities | - | 38 |
| Total | 3 | 38 |
Level 1 - quoted prices in active markets for identical financial instruments
Level 2 - inputs other than quoted prices included in level 1 that are observable for the financial instrument, either directly (i.e., as prices) or indirect (i.e., derived from prices)
Level 3 – inputs for the financial instrument that are not based on observable market data (unobservable inputs)
Currency derivatives are valued at fair value by discounting the difference between the contracted forward rate and the rate that can be subscribed for on the balance sheet date for the remaining contract term.
The Other financial receivables was related to investment in financial instrument and was calculated according to fair value.
The Other short-term liability in 2024 (Other long-term liability in 2023) related to the earn-out liability from the Tall Crane Equipment Ltd acquisition and is calculated in relation to the target fulfilment and is discounted to present value.
The fair value of the contingent consideration related to the Tall Crane earnout decreased by MSEK 9 and was recognised through the profit and loss during the year.
There were no transfers between Level 2 and Level 3 fair value measurements during the period.
NOTE 5. ACQUISITIONS
No material acquisitions have been carried out during 2024. Interim Report Q4 JANUARY - DECEMBER 2024
NOTE 6. ASSETS PLEDGED AND CONTINGENT LIABILITIES
As of 31 December 2024, the maximum potential future payments Alimak Group could be required to make under issued financial guarantees totalled MSEK 735 (31 December 2023, MSEK 740) of which MSEK 733 (31 December 2023, MSEK 738) refers to indemnity bonds for commitments to customers. Assets pledged totalled MSEK 42 (31 December 2023, MSEK 37).
Alimak Group AB
Interim Report Q4 JANUARY - DECEMBER 2024
DEFINITIONS
Alimak Group presents certain financial measures that are not defined in the interim report in accordance with IFRS. Alimak Group believes that these measures provide useful supplemental information to investors and the company's management when they allow evaluation of trends and the company's performance. As not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not be seen as a substitute for measures defined under IFRS.
Rolling 12-month (R12M)
Numbers for the last 12 months measured backwards from the reporting period.
Average number of shares
Weighted average number of shares outstanding during the period, plus potential additional shares.
Earnings per share
Earnings after tax in relation to the average number of shares basic and diluted in accordance with IAS33.
EBITA
Operating profit before amortisation of intangible assets.
EBITA adj
Operating profit before amortisation of intangible assets. Items affecting comparability are added back.
EBITA adj %
EBITA adj in relation to net revenue.
EBITDA
Operating profit before depreciation and amortisation of property, plant and equipment and intangible assets.
Equity/assets ratio
Shareholders' equity as a percentage of total assets.
Equity per share
Shareholders' equity in relation to the number of basic shares outstanding at the end of the period.
Net debt
Interest bearing liabilities minus cash and cash equivalents.
Interest coverage ratio
EBIT in relation to interest expenses.
Items affecting comparability (IAC)
Items of a non-recurring character such as acquisition related costs, restructuring costs and other items that have a major impact on the financial statements and are of significance to an understanding of the earnings trend. Adjusting for items affecting comparability between periods provides a better understanding of the company's underlying operating activities.
Net Profit adj
Net profit excluding items affecting comparability and acquisition related amortization, net of tax.
Earnings per share adj
Net profit excluding items affecting comparability and acquisition related amortization, net of tax, in relation to the average number of shares before dilution in accordance with IAS33.
Net debt/EBITDA ratio
Interest-bearing liabilities net (excluding shareholder loans) and assets, plus cash and cash equivalents.
Net debt/equity ratio
Net debt in relation to shareholders' equity.
Organic growth
Growth adjusted for acquisitions/divestments and currency effects.
Operating margin (EBIT %)
Operating profit (EBIT), as a percentage of revenue during the period.
Operating profit (EBIT)
Profit before financial items and tax.
Order intake
All orders where contracts have been signed and confirmed during the relevant accounting period. Order intake generally cannot be used to accurately predict future revenues or operating performance. Orders can be cancelled, delayed or modified by the customer. Cancelled orders affect the reported order intake if cancellation takes place during the year in which the order was booked.
Return on capital employed
Operating profit (EBIT), rolling 12-month amount, as a percentage of average capital employed. Capital employed is the sum of net debt plus shareholders' equity plus shareholder loans. Average capital employed is calculated as the average of the balances at 1 January, 31 March, 30 June and 30 September and 31 December.
Return on equity
Profit after tax for the period, rolling 12-month amount, as a percentage of the average shareholders' equity excluding non controlling interest shares.
FINANCIAL CALENDAR
- ⎯ The Annual and Sustainability Report for 2024 will be published 21 March 2025
- ⎯ The Interim Report for the first quarter of 2025 will be published 24 April 2025
- ⎯ The Annual General Meeting will be held 30 April 2025
- ⎯ The Interim Report for the second quarter of 2025 will be published 18 July 2025
- ⎯ The Interim Report for the third quarter of 2025 will be published 23 October 2025
Alimak Group's financial calendar is available athttps://corporate.alimakgroup.com/en/investors/
TELEPHONE CONFERENCE/PRESENTATION
A conference for investors, analysts and financial media will be held at 10.00 CET on 13 February. CEO Ole Kristian Jødahl and CFO Sylvain Grange will present and comment on the report. The presentation, held in English, can also be followed via webcast.
If you wish to participate via webcast, please use the link below. Via the webcast you will be able to ask written questions.
https://alimak-group.events.inderes.com/q4-report-2024
If you wish to participate via teleconference, please register on the link below. After registration you will be provided with phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.
https://events.inderes.com/alimak-group/q4-report-2024/dial-in
For further information, please contact:
Sylvain Grange, CFO Email: [email protected] or [email protected]
This information is information that Alimak Group AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 13 February 2025.
About Alimak Group
Alimak Group is a global provider of sustainable vertical access and working at height solutions, listed on Nasdaq Stockholm. With presence in more than 120 countries, the Group develops, manufactures, sells and services vertical access and working at height solutions with focus on adding customer value through enhanced safety, higher productivity and improved cost efficiency. The Group has a large installed base of elevators, service lifts, temporary and permanent hoists and platforms and building maintenance units around the world. The solutions portfolio also comprises of height safety protective equipment, load measurement & control, lifting & handling, and a global after-sales business model, with recurring revenue from spare parts and services such as inspection, certification, maintenance, refurbishments, replacements and training. Founded in Sweden 1948, the Group has its headquarters in Stockholm, 26 production and assembly facilities in 15 countries and approximately 3,000 employees.
https://corporate.alimakgroup.com/en/
