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Karnov Group
Quarterly Report • Feb 18, 2025
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Quarterly Report
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JANUARY – DECEMBER 2024
Successful year generating stakeholder value
FOURTH QUARTER
- The Group's net sales increased by 8.9% to SEK 691 m (634). Organic growth (constant currency) was 3.7%. Currency effect was 0.2%. Acquired growth was 5.0%.
- The Group's adjusted EBITA amounted to SEK 162 m (122) with adjusted EBITA margin of 23.5% (19.2).
- The Group's EBIT amounted to SEK 44 m (34).
- Profit for the period amounted to SEK -10 m (24).
- Earnings per share before and after dilution amounted to SEK -0.09 (0.22).
- Adjusted free cash flow amounted to SEK 210 m (158).
BUSINESS HIGHLIGHTS
- Our AI legal research assistant is well received and used by customers. The solution has been adopted by several of the largest law firms in Denmark and Sweden.
- Karnov Group is combining its European innovation capabilities and local market expertise and has launched a Group AI organisation. The ambition is to develop scalable AI products with clear local customer value.
- Our progress with the two cost-efficiency initiatives has generated annual run-rate synergies of SEK 159 m by the end of the fourth quarter.
- The Board of Directors proposes no dividend for the AGM on 15 May 2025.
KEY FINANCIAL RATIOS FOR THE GROUP
| Q4 | Jan-Dec | ||||||
|---|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% | |
| Net sales | 690.5 | 634.2 | 8.9% | 2,592.7 | 2,474.6 | 4.8% | |
| Organic growth, % | 3.7% | 3.8% | 2.8% | 4.3% | |||
| Adjusted EBITA | 162.4 | 122.0 | 33.1% | 580.6 | 487.7 | 19.1% | |
| Adjusted EBITA margin, % | 23.5% | 19.2% | 22.4% | 19.7% | |||
| EBIT | 43.6 | 34.1 | 28.0% | 146.0 | 156.2 | -6.5% | |
| EBIT margin, % | 6.3% | 5.4% | 5.6% | 6.3% | |||
| Profit for the period | -9.8 | 23.5 | -141.6% | -33.1 | 36.9 | -189.8% | |
| Earnings per share, after dilution, SEK | -0.09 | 0.22 | -183.3% | -0.31 | 0.34 | -190.3% | |
| Adjusted free cash flow | 210.4 | 157.8 | 33.4% | 298.8 | 231.0 | 29.4% |
.
FULL YEAR
- The Group's net sales increased by 4.8% to SEK 2,593 m (2,475). Organic growth (constant currency) was 2.8%. Currency effect was -0.3%. Acquired growth was 2.3%.
- The Group's adjusted EBITA amounted to SEK 581 m (488) with adjusted EBITA margin of 22.4% (19.7).
- The Group's EBIT amounted to SEK 146 m (156).
- Profit for the period amounted to SEK -33 m (37).
- Earnings per share before and after dilution amounted to SEK -0.33 (0.34).
- Adjusted free cash flow amounted to SEK 299 m (231).
2024 was a successful year for Karnov Group generating stakeholder value. We launched AI solutions generating value to our customers while in parallel achieving costsynergies to improve margins. In the fourth quarter, we achieved an organic growth of 4% and the adjusted EBITA margin improved to 24%. We are accelerating our profitable growth strategy with a Group-wide AI roadmap, utilising the strength of being a European, local player to develop scalable AI products.
PROFITABLE GROWTH DRIVEN BY ONLINE SALES AND SYNERGIES
The Group's net sales amounted to SEK 691 m in the quarter, a solid increase from the previous year driven by strong online sales as well as acquired growth from the carved-out Schultz business. Early adopters, including Denmark's largest law firm, are already using our AI legal research assistant that was launched in the fourth quarter.
The Group's adjusted EBITA margin reached 24% in the fourth quarter, an improvement of more than 4 percentage points compared to the fourth quarter last year. Synergies from the Group's two cost-initiatives are coming through as expected while operational leverage from higher net sales are further supporting the margin improvement.
We achieved an adjusted free cash flow of SEK 210 m in the fourth quarter, driven mainly by renewals of annual subscriptions to our online solutions in Region North. Leverage was 3.0x adjusted EBITDA LTM by the end of the year, in line with our financial target. We intend to allocate our free cash flow to achieve cost-synergies and further enhance our AI solutions, benefitting all stakeholders. The Board of Directors proposes no dividend for the AGM on 15 May 2025.
BOOSTING OUR AI ROADMAP FOR LOCAL CUSTOMER VALUE
Our AI legal research assistant has now been on the market for a few months in Region North and in Region South our first waves of AI features have been launched. The combination of our locally authored mission-critical legal content and AI technology brings significant, proven value to all legal professionals. Development is progressing rapidly, and we need to be both decisive and agile to meet our customers' needs.
We have taken the next steps in fulfilling our AI ambition, combining our European innovation capabilities and local market expertise into a Group AI product organisation. Adopting best practices from across the Group will benefit all our customers, as we will leverage the strengths of being a European player to create scalable AI products with local customer value.
COST-EFFICIENCY TARGET REACHED
We progress with our initiatives to reach the cost-efficiency targets. The effect of the synergies is coming through as expected.
By the end of year, the annual run-rate synergies from the Region South Integration amounted to SEK 92 m. We thus achieved our synergies target for 2024. We reiterate our ambition to generate synergies of SEK 115 m on annual run-rate basis by the end of 2026, as we progress with the next phase of the integration.
In parallel, we progress with our Group-wide Acceleration Initiative. We have during the year achieved synergies in Region North and are now upscaling in Region South and on Group level. By the end of 2024, the annual run-rate synergies from the Acceleration Initiative amounted to SEK 67 m. We reiterate our ambition to generate synergies of SEK 115 m on annual run-rate basis by the end of 2026.
In total, our progress with the two initiatives has generated annual run-rate synergies of SEK 159 m by the end of the quarter.
2024 was a successful year for Karnov Group. We delivered value for all stakeholders. We launched AI solutions generating value to our customers while in parallel achieving cost-synergies to improve margins.
Pontus Bodelsson, President and CEO
4% ORGANIC GROWTH Q4 "A solid increase from the previous
year driven by strong online sales."
24% ADJUSTED EBITA MARGIN Q4
"An improvement of more than 4 percentage points compared to the fourth quarter last year."
3.0x LEVERAGE Q4
"Leverage was 3.0x adjusted EBITDA LTM by the end of the year, in line with our financial target."
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% |
| Net sales | 690.5 | 634.2 | 8.9% | 2,592.7 | 2,474.6 | 4.8% |
| Organic growth, % | 3.7% | 3.8% | 2.8% | 4.3% | ||
| EBITA | 99.8 | 86.1 | 15.9% | 365.5 | 370.0 | -1.2% |
| EBITA margin, % | 14.5% | 13.6% | 14.1% | 15.0% | ||
| Adjusted EBITDA | 207.4 | 162.6 | 27.6% | 746.6 | 636.9 | 17.2% |
| Adjusted EBITDA margin, % | 30.0% | 25.6% | 28.8% | 25.7% | ||
| Adjusted EBITA | 162.4 | 122.0 | 33.1% | 580.6 | 487.7 | 19.1% |
| Adjusted EBITA margin, % | 23.5% | 19.2% | 22.4% | 19.7% | ||
| EBIT | 43.6 | 34.1 | 28.1% | 146.0 | 156.2 | -6.5% |
| EBIT margin, % | 6.3% | 5.4% | 5.6% | 6.3% |
47% 53% Region North Region South
NET SALES BY SEGMENT Q4 (%)
4% ORGANIC GROWTH
NET SALES PER QUARTER, MSEK
24% ADJUSTED EBITA MARGIN
ADJUSTED EBITA, MSEK AND MARGIN, % PER QUARTER
NET SALES AND GROWTH
For the quarter, October-December 2024, net sales increased by SEK 57 m to SEK 691 m (634). Organic growth on a constant currency basis was 3.7 percent and currency effects had a positive impact on net sales of 0.2 percent. Acquired growth contributed with 5.0 percent. Online sales amounted to 84 percent in the quarter (81).
Net sales growth within the Group is driven by increased online sales of our legal research solutions, including AI, as we continue to upsell existing customers and expand our customer base. Our EHS businesses and DIBkunnskap support the Group's growth achieving strong new sales.
For the full year, January-December 2024, net sales increased by SEK 118 m to SEK 2,593 m (2,475). Organic growth on a constant currency basis was 2.8 percent and currency effects had a negative impact on net sales of -0.3 percent. Acquired growth contributed with 2.3 percent.
OPERATING PROFIT (EBIT)
EBITA for the quarter amounted to SEK 100 m (86) and EBITA margin amounted to 14.5 percent (13.6). The EBITA performance includes items affecting comparability of SEK 63 m (36) relating to the integration in Region South, mainly severance payments.
Adjusted EBITA amounted to SEK 162 m (122) and adjusted EBITA margin amounted to 23.5 percent (19.2).
The personnel expenses have decreased, as synergies from the two cost-efficiency initiatives are coming through. Moreover, the product mix with higher portion of online sales contributes positively.
Operating profit (EBIT) was SEK 44 m (34) for the quarter, an improvement due the synergies mentioned above.
For the full year, EBITA amounted to SEK 366 m (370) and the EBITA margin amounted to 14.1 percent (15.0). Adjusted EBITA amounted to SEK 581 m (488) and the adjusted EBITA margin amounted to 22.4 percent (19.7). Operating profit (EBIT) amounted to SEK 146 m (156) for the full year.
SYNERGIES FROM THE ACCELERATION INITIATIVE
The realised synergies in the fourth quarter amounted to SEK 12 m (EUR 1.0 m). The annual run-rate cost synergies by the end of the fourth quarter amounted to SEK 67 m (EUR 5.8 m). Cost-to-achieve amounted to SEK 13 m (EUR 1.1 m) in the fourth quarter. For the full year, the realised cost synergies amounted to SEK 32 m (EUR 2.8 m). Cost-to-achieve amounted to SEK 46 m (EUR 4.0 m) for the full year.
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Realised synergies | 11.5 | - | 32.0 | - | |
| Annual run-rate synergies | 66.7 | - | 66.7 | - | |
| Cost to achieve | 12.6 | - | 46.2 | - |
SHARE OF PROFIT IN ASSOCIATED COMPANIES
Share of profit in associated companies amounted to SEK 4 m (-2) in the quarter and SEK 1 m (-5) for the full year.
NET FINANCIAL ITEMS
Net financial items for the quarter amounted to SEK -49 m (-9). The interest expenses were approximately SEK 2 m higher than in the same quarter last year. The quarter was impacted by currency adjustments of SEK -14 m (30) relating to long-term loans in EUR.
Net financial items for the full year amounted to SEK -181 m (-116).
PROFIT BEFORE AND AFTER TAX, EARNINGS PER SHARE
Profit before tax for the quarter decreased by SEK 25 m to SEK -2 m (23). Profit after tax for the quarter was SEK -10 m (24). Taxes amounted to SEK -8 m (0). Earnings per share after dilution was SEK -0.09 (0.22) for the quarter.
For the full year, profit before tax amounted to SEK -34 m (34) and profit after tax amounted to SEK -33 m (37). Taxes amounted to SEK 0 m (3). Earnings per share after dilution was SEK -0.31 (0.34) for the full year.
CASH FLOW AND INVESTMENTS
Cash flow from operating activities amounted to SEK 209 m (195). The non-cash items were SEK 26 m higher than in the same quarter last year. The net effect from changes in working capital was slightly lower than previous year due to timing of invoicing. Interest expenses and tax payments were lower in the quarter compared to previous year.
Adjusted free cash flow for the quarter improved to SEK 210 m (158), driven by lower lease payments and stronger operating cash flow.
Total investments for the quarter amounted to SEK 56 m (44). The investments during the quarter relate to capitalised development as well as business acquisitions.
Total financing for the quarter amounted to SEK -122 m (-22), related to final payment for the Schultz acquisition as well as leasing payments.
Cash flow from operating activities for the full year amounted to SEK 316 m (337). The decline is mainly explained by increased items affecting comparability to achieve synergies.
ADJUSTED FREE CASH FLOW
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Cash flow from operating activities | 209.3 | 194.8 | 315.5 | 337.0 | |
| Acquisition of intangible and tangible assets | -46.5 | -47.7 | -167.7 | -163.0 | |
| Payment of lease liabilities | -15.0 | -25.2 | -64.1 | -63.4 | |
| Free cash flow | 147.8 | 121.9 | 83.7 | 110.6 | |
| Items affecting comparability | 62.6 | 35.9 | 215.1 | 120.4 | |
| Adjusted free cash flow | 210.4 | 157.8 | 298.8 | 231.0 |
FINANCIAL POSITION
Net debt was SEK 2,283 m at the end of the period. The net debt has increased by SEK 527 m compared to the end of the previous year, mainly due to business acquisitions.
The leverage at the end of the period, based on proforma adjusted EBITDA LTM excluding leasing liabilities, was 3.0 (2.8) times.
Cash and cash equivalents at the end of the period amounted to SEK 403 m (451) and the Group had at the end of December 2024 unutilized credit lines of EUR 28 m.
NET DEBT
| MSEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Total borrowings | 2,685.8 | 2,206.2 |
| Cash and cash equivalents | 402.8 | 450.6 |
| Net debt | 2,283.0 | 1,755.6 |
| Leverage ratio * | 3.0 | 2.8 |
* Please note that LTM Adjusted EBITDA includes proforma numbers from Schultz acquisition which has an impact on leverage ratio for Q4 2024. See more information regarding acquisitions in note 4.
NET SALES SPLIT ONLINE/OFFLINE PER Q4, %
SEK 210 m ADJUSTED FREE CASH FLOW
3.0 LEVERAGE
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% |
| Net sales | 321.8 | 270.5 | 19.0% | 1,210.7 | 1,085.8 | 11.5% |
| Organic growth, % |
8.0% | 3.8% | 7.0% | 4.4% | ||
| Adjusted EBITDA |
156.0 | 121.9 | 27.9% | 605.7 | 511.3 | 18.5% |
| Adjusted EBITDA margin, % |
48.5% | 45.1% | 50.0% | 47.1% | ||
| Adjusted EBITA |
132.8 | 103.0 | 28.9% | 520.7 | 441.5 | 17.9% |
| Adjusted EBITA margin, % |
41.3% | 38.1% | 43.0% | 40.7% | ||
| EBIT | 70.1 | 56.7 | 23.0% | 296.5 | 276.1 | 15.8% |
| EBIT margin, % | 21.8% | 21.0% | 24.5% | 25.4% |
NET SALES AND GROWTH
Net sales for the quarter increased by 19.0 percent to SEK 322 m (271). Organic growth was 8.0 percent while currency effects had a positive impact of 0.2 percent. Acquired growth contributed with 10.8 percent. Online sales accounted for 92 percent (91) in the quarter.
Organic growth is driven by online sales, mainly within the legal research area. Our solutions are mission-critical for our customers.
During the quarter, some of the largest law firms in Denmark and Sweden have chosen to upgrade to our AI package. Additionally, we have sold the AI package to several authorities and administrations, that are also recognizing the significant value in our AI assistant.
Karnov has progressed further with the integration of the carved-out Schultz legal information business. During the quarter, the Schultz business provided net sales of SEK 26 m.
For the full year, net sales amounted to SEK 1,211 m (1,086). Organic growth on a constant currency basis was 7.0 percent and currency effects had a negative impact on net sales of -0.5 percent. Acquired growth contributed with 5.0 percent.
OPERATING PROFIT (EBIT)
EBITA for the quarter amounted to SEK 130 m (103) and EBITA margin amounted to 40.4 percent (38.1). The EBITA performance includes items affecting comparability of SEK 3 m (0) relating to acquisition expenses.
Adjusted EBITA amounted to SEK 133 m (103) and adjusted EBITA margin amounted to 41.3 percent (38.1).
The main margin driver is operational leverage from higher net sales. Achieved synergies from the Acceleration Initiative are further contributing positively, along with product mix.
During the quarter, the Schultz business generated adjusted EBITA of SEK 8 m.
Operating profit (EBIT) was SEK 70 m (57) for the quarter.
For the full year, EBITA amounted to SEK 481 m (441) and the EBITA margin amounted to 39.7 percent (40.6). Adjusted EBITA amounted to SEK 521 m (442) and the adjusted EBITA margin amounted to 43.0 percent (40.7). Operating profit (EBIT) amounted to SEK 297 m (276) for the full year.
ADJUSTED EBITA, MSEK AND MARGIN, % PER QUARTER
Region North is specialised in online and offline legal solutions; the environmental, health and safety compliance; audit and accounting solutions; and e-courses. The segment provides online tools for the broad legal services market, including contract templates. The segment includes Karnov Group Denmark, Norstedts Juridik, DIBkunnskap, Notisum, Echoline, QSE Conseil, DIB Viden and BELLA Intelligence.
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% |
| Net sales | 368.7 | 363.7 | 1.4% | 1,382.0 | 1,388.8 | -0.5% |
| Organic growth, % |
0.5% | 3.8% | -0.4% | 3.8% | ||
| Adjusted EBITDA |
81.6 | 66.7 | 22.3% | 234.2 | 208.4 | 12.4% |
| Adjusted EBITDA margin, % |
22.1% | 18.3% | 16.9% | 15.0% | ||
| Adjusted EBITA |
59.9 | 45.1 | 32.8% | 153.6 | 129.1 | 19.1% |
| Adjusted EBITA margin, % |
16.2% | 12.4% | 11.1% | 9.3% | ||
| EBIT | -51.3 | -30.2 | -70.2% | -128.6 | -93.9 | 36.9% |
| EBIT margin, % | -13.9% | -8.3% | -9.3% | -6.8% |
NET SALES AND GROWTH
Net sales for the quarter were SEK 369 m (364). The organic growth was 0.5 percent while currency effects had a positive impact of 0.3 percent. Acquired growth contributed with 0.6 percent. Online sales accounted for 76 percent in the quarter (73).
We have launched the next phase of the integration in Spain, highlighted by the currently ongoing external marketing campaign to promote our AI solutions, which have been enhanced in January 2025.
In France, our three new flagship products with AI features have generated significant customer interest.
For the full year, net sales amounted to SEK 1,382 m (1,389). Organic growth on a constant currency basis was -0.4 percent and currency effects had a negative impact on net sales of -0.4 percent. Acquired growth contributed with 0.3 percent.
OPERATING PROFIT (EBIT)
EBITA for the quarter amounted to SEK -1 m (7) and EBITA margin amounted to -0.2 percent (1.8). The EBITA performance includes items affecting comparability of SEK 61 m (39) relating to integration and restructuring expenses.
Adjusted EBITA amounted to SEK 60 m (45) and adjusted EBITA margin amounted to 16.2 percent (12.4).
The margin improvement is mainly driven by lower employee expenses, as synergies from the integration are coming through.
Operating profit (EBIT) was SEK -51 m (-30) for the quarter, a decline due to the increased items affecting comparability.
For the full year, EBITA amounted to SEK 1 m (22) and the EBITA margin amounted to 0.1 percent (1.6). Adjusted EBITA amounted to SEK 154 m (129) and the adjusted EBITA margin amounted to 11.1 percent (9.3). Operating profit (EBIT) amounted to SEK -129 m (-94) for the full year.
SYNERGIES IN REGION SOUTH
The realised synergies in the fourth quarter amounted to SEK 21 m (EUR 1.8 m). The annual run-rate cost synergies amounted to SEK 91 m (EUR 8.0 m). Cost-to-achieve amounted to SEK 9 m (EUR 0.8 m) in the fourth quarter. For the full year, the realised cost synergies amounted to SEK 55 m (EUR 4.8 m). Cost-to-achieve amounted to SEK 93 m (EUR 8.1 m) for the full year.
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | ||
| Realised synergies | 20.7 | 4.6 | 54.9 | 8.0 | ||
| Annual run-rate synergies | 91.4 | 22.9 | 91.4 | 22.9 | ||
| Cost to achieve | 9.2 | 44.4 | 92.5 | 99.9 |
NET SALES PER QUARTER, MSEK
ADJUSTED EBITA, MSEK AND MARGIN, % PER QUARTER
Region South offers a wide range of online and offline solutions for legal professionals, assisting them in their research and providing qualitative advisory services. The segment provides online tools for the broad legal services market, including workflow solutions and AIbased tools. Region South also offers legal classroom training and e-courses. The segment includes Aranzadi LA LEY, Lamy Liaisons and Jusnet.
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | Δ% | 2024 | 2023 | Δ% |
| Adjusted EBITA |
-30.3 | -26.1 | -16.1% | -93.7 | -82.9 | -13.0% |
| EBIT | 24.8 | 7.6 | 226.3% | -21.9 | -26.0 | 15.8% |
ADJUSTED EBITA
The Group functions cover the Group wide tasks such as Group Management, Information Security, Compliance, HR, Investor Relations and Group Finance functions.
In the fourth quarter, Karnov Group has invested approx. SEK 5 m in exploratory AI projects to future customer value. Moreover, the quarter includes additional legal and consultancy expenses.
Group functions is the corporate segment including costs for functions within Karnov Group that either steer or provide support to the Group. The segment also includes costs for future business opportunities as well as items affecting comparability.
RISKS AND UNCERTAINTIES
Through its operations Karnov Group is exposed to different risks, which can give rise to fluctuations in earnings and cash flow. Material risks and uncertainties include sector and marketrelated risks, business-related risks and financial risks.
Karnov is not directly impacted by conflicts such as the invasion of Ukraine or expanded conflict in the Middle East region and has no direct exposure towards any of the involved countries. Furthermore, Karnov is as primarily an online service company not exposed to risks of tolls.
Karnov's significant risks and risk management are described on page 70-71 in the 2023 Annual report, available at the Company's website www.karnovgroup.com.
SEASONAL VARIATIONS
Typically, a significant proportion of Karnov Group's online contracts in Region North are renewed and invoiced during the fourth quarter, impacting cash flow during the fourth and first quarters. Online contracts in Region South are renewed and invoiced predominantly in the first quarter, impacting cash flow during the first and second quarters. Online net sales are accrued according to the terms of the agreement and therefore are not exposed to any seasonality. Offline net sales are exposed to seasonality where the first quarter is significantly stronger, driven by a higher share of book sales early in the year.
EMPLOYEES
Average number of Full-Time Employees (FTEs) in the fourth quarter amounted to 1,219 (1,230). The increase compared to the third quarter is due to recruitments in Region North as well as consolidation of companies acquired in 2024. On average during the fourth quarter, 58% (58) of the workforce were women and 42% (42) men.
ANNUAL GENERAL MEETING (AGM)
The AGM for 2025 will be held on 15 May 2025 in Stockholm. Time will be announced in connection with the notice of the AGM.
ANNUAL REPORT
The 2024 Annual Report, Sustainability Report and Corporate Governance Report is planned to be published on 31 March 2025. The report will be available on the company's website www.karnovgroup.com and kept available in the company's office.
PROPOSED DIVIDEND
Karnov Group intends to allocate the free cash flow to invest in the cost-initiatives as well as the Group's AI platform. The Board of Directors proposes no dividend for the AGM on 15 May 2025.
SHARES, SHARE CAPITAL AND SHAREHOLDERS
Karnov Group's share was listed on Nasdaq Stockholm on 11 April 2019, Mid Cap segment, under the ticker KAR.
On 31 December 2024, the total number of shares and votes in Karnov Group AB (publ) amounts to 108,102,047 shares and 107,898,735.2 votes. Each share has a quotient value of approximately SEK 0.015385. The total number of shares consists of 107,876,145 ordinary shares, which carry one vote per share, and 225,902 shares of series C, which carry one-tenth of a vote per share. A detailed description of changes in the share capital is available on the Company's website, www.karnovgroup.com/en/share-capital-development/.
On 31 December 2024, the Company had 1,845 known shareholders. The five largest shareholders in Karnov Group AB (publ) were Long Path Partners, Invesco, Carnegie Fonder, Swedbank Robur Fonder and Greenoaks Capital.
FINANCIAL TARGETS
The Board of Directors has adopted the following financial targets:
- Net sales organic annual growth of 4-6% in the medium term.
- Adjusted EBITA margin in excess of 25% in the medium term and in excess of 30% in the long term.
- Ratio of Net debt to LTM Adjusted EBITDA, excluding leasing liabilities, of no more than 3.0. This ratio may temporarily be exceeded, for example as a result of acquisitions.
- The objective is to distribute 30–50% of the annual net profit, after considering indebtedness and future growth opportunities, including acquisitions.
ESG STRATEGY
Being active within the industry of legal knowledge, Karnov's ESG strategy is an integral part of the business strategy and is closely linked to the Group's vision, mission, and values. It is also closely linked to five of the UN SDG Goals and in particular SDG 16, Peace, justice and strong institutions. The core of Karnov's business is to make the true pillar of democracy - the rule of law - accessible, sharable and debatable, thereby enabling our customers to make better decisions faster. This is how we facilitate access to justice and why Karnov Group can have an impact led approach to ESG: to clear the path to justice, we contribute with knowledge for legal professionals, whilst balancing economic growth and positive social impact.
INCENTIVE PROGRAMS
Karnov Group currently has two long-term incentive programs, LTIP 2023 and LTIP 2024, which are share saving programs. The purpose of the programs is to encourage ownership amongst the Company's employees, retain competent employees, facilitate recruitment, increase the alignment of interest between the employees and the Company's shareholders and increase motivation to reach or exceed the Company's financial targets.
The employees participating in the program have allocated acquired or already held ordinary shares to the program (so-called savings shares).
19 employees participate in LTIP 2023 and 18 employees participate in LTIP 2024. The participants have allocated a total of 174,130 savings shares to the programs. Full allotment would mean that the total number of shares under the program will amount to no more than 659,400 ordinary shares, corresponding approximately 0.6 per cent of the total number of shares outstanding in the Company. For more information see www.karnovgroup.com/en/incentiveprogram/
RELATED-PARTY TRANSACTIONS
Karnov Group did not undertake any significant transactions with related parties in the fourth quarter 2024 except from compensation and benefits to the Board members and managing director received as a result of their membership of the Board, employment with Karnov Group or shareholdings in Karnov Group AB (publ).
SIGNIFICANT EVENTS
Fourth quarter
• The Nomination Committee for the 2025 Annual General Meeting (AGM) was appointed.
Events after the end of the period
• No significant events after the end of the period.
PARENT COMPANY
The operating profit (EBIT) for the quarter amounted to SEK 20 m (-11) and the operating profit (EBIT) for the full year amounted to SEK -26 m (-21).
During the quarter, Karnov Group has centralized its liquidity in a group cash pool legally owned by the parent company. This has increased the cash position of the parent company offset by borrowings from group companies.
OUTLOOK
Karnov Group does not provide financial forecasts. The report may contain forward-looking information based on Management's current expectations. Although Management believes the expectations expressed in such forward-looking information are reasonable, there are no assurances that these expectations will be correct. Consequently, future outcomes may vary considerably compared to the forward-looking information due to, among other things, changed market conditions for Karnov Group's offerings and more general changes to economic, market and competitive conditions, changes to regulatory requirements or other policy measures and exchange rate fluctuations.
REVIEW
This year-end report has not been subject to a review by the Company's auditors.
DISCLOSURE
This year-end report contains inside information that Karnov Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication by the contact person below on 18 February 2025 at 07.45 AM CET.
Karnov Group AB (publ)
Stockholm, 18 February 2025
Pontus Bodelsson President and CEO
FOR FURTHER INFORMATION, PLEASE CONTACT:
Pontus Bodelsson, President and CEO +46 709 957 002 [email protected]
Magnus Hansson, CFO +46 708 555 540 [email protected]
Erik Berggren, Head of Investor Relations +46 707 597 668 [email protected]
FINANCIAL CALENDAR 2024
Annual Report 2024 31 March 2025 Interim report January-March 2025 14 May 2025 Annual General Meeting 2025 15 May 2025 Interim report January-June 2025 21 August 2025 Interim report January-September 2025 12 November 2025
Q4 PRESENTATION WEBCAST
Karnov Group will present the fourth quarter for analysts and investors via a webcast teleconference on 18 February at 9:00 AM CET. To participate, use the following link: https://karnov-group.events.inderes.com/q4-report-2024 or register here for dial-in numbers: https://conference.inderes.com/teleconference/?id=5009118.
The presentation will also be available on www.financialhearings.com
| Q4 | Jan-Dec | |||||
|---|---|---|---|---|---|---|
| MSEK | Note | 2024 | 2023 | 2024 | 2023 | |
| Net sales | 3 | 690.5 | 634.2 | 2,592.7 | 2,474.6 | |
| Total revenue |
690.5 | 634.2 | 2,592.7 | 2,474.6 | ||
| Costs of goods sold |
-94.1 | -91.3 | -349.0 | -365.3 | ||
| Employee benefit expenses |
-302.3 | -316.4 | -1,156.0 | -1,131.1 | ||
| Depreciations and amortisations |
-101.2 | -92.8 | -385.5 | -367.8 | ||
| Other operating income and expenses |
-149.3 | -99.6 | -556.2 | -454.2 | ||
| (EBIT) Operating profit |
43.6 | 34.1 | 146.0 | 156.2 | ||
| Share of profit in associated companies |
3.5 | -1.5 | 1.4 | -5.4 | ||
| Financial income |
10.1 | 23.8 | 14.8 | 35.5 | ||
| Financial expenses |
-59.0 | -33.0 | -195.7 | -151.9 | ||
| Profit before tax |
-1.8 | 23.4 | -33.5 | 34.4 | ||
| Tax on profit for the period |
-8.0 | 0.1 | 0.4 | 2.5 | ||
| Profit for the period |
-9.8 | 23.5 | -33.1 | 36.9 | ||
| Other comprehensive income: |
||||||
| Items that may be reclassified to the income statement: |
||||||
| Exchange differences on translation of foreign operations |
32.7 | -75.0 | 60.4 | -26.6 | ||
| Actuarial gains/losses on defined benefit plans |
1.8 | 2.0 | 1.8 | 2.0 | ||
| Other comprehensive income for the period |
34.5 | -73.0 | 62.2 | -24.6 | ||
| income for Total comprehensive the period |
24.7 | -49.5 | 29.1 | 12.3 | ||
| Profit for the period is attributable to: |
||||||
| Owners of Karnov Group AB (publ) |
-9.8 | 25.0 | -33.1 | 38.2 | ||
| Non-controlling interests |
- | -1.5 | - | -1.3 | ||
| Profit for the period |
-9.8 | 23.5 | -33.1 | 36.9 | ||
| Total comprehensive income for the period is attributable to: |
||||||
| Owners of Karnov Group AB (publ) |
24.7 | -48.0 | 29.1 | 13.6 | ||
| Non-controlling interests |
- | -1.5 | - | -1.3 | ||
| Total comprehensive income |
24.7 | -49.5 | 29.1 | 12.3 | ||
| Earnings per share, basic, SEK |
-0.09 | 0.22 | -0.31 | 0.34 | ||
| Earnings per share, after dilution, SEK |
-0.09 | 0.22 | -0.31 | 0.34 | ||
| (thousands) Weighted average number of ordinary shares |
107,876 | 107,876 | 107,876 | 107,862 | ||
| Effect of performance shares (thousands) |
226 | 226 | 226 | 240 | ||
| (thousands) Weighted average number of ordinary shares adjusted for dilution |
108,102 | 108,102 | 108,102 | 108,102 |
| MSEK | Note | 31 Dec 2024 31 Dec 2023 | |
|---|---|---|---|
| ASSETS: | |||
| Goodwill | 3,617.8 | 3,251.1 | |
| Other intangible assets |
2,364.2 | 2,233.1 | |
| Right-of-use assets |
161.4 | 201.1 | |
| Property, plant and equipment |
37.4 | 41.2 | |
| Investments in associated companies |
38.3 | 48.8 | |
| Other financial investments |
13.0 | 13.0 | |
| Loans to associated companies |
26.0 | 25.2 | |
| Deposits | 13.1 | 7.7 | |
| Deferred tax assets |
184.4 | 135.4 | |
| Total non-current assets |
6,455.6 | 5,956.6 | |
| Inventories | 18.8 | 18.7 | |
| Trade receivables |
5 | 450.7 | 411.9 |
| Prepaid expenses |
69.1 | 57.5 | |
| Other receivables |
72.7 | 10.6 | |
| Current tax receivables | 19.4 | 26.6 | |
| Cash and cash equivalents |
5 | 402.8 | 450.6 |
| Total current assets |
1,033.5 | 975.9 | |
| TOTAL ASSETS | 7,489.1 | 6,932.5 |
| MSEK | Note | 31 Dec 2024 31 Dec 2023 | |
|---|---|---|---|
| EQUITY AND LIABILITIES: | |||
| Share capital |
1.7 | 1.7 | |
| Share premium |
2,654.0 | 2,654.0 | |
| Treasury shares | 0.0 | 0.0 | |
| Reserves | -193.0 | -253.4 | |
| Retained earnings including net profit for the period |
-89.2 | -65.2 | |
| Equity attributable to the parent company's shareholders |
2,373.5 | 2,337.1 | |
| Total equity |
2,373.5 | 2,337.1 | |
| Borrowing from credit institutions |
5 | 2,570.9 | 2,123.0 |
| Lease liabilities | 131.9 | 179.1 | |
| Deferred tax liabilities |
320.6 | 342.3 | |
| Provisions | 102.1 | 78.4 | |
| Other non-current liabilites |
40.2 | 52.5 | |
| Total non-current liabilities |
3,165.7 | 2,775.3 | |
| Borrowing from credit institutions |
5 | 114.9 | 83.2 |
| Trade payables |
5 | 111.9 | 111.3 |
| Current tax liabilities | 36.0 | 30.0 | |
| Accrued expenses |
451.1 | 479.5 | |
| Prepaid income |
985.2 | 921.7 | |
| Lease liabilities | 52.5 | 52.8 | |
| Other current liabilities |
5 | 198.3 | 141.6 |
| Total current liabilities |
1,949.9 | 1,820.1 | |
| TOTAL EQUITY AND LIABILITIES | 7,489.1 | 6,932.5 |
| MSEK | Share capital |
Share premium |
Treasury shares |
Reserves | Retained earnings |
Equity attributable to the parent company's shareholders |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance at January 1, 2024 |
1.7 | 2,654.0 | 0.0 | -253.4 | -65.2 | 2,337.1 | - | 2,337.1 |
| Profit for the period |
- | - | - | - | -33.1 | -33.1 | - | -33.1 |
| income for Other comprehensive the period |
- | - | - | 60.4 | 1.8 | 62.2 | - | 62.2 |
| Total comprehensive income/loss |
- | - | - | 60.4 | -31.3 | 29.1 | - | 29.1 |
| Transaction with shareholders in their capacity as owners: |
||||||||
| Sharebased payment |
- | - | - | - | 7.3 | 7.3 | - | 7.3 |
| Total transaction with shareholders |
- | - | - | - | 7.3 | 7.3 | - | 7.3 |
| Closing balance at December 31, 2024 |
1.7 | 2,654.0 | 0.0 | -193.0 | -89.2 | 2,373.5 | - | 2,373.5 |
| MSEK | Share capital |
Share premium |
Treasury shares |
Reserves | Retained earnings |
Equity attributable to the parent company's shareholders |
Non controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance at January 1, 2023 |
1.7 | 2,654.0 | 0.0 | -226.8 | -109.0 | 2,319.9 | 6.5 | 2,326.4 |
| Profit for the period |
- | - | - | - | 38.2 | 38.2 | -1.3 | 36.9 |
| income for Other comprehensive the period |
- | - | - | -26.6 | 2.0 | -24.6 | - | -24.6 |
| Total comprehensive income/loss |
- | - | - | -26.6 | 40.2 | 13.6 | -1.3 | 12.3 |
| Transaction with shareholders in their capacity as owners: |
||||||||
| Sharebased payment |
- | - | - | - | 3.6 | 3.6 | - | 3.6 |
| Divestment | - | - | - | - | - | - | -5.2 | -5.2 |
| Total transaction with shareholders |
- | - | - | - | 3.6 | 3.6 | -5.2 | -1.6 |
| Closing balance at December 31, 2023 |
1.7 | 2,654.0 | 0.0 | -253.4 | -65.2 | 2,337.1 | - | 2,337.1 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Operating profit (EBIT) |
43.6 | 34.1 | 146.0 | 156.2 | |
| Non-cash items |
93.0 | 67.1 | 408.7 | 367.9 | |
| Effect of changes in working capital: |
|||||
| Change in inventories |
1.8 | 0.2 | 0.3 | 1.8 | |
| Change in receivables |
-101.1 | -91.5 | -88.9 | -19.5 | |
| Change in trade payables and other payables |
131.1 | 126.3 | 40.7 | -2.1 | |
| Provisions paid | -10.7 | 1.8 | -10.7 | -1.4 | |
| Change in prepaid income |
97.5 | 111.5 | 26.6 | 23.7 | |
| Net effect of changes in working capital |
118.6 | 148.3 | -32.0 | 2.5 | |
| Net financial items, paid |
-32.3 | -34.0 | -142.3 | -128.0 | |
| Corporate tax paid | -13.6 | -20.7 | -64.9 | -61.6 | |
| Cash flow from operating activities |
209.3 | 194.8 | 315.5 | 337.0 | |
| Business combinations | -9.1 | 3.8 | -428.4 | -54.9 | |
| Other financial investments |
- | - | -5.8 | -3.0 | |
| Acquisition of intangible assets |
-44.2 | -48.5 | -163.3 | -155.8 | |
| Acquisition of property, plant and equipment |
-2.3 | 0.8 | -4.4 | -7.2 | |
| Cash flow from investing activities |
-55.6 | -43.9 | -601.9 | -220.9 | |
| Repayment long-term debt |
- | - | -83.2 | -2,587.9 | |
| Proceeds long-term debt |
- | - | 491.4 | 2,330.6 | |
| Payment of lease liabilities |
-15.0 | -25.2 | -64.1 | -63.4 | |
| Change in long-term receivables |
- | 3.4 | - | 0.1 | |
| Payment of contingent considerations |
-107.4 | - | -108.3 | -17.1 | |
| Cash flow from financing activities |
-122.4 | -21.8 | 235.8 | -337.7 | |
| Cash flow for the period |
31.2 | 129.1 | -50.6 | -221.6 | |
| of Cash and cash equivalents at the beginning the period |
370.7 | 326.4 | 450.6 | 671.2 | |
| differences Exchange-rate in cash and cash equivalents |
0.9 | -4.9 | 2.8 | 1.0 | |
| Cash and cash equivalents at the end of the period |
402.8 | 450.6 | 402.8 | 450.6 |
.
NOTE 1 ACCOUNTING POLICIES
The consolidated interim financial statements for Karnov Group have been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, RFR 1 Supplementary Accounting Regulations for Groups and the Swedish Annual Accounts Act. The accounting policies used for this interim report 2024 are the same as the accounting policies used for the annual report 2023 to which we refer for a full description. The interim financial statements for the parent company have been prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish Annual Accounts Act.
NOTE 2 CRITICAL ESTIMATES AND JUDGEMENTS
Preparation of financial statements requires the company management to make assessments and estimates along with assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. The actual outcome may differ from these estimates. The critical assessments and sources of uncertainty in the estimates are the same as in the most recent annual report. See the Annual report 2023 Note 4, page 88, for further details regarding critical estimates and judgements.
NOTE 3 SEGMENT REPORTING
The Group CEO has been identified as the chief operating decision maker and assesses the financial performance and position of the Group and makes strategic decisions. Segment profits are monitored to Adjusted EBITA. Income statement items below Adjusted EBITA, balance sheet and cash flows are entirely monitored on Group level. Karnov Group's business operations are in general independent of differences in products and channels and the Group therefore monitors the overall net sales distribution trend between online and offline products at Group level.
| North | South | Group functions | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q4 | Q4 | Q4 | Q4 | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
| Net sales specified on product categories: |
|||||||||
| Online | 296.4 | 246.4 | 280.2 | 265.9 | - | - | 576.6 | 512.3 | |
| Offline | 25.4 | 24.1 | 88.5 | 97.8 | - | - | 113.9 | 121.9 | |
| Net sales | 321.8 | 270.5 | 368.7 | 363.7 | - | - | 690.5 | 634.2 | |
| Adjusted EBITDA |
156.0 | 122.0 | 81.6 | 66.7 | -30.2 | -26.1 | 207.4 | 162.6 | |
| Depreciations and amortisations |
-23.2 | -19.0 | -21.7 | -21.5 | -0.1 | -0.1 | -45.0 | -40.6 | |
| Adjusted EBITA |
132.8 | 103.0 | 59.9 | 45.1 | -30.3 | -26.1 | 162.4 | 122.0 | |
| Amortisations from acquisitions |
-36.3 | -32.4 | -19.9 | -19.6 | - | - | -56.2 | -52.0 | |
| Items affecting comparability |
-2.9 | -0.0 | -60.8 | -38.6 | 1.1 | 2.7 | -62.6 | -35.9 | |
| Non- operating group transactions | -23.5 | -13.9 | -30.5 | -17.1 | 54.0 | 31.0 | - | - | |
| (EBIT) Operating profit |
70.1 | 56.7 | -51.3 | -30.2 | 24.8 | 7.6 | 43.6 | 34.1 | |
| Share of profit in associated companies |
3.5 | -1.5 | |||||||
| Net financial items |
-48.9 | -9.2 | |||||||
| Profit before tax |
-1.8 | 23.4 | |||||||
| Tax on profit for the period |
-8.0 | 0.1 | |||||||
| Profit for the period |
-9.8 | 23.5 |
NOTE 3 SEGMENT REPORTING, CONT.
| North Jan-Dec |
South Jan-Dec |
Group functions Jan-Dec |
Total Jan-Dec |
|||||
|---|---|---|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| specified Net sales on product categories: |
||||||||
| Online | 1,098.8 | 958.0 | 1,061.1 | 1,066.7 | - | - | 2,159.9 | 2,024.7 |
| Offline | 111.9 | 127.8 | 320.9 | 322.1 | - | - | 432.8 | 449.9 |
| Net sales | 1,210.7 | 1,085.8 | 1,382.0 | 1,388.8 | - | - | 2,592.7 | 2,474.6 |
| Adjusted EBITDA |
605.7 | 511.3 | 234.2 | 208.4 | -93.3 | -82.8 | 746.6 | 636.9 |
| Depreciations and amortisations |
-85.0 | -69.8 | -80.6 | -79.3 | -0.4 | -0.1 | -166.0 | -149.2 |
| Adjusted EBITA |
520.7 | 441.5 | 153.6 | 129.1 | -93.7 | -82.9 | 580.6 | 487.7 |
| Amortisations from acquisitions |
-140.0 | -132.9 | -79.5 | -78.2 | - | - | -219.5 | -211.1 |
| Items affecting comparability |
-39.7 | -3.1 | -152.5 | -107.0 | -22.9 | -10.3 | -215.1 | -120.4 |
| Non- operating group transactions | -44.5 | -29.4 | -50.2 | -37.8 | 94.7 | 67.2 | - | - |
| Operating profit (EBIT) |
296.5 | 276.1 | -128.6 | -93.9 | -21.9 | -26.0 | 146.0 | 156.2 |
| Share of profit in associated companies |
1.4 | -5.4 | ||||||
| Net financial items |
-180.9 | -116.4 | ||||||
| Profit before tax |
-33.5 | 34.4 | ||||||
| Tax on profit for the period |
0.4 | 2.5 | ||||||
| Profit for the period |
-33.1 | 36.9 |
NOTE 4 BUSINESS COMBINATIONS AND SIMILAR TRANSACTIONS
QSE CONSEIL SAS
On 29 April 2024 Karnov Group acquired QSE Conseil SAS for a total estimated consideration of SEK 15.9 m. Cash paid on closing 29 April 2024 was SEK 7.6 m and SEK 8.3 m is considered as contingent liabilities expected to be paid out in full by the latest in Q3 2025. QSE will consolidate Karnov Group's position on the French EHS market and accelerate the Group's international expansion. QSE is expected to contribute by SEK 9.0 m in net sales and SEK 2.7 m in adjusted EBITA on a yearly basis. Identified assets in the transaction was Customer relations to which SEK 5.0 m was allocated. An amount of SEK 8.2 m was allocated to Goodwill. The purchase price allocation is not considered final until 12 months after the acquisition date.
SCHULTZ LEGAL INFORMATION BUSINESS
On 19 June 2024 Karnov Group entered into a business carve out agreement to acquire the legal information business of J.H. Schultz Information A/S for a cash consideration of SEK 481.3 m financed by existing credit lines. Cash paid on closing 19 June 2024 was SEK 380.8 m and contingent considerations of SEK 100.5 m was paid 26 November 2024. The acquisition provides Karnov Group new customers on the Danish municipality market and strengthens Karnov Group's portfolio of Danish content. The acquisition is expected to contribute by SEK 83 m in net sales and SEK 50 m in adjusted EBITA on a yearly basis. The expected cost-to-achieve for the integration is expected to total SEK 25 m. Major assets identified from the purchase price allocation are Customer relations and Content. Allocated amount to Goodwill was SEK 257.7 m. The purchase price allocation was updated in this quarter. The purchase price allocation is not considered final until 12 months after the acquisition date.
BATIR TECHNOLOGIES SAS
On 16 July 2024 Karnov Group acquired Batir Technologies SAS for a total estimated consideration of SEK 31.0 m. Cash paid on closing was SEK 29.2 m and SEK 1.8 m is considered as contingent liabilities expected to be paid out in full by the latest in Q3 2025. Batir Technologies delivers a workflow tool for tax calculation in the French real estate market. Batir Technologies is expected to contribute by SEK 9.3 m in net sales and SEK 4.3 m in adjusted EBITA on a yearly basis. Identified assets in the transaction was Customer relations to which SEK 10.9 m was allocated but also Technology by SEK 2.8 m and Trademarks by SEK 0.6 m. Allocation to Goodwill amounts to SEK 20.3 m. The purchase price allocation is not considered final until 12 months after the acquisition date.
JAD EXPERT JOURNALS
On 9 October 2024 Karnov Group completed the acquisition of three carved-out expert journals in France. La Lettre des Juristes d'affaires (The Business Lawyer's newsletter), Droit & Patrimoine (Law & Heritage), and NextStep Magazine. Total consideration amounts to SEK 9.0 m and was paid on closing. JAD is expected to contribute by SEK 8.3 m in net sales and SEK 1.5 m in adjusted EBITA on a yearly basis. Identified assets in the transaction was Customer relations to which SEK 3.8 m was allocated but also Trademarks by SEK 1.7 m. Allocation to Goodwill amounts to SEK 6.5 m. The purchase price allocation is not considered final until 12 months after the acquisition date.
| Schultz Legal |
||||
|---|---|---|---|---|
| QSE Conseil SAS |
Information Business |
Batir Technologies SAS |
JAD | |
| 29 Apr 2024 | 19 Jun 2024 | 16 Jul 2024 |
9 Oct 2024 | |
| Purchase price, MSEK |
||||
| Cash paid on closing date |
7.6 | 380.8 | 29.2 | 9.1 |
| Contingent liability | 8.3 | 100.5 | 1.8 | - |
| Total purchase price |
15.9 | 481.3 | 31.0 | 9.1 |
| Reported amounts, MSEK |
||||
| Intangible assets: Customer relations |
5.0 | 192.7 | 10.9 | 3.8 |
| Intangible assets: Technology |
- | - | 2.8 | - |
| Intangible assets: Content |
- | 30.9 | - | - |
| Intangible assets: Trademarks |
- | - | 0.6 | 1.7 |
| Trade payables and other liabilities |
- | - | - | -2.9 |
| Fair value of other net assets acquired |
3.9 | - | - | - |
| Deferred tax |
-1.2 | - | -3.6 | - |
| Total identified net assets |
7.7 | 223.6 | 10.7 | 2.6 |
| Goodwill | 8.2 | 257.7 | 20.3 | 6.5 |
| Total | 15.9 | 481.3 | 31.0 | 9.1 |
DISCONTINUED BUSINESS
ANTE
Karnov Group exited its 55.1% shareholding of Ante ApS per 25 July 2024 for a cash consideration of SEK 1. The derecognition of the fully consolidated balance sheet of Ante ApS has reduced Goodwill by SEK 13.2 m, Other intangible assets by SEK 7.1 m and other net assets by SEK 12.2 m. A loss from the transaction of SEK 8.3 m has been recognized in other operating income and expenses. YTD 2024 impact on the income statement (EBIT) from operations totals SEK -1.0 m. A potential earn out will be entitled to Karnov Group in FY 2028 contingent on the financial outcome in FY 2027. Maximum amount for earn out totals SEK 1.2 m.
LCB
Karnov Group exited its 85.9% shareholding of LCB ApS per 31 July 2024 for a cash consideration of SEK 1. The derecognition of the fully consolidated balance sheet of LCB has reduced other net assets by SEK 2.4 m. A loss from the transaction of SEK 2.6 m has been recognized in other operating income and expenses. YTD 2024 impact on the income statement (EBIT) from operations totals SEK -0.4 m.
PROCUREMENTLINK
Karnov Group exited its 49.0% shareholding of ProcurementLink ApS per 5 July 2024 for a cash consideration of SEK 1. The derecognition of ProcurementLink has reduced the consolidated balance sheet on row Investments in associated companies by SEK 12.4 m. A loss from the transaction of SEK 12.4 m has been recognized in other operating income and expenses. Karnov Group has not consolidated any share of profit or loss of ProcurementLink during the period of ownership.
NOTE 5 FAIR VALUE OF FINANCIAL INSTRUMENTS
| MSEK | Carrying Amount | Fair value | |||
|---|---|---|---|---|---|
| 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |||
| FINANCIAL ASSETS | |||||
| Financial assets at amortised cost |
|||||
| Trade receivables |
450.7 | 411.9 | 450.7 | 411.9 | |
| Cash and cash equivalents |
402.8 | 450.6 | 402.8 | 450.6 | |
| Total financial assets |
853.5 | 862.5 | 853.5 | 862.5 | |
| FINANCIAL LIABILITIES | |||||
| (FVPL) Financial liabilities at fair value through profit or loss |
|||||
| Contingent considerations | 11.3 | 7.3 | 11.3 | 7.3 | |
| Liabilities at amortised cost |
|||||
| Trade payables |
111.9 | 111.3 | 111.9 | 111.3 | |
| Borrowing from credit institutions |
2,685.8 | 2,206.2 | 2,685.8 | 2,206.2 | |
| Total financial liabilities |
2,809.0 | 2,324.8 | 2,809.0 | 2,324.8 |
TRADE RECEIVABLES
Due to the short-term nature of trade receivables, their carrying amount is considered to be the same as their fair value.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents are unsecured with a short credit period and are therefore considered to have a fair value equal to the carrying amount. These are classified at level 2 in the fair value hierarchy.
CONTINGENT CONSIDERATION
The carrying amounts of contingent considerations are presented as the fair value. The fair value of the contingent considerations is estimated by calculating the present value of the future expected cash flows. These are classified at level 3 in the fair value hierarchy.
TRADE PAYABLES
Trade payables are unsecured and are usually paid within 30 days of recognition. Due to the shortterm nature of trade payables, their carrying amounts are considered to be the same as their fair value.
BORROWING FROM CREDIT INSTITUTIONS
The carrying amount of borrowings is considered to be the same as their fair values, since interest payable on those borrowings is close to current market rates. These are classified at level 2 in the fair value hierarchy.
OTHER
There have been no significant new items compared to December 31, 2023. No transfers between the levels of fair value hierarchies have taken place year-to-date in 2024.
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES
Karnov's financial statements include alternative performance measures, which complement the measures that are defined or specified in applicable rules for financial reporting. Alternative performance measures are presented since, in their context, they provide clearer or more in-depth information than the measures defined in applicable rules for financial reporting.
The alternative performance measures are derived from the Group's consolidated financial reporting and are not measured in accordance with IFRS. Karnov's definition of these measures, which are not described under IFRS, is provided in the section Financial Definitions. Reconciliations of the alternative performance measures are presented below.
| North | South | Group functions | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q4 | Q4 | Q4 | Q4 | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
| Organic business | 292.1 | 263.9 | 365.5 | 118.3 | - | - | 657.6 | 382.2 | |
| Acquired business | 29.3 | 2.1 | 2.1 | 243.0 | - | - | 31.4 | 245.1 | |
| Currency | 0.4 | 4.5 | 1.1 | 2.4 | - | - | 1.5 | 6.9 | |
| Net sales | 321.8 | 270.5 | 368.7 | 363.7 | - | - | 690.5 | 634.2 | |
| Total net sales split, % | |||||||||
| Organic growth, % | 8.0% | 3.8% | 0.5% | 3.8% | - | - | 3.7% | 3.8% | |
| Acquired business, % | 10.8% | 0.8% | 0.6% | 212.8% | - | - | 5.0% | 66.5% | |
| Currency effect, % | 0.2% | 1.7% | 0.3% | 2.1% | - | - | 0.2% | 1.8% | |
| Total growth, % | 19.0% | 6.3% | 1.4% | 218.7% | - | - | 8.9% | 72.1% | |
| EBITDA | 153.1 | 122.0 | 20.8 | 28.1 | -29.1 | -23.4 | 144.8 | 126.7 | |
| EBITDA margin, % | 47.6% | 45.1% | 5.6% | 7.7% | - | - | 21.0% | 20.0% | |
| Depreciations and amortisations | -23.2 | -19.0 | -21.7 | -21.6 | -0.1 | 0.0 | -45.0 | -40.6 | |
| EBITA | 129.9 | 103.0 | -0.9 | 6.5 | -29.2 | -23.4 | 99.8 | 86.1 | |
| EBITA margin, % | 40.4% | 38.1% | -0.2% | 1.8% | - | - | 14.5% | 13.6% | |
| Items affecting comparability | -2.9 | - | -60.8 | -38.6 | 1.1 | 2.7 | -62.6 | -35.9 | |
| Adjusted EBITDA | 156.0 | 122.0 | 81.6 | 66.7 | -30.2 | -26.1 | 207.4 | 162.6 | |
| Adjusted EBITDA margin, % | 48.5% | 45.1% | 22.1% | 18.3% | - | - | 30.0% | 25.6% | |
| Adjusted EBITA | 132.8 | 103.0 | 59.9 | 45.1 | -30.3 | -26.1 | 162.4 | 122.0 | |
| Adjusted EBITA margin, % | 41.3% | 38.1% | 16.2% | 12.4% | - | - | 23.5% | 19.2% | |
| Items affecting comparability | |||||||||
| Post-closing integration costs | - | - | -26.0 | -33.5 | 1.1 | - | -24.9 | -33.5 | |
| Restructuring costs | -1.1 | - | -4.1 | - | -0.5 | - | -5.7 | - | |
| Acquisition costs | -1.7 | - | -1.4 | -5.1 | - | 2.7 | -3.1 | -2.4 | |
| Other extraordinary items | -0.1 | - | -29.3 | - | 0.5 | - | -28.9 | - | |
| Total | -2.9 | - | -60.8 | -38.6 | 1.1 | 2.7 | -62.6 | -35.9 | |
| Items affecting comparability classification | |||||||||
| Operating costs | -2.9 | - | -60.8 | -38.6 | 1.1 | 2.7 | -62.6 | -35.9 | |
| Depreciations and amortisations | - | - | - | - | - | - | - | - | |
| Amortisations from acquisitions | - | - | - | - | - | - | - | - |
| North | South | Group functions | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|
| MSEK | Jan-Dec | Jan-Dec | Jan-Dec | Jan-Dec | |||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||
| Organic business | 1,161.3 | 1,042.9 | 1,382.8 | 118.3 | - | - | 2,544.1 | 1,161.2 | |
| Acquired business | 54.3 | 7.1 | 3.7 | 1,268.1 | - | - | 58.0 | 1,275.2 | |
| Currency | -4.9 | 35.8 | -4.5 | 2.4 | - | - | -9.4 | 38.2 | |
| Net sales | 1,210.7 | 1,085.8 | 1,382.0 | 1,388.8 | - | - | 2,592.7 | 2,474.6 | |
| Total net sales split, % | |||||||||
| Organic growth, % | 7.0% | 4.4% | -0.4% | 3.8% | - | - | 2.8% | 4.3% | |
| Acquired business, % | 5.0% | 0.7% | 0.3% | 1,110.4% | - | - | 2.3% | 114.5% | |
| Currency effect, % | -0.5% | 3.6% | -0.4% | 2.1% | - | - | -0.3% | 3.4% | |
| Total growth, % | 11.5% | 8.7% | -0.5% | 1,116.3% | - | - | 4.8% | 122.2% | |
| EBITDA | 566.0 | 515.5 | 81.7 | 101.4 | -116.2 | -93.1 | 531.5 | 523.8 | |
| EBITDA margin, % | 46.7% | 47.5% | 5.9% | 7.3% | - | - | 20.5% | 21.2% | |
| Depreciations and amortisations | -85.0 | -74.4 | -80.6 | -79.3 | -0.4 | -0.1 | -166.0 | -153.8 | |
| EBITA | 481.0 | 441.1 | 1.1 | 22.1 | -116.6 | -93.2 | 365.5 | 370.0 | |
| EBITA margin, % | 39.7% | 40.6% | 0.1% | 1.6% | - | - | 14.1% | 15.0% | |
| Items affecting comparability | -39.7 | -3.1 | -152.5 | -107.0 | -22.9 | -10.3 | -215.1 | -120.4 | |
| Adjusted EBITDA | 605.7 | 511.3 | 234.2 | 208.4 | -93.3 | -82.8 | 746.6 | 636.9 | |
| Adjusted EBITDA margin, % | 50.0% | 47.1% | 16.9% | 15.0% | - | - | 28.8% | 25.7% | |
| Adjusted EBITA | 520.7 | 441.5 | 153.6 | 129.1 | -93.7 | -82.9 | 580.6 | 487.7 | |
| Adjusted EBITA margin, % | 43.0% | 40.7% | 11.1% | 9.3% | - | - | 22.4% | 19.7% | |
| Items affecting comparability | |||||||||
| Post-closing integration costs | - | - | -114.3 | -93.1 | -2.4 | -6.1 | -116.7 | -99.2 | |
| Restructuring costs | -31.4 | -3.1 | -4.3 | - | -9.9 | - | -45.6 | -3.1 | |
| Acquisition costs | -7.9 | - | -3.3 | -13.9 | 0.4 | -4.2 | -10.8 | -18.1 | |
| Other extraordinary items | -0.4 | - | -30.6 | - | -11.0 | - | -42.0 | - | |
| Total | -39.7 | -3.1 | -152.5 | -107.0 | -22.9 | -10.3 | -215.1 | -120.4 | |
| Items affecting comparability classification | - | - | - | - | - | - | - | - | |
| Operating costs | -39.7 | 4.2 | -152.5 | -107.0 | -22.9 | -10.3 | -215.1 | -113.1 | |
| Depreciations and amortisations | - | -4.6 | - | - | - | - | - | -4.6 | |
| Amortisations from acquisitions | - | -2.7 | - | - | - | - | - | -2.7 |
NOTE 6 ALTERNATIVE PERFORMANCE MEASURES, CONT.
ADJUSTED FREE CASHFLOW
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Cash flow from operating activities |
209.3 | 194.8 | 315.5 | 337.0 | |
| Acquisition of intangible and tangible assets |
-46.5 | -47.7 | -167.7 | -163.0 | |
| Payment of lease liabilities |
-15.0 | -25.2 | -64.1 | -63.4 | |
| Free cash flow |
147.8 | 121.9 | 83.7 | 110.6 | |
| Items affecting comparability |
62.6 | 35.9 | 215.1 | 120.4 | |
| Adjusted free cash flow |
210.4 | 157.8 | 298.8 | 231.0 |
NET DEBT
| MSEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Borrowing from credit institutions, long term |
2,570.9 | 2,123.0 |
| Borrowing from credit institutions, short term |
114.9 | 83.2 |
| Cash and cash equivalents |
-402.8 | -450.6 |
| Net debt | 2,283.0 | 1,755.6 |
LEVERAGE RATIO
| MSEK | 31 Dec 2024 | 31 Dec 2023 |
|---|---|---|
| Adjusted EBITDA LTM * |
771.6 | 636.9 |
| Net debt | 2,283.0 | 1,755.6 |
| Leverage ratio | 3.0 | 2.8 |
* Please note that LTM Adjusted EBITDA includes proforma numbers from Schultz acquisition in 2024 which has an impact on leverage ratio for Q4 2024. See more information regarding acquisitions in note 4.
| Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|
| MSEK | 2024 | 2024 | 2024 | 2024 | 2023 |
| Income statement | |||||
| Net sales | 690.5 | 647.7 | 622.8 | 631.7 | 634.2 |
| EBITDA | 144.8 | 122.7 | 117.9 | 146.1 | 126.7 |
| EBITDA margin, % | 21.0% | 18.9% | 18.9% | 23.1% | 20.0% |
| EBITA | 99.8 | 80.0 | 78.4 | 107.3 | 86.1 |
| EBITA margin, % | 14.5% | 12.4% | 12.6% | 17.0% | 13.6% |
| Adjusted EBITA |
162.4 | 143.1 | 131.6 | 143.5 | 122.0 |
| Adjusted EBITA margin, % |
23.5% | 22.1% | 21.1% | 22.7% | 19.2% |
| (EBIT) Operating profit |
43.6 | 23.1 | 24.4 | 54.9 | 34.1 |
| EBIT margin, % | 6.3% | 3.6% | 3.9% | 8.7% | 5.4% |
| Net financial items |
-48.9 | -37.6 | -24.8 | -69.6 | -9.2 |
| Profit for the period |
-9.8 | -12.3 | 0.8 | -11.8 | 23.5 |
| Balance sheet |
|||||
| Non-current assets | 6,455.6 | 6,366.1 | 6,468.0 | 6,082.2 | 5,956.6 |
| Current assets | 1,033.5 | 908.4 | 1,020.7 | 1,149.1 | 975.9 |
| Cash and cash equivalents |
402.8 | 370.7 | 494.3 | 523.7 | 450.6 |
| Equity | 2,373.5 | 2,346.2 | 2,376.7 | 2,399.4 | 2,337.1 |
| Non-current liabilities | 3,165.7 | 3,131.7 | 3,172.0 | 2,853.2 | 2,775.3 |
| Current liabilities | 1,949.9 | 1,796.6 | 1,940.0 | 1,978.7 | 1,820.1 |
| TOTAL ASSETS | 7,489.1 | 7,274.5 | 7,488.7 | 7,231.3 | 6,932.5 |
| Q4 | Q3 | Q2 | Q1 | Q4 | |
|---|---|---|---|---|---|
| MSEK | 2024 | 2024 | 2024 | 2024 | 2023 |
| Cash flow |
|||||
| Cash flow from operating activities |
209.3 | -42.4 | 17.4 | 131.2 | 194.8 |
| Cash flow from investing activities |
-55.6 | -69.8 | -430.5 | -46.0 | -43.9 |
| Cash flow from financing activities |
-122.4 | -15.3 | 393.7 | -20.2 | -21.8 |
| Cash flow for the period |
31.2 | -127.5 | -19.4 | 65.0 | 129.1 |
| Key ratios | |||||
| Net working capital |
-916.4 | -888.0 | -919.3 | -829.5 | -844.2 |
| Equity/asset ratio, % | 31.7% | 32.3% | 31.7% | 33.2% | 33.7% |
| Adjusted free cash flow |
210.4 | -32.1 | 13.9 | 106.6 | 157.8 |
| Net debt | 2,283.0 | 2,270.6 | 2,163.1 | 1,769.5 | 1,755.6 |
| Share data: |
|||||
| (thousands) Weighted average number of ordinary shares |
107,876 | 107,876 | 107,876 | 107,876 | 107,876 |
| Earnings per share, basic, SEK |
-0.09 | -0.11 | 0.01 | -0.11 | 0.22 |
| Earnings per share, after dilution, SEK |
-0.09 | -0.11 | 0.01 | -0.11 | 0.22 |
| Q4 | Jan-Dec | ||||
|---|---|---|---|---|---|
| MSEK | 2024 | 2023 | 2024 | 2023 | |
| Employee benefit expenses |
-4.6 | -1.8 | -9.2 | -5.3 | |
| Depreciations and amortisations |
- | - | -0.1 | -0.1 | |
| Other operating income and expenses |
24.9 | -9.6 | -17.1 | -15.4 | |
| Operating profit (EBIT) |
20.3 | -11.4 | -26.4 | -20.8 | |
| Financial income |
33.6 | 132.3 | 145.8 | 185.7 | |
| Financial expenses |
-24.7 | -18.6 | -89.6 | -37.3 | |
| Dividend received |
- | - | - | 45.0 | |
| Net financial items |
8.9 | 113.7 | 56.2 | 193.4 | |
| Group contributions | 30.0 | 42.7 | 30.0 | 42.7 | |
| Profit before tax |
59.2 | 145.0 | 59.8 | 215.3 | |
| Tax on profit for the period |
2.6 | 5.2 | 2.6 | - | |
| Profit for the period |
61.8 | 150.2 | 62.4 | 215.3 | |
| Total comprehensive income |
61.8 | 150.2 | 62.4 | 215.3 |
| MSEK | 31 Dec 2024 31 Dec 2023 | |
|---|---|---|
| ASSETS: | ||
| Receivables from group companies |
2,940.8 | 2,522.5 |
| Investments in group companies | 1,169.2 | 1,161.8 |
| Right-of-use assets |
0.5 | - |
| Deferred tax assets |
2.5 | - |
| Total non-current assets |
4,113.0 | 3,684.3 |
| Receivables from group companies |
91.8 | 70.0 |
| Prepaid expenses |
1.0 | 0.9 |
| Other receivables |
0.2 | 0.7 |
| Current tax receivables | 2.3 | 2.3 |
| Cash and cash equivalents |
336.2 | 16.4 |
| Total current assets |
431.5 | 90.3 |
| TOTAL ASSETS | 4,544.5 | 3,774.6 |
| MSEK | 31 Dec 2024 31 Dec 2023 | |
|---|---|---|
| EQUITY AND LIABILITIES: | ||
| Restricted equity |
||
| Share capital |
1.7 | 1.7 |
| Non-restricted equity |
||
| Share premium |
2,654.0 | 2,654.0 |
| net profit for Retained earnings including the period |
111.2 | 41.3 |
| Total equity |
2,766.9 | 2,697.0 |
| Lease liabilities | 0.3 | - |
| Borrowing from group companies |
26.5 | 55.4 |
| Borrowing from credit institutions |
1,304.9 | 899.5 |
| Total non-current liabilities |
1,331.7 | 954.9 |
| Borrowing from credit institutions |
114.9 | 83.2 |
| Trade payables |
2.3 | 1.2 |
| Borrowing from group companies |
323.0 | 34.1 |
| Accrued expenses |
4.2 | 4.1 |
| Leasing liabilities, short term |
0.2 | - |
| Other current liabilities |
1.3 | 0.1 |
| Total current liabilities |
445.9 | 122.7 |
| TOTAL EQUITY AND LIABILITIES | 4,544.5 | 3,774.6 |
This interim report contains references to a number of performance measures. Some of these measures are defined in IFRS standards, while others are alternative measures, which are not reported in accordance with applicable financial reporting frameworks or other legislation. These measures are used by Karnov to help both investors and management to analyse the Group's operations. The measures used in this interim report are described below, together with definitions and the reason for their use.
| Key ratio | Definition | Reason for use |
|---|---|---|
| Acquired growth | Change in net sales during the current period attributable to acquired units, excluding currency effects, in relation to net sales for the corresponding period of the preceding year. Net sales of acquired units are defined as acquired growth during a period of 12 months commencing the respective acquisition date. |
The measure is used as a complement to organic growth and provides an improved understanding for Karnov's growth. |
| Adjusted EBITA | EBITA adjusted for the impact of items affecting comparability. | The measure shows the profitability from the business, adjusted for the impact of items affecting comparability and amortisation of capital expenditures related to acquisitions. |
| Adjusted EBITA margin | Adjusted EBITA as a percentage of net sales. | The measure shows the underlying profitability generated from the current operations over time, adjusted for items affecting comparability. |
| Adjusted EBITDA | EBITDA adjusted for the impact of items affecting comparability. | The measure is used since it facilitates the understanding of the operating profit, excluding items affecting comparability, financing, depreciation and amortisation. |
| Adjusted EBITDA margin | Adjusted EBITDA as a percentage of net sales. | The measure shows operational profitability over time, excluding items affecting comparability, financing, depreciation and amortisation. |
| Adjusted free cash flow | Cash flow from operating activities less capital expenditure and leasing liabilities and adjusted for cash effect of items affecting comparability |
The measure is used since it shows how efficiently adjusted cash flow from operating activities is translated into a concrete contribution to Karnov's financing. |
| Annual run-rate synergies | Realised synergies by the end of the period on an annualised basis. |
The definition is used as a complement to disclose future savings from different cost-saving initiatives. |
| Average number of full-time employees (FTEs) |
Average number of full-time employees during the reporting period. | Non-financial key ratio. |
| Earnings per share | Earnings per share for the period in SEK attributable to the parent company's shareholders, in relation to weighted average number of outstanding shares before and after dilution. |
IFRS key ratio. |
| EBITA | Earnings before financial items and taxes, excluding acquisition related purchase price allocation (PPA) amortisation. |
The measure shows the profitability from the business, adjusted for acquisition related purchase price allocation (PPA) amortisation. |
| EBITA margin | EBITA as a percentage of net sales. | The measure shows the profitability over time for the underlying business (i.e., excluding PPA amortisation) in relation to net sales. |
| EBITDA | Earnings before depreciation and amortisation, financial items, and taxes. | The measure shows the operating profitability before depreciation and amortisation. |
| EBITDA margin | EBITDA as a percentage of net sales. | The measure shows operational profitability over time, regardless of financing, depreciation and amortisation. |
| Equity/asset ratio (%) | Equity divided by total assets. | The measure can be used to assess Karnov's financial stability. |
| Key ratio | Definition | Reason for use | ||
|---|---|---|---|---|
| Items affecting comparability | Items affecting comparability includes items of a significant character that distort comparisons over time. |
The measure is used for understanding the financial performance over time. | ||
| Leverage ratio (Net debt/adjusted EBITDA LTM excluding leasing liabilities) |
Net debt on the balance sheet date divided by adjusted EBITDA for the last twelve months (LTM), excluding leasing liabilities. Adjusted EBITDA LTM is adjusted for items affecting comparability and including proforma consolidation of acquired EBITDA. |
Relevant to analyse to ensure that Karnov has an appropriate financing structure. | ||
| Net debt | Total net borrowings including capitalised bank costs less cash and cash equivalents. |
The measure is used since it allows for an assessment of whether Karnov has an appropriate financing structure. |
||
| Net sales (online) | Net sales from online products. | The measure is used since it facilitates the understanding of total net sales and the breakdown of net sales. |
||
| Net sales (offline) | Net sales from printed products and training. | The measure is used since it facilitates the understanding of total net sales and the breakdown of net sales. |
||
| Operating profit (EBIT) | Profit for the period before financial items and taxes. | The measure is used since it enables comparisons of the profitability regardless of the capital structure or tax situation. |
||
| Organic growth | Change in net sales during the current period, excluding acquisitions and currency effects, in relation to net sales for the corresponding period of the preceding year. Acquisitions are included in organic net sales after a period of 12 months. |
The measure is used since it shows Karnov's ability to generate growth through increases of, among other things, volume and price in its existing business. |
Currency r
| Closing rate |
Average rate Oct-Dec 2024 |
Average rate Jan-Dec 2024 |
Closing rate 31 Dec 2023 |
Average rate Oct-Dec 2023 |
Average rate Jan-Dec 2023 |
|
|---|---|---|---|---|---|---|
| 31 Dec 2024 | ||||||
| 1 DKK is equivalent to SEK |
1.5398 | 1.5415 | 1.5325 | 1.4889 | 1.5375 | 1.5395 |
| 1 NOK is equivalent to SEK |
0.9697 | 0.9781 | 0.9833 | 0.9871 | 0.9843 | 1.0049 |
| 1 EUR is equivalent to SEK |
11.4865 | 11.4975 | 11.4307 | 11.0960 | 11.4663 | 11.4707 |
ATES
OTHER
Amounts in tables and combined amounts have been rounded off on an individual basis. Minor differences due to this rounding off may, therefore, appear in the totals. Figures commented in the text are presented in million SEK unless otherwise stated. Comparative figures from previous
period are presented in brackets. The interim report is published in Swedish and English. In case of any differences between the English version and the Swedish original text, the Swedish version shall prevail.
Karnov Group clears the path to justice, providing mission critical knowledge and workflow solutions to European professionals in the areas of legal, tax and accounting, and environmental, health and safety. Karnov was founded on one man's belief that access to the law is the foundation of every great society and our legacy dates back to 1823. Over time, the Karnov Group has evolved from a traditional publishing company to a digital legal knowledge provider.
Our mission is to be an indispensable partner for all legal, tax and accounting professionals and enable our users to make better decisions, faster by delivering the highest quality of content within a state-of-the-art user experience to support their workflow efficiency.
Our solutions are largely digital, and we offer subscriptionbased online solutions for law firms, tax and accounting firms, corporates and the public sector including courts, universities, public authorities and municipalities. Karnov also publishes and sells books and journals and hosts legal training courses.
With strong brands such as Karnov, Norstedts Juridik, Aranzadi LA LEY, Lamy Liaisons, Jusnet, Notisum, Echoline, QSE Conseil, DIBkunnskap, DIB Viden, BELLA Intelligence, Karnov Group delivers knowledge and insights to more than 400,000 users.
Karnov's is organised into two geographical financial reporting segments and the product offering, subject to a few variations, is similar in all countries.
Denmark: Legal, tax and accounting online and offline products and solutions and EHS compliance solutions
Sweden: Legal, tax and accounting online and offline products and solutions and EHS compliance solutions
Norway: Tax and accounting online workflow tools
France: Legal online and offline products and solutions, EHS compliance solutions and legal training
Spain and Portugal: Legal online and offline products and solutions and legal training
With offices in Sweden, Denmark, Norway, France, Spain and Portugal, Karnov Group employs around 1,200 people.
The Karnov share is listed on Nasdaq Stockholm, Mid Cap segment, under the ticker "KAR".
400,000+ USERS
7,000+ SPECIALISTS
~1,200 EMPLOYEES
Karnov Group AB (publ) Corp. Id. 559016-9016 Registered office: Stockholms län Head office: Warfvinges väg 39, 112 51 Stockholm, Sweden Tel: +46 8 587 670 00 www.karnovgroup.com