Earnings Release • Jun 30, 2017
Earnings Release
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| . . | ||
|---|---|---|
| Earnings per |
| Second quarter | First half-year | |||||
|---|---|---|---|---|---|---|
| 2016 | 2017 | Δ | 2016 | 2017 | Δ | |
| Sales, SEK M | 17,894 | 19,387 | 8% | 33,785 | 37,529 | 11% |
| Of which: | ||||||
| Organic growth1) | 602 | 344 | 2% | 1,002 | 1,366 | 4% |
| Acquisitions | 593 | 451 | 2% | 1,083 | 900 | 3% |
| Exchange-rate effects1) | -383 | 698 | 4% | -633 | 1,478 | 4% |
| Operating income (EBIT), SEK M | 2,910 | 3,114 | 7% | 5,321 | 5,901 | 11% |
| Operating margin (EBIT), % | 16.3% | 16.1% | 15.7% | 15.7% | ||
| Income before tax, SEK M | 2,729 | 2,944 | 8% | 4,938 | 5,537 | 12% |
| Net income, SEK M | 2,026 | 2,179 | 8% | 3,664 | 4,097 | 12% |
| Operating cash flow, SEK M | 2,519 | 2,575 | 2% | 3,017 | 3,399 | 13% |
| Earnings per share (EPS), SEK | 1.82 | 1.96 | 8% | 3.30 | 3.69 | 12% |
1) The sales components Organic growth and Exchange-rate effects have been restated for the first half-year of 2016. No effect on sales figures.
"The second quarter was another good quarter for ASSA ABLOY," says Johan Molin, President and CEO. Organic growth was 2% because of the fewer working days resulting from Easter during the quarter. This means that we have an organic growth of 4% for the first half-year. Sales in North America continued to develop well. In Europe the underlying demand is good but we have not seen any appreciable improvement. Sales in China fell once again, and disappointingly they also continued to decrease in Brazil and in the Middle East.
"Entrance Systems, Global Technologies and Americas all produced 3% organic growth, while EMEA grew by 2%. However, Asia Pacific showed negative growth because of weak demand in China.
"It is pleasing to see that our investments in software solutions to support architects and others who specify door solutions are leading to more inquiries and increased sales. It is also very gratifying that we are launching so many new and exciting products, primarily electronic and digital solutions. One example is a new smart handle for inner doors which provides full RFID compatibility and can be installed and integrated cost-effectively with virtually all access control systems on the market, but can also be used as a freestanding unit.
"During the quarter contracts were signed for the acquisition of five companies, including Arjo, a leading supplier of physical and digital identity solutions for national ID documents. The company strengthens our present offering of secure identity solutions and offers complementary growth opportunities.
"Operating income for the quarter increased by 7% and amounted to SEK 3,114 M, with an operating margin of 16.1% (16.3). The margin increased in EMEA and Entrance Systems divisions and remained stable for Americas and Global Technologies, but as expected Asia Pacific was weak. The operating cash flow improved by 2%.
"My judgment is that the global economic trend has improved to some degree compared with last year. On most markets in North and South America and in parts of Europe there is a positive trend, but on some markets, chiefly in Asia and the Middle East, the trend is weak. However, our strategy of expanding our market presence, even on the emerging markets, remains unchanged. We are also continuing our investments in new products, especially in the growth area of electromechanics."
Sales, 12 months
Operating cash flow by quarter and last 12 months
The Group's sales amounted to SEK 19,387 M (17,894). Organic growth for comparable units was 2% (4). Acquired units contributed 2% (4). Exchange-rate effects affected sales by SEK 698 M (-383), equivalent to 4% (-3). Operating income before depreciation and amortization, EBITDA, amounted to SEK 3,543 M (3,305). The corresponding EBITDA margin was 18.3% (18.5). The Group's operating income, EBIT, amounted to SEK 3,114 M (2,910). The operating margin was 16.1% (16.3).
Net financial items amounted to SEK -170 M (-181). The Group's income before tax was SEK 2,944 M (2,729), an increase of 8% compared with last year. Exchange-rate effects had an impact of SEK 96 M (-77) on income before tax. The profit margin was 15.2% (15.2). The underlying estimated effective tax rate on an annual basis was 26% (26). Earnings per share amounted to SEK 1.96 (1.82), an increase of 8% compared with last year.
The Group's sales for the first half of 2017 totaled SEK 37,529 M (33,785), representing an increase of 11%. Organic growth was 4% (3). Acquired units contributed 3% (3). Exchange-rate effects affected sales positively by SEK 1,478 M (-633), equivalent to 4% (-2), compared with the first half of 2016.
Operating income before depreciation and amortization, EBITDA, for the halfyear amounted to SEK 6,752 M (6,092). The corresponding margin was 18.0% (18.0). The Group's operating income, EBIT, amounted to SEK 5,901 M (5,321), which was an increase of 11% compared with last year. The operating margin was 15.7% (15.7).
Earnings per share for the first half-year increased to SEK 3.69 (3.30), an increase of 12% compared with last year. Operating cash flow totaled SEK 3,399 M (3,017).
Payments related to all current restructuring programs amounted to SEK 136 M (50) in the quarter. The restructuring programs proceeded according to plan and led to a reduction in personnel of 158 people during the quarter and 12,477 people since the projects began in 2006.
At the end of the half-year provisions of SEK 1,342 M remained in the balance sheet for carrying out the programs.
Magnus Kagevik, Executive Vice President and Head of Asia Pacific Division, has decided to leave ASSA ABLOY after ten years' service in various management positions in the Group. Recruitment of a replacement has begun. Magnus Kagevik will remain in his present job until a successor is in post.
Juan Vargues, Executive Vice President and Head of Entrance Systems Division, has after a long and successful service time decided to leave ASSA ABLOY for a new positon as CEO of a Swedish listed company. Juan Vargues will remain in his position until the beginning of 2018 and the process of finding his successor has been initiated.
The Stockholm Administrative Court of Appeal decided in June 2017 not to allow tax deductions for interest expenses relating to one of the Group's subsidiaries for the years 2008-2012 on the grounds that the deductions were wrongly allocated. The decision will be appealed.
Including additional tax and other charges, the judgment involves a total tax payment of SEK 847 M. The judgment will have no impact on ASSA ABLOY's net income for the second quarter or for the full year 2017, but will affect cash flow negatively in the third quarter by the same sum as the payment made.
Sales for the quarter in EMEA division totaled SEK 4,529 M (4,234), with organic growth of 2% (6). Growth was strong in Great Britain and in eastern Europe. Southern Europe and Israel had good growth. Scandinavia, Finland, Germany, France and Benelux were stable, while Africa and the Middle East had negative sales growth. The positive trend for electromechanical products continued. Acquired growth was 2%. Exchange-rate effects on sales were 3%. Operating income totaled SEK 713 M (649), which represented an operating margin (EBIT) of 15.7% (15.3). Return on capital employed amounted to 19.0% (18.4). Operating cash flow before interest paid totaled SEK 461 M (581).
Sales for the quarter in Americas division totaled SEK 4,704 M (4,291), with organic growth of 3% (8). Growth was strong for Security doors, Security fencing and High-security products in the USA, and also for Mexico and Latin America apart from Brazil. Sales growth was good for Electromechanical products and in Canada, and stable for Traditional lock products and for the Private residential market in the USA. Brazil continued to show a negative sales development. Acquired growth was 1%. Exchange-rate effects on sales were 6%. Operating income totaled SEK 1,041 M (949), which represented an operating margin (EBIT) of 22.1% (22.1). Return on capital employed amounted to 26.1% (26.0). Operating cash flow before interest paid totaled SEK 1,163 M (1,127).
Sales for the quarter in Asia Pacific division totaled SEK 2,445 M (2,518), with organic growth of -6% (-8). Strong growth was achieved in Japan and South Asia. Sales growth was good in South Korea and in Pacific. Digital door locks grew strongly in the region. However, sales in China fell, mainly because of a strong decline for fire and security doors. Acquired growth was 0%. Exchangerate effects on sales were 3%. Operating income totaled SEK 274 M (355), which represented an operating margin (EBIT) of 11.2% (14.1). Return on capital employed amounted to 9.0% (11.5). Operating cash flow before interest paid totaled SEK 116 M (362).
Sales for the quarter in Global Technologies division totaled SEK 2,640 M (2,424), with organic growth of 3% (5). Access control, Identification technology and Project business had strong growth within HID Global. However, Secure issuance, Logical access and Government ID all had a negative development. Hospitality showed continued strong growth. Acquired growth was 2%. Exchange-rate effects on sales were 4%. Operating income amounted to SEK 486 M (447), which represented an operating margin (EBIT) of 18.4% (18.5). Return on capital employed amounted to 17.0% (17.4). Operating cash flow before interest paid totaled SEK 511 M (320).
Sales for the quarter in Entrance Systems division totaled SEK 5,381 M (4,767), with organic growth of 3% (4). Door components had strong growth, as did Industrial and garage doors in the USA. Door automation, High-speed doors and Gate automation showed good growth, while sales of Industrial doors in Europe were stable. Acquired growth was 5%. Exchange-rate effects on sales were 5%. Operating income totaled SEK 720 M (628), which represented an operating margin (EBIT) of 13.4% (13.2). Return on capital employed amounted to 14.7% (13.7). Operating cash flow before interest paid totaled SEK 638 M (632).
A total of two minor acquisitions were consolidated during the quarter. The combined acquisition price for the seven companies acquired during the halfyear amounted to SEK 671 M, and preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life amount to SEK 535 M. The acquisition price is adjusted for acquired net debt and estimated deferred considerations. Estimated deferred considerations amounted to SEK 157 M.
On 29 May it was announced that ASSA ABLOY had signed a contract to acquire IDS, the leading South African manufacturer and distributor of electronic security solutions. Its sales in 2017 are expected to amount to SEK 210 M and the acquisition is expected to be completed during the third quarter of 2017.
On 4 July it was announced that ASSA ABLOY had acquired Arjo Systems SAS, a leading supplier of physical and digital identity solutions for national ID documents. The company has 100 employees and its sales in 2017 are expected to amount to SEK 550 M.
The demand for sustainable products is increasing. For ASSA ABLOY this provides a commercial opportunity since customers are choosing energy-efficient solutions and environmentally labeled products to an ever increasing extent. The Group is continuing to develop and launch environmentally friendly products at a rapid pace. During the second quarter Entrance Systems division launched a new energy-efficient version of its '1042' overhead door. The product is one of the division's big sellers and is used in environments with frequent openings, where at the same time a door with a high insulation effect is required. The new overhead door opens and closes four times as fast as the standard model. The increased speed means that the door is open for a shorter time which, together with improved insulation, is calculated to reduce customers' energy consumption by up to 12% compared with a traditional overhead door. The faster opening and closing sequence also produces less draught and thus improves comfort for the people occupying the building.
Other operating income for the Parent company ASSA ABLOY AB totaled SEK 2,113 M (1,963) for the first half-year. Operating income for the first half-year amounted to SEK 950 M (875). Investments in tangible and intangible assets totaled SEK 12 M (7). Liquidity is good and the equity ratio was 41.8% (42.9).
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. Significant accounting and valuation principles are detailed on pages 68-73 of the 2016 Annual Report. This Report was prepared in accordance with IAS 34 'Interim Financial Reporting' and the Annual Accounts Act. The Interim Report for the Parent company was prepared in accordance with the Annual Accounts Act and RFR 2 'Reporting by a Legal Entity'.
The new standards IFRS 9 (Financial instruments) and IFRS 15 (Revenue from Contracts with Customers) are to be applied from the financial year beginning 1 January 2018, while IFRS 16 (Leases) takes effect on 1 January 2019. Earlier application is allowed for all standards.
The project that began last year because of the introduction of IFRS 15 has proceeded according to plan during the first half-year of 2017 with evaluation and analysis of possible effects on each division. The Group's judgment is that the standard will have little or no impact on the Group's income or financial position.
ASSA ABLOY makes use of a number of financial performance measures that are not defined in the reporting rules that the company uses – so-called 'alternative performance measures'. For definitions of financial performance measures, refer to Page 19 of this Quarterly Report and to the company's latest Annual Report. To check how the financial measurements have been calculated for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2016 appear on the company's website www.assaabloy.com.
Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise.
No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties.
As an international Group with a wide geographic spread, ASSA ABLOY is exposed to a number of business, financial and tax-related risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity, the giving of credit, raw materials and financial instruments. Risk management in ASSA ABLOY aims to identify, control and reduce risks. This work begins with an assessment of the probability of risks occurring and their potential effect on the Group. For a more detailed description of particular risks and risk management, see the 2016 Annual Report.
The Board of Directors and the President and CEO declare that this half-year report gives an accurate picture of the Parent Company's and the Group's operations, position and income and describes significant risks and uncertainty factors faced by the Parent Company and the companies making up the Group.
Stockholm, 18 July 2017
| Lars Renström | Carl Douglas | Ulf Ewaldsson |
|---|---|---|
| Chairman | Vice Chairman | Board member |
| Eva Karlsson | Birgitta Klasén | Eva Lindqvist |
| Board member | Board member | Board member |
| Johan Molin | Sofia Schörling Högberg | Jan Svensson |
| President and CEO | Board member | Board member |
Rune Hjälm Mats Persson Employee representative Employee representative
We have reviewed the condensed Interim Financial Information (interim report) of ASSA ABLOY AB (publ.) as of 30 June 2017 and the six-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of the Interim Financial Information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this Interim Report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the Interim Report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 18 July 2017 PricewaterhouseCoopers
Bo Karlsson Linda Corneliusson Auditor in charge
Authorized Public Accountant Authorized Public Accountant
The Interim Report for the third quarter will be published on 20 October 2017.
A capital markets day will be held on 15 November 2017 in Stockholm, Sweden.
Johan Molin, President and CEO, Tel: +46 8 506 485 42
Carolina Dybeck Happe, Chief Financial Officer, Tel: +46 8 506 485 72
ASSA ABLOY is holding an analysts' meeting at 10.00 today at Operaterrassen in Stockholm, Sweden.
The analysts' meeting can also be followed on the Internet at www.assaabloy.com. It is possible to submit questions by telephone on: +46 8 5055 6476, +44 203 364 5371 or +1 877 679 2993.
This is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 19 July 2017.
| CONSOLIDATED INCOME STATEMENT | Q2 | Q1-Q2 | |||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Sales | 17,894 | 19,387 | 33,785 | 37,529 | |
| Cost of goods sold | -10,863 | -11,806 | -20,459 | -22,757 | |
| Gross income | 7,031 | 7,581 | 13,326 | 14,771 | |
| Selling, administrative and R&D costs | -4,153 | -4,494 | -8,070 | -8,926 | |
| Share of earnings in associates | 33 | 27 | 65 | 56 | |
| Operating income | 2,910 | 3,114 | 5,321 | 5,901 | |
| Finance net | -181 | -170 | -383 | -365 | |
| Income before tax | 2,729 | 2,944 | 4,938 | 5,537 | |
| Tax on income | -709 | -765 | -1,284 | -1,440 | |
| Profit from discontinued operations | 7 | - | 10 | - | |
| Net income for the period | 2,026 | 2,179 | 3,664 | 4,097 | |
| Net income for the period attributable to: | 2,026 | 2,178 | 3,664 | 4,096 | |
| Parent company's shareholders | 0 | 1 | 0 | 1 | |
| Non-controlling interest | |||||
| Earnings per share | |||||
| before and after dilution, SEK | 1.82 | 1.96 | 3.30 | 3.69 | |
| STATEMENT OF COMPREHENSIVE INCOME | Q2 | Q1-Q2 | |||
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Net income for the period | 2,026 | 2,179 | 3,664 | 4,097 | |
| Other comprehensive income: Items that will not be reclassified to profit or loss |
|||||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | -126 | -67 | -275 | -43 | |
| Total | -126 | -67 | -275 | -43 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Share of other comprehensive income of associates | 75 | 31 | 109 | 70 | |
| Cashflow hedges, net investment hedges and other hedges | -10 | -27 | -5 | -37 | |
| Exchange rate differences | 890 | -1,382 | 383 | -1,547 | |
| Total | 956 | -1,378 | 487 | -1,514 | |
| Total comprehensive income for the period | 2,856 | 734 | 3,875 | 2,540 | |
| Total comprehensive income for the period attributable to: | 2,856 | 734 | 3,876 | 2,540 | |
| Parent company's shareholders |
Non-controlling interest 0 0 -1 0
| CONSOLIDATED BALANCE SHEET | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 57,096 | 53,539 | 55,652 |
| Property, plant and equipment | 8,066 | 7,884 | 7,909 |
| Investments in associates | 2,109 | 2,037 | 2,193 |
| Other financial assets | 86 | 87 | 85 |
| Deferred tax assets | 1,899 | 1,712 | 1,758 |
| Total non-current assets | 69,257 | 65,259 | 67,596 |
| Current assets | |||
| Inventories | 9,565 | 8,907 | 10,090 |
| Trade receivables | 12,648 | 12,833 | 12,847 |
| Other current receivables and investments | 3,062 | 3,446 | 3,607 |
| Cash and cash equivalents | 750 | 564 | 844 |
| Asset of disposal group classified as held for sale | - | 235 | - |
| Total current assets | 26,025 | 25,984 | 27,387 |
| TOTAL ASSETS | 95,282 | 91,243 | 94,984 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent company's shareholders | 47,220 | 42,449 | 46,374 |
| Non-controlling interest | 5 | 3 | 5 |
| Total equity | 47,224 | 42,452 | 46,379 |
| Non-current liabilities | |||
| Long-term loans | 16,901 | 15,805 | 17,450 |
| Deferred tax liabilities | 2,344 | 2,050 | 2,226 |
| Other non-current liabilities and provisions | 6,701 | 6,239 | 5,919 |
| Total non-current liabilities | 25,945 | 24,094 | 25,596 |
| Current liabilities | |||
| Short-term loans | 3,929 | 8,736 | 5,388 |
| Trade payables | 7,443 | 6,336 | 6,832 |
| Other current liabilities and provisions | 10,741 | 9,516 | 10,790 |
| Liabilities of disposal group classified as held for sale | - | 109 | - |
| Total current liabilities | 22,112 | 24,697 | 23,009 |
| TOTAL EQUITY AND LIABILITIES | 95,282 | 91,243 | 94,984 |
| Parent | Non | ||||
|---|---|---|---|---|---|
| company's | controlling | Total | |||
| SEK M | shareholders | interest | equity | ||
| Opening balance 1 January 2016 | 41,575 | 4 | 41,579 | ||
| Net income for the period | 3,664 | 0 | 3,664 | ||
| Other comprehensive income | 212 | 0 | 212 | ||
| Total comprehensive income | 3,876 | -1 | 3,875 | ||
| Dividend | -2,944 | - | -2,944 | ||
| Stock purchase plans | -59 | - | -59 | ||
| Total transactions with parent company's shareholders | -3,002 | - | -3,002 | ||
| Closing balance 30 June 2016 | 42,449 | 3 | 42,452 |
| Opening balance 1 January 2017 | 47,220 | 5 | 47,224 |
|---|---|---|---|
| Net income for the period | 4,096 | 1 | 4,097 |
| Other comprehensive income | -1,557 | 0 | -1,557 |
| Total comprehensive income | 2,540 | 0 | 2,540 |
| Dividend | -3,332 | 0 | -3,332 |
| Stock purchase plans | -54 | 0 | -54 |
| Total transactions with parent company's shareholders | -3,386 | 0 | -3,386 |
| Closing balance 30 June 2017 | 46,374 | 5 | 46,379 |
| CONSOLIDATED CASH FLOW STATEMENT | Q2 | Q1-Q2 | |||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| OPERATING ACTIVITIES | |||||
| Operating income | 2,910 | 3,114 | 5,321 | 5,901 | |
| Depreciation and amortization | 395 | 429 | 771 | 850 | |
| Restructuring payments | -50 | -136 | -146 | -220 | |
| Other non-cash items | -26 | 28 | -43 | -7 | |
| Cash flow before interest and tax | 3,229 | 3,436 | 5,904 | 6,524 | |
| Interest paid and received | -228 | -198 | -322 | -291 | |
| Tax paid on income | -478 | -961 | -1,777 | -1,590 | |
| Cash flow before changes in working capital | 2,523 | 2,277 | 3,805 | 4,643 | |
| Changes in working capital | -139 | -207 | -1,975 | -2,089 | |
| Cash flow from operating activities | 2,384 | 2,070 | 1,830 | 2,554 | |
| INVESTING ACTIVITIES | |||||
| Net investments in intangible assets and property, plant and equipment | -394 | -593 | -736 | -965 | |
| Investments in subsidiaries | -485 | -270 | -1,462 | -716 | |
| Investments in associates | - | - | -1 | 0 | |
| Disposals of subsidiaries | -50 | 0 | -50 | 1 | |
| Other investments and disposals | 0 | 0 | 0 | 0 | |
| Cash flow from investing activities | -927 | -863 | -2,248 | -1,680 | |
| FINANCING ACTIVITIES | |||||
| Dividends | -2,944 | -3,332 | -2,944 | -3,332 | |
| Acquisition of non-controlling interest | -27 | - | -27 | - | |
| Net cash effect of changes in borrowings | 1,489 | 2,284 | 3,448 | 2,565 | |
| Cash flow from financing activities | -1,481 | -1,049 | 477 | -767 | |
| CASH FLOW FOR THE PERIOD | -25 | 159 | 60 | 107 | |
| CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period |
578 | 697 | 501 | 750 | |
| Cash flow for the period | -25 | 159 | 60 | 107 | |
| Effect of exchange rate differences | 10 | -12 | 3 | -13 | |
| Cash and cash equivalents in disposal group held for sale | 0 | - | 0 | - | |
| Cash and cash equivalents at end of period | 564 | 844 | 564 | 844 | |
| KEY RATIOS | Year | Q1-Q2 |
| 2016 | 2016 | 2017 | |
|---|---|---|---|
| Return on capital employed, % | 14.1 | 15.8 | 16.2 |
| Return on capital employed excluding items affecting comparability, % | 16.5 | 15.8 | 16.2 |
| Return on shareholders' equity, % | 15.0 | 17.4 | 17.5 |
| Equity ratio, % | 49.6 | 46.5 | 48.8 |
| Interest coverage ratio, times | 14.1 | 15.0 | 18.2 |
| Total number of shares, thousands | 1,112,576 | 1,112,576 1,112,576 | |
| Number of shares outstanding, thousands | 1,110,776 | 1,110,776 1,110,776 | |
| Weighted average number of outstanding shares before and after dilution, thousands | 1,110,776 | 1,110,776 1,110,776 | |
| Average number of employees | 46,928 | 46,998 | 46,791 |
| INCOME STATEMENT | Q1-Q2 | |||
|---|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 | |
| Operating income | 1,687 | 875 | 950 | |
| Income before appropriations and tax | 2,952 | 1,497 | 1,691 | |
| Net income for the period | 3,619 | 1,332 | 1,688 |
| BALANCE SHEET | 30 Jun | ||
|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 |
| Non-current assets | 35,670 | 35,694 | 35,834 |
| Current assets | 10,548 | 8,315 | 10,829 |
| Total assets | 46,218 | 44,009 | 46,663 |
| Equity | 21,190 | 18,883 | 19,492 |
| Non-current liabilities | 8,894 | 7,931 | 9,844 |
| Current liabilities | 16,134 | 17,195 | 17,327 |
| Total equity and liabilities | 46,218 | 44,009 | 46,663 |
| Sales 15,891 17,894 18,025 19,484 33,785 71,293 18,142 19,387 37,529 75,037 Organic growth 3% 4% 2% 1% 3% 2% 6% 2% 4% Gross income excluding items affecting comparability 6,295 7,031 7,139 7,660 13,326 28,125 7,190 7,581 14,771 29,571 39.6% 39.3% 39.6% 39.3% 39.4% 39.5% 39.6% 39.1% 39.4% 39.4% Gross margin excluding items affecting comparability Operating income before depr. & amort. (EBITDA) excluding items affecting comparability 2,787 3,305 3,425 3,316 6,092 12,833 3,208 3,543 6,752 13,493 Operating margin (EBITDA) 17.5% 18.5% 19.0% 17.0% 18.0% 18.0% 17.7% 18.3% 18.0% 18.0% Depreciation and amortization -376 -395 -406 -403 -771 -1,580 -421 -429 -850 -1,659 Operating income (EBIT) excluding items affecting comparability 2,411 2,910 3,020 2,913 5,321 11,254 2,787 3,114 5,901 11,834 Operating margin (EBIT) 15.2% 16.3% 16.8% 15.0% 15.7% 15.8% 15.4% 16.1% 15.7% 15.8% Items affecting comparability1) - - - -1,597 - -1,597 - - - -1,597 2,411 2,910 3,020 1,316 5,321 9,657 2,787 3,114 5,901 10,237 Operating income (EBIT) 15.2% 16.3% 16.8% 6.8% 15.7% 13.5% 15.4% 16.1% 15.7% 13.6% Operating margin (EBIT) Net financial items -201 -181 -175 -146 -383 -705 -195 -170 -365 -686 Income before tax (EBT) 2,209 2,729 2,844 1,170 4,938 8,952 2,593 2,944 5,537 9,551 Profit margin (EBT) 13.9% 15.2% 15.8% 6.0% 14.6% 12.6% 14.3% 15.2% 14.8% 12.7% Tax on income -574 -709 -739 -304 -1,284 -2,328 -674 -765 -1,440 -2,483 Profit from discontinued operations 3 7 17 1 10 28 - - - 19 Net income for the period 1,638 2,026 2,122 867 3,664 6,653 1,918 2,179 4,097 7,086 Net income attributable to: 1,638 2,026 2,122 866 3,664 6,651 1,919 2,178 4,096 7,084 Parent company's shareholders 0 0 0 1 0 1 0 1 1 2 Non-controlling interest OPERATING CASH FLOW Q1 Q2 Q3 Q4 Q1-Q2 Year Q1 Q2 Q1-Q2 Last 12 SEK M 2016 2016 2016 2016 2016 2016 2017 2017 2017 months Operating income (EBIT) 2,411 2,910 3,020 1,316 5,321 9,657 2,787 3,114 5,901 10,237 - - - 1,597 - 1,597 - - - 1,597 Restructuring costs 376 395 406 403 771 1,580 421 429 850 1,659 Depreciation and amortization Net capital expenditure -342 -394 -331 -411 -736 -1,478 -373 -593 -965 -1,708 Change in working capital -1,836 -139 98 1,939 -1,975 62 -1,882 -207 -2,089 -52 Interest paid and received -94 -228 -96 -179 -322 -597 -93 -198 -291 -566 Non-cash items -17 -26 -266 -45 -43 -354 -36 28 -7 -319 Operating Cash flow2) 498 2,519 2,830 4,620 3,017 10,467 824 2,575 3,399 10,849 Operating Cash flow/Income before tax excluding items affecting comparability1) 0.23 0.92 0.99 1.67 0.61 0.99 0.32 0.87 0.61 1.14 CHANGE IN NET DEBT Q1 Q2 Q3 Q4 Q1-Q2 Year Q1 Q2 Q1-Q2 SEK M 2016 2016 2016 2016 2016 2016 2017 2017 2017 Net debt at beginning of period 22,269 24,681 27,122 25,571 22,269 22,269 23,127 23,339 23,127 Operating cash flow -498 -2,519 -2,830 -4,620 -3,017 -10,467 -824 -2,575 -3,399 Restructuring payments 95 50 61 235 146 442 84 136 220 Tax paid 1,298 478 523 629 1,777 2,928 629 961 1,590 Acquistions and disposals 1,345 556 145 991 1,900 3,037 461 268 729 Dividend - 2,944 - - 2,944 2,944 - 3,332 3,332 221 186 105 -374 407 138 -34 99 64 Actuarial gain/loss on post-employment benefit obligation 0 0 0 - 0 - - - - Net debt of disposal group classified as held for sale Exchange rate differences and other -49 746 444 695 697 1,836 -104 -590 -694 Net debt at end of period 24,681 27,122 25,571 23,127 27,122 23,127 23,339 24,970 24,970 Net debt/Equity ratio 0.58 0.64 0.57 0.49 0.64 0.49 0.48 0.54 0.54 NET DEBT Q1 Q2 Q3 Q4 Q1 Q2 SEK M 2016 2016 2016 2016 2017 2017 Non-current interest-bearing receivables -34 -36 -41 -41 -41 -39 -270 -222 -168 -169 -113 -211 Current interest-bearing investments including derivatives Cash and cash equivalents -578 -564 -604 -750 -697 -844 Pension provisions 3,002 3,258 3,406 3,121 3,058 3,109 Other non-current interest-bearing liabilities 15,668 15,805 16,205 16,901 16,232 17,450 Current interest-bearing liabilities including derivatives 6,893 8,881 6,773 4,065 4,901 5,505 Total 24,681 27,122 25,571 23,127 23,339 24,970 CAPITAL EMPLOYED AND FINANCING Q1 Q2 Q3 Q4 Q1 Q2 SEK M 2016 2016 2016 2016 2017 2017 67,124 69,449 70,555 70,351 72,333 71,349 Capital employed - of which goodwill 43,098 44,387 45,077 47,544 47,438 46,252 - of which other intangible assets and property, plant and equipment 16,613 17,036 17,264 17,618 17,595 17,309 - of which investments in associates 1,970 2,037 2,095 2,109 2,176 2,193 Assets and liabilities of disposal group classified as held for sale 111 126 - - - - Net debt 24,681 27,122 25,571 23,127 23,339 24,970 Non-controlling interest 4 3 4 5 4 5 Shareholders' equity 42,551 42,449 44,981 47,220 48,989 46,374 DATA PER SHARE Q1 Q2 Q3 Q4 Q1-Q2 Year Q1 Q2 Q1-Q2 SEK 2016 2016 2016 2016 2016 2016 2017 2017 2017 Earnings per share before and after dilution 1.47 1.82 1.91 0.78 3.30 5.99 1.73 1.96 3.69 Earnings per share before and after dilution and excluding items affecting comparability 1) 1.47 1.82 1.91 1.88 3.30 7.09 1.73 1.96 3.69 |
THE GROUP IN SUMMARY SEK M |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
Q1-Q2 2016 |
Year 2016 |
Q1 2017 |
Q2 2017 |
Q1-Q2 Last 12 2017 months |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholders' equity per share after dilution | 38.31 | 38.22 | 40.50 | 42.51 | 38.22 | 42.51 | 44.10 | 41.75 | 41.75 |
| Q2 and 30 Jun | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
| Sales, external | 4,152 | 4,450 | 4,268 | 4,689 | 2,332 | 2,271 | 2,402 | 2,621 | 4,740 | 5,355 | 0 | 0 | 17,894 19,387 | |
| Sales, internal | 83 | 79 | 23 | 15 | 186 | 174 | 21 | 19 | 27 | 26 | -341 | -313 | - | - |
| Sales | 4,234 4,529 | 4,291 4,704 | 2,518 2,445 | 2,424 2,640 | 4,767 5,381 | -341 | -313 17,894 19,387 | |||||||
| Organic growth | 6% | 2% | 8% | 3% | -8% | -6% | 5% | 3% | 4% | 3% | - | - | 4% | 2% |
| Share of earnings in associates | - | - | - | - | 5 | 6 | - | - | 28 | 22 | - | - | 33 | 27 |
| Operating income (EBIT) | 649 | 713 | 949 1,041 | 355 | 274 | 447 | 486 | 628 | 720 | -118 | -121 | 2,910 3,114 | ||
| Operating margin (EBIT) | 15.3% 15.7% | 22.1% 22.1% | 14.1% 11.2% | 18.5% 18.4% | 13.2% 13.4% | 16.3% 16.1% | ||||||||
| Capital employed | 14,053 14,365 | 14,900 15,542 | 12,434 11,804 | 10,483 11,030 | 17,640 18,833 | -61 | -225 | 69,449 71,349 | ||||||
| - of which goodwill | 7,953 | 8,360 | 10,300 10,399 | 7,683 | 7,607 | 7,545 | 8,222 | 10,905 11,664 | - | - | 44,387 46,252 | |||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,214 | 3,360 | 3,304 | 3,328 | 3,898 | 3,809 | 2,296 | 2,450 | 4,214 | 4,224 | 111 | 138 | 17,036 17,309 | |
| - of which investments in associates | 8 | 9 | - | - | 495 | 522 | - | - | 1,533 | 1,662 | - | - | 2,037 | 2,193 |
| Return on capital employed | 18.4% 19.0% | 26.0% 26.1% | 11.5% | 9.0% | 17.4% 17.0% | 13.7% 14.7% | - | - | 16.9% 16.9% | |||||
| Operating income (EBIT) | 649 | 713 | 949 | 1,041 | 355 | 274 | 447 | 486 | 628 | 720 | -118 | -121 | 2,910 | 3,114 |
| Depreciation and amortization | 102 | 113 | 79 | 86 | 68 | 76 | 82 | 81 | 62 | 70 | 2 | 3 | 395 | 429 |
| Net capital expenditure | -104 | -190 | -103 | -120 | -59 | -126 | -67 | -69 | -55 | -73 | -5 | -14 | -394 | -593 |
| Change in working capital | -67 | -174 | 203 | 156 | -1 | -108 | -143 | 14 | -4 | -80 | -127 | -14 | -139 | -207 |
| Cash flow2) | 581 | 461 | 1,127 1,163 | 362 | 116 | 320 | 511 | 632 | 638 | -248 | -146 | 2,772 2,744 | ||
| Non-cash items | -26 | 28 | -26 | 28 | ||||||||||
| Interest paid and received | -228 | -198 | -228 | -198 | ||||||||||
| Operating cash flow2) | 2,519 2,575 | |||||||||||||
| Global | Entrance | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 2017 | |
| Sales, external | 8,090 | 8,775 | 8,212 | 9,236 | 3,947 | 4,021 | 4,534 | 5,084 | 9,002 10,412 | 0 | 0 | 33,785 37,529 | ||
| Sales, internal | 149 | 159 | 49 | 35 | 329 | 342 | 36 | 37 | 56 | 55 | -619 | -628 | - | - |
| Sales | 8,238 8,934 | 8,260 9,271 | 4,276 4,363 | 4,570 5,121 | 9,058 10,467 | -618 | -627 33,785 37,529 | |||||||
| Organic growth | 4% | 3% | 7% | 5% | -7% | -2% | 3% | 6% | 4% | 5% | - | - | 3% | 4% |
| Share of earnings in associates | - | - | - | - | 9 | 11 | - | - | 56 | 45 | - | - | 65 | 56 |
| Operating income (EBIT) | 1,283 1,431 | 1,773 2,002 | 528 | 425 | 810 | 908 | 1,157 1,359 | -230 | -224 | 5,321 5,901 | ||||
| Operating margin (EBIT) | 15.6% 16.0% | 21.5% 21.6% | 12.4% | 9.7% | 17.7% 17.7% | 12.8% 13.0% | - | - | 15.7% 15.7% | |||||
| Capital employed | 14,053 14,365 | 14,900 15,542 | 12,434 11,804 | 10,483 11,030 | 17,640 18,833 | -61 | -225 | 69,449 71,349 | ||||||
| - of which goodwill | 7,953 | 8,360 | 10,300 10,399 | 7,683 | 7,607 | 7,545 | 8,222 | 10,905 11,664 | - | - | 44,387 46,252 | |||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,214 | 3,360 | 3,304 | 3,328 | 3,898 | 3,809 | 2,296 | 2,450 | 4,214 | 4,224 | 111 | 138 | 17,036 17,309 | |
| - of which investments in associates | 8 | 9 | - | - | 495 | 522 | - | - | 1,533 | 1,662 | - | - | 2,037 | 2,193 |
| Return on capital employed excl. | ||||||||||||||
| items affecting comparability | 18.7% 19.7% | 24.8% 25.4% | 8.7% | 7.1% | 16.0% 16.1% | 13.3% 14.2% | - | - | 15.8% 16.2% | |||||
| Operating income (EBIT) | 1,283 | 1,431 | 1,773 | 2,002 | 528 | 425 | 810 | 908 | 1,157 | 1,359 | -230 | -224 | 5,321 | 5,901 |
| Depreciation and amortization | 201 | 220 | 156 | 172 | 136 | 152 | 150 | 160 | 126 | 139 | 3 | 8 | 771 | 850 |
| Net capital expenditure | -196 | -261 | -196 | -216 | -127 | -211 | -108 | -139 | -102 | -118 | -7 | -21 | -736 | -965 |
| Change in working capital | -520 | -542 | -335 | -598 | -396 | -404 | -422 | -360 | -146 | -82 | -156 | -103 | -1,975 -2,089 | |
| Cash flow2) | 768 | 848 | 1,397 1,360 | 142 | -38 | 430 | 568 | 1,034 1,298 | -390 | -340 | 3,381 3,697 | |||
| Non-cash items | -43 | -7 | -43 | -7 | ||||||||||
| Interest paid and received | -322 | -291 | -322 | -291 | ||||||||||
| Operating cash flow2) | 3,017 3,399 | |||||||||||||
| Average number of employees | 10,921 10,972 | 8,953 | 8,859 | 12,753 11,474 | 3,823 | 4,184 | 10,315 11,033 | 234 | 269 | 46,998 46,791 |
1) Items affecting comparability consist of restructuring costs.
2) Excluding restructuring payments.
Year and 31 Dec
| Global Entrance |
||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 2016 | |
| Sales, external | 16,220 16,535 | 15,588 16,963 | 9,401 | 8,491 | 9,031 | 9,619 | 17,858 19,685 | 0 | 0 | 68,099 71,293 | ||||
| Sales, internal | 304 | 302 | 76 | 81 | 770 | 698 | 69 | 78 | 98 | 104 | -1,317 -1,262 | - | - | |
| Sales | 16,524 16,837 15,665 17,044 10,171 9,189 | 9,100 9,697 17,957 19,789 | -1,317 -1,262 68,099 71,293 | |||||||||||
| Organic growth | 4% | 3% | 7% | 5% | -3% | -9% | 7% | 3% | 5% | 4% | - | - | 4% | 2% |
| Share of earnings in associates | - | - | - | - | 16 | 23 | - | - | 118 | 104 | - | - | 134 | 127 |
| Operating income (EBIT) excl. | ||||||||||||||
| items affecting comparability | 2,620 2,722 | 3,363 3,640 | 1,436 | 787 | 1,647 1,752 | 2,436 2,753 | -422 | -401 11,079 11,254 | ||||||
| Operating margin (EBIT) excl. | ||||||||||||||
| items affecting comparability | 15.9% 16.2% | 21.5% 21.4% | 14.1% | 8.6% | 18.1% 18.1% | 13.6% 13.9% | - | - | 16.3% 15.8% | |||||
| Capital employed | 12,916 13,275 | 13,908 15,749 | 11,689 11,803 | 9,815 11,331 | 16,030 18,291 | -509 | -98 | 63,848 70,351 | ||||||
| - of which goodwill | 7,857 | 8,348 | 9,903 11,012 | 7,690 | 7,920 | 7,437 | 8,784 | 9,891 11,480 | - | - | 42,777 47,544 | |||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,210 | 3,296 | 3,184 | 3,516 | 3,908 | 3,900 | 2,300 | 2,499 | 3,939 | 4,282 | 107 | 125 | 16,649 17,618 | |
| - of which investments in associates | 8 | 9 | 0 | - | 452 | 496 | - | - | 1,450 | 1,605 | - | - | 1,910 | 2,109 |
| Return on capital employed excl. | ||||||||||||||
| items affecting comparability | 20.4% 19.9% | 24.1% 25.0% | 12.6% | 6.6% | 18.8% 16.6% | 14.9% 15.7% | - | - | 17.8% 16.5% | |||||
| Operating income (EBIT) | 2,620 | 1,942 | 3,363 | 3,606 | 1,436 | 529 | 1,647 | 1,603 | 2,436 | 2,546 | -422 | -569 | 11,079 | 9,657 |
| Depreciation and amortization | 398 | 402 | 300 | 330 | 268 | 283 | 232 | 296 | 231 | 257 | 4 | 11 | 1,433 | 1,580 |
| Net capital expenditure | -349 | -472 | -326 | -372 | -238 | -211 | -212 | -238 | -94 | -157 | -24 | -28 | -1,241 -1,478 | |
| Change in working capital | -47 | -75 | -120 | -152 | -231 | 705 | -110 | -86 | 63 | -141 | -57 | -188 | -502 | 62 |
| Cash flow2) | 2,622 2,577 | 3,217 3,447 | 1,235 1,564 | 1,557 1,724 | 2,637 2,713 | -499 | -607 10,770 11,418 | |||||||
| Non-cash items | -269 | -354 | -269 | -354 | ||||||||||
| Interest paid and received | -548 | -597 | -548 | -597 | ||||||||||
| Operating cash flow2) | 9,952 10,467 | |||||||||||||
| Average number of employees | 10,886 10,835 | 7,957 | 8,961 | 13,651 12,481 | 3,583 | 3,907 | 9,686 10,505 | 231 | 240 | 45,994 46,928 |
1) Items affecting comparability consist of restructuring costs.
2) Excluding restructuring payments.
| Q2 | Q1-Q2 | ||||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Europe | 6,679 | 7,201 | 12,935 | 14,242 | |
| North America | 7,016 | 7,925 | 13,354 | 15,353 | |
| Central- and South America | 484 | 538 | 925 | 1,084 | |
| Africa | 213 | 224 | 404 | 453 | |
| Asia | 2,888 | 2,829 | 5,006 | 5,084 | |
| Pacific | 613 | 671 | 1,160 | 1,312 | |
| Total | 17,894 | 19,387 | 33,785 | 37,529 |
| Q2 | Q1-Q2 | ||||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Purchase prices | |||||
| Cash paid for acquisitions during the year | 327 | 221 | 1,171 | 526 | |
| Holdbacks and deferred considerations for acquisitions during the year | 55 | 54 | 178 | 157 | |
| Adjustment of purchase prices for acquisitions in prior years | 0 | 4 | -91 | 4 | |
| Total | 382 | 279 | 1,259 | 687 | |
| Acquired assets and liabilities at fair value | |||||
| Intangible assets | 2 | 12 | 2 | 133 | |
| Property, plant and equipment | 40 | 8 | 280 | 18 | |
| Financial assets | 14 | 2 | 71 | 3 | |
| Inventories | 28 | 33 | 87 | 68 | |
| Current receivables and investments | 58 | 26 | 116 | 128 | |
| Cash and cash equivalents | 29 | 11 | 141 | 37 | |
| Non-current liabilities | 55 | -56 | -184 | -68 | |
| Current liabilities | -90 | -18 | -338 | -93 | |
| Total | 136 | 18 | 175 | 226 | |
| Goodwill | 246 | 261 | 1,084 | 462 | |
| Change in cash and cash equivalents due to acquisitions | |||||
| Cash paid for acquisitions during the year | 327 | 221 | 1,171 | 526 | |
| Cash and cash equivalents in acquired subsidiaries | -29 | -11 | -141 | -37 | |
| Paid holdbacks and deferred considerations for acquisitions in previous years | 186 | 61 | 432 | 227 | |
| Total | 485 | 271 | 1,462 | 716 |
Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table.
| 30 June 2017 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at fair value through profit and loss | 132 | 132 | 132 | ||
| Available-for-sale financial assets | 12 | 12 | |||
| Loans and other receivables | 13,768 | 13,768 | |||
| Derivative instruments - hedge accounting | 76 | 76 | 76 | ||
| Financial liabilities | |||||
| Financial liabilities at fair value through profit and loss | 2,129 | 2,129 | 108 | 2,021 | |
| Financial liabilities at amortized cost | 29,670 | 29,709 | |||
| Derivative instruments - hedge accounting | 10 | 10 | 10 |
| 31 December 2016 | Financial instruments at fair value |
||||||
|---|---|---|---|---|---|---|---|
| Carrying | Fair | ||||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 | ||
| Financial assets | |||||||
| Financial assets at fair value through profit and loss | 78 | 78 | 78 | ||||
| Available-for-sale financial assets | 11 | 11 | |||||
| Loans and other receivables | 13,476 | 13,476 | |||||
| Derivative instruments - hedge accounting | 88 | 88 | 88 | ||||
| Financial liabilities | |||||||
| Financial liabilities at fair value through profit and loss | 2,366 | 2,366 | 116 | 2,250 | |||
| Financial liabilities at amortized cost | 28,272 | 28,381 | |||||
| Derivative instruments - hedge accounting | 21 | 21 | 21 |
Change in sales for comparable units after adjustments for Interest-bearing liabilities less interest-bearing assets. acquisitions and exchange rate effects.
Operating income before depreciation and amortization as a bearing liabilities including deferred tax liability. percentage of sales.
Operating income as a percentage of sales.
Income before tax as a percentage of sales.
See the table on operating cash flow for detailed information. For as a percentage of average parent company's shareholders relationship between operating cash flow and cash flow from equity. operating activities see the company's last Annual Report.
Investments in tangible and intangible assets less disposals of average capital employed excluding restructuring reserves. tangible and intangible assets.
Depreciation and amortization of intangible and tangible assets.
Operating margin (EBITDA) Total assets less interest-bearing assets and non-interest-
Operating margin (EBIT) Shareholders' equity as a percentage of total assets.
Profit margin (EBT) Income before tax plus net interest divided by net interest.
Operating cash flow Net income attributable to parent company's shareholders
Net capital expenditure Income before tax plus net interest as a percentage of
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