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ASSA ABLOY
Interim / Quarterly Report • Jul 17, 2024
2882_ir_2024-07-17_a22a9e82-6743-497f-9e4c-6d7de0720af5.pdf
Interim / Quarterly Report
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- Net sales increased by 10% to SEK 37,968 M (34,474), with organic growth of –1% (3) and acquired net growth of 11% (6). Exchange- rates affected sales by 0% (8).
- Organic sales growth was good in Americas and EMEIA, stable in Entrance Systems, but declined in Asia Pacific and Global Technologies.
- Eight acquisitions with combined annual sales of about SEK 1,000 M were completed in the quarter.
- Operating income1 (EBIT) increased by 11% and amounted to SEK 6,085 M (5,500), with an operating margin of 16.0% (16.0).
- Net income1 amounted to SEK 3,927 M (3,731).
- Earnings per share1 amounted to SEK 3.54 (3.36).
- Operating cash flow amounted to SEK 5,604 M (6,671).
| Second quarter | First half-year | |||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | Δ | 2023 | 2024 | Δ | |
| Sales, SEK M | 34,474 | 37,968 | 10% | 66,865 | 73,168 | 9% |
| Of which: | ||||||
| Organic growth | 897 | –349 | –1% | 3,115 | –1,111 | –2% |
| Acquisitions and divestments | 2,002 | 3,925 | 11% | 3,346 | 7,532 | 11% |
| Exchange-rate effects | 2,109 | –83 | 0% | 4,346 | –118 | 0% |
| Operating income (EBIT)1, SEK M | 5,500 | 6,085 | 11% | 10,686 | 11,512 | 8% |
| Operating margin (EBITA)1 , % |
16.6% | 16.9% | 16.6% | 16.6% | ||
| Operating margin (EBIT)1, % | 16.0% | 16.0% | 16.0% | 15.7% | ||
| Income before tax1 , SEK M |
5,054 | 5,236 | 4% | 9,898 | 9,852 | 0% |
| Net income1 , SEK M |
3,731 | 3,927 | 5% | 7,423 | 7,389 | 0% |
| Operating cash flow, SEK M | 6,671 | 5,604 | –16% | 10,741 | 8,701 | –19% |
| Earnings per share1, SEK | 3.36 | 3.54 | 5% | 6.68 | 6.65 | 0% |
1 Excluding items affecting comparability. Please see the "Items affecting comparability" section in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.
Strong performance
Today we announce strong results in a challenging market environment. Our sales grew 10%, driven by very strong acquired net growth of 11%, while organic sales declined 1% and the operating margin was strong at 16.0%. The continued solid non-residential development in the US contributed to good organic sales growth of 3% in the Americas division while EMEIA's organic sales grew 1%. In Entrance Systems, organic sales were flat, where much lower demand for loading docks in the US were offset by strong growth in Pedestrian. Organic sales in Asia Pacific and Global Technologies declined by 5% and 7% respectively. The decline in Asia Pacific was mainly because of continued low construction activity in China, while high comparable sales figures last year due to the backlog catchup in Physical Access Control remained a challenge for Global Technologies.
The operating profit increased by 11% to SEK 6,085 M, corresponding to an operating margin of 16.0%. Strong operational execution through implementation of cost actions of about SEK 300 M, continued strong price realization, lower direct material costs and HHI contributed to the strong bottom line performance. The operating cash flow was excellent in the quarter, SEK 5,604 M, with a cash conversion of 107%.
Acquired growth is a key pillar for our growth strategy
To deliver on our 10% annual growth target we work with strategic activities shared across our divisions. One of these activities is to continue our acquisition journey. This has been a vital part of our strategy since the foundation, and it is further underscored by the strong growth in the first half of 2024. After a record of 24 acquisitions in 2023, we have closed another 11 acquisitions in the first six months of 2024. Given our robust pipeline and strong financial performance, we can continue our successful acquisition strategy. We are also convinced that the combination of our well-structured M&A process, our local knowledge and clear-cut investment criteria, provide a solid base for continued synergy realization while also enabling accelerated organic growth over time.
This report marks the one-year anniversary of ASSA ABLOY becoming the proud owner of HHI. Since the consolidation last year, I've had the opportunity to visit most of HHI's facilities and factories. This has left me with a very good impression of the operations, the HHI team and all the opportunities going forward. The integration of HHI continues according to plan and we are even more confident than a year ago that we will be able to realize USD 100 M in synergies. It is also encouraging that HHI, on a standalone basis in the quarter, delivered a high-single digit sales growth with a sequentially improved operating margin. We are confident that this positive trend will continue.
We can look back on a strong financial performance in the first half of 2024 and I am convinced that the Group is in an excellent position to continue to lead the industry and generate significant value for all our stakeholders.
Stockholm, July 17, 2024
Nico Delvaux President and CEO
Sales by quarter and last 12 months
SEK M
SEK M
Operating cash flow by quarter and last 12 months
Operating cash flow, 12 months
The Group's sales increased by 10% to SEK 37,968 M (34,474). Organic growth amounted to –1% (3). Net growth from acquisitions and divestments was 11% (6), of which 14% (7) were acquisitions and –3% (–1) were divestments. Exchange rates affected sales by 0% (8).
The Group's operating income2 (EBIT) amounted to SEK 6,085 M (5,500), an increase of 11%. The corresponding operating margin was 16.0% (16.0). Exchange-rates had an impact of SEK 38 M (355) on EBIT. Operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 6,434 M (5,722). The corresponding EBITA margin was 16.9% (16.6).
Net financial items amounted to SEK –849 M (–445), primarily due to higher net interest costs compared to last year. The Group's income before tax2 was SEK 5,236 M (5,054), an increase of 4% compared to last year. Exchange-rates had an impact of SEK 41 M (335) on income before tax2 . The corresponding profit margin was 13.8% (14.7). The estimated effective income tax rate in 2024, on an annualized basis and excluding items affecting comparability, is 25.0% (23.4% for the full year 2023).
Earnings per share before and after dilution2 amounted to SEK 3.54 (3.36), an increase of 5% compared to last year. Operating cash flow totaled SEK 5,604 M (6,671), which corresponds to a cash conversion2 of 1.07 (1.32).
The net-debt/equity ratio amounted to 0.68 (0.70) at the end of the quarter. Financial net debt totaled SEK 68,198 M (64,109). New bonds were issued during the quarter for a total value of SEK 2,049 M while SEK 968 M in maturing long-term loans were repaid. The Group's long-term borrowing totaled SEK 51,414 M (49,917) while the short-term borrowing totaled SEK 13,333 M (9,833).
The Group's sales for the first half of 2024 totaled SEK 73,168 M (66,865), representing an increase of 9%. Organic growth was –2% (5). Growth from acquisitions and divestments was 11% (6), of which 14% (6) came from acquisitions and –3% (0) from divestments. Exchange-rates affected sales by 0% (8).
The Group's operating income (EBIT) 2 amounted to SEK 11,512 M (10,686), an increase of 8% compared to last year. The corresponding operating margin was 15.7% (16.0). Operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 12,174 M (11,101). The corresponding EBITA margin was 16.6% (16.6).
Earnings per share before and after dilution2 for the first half-year amounted to SEK 6.65 (6.68). Operating cash flow totaled SEK 8,701 M (10,741), which corresponds to a cash conversion2 of 0.88 (1.09).
2 Excluding items affecting comparability. Please see the "Items affecting comparability" section in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.
Costs related to last year's divestment of the Smart Residential in the U.S. and Canada totaled SEK 31 M for the first half-year. The corresponding cost after income tax was SEK 24 M.
Restructuring payments totaled SEK 138 M (146) for the second quarter. The programs proceeded according to plan. At the end of the quarter provisions of SEK 514 M remained in the balance sheet for carrying out these programs.
Sales for the quarter in EMEIA totaled SEK 6,391 M (6,202), with an organic sales growth of 1% (–5). Organic sales growth was strong in Central Europe, good in the Nordics and stable in South Europe, Middle East/Africa/India and UK/Ireland. Sales growth from acquisitions was 2%. Operating income excluding items affecting comparability totaled SEK 872 M (777), which represents an operating margin (EBIT) of 13.6% (12.5). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 15.5% (15.3). Operating cash flow before non-cash items and interest paid totaled SEK 899 M (841).
Sales for the quarter in the Americas totaled SEK 11,562 M (8,549), with an organic sales growth of 3% (4). Organic sales growth was strong in both North America's non-residential segment and in the Latin America segment. Net sales growth from acquisitions and divestments was 33%. Operating income excluding items affecting comparability totaled SEK 2,198 M (1,755), which represents an operating margin (EBIT) of 19.0% (20.5). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 12.2% (28.1). Operating cash flow before non-cash items and interest paid totaled SEK 2,344 M (2,229).
Sales for the quarter in Asia Pacific totaled SEK 2,430 M (2,765), with an organic sales growth of –5% (–2). Organic sales declined in Pacific, South Korea and China and declined significantly in South-East Asia. Net sales growth from acquisitions and divestments was –5%. Operating income excluding items affecting comparability totaled SEK 203 M (215), which represents an operating margin (EBIT) of 8.3% (7.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 5.9% (2.9). Operating cash flow before non-cash items and interest paid totaled SEK 166 M (350).
Sales for the quarter in Global Technologies totaled SEK 5,939 M (5,869), with an organic sales growth of –7% (20). Organic sales growth was very strong in Citizen ID, strong in Identity & Access Solutions, but declined in Secure Issuance and Identification Technology and declined significantly in Extended Access and Physical Access Control. Sales growth in Global Solutions was strong. Sales growth from acquisitions was 9%. Operating income excluding items affecting comparability totaled SEK 937 M (1,082), which represents an operating margin (EBIT) of 15.8% (18.4). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 13.8% (14.9). Operating cash flow before non-cash items and interest paid totaled SEK 831 M (1,253).
Sales for the quarter in Entrance Systems totaled SEK 12,196 M (11,715), with an organic sales growth of 0% (0). Organic sales growth was strong in Pedestrian, but declined in Perimeter Security, Residential and Industrial. Net sales growth from acquisitions and divestments was 4%. Operating income excluding items affecting comparability totaled SEK 2,077 M (1,899), which represents an operating margin (EBIT) of 17.0% (16.2). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 20.4% (19.2). Operating cash flow before non-cash items and interest paid totaled SEK 2,330 M (2,473).
Eight acquisitions were completed during the quarter. The combined acquisition price for all the businesses acquired during the year, including adjustments from prior-year acquisitions, totaled SEK 4,364 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 4,656 M. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 3,126 M. Estimated deferred considerations for acquisitions made during the year totaled SEK 318 M.
On June 25, 2024, it was announced that ASSA ABLOY had acquired Wesko Locks, a Canadian manufacturer and supplier of electronic and specialty locks. Sales for 2023 amounted to about SEK 170 M.
On April 3, 2024, it was announced that ASSA ABLOY had acquired Messerschmitt Systems, a well-established German developer and manufacturer of access control hardware and software solutions for the hospitality market, including products for access control and in-room control. Sales for 2023 amounted to about SEK 130 M.
On January 23, 2024, it was announced that ASSA ABLOY had signed an agreement to acquire Amecor, a South African manufacturer of security communication equipment in the South African security market. The acquisition was subject to regulatory approval and customary closing conditions and was completed during the second quarter of 2024.
ASSA ABLOY' long-term climate target of being net-zero no later than 2050 has been ratified by the Science Based Targets initiative. This further demonstrates our commitment and willingness to lead our industry to a more sustainable future.
Energy consumption continues to be the key driver of our Scope 1 and 2 carbon emissions. We remain focused on improving our energy effectiveness and efficiency. One example is installing electrical, compressed air and temperature sub-meters to better understand energy waste hotspots in our manufacturing sites and identify dedicated energy reduction projects. To further reduce our carbon footprint, we are continuing to roll out solar PV installations across our sites. In 2024, we installed a 1.1 MWp solar PV array at our HID manufacturing facility in Malaysia. The installation includes over 2,000 solar panels, which will reduce carbon emissions at the site by 815 tons per year. The project provides a significant energy cost saving and helps us to meet our science-based targets climate commitment.
Other operating income for the parent company ASSA ABLOY AB totaled SEK 3,491 M (4,319) for the first half-year of 2024. Operating income for the same period totaled SEK 848 M (1,530). Investments in tangible and intangible assets totaled SEK 14 M (3). Liquidity is good and the equity ratio is 23.4% (26.9).
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation principles have been applied as in the last Annual Report. No new or amended standards with material impact on the Group's financial reports have been applied for the first time in 2024.
This Report was prepared in accordance with IAS 34 "Interim Financial Reporting" and the Swedish Annual Accounts Act. The Report for the Parent Company was prepared in accordance with the Annual Accounts Act and RFR 2 "Reporting by a Legal Entity".
ASSA ABLOY makes use of a number of financial performance measures that are not defined in the reporting rules that the company uses described as "alternative performance measures." For definitions of financial performance measures, refer to Page 19 of this Report. Information about how these measures have been calculated is available on the company's website, www.assaabloy.com.
To reconcile 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 2023 appear on the company's website.
All comparative numbers for income statement and cash flow items relate to the corresponding period last year, unless otherwise indicated. Comparative numbers for the balance sheet relate to the most recent year-end, unless otherwise indicated.
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, except for matters in the normal course of business such as paying dividends to shareholders.
ASSA ABLOY is an international Group with a wide geographical spread, involving exposure to various forms of strategic, operational, and financial risks. Strategic risks refer to changes in the business environment with potentially significant effects on ASSA ABLOY's operations and business objectives. Operational risks comprise risks directly attributable to business operations, entailing a potential impact on the Group's financial position and performance. Financial risks mainly comprise financing risk, currency risk, interest-rate risk, credit risk, and risks associated with the Group's pension obligations.
Risk-taking in itself provides opportunities for continued economic growth, but naturally the risks may also have a negative impact on business operations and company goals. It is therefore essential to have a systematic and efficient risk assessment process and an effective risk management program in general.
The purpose of risk management at ASSA ABLOY is not to avoid risks, but to take a controlled approach to identifying, managing and minimizing the effects of these risks. This work is based on an assessment of the probability of the risks and their potential impact on the Group.
The war in Ukraine and the conflict in the Middle East may have a negative business impact on ASSA ABLOY in both the short- and long-term, but the direct business effects are currently seen as limited. For a more detailed description of particular risks and risk management, please see the 2023 Annual Report.
The guidance below relating to two key figures is provided to facilitate financial modeling but should not be viewed as forecasting market outlooks or ASSA ABLOY's business performance.
Acquisitions and divestments
It is estimated that completed acquisitions and divestments, on a rolling 12 month basis as of June 30, 2024, will have an effect of 4% on sales in the third quarter of 2024 versus the same period last year, while the effect on the operating margin is estimated to be accretive in the third quarter of 2024.
Exchange-rate effects
On the basis of the currency rates on June 30, 2024, it is estimated that the weighted currency effects on sales in the third quarter of 2024 versus the same period last year will be –2%, while the effect on the operating margin is estimated to be neutral in the third quarter of 2024.
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, July 17, 2024
| Johan Hjertonsson | Carl Douglas | Nico Delvaux |
|---|---|---|
| Chairman | Vice Chairman | President and CEO |
| Victoria Van Camp | Erik Ekudden | Lena Olving |
| Board member | Board member | Board member |
| Susanne Pahlén Åklundh | Sofia Schörling Högberg | Joakim Weidemanis | ||
|---|---|---|---|---|
| Board member | Board member | Board member |
| Rune Hjälm | Bjarne Johansson |
|---|---|
| Employee representative | Employee representative |
We have reviewed the condensed interim report for ASSA ABLOY AB as at June 30, 2024 and for the six months period then ended. The Board of Directors and President and CEO are responsible for the preparation and presentation of this interim report 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 Financial Statements 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 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 in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Stockholm, July 17, 2024 Ernst & Young AB
Hamish Mabon Authorized Public Accountant
The Quarterly Report for the third quarter of 2024 will be published on October 23, 2024.
The Year-end Report and Quarterly Report for the fourth quarter of 2024 will be published on February 5, 2025.
Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, Executive Vice President and CFO, tel.no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: [email protected]
ASSA ABLOY is holding a telephone and web conference at 09.00 on July 17, 2024
which can be followed online at assaabloy.com/investors.
It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613
This information 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 July 17, 2024.
| CONDENSED INCOME STATEMENT | Q2 | Jan-Jun | ||
|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 |
| Sales | 34,474 | 37,968 | 66,865 | 73,168 |
| Cost of goods sold | -20,255 | -22,110 | -40,036 | -42,780 |
| Gross income | 14,219 | 15,858 | 26,829 | 30,388 |
| Selling, administrative and R&D costs and other operating income & expenses | -8,741 | -9,775 | -17,394 | -18,879 |
| Capital gain from divestment of subsidiaries, incl. exit costs | 3,661 | -13 | 3,661 | -31 |
| Impairment of goodwill and other intangible assets from business combinations | -2,268 | - | -2,268 | - |
| Share of earnings in associates | 4 | 1 | 9 | 3 |
| Operating income | 6,875 | 6,071 | 10,836 | 11,481 |
| Finance net | -445 | -849 | -788 | -1,659 |
| Income before tax | 6,430 | 5,223 | 10,049 | 9,821 |
| Tax on income | -2,854 | -1,306 | -3,759 | -2,455 |
| Net income for the period | 3,576 | 3,917 | 6,290 | 7,366 |
| Net income for the period attributable to: | ||||
| Parent company's shareholders | 3,574 | 3,917 | 6,288 | 7,368 |
| Non-controlling interests | 1 | 0 | 2 | -2 |
| Earnings per share | ||||
| Before and after dilution, SEK | 3.22 | 3.53 | 5.66 | 6.63 |
| Before and after dilution and excluding items affecting comparability, SEK | 3.36 | 3.54 | 6.68 | 6.65 |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 | |
| Net income for the period | 3,576 | 3,917 | 6,290 | 7,366 | |
| Other comprehensive income: | |||||
| Items that will not be reclassified to profit or loss | |||||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | 68 | 72 | 33 | 178 | |
| Total | 68 | 72 | 33 | 178 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Share of other comprehensive income of associates | -24 | -35 | -45 | -38 | |
| Cashflow hedges and net investment hedges, net after tax | 7 | -3 | 5 | 96 | |
| Cost of hedging | - | 9 | - | 0 | |
| Exchange rate differences | 4,220 | -863 | 4,107 | 3,924 | |
| Tax attributable to items that may be reclassified subsequently to profit or loss | - | 0 | - | -2 | |
| Total | 4,203 | -891 | 4,067 | 3,981 | |
| Total other comprehensive income | 4,271 | -820 | 4,100 | 4,158 | |
| Total comprehensive income for the period | 7,847 | 3,097 | 10,390 | 11,524 | |
| Total comprehensive income for the period attributable to: | |||||
| Parent company's shareholders | 7,848 | 3,097 | 10,392 | 11,527 | |
| Non-controlling interests | -1 | 0 | -2 | -4 |
| CONDENSED BALANCE SHEET | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 127,704 | 133,060 | 136,286 |
| Property, plant and equipment | 11,460 | 11,885 | 12,134 |
| Right-of-use assets | 5,296 | 5,476 | 5,789 |
| Investments in associates | 622 | 644 | 590 |
| Other financial assets | 412 | 552 | 491 |
| Deferred tax assets | 1,863 | 1,686 | 1,773 |
| Total non-current assets | 147,357 | 153,303 157,065 | |
| Current assets | |||
| Inventories | 18,603 | 21,487 | 20,065 |
| Trade receivables | 20,934 | 22,179 | 23,309 |
| Other current receivables and investments | 7,991 | 6,991 | 7,081 |
| Cash and cash equivalents | 1,466 | 6,665 | 3,605 |
| Total current assets | 48,994 | 57,323 | 54,060 |
| TOTAL ASSETS | 196,351 | 210,625 211,125 | |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity attributable to Parent company's shareholders | 91,629 16 |
93,696 10 |
100,090 12 |
| Non-controlling interests | 91,644 | 93,706 100,102 | |
| Total equity | |||
| Non-current liabilities | |||
| Long-term loans | 49,917 | 58,367 | 51,414 |
| Non-current lease liabilities | 4,001 | 4,178 | 4,261 |
| Deferred tax liabilities | 2,991 | 3,076 | 3,272 |
| Other non-current liabilities and provisions | 3,222 | 3,391 | 2,786 |
| Total non-current liabilities | 60,131 | 69,012 | 61,734 |
| Current liabilities | |||
| Short-term loans | 9,833 | 11,598 | 13,333 |
| Current lease liabilities | 1,443 | 1,429 | 1,740 |
| Trade payables | 11,320 | 11,849 | 11,990 |
| Other current liabilities and provisions | 21,980 | 23,031 | 22,227 |
| Total current liabilities | 44,576 | 47,907 | 49,290 |
| TOTAL EQUITY AND LIABILITIES | 196,351 | 210,625 211,125 |
| CHANGES IN EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non | ||
| company's | controlling | Total | |
| SEK M | shareholders | interests | equity |
| Opening balance 1 January 2023 | 86,014 | 12 | 86,026 |
| Net income for the period | 6,288 | 2 | 6,290 |
| Other comprehensive income | 4,105 | -4 | 4,100 |
| Total comprehensive income | 10,392 | -2 | 10,390 |
| Dividend | -2,666 | - | -2,666 |
| Share-based incentive programs | -44 | - | -44 |
| Total transactions with shareholders | -2,710 | - | -2,710 |
| Closing balance 30 June 2023 | 93,696 | 10 | 93,706 |
| Opening balance 1 January 2024 | 91,629 | 16 | 91,644 |
|---|---|---|---|
| Net income for the period | 7,368 | -2 | 7,366 |
| Other comprehensive income | 4,159 | -1 | 4,158 |
| Total comprehensive income | 11,527 | -4 | 11,524 |
| Dividend | -2,999 | 0 | -2,999 |
| Share-based incentive programs | -67 | - | -67 |
| Change in non-controlling interest | - | 0 | 0 |
| Total transactions with shareholders | -3,066 | 0 | -3,067 |
| Closing balance 30 June 2024 | 100,090 | 12 | 100,102 |
| CONDENSED STATEMENT OF CASH FLOWS | Q2 | Jan-Jun | |||
|---|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 | |
| OPERATING ACTIVITIES | |||||
| Operating income | 6,875 | 6,071 | 10,836 | 11,481 | |
| Add back of | |||||
| Depreciation/amortization | 1,158 | 1,400 | 2,213 | 2,702 | |
| Items affecting comparability | -1,376 | 13 | -151 | 31 | |
| Other non-cash items | 45 | 55 | 96 | -4 | |
| Restructuring payments | -146 | -138 | -255 | -275 | |
| Changes in working capital | 1,267 | -111 | 156 | -2,203 | |
| Cash flow before interest and tax | 7,824 | 7,291 | 12,895 | 11,732 | |
| Interest paid and received | -364 | -772 | -606 | -1,422 | |
| Tax paid on income | -2,281 | -1,490 | -3,007 | -2,202 | |
| Cash flow from operating activities | 5,179 | 5,029 | 9,281 | 8,107 | |
| INVESTING ACTIVITIES | -572 | -596 | |||
| Net investments in intangible assets and property, plant and equipment | -1,088 | -1,025 | |||
| Investments in subsidiaries Divestments of subsidiaries |
-47,957 | -1,754 254 |
-48,295 | -4,091 402 |
|
| 8,114 -1 |
0 | 8,114 -1 |
1 | ||
| Other investments and disposals | |||||
| Cash flow from investing activities | -40,417 | -2,096 | -41,271 | -4,714 | |
| FINANCING ACTIVITIES | |||||
| Dividends | -2,666 | -2,999 | -2,666 | -2,999 | |
| Repayment of lease liabilities | -363 | -456 | -715 | -858 | |
| Net cash effect of changes in borrowings | 42,096 | 1,697 | 38,615 | 2,594 | |
| Cash flow from financing activities | 39,068 | -1,758 | 35,235 | -1,264 | |
| CASH FLOW FOR THE PERIOD | 3,830 | 1,174 | 3,245 | 2,130 | |
| CASH AND CASH EQUIVALENTS | |||||
| Cash and cash equivalents at beginning of period | 2,811 | 2,437 | 3,417 | 1,466 | |
| Cash flow for the period | 3,830 | 1,174 | 3,245 | 2,130 | |
| Effect of exchange rate differences | 25 | -6 | 3 | 10 | |
| Cash and cash equivalents at end of period | 6,665 | 3,605 | 6,665 | 3,605 |
| THE GROUP IN SUMMARY SEK M |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
2023 | Jan-Jun Jan-Jun 2024 |
Year | Last 12 2023 months |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 29,466 | 31,820 | 32,915 | 32,391 | 34,474 | 36,881 | 36,970 | 35,200 | 37,968 | 66,865 | 73,168 | 140,716 147,019 | |
| Organic growth | 13% | 14% | 9% | 8% | 3% | 1% | 0% | -2% | -1% | 5% | -2% | 3% | - |
| Gross income1 | 11,630 | 12,626 | 13,199 | 13,393 | 14,231 | 15,123 | 15,024 | 14,530 | 15,858 | 27,624 | 30,388 | 57,771 | 60,535 |
| Gross margin 1 EBITDA1 |
39.5% | 39.7% | 40.1% | 41.3% | 41.3% | 41.0% | 40.6% | 41.3% | 41.8% | 41.3% | 41.5% | 41.1% | 41.2% |
| EBITDA margin 1 | 5,367 18.2% |
6,014 18.9% |
6,298 19.1% |
6,241 19.3% |
6,658 19.3% |
7,148 19.4% |
7,312 19.8% |
6,728 19.1% |
7,485 19.7% |
12,899 19.3% |
14,213 19.4% |
27,358 19.4% |
28,673 19.5% |
| Depreciation, excl attrib. to business combinations | -810 | -875 | -961 | -862 | -936 | -995 | -1,304 | -988 | -1,051 | -1,798 | -2,039 | -4,098 | -4,339 |
| EBITA1 | 4,557 | 5,139 | 5,338 | 5,379 | 5,722 | 6,152 | 6,008 | 5,740 | 6,434 | 11,101 | 12,174 | 23,261 | 24,334 |
| EBITA margin 1 | 15.5% | 16.2% | 16.2% | 16.6% | 16.6% | 16.7% | 16.2% | 16.3% | 16.9% | 16.6% | 16.6% | 16.5% | 16.6% |
| Amortization attrib. to business combinations | -152 | -166 | -185 | -193 | -222 | -376 | -285 | -313 | -349 | -415 | -662 | -1,076 | -1,323 |
| Operating income (EBIT)1 | 4,406 | 4,973 | 5,152 | 5,186 | 5,500 | 5,777 | 5,722 | 5,427 | 6,085 | 10,686 | 11,512 | 22,185 | 23,011 |
| Operating margin (EBIT) 1 Items affecting comparability1 |
15.0% | 15.6% | 15.7% | 16.0% -1 225 |
16.0% 1 376 |
15.7% -367 |
15.5% -183 |
15.4% -18 |
16.0% -13 |
16.0% 151 |
15.7% -31 |
15.8% -400 |
15.7% -582 |
| Operating income (EBIT) | - 4,406 |
- 4,973 |
- 5,152 |
3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 10,836 | 11,481 | 21,785 | 22,429 |
| Operating margin (EBIT) | 15.0% | 15.6% | 15.7% | 12.2% | 19.9% | 14.7% | 15.0% | 15.4% | 16.0% | 16.2% | 15.7% | 15.5% | 15.3% |
| Net financial items | -198 | -237 | -387 | -343 | -445 | -900 | -843 | -811 | -849 | -788 | -1,659 | -2,531 | -3,402 |
| Income before tax | 4,208 | 4,736 | 4,766 | 3,619 | 6,430 | 4,509 | 4,696 | 4,598 | 5,223 | 10,049 | 9,821 | 19,254 | 19,027 |
| Profit margin | 14.3% | 14.9% | 14.5% | 11.2% | 18.7% | 12.2% | 12.7% | 13.1% | 13.8% | 15.0% | 13.4% | 13.7% | 12.9% |
| Tax on income | -1,052 | -1,184 | -1,036 | -905 | -2,854 | -1,139 | -717 | -1,150 | -1,306 | -3,759 | -2,455 | -5,615 | -4,311 |
| Net income for the period | 3,156 | 3,552 | 3,729 | 2,714 | 3,576 | 3,371 | 3,979 | 3,449 | 3,917 | 6,290 | 7,366 | 13,639 | 14,715 |
| Net income attributable to: | |||||||||||||
| Parent company's shareholders | 3,153 | 3,551 | 3,728 | 2,713 | 3,574 | 3,386 | 3,959 | 3,452 | 3,917 | 6,288 | 7,368 | 13,633 | 14,713 |
| Non-controlling interests | 3 | 1 | 1 | 1 | 1 | -15 | 20 | -3 | 0 | 2 | -2 | 7 | 2 |
| OPERATING CASH FLOW | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Jan-Jun Jan-Jun | Year | Last 12 | |
| SEK M | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | 2024 | 2023 months | |
| Operating income (EBIT) | 4,406 | 4,973 | 5,152 | 3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 10,836 | 11,481 | 21,785 | 22,429 |
| Reversal items affecting comparability | - | - | - | 1 225 | -1,376 | 367 | 183 | 18 | 13 | -151 | 31 | 400 | 582 |
| Depreciation and amortization | 961 | 1,041 | 1,146 | 1,055 | 1,158 | 1,371 | 1,590 | 1,301 | 1,400 | 2,213 | 2,702 | 5,174 | 5,662 |
| Net capital expenditure | -410 | -509 | -735 | -516 | -572 | -604 | -727 | -429 | -596 | -1,088 | -1,025 | -2,419 | -2,356 |
| Change in working capital | -641 -257 |
-477 -217 |
1,548 -192 |
-1,111 -242 |
1,267 -364 |
1,754 -738 |
1,927 -778 |
-2,091 -650 |
-111 -772 |
156 -606 |
-2,203 | 3,836 | 1,478 |
| Interest paid and received Repayment of lease liabilities |
-324 | -335 | -360 | -352 | -363 | -409 | -420 | -402 | -456 | -715 | -1,422 -858 |
-2,122 -1,543 |
-2,938 -1,687 |
| Other non-cash items | 52 | 44 | 29 | 50 | 45 | 27 | 0 | -60 | 55 | 96 | -4 | 123 | 23 |
| Operating cash flow | 3,787 | 4,520 | 6,588 | 4,069 | 6,671 | 7,177 | 7,315 | 3,096 | 5,604 | 10,741 | 8,701 | 25,232 | 23,193 |
| Cash conversion | 0.90 | 0.95 | 1.38 | 0.84 | 1.32 | 1.47 | 1.50 | 0.67 | 1.07 | 1.09 | 0.88 | 1.28 | 1.18 |
| CHANGE IN NET DEBT | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Jan-Jun Jan-Jun | Year | Last 12 | |
| SEK M | 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2023 | 2024 | 2023 months | |
| Net debt at beginning of period | 27,617 | 32,565 | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 31,732 | 64,109 | 31,732 | 69,851 |
| Operating cash flow | -3,787 | -4,520 | -6,588 | -4,069 | -6,671 | -7,177 | -7,315 | -3,096 | -5,604 | -10,741 | -8,701 | -25,232 | -23,193 |
| Restructuring payments | 84 | 81 | 171 | 109 726 |
146 | 167 | 190 | 137 712 |
138 | 255 | 275 | 613 | 632 |
| Tax paid on income Acquisitions and divestments |
1,278 3,039 |
1,038 826 |
1,452 5,080 |
367 | 2,281 40,773 |
2,456 3,783 |
1,825 1,903 |
2,038 | 1,490 2,182 |
3,007 41,140 |
2,202 4,220 |
7,289 46,826 |
6,484 9,906 |
| Dividend | 2,333 | - | 2,333 | - | 2,666 | - | 2,666 | - | 2,999 | 2,666 | 2,999 | 5,332 | 5,665 |
| Actuarial gain/loss on post-employment benefit oblig. | 191 | -538 | -906 | 47 | -92 | 41 | 12 | -142 | -96 | -45 | -238 | 8 | -186 |
| Change to lease liabilities | -51 | -53 | 62 | 254 | 138 | 111 | 125 | 292 | -105 | 392 | 187 | 628 | 422 |
| Exchange rate differences, etc. | 1,860 | 1,219 | -490 | 171 | 1,274 | -496 | -4,033 | 3,488 | -342 | 1,445 | 3,145 | -3,085 | -1,384 |
| Net debt at end of period | 32,565 | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 69,851 | 68,198 | 64,109 | 68,198 |
| Net debt/Equity | 0.42 | 0.35 | 0.37 | 0.33 | 0.75 | 0.71 | 0.70 | 0.68 | 0.68 | ||||
| NET DEBT SEK M |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
||||
| Interest-bearing assets | -199 | -207 | -224 | -221 | -484 | -495 | -459 | -504 | -248 | ||||
| Cash and cash equivalents | -1,707 | -2,978 | -3,417 | -2,811 | -6,665 | -1,688 | -1,466 | -2,437 | -3,605 | ||||
| Derivative financial instruments, net | 141 | 231 | 288 | 306 | 15 | 284 | -595 | -251 | 116 | ||||
| Pension provisions | 2,803 | 2,389 | 1,351 | 1,379 | 1,415 | 1,471 | 1,435 | 1,283 | 1,186 | ||||
| Lease liabilities | 3,697 | 3,840 | 3,907 | 4,182 | 5,607 | 5,641 | 5,443 | 6,020 | 6,001 | ||||
| Interest-bearing liabilities | 27,829 | 27,344 | 29,826 | 26,500 | 69,965 | 63,523 | 59,751 | 63,425 | 64,748 | ||||
| Total | 32,565 | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | ||||
| CAPITAL EMPLOYED AND FINANCING SEK M |
Q2 2022 |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
||||
| Goodwill | 69,536 | 73,540 | 75,873 | 75,075 117,142 119,006 | 92,873 | 99,680 | 99,317 | ||||||
| Other intangible assets | 14,476 | 14,774 | 15,024 | 15,539 | 15,918 | 15,333 | 34,831 | 36,000 | 36,970 | ||||
| Property, plant and equipment | 9,538 | 10,079 | 10,106 | 10,178 | 11,885 | 12,111 | 11,460 | 12,129 | 12,134 | ||||
| Right-of-use assets | 3,601 | 3,735 | 3,804 | 4,075 | 5,476 | 5,501 | 5,296 | 5,837 | 5,789 | ||||
| Other capital employed | 14,327 | 15,257 | 13,244 | 14,206 | 14,277 | 13,958 | 12,060 | 14,534 | 14,605 | ||||
| Restructuring reserve | -537 | -469 | -294 | -1,229 | -1,140 | -941 | -767 | -662 | -514 | ||||
| Capital employed Net debt |
110,941 116,916 117,758 117,844 163,558 164,969 155,753 167,517 168,300 | ||||||||||||
| 32,565 11 |
30,618 13 |
31,732 12 |
29,336 12 |
69,851 10 |
68,736 36 |
64,109 16 |
67,536 12 |
68,198 12 |
|||||
| Non-controlling interests Equity attributable to Parent company´s shareholders |
78,365 | 86,285 | 86,014 | 88,496 | 93,696 | 96,197 | 91,629 | 99,969 100,090 | |||||
| OTHER KEY RATIOS ETC | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | ||||
| 2022 | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | |||||
| Earnings per share, SEK Earnings per share, excl IAC, SEK |
2,84 2,84 |
3,20 3,20 |
3,36 3,36 |
2,44 3,32 |
3,22 3,36 |
3,05 3,31 |
3,56 3,56 |
3,11 3,12 |
3,53 3,54 |
||||
| Shareholders' equity per share, SEK | 70,55 | 77,68 | 77,44 | 79,67 | 84,35 | 86,60 | 82,49 | 90,00 | 90,11 | ||||
| Return on capital employed | 16,0% | 16,8% | 16,9% | 17,4% | 17,2% | 16,3% | 15,6% | 14,6% | 14,0% | ||||
| Return on equity | 16,1% | 16,4% | 17,1% | 16,2% | 15,8% | 14,7% | 15,3% | 15,3% | 15,2% | ||||
| Net debt/EBITDA | 1,7 | 1,4 | 1,4 | 1,2 | 2,8 | 2,6 | 2,3 | 2,4 | 2,4 | ||||
| Average number of employees Average adjusted capital employed |
51,545 | 51,937 | 52,463 | 52,960 | 53,824 99,074 103,663 109,372 113,480 120,917 132,788 142,611 153,385 164,603 |
56,289 | 56,845 | 61,282 | 62,538 | ||||
| Average number of shares, thousands | 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 | ||||||||||||
| Items affecting comparability, net of tax | - | - | - | -978 | -156 | -285 | 10 | -13 | -10 |
1) Excluding items affecting comparability. Please see the section 'Items affecting comparability' on page 4 in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
| Q2 and 30 Jun | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies Systems |
Other | Total | |||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Sales, external | 6,047 | 6,227 | 8,507 | 11,527 | 2,415 | 2,188 | 5,818 | 5,861 | 11,689 | 12,165 | - | - | 34,474 | 37,968 |
| Sales, internal | 156 | 164 | 42 | 34 | 351 | 242 | 51 | 79 | 27 | 31 | -626 | -550 | - | - |
| Sales | 6,202 | 6,391 | 8,549 11,562 | 2,765 | 2,430 | 5,869 | 5,939 | 11,715 12,196 | -626 | -550 | 34,474 | 37,968 | ||
| Organic growth | -5% | 1% | 4% | 3% | -2% | -5% | 20% | -7% | 0% | 0% | - | - | 3% | -1% |
| Acquisitions and divestments | 10% | 2% | 8% | 33% | 15% | -5% | 5% | 9% | 2% | 4% | - | - | 6% | 11% |
| Exchange-rate effects | 7% | 0% | 10% | -1% | 3% | -2% | 8% | -1% | 8% | 0% | - | - | 8% | 0% |
| Share of earnings in associates | - | - | - | - | 4 | 1 | - | - | - | - | - | - | 4 | 1 |
| EBIT, excl items affecting | ||||||||||||||
| comparability | 777 | 872 | 1,755 | 2,198 | 215 | 203 | 1,082 | 937 | 1,899 | 2,077 | -228 | -201 | 5,500 | 6,085 |
| EBIT margin, excl items affecting comparability |
12.5% | 13.6% | 20.5% | 19.0% | 7.8% | 8.3% | 18.4% | 15.8% | 16.2% | 17.0% | - | - | 16.0% | 16.0% |
| Items affecting comparability1 | -32 | -2 | 3,531 | 0 | 150 | -11 | -2,271 | -2 | 1,376 | -13 | ||||
| 744 | 869 | 365 | 192 | - 937 |
- | - -228 |
- -201 |
|||||||
| Operating income (EBIT) | 12.0% | 13.6% | 5,286 61.8% |
2,198 19.0% |
13.2% | 7.9% | -1,190 -20.3% |
15.8% | 1,897 16.2% |
2,077 17.0% |
6,875 19.9% |
6,071 16.0% |
||
| Operating margin (EBIT) | - | - | ||||||||||||
| OPERATING CASH FLOW | ||||||||||||||
| SEK M | ||||||||||||||
| Operating income (EBIT) | 744 | 869 | 5,286 | 2,198 | 365 | 192 | -1,190 | 937 | 1,897 | 2,077 | -228 | -201 | 6,875 | 6,071 |
| Items affecting comparability1 | 32 | 2 | -3,531 | 0 | -150 | 11 | 2,271 | - | 2 | - | - | - | -1,376 | 13 |
| Depreciation and amortization | 245 | 252 | 217 | 414 | 102 | 103 | 256 | 252 | 328 | 366 | 10 | 14 | 1,158 | 1,400 |
| Net capital expenditure | -169 | -129 | -91 | -220 | -38 | -43 | -116 | -77 | -161 | -117 | 2 | -10 | -572 | -596 |
| Repayment of lease liabilities | -69 | -72 | -47 | -103 | -31 | -34 | -43 | -50 | -167 | -191 | -5 | -7 | -363 | -456 |
| Change in working capital | 56 | -24 | 395 | 55 | 102 | -63 | 74 | -230 | 574 | 195 | 65 | -44 | 1,267 | -111 |
| Operating cash flow by division | 841 | 899 | 2,229 | 2,344 | 350 | 166 | 1,253 | 831 | 2,473 | 2,330 | -157 | -248 | 6,990 | 6,322 |
| Other non-cash items | 45 | 55 | 45 | 55 | ||||||||||
| Interest paid and received | -364 | -772 | -364 | -772 | ||||||||||
| Operating cash flow | 6,671 | 5,604 |
| Jan-Jun and 30 Jun | Global Entrance |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Sales, external | 12,099 | 12,289 | 16,319 22,030 | 4,385 | 4,013 | 11,362 | 11,258 | 22,701 | 23,578 | - | - | 66,865 | 73,168 | |
| Sales, internal | 333 | 318 | 91 | 64 | 791 | 466 | 89 | 114 | 51 | 60 | -1,355 | -1,022 | - | - |
| Sales | 12,432 12,607 | 16,410 22,094 | 5,177 | 4,478 | 11,450 11,373 | 22,752 23,638 | -1,355 -1,022 | 66,865 | 73,168 | |||||
| Organic growth | -1% | -1% | 7% | 1% | 1% | -4% | 22% | -8% | 1% | 0% | - | - | 5% | -2% |
| Acquisitions and divestments | 9% | 2% | 5% | 34% | 15% | -7% | 4% | 8% | 2% | 4% | - | - | 6% | 11% |
| Exchange-rate effects | 6% | 0% | 12% | 0% | 6% | -2% | 9% | -1% | 9% | 0% | - | - | 8% | 0% |
| Share of earnings in associates | - | - | - | - | 9 | 3 | - | - | - | - | - | - | 9 | 3 |
| EBIT, excl items affecting | ||||||||||||||
| comparability EBIT margin, excl items affecting |
1,635 | 1,721 | 3,462 | 4,108 | 326 | 308 | 2,021 | 1,776 | 3,686 | 4,021 | -443 | -422 | 10,686 | 11,512 |
| comparability | 13.1% | 13.7% | 21.1% | 18.6% | 6.3% | 6.9% | 17.7% | 15.6% | 16.2% | 17.0% | - | - | 16.0% | 15.7% |
| Items affecting comparability1 | -500 | -18 | 3,364 | 0 | 10 | -13 | -2,487 | - | -132 | - | -104 | - | 151 | -31 |
| Operating income (EBIT) | 1,135 | 1,704 | 6,826 | 4,108 | 336 | 294 | -466 | 1,776 | 3,553 | 4,021 | -547 | -422 | 10,836 | 11,481 |
| Operating margin (EBIT) | 9.1% | 13.5% | 41.6% | 18.6% | 6.5% | 6.6% | -4.1% | 15.6% | 15.6% | 17.0% | - | - | 16.2% | 15.7% |
| OPERATING CASH FLOW SEK M |
||||||||||||||
| Operating income (EBIT) | 1,135 | 1,704 | 6,826 | 4,108 | 336 | 294 | -466 | 1,776 | 3,553 | 4,021 | -547 | -422 | 10,836 | 11,481 |
| Items affecting comparability1 | 500 | 18 | -3,364 | 0 | -10 | 13 | 2,487 | - | 132 | - | 104 | - | -151 | 31 |
| Depreciation and amortization | 469 | 492 | 375 | 756 | 201 | 202 | 509 | 494 | 637 | 733 | 22 | 24 | 2,213 | 2,702 |
| Net capital expenditure | -297 | -238 | -238 | -417 | -97 | 18 | -172 | -166 | -286 | -208 | 0 | -14 | -1,088 | -1,025 |
| Repayment of lease liabilities | -137 | -141 | -94 | -172 | -61 | -67 | -88 | -96 | -325 | -370 | -10 | -12 | -715 | -858 |
| Change in working capital | -411 | -477 | -252 | -1,066 | -106 | -170 | -391 | -685 | 1,287 | 451 | 28 | -256 | 156 | -2,203 |
| Operating cash flow by division | 1,259 | 1,358 | 3,254 | 3,210 | 264 | 291 | 1,880 | 1,323 | 4,998 | 4,626 | -403 | -680 | 11,251 | 10,128 |
| Other non-cash items | 96 | -4 | 96 | -4 | ||||||||||
| Interest paid and received | -606 | -1,422 | -606 | -1,422 | ||||||||||
| Operating cash flow | 10,741 | 8,701 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 13,866 | 14,126 | 56,638 | 33,794 | 5,723 | 5,564 | 17,804 20,447 | 23,112 | 25,386 | - | - | 117,142 | 99,317 | |
| Other intangible assets | 1,494 | 1,416 | 1,518 22,420 | 2,100 | 1,922 | 3,382 | 3,825 | 7,392 | 7,351 | 31 | 35 | 15,918 | 36,970 | |
| Property, plant and equipment | 3,248 | 3,253 | 3,207 | 3,333 | 1,478 | 1,431 | 1,494 | 1,636 | 2,408 | 2,438 | 50 | 44 | 11,885 | 12,134 |
| Right-of-use assets | 927 | 905 | 1,722 | 1,695 | 279 | 319 | 555 | 614 | 1,966 | 2,163 | 26 | 93 | 5,476 | 5,789 |
| Other capital employed | 4,824 | 2,489 | 2,118 | 3,754 | 2,032 | 1,620 | 2,228 | 2,579 | 4,124 | 4,033 | -1,051 | 130 | 14,277 | 14,605 |
| Adjusted capital employed | 24,359 22,188 | 65,204 64,996 | 11,612 10,857 | 25,464 29,100 | 39,002 41,371 | -943 | 302 | 164,698 168,815 | ||||||
| Restructuring reserve | -484 | -207 | -145 | -83 | -52 | -25 | -164 | -54 | -194 | -140 | -100 | -5 | -1,140 | -514 |
| Capital employed | 23,875 21,982 | 65,058 64,914 | 11,560 10,832 | 25,300 29,046 | 38,808 41,231 | -1,043 | 297 | 163,558 168,300 | ||||||
| Return on capital employed | 15.3% | 15.5% | 28.1% | 12.2% | 2.9% | 5.9% | 14.9% | 13.8% | 19.2% 20.4% | - | - | 17.2% | 14.0% | |
| Average adjusted capital employed | 22,107 22,478 | 23,673 64,196 | 11,334 | 10,936 | 26,092 27,150 | 38,204 | 39,889 | - | - | 120,917 | 164,603 | |||
| Average number of employees | 12,205 | 12,319 | 10,486 | 18,185 | 7,359 | 6,925 | 7,554 | 8,476 | 15,794 | 16,353 | 426 | 279 | 53,824 | 62,538 |
1) Excluding items affecting comparability. Please see the section 'Items affecting comparability' on page 4 in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
Jan-Jun and 30 Jun
| Jan-Dec and 31 Dec | Global Entrance |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
| Sales, external | 22,286 | 24,214 | 28,191 | 37,867 | 8,302 | 9,133 | 19,186 | 22,930 | 42,827 | 46,570 | - | - | 120,793 | 140,716 |
| Sales, internal | 572 | 617 | 152 | 141 | 1,522 | 1,151 | 158 | 169 | 100 | 95 | -2,505 | -2,173 | - | - |
| Sales | 22,858 | 24,831 | 28,344 | 38,009 | 9,824 | 10,284 | 19,344 | 23,099 | 42,928 | 46,665 | -2,505 | -2,173 | 120,793 140,716 | |
| Organic growth | 5% | -2% | 17% | 6% | -5% | -2% | 15% | 9% | 17% | 1% | - | - | 12% | 3% |
| Acquisitions and divestments | 1% | 6% | 1% | 22% | 7% | 5% | 2% | 5% | 2% | 2% | - | - | 2% | 8% |
| Exchange-rate effects | 5% | 5% | 20% | 6% | 11% | 2% | 15% | 5% | 12% | 6% | - | - | 13% | 5% |
| Share of earnings in associates | - | - | - | - | 22 | 7 | 3 | 11 | 1 | - | - | - | 26 | 18 |
| EBIT, excl items affecting | ||||||||||||||
| comparability | 3 335 | 3 388 | 5 899 | 7 186 | 119 | 662 | 3 065 | 3 996 | 6 847 | 7 807 | -732 | -854 | 18 532 | 22 185 |
| EBIT margin, excl items affecting comparability |
14,6% | 13,6% | 20,8% | 18,9% | 1,2% | 6,4% | 15,8% | 17,3% | 15,9% | 16,7% | - | - | 15,3% | 15,8% |
| Items affecting comparability1 | - | -551 | - | 2 908 | - | -27 | - | -2 492 | - | -133 | - | -104 | - | -400 |
| Operating income (EBIT) | 3,335 | 2,837 | 5,899 | 10,094 | 119 | 635 | 3,065 | 1,504 | 6,847 | 7,673 | -732 | -958 | 18,532 | 21,785 |
| Operating margin (EBIT) | 14,6% | 11,4% | 20,8% | 26,6% | 1,2% | 6,2% | 15,8% | 6,5% | 15,9% | 16,4% | - | - | 15,3% | 15,5% |
| Operating income (EBIT) | 3,335 | 2,837 | 5,899 | 10,094 | 119 | 635 | 3,065 | 1,504 | 6,847 | 7,673 | -732 | -958 | 18,532 | 21,785 |
| Items affecting comparability1 | - | 551 | - | -2,908 | - | 27 | - | 2,492 | - | 133 | - | 104 | - | 400 |
| Depreciation and amortization | 865 | 1,055 | 634 | 1,154 | 363 | 424 | 1,012 | 1,013 | 1,176 | 1,484 | 38 | 44 | 4,088 | 5,174 |
| Net capital expenditure | -443 | -627 | -436 | -631 | -289 | -202 | -301 | -378 | -495 | -576 | -26 | -6 | -1,990 | -2,419 |
| Repayment of lease liabilities | -266 | -276 | -178 | -255 | -111 | -129 | -158 | -188 | -599 | -675 | -18 | -21 | -1,330 | -1,543 |
| Change in working capital | -707 | 643 | -400 | 726 | 207 | 457 | -642 | -298 | -1,494 | 2,352 | 205 | -44 | -2,831 | 3,836 |
| Operating cash flow by division | 2,785 | 4,183 | 5,520 | 8,181 | 288 | 1,213 | 2,974 | 4,145 | 5,436 | 10,391 | -534 | -881 | 16,470 | 27,232 |
| Other non-cash items | 137 | 123 | 137 | 123 | ||||||||||
| Interest paid and received | -799 | -2 122 | -799 | -2 122 | ||||||||||
| Operating cash flow | 15,808 | 25,232 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 12,957 | 13,232 | 15,416 | 32,382 | 6,058 | 5,379 | 19,041 | 18,989 | 22,401 | 22,891 | - | - | 75,873 | 92,873 |
| Other intangible assets | 1,223 | 1,366 | 1,375 | 21,652 | 1,637 | 1,937 | 3,691 | 2,968 | 7,056 | 6,876 | 42 | 32 | 15,024 | 34,831 |
| Property, plant and equipment | 2,745 | 3,166 | 2,079 | 3,037 | 1,591 | 1,398 | 1,421 | 1,556 | 2,215 | 2,260 | 55 | 43 | 10,106 | 11,460 |
| Right-of-use assets | 914 | 976 | 482 | 1,598 | 234 | 295 | 540 | 553 | 1,603 | 1,858 | 31 | 17 | 3,804 | 5,296 |
| Other capital employed | 4,034 | 2,120 | 1,536 | 2,875 | 1,692 | 1,324 | 1,604 | 1,827 | 5,141 | 3,830 | -764 | 84 | 13,244 | 12,060 |
| Adjusted capital employed | 21,874 | 20,860 | 20,889 | 61,544 | 11,211 | 10,332 | 26,297 | 25,891 | 38,418 | 37,715 | -636 | 177 | 118,052 156,520 | |
| Restructuring reserve | -97 | -298 | 12 | -150 | -49 | -43 | -60 | -89 | -76 | -182 | -23 | -5 | -294 | -767 |
| Capital employed | 21,777 | 20,562 | 20,900 | 61,395 | 11,161 | 10,289 | 26,237 | 25,802 | 38,342 | 37,533 | -659 | 172 | 117,758 155,753 | |
| Return on capital employed | 16,8% | 14,8% | 32,1% | 16,3% | 1,2% | 5,8% | 12,4% | 15,2% | 18,8% | 20,3% | - | - | 16,9% | 15,6% |
| Average adjusted capital employed | ||||||||||||||
| 19,861 | 22,872 | 18,369 | 44,025 | 10,167 | 11,396 | 24,745 | 26,295 | 36,447 | 38,502 | - | - | 109,372 | 142,611 |
1 For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
NOTE 1 DISAGGREGATION OF REVENUE
| Sales by continent Q2 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Europe | 5,229 | 5,493 | 21 | 20 | 127 | 186 | 1,473 | 1,545 | 4,535 | 4,496 | -191 | -290 | 11,194 | 11,451 |
| North America | 226 | 169 | 7,671 10,538 | 727 | 587 | 2,974 | 2,812 | 6,403 | 6,908 | -311 | -140 | 17,689 | 20,874 | |
| Central- and South America | 26 | 29 | 806 | 994 | 13 | 17 | 218 | 223 | 36 | 58 | -7 | -18 | 1,092 | 1,303 |
| Africa | 245 | 252 | 3 | 2 | 6 | 3 | 168 | 267 | 27 | 9 | -17 | -9 | 432 | 524 |
| Asia | 438 | 411 | 46 | 0 | 1,154 | 948 | 706 | 757 | 358 | 371 | -64 | -57 | 2,638 | 2,431 |
| Oceania | 38 | 37 | 2 | 8 | 737 | 688 | 330 | 335 | 356 | 354 | -35 | -37 | 1,429 | 1,385 |
| Total | 6,202 | 6,391 | 8,549 11,562 | 2,765 | 2,430 | 5,869 | 5,939 | 11,715 12,196 | -626 | -551 | 34,474 | 37,968 |
| Sales by continent Jan-Jun | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Europe | 10,632 10,868 | 48 | 37 | 296 | 353 | 2,920 | 3,261 | 9,015 | 9,046 | -440 | -530 | 22,472 | 23,036 | |
| North America | 370 | 331 | 14,715 19,950 | 1,441 | 1,067 | 5,814 | 5,223 | 12,253 | 13,069 | -655 | -255 | 33,938 | 39,385 | |
| Central- and South America | 47 | 50 | 1,552 | 1,918 | 27 | 29 | 357 | 396 | 61 | 117 | -17 | -27 | 2,027 | 2,483 |
| Africa | 475 | 477 | 6 | 3 | 7 | 3 | 287 | 441 | 46 | 24 | -25 | -21 | 795 | 927 |
| Asia | 819 | 806 | 85 | 170 | 1,975 | 1,695 | 1,409 | 1,422 | 710 | 717 | -134 | -115 | 4,865 | 4,696 |
| Oceania | 88 | 75 | 4 | 15 | 1,430 | 1,331 | 664 | 630 | 667 | 665 | -85 | -74 | 2,768 | 2,641 |
| Total | 12,432 12,607 | 16,410 22,094 | 5,177 | 4,478 | 11,450 11,373 | 22,752 23,638 | -1,355 -1,022 | 66,865 | 73,168 |
| Sales by product group Q2 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Mechanical locks, lock systems and fittings | 3,038 | 2,943 | 3,502 | 5,003 | 1,345 | 1,371 | 103 | 118 | 2 | 2 | -199 | -230 | 7,792 | 9,206 |
| Electromechanical and electronic locks | 1,959 | 2,125 | 2,104 | 2,836 | 636 | 419 | 5,732 | 5,834 | 310 | 292 | -365 | -242 | 10,376 | 11,265 |
| Security doors and hardware | 1,121 | 1,213 | 2,919 | 3,695 | 738 | 622 | 33 | -12 | 1,108 | 1,133 | -31 | -43 | 5,889 | 6,608 |
| Entrance automation | 84 | 110 | 24 | 27 | 46 | 17 | - | - | 10,296 | 10,770 | -32 | -35 | 10,418 | 10,889 |
| Total | 6,202 | 6,391 | 8,549 11,562 | 2,765 | 2,430 | 5,869 | 5,939 | 11,715 12,196 | -626 | -550 | 34,474 | 37,968 | ||
| Sales by product group Jan-Jun | Global | Entrance | ||||||||||||
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Mechanical locks, lock systems and fittings | 5,974 | 5,849 | 6,553 | 9,533 | 2,595 | 2,552 | 202 | 230 | 5 | 3 | -415 | -436 | 14,913 | 17,730 |
| Electromechanical and electronic locks | 3,940 | 4,159 | 4,229 | 5,302 | 1,246 | 795 | 11,165 11,139 | 630 | 596 | -811 | -435 | 20,399 | 21,556 |
Security doors and hardware 2,285 2,394 5,586 7,207 1,255 1,073 84 4 1,965 2,145 -66 -83 11,108 12,740 Entrance automation 232 205 42 52 81 58 - - 20,153 20,894 -64 -68 20,445 21,141 Total 12,432 12,607 16,410 22,094 5,177 4,478 11,450 11,373 22,752 23,638 -1,355 -1,022 66,865 73,168
NOTE 2 BUSINESS COMBINATIONS
Consolidated acquisitions 2024
| Number of | Approx. | Month of | |||
|---|---|---|---|---|---|
| Acquisition | Division | Country | employees | sales in 2023 | consolidation |
| Integrated Warehouse Solutions (IWS) | Entrance systems | USA | 550 | 1850 | 2024-01 |
| Cemoel | Global technologies Spain | 60 | 70 | 2024-02 | |
| Kadex | Global technologies Netherlands | <50 | 50 | 2024-03 | |
| Axxess Industries | Global technologies Canada | <50 | <50 | 2024-04 | |
| Industrial door | Entrance systems | USA | <50 | 90 | 2024-04 |
| Messerschmitt Systems | Global technologies Germany | 100 | 130 | 2024-04 | |
| Nomadix & Global reach | Global technologies USA & United Kingdom | 120 | 300 | 2024-04 | |
| Spaltabdichtung | Entrance systems | Germany | <50 | <50 | 2024-04 |
| Amecor | EMEIA | South Africa | 120 | 150 | 2024-05 |
| Vizzia | Global technologies USA | <50 | 90 | 2024-06 | |
| Wesko | Americas | Canada | 70 | 170 | 2024-06 |
| Q2 | Jan-Jun | |||
|---|---|---|---|---|
| Amounts recognized in the group, SEK M | 2023 | 2024 | 2023 | 2024 |
| Purchase prices | ||||
| Cash paid for acquisitions during the year | 48,579 | 1,768 | 48,704 | 4,564 |
| Holdbacks and deferred considerations for acquisitions during the year | 104 | 234 | 104 | 318 |
| Adjustment of purchase prices for acquisitions in prior years | - | 47 | 9 | -518 |
| Total | 48,683 | 2,050 | 48,817 | 4,364 |
| Acquired assets and liabilities at fair value | ||||
| Intangible assets | 721 | 1,466 | 1,579 | 1,137 |
| Property, plant and equipment and right-of-use assets | 2,379 | 156 | 2,461 | 289 |
| Other non-current assets | 196 | 59 | 194 | 68 |
| Inventories | 3,117 | 194 | 3,086 | 417 |
| Current receivables and investments | 2,027 | 233 | 2,059 | 433 |
| Cash and cash equivalents | 670 | 113 | 665 | 136 |
| Non-current liabilities | -1,490 | -183 | -1,597 | -221 |
| Current liabilities | -2,854 | -394 | -2,908 | -479 |
| Total | 4,765 | 1,645 | 5,539 | 1,779 |
| Goodwill | 43,918 | 405 | 43,278 | 2,585 |
| Change in cash and cash equivalents due to acquisitions | ||||
| Cash paid for acquisitions during the year | 48,579 | 1,768 | 48,704 | 4,564 |
| Cash and cash equivalents in acquired subsidiaries | -670 | -113 | -665 | -136 |
| Paid and received considerations for acquisitions in prior years | 49 | 100 | 256 | -338 |
| Total | 47,957 | 1,754 | 48,295 | 4,091 |
The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one year of the acquisition date.
Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table. During the year, some of the analyzes of acquisitions closed during 2023 have been completed, including Hardware and Home Improvement (HHI) which was acquired in June last year.
NOTE 3 FAIR VALUE AND CARRYING AMOUNT ON FINANCIAL ASSETS AND LIABILITIES
| 30 June 2024 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| SEK M | Carrying amount |
Fair value |
Level 1 Level 2 Level 3 | ||
| Financial assets | |||||
| Financial assets at amortized cost | 27,307 | 27,307 | |||
| Financial assets at fair value through profit and loss | 124 | 124 | |||
| Derivatives - hedge accounting | 150 | 150 | 150 | ||
| Derivatives - held for trading | 129 | 129 | 129 | ||
| Total financial assets | 27,710 | 27,710 | - | 279 | - |
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 76,737 | 76,265 | |||
| Financial liabilities at fair value through profit and loss | 1,186 | 1,186 | 1,186 | ||
| Lease liabilities | 6,001 | 6,001 | |||
| Derivatives - hedge accounting | 129 | 129 | 129 | ||
| Derivatives - held for trading | 266 | 266 | 266 | ||
| Total financial liabilities | 84,320 | 83,847 | - | 395 | 1,186 |
| Financial instruments | |||||
| 31 December 2023 | at fair value | ||||
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 Level 2 Level 3 | ||
| Financial assets | |||||
| Financial assets at amortized cost | 22,934 | 22,934 | |||
| Financial assets at fair value through profit and loss | 115 | 115 | |||
| Derivatives - hedge accounting | 633 | 633 | 633 | ||
| Derivative instruments - hedge accounting Total financial assets |
293 23,975 |
293 23,975 |
- | 293 926 |
- |
| Financial liabilities Financial liabilities at amortized cost |
|||||
| 71,071 | 70,310 | ||||
| Financial liabilities at fair value through profit and loss Lease liabilities |
1,045 | 1,045 | 1,045 | ||
| Derivatives - hedge accounting | 5,443 161 |
5,443 161 |
161 | ||
| Derivatives - held for trading | 170 | 170 | 170 |
Financial liabilities at fair value through profit and loss pertains to deferred Deferred considerations are initially measured on the day of acquisition considerations, i.e. additional payments for acquired companies. The size of a based on management's best estimate regarding future outcomes and deferred consideration is usually linked to the earnings and sales performance belong to level 3 in the hierarchy. in an acquired company during a specific period of time.
| EXTRACT FROM INCOME STATEMENT | Year | Jan-Jun | ||
|---|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 | |
| Operating income | 2,951 | 1,530 | 848 | |
| Income before appropriations and tax | 2,809 | 1,253 | 1,159 | |
| Net income for the period | 3,365 | 1,067 | 1,160 |
| EXTRACT FROM BALANCE SHEET | 31 Dec | 30 Jun | |
|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 |
| Non-current assets | 52,722 | 49,609 | 54,013 |
| Current assets | 40,730 | 20,716 | 45,082 |
| Total assets | 93,452 | 70,325 | 99,095 |
| Equity | 25,130 | 25,460 | 23,224 |
| Untaxed reserves | 1,021 | 1,265 | 1,021 |
| Non-current liabilities | 35,550 | 15,748 | 37,300 |
| Current liabilities | 31,751 | 27,852 | 37,550 |
| Total equity and liabilities | 93,452 | 70,325 | 99,095 |
acquisitions, divestments and exchange rate effects. for the last twelve months.
Operating margin (EBITDA) Net debt Operating income before depreciation and amortization as a Interest-bearing liabilities less interest-bearing assets. percentage of sales. See the table on net debt for detailed information.
Operating margin (EBITA) Net debt/EBITDA Operating income before amortization of intangible assets Net debt at the end of the period in relation to EBITDA for recognized in business combinations, as a percentage of sales. the last twelve months.
Operating margin (EBIT) Net debt/Equity ratio Operating income as a percentage of sales. Net debt in relation to equity.
Profit margin (EBT) Equity ratio
Restructuring costs and significant non-recurring operating expenses Equity excluding non-controlling interests in relation to such as revaluation of previously owned shares in associates, number of outstanding shares after any potential dilution. revaluation of inventory in business combinations and goodwill impairment.
Cash Flow from operating activities excluding restructuring Comparability, for the last twelve months as a percentage of payments and tax paid on income minus net capital expenditure average adjusted capital employed. and repayment of lease liabilities.
Operating cash flow in relation to income before tax excluding for the last twelve months as a percentage of average equity items affecting comparability. attributable to parent company's shareholders for the
Net capital expenditure
Investments in, less disposals of, intangible assets and Earnings per share before and after dilution
Depreciation, amortization and impairment of intangible assets, are expected to result in significant dilution in the future. property, plant and equipment and right-of-use assets.
Organic growth Average adjusted capital employed
Change in sales for comparable units after adjustments for Average capital employed excluding restructuring reserves
Income before tax as a percentage of sales. Shareholders' equity as a percentage of total assets.
Items affecting comparability Shareholders' equity per share
Return on capital employed
Operating cash flow Operating Income (EBIT), excluding Items Affecting
Return on equity
Cash conversion Net income attributable to parent company's shareholders same period.
property, plant and equipment. Net income attributable to parent company's shareholders divided by weighted average number of outstanding shares. Depreciation and amortization None of the Group's outstanding long-term incentive programs
Earnings per share before and after dilution and excluding Capital employed items affecting comparability
Total assets less interest-bearing assets and non-interest- Net income attributable to parent company's shareholders bearing liabilities including deferred tax liability. excluding items affecting comparability, net of tax, divided by weighted average number of outstanding shares. None of the Group's outstanding long-term incentive programs are expected to result in significant dilution in the future.
Information on how these performance measures have been calculated can be found on the company's website www.asssaabloy.com. To check the calculations of the financial measurements 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 2023 appear on the company's website.