Earnings Release • Feb 5, 2021
Earnings Release
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| Fourth quarter | January-December | |||||
|---|---|---|---|---|---|---|
| 2019 | 2020 | Δ | 2019 | 2020 | Δ | |
| Sales, SEK M | 24,946 | 23,298 | –7% | 94,029 | 87,649 | –7% |
| Of which: | ||||||
| Organic growth | 147 | –1,150 | –5% | 2,652 | –7,150 | –8% |
| Acquisitions and divestments | 760 | 1,211 | 5% | 3,063 | 3,328 | 4% |
| Exchange-rate effects | 872 | –1,709 | –7% | 4,265 | –2,558 | –3% |
| Operating income (EBIT)1 2 , SEK M |
4,047 | 3,475 | –14% | 14,920 | 11,916 | –20% |
| Operating margin (EBITA)1 2 , % |
16.8% | 15.6% | 16.4% | 14.3% | ||
| Operating margin (EBIT)1 2 , % |
16.2% | 14.9% | 15.9% | 13.6% | ||
| Income before tax1 2 , SEK M |
3,779 | 3,306 | –13% | 13,883 | 11,133 | –20% |
| Net income1 2 , SEK M |
2,767 | 2,582 | –7% | 10,243 | 8,375 | –18% |
| Operating cash flow, SEK M | 5,235 | 5,529 | 6% | 14,442 | 14,560 | 1% |
| Earnings per share1 2 , SEK |
2.49 | 2.33 | –7% | 9.22 | 7.54 | –18% |
1 Excluding costs before income tax for restructuring programs in Q4 2020 and Q4 2019, totaling SEK
–1,366 M and SEK –312 M respectively. The corresponding cost after tax is SEK –1,112 M and SEK –246 M
2 Excluding non-cash operating income in Q3 2020 from revaluation at fair value of 39% ownership in agta record, totaling SEK 1,909 M for the year. The operating income has no tax impact.
We are putting a year behind us that, because of the outbreak of Covid-19, changed the dynamics of many industries and changed most of our daily lives in one way or another. The pandemic resulted in the most challenging operational environment in our history, particularly in the first half of the year. In response, we have quickly adapted to the new reality, making significant adjustments to our cost base, protecting our balance sheet, while continuing to invest in innovation and growth initiatives. This led to an operating margin in the final quarter, excluding acquisitions and divestments, at target level and to a record high operating cash flow for the full year.
In the fourth quarter, our organic growth declined by 5% and negative currency effects were 7%, while acquisitions and divestments contributed a growth of 5%, resulting in a total sales decline of 7%. Sales were stable in EMEA and Entrance Systems, declined in Americas and Asia Pacific and were significantly down in Global Technologies.
Through continued cost-saving measures, we mitigated the negative effects of the newly introduced lockdowns in the fourth quarter and we achieved an operating margin of 16% excluding acquisitions and divestments. Cash flow continued to be very strong and totaled SEK 14,560 M for the full year and SEK 5,529 M in the fourth quarter.
The new restrictions and lockdowns put additional pressure on some of our customer segments and continued to affect Global Technologies in particular. EMEA's sales were stable and the underlying margin improved as strong residential demand in core markets, together with cost measures, more than offset the negative effects of the restrictions. In Americas, demand was very strong in Latin America and in the US residential segment, but declined in the commercial segments in the US. The operating margin in Americas was at a high level. Sales declined in all Asia Pacific markets, but we are seeing a gradual improvement of our profitability in China. Demand for Entrance Systems continued to be stable with a strong operating margin.
Our strong cost-saving measures continued and we realized net cost reductions of SEK 0.5 bn in the quarter, including effects from our new restructuring program, MFP8. The restructuring cost of the program amounted to almost SEK 1.4 bn and it will generate annual savings of around SEK 1 bn once fully implemented.
The outbreak of the Covid-19 pandemic led to a much weaker and volatile demand in 2020. As the vaccine program is rolled out, we expect restrictions to be gradually phased out, trust and mobility to return and demand in general to improve.
I am pleased that ASSA ABLOY continues to stand on very solid ground. Thanks to the significant efforts of our employees, I am confident that we will come out of the pandemic as a strong Group, well positioned to continue to lead the accesssolutions industry. I look forward to seeing our new products being taken up by our customers and exceeding their expectations.
Stockholm, 5 February 2021
Nico Delvaux President and CEO
Sales by quarter and last 12 months
Sales, 12 months
The Group's sales decreased by 7% to SEK 23,298 M (24,946). Organic growth amounted to –5% (1). Growth from acquisitions and divestments was 5% (3), of which 6% (3) were acquisitions and –1% (0) were divestments. Exchange-rates affected sales by –7% (4).
The Group's operating income3 4 (EBIT) amounted to SEK 3,475 M (4,047) a decrease of 14%. The corresponding operating margin was 14.9% (16.2). Exchange-rates had an impact of SEK –321 M (137) on EBIT. Operating income before amortizations from acquisitions3 4 (EBITA) amounted to SEK 3,634 M (4,188). The corresponding EBITA margin was 15.6% (16.8).
Net financial items amounted to SEK –169 M (–268). The Group's income before tax3 4 was SEK 3,306 M (3,779), a decrease of 13% compared with last year. Exchange-rates had an impact of SEK –317 M (126) on income before tax. The profit margin3 4 was 14.2% (15.1).
Earnings per share3 4 amounted to SEK 2.33 (2.49), a decrease of 7% compared with last year. Operating cash flow totaled SEK 5,529 M (5,235), an increase of 6% compared with last year.
The Group's sales for the full year 2020 totaled SEK 87,649 M (94,029), representing a decrease of 7%. Organic growth was –8% (3). Growth from acquisitions and divestments was 4% (3), of which 4% (3) were acquisitions and 0% (0) were divestments. Exchange-rate effects affected sales by –3% (6).
The Group's operating income3 4 (EBIT) in 2020 amounted to SEK 11,916 M (14,920), a decrease of 20% compared with last year. The corresponding operating margin was 13.6% (15.9). Operating income before amortizations from acquisitions3 4 (EBITA) in 2020 amounted to SEK 12,490 M (15,402). The corresponding EBITA margin was 14.3% (16.4).
The effective tax rate3 4 was 24.8% (26.2). Earnings per share3 4 in 2020 amounted to SEK 7.54 (9.22), a decrease of 18% compared with last year. Operating cash flow totaled SEK 14,560 M (14,442), an increase of 1% compared with last year.
A new restructuring program was launched at year-end 2020. The closures of 10 factories and more than 30 offices are expected to take place over a period of two years. The estimated cost of the restructuring program is SEK –1,366 M, with an expected payback time (inclusive of investments) of around two years.
Payments related to all restructuring programs amounted to SEK 337 M (261) during the quarter. The restructuring programs proceeded according to plan and led to a personnel reduction of 708 Full-Time Equivalents for the quarter and 2,135 for the full year. At the end of the quarter provisions of SEK 1,224 M remained in the balance sheet for carrying out the programs.
3 Excluding costs before income tax for restructuring programs in Q4 2020 and Q4 2019, totaling SEK
–1,366 M and SEK –312 M respectively. The corresponding cost after tax is SEK –1,112 M and SEK –246 M
4 Excluding non-cash operating income in Q3 2020 from revaluation at fair value of 39% ownership in agta record, totaling SEK 1,909 M for the year. The operating income has no tax impact.
Martin Poxton has been appointed Executive Vice President, member of the Group Executive Team in ASSA ABLOY, and Head of the business unit ASSA ABLOY Opening Solutions Greater China and South East Asia within Asia Pacific division with effect from January 1, 2021. Martin, previously VP Operations for Asia Pacific division, joined ASSA ABLOY in 2017.
Simon Ellis has been appointed Executive Vice President, member of the Group Executive Team in ASSA ABLOY, and Head of the business unit ASSA ABLOY Opening Solutions Pacific and North East Asia within Asia Pacific division with effect from January 1, 2021. Simon, previously Head of Pacific region and Japan in Asia Pacific division, joined ASSA ABLOY in 1999.
The Head of Asia Pacific division, Anders Maltesen, will leave ASSA ABLOY during the first half of 2021. He will be replaced by Nico Delvaux, the President and CEO of the ASSA ABLOY Group, as the head of the Asia Pacific Division.
Sales for the quarter in EMEA totaled SEK 5,242 M (5,525), with organic growth of –1% (1). Sales growth was strong in the UK and France, and stable in Scandinavia and Germany. Sales declined in Benelux, Eastern Europe, Middle East/Africa and South Europe. Net sales growth from acquisitions, divestments and internal segment transfers was 0%. Operating income excluding items affecting comparability totaled SEK 670 M (884), which represents an operating margin (EBIT) of 12.8% (16.0). In the quarter Gardesa, a residential door business in Italy, was divested with a capital loss and related exit costs amounting to SEK –185 M. Return on capital employed amounted to 14.8% (18.0). Operating cash flow before non-cash items and interest paid totaled SEK 1,368 M (1,729).
Sales for the quarter in Americas totaled SEK 4,567 M (5,900), with organic growth of –4% (5). Sales growth was very strong in US Residential, US Smart Residential and in Latin America. Sales declined in the USA for Architectural Hardware, Electromechanical Solutions, Security Doors and in Canada, while sales for Access & High Security declined significantly. Net sales growth from acquisitions and internal segment transfers was –10%. Operating income excluding items affecting comparability totaled SEK 915 M (1,182), which represents an operating margin (EBIT) of 20.0% (20.0). Return on capital employed amounted to 26.7% (23.6). Operating cash flow before non-cash items and interest paid totaled SEK 1,578 M (1,612).
Sales for the quarter in Asia Pacific totaled SEK 2,418 M (2,676), with organic growth of –5% (–10). Sales declined in Pacific, South Korea and China, and were significantly down in other regions. Net sales growth from acquisitions, divestments and internal segment transfers was 1%. Operating income excluding items affecting comparability totaled SEK 199 M (220), which represents an operating margin (EBIT) of 8.2% (8.2). Return on capital employed amounted to 9.1% (9.7). Operating cash flow before non-cash items and interest paid totaled SEK 307 M (147).
Sales for the quarter in Global Technologies totaled SEK 3,545 M (4,377), with organic growth of –17% (2). Sales declined in Identity and Access Management Solutions, Secure Issuance and in Physical Access Control. Sales in all other business areas declined significantly, including Global Solutions. Net sales growth from acquisitions and divestments was 5%. Operating income excluding items affecting comparability totaled SEK 582 M (800), which represents an operating margin (EBIT) of 16.4% (18.3). Return on capital employed amounted to 10.5% (14.1). Operating cash flow before non-cash items and interest paid totaled SEK 1,069 M (1,084).
Sales for the quarter in Entrance Systems totaled SEK 7,927 M (6,893), with organic growth of –1% (0). Sales growth was strong in Perimeter Security and was stable in Residential and Industrial, but declined in Pedestrian. Net sales growth from acquisitions, divestments and internal segment transfers was 23%. Operating income excluding items affecting comparability totaled SEK 1,251 M (1,125), which represents an operating margin (EBIT) of 15.8% (16.3). Return on capital employed amounted to 15.8% (18.6). Operating cash flow before non-cash items and interest paid totaled SEK 1,350 M (1,086).
Four acquisitions were consolidated during the quarter. The combined acquisition price for the businesses acquired during the year, including adjustments from prior year acquisitions, amounted to SEK 12,134 M. The acquisition price on a cash and debt free basis totaled SEK 10,572 M. In the purchase price is included SEK 3,752 M of a non-cash valuation at fair value of previously held shares in associated companies. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life amounted to SEK 8,325 M. Estimated deferred considerations for acquisitions made during the year amounted to SEK 318 M.
On January 14 2021, it was announced that ASSA ABLOY had sold Gardesa's Italian residential-door business to Italy-based Bertolotto and was in the final stages of selling Gardesa's roller-shutter business. Gardesa is an Italian manufacturer of residential security doors and roller shutters. The company's total sales in 2020 were approximately SEK 100 M. The transaction will have a positive effect on ASSA ABLOY´s operating margin going forward. The divestiture results in a capital loss and related exit costs amounting in total to approximately SEK –185 M.
On September 7 2020, it was announced that ASSA ABLOY had signed an agreement to sell its sensor technology business CEDES in Switzerland to capiton AG. CEDES is a leading sensor technology company in the door, gate and elevator industry. Sales in 2019 amounted to about SEK 525 M. The divestiture of CEDES was completed on 10 November 2020 and resulted in a small capital gain. The transaction will have a neutral effect on ASSA ABLOY´s operating margin going forward.
ASSA ABLOY has successfully completed its sustainability program for the period 2015-2020, where we have met or exceeded the majority of our sustainability targets. We are now launching an ambitious new sustainability program for 2025, with raised target levels for all indicators. Our new program builds on the momentum and progress gained from ASSA ABLOY's successive five-year sustainability programs since 2010. In tandem, ASSA ABLOY has committed to setting science-based targets, where our ambition is to halve our absolute emissions of greenhouse gases by 2030 and to achieve net-zero no later than 2050. Our commitment to the Science Based Targets initiative complements our new 2025 sustainability program.
The Sustainability Report for 2020, with results for the Group's 2020 targets, details of our new 2025 sustainability program and other information about sustainable development, will be available from 8 March 2021 on the company's website, www.assaabloy.com.
Other operating income for the Parent company ASSA ABLOY AB totaled SEK 4,580 M (5,172) for the full year 2020. Operating income for the same period amounted to SEK 868 M (1,523). Investments in tangible and intangible assets totaled SEK 164 M (740). Liquidity is good and the equity ratio is 43.6% (42.1).
An Extraordinary General Meeting held on 24 November 2020 resolved in accordance with the Board's proposal to pay a second dividend of SEK 1.85 per share for the financial year 2019. The dividend was distributed on 1 December 2020.
The Board of Directors now proposes a dividend of SEK 3.90 (3.85) per share for the 2020 financial year. In order to facilitate a more efficient cash management, the dividend is proposed to be paid in two equal installments, the first with record date 30 April 2021 and the second with record date 23 November 2021. If the proposal is adopted by the Annual General Meeting, the first installment is estimated to be paid on 5 May 2021 and the second installment on 26 November 2021.
The Annual General Meeting will be held on 28 April 2021. The Annual Report for 2020 will be available from 8 March 2021 on the company's website, www.assaabloy.com.
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation principles as in the latest Annual Report have been applied. This Report was prepared in accordance with IAS 34 'Interim Financial Reporting' and the 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 – so-called 'alternative performance measures'. For definitions of financial performance measures, refer to Page 19 of this 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 2019 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.
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 Covid-19 pandemic has had a substantial business impact on ASSA ABLOY during 2020. The continued impact of the pandemic on the business is difficult to predict due to the uncertainty of market conditions, but the health and safety of our employees remains our first priority.
For a more detailed description of particular risks and risk management, see the 2019 Annual Report.
The guidance below relating to two key figures is provided to facilitate financial modelling but should not be viewed as market outlooks or business performance forecasts.
It is estimated that completed acquisitions and divestments, on a rolling 12 month basis as per 31 December 2020, will have an effect of 4% on sales in the first quarter of 2021 versus the same period last year, while the effect on the operating margin is estimated to be dilutive in the first quarter of 2021.
On the basis of the currency rates on 31 December 2020, it is estimated that the weighted currency effects on sales in the first quarter of 2021 versus the same period last year will be –12%, while the effect on the operating margin is estimated to be slightly dilutive in the first quarter of 2021.
The Company's Auditors have not carried out any review of this Report for the fourth quarter of 2020.
Stockholm, 5 February 2021
Nico Delvaux President and CEO
The Annual Report for 2020 will be published on 8 March 2021.
The Quarterly Report for the first quarter of 2021 will be published on 28 April 2021.
The 2021 Annual General Meeting will be held on 28 April 2021.
A virtual capital markets day will be held on 26 May 2021.
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
which can be followed on the Internet at www.assaabloy.com.
It is possible to submit questions by telephone on: +46 8–566 427 04, +44 333 300 9262 or +1 646 722 4956
This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CET on 5 February 2021.
| CONDENSED INCOME STATEMENT | Q4 | Q1-Q4 | |||
|---|---|---|---|---|---|
| SEK M | 2019 | 2020 | 2019 | 2020 | |
| Sales | 24,946 | 23,298 | 94,029 | 87,649 | |
| Cost of goods sold | -15,138 | -14,633 | -56,499 | -53,336 | |
| Gross income | 9,809 | 8,665 | 37,530 | 34,313 | |
| Selling, administrative and R&D costs | -6,117 | -6,564 | -23,069 | -24,021 | |
| Share of earnings in associates | 44 | 8 | 147 | 257 | |
| Revaluation previously owned shares in associates | - | -1 | - | 1,909 | |
| Operating income | 3,735 | 2,108 | 14,608 | 12,458 | |
| Finance net | -268 | -169 | -1,037 | -782 | |
| Income before tax | 3,467 | 1,938 | 13,571 | 11,676 | |
| Tax on income | -947 | -469 | -3,574 | -2,504 | |
| Net income for the period | 2,520 | 1,470 | 9,997 | 9,172 | |
| Net income for the period attributable to: | |||||
| Parent company's shareholders | 2,517 | 1,471 | 9,993 | 9,171 | |
| Non-controlling interests | 3 | -1 | 4 | 1 | |
| Earnings per share | |||||
| Before and after dilution, SEK | 2.27 | 1.32 | 9.00 | 8.26 | |
| Before and after dilution and excluding items affecting comparability, SEK | 2.49 | 2.33 | 9.22 | 7.54 | |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | Q4 | Q1-Q4 | |||
| SEK M | 2019 | 2020 | 2019 | 2020 | |
| Net income for the period | 2,520 | 1,470 | 9,997 | 9,172 | |
| Other comprehensive income: | |||||
| Items that will not be reclassified to profit or loss | 221 | 222 | -281 | -262 | |
| Actuarial gain/loss on post-employment benefit obligations, net after tax Total |
221 | 222 | -281 | -262 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Share of other comprehensive income of associates | -80 | -37 | 86 | -70 | |
| Cashflow hedges and net investment hedges, net after tax | 18 | 14 | -10 | 13 | |
| Exchange rate differences reclassified to profit or loss | - | -72 | - | -318 | |
| Exchange rate differences | -1,491 | -2,847 | 1,556 | -4,560 | |
| Total | -1,553 | -2,942 | 1,632 | -4,935 | |
| Total comprehensive income for the period | 1,189 | -1,251 | 11,348 | 3,975 | |
| Total comprehensive income for the period attributable to: | |||||
| Parent company's shareholders | 1,185 | -1,249 | 11,343 | 3,975 | |
| Non-controlling interests | 3 | -2 | 5 | 0 |
| CONDENSED BALANCE SHEET | 31 Dec | |
|---|---|---|
| SEK M | 2019 | 2020 |
| ASSETS | ||
| Non-current assets | ||
| Intangible assets | 70,355 | 72,452 |
| Property, plant and equipment | 8,498 | 8,026 |
| Right-of-use assets | 3,731 | 3,513 |
| Investments in associates | 2,595 | 637 |
| Other financial assets | 104 | 212 |
| Deferred tax assets | 1,205 | 1,338 |
| Total non-current assets | 86,487 | 86,178 |
| Current assets | ||
| Inventories | 11,276 | 10,079 |
| Trade receivables | 15,701 | 13,665 |
| Other current receivables and investments | 4,144 | 4,750 |
| Cash and cash equivalents | 442 | 2,756 |
| Total current assets | 31,563 | 31,250 |
| TOTAL ASSETS | 118,050 117,428 | |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity attributable to Parent company's shareholders | 59,143 | 58,870 |
| Non-controlling interests | 11 | 9 |
| Total equity | 59,154 | 58,879 |
| Non-current liabilities | ||
| Long-term loans | 21,100 | 22,381 |
| Non-current lease liabilities | 2,588 | 2,477 |
| Deferred tax liabilities | 2,368 | 2,868 |
| Other non-current liabilities and provisions | 5,071 | 4,958 |
| Total non-current liabilities | 31,127 | 32,683 |
| Current liabilities | ||
| Short-term loans | 5,460 | 3,514 |
| Current lease liabilities | 1,151 | 1,085 |
| Trade payables | 7,908 | 7,027 |
| Other current liabilities and provisions | 13,250 | 14,238 |
| Total current liabilities | 27,769 | 25,865 |
| TOTAL EQUITY AND LIABILITIES | 118,050 117,428 |
| CHANGES IN EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non | ||
| company's | controlling | Total | |
| SEK M | shareholders | interests | equity |
| Opening balance 1 January 2019 according to adopted Annual Report | 51,890 | 10 | 51,900 |
| Change in accounting policies | -234 | - | -234 |
| New opening balance 1 January 2019 | 51,656 | 10 | 51,666 |
| Net income for the period | 9,993 | 4 | 9,997 |
| Other comprehensive income | 1,350 | 1 | 1,351 |
| Total comprehensive income | 11,343 | 5 | 11,348 |
| Dividend | -3,888 | - | -3,888 |
| Stock purchase plans | 27 | - | 27 |
| Change in non-controlling interest | 5 | -4 | 1 |
| Total transactions with shareholders | -3,856 | -4 | -3,860 |
| Closing balance 31 December 2019 | 59,143 | 11 | 59,154 |
| Opening balance 1 January 2020 | 59,143 | 11 | 59,154 |
|---|---|---|---|
| Net income for the period | 9,171 | 1 | 9,172 |
| Other comprehensive income | -5,196 | -1 | -5,197 |
| Total comprehensive income | 3,975 | 0 | 3,975 |
| Dividend | -4,276 | -1 | -4,277 |
| Stock purchase plans | 28 | - | 28 |
| Change in non-controlling interest | 1 | -1 | 0 |
| Total transactions with shareholders | -4,248 | -2 | -4,249 |
| Closing balance 31 December 2020 | 58,870 | 9 | 58,879 |
| CONDENSED STATEMENT OF CASH FLOWS | Q4 | Q1-Q4 | ||||
|---|---|---|---|---|---|---|
| SEK M | 2019 | 2020 | 2019 | 2020 | ||
| OPERATING ACTIVITIES | ||||||
| Operating income | 3,735 | 2,108 | 14,608 | 12,458 | ||
| Depreciation and amortization | 922 | 1,012 | 3,387 | 3,776 | ||
| Revaluation previously owned shares in associates | - | 1 | - | -1,909 | ||
| Reversal of restructuring costs | 312 | 1,366 | 312 | 1,366 | ||
| Restructuring payments | -261 | -337 | -726 | -747 | ||
| Other non-cash items | -24 | 178 | -324 | -95 | ||
| Cash flow before interest and tax | 4,684 | 4,328 | 17,257 | 14,850 | ||
| Interest paid and received | -233 | -189 | -869 | -694 | ||
| Tax paid on income | -1,651 | -648 | -3,872 | -3,104 | ||
| Cash flow before changes in working capital | 2,801 | 3,492 | 12,516 | 11,052 | ||
| Changes in working capital | 1,364 | 1,811 | 148 | 2,606 | ||
| Cash flow from operating activities | 4,164 | 5,303 | 12,665 | 13,658 | ||
| INVESTING ACTIVITIES | ||||||
| Net investments in intangible assets and property, plant and equipment | -525 | -439 | -1,662 | -1,674 | ||
| Investments in subsidiaries | -924 | -454 | -3,903 | -6,238 | ||
| Divestments of subsidiaries | 9 | 698 | 84 | 1,170 | ||
| Investments in and disposals of associates | - | - | 16 | - | ||
| Other investments and disposals | 0 | 0 | 0 | 0 | ||
| Cash flow from investing activities | -1,440 | -195 | -5,464 | -6,741 | ||
| FINANCING ACTIVITIES | ||||||
| Dividends | - | -2,055 | -3,888 | -4,277 | ||
| Acquisition of non-controlling interests | - | -16 | -19 | -16 | ||
| Amortization of lease liabilities | -316 | -319 | -1,159 | -1,275 | ||
| Net cash effect of changes in borrowings | -2,418 | -4,845 | -2,235 | 1,011 | ||
| Cash flow from financing activities | -2,734 | -7,234 | -7,301 | -4,558 | ||
| CASH FLOW FOR THE PERIOD | -9 | -2,127 | -100 | 2,359 | ||
| CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period |
459 | 4,906 | 538 | 442 | ||
| Cash flow for the period | -9 | -2,127 | -100 | 2,359 | ||
| Effect of exchange rate differences | -8 | -23 | 4 | -45 | ||
| Cash and cash equivalents at end of period | 442 | 2,756 | 442 | 2,756 | ||
| KEY RATIOS | Q1-Q4 | |
|---|---|---|
| 2019 | 2020 | |
| Return on capital employed, % | 16.6 | 13.6 |
| Return on capital employed excluding items affecting comparability, % | 17.0 | 13.0 |
| Return on shareholders' equity, % | 18.0 | 15.5 |
| Equity ratio, % | 50.1 | 50.1 |
| Interest coverage ratio, times | 14.9 | 16.7 |
| Total number of shares, thousands | 1,112,576 1,112,576 | |
| Number of shares outstanding, thousands | 1,110,776 1,110,776 | |
| Weighted average number of outstanding shares before and after dilution, thousands | 1,110,776 1,110,776 | |
| Average number of employees | 48,992 | 48,471 |
| CONDENSED INCOME STATEMENT | |||||
|---|---|---|---|---|---|
| SEK M | 2019 | 2020 | |||
| Operating income | 1,523 | 868 | |||
| Income before appropriations and tax | 4,962 | 5,363 | |||
| Net income for the period | 5,134 | 5,552 |
| CONDENSED BALANCE SHEET | 31 Dec | |
|---|---|---|
| SEK M | 2019 | 2020 |
| Non-current assets | 39,443 | 38,961 |
| Current assets | 19,722 | 21,069 |
| Total assets | 59,165 | 60,030 |
| Equity | 24,883 | 26,186 |
| Untaxed reserves | 911 | 1,125 |
| Non-current liabilities | 16,877 | 15,677 |
| Current liabilities | 16,494 | 17,042 |
| Total equity and liabilities | 59,165 | 60,030 |
| THE GROUP IN SUMMARY SEK M |
Q1 2019 |
Q2 2019 |
Q3 2019 |
Q4 2019 |
Year 2019 |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
Year 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 21,505 | 23,544 | 24,034 | 24,946 | 94,029 | 22,173 | 19,953 | 22,225 | 23,298 | 87,649 |
| Organic growth | 5% | 3% | 4% | 1% | 3% | -3% | -18% | -5% | -5% | -8% |
| Gross income excluding items affecting comparability |
8,596 | 9,500 | 9,625 | 9,979 37,700 | 8,973 | 7,648 | 9,026 | 9,278 | 34,925 | |
| Gross margin excluding items affecting comparability | 40.0% | 40.4% | 40.0% | 40.0% | 40.1% | 40.5% | 38.3% | 40.6% | 39.8% | 39.8% |
| Operating income before depr. & amort. (EBITDA) | ||||||||||
| excluding items affecting comparability | 4,034 | 4,568 | 4,736 | 4,969 18,307 | 3,676 | 3,024 | 4,505 | 4,487 | 15,692 | |
| Operating margin (EBITDA) Depreciation and amortization excl. amortization |
18.8% | 19.4% | 19.7% | 19.9% | 19.5% | 16.6% | 15.2% | 20.3% | 19.3% | 17.9% |
| attributable to business combinations | -682 | -716 | -726 | -781 | -2,905 | -792 | -787 | -771 | -853 | -3,202 |
| Operating income before amortization (EBITA) | ||||||||||
| excluding items affecting comparability Operating margin (EBITA) |
3,352 15.6% |
3,852 16.4% |
4,010 16.7% |
16.8% | 4,188 15,402 16.4% |
2,884 13.0% |
2,237 11.2% |
3,734 16.8% |
3,634 15.6% |
12,490 14.3% |
| Amortization attributable to business combinations | -106 | -120 | -115 | -141 | -482 | -133 | -141 | -142 | -159 | -574 |
| Operating income (EBIT) | ||||||||||
| excluding items affecting comparability | 3,246 | 3,733 | 3,894 | 4,047 14,920 | 2,751 | 2,097 | 3,593 | 3,475 | 11,916 | |
| Operating margin (EBIT) Items affecting comparability1) |
15.1% - |
15.9% - |
16.2% - |
16.2% -312 |
15.9% -312 |
12.4% - |
10.5% - |
16.2% 1 910 |
14.9% -1,367 |
13.6% 542 |
| Operating income (EBIT) | 3,246 | 3,733 | 3,894 | 3,735 14,608 | 2,751 | 2,097 | 5,502 | 2,108 | 12,458 | |
| Operating margin (EBIT) | 15.1% | 15.9% | 16.2% | 15.0% | 15.5% | 12.4% | 10.5% | 24.8% | 9.0% | 14.2% |
| Net financial items Income before tax (EBT) |
-248 2,997 |
-271 3,462 |
-250 3,645 |
-268 | -1,037 3,467 13,571 |
-232 2,519 |
-205 1,892 |
-176 5,326 |
-169 1,938 |
-782 11,676 |
| Profit margin (EBT) | 13.9% | 14.7% | 15.2% | 13.9% | 14.4% | 11.4% | 9.5% | 24.0% | 8.3% | 13.3% |
| Tax on income | -779 | -900 | -948 | -947 | -3,574 | -655 | -492 | -888 | -469 | -2,504 |
| Net income for the period | 2,218 | 2,562 | 2,697 | 2,520 | 9,997 | 1,864 | 1,400 | 4,438 | 1,470 | 9,172 |
| Net income attributable to: | ||||||||||
| Parent company's shareholders | 2,219 | 2,561 | 2,696 | 2,517 | 9,993 | 1,864 | 1,399 | 4,437 | 1,471 | 9,171 |
| Non-controlling interests | -1 | 0 | 1 | 3 | 4 | 1 | 1 | 1 | -1 | 1 |
| OPERATING CASH FLOW | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| SEK M Operating income (EBIT) |
2019 3,246 |
2019 3,733 |
2019 3,894 |
2019 3,735 |
2019 14,608 |
2020 2,751 |
2020 2,097 |
2020 5,502 |
2020 2,108 |
2020 12,458 |
| Restructuring costs | - | - | - | 312 | 312 | - | - | - | 1,366 | 1,366 |
| Revaluation previously owned shares in associates | - | - | - | - | - | - | - | -1,910 | 1 | -1,909 |
| Depreciation and amortization Net capital expenditure |
788 -321 |
835 -406 |
842 -410 |
922 -525 |
3,387 -1,662 |
925 -491 |
927 -442 |
912 -301 |
1,012 -439 |
3,776 -1,674 |
| Change in working capital | -2,048 | 242 | 591 | 1,364 | 148 | -1,485 | 1,460 | 820 | 1,811 | 2,606 |
| Interest paid and received | -179 | -277 | -179 | -233 | -869 | -172 | -244 | -90 | -189 | -694 |
| Repayment of lease liabilities | -262 | -281 | -300 | -316 | -1,159 | -326 | -322 | -308 | -319 | -1,275 |
| Non-cash items Operating cash flow |
-53 1,171 |
-210 3,636 |
-37 4,401 |
-24 | -324 5,235 14,442 |
4 1,206 |
-58 3,418 |
-219 4,407 |
178 5,529 |
-95 14,560 |
| Operating Cash flow/Income before tax excluding | ||||||||||
| items affecting comparability | 0.39 | 1.05 | 1.21 | 1.39 | 1.04 | 0.48 | 1.81 | 1.29 | 1.67 | 1.31 |
| CHANGE IN NET DEBT | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| SEK M Net debt at beginning of period |
2019 29,246 |
2019 35,100 |
2019 37,620 |
2019 36,843 |
2019 29,246 |
2020 33,050 |
2020 36,371 |
2020 34,112 |
2020 35,059 |
2020 33,050 |
| Impact from transition to IFRS 16 | 3,711 | - | - | - | 3,711 | - | - | - | - | - |
| Operating cash flow | -1,171 | -3,636 | -4,401 | -5,235 -14,442 | -1,206 | -3,418 | -4,407 | -5,529 | -14,560 | |
| Restructuring payments Tax paid on income |
161 703 |
123 942 |
181 577 |
261 1,651 |
726 3,872 |
83 878 |
173 474 |
155 1,104 |
337 648 |
747 3,104 |
| Acquisitions and divestments | 1,357 | 964 | 1,425 | 1,018 | 4,764 | 1,584 | 86 | 4,331 | -497 | 5,504 |
| Dividend | - | 3,888 | - | - | 3,888 | - | 2,222 | - | 2,055 | 4,277 |
| Actuarial gain/loss on post-employment benefit obligations Change to lease liabilities |
179 -127 |
210 -111 |
289 -51 |
-316 47 |
362 -242 |
139 -1 |
407 -110 |
94 98 |
-321 -93 |
319 -106 |
| Exchange rate differences, etc. | 1,039 | 140 | 1,203 | -1,218 | 1,165 | 1,845 | -2,093 | -428 | -1,904 | -2,580 |
| Net debt at end of period | 35,100 37,620 36,843 33,050 33,050 | 36,371 34,112 35,059 29,755 | 29,755 | |||||||
| Net debt/Equity | 0.64 | 0.70 | 0.64 | 0.56 | 0.56 | 0.58 | 0.58 | 0.56 | 0.51 | 0.51 |
| NET DEBT SEK M |
Q1 2019 |
Q2 2019 |
Q3 2019 |
Q4 2019 |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
||
| Interest-bearing assets | -168 | -144 | -113 | -100 | -108 | -76 | -47 | -205 | ||
| Cash and cash equivalents | -414 | -355 | -459 | -442 | -1,676 | -3,726 | -4,906 | -2,756 | ||
| Derivative financial instruments, net | 43 | -127 | 8 | -53 | -469 | -441 | -350 | -255 | ||
| Pension provisions Lease liabilities |
3,105 3,776 |
3,324 3,694 |
3,717 3,746 |
3,346 3,739 |
3,642 3,924 |
3,887 3,614 |
4,164 3,818 |
3,514 3,562 |
||
| Interest-bearing liabilities | 28,758 | 31,228 | 29,944 | 26,560 | 31,059 | 30,853 | 32,379 | 25,895 | ||
| Total | 35,100 37,620 36,843 33,050 | 36,371 34,112 35,059 29,755 | ||||||||
| CAPITAL EMPLOYED AND FINANCING SEK M |
Q1 2019 |
Q2 2019 |
Q3 2019 |
Q4 2019 |
Q1 2020 |
Q2 2020 |
Q3 2020 |
Q4 2020 |
||
| Capital employed | 90,227 | 91,334 | 94,796 | 92,204 | 99,428 | 93,103 | 97,232 | 88,634 | ||
| - of which goodwill | 55,731 | 56,179 | 59,134 | 57,662 | 61,573 | 58,243 | 64,013 | 58,344 | ||
| - of which other intangible assets and PPE - of which right-of-use assets |
19,911 3,805 |
20,386 3,705 |
21,296 3,746 |
21,191 3,731 |
22,189 3,909 |
21,064 3,592 |
21,613 3,779 |
22,134 3,513 |
||
| - of which investments in associates | 2,510 | 2,534 | 2,643 | 2,595 | 2,772 | 2,665 | 685 | 637 | ||
| Net debt | 35,100 | 37,620 | 36,843 | 33,050 | 36,371 | 34,112 | 35,059 | 29,755 | ||
| Non-controlling interests | 10 | 6 | 8 | 11 | 13 | 12 | 12 | 9 | ||
| Equity attributable to the Parent company´s shareholders | 55,117 | 53,708 | 57,946 | 59,143 | 63,044 | 58,980 | 62,161 | 58,870 | ||
| DATA PER SHARE | Q1 | Q2 | Q3 | Q4 | Year | Q1 | Q2 | Q3 | Q4 | Year |
| SEK | 2019 | 2019 | 2019 | 2019 | 2019 | 2020 | 2020 | 2020 | 2020 | 2020 |
| Earnings per share before and after dilution | 2.00 | 2.31 | 2.43 | 2.27 | 9.00 | 1.68 | 1.26 | 3.99 | 1.32 | 8.26 |
| Earnings per share before and after dilution and excluding items affecting comparability |
2.00 | 2.31 | 2.43 | 2.49 | 9.22 | 1.68 | 1.26 | 2.28 | 2.33 | 7.54 |
| Shareholders' equity per share after dilution | 49.62 | 48.35 | 52.17 | 53.25 | 53.25 | 56.76 | 53.10 | 55.96 | 53.00 | 53.00 |
1) Items affecting comparability consist of restructuring costs and revaluation of previously owned shares in associates.
| Q4 and 31 Dec | Global Entrance |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Sales, external | 5,404 | 5,159 | 5,877 | 4,530 | 2,449 | 2,199 | 4,349 | 3,515 | 6,866 | 7,894 | - | - | 24,946 23,298 | |
| Sales, internal | 121 | 83 | 23 | 36 | 227 | 219 | 28 | 30 | 27 | 33 | -425 | -400 | - | - |
| Sales | 5,525 5,242 | 5,900 4,567 | 2,676 2,418 | 4,377 3,545 | 6,893 7,927 | -425 | -400 24,946 23,298 | |||||||
| Organic growth | 1% | -1% | 5% | -4% | -10% | -5% | 2% | -17% | 0% | -1% | - | - | 1% | -5% |
| Acquisitions and divestments | -2% | 0% | 4% | -10% | 4% | 1% | 14% | 5% | 0% | 23% | - | - | 3% | 5% |
| Exchange-rate effects | 2% | -4% | 5% | -9% | 3% | -6% | 6% | -7% | 4% | -7% | - | - | 4% | -7% |
| Share of earnings in associates | - | - | - - |
2 | -5 | 5 | 9 | 37 | 3 | - | - | 44 | 8 | |
| Operating income (EBIT) excl. | ||||||||||||||
| items affecting comparability | 884 | 670 | 1,182 | 915 | 220 | 199 | 800 | 582 | 1,125 1,251 | -163 | -142 | 4,047 3,475 | ||
| Operating margin (EBIT) excl. | ||||||||||||||
| items affecting comparability | 16.0% 12.8% | 20.0% 20.0% | 8.2% | 8.2% | 18.3% 16.4% | 16.3% 15.8% | - | - | 16.2% 14.9% | |||||
| Restructuring costs | -185 | -448 | - | -51 | -6 | -303 | -4 | -195 | -116 | -220 | - | -150 | -312 -1,366 | |
| Revaluation previously owned shares in associates | - | - | - | - | - | - | - | - | - | -1 | - | - | - | -1 |
| Operating income (EBIT) | 699 | 223 | 1,182 | 864 | 214 | -104 | 795 | 387 | 1,009 1,030 | -163 | -292 | 3,735 2,108 | ||
| Operating margin (EBIT) | 12.6% | 4.2% | 20.0% 18.9% | 8.0% -4.3% | 18.2% 10.9% | 14.6% 13.0% | - | - | 15.0% | 9.0% | ||||
| Capital employed | 18,659 16,849 | 19,678 13,201 | 9,053 | 8,191 | 22,329 21,044 | 23,024 30,231 | -539 | -883 | 92,204 88,634 | |||||
| - of which goodwill | 11,121 10,475 | 14,105 10,444 | 4,168 | 3,884 | 15,459 14,881 | 12,809 18,660 | - | - | 57,662 58,344 | |||||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 4,092 | 3 485 | 4,423 | 2 713 | 2,469 | 2,375 | 5,632 | 5,100 | 4,451 | 8,362 | 124 | 99 | 21,191 22,134 | |
| - of which right-of-use assets | 990 | 998 | 499 | 387 | 260 | 264 | 463 | 457 | 1,499 | 1,390 | 19 | 17 | 3,731 | 3,513 |
| - of which investments in associates | 1 | 1 | - | - | 637 | 589 | 23 | 28 | 1,935 | 20 | - | - | 2,595 | 637 |
| Return on capital employed | ||||||||||||||
| excluding items affecting comparability | 18.0% 14.8% | 23.6% 26.7% | 9.7% | 9.1% | 14.1% 10.5% | 18.6% 15.8% | - | - | 17.1% 14.8% | |||||
| Operating income (EBIT) | 699 | 223 | 1,182 | 864 | 214 | -104 | 795 | 387 | 1,009 | 1,030 | -163 | -292 | 3,735 | 2,108 |
| Restructuring costs | 185 | 448 | - | 51 | 6 | 303 | 4 | 195 | 116 | 220 | - | 150 | 312 | 1,366 |
| Revaluation previously owned shares in associates | - | - | - | - | - | - | - | - | - | 1 | - | - | - | 1 |
| Depreciation and amortization | 219 | 235 | 152 | 110 | 97 | 86 | 236 | 238 | 209 | 334 | 9 | 9 | 922 | 1,012 |
| Net capital expenditure | -145 | -109 | -87 | -47 | -73 | -45 | -130 | -77 | -113 | -117 | 22 | -44 | -525 | -439 |
| Amortization of lease liabilities | -76 | -78 | -43 | -34 | -27 | -29 | -36 | -35 | -129 | -140 | -3 | -3 | -316 | -319 |
| Change in working capital | 848 | 650 | 409 | 634 | -70 | 96 | 215 | 361 | -7 | 22 | -31 | 47 | 1,364 | 1,811 |
| Operating cash flow by division | 1,729 1,368 | 1,612 1,578 | 147 | 307 | 1,084 1,069 | 1,086 1,350 | -167 | -134 | 5,492 5,540 | |||||
| Non-cash items | -24 | 178 | -24 | 178 | ||||||||||
| Interest paid and received | -233 | -189 | -233 | -189 | ||||||||||
| Operating cash flow | 5,235 5,529 |
| Q1-Q4 and 31 Dec | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 2020 | |
| Sales, external | 20,707 18,563 | 23,082 18,907 | 9,477 | 7,916 | 15,321 14,054 | 25,442 28,210 | - | - | 94,029 87,649 | |||||
| Sales, internal | 438 | 418 | 90 | 107 | 1,213 | 926 | 102 | 105 | 110 | 113 | -1,953 -1,668 | - | - | |
| Sales | 21,144 18,982 23,172 19,013 10,689 8,841 15,423 14,158 25,553 28,323 | -1,953 -1,668 94,029 87,649 | ||||||||||||
| Organic growth | 2% | -8% | 7% | -7% | -1% | -16% | 5% | -15% | 2% | -2% | - | - | 3% | -8% |
| Acquisitions and divestments | 0% | -1% | 2% | -9% | 5% | 1% | 16% | 10% | 1% | 15% | - | - | 3% | 4% |
| Exchange-rate effects | 3% | -1% | 8% | -2% | 3% | -2% | 8% | -3% | 5% | -2% | - | - | 6% | -3% |
| Share of earnings in associates | - | - | - | - | 17 | 9 | 5 | 9 | 124 | 239 | - | - | 147 | 257 |
| Operating income (EBIT) excl. | ||||||||||||||
| items affecting comparability | 3,396 2,263 | 4,673 3,698 | 879 | 396 | 2,890 2,023 | 3,652 4,083 | -570 | -547 14,920 11,916 | ||||||
| Operating margin (EBIT) excl. | ||||||||||||||
| items affecting comparability | 16.1% 11.9% | 20.2% 19.4% | 8.2% | 4.5% | 18.7% 14.3% | 14.3% 14.4% | - | - | 15.9% 13.6% | |||||
| Restructuring costs | -185 | -448 | - | -51 | -6 | -303 | -4 | -195 | -116 | -220 | - | -150 | -312 -1,366 | |
| Revaluation previously owned shares in associates | - | - | - | - | - | - | - | - | - | 1,909 | - | - | - | 1,909 |
| Operating income (EBIT) | 3,211 1,815 | 4,673 3,647 | 873 | 93 | 2,885 1,828 | 3,535 5,772 | -570 | -697 14,608 12,458 | ||||||
| Operating margin (EBIT) | 15.2% | 9.6% | 20.2% 19.2% | 8.2% | 1.1% | 18.7% 12.9% | 13.8% 20.4% | - | - | 15.5% 14.2% | ||||
| Capital employed | 18,659 16,849 | 19,678 13,201 | 9,053 | 8,191 | 22,329 21,044 | 23,024 30,231 | -539 | -883 | 92,204 88,634 | |||||
| - of which goodwill | 11,121 10,475 | 14,105 10,444 | 4,168 | 3,884 | 15,459 14,881 | 12,809 18,660 | - | - | 57,662 58,344 | |||||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 4,092 | 3,485 | 4,423 | 2,713 | 2,469 | 2,375 | 5,632 | 5,100 | 4,451 | 8,362 | 124 | 99 | 21,191 22,134 | |
| - of which right-of-use assets | 990 | 998 | 499 | 387 | 260 | 264 | 463 | 457 | 1,499 | 1,390 | 19 | 17 | 3,731 | 3,513 |
| - of which investments in associates | 1 | 1 | - | - | 637 | 589 | 23 | 28 | 1,935 | 20 | - | - | 2,595 | 637 |
| Return on capital employed | ||||||||||||||
| excluding items affecting comparability | 18.4% 12.2% | 23.6% 21.6% | 10.3% | 4.4% | 14.0% | 9.3% | 16.2% 14.8% | - | - | 17.0% 13.0% | ||||
| Operating income (EBIT) | 3,211 | 1,815 | 4,673 | 3,647 | 873 | 93 | 2,885 | 1,828 | 3,535 | 5,772 | -570 | -697 | 14,608 12,458 | |
| Restructuring costs | 185 | 448 | - 51 |
6 | 303 | 4 | 195 | 116 | 220 | - | 150 | 312 | 1,366 | |
| Revaluation previously owned shares in associates | - - |
- - |
- - |
- - |
- -1,909 | - | - | - -1,909 | ||||||
| Depreciation and amortization | 813 | 925 | 569 | 471 | 381 | 355 | 793 | 917 | 794 | 1,078 | 36 | 30 | 3,387 | 3,776 |
| Net capital expenditure | -454 | -407 | -348 | -267 | -220 | -192 | -366 | -430 | -276 | -330 | 3 | -47 | -1,662 -1,674 | |
| Amortization of lease liabilities | -295 | -318 | -149 | -132 | -100 | -108 | -129 | -144 | -477 | -559 | -9 | -14 | -1,159 -1,275 | |
| Change in working capital | 53 | 476 | 517 | 1,067 | -319 | 311 | -5 | 144 | -38 | 702 | -61 | -94 | 148 | 2,606 |
| Operating cash flow by division | 3,515 2,939 | 5,263 4,837 | 622 | 762 | 3,183 2,509 | 3,655 4,974 | -602 | -673 15,635 15,349 | ||||||
| Non-cash items | -324 | -95 | -324 | -95 | ||||||||||
| Interest paid and received | -869 | -694 | -869 | -694 | ||||||||||
| Operating cash flow | 14,442 14,560 | |||||||||||||
| Average number of employees | 11,373 10,281 | 9,360 | 8,787 | 11,016 | 9,892 | 5,594 | 6,374 | 11,313 12,883 | 336 | 254 | 48,992 48,471 |
| Sales by continent Q4 | Global Entrance |
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Europe | 4,825 | 4,697 | 10 | 20 | 114 | 118 | 1,037 | 1,026 | 3,339 | 3,841 | -165 | -188 | 9,160 | 9,514 |
| North America | 155 | 96 | 5,416 | 4,112 | 221 | 213 | 2,098 | 1,658 | 3,019 | 3,477 | -167 | -141 | 10,742 | 9,415 |
| Central- and South America | 28 | 18 | 434 | 406 | 20 | 13 | 212 | 150 | 17 | 16 | -14 | -11 | 697 | 592 |
| Africa | 220 | 196 | 9 | 8 | 4 | 4 | 129 | 95 | 13 | 17 | -7 | -5 | 367 | 315 |
| Asia | 270 | 216 | 29 | 19 | 1,725 | 1,471 | 698 | 427 | 378 | 333 | -46 | -36 | 3,054 | 2,429 |
| Oceania | 26 | 19 | 2 | 2 | 592 | 599 | 203 | 190 | 128 | 245 | -25 | -20 | 926 | 1,034 |
| Total | 5,525 5,242 | 5,900 4,567 | 2,676 2,418 | 4,377 3,545 | 6,893 | 7,927 | -425 | -400 | 24,946 23,298 |
| Sales by continent Q1-Q4 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Europe | 18,435 16,881 | 43 | 64 | 552 | 506 | 3,863 | 3,759 | 11,937 | 12,126 | -733 | -751 | 34,097 | 32,584 | |
| North America | 593 | 426 | 21,358 17,354 | 1,082 | 797 | 7,657 | 6,795 | 11,650 | 14,160 | -850 | -593 | 41,490 | 38,939 | |
| Central- and South America | 102 | 64 | 1,629 | 1,436 | 52 | 43 | 562 | 424 | 83 | 60 | -37 | -41 | 2,392 | 1,986 |
| Africa | 827 | 665 | 26 | 40 | 15 | 15 | 410 | 386 | 54 | 56 | -24 | -23 | 1,308 | 1,139 |
| Asia | 1,053 | 835 | 110 | 109 | 6,633 | 5,155 | 2,471 | 2,070 | 1,333 | 1,126 | -177 | -146 | 11,422 | 9,149 |
| Oceania | 134 | 111 | 7 | 10 | 2,355 | 2,326 | 459 | 724 | 495 | 794 | -132 | -113 | 3,319 | 3,852 |
| Total | 21,144 18,982 23,172 19,013 10,689 8,841 15,423 14,158 | 25,553 28,323 | -1,953 -1,668 | 94,029 87,649 |
| Sales by product group Q4 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Mechanical locks, lock systems and fittings | 2,590 | 2,488 | 2,191 | 1,929 | 1,294 | 1,161 | 84 | 65 | 2 | 2 | -172 | -132 | 5,990 | 5,512 |
| Electromechanical and electronic locks | 1,813 | 1,767 | 1,414 | 1,200 | 586 | 580 | 4,240 | 3,471 | 199 | 195 | -199 | -211 | 8,053 | 7,002 |
| Security doors and hardware | 971 | 844 | 2,250 | 1,430 | 792 | 657 | 53 | 8 | - | 566 | -26 | -21 | 4,040 | 3,484 |
| Entrance automation | 151 | 143 | 45 | 8 | 4 | 20 | - | - | 6,692 | 7,164 | -28 | -36 | 6,864 | 7,299 |
| Total | 5,525 5,242 | 5,900 4,567 | 2,676 2,418 | 4,377 3,545 | 6,893 | 7,927 | -425 | -400 | 24,946 23,298 |
| Sales by product group Q1-Q4 | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | 2020 |
| Mechanical locks, lock systems and fittings 10,232 | 9,012 | 8,734 | 7,892 | 5,035 | 4,357 | 186 | 291 | 8 | 7 | -710 | -638 | 23,486 | 20,921 | |
| Electromechanical and electronic locks | 6,727 | 6,335 | 5,339 | 4,860 | 2,492 | 1,916 | 15,089 13,844 | 747 | 738 | -1,018 | -800 | 29,376 | 26,892 | |
| Security doors and hardware | 3,678 | 3,131 | 8,985 | 6,224 | 3,143 | 2,497 | 147 | 24 | - | 2,364 | -104 | -101 | 15,849 | 14,139 |
| Entrance automation | 508 | 504 | 114 | 38 | 18 | 70 | - | - | 24,798 | 25,214 | -121 | -129 | 25,318 | 25,697 |
| Total | 21,144 18,982 23,172 19,013 10,689 8,841 15,423 14,158 | 25,553 28,323 | -1,953 -1,668 | 94,029 87,649 |
| NOTE 2 BUSINESS COMBINATIONS | whereof | ||||
|---|---|---|---|---|---|
| Q4 | Q1-Q4 | agta record | |||
| SEK M | 2019 | 2020 | 2019 | 2020 | 2020 |
| Purchase prices | |||||
| Cash paid for acquisitions during the year | 944 | 516 | 3,564 | 8,058 | 6,054 |
| Holdbacks and deferred considerations for acquisitions during the year | 64 | -219 | 255 | 318 | 45 |
| Fair value of previously owned shares in associates | - | 0 | - | 3,752 | 3,752 |
| Adjustment of purchase prices for acquisitions in prior years | -1 | -21 | -7 | 5 | - |
| Total | 1,008 | 276 | 3,813 12,134 | 9,850 | |
| Acquired assets and liabilities at fair value | |||||
| Intangible assets | 444 | 2,486 | 1,296 | 3,281 | 2,691 |
| Property, plant and equipment and right-of-use assets | 209 | 48 | 417 | 929 | 608 |
| Other non-current assets | 14 | 44 | 95 | 135 | 121 |
| Inventories | 56 | -28 | 208 | 646 | 472 |
| Current receivables and investments | 328 | 76 | 681 | 1,062 | 895 |
| Cash and cash equivalents | 58 | 66 | 120 | 2,239 | 2,149 |
| Non-current liabilities | -119 | -525 | -503 -1,357 | -883 | |
| Current liabilities | -246 | -152 | -1,186 -1,223 | -918 | |
| Total | 743 | 2,015 | 1,128 5,713 | 5,135 | |
| Goodwill | 265 -1,739 | 2,685 6,421 | 4,715 | ||
| Change in cash and cash equivalents due to acquisitions | |||||
| Cash paid for acquisitions during the year | 944 | 516 | 3,564 | 8,058 | 6,054 |
| Cash and cash equivalents in acquired subsidiaries | -58 | -66 | -120 -2,239 | -2,149 | |
| Paid considerations for acquisitions in prior years | 37 | 4 | 459 | 418 | - |
| Total | 924 | 454 | 3,903 6,238 | 3,905 |
Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table.
| 31 December 2020 | Financial instruments | at fair value | |||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 Level 3 | |
| Financial assets | |||||
| Financial assets at amortized cost | 16,674 | 16,674 | |||
| Financial assets at fair value through profit and loss | 6 | 6 | |||
| Derivatives - hedge accounting | 187 | 187 | 187 | ||
| Derivatives - held for trading | 240 | 240 | 240 | ||
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 32,922 | 33,480 | |||
| Financial liabilities at fair value through profit and loss | 944 | 944 | 944 | ||
| Lease liabilities | 3,562 | 3,562 | |||
| Derivatives - hedge accounting | 0 | 0 | 0 | ||
| Derivatives - held for trading | 171 | 171 | 171 | ||
| Financial instruments | |||||
| 31 December 2019 | at fair value | ||||
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 Level 3 | |
| Financial assets | |||||
| Loans and other receivables | 16,296 | 16,296 | |||
| Financial assets at fair value through profit and loss | 6 | 6 | |||
| Available-for-sale financial assets | 94 | 94 | 94 | ||
| Derivative instruments - hedge accounting | 108 | 108 | 108 | ||
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 34,468 | 34,722 | |||
| Financial liabilities at fair value through profit and loss | 1,366 | 1,366 | 1,366 | ||
| Lease liabilities | 3,739 | 3,739 | |||
| Derivatives - hedge accounting | 6 | 6 | 6 | ||
| Derivatives - held for trading | 143 | 143 | 143 |
Change in sales for comparable units after adjustments for Interest-bearing liabilities less interest-bearing assets. acquisitions and exchange rate effects. See the table on net debt for detailed information.
Operating income before depreciation and amortization as a Total assets less interest-bearing assets and non-interestpercentage of sales. bearing liabilities including deferred tax liability.
Operating income before amortization of intangible assets Shareholders' equity as a percentage of total assets. recognized in business combinations, as a percentage of sales.
Operating income as a percentage of sales.
Cash Flow from operating activities excluding restructuring Return on capital employed payments and tax paid on income minus net capital expenditure Income before tax plus net interest as a percentage of and repayment of lease liabilities. average capital employed excluding restructuring reserves.
Depreciation and amortization of intangible assets, property, plant and equipment and right-of-use assets.
Operating margin (EBIT) Income before tax plus net interest divided by net interest.
Profit margin (EBT) Net income attributable to parent company's shareholders Income before tax as a percentage of sales. as a percentage of average parent company's shareholders equity.
Investments in, less disposals of, intangible assets and Net income excluding non-controlling interests divided by property, plant and equipment. weighted average number of outstanding shares after any potential dilution.
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