Earnings Release • Jul 17, 2015
Earnings Release
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17 July 2015 No. 15/15
| Second quarter | First half-year | |||||||
|---|---|---|---|---|---|---|---|---|
| 2014 | 2015 | Change | 2014 | 2015 | Change | |||
| Sales, SEK M | 13,964 17,082 | +22% 26,268 | 32,334 | +23% | ||||
| of which, | ||||||||
| Organic growth | +4% | +4% | ||||||
| Acquisitions | +3% | +3% | ||||||
| Exchange-rate effects | +2,008 | +15% | +3,900 | +16% | ||||
| Operating income (EBIT), | ||||||||
| SEK M | 2,219 | 2,742 | +24% | 4,076 | 5,071 | +24% | ||
| Operating margin (EBIT), % | 15.9 | 16.1 | 15.5 | 15.7 | ||||
| Income before tax, SEK M | 2,073 | 2,551 | +23% | 3,782 | 4,735 | +25% | ||
| Net income, SEK M | 1,534 | 1,888 | +23% | 2,798 | 3,504 | +25% | ||
| Operating cash flow, SEK M | 1,963 | 1,991 | +1% | 2,520 | 2,511 | 0% | ||
| Earnings per share (EPS), | ||||||||
| SEK1) | 1.38 | 1.70 | +23% | 2.52 | 3.15 | +25% |
1) Earnings per share have been restated for all periods presented reflecting the stock split (3:1) approved in May 2015.
"The second quarter and the first six months showed a continued very strong performance for ASSA ABLOY, with a rise in sales of a full 22% in the quarter and a very strong improvement in operating income of 24%," says Johan Molin, President and CEO. "The good organic growth in all divisions, apart from in China, was very pleasing and an indication of strength in tough economic times.
"Organic growth during the quarter was 4%, driven mainly by a very strong performance in Global Technologies and good growth in the Americas, EMEA and Entrance Systems divisions. Performance in Asia Pacific was also very gratifying, with strong growth in all regions except China, where sales remained weak.
"The Group's innovations in the form of new products are achieving great successes in the market. In the USA the Group has taken a strong lead in energy saving and smart locks for so-called Home Automation Systems. In Europe we are seeing the same trend, with our new electromechanical lock systems making particularly strong advances. The share taken by new products in the first half-year was over 30% of total sales, a very pleasing figure. We have also achieved a geographical broadening for similar electromechanical products in Asia during the quarter.
"Three further acquisitions were made during the quarter. In Finland the company Flexim was acquired, a leading Finnish supplier of security systems which provided important complementary market coverage. In Belgium the service and industrial door company L-Door was acquired, which complements Entrance Systems' business in Belgium very well. On the important Middle Eastern market we succeeded in carrying through the purchase of Prometal, which manufactures security doors for local applications. This is an important product category for the specification market. Our acquisitions so far this year represent 3% in added sales.
"Operating income continued to improve strongly during the quarter, by a full 24%. Our organic growth combined with continued improvements in efficiency meant that the operating margin continued its positive trend, rising to 16.1%, in spite of the turbulence on the foreign-exchange markets and dilution from acquisitions.
"My judgment is that the global economic trend remains weak. Although America is showing a positive trend, Europe and many of the Emerging Markets are stagnating. However, our strategy of expanding on the Emerging Markets remains unchanged, since in the long term they are expected to achieve very good economic growth. We are also continuing our investments in new products, especially in the growth area of electromechanics."
The Group's sales for the quarter totaled SEK 17,082 M (13,964), an increase of 22% compared with the second quarter of 2014. Organic growth for comparable units was 4%
(2). Acquired units contributed 3% (10). Exchange-rate effects had a positive impact of SEK 2,008 M on sales, equivalent to 15% (2).
Operating income before depreciation, EBITDA, amounted to SEK 3,117 M (2,504). The corresponding EBITDA margin was 18.2% (17.9). The Group's operating income, EBIT, amounted to SEK 2,742 M (2,219) an increase of 24%. The operating margin was 16.1% (15.9).
Net financial items amounted to SEK –191 M (–146). The Group's income before tax was SEK 2,551 M (2,073), an improvement of 23% compared with the previous year. Exchange-rate effects had an impact of SEK 278 M on the Group's income before tax. The profit margin was 14.9% (14.8). The underlying estimated effective tax rate on an annual basis was 26% (26). Earnings per share amounted to SEK 1.70 (1.38), an increase of 23%.
The Group's sales for the first half of 2015 totaled SEK 32,334 M (26,268), representing an increase of 23%. Organic growth was 4% (3). Acquired units contributed 3% (9). Exchange-rate effects had a positive impact of SEK 3,900 M on sales, that is 16% (2) compared with the first half of 2014. Operating income before depreciation, EBITDA, for the half-year amounted to SEK 5,776 M (4,639). The corresponding margin was 17.9% (17.7). The Group's operating income, EBIT, amounted to SEK 5,071 M (4,076), which was an increase of 24%. The corresponding EBIT operating margin was 15.7% (15.5).
Earnings per share for the first half-year increased to SEK 3.15 (2.52), a rise of 25%. Operating cash flow for the half-year totaled SEK 2,511 M (2,520).
Payments related to all existing restructuring programs amounted to SEK 60 M in the quarter. The restructuring programs proceeded according to plan and led to a reduction in personnel of 139 people during the quarter and 9,759 people since the projects began.
At the end of the half-year provisions of SEK 776 M remained in the balance sheet for carrying out the programs.
Sales for the quarter in EMEA division totaled SEK 4,068 M (3,672), with organic growth of 5% (3). The markets in Scandinavia, Finland, eastern Europe and Africa showed strong growth. Germany and Spain achieved good growth while sales were stable in Great Britain, Israel and Italy. Sales growth remained negative in Benelux and France. Acquired growth amounted to 2% (4). Operating income totaled SEK 614 M (566), which represented an
operating margin (EBIT) of 15.1% (15.4). Return on capital employed amounted to 17.4% (18.4). Operating cash flow before interest paid totaled SEK 355 M (498).
Sales for the quarter in Americas division totaled SEK 3,953 M (2,996), with organic growth of 5% (3). The sales trends for traditional lock products and the private residential market and for Mexico and South America were strong. Electromechanical products, the door segment and Canada achieved good growth. High-security products showed a stable trend. Acquired growth amounted to 2% (12). Operating income totaled SEK 870 M (662), which represented an operating margin (EBIT) of 22.0% (22.1). Return on capital employed amounted to 24.5% (24.1). Operating cash flow before interest paid totaled SEK 955 M (850).
Sales for the quarter in Asia Pacific division totaled SEK 2,793 M (2,151), with organic growth of -2% (7). Australia, South-East Asia and South Korea showed strong growth. New Zealand showed good growth. China showed a continued negative trend due to weak domestic demand combined with ASSA ABLOY's introduction of a strict credit policy. Acquired growth amounted to 9% (6). Operating income totaled SEK 403 M (310), which represented an operating margin (EBIT) of 14.4% (14.4). The quarter's return on capital employed amounted to 14.0% (15.0). Operating cash flow before interest paid totaled SEK 261 M (300).
Sales for the quarter in Global Technologies division totaled SEK 2,315 M (1,722), with organic growth of 10% (-6). At HID Global, access control & logical access (IAM), identification technology (IDT) and project sales achieved strong growth. Card printers for the issuing of secure ID credentials showed a positive trend, while Government ID showed a weak negative trend. Hospitality showed very strong growth and income development, driven by innovative new products. Acquired growth amounted to 3% (5). The division's operating income amounted to SEK 417 M (315), which represented an operating margin (EBIT) of 18.0% (18.3). Return on capital employed amounted to 16.9% (17.6). Operating cash flow before interest paid totaled SEK 155 M (240).
Sales for the quarter in Entrance Systems division totaled SEK 4,325 M (3,703), with organic growth of 5% (3). Growth was strong for the division's American operations and in the segments of high-speed doors and door components. Door automation achieved good growth. The trends for European industrial doors and Ditec were stable, while doors for the private residential market in Europe showed negative growth. Acquired growth amounted to 0% (19). Operating income totaled SEK 556 M (466), which represented an operating margin (EBIT) of 12.9% (12.6). Return on capital employed was 13.1% (11.9). Operating cash flow before interest paid totaled SEK 603 M (401).
A total of two acquisitions were consolidated during the quarter, MSL in Switzerland and Prometal in the United Arab Emirates. The combined acquisition price for the four companies acquired this year amounted to SEK 1,989 M, and preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life amount to SEK 1,522 M. The acquisition price is adjusted for acquired net debt and estimated earn-outs. Estimated earn-outs amount to SEK 727 M.
On 28 April it was announced that ASSA ABLOY had signed a contract to acquire the Malaysian company Teamware. Teamware is the market leader in locks and fittings on the Malaysian market. The company has about 120 employees and its 2015 sales are expected to amount to SEK 240 M.
On 11 May it was announced that ASSA ABLOY had signed a contract to acquire the Belgian company L-Door. L-Door is one of the market-leading companies in industrial doors on the Belgian market. The company has about 120 employees and its 2015 sales are expected to amount to SEK 175 M.
On 4 June it was announced that ASSA ABLOY had signed a contract to acquire the Finnish company Flexim. Flexim is a leading Finnish locksmith and supplier of security systems. The company has about 245 employees and its 2015 sales are expected to amount to SEK 340 M.
Stefan Widing has been appointed as Executive Vice President and Head of the HID Global business unit from 1 August 2015. He succeeds Denis Hébert, who has left the ASSA ABLOY Group. Stefan Widing has worked in ASSA ABLOY's Shared Technologies Unit since 2005 and for the past two years as Head of the Unit with total responsibility for a product development organization with development centers in Sweden, Poland, Spain and India. Stefan Widing has an M.Sc in engineering physics and electrical technology and a Bachelor of Business Administration degree.
The number of units in the Group with certifiable environmental management systems according to ISO 14001 is continuing to increase. During 2014 the number of certified units rose from 75 to 85. During the first half of 2015 a further five manufacturing units were certified, which included HID's new manufacturing plant in Austin, USA. Another 15 units have initiated preparations to receive ISO 14001 certification. The Group's target is that all major manufacturing units should be ISO 14001 certified in order to ensure a standardized and structured process in its Sustainable Development project.
The total number of shares in the company as per 30 June 2015 amounts to 1,112,576,334, of which 57,525,969 are shares of series A, entitling to ten votes each and 1,055,050,365 are shares of series B, entitling to one vote each. The increase in number of shares and votes results from the stock split (3:1) approved at the Annual General Meeting of ASSA ABLOY AB on 7 May 2015.
Share-based key figures have been restated for all prior periods in this report as a consequence of the stock split.
Other operating income for the Parent company ASSA ABLOY AB totaled SEK 1,588 M (1,488) for the half-year. Income before tax amounted to SEK 437 M (1,394). Investments in tangible and intangible assets totaled SEK 7 M (4). Liquidity is good and the equity ratio was 41.4% (41.8).
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. Significant accounting and valuation principles are detailed on pages 90-95 of the 2014 Annual Report.
This Interim Report was prepared in accordance with IAS 34 'Interim Financial Reporting' and the Annual Accounts Act. The Interim Report for the Parent company was prepared in accordance with the Annual Accounts Act and RFR 2 'Reporting by a Legal Entity'.
No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties.
As an international Group with a wide geographic spread, ASSA ABLOY is exposed to a number of business-, financial-, as well as tax risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity, the giving of credit, raw materials and financial instruments. Risk management in ASSA ABLOY aims to identify, control and reduce risks. This work begins with an assessment of the probability of risks occurring and their potential effect on the Group. For a more detailed description of risks and risk management, see the 2014 Annual Report.
Long term, ASSA ABLOY expects an increase in security-driven demand. Focus on end-user value and innovation as well as leverage on ASSA ABLOY's strong position will accelerate growth and increase profitability.
Organic sales growth is expected to continue at a good rate. The operating margin (EBIT) and operating cash flow are expected to develop well.
* Outlook published on 28 April 2015:
Long term, ASSA ABLOY expects an increase in security-driven demand. Focus on end-user value and innovation as well as leverage on ASSA ABLOY's strong position will accelerate growth and increase profitability.
Organic sales growth is expected to continue at a good rate. The operating margin (EBIT) and operating cash flow are expected to develop well.
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, 16 July 2015
Lars Renström Carl Douglas Eva Karlsson
Chairman Vice Chairman Board member
Birgitta Klasén Eva Lindqvist Johan Molin
Board member Board member President and CEO
| Jan Svensson | Ulrik Svensson | Bert Arleros |
|---|---|---|
| Board member | Board member | Employee representative |
Mats Persson Employee representative
We have reviewed the condensed interim financial information (interim report) of ASSA ABLOY AB as of 30 June 2015 and the six-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, 16 July 2015
PricewaterhouseCoopers
Bo Karlsson Linda Corneliusson Authorized Public Accountant Authorized Public Accountant Auditor in charge
The Interim Report for the third quarter will be published on 20 October 2015. A capital markets day will be held on 18 November 2015 in Stockholm, Sweden.
Johan Molin, President and CEO, Tel: +46 8 506 485 42 Carolina Dybeck Happe, Chief Financial Officer, Tel: +46 8 506 485 72
ASSA ABLOY is holding an analysts' meeting at 10.00 today at Operaterrassen in Stockholm. The analysts' meeting can also be followed on the Internet at www.assaabloy.com. It is possible to submit questions by telephone on: +46 8 5055 6476, +44 203 364 5371 or +1 877 679 2993.
This information is that which ASSA ABLOY is required to disclose under the Swedish Securities Exchange and Clearing Operations Act and/or the Swedish Financial Instruments Trading Act.
The information is released for publication at 08.00 on 17 July.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
|---|---|---|---|---|
| SEK M | 2014 | 2015 | 2014 | 2015 |
| Sales | 13,964 | 17,082 | 26,268 | 32,334 |
| Cost of goods sold | -8,596 | -10,459 | -16,110 | -19,742 |
| Gross income | 5,368 | 6,623 | 10,159 | 12,591 |
| Selling, administrative and RnD costs | -3,208 | -3,933 | -6,160 | -7,596 |
| Share of earnings in associates | 60 | 52 | 77 | 76 |
| Operating income | 2,219 | 2,742 | 4,076 | 5,071 |
| Financial items | -146 | -191 | -294 | -336 |
| Income before tax | 2,073 | 2,551 | 3,782 | 4,735 |
| Tax on income | -539 | -663 | -984 | -1 231 |
| Net income | 1,534 | 1,888 | 2,798 | 3,504 |
| Net income attributable to: | ||||
| Parent company's shareholders | 1,534 | 1,888 | 2,798 | 3,504 |
| Non-controlling interest | 0 | 0 | 0 | 0 |
| Earnings per share1 | ||||
| before dilution, SEK | 1.38 | 1.70 | 2.52 | 3.15 |
| after dilution, SEK | 1.38 | 1.70 | 2.52 | 3.15 |
| STATEMENT OF COMPREHENSIVE INCOME | ||||
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
| SEK M | 2014 | 2015 | 2014 | 2015 |
| Net income | 1,534 | 1,888 | 2,798 | 3,504 |
| Other comprehensive income: | ||||
| Items that will not be reclassified to profit or loss | ||||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | -49 | 0 | -116 | -111 |
| Total | -49 | 0 | -116 | -111 |
| Items that may be reclassified subsequently to profit or loss | ||||
| Share of other comprehensive income of associates | 51 | -36 | 51 | -27 |
| Net investment and cashflow hedges | -123 | 51 | -127 | 66 |
| Exchange rate differences | ||||
| Total | 1,155 1,083 |
-879 -864 |
962 886 |
1,086 1,124 |
| Total comprehensive income | 2,567 | 1,024 | 3,568 | 4,517 |
| Total comprehensive income attributable to: | ||||
| Parent company's shareholders | 2,567 | 1,024 | 3,568 | 4,517 |
Non-controlling interest 0 0 0 0
1) Earnings per share have been restated for all periods presented reflecting the stock split (3:1) approved in May 2015.
| 31 Dec 30 Jun | 30 Jun | ||
|---|---|---|---|
| SEK M | 2014 | 2014 | 2015 |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 47,056 | 40,688 | 50,811 |
| Tangible assets | 7,712 | 6,747 | 7,520 |
| Investments in associates | 1,861 | 1,805 | 1,901 |
| Other financial assets | 76 | 72 | 73 |
| Deferred tax assets | 1,555 | 1,643 | 1,470 |
| Total non-current assets | 58,260 | 50,955 | 61,774 |
| Current assets | |||
| Inventories | 7,845 | 7,265 | 8,735 |
| Trade receivables | 10,595 | 9,371 | 11,883 |
| Other current receivables and investments | 2,630 | 2,508 | 3,119 |
| Cash and cash equivalents | 667 | 615 | 646 |
| Total current assets | 21,738 | 19,759 | 24,382 |
| TOTAL ASSETS | 79,998 | 70,714 | 86,157 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Parent company's shareholders | 36,096 | 30,210 | 38,105 |
| Non-controlling interest | 2 | 0 | 4 |
| Total equity | 36,098 | 30,211 | 38,110 |
| Non-current liabilities | |||
| Long-term loans | 15,362 | 14,209 | 16,495 |
| Deferred tax liabilities | 1,462 | 1,406 | 1,751 |
| Other non-current liabilities and provisions | 7,693 | 5,484 | 7,881 |
| Total non-current liabilities | 24,517 | 21,099 | 26,127 |
| Current liabilities | |||
| Short-term loans | 4,636 | 7,250 | 7,861 |
| Trade payables | 5,699 | 4,515 | 5,613 |
| Other current liabilities and provisions | 9,047 | 7,639 | 8,446 |
| Total current liabilities | 19,383 | 19,404 | 21,920 |
| TOTAL EQUITY AND LIABILITIES | 79,998 | 70,714 | 86,157 |
| CHANGES IN CONSOLIDATED EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non | ||
| company's | controlling | Total | |
| SEK M | shareholders | interest | equity |
| Opening balance 1 January 2014 | 28,812 | 0 | 28,813 |
| Net income | 2,798 | 0 | 2,798 |
| Other comprehensive income | 770 | 0 | 770 |
| Total comprehensive income | 3,568 | 0 | 3,568 |
| Dividend | -2,110 | - | -2,110 |
| Stock purchase plans | -60 | - | -60 |
| Total transactions with parent company's shareholders | -2,171 | - | -2,171 |
| Closing balance 30 June 2014 | 30,210 | 0 | 30,211 |
| Opening balance 1 January 2015 | 36,096 | 2 | 36,098 |
| Net income | 3,504 | 0 | 3,504 |
| Other comprehensive income | 1,014 | 0 | 1,013 |
| Total comprehensive income | 4,517 | 0 | 4,517 |
| Dividend | -2,407 | - | -2,407 |
| Stock purchase plans | -102 | - | -102 |
| Change in non-controlling interest | 1 | 2 | 3 |
| Total transactions with parent company's shareholders | -2,508 | 2 | -2,506 |
| Closing balance 30 June 2015 | 38,105 | 4 | 38,110 |
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
|---|---|---|---|---|
| SEK M | 2014 | 2015 | 2014 | 2015 |
| OPERATING ACTIVITIES | ||||
| Operating income | 2,219 | 2,742 | 4,076 | 5,071 |
| Depreciation and amortization | 285 | 374 | 563 | 705 |
| Restructuring payments | -140 | -60 | -227 | -150 |
| Other non-cash items | -61 | -74 | -53 | -76 |
| Cash flow before interest and tax | 2,303 | 2,983 | 4,358 | 5,550 |
| Interest paid and received | -201 | -200 | -253 | -270 |
| Tax paid on income | -409 | -371 | -1,415 | -1,082 |
| Cash flow before changes in working capital | 1,693 | 2,412 | 2,691 | 4,197 |
| Changes in working capital | - 6 |
-526 | -1,274 | -2,248 |
| Cash flow from operating activities | 1,687 | 1,886 | 1,417 | 1,949 |
| INVESTING ACTIVITIES | ||||
| Net investments in tangible and intangible assets | -272 | -327 | -538 | -670 |
| Investments in subsidiaries | -180 | -780 | -1,132 | -1,758 |
| Disposals of subsidiaries | - | - | 180 | - |
| Other investments and disposals | 0 | 0 | 0 | 0 |
| Cash flow from investing activities | -453 | -1,106 | -1,490 | -2,428 |
| FINANCING ACTIVITIES | ||||
| Dividends | -2,110 | -2,407 | -2,110 | -2,407 |
| Acquisition of non-controlling interest | - | -757 | - | -757 |
| Net cash effect of changes in borrowings | 974 | 2,524 | 2,424 | 3,595 |
| Cash flow from financing activities | -1,136 | -639 | 314 | 432 |
| CASH FLOW | 98 | 141 | 240 | -47 |
| CASH AND CASH EQUIVALENTS | ||||
| Cash and cash equivalents at beginning of period | 498 | 515 | 362 | 667 |
| Cash flow | 98 | 141 | 240 | -47 |
| Effect of exchange rate differences | 19 | -11 | 13 | 25 |
| Cash and cash equivalents at end of period | 615 | 646 | 615 | 646 |
| KEY RATIOS | Jan-Dec Jan-Jun 2014 |
2014 | Jan-Jun 2015 |
|---|---|---|---|
| Return on capital employed, % | 16.9 | 15.5 | 16.2 |
| Return on shareholders' equity, % | 19.8 | 19.0 | 18.9 |
| Equity ratio, % | 45.1 | 42.7 | 44.2 |
| Interest coverage ratio, times | 17.4 | 15.2 | 16.3 |
| Total number of shares at the end of period, thousands | 370,859 | 370,859 | 1,112,576 |
| Number of shares outstanding at the end of period, thousands | 370,259 | 370,259 | 1,110,776 |
| Weighted average number of outstanding shares, thousands | 370,259 | 370,259 | 1,110,776 |
| Weighted average number of outstanding shares after dilution, thousands | 370,259 | 370,259 | 1,110,776 |
| Average number of employees | 44,269 | 43,923 | 45,388 |
| Jan-Dec Jan-Jun | Jan-Jun | ||
|---|---|---|---|
| SEK M | 2014 | 2014 | 2015 |
| Operating income | 1,298 | 630 | 524 |
| Income before tax | 5,553 | 1,394 | 437 |
| Net income | 5,201 | 1,300 | 328 |
| 31 Dec 30 Jun | 30 Jun | ||
|---|---|---|---|
| SEK M | 2014 | 2014 | 2015 |
| Non-current assets | 35,684 | 33,777 | 35,487 |
| Current assets | 7,561 | 5,337 | 7,711 |
| Total assets | 43,245 | 39,114 | 43,198 |
| Equity | 20,044 | 16,368 | 17,897 |
| Provisions | 0 | 4 | - |
| Non-current liabilities | 7,659 | 7,408 | 8,482 |
| Current liabilities | 15,542 | 15,334 | 16,819 |
| Total equity and liabilities | 43,245 | 39,114 | 43,198 |
| Q1 | Q2 | Q3 | Q4 Jan-Jun |
Year | Q1 | Q2 | Jan-Jun | Last 12 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | months |
| Sales | 12,305 | 13,964 | 14,727 | 15,847 | 26,268 | 56,843 | 15,252 | 17,082 | 32,334 | 62,908 |
| Organic growth 2) | 4% | 2% | 4% | 3% | 3% | 3% | 5% | 4% | 4% | |
| Gross income | 4,791 | 5,368 | 5,689 | 6,074 | 10,159 | 21,922 | 5,969 | 6,623 | 12,591 | 24,355 |
| Gross margin | 38.9% | 38.4% | 38.6% | 38.3% | 38.7% | 38.6% | 39.1% | 38.8% | 38.9% | 38.7% |
| Operating income before depreciation (EBITDA) | 2,135 | 2,504 | 2,791 | 2,990 | 4,639 | 10,419 | 2,659 | 3,117 | 5,776 | 11,557 |
| Operating margin (EBITDA) | 17.3% | 17.9% | 19.0% | 18.9% | 17.7% | 18.3% | 17.4% | 18.2% | 17.9% | 18.4% |
| Depreciation and amortization | -278 | -285 | -292 | -309 | -563 | -1,163 | -331 | -374 | -705 | -1,305 |
| Operating income (EBIT) | 1,857 | 2,219 | 2,499 | 2,681 | 4,076 | 9,257 | 2,329 | 2,742 | 5,071 | 10,252 |
| Operating margin (EBIT) | 15.1% | 15.9% | 17.0% | 16.9% | 15.5% | 16.3% | 15.3% | 16.1% | 15.7% | 16.3% |
| Net financial items | -148 | -146 | -136 | -129 | -294 | -559 | -145 | -191 | -336 | -601 |
| Income before tax (EBT) | 1,709 | 2,073 | 2,364 | 2,552 | 3,782 | 8,698 | 2,184 | 2,551 | 4,735 | 9,651 |
| Profit margin (EBT) | 13.9% | 14.8% | 16.0% | 16.1% | 14.4% | 15.3% | 14.3% | 14.9% | 14.6% | 15.3% |
| Tax on income | -444 | -539 | -614 | -664 | -984 | -2,261 | -568 | -663 | -1,231 | -2,509 |
| Net income | 1,264 | 1,534 | 1,749 | 1,889 | 2,798 | 6,436 | 1,616 | 1,888 | 3,504 | 7,142 |
| Net income attributable to: | ||||||||||
| Parent company's shareholders | 1,264 | 1,534 | 1,749 | 1,889 | 2,798 | 6,436 | 1,616 | 1,888 | 3,504 | 7,142 |
| Non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| OPERATING CASH FLOW | ||||||||||
| Q1 | Q2 | Q3 | Q4 | Jan-Jun | Year | Q1 | Q2 | Jan-Jun | Last 12 | |
| SEK M | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 | months |
| Operating income (EBIT) | 1,857 | 2,219 | 2,499 | 2,681 | 4,076 | 9,257 | 2,329 | 2,742 | 5,071 | 10,252 |
| Depreciation and amortization | 278 | 285 | 292 | 309 | 563 | 1,163 | 331 | 374 | 705 | 1,305 |
| Net capital expenditure | -266 | -272 | -388 | -345 | -538 | -1,271 | -344 | -327 | -670 | -1,404 |
| Change in working capital | -1,268 | - 6 |
-93 | 1,064 | -1,274 | -303 | -1,722 | -526 | -2,248 | -1,278 |
| Interest paid and received | -52 | -201 | -101 | -103 | -253 | -457 | -71 | -200 | -270 | -474 |
| Non-cash items | 8 | -61 | 39 | -136 | -53 | -150 | - 2 |
-74 | -76 | -172 |
| Operating cash flow 4) | 557 | 1,963 | 2,249 | 3,469 | 2,520 | 8,238 | 520 | 1,991 | 2,511 | 8,229 |
| Operating cash flow/Income before tax 4) | 0.33 | 0.95 | 0.95 | 1.36 | 0.67 | 0.95 | 0.24 | 0.78 | 0.53 | 0.85 |
| CHANGE IN NET DEBT | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Jan-Jun | Year | Q1 | Q2 | Jan-Jun | |
| SEK M | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 |
| Net debt at beginning of period | 19,595 | 21,375 | 23,072 | 22,348 | 19,595 | 19,595 | 22,327 | 25,184 | 22,327 |
| Operating cash flow | -557 | -1,963 | -2,249 | -3,469 | -2,520 | -8,238 | -520 | -1,991 | -2,511 |
| Restructuring payments | 87 | 140 | 107 | 119 | 227 | 453 | 90 | 60 | 150 |
| Tax paid | 1,005 | 409 | 437 | 525 | 1,415 | 2,376 | 711 | 371 | 1,082 |
| Acquistions and disposals | 952 | 180 | 109 | 1,213 | 1,132 | 2,454 | 978 | 1,536 | 2,514 |
| Dividend | - | 2,110 | - | - | 2,110 | 2,110 | - | 2,407 | 2,407 |
| Actuarial gain/loss on post-employment benefit obligations | 97 | 71 | 73 | 455 | 167 | 695 | 206 | -274 | -68 |
| Exchange rate differences and other | 195 | 750 | 799 | 1,136 | 945 | 2,880 | 1,392 | -713 | 678 |
| Net debt at end of period | 21,375 | 23,072 | 22,348 | 22,327 | 23,072 | 22,327 | 25,184 | 26,579 | 26,579 |
| Net debt/Equity ratio | 0.72 | 0.76 | 0.68 | 0.62 | 0.76 | 0.62 | 0.64 | 0.70 | 0.70 |
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
|---|---|---|---|---|---|---|
| SEK M | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Non-current interest-bearing receivables | -26 | -28 | -30 | -28 | -31 | -29 |
| Short-term interest-bearing investments including derivatives | -148 | -153 | -247 | -174 | -263 | -217 |
| Cash and cash equivalents | -498 | -615 | -809 | -667 | -515 | -646 |
| Pension provisions | 2,110 | 2,242 | 2,400 | 2,946 | 3,260 | 2,984 |
| Other non-current interest-bearing liabilities | 14,627 | 14,209 | 14,272 | 15,362 | 16,497 | 16,495 |
| Current interest-bearing liabilities including derivatives | 5,311 | 7,415 | 6,762 | 4,887 | 6,235 | 7,992 |
| Total | 21,375 | 23,072 | 22,348 | 22,327 | 25,184 | 26,579 |
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | |
|---|---|---|---|---|---|---|
| SEK M | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 |
| Capital employed | 51,141 | 53,282 | 55,359 | 58,425 | 64,699 | 64,689 |
| - of which goodwill | 32,930 | 34,052 | 35,423 | 39,778 | 43,092 | 41,818 |
| - of which other intangible and tangible assets | 12,941 | 13,383 | 14,055 | 14,990 | 16,324 | 16,512 |
| - of which investments in associates | 1,696 | 1,805 | 1,790 | 1,861 | 1,890 | 1,901 |
| Net debt | 21,375 | 23,072 | 22,348 | 22,327 | 25,184 | 26,579 |
| Non-controlling interest | 0 | 0 | 0 | 2 | 2 | 4 |
| Shareholders' equity | 29,766 | 30,210 | 33,010 | 36,096 | 39,513 | 38,105 |
| Q1 | Q2 | Q3 | Q4 | Jan-Jun | Year | Q1 | Q2 | Jan-Jun | |
|---|---|---|---|---|---|---|---|---|---|
| SEK | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | 2015 | 2015 | 2015 |
| Earnings per share after tax and before dilution | 1.14 | 1.38 | 1.57 | 1.70 | 2.52 | 5.79 | 1.45 | 1.70 | 3.15 |
| Earnings per share after tax and dilution | 1.14 | 1.38 | 1.57 | 1.70 | 2.52 | 5.79 | 1.45 | 1.70 | 3.15 |
| Shareholders' equity per share after dilution | 26.80 | 27.20 | 29.72 | 32.50 | 27.20 | 32.50 | 35.57 | 34.31 | 34.31 |
| EMEA | Americas | Asia Pacific | Global Technologies | Entrance Systems | Other | Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 |
| Sales, external | 3,608 | 3,981 | 2,981 | 3,934 | 1,985 | 2,570 | 1,706 | 2,296 | 3,683 | 4,301 | 0 | 0 | 13,964 | 17,082 |
| Sales, internal | 64 | 87 | 15 | 19 | 166 | 223 | 16 | 19 | 19 | 24 | -280 | -373 | - | - |
| Sales | 3,672 | 4,068 | 2,996 | 3,953 | 2,151 | 2,793 | 1,722 | 2,315 | 3,703 | 4,325 | -280 | -373 | 13,964 | 17,082 |
| Organic growth 2) | 3% | 5% | 3% | 5% | 7% | -2% | -6% | 10% | 3% | 5% | 2% | 4% | ||
| Operating income (EBIT) Operating margin (EBIT) |
566 15.4% |
614 15.1% |
662 22.1% |
870 22.0% |
310 14.4% |
403 14.4% |
315 18.3% |
417 18.0% |
466 12.6% |
556 12.9% |
-100 | -117 | 2,219 15.9% |
2,742 16.1% |
| Capital employed | 11,969 | 13,929 | 10,864 | 13,931 | 8,371 | 11,732 | 7,250 | 9,791 | 15,670 | 16,592 | -842 | -1,285 | 53,282 | 64,689 |
| - of which goodwill | 6,936 | 7,687 | 7,551 | 9,413 | 5,011 | 7,780 | 5,257 | 7,317 | 9,298 | 9,621 | - | - | 34,052 | 41,818 |
| - of which other intangible and | ||||||||||||||
| tangible assets | 2,876 | 3,171 | 2,453 | 3,100 | 2,693 | 3,945 | 1,409 | 2,239 | 3,872 | 3,965 | 79 | 92 | 13,383 | 16,512 |
| - of which investments in associates | 8 | 8 | - | - | 408 | 438 | - | - 1,389 | 1,455 | - | - | 1,805 | 1,901 | |
| Return on capital employed | 18.4% | 17.4% | 24.1% | 24.5% | 15.0% | 14.0% | 17.6% | 16.9% | 11.9% | 13.1% | 16.6% | 16.6% | ||
| Operating income (EBIT) | ||||||||||||||
| Depreciation and amortization | 566 | 614 | 662 | 870 | 310 | 403 | 315 | 417 | 466 | 556 | -100 | -117 | 2,219 | 2,742 |
| 89 | 112 | 56 | 75 | 45 | 68 | 45 | 59 | 50 | 59 | - 1 |
2 | 285 | 374 | |
| Net capital expenditure | -99 | -123 | -45 | -82 | -47 | -57 | -47 | -39 | -30 | -19 | - 4 |
- 6 |
-272 | -327 |
| Change in working capital | -58 | -247 | 177 | 92 | - 8 |
-152 | -73 | -281 | -85 | 7 | 41 | 55 | - 6 |
-526 |
| Cash flow 4) | 498 | 355 | 850 | 955 | 300 | 261 | 240 | 155 | 401 | 603 | -64 | -65 | 2,225 | 2,264 |
| Non-cash items | -61 | -74 | -61 | -74 | ||||||||||
| Interest paid and received | -201 | -200 | -201 | -200 | ||||||||||
| Operating cash flow 4) | 1,963 | 1,991 |
| Global | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Entrance | Other | Total | ||||||||
| SEK M | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 | 2014 | 2015 |
| Sales, external | 7,067 | 7,853 | 5,641 | 7,578 | 3,282 | 4,240 | 3,211 | 4,350 | 7,068 | 8,313 | 0 | 0 | 26,268 | 1) 32,334 1) |
| Sales, internal | 116 | 159 | 28 | 39 | 289 | 399 | 31 | 37 | 39 | 54 | -503 | -688 | - | - |
| Sales | 7,183 | 8,012 | 5,668 | 7,617 | 3,571 | 4,640 | 3,241 | 4,386 | 7,108 | 8,366 | -503 | -688 | 26,268 | 32,334 |
| Organic growth 2) | 4% | 4% | 2% | 6% | 5% | -2% | -2% | 10% | 4% | 5% | 3% | 4% | ||
| Operating income (EBIT) | 1,131 | 1,240 | 1,225 | 1,641 | 461 | 592 | 575 | 777 | 860 | 1,042 | -176 | -220 | 4,076 | 5,071 |
| Operating margin (EBIT) | 15.8% | 15.5% | 21.6% | 21.5% | 12.9% | 12.8% | 17.7% | 17.7% | 12.1% | 12.5% | 15.5% | 15.7% | ||
| Capital employed | 11,969 | 13,929 | 10,864 | 13,931 | 8,371 | 11,732 | 7,250 | 9,791 | 15,670 | 16,592 | -842 | -1,285 | 53,282 | 64,689 |
| - of which goodwill | 6,936 | 7,687 | 7,551 | 9,413 | 5,011 | 7,780 | 5,257 | 7,317 | 9,298 | 9,621 | - | - | 34,052 | 41,818 |
| - of which other intangible and | ||||||||||||||
| tangible assets | 2,876 | 3,171 | 2,453 | 3,100 | 2,693 | 3,945 | 1,409 | 2,239 | 3,872 | 3,965 | 79 | 92 | 13,383 | 16,512 |
| - of which investments in associates | 8 | 8 | - | - | 408 | 438 | - | - 1,389 | 1,455 | - | - | 1,805 | 1,901 | |
| Return on capital employed | 19.4% | 18.5% | 23.1% | 23.6% | 11.7% | 10.5% | 17.0% | 17.7% | 11.1% | 12.5% | 15.5% | 16.2% | ||
| Operating income (EBIT) | 1,131 | 1,240 | 1,225 | 1,641 | 461 | 592 | 575 | 777 | 860 | 1,042 | -176 | -220 | 4,076 | 5,071 |
| Depreciation and amortization | 176 | 204 | 111 | 148 | 86 | 133 | 90 | 105 | 101 | 113 | - 2 |
2 | 563 | 705 |
| Net capital expenditure | -177 | -247 | -92 | -141 | -95 | -114 | -106 | -122 | -64 | -38 | - 4 |
- 7 |
-538 | -670 |
| Change in working capital | -371 | -624 | -278 | -536 | -290 | -561 | -252 | -475 | -94 | -51 | 11 | 0 | -1,274 | -2,248 |
| Cash flow 4) | 759 | 573 | 966 | 1,111 | 162 | 49 | 306 | 285 | 804 | 1,066 | -170 | -226 | 2,826 | 2,857 |
| Non-cash items | -53 | -76 | -53 | -76 | ||||||||||
| Interest paid and received | -253 | -270 | -253 | -270 | ||||||||||
| Operating cash flow 4) | 2,520 | 2,511 | ||||||||||||
| Average number of employees | 10,605 | 10,727 | 7,050 | 7,777 | 13,465 | 13,780 | 3,200 | 3,440 | 9,405 | 9,431 | 198 | 231 | 43,923 | 45,388 |
| Global | Entrance | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 |
| Sales, external | 12,957 | 14,519 | 10,074 | 12,096 | 6,879 | 7,755 | 6,406 | 7,147 | 12,166 | 15,325 | 0 | 0 | 48,481 | 1) 56,843 1) |
| Sales, internal | 209 | 233 | 48 | 60 | 542 | 581 | 65 | 59 | 71 | 84 | -935 | -1,017 | - | - |
| Sales | 13,165 | 14,753 | 10,121 | 12,156 | 7,420 | 8,336 | 6,472 | 7,207 | 12,237 | 15,409 | -935 | -1,017 | 48,481 | 56,843 |
| Organic growth 2) | -1% | 3% | 6% | 4% | 4% | 1% | 6% | 1% | 0% | 4% | 2% | 3% | ||
| Operating income (EBIT) | 2,197 | 2,432 | 2,140 | 2,613 | 1,032 | 1,187 | 1,184 | 1,368 | 1,733 | 2,054 | -363 | -398 | 7,923 | 9,257 |
| Operating margin (EBIT) | 16.7% | 16.5% | 21.1% | 21.5% | 13.9% | 14.2% | 18.3% | 19.0% | 14.2% | 13.3% | 16.3% | 16.3% | ||
| Items affecting comparability 3) | -300 | - | -18 | - | -183 | - | -38 | - | -313 | - | -149 | - -1,000 | - | |
| Operating income (EBIT) incl. | ||||||||||||||
| items affecting comparability | 1,897 | 2,432 | 2,121 | 2,613 | 850 | 1,187 | 1,146 | 1,368 | 1,420 | 2,054 | -512 | -398 | 6,924 | 9,257 |
| Capital employed | 10,499 | 12,299 | 10,475 | 12,909 | 7,436 | 9,810 | 6,114 | 8,239 | 14,592 | 16,245 | -708 | -1,077 | 48,408 | 58,425 |
| - of which goodwill | 6,395 | 7,247 | 7,319 | 9,000 | 4,311 | 7,931 | 4,511 | 5,984 | 9,282 | 9,615 | - | - 31,817 | 39,778 | |
| - of which other intangible and | ||||||||||||||
| tangible assets | 2,703 | 3,051 | 2,384 | 2,982 | 2,481 | 3,137 | 1,338 | 1,711 | 3,850 | 4,021 | 97 | 87 | 12,854 | 14,990 |
| - of which investments in associates | 8 | 9 | - | - | 371 | 414 | - | - 1,296 | 1,438 | - | - 1,675 | 1,861 | ||
| Return on capital employed | 20.7% | 21.0% | 22.7% | 23.1% | 16.3% | 14.2% | 19.7% | 19.6% | 12.1% | 13.1% | 17.1% | 16.9% | ||
| Operating income (EBIT) | 1,897 | 2,432 | 2,121 | 2,613 | 850 | 1,187 | 1,146 | 1,368 | 1,420 | 2,054 | -512 | -398 | 6,924 | 9,257 |
| Restructuring costs | 300 | - | 18 | - | 183 | - | 38 | - | 313 | - | 149 | - 1,000 | - | |
| Depreciation and amortization | 328 | 351 | 179 | 237 | 157 | 183 | 159 | 182 | 168 | 212 | 2 | - 2 |
993 | 1,163 |
| Net capital expenditure | -337 | -397 | -182 | -243 | -200 | -275 | -375 | -204 | -106 | -141 | - 2 |
-11 | -1,202 | -1,271 |
| Change in working capital | -104 | -98 | -154 | 31 | -57 | -164 | -98 | -63 | - 2 |
-118 | -82 | 109 | -497 | -303 |
| Cash flow 4) | 2,084 | 2,288 | 1,983 | 2,637 | 932 | 931 | 870 | 1,282 | 1,792 | 2,007 | -445 | -302 | 7,218 | 8,845 |
| Non-cash items | 17 | -150 | 17 | -150 | ||||||||||
| Interest paid and received | -431 | -457 | -431 | -457 | ||||||||||
| Operating cash flow 4) | 6,803 | 8,238 | ||||||||||||
| Average number of employees | 10,089 | 10,678 | 6,726 | 7,193 | 14,243 | 13,439 | 3,136 | 3,331 | 8,191 | 9,420 | 171 | 208 | 42,556 | 44,269 |
| 2013 2014 | 2014 2015 | |||
|---|---|---|---|---|
| Europe | 21,111 23,242 11,282 12,306 | |||
| North America | 15,483 20,468 9,311 12,516 | |||
| Central and South America | 957 1,150 | 513 | 749 | |
| Africa | 663 | 783 | 339 | 408 |
| Asia | 8,189 8,980 3,809 5,147 | |||
| Pacific | 2,078 2,220 1,015 1,208 |
2) Organic growth concern comparable units after adjustment for acqusitions and currency effects.
3) Items affecting comparability consist of restructuring costs.
4) Excluding restructuring payments.
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | |
|---|---|---|---|---|
| SEK M | 2014 | 2015 | 2014 | 2015 |
| Purchase prices | ||||
| Cash paid for acquisitions during the period | 40 | 559 | 1,093 | 1,316 |
| Holdbacks and deferred considerations for acquisitions during the period | 21 | 0 | 507 | 727 |
| Adjustment of purchase prices for acquisitions in prior years | - | -11 | -28 | -11 |
| Total | 61 | 548 | 1,572 | 2,032 |
| Acquired assets and liabilities at fair value | ||||
| Intangible assets | 0 | 608 | 73 | 1,119 |
| Tangible assets | 3 | 110 | 101 | 114 |
| Financial assets | 4 | 10 | -27 | 16 |
| Inventories | 24 | 53 | 100 | 95 |
| Current receivables and investments | 20 | 109 | 100 | 171 |
| Cash and cash equivalents | 17 | 71 | 93 | 92 |
| Non-controlling interests | - | - 3 |
- | - 3 |
| Non-current liabilities | 0 | -283 | 79 | -411 |
| Current liabilities | -37 | -54 | -265 | -132 |
| Total | 31 | 621 | 255 | 1,061 |
| Goodwill | 30 | -73 | 1,317 | 972 |
| Change in cash and cash equivalents due to acquisitions | ||||
| Cash paid for acquisitions during the period | 40 | 559 | 1,093 | 1,316 |
| Cash and cash equivalents in acquired subsidiaries | -17 | -71 | -93 | -92 |
| Paid holdbacks and deferred considerations for acquisitions in previous years | 157 | 292 | 132 | 534 |
| Total | 180 | 780 | 1,132 | 1,758 |
Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table.
| 31 June 2015 | Financial instruments at fair value |
|||||
|---|---|---|---|---|---|---|
| Carrying | Fair | |||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 | |
| Financial assets | ||||||
| Financial assets at fair value through profit and loss | 116 | 116 | 116 | |||
| Available-for-sale financial assets | 5 | 5 | ||||
| Loans and other receivables | 14,430 | 14,430 | ||||
| Derivative instruments - hedge accounting | 101 | 101 | 101 | |||
| Financial liabilities | ||||||
| Financial liabilities at fair value through profit and loss | 2,860 | 2,860 | 102 | 2,758 | ||
| Financial liabilities at amortized cost | 29,970 | 30,154 | ||||
| Derivative instruments - hedge accounting | 28 | 28 | 28 |
| 31 December 2014 | Financial instruments at fair value |
|||||
|---|---|---|---|---|---|---|
| Carrying | Fair | |||||
| SEK M Financial assets |
amount | value | Level 1 | Level 2 | Level 3 | |
| Financial assets at fair value through profit and loss | 23 | 23 | 23 | |||
| Available-for-sale financial assets | 5 | 5 | ||||
| Loans and other receivables | 13,138 | 13,138 | ||||
| Derivative instruments - hedge accounting | 136 | 136 | 136 | |||
| Financial liabilities | ||||||
| Financial liabilities at fair value through profit and loss | 3,455 | 3,455 | 216 | 3,239 | ||
| Financial liabilities at amortized cost | 25,697 | 26,039 | ||||
| Derivative instruments - hedge accounting | 35 | 35 | 35 |
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