AI Terminal
ASSA ABLOY
Quarterly Report • Oct 23, 2024
2882_10-q_2024-10-23_bf09d0fa-2b28-4258-8e8d-180a95fd3d04.pdf
Quarterly Report
Open in ViewerOpens in native device viewer
Quarterly Report Q3 2024
October 23, 2024
Experience a safer and more open world
Record operating profit
Third quarter
● Net sales increased by 1% to SEK 37,418 M (36,881), with positive organic growth of 0% (1) and acquired net growth of 4% (11). Exchange- rates affected sales by –3% (4).
● Organic sales growth was good in Americas and Global Technologies, stable in EMEIA, while organic sales declined in Entrance Systems and Asia Pacific.
● Seven acquisitions with combined annual sales of about SEK 4 billion were completed in the quarter.
● Operating income1 (EBIT) increased by 8% and amounted to SEK 6,255 M (5,777), with an operating margin of 16.7% (15.7).
● Net income1 amounted to SEK 4,033 M (3,656).
● Earnings per share1 amounted to SEK 3.63 (3.31).
● Operating cash flow amounted to SEK 6,341 M (7,177).
Organic growth
+0%
Acquired net growth
+4%
Operating income1
+8%
Earnings per share1
+10%
Sales and income
| Third quarter | January-September | |||||
|---|---|---|---|---|---|---|
| 2023 | 2024 | Δ | 2023 | 2024 | Δ | |
| Sales, SEK M | 36,881 | 37,418 | 1% | 103,746 | 110,586 | 7% |
| Of which: | ||||||
| Organic growth | 144 | 91 | 0% | 3,259 | –1,020 | –1% |
| Acquisitions and divestments | 3,733 | 1,579 | 4% | 7,079 | 9,111 | 9% |
| Exchange-rate effects | 1,184 | –1,133 | –3% | 5,530 | –1,251 | –1% |
| Operating income (EBIT)1, SEK M | 5,777 | 6,255 | 8% | 16,462 | 17,767 | 8% |
| Operating margin (EBITA)1, % | 16.7% | 17.7% | 16.6% | 17.0% | ||
| Operating margin (EBIT)1, % | 15.7% | 16.7% | 15.9% | 16.1% | ||
| Income before tax1, SEK M | 4,876 | 5,377 | 10% | 14,774 | 15,229 | 3% |
| Net income1, SEK M | 3,656 | 4,033 | 10% | 11,079 | 11,422 | 3% |
| Operating cash flow, SEK M | 7,177 | 6,341 | –12% | 17,918 | 15,042 | –16% |
| Earnings per share1, SEK | 3.31 | 3.63 | 10% | 9.99 | 10.28 | 3% |
1 Excluding items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.
Comments by the President and CEO
Record operating profit
In the third quarter, we report record operating profit and currency adjusted sales growth of 5%. The sales growth was driven by strong acquired net growth of 4% and a small positive organic sales growth, while currency effects were –3%. The North America non-residential and Latin America segments contributed to good organic growth of 4% in the Americas division. Global Technologies delivered good organic growth of 2% with very strong growth in Global Solutions and Physical Access Control in HID returned to growth. Sales growth was stable in EMEIA, with good growth in Central Europe and the Nordic region. Entrance Systems and Asia Pacific reported negative organic growth in the quarter. Weak demand in the logistic vertical as well as in the residential market affected Entrance Systems negatively. Asia Pacific was affected by a worsened development in the Chinese real estate market.
Despite a challenging market, we delivered strong operational execution during the quarter. The operating profit increased by 8% to SEK 6,255 M, which corresponds to an operating margin of 16.7%, up 100bps versus last year. The operating profit and margin improvement is driven by price realization, effective cost management and synergy realizations in our acquisitions. The operating cash flow totaled SEK 6,341 M in the quarter, with a cash conversion of 118%.
Since the pandemic, we have achieved significant improvements in our operating margin. In the last twelve months, the operating margin has been 16.6%, excluding the acquisition of HHI. However, we have further opportunities to improve the underlying performance. For example, in our EMEIA division we see opportunities from a recovery in the currently weak residential markets, particularly in the Nordics, and from the implementation of further MFP measures. There are also opportunities in Entrance Systems from growing the service business. In Americas, we see opportunities from an improved underlying demand in the residential segment and from realizing further synergies in HHI. Global Technologies has potential to accelerate its growth as we see Physical Access Control turning positive. The Asia Pacific division will improve its performance with a recovery in the residential market as well as through efficiency measures. While we clearly have opportunities to further improve the underlying performance in all divisions, we will continue with our acquisition strategy and continue to invest in innovation, hence, the target level of 16-17% operating margin remains unchanged.
High acquisition activity
During the quarter, we closed seven acquisitions representing annualized sales of about SEK 4 billion, including SKIDATA and Level Lock. SKIDATA is an international leading provider of access solutions for parking and mobility as well as sports and entertainment. Their operations are in close adjacency to our core and enable us to offer a fuller range of solutions to our customers. Level Lock is an exciting technological addition, strengthening our digital offering with its innovative smart locks that are invisibly embedded inside the door. We see great opportunities to use this technology in the commercial segment in Americas as well as in Latin America. Going forward, our acquisition pipeline remains very active.
Lastly, thank you for your continued trust in ASSA ABLOY.
Stockholm, October 23, 2024
60,000 70,000 80,000 90,000 110,000 120,000 130,000 140,000 150,000 ,0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 SEK M last 12 months
Sales, quarter Sales, 12 months
Sales by quarter and
5,000 7,000 9,000 11,000 15,000 17,000 19,000 21,000 23,000 25,000 27,000 29,000 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 SEK M Operating cash flow by quarter and last 12 months
Operating cash flow, quarter Operating cash flow, 12 months
Third quarter
The Group's sales increased by 1% to SEK 37,418 M (36,881). Organic growth amounted to 0% (1). Net growth from acquisitions and divestments was 4% (11), of which 4% (15) were acquisitions and 0% (–4) were divestments. Exchange rates affected sales by –3% (4).
The Group's operating income2 (EBIT) amounted to SEK 6,255 M (5,777), an increase of 8%. The corresponding operating margin was 16.7% (15.7). Exchange-rates had an impact of SEK –194 M (243) on EBIT. Operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 6,609 M (6,152). The corresponding EBITA margin was 17.7% (16.7).
Net financial items amounted to SEK –878 M (–900). The Group's income before tax2 was SEK 5,377 M (4,876), an increase of 10% compared to last year. Exchange-rates had an impact of SEK –172 M (185) on income before tax2. The corresponding profit margin was 14.4% (13.2). The estimated effective income tax rate in 2024, on an annualized basis and excluding items affecting comparability, is 25.0% (23.4% for the full year 2023).
Earnings per share before and after dilution2 amounted to SEK 3.63 (3.31), an increase of 10% compared to last year. Operating cash flow totaled SEK 6,341 M (7,177), which corresponds to a cash conversion2 of 1.18 (1.47).
The net-debt/equity ratio amounted to 0.66 (0.70) at the end of the quarter. Financial net debt totaled SEK 66,927 M (64,109). New bonds were issued during the quarter for a total value of SEK 3,392 M while SEK 2,246 M in maturing long-term loans were repaid. The Group's long-term borrowing totaled SEK 54,077 M (49,917) while the short-term borrowing totaled SEK 10,515 M (9,833).
First nine months of the year
The Group's sales for the first nine months of 2024 totaled SEK 110,586 M (103,746), representing an increase of 7%. Organic growth was –1% (4). Growth from acquisitions and divestments was 9% (8), of which 11% (9) came from acquisitions and –2% (–1) from divestments. Exchange-rates affected sales by –1% (6).
The Group's operating income (EBIT)2 amounted to SEK 17,767 M (16,462), an increase of 8% compared to last year. The corresponding operating margin was 16.1% (15.9). Operating income before amortizations from acquisitions2 (EBITA) amounted to SEK 18,783 M (17,253). The corresponding EBITA margin was 17.0% (16.6).
Earnings per share before and after dilution2 amounted to SEK 10.28 (9.99), an increase of 3% compared to last year. Operating cash flow totaled SEK 15,042 M (17,918), which corresponds to a cash conversion2 of 0.99 (1.21).
2 Excluding items affecting comparability. Please see the section "Items affecting comparability" in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available at assaabloy.com.
Items affecting comparability, first nine months
Smart Residential divestment
Exit costs related to last year's divestment of the Smart Residential business in the U.S. and Canada totaled SEK 75 M for the first nine months of the year. The corresponding cost after income tax was SEK 56 M.
Restructuring measures
Restructuring payments totaled SEK 150 M (167) for the quarter. The programs proceeded according to plan. At the end of the quarter provisions of SEK 358 M remained in the balance sheet for carrying out these programs.
Events after the reporting period
On October 18, 2024, it was announced that ASSA ABLOY had signed an agreement to sell its Citizen ID business to TOPPAN. The Citizen ID business manufactures, designs, and implements physical and mobile identity solutions for government to citizen programs around the globe. Citizen ID has some 450 employees with manufacturing facilities in Ireland, Malta and the US. Sales in 2023 amounted to about SEK 1,300 M.
The transaction will have a positive effect on ASSA ABLOY´s operating margin going forward. The capital result before taxes is expected to be insignificant. The transaction is subject to customary closing conditions, regulatory approvals, and employee consultation and is expected to close during the first quarter of 2025.
Quarterly comments by division
Opening Solutions EMEIA
Sales for the quarter in EMEIA totaled SEK 6,010 M (6,061), with an organic sales growth of 1% (–3). Organic sales growth was good in Central Europe and in the Nordics, stable in South Europe, but declined in Middle East/Africa/India and in the UK/Ireland. Sales growth from acquisitions was 1%. Operating income excluding items affecting comparability totaled SEK 869 M (838), which represents an operating margin (EBIT) of 14.5% (13.8). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 15.8% (14.9). Operating cash flow before non-cash items and interest paid totaled SEK 923 M (1,088).
Opening Solutions Americas
Sales for the quarter in the Americas totaled SEK 11,214 M (11,091), with an organic sales growth of 4% (3). Organic sales growth was very strong in Latin America, strong in North America's non-residential segment and stable in North America's residential segment. Sales growth from acquisitions was 1%. Operating income excluding items affecting comparability totaled SEK 2,149 M (1,870), which represents an operating margin (EBIT) of 19.2% (16.9). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 12.7% (20.3). Operating cash flow before non-cash items and interest paid totaled SEK 2,339 M (2,807).
Opening Solutions Asia Pacific
Sales for the quarter in Asia Pacific totaled SEK 2,425 M (2,640), with an organic sales growth of –6% (–7). Organic sales were stable in South Korea, but declined in Pacific and declined significantly in China and South-East Asia. Sales growth from acquisitions was 0%. Operating income excluding items affecting comparability totaled SEK 193 M (229), which represents an operating margin (EBIT) of 7.9% (8.7). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 5.6% (3.8). Operating cash flow before non-cash items and interest paid totaled SEK 267 M (344).
Global Technologies
Sales for the quarter in Global Technologies totaled SEK 6,313 M (5,763), with an organic sales growth of 2% (4). Organic sales growth was very strong in Citizen ID, good in Identification Technology and Physical Access Control, stable in Identity & Access Solutions, but declined significantly in Secure Issuance and Extended Access. Sales growth in Global Solutions was very strong. Sales growth from acquisitions was 11%. Operating income excluding items affecting comparability totaled SEK 1,195 M (1,065), which represents an operating margin (EBIT) of 18.9% (18.5). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 13.8% (15.5). Operating cash flow before non-cash items and interest paid totaled SEK 1,339 M (1,074).
Entrance Systems
Sales for the quarter in Entrance Systems totaled SEK 11,973 M (11,725), with an organic sales growth of –2% (0). Organic sales growth was strong in Pedestrian, good in Perimeter Security, but declined in Residential and Industrial. Net sales growth from acquisitions and divestments was 7%. Operating income excluding items affecting comparability totaled SEK 2,047 M (1,995), which represents an operating margin (EBIT) of 17.1% (17.0). Return on capital employed, on an annualized basis and excluding items affecting comparability, amounted to 20.2% (19.6). Operating cash flow before non-cash items and interest paid totaled SEK 2,622 M (2,791).
Acquisitions and divestments
Acquisitions
Seven acquisitions were completed during the quarter. The combined acquisition price for all the businesses acquired during the year, including adjustments from prior-year acquisitions, totaled SEK 9,638 M. The corresponding acquisition price on a cash- and debt- free basis totaled SEK 10,227 M. Preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life totaled SEK 6,770 M. Estimated deferred considerations for current year acquisitions totaled SEK 383 M.
On September 10, 2024, it was announced that ASSA ABLOY had acquired Level Lock, a technology solutions business in USA. Sales for 2023 amounted to about SEK 170 M.
On July 22, 2024, it was announced that ASSA ABLOY had signed an agreement to acquire SKIDATA, an international leading provider of access management solutions. SKIDATA is headquartered in Salzburg, Austria and will be part of the Business Segment Pedestrian within the Entrance Systems Division. Sales for 2023 amounted to about SEK 3,500 M. The acquisition was subject to regulatory approval and customary closing conditions and was completed during the third quarter of 2024.
Sustainable development
We are accelerating the reduction of Scope 2 emissions, which are primarily driven by our electricity consumption. By focusing on electrifying our relevant production processes, we can increase efficiency and enable these processes to be powered by renewable energy, driving significant reductions in our carbon footprint. One of our key initiatives involves transforming various steps in our surface treatment processes, which were traditionally powered by gas. These processes are now electrified and operate at lower temperatures, enhancing efficiency and reducing related energy costs. The combination of multiple projects will help us to reduce our electricity consumption by 9,500 MWh or about 3% of the Group's annual electricity consumption. This approach ensures we stay on track to meet our science-based targets by 2030, demonstrating our dedication to sustainability and innovation.
Parent company
Other operating income for the parent company ASSA ABLOY AB totaled SEK 4,360 M (5,394) for the first nine months of 2024. Operating income for the same period totaled SEK 339 M (1,239). Investments in tangible and intangible assets totaled SEK 21 M (3). Liquidity is good and the equity ratio was 23.8% (26.9).
Accounting principles
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. The same accounting and valuation principles have been applied as in the last Annual Report. No new or amended standards with material impact on the Group's financial reports have been applied for the first time in 2024.
This Report was prepared in accordance with IAS 34 "Interim Financial Reporting" and the Swedish Annual Accounts Act. The Report for the Parent Company was prepared in accordance with the Annual Accounts Act and RFR 2 "Reporting by a Legal Entity".
ASSA ABLOY makes use of a number of financial performance measures that are not defined in the reporting rules that the company uses described as "alternative performance measures." For definitions of financial performance measures, refer to Page 18 of this Report. Information about how these measures have been calculated is available on the company's website, www.assaabloy.com.
To reconcile how the financial measurements have been calculated for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2023 appear on the company's website.
All comparative numbers for income statement and cash flow items relate to the corresponding period last year, unless otherwise indicated. Comparative numbers for the balance sheet relate to the most recent year-end, unless otherwise indicated.
Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise.
Transactions with related parties
No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties, except for matters in the normal course of business such as paying dividends to shareholders.
Risks and uncertainty factors
ASSA ABLOY is an international Group with a wide geographical spread, involving exposure to various forms of strategic, operational, and financial risks. Strategic risks refer to changes in the business environment with potentially significant effects on ASSA ABLOY's operations and business objectives. Operational risks comprise risks directly attributable to business operations, entailing a potential impact on the Group's financial position and performance. Financial risks mainly comprise financing risk, currency risk, interest-rate risk, credit risk, and risks associated with the Group's pension obligations.
Risk-taking in itself provides opportunities for continued economic growth, but naturally the risks may also have a negative impact on business operations and company goals. It is therefore essential to have a systematic and efficient risk assessment process and an effective risk management program in general.
The purpose of risk management at ASSA ABLOY is not to avoid risks, but to take a controlled approach to identifying, managing and minimizing the effects of these risks. This work is based on an assessment of the probability of the risks and their potential impact on the Group.
The war in Ukraine and the conflict in the Middle East may have a negative business impact on ASSA ABLOY in both the short- and long-term, but the direct business effects are currently seen as limited. For a more detailed description of particular risks and risk management, please see the 2023 Annual Report.
M&A and FX guidance
The guidance below relating to two key figures is provided to facilitate financial modeling but should not be viewed as forecasting market outlooks or ASSA ABLOY's business performance.
Acquisitions and divestments
It is estimated that completed acquisitions and divestments, on a rolling 12 month basis as of September 30, 2024, will have an effect of 5% on sales in the fourth quarter of 2024 versus the same period last year, while the effect on the operating margin is estimated to be neutral in the fourth quarter of 2024.
Exchange-rate effects
On the basis of the currency rates on September 30, 2024, it is estimated that the weighted currency effects on sales in the fourth quarter of 2024 versus the same period last year will be –3%, while the effect on the operating margin is estimated to be dilutive in the fourth quarter of 2024.
Review
The Company's Auditors have not carried out any review of this Report for the third quarter of 2024.
Stockholm, October 23, 2024
Nico Delvaux
President and CEO
Financial information
The Year-end Report and Quarterly Report for the fourth quarter of 2024 will be published on February 5, 2025.
Further information can be obtained from:
Nico Delvaux,
President and CEO, tel. no: +46 8 506 485 82
Erik Pieder,
Executive Vice President and CFO, tel.no: +46 8 506 485 72
Björn Tibell,
Head of Investor Relations, tel. no: +46 70 275 67 68,
e-mail: [email protected]
ASSA ABLOY is holding a telephone and web conference at 09.00 on October 23, 2024
which can be followed online at assaabloy.com/investors.
It is possible to submit questions by telephone on: 08–505 100 31, +44 207 107 0613 or +1 631 570 5613
This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on October 23, 2024.
ASSA ABLOY AB (publ) Box 703 40 107 23 Stockholm Visiting address Klarabergsviadukten 90, Stockholm, Tel +46 (0)8 506 485 00 Fax +46 (0)8 506 485 85 www.assaabloy.com
Corporate identity number: 556059-3575 No.19/2024
Sweden
Financial information – Group
| CONDENSED INCOME STATEMENT | Q3 | Jan-Sep | ||
|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 |
| Sales | 36,881 | 37,418 | 103,746 | 110,586 |
| Cost of goods sold | -22,115 | -21,662 | -62,151 | -64,442 |
| Gross income | 14,766 | 15,756 | 41,595 | 46,144 |
| Selling, administrative and R&D costs and other operating income & expenses | -9,353 | -9,521 | -26,747 | -28,400 |
| Capital gain from divestment of subsidiaries, incl. exit costs1 | -4 | -43 | 3,657 | -75 |
| Impairment of goodwill and other intangible assets from business combinations | -4 | - | -2,272 | - |
| Share of earnings in associates | 4 | 19 | 13 | 22 |
| Operating income | 5,409 | 6,211 | 16,246 | 17,692 |
| Finance net | -900 | -878 | -1,688 | -2,537 |
| Income before tax | 4,509 | 5,333 | 14,558 | 15,154 |
| Tax on income | -1,139 | -1,333 | -4,897 | -3,789 |
| Net income for the period | 3,371 | 4,000 | 9,660 | 11,366 |
| Net income for the period attributable to: | ||||
| Parent company's shareholders | 3,386 | 3,998 | 9,674 | 11,367 |
| Non-controlling interests | -15 | 2 | -14 | -1 |
| Earnings per share | ||||
| Before and after dilution, SEK | 3.05 | 3.60 | 8.71 | 10.23 |
| Before and after dilution and excluding items affecting comparability, SEK | 3.31 | 3.63 | 9.99 | 10.28 |
| CONDENSED STATEMENT OF COMPREHENSIVE INCOME | Q3 | Jan-Sep | ||
| SEK M | 2023 | 2024 | 2023 | 2024 |
| Net income for the period | 3,371 | 4,000 | 9,660 | 11,366 |
| Other comprehensive income: Items that will not be reclassified to profit or loss |
||||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | -30 | 36 | 3 | 213 |
| Total | -30 | 36 | 3 | 213 |
| Items that may be reclassified subsequently to profit or loss | ||||
| Share of other comprehensive income of associates | -13 | 39 | -58 | 1 |
| Cashflow hedges and net investment hedges, net after tax | 77 | -187 | 80 | -91 |
| Cost of hedging | - | -5 | - | -5 |
| Exchange rate differences | -938 | -3,269 | 3,169 | 656 |
| Tax attributable to items that may be reclassified subsequently to profit or loss | 0 | 2 | 2 | 0 |
| Total | -874 | -3,419 | 3,193 | 561 |
| Total other comprehensive income | -904 | -3,384 | 3,196 | 774 |
| Total comprehensive income for the period | 2,466 | 616 | 12,856 | 12,140 |
| Total comprehensive income for the period attributable to: | ||||
| Parent company's shareholders | 2,481 | 616 | 12,874 | 12,143 |
| Non-controlling interests | -15 | 1 | -17 | -3 |
1) Please see the section 'Items affecting comparability' on page 4 in the report for further details about exit costs and the financial effects in 2024.
Financial information - Group
| CONDENSED BALANCE SHEET | 31 Dec | 30 Sep | ||
|---|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 127,704 | 134,340 | 135,662 | |
| Property, plant and equipment | 11,460 | 12,111 | 12,222 | |
| Right-of-use assets | 5,296 | 5,501 | 5,670 | |
| Investments in associates | 622 | 631 | 693 | |
| Other financial assets | 412 | 557 | 494 | |
| Deferred tax assets | 1,863 | 1,685 | 1,829 | |
| Total non-current assets | 147,357 | 154,826 | 156,570 | |
| Current assets | ||||
| Inventories | 18,603 | 21,181 | 20,579 | |
| Trade receivables | 20,934 | 22,377 | 22,767 | |
| 7,991 | 6,767 | 8,040 | ||
| Other current receivables and investments | ||||
| Cash and cash equivalents | 1,466 | 1,688 | 4,073 | |
| Total current assets | 48,994 | 52,013 | 55,459 | |
| TOTAL ASSETS | 196,351 | 206,839 | 212,029 | |
| EQUITY AND LIABILITIES | ||||
| Equity | 91,629 | 96,197 | 100,731 | |
| Equity attributable to Parent company's shareholders | ||||
| Non-controlling interests | 16 | 36 | 16 | |
| Total equity | 91,644 | 96,233 | 100,746 | |
| Non-current liabilities | ||||
| Long-term loans | 49,917 | 50,916 | 54,077 | |
| Non-current lease liabilities | 4,001 | 4,183 | 4,103 | |
| Deferred tax liabilities | 2,991 | 3,230 | 3,606 | |
| Other non-current liabilities and provisions | 3,222 | 3,351 | 2,691 | |
| Total non-current liabilities | 60,131 | 61,680 | 64,477 | |
| Current liabilities | ||||
| Short-term loans | 9,833 | 12,607 | 10,515 | |
| Current lease liabilities | 1,443 | 1,459 | 1,787 | |
| Trade payables | 11,320 | 11,592 | 11,373 | |
| Other current liabilities and provisions | 21,980 | 23,269 | 23,132 | |
| Total current liabilities | 44,576 | 48,927 | 46,806 | |
| TOTAL EQUITY AND LIABILITIES | 196,351 | 206,839 | 212,029 | |
| CHANGES IN EQUITY | Equity attributable to: | |||
| Parent | Non | |||
| company's | controlling | Total | ||
| SEK M | shareholders | interests | equity | |
| Opening balance 1 January 2023 | 86,014 | 12 | 86,026 | |
| Net income for the period | 9,674 | -14 | 9,660 | |
| Other comprehensive income | 3,200 | -4 | 3,196 | |
| Total comprehensive income | 12,874 | -17 | 12,856 | |
| Dividend | -2,666 | - | -2,666 | |
| Share-based incentive programs | -25 | - | -25 | |
| Change in non-controlling interest | 0 | 41 | 41 | |
| Total transactions with shareholders | -2,690 | 41 | -2,650 | |
| Closing balance 30 September 2023 | 96,197 | 36 | 96,233 | |
| Opening balance 1 January 2024 | 91,629 | 16 | 91,644 | |
| Net income for the period | 11,367 | -1 | 11,366 | |
| Other comprehensive income | 776 | -2 | 774 | |
| Total comprehensive income | 12,143 | -3 | 12,140 | |
| Dividend | -2,999 | 0 | -2,999 | |
| Share-based incentive programs | -42 | - | -42 | |
| Change in non-controlling interest | - | 3 | 3 | |
| Total transactions with shareholders | -3,041 | 3 | -3,038 | |
Closing balance 30 September 2024 100,731 16 100,746
Financial information - Group
| CONDENSED STATEMENT OF CASH FLOWS | Q3 | Jan-Sep | ||
|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 |
| OPERATING ACTIVITIES | ||||
| Operating income | 5,409 | 6,211 | 16,246 | 17,692 |
| Add back of | ||||
| Depreciation/amortization | 1,371 | 1,380 | 3,584 | 4,082 |
| Items affecting comparability | 367 | 43 | 217 | 75 |
| Other non-cash items | 27 | 44 | 122 | 39 |
| Restructuring payments | -167 | -150 | -423 | -425 |
| Changes in working capital | 1,754 | 802 | 1,910 | -1,400 |
| Cash flow before interest and tax | 8,761 | 8,331 | 21,656 | 20,062 |
| Interest paid and received | -738 | -1,032 | -1,344 | -2,454 |
| Tax paid on income | -2,456 | -1,505 | -5,463 | -3,707 |
| Cash flow from operating activities | 5,567 | 5,794 | 14,848 | 13,901 |
| INVESTING ACTIVITIES | ||||
| Net investments in intangible assets and property, plant and equipment | -604 | -655 | -1,693 | -1,680 |
| Investments in subsidiaries | -3,718 | -5,050 | -52,013 | -9,141 |
| Divestments of subsidiaries | - | - | 8,114 | 402 |
| Other investments and disposals | 0 | 0 | -1 | 0 |
| Cash flow from investing activities | -4,322 | -5,705 | -45,593 | -10,419 |
| FINANCING ACTIVITIES | ||||
| Dividends | - | - | -2,666 | -2,999 |
| Repayment of lease liabilities | -409 | -453 | -1,124 | -1,311 |
| Net cash effect of changes in borrowings | -5,809 | 861 | 32,806 | 3,455 |
| Cash flow from financing activities | -6,218 | 408 | 29,016 | -856 |
| CASH FLOW FOR THE PERIOD | -4,974 | 496 | -1,728 | 2,626 |
| CASH AND CASH EQUIVALENTS | ||||
| Cash and cash equivalents at beginning of period | 6,665 | 3,605 | 3,417 | 1,466 |
| Cash flow for the period | -4,974 | 496 | -1,728 | 2,626 |
| Effect of exchange rate differences | -4 | -28 | 0 | -18 |
| Cash and cash equivalents at end of period | 1,688 | 4,073 | 1,688 | 4,073 |
Quarterly information - Group
| THE GROUP IN SUMMARY SEK M |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
2023 | Jan-Sep Jan-Sep 2024 |
Year 2023 |
Last 12 months |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 31,820 | 32,915 | 32,391 | 34,474 | 36,881 | 36,970 | 35,200 | 37,968 | 37,418 | 103,746 | 110,586 | 140,716 | 147,556 |
| Organic growth | 14% | 9% | 8% | 3% | 1% | 0% | -2% | -1% | 0% | 4% | -1% | 3% | - |
| Gross income1 | 12,626 | 13,199 | 13,393 | 14,231 | 15,123 | 15,024 | 14,530 | 15,858 | 15,756 | 42,747 | 46,144 | 57,771 | 61,169 |
| Gross margin 1 | 39.7% | 40.1% | 41.3% | 41.3% | 41.0% | 40.6% | 41.3% | 41.8% | 42.1% | 41.2% | 41.7% | 41.1% | 41.5% |
| EBITDA1 | 6,014 | 6,298 | 6,241 | 6,658 | 7,148 | 7,312 | 6,728 | 7,485 | 7,635 | 20,047 | 21,848 | 27,358 | 29,160 |
| EBITDA margin 1 | 18.9% | 19.1% | 19.3% | 19.3% | 19.4% | 19.8% | 19.1% | 19.7% | 20.4% | 19.3% | 19.8% | 19.4% | 19.8% |
| Depreciation, excl attrib. to business combinations EBITA1 |
-875 | -961 | -862 | -936 | -995 | -1,304 | -988 | -1,051 | -1,026 | -2,793 | -3,065 | -4,098 | -4,369 |
| 5,139 | 5,338 | 5,379 | 5,722 | 6,152 | 6,008 | 5,740 | 6,434 | 6,609 | 17,253 | 18,783 | 23,261 | 24,791 | |
| EBITA margin 1 | 16.2% | 16.2% | 16.6% | 16.6% | 16.7% | 16.2% | 16.3% | 16.9% | 17.7% | 16.6% | 17.0% | 16.5% | 16.8% |
| Amortization attrib. to business combinations | -166 | -185 | -193 | -222 | -376 | -285 | -313 | -349 | -354 | -791 | -1,016 | -1,076 | -1,302 |
| Operating income (EBIT)1 | 4,973 | 5,152 | 5,186 | 5,500 | 5,777 | 5,722 | 5,427 | 6,085 | 6,255 | 16,462 | 17,767 | 22,185 | 23,489 |
| Operating margin (EBIT) 1 | 15.6% | 15.7% | 16.0% | 16.0% | 15.7% | 15.5% | 15.4% | 16.0% | 16.7% | 15.9% | 16.1% | 15.8% | 15.9% |
| Items affecting comparability1 | - | - | -1,225 | 1 376 | -367 | -183 | -18 | -13 | -43 | -217 | -75 | -400 | -258 |
| Operating income (EBIT) | 4,973 | 5,152 | 3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 16,246 | 17,692 | 21,785 | 23,231 |
| Operating margin (EBIT) | 15.6% | 15.7% | 12.2% | 19.9% | 14.7% | 15.0% | 15.4% | 16.0% | 16.6% | 15.7% | 16.0% | 15.5% | 15.7% |
| Net financial items | -237 | -387 | -343 | -445 | -900 | -843 | -811 | -849 | -878 | -1,688 | -2,537 | -2,531 | -3,380 |
| Income before tax | 4,736 | 4,766 | 3,619 | 6,430 | 4,509 | 4,696 | 4,598 | 5,223 | 5,333 | 14,558 | 15,154 | 19,254 | 19,851 |
| Profit margin | 14.9% | 14.5% | 11.2% | 18.7% | 12.2% | 12.7% | 13.1% | 13.8% | 14.3% | 14.0% | 13.7% | 13.7% | 13.5% |
| Tax on income | -1,184 | -1,036 | -905 | -2,854 | -1,139 | -717 | -1,150 | -1,306 | -1,333 | -4,897 | -3,789 | -5,615 | -4,506 |
| Net income for the period | 3,552 | 3,729 | 2,714 | 3,576 | 3,371 | 3,979 | 3,449 | 3,917 | 4,000 | 9,660 | 11,366 | 13,639 | 15,345 |
| Net income attributable to: | |||||||||||||
| Parent company's shareholders | 3,551 | 3,728 | 2,713 | 3,574 | 3,386 | 3,959 | 3,452 | 3,917 | 3,998 | 9,674 | 11,367 | 13,633 | 15,326 |
| Non-controlling interests | 1 | 1 | 1 | 1 | -15 | 20 | -3 | 0 | 2 | -14 | -1 | 7 | 19 |
| OPERATING CASH FLOW | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Jan-Sep Jan-Sep | Year | Last 12 | |
| SEK M | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | months |
| Operating income (EBIT) | 4,973 | 5,152 | 3,961 | 6,875 | 5,409 | 5,539 | 5,409 | 6,071 | 6,211 | 16,246 | 17,692 | 21,785 | 23,231 |
| Reversal items affecting comparability | - | - | 1,225 | -1 376 | 367 | 183 | 18 | 13 | 43 | 217 | 75 | 400 | 258 |
| Depreciation and amortization | 1,041 | 1,146 | 1,055 | 1,158 | 1,371 | 1,590 | 1,301 | 1,400 | 1,380 | 3,584 | 4,082 | 5,174 | 5,671 |
| Net capital expenditure | -509 | -735 | -516 | -572 | -604 | -727 | -429 | -596 | -655 | -1,693 | -1,680 | -2,419 | -2,407 |
| Change in working capital | -477 | 1,548 | -1,111 | 1,267 | 1,754 | 1,927 | -2,091 | -111 | 802 | 1,910 | -1,400 | 3,836 | 526 |
| Interest paid and received | -217 | -192 | -242 | -364 | -738 | -778 | -650 | -772 | -1,032 | -1,344 | -2,454 | -2,122 | -3,232 |
| Repayment of lease liabilities | -335 | -360 | -352 | -363 | -409 | -420 | -402 | -456 | -453 | -1,124 | -1,311 | -1,543 | -1,731 |
| Other non-cash items | 44 | 29 | 50 | 45 | 27 | 0 | -60 | 55 | 44 | 122 | 39 | 123 | 40 |
| Operating cash flow | 4,520 | 6,588 | 4,069 | 6,671 | 7,177 | 7,315 | 3,096 | 5,604 | 6,341 | 17,918 | 15,042 | 25,232 | 22,356 |
| Cash conversion | 0.95 | 1.38 | 0.84 | 1.32 | 1.47 | 1.50 | 0.67 | 1.07 | 1.18 | 1.21 | 0.99 | 1.28 | 1.11 |
| CHANGE IN NET DEBT | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Jan-Sep Jan-Sep | Year | Last 12 | |
| SEK M | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | months |
| Net debt at beginning of period | 32,565 | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 31,732 | 64,109 | 31,732 | 68,736 |
| Operating cash flow | -4,520 | -6,588 | -4,069 | -6,671 | -7,177 | -7,315 | -3,096 | -5,604 | -6,341 | -17,918 | -15,042 | -25,232 | -22,356 |
| Restructuring payments | 81 | 171 | 109 | 146 | 167 | 190 | 137 | 138 | 150 | 423 | 425 | 613 | 615 |
| Tax paid on income | 1,038 | 1,452 | 726 | 2,281 | 2,456 | 1,825 | 712 | 1,490 | 1,505 | 5,463 | 3,707 | 7,289 | 5,533 |
| Acquisitions and divestments | 826 | 5,080 | 367 | 40,773 | 3,783 | 1,903 | 2,038 | 2,182 | 5,592 | 44,923 | 9,812 | 46,826 | 11,715 |
| Dividend | - | 2,333 | - | 2,666 | - | 2,666 | - | 2,999 | - | 2,666 | 2,999 | 5,332 | 5,665 |
| Actuarial gain/loss on post-employment benefit oblig. | -538 | -906 | 47 | -92 | 41 | 12 | -142 | -96 | -50 | -4 | -288 | 8 | -276 |
| Change to lease liabilities | -53 | 62 | 254 | 138 | 111 | 125 | 292 | -105 | -95 | 503 | 92 | 628 | 217 |
| Exchange rate differences, etc. | 1,219 | -490 | 171 | 1,274 | -496 | -4,033 | 3,488 | -342 | -2,033 | 948 | 1,113 | -3,085 | -2,921 |
| Net debt at end of period | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | 68,736 | 66,927 | 64,109 | 66,927 |
| Net debt/Equity | 0.35 | 0.37 | 0.33 | 0.75 | 0.71 | 0.70 | 0.68 | 0.68 | 0.66 | ||||
| NET DEBT SEK M |
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
||||
| Interest-bearing assets | -207 | -224 | -221 | -484 | -495 | -459 | -504 | -248 | -257 | ||||
| Cash and cash equivalents | -2,978 | -3,417 | -2,811 | -6,665 | -1,688 | -1,466 | -2,437 | -3,605 | -4,073 | ||||
| Derivative financial instruments, net | 231 | 288 | 306 | 15 | 284 | -595 | -251 | 116 | -456 | ||||
| Pension provisions | 2,389 | 1,351 | 1,379 | 1,415 | 1,471 | 1,435 | 1,283 | 1,186 | 1,232 | ||||
| Lease liabilities | 3,840 | 3,907 | 4,182 | 5,607 | 5,641 | 5,443 | 6,020 | 6,001 | 5,890 | ||||
| Interest-bearing liabilities | 27,344 | 29,826 | 26,500 | 69,965 | 63,523 | 59,751 | 63,425 | 64,748 | 64,591 | ||||
| Total | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | ||||
| CAPITAL EMPLOYED AND FINANCING | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||
| SEK M | 2022 | 2022 | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | ||||
| Goodwill | 73,540 | 75,873 | 75,075 | 117,142 | 119,006 | 92,873 | 99,680 | 99,317 | 99,199 | ||||
| Other intangible assets | 14,774 | 15,024 | 15,539 | 15,918 | 15,333 | 34,831 | 36,000 | 36,970 | 36,463 | ||||
| Property, plant and equipment | 10,079 | 10,106 | 10,178 | 11,885 | 12,111 | 11,460 | 12,129 | 12,134 | 12,222 | ||||
| Right-of-use assets | 3,735 | 3,804 | 4,075 | 5,476 | 5,501 | 5,296 | 5,837 | 5,789 | 5,670 | ||||
| Other capital employed | 15,257 | 13,244 | 14,206 | 14,277 | 13,958 | 12,060 | 14,534 | 14,605 | 14,478 | ||||
| Restructuring reserve | -469 | -294 | -1,229 | -1,140 | -941 | -767 | -662 | -514 | -358 | ||||
| Capital employed | 116,916 | 117,758 | 117,844 | 163,558 | 164,969 | 155,753 | 167,517 | 168,300 | 167,674 | ||||
| Net debt | 30,618 | 31,732 | 29,336 | 69,851 | 68,736 | 64,109 | 67,536 | 68,198 | 66,927 | ||||
| Non-controlling interests Equity attributable to Parent company´s shareholders |
13 | 12 | 12 | 10 | 36 | 16 | 12 | 12 | 16 | ||||
| 86,285 | 86,014 | 88,496 | 93,696 | 96,197 | 91,629 | 99,969 | 100,090 | 100,731 | |||||
| OTHER KEY RATIOS ETC | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||
| Earnings per share, SEK | 2022 3,20 |
2022 3,36 |
2023 2,44 |
2023 3,22 |
2023 3,05 |
2023 3,56 |
2024 3,11 |
2024 3,53 |
2024 3,60 |
||||
| Earnings per share, excl IAC, SEK | 3,20 | 3,36 | 3,32 | 3,36 | 3,31 | 3,56 | 3,12 | 3,54 | 3,63 | ||||
| 77,68 | 77,44 | 79,67 | 84,35 | 86,60 | 82,49 | 90,00 | 90,11 | 90,68 | |||||
| Shareholders' equity per share, SEK | 16,8% | 16,9% | 17,4% | 17,2% | 16,3% | 15,6% | 14,6% | 14,0% | 14,2% | ||||
| Return on capital employed | 16,4% | 17,1% | 16,2% | 15,8% | 14,7% | 15,3% | 15,3% | 15,2% | 15,6% | ||||
| Return on equity | 1,4 | 1,4 | 1,2 | 2,8 | 2,6 | 2,3 | 2,4 | 2,4 | 2,3 | ||||
| Net debt/EBITDA | |||||||||||||
| Average number of employees | 51,937 | 52,463 | 52,960 | 53,824 | 56,289 | 56,845 | 61,282 | 62,538 | 62,634 | ||||
| Average adjusted capital employed Average number of shares, thousands |
103,663 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 |
109,372 | 113,480 | 120,917 | 132,788 | 142,611 | 153,385 | 164,603 | 165,649 | ||||
1) Excluding items affecting comparability. Please see the section 'Items affecting comparability' on page 4 in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
Average number of shares, thousands 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 1,110,776 Items affecting comparability, net of tax - - -978 -156 -285 10 -13 -10 -33
Reporting by division
| Q3 and 30 Sep | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Sales, external | 5,918 | 5,849 | 11,063 | 11,180 | 2,474 | 2,176 | 5,716 | 6,258 | 11,709 | 11,956 | - | - | 36,881 | 37,418 |
| Sales, internal | 142 | 161 | 28 | 34 | 166 | 250 | 47 | 55 | 16 | 17 | -398 | -517 | - | - |
| Sales | 6,061 | 6,010 | 11,091 11,214 | 2,640 | 2,425 | 5,763 | 6,313 | 11,725 11,973 | -398 | -517 | 36,881 | 37,418 | ||
| Organic growth | -3% | 1% | 3% | 4% | -7% | -6% | 4% | 2% | 0% | -2% | - | - | 1% | 0% |
| Acquisitions and divestments | 3% | 1% | 38% | 1% | -3% | 0% | 4% | 11% | 2% | 7% | - | - | 11% | 4% |
| Exchange-rate effects | 5% | -3% | 4% | -4% | 0% | -2% | 4% | -3% | 4% | -3% | - | - | 4% | -3% |
| Share of earnings in associates | - | - | - | - | 4 | 1 | - | 12 | - | 6 | - | - | 4 | 19 |
| EBIT, excl items affecting | ||||||||||||||
| comparability | 838 | 869 | 1,870 | 2,149 | 229 | 193 | 1,065 | 1,195 | 1,995 | 2,047 | -221 | -198 | 5,777 | 6,255 |
| EBIT margin, excl items affecting | 13.8% | 14.5% | 16.9% | 19.2% | 8.7% | 7.9% | 18.5% | 18.9% | 17.0% | 17.1% | - | - | 15.7% | 16.7% |
| comparability | ||||||||||||||
| Items affecting comparability1 | -29 | -20 | -332 | 0 | 1 | -23 | -6 | - | -1 | - | - | - | -367 | -43 |
| Operating income (EBIT) | 809 | 849 | 1,538 | 2,149 | 230 | 169 | 1,059 | 1,195 | 1,994 | 2,047 | -221 | -198 | 5,409 | 6,211 |
| Operating margin (EBIT) | 13.4% | 14.1% | 13.9% | 19.2% | 8.7% | 7.0% | 18.4% | 18.9% | 17.0% | 17.1% | - | - | 14.7% | 16.6% |
| OPERATING CASH FLOW | ||||||||||||||
| SEK M | ||||||||||||||
| Operating income (EBIT) | 809 | 849 | 1,538 | 2,149 | 230 | 169 | 1,059 | 1,195 | 1,994 | 2,047 | -221 | -198 | 5,409 | 6,211 |
| Items affecting comparability1 | 29 | 20 | 332 | 0 | -1 | 23 | 6 | - | 1 | - | - | - | 367 | 43 |
| Depreciation and amortization | 234 | 236 | 451 | 397 | 99 | 97 | 234 | 249 | 344 | 387 | 10 | 15 | 1,371 | 1,380 |
| Net capital expenditure | -188 | -127 | -193 | -146 | -59 | -57 | -55 | -181 | -109 | -130 | -1 | -14 | -604 | -655 |
| Repayment of lease liabilities | -67 | -70 | -78 | -86 | -34 | -32 | -52 | -49 | -173 | -208 | -5 | -9 | -409 | -453 |
| Change in working capital | 271 | 14 | 758 | 25 | 108 | 66 | -117 | 125 | 734 | 527 | 1 | 45 | 1,754 | 802 |
| Operating cash flow by division | 1,088 | 923 | 2,807 | 2,339 | 344 | 267 | 1,074 | 1,339 | 2,791 | 2,622 | -217 | -161 | 7,888 | 7,329 |
| Other non-cash items | 27 | 44 | 27 | 44 | ||||||||||
| Interest paid and received | -738 | -1,032 | -738 | -1,032 | ||||||||||
| Operating cash flow | 7,177 | 6,341 |
| Jan-Sep and 30 Sep | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEIA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Sales, external | 18,017 | 18,138 | 27,381 | 33,210 | 6,860 | 6,188 | 17,078 | 17,516 | 34,410 | 35,534 | - | - | 103,746 | 110,586 |
| Sales, internal | 475 | 479 | 119 | 98 | 957 | 715 | 136 | 170 | 67 | 77 | -1,754 | -1,539 | - | - |
| Sales | 18,492 18,617 | 27,500 33,308 | 7,817 | 6,904 | 17,214 17,686 | 34,477 35,611 | -1,754 | -1,539 | 103,746 110,586 | |||||
| Organic growth | -2% | 0% | 6% | 2% | -2% | -5% | 15% | -5% | 1% | 0% | - | - | 4% | -1% |
| Acquisitions and divestments | 7% | 2% | 17% | 21% | 8% | -5% | 4% | 9% | 2% | 5% | - | - | 8% | 9% |
| Exchange-rate effects | 6% | -1% | 8% | -2% | 3% | -2% | 7% | -1% | 7% | -2% | - | - | 6% | -1% |
| Share of earnings in associates | - | - | - | - | 13 | 4 | - | 12 | - | 6 | - | - | 13 | 22 |
| EBIT, excl items affecting | ||||||||||||||
| comparability EBIT margin, excl items affecting |
2,473 | 2,591 | 5,332 | 6,257 | 555 | 500 | 3,086 | 2,970 | 5,681 | 6,068 | -664 | -620 | 16,462 | 17,767 |
| comparability | 13.4% | 13.9% | 19.4% | 18.8% | 7.1% | 7.2% | 17.9% | 16.8% | 16.5% | 17.0% | - | - | 15.9% | 16.1% |
| Items affecting comparability1 | -529 | -38 | 3,032 | 0 | 10 | -37 | -2,493 | - | -133 | - | -104 | - | -217 | -75 |
| Operating income (EBIT) | 1,944 | 2,553 | 8,364 | 6,257 | 566 | 464 | 593 | 2,970 | 5,547 | 6,068 | -768 | -620 | 16,246 | 17,692 |
| Operating margin (EBIT) | 10.5% | 13.7% | 30.4% | 18.8% | 7.2% | 6.7% | 3.4% | 16.8% | 16.1% | 17.0% | - | - | 15.7% | 16.0% |
| OPERATING CASH FLOW | ||||||||||||||
| SEK M | ||||||||||||||
| Operating income (EBIT) | 1,944 | 2,553 | 8,364 | 6,257 | 566 | 464 | 593 | 2,970 | 5,547 | 6,068 | -768 | -620 | 16,246 | 17,692 |
| Items affecting comparability1 | 529 | 38 | -3,032 | 0 | -10 | 37 | 2,493 | - | 133 | - | 104 | - | 217 | 75 |
| Depreciation and amortization | 703 | 729 | 826 | 1,154 | 301 | 298 | 742 | 743 | 980 | 1,120 | 32 | 38 | 3,584 | 4,082 |
| Net capital expenditure | -484 | -364 | -430 | -563 | -156 | -39 | -227 | -347 | -394 | -338 | -1 | -28 | -1,693 | -1,680 |
| Repayment of lease liabilities | -204 | -211 | -172 | -258 | -94 | -98 | -140 | -145 | -498 | -579 | -15 | -21 | -1,124 | -1,311 |
| Change in working capital | -141 | -463 | 505 | -1,041 | 2 | -103 | -508 | -560 | 2,021 | 978 | 29 | -211 | 1,910 | -1,400 |
| Operating cash flow by division | 2,347 | 2,281 | 6,061 | 5,549 | 608 | 558 | 2,953 | 2,662 | 7,790 | 7,249 | -620 | -841 | 19,140 | 17,456 |
| Other non-cash items | 122 | 39 | 122 | 39 | ||||||||||
| Interest paid and received | -1,344 | -2,454 | -1,344 | -2,454 | ||||||||||
| Operating cash flow | 17,918 | 15,042 | ||||||||||||
| CAPITAL EMPLOYED | ||||||||||||||
| SEK M | ||||||||||||||
| Goodwill | 13,870 | 13,893 | 56,565 | 33,038 | 5,667 | 5,470 | 19,878 | 19,804 | 23,027 | 26,993 | - | - | 119,006 | 99,199 |
| Other intangible assets | 1,427 | 1,513 | 1,267 | 21,110 | 2,064 | 1,865 | 3,240 | 3,621 | 7,306 | 8,315 | 30 | 40 | 15,333 | 36,463 |
| Property, plant and equipment | 3,293 | 3,254 | 3,328 | 3,218 | 1,472 | 1,417 | 1,603 | 1,691 | 2,369 | 2,595 | 46 | 48 | 12,111 | 12,222 |
| Right-of-use assets | 944 | 844 | 1,690 | 1,526 | 321 | 308 | 585 | 585 | 1,940 | 2,287 | 21 | 119 | 5,501 | 5,670 |
| Other capital employed | 2,951 | 3,513 | 2,418 | 3,218 | 1,885 | 1,294 | 2,634 | 2,706 | 4,648 | 4,273 | -579 | -526 | 13,958 | 14,478 |
| Adjusted capital employed | 22,484 23,017 | 65,267 62,110 | 11,410 10,354 | 27,940 28,407 | 39,290 44,462 | -481 | -318 | 165,910 168,032 | ||||||
| Restructuring reserve | -407 | -162 | -128 | -23 | -58 | -15 | -125 | -40 | -218 | -113 | -5 | -5 | -941 | -358 |
| Capital employed | 22,077 22,856 | 65,139 62,087 | 11,352 10,339 | 27,815 28,367 | 39,072 44,349 | -486 | -324 | 164,969 167,674 | ||||||
| Return on capital employed | 14.9% | 15.8% | 20.3% | 12.7% | 3.8% | 5.6% | 15.5% | 13.8% | 19.6% | 20.2% | - | - | 16.3% | 14.2% |
| Average adjusted capital employed | 22,825 | 22,239 | 34,111 | 63,971 | 11,435 | 10,757 | 26,300 | 28,020 | 38,684 | 40,663 | - | - | 132,788 | 165,649 |
| Average number of employees | 12,307 | 12,314 | 12,763 | 18,135 | 7,306 | 6,828 | 7,624 | 8,504 | 15,860 | 16,575 | 429 | 278 | 56,289 | 62,634 |
1) Excluding items affecting comparability. Please see the section 'Items affecting comparability' on page 4 in the report for further details about the financial effects in 2024. For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
Reporting by division
| Jan-Dec and 31 Dec | EMEIA | Americas | Asia Pacific | Global Technologies |
Entrance Systems |
Other | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 |
| Sales, external | 22,286 | 24,214 | 28,191 | 37,867 | 8,302 | 9,133 | 19,186 | 22,930 | 42,827 | 46,570 | - | - | 120,793 | 140,716 |
| Sales, internal | 572 | 617 | 152 | 141 | 1,522 | 1,151 | 158 | 169 | 100 | 95 | -2,505 | -2,173 | - | - |
| Sales | 22,858 | 24,831 | 28,344 | 38,009 | 9,824 | 10,284 | 19,344 | 23,099 | 42,928 | 46,665 | -2,505 | -2,173 | 120,793 140,716 | |
| Organic growth | 5% | -2% | 17% | 6% | -5% | -2% | 15% | 9% | 17% | 1% | - | - | 12% | 3% |
| Acquisitions and divestments | 1% | 6% | 1% | 22% | 7% | 5% | 2% | 5% | 2% | 2% | - | - | 2% | 8% |
| Exchange-rate effects | 5% | 5% | 20% | 6% | 11% | 2% | 15% | 5% | 12% | 6% | - | - | 13% | 5% |
| Share of earnings in associates | - | - | - | - | 22 | 7 | 3 | 11 | 1 | - | - | - | 26 | 18 |
| EBIT, excl items affecting | ||||||||||||||
| comparability | 3 335 | 3 388 | 5 899 | 7 186 | 119 | 662 | 3 065 | 3 996 | 6 847 | 7 807 | -732 | -854 | 18 532 | 22 185 |
| EBIT margin, excl items affecting comparability |
14,6% | 13,6% | 20,8% | 18,9% | 1,2% | 6,4% | 15,8% | 17,3% | 15,9% | 16,7% | - | - | 15,3% | 15,8% |
| Items affecting comparability1 | - | -551 | - | 2 908 | - | -27 | - | -2 492 | - | -133 | - | -104 | - | -400 |
| Operating income (EBIT) | 3,335 | 2,837 | 5,899 | 10,094 | 119 | 635 | 3,065 | 1,504 | 6,847 | 7,673 | -732 | -958 | 18,532 | 21,785 |
| Operating margin (EBIT) | 14,6% | 11,4% | 20,8% | 26,6% | 1,2% | 6,2% | 15,8% | 6,5% | 15,9% | 16,4% | - | - | 15,3% | 15,5% |
| Operating income (EBIT) | 3,335 | 2,837 | 5,899 | 10,094 | 119 | 635 | 3,065 | 1,504 | 6,847 | 7,673 | -732 | -958 | 18,532 | 21,785 |
| Items affecting comparability1 | - | 551 | - | -2,908 | - | 27 | - | 2,492 | - | 133 | - | 104 | - | 400 |
| Depreciation and amortization | 865 | 1,055 | 634 | 1,154 | 363 | 424 | 1,012 | 1,013 | 1,176 | 1,484 | 38 | 44 | 4,088 | 5,174 |
| Net capital expenditure | -443 | -627 | -436 | -631 | -289 | -202 | -301 | -378 | -495 | -576 | -26 | -6 | -1,990 | -2,419 |
| Repayment of lease liabilities | -266 | -276 | -178 | -255 | -111 | -129 | -158 | -188 | -599 | -675 | -18 | -21 | -1,330 | -1,543 |
| Change in working capital | -707 | 643 | -400 | 726 | 207 | 457 | -642 | -298 | -1,494 | 2,352 | 205 | -44 | -2,831 | 3,836 |
| Operating cash flow by division | 2,785 | 4,183 | 5,520 | 8,181 | 288 | 1,213 | 2,974 | 4,145 | 5,436 | 10,391 | -534 | -881 | 16,470 | 27,232 |
| Other non-cash items | 137 | 123 | 137 | 123 | ||||||||||
| Interest paid and received | -799 | -2 122 | -799 | -2 122 | ||||||||||
| Operating cash flow | 15,808 | 25,232 | ||||||||||||
| CAPITAL EMPLOYED SEK M |
||||||||||||||
| Goodwill | 12,957 | 13,232 | 15,416 | 32,382 | 6,058 | 5,379 | 19,041 | 18,989 | 22,401 | 22,891 | - | - | 75,873 | 92,873 |
| Other intangible assets | 1,223 | 1,366 | 1,375 | 21,652 | 1,637 | 1,937 | 3,691 | 2,968 | 7,056 | 6,876 | 42 | 32 | 15,024 | 34,831 |
| Property, plant and equipment | 2,745 | 3,166 | 2,079 | 3,037 | 1,591 | 1,398 | 1,421 | 1,556 | 2,215 | 2,260 | 55 | 43 | 10,106 | 11,460 |
| Right-of-use assets | 914 | 976 | 482 | 1,598 | 234 | 295 | 540 | 553 | 1,603 | 1,858 | 31 | 17 | 3,804 | 5,296 |
| Other capital employed | 4,034 | 2,120 | 1,536 | 2,875 | 1,692 | 1,324 | 1,604 | 1,827 | 5,141 | 3,830 | -764 | 84 | 13,244 | 12,060 |
| Adjusted capital employed | 21,874 | 20,860 | 20,889 | 61,544 | 11,211 | 10,332 | 26,297 | 25,891 | 38,418 | 37,715 | -636 | 177 | 118,052 156,520 | |
| Restructuring reserve | -97 | -298 | 12 | -150 | -49 | -43 | -60 | -89 | -76 | -182 | -23 | -5 | -294 | -767 |
| Capital employed | 21,777 | 20,562 | 20,900 | 61,395 | 11,161 | 10,289 | 26,237 | 25,802 | 38,342 | 37,533 | -659 | 172 | 117,758 155,753 | |
| Return on capital employed | 16,8% | 14,8% | 32,1% | 16,3% | 1,2% | 5,8% | 12,4% | 15,2% | 18,8% | 20,3% | - | - | 16,9% | 15,6% |
| Average adjusted capital employed | 19,861 | 22,872 | 18,369 | 44,025 | 10,167 | 11,396 | 24,745 | 26,295 | 36,447 | 38,502 | - | - | 109,372 | 142,611 |
| Average number of employees | 11,943 | 12,188 | 9,435 | 13,358 | 7,914 | 7,099 | 7,278 | 7,895 | 15,621 | 16,028 | 271 | 276 | 52,463 | 56,845 |
For information about items affecting comparability in 2023, please see the Year-end report 2023, available on assaabloy.com
Financial information - Notes
NOTE 1 DISAGGREGATION OF REVENUE
| Sales by continent Q3 | Glo | bal | Entr | ance | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EME | IA | Ame | ricas | Asia P | acific | Techno | logies | Syst | ems | Oth | er | Tot | al | |
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Europe | 5,098 | 5,088 | 19 | 25 | 121 | 193 | 1,377 | 1,707 | 4,441 | 4,433 | -182 | -248 | 10,875 | 11,199 |
| North America | 167 | 172 | 10,025 | 9,968 | 537 | 531 | 2,836 | 3,112 | 6,506 | 6,679 | -116 | -147 | 19,955 | 20,314 |
| Central- and South America | 24 | 28 | 961 | 1,002 | 10 | 11 | 287 | 191 | 45 | 69 | -10 | -17 | 1,317 | 1,284 |
| Africa | 265 | 284 | 2 | 4 | 4 | 3 | 167 | 256 | 11 | 13 | -2 | -10 | 447 | 550 |
| Asia | 459 | 404 | 75 | 204 | 1,170 | 960 | 774 | 734 | 349 | 392 | -44 | -60 | 2,784 | 2,634 |
| Oceania | 46 | 35 | 9 | 11 | 798 | 727 | 322 | 312 | 373 | 387 | -45 | -35 | 1,503 | 1,437 |
| Total | 6,061 | 6,010 | 11,091 | 11,214 | 2,640 | 2,425 | 5,763 | 6,313 | 11,725 | 11,973 | -398 | -517 | 36,881 | 37,418 |
| Sales by continent Jan-Sep | ЕМІ | EIA | Ame | ricas | Asia P | acific | Glo Techno |
Entra Syst |
Oth | ner | Tot | al | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Europe | 15,731 | 15,956 | 67 | 62 | 417 | 547 | 4,297 | 4,968 | 13,457 | 13,479 | -622 | -777 | 33,347 | 34,234 |
| North America | 537 | 502 | 24,740 | 29,918 | 1,978 | 1,597 | 8,650 | 8,335 | 18,759 | 19,749 | -771 | -403 | 53,893 | 59,699 |
| Central- and South America | 72 | 78 | 2,513 | 2,920 | 37 | 40 | 644 | 587 | 106 | 186 | -27 | -44 | 3,344 | 3,767 |
| Africa | 740 | 761 | . 8 | 6 | 11 | 6 | 454 | 698 | 56 | 37 | -27 | -31 | 1,243 | 1,477 |
| Asia | 1,278 | 1,210 | 160 | 374 | 3,145 | 2,656 | 2,184 | 2,156 | 1,059 | 1,108 | -178 | -175 | 7,649 | 7,330 |
| Oceania | 135 | 110 | 13 | 26 | 2,228 | 2,058 | 986 | 942 | 1,039 | 1,052 | -130 | -110 | 4,270 | 4,078 |
| Total | 18,492 | 18,617 | 27,500 | 33,308 | 7,817 | 6,904 | 17,214 | 17,686 | 34,477 | 35,611 | -1,754 | -1,539 | 103,746 | 110,586 |
| Sales by product group Q3 | EME | IA | Ame | ricas | Asia P | acific | Glol Techno |
Entra Syst |
ance ems |
Oth | er | Tot | al | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Mechanical locks, lock systems and fittings | 2,814 | 2,770 | 4,700 | 6,941 | 1,365 | 1,382 | 108 | 109 | 2 | 2 | -186 | -229 | 8,803 | 10,975 |
| Electromechanical and electronic locks | 1,926 | 1,981 | 2,580 | 2,660 | 459 | 418 | 5,612 | 6,201 | 326 | 322 | -149 | -217 | 10,755 | 11,364 |
| Security doors and hardware | 1,209 | 1,167 | 3,787 | 1,579 | 754 | 608 | 43 | 3 | 1,050 | 1,132 | -44 | -50 | 6,798 | 4,440 |
| Entrance automation | 111 | 92 | 24 | 34 | 62 | 17 | - | - | 10,347 | 10,517 | -20 | -21 | 10,525 | 10,639 |
| Total | 6.061 | 6.010 | 11.091 | 11.214 | 2.640 | 2.425 | 5.763 | 6.313 | 11.725 | 11.973 | -398 | -517 | 36.881 | 37.418 |
| Sales by product group Jan-Sep | EM | EIA | Ame | ricas | Asia P | acific | Glo Techno |
ance ems |
Otl | ner | Tot | tal | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 |
| Mechanical locks, lock systems and fittings | 8,788 | 8,619 | 11,253 | 16,474 | 3,960 | 3,934 | 310 | 339 | 6 | 5 | -601 | -665 | 23,716 | 28,705 |
| Electromechanical and electronic locks | 5,867 | 6,140 | 6,808 | 7,961 | 1,705 | 1,213 | 16,777 | 17,340 | 955 | 918 | -959 | -652 | 31,154 | 32,920 |
| Security doors and hardware | 3,494 | 3,561 | 9,372 | 8,786 | 2,008 | 1,682 | 127 | 8 | 3,014 | 3,276 | -110 | -133 | 17,906 | 17,180 |
| Entrance automation | 343 | 297 | 66 | 86 | 143 | 75 | - | - | 30,501 | 31,411 | -83 | -89 | 30,970 | 31,780 |
| Total | 18,492 | 18,617 | 27,500 | 33,308 | 7,817 | 6,904 | 17,214 | 17,686 | 34,477 | 35,611 | -1,754 | -1,539 | 103,746 | 110,586 |
NOTE 2 BUSINESS COMBINATIONS
Consolidated acquisitions 2024
| Number of | Approx. | Month of | |||
|---|---|---|---|---|---|
| Acquisition | Division | Country | employees | sales in 2023 | consolidation |
| Integrated Warehouse Solutions (IWS) | Entrance systems | USA | 550 | 1850 | 2024-01 |
| Cemoel | Global technologies | Spain | 60 | 70 | 2024-02 |
| Kadex | Global technologies | Netherlands | <50 | 50 | 2024-03 |
| Axxess Industries | Global technologies | Canada | <50 | <50 | 2024-04 |
| Industrial door | Entrance systems | USA | <50 | 90 | 2024-04 |
| Messerschmitt Systems | Global technologies | Germany | 100 | 130 | 2024-04 |
| Nomadix & Global reach | Global technologies | USA | 120 | 300 | 2024-04 |
| Spaltabdichtung | Entrance systems | Germany | <50 | <50 | 2024-04 |
| Amecor | EMEIA | South Africa | 120 | 150 | 2024-05 |
| Vizzia | Global technologies | USA | <50 | 90 | 2024-06 |
| Wesko | Americas | Canada | 70 | 170 | 2024-06 |
| G-Mac | Entrance systems | USA | <50 | <50 | 2024-07 |
| Cole Kepro | Americas | USA | 65 | 160 | 2024-08 |
| Elite Entrances | Entrance systems | USA | <50 | 80 | 2024-08 |
| Modern | Entrance systems | USA | <50 | 60 | 2024-08 |
| Sewio | Global technologies | Czech Republic | <50 | <50 | 2024-08 |
| Level Lock | Americas | USA | 70 | 170 | 2024-09 |
| Skidata | Entrance systems | Austria | 1280 | 3500 | 2024-09 |
Financial information - Notes
| Q3 | Jan-Sep | |||
|---|---|---|---|---|
| Amounts recognized in the group, SEK M | 2023 | 2024 | 2023 | 2024 |
| Purchase prices | ||||
| Cash paid for acquisitions during the year | 4,001 | 5,211 | 52,705 | 9,775 |
| Holdbacks and deferred considerations for acquisitions during the year | 223 | 65 | 327 | 383 |
| Adjustment of purchase prices for acquisitions in prior years | - | -2 | 9 | -520 |
| Total | 4,224 | 5,274 | 53,041 | 9,638 |
| Acquired assets and liabilities at fair value | ||||
| Intangible assets | 352 | 1,327 | 1,931 | 2,463 |
| Property, plant and equipment and right-of-use assets | 301 | 435 | 2,762 | 724 |
| Other non-current assets | 47 | 255 | 241 | 323 |
| Inventories | 943 | 761 | 4,029 | 1,177 |
| Current receivables and investments | 402 | 1,081 | 2,462 | 1,514 |
| Cash and cash equivalents | 362 | 245 | 1,027 | 380 |
| Non-current liabilities | -322 | -772 | -1,918 | -993 |
| Current liabilities | -263 | -1,000 | -3,172 | -1,480 |
| Total | 1,822 | 2,331 | 7,361 | 4,109 |
| Goodwill | 2,402 | 2,944 | 45,680 | 5,529 |
| Change in cash and cash equivalents due to acquisitions | ||||
| Cash paid for acquisitions during the year | 4,001 | 5,211 | 52,705 | 9,775 |
| Cash and cash equivalents in acquired subsidiaries | -362 | -245 | -1,027 | -380 |
| Paid considerations for acquisitions in prior years | 79 | 84 | 335 | -254 |
| Total | 3,718 | 5,050 | 52,013 | 9,141 |
The acquisition analyses for acquisitions made during the last 12 months are preliminary and will be concluded within one year of the acquisition date. Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table. During the year, some of the analyzes of acquisitions closed during 2023 have been completed, including Hardware and Home Improvement (HHI) which was acquired in June last year.
NOTE 3 FAIR VALUE AND CARRYING AMOUNT ON FINANCIAL ASSETS AND LIABILITIES
| 30 September 2024 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at amortized cost | 27,237 | 27,237 | |||
| Financial assets at fair value through profit and loss | 122 | 122 | |||
| Derivatives - hedge accounting | 618 | 618 | 618 | ||
| Derivatives - held for trading | 340 | 340 | 340 | ||
| Total financial assets | 28,316 | 28,316 | - | 957 | - |
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 75,964 | 76,082 | |||
| Financial liabilities at fair value through profit and loss | 1,156 | 1,156 | 1,156 | ||
| Lease liabilities | 5,890 | 5,890 | |||
| Derivatives - hedge accounting | 211 | 211 | 211 | ||
| Derivatives - held for trading | 291 | 291 | 291 | ||
| Total financial liabilities | 83,511 | 83,629 | - | 501 | 1,156 |
| 31 December 2023 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| Carrying | Fair | ||||
| SEK M | amount | value | Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at amortized cost | 22,934 | 22,934 | |||
| Financial assets at fair value through profit and loss | 115 | 115 | |||
| Derivatives - hedge accounting | 633 | 633 | 633 | ||
| Derivative instruments - hedge accounting | 293 | 293 | 293 | ||
| Total financial assets | 23,975 | 23,975 | - | 926 | - |
| Financial liabilities | |||||
| Financial liabilities at amortized cost | 71,071 | 70,310 | |||
| Financial liabilities at fair value through profit and loss | 1,045 | 1,045 | 1,045 | ||
| Lease liabilities | 5,443 | 5,443 | |||
| Derivatives - hedge accounting | 161 | 161 | 161 | ||
| Derivatives - held for trading | 170 | 170 | 170 | ||
| Total financial liabilities | 77,890 | 77,129 | - | 331 | 1,045 |
Financial liabilities at fair value through profit and loss pertains to deferred Deferred considerations are initially measured on the day of acquisition considerations, i.e. additional payments for acquired companies. The size of a based on management's best estimate regarding future outcomes and deferred consideration is usually linked to the earnings and sales performance belong to level 3 in the hierarchy. in an acquired company during a specific period of time.
Financial information - Parent company
| EXTRACT FROM INCOME STATEMENT | Year | Jan-Sep | |
|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 |
| Operating income | 2,951 | 1,239 | 339 |
| Income before appropriations and tax | 2,809 | 692 | 1,084 |
| Net income for the period | 3,365 | 631 | 1,275 |
| EXTRACT FROM BALANCE SHEET | 31 Dec | 30 Sep | |
|---|---|---|---|
| SEK M | 2023 | 2023 | 2024 |
| Non-current assets | 52,722 | 49,695 | 54,431 |
| Current assets | 40,730 | 41,686 | 43,839 |
| Total assets | 93,452 | 91,381 | 98,270 |
| Equity | 25,130 | 25,045 | 23,364 |
| Untaxed reserves | 1,021 | 1,265 | 1,021 |
| Non-current liabilities | 35,550 | 34,864 | 38,763 |
| Current liabilities | 31,751 | 30,207 | 35,121 |
| Total equity and liabilities | 93,452 | 91,381 | 98,270 |
Definitions of financial performance measures
acquisitions, divestments and exchange rate effects. for the last twelve months.
Operating margin (EBITDA) Net debt
Operating income before depreciation and amortization as a Interest-bearing liabilities less interest-bearing assets. percentage of sales. See the table on net debt for detailed information.
Operating margin (EBITA) Net debt/EBITDA
Operating income before amortization of intangible assets Net debt at the end of the period in relation to EBITDA for recognized in business combinations, as a percentage of sales. the last twelve months.
Operating margin (EBIT) Net debt/Equity ratio
Operating income as a percentage of sales. Net debt in relation to equity.
Profit margin (EBT) Equity ratio
Restructuring costs and significant non-recurring operating expenses Equity excluding non-controlling interests in relation to such as revaluation of previously owned shares in associates, number of outstanding shares after any potential dilution. revaluation of inventory in business combinations and goodwill impairment.
Cash Flow from operating activities excluding restructuring Comparability, for the last twelve months as a percentage of payments and tax paid on income minus net capital expenditure average adjusted capital employed. and repayment of lease liabilities.
Operating cash flow in relation to income before tax excluding for the last twelve months as a percentage of average equity
Net capital expenditure
Investments in, less disposals of, intangible assets and Earnings per share before and after dilution
Depreciation, amortization and impairment of intangible assets, are expected to result in significant dilution in the future. property, plant and equipment and right-of-use assets.
Organic growth Average adjusted capital employed
Change in sales for comparable units after adjustments for Average capital employed excluding restructuring reserves
Income before tax as a percentage of sales. Shareholders' equity as a percentage of total assets.
Items affecting comparability Shareholders' equity per share
Return on capital employed
Operating cash flow Operating Income (EBIT), excluding Items Affecting
Return on equity
Cash conversion Net income attributable to parent company's shareholders items affecting comparability. attributable to parent company's shareholders for the same period.
property, plant and equipment. Net income attributable to parent company's shareholders divided by weighted average number of outstanding shares. Depreciation and amortization None of the Group's outstanding long-term incentive programs
Earnings per share before and after dilution and excluding Capital employed items affecting comparability
Total assets less interest-bearing assets and non-interest- Net income attributable to parent company's shareholders bearing liabilities including deferred tax liability. excluding items affecting comparability, net of tax, divided by weighted average number of outstanding shares. None of the Group's outstanding long-term incentive programs are expected to result in significant dilution in the future.
Information on how these performance measures have been calculated can be found on the company's website www.asssaabloy.com. To check the calculations of the financial measurements for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2023 appear on the company's website.