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DORO
Earnings Release • May 23, 2025
3150_10-q_2025-05-23_4ce87e98-4c10-4d33-a03d-53bf50d6dcfb.pdf
Earnings Release
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Q1
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| KEY FIGURES | 2025 | 2024 | 2024 | |
|---|---|---|---|---|
| SEK million | Quarter 1 | Quarter 1 | % | Full year |
| Net sales | 220.3 | 194.6 | 13.2% | 882.3 |
| Net sales growth, % | 13.2 | -6.6 | -9.4 | |
| Gross result | 117.5 | 81.7 | 43.8% | 405.3 |
| Gross margin, % | 53.3 | 42.0 | 45.9 | |
| EBITDA | 16.3 | 11.9 | 37.0% | 121.8 |
| EBITDA margin, % | 7.4 | 6.1 | 13.8 | |
| EBIT | 4.4 | 3.1 | 41.9% | 86.6 |
| EBIT margin, % | 2.0 | 1.6 | 9.8 | |
| Earnings per share, SEK | -0.13 | 0.25 | -152.0% | 3.53 |
| Equity/assets ratio, % | 59.5 | 59.5 | 59.4 |
Message from the CEO
A return to growth
My priority since joining Doro has been to drive a commercial transformation based upon a strong brand platform and products developed to uniquely meet the needs to our Q1 result builds upon the momentum we picked up towards the end of last year and sets us up for a good year ahead. To be able to invest more aggressively in marketing, it is vital that we drive not only strong margins but also get back to top line sales growth. I am therefore delighted that our new range of Feature Phones, sold under brand name Leva, are performing well and have helped us to deliver an increase in sales of 13.2% compared to the same quarter last year. With gross margin also increasing year on year, we are well set up for the imminent launch of our new range of Aurora Smart Phones which we will back strongly with a new marketing campaign.
Our strategy to focus on more premium Feature Phones continues to pay off. End users enjoy high quality phones adapted to their needs, whilst our customers can maximise the value of their portfolio. Robust and reliable products are key in our endeavour to minimise the impact on the environment as our users can use their phone for a long time. Our commitment to quality also translates into low return rates which in turn strengthens brand reputation and relationships with customers.
Beyond driving commercial success of Leva Feature Phones, our top priority for the past six months has been to prepare for the launch of our new range of Smart Phones sold under the brand name Aurora. The digitalisation of society simplifies life for the majority. However, many people find the use of technology difficult and can lead to them feeling isolated, excluded and lonely. Our mission is to enable those with additional needs to feel safe, connected and included through easy-to-use technology to combat this trend. The Aurora Smart Phone range has been designed with this in mind and to support the user into a more digital society.
The reintroduction of physical buttons together with the unique Doro Easy Interface™ make Aurora phones intuitive to use. Doro ClearSound™ is a unique acoustic profile that Doro has developed to enhance the sound frequencies commonly lost as we age to provide crisp clear conversation. Aurora Smart Phones all carry the Doro Secure Button™ which can be pressed to call for urgent assistance from relatives to give peace of mind and a feeling of security. The launch of Aurora will be backed by our biggest ever media campaign as we aim to awareness of Doro and that our products are more suitable for our target user than mainstream products.
As Xplora Technologies AS work to acquire the 90% shareholding required to squeeze out the final 10% of shareholders and own Doro 100%, we have initiated a commercial cooperation between the two companies. The cooperation is regulated by an at arm's length commercial agreement under which we are planning for the launch of Doro branded mobile phone connectivity that will provide a unique Doro service experience for our subscribers.
While global trade has become very unstable and difficult to predict, we do not foresee any major direct impact in short term, not being present on the American market. We are however following the situation closely as all markets and business will be impacted at some point.
In the meantime, we remain focused on what we are dedicated to do, empowering all people to live a better life through accessible technology.
Julian Read, President and CEO
QUARTER HIGHLIGHTS
Net sales for the first quarter amounted to SEK 220.3 million (194.6), an increase of 13.2 percent compared to the same period in 2024. Our new range of Feature phones, a portfolio of products compliant with the latest sustainability directives' requirements continued to boost the sales.
Sales in the Nordics amounted to SEK 51.2 million (47.0), an increase of 8.9 percent compared to previous year. Despite a feature phone market that continues to decline, we managed to increase sales in the region, mostly thanks to the new Leva series, but earlier models also sold well. At the end of the quarter, we launched Klarna as a payment solution on our website and noticed a positive effect on sales, particularly in Sweden.
Sales in Western and Southern Europe reached
SEK 89.0 million (80.2), an increase of 11.0 percent. There is strong momentum in the region, with growth across all channels. The Leva range, which was launched in the region towards the end of 2024, became available to all customers
during the quarter and boosted sales. Even Fixed Line, although it represents a small part of revenue, contributed to the growth compared to last year.
Sales in Central and Eastern Europe amounted to SEK 24.9 million (29.0), a decrease of 14.1 percent. The shift to 4G technology continues to be slow in Germany, and our customers are struggling with relatively large stocks of 2G phones. Our largest retail customer paused its orders for a period with the aim of reducing its own stock.
Sales in UK and Ireland amounted to SEK 55.2 million (38.4), an increase of 43.8 percent. The region continues to grow, following the same trend as at the end of last year. Our largest retail customer continued placing large orders for our feature phones, which are a perfect fit for their upgrade campaign aimed at transitioning customers from 2G to 4G phones.
| NET SALES PER MARKET | 2025 | 2024 | 2024 | |
|---|---|---|---|---|
| SEK million | Quarter 1 | Quarter 1 | % | Full year |
| Nordics | 51.2 | 47.0 | 8.9 | 208.6 |
| West and South Europe and Africa | 89.0 | 80.2 | 11.0 | 352.0 |
| Central and Eastern Europe | 24.9 | 29.0 | -14.1 | 131.5 |
| UK and Ireland | 55.2 | 38.4 | 43.8 | 190.2 |
| Total | 220.3 | 194.6 | 13.2 | 882.3 |
At the end of the first quarter, order backlog stood at SEK 93.2 million, an increase of 49.6 % compared to the same quarter last year.
The gross margin during the first quarter reached 53.3 percent compared to 42.0 percent last year. The margin was affected by a number of one-off transactions. We were able to reverse part of royalty reserve during the quarter following the positive outcome of an audit. Currency exchange also had a significant (positive) impact this quarter, as the Swedish krona strengthened considerably against the USD. However, we incurred higher costs in the form of inventory write-downs for a number of products that have been discontinued from the assortment.
EBIT amounted to SEK 4.4 million (3.1) during the first quarter, corresponding to an EBIT margin of 2.0 percent (1.6). Operating costs increased substantially during the quarter. The acquisition process generated one-off costs, reflected in the increase of administrative expenses. Marketing spendings were high during the quarter in preparation of the launch of our Aurora smartphones series, as we invest heavily in brand repositioning and product material.
The net financial items for the period amounted to SEK -8.4 million (4.2), mostly from the revaluation of bank accounts in foreign currencies. The effective tax rate was 21.7 percent (21.1). The result for the period amounted to SEK -3.2 million (6.1) during the first quarter.
| KEY FIGURES | 2025 | 2024 | 2024 | |
|---|---|---|---|---|
| SEK million | Quarter 1 | Quarter 1 | % | Full year |
| Net sales | 220.3 | 194.6 | 13.2% | 882.3 |
| Cost of goods and services sold | -102.8 | -112.9 | -8.9% | -477.0 |
| Gross profit | 117.5 | 81.7 | 43.8% | 405.3 |
| Gross margin, % | 53.3 | 42.0 | 45.9 | |
| Other operating expenses | -113.1 | -78.6 | 43.9% | -318.7 |
| Operating profit (EBIT) | 4.4 | 3.1 | 41.9% | 86.6 |
| Operating margin (EBIT margin), % | 2.0 | 1.6 | 9.8 | |
| Order book | 93.2 | 62.3 | 49.6% | 77.2 |
| Order intake | 236.3 | 214.8 | 10.0% | 917.4 |
| Investment product development | g.g | 4.8 | 106.3% | 33.9 |
FINANCIAL DEVELOPMENT
Cash flow, investments, and financial position
Cash flow from operating activities during the first quarter was SEK -3.6 million (4.6). Working capital deteriorated this quarter due to lower amount of trade payables and other liabilities. Free cash flow after investments amounted to SEK -15.0 million (-0.2). Investments during the period amounted to SEK 11.4 million (4.8).
Cash and cash equivalents totalled SEK 230.7 million (200.5) at the end of the first quarter. At the same time, the equity ratio was 59.5 percent (59.5)
Net cash amounted to SEK 218.9 million at the end of the first quarter, compared with a net cash of SEK 186.7 million at the end of the first quarter of 2024.
FREE CASH FLOW (SEK m)
Significant events during the period
- · On January 15, 2025, it was confirmed that Xplora had reached an 88.32 percent acceptance rate and it was announced that the offer remained unconditional, meaning Xplora waived the fulfilment of the 90 percent condition. Xplora also announced that they would work to acquire all remaining shares in Doro.
- An extraordinary general meeting took place on February 28, 2025, and a new board was appointed.
Significant events after the period
· No significant events after the period.
OTHER INFORMATION
Equity and the Doro share
Doro's share is listed on Nasdaq Stockholm, Small Cap, in the segment Telecom/IT. On 31 March 2025, the number of issued shares was 24.532.500, of which Doro AB holds 150.395 Doro shares. Total equity amounted to SEK 540.8 million (524.3).
Employees
On 31 March 2025, Doro had 117 (119) employees, corresponding to 108 (115) full-time equivalents. Of these employees, 67 (66) were based in the Nordic region, 20 (22) in Central and Eastern Europe, 12 (13) in Western and Southern Europe and Africa, 7 (7) in the United Kingdom and Ireland and 11 (11) in the rest of the world.
Risks
World trade has become very uncertain in recent months as a result of the various announcements from the US President regarding trade tariffs. Exchange rates have been significantly affected and future prospects are more difficult to assess than in a long time. We are monitoring the situation closely and are taking necessary measures, including currency hedging. The telecom market is also in a transition phase right now when products must be adapted to meet all new legal requirements regarding product safety, labelling and repairability.
Other risks are described on pages 33-34 of the Annual Report 2024.
Parent company
The parent company's net sales during the first quarter totalled SEK 212.2 million (181.5). Profit after tax amounted to SEK -7.7 million (7.1).
Accounting principles
This interim report has been prepared for the group in accordance with IAS 34. "Interim Financial Reporting." and for the parent company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2. "Accounting for legal entities." Government assistance received is reported as other income. The accounting principles and calculation methods applied correspond to those that were used to prepare the most recent annual report.
| INCOME STATEMENT | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | Quarter 1 | Quarter 1 | Full year |
| Net Sales | 220 3 | 194.6 | 882.3 |
| Cost of goods and services sold | -102.8 | -112.9 | -477.0 |
| Gross profit | 117.5 | 81.7 | 405.3 |
| Selling, distribution and marketing expenses | -65.2 | -47.1 | -193.0 |
| Research and development expenses | -18.5 | -15.7 | -63.9 |
| Administrative expenses | -30.6 | -17.2 | -67.2 |
| Other income and expense | 1.2 | 1.4 | 5.4 |
| Total operating expenses | -113.1 | -78.6 | -318.7 |
| whereof depreciation and amortization of intangible and tangible | -11.9 | -8.8 | -35.2 |
| fixed assets | |||
| Operating profit/loss before depreciation and amortization (EBITDA) |
16.3 | 11.9 | 121.8 |
| Operating profit/loss after depreciation and amortization (EBIT) | 4.4 | 3.1 | 86.6 |
| Net financial items | -8.4 | 4.2 | 15.7 |
| Profit/loss before taxes | -4.0 | 7.3 | 102.3 |
| Taxes | 0.8 | -1.2 | -16.2 |
| Profit/loss for the period | -3.2 | 6.1 | 86.1 |
| Average number of shares, thousands | 24 382 | 24 326 | 24 361 |
| Average number of shares after dilution, thousands* | 24 382 | 24 326 | 24 361 |
| Earnings per share, SEK | -0.13 | 0.25 | 3.53 |
| Earnings per share after dilution, SEK* | -0.13 | 0.25 | 3.53 |
| STATEMENT OF COMPREHENSIVE INCOME | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | Quarter 1 | Quarter 1 | Full year |
| Profit/loss for the period | -3.2 | 6.1 | 86.1 |
| Other comprehensive income to be reclassified to profit or | |||
| loss in subsequent periods: | |||
| Translation differences | -14.6 | 8.7 | 12.4 |
| Effects from cash flow hedges | -2.9 | 0.8 | 1.8 |
| Tax on items that may be reclassified to profit or loss | 0.6 | -0.2 | -0.4 |
| Other comprehensive income, total | -16.9 | 9.3 | 13.8 |
| Other comprehensive income related to Parent company's | -20.1 | 15.4 | 99.9 |
| shareholders |
| STATEMENT OF FINANCIAL POSITION | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | 31 Mar | 31 Mar | 31 Dec |
| Non-current assets | |||
| Intangible assets* | 274.1 | 271.2 | 281.1 |
| Property, plant and equipment | 13.7 | 14.2 | 14.9 |
| Financial assets | 43.8 | 34.5 | 43.8 |
| Deferred tax asset | 14.0 | 14.2 | 11.5 |
| Current assets | |||
| nventories | 157.5 | 176.0 | 165.6 |
| Current receivables | 177.0 | 170.2 | 168.7 |
| Cash and cash equivalents | 230.7 | 200.5 | 260.5 |
| Total assets | 910.8 | 880.8 | 946.1 |
| Shareholders' equity attributable to Parent company's shareholders | 542.0 | 524.3 | 561.7 |
| Long term liabilities, interests-bearing | 9.3 | 10.5 | 10.6 |
| Long term liabilities, non-interests bearing | 29.6 | 44.1 | 48.2 |
| Current liabilities, interests-bearing | 5.7 | 6.5 | 6.4 |
| Current liabilities, non-interests bearing | 324.2 | 295.4 | 319.2 |
| Total shareholders' equity and liabilities | 910.8 | 880.8 | 946.1 |
| Financial instruments recognized at fair value in the Balance Sheet | 2025 | 2024 | 2024 |
| SEK million Doro Group | 31 Mar | 31 Mar | 31 Dec |
| Exchange rate contracts recorded as current liability | 6.6 | 2.7 | 0.8 |
| Exchange rate contracts recorded as current receivable | 4.1 | 2.0 | 3.9 |
| Hybrid Ioan | 43.2 | 34.1 | 43.2 |
| Financial instruments recognized at fair value consist of currency forward contracts and are used primarily for hedging purposes and are measured at launt 7 |
*
| STATEMENT CASH FLOWS | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | Quarter 1 | Quarter 1 | Full year |
| EBIT | 4.4 | 3.1 | 86.6 |
| Depreciation according to plan | 11.9 | 8.8 | 35.2 |
| Net paid financial items | 1.1 | 1.5 | 5.2 |
| Unrealized exchange rate differences in cash flow | 2.8 | -0.5 | -3.3 |
| hedges | |||
| Income tax paid | -10.7 | -8.5 | -18.8 |
| Change in working capital (incl changes in provision) | -13.1 | 0.2 | 42.5 |
| Cash flow from current activities | -3.6 | 4.6 | 147.4 |
| Investments in intangible and tangible assets | -11.4 | -4.8 | -35.1 |
| Free cash flow before acquisitions | -15.0 | -0.2 | 112.3 |
| Cash flow from investing activities | -11.4 | -4.8 | -35.1 |
| Amortization of debt | -1.9 | -1.7 | -7.4 |
| Dividends paid | 0.0 | 0.0 | -48.7 |
| Sale/repurchase of own shares | 0.0 | 0.0 | 1.1 |
| Cash flow from financing activities | -1.9 | -1.7 | -55.0 |
| Exchange rate diff in cash and cash equivalents | -12.9 | 8.1 | 8.9 |
| Change in liquid funds | -29.8 | 6.2 | 66.2 |
| Net cash | 218.9 | 186.7 | 246.9 |
| Net debt | |||
| STATEMENT OF CHANGES IN EQUITY | 2025 | 2024 | 2024 |
| SEK million Doro Group | 31 Mar | 31 Mar | 31 Dec |
| Opening balance | 561.7 | 508.9 | 508.9 |
| Total Comprehensive income related to Parent company's | |||
| shareholders | -20.1 | 15.4 | 99.9 |
| Dividends to shareholders | 0.0 | 0.0 | -48.7 |
| Long-term variable compensation plans | 0.4 | 0.0 | 0.5 |
| Sale/Repurchase of own shares | 0.0 | 0.0 | 1.1 |
| Closing balance | 542.0 | 524.3 | 561.7 |
| OTHER KEY FIGURES | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | 31 Mar | 31 Mar | 31 Dec |
| EBITDA | 16.3 | 11.9 | 121.8 |
| Equity/assets ratio, % | 59.5 | 59.5 | 59.4 |
| Number of shares at the end of the period, thousands | 24 382 | 24 326 | 24 382 |
| Number of shares at the end of the period after dilution, thousands* |
24 382 | 24 326 | 24 382 |
| Equity per share, SEK | 22.23 | 21.55 | 23.04 |
| Equity per share, after dilution SEK* | 22.23 | 21.55 | 23.04 |
| Return on average shareholders' equity, % | 14.6 | 6.9 | 15.9 |
| Return on average capital employed, % | 27.0 | 18.0 | 26.4 |
| Share price at period's end, SEK | 34.20 | 23.60 | 33.9 |
| Market value, SEKm | 833.9 | 574.1 | 826.5 |
| *The effect of dilution is considered only when the effect on earnings per share is negative. |
| INCOME STATEMENT | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Parent company | Quarter 1 | Quarter 1 | Full year |
| Net Sales | 212.2 | 181.5 | 838.1 |
| Cost of goods and services sold | -97.2 | -105.7 | -447.6 |
| Gross profit | 115.0 | 75.8 | 390.5 |
| Operating expenses | -116.4 | -77.4 | -330.0 |
| Operating profit/loss (EBIT) | -1.4 | -1.6 | 60.5 |
| Net financial items | -8.8 | 8.6 | 23.3 |
| Profit/loss after financial items | -10.3 | 7.0 | 83.8 |
| laxes | 2.5 | 0.1 | -13.0 |
| Profit/loss for the period | -7.7 | 7.1 | 70.8 |
| STATEMENT OF COMPREHENSIVE INCOME | 2025 | 2024 | 2024 |
| SEK million Parent company | Quarter 1 | Quarter 1 | Full year |
| Profit/loss for the period | -7.7 | 7.1 | 70.8 |
| Other comprehensive income to be reclassified to profit or loss | |||
| in subsequent periods: | |||
| Effects from cash flow hedges | -2.9 | 0.8 | 1.8 |
| Tax on items that maybe reclassified to profit or loss | 0.6 | -0.2 | -0.4 |
| Total Result related to Parent company's shareholders | -10.0 | 7.7 | 72.2 |
| STATEMENT OF FINANCIAL POSITION | 2025 | 2024 | 2024 |
| SEK million Parent company | 31 Mar | 31 Mar | 31 Dec |
| Non-current assets | |||
| Intangible assets | 44.8 | 35.3 | 44.1 |
| Property, plant and equipment | 0.7 | 0.3 | 0.8 |
| Financial assets | 120.9 | 109.3 | 117.8 |
| Current assets | |||
| Inventories | 149.6 | 154.8 | 157.3 |
| Current receivables | 317.0 | 337.5 | 330.7 |
| Cash and cash equivalents | 212.1 | 190.6 | 233.8 |
| Total assets | 845.1 | 827.8 | 884.5 |
| Shareholders' equity attributable to Parent company's shareholders | 280.3 | 272.5 | 289.9 |
| Provisions | 56.3 | 71.1 | 73.3 |
| Long-term liabilities | 0.0 | 0.0 | 0.0 |
| Current liabilities | 508.5 | 484.2 | 521.3 |
| Total shareholders' equity and liabilities | 845.1 | 827.8 | 884.5 |
| Breakdown of operating expenses | 2025 | 2024 | 2024 |
|---|---|---|---|
| SEK million Doro Group | Quarter 1 | Quarter 1 | Full year |
| Personnel expenses | 34.8 | 36.2 | 136.9 |
| Marketing expenses | 21.1 | 8.5 | 40.7 |
| Other operating expenses | 45.3 | 25.1 | 105.9 |
| Total | 101.2 | 69.8 | 283.5 |
| Depreciation | 11.9 | 8.8 | 35.2 |
| Total operating expenses incl depr | 113.1 | 78.6 | 318.7 |
*
FINANCIAL DEFINITIONS
| Average number of shares after | Average number of shares adjusted with the dilution effect |
|---|---|
| dilution | from warrants is calculated as the difference between the |
| assumed number of shares issued at the exercise price and | |
| the assumed number of shares issued at average market price | |
| for the period. | |
| Earnings per share | Profit/loss after financial items minus tax divided by average |
| number of shares for the period. | |
| Earnings per share, after dilution | Profit/loss after financial items minus tax divided by the |
| average number of shares for the period after dilution. | |
| Number of shares at the end of the | The number of shares at the end of the period adjusted with |
| period, after dilution | the dilution effect from warrants is calculated as the |
| difference between assumed number of shares issued at the | |
| exercise price and the assumed number of shares issued at | |
| the closing market price at the end of the period. | |
| Equity per share | Shareholders' equity at the end of the period divided by the |
| number of shares at the end of the period. | |
| Equity per share, after dilution | Shareholders' equity at the end of the period divided by the |
| number of shares at the end of the period, after dilution. | |
| Net Debt/Net Cash | Cash and bank balances reduced with interest-bearing |
| liabilities. | |
| Market value, SEK m | Share price at period's end times the number of shares at the |
| end of the period. |
Use of non-IFRS performance measures
Guidelines on Alternative Performance Measures (APMs) for companies with securities listed on a regulated market within the European Union have been issued by ESMA (the European Securities and Markets Authority). These guidelines apply to APMs disclosed when publishing regulated information on or after July 3, 2016. Reference is made in the interim report to a number of non-IFRS performance measures that are used to help investors as well as management analyse the company's operations. Described below are the non-IFRS performance measures that are used as a complement to the financial information that is reported in accordance with IFRS.
| Non-IFRS performance | Description | Reason for use of the | ||
|---|---|---|---|---|
| measure | measure | |||
| Gross Margin % | Net Sales minus Cost of goods and | Gross Margin is an | ||
| services sold in percentage of Net | important measure for | |||
| Sales. showing the margin before |
||||
| Other operating expenses. | ||||
| Sales growth comparable | Net Sales for the period minus Net | Sales growth for | ||
| entities % | Sales for entities acquired during the | comparable entities shows | ||
| year minus Net Sales for the | the Group's organic | |||
| corresponding period last year in | growth excluding acquired | |||
| percentage of Net Sales for the | businesses. | |||
| corresponding period last year. |
Description of financial performance measures that are not used in IFRS
| Currency adjusted Sales growth % |
Net Sales for the period minus Net Sales for the corresponding period last year recalculated using this year's currency exchange rates in percentage of Net Sales for the corresponding period last year recalculated using this year's currency exchange rates. |
The measure shows the Sales growth excluding the effect of changes in currency exchange rates between the years. |
|---|---|---|
| Equity/assets ratio | Equity expressed as a percentage of total assets. |
A traditional measure for showing financial risk, expressing the amount of restricted equity which is financed by the owners. |
| Return on average shareholders' equity |
Profit/Loss rolling twelve months after financial items and tax divided by average shareholders' equity. |
Shows from a shareholder perspective the return that is generated on the owners' capital that is invested in the company. |
| Capital employed | Total assets reduced with non- interest-bearing debt and cash and bank balances. |
This measure shows the amount of total capital that is used in the operations and is thus one component for measuring the return from operations. |
| Return on average capital employed |
Operating profit/loss rolling twelve months, divided by the quarterly average capital employed excluding cash and bank balances. |
This is the central ratio for measuring the return on the capital tied up in operations. |
| 2025 Quarter 1 |
2024 Quarter 1 |
2025 31 Mar |
2024 31 Mar |
|
|---|---|---|---|---|
| Currency adjusted sales growth (MSEK) | ||||
| Currency adjusted sales growth | 19.9 | -14.4 | ||
| Currency effect | 5.8 | 0.7 | ||
| Reported sales growth | 25.7 | -13.7 | ||
| Capital employed | ||||
| Total assets | 910.8 | 880.8 | ||
| Non-interest-bearing liabilities | 353.8 | 339.5 | ||
| Cash and bank | 230.7 | 200.5 | ||
| Reported capital employed | 326.3 | 340.8 |
CONFIRMATION BY THE BOARD
The board and CEO affirm that this Interim Report provides an accurate overview of the operations, position and earnings of the company and that it also describes the principal risks and uncertainty factors faced by the company and its subsidiaries.
This year-end report has not been reviewed by the Company's auditors.
Malmö, 23 May 2025
Svenn Jarle Simonsen Chairman of the board Merete Haugli Board member Finn Olav R Elde Board member
Fredrik Löthgren Board member
Julian Read President & CEO
REPORT DATES
Q2 report January-June 2025 15 August 2025
Annual general meeting to take place in Stockholm on 27 May 2025.
CONTACT
For further information. please contact: Julian Read, President and CEO, +46 (0) 761095598 E-post: [email protected]
