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Husqvarna Earnings Release 2024
2926_10-q_2024-04-24_43fde517-d94e-4e73-9af5-0cc89e02742b.pdf
Earnings Release
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Well positioned for the gardening season
First quarter 2024
- Net sales decreased by 14% to SEK 14,719m (17,167). Changes in exchange rates had a neutral effect.
- Planned exits of low-margin petrol-powered business impacted with -4%. Organic sales* decreased by 11%.
- The Gardena Division achieved an organic growth of 2%.
- Operating income was SEK 1,930m (2,364) and the operating margin was 13.1% (13.8).
- Earnings per share before dilution amounted to SEK 2.31 (2.90) and earnings per share after dilution amounted to SEK 2.31 (2.88).
- Cash flow from operations and investments was SEK -1,057m (588). Direct operating cash flow was SEK -1,614m (-239), impacted by the planned reduction of trade receivables financing.
- Husqvarna Group acquired ETwater expanding the Gardena Division's commercial irrigation offering in North America, see page 7.
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| Group, SEKm |
2024 | 2023 | ∆% | LTM* | 2023 |
| Net sales | 14,719 | 17,167 | -14 | 50,813 | 53,261 |
| Organic growth*, % | -11 | 2 | -9 | -5 | |
| Operating income (EBIT) | 1,930 | 2,364 | -18 | 3,447 | 3,880 |
| Operating margin, % | 13.1 | 13.8 | 6.8 | 7.3 | |
| Operating income excl. items affecting comparability* | 1,930 | 2,410 | -20 | 4,491 | 4,970 |
| Operating margin excl. items affecting comparability*, % | 13.1 | 14.0 | 8.8 | 9.3 | |
| Income after financial items | 1,702 | 2,119 | -20 | 2,461 | 2,878 |
| Net income for the period | 1,322 | 1,653 | -20 | 1,847 | 2,177 |
| Earnings per share before dilution, SEK | 2.31 | 2.90 | -20 | 3.23 | 3.81 |
| Earnings per share after dilution, SEK | 2.31 | 2.88 | -20 | 3.23 | 3.81 |
| Direct operating cash flow* | -1,614 | -239 | 5,166 | 6,541 | |
| Operating working capital / net sales*, % | 38.3 | 32.7 | 38.3 | 36.9 |
*Alternative Performance Measure, refer to "Definitions".
Well positioned for the gardening season
"As the first quarter progressed, which is a sell-in period, sales gradually improved. We went from a cautious start among our trade partners, to a more favorable development as the gardening season now begins. The Group's organic sales declined by 11% during the quarter, coming from a record first quarter last year. The operating income amounted to SEK 1,930m (2,364). Our cost savings program is progressing as planned, with savings of SEK 185m in the quarter.
The Gardena Division achieved organic growth, driven by the watering category and hand tools in Europe. The division delivered improved operating income and higher operating margin from the sales growth and result from operational efficiency measures. In addition, good progress in North America contributed to an improved operating income.
In the Husqvarna Forest & Garden Division, sales of robotic mowers for the professional market and battery-powered products were strong. However, sales of petrol-powered wheeled products continued on a low level, partly due to lower demand and the fact that we are proactively exiting parts of this segment in North America.
Net sales in the Husqvarna Construction Division declined, with growth in emerging markets, but lower sales in Europe and North America. The operating margin declined due to the lower volumes.
Direct operating cash flow for the Group amounted to SEK -1.6bn (-0.2), impacted by the planned reduction of trade receivables financing. We are actively focusing on our inventory levels, which continued to decrease.
Strategic progress
We continue to deliver on our strategy. A key aspect of our transformation is to expand in segments such as robotic mowers, battery-powered products, watering and solutions for the professional market. Several innovative products within these areas were launched prior to the season and achieved strong growth. This includes new robotic mowers, both for
residential users and professionals, chainsaw models, watering products and an expanded product range in the Husqvarna Construction Division.
Another strategic aspect is our commitment to sustainability. The Group's efforts to reduce its carbon footprint are developing well. To date, CO₂ emissions (Scope 1, 2 and 3) have decreased by -51% compared with the base year of 2015. This is driven by the electrification of our industry and lower sales of petrol-powered products, primarily wheeled. With that, we have exceeded our target of a -35% reduction by 2025.
In summary, the sales trend improved gradually during the quarter and we achieved growth in the Gardena Division. We continue to build a stronger Group and to deliver on our strategic transformation. With a strong range of innovative products, we have a solid platform and are well positioned for the gardening season."
Pavel Hajman, CEO
Financial Performance
Financial targets and performance
Husqvarna Group has three financial targets; organic sales growth, operating margin and capital efficiency.
| Metric | Financial targets |
Achievement 2023 |
Achievement LTM |
|---|---|---|---|
| Organic sales growth | 5% | -5% | -9% |
| Operating margin* | 13% | 9.3% | 8.8% |
| Capital efficiency** | 20% | 36.9% | 38.3% |
*Excluding items affecting comparability **Operating working capital / net sales, rolling 12-months
First quarter 2024
Net sales
Net sales for the first quarter decreased by 14% to SEK 14,719m (17,167). Planned exits impacted with -4% and changes in exchange rates had a neutral effect. Organic sales declined by 11%. Net sales grew in segments such as robotic mowers for professional users, battery-powered products, watering, hand tools and aftermarket parts and accessories. Sales of petrolpowered wheeled products continued on a low level during the quarter.
Operating income
Operating income for the first quarter amounted to SEK 1,930m (2,364) and the operating margin was 13.1% (13.8). The decline was mainly a result of lower volumes with lower capacity utilization in the production. This was partly offset by cost savings and lower costs for logistics. Acquisition related amortizations amounted to SEK -56m (-56).
Changes in exchange rates had a positive effect of approximately SEK 200m compared to last year, mainly related to hedging results compared with last year and a weaker SEK.
Financial items net
Financial items net amounted to SEK -229m (-245).
Income after financial items
Income after financial items amounted to SEK 1,702m (2,119).
Taxes
Income tax amounted to SEK -379m (-466), corresponding to an effective tax rate of 22.3% (22.0).
Earnings per share
Net income attributable to equity holders of the Parent Company amounted to SEK 1,322m (1,653), corresponding to SEK 2.31 (2.88) per share after dilution.
Cash flow
Cash flow from operations and investments for the first quarter amounted to SEK -1,057m (588). Direct operating cash flow was SEK -1,614m (-239). The decline was related to lower operating income and negative cash flow from change in trade receivables, due to planned reduction of trade receivables financing. Cash flow from change in inventories amounted to SEK 778m (729), cash flow from change in trade receivables amounted to SEK -5,716m (-4,062) and cash flow from change in trade payables amounted to SEK 1,164m (479).
Due to the seasonal build-up of working capital, cash flow is normally weaker in the first quarter, followed by stronger cash flow in the second and third quarters. Cash flow in the fourth quarter is usually negatively impacted by the pre-season production for the next year.
Financial position
Net debt increased to SEK 17,762m (17,178). The net pension liability increased to SEK 2,026m (1,345). Other interest-bearing liabilities decreased to SEK 18,545m (19,436) and liquid funds and other interest-bearing assets decreased to SEK 2,809m (3,604). During the quarter the Group's first Green Bond amounting to SEK 1.75bn maturing in 2027 was issued. In addition, two new bilateral loans equivalent to approximately SEK 1.15bn maturing in 2030 and 2031 were issued.
The net debt/EBITDA ratio, excluding items affecting comparability, increased to 2.2 (1.9). The equity/assets ratio was 40% (39).
Net sales, SEKm Operating income excl. IAC, SEKm Operating margin excl. IAC
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | ∆% | LTM* | 2023 |
| Net sales | 8,272 | 10,656 | -22 | 29,375 | 31,759 |
| Organic growth*, % | -17 | 14 | -13 | -4 | |
| Operating income | 1,191 | 1,670 | -29 | 2,226 | 2,706 |
| Operating margin, % | 14.4 | 15.7 | 7.6 | 8.5 | |
| Operating income excl. items affecting comparability* | 1,191 | 1,690 | -30 | 2,737 | 3,236 |
| Operating margin excl. items affecting comparability*, % | 14.4 | 15.9 | 9.3 | 10.2 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2024
Net sales decreased by 22% to SEK 8,272m (10,656) during the quarter. Planned exits had an impact of -5% and currency had a neutral effect. Organic sales declined by 17%.
Robotic mowers for the professional market achieved strong growth, supported by an expanded product range. Sales of robotic mowers for the residential market were lower during the quarter compared with last year, which at that time was positively impacted by an improved supply chain situation and backlog deliveries. However, sales of robotic mowers in the first quarter of this year were higher or in line with the corresponding quarter in previous years.
Ahead of the season, the product range of Husqvarna Automower® NERA was expanded with new products for medium-size gardens and a new edge cut system. Automower® NERA is a good example of the Group's technology leadership and innovation capacity in terms of robotic mower technology. Sales of petrol-powered, wheeled products continued on a low level. This was due to decreased demand and that the Group is proactively exiting parts of this segment in North America.
Operating income amounted to SEK 1,191m (1,670) and the operating margin was 14.4% (15.7). The decrease was mainly related to lower volumes and was partly offset by cost savings and lower costs for logistics. Changes in exchange rates had a positive contribution of approximately SEK 190m compared with the preceding year.
Ahead of the gardening season 2024, the range of robotic mowers has been expanded.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | ∆% | LTM* | 2023 |
| Net sales | 4,414 | 4,321 | 2 | 13,057 | 12,964 |
| Organic growth*, % | 2 | -20 | -2 | -10 | |
| Operating income | 673 | 585 | 15 | 1,039 | 950 |
| Operating margin, % | 15.3 | 13.5 | 8.0 | 7.3 | |
| Operating income excl. items affecting comparability* | 673 | 584 | 15 | 1,225 | 1,136 |
| Operating margin excl. items affecting comparability*, % | 15.3 | 13.5 | 9.4 | 8.8 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2024
Net sales increased by 2% to SEK 4,414m (4,321). Changes in exchange rates had a neutral effect and organic sales increased by 2%. Sales were strong for the watering category and for hand tools in Europe.
Operating income increased by 15% to SEK 673m (585) and the operating margin improved to 15.3% (13.5). Sales growth, good cost control and cost savings as well as lower logistics costs contributed positively. In addition, progress in North America contributed to the improved operating income. Acquisition-related amortization amounted to SEK -29m (-29). Changes in exchange rates had an impact of approximately SEK -5m compared with the preceding year.
ETwater, a pioneer in smart watering in the North American commercial market, was acquired during the quarter. This acquisition creates a new unit within the division, with a focus on commercial watering. Ahead of the 2024 season, the product range under the Gardena brand was expanded in the North American market.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
New products for the 2024 season includes expansion of battery-powered products and products for cleaning.
Financial summary
| Q1 | Q1 | Full year | |||
|---|---|---|---|---|---|
| SEKm | 2024 | 2023 | ∆% | LTM* | 2023 |
| Net sales | 2,008 | 2,177 | -8 | 8,230 | 8,398 |
| Organic growth*, % | -8 | 0 | -5 | -3 | |
| Operating income | 203 | 262 | -22 | 696 | 755 |
| Operating margin, % | 10.1 | 12.0 | 8.5 | 9.0 | |
| Operating income excl. items affecting comparability* | 203 | 289 | -30 | 916 | 1,002 |
| Operating margin excl. items affecting comparability*, % | 10.1 | 13.3 | 11.1 | 11.9 |
* Alternative Performance Measure, refer to "Definitions".
First quarter 2024
Net sales decreased by 8% to SEK 2,008m (2,177). Changes in exchange rates had a neutral effect. Organic sales decreased by 8%, with growth in emerging markets while sales declined in Europe and North America. Product categories achieving good growth in the first quarter included demolition robots and battery-powered power cutters.
Operating income was SEK 203m (262), and the operating margin was 10.1% (12.0). The decline was primarily related to lower volumes, but partly offset by cost savings and lower logistics costs. Acquisition-related amortization amounted to SEK -27m (-25). Changes in exchange rates had a positive contribution of approximately SEK 15m compared with the preceding year.
Share of Group net sales, LTM
Share of Group operating income excl. IAC, LTM
Products with good sales growth included new demolition robots and battery-powered power cutters.
Additional information
Sustainovate 2025
Sustainovate 2025 is designed to maximize the Group's contribution to tackle climate change and resource scarcity. The five-year framework covers three opportunities and associated targets to 2025.
2025 targets and status
- Reduce absolute CO2 emissions across the value chain by -35%, current result is -51%.
- Launch 50 circular innovations, the number of approved innovations is now 30.
- Empower 5 million People to make sustainable choices, achieved so far is 2.7 million.
Carbon – drive the transition to low-carbon solutions
As of the first quarter 2024, the Group has further reduced its CO2 emissions by -7 percentage points compared to Q4 2023 and exceeded the 2025 target. The reduction is primarily linked to the product mix driven by the electrification of the industry and lower sales of petrol-powered products, primarily wheeled.
The CO2 KPI is absolute and in direct relation to volume performance which implies a rather volatile behavior. Despite the clear long-term reduction trend, fluctuations between quarters are expected to continue.
Circular – rethink and redesign for a resource-smart customer experience
The circular innovations will make smarter use of materials and will extend product lifecycles. The target addresses resource impacts across the value chain, from suppliers and operations to product use and endof-life.
Three circular innovations were approved in the first quarter:
- A refurbishment program in the UK where returned robotic mowers are refurbished and sold as second hand machines via the Flymo Outlet Store on eBay.
- Husqvarna Construction's new series of electric dust extractors with a patented automatic filter cleaning technology, combined with an e-flow function, enabling reduction of materials used in both the pre-filter and the entire machine, as well as reduction in energy consumption while still improving the productivity.
- Husqvarna EPOS (Exact Positioning Operating System) is a satellite-based technology enabling robotic mowers to work within virtual boundaries, eliminating the need for a boundary wire in copper and plastic.
People – inspire actions that make a lasting difference
During the first quarter, the Group has continued its communication campaigns and sold another 0.3 million products qualified as Sustainable Choices.
Year-end 2023 accumulated figures have been restated to 2.4 million sold sustainable choice products (from 1.9), due to data collection improvements in 2022 and 2023. The majority of the increase was in 2023.
Parent Company
Net sales for the Parent Company, Husqvarna AB (publ), in the first quarter amounted to SEK 6,520m (7,668), of which SEK 5,189m (6,280) referred to sales to Group companies and SEK 1,331m (1,388) to external customers. Income after financial items decreased to SEK -450m (1,401). The financial items are affected negatively by an equity hedge. Income for the quarter decreased to SEK -374m (1,079). Investments in property, plant and equipment and intangible assets amounted to SEK 338m (360). Cash and cash equivalents amounted to SEK 156m (258) at the end of the quarter. Undistributed earnings in the Parent Company amounted to SEK 28,528m (30,398).
Significant events
Husqvarna Group acquired ETwater
On March 13, 2024, Husqvarna Group announced the acquisition of ETwater, a pioneer in smart irrigation management for the commercial market in North America. As part of Orbit within the Gardena Division, ETwater will become the nucleus for a newly formed unit, dedicated to providing solutions for professional customers. ETwater has ten employees and sales amounted to USD 2.6m in 2023.
Changes to Group Management
Pär Åström, President of the Gardena Division, has decided to take a position outside of Husqvarna Group. His last day at Husqvarna Group is planned to be June 30, 2024.
Significant events after the quarter
Annual General Meeting 2024
The Annual General Meeting of Husqvarna AB (publ) was held on April 18, 2024. The dividend was set at SEK 3.00 per share to be paid in two installments, firstly SEK 1.00 per share with Monday, April 22 as the first record day, and secondly SEK 2.00 per share with Tuesday, October 22, as the second record day. The
estimated dates for payment are Thursday, April 25, and Friday, October 25, 2024.
Risks and uncertainty factors
A number of factors may affect Husqvarna Group's operations in terms of operational and financial risks. Geopolitical uncertainties and war, can have a significant impact on Husqvarna Group's operations, both in terms of difficulties of supply of raw materials and components as well as difficulties to purchase transportation and logistics services and related cost increases. It can also affect demand of Husqvarna Group's products and solutions.
Operational risks include general economic conditions, as well as trends in consumer and professional spending, particularly in North America and Europe, where the majority of the Group's products are sold. An economic downturn in these markets may have an adverse effect on Group sales and earnings. Shifts in product technology as well as shifts in distribution structure and sales channels could also have a negative impact, as will fluctuations in prices of sourced raw materials and components. Short term, demand for the Group's products is impacted by weather conditions. The Group's production processes and supply chain are therefore adapted to respond to changes in weather conditions.
In the ordinary course of business, the Group is exposed to legal risks such as commercial, product liability and other disputes and provides for them as appropriate.
Financial risks refer primarily to currency exchange rates, interest rates, financing, tax and credit risks.
Risk management within Husqvarna Group is regulated by a financial policy established by the Board of Directors. For further information on risks and uncertainty factors, see the Annual and Sustainability Report 2023 which is available at www.husqvarnagroup.com.
Accounting Principles
This interim report has been prepared in accordance with IAS 34, Interim financial reporting and the Swedish Annual Accounts Act. The financial statement of the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, chapter 9 and the Swedish Financial Reporting Board's standard RFR 2 Accounting for Legal Entities. The accounting principles adopted are consistent with those presented in the Annual and Sustainability Report 2023, which is available at www.husqvarnagroup.com.
Auditors' review report
This interim report has not been subject to review by the auditors.
Stockholm, April 24, 2024
Pavel Hajman CEO
Condensed consolidated income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | LTM* | 2023 |
| Net sales | 14,719 | 17,167 | 50,813 | 53,261 |
| Cost of goods sold | -9,753 | -11,477 | -35,412 | -37,136 |
| Gross income | 4,966 | 5,690 | 15,401 | 16,125 |
| Gross margin, % | 33.7 | 33.1 | 30.3 | 30.3 |
| Selling expenses | -2,158 | -2,373 | -8,818 | -9,034 |
| Administrative expenses | -879 | -934 | -3,156 | -3,211 |
| Other operating income/expense | 1 | -19 | 20 | 0 |
| Operating income | 1,930 | 2,364 | 3,447 | 3,880 |
| Operating margin, % | 13.1 | 13.8 | 6.8 | 7.3 |
| Financial items, net | -229 | -245 | -986 | -1,002 |
| Income after financial items | 1,702 | 2,119 | 2,461 | 2,878 |
| Margin, % | 11.6 | 12.3 | 4.8 | 5.4 |
| Income tax | -379 | -466 | -615 | -702 |
| Net income for the period | 1,322 | 1,653 | 1,847 | 2,177 |
| Net income for the period attributable to: | ||||
| Equity holders of the Parent Company | 1,322 | 1,653 | 1,846 | 2,177 |
| Non-controlling interest | 1 | 0 | 0 | -1 |
| Earnings per share: | ||||
| Before dilution, SEK | 2.31 | 2.90 | 3.23 | 3.81 |
| After dilution, SEK | 2.31 | 2.88 | 3.23 | 3.81 |
| Weighted average number of shares outstanding: | ||||
| Before dilution, millions | 571.5 | 570.5 | 571.7 | 570.9 |
| After dilution, millions | 572.5 | 573.0 | 571.0 | 571.6 |
Condensed consolidated comprehensive income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| SEKm | 2024 | 2023 | LTM* | 2023 |
| Net income for the period | 1,322 | 1,653 | 1,847 | 2,177 |
| Other comprehensive income | ||||
| Items that will not be reclassified to the income statement: | ||||
| Remeasurements on defined benefit pension plans, net of tax | 11 | 77 | -491 | -426 |
| Total items that will not be reclassified to the income statement, net of tax | 11 | 77 | -491 | -426 |
| Items that may be reclassified to the income statement: | ||||
| Translation differences | 1,655 | -61 | 877 | -839 |
| Net investment hedge, net of tax | -722 | 78 | -397 | 403 |
| Cash flow hedges, net of tax | -96 | 46 | 96 | 238 |
| Total items that may be reclassified to the income statement, net of tax | 836 | 64 | 576 | -197 |
| Other comprehensive income, net of tax | 847 | 141 | 84 | -622 |
| Total comprehensive income for the period | 2,170 | 1,793 | 1,931 | 1,554 |
| Total comprehensive income attributable to: | ||||
| Equity holders of the Parent Company | 2,169 | 1,793 | 1,931 | 1,555 |
| Non-controlling interest | 1 | 0 | 0 | -1 |
Condensed consolidated balance sheet
| SEKm | Mar 31 2024 |
Mar 31 2023 |
Dec 31 2023 |
|---|---|---|---|
| Assets | |||
| Property, plant and equipment Right of use assets |
7,360 | 7,128 | 7,205 |
| Goodwill | 2,147 | 2,202 | 2,068 |
| Other intangible assets | 10,374 | 10,176 | 9,920 |
| Investments in associated companies | 8,667 14 |
8,447 16 |
8,400 14 |
| Derivatives | 29 | 0 | |
| Other non-current assets | - 871 |
851 | 843 |
| Deferred tax assets | |||
| Total non-current assets | 2,243 31,675 |
2,379 31,228 |
2,143 30,592 |
| Inventories | 17,094 | 18,670 | 17,184 |
| Trade receivables | 11,302 | 10,355 | 5,289 |
| Derivatives | 413 | 510 | 1,604 |
| Current tax receivables | 292 | 629 | 242 |
| Other current assets | 1,669 | 1,604 | 1,171 |
| Cash and cash equivalents | 1,898 | 2,571 | 1,527 |
| Total current assets | 32,668 | 34,340 | 27,018 |
| Total assets | 64,343 | 65,568 | 57,610 |
| Equity and liabilities | |||
| Equity attributable to equity holders of the Parent Company | 25,961 | 25,807 | 23,770 |
| Non-controlling interests | 3 | 10 | 2 |
| Total equity | 25,964 | 25,817 | 23,772 |
| Borrowings | 11,549 | 11,301 | 8,556 |
| Lease liabilities | 1,473 | 1,642 | 1,436 |
| Deferred tax liabilities | 2,378 | 2,522 | 2,334 |
| Provisions for pensions and other post-employment benefits | 2,229 | 1,599 | 2,209 |
| Other provisions | 677 | 710 | 620 |
| Total non-current liabilities | 18,306 | 17,774 | 15,155 |
| Trade payables | 6,841 | 7,613 | 5,487 |
| Current tax liabilities | 728 | 785 | 662 |
| Other liabilities | 5,448 | 5,639 | 3,866 |
| Borrowings | 4,145 | 5,213 | 6,031 |
| Lease liabilities | 691 | 608 | 648 |
| Derivatives | 688 | 672 | 575 |
| Other provisions | 1,532 | 1,447 | 1,415 |
| Total current liabilities | 20,072 | 21,978 | 18,683 |
| Total equity and liabilities | 64,343 | 65,568 | 57,610 |
Condensed consolidated cash flow statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2024 | 2023 | 2023 |
| Cash flow from operations | |||
| Operating income | 1,930 | 2,364 | 3,880 |
| Non cash items | 900 | 916 | 3,586 |
| Cash items | |||
| Paid restructuring expenses | -75 | -88 | -565 |
| Net financial items, received/paid | -166 | -174 | -862 |
| Taxes paid/received | -253 | -620 | -493 |
| Cash flow from operations, excluding change in | |||
| operating assets and liabilities | 2,336 | 2,398 | 5,546 |
| Operating assets and liabilities | |||
| Change in inventories | 778 | 729 | 1,918 |
| Change in trade receivables | -5,716 | -4,062 | 917 |
| Change in trade payables | 1,164 | 479 | -1,579 |
| Change in other operating assets/liabilities | 898 | 1,583 | 264 |
| Cash flow from operating assets and liabilities | -2,876 | -1,271 | 1,521 |
| Cash flow from operations | -540 | 1,127 | 7,067 |
| Investments | |||
| Acquisitions of subsidiaries/operations | -5 | - | -9 |
| Proceeds from sale of property, plant and equipment | 3 | 11 | 5 |
| Investments in property, plant and equipment and intangible assets | -507 | -522 | -2,627 |
| Investments and divestments of financial assets | -8 | -28 | -22 |
| Cash flow from investments | -517 | -539 | -2,652 |
| Cash flow from operations and investments | -1,057 | 588 | 4,414 |
| Financing | |||
| Dividend paid to shareholders | - | - | -1,714 |
| Dividend paid to non-controlling interests | - | - | -2 |
| Proceeds/repayment of borrowings | 971 | -205 | -2,066 |
| Other financing activities | 393 | -132 | -1,380 |
| Cash flow from financing | 1,364 | -337 | -5,161 |
| Total cash flow | 307 | 251 | -746 |
| Cash and cash equivalents at the beginning of the period | 1,527 | 2,328 | 2,328 |
| Exchange rate differences referring to cash and cash equivalents | 64 | -8 | -55 |
| Cash and cash equivalents at the end of the period | 1,898 | 2,571 | 1,527 |
| Q1 | Q1 | Full year | |
|---|---|---|---|
| Direct operating cash flow, SEKm | 2024 | 2023 | 2023 |
| EBITDA excl. items affecting comparability | 2,667 | 3,137 | 7,911 |
| Change in inventories | 778 | 729 | 1,918 |
| Change in trade receivables | -5,716 | -4,062 | 917 |
| Change in trade payables | 1,164 | 479 | -1,579 |
| Investments in property, plant and equipment and intangible assets | -507 | -522 | -2,627 |
| Direct operating cash flow | -1,614 | -239 | 6,541 |
Key performance indicators
Income statement
| Q1 | Q1 | Full year | ||
|---|---|---|---|---|
| EBITDA*, SEKm | 2024 | 2023 | LTM* | 2023 |
| Operating income | 1,930 | 2,364 | 3,447 | 3,880 |
| Reversals | ||||
| Depreciation | 485 | 496 | 1,980 | 1,992 |
| Amortization | 249 | 216 | 964 | 931 |
| Impairment | 2 | 29 | 155 | 182 |
| Depreciation, amortization and impairment | 737 | 741 | 3,100 | 3,105 |
| EBITDA* | 2,667 | 3,105 | 6,547 | 6,985 |
| Excl. items affecting comparability* | 2,667 | 3,137 | 7,441 | 7,911 |
| EBITDA margin, % | 18.1 | 18.1 | 12.9 | 13.1 |
| Excl. items affecting comparability*, % | 18.1 | 18.3 | 14.6 | 14.9 |
Organic growth*
Net sales, January - March
| SEKm | Reported Net sales |
Acquisitions / divestments |
Planned exits | Organic net sales before currency translation |
Currency translation |
Organic net sales |
|---|---|---|---|---|---|---|
| 2024 | 14,719 | 0 | 14,719 | 14,719 | ||
| 2023 | 17,167 | -674 | 16,493 | 9 | 16,502 | |
| Growth | -2,448 | -1,774 | -1,783 | |||
| Growth, % | -14.3 | -10.8 | -10.8 |
*Alternative Performance Measure, refer to "Definitions".
Other Key performance indicators
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| Key data | 2024 | 2023 | 2023 |
| Operating working capital, SEKm | 21,556 | 21,412 | 16,986 |
| Average operating working capital LTM, SEKm | 19,468 | 18,167 | 19,631 |
| Operating working capital/net sales*, % | 38.3 | 32.7 | 36.9 |
| Return on capital employed, % | 7.5 | 7.4 | 8.4 |
| Excl. items affecting comparability*, % | 9.8 | 11.5 | 10.8 |
| Return on equity, % | 7.2 | 7.8 | 8.5 |
| Excl. items affecting comparability*, % | 10.4 | 13.4 | 11.8 |
| Capital turn-over rate, times | 1.2 | 1.4 | 1.3 |
| Equity/assets ratio, % | 40 | 39 | 41 |
| Equity per share after dilution, SEK | 45.3 | 45.0 | 41.6 |
| Average number of employees | 13,963 | 14,512 | 13,755 |
| Net debt*, SEKm | Mar 31 2024 |
Mar 31 2023 |
Dec 31 2023 |
|---|---|---|---|
| Net pension liability | 2,026 | 1,345 | 1,994 |
| Other interest-bearing liabilities | 18,545 | 19,436 | 17,245 |
| Less: Liquid funds and other interest-bearing assets | -2,809 | -3,604 | -3,600 |
| Net debt* | 17,762 | 17,178 | 15,640 |
| Net debt/equity ratio | 0.68 | 0.67 | 0.66 |
| Net debt/EBITDA excl. items affecting comparability* | 2.2 | 1.9 | 2.1 |
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| Return on capital employed*, SEKm | 2024 | 2023 | 2023 |
| Total equity and liabilities | 64,343 | 65,568 | 57,610 |
| Deduction; Non interest bearing liabilities: | -17,604 | -18,716 | -14,383 |
| Deferred tax liabilities | -2,378 | -2,522 | -2,334 |
| Other provisions | -2,209 | -2,157 | -2,035 |
| Trade payables | -6,841 | -7,613 | -5,487 |
| Current tax liabilities | -728 | -785 | -662 |
| Other liabilities | -5,448 | -5,639 | -3,866 |
| Capital employed* | 46,739 | 46,852 | 43,227 |
| Capital employed* (LTM Average) | 45,702 | 43,929 | 45,956 |
| Operating income, LTM | 3,447 | 3,247 | 3,880 |
| Return on capital employed*, % | 7.5 | 7.4 | 8.4 |
| Operating income excl. items affecting comparability*, LTM | 4,491 | 5,073 | 4,970 |
| Return on capital employed excl. items affecting comparability*, % | 9.8 | 11.5 | 10.8 |
* Alternative Performance Measure, refer to "Definitions".
Change in Group equity, condensed
| Attributable to equity holders of the |
Non-controlling | ||
|---|---|---|---|
| SEKm | Parent Company | interests | Total equity |
| Opening balance January 1, 2023 | 24,002 | 10 | 24,011 |
| Share-based payment | 11 | - | 11 |
| Shareholder contribution from non-controlling interest | 1 | 1 | |
| Total comprehensive income | 1,793 | 0 | 1,793 |
| Closing balance March 31, 2023 | 25,807 | 10 | 25,817 |
| Opening balance January 1, 2024 | 23,770 | 2 | 23,772 |
| Share-based payment | 22 | - | 22 |
| Total comprehensive income | 2,169 | 1 | 2,170 |
| Closing balance March 31, 2024 | 25,961 | 3 | 25,964 |
Fair value of financial instruments
The Group's financial instruments carried at fair value are derivatives. Derivatives belong to Level 2 in the fair value hierarchy. Future cash flows have been discounted using current quoted market interest rates and exchange rates for similar instruments. Further information about the accounting principles for financial instruments and methods used for estimating the fair value of the financial instruments are described in note 1 and note 20, respectively, in the Annual and Sustainability Report 2023. The carrying value approximates fair value for all financial instruments.
Net sales and income by division and quarter
| SEKm | 2024 | 2023 | 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Group | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 14,719 | 8,605 | 10,512 | 16,976 | 17,167 | 10,353 | 12,206 | 15,792 | 15,685 |
| Net sales, LTM* | 50,813 | 53,261 | 55,009 | 56,703 | 55,519 | 54,037 | 51,918 | 49,892 | 48,714 |
| Operating income | 1,930 | -983 | 398 | 2,101 | 2,364 | -1,737 | 555 | 2,065 | 2,159 |
| Operating margin, % | 13.1 | -11.4 | 3.8 | 12.4 | 13.8 | -16.8 | 4.5 | 13.1 | 13.8 |
| Operating income excl. IAC* | 1,930 | -168 | 415 | 2,313 | 2,410 | -13 | 601 | 2,075 | 2,190 |
| Operating margin excl. IAC*, % | 13.1 | -1.9 | 3.9 | 13.6 | 14.0 | -0.1 | 4.9 | 13.1 | 14.0 |
| Operating income, LTM* | 3,447 | 3,880 | 3,126 | 3,283 | 3,247 | 3,043 | 4,647 | 5,018 | 5,612 |
| Operating margin, LTM*, % | 6.8 | 7.3 | 5.7 | 5.8 | 5.8 | 5.6 | 9.0 | 10.1 | 11.5 |
| Operating income excl. IAC, LTM | 4,491 | 4,970 | 5,125 | 5,311 | 5,073 | 4,853 | 4,686 | 5,011 | 5,580 |
| Operating margin excl. IAC, LTM, % | 8.8 | 9.3 | 9.3 | 9.4 | 9.1 | 9.0 | 9.0 | 10.0 | 11.5 |
| Net income for the period | 1,322 | -1,011 | 125 | 1,411 | 1,653 | -1,392 | 269 | 1,417 | 1,638 |
| Husqvarna Forest & Garden | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 8,272 | 5,257 | 6,123 | 9,722 | 10,656 | 6,793 | 7,761 | 8,826 | 8,701 |
| Net sales, LTM* | 29,375 | 31,759 | 33,295 | 34,933 | 34,037 | 32,082 | 30,519 | 29,089 | 29,099 |
| Operating income | 1,191 | -379 | 291 | 1,123 | 1,670 | -1,252 | 560 | 1,107 | 1,392 |
| Operating margin, % | 14.4 | -7.2 | 4.8 | 11.6 | 15.7 | -18.4 | 7.2 | 12.5 | 16.0 |
| Operating income excl. IAC* | 1,191 | -7 | 293 | 1,260 | 1,690 | 273 | 555 | 1,113 | 1,283 |
| Operating margin excl. IAC*, % | 14.4 | -0.1 | 4.8 | 13.0 | 15.9 | 4.0 | 7.2 | 12.6 | 14.7 |
| Operating income, LTM* | 2,226 | 2,706 | 1,833 | 2,101 | 2,085 | 1,807 | 3,129 | 3,127 | 3,554 |
| Operating margin, LTM*, % | 7.6 | 8.5 | 5.5 | 6.0 | 6.1 | 5.6 | 10.3 | 10.8 | 12.2 |
| Operating income excl. IAC, LTM | 2,737 | 3,236 | 3,516 | 3,779 | 3,631 | 3,224 | 3,021 | 3,024 | 3,447 |
| Operating margin excl. IAC, LTM, % | 9.3 | 10.2 | 10.6 | 10.8 | 10.7 | 10.0 | 9.9 | 10.4 | 11.8 |
| Gardena | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 4,414 | 1,326 | 2,287 | 5,031 | 4,321 | 1,470 | 2,400 | 4,775 | 4,960 |
| Net sales, LTM* | 13,057 | 12,964 | 13,108 | 13,222 | 12,966 | 13,606 | 13,284 | 12,915 | 11,991 |
| Operating income | 673 | -407 | -46 | 818 | 585 | -468 | -93 | 773 | 706 |
| Operating margin, % | 15.3 | -30.7 | -2.0 | 16.3 | 13.5 | -31.8 | -3.9 | 16.2 | 14.2 |
| Operating income excl. IAC* | 673 | -264 | -41 | 857 | 584 | -314 | -42 | 776 | 752 |
| Operating margin excl. IAC*, % | 15.3 | -19.9 | -1.8 | 17.0 | 13.5 | -21.4 | -1.7 | 16.3 | 15.2 |
| Operating income, LTM* | 1,039 | 950 | 889 | 842 | 797 | 918 | 1,109 | 1,398 | 1,603 |
| Operating margin, LTM*, % | 8.0 | 7.3 | 6.8 | 6.4 | 6.2 | 6.8 | 8.3 | 10.8 | 13.4 |
| Operating income excl. IAC, LTM | 1,225 | 1,136 | 1,086 | 1,085 | 1,005 | 1,173 | 1,197 | 1,434 | 1,627 |
| Operating margin excl. IAC, LTM, % | 9.4 | 8.8 | 8.3 | 8.2 | 7.7 | 8.6 | 9.0 | 11.1 | 13.6 |
| Husqvarna Construction | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 2,008 | 1,968 | 2,061 | 2,192 | 2,177 | 2,071 | 2,024 | 2,157 | 1,981 |
| Net sales, LTM* | 8,230 | 8,398 | 8,500 | 8,463 | 8,428 | 8,232 | 7,992 | 7,763 | 7,511 |
| Operating income | 203 | -4 | 225 | 272 | 262 | 80 | 183 | 299 | 152 |
| Operating margin, % | 10.1 | -0.2 | 10.9 | 12.4 | 12.0 | 3.9 | 9.0 | 13.9 | 7.7 |
| Operating income excl. IAC* | 203 | 180 | 225 | 308 | 289 | 127 | 182 | 300 | 245 |
| Operating margin excl. IAC*, % | 10.1 | 9.1 | 10.9 | 14.1 | 13.3 | 6.1 | 9.0 | 13.9 | 12.4 |
| Operating income, LTM* | 696 | 755 | 839 | 796 | 823 | 713 | 778 | 826 | 787 |
| Operating margin, LTM*, % | 8.5 | 9.0 | 9.9 | 9.4 | 9.8 | 8.7 | 9.7 | 10.6 | 10.5 |
| Operating income excl. IAC, LTM | 916 | 1,002 | 948 | 905 | 897 | 854 | 871 | 920 | 880 |
| Operating margin excl. IAC, LTM, % | 11.1 | 11.9 | 11.2 | 10.7 | 10.6 | 10.4 | 10.9 | 11.9 | 11.7 |
| Group Common | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Net sales | 24 | 54 | 41 | 31 | 13 | 20 | 22 | 34 | 43 |
| Operating income | -137 | -193 | -72 | -112 | -154 | -97 | -95 | -114 | -90 |
| Operating income excl. IAC* | -137 | -76 | -62 | -112 | -154 | -98 | -95 | -114 | -90 |
The majority of net sales are recognized at a certain point in time.
*Alternative Performance Measure, refer to "Definitions".
Items affecting comparability
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2024 | 2023 | 2023 |
| Restructuring costs | |||
| Impairment of non-current assets | - | -14 | -163 |
| Write-down of inventory | - | 0 | -272 |
| Other restructuring costs | - | -32 | -567 |
| Non-recurring costs relating to Russia | |||
| Write-down / reversal of current assets | - | - | 15 |
| Write-down / reversal of inventory | - | - | 0 |
| Other restructuring costs | - | - | -102 |
| Other | |||
| Sale of property | - | - | - |
| Total items affecting comparability | - | -46 | -1,090 |
In 2023 items affecting comparability was SEK -1,090m. This was mainly related to the expansion of the Group's cost saving initiatives (announced in October 2023), including the consolidation of operations and brands from previous acquisitions, a write-down of inventory related to exits of petrol-powered, low-margin consumer wheeled products (announced in October 2022), as well as non-recurring costs related to Russia.
Classification in the income statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2024 | 2023 | 2023 |
| Cost of goods sold | - | -25 | -725 |
| Selling expenses | - | -6 | -172 |
| Administrative expenses | - | -16 | -193 |
| Other operating income/expense | - | - | 0 |
| Total items affecting comparability | - | -46 | -1,090 |
Net assets by division ¹
| Assets | Liabilities | Net Assets | ||||
|---|---|---|---|---|---|---|
| SEKm | Mar 31 2024 |
Mar 31 2023 |
Mar 31 2024 |
Mar 31 2023 |
Mar 31 2024 |
Mar 31 2023 |
| Husqvarna Forest & Garden | 28,170 | 29,076 | 7,976 | 9,896 | 20,194 | 19,180 |
| Gardena | 20,636 | 20,245 | 4,591 | 4,070 | 16,045 | 16,175 |
| Husqvarna Construction | 9,262 | 9,217 | 1,436 | 1,653 | 7,825 | 7,564 |
| Other ² | 3,263 | 3,173 | 3,601 | 3,097 | -338 | 76 |
| Total | 61,330 | 61,711 | 17,604 | 18,716 | 43,726 | 42,995 |
¹ Liquid assets, other interest-bearing assets, interest-bearing liabilities and equity are not included in the table above.
² Other includes tax items, associates and common Group functions such as Treasury and Risk Management.
Parent Company
Condensed income statement
| Q1 | Q1 | Full year | |
|---|---|---|---|
| SEKm | 2024 | 2023 | 2023 |
| Net sales | 6,520 | 7,668 | 23,454 |
| Cost of goods sold | -4,761 | -5,058 | -18,366 |
| Gross income | 1,759 | 2,610 | 5,089 |
| Selling expense | -481 | -515 | -2,129 |
| Administrative expense | -551 | -584 | -2,721 |
| Other operating income/expense | 0 | 0 | -1 |
| Operating income | 726 | 1,511 | 238 |
| Financial items, net | -1,176 | -110 | 1,474 |
| Income after financial items | -450 | 1,401 | 1,711 |
| Appropriations | -19 | -39 | -266 |
| Income before taxes | -469 | 1,363 | 1,445 |
| Tax on profit for the year | 95 | -284 | 80 |
| Income for the period | -374 | 1,079 | 1,525 |
Condensed balance sheet
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| SEKm | 2024 | 2023 | 2023 |
| Non-current assets | 50,333 | 48,239 | 50,263 |
| Current assets | 18,334 | 22,802 | 15,616 |
| Total assets | 68,666 | 71,041 | 65,880 |
| Equity | 31,558 | 33,209 | 32,030 |
| Untaxed reserves | 1,424 | 1,400 | 1,424 |
| Provisions | 592 | 498 | 542 |
| Non-current liabilities | 11,394 | 11,128 | 8,406 |
| Current liabilities | 23,698 | 24,807 | 23,478 |
| Total equity and liabilities | 68,666 | 71,041 | 65,880 |
Number of shares
| Outstanding | Outstanding | Repurchased | |
|---|---|---|---|
| A-shares | B-shares | B-shares ¹ | Total |
| 109,451,449 | 462,067,132 | 4,825,197 | 576,343,778 |
| -1,576,146 | 1,576,146 | 0 | |
| 107,875,303 | 463,643,278 | 4,825,197 | 576,343,778 |
¹ All repurchased B-shares are included in a third party share swap agreement.
Definitions
This report includes financial measures as required by the financial reporting framework applicable to Husqvarna Group, which is based on IFRS. In addition, there are other measures (Alternative Performance Measures) used by management and other stakeholders to analyze trends and performance of the Group's operations that cannot be directly read or derived from the financial statements. Husqvarna stakeholders should not consider these as substitutes, but rather as additions, to the financial reporting measures prepared in accordance with IFRS. Please note that the Alternative Performance Measures as defined, may not be comparable to similarly titled measures used by other companies. Refer below for a list of definitions of all measures and indicators used, referred to and presented in this report.
Computation of average amounts
The computation of key ratios is based on averages of affected balance sheet items the last 12 months.
Roundings
All items are stated in SEKm and, accordingly, rounding differences can occur.
Last twelve months (LTM)
Last twelve months rolling has been included to assist stakeholders in their analysis of the seasonality that Husqvarna Group's business is exposed to.
Earnings per share, after dilution
Earnings per share is expressed as net income attributable to equity holders of the Parent Company divided by the weighted average number of shares outstanding (net of treasury shares), after dilution. Earnings per share is a good measure of the company's profitability and is used to determine the value of the company's outstanding shares.
Growth measures
Net sales growth
Change in net sales compared to previous period in percent.
Organic growth
Change in net sales, adjusted for acquisitions, divestments, planned exits and currency translation effects. The measure is important in order to understand the underlying performance of the operations and increases the comparability between periods.
Profitability measures
EBITDA
EBITDA is a measure of earnings before interest, taxes, depreciation, amortization and impairment charges. EBITDA measures Husqvarna Group's operating performance and the ability to generate cash from operations, without considering the capital structure of the Group or its fiscal environment. For a reconciliation of EBITDA refer to section Key Performance Indicators.
EBITDA margin
EBITDA as a percentage of net sales.
Gross margin Gross income as a percentage of net sales.
Operating margin
Operating income as a percentage of net sales.
Return on capital employed
Operating income during the last twelve months as a percentage of average capital employed. A central ratio for measuring return on capital tied up in operations.
Return on equity
Net income attributable to equity holders of the Parent Company last twelve months as a percentage of average equity attributable to equity holders of the Parent Company. The indicator shows how share holders' capital yields interest during the period.
Share-based measures
Equity per share, after dilution
Equity attributable to equity holders of the Parent Company divided by the weighted average number of shares outstanding (net of treasury shares), after dilution. A measure of the amount of equity that exists per outstanding share and is used for measuring the share against the share price.
Capital indicators
Capital employed
Total equity and liabilities less non-interest-bearing debt including deferred tax liabilities. This measure shows the amount of capital that is used in the operations and is an important component for measuring the return from operations.
Capital expenditure
Investments in property, plant and equipment, right of use assets and intangible assets.
Interest bearing liabilities
Long-term and short-term borrowings, net pension liability and fair value derivative liabilities.
Liquid funds
Cash and cash equivalents, short-term investments and fair value derivative assets.
Net assets
Total assets excluding liquid funds and interest-bearing assets less operating liabilities, non-interest-bearing provisions and deferred tax liabilities.
Net debt
Net debt describes the Group's gearing and its ability to repay its debts from cash generated from the Group´s ordinary business, if they were all due today. It is also used to analyze how future net interest costs will impact earnings. Net debt is defined as total interest-bearing liabilities plus dividend payable, less liquid funds and interest-bearing assets.
Operating working capital
Inventories and trade receivables less trade payables. This measure shows how much working capital is tied up in the operations and can be put in relation to sales to understand how efficient working capital is managed.
Capital measures
Equity/assets ratio
Equity attributable to equity holders of the Parent Company as a percentage of total assets. A measure for showing financial risk, expressing the percentage of total assets that is financed by the owners.
Capital turnover rate
Net sales last twelve months divided with average net assets. Shows how effectively capital is managed and is a key measure for monitoring value creation.
Net debt/EBITDA excl. items affecting comparability
Average net debt in relation to EBITDA last twelve months, excluding items affecting comparability. Shows the company's capacity to repay its debt, adjusted for the impact of items affecting comparability.
Net debt/equity ratio
Net debt in relation to total equity. Shows financial risk and is a useful measure to monitor the level of the company's indebtedness.
Operating working capital/net sales
Average operating working capital as a percentage of net sales last twelve months. This measure is an important indicator for how efficient working capital is managed.
Other measures
Direct operating cash flow
EBITDA, excluding items affecting comparability, adjusted for change in trade payables, inventory and trade receivables and investments in property, plant and equipment and intangible assets. For a reconciliation of direct operating cash flow refer to the table below the cash flow statement. Direct operating cash flow provides a measure of the cash generated by the Groups operating business.
Items affecting comparability (IAC)
Under Items affecting comparability, Husqvarna includes items that have the character of being nonrecurring, such as restructuring costs, and are relevant when comparing earnings for one period with those of another. Separate reporting of items affecting comparability between periods provides a better understanding of the company's underlying operating activities.
Webcast presentation and telephone conference
A webcast presentation of the Q1 report hosted by Pavel Hajman, CEO and Terry Burke, CFO will be held at 10:00 CET on April 24, 2024.
To view the presentation, please use the link: husqvarnagroup.creo.se/891cd80d-8cee-477f-9645-78b81c459fa2
The dial-in to the telephone conference (in order to ask questions): +46 (0) 8 505 100 31 (Sweden) or +44 207 107 06 13 (UK).
Dates for Financial Reports 2024
July 18 Interim report for January-June 2024 October 23 Interim report for January-September 2024
Contacts
Terry Burke, CFO and Executive Vice President, Finance, IR & Communication +46 8 738 90 00
Johan Andersson, Vice President, Investor Relations +46 702 100 451
Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm Regeringsgatan 28, +46 8 738 90 00, www.husqvarnagroup.com
Reg. Nr: 556000-5331 NASDAQ OMX Stockholm: HUSQ A, HUSQ B
This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact person set out above, at 07.00 CET on April 24, 2024.
Factors affecting forward-looking statements
This report contains forward-looking statements in the sense referred to in the American Private Securities Litigation Reform Act of 1995. Such statements comprise, among other things, financial goals, goals of future business and financial plans. These statements are based on present expectations and are subject to risks and uncertainties that may give rise to major deviations in the result due to several aspects. These aspects include, among other things: consumer demand and market conditions in the geographical areas and lines of business in which Husqvarna operates, the effects of currency fluctuations, downward pressure on prices due to competition, a material reduction in sales by important distributors, success in developing new products and in marketing, outcome of product responsibility litigation, progress in terms of reaching the goals set for productivity and efficient use of capital, successful identification of growth opportunities and acquisition objects, integration of these into the existing business and successful achievement of goals for making the supply chain more efficient.