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Prevas Interim / Quarterly Report 2023
3190_rns_2023-10-26_f37158bb-6bb5-48ba-b4f2-c06195d405d8.pdf
Interim / Quarterly Report
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Prevas | Hello Possibility.
INTERIM REPORT JANUARY - SEPTEMBER
Once again Prevas reports a strong quarter in a market that presents both challenges and opportunities. During the quarter we intensified our market proximity and navigated the changing demands by growing with customers in the growth segments.
2023
INTERIM REPORT 2023
Prevas | Interim report
January - September 2023
Third quarter 2023.
- Net turnover amounted to 311.4 MSEK (283.4), an increase of 28.0 MSEK and 10.0 percent.
- Operating profit EBITA amounted to 31.0 MSEK (33.2), which gives an operating margin of 10.0 percent (11.7). The quarter was one working day shorter than the corresponding period of the previous year, which affected the operating profit EBITA negatively with approximately 5 MSEK.
- Operating profit EBIT amounted to 29.3 MSEK (31.8), which gives an operating margin of 9.4 percent (11.2).
- Profit after tax amounted to 22.7 MSEK (25.6).
- Profit per share before dilution was 1.74 SEK per share (1,94) and after dilution was 1.73 SEK per share (1.94).
- The cash flow from operating activities amounted to 50.4 MSEK (23.0).
January - September 2023.
- Net turnover amounted to 1,083.4 MSEK (934.3), an increase of 149.1 MSEK and 16.0 percent. More than half the growth was organic and the remainder comes from acquisitions made during 2022.
- Operating profit EBITA amounted to 125.2 MSEK (112.3), which gives an operating margin of 11.6 percent (12.0).
- Operating profit EBIT amounted to 120.0 MSEK (108.6), which gives an operating margin of 11.1 percent (11.6).
- Profit after tax amounted to 89.5 MSEK (86.0).
- Profit per share before dilution was 6.86 SEK per share (6,57) and after dilution was 6.81 SEK per share (6.57).
- The cash flow from operating activities amounted to 123.2 (75.5).
Significant events during and after the quarter.
- Acquisition of DVel. Prevas has during the period signed an agreement for the acquisition of 51 percent of DVel AB. DVel is one of Sweden's largest suppliers of customized hardware test systems and is based in Lund with 25 employees. The transition occurred on October 2nd, 2023. The transaction is expected to have a marginal impact on Prevas' earnings per share during the 2023 financial year.
- Takes over Unibap's industrial operations within robotics and AI. The previously announced letter of intent for the transfer of Unibap's industrial operations has been successfully implemented. The companies agreed on a business transfer regarding 4 employees and ongoing assignments of Unibap's industrial operations. The business transition took place on August 1, 2023. The transaction is expected to have a marginal impact on Prevas' earnings per share during the 2023 financial year.
10.0%
Growth in turnover
10.0%
Operating margin EBITA
1.73SEK
The profit per share after dilution
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Rolling 12 months
| Key ratios The Group | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | Rolling
12 month | 2022
full year |
| --- | --- | --- | --- | --- | --- | --- |
| Net turnover, MSEK | 311.4 | 283.4 | 1,083.4 | 934.3 | 1,473.1 | 1,324.0 |
| EBITA, MSEK | 31.0 | 33.2 | 125.2 | 112.3 | 177.4 | 164.5 |
| EBITA margin, % | 10.0 | 11.7 | 11.6 | 12.0 | 12.0 | 12.4 |
| EBIT, MSEK | 29.3 | 31.8 | 120.0 | 108.6 | 170.5 | 159.2 |
| EBITA margin, % | 9.4 | 11.2 | 11.1 | 11.6 | 11.6 | 12.0 |
| Profit after tax, MSEK | 22.7 | 25.6 | 89.5 | 86.0 | 125.4 | 121.9 |
| Profit per share after dilution, SEK | 1.73 | 1.94 | 6.81 | 6.57 | 9.54 | 9.29 |
| Average number of employees | 835 | 776 | 841 | 772 | 831 | 781 |
| Number of working days | 65 | 66 | 188 | 189 | 252 | 253 |
| Net turnover/employee, TSEK | 373 | 365 | 1,288 | 1,210 | 1,773 | 1,695 |
Complete table of key ratios is on page 22.
Prevas continues to supplement its offer with cutting edge acquisitions. It is positive to see how our acquisitions quickly integrate into Prevas and contribute to both economic and operational development.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
A word from the CEO
Continued profitable growth in a dynamic market.
Once again Prevas reports a strong quarter in a market that presents both challenges and opportunities. Turnover amounted to 311.4 MSEK (283.4) in the third quarter, representing growth of 10.0 percent. Approximately 45 percent of the turnover growth was organic. The profit for the third quarter was also strong despite a slightly lower utilization than previous years. The background is that we increased customer value in our deliveries, balanced our recruitment and had good cost control. The EBITA results amounted to 31.0 MSEK (33.2) with an EBITA margin of 10.0 percent (11.7). Note that considering that this year's quarter is one working day shorter (65 compared to 66) we increased EBITA profits. Cash flow from current operations remained strong and more than doubled to 50.4 MSEK (23.0) compared to the corresponding period previous year.
On a rolling 12-month basis, we are delivering in line with our financial targets, which are 10 percent sales growth per year and an average EBITA margin of 12 percent. Both turnover and profits this far are at an all-time-high for Prevas, which we are very proud of – particularly in the prevailing market conditions.
Dynamic market – more opportunities for us
The market picture for the quarter is mixed. There is a reduced demand from certain customers and certain areas at the same time as we see high demand within several areas such as energy, electrification, sustainability, defense, cyber security and integrated systems. The competition for ongoing consultancy assignments has hardened in some areas while we see strong demand for more advanced solutions and systems. In summary I would characterize our market as normal – but changeable.
INTERIM REPORT 2023
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Customers in growth segments and nimble marketing gives results
Prevas has long and important customer relationships, has a strongly diversified customer mix and is well positioned within the areas with structural growth. Less than 25 percent of our turnover comes from the five largest customers, which means that our risk is well spread. Our decentralized strategy with strong specialized nodes means that we are close to the market and can take the correct decisions quickly. During the quarter we intensified our market proximity and navigated the changing demands by growing with customers in the growth segments. Thanks to our positioning in the growth areas we have several units within Prevas with near full utilization until the end of the year and that are already filling their order books for 2024.
Successful acquisitions – we welcome DVel
Prevas continues to supplement its offer with cutting edge acquisitions. At the start of October we acquired a majority holding in DVel AB, a premium company within the development of advanced testing systems with approx. 30 MSEK in turnover. During 2023 we have also taken over operations from Unibap (AI based vision technology) and SDS Medteq (regulatory experts within medtech). It is positive to see how our acquisitions quickly integrate into Prevas and contribute to both economic and operational development. We have a strong balance sheet and are always looking for new high quality acquisitions that can contribute to developing Prevas in the future, either by reinforcing Prevas' existing areas or by contributing new, in-demand expertise.
We accelerate the transition to a sustainable world
We mean that Prevas contributes to accelerating the transition to a sustainable world through creative use of the opportunities presented by technology. The largest contribution that we make is in our customer assignments through sustainable product and production development, where we directly contribute to reducing carbon dioxide emissions, improve work environments, reduce resource usage and create the conditions to save lives and increase quality of life. We also work actively to minimize our own climate impact and strive to be an inclusive employer with the ambition to give all employees the best in professional development journeys. One concrete result of this work is that both the general diversity and the number of women is continuing to grow. That said, we are some way along the way, have more to do and we intend to further intensify our sustainability work in 2024.
Well positioned for growth and profitability
Our decentralized and agile structure, our strong offers, our diversified customer base and strategic positioning within branches with growth – combined with our capacity for flexibility – are critical success factors in navigating tougher market conditions. This means that Prevas is well positioned to meet future challenges and opportunities. Going forward, we will continue to focus on increased customer presence, developing our team and our culture, recruiting in balance with demand and implementing value-creating acquisitions. All activities are in line with being a premium company.
I am incredibly proud of everyone at Prevas. Together we are the best team of engineers, developers, project managers, designers and strategists in the Nordic region. In close collaboration with our forward-oriented customers, we contribute to solving the major societal challenges and we constantly see new opportunities in our dynamic environment. Hello Possibility!
Västerås October 26th 2023
Magnus Welén, CEO Prevas AB
Our customers make a real difference
During the quarter we developed a product on behalf of a Danish customer to drastically reduce the risk of patients in hospitals falling ill due to catheter introduced infections. We have also developed a transmission system for electrification of vehicles, implemented cloud based maintenance system for Göteborgs Spårvägar that increase availability and reduce consumption of resources, implemented smart algorithms to minimize energy consumption when heating steel in steelworks, developed ergonomic lifting & installation tools and project managed investment projects in the upgrade of Sweden's nation electricity grid etc.
Forthcoming Reports
Year end report 2023, February 14th 2024.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Welcome to "the Home of Ingenuity".
For us, it's about four things. They may not be unique individually, but together they make us special.
Firstly, we believe that autonomy is crucial to our shared success. That everyone should have the flexibility and freedom to make their own decisions and be themselves.
Secondly, we choose to always see potential and we constantly challenge ourselves to learn and relearn. We see development as a climbing wall where you can reach your full potential in infinite ways.
Thirdly, we create strong bonds through collaboration and our genuine way of being – both with each other and with our clients and partners. Together, we can solve complex problems with cutting-edge technology, intuitive thinking and a large measure of creativity.
Last but not least, we are driven by our common higher purpose: that ingenuity will save the world. It may sound ambitious, or even pretentious, but it's a fact. We are determined to put ingenuity to work and be a part of the solution.
VISION
Ingenuity will save the world.
MISSION
We co-create technological advancement for the betterment of all; people, planet and profit.
VALUES
At Prevas we summarize our values with the acronym BOAT - Business Driven, Open Minded, Active and Team Players.
EMPLOYEE PROMISE
Home of Ingenuity.
HELLO POSSIBILITY
We solve problems. Many people would say that we do so with different technical solutions - and that is correct. But innovation is perhaps even more important. That's what Prevas is really about. Together seeing things that others do not. About opportunities.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Industries and customers.
Understanding and being able to work with the latest technological and digital solutions is important. But we think that it is equally important to have experience of and understand what it is that drives our customer's operations and business.
Life science
The Life Science industry continues to develop and is an important and prioritized industry for Sweden and the Nordic region. Our focus in Life Science includes biotechnology, medical technology and the pharmaceutical industry, where our offer gives us a strong position. We know the rules and regulatory requirements and how to effectively develop and bring products to market. In addition, we also provide solutions for manufacturing products.
Engineering
A major driving force in the engineering industry is the willingness to change and to ensure the supply of skills. Sustainability, digitalization, automation, smart manufacturing, data-driven optimization, Internet of Things (IoT) and more are driving both demand and opportunities for investment and change. We are well positioned for the future with our solid background, understanding of the industry and ingenious approach to technological solutions.
Energy
The energy industry has a crucial role to play in making the Nordic region climate neutral. It will require significant investment and new innovative solutions. For example, we can see that solar and wind power are growing rapidly. Electric vehicles are growing in numbers on a broad front, with a great need of an extensive charging infrastructure. As a strategic expertise partner for the energy and electric power sector, Prevas is at stage center when the sustainable energy systems of the future are developed.
Automotive and transport
There are a number of trends that influence and drive the automotive and transport industry. These include the development of electrified and autonomous vehicles, new technologies, digitalization, resource efficiency, sustainable logistics and higher safety requirements. Prevas has long experience of providing the automotive and transport industry with high-quality and smart solutions. Prevas's expertise in product development, embedded technology and efficient production solutions combined with knowledge of applications in many different areas makes us a good development partner.
Defense
Focus on defense is being strengthened as a result of increased global uncertainty and major investments are being made in cybersecurity in response to growing cyber threats. The Nordic defense industry supplies the global market with world leading products, solutions and services. A focus area is continuously improving, developing and adapting new technology to satisfy the customers' needs in accordance with legal requirements.
The largest customers,
Q1-3 2023
Saab / Ericsson / ABB / Atlas Copco / Sandvik
We have very broad range of customers with carefully selected customers from startup companies, small and medium enterprises to global companies. The five largest customers are responsible for less than a quarter of our turnover.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
The combination of advanced technology and high demands for reliability and environmental sustainability fits very well with our experience and expertise.
Products and units
Product development is presently conducted with an increasingly advanced combination of electronics, design of materials and form, as well as embedded software. More than not the devices are both connected and intelligent. Sustainability issues are getting greater exposure. The segment contains everything from products that monitor health to synthesizers, ear defenders, vacuum cleaners, home automation and security products. With a combination of technical expertise, application skill and understanding of the customer's business, Prevas helps to get the customer's products onto the market quickly and safely.
Steel & Minerals
The steel and metals industry plays an important role in global environmental efforts and major investments are being made. Sweden is currently a world leader in producing environmentally sound steel, but efforts to improve and to spread good processes to other countries continue. It continues to be important for Prevas to be involved in developing fossil-free steel production for the future. Our offering includes proven solutions and services related to operations management, energy efficiency, production planning, project management, automation, environmental and monitoring systems and reporting tools.
Telecoms
The telecoms industry is constantly changing, with new digital solutions and upgrades to existing systems. New opportunities are created via connected systems within both 5G-technology and increased network infrastructure. Prevas has extensive experience in complex consulting services for software, hardware and mechanics in mobile networks. With expertise in, among other things, radio functions, Prevas contributes important knowledge to its customers. Prevas also supplies important components to telecoms companies' Product Lifecycle Management, such as globally centralized solutions within product traceability and marking and tools for managing organization's equipment.
INTERIM REPORT 2023
Turnover
Divided by segment, Q1 - 3 2023
- Sweden 84%
- Denmark 11%
- Other 5%
Industry breakdown, Q1-3 2023
- Engineering 20%
- Life Science 17%
- Other 14%
- Products and units 10%
- Energy 10%
- Defense 8%
- Telecoms 7%
- Automotive and transport 7%
- Steel and minerals 7%
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Financial Information, group
Turnover
July - September
Net turnover amounted to 311.4 MSEK (283.4), an increase of 28.0 MSEK and 10.0 percent. About 45 percent of the turnover growth was organic.
The number of working days amounted to 65 (66). Net turnover per employee amounted to 373 TSEK (365).
January - September
Net turnover amounted to 1,083.4 MSEK (934.3), an increase of 149.1 MSEK and 16.0 percent. More than half the growth was organic and the remainder comes from acquisitions made during 2022.
The number of working days amounted to 188 (189). Net turnover per employee amounted to 1 288 TSEK (1 210).
Results
July - September
Profit before depreciation/amortization and write downs EBITDA amounted to 40.9 MSEK (40.2) which gives profit margin before depreciation/amortization and write downs of 13.1 percent (14.2). Operating profit/loss EBITA amounted to 31.0 MSEK (33.2), which gives an operating margin of 10.0 percent (11.7). Operating profit EBIT amounted to 29.3 MSEK (31.8), which gives an operating margin of 9.4 percent (11.2). Profit after tax amounted to 22.7 MSEK (25.6). The profits include acquisition write downs of 1.7 MSEK (1.4).
The period was one working day shorter than the corresponding period of the previous year, which affected the operating profit/loss EBITA negatively with approximately 5 MSEK.
Net turnover, TSEK
EBITA, TSEK
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
January - September
Profit before depreciation/amortization and write downs EBITDA amounted to 151.2 MSEK (134.5) which gives profit margin before depreciation/amortization and write downs of 14.0 percent (14.4). Operating profit/loss EBITA amounted to 125.2 MSEK (112.3), which gives an operating margin of 11.6 percent (12.0). Operating profit/loss EBIT amounted to 120.0 MSEK (108.6), which gives an operating margin of 11.1 percent (11.6). Profit after tax amounted to 89.5 MSEK (86.0).
The period January to end of September was one working day shorter than the corresponding period of the previous year, which affected the operating profit/loss EBITA negatively. Profit after tax has been negatively affected by changed allocation regarding the value of synthetic options of 3.2 MSEK. This allocation is connected to the development of Prevas's share price and not to operational performance. The synthetic options were regulated during the first quarter of the year and therefore will not affect future profits.
Cash flow, liquid funds and financing
The cash flow from the operating activities amounted to 123.2 MSEK (75.5) for the period January - September. Improvement in the cashflow from ongoing operations is largely explained by the reduction of operating receivables. Cash flow follows normal periodic variations. Available liquid funds at the end of the period amounted to 101.5 MSEK (80.4).
During the first half of the year the group paid dividends of 58.4 MSEK (44.6) and redeemed the synthetic options for 11.9 MSEK. At the start of the year the remaining 40 percent of Prevas Gävle was acquired through a cash payment of 6.8 MSEK.
Since the final day of the period was during the weekend the amortization was drawn on the next working day which was in October. Amortization related to the quarter is not reflected in the cashflow, 5.6 MSEK.
It is the judgment of the Board that Prevas has a financing situation appropriate for the company's future planning.
Financial position
Equity at period end for the Group amounted to 592.6 MSEK (529.2), which gives an equity ratio of 60.8 percent (60.8). Equity related to owners of parent company amounted to 45.22 SEK (40.17) per share before dilution and 44.94 SEK (40.17) per share after dilution.
Employees
The average number of employees during the third quarter amounted to 835 (776), of which 712 (652) were in Sweden, 77 (76) in Denmark, 19 (21) in Other segments and 27 (27) were central. The number of employees at the end of the period amounted to 888 (859). The proportion of female employees reduced slightly to 20.0 percent (20.1).
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
INTERIM REPORT 2023
Investments
July - September
During the quarter, the group's investment in assets amounted to 0.6 MSEK (1.4), of which 0.6 MSEK (1.4) covered machinery and inventory and 0 MSEK (0) product development and intangible assets.
January - September
During the first nine months of the year, the group's investment in assets amounted to 4.0 MSEK (4.0), of which 4.0 MSEK (4.0) covered machinery and inventory and 0 MSEK (0) product development and intangible assets.
Significant events during and after the quarter
Prevas has during the period signed an agreement for the acquisition of 51 percent of DVel AB, the transition occurred on October 2nd, 2023. During the quarter, there has also been a transfer of operations from Unipab's industrial division within robotics and AI. None of these operations are expected to have a significant effect on the group's position and results, which is why acquisition analyzes are not presented in this report. More information about these can be found on the website (www.prevas.se) under press information.
Operational strength key ratios, projects in time
Customer satisfaction, delivery precision and warranty work are continuously metered as part of the company's certified quality system. Since starting in 1985, Prevas has had a very high number of satisfied customers and uniquely high quality ratings regarding delivery precision and warranty. Prevas's customer satisfaction rating during the quarter rose to 8.4 (scale of 1 to 10).
The Parent Company
July - September
Turnover amounted to 177.7 MSEK (164.4) and the profit after financial items amounted to 16.1 MSEK (38.7).
The change in profits compared to the previous year can be largely explained by dividends from subsidiaries and sale of dormant companies during 2022, 21 MSEK.
January - September
Turnover amounted to 615.6 MSEK (558.6). Results after financial items amounted to 63.0 MSEK (102.0).
During 2022 dividends from subsidiaries and sale of dormant companies amounted to 42 MSEK and largely explained the fall in profits in 2023 compared to 2022. The equivalent amount in 2023 was 5.3 MSEK.
Risks and uncertainty factors
Prevas is relatively unaffected by the aggressive and terrible invasion of Ukraine, which has resulted in so much human suffering. Prevas has no employees, partners or customer assignments in Russia or Ukraine. Risks regarding Covid-19 continue to be assessed as low.
Other aspects such as inflation, problems with transport, raw goods, materials and semiconductor components create overall uncertainty for the future and especially for our customers. These are risks that are difficult to assess, and Prevas' strategy to address them is to be as adaptable and dynamic a company as possible.
The market remains strong in areas such as automation, electrification, energy and the defense industries and work with sustainability. In other areas Prevas can see a more normalized market compared to previous report periods. Prevas has a good influx of assignments, enquiries and other opportunities. Prevas experiences a
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
competitive labor market where it is important to work actively with employer branding. In order to both retain staff and to attract new employees to Prevas. Prevas has worked for a number of years to establish itself as an attractive employer. Work that has come to fruition and the company sees good trends in both recruitment flow and staff turnover.
The fact that Prevas is seen as an attractive employer with exciting assignments and development opportunities will continue to be important factors in the future.
Ever greater requirements for information security. With the digitalization of society, the risk of confidential data being stolen, disseminated to unauthorized persons and thus causing damage is increasing. Prevas works actively with systematic information security, which means continuously working preventively, and adapting the protection based on the organization's needs and risks.
It is Prevas' assessment that the risks are generally unchanged during 2023. More information about Prevas's risks and risk management can be found in the Annual report for 2022. It is the company's evaluation that the risks are the same as for the parent company.
Transactions with affiliated bodies
Any transactions of this type are reported in the Annual report for 2022 under note 26 and largely attributable to purchases and sales between companies within the group. During the first quarter of 2023, the company purchased the remaining 40 percent of shares in Prevas Gävle AB from an individual who was a board member of the subsidiary. Transactions occurred under market conditions.
Accounting principles
This interim report has been prepared in accordance with IAS 34 Interim reports. The group report has been prepared in accordance with International Financial Reporting Standards, IFRS, as adopted by the EU, and where relevant Swedish legislation regarding annual reports. The parent company accounts have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounts for legal entities. The same reporting principles and calculation methods have been used in this report as in the most recent annual report. The changes in IAS 12 regarding deferred tax on rights of use /lease liabilities have not affected the interim report by any significant amount. Neither did any changes in other standards affect the report for the first three quarters of 2023.
Financial instruments
Reported value of liquid funds, account receivables, generated but unbilled income, interest bearing liabilities and suppliers' liabilities are considered to make up an approximation of the actual value of these receivables and liabilities.
The Chief Executive Officer certifies that the interim report gives a fair and true overview of the company's and group's operations, financial position and results and describe any significant risks and uncertainties facing the company and the companies that make up the group.
Västerås October 26th 2023
Prevas AB (publ)
Magnus Welén, CEO Prevas AB
INTERIM REPORT 2023
CONTACT
Magnus Welén, CEO
Tel: +46(0)21-360 19 00
Cell: +46 70-593 44 57
Email: [email protected]
Helena Burström, CFO
Tel: +46(0)21-360 19 00
Cell: +46 (0)70-201 11 14
This information is such that Prevas AB (publ) is required to make public in accordance with EU regulations to prevent market abuse and the Securities Market Act.
This information was released, by the above named contact person, for publication on October 26th 2023, at 08.30.
This is a translation of an original document in Swedish. In case of dispute, the original document should be taken as authoritative (Delårsrapport januari-september 2023 at www.prevas.se). Or contact the company direct.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Auditor's report regarding
Review of the interim report
To the Board of Prevas AB (publ) company reg. no. 556252-1384
Introduction
We have carried out a review of the financial interim information in summary (interim report) for Prevas AB (publ) as per September 30th 2023 and the nine month period to that date. The Board and the Chief Executive Officer have the responsibility for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish legislation regarding annual reports. It is our responsibility to state our conclusions about this interim report based on this overall review.
The intention and scope of the overall review
We have carried out a review in accordance with the International Standard on Review Engagements ISRE 2410, Review of interim financial information performed by the independent auditor of the entity. A review consists of asking questions, primarily of those responsible for financial aspects and accounting aspects, carrying out an analytical inspection and taking other review inspection actions. A review has a different intention and significant-
ly smaller scope than the intention and scope that an audit in accordance with ISA and good auditing practice might have. The review actions that are taken in a review are not sufficient for us to be able to ascertain with certainty all the significant circumstances, which would be identified by an audit. The stated conclusion based on a review does not, therefore, have the security of a conclusion based on an audit.
Conclusion
Based on our review, no circumstances have arisen that have given us reason to believe that the interim report has not, in all material respects, been prepared by the company in accordance with IAS 34 and the relevant Swedish legislation regarding annual reports, and for the parent company in accordance with the relevant Swedish legislation regarding annual reports.
Västerås October 26th 2023
Ernst & Young AB
Per Modin
Chartered Accountant
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Condensed consolidated statement of profit and loss, TSEK
The Group
| | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | 2022
Full year |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 311,359 | 283,436 | 1,083,358 | 934,318 | 1,324,014 |
| Other operating income | – | 457 | 19 | 457 | 457 |
| Other expenses | -88,052 | -75,508 | -310,790 | -237,786 | -354,157 |
| Personnel expenses | -182,373 | -168,193 | -621,355 | -562,450 | -777,432 |
| Amortisation intangible fixed assets | -1,843 | -1,522 | -5,548 | -4,022 | -5,871 |
| Write-offs right of use assets | -8,954 | -6,156 | -23,133 | -19,818 | -25,005 |
| Amortisation tangible fixed assets | -859 | -759 | -2,544 | -2,051 | -2,828 |
| Operating profit, EBIT | 29,278 | 31,755 | 120,007 | 108,648 | 159,178 |
| Financial net | -327 | -1,470 | -4,524 | -1,004 | -5,292 |
| Profit after financial items | 28,951 | 30,285 | 115,483 | 107,644 | 153,886 |
| Income tax | -6,294 | -4,693 | -25,954 | -21,659 | -32,010 |
| Profits for the period | 22,657 | 25,592 | 89,529 | 85,985 | 121,876 |
| Profit for period attributable to parent company owners | 22,116 | 24,692 | 87,324 | 83,712 | 118,649 |
| Profit for period attributable to non-controlling interests | 541 | 900 | 2,205 | 2,273 | 3,227 |
| Profit per share before dilution, SEK | 1.74 | 1.94 | 6.86 | 6.57 | 9.32 |
| Profits per share after dilution, SEK | 1.73 | 1.94 | 6.81 | 6.57 | 9.29 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Condensed consolidated statement of other comprehensive income, TSEK
| The Group | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | 2022
Full year |
| --- | --- | --- | --- | --- | --- |
| Profits for the period | 22,657 | 25,592 | 89,529 | 85,985 | 121,876 |
| Items that will be reclassified subsequently to profit or loss;
Exchange differences on translating foreign operations | -1,109 | 1,557 | 1,399 | 3,160 | 4,094 |
| Total earnings for the period after tax | 21,548 | 27,149 | 90,928 | 89,145 | 125,970 |
| Total comprehensive income for period attributable to
parent company owners' owners | 21,007 | 26,249 | 88,723 | 86,872 | 122,743 |
| Total comprehensive income for period attributable to
noncontrolling interest | 541 | 900 | 2,205 | 2,273 | 3,227 |
Quarterly overview
| | 2023
Q3 | 2023
Q2 | 2023
Q1 | 2022
Q4 | 2022
Q3 | 2022
Q2 | 2022
Q1 | 2021
Q4 | 2021
Q3 | 2021
Q2 | 2021
Q1 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Net turnover, MSEK | 311.4 | 377.7 | 394.3 | 389.7 | 283.4 | 335.3 | 315.6 | 319.9 | 252.9 | 313.2 | 300.9 |
| Operating profit EBIT, MSEK | 29.3 | 33.0 | 57.8 | 50.5 | 31.8 | 33.6 | 43.3 | 42.4 | 31.3 | 28.9 | 30.7 |
| Operating margin EBIT, % | 9.4 | 8.7 | 14.7 | 13.0 | 11.2 | 10.0 | 13.7 | 13.2 | 12.4 | 9.2 | 10.2 |
| Number of working days | 65 | 59 | 64 | 64 | 66 | 60 | 63 | 64 | 66 | 60 | 62 |
| Number of employees at end of period | 888 | 899 | 887 | 882 | 859 | 843 | 781 | 756 | 771 | 782 | 774 |
| Number of employees, average | 835 | 847 | 837 | 808 | 776 | 789 | 752 | 747 | 738 | 753 | 764 |
| Net turnover/employee, TSEK | 373 | 446 | 471 | 482 | 365 | 425 | 420 | 428 | 343 | 416 | 394 |
| Equity ratio, % | 60.8 | 59.0 | 59.3 | 56.9 | 60.8 | 56.3 | 59.7 | 57.2 | 55.4 | 51.2 | 51.6 |
| Profit/share before dilution, SEK | 1.74 | 1.92 | 3.20 | 2.74 | 1.94 | 2.16 | 2.47 | 3.05 | 1.92 | 1.35 | 1.75 |
| Profit/share after dilution, SEK | 1.73 | 1.90 | 3.18 | 2.66 | 1.94 | 2.16 | 2.40 | 3.05 | 1.92 | 1.35 | 1.75 |
| Equity/share before dilution, SEK | 45.22 | 43.57 | 46.04 | 42.99 | 40.17 | 38.14 | 39.41 | 36.86 | 33.82 | 31.34 | 31.99 |
| Equity/share after dilution, SEK | 44.94 | 43.22 | 45.67 | 41.70 | 40.17 | 38.14 | 38.22 | 36.86 | 33.82 | 31.34 | 31.99 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Condensed consolidated balance sheet, TSEK
The Group
| | 2023
Sept 30th | 2022
Sept 30th | 2022
Dec 31st |
| --- | --- | --- | --- |
| Goodwill | 372,931 | 367,222 | 372,649 |
| Other intangible assets | 31,992 | 33,153 | 37,513 |
| Tangible assets | 10,675 | 9,074 | 9,253 |
| Rights-of-use assets | 54,334 | 43,675 | 60,427 |
| Deferred tax asset | 2,676 | 1,492 | 4,560 |
| Financial assets | 1,277 | – | 545 |
| Total non-current assets | 473,885 | 454,616 | 484,947 |
| Inventories | 9,298 | 1,057 | 1,734 |
| Current receivables | 389,399 | 334,382 | 426,432 |
| Cash and cash equivalents | 101,504 | 80,445 | 82,665 |
| Total current assets | 500,201 | 415,884 | 510,831 |
| TOTAL ASSETS | 974,086 | 870,500 | 995,778 |
| Equity attributable to owners of parent company | 575,963 | 511,691 | 547,562 |
| Equity attributable to non-controlling interests | 16,682 | 17,501 | 19,171 |
| Total equity | 592,645 | 529,192 | 566,733 |
| Deferred tax liability | 32,005 | 24,177 | 32,573 |
| Non-current provisions | 825 | – | – |
| Long-term non-interest bearing liabilities | 4,600 | 13,176 | 16,733 |
| Long term interest bearing liabilities | 34,315 | 50,099 | 56,476 |
| Total non-current liabilities | 71,745 | 87,452 | 105,782 |
| Current provisions | 909 | 975 | 915 |
| Current interest bearing liabilities | 50,114 | 42,779 | 44,125 |
| Other short-term liabilities | 258,673 | 210,102 | 278,223 |
| Total current provisions | 309,696 | 253,856 | 323,263 |
| TOTAL LIABILITIES AND EQUITY | 974,086 | 870,500 | 995,778 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Condensed consolidated statement of changes in equity, TSEK
The Group
| | 2023
Sept 30th | 2022
Sept 30th | 2022
Full year |
| --- | --- | --- | --- |
| Opening balance | 566,733 | 471,533 | 471,533 |
| Total of total earnings for period attributable to parent company owners | 88,723 | 86,872 | 122,743 |
| Total of total earnings for period attributable to non-controlling interests | 2,205 | 2,273 | 3,227 |
| Transactions with owners attributable to non-controlling interests | -6,800 | 13,302 | 14,018 |
| Dividend attributable to non-controlling interests | -1,132 | -160 | -160 |
| Employee share-option plan | 231 | -49 | -49 |
| Dividends | -57,316 | -44,579 | -44,579 |
| Closing balance | 592,644 | 529,192 | 566,733 |
| Equity attributable to owners of parent company | 575,963 | 511,691 | 547,562 |
| Equity attributable to non-controlling interests | 16,682 | 17,501 | 19,171 |
INTERIM REPORT 2023
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Cashflow analysis, TSEK
| The Group | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | 2022
Full year |
| --- | --- | --- | --- | --- | --- |
| OPERATING ACTIVITIES | | | | | |
| Profit before tax | 28,951 | 30,285 | 115,482 | 107,644 | 153,886 |
| Adjustments for items not included in cash flow | 12,327 | 6,215 | 24,001 | 26,758 | 35,934 |
| Paid income tax | -7,355 | -7,906 | -34,004 | -26,209 | -35,585 |
| Cash flow from operating activities before change to working capital | 33,923 | 28,594 | 105,479 | 108,193 | 154,235 |
| Changes in inventories | -4,867 | -416 | -7,554 | -581 | -326 |
| Changes in operating receivables | 42,618 | 8,594 | 36,651 | -27,840 | -85,121 |
| Changes in operating liabilities | -21,301 | -13,773 | -11,351 | -4,240 | 34,558 |
| Cash flow from operating activities | 50,373 | 22,999 | 123,225 | 75,532 | 103,346 |
| INVESTMENT ACTIVITIES | | | | | |
| Acquisition of business and shares excl cash and cash equivalents | - | - | -373 | -33,376 | -45,373 |
| Investment in tangible fixed assets | -822 | -1,454 | -4,273 | -4,032 | -5,338 |
| Cash flow from investment activities | -822 | -1,454 | -4,646 | -37,408 | -50,711 |
| FINANCING ACTIVITIES | | | | | |
| Amortization of lease liabilities | -7,926 | -5,782 | -23,178 | -19,241 | -26,252 |
| Acquisition of shares from non-controlling interests | - | - | -6,800 | - | - |
| Dividends | - | -160 | -58,448 | -44,739 | -44,739 |
| Employee share-option plan | - | - | 231 | -49 | -49 |
| Repayment of loans | - | -5,625 | -11,250 | -16,875 | -22,500 |
| Cash flow from financing activities | -7,926 | -11,567 | -99,445 | -80,904 | -93,540 |
| Cash flow for the period | 41,625 | 9,978 | 19,134 | -42,780 | -40,905 |
| Cash and cash equivalents, beginning of period | 59,910 | 70,262 | 82,665 | 121,827 | 121,827 |
| Exchange differences on cash and cash equivalents | -31 | 205 | -295 | 1,398 | 1,743 |
| Cash and cash equivalents, end of period | 101,504 | 80,445 | 101,504 | 80,445 | 82,665 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Operating segment, July-September 2023, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 265,523 | 33,462 | 12,227 | – | 311,212 |
| Other operating income | |||||
| Sales to other segments | 17 | – | 130 | -147 | |
| Profits before depreciation/amortization, EBITDA | 26,213 | 2,056 | 1,969 | 10,696* | 40,934 |
| Write-offs | -871 | -33 | -46 | -10,706* | -11,656 |
| Operating profit, EBIT | 25,342 | 2,023 | 1,923 | -11 | 29,278 |
| Financial items | -327 | -327 | |||
| Profit before tax | 28,951 |
- Leasing according to IFRS 16 that is applied at Group level is not recorded by the different segments.
Operating segment, July-September 2022, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 236,300 | 34,197 | 12,278 | – | 282,775 |
| Other operating income | |||||
| Sales to other segments | 247 | 275 | 139 | -661 | |
| Profits before depreciation/amortization, EBITDA | 22,995 | 4,452 | 906 | 11,839* | 40,192 |
| Write-offs | -683 | -59 | -70 | -7,625* | -8,437 |
| Operating profit, EBIT | 22,312 | 4,393 | 836 | 4,214 | 31,755 |
| Financial items | -1,470 | -1,470 | |||
| Pretax Profits | 30,285 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Operating segment, January-September 2023, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 912,647 | 121,930 | 47,772 | – | 1,082,349 |
| Sales to other segments | 177 | 405 | 427 | -1,009 | |
| Profits before depreciation/amortization, EBITDA | 102,683 | 8,393 | 9,654 | 30,501* | 151,232 |
| Write-offs | -2,615 | -108 | -144 | -28,358* | -31,225 |
| Operating profit, EBIT | 100,068 | 8,285 | 9,510 | 2,143 | 120,007 |
| Financial items | -4,524 | -4,524 | |||
| Profit before tax | 115,483 |
*) Leasing according to IFRS 16 that is applied at Group level is not recorded by the different segments.
Operating segment, January-September 2022, TSEK
| Sweden | Denmark | Other | Corporate and eliminations | Total the group | |
|---|---|---|---|---|---|
| Sales to external customers | 788,196 | 111,995 | 32,424 | – | 932,615 |
| Sales to other segments | 1,213 | 326 | 164 | -1,703 | |
| Profits before depreciation/amortization, EBITDA | 91,007 | 14,194 | 2,874 | 26,464* | 134,539 |
| Write-offs | -1,926 | -299 | -195 | -23,471* | -25,891 |
| Operating profit, EBIT | 89,081 | 13,895 | 2,679 | 2,993 | 108,648 |
| Financial items | -1,004 | -1,004 | |||
| Profit before tax | 107,644 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Sales to external customers per segment, July - Sept, TSEK
| July - September 2023 | July - September 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Industries | Sweden | Denmark | Other | Total the group | Sweden | Denmark | Other | Total the group |
| Energy | 13,296 | 13,197 | 2,631 | 29,124 | 14,860 | 9,890 | 2,233 | 26,983 |
| Automotive and transport | 23,148 | 124 | - | 23,272 | 20,162 | 411 | - | 20,573 |
| Defense | 22,751 | 1,166 | - | 23,917 | 24,877 | 1,199 | - | 26,076 |
| Life science | 39,771 | 9,071 | 1,032 | 49,874 | 38,437 | 10,287 | 702 | 49,426 |
| Products and units | 25,901 | 4,941 | - | 30,842 | 25,021 | 2,753 | - | 27,774 |
| Steel and minerals | 23,368 | - | 465 | 23,833 | 11,480 | - | 631 | 12,111 |
| Telecoms | 22,766 | 397 | - | 23,163 | 22,586 | 2,297 | - | 24,883 |
| Engineering | 52,898 | 4,281 | 3,267 | 60,446 | 47,385 | 2,238 | 871 | 50,494 |
| Other | 39,344 | 2,591 | 4,953 | 46,888 | 30,528 | 6,297 | 6,232 | 43,057 |
| Total | 263,243 | 35,768 | 12,348 | 311,359 | 235,336 | 35,372 | 10,669 | 281,377 |
Sales to external customers per segment, Jan - Sept, TSEK
| January - September 2023 | January - September 2022 | |||||||
|---|---|---|---|---|---|---|---|---|
| Industries | Sweden | Denmark | Other | Total the group | Sweden | Denmark | Other | Total the group |
| Energy | 49,108 | 47,490 | 6,580 | 103,178 | 50,007 | 26,857 | 5,458 | 82,322 |
| Automotive and transport | 78,874 | 354 | - | 79,228 | 61,682 | 1,798 | - | 63,480 |
| Defense | 87,215 | 4,008 | - | 91,223 | 70,635 | 2,785 | - | 73,420 |
| Life science | 151,851 | 27,135 | 2,097 | 181,083 | 135,124 | 40,376 | 1,871 | 177,371 |
| Products and units | 90,050 | 18,786 | - | 108,836 | 62,940 | 10,334 | - | 73,274 |
| Steel and minerals | 72,087 | - | 2,007 | 74,094 | 44,779 | - | 2,208 | 46,987 |
| Telecoms | 78,627 | 1,376 | - | 80,003 | 78,274 | 5,093 | - | 83,367 |
| Engineering | 185,883 | 13,304 | 14,228 | 213,415 | 177,645 | 9,073 | 3,700 | 190,418 |
| Other | 119,558 | 9,315 | 23,425 | 152,298 | 107,109 | 17,006 | 17,506 | 141,621 |
| Total | 913,253 | 121,768 | 48,337 | 1,083,358 | 788,195 | 113,322 | 30,743 | 932,260 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Key ratios
The Group
| | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | 2022
Full year |
| --- | --- | --- | --- | --- | --- |
| Profit margin depreciation/amortization and write downs/
EBITDA | 13.1% | 14.2% | 14.0% | 14.4% | 14.6% |
| Operating margin/EBITA | 10.0% | 11.7% | 11.6% | 12.0% | 12.4% |
| Operating margin/EBIT | 9.4% | 11.2% | 11.1% | 11.6% | 12.0% |
| Profit margin | 9.3% | 10.7% | 10.7% | 11.5% | 11.6% |
| Number of shares outstanding at end of reporting period
and average number of shares outstanding, thousand
before dilution | 12,737 | 12,737 | 12,737 | 12,737 | 12,737 |
| after dilution | 12,817 | 12,737 | 12,817 | 12,737 | 12,769 |
| Profit per share before dilution, SEK | 1.74 | 1.94 | 6.86 | 6.57 | 9.32 |
| Profits per share after dilution, SEK | 1.73 | 1.94 | 6.81 | 6.57 | 9.29 |
| Equity per share before dilution, SEK | | | 45.22 | 40.17 | 42.99 |
| Equity per share after dilution, SEK | | | 44.94 | 40.17 | 42.88 |
| Equity ratio | | | 60.8% | 60.8% | 56.9% |
| Return on capital employed | | | 18.0% | 18.5% | 25.8% |
| Return on equity | | | 15.4% | 17.2% | 23.5% |
| Average number of employees | 835 | 776 | 841 | 772 | 781 |
| Number of working days | 65 | 66 | 188 | 189 | 253 |
| Net turnover per employee, TSEK | 373 | 365 | 1,288 | 1,210 | 1,695 |
| Turnover per employee, TSEK | 373 | 366 | 1,288 | 1,211 | 1,696 |
Definitions of key ratios, see pages 77-78 in Prevas Annual Report 2022 and calculations on the website www.prevas.se/rapporter.
*) The calculation of profits per share after dilution and equity per share after dilution have been adjusted since the Year-end report. Profit per share to 9.29 SEK compared to previous 9.03 SEK and equity per share to 42.88 SEK compared to previous 41.70 SEK.
For calculations of the key ratios, see https://www.prevas.se/FinansiellaRapporter.
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Condensed statement of profit or loss, TSEK
The Parent Company
| | 2023
Q3 | 2022
Q3 | 2023
Q1-3 | 2022
Q1-3 | 2022
Full year |
| --- | --- | --- | --- | --- | --- |
| Net turnover | 177,743 | 164,355 | 615,595 | 558,629 | 780,868 |
| Other operating income | – | – | 19 | – | – |
| Other external expenses | -64,540 | -57,362 | -221,618 | -191,228 | -271,431 |
| Personnel expenses | -93,735 | -85,635 | -323,006 | -300,691 | -415,927 |
| Amortisation intangible fixed assets | -2,419 | -1,970 | -7,272 | -5,913 | -8,379 |
| Amortisation tangible fixed assets | -292 | -223 | -842 | -585 | -861 |
| Operating profit, EBIT | 16,757 | 19,165 | 62,876 | 60,212 | 84,270 |
| Profit from participation in group companies | – | 20,675 | 5,333 | 42,010 | 42,010 |
| Interest income and similar profit items | 574 | 461 | 2,003 | 2,006 | 1,531 |
| Interest costs and similar profit items | -1,249 | -1,569 | -7,209 | -2,219 | -6,957 |
| Profit after financial items | 16,082 | 38,732 | 63,003 | 102,009 | 120,854 |
| Tax allocation reserve | – | – | – | – | -23,000 |
| Income tax | -3,950 | -4,360 | -14,018 | -14,341 | -13,811 |
| Profits for the period | 12,132 | 34,372 | 48,985 | 87,668 | 84,043 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
INTERIM REPORT 2023
Condensed balance sheet, TSEK
The Parent Company
| | 2023
Sept 30th | 2022
Sept 30th | 2022
Dec 31 |
| --- | --- | --- | --- |
| Intangible assets | 31,395 | 31,210 | 38,665 |
| Tangible assets | 2,950 | 2,370 | 2,943 |
| Financial assets | 317,521 | 320,591 | 335,748 |
| Deferred tax asset | – | 1,066 | 1,786 |
| Inventories | 783 | – | 452 |
| Current receivables | 222,029 | 187,219 | 246,931 |
| Cash and cash equivalents | 89,474 | 64,921 | 63,447 |
| Total assets | 664,152 | 607,377 | 689,972 |
| Restricted equity | 41,807 | 42,009 | 41,807 |
| Non-restricted equity | 250,875 | 262,395 | 258,974 |
| Equity | 292,682 | 304,404 | 300,781 |
| Untaxed reserves | 49,000 | 26,000 | 49,000 |
| Provisions | 732 | – | 2,500 |
| Long-term non-interest bearing liabilities | 7,100 | 5,177 | 4,600 |
| Long term interest bearing liabilities | 5,625 | 28,125 | 22,500 |
| Current interest bearing liabilities | 28,125 | 22,500 | 22,500 |
| Other short-term liabilities | 280,888 | 221,171 | 288,091 |
| Total liabilities and Equity | 664,152 | 607,377 | 689,972 |
Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Invitation to presentation of Prevas' interim report Jan-Sept 2023.
Thursday October 26, at 08.30 a press and analysts presentation will be held that can be followed via webcast and telephone conference.
About Prevas
Prevas is a development hub with ingenuity at its core. With strong technical expertise and thorough business understanding, we help customers from a wide variety of industries to benefit through continuous technological innovation. Good for people, the planet and profits. Prevas was started in 1985 and today has 900 employees in Sweden, Denmark and Norway. Prevas has been listed on NASDAQ Stockholm since 1998. For more information about Prevas, please visit www.prevas.se.
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Prevas AB
Org. No. 556252-1384
Box 4, Glödgargränd 14
SE-721 03 Västerås
Mail: [email protected]
Tel. +46 (0)21-360 19 00
www.prevas.se
Prevas | Hello Possibility.