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Railcare Group — Interim / Quarterly Report 2021
Feb 17, 2022
3193_10-k_2022-02-17_609e4b94-d488-4c65-859c-9334f4ad9661.pdf
Interim / Quarterly Report
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Year-end Report 2021
Record sales and continued high utilisation in transport operations
Fourth quarter
Full-year 2021, January-December 2021
Significant events in the fourth quarter
| 1 1110110101 D'011111101 ; | ||||
|---|---|---|---|---|
| Amounts in SEK million, unless otherwise stated |
Oct-Dec 2021 |
Oct-Dec 2020 |
Full-year 2021 |
Full-year 2020 |
| Net sales | 131.8 | 95.6 | 438.0 | 401.3 |
| Operating profit/loss (EBIT) | 24.7 | 14.3 | 56.2 | 60.4 |
| Operating margin, % | 18.8 | 14.9 | 12.8 | 15.0 |
| Net profit/loss for the period | 18.2 | 11.2 | 40.5 | 43.8 |
| Equity/assets ratio, % | 39.6 | 37.4 | 39.6 | 37.4 |
| Earnings per share after dilution, SEK |
0.75 | 0.47 | 1.68 | 1.82 |
CEO's comments
Net sales in the fourth quarter were SEK 131.8 million (95.6) and operating profit was SEK 24.7 million (14.3). This corresponded to an operating margin of 18.8 percent.
"A very strong quarter characterised by continued high utilisation in the transport operations, while volumes in the Swedish construction operations increased on earlier in the year."
In the Swedish construction operations, volumes in the fourth quarter were in line with the previous year, and increased compared to earlier in the year. The construction work carried out mainly related to cable laying and reballasting. Snow clearance on behalf of the Swedish Transport Administration started as planned in mid-November and will continue until mid-March. Extensive snowfall in southern Sweden at the beginning of December meant that Railcare carried out snow clearance on Skånebanan for the first time. Utilisation in the lining operations, increased in year-on-year terms.
Utilisation in the construction operations in the UK were in line with the corresponding quarter last year. The cost saving measures introduced contributed to improved profitability. The Danish operations divested an older MY locomotive, generating a positive profit contribution of SEK 2.6 million.
Transport Scandinavia presented a very strong quarter with year-on-year growth of 80 percent. The higher sales were attributable to construction transport on behalf of Leonhard Weiss throughout the fourth quarter. Alongside transport of iron ore concentrate and iron ore for Kaunis Iron and LKAB, this contributed to high transport volumes. The contract with LKAB expired at year end and has not been extended as the customer does not have a need for these transports at present. In December, Railcare signed a four-year agreement with the Swedish Transport Administration relating to standby locomotives worth a total of SEK 152 million, corresponding to SEK 38 million annually. The contract runs from 1 August 2022. Utilisation was high in the locomotive workshop, and Railcare signed an agreement with Infranord relating to the upgrade of two type TB diesel locomotives in early December. The agreement is worth a total of SEK 30 million.
In the Machine Sales segment, delivery of power packs for Loram were delayed due to delivery problems. A shortage of containers meant that delivery will take place in the first quarter 2022 instead of December 2021 as planned. In the fourth quarter, Railcare signed an agreement with BLS Rail regarding the sale of 28 timber sets, of which 6 were delivered to the customer before year end.
The planned establishment in Hong Kong cannot currently be completed due to the local authorities' decision to tighten the stringent Covid restrictions further.
In mid-December, Railcare announced an aggressive target of reducing fossil emissions from operations by 40% by 2025. This is an important step for Railcare and the sector as a whole. Railways are already an environmentally friendly alternative, but a great deal still remains to be done for operations to become sustainable in the long term. With our focus on people and the environment, our goal is to remain a market leader while making our yellow machinery greener.
Mattias Remahl, CEO
Financial summary – Railcare Group
Net sales
Operating expenses
Operating profit
Net profit/loss for the period
Cash Flow
Equity/assets ratio
Employees
Financial summary - business segments
The segments' net sales also include sales between segments. See Note 3 for sales between segments.
Construction Sweden
Net sales in the segment Construction Sweden in the fourth quarter of 2021 amounted to SEK 40.0 million (40.3), which is in line with the corresponding period last year.
In the fourth quarter, total volumes in Construction Sweden were in line with the corresponding quarter of the previous year. Construction work volumes relating to cable laying and reballasting were slightly lower than in the corresponding quarter of the previous year, although this has been compensated by increased volumes in the lining operations. A large number of permit inspections of railway drums were carried out in the lining operations. The purpose of the permit inspections is to assess the status of the drums and identify potential maintenance needs.
Profit after financial items was in line with the preceding year and amounted to SEK 6.5 million (6.5).
Net sales for the full-year 2021 decreased by 17.9 percent to SEK 130.6 million (159.0). Profit after financial items decreased to SEK 7.6 million (17.6).
Key performance indicators - Construction Sweden
| Amounts in SEK 000. unless otherwise stated |
Oct-Dec 2021 |
Oct-Dec 2020 |
Change, % |
Full-year 2021 |
Full-year 2020 |
Change, % |
|---|---|---|---|---|---|---|
| Net sales | 39.971 | 40.259 | $-0.7$ | 130,556 | 159,027 | $-17.9$ |
| Profit/loss after financial items | 6.513 | 6.526 | $-0.2$ | 7,575 | 17,625 | $-57.0$ |
| Net margin, $%$ | 16.3 | 16.2 | 0.1 | 5.8 | 11.1 | $-5.3$ |
Construction Abroad
Net sales in Segment Construction Abroad was in line with the corresponding quarter in the preceding year and amounted to SEK 13.5 million (13.6).
The cost saving measures completed in the year contributed to improved profitability. The Danish operations sold an older type MY locomotive in the fourth quarter, which made a positive profit contribution of SEK 2.6 million.
Profit/loss after financial items increased to SEK 4.9 million (-0.3) due to cost savings and a locomotive sale in the Danish operations. The locomotive sale made a positive profit contribution of SEK 2.6 million.
Net sales decreased by 19.9 percent for the full year 2021 compared to the preceding year, and amounted to SEK 48.0 million (59.9). Profit after financial items increased compared with the preceding year and amounted to SEK 3.8 million $(1.8)$ .
Key performance indicators - Construction Abroad
| Amounts in SEK 000, unless otherwise stated |
Oct-Dec 2021 |
Oct-Dec 2020 |
Change, % |
Full-year 2021 |
Full-year 2020 |
Change, % |
|---|---|---|---|---|---|---|
| Net sales | 13.454 | 13.582 | $-0.9$ | 47.954 | 59,891 | $-19.9$ |
| Profit/loss after financial items | 4.933 | $-304$ | 1.721.8 | 3.797 | 1.830 | 107.5 |
| Net margin, $%$ | 36.7 | $-2.2$ | 38.9 | 7.9 | 3.1 | 4.9 |
Transport Scandinavia
Net sales in the Transport Scandinavia segment increased by 80.1 percent in the fourth quarter 2021 in year-on-year terms, totalling SEK 84.6 million (47.0).
The increased sales were due to construction transport on behalf of Leonhard Weiss throughout the fourth quarter. Alongside transport of iron ore concentrate and iron ore for Kaunis Iron and LKAB, this contributed to high transport volumes. The contract with LKAB expired at year end and has not been extended as the customer does not have a need for these transports at present.
Utilisation in the locomotive workshop was higher than in the corresponding period of the previous year. In the beginning of December, Railcare signed an agreement with Infranord relating to the upgrade of two type TB diesel locomotives with a total value of SEK 30 million. The assignment involves changing to stage-V engines to ensure that the locomotives satisfy current demands on performance and CO2 emissions, as well as improving the working environment with a new type of driver's cab and a general upgrade to ensure that vehicles will remain up-to-date and environmentally friendly for many years to come.
Profit after financial items increased to SEK 13.8 million (5.4).
Net sales increased by 48.8 percent in the full-year compared to the previous year, totalling SEK 273.9 million (184.0), the highest net sales on record for the segment. Profit after financial items increased year-on-year, amounting to SEK 39.5 million (24.2).
Key performance indicators - Transport Scandinavia
| Amounts in SEK 000, unless otherwise stated |
Oct-Dec 2021 |
Oct-Dec 2020 |
Change, % |
Full-year 2021 |
Full-year 2020 |
Change, % |
|---|---|---|---|---|---|---|
| Net sales | 84,574 | 46.959 | 80.1 | 273,888 | 184.025 | 48.8 |
| Profit/loss after financial items | 13.803 | 5.416 | 154.9 | 39.472 | 24,245 | 62.8 |
| Net margin, % | 16.3 | 11.5 | 4.8 | 14.4 | 13.2 | 1.2 |
Machine Sales
Net sales in the Machine Sales segment decreased in the fourth quarter of 2021, compared to the corresponding quarter in the previous year and amounted to SEK 6.5 million (40.6). The decrease was due to intra-Group MPV sales to Construction Sweden in the fourth quarter 2020.
In the Machine Sales segment, delivery of power packs for Loram were delayed due to delivery problems. A shortage of containers has meant that delivery will take place in the first quarter 2022 instead of in December 2021 as planned.
In the fourth quarter, Railcare signed an agreement with BLS Rail regarding the sale of 28 timber sets, of which 6 were delivered to the customer before year end.
Profit after financial items amounted to SEK -0.9 million (2.0).
| Amounts in SEK 000. unless otherwise stated |
Oct-Dec 2021 |
Oct-Dec 2020 |
Change, % |
Full-year 2021 |
Full-year 2020 |
Change, % |
|---|---|---|---|---|---|---|
| Net sales | 6.537 | 40.552 | $-83.9$ | 37.197 | 82.653 | -55.0 |
| Profit/loss after financial items | $-860$ | 1.952 | $-144.1$ | 763 | 11.330 | $-93.3$ |
| Net margin, $%$ | $-13.2$ | 4.8 | $-18.0$ | 2.1 | 13.7 | $-11.7$ |
Parent Company
Targets
Financial targets
Sustainability
Dividend
up to the Company's required equity/assets ratio of 25 per cent following payment of dividends.
The Board of Directors intends to propose that the 2022 Annual General Meeting approve a dividend of SEK 0.60 (0.60) per share, totalling SEK 14,474,500 (14,474,500), for the 2021 financial year.
Events after the period
In January, Railcare signed a new agreement with the Swedish Transport Administration, relating to construction work in Sweden. The agreement spans a period of 3 years with the option to extend it by a further 1+1 years. The new agreement provides conditions for Railcare's latest innovation MPV, a batterypowered maintenance machine for railways. The MPV can be used on a call-off basis in circumstances where Railcare's vacuum technology is currently being used.
Annual General Meeting 2022
Railcare's Annual General Meeting 2022 will take place on Wednesday 4 May 2022 at 1:00 p.m. at the Company's premises at Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden.
The Annual Report and other documents are available on Railcare's website, www.railcare.se.
Nomination Committee in preparation for Railcare Group AB's Annual General Meeting 2022
In consultation with the largest shareholders, the Chairman of the Board of Railcare Group AB has established a Nomination Committee in preparation for the Annual General Meeting 2022. The Nomination Committee was adjusted following the ownership changes that took place in November, and now comprises Lina Ådin, appointed by TREAC AB, Jonas Holmqvist, appointed by Norra Västerbotten Fastighets AB, and Kjell Lindskog, appointed by Ålandsbanken AB. The Nomination Committee appointed Lina Ådin as Chairman. Combined, the members of the Nomination Committee represent 44.9 per cent of the total number of shares and votes in the company (as of 30 November 2021).
The Nomination Committee is tasked with submitting a proposal to the Annual General Meeting regarding the Chairman of the Board and other members of the Board of Directors, and regarding fees and other compensation to each of the Board members for their Board assignments. The Nomination Committee shall also submit a proposal regarding the election and remuneration of auditors. In addition, the Nomination Committee shall submit a proposal regarding the process for appointing a Nomination Committee in preparation for the Annual General Meeting 2023.
Shareholders wishing to submit proposals to the Nomination Committee may do so by sending an e-mail to [email protected]. Railcare's Annual General Meeting will take place on 4 May 2022 at Railcare's head office in Skelleftehamn, Sweden.
Shareholder structure
A major change to Railcare's ownership structure took place in November 2021, when the founding families Marklund and Dahlqvist sold their shares to Norra Västerbotten Fastighets AB. Norra Västerbotten Fastighets AB was already the single largest shareholder of Railcare Group, and as of 31 December 2021 the company holds 29.5 percent of the total share capital.
| Ten largest shareholders 31 December 2021 |
Number of shares |
Proportion of share capital and votes (%) |
|---|---|---|
| Norra Västerbotten Fastighets AB | 7,121,395 | 29.5 |
| TREAC Aktiebolag | 2,415,000 | 10.0 |
| Ålandsbanken AB | 1,225,262 | 5.1 |
| Avanza Pension insurance company | 872,939 | 3.6 |
| Bernt Larsson | 750,987 | 3.1 |
| HSBC Bank PLC | 600,000 | 2.5 |
| Nordnet Pensionsförsäkring AB | 368,448 | 1.5 |
| Mikael Gunnarsson | 351,500 | 1.5 |
| Emil Burén | 289,316 | 1.2 |
| Torsten Germund Dahlquist | 256,110 | 1.1 |
| Ten largest shareholders | 14,250,957 | 59.1 |
| Other shareholders | 9,873,210 | 40.9 |
| Total | 24,124,167 | 100.0 |
4,250
Number of shareholders in Railcare Group AB As per 31 December 2021. Source: Euroclear
Source: Euroclear and Railcare
Significant risks and uncertainties
A description of significant risks and uncertainties can be found in Railcare's Annual Report for 2020, which can be downloaded at www.railcare.se
There have been no material changes to significant risks and uncertainties since the publication of the Annual Report.
Transactions with related parties
During the year, there were no significant changes to the Group or Parent Company's relations or transactions with related parties, compared to the information provided in the 2020 Annual Report.
Skelleftehamn, 17 February 2022 Railcare Group AB (publ) Board of Directors
This report has not been subject to review by the Company's auditors.
FINANCIAL REPORTS
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IN SUMMARY
| Amounts in SEK 000 Note |
Oct-Dec 2021 |
Oct-Dec 2020 |
Full-year 2021 |
Full-year 2020 |
|---|---|---|---|---|
| Net sales 3 |
131,768 | 95,583 | 437,946 | 401,301 |
| Capitalised work on own account | 1,566 | 11,346 | 8,341 | 16,217 |
| Other operating income | 2,775 | 228 | 6,359 | 3,603 |
| Total | 136,108 | 107,157 | 452,646 | 421,120 |
| Raw materials and consumables | $-46,998$ | $-31,704$ | $-140,987$ | $-121,740$ |
| Other external costs | $-17,664$ | $-13,934$ | $-62,858$ | -58,868 |
| Personnel costs | $-35,170$ | $-32,696$ | $-138,950$ | $-124,575$ |
| Depreciation and impairment of | ||||
| property, plant and equipment and | $-10,951$ | $-13,605$ | $-52,096$ | $-53,266$ |
| intangible assets | ||||
| Other operating expenses | -605 | -962 | $-1,536$ | $-2,285$ |
| Total operating expenses | $-111,388$ | $-92,901$ | $-396,426$ | $-360,733$ |
| Operating profit/loss (EBIT) | 24,721 | 14,257 | 56,219 | 60,386 |
| Financial income | 57 | $\bf{2}$ | ||
| Financial expenses | $-1,206$ | $-1,209$ | $-4,427$ | -4,820 |
| Net financial items | $-1,205$ | $-1,209$ | $-4,370$ | $-4,818$ |
| Share of profit after tax from | ||||
| associated companies reported $\overline{\mathbf{4}}$ |
$-358$ | 167 | $-182$ | 347 |
| according to the equity method | ||||
| Profit/loss before tax | 23,157 | 13,215 | 51,667 | 55,915 |
| Income tax | $-4,945$ | $-1,981$ | $-11,152$ | $-12,139$ |
| Net profit/loss for the period | 18,212 | 11,234 | 40,514 | 43,776 |
| Other comprehensive income: | ||||
| Items that may be reclassified to | ||||
| profit/loss for the period | ||||
| Exchange rate differences from the | 56 | $-424$ | 250 | $-389$ |
| translation of foreign operations | ||||
| Other comprehensive income for the period, net of tax |
56 | $-424$ | 250 | -389 |
| Total comprehensive income for | ||||
| the period | 18,268 | 10,810 | 40,764 | 43,387 |
| Amounts in SEK | Oct-Dec 2021 |
Oct-Dec 2020 |
Full-year 2021 |
Full-year 2020 |
|---|---|---|---|---|
| Earnings per share before dilution* | 0.75 | 0.47 | 1.68 | 1.82 |
| Earnings per share after dilution* | 0.75 | 0.47 | 1.68 | 1.82 |
| Average number of shares | 24,124,167 | 24,124,167 | 24,124,167 | 24,036,128 |
| Number of shares outstanding on the reporting date |
24.124.167 | 24,124,167 | 24,124,167 | 24,124,167 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY
| Amounts in SEK 000 | Note | 31 Dec 2021 | 31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | |||
| Capitalised development costs | 967 | 1,830 | |
| Patents | 263 | 299 | |
| Goodwill | 7,293 | 7,274 | |
| Transportation licence | 1,441 | 685 | |
| Total intangible assets | 9,964 | 10,088 | |
| Property, plant and equipment Buildings and land |
5 | ||
| Locomotives and wagons | 35,975 132,579 |
33,257 135,316 |
|
| Mobile machinery | 145,762 | 155,562 | |
| Vehicles | 5,761 | 6,521 | |
| Equipment, tools, fixtures and fittings | 6,092 | 5,898 | |
| Construction in progress | 92,151 | 66,907 | |
| Total property, plant and equipment | 418,319 | 403,461 | |
| Financial non-current assets | |||
| Holdings reported according to the equity method | 832 | ||
| Deposits | 658 | ||
| Deferred tax assets | 725 | 925 | |
| Other non-current receivables | 3,954 | 3,954 | |
| Total financial non-current assets | 4,679 | 6,369 | |
| Total non-current assets | 432,962 | 419,918 | |
| Current assets | |||
| Inventories | |||
| Raw materials and consumables | |||
| Work in progress | 14,414 13.555 |
11,865 7.659 |
|
| Total inventories | 27,968 | 19,524 | |
| Current receivables | |||
| Accounts receivable | 46,543 | 44,905 | |
| Current tax receivables | 1,030 | 655 | |
| Other current receivables | 1,597 | 1,809 | |
| Prepaid expenses and accrued income | 9,306 | 9,792 | |
| Total current receivables | 58,475 | 57,161 | |
| Cash and cash equivalents | 38,560 | 24,785 | |
| Total current assets | 125,003 | 101,470 | |
| TOTAL ASSETS | 557,965 | 521,388 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION IN SUMMARY, cont.
| Amounts in SEK 000 | Note | 31 Dec 2021 | 31 Dec 2020 |
|---|---|---|---|
| EQUITY | |||
| Share capital | 9.891 | 9.891 | |
| Other capital provided | 19,830 | 36,565 | |
| Reserves | 1,530 | 1,280 | |
| Retained earnings (comprehensive income for the period included) |
189,899 | 147,126 | |
| Total equity attributable to Parent Company shareholders |
221,150 | 194,862 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Deferred tax liabilities | 48,158 | 38,170 | |
| Liabilities to credit institutions | 97,041 | 107,659 | |
| Lease liability | 48,062 | 33,654 | |
| Total non-current liabilities | 193,261 | 179,483 | |
| Current liabilities | |||
| Lease liability | 10,945 | 26,045 | |
| Liabilities to credit institutions | 61,668 | 59,494 | |
| Accounts payable | 26,057 | 25,139 | |
| Prepayments from customers | 9,382 | 5,848 | |
| Current tax liabilities | 356 | 861 | |
| Other liabilities | 7,046 | 2,680 | |
| Accrued expenses and deferred income | 28,101 | 26,977 | |
| Total current liabilities | 143,554 | 147,044 | |
| TOTAL EQUITY AND LIABILITIES | 557,965 | 521,388 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN SUMMARY
| Other | Retained earnings |
|||||
|---|---|---|---|---|---|---|
| Amounts in SEK 000 | Note | Share capital |
capital provided |
Reserves | (incl. profit for the period) |
Total equity |
| Opening balance as of 1 January 2020 |
9,435 | 32,178 | 1,669 | 110,589 | 153,870 | |
| Net profit/loss for the period | 43,776 | 43,776 | ||||
| Other comprehensive income | $-389$ | $-389$ | ||||
| Total comprehensive income | $-389$ | 43,776 | 43,387 | |||
| Transactions with shareholders | ||||||
| Conversion of debenture | 456 | 4,387 | 4,843 | |||
| Dividend | $-7,237$ | $-7,237$ | ||||
| Closing balance as per 31 December 2020 |
9,891 | 36,565 | 1,280 | 147,126 | 194,862 | |
| Opening balance as of 1 January 2021 |
9,891 | 36,565 | 1,280 | 147,126 | 194,862 | |
| Reversal in shareholders' equity due to dividend paid in previous years. |
$-16,735$ | 16,735 | $\mathbf 0$ | |||
| Net profit/loss for the period | 40,514 | 40,514 | ||||
| Other comprehensive income | 250 | 250 | ||||
| Total comprehensive income | 250 | 40,514 | 40,764 | |||
| Transactions with shareholders | ||||||
| Dividend | $-14,475$ | $-14,475$ | ||||
| Closing balance as per 31 December 2021 |
9,891 | 19,830 | 1,530 | 189,899 | 221,150 |
CONSOLIDATED CASH FLOW STATEMENT IN SUMMARY
| Oct-Dec | Oct-Dec | Full-year | Full-year | |
|---|---|---|---|---|
| Amounts in SEK 000 Note |
2021 | 2020 | 2021 | 2020 |
| Cash flow from operating activities | ||||
| Operating profit | 24,721 | 14,256 | 56,219 | 60,386 |
| Adjustment for non-cash items | 8,296 | 13,605 | 49,371 | 51,835 |
| Interest paid | $-1,206$ | $-1,210$ | $-4,427$ | $-4,784$ |
| Interest received | $\mathbf 0$ | $\overline{2}$ | 57 | 2 |
| Income tax paid | 1,757 | 512 | $-1,782$ | $-1,756$ |
| Cash flow from operating activities | 33,568 | 27,165 | 99,438 | 105,683 |
| before changes in working capital | ||||
| Cash flow from changes in working capital |
||||
| Increase/decrease in inventories | 224 | $-2,244$ | $-8,597$ | 2,788 |
| Increase/decrease in operating | ||||
| receivables | 24,083 | $-5,500$ | 502 | $-26,136$ |
| Increase/decrease in operating | $-10,477$ | 3,113 | 8,894 | 516 |
| liabilities | ||||
| Total changes in working capital | 13,830 | $-4,631$ | 799 | $-22,832$ |
| Cash flow from operating activities | 47,398 | 22,534 | 100,237 | 82,851 |
| Cash flow from investment activities | ||||
| Investments in intangible assets | -6 | $-275$ | $-957$ | -462 |
| Investments in property, plant and | $-9,438$ | |||
| equipment | $-11,709$ | $-42,220$ | $-53,410$ | |
| Acquisitions of subsidiaries, net effect | $-2,617$ | |||
| on cash and cash equivalents | ||||
| Dividends from associated companies | 200 | 200 | ||
| Divestment of associated companies | 450 | 450 | ||
| Divestment of property, plant and | 3,575 | 3,645 | 2,150 | |
| equipment | ||||
| Cash flow from investment activities | $-5,419$ | $-11,984$ | $-38,882$ | $-54,139$ |
| Cash flow from financing activities | ||||
| Loans raised | 10,000 | 19,200 | 34,020 | |
| Amortisation of loans | $-5,453$ | $-4,750$ | $-27,645$ | $-24,006$ |
| Amortisation of lease liabilities | $-3,082$ | $-7,253$ | $-24,982$ | $-28,600$ |
| Dividend paid | $-14,475$ | $-7,237$ | ||
| Cash flow from financing activities | $-8,535$ | $-2,003$ | $-47,902$ | $-25,823$ |
| Cash flow for the period | 33,444 | 8,547 | 13,453 | 2,889 |
| Cash and cash equivalents at the | 5,073 | 16,507 | 24,785 | 22,012 |
| beginning of the period | ||||
| Exchange rate difference in cash and cash equivalents |
42 | $-269$ | 321 | -116 |
| Cash and cash equivalents at the end | ||||
| of the period | 38,559 | 24,785 | 38,559 | 24,785 |
PARENT COMPANY INCOME STATEMENT IN SUMMARY
| Oct-Dec 2021 |
Oct-Dec | Full-year 2021 |
Full-year | ||
|---|---|---|---|---|---|
| Amounts in SEK 000 | Note | 2020 | 2020 | ||
| Net sales | 7,291 | 6,190 | 35,447 | 30,189 | |
| Other operating income | 46 | 240 | 127 | ||
| Total operating income | 7,337 | 6,190 | 35,687 | 30,316 | |
| Operating expenses | |||||
| Raw materials and consumables | $-7$ | $-2$ | $-3,939$ | $-3,300$ | |
| Other external costs | $-3,651$ | $-3,189$ | $-12,871$ | $-14,168$ | |
| Personnel costs | $-4,345$ | $-3,369$ | $-17,733$ | $-11,937$ | |
| Depreciation and impairment of property, plant and equipment and intangible assets |
$-97$ | $-44$ | $-396$ | $-163$ | |
| Other operating expenses | $-5$ | $-38$ | $-28$ | -80 | |
| Total operating expenses | $-8,107$ | $-6,640$ | $-34,967$ | $-29,648$ | |
| Profit from participations in associated companies and jointly controlled companies |
$\overline{4}$ | 246 | 446 | 200 | |
| Operating profit | $-524$ | $-450$ | 1,166 | 868 | |
| Profit/loss from financial items | |||||
| Profit from participations in Group companies | 21,000 | $\overline{\phantom{0}}$ | 23,404 | 4,346 | |
| Other interest income and similar profit/loss items | $\mathbf{0}$ | $\mathbf{1}$ | $\mathbf 0$ | 73 | |
| Interest expenses and similar profit/loss items | $-13$ | $-83$ | $-53$ | ||
| Total profit/loss from financial items | 20,987 | $\mathbf{1}$ | 23,321 | 4,366 | |
| Profit/loss after financial items | 20,463 | $-449$ | 24,487 | 5,234 | |
| Appropriations | $-1,200$ | 70 | $-1,200$ | 70 | |
| Tax on net profit/loss for the period | 340 | $-23$ | 3 | $-547$ | |
| Net profit/loss for the period | 19,604 | $-401$ | 23,291 | 4,757 |
PARENT COMPANY BALANCE SHEET IN SUMMARY
| Amounts in SEK 000 | Note | 31 Dec 2021 | 31 Dec 2020 |
|---|---|---|---|
| ASSETS | |||
| intangible assets | |||
| Patents | 263 | 299 | |
| Total intangible assets | 263 | 299 | |
| Property, plant and equipment | |||
| Buildings | 4,088 | 4,304 | |
| Equipment, tools, fixtures and fittings | 435 | 344 | |
| Total property, plant and equipment | 4,524 | 4,648 | |
| Financial non-current assets | |||
| Participations in Group companies | 38,336 | 38,336 | |
| Participations in associated companies | 4 | $\,204$ | |
| Total financial non-current assets | 38,340 | 38,540 | |
| Total non-current assets | 43,127 | 43,487 | |
| Current assets | |||
| Current receivables | |||
| Accounts receivable | 13 | ||
| Receivables from Group companies | 67,649 | 10,070 | |
| Other receivables | 1 | 33 | |
| Prepaid expenses and accrued income | 1,297 | 828 | |
| Total current receivables | 68,959 | 10,931 | |
| Cash and cash equivalent | 30,802 | 1,789 | |
| Total current assets | |||
| 99,761 | 12,720 | ||
| TOTAL ASSETS | 142,888 | 56,207 |
PARENT COMPANY BALANCE SHEET IN SUMMARY, cont.
| Amounts in SEK 000 | Note | 31 Dec 2021 | 31 Dec 2020 |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 9,891 | 9,891 | |
| Total restricted equity | 9,891 | 9,891 | |
| Non-restricted equity | |||
| Share premium reserve | 17,446 | 23,024 | |
| Retained earnings | 4,140 | ||
| Net profit/loss for the period | 23,291 | 4,757 | |
| Total non-restricted equity | 40,737 | 31,921 | |
| Total equity | 50,628 | 41,812 | |
| Current liabilities | |||
| Accounts payable | 1,960 | 966 | |
| Current tax liabilities | 649 | 498 | |
| Liabilities to Group companies | 86,264 | 10,028 | |
| Other liabilities | 720 | 622 | |
| Accrued expenses and deferred income | 2,668 | 2,281 | |
| Total current liabilities | 92,260 | 14,395 | |
| TOTAL EQUITY AND LIABILITIES | 142,888 | 56,207 |
Note
Note 1 General information
Railcare Group AB (publ) ("Railcare"), Corp. ID no. 556730-7813 is a Parent Company registered in Sweden with its registered office in Skellefteå, at the address Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden,
Unless otherwise stated, all amounts are given in SEK thousands (SEK 000). Figures in brackets refer to the corresponding period in the previous year.
Note 2 Basis for preparation of statements
Railcare's consolidated accounts for have been prepared in accordance with the Annual Accounts Act. recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board, International Financial Reporting Standards (IFRS) and the interpretations of the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act.
The accounts of the Parent Company have been prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for legal entities. The Interim Report for the Parent Company has been prepared in accordance with the Annual Accounts Act.
The accounting principles applied are consistent with those described in the Railcare Group's Annual Report 2020.
The fair value of financial assets and liabilities is estimated to correspond to book value.
Note 3 Segment information
Description of segments and principal activities:
Railcare's Group Management is the highest executive decision-making body in the Railcare Group and evaluates the Group's financial position and earnings and makes strategic decisions. Company management has determined the operating segments based on the data processed by Group Management and which is used as a basis for allocating resources and evaluating results of operations.
Group Management has identified four reportable segments in the Group's operations:
Construction Sweden
Railway construction work involving machinery and personnel and renovation of glass-fibre lined culverts beneath railways, roads and industrial areas in Sweden.
Construction Abroad
Railway construction work involving machinery and personnel in countries other than Sweden, currently predominantly in the UK.
Transport Scandinavia
Special transports involving locomotives, wagons and personnel, as well as repair and upgrading services for locomotives and wagons performed in workshops.
Machine Sales
Sales of machines primarily outside Sweden, as well as marketing focused on new areas in which Railcare's construction services can be implemented.
The 'Group-wide' item is used for reconciliation purposes and includes Group Management and other Groupwide services.
Group Management primarily uses profit after financial items to assess consolidated earnings.
railcane
Income
Sales between segments are conducted on market terms. Income from external customers reported to Group Management is valued in line with the Consolidated statement of comprehensive income.
| Oct-Dec 2021 |
Oct-Dec 2020 |
|||||
|---|---|---|---|---|---|---|
| Segment income |
between segments |
Sales Income from external customers |
Segment income |
between segments |
Sales Income from external customers |
|
| Construction Sweden |
39,971 | 3,445 | 36,526 | 40,259 | 4,780 | 35,479 |
| Construction Abroad |
13,454 | 1,708 | 11,746 | 13,582 | 2,816 | 10,767 |
| Transport Scandinavia |
84,574 | 4,976 | 79,598 | 46,959 | 4,999 | 41,960 |
| Machine Sales |
6,537 | 3,242 | 3,295 | 40,552 | 33,552 | 7,000 |
| Group-wide | 7,291 | 6,687 | 604 | 6,190 | 5,812 | 378 |
| Total | 151,827 | 20,059 | 131,768 | 147,543 | 51,960 | 95,583 |
| Full-year 2021 |
Full-year 2020 |
|||||
|---|---|---|---|---|---|---|
| Segment income |
Segment income |
Segment income |
Segment income |
between segments |
Sales Income from external customers |
|
| Construction Sweden |
130,556 | 15.720 | 114,836 | 159.027 | 14.595 | 144,432 |
| Construction Abroad |
47,954 | 5,657 | 42,296 | 59,891 | 9,809 | 50,082 |
| Transport Scandinavia |
273,888 | 14.280 | 259,608 | 184.025 | 14.284 | 169,741 |
| Machine Sales |
37,197 | 17.790 | 19,407 | 82,653 | 47,123 | 35,530 |
| Group-wide | 35.447 | 33.648 | 1,798 | 30.189 | 28,674 | 1,515 |
| Total | 525,041 | 87,096 | 437,946 | 515,785 | 114,485 | 401.301 |
railcane
Profit/loss after financial items
| Oct-Dec 2021 |
Oct-Dec 2020 |
Full-year 2021 |
Full-year 2020 |
|
|---|---|---|---|---|
| Construction Sweden | 6,513 | 6.526 | 7.575 | 17,625 |
| Construction Abroad | 4.933 | $-304$ | 3.797 | 1,830 |
| Transport Scandinavia | 13,803 | 5.416 | 39,472 | 24,245 |
| Machine Sales | $-860$ | 1,952 | 763 | 11,330 |
| Group-wide | $-873$ | $-542$ | 242 | 539 |
| Total | 23,515 | 13,048 | 51,849 | 55,568 |
Profit/loss after financial items for the Group's operating segments is reconciled with Group profit/loss before tax as follows:
| Profit/loss before tax | 23.157 | 13.215 | 51.667 | 55,915 |
|---|---|---|---|---|
| equity method | ||||
| companies reported according to the | $-358$ | 167 | $-182$ | 347 |
| Share of profit after tax from associated | ||||
| Profit/loss after financial items | 23.515 | 13.048 | 51.849 | 55.568 |
| profit/1033 before tax as follows. |
The Group's customers are private and public operators in the railway industry and vary according to area of operations. The Group's customers are largely repeat customers based on long-term relationships.
Sales comprise Income from services, Sales of goods and Leasing. A breakdown of income is provided below.
| Income from services | Sales of goods | Leasing | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Oct-Dec | Oct-Dec | Oct-Dec | Oct-Dec | Oct-Dec | Oct-Dec Oct-Dec Oct-Dec | |||
| Segment | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
| Construction Sweden | 36,526 | 35,479 | - | $\blacksquare$ | 36,526 | 35,479 | ||
| Construction Abroad | 11,815 | 10,560 | ۰. | -69 | 207 | 11.746 | 10.767 | |
| Transport Scandinavia | 77,001 | 37,484 | 309 | 843 | 2.288 | 3.634 | 79,598 | 41,960 |
| Machine Sales | 1,113 | 742 | 2.182 | 6,259 | $\blacksquare$ | 3.295 | 7,000 | |
| Group-wide | 604 | 377 | ۰. | н. | 604 | 377 | ||
| Total | 127,059 | 84,641 | 2,491 | 7,101 | 2,219 | 3.841 | 131,768 | 95,583 |
| Income from services | Sales of goods | Leasing | Total | |||||
|---|---|---|---|---|---|---|---|---|
| Full-year | Full-vear | Full-year Full-year Full-year Full-year Full-year Full-year | ||||||
| Segment | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
| Construction Sweden | 114.836 | 144.432 | - | $\blacksquare$ | $\overline{\phantom{0}}$ | $\blacksquare$ | 114.836 | 144.432 |
| Construction Abroad | 41.729 | 49,379 | 22 | $\blacksquare$ | 545 | 703 | 42,296 | 50,082 |
| Transport Scandinavia | 242,710 | 151,388 | 6,573 | 4.479 | 10.325 | 13,875 | 259,608 | 169,741 |
| Machine Sales | 3,500 | 5.239 | 15,907 | 30,291 | $\blacksquare$ | 19.407 | 35,530 | |
| Group-wide | 1.798 | 1.515 | $\blacksquare$ | $\sim$ | $\sim$ | 1.798 | 1,515 | |
| Total | 404,573 | 351,953 | 22,502 | 34,770 | 10,870 | 14,578 | 437,946 | 401,301 |
Note 4 Participations in associated companies
Divestment of shares
In October, Railcare divested its entire holding (40%) in associated company Atumo AB for SEK 450,000. The Group reported a value of the holding of SEK 808,000 and the Parent Company recognized the cost at SEK 204,000.
In the Consolidated Statement of Comprehensive Income in summary, the item Proportion of profit after tax from associated companies recognized according to equity method comprises proceeds from the sale of shares of SEK-358,000 and profit share relating to the period prior to the divestment of SEK 176,000.
In the Parent Company Income Statement in summary, the item Profit from shares in associated companies and jointly controlled companies comprises proceeds from the sale of shares of SEK 246,000 and dividends received earlier in the year of SEK 200,000.
Note 5 Non-current assets
| Locomoti | Equipment, Construction | ||||||
|---|---|---|---|---|---|---|---|
| Buildings | ves and | Mobile | tools, fixtures | in progress | |||
| and land | wagons machinery | Vehicles | and fittings | Total | |||
| 31 December 2020 | |||||||
| Opening carrying amount | 30,790 | 129,169 | 165,405 | 7,604 | 5,545 | 31,912 | 370,425 |
| Exchange rate differences | $-122$ | $-78$ | $-110$ | -6 | $-49$ | $-365$ | |
| Purchases/capitalised expenses for the | |||||||
| year | 10,389 | 26,266 | ۰ | 1,471 | 672 | 46,939 | 85,737 |
| Reclassifications | 7,992 | 3,666 | 853 | $-11,797$ | 714 | ||
| Disposals and scrappings | $-73$ | $-522$ | $-84$ | $-147$ | $-826$ | ||
| Depreciation | $-7,727$ | $-27,511$ | $-13,399$ | $-2,548$ | $-1,040$ | $-52,226$ | |
| Closing carrying amount 31 Dec 2020 | 33,257 | 135,316 | 155,562 | 6,521 | 5,898 | 66,907 | 403,461 |
| Of which, right-of-use assets | 22,842 | 31,873 | 2,178 | 6,482 | 13 | 63,389 | |
| 31 December 2021 | |||||||
| Opening carrying amount | 33.257 | 135,316 | 155,562 | 6,521 | 5.898 | 66,907 | 403,461 |
| Exchange rate differences | 101 | 29 | 58 | 7 | 27 | 222 | |
| Purchases/capitalised expenses for the | |||||||
| year | 10,129 | 13,632 | 4,425 | 419 | 40,171 | 68,776 | |
| Reclassifications | 10,661 | 3,362 | 1,058 | $-14,927$ | 153 | ||
| Disposals and scrappings | -51 | $-863$ | $-2,317$ | $-66$ | $-3,297$ | ||
| Depreciation | $-7,462$ | $-26,195$ | $-13,221$ | $-2,875$ | $-1,243$ | $-50,996$ | |
| Closing carrying amount 31 Dec 2021 | 35,975 | 132,579 | 145,762 | 5,761 | 6,092 | 92,151 | 418,319 |
| Of which, right-of-use assets | 25,403 | 27,895 | 1,927 | 5,675 | 60,900 |
KEY PERFORMANCE INDICATORS, RAILCARE GROUP IN SUMMARY
| Amounts in SEK 000, | Oct-Dec | Oct-Dec | Full-year | Full-year |
|---|---|---|---|---|
| unless otherwise stated | 2021 | 2020 | 2021 | 2020 |
| Net sales | 131,768 | 95,583 | 437,946 | 401,301 |
| Sales growth, % | 37.9 | 2.2 | 9.1 | 8.3 |
| Operating profit/loss (EBIT) | 24,721 | 14,257 | 56,219 | 60,386 |
| Operating margin, $%$ | 18.8 | 14.9 | 12.8 | 15.0 |
| Net profit/loss for the period | 18,212 | 11,234 | 40,514 | 43,776 |
| Net financial items | $-1,205$ | $-1,209$ | $-4,370$ | $-4,818$ |
| Total assets | 557,965 | 521,388 | 557,965 | 521,388 |
| Equity/assets ratio, % | 39.6 | 37.4 | 39.6 | 37.4 |
| Key performance indicators per share, SEK |
||||
| Earnings per share before dilution | 0.75 | 0.47 | 1.68 | 1.82 |
| Earnings per share after dilution | 0.75 | 0.47 | 1.68 | 1.82 |
| Equity per share | 9.17 | 8.08 | 9.17 | 8.08 |
| Dividend per share, SEK | 0.6 | 0.30 |
QUARTERLY DATA, RAILCARE GROUP SUMMARY
| Q 4 | Q 3 | Q 2 | Q 1 | Q 4 | Q 3 | Q2 | Q1 | Q 4 | |
|---|---|---|---|---|---|---|---|---|---|
| Amounts in SEK million | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | 2020 | 2019 |
| Net sales | 131.8 | 126.2 | 91.0 | 88.9 | 95.6 | 94.5 | 105.3 | 106.0 | 93.5 |
| Capitalised work on own account | 1.6 | 1.9 | 3.5 | 1.4 | 11.3 | 3.5 | 0.7 | 0.7 | 1.0 |
| Other operating income | 2.8 | 1.2 | 1.3 | 1.0 | 0.2 | 1.0 | 1.7 | 0.6 | 0.8 |
| Total | 136.1 | 129.3 | 95.8 | 91.4 | 107.2 | 99.0 | 107.8 | 107.2 | 95.3 |
| Raw materials and consumables | $-47.0$ | $-39.9$ | $-33.7$ | $-20.3$ | $-31.7$ | $-27.5$ | $-31.1$ | $-31.4$ | $-37.6$ |
| Other external costs | $-17.7$ | $-16.7$ | $-15.7$ | $-12.8$ | $-13.9$ | $-14.4$ | $-15.3$ | $-15.3$ | $-12.2$ |
| Personnel costs | $-35.2$ | $-33.4$ | $-34.9$ | $-35.5$ | $-32.7$ | $-29.0$ | $-33.2$ | $-29.7$ | $-31.2$ |
| Depreciation and impairment | $-11.0$ | $-13.7$ | $-13.8$ | $-13.7$ | $-13.6$ | $-13.4$ | $-13.5$ | $-12.7$ | $-12.7$ |
| of property, plant and equipment | |||||||||
| Other operating expenses | $-0.6$ | $-0.3$ | $-0.2$ | $-0.4$ | $-1.0$ | $-0.2$ | $-0.5$ | $-0.6$ | $-0.3$ |
| Total operating expenses | $-111.4$ | 104.0 | $-98.3$ | $-82.7$ | $-92.9$ | $-84.5$ | $-93.5$ | $-89.8$ | $-93.8$ |
| Operating profit/loss (EBIT) | 24.7 | 25.3 | $-2.5$ | 8.7 | 14.3 | 14.4 | 14.3 | 17.4 | 1.5 |
| Financial income | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Financial expenses | $-1.2$ | $-1.1$ | $-1.0$ | $-1.1$ | $-1.2$ | $-1.2$ | $-1.2$ | $-1.2$ | $-1.4$ |
| Net financial items | $-1.2$ | $-1.1$ | $-1.0$ | $-1.1$ | $-1.2$ | $-1.2$ | $-1.2$ | $-1.2$ | $-1.4$ |
| Share of profit after tax from associated companies reported |
$-0.4$ | 0.0 | 0.1 | 0.1 | 0.2 | 0.1 | 0.0 | 0.1 | 0.1 |
| according to the equity method | |||||||||
| Profit/loss before tax | 23.2 | 24.2 | $-3.4$ | 7.7 | 13.2 | 13.3 | 13.1 | 16.3 | 0.2 |
| Taxes | $-4.9$ | $-5.2$ | 0.4 | $-1.5$ | $-2.0$ | $-3.6$ | $-3.1$ | $-3.5$ | 0.0 |
| Net profit/loss for the period | 18.2 | 19.1 | $-3.0$ | 6.2 | 11.2 | 9.8 | 9.9 | 12.8 | 0.2 |
| Equity/assets ratio, % | 39.6 | 37.5 | 36.7 | 39.5 | 37.4 | 36.4 | 35.4 | 36.2 | 33.5 |
DEFINITIONS
| General | All amounts in tables are in SEK 000 unless otherwise stated. All values in brackets are comparative figures for the corresponding period in the preceding year unless otherwise stated. Amounts in tables and other summaries have been rounded individually. Accordingly, minor rounding differences can be found in totals. |
|||||||
|---|---|---|---|---|---|---|---|---|
| Alternative key performance indicators |
This Interim Report refers to a number of financial measures not defined in accordance with IFRS, known as alternative key performance indicators. Railcare uses these key performance indicators to monitor and analyse the financial outcome of the Group's operations and its financial position. These alternative key performance indicators are intended to supplement, not replace, the financial measures presented in accordance with IFRS. See definitions and further information below. |
|||||||
| Key performance indicators | Definition/calculation | Purpose | ||||||
| Operating profit/loss (EBIT) | Calculated as net profit/loss for the period before tax, participations in the earnings of associated companies and financial items. |
This key performance indicator illustrates the Company's profit/loss generated by operating activities. |
||||||
| Net financial items | Net financial items are calculated as financial income less financial expenses. |
This key performance indicator illustrates the net amount resulting from the Company's financial activities. |
||||||
| Net margin | The net margin is calculated as income after financial items divided by net sales. |
This performance indicator illustrates how much of the Company's earnings remain after all expenses, excluding corporation tax, have been deducted. |
||||||
| Total assets | Calculated as the total of the Company's assets at the end of the period. |
|||||||
| Equity per share, SEK | Calculated as equity divided by the number of shares outstanding at the end of the period. |
This key performance indicator illustrates the Company's net worth per share. |
||||||
| Sales growth, % | Calculated as the difference between net sales for the period and net sales for the preceding period, divided by net sales for the preceding period. |
This key performance indicator illustrates the Company's growth and historical performance, contributing to an understanding of the Company's development. |
||||||
| Operating margin, % | Calculated as operating income divided by net sales. |
This key performance indicator illustrates how much of the Company's profit/loss is generated by its operating activities. |
||||||
| Equity/assets ratio, % | Calculated as equity divided by total assets. |
This key performance indicator illustrates the Company's financial position and long-term payment ability. |
||||||
| Dividend per share, SEK | Dividend per share approved by a General Meeting at which the Annual Report for the specified financial year is adopted. |
|||||||
| Earnings per share before dilution, SEK |
Calculated as profit/loss attributable to the Parent Company's shareholders divided by the weighted average number of shares outstanding in the period. |
This key performance indicator illustrates the Company's earnings per share, excluding any dilution effect from outstanding convertibles. |
||||||
| Earnings per share after dilution, SEK |
To calculate earnings per share after dilution, the weighted average number of outstanding shares is adjusted for the dilution effect of all potential shares. The Parent Company has a category of potential common shares with a dilution effect: convertible debentures. The convertible debentures are assumed to have been converted into shares and net profit is adjusted to eliminate interest expenses less tax effect. Convertible debentures do not give rise to a dilution effect when the interest per share that may be received upon conversion exceeds earnings per share before dilution. |
This key performance indicator illustrates the Company's earnings per share, excluding any dilution effect from outstanding convertibles. |
GLOSSARY
MPV
Railcare is developing a new generation of battery-powered Multi Purpose Vehicle, MPV. An MPV is a versatile working vehicle used in rail maintenance. All testing was completed and all approvals obtained in June 2021. On 21 July 2021, Railcare launched its first live project with the new innovation MPV, the world's largest battery-powered maintenance machine for the railway industry.
Railvac
Maintenance contracts with Railvac 16,000-machines that are able to perform various types of track maintenance on the railways using vacuum technology.
Powerpack
The power supply system in a Railvac, comprising motor, vacuum pump and hydraulics.
Press releases in the fourth quarter 2021
Financial calendar
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About Railcare Group
RAILCARE GROUP AB (publ)
Railvac in 3D
For further information, please contact:
Mattias Remahl, CEO Telephone: +46 (0)70–271 33 46 E-mail: [email protected]
Lisa Borgs, interim IR and Communication Manager Telephone: +46 (0)70–622 50 01 E-mail: [email protected]
This information is such as Railcare Group AB (publ) is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, for publication on 17 February 2022 at 7:30 a.m. CET.
This document is essentially a translation of Swedish language original thereof. In the event of any discrepancies between this translation and the original Swedish document the latter shall be deemed correct.