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Seafire AB
Quarterly Report • Apr 24, 2024
6194_10-q_2024-04-24_04f762b7-85c3-4ee8-a7b2-4ef182d011e4.pdf
Quarterly Report
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Interim report January – March 2024
Weak start with gradual improvement during the quarter
Net sales decreased by 13 percent to SEK 219 (253) million, while operating profit, adjusted EBITA, amounted to SEK 6 (25) million in Q1. The weak trend that ended 2023 continued during the beginning of 2024 and resulted in negative organic growth and pressure on margins.
Unless stated otherwise, the figures in this report concern continuing operations.
Q1 2024
- Net sales amounted to SEK 219 (253) million. Growth amounted to -13 percent, of which organic growth for comparable entities amounted to -17 percent compared with the same period in 2023
- Operating profit/loss (EBIT) amounted to SEK -1 (10) million
- EBITA amounted to SEK 5 (16) million, corresponding to a margin of 2 (6) percent
- Adjusted EBITA amounted to SEK 6 (25) million, corresponding to a margin of 3 (10) percent
- Basic and diluted earnings per share amounted to SEK -0.12 (-0.553 )
Significant events after the reporting period
• On April 12, Daniel Repfennig was appointed as new President and CEO. He will take up the role as soon as possible, but no later than September 16.
FINANCIAL SUMMARY1
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Net sales | 219 | 253 | 966 | 1,000 |
| Gross margin2 | 46% | 47% | 44% | 46% |
| Operating expenses, proportion of net sales2 | 41% | 38% | 39% | 38% |
| EBITA2 | 5 | 16 | 70 | 81 |
| EBITA margin2 | 2% | 6% | 4% | 8% |
| Adjusted EBITA2 | 6 | 25 | 53 | 72 |
| Adjusted EBITA margin2 | 3% | 10% | 0% | 7% |
| Operating profit (EBIT) | -1 | 10 | 2 | 13 |
| Basic and diluted earnings per share, SEK3 | -0.12 | -0.55 | -1.29 | -1.72 |
| Cash flow from operating activities3 | -1 | -36 | 115 | 80 |
| Net debt/adjusted EBITDA pro forma R12, times | 2.8 | 2.4 | 2.8 | 2.2 |
1) The comparative figures have been restated. See Note 8 for more information.
2) Alternative performance measures. See Note 9 for reconciliation with financial reports in accordance with IFRS.
3) Comparative figures including discontinued operations
THE CEO'S COMMENTS ON Q1
Revenue for the first quarter decreased by 13 percent to SEK 219 million, with organic growth amounting to -17 percent. A weaker economy affected us to a greater degree than before. Adjusted EBITA decreased to SEK 6 (25) million, primarily as a result of negative organic growth combined with continuing high costs. The beginning of the quarter continued in line with the weak development we saw in December 2023. The trend stabilized towards the end of the first quarter and earnings improved during the second half of the quarter.
Organically, net sales fell by 17 percent. As in the fourth quarter of 2023, the negative development was related to a weaker economy. As several subsidiaries had extraordinarily high activity during the first quarter of 2023, the comparative figures are challenging. Borö-Pannan's performance was particularly weak and showed negative growth of 42 percent pro forma in the first quarter, which was related to a continued cautious market.
The gross margin was relatively stable during the quarter and amounted to 46 (47) percent. Growth was negatively affected by Bara Mineraler and Pexymek, where delayed project starts due to snow and frost on the ground changed the product mix.
Adjusted EBITA decreased to SEK 6 (25) million, corresponding to a margin of 3 (10) percent. Negative organic growth and the fact that the Group did not have time to adjust the fixed costs are the main explanations for the reduced earnings. The cost-reducing measures implemented in the subsidiaries began to have some effect towards the end of the first quarter and further effects are expected in Q2 but primarily in the second half of the year. During much of the quarter, the weather was colder than the same period in 2023, which had a negative impact on the earnings of Bara Mineraler and Pexymek. Borö-Pannan's earnings decreased by approximately SEK 8 million pro forma and was the biggest negative contributor.
Cash flow was positively affected by reduced cash tied up in inventory and a lower investment rate, which compensated for increased trade receivables driven by an improved sales trend during the quarter. The fact that Easter in 2024 fell at the end of the quarter is considered to have had a slightly positive effect on cash flow. Refinancing, where Seafire switched from bond financing to secured bank facilities at the end of the first quarter of 2023, had a positive effect on cash flow. SEK 1 million of the outstanding tax deferral was amortized during the period.
The debt/equity ratio increased as a result of the lower profit in the first quarter.
All subsidiaries except DOFAB and Nordbutiker showed a reduced profit during the first quarter. We notice an overall weaker economy and lower demand in the subsidiaries. In addition, several companies such as Bara Mineraler and Pexymek had challenges with the temporary lower demand linked to cold weather. However, we were pleased to see that Kempo Sandwich received new orders from a customer they had previously lost completely, which is very positive although the volumes going forward will not achieve historical levels.
The tougher market looks set to continue and uncertainty about developments during the rest of the year remains, although the situation towards the end of the first quarter stabilized and in some cases even improved slightly. Reduced costs are expected to have some effect going forward and we continue to be vigilant and are ready to take further measures if necessary. The second quarter is generally a seasonally stronger quarter with higher net sales, profit and cash flow than Q1.
Our focus on improved tied-up inventory and, by extension, improved cash flow continues during 2024. We remain restrictive with non-essential investments and prioritize reduction of the Group's net debt.
Even though the Group is going through a testing period, I am pleased about the commitment that all Seafire's employees continue to show. Our subsidiaries possess great competence within their respective niches and have good conditions to create significant value in the long term. Together, through small and large improvements, we can develop our business and create opportunities for future growth and raised margins.
Jacob Persson, CEO
THE GROUP'S PERFORMANCE1
Q1
Net sales
During the quarter, net sales decreased by 13 percent to SEK 219 million, compared with SEK 253 million for the same period of the previous year. Organic growth, excluding acquired companies, was -17 percent compared with the same period in 2023. All subsidiaries, apart from Nordbutiker, showed negative growth.
Gross margin
The gross margin amounted to 46 (47) percent during the quarter. The subsidiaries continued to fend off fluctuating exchange rates well with subsequent changes in purchase prices. Changes in product mix, mainly among the industrial companies, where a lower proportion of sales consisted of their own products, had a negative impact on the gross margin.
Earnings
The Group's operating profit/loss (EBIT) amounted to SEK -1 (10) million during the quarter. The weak development is explained by negative organic growth combined with difficulties in adapting the cost structure to lower demand. Operating profit before amortization attributable to acquired surplus values (EBITA) amounted to SEK 5 (16) million. Items affecting comparability, mainly attributable to recruitment costs of SEK -1 (-9) million for the new CEO, had a negative effect on earnings. Profit after tax amounted to SEK -5 (-23) million.
Net financial items and tax
Net financial items amounted to SEK -5 (-36) million during the quarter. Interest and finance costs amounted to SEK -6 (-35) million, the interest effect on contingent consideration amounted to SEK 0 (0) million, currency fluctuations to SEK 1 (-1) million and interest income and finance income amounted to SEK 0 (2) million. The improvement in net financial items is a direct result of the completion of refinancing, which considerably reduced the Group's interest expenses. Tax for the period amounted to SEK 1 (1) million.
Summary of financial performance measures
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Net sales | 219 | 253 | 966 | 1,000 |
| EBITDA | 12 | 23 | 99 | 110 |
| EBITA | 5 | 16 | 70 | 81 |
| Adjusted EBITA | 6 | 25 | 53 | 72 |
| EBIT | -1 | 10 | 2 | 13 |
Effect of items affecting comparability on the income statement
| Q1 | Q1 | |
|---|---|---|
| SEK million | 2024 | 2023 |
| Other external expenses (acquisitions, change of listing and refinancing) | - | -9 |
| Personnel costs (recruitment of new CEO) | -1 | - |
| Effect on EBITDA & EBITA | -1 | -9 |
Financial development SEK million
Cash flow
Cash flow from operating activities, including changes in working capital, amounted to SEK -1 (-36) million, primarily as a result of lower financing costs. Cash flow from investing activities amounted to SEK -2 (-84) million, as a result of investments in property, plant and equipment. The acquisition of Borö-Pannan was completed in the comparative period. Cash flow from financing activities amounted to SEK 6 (-270) million, as a result of utilization of the overdraft facility and repayments of loans and lease liabilities. Total cash flow for the first quarter amounted to SEK 3 (-390) million.
Investments
Cash flow from investing activities during the quarter amounted to SEK -2 (-84) million, which is mainly attributable to investments in property, plant and equipment.
Financing
Interest-bearing liabilities at the end of the period amounted to SEK 243 (354) million and, including lease liabilities, to SEK 276 (393) million. Of the liabilities, SEK 243 (354) million were liabilities to credit institutions and SEK 33 (38) million lease liabilities. Contingent consideration amounted to SEK 12 (54) million, of which contingent consideration due within 12 months amounted to SEK 5 (21) million. The tax deferral amounted to SEK 91 (30) million, which must be repaid by the end of 2026. Cash and cash equivalents amounted to SEK 49 (78) million at the end of the period. The Group's net debt, as defined in order to calculate the bank loan's covenant, thus amounted to SEK 232 (336) million, while net debt/adjusted EBITDA R12 pro forma amounted to 2.8 (2.0). Adjusted net debt, including leases, all contingent consideration and the tax deferral, amounted to SEK 330 (399) million, which gives adjusted net debt/adjusted EBITDA R12 pro forma of 4.0 (2.9).
Net debt according to covenant calculation1
Nettoskuld Nettoskuld / Justerad EBITDA R12 proforma, ggr
1) For definitions, see Note 9. The comparative figures have been restated to include the portion of the contingent consideration liability due within 12 months.
Net debt, Net debt/Adjusted EBITDA pro forma R12
| Full | |||
|---|---|---|---|
| SEK million | Q1 2024 |
Q1 2023 |
year 2023 |
| Interest-bearing liabilities | 243 | 354 | 234 |
| Lease liabilities | 33 | 38 | 37 |
| Contingent consideration due within 12 months | 5 | 21 | 5 |
| Less: cash and cash equivalents | -49 | -78 | -46 |
| Net debt | 232 | 336 | 230 |
| Adjusted EBITDA R12 | 82 | 138 | 104 |
| Net debt/Adjusted EBITDA pro forma R12, times | 2.8 | 2.4 | 2.2 |
Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12
| Full | |||
|---|---|---|---|
| SEK million | Q1 2024 |
Q1 2023 |
year 2023 |
| Net debt | 232 | 336 | 230 |
| Outstanding deferral from the Swedish Tax Agency and contingent consideration due for payment after 12 months |
98 | 63 | 99 |
| Adjusted net debt | 330 | 399 | 329 |
| Adjusted EBITDA R12 | 82 | 138 | 104 |
| Adjusted net debt/Adjusted EBITDA pro forma R12, times | 4.0 | 2.9 | 3.2 |
BUSINESS AREAS
Industrial components
The Industrial components business area offers products and solutions to companies within a number of market niches – paints, fans, construction materials and the production of sheet metal components for customers within a wide range of sectors. The business area includes Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts. For more information about the business area, see Note 4.
| Full | ||||
|---|---|---|---|---|
| Q1 | Q1 | R12 | year | |
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Net sales | 144 | 172 | 652 | 680 |
| Gross profit | 66 | 80 | 296 | 310 |
| Gross margin, % | 46% | 47% | 45% | 46% |
| Operating expenses* | -55 | -53 | -224 | -222 |
| Proportion of net sales, % | 38% | 31% | 40% | 33% |
| EBITA* | 7 | 22 | 60 | 75 |
| EBITA-margin, % | 5% | 13% | 3% | 11% |
* Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.
Q1
During the quarter, net sales fell by 16 percent to SEK 144 million, compared with SEK 172 million for the same quarter of the previous year. Organic growth, excluding companies acquired in the financial year, was -21 percent compared with the same period of 2023. Acquired growth amounted to 5 percent during the quarter. All companies showed negative growth compared with the first quarter of 2023.
The gross margin was relatively stable during the quarter, compared with the same quarter of the previous year. The gross margin was negatively affected by a changed product mix, with a lower proportion of sales consisting of own products than in the same period of the previous year.
During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 7 (22) million, which corresponds to an EBITA margin of 5 (13) percent. Despite the decline in revenue, DOFAB showed an improved EBITA compared with the corresponding period of the previous year, mainly linked to reduced costs. In the remaining companies, EBITA was lower than in Q1 of the previous year.
Products1
The Products business area offers products and solutions to companies within a number of market niches – lightweight electric vehicles, software sales, glasses and monitoring equipment for customers within a wide range of sectors. The business area includes Ludafarm, Nordbutiker, OPO Scandinavia and SolidEngineer. For more information about the business area, see Note 4.
| Full | ||||
|---|---|---|---|---|
| SEK million | Q1 2024 |
Q1 2023 |
R12 2024 |
year 2023 |
| Net sales | 73 | 78 | 306 | 312 |
| Gross profit | 34 | 38 | 132 | 136 |
| Gross margin, % | 47% | 48% | 43% | 44% |
| Operating expenses* | -30 | -31 | -123 | -124 |
| Proportion of net sales, % | 42% | 40% | 40% | 40% |
| EBITA* | 2 | 4 | 6 | 8 |
| EBITA-margin, % | 3% | 6% | -1% | 3% |
* Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.
Q1
During the quarter, net sales fell by 10 percent to SEK 73 million, compared with SEK 78 million for the same quarter of the previous year. Nordbutiker had positive net sales growth compared with the same period of the previous year while the remaining companies showed stable or negative growth compared with the first quarter of 2023. Hedén, whose operations have been discontinued since the fourth quarter of 2023, had net sales of SEK 2 million during the first quarter of 2023.
The gross margin was relatively stable compared with the same period of the previous year. The gross margin was negatively affected by a changed proportion of sales between the subsidiaries in the segment.
During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, till SEK 2 (4) million, equivalent to an EBITA margin of 3 (6) percent. Nordbutiker increased its EBITA, while the remaining companies had similar or lower EBITA compared with the corresponding period of the previous year.
OTHER INFORMATION
Auditor's review
This report has not been subject to review by the auditors.
Related party transactions
The Group did not have any significant related party transactions during the quarter.
Share information
At the end of the reporting period, the number of shares in the Company was 42,846,569. All shares are of the same type and afford the same voting rights. As of March 31, 2024, the largest shareholders were Creades with approx. 19% of the shares, Protector Forsikring with approx. 17%, and Movestic Livförsäkring with approx. 8%.
Since May 11, 2023, the Company's shares have been listed on Nasdaq Stockholm and are traded under the ticker 'SEAF'. Before this date, the shares had been listed on Nasdaq First North Growth Market since July 25, 2019. The smallest trading unit is one (1) share. The closing price of the share on March 28, 2024 was SEK 6 per share, which corresponds to a market value of approximately SEK 257 million.
About Seafire
Seafire is a company group founded in 2016 with the aim of creating growth through the acquisition of profitable companies and developing these through active and long-term ownership.
Seafire creates value by being an active owner with a decentralized operational model and independent subsidiaries. Long-term strategies are based on development of the business model, broadening of the market and service and product development, and are executed alongside new initiatives within sales and marketing. This boosts the growth and profitability of the acquired companies.
Seafire always acquires a majority of the shares in any company.
Seafire operates in two business segments: Industrial components and Products. During the period, the Group had eight subsidiaries within Industrial components and four subsidiaries within Products. At the end of the period, the Group had a total of 322 employees, of whom 67 were women. For more information about Seafire's subsidiaries, visit www.seafireab.com.
Annual General Meeting 2024
The nomination committee's proposal for the board of directors for 2024 consists of re-election of Anders Hillerborg, Marcus Söderberg, and Stina Wollenius, and new election of Sonny Mirborn until the end of the Annual General Meeting in 2025. Sonny Mirborn has been CEO and President of the listed company Alcadon Group AB since 2019 and has previous experience as a business unit manager at Addtech, CEO of CTM-Lyng group, and investment manager at Nordstjernan. Joachim Berner, Lennart Jakobsson, and Louise Nicolin have declined reelection. The nomination committee further proposes Anders Hillerborg as chairman of the board.
The Annual General Meeting 2024 will be held on April 24 at 3:00 pm at Cecil Coworking, Norrlandsgatan 9, in Stockholm.
Financial calendar
| Annual General Meeting 2024 | April 24, 2024 | 15.00 CEST |
|---|---|---|
| Interim report 2 2024 | August 23, 2024 | 08.00 CEST |
| Interim report 3 2024 | November 6, 2024 | 08.00 CET |
| Year-end report 2024 | February 24, 2025 | 08.00 CET |
Contact details
Jacob Persson CEO and CFO +46 (0)70 864 07 52 [email protected]
Seafire AB (publ) Mäster Samuelsgatan 9, 111 44 Stockholm Corporate identity number 556540-7615 www.seafireab.com
DECLARATION BY THE BOARD OF DIRECTORS
The Board of Directors and CEO hereby declare that this interim report gives a true and fair view of the Group's operations, financial position and performance, and describes the material risks and uncertainties facing the Group.
Stockholm, April 24, 2024
Joachim Berner Chairman of the Board
Lennart Jacobsson Anders Hillerborg Louise Nicolin
Board member Board member Board member
Marcus Söderberg Stina Wollenius Board member Board member
Jacob Persson Chief Executive Officer
CONDENSED CONSOLIDATED INCOME STATEMENT1
| SEK million | Q1 2024 |
Q1 2023 |
2024 | R12 Full year 2023 |
|---|---|---|---|---|
| Operating income | ||||
| Net sales | 219 | 253 | 966 | 1,000 |
| Other income | 3 | 1 | 44 | 42 |
| Total operating income | 222 | 254 | 1,010 | 1,042 |
| Change in work in progress | -12 | -19 | -73 | -80 |
| Merchandise | -107 | -115 | -462 | -470 |
| Other external expenses | -33 | -40 | -139 | -146 |
| Personnel costs | -58 | -57 | -234 | -233 |
| Other operating expenses | - | -1 | -2 | -3 |
| Depreciation, amortization and impairment | -13 | -13 | -97 | -97 |
| Total operating expenses | -223 | -244 | -1,008 | -1,029 |
| Operating profit/loss | -1 | 10 | 2 | 13 |
| Finance income | 1 | 2 | 11 | 12 |
| Finance costs | -6 | -37 | -40 | -71 |
| Profit/loss before tax | -6 | -25 | -27 | -46 |
| Taxes | 1 | 1 | -4 | -4 |
| Profit/loss from continuing operations | -5 | -24 | -31 | -50 |
| Profit/loss from discontinued operations | - | - | -23 | -23 |
| Profit/loss for the period | -5 | -24 | -54 | -73 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME1
| Full | ||||
|---|---|---|---|---|
| Q1 | Q1 | R12 | year | |
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Profit/loss for the period, continuing operations | -5 | -24 | -31 | -50 |
| Profit/loss for the period, discontinued operations |
- | - | -23 | -23 |
| Profit/loss for the period | -5 | -24 | -54 | -73 |
| Other comprehensive income | ||||
| Items that may be subsequently reclassified to | ||||
| profit or loss | ||||
| Translation differences | - | - | - | - |
| Other comprehensive income after tax | - | - | - | - |
| Comprehensive income for the period | -5 | -24 | -54 | -73 |
| Comprehensive income for the period | ||||
| attributable to: | ||||
| Parent Company shareholders | -5 | -24 | -54 | -73 |
EARNINGS PER SHARE1
| Full | ||||
|---|---|---|---|---|
| Q1 | Q1 | R12 | year | |
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Basic earnings per share, SEK | -0.12 | -0.55 | -1.29 | -1.72 |
| Average number of shares before dilution2 | 42,847 | 42,753 | 42,847 | 42,823 |
| Diluted earnings per share, SEK | -0.12 | -0.55 | -1.29 | -1.72 |
| Average number of shares after dilution2 | 43,759 | 43,895 | 43,843 | 43,725 |
1) The comparative figures have been restated. See Note 8 for more information.
2) Average number of shares in thousands
CONDENSED CONSOLIDATED BALANCE SHEET1
| Mar 31 | Mar 31 | Dec 31 | |
|---|---|---|---|
| SEK million | 2024 | 2023 | 2023 |
| Non-current assets | |||
| Goodwill | 658 | 719 | 658 |
| Other intangible assets | 62 | 80 | 67 |
| Property, plant and equipment | 139 | 145 | 141 |
| Right-of-use assets | 34 | 40 | 38 |
| Deferred tax assets | - | 1 | - |
| Other financial assets | 4 | 3 | 4 |
| Total non-current assets | 897 | 988 | 908 |
| Current assets | |||
| Inventories | 226 | 249 | 230 |
| Trade receivables | 105 | 145 | 92 |
| Tax assets | 19 | 11 | 10 |
| Other current receivables | 12 | 12 | 9 |
| Prepaid expenses and accrued income | 45 | 54 | 44 |
| Cash and cash equivalents | 49 | 78 | 46 |
| Total current assets | 456 | 549 | 431 |
| TOTAL ASSETS | 1,353 | 1,537 | 1,339 |
| Equity | |||
| Share capital | 7 | 7 | 7 |
| Other contributed capital | 851 | 851 | 851 |
| Retained earnings, including profit/loss for the period | -146 | -91 | -141 |
| Total equity | 712 | 767 | 717 |
| Non-current liabilities | |||
| Deferred tax liabilities | 43 | 46 | 45 |
| Non-current liabilities to credit institutions | 182 | 213 | 193 |
| Non-current lease liabilities | 17 | 21 | 19 |
| Other non-current liabilities | 28 | 35 | 28 |
| Total non-current liabilities | 270 | 315 | 285 |
| Current liabilities | |||
| Current liabilities to credit institutions | 41 | 41 | 41 |
| Advances from customers | 5 | 6 | 3 |
| Trade payables | 70 | 77 | 61 |
| Current tax liabilities | 6 | 8 | 6 |
| Utilized bank overdraft facilities | 20 | 100 | - |
| Current lease liabilities | 16 | 17 | 18 |
| Other current liabilities | 107 | 88 | 105 |
| Accrued expenses and deferred income | 106 | 118 | 103 |
| Total current liabilities | 371 | 455 | 337 |
| Total liabilities | 641 | 770 | 622 |
| TOTAL EQUITY AND LIABILITIES | 1,353 | 1,537 | 1,339 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY1
| SEK million | Share capital |
Other contributed capital |
Retained earnings, including profit for the period |
Total equity |
|---|---|---|---|---|
| Opening balance, Jan 1, 2023 | 7 | 847 | -68 | 786 |
| Comprehensive income for the period |
- | - | -24 | -24 |
| Transactions with shareholders | ||||
| New share issue | - | 5 | - | 5 |
| New share issue expenses | - | -1 | - | -1 |
| Incentive program | - | - | - | - |
| Closing balance, Dec 31, 2023 | 7 | 851 | -91 | 767 |
| SEK million | Share capital |
Other contributed capital |
Retained earnings, including profit for the period |
Total equity |
|---|---|---|---|---|
| Opening balance, Jan 1, 2024 | 7 | 851 | -141 | 717 |
| Comprehensive income for the period |
- | - | -5 | -5 |
| Transactions with shareholders | ||||
| New share issue | - | - | - | - |
| New share issue expenses | - | - | - | - |
| Closing balance, March 31, 2024 | 7 | 851 | -146 | 712 |
| SEK million | Mar 31 2024 |
Mar 31 2023 |
2024 | R12 Full year 2023 |
|---|---|---|---|---|
| Cash flow from operating activities | ||||
| Profit/loss before tax | -6 | -25 | -50 | -69 |
| of which interest received | - | 1 | 3 | 4 |
| of which interest paid | -5 | -36 | -23 | -54 |
| Adjustment for non-cash items | 12 | 9 | 103 | 100 |
| Tax paid | -9 | -10 | -17 | -18 |
| Cash flow from operating activities | ||||
| before changes in working capital | -3 | -26 | 35 | 12 |
| Cash flow from changes in working capital | ||||
| Change in inventories | 4 | 2 | 23 | 21 |
| Change in current receivables | -16 | -15 | 51 | 52 |
| Change in current liabilities | 14 | 2 | 7 | -5 |
| Cash flow from change in working capital | 2 | -10 | 80 | 68 |
| Cash flow from operating activities | -1 | -36 | 115 | 80 |
| Cash flow from investing activities | ||||
| Business combinations | - | -81 | - | -81 |
| Investments in property, plant and equipment | -2 | -3 | -8 | -9 |
| Investments in intangible assets | - | - | -2 | -2 |
| Divestment of financial assets | - | - | - | - |
| Cash flow from investing activities | -2 | -84 | -10 | -92 |
| Cash flow from financing activities | ||||
| New share issue | - | 5 | -5 | - |
| New share issue expenses | - | -1 | - | -1 |
| Proceeds from borrowings | - | 250 | - | 250 |
| Repayment of borrowings | -10 | -620 | -31 | -641 |
| Change in bank overdraft facilities | 20 | 100 | -80 | - |
| Repayment of lease liabilities | -4 | -5 | -17 | -18 |
| Cash flow from financing activities | 6 | -270 | -134 | -410 |
| Total cash flow | 3 | -390 | -29 | -422 |
| Cash and cash equivalents at start of period | 46 | 468 | 78 | 468 |
| Translation differences | - | - | - | - |
| Cash and cash equivalents at end of period | 49 | 78 | 49 | 46 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS1
1) Including discontinued operations. See Note 5 for condensed statement of cash flows for divested operations. The comparative figures have been restated. See Note 8 for more information.
CONDENSED PARENT COMPANY INCOME STATEMENT
| SEK million | Mar 31 2024 |
Mar 31 2023 |
R12 2024 |
Dec 31 2023 |
|---|---|---|---|---|
| Net sales | - | - | - | - |
| Other income | 4 | 5 | 20 | 21 |
| Total operating income | 4 | 5 | 20 | 21 |
| Other external expenses | -2 | -8 | -12 | -18 |
| Personnel costs | -3 | -3 | -16 | -16 |
| Depreciation and amortization | - | - | - | - |
| Total expenses | -5 | -11 | -28 | -34 |
| Operating profit/loss | -1 | -6 | -8 | -13 |
| Finance income | 1 | 2 | 5 | 6 |
| Finance costs | -5 | -34 | -91 | -120 |
| Profit/loss before tax | -5 | -38 | -94 | -127 |
| Group contributions | - | - | 20 | 20 |
| Income tax | - | - | - | - |
| Profit/loss for the period | -5 | -38 | -74 | -107 |
CONDENSED PARENT COMPANY BALANCE SHEET
| SEK million | Mar 31 2024 |
Mar 31 2023 |
Dec 31 2023 |
|---|---|---|---|
| Property, plant and equipment | 1 | 1 | 1 |
| Receivables from Group companies | 1,000 | 1,107 | 1,019 |
| Financial assets | 23 | 23 | 23 |
| Total non-current assets | 1,024 | 1,132 | 1,043 |
| Receivables from Group companies | 70 | 141 | 84 |
| Other current receivables | - | 1 | - |
| Prepaid expenses and accrued income | 1 | 2 | 1 |
| Cash and cash equivalents | 47 | 55 | 43 |
| Total current assets | 118 | 199 | 128 |
| TOTAL ASSETS | 1,142 | 1,330 | 1,171 |
| Share capital | 7 | 7 | 7 |
| Other contributed capital | 883 | 883 | 883 |
| Retained earnings, including profit for the period | -240 | -166 | -235 |
| Total equity | 650 | 724 | 655 |
| Non-current liabilities to credit institutions | 180 | 210 | 190 |
| Other non-current liabilities | 7 | 27 | 7 |
| Total non-current liabilities | 187 | 237 | 197 |
| Current liabilities to credit institutions | 40 | 40 | 40 |
| Utilized bank overdraft facilities | 20 | 100 | - |
| Trade payables | 2 | 3 | 2 |
| Liabilities to Group companies | 226 | 192 | 260 |
| Other current liabilities | 11 | 33 | 11 |
| Accrued expenses and deferred income | 6 | 2 | 6 |
| Total current liabilities | 305 | 370 | 319 |
| Total liabilities | 492 | 606 | 516 |
| TOTAL EQUITY AND LIABILITIES | 1,142 | 1,330 | 1,171 |
NOTES
Note 1. Accounting policies
Seafire AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. Information in accordance with IAS 34.16A is disclosed both in the financial statements and their associated notes and elsewhere in the interim report. The accounting policies are consistent with the policies that were applied in the previous financial year. For more information on these, see Note G1 in the Group's 2023 Annual Report. The interim report should be read together with the 2023 Annual Report. Preparation of financial statements in accordance with IFRS requires Group management to make accounting judgments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and judgments. For information on the Company's critical judgments and sources of uncertainty, see the Group's 2023 Annual Report.
Discontinued operations
On June 9, 2023, subsidiary Lingua Communications Nordic AB filed for bankruptcy following the discovery of gross embezzlement. The case is accounted for in accordance with IFRS 5, which means that the subsidiary has been excluded from the relevant individual lines in the consolidated income statement and its net income is instead reported as "Profit/loss from discontinued operations". The statement of cash flows was reported including the discontinued operations. The balance sheet as at March 31, 2024 and the income statement for the period do not contain any balances related to the subsidiary. For more information, see Note 5.
Note 2. Risks and uncertainties
For a description of the Group's material risks and uncertainties, see the detailed statement in the 2023 Annual Report. No material new or changed risks or uncertainties have been identified since the publication of the 2023 Annual Report. The Parent Company's risks are covered by the description presented for the Group. The effects of the war in Ukraine and the war between Israel and Hamas are such that the Company is unable to make reasonable advance assessments of the effects on the Company's operations and financial performance. Higher inflation and higher prices of input goods will impact demand for goods and services provided by Seafire's subsidiaries. Furthermore, higher interest rates could impact future financing costs and discount rates in connection with the valuation of assets and liabilities. In order to manage the increase in financing costs, Seafire secured long-term bank financing during Q1 2023 and significantly reduced its interest expenses. Goodwill is continually monitored for impairment as a result of the changes in macroeconomic factors. The Board of Directors assists management in the ongoing monitoring of the performance of the business in this context in order to rapidly and effectively manage any risks and situations that could arise.
Note 3. Revenue from contracts with customers1
| Net sales by geographical area | Full | |||
|---|---|---|---|---|
| Q1 | Q1 | R12 | year | |
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Sweden | 156 | 172 | 723 | 739 |
| Nordic region (excl. Sweden) | 33 | 40 | 138 | 145 |
| Europe (excl. Nordic region and Sweden) | 29 | 37 | 101 | 109 |
| World (excl. Europe, Nordic region and Sweden) |
1 | 4 | 4 | 7 |
| Total net sales | 219 | 253 | 966 | 1,000 |
| Amount recognized as revenue | Full | |||
| Q1 | Q1 | R12 | year | |
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Revenue from service contracts (revenue over | ||||
| time) | 13 | 14 | 56 | 57 |
| Revenue recognized at a point in time | 206 | 239 | 910 | 943 |
Note 4. Segment reporting1
Seafire's operations are divided into two segments: Industrial components and Products. The Group management has adopted these segments based on the information considered by the chief operating decision-maker, i.e. the CEO. The operations are divided on the basis of a sales and product content perspective. During the reporting period, no customer accounted for more than ten (10) percent of the Group's net sales.
The Industrial components segment comprises Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts. The Products segment comprises Ludafarm, Nordbutiker, OPO and SolidEngineer. For more information about these subsidiaries, visit www.seafireab.com. In addition to the business segments, the tables also include central costs and Group-wide adjustments. IFRS adjustments are the Group's IFRS-related accounting adjustments, e.g. attributable to leases or goodwill impairment. Central costs refer to the holding company with Group-wide costs (financing costs, insurance costs, etc.). Liabilities and goodwill are not included in segment reporting.
| Industrial components |
Products | Central costs | Group adjustments |
Group | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SEK million | Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
Q1 2024 |
Q1 2023 |
| Net sales | 144 | 172 | 73 | 78 | - | - | 1 | 2 | 219 | 253 |
| Other income | 3 | 1 | - | 1 | - | - | - | - | 3 | 1 |
| Total income | 147 | 173 | 73 | 79 | - | - | 1 | 2 | 222 | 243 |
| Gross profit | 66 | 80 | 34 | 38 | - | - | 1 | 1 | 101 | 119 |
| Gross margin | 46% | 47% | 47% | 48% | - | - | 45% | 45% | 46% | 47% |
| Operating expenses | -55 | -53 | -30 | -31 | -5 | -12 | - | - | -90 | -97 |
| % of net sales | 38% | 31% | 42% | 40% | - | - | - | - | 41% | 38% |
| EBITA | 7 | 22 | 2 | 5 | -5 | -12 | 1 | 1 | 5 | 16 |
| EBITA margin | 5% | 13% | 3% | 6% | - | - | 37% | 40% | 2% | 6% |
| Amortization of intangible assets | -6 | -6 | ||||||||
| Operating profit (EBIT) | -1 | 10 | ||||||||
| Net financial items | -5 | -35 | ||||||||
| Profit/loss before tax | -6 | -25 | ||||||||
| Tax on profit | 1 | 1 | ||||||||
| Profit/loss for the period | -5 | -24 |
Note 5. Discontinued operations
On June 9, 2023, subsidiary Lingua Communications Nordic AB filed for bankruptcy following the discovery of gross embezzlement. As the subsidiary operated as an independent business segment within the Group and Seafire has decided to discontinue its involvement in the translation industry in connection with the bankruptcy, it has been decided to account for the subsidiary as a discontinued operation in accordance with IFRS 5. This approach means that the subsidiary has been excluded from the individual lines in the consolidated income statement and its net income is instead recognized under "Profit/loss from discontinued operations". The consolidated statement of cash flows includes a comprehensive statement of cash flows, including the discontinued operations. The balance sheet as at December 31, 2023 does not contain any balances relating to the subsidiary, while balance sheets for previous periods are not restated in accordance with IFRS and are therefore unchanged.
The Group effects that arose as a result of the discontinuation are presented below. Profit and loss and cash flow information for the discontinued operation relates to the period up to and including the discontinuation date.
| Profit/loss attributable to | Q1 | Q1 | R12 | Full |
|---|---|---|---|---|
| discontinued operations | 2024 | 2023 | 2024 | year 2023 |
| Net sales | - | 17 | - | 17 |
| Operating expenses | - | -17 | - | -17 |
| Embezzlement costs | - | - | -25 | -25 |
| EBITDA | - | - | -25 | -25 |
| Depreciation and amortization | - | - | - | - |
| EBITA | - | - | -25 | -25 |
| Impairment | - | - | - | - |
| EBIT | - | - | -25 | -25 |
| Appropriations | - | - | - | - |
| Profit/loss before tax | - | - | -25 | -25 |
| Income tax | - | - | - | - |
| Group effect | ||||
| -of which goodwill impairment | - | - | -19 | -19 |
| -of which reversal of contingent consideration | - | - | 3 | 3 |
| recognized as a liability | ||||
| -of which result from bankruptcy | - | - | 18 | 18 |
| Profit/loss attributable to discontinued | - | - | -23 | -23 |
| operation |
Balance sheet on bankruptcy application date June, 2023
| Property, plant and equipment | - |
|---|---|
| Current operating assets | 6 |
| Total assets | 6 |
| Current operating liabilities | 25 |
| Total liabilities | 25 |
| Net liabilities | 19 |
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| Cash flow from discontinued operation | 2024 | 2023 | 2024 | 2023 |
| From operating activities | - | 3 | -1 | 2 |
| From investing activities | - | - | - | - |
| From financing activities | - | - | 1 | 1 |
| Total cash flow | - | 3 | - | 3 |
Note 6. Fair value of financial instruments
| Classification according to valuation hierarchy | ||||||||
|---|---|---|---|---|---|---|---|---|
| 1 2 |
3 | |||||||
| Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | Mar 31 | |
| SEK million | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Assets | ||||||||
| Currency derivatives | - | - | - | - | - | - | - | - |
| Liabilities | ||||||||
| Currency derivatives | - | - | - | - | - | - | - | - |
| Contingent consideration | 12 | 54 | - | - | 12 | 54 |
Financial liabilities at fair value by level in the valuation hierarchy
The fair value and carrying amount are recognized in the balance sheet in accordance with the table above. For listed securities, the fair value is determined based on the asset's quoted price in an active market, level 1. The fair value of foreign exchange contracts and embedded derivatives is determined based on observable market inputs, level 2. For contingent consideration, a cash flow-based measurement is carried out which is not based on observable market inputs, level 3.
Note 7. Contingent consideration
Contingent consideration is variable, based on the companies' earnings growth, and is determined based on future earnings growth for each company, based on management's best assessment and forecasts. Contingent consideration is recognized at fair value. Reversed contingent consideration is recognized on the line Other income and remeasured contingent consideration due to changed discounting is recognized on the line Finance costs.
| SEK million | 2024 | 2023 |
|---|---|---|
| Opening balance (January 1) | 12 | 30 |
| Acquisitions during the year | - | 24 |
| Reversed in income statement | - | - |
| Consideration paid | - | - |
| Interest expenses | - | - |
| Closing balance (March 31) | 12 | 54 |
Note 8. Correction of error
In the interim report for Q3 2023, Seafire corrected the purchase price allocation for the acquisition of SolidEngineer AB as explained below.
After consulting with external parties and reviewing the completed purchase price allocation for the acquisition of SolidEngineer AB, Seafire has concluded that the final purchase price allocation prepared by the Group and audited by the Group's auditors is incorrect by a material amount and needs to be corrected. The correction means that revenue from sold but not executed service contracts prior to completion on April 1, 2022 is recognized in the purchase price allocation and balance sheet as deferred revenue, in accordance with IFRS 15 Revenue from Contracts with Customers, and then recognized as revenue prospectively over the term of the service agreement. The corrections did not have any effect on cash flow.
The Group has corrected the purchase price allocation prepared in connection with the acquisition of SolidEngineer AB (which was completed on April 1, 2022) as follows:
| Goodwill | SEK 13 million |
|---|---|
| Prepaid expenses | SEK 20 million |
| Deferred tax liabilities | SEK 3 million |
| Deferred income | SEK 36 million |
| Q1 | Q1 | Q2 | Q2 | |||
|---|---|---|---|---|---|---|
| SEK million | 2023 | Corr. | 2023 | 2023 | Corr. | 2023 |
| Net sales | 250 | 2 | 252 | 286 | 2 | 288 |
| Other income | 2 | - | 2 | 2 | - | 2 |
| Total operating income | 252 | 2 | 254 | 288 | 2 | 290 |
| Change in work in progress | -19 | - | -19 | -16 | - | -16 |
| Merchandise | -114 | -1 | -115 | -142 | -1 | -143 |
| Other external expenses | -40 | - | -40 | -39 | - | -39 |
| Personnel costs | -57 | - | -57 | -63 | - | -63 |
| Other operating costs | -1 | - | -1 | - | - | - |
| Depreciation, amortization and impairment | -13 | - | -13 | -14 | - | -14 |
| Total operating expenses | -244 | -1 | -245 | -275 | -1 | -276 |
| Operating profit/loss | 8 | 1 | 10 | 14 | 1 | 15 |
| Finance income | 2 | - | 2 | 3 | - | 3 |
| Finance costs | -37 | - | -37 | -8 | - | -8 |
| Profit/loss before tax | -26 | 1 | -25 | 8 | 1 | 9 |
| Taxes | 1 | - | 1 | 1 | - | 1 |
| Profit/loss from continuing operations | -25 | 1 | -24 | 9 | 1 | 10 |
| Profit/loss from discontinued operations | - | - | - | -23 | - | -23 |
| Profit/loss for the period | -25 | 1 | -24 | -14 | 1 | -13 |
| Mar 31 | Mar 31 | Jun 30 | Jun 30 | |||
|---|---|---|---|---|---|---|
| SEK million | 2023 | Corr. | 2023 | 2023 | Corr. | 2023 |
| Goodwill | 706 | 13 | 720 | 688 | 13 | 701 |
| Other intangible assets | 120 | - | 120 | 110 | - | 110 |
| Property, plant and equipment | 145 | - | 145 | 144 | - | 144 |
| Financial assets | 3 | - | 3 | 3 | - | 3 |
| Total non-current assets | 975 | 13 | 988 | 946 | 13 | 959 |
| Inventories | 249 | - | 249 | 237 | - | 237 |
| Trade receivables | 145 | - | 145 | 128 | - | 128 |
| Tax assets | 19 | 19 | 26 | - | 26 | |
| Other current receivables | 4 | - | 4 | 8 | - | 8 |
| Prepaid expenses and accrued income | 48 | 6 | 54 | 43 | 5 | 48 |
| Cash and cash equivalents | 78 | - | 78 | 67 | - | 67 |
| Total current assets | 543 | 6 | 549 | 510 | 5 | 515 |
| TOTAL ASSETS | 1,518 | 19 | 1,537 | 1,455 | 18 | 1,473 |
| Share capital | 7 | - | 7 | 7 | - | 7 |
| Other contributed capital | 849 | - | 849 | 849 | - | 849 |
| Warrants | 2 | - | 2 | 2 | - | 2 |
| Retained earnings, including profit for the period | -100 | 9 | -91 | -114 | 10 | -104 |
| Total equity | 758 | 9 | 767 | 744 | 10 | 754 |
| Non-current liabilities | ||||||
| Deferred tax liabilities | 48 | -1 | 47 | 46 | -1 | 45 |
| Other non-current liabilities | 409 | - | 409 | 393 | - | 393 |
| Total non-current liabilities | 456 | -1 | 455 | 439 | -1 | 438 |
| Current liabilities | ||||||
| Advances from customers | 6 | - | 6 | 5 | - | 5 |
| Trade payables | 77 | - | 77 | 69 | - | 69 |
| Current tax liabilities | 8 | - | 8 | 8 | - | 8 |
| Current lease liabilities | 17 | - | 17 | 16 | - | 16 |
| Other current liabilities | 89 | - | 89 | 71 | - | 71 |
| Accrued expenses and deferred income | 107 | 12 | 119 | 104 | 9 | 113 |
| Total current liabilities | 304 | 12 | 316 | 273 | 9 | 282 |
| Total liabilities | 760 | 10 | 770 | 711 | 8 | 719 |
| TOTAL EQUITY AND LIABILITIES | 1,518 | 19 | 1,537 | 1,455 | 18 | 1,473 |
Note 9. Alternative performance measures1
In this interim report Seafire presents certain financial measures that are not defined under IFRS. These are referred to as alternative performance measures. The Company believes that these APMs provide valuable additional information for stakeholders and investors, as they offer a different perspective on financial performance and financial position.
The table below contains definitions of Seafire's performance measures. The calculation is shown separately below.
| Non-IFRS measures | Description | Purpose |
|---|---|---|
| Organic growth, % | Increase in net sales in the period adjusted for acquisitions and divestments/Net sales in the comparative period. |
This performance measure is used in connection with analyses of underlying growth in revenue driven by comparable entities between different periods. |
| Acquired growth, % | Increase in net sales from acquisitions in the period/Net sales in the comparative period. |
This performance measure is used to monitor the proportion of the increase in the Company's sales that is generated through acquisitions. |
| Gross profit | Net sales less cost of sold goods/services sold. |
Gross profit is used to analyze the manufacturing and sales process and cost efficiency. |
| Gross margin | Gross profit expressed as a percentage of net sales in the period. |
The gross margin is used to monitor the gross contribution after direct expenses for goods and services. |
| Operating expenses | Personnel costs and other external expenses |
Used to summarize indirect cost base development relative to net sales. |
| EBITDA | Operating profit before depreciation, amortization and impairment. |
EBITDA is a measure that is used to monitor operational performance and facilitates comparisons of profitability between different companies and sectors. |
| Adjusted EBITDA | Operating profit before depreciation, amortization and impairment after the elimination of items affecting comparability. |
Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. |
| Adjusted EBITDA pro forma R12 |
Operating profit before depreciation, amortization and impairment after the elimination of items affecting comparability for the previous 12 months, including the outcome of completed acquisitions |
This performance measure is determined in relation to net debt in order to monitor developments in the Company's level of indebtedness. |
| EBITA | Operating profit before amortization and impairment attributable to acquired surplus values. |
Together with EBITDA, EBITA provides a picture of the profit that is generated by operating activities. |
| Adjusted EBITA | Adjusted operating profit before amortization and impairment of intangible assets and acquired surplus values, after the elimination of items affecting comparability. |
Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items. |
| Adjusted EBITA margin |
EBITA result expressed as a percentage of net sales during the period. |
The EBITA margin is used to monitor the profitability of the business. |
| Items affecting comparability |
Transaction-related costs, restructuring costs, purchase consideration remeasurement, capital gains on the sale of businesses and non-current assets, and other income and expenses considered to be non-recurring in nature. |
Items affecting comparability represent income and expenses that are not attributable to the underlying performance of the business. |
| Net debt | Interest-bearing liabilities less interest-bearing receivables less cash and cash equivalents. |
This performance measure is an indicator of the Company's level of indebtedness and is used by the Company to assess the scope to fulfill financial obligations. |
|---|---|---|
| Organic growth | Increase in net sales in the period adjusted for acquisitions and divestments divided by net sales in the comparative period. |
This performance measure is used in connection with analyses of underlying growth in revenue driven by comparable entities between different periods. |
| Pro forma | Outcome for the period adjusted to include the outcome of acquisitions for the previous 12 months. |
Used to facilitate comparisons between full year periods by adjusting for the full-year effect of completed acquisitions. |
Calculations of the alternative performance measures are presented in the tables shown below.
Calculation of organic growth
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| Percentage points | 2024 | 2023 | 2024 | 2023 |
| Organic growth | -17% | 14% | -11% | -5% |
| Acquired growth | 4% | 54% | 12% | 22% |
| Recognized growth | -13% | 68% | 1% | 17% |
| Q1 | Q1 | R12 | Full | |
| SEK million | 2024 | 2023 | 2024 | year 2023 |
| Net sales, base Net sales, income growth |
253 -42 |
151 21 |
953 -105 |
851 -42 |
EBITA and adjusted EBITA
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023 |
| EBIT | -1 | 10 | 2 | 13 |
| Reversal of amortization and impairment attributable to acquired surplus values |
6 | 6 | 68 | 68 |
| EBITA | 5 | 16 | 70 | 81 |
| Items affecting comparability | 1 | 9 | -17 | -9 |
| Adjusted EBITA | 6 | 25 | 53 | 72 |
EBITDA and adjusted EBITDA
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023 |
| EBIT | -1 | 10 | 2 | 13 |
| Reversal of depreciation, amortization and | ||||
| impairment of property, plant and equipment and | 13 | 13 | 97 | 97 |
| intangible assets | ||||
| EBITDA | 12 | 23 | 99 | 110 |
| Items affecting comparability | 1 | 9 | -17 | -9 |
| Adjusted EBITDA | 13 | 32 | 82 | 101 |
Items affecting comparability
| Q1 | Q1 | R12 | Full year |
|
|---|---|---|---|---|
| SEK million | 2024 | 2023 | 2024 | 2023 |
| Transaction costs | - | 4 | 3 | 7 |
| Costs for change of listing | - | 5 | 3 | 8 |
| Contingent consideration remeasurement | - | - | -28 | -28 |
| Restructuring costs | 1 | - | 5 | 4 |
| Items affecting comparability | 1 | 9 | -17 | -9 |
Adjusted EBITDA pro forma R12
| Q1 | Q1 | Full year |
|
|---|---|---|---|
| SEK million | 2024 | 2023 | 2023 |
| EBITDA R12 | 99 | 126 | 110 |
| Items affecting comparability | -17 | -14 | -9 |
| Adjusted EBITDA R12 | 82 | 112 | 101 |
| Acquired companies | - | 26 | 3 |
| Adjusted EBITDA pro forma R12 | 82 | 138 | 104 |
Net debt, Net debt/Adjusted EBITDA pro forma R12
| Q1 | Q1 | Full year |
|
|---|---|---|---|
| SEK million | 2024 | 2023 | 2023 |
| Interest-bearing liabilities | 243 | 354 | 234 |
| Lease liabilities | 33 | 38 | 37 |
| Contingent consideration due within 12 months | 5 | 21 | 5 |
| Less: cash and cash equivalents | -49 | -78 | -46 |
| Net debt | 232 | 336 | 230 |
| Adjusted EBITDA R12 | 82 | 138 | 104 |
| Net debt/Adjusted EBITDA pro forma R12, times |
2.8 | 2.4 | 2.2 |
Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12
| SEK million | Q1 2024 |
Q1 2023 |
Full year 2023 |
|---|---|---|---|
| Net debt | 232 | 336 | 230 |
| Outstanding deferral from the Swedish Tax | |||
| Agency and contingent consideration due for | |||
| payment after 12 months | 98 | 63 | 99 |
| Adjusted net debt | 330 | 399 | 329 |
| Adjusted EBITDA R12 | 82 | 138 | 104 |
| Adjusted net debt/Adjusted EBITDA pro forma R12, times |
4.0 | 2.9 | 3.2 |