Interim report 2023, January - June

Second quarter

• Net sales for the second quarter reached SEK 703 m (601), corresponding to an increase of 17%. Currency translations had a positive effect of SEK 39 m on net sales
• Order intake was SEK 703 m (815), corresponding to a decrease of 14%
• Operating profit reached SEK 150 m (143), equal to a 21.4% (23.7) operating margin
• Profit after tax totalled SEK 116 m (109). Earnings per share was SEK 2.48 (2.33)
• Cash flow from operating activities amounted to SEK 78 m (56)

First six months

• Net sales for the first six months reached SEK 1,476 m (1,118), corresponding to a 32% increase. Currency translations had a positive effect of SEK 80 m on net sales
• Order intake was SEK 1,384 m (1,671), corresponding to an decrease of 17%
• Operating profit reached SEK 362 m (282, adjusted operating profit previous year 255), equal to a 24.5% (25.2, adjusted 22.8) operating margin
• Profit after tax totalled SEK 288 m (221, adjusted profit after tax previous year 195). Earnings per share was SEK 6.18 (4.74, adjusted 4.17)
• Cash flow from operating activities amounted to SEK 233 m (136)

CEO comments

CONTINUED STABLE DEMAND

Although economic indicators point to a weaker market climate, we still have solid demand from our customers. Despite a normalization of delivery conditions and thus less inventory buildup at our customers, we still see the effects of the disruptions in the global supply chain for electronic components from the past two years.


The order intake for the quarter amounts to SEK 703 million (815), corresponding to an organic decrease of 17%. We estimate that the quarter’s order intake is negatively affected by approximately SEK 30 million as our customers reduce their inventory levels, in contrast to the same quarter last year when we had boost orders of SEK 150 million. The continued weak development of the Swedish krona positively affects the order intake through currency conversion of our order book, with SEK 35 million. Adjusted for these different effects, we assess that underlying demand is stable on similar levels as a year ago.

The quarter’s revenue amounted to SEK 703 million (601), which corresponds to an organic growth of 10% compared to the same period last year. In May, we initiated the rollout of a new ERP (Enterprise Resource Planning) system, which resulted in temporarily lower delivery capacity for a few weeks, thereby affecting the quarter’s revenue by approximately SEK 40 million. We expect to recover this amount in the second half of the year. Since a few weeks ago, we have returned to a satisfactory delivery capacity. The order backlog remains unchanged at SEK 1.3 billion. Adjusted for currency effects, we see a book-to-bill ratio of 0.94.