Year-end report 2023, January-December

Fourth quarter

• Net sales for the fourth quarter reached SEK 760 m (764), corresponding to a decrease of 1%. Currency translations had a positive effect of SEK 16 m on net sales
• Order intake was SEK 426 m (718), corresponding to a decrease of 41%
• Operating profit reached SEK 169 m (192), equal to a 22.3% (25.1) operating margin. Adjusted operating profit reached SEK 193 m, equal to a 25.3 % adjusted operating margin.
• Profit after tax totalled SEK 110 m (151) and earnings per share was SEK 2.36 (3.25). Adjusted profit after tax totalled SEK 134 m and adjusted earnings per share was SEK 2.86
• Cash flow from operating activities amounted to SEK 119 m (177)
• Entering into a binding agreement to acquire Red Lion Controls

Yearly

• Net sales for the year reached SEK 3,025 m (2,506), corresponding to a 21% increase. Currency translations had a positive effect of SEK 135 m on net sales
• Order intake was SEK 2,303 m (3,064), corresponding to a decrease of 25%
• Operating profit reached SEK 753 m (653), equal to a 24.9% (26.0) operating margin. Adjusted operating profit reached SEK 777 m (626), equal to a 25.7% (25.0) adjusted operating margin
• Profit after tax totalled SEK 571 m (508) and earnings per share was SEK 12.23 (10.89). Adjusted profit after tax totalled SEK 594 m (481) and adjusted earnings per share was SEK 12.73 (10.31)
• Cash flow from operating activities amounted to SEK 519 m (431)
• Acquisition of additionally 20% of the shares in Owasys Advanced Wireless Devices S.L.
• The Board of Directors propose a dividend to the amount of SEK 4.40 (4.00) per share
  
  

Subsequent events

• Extraordinary General Meeting will be held on January 26, 2024
  
  

CEO comments

A QUARTER WITH SOLID SALES AND WEAK ORDER INTAKE

The last quarter of 2023 followed the same trend as the previous quarters. Continued solid turnover while order intake continues to be negatively affected when our customers continue to reduce their inventory levels in a somewhat weaker market.

The order intake for the quarter amounts to SEK 426 million (718), corresponding to an organic decline of 34%. We estimate that the quarter’s order intake is negatively affected by our customers’ inventory adjustments of approximately SEK 150 million, in contrast to the corresponding quarter last year, when we had inflated orders of SEK 85 million. Furthermore, the order intake has been negatively impacted by currency revaluations of the order book by SEK 43 million. Underlying order intake is estimated to be SEK 618 million, indicating a somewhat weaker market than previous quarter.