Kvartalsrapport Q1 2024

Automatiskt nyckeltalsindex

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===== SIDA 1 =====

Press release from Atlas Copco AB  
 
 
  
 
Atlas Copco Group    
Atlas Copco AB Visitors address: Telephone: +46 8 743 8000 A Public Company (publ) 
SE-105 23 Stockholm 
Sweden 
Sickla Industriväg 19 
Nacka 
www.atlascopcogroup.com  Reg. No. 556014-2720 
Reg. Office Nacka 
 
 
April 24, 2024 
 
 
Atlas Copco Group 
First-quarter report 2024 
Solid orders, revenues and operating profit 
The comparison figures presented in this report refer to previous year unless otherwise stated. 
First quarter 
• Orders received decreased 4% to MSEK 45 656 (47 707), organic decline of 4% 
• Revenues increased 8% to MSEK 42 875 (39 861), organic growth of 7% 
• Operating profit reached MSEK 9 345 (8 699), corresponding to a margin of 21.8% (21.8) 
- Adjusted operating profit, excluding items affecting comparability, was MSEK 9 486 (8 663),  
corresponding to a margin of 22.1% (21.7) 
• Profit before tax amounted to MSEK 9 361 (8 655) 
• Basic earnings per share were SEK 1.47 (1.34) 
• Operating cash flow at MSEK 6 660 (4 948) 
• Return on capital employed was 30% (29)  
 
 
* Operating profit excluding amortization of intangibles related to acquisitions .  
 
Near-term demand outlook 
Atlas Copco Group expects that the customer activity level will remain at the current level. 
 
Previous near-term demand outlook (published January 25, 2024): 
Atlas Copco Group expects that the customer activity level will remain at the current level. 
 
 
Quarterly and annual financial data in Excel format can be found at: 
https://www.atlascopcogroup.com/en/investor-relations/financial-reports-presentations/latest-results  
 
 
MSEK 2024 2023
Orders received 45 656 47 707 -4%
Revenues 42 875 39 861 8%
EBITA* 9 905 9 211 8%
– as a percentage of revenues 23.1 23.1
Operating profit 9 345 8 699 7%
– as a percentage of revenues 21.8 21.8
Profit before tax 9 361 8 655 8%
– as a percentage of revenues 21.8 21.7
Profit for the period 7 175 6 528 10%
Basic earnings per share, SEK 1.47 1.34
Diluted earnings per share, SEK 1.47 1.34
Return on capital employed, % 30 29
January-March

===== SIDA 2 =====

Atlas Copco AB – Q1 2024 2 (18) 
 
Review of the first quarter
Market development 
The overall demand for the Atlas Copco Group’s equipment and 
services was solid, although the order intake didn’t reach the high 
level of the comparison quarter in the previous year.  
 Order volumes for industrial compressors remained basically 
unchanged, while orders for gas and process compressors did not 
reach the previous year’s exceptional level. The order intake for 
vacuum equipment for the semiconductor industry increased 
somewhat, whereas the order intake for industrial and scientific 
vacuum equipment decreased. Orders for industrial assembly 
equipment and vision solutions for the automotive industry were 
basically unchanged, while orders for the general industry 
increased. The order intake for power and flow equipment 
decreased markedly compared to the previous year’s high level, 
primarily due to lower demand from equipment rental companies 
in North America.  
The service business, including specialty rental, continued to grow 
with increased order intake in all business areas and in most 
regions. 
 In total, the Group’s order intake increased in Europe, South 
America, and Africa/Middle East but decreased in North America 
and Asia. 
   
Geographic distribution of orders received 
* Change in orders received compared to the previous year in local currency. 
 
Sales bridge 
 
* Volume, price and mix. 
Orders, revenues, and operating profit margin 
 
 
Geographic distribution of orders received and revenues 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
January-March 2024 Orders received, % Change*, %
North America 26 -12
South America 4 +8
Europe 28 +4
Africa/Middle East 6 +23
Asia/Oceania 36 -2
Atlas Copco Group 100 -2
Atlas Copco Group 
MSEK Orders received Revenues
2023 47 707 39 861
Structural change, % +2 +3
Currency, % -2 -2
Organic*, % -4 +7
Total, % -4 +8
2024 45 656 42 875
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
Orders received, MSEK Revenues, MSEK
Operat ing margin, % Adjusted operating margin, %
January-March 2024 Orders 
received Revenues 
Orders 
received Revenues 
Orders 
received Revenues 
Orders 
received Revenues 
Orders 
received Revenues 
North America 25 27 23 26 33 33 30 27 26 28
South America 6 6 0 0 2 3 6 7 4 4
Europe 29 32 16 16 34 34 32 32 28 29
Africa/Middle East 7 6 1 1 1 1 9 7 6 4
Asia/Oceania 33 29 60 57 30 29 23 27 36 35
100 100 100 100 100 100 100 100 100 100
Compressor Technique, % Vacuum Technique, % Industrial Technique, % Power Technique, % Atlas Copco Group, %

===== SIDA 3 =====

Atlas Copco AB – Q1 2024 3 (18) 
Revenues, profits and returns 
Revenues increased 8% to MSEK 42 875 (39 861), corresponding to 
an organic growth of 7%. Currency had a negative effect of 2%, 
and acquisitions added 3%. 
 The operating profit increased 7% to MSEK 9 345 (8 699) and 
includes a change in provision for share related long-term 
incentive programs, reported in Common Group Items of MSEK  
-141 (+36).  
 Adjusted operating profit increased 10% to MSEK 9 486  
(8 663), corresponding to a margin of 22.1% (21.7). The margin 
was positively affected by increased organic revenues while 
dilution from acquisitions affected the margin negatively. Currency 
had no material effect on the margin.  
 Net financial items amounted to MSEK 16 (-44) whereof 
interest net at MSEK -61 (-91). Other financial items, including 
financial exchange differences, were MSEK 77 (47). Profit before 
tax amounted to MSEK 9 361 (8 655), corresponding to a margin of 
21.8% (21.7). Corporate income tax amounted to MSEK -2 186  
(-2 127), corresponding to an effective tax rate of 23.4% (24.6).  
Profit for the period was MSEK 7 175 (6 528). Basic and diluted 
earnings per share were SEK 1.47 (1.34) and SEK 1.47 (1.34), 
respectively.  
 The return on capital employed during the last 12 months was 
30% (29). Return on equity was 31% (32). The Group uses a 
weighted average cost of capital (WACC) of 8.0% as an investment 
and overall performance benchmark. 
Operating cash flow and investments 
Operating cash surplus increased to MSEK 11 685 (10 690). Net 
financial items and taxes paid amounted to MSEK -2 135 (-1 976). 
Working capital increased by MSEK 1 334 (increase of 2 212), 
mainly due to lower operating liabilities. Net investments in rental 
equipment were MSEK -546 (-298). Net investments in property, 
plant, and equipment, were MSEK -858 (-983).  
Operating cash flow (an important internal KPI, but not an IFRS 
measurement, and hence defined on page 13) reached MSEK   
6 660 (4 948).  
Net indebtedness 
The Group’s net indebtedness amounted to MSEK 20 810 
(24 124), of which MSEK 2 715 (2 419) was attributable to post-
employment benefits. The Group’s interest-bearing liabilities have 
an average maturity of 5.4 years. The net debt/EBITDA ratio was 
0.5 (0.6) and the net debt/equity ratio was 20% (28). 
Acquisition and divestment of own shares 
During the quarter, 2 309 741 series A shares, net, were sold for a 
net value of MSEK 410. These transactions are in accordance with 
mandates granted by the Annual General Meeting and relate to 
the Group’s long-term incentive programs. See page 17. 
Employees 
On March 31, 2024, the number of employees was 53 728  
(50 056). The number of consultants/external workforce was  
3 126 (3 576). For comparable units, the total workforce increased 
by 1 726 from March 31, 2023. 
 
Important events – before and after period end 
On November 24, 2023, it was announced that Mats Rahmström, 
the President and CEO of the Atlas Copco Group, will leave the 
Group. After 35 years with the Group and almost seven years as 
CEO, Mats Rahmström informed the Board of Directors of Atlas 
Copco AB that he wishes to step down. Mats Rahmström will 
continue to be fully operational up until April 30, 2024.  
 On January 11, 2024, it was announced that the Board of 
Directors has appointed Vagner Rego (currently Business Area 
President for the business area Compressor Technique) as the new 
President and CEO of Atlas Copco Group, effective May 1, 2024. 
 
 
 
 
Revenues and operating profit – bridge 
 
* LTI= Long term incentive 
  
MSEK Q1 2024 
Volume, price, 
mix and other Currency Acquisitions 
Items affecting 
comparability 
Share-based LTI* 
programs Q1 2023 
Atlas Copco Group
Revenues 42 875 2 799 -755 970 - - 39 861
Operating profit 9 345 888 -120 55 0 -177 8 699
21.8% 21.8%

===== SIDA 4 =====

Atlas Copco AB – Q1 2024 4 (18) 
Compressor Technique 
 
* Operating profit excluding amortization of intangibles related to acquisitions.  
• Orders for industrial compressors flat, gas and process compressors down 
• Solid growth for service  
• Strong operating profit, margin at 24.8% 
Sales bridge 
 
* Volume, price and mix. 
Industrial compressors 
The demand for both large-sized and smaller-sized compressors 
was basically unchanged, and the overall order volumes for 
industrial compressors remained at the same level as the previous 
year. Sequentially, the order intake increased for all compressor 
sizes.  
 Geographically, compared to the previous year, the order 
intake increased in South America and Africa/Middle East, was flat 
in North America, but decreased in Europe and Asia. 
Gas and process compressors 
The order intake for gas and process compressors was strong, 
although it did not reach the extraordinarily high level of the 
previous year. Sequentially, however, the order intake increased 
strongly.  
 Year-on-year order volumes decreased in most regions, most 
significantly in North America and Asia, because several larger 
orders placed in the previous year were not repeated. 
 
Compressor service 
The demand for service remained strong, and solid order growth 
was achieved year-on-year and sequentially. Order volumes 
increased in all regions compared to the previous year.  
 
Innovation 
A new dual-speed oil-injected rotary screw compressor, the GA 
11-30 FLX, was introduced to the market. The dual-speed concept 
can provide up to 20% energy savings compared to a fixed-speed 
compressor. In addition, and thanks to connectivity, the new 
product can also be upgraded over the air for total variable speed 
capabilities and additional energy efficiency.         
Acquisitions 
The following acquisitions were completed in the quarter: 
- Hycomp Inc.’s technology for high-pressure oil-free 
compression. The US-based company has 37 employees and 
had revenues of MSEK 85 in 2023. 
- Ace Air (NI) Ltd, a compressed air distributor and service 
provider in Ireland with 8 employees. 
- Druckluft-Technik-Nord GmbH, a compressor distributor in 
Germany with 18 employees. 
- Pacific Sales & Service, Inc. (Pacific Air Compressors), a 
compressed air distributor in the US with 15 employees. 
- Zahroof Valves Inc., a US-based company that designs, 
services, and assembles reciprocating compression valve 
technology. The company has 44 employees and had revenues 
of approximately MSEK 130 in 2023.  
Revenues and profitability 
Revenues increased 6% to MSEK 18 710 (17 632), corresponding to 
an organic increase of 8%.  
 The operating profit increased 9% to MSEK 4 642 (4 245), 
corresponding to a margin of 24.8% (24.1). The higher margin was 
mainly due to increased organic revenues. Currency affected the 
margin negatively, and dilution from acquisitions had a small 
negative effect on the margin. Return on capital employed (last 12 
months) was 84% (82). 
Orders, revenues, and operating profit margin 
 
MSEK 2024 2023
Orders received 21 144 21 819 -3%
Revenues 18 710 17 632 6%
EBITA* 4 795 4 386 9%
– as a percentage of revenues 25.6 24.9
Operating profit 4 642 4 245 9%
– as a percentage of revenues 24.8 24.1
Return on capital employed, % 84 82
January-March
MSEK Orders received Revenues
2023 21 819 17 632
Structural change, % +1 +0
Currency, % -3 -2
Organic*, % -1 +8
Total, % -3 +6
2024 21 144 18 710
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
2 500
5 000
7 500
10  000
12  500
15  000
17  500
20  000
22  500
25  000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
Orders received, MSEK Revenues, MSEK Operat ing margin, %

===== SIDA 5 =====

Atlas Copco AB – Q1 2024 5 (18) 
Vacuum Technique 
 
* Operating profit excluding amortization of intangibles related to acquisitions . 
• Decreased equipment orders driven by industrial and scientific vacuum 
• Solid growth for service  
• Operating profit margin at 21.8% 
Sales bridge 
 
* Volume, price and mix. 
Semiconductor and flat panel display equipment 
Order volumes for equipment to the semiconductor and flat panel 
industry increased somewhat compared to the previous year, and 
order growth was also achieved sequentially.  
 Geographically and compared to the previous year, order 
volumes increase in North America, were flat in Asia, but 
decreased in Europe.  
Industrial and scientific vacuum equipment 
Order volumes for industrial and scientific vacuum equipment 
decreased markedly due to generally lower demand from several 
industrial and scientific application segments. Compared to the 
previous quarter though, order intake increased.  
 Year-on-year, order volumes decreased in Asia and North 
America, while orders were unchanged in Europe. 
 
Vacuum service 
The service business continued to grow with increased order 
intake from semiconductor and industrial customers. Order 
volumes increased in all major regions. 
Innovation 
The business area introduced a new chiller, Polycold MC2200, for 
a broad range of industrial applications. The new chiller offers high 
productivity, fast cooldown cycles, and up to 20% improved power 
efficiency compared to previous models.
 
Revenues and profitability 
Revenues reached MSEK 9 719 (9 989), corresponding to an 
organic decrease of 3%.  
 The operating profit reached MSEK 2 119 (2 268), 
corresponding to a margin of 21.8% (22.7). The margin was 
negatively affected by lower revenue volumes, an unfavorable 
sales mix, and dilution from acquisitions. Currency had a positive 
effect on the operating margin. Return on capital employed (last 
12 months) was 22% (24). 
Orders, revenues, and operating profit margin 
  
MSEK 2024 2023
Orders received 9 104 9 524 -4%
Revenues 9 719 9 989 -3%
EBITA* 2 297 2 441 -6%
– as a percentage of revenues 23.6 24.4
Operating profit 2 119 2 268 -7%
– as a percentage of revenues 21.8 22.7
Return on capital employed, % 22 24
January-March
MSEK Orders received Revenues
2023 9 524 9 989
Structural change, % +2 +2
Currency, % -2 -2
Organic*, % -4 -3
Total, % -4 -3
2024 9 104 9 719
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
60%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
11 000
12 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
Orders received, MSEK Revenues, MSEK Operating margin, %

===== SIDA 6 =====

Atlas Copco AB – Q1 2024 6 (18) 
Industrial Technique 
 
* Operating profit excluding amortization of intangibles related to acquisitions . 
• Slight order growth for equipment driven by general industry 
• Continued solid growth for service  
• Record revenues, operating profit margin at 21.9% 
Sales bridge 
 
* Volume, price and mix. 
Automotive industry 
The overall order intake for industrial assembly and vision 
solutions to the automotive industry was basically unchanged 
compared to the previous year. Orders were largely flat in all 
major regions. Compared to the previous quarter, the order intake 
increased, supported by increased order volumes in all major 
regions. 
General industry 
Orders for industrial assembly and vision solutions for the general 
industry increased compared to the previous year and 
sequentially. The year-on-year order growth was supported by 
increased demand from several customer segments, such as 
aerospace, general assembly, electronics, and energy.  
 Geographically, order volumes increased in Europe and the 
Americas and remained essentially unchanged in Asia. 
Service 
Order volumes for service remained strong, and solid order 
growth was achieved in all major regions. 
Innovation 
The Atlas Copco Avantguard was introduced as a new error-
proofing solution for assembly processes, targeting automotive, 
off-highway, and energy customers. The solution is based on new 
software that integrates into the Atlas Copco ecosystem of 
industrial tools, positioning solutions, and software. It controls and 
manages factory workflows, reduces errors, and increases quality 
at customers' production. 
Revenues and profitability 
Revenues increased 16% to record MSEK 7 514 (6 492), 
corresponding to an organic increase of 19%. 
 The operating profit increased 20% to MSEK 1 649 (1 371), 
corresponding to a margin of 21.9% (21.1). The higher margin was 
supported by increased revenue volumes. Currency and 
acquisitions had no material effect on the operating margin. 
Return on capital employed (last 12 months) was 22% (18). 
Orders, revenues, and operating profit margin 
MSEK 2024 2023
Orders received 7 796 7 729 1%
Revenues 7 514 6 492 16%
EBITA* 1 781 1 507 18%
– as a percentage of revenues 23.7 23.2
Operating profit 1 649 1 371 20%
– as a percentage of revenues 21.9 21.1
Return on capital employed, % 22 18
January-March
MSEK Orders received Revenues
2023 7 729 6 492
Structural change, % +0 -1
Currency, % -2 -2
Organic*, % +3 +19
Total, % +1 +16
2024 7 796 7 514
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
Orders received, MSEK Revenues, MSEK Operating margin, %

===== SIDA 7 =====

Atlas Copco AB – Q1 2024                7 (18) 
    
    
    
 
 
Power Technique 
 
* Operating profit excluding amortization of intangibles related to acquisitions. 
• Equipment orders down compared to previous year’s very high level 
• Growth for specialty rental and service  
• Operating profit margin at 19.3%
Sales bridge 
 
* Volume, price and mix. 
Equipment 
Order volumes for equipment such as portable compressors, 
generators, and pumps decreased significantly compared to the 
previous year. The lower order intake was mainly due to lower 
demand from North American equipment rental companies 
compared to last year's very high level. Sequentially, order 
volumes increased, partly supported by a normal seasonal effect.  
 Compared to the previous year, the order intake decreased in 
North America and Asia but increased in Europe. 
Specialty rental 
The demand for the specialty rental business increased and order 
volumes grew compared to the previous year. The increased order 
intake was further supported by the contribution from recent 
acquisitions. Sequentially, order volumes decreased.  
 Year-on-year, the order volumes increased in all larger 
regions. 
 
Service  
Orders for service continued to develop positively, with solid 
order growth in almost all regions. 
Innovation 
During the quarter, the CPS 1600-150, a new portable compressor 
primarily for the North American market, was introduced. The 
new compressor is compact and lightweight, has a robust design, 
and offers high fuel efficiency compared to similar products. 
Acquisitions 
In the quarter, KRACHT GmbH (Kracht), a German manufacturer of 
external gear pumps, fluid measurement, valves, hydraulic drives, 
and dosing systems was acquired. The company has 440 
employees and had revenues of MSEK 766 in 2022. 
Revenues and profitability 
Revenues increased 20% to MSEK 7 202 (5 996), corresponding to 
an organic increase of 9%.  
 The operating profit increased 22% to MSEK 1 393 (1 145), 
corresponding to a margin of 19.3% (19.1). The margin was 
primarily supported by increased organic revenues, even if 
currency also had a small positive effect. Dilution from 
acquisitions affected the margin negatively. Return on capital 
employed (last 12 months) was 21% (24). 
Orders, revenues, and operating profit margin 
 
  
MSEK 2024 2023
Orders received 8 019 8 929 -10%
Revenues 7 202 5 996 20%
EBITA* 1 489 1 206 23%
– as a percentage of revenues 20.7 20.1
Operating profit 1 393 1 145 22%
– as a percentage of revenues 19.3 19.1
Return on capital employed, % 21 24
January-March
MSEK Orders received Revenues
2023 8 929 5 996
Structural change, % +8 +12
Currency, % -1 -1
Organic*, % -17 +9
Total, % -10 +20
2024 8 019 7 202
January-March
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2021 2022 2023 2024
Orders received, MSEK Revenues, MSEK Operating margin, %

===== SIDA 8 =====

Atlas Copco AB – Q1 2024 8 (18) 
Accounting principles 
The consolidated accounts of Atlas Copco Group are prepared in 
accordance with International Financial Reporting Standards (IFRS), as 
adopted by the EU. The description of the accounting principles and 
definitions applied in this report are found in the Annual Report 2023. The 
interim report is prepared in accordance with IAS 34 Interim Financial 
Reporting. Non-IFRS measures are also presented in the report since they 
are considered to be important supplemental measures of the company´s 
performance. For further information about these measures and how they 
have been calculated, please visit: 
https://www.atlascopcogroup.com/en/investor-relations/key-figures  
Risks, risk management and factors of uncertainty 
Atlas Copco Group’s global and diversified business is active within many 
customer segments and results in a variety of risks and opportunities 
geographically and operationally. Thus, the ability to identify, analyze and 
manage risks is crucial for effective governance and control of the 
business. The aim is to meet the Group’s goals with a high awareness of 
risks and well-managed risk taking. Atlas Copco Group sees the benefits of 
an efficient risk management both from risk reduction and business 
opportunity perspectives, which can lead to good business growth. 
 
Risks in Atlas Copco Group are identified in a 360-degree spectrum, 
meaning that both internal, and external exposures are assessed, including 
today’s circumstances and future changes. The Group’s risk management 
approach follows the decentralized structure of Atlas Copco Group. Risks 
are analyzed and addressed in an integrated way. Local companies are 
responsible for their own risk management, which is monitored and 
followed up regularly at for example local business board meetings. Group 
functions responsible for legal, insurance, human resources, compliance, 
sustainability, treasury, tax, controlling and accounting provide policies, 
guidelines and instructions regarding risk management.  
 
Risk areas include compliance risks, external exposure risks, including 
pandemics, operational risks and strategic risks. These risk areas can 
impact the business negatively both in the long and short term, but often 
also create business opportunities if managed well. Examples of risks and 
how they are handled is described below.   
Market risks 
The demand for Atlas Copco Group’s equipment and services is affected 
by changes in the customers’ investment and production levels. A general 
economic downturn, geopolitical tensions, pandemics, changes in trade 
agreements, trade sanctions, a widespread financial crisis and other 
macroeconomic disturbances may, directly or indirectly, affect the Group 
negatively both in terms of revenues and profitability. However, the 
Group’s sales are well diversified with customers in many industries and 
countries around the world, which mitigates the risk.  
Financial risks  
Atlas Copco Group is subject to currency risks, funding risks, interest rate 
risks, tax risks, and other financial risks. In line with the overall goals with 
respect to growth, return on capital, and protecting creditors, Atlas Copco 
Group has adopted a policy to control the financial risks to which the 
Group is exposed. A financial risk management committee meets regularly 
to manage and follow up financial risks, in line with the policy. 
Production risks 
A large part of the components used in production are sourced from sub-
suppliers. The availability is dependent on the sub-suppliers and if they 
have interruptions or lack capacity, this may adversely affect production. 
To minimize these risks, Atlas Copco Group has established a global 
network of sub-suppliers, which means that in most cases there are more 
than one sub-supplier that can provide a certain component. Atlas Copco 
Group is also directly and indirectly exposed to raw material prices. Cost 
increases for raw materials and components often coincide with strong 
end-customer demand and can partly be compensated for by increased 
sales prices. 
Acquisitions 
Atlas Copco Group has the ambition to grow all its business areas, 
primarily through organic growth, supplemented by selected acquisitions. 
The integration of acquired businesses is a difficult process and it is not 
certain that every integration will be successful. Therefore, costs related to 
acquisitions can be higher and/or synergies can take longer to materialize 
than anticipated. 
 
For more information on Atlas Copco Group’s risk management process 
and further descriptions of risks and how they are handled, see the Annual 
Report 2023. 
Forward-looking statements 
Some statements in this report are forward-looking, and the actual 
outcome could be materially different. In addition to the factors explicitly 
discussed, other factors could have a material effect on the actual 
outcome. Such factors include, but are not limited to, general business 
conditions, fluctuations in exchange rates and interest rates, political 
developments, the impact of competing products and their pricing, 
product development, commercialization and technological difficulties, 
interruptions in supply, and major customer credit losses. 
Atlas Copco AB 
Atlas Copco AB is a public company. Atlas Copco AB and its subsidiaries are 
often referred to as Atlas Copco Group, the Group or the company. Any 
mentioning of the Board of Directors or the Board refers to the Board of 
Directors of Atlas Copco AB.

===== SIDA 9 =====

Atlas Copco AB – Q1 2024 9 (18) 
Consolidated income statement (condensed) 
 
MSEK 2024 2023
Revenues 42 875 39 861
Cost of sales -24 091 -22 411
Gross profit 18 784 17 450
Marketing expenses -4 900 -4 561
Administrative expenses -2 693 -2 414
Research and development costs -1 784 -1 554
Other operating income and expenses -62 -222
Operating profit 9 345 8 699
- as a percentage of revenues 21.8% 21.8%
Net financial items 16 -44
Profit before tax 9 361 8 655
- as a percentage of revenues 21.8% 21.7%
Income tax expense -2 186 -2 127
Profit for the period 7 175 6 528
Profit attributable to
- owners of the parent 7 172 6 523
- non-controlling interests 3 5
Basic earnings per share, SEK 1.47 1.34
Diluted earnings per share, SEK 1.47 1.34
Basic weighted average number of shares outstanding, millions 4 871.4 4 868.2
Diluted weighted average number of shares outstanding, millions 4 878.3 4 875.8
Key ratios
Equity per share, period end, SEK 21 18
Return on capital employed, 12 month values, % 30 29
Return on equity, 12 month values, % 31 32
Debt/equity ratio, period end, % 20 28
Equity/assets ratio, period end, % 53 49
Number of employees, period end 53 728 50 056
January-March

===== SIDA 10 =====

Atlas Copco AB – Q1 2024 10 (18) 
Consolidated statement of comprehensive income 
 
 
  
MSEK 2024 2023
Profit for the period 7 175 6 528
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension plans 39 -164
Income tax relating to items that will not be reclassified -14 51
25 -113
Items that may be reclassified subsequently to profit or loss
Translation differences on foreign operations 6 029 -270
Hedge of net investments in foreign operations -678 -202
Cash flow hedges - 27
Income tax relating to items that may be reclassified 228 61
5 579 -384
Other comprehensive income for the period, net of tax 5 604 -497
Total comprehensive income for the period 12 779 6 031
Total comprehensive income attributable to
- owners of the parent 12 772 6 026
- non-controlling interests 7 5
January-March

===== SIDA 11 =====

Atlas Copco AB – Q1 2024 11 (18) 
Consolidated balance sheet (condensed) 
 
Fair value of derivatives, cash equivalents and borrowings 
The carrying value and fair value of the Group’s outstanding derivatives, liquidity funds and borrowings are shown in the tables below. The 
fair values of bonds are based on level 1 and the fair values of derivatives, liquidity funds and other loans are based on level 2 in the fair 
value hierarchy. Compared to 2023, no transfers have been made between different levels in the fair value hierarchy for derivatives and 
borrowings and no significant changes have been made to valuation techniques, inputs, or assumptions. For further information, see note 
26 in the Annual Report 2023. http://www.atlascopco.com/ir  
Financial instruments recorded at fair value 
 
Carrying value and fair value of borrowings 
  
MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023
Intangible assets 72 487 67 283 67 501
Rental equipment 4 829 2 805 4 345
Other property, plant and equipment 15 869 13 319 14 358
Right-of-use assets 6 156 5 490 5 763
Financial assets and other receivables 2 312 2 578 2 276
Deferred tax assets 2 432 2 065 2 234
Total non-current assets 104 085 93 540 96 477
Inventories 31 065 29 819 29 283
Trade and other receivables 47 411 41 925 45 072
Other financial assets 394 763 965
Cash and cash equivalents 16 014 9 882 10 887
Assets classified as held for sale - 1 -
Total current assets 94 884 82 390 86 207
TOTAL ASSETS 198 969 175 930 182 684
Equity attributable to owners of the parent 104 487 85 913 91 450
Non-controlling interests 57 55 50
TOTAL EQUITY 104 544 85 968 91 500
Borrowings 31 445 29 375 29 967
Post-employment benefits 2 715 2 419 2 584
Other liabilities and provisions 2 279 1 842 2 154
Deferred tax liabilities 2 405 2 575 2 267
Total non-current liabilities 38 844 36 211 36 972
Borrowings 3 058 2 975 2 742
Trade payables and other liabilities 49 803 48 978 48 871
Provisions 2 720 1 798 2 599
Total current liabilities 55 581 53 751 54 212
TOTAL EQUITY AND LIABILITIES 198 969 175 930 182 684
MSEK Mar. 31 2024 Dec. 31 2023
Non-current assets and liabilities
Assets 112 96
Liabilities - -
Current assets and liabilities
Assets 677 437
Liabilities 10 721
MSEK Mar. 31 2024 Mar. 31 2024 Dec. 31 2023 Dec. 31 2023
Carrying value Fair value Carrying value Fair value
Bonds 14 897 13 203 14 294 12 633
Other loans 13 452 13 318 12 673 12 648
Lease liability 6 154 6 154 5 742 5 742
34 503 32 675 32 709 31 023

===== SIDA 12 =====

Atlas Copco AB – Q1 2024 12 (18) 
Consolidated statement of changes in equity (condensed) 
 
 
 
 
  
MSEK
         owners of 
the parent 
non-controlling 
interests Total equity 
Opening balance, January 1, 2024 91 450 50 91 500
Changes in equity for the period
Total comprehensive income for the period 12 772 7 12 779
Acquisition and divestment of own shares 410 - 410
Share-based payments, equity settled -145 - -145
Closing balance, March 31, 2024 104 487 57 104 544
MSEK
         owners of 
the parent 
non-controlling 
interests Total equity 
Opening balance, January 1, 2023 79 976 50 80 026
Changes in equity for the period
Total comprehensive income for the period 6 026 5 6 031
Acquisition and divestment of own shares -1 - -1
Share-based payments, equity settled -88 - -88
Closing balance, March 31, 2023 85 913 55 85 968
Equity attributable to
Equity attributable to

===== SIDA 13 =====

Atlas Copco AB – Q1 2024 13 (18) 
Consolidated statement of cash flows (condensed) 
 
 
Depreciation, amortization and impairment 
  
 
Calculation of operating cash flow 
  
  
MSEK 2024 2023
Cash flows from operating activities
Operating profit 9 345 8 699
Depreciation, amortization and impairment (see below) 2 074 1 778
Capital gain/loss and other non-cash items 266 213
Operating cash surplus 11 685 10 690
Net financial items received/paid -354 -351
Taxes paid -1 781 -1 625
Pension funding and payment of pension to employees -104 -142
Change in working capital -1 334 -2 212
Investments in rental equipment -557 -308
Sale of rental equipment 11 10
Net cash from operating activities 7 566 6 062
Cash flows from investing activities
Investments in property, plant and equipment -879 -1 001
Sale of property, plant and equipment 21 18
Investments in intangible assets -356 -373
Acquisition of subsidiaries and associated companies -2 196 -564
Other investments, net 7 3
Net cash from investing activities -3 403 -1 917
Cash flows from financing activities
Repurchase and sales of own shares 410 -1
Change in interest-bearing liabilities, net 75 -5 378
Net cash from financing activities 485 -5 379
Net cash flow for the period 4 648 -1 234
Cash and cash equivalents, beginning of the period 10 887 11 254
Exchange differences in cash and cash equivalents 479 -138
Cash and cash equivalents, end of the period 16 014 9 882
January-March
Depreciation, amortization and impairment 2024 2023
Rental equipment 249 196
Other property, plant and equipment 518 443
Right-of-use assets 428 377
Intangible assets 879 762
Total 2 074 1 778
January-March
MSEK 2024 2023
Net cash flow for the period 4 648 -1 234
Add back:
Change in interest-bearing liabilities, net -75 5 378
Repurchase and sales of own shares -410 1
Acquisitions and divestments 2 196 564
Currency hedges 301 239
Operating cash flow 6 660 4 948
January-March

===== SIDA 14 =====

Atlas Copco AB – Q1 2024 14 (18) 
Revenues by business area 
 
Equipment and service revenues 
 
Operating profit by business area 
 
Return on capital employed by business area 
 
2022 2023 2024
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 13 305 14 291 16 377 17 085 17 632 18 600 19 493 19 827 18 710
- of which external 13 169 14 174 16 244 16 957 17 466 18 407 19 300 19 614 18 507
- of which internal 136 117 133 128 166 193 193 213 203
Vacuum Technique 8 179 9 335 10 781 10 646 9 989 10 911 10 802 11 110 9 719
- of which external 8 173 9 332 10 773 10 639 9 979 10 906 10 795 11 101 9 711
- of which internal 6 3 8 7 10 5 7 9 8
Industrial Technique 5 083 5 405 5 911 6 608 6 492 7 280 7 306 7 375 7 514
- of which external 5 072 5 396 5 900 6 595 6 469 7 260 7 290 7 356 7 492
- of which internal 11 9 11 13 23 20 16 19 22
Power Technique 3 702 4 247 5 207 5 897 5 996 6 828 7 142 6 933 7 202
- of which external 3 672 4 209 5 157 5 863 5 947 6 791 7 100 6 883 7 165
- of which internal 30 38 50 34 49 37 42 50 37
Common Group Items / Eliminations -183 -167 -202 -182 -248 -255 -258 -291 -270
Atlas Copco Group 30 086 33 111 38 074 40 054 39 861 43 364 44 485 44 954 42 875
2022 2023 2024
% of total revenues (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique - Equipment 55 57 58 59 57 58 59 60 56
Compressor Technique - Service 45 43 42 41 43 42 41 40 44
Vacuum Technique - Equipment 76 77 78 78 77 77 77 78 75
Vacuum Technique - Service 24 23 22 22 23 23 23 22 25
Industrial Technique - Equipment 72 72 72 74 71 74 73 76 73
Industrial Technique - Service 28 28 28 26 29 26 27 24 27
Power Technique - Equipment 55 54 56 58 58 60 56 54 58
Power Technique - Service 45 46 44 42 42 40 44 46 42
2022 2023 2024
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 3 170 3 266 3 963 4 026 4 245 4 472 4 856 4 915 4 642
- as a percentage of revenues 23.8 22.9 24.2 23.6 24.1 24.0 24.9 24.8 24.8
Vacuum Technique 1 859 2 123 2 484 1 941 2 268 2 504 2 465 2 370 2 119
- as a percentage of revenues 22.7 22.7 23.0 18.2 22.7 22.9 22.8 21.3 21.8
Industrial Technique 1 065 1 077 1 267 1 188 1 371 1 585 1 647 1 580 1 649
- as a percentage of revenues 21.0 19.9 21.4 18.0 21.1 21.8 22.5 21.4 21.9
Power Technique 664 807 983 1 071 1 145 1 294 1 429 1 323 1 393
- as a percentage of revenues 17.9 19.0 18.9 18.2 19.1 19.0 20.0 19.1 19.3
Common Group Items / Eliminations -9 6 -319 -416 -330 -666 -280 -1 102 -458
Operating profit 6 749 7 279 8 378 7 810 8 699 9 189 10 117 9 086 9 345
- as a percentage of revenues 22.4 22.0 22.0 19.5 21.8 21.2 22.7 20.2 21.8
Net financial items -78 26 70 -190 -44 -163 -189 -253 16
Profit before tax 6 671 7 305 8 448 7 620 8 655 9 026 9 928 8 833 9 361
- as a percentage of revenues 22.2 22.1 22.2 19.0 21.7 20.8 22.3 19.6 21.8
2022 2023 2024
% (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Compressor Technique 90 86 83 82 82 83 82 85 84
Vacuum Technique 25 25 25 24 24 23 22 22 22
Industrial Technique 17 17 18 17 18 20 20 21 22
Power Technique 29 29 27 25 24 23 22 22 21
Atlas Copco Group 27 28 29 29 29 30 30 30 30

===== SIDA 15 =====

Atlas Copco AB – Q1 2024 15 (18) 
Acquisitions and divestments 
 
* Annual revenues and number of employees at time of acquisition/divestment. No revenues are disclosed for former Atlas Copco d istributors.  
Due to the relatively small size of most of the acquisitions made in 202 4, full disclosure as per IFRS 3 is not given in this interim report.  
Disclosure on an aggregated level will be given in the Annual Report 202 4. See the Annual Report for 2023 for disclosure of acquisitions made in 2023. 
Date Acquisitions Divestments Business area
Revenues
MSEK* 
Number of 
employees* 
2024 Mar. 5 Zahroof Valves Inc.  Compressor Technique 130 44
2024 Mar. 4 Pacific Sales & Service, Inc. (Pacific Air Compressors)  Compressor Technique 15
2024 Mar. 4 Druckluft-Technik-Nord GmbH Compressor Technique 18
2024 Feb. 7 Ace Air (NI) Ltd. Compressor Technique 8
2024 Jan. 9 Hycomp Inc. Compressor Technique 85 37
2024 Jan. 3 KRACHT GmbH (Kracht) Power Technique 766 440
2023 Dec. 5 Sykes Group Pty Ltd. (Sykes) Power Technique 455 123
2023 Nov. 14 Hamamcıoğlu Makina (HAMAK) Compressor Technique 75 23
2023 Oct. 16 ACJ, s.r.o. Compressor Technique 14
2023 Oct. 11 William G Frank Medical Gas Testing and Consulting, LLC & 
Medical Gas Credentialing LLC 
Compressor Technique 20 8
2023 Aug. 3 Climorent Power Technique 21 15
2023 Jul. 17 ZEUS Co., Ltd. Vacuum Technique 59
2023 Jul. 4 Extend3D GmbH Industrial Technique 32 16
2023 Jun. 1 National Pump & Energy Power Technique 1 400 420
2023 May 23 Maziak Compressor Services Ltd. Compressor Technique 87 40
2023 May 4 C.P. Service SRL Compressor Technique 60 13
2023 May 2 James E. Watson & Co. Vacuum Technique 7
2023 Apr. 5 Shandong Bozhong Vacuum Technology Co., Ltd. Vacuum Technique 120 116
2023 Apr. 4 Asven S.R.L. Compressor Technique 10
2023 Apr. 4 Trillium US Inc. Vacuum Technique 270 140
2023 Mar. 7 FS Medical Technology Business Compressor Technique 71 32
2023 Feb. 2 CVS Engineering GmbH Vacuum Technique 200 76
2023 Jan. 17 MedCore Services Inc. Compressor Technique 10 7

===== SIDA 16 =====

Atlas Copco AB – Q1 2024 16 (18) 
Parent company 
Income statement (condensed) 
 
 
Balance sheet (condensed) 
 
 
Assets pledged and contingent liabilities 
 
Accounting principles 
Atlas Copco AB is the ultimate Parent Company of the Atlas Copco Group. The financial statements of Atlas Copco AB have been prepared 
in accordance with the Swedish Annual Accounts Act and the accounting standard RFR 2, Accounting for Legal Entities. The same 
accounting principles and methods of computation are followed in the interim financial statements as compared with the most recent 
annual financial statements. See also accounting principles, page 8. 
 
  
MSEK 2024 2023
Administrative expenses -230 -179
Other operating income and expenses 44 22
Operating profit/loss -186 -157
Financial income and expenses -46 -75
Profit/loss before tax -232 -232
Income tax 90 175
Profit/loss for the period -142 -57
January-March
MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023
Total non-current assets 193 091 180 881 192 885
Total current assets 5 123 5 282 5 165
TOTAL ASSETS 198 214 186 163 198 050
Total restricted equity 5 785 5 785 5 785
Total non-restricted equity 156 552 156 372 156 444
TOTAL EQUITY 162 337 162 157 162 229
Total provisions 898 575 860
Total non-current liabilities 34 605 23 109 34 605
Total current liabilities 374 322 356
TOTAL EQUITY AND LIABILITIES 198 214 186 163 198 050
MSEK Mar. 31 2024 Mar. 31 2023 Dec. 31 2023
Assets pledged 224 194 205
Contingent liabilities 11 283 10 313 10 846

===== SIDA 17 =====

Atlas Copco AB – Q1 2024 17 (18) 
Parent Company 
Distribution of shares 
Share capital equaled MSEK 786 (786) at the end of the period, 
distributed as follows: 
 
 
 
Performance-based personnel option plan 
The Annual General Meeting 2023 approved a performance-based 
long-term incentive program. For Group Management and division 
presidents, the plan requires management’s own investment in 
Atlas Copco shares. The intention was to cover Atlas Copco’s 
obligation under the plan through the repurchase of the 
company’s own shares. For further information, see 
www.atlascopcogroup.com/agm  
 
Transactions in own shares 
Atlas Copco AB has mandates to acquire and sell own shares as 
per below: 
• Acquisition of not more than 14 810 000 series A shares, 
whereof a maximum of 10 450 000 may be transferred to 
personnel stock option holders under the performance-based 
stock option plan for 2023.  
• Acquisition of not more than 60 000 series A shares to hedge 
the obligation of the company to pay remuneration to board 
members who have chosen to receive 50% of the 
remuneration in synthetic shares. 
• The sale of not more than 60 000 series A shares to cover 
costs related to previously issued synthetic shares to board 
members.  
 
 
 
 
 
• The sale of a maximum 33 000 000 series A shares currently 
held by the company, for the purpose of covering costs of 
fulfilling obligations related to the option plans 2017, 2018, 
2019 and 2020. 
• The shares may only be acquired or sold on NASDAQ 
Stockholm at a price within the registered price interval at 
any given time. 
 
During the first quarter 2024, 2 309 741 series A shares, net, were 
sold. These transactions are in accordance with mandates granted. 
The company’s holding of own shares at the end of the period 
appears in the table to the left. 
Risks and factors of uncertainty 
Financial risks 
Atlas Copco AB is subject to currency risks, funding risks, interest 
rate risks, tax risks, and other financial risks. In line with the 
overall goals with respect to growth, return on capital, and 
protecting creditors, Atlas Copco AB has adopted a policy to 
control the financial risks to which Atlas Copco AB and the Group 
is exposed. A financial risk management committee meets 
regularly to manage and follow up financial risks, in line with the 
policy. 
 
For further information, see the Annual Report 2023. 
Related parties 
There have been no significant changes in the relationships or 
transactions with related parties for the Group or Parent Company 
compared with the information given in the Annual Report 2023. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Nacka, Sweden April 24, 2024 
Atlas Copco AB (publ) 
 
Mats Rahmström 
President and CEO 
 
 
 
The company’s auditors have not reviewed this report. 
 
Class of share Shares
A shares 3 357 576 384
B shares 1 560 876 032
Total 4 918 452 416
- of which A shares held by Atlas Copco AB 45 583 392
- of which B shares held by Atlas Copco AB 0
Total shares outstanding, net of shares held by 
Atlas Copco AB 4 872 869 024

===== SIDA 18 =====

Atlas Copco AB – Q1 2024 18 (18) 
This is Atlas Copco Group 
Atlas Copco Group enables technology that transforms the future. We 
innovate to develop products, services, and solutions that are key to our 
customers’ success. Our four business areas offer compressed air and gas 
solutions, vacuum solutions, energy solutions, dewatering and industrial 
pumps, industrial power tools, and assembly and machine vision solutions. 
In 2023, the Group had revenues of BSEK 173 and about 53 000 employees 
at year-end.  
Business areas 
Atlas Copco Group has four business areas. The business areas are 
responsible for developing their respective operations by implementing 
and following up on strategies and objectives to achieve sustainable, 
profitable growth. 
 
The Compressor Technique business area provides compressed air and gas 
solutions such as industrial compressors, gas and process compressors and 
expanders, air and gas treatment equipment, and air management 
systems. The business area has a global service network and innovates 
technology that transforms the future of the manufacturing and process 
industries. Principal product development and manufacturing units are 
located in Belgium, the United States, China, India, Germany, and Italy. 
 
The Vacuum Technique business area provides vacuum products, exhaust 
management systems, valves, and related products. The main markets 
served are semiconductor and scientific instruments, as well as a wide 
range of industrial segments, including chemical process industries, food 
packaging, and paper handling. The business area has a global service 
network and innovates technology that transforms the future and 
improves customer performance. Principal product development and 
manufacturing units are located in the United States, Mexico, United 
Kingdom, Czech Republic, Germany, South Korea, China, and Japan. 
 
The Industrial Technique business area provides industrial power tools, 
assembly and machine vision solutions, quality assurance products, and 
services through a global network. The business area innovates technology 
that transforms the future for customers in the automotive and general 
industries. Principal product development and manufacturing units are 
located in Sweden, Germany, Hungary, United Kingdom, France, the 
United States, China, and Japan. 
 
The Power Technique business area provides portable air and power, 
industrial and portable flow solutions through products such as mobile 
compressors, generators, energy storage systems, dewatering and 
industrial pumps, along with a number of complementary products. It also 
offers specialty rental and provides service through a global network. The 
business area innovates technology that transforms the future for multiple 
industries, including infrastructure construction, manufacturing, oil and 
gas, and exploration drilling. Principal product development and 
manufacturing units are located in Belgium, Spain, Germany, the United 
States, China, and India. 
Vision, mission and strategy 
The Atlas Copco Group’s vision is to become and remain First in Mind—
First in Choice of its customers and other stakeholders. The mission is to 
achieve sustainable, profitable inclusive growth. This means that we 
should continuously deliver profitable growth with an increased positive 
impact on society and the environment and by promoting diversity and 
inclusion. Inclusion is about providing everyone within our organization 
with support and inspiration to learn and grow.  It also means that we 
include the perspective of different stakeholders, like customers and 
society, when we create value. An integrated sustainability strategy, 
backed by ambitious goals, helps the company deliver greater value to all 
its stakeholders in a way that is economically, environmentally, and 
socially responsible. 
 
 
 
For further information 
Analysts and investors 
Daniel Althoff, Vice President Investor Relations  
Mobile: +46 768 99 95 97 
ir@atlascopco.com 
Media 
Christina Malmberg Hägerstrand,  
Media Relations Manager 
Mobile: +46 728 55 93 29  
media@atlascopco.com 
Conference call 
A presentation for investors, analysts and media will be held on 
April 24, 2024, at 14:00 CEST. 
 
To follow the presentation via webcast: 
https://ir.financialhearings.com/atlas-copco-group-q1-report-2024 
 
To participate via teleconference:  
https://conference.financialhearings.com/teleconference/?id=50048434 
 
Please visit our website:  
http://www.atlascopcogroup.com/investor-relations for the 
webcast link and presentation material. 
 
 
Annual General Meeting 2024  
The Annual General Meeting for Atlas Copco AB will be held on 
April 24, 2024.  
 
Capital Markets Day 2024  
Atlas Copco Group will host its Capital Markets Day on May 16, 
2024, in Antwerp, Belgium.  
 
Second-quarter report 2024  
The Q2 2024 report will be published on July 18, 2024, around 
12:00 CEST and the conference call will be at 13:00 CEST. 
Silent period starts June 18, 2024.  
 
Third-quarter report 2024  
The Q3 2024 report will be published on October 24, 2024.  
Silent period starts September 24, 2024. 
 
Fourth-quarter report 2024  
The Q4 2024 report will be published on January 28, 2025.  
Silent period starts December 29, 2024. 
 
 
 
This information is information that Atlas Copco AB is obliged to make 
public pursuant to the EU Market Abuse Regulation. The information was 
submitted for publication, through the contact person set out above, at 
11:00 CEST on April 24, 2024.