FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2023
===== SIDA 1 =====
Press release from Atlas Copco AB
Atlas Copco Group Center
Atlas Copco AB Visitors address: Telephone: +46 8 743 8000 A Public Company (publ)
SE-105 23 Stockholm Sickla Industriväg 19 www.atlascopcogroup.com Reg. No: 556014-2720
Sweden Nacka Reg. Office Nacka
October 25, 2023
Atlas Copco
Third-quarter report 2023
Solid orders, record revenues and operating profit
The comparison figures presented in this report refer to previous year unless otherwise stated.
Third quarter
• Orders received increased 5% to MSEK 42 606 (40 555), organic decline of 1%
• Revenues increased 17% to MSEK 44 485 (38 074), organic growth of 10%
• Operating profit reached MSEK 10 117 (8 378), corresponding to a margin of 22.7% (22.0)
- Adjusted operating profit, excluding items affecting comparability, was MSEK 10 110 (8 469),
corresponding to a margin of 22.7% (22.2)
• Profit before tax amounted to MSEK 9 928 (8 448)
• Basic earnings per share were SEK 1.60 (1.34)
• Operating cash flow at MSEK 6 581 (5 705)
• Return on capital employed was 30% (29)
January - September
MSEK 2023 2022 2023 2022
Orders received 42 606 40 555 5% 133 784 121 944 10%
Revenues 44 485 38 074 17% 127 710 101 271 26%
EBITA*
10 671 8 844 21% 29 604 23 650 25%
– as a percentage of revenues 24.0 23.2 23.2 23.4
Operating profit 10 117 8 378 21% 28 005 22 406 25%
– as a percentage of revenues 22.7 22.0 21.9 22.1
Profit before tax 9 928 8 448 18% 27 609 22 424 23%
– as a percentage of revenues 22.3 22.2 21.6 22.1
Profit for the period 7 803 6 536 19% 21 272 17 427 22%
Basic earnings per share, SEK 1.60 1.34 4.37 3.58
Diluted earnings per share, SEK 1.60 1.34 4.36 3.57
Return on capital employed, % 30 29
*Operating profit excluding amortization of intangibles related to acquisitions.
July - September
Near-term demand outlook
Atlas Copco expects that the customers’ activity level will weaken compared to the third quarter.
Previous near-term demand outlook (published July 19, 2023):
Atlas Copco expects that the customer activity level will weaken somewhat compared to the current high 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
===== SIDA 2 =====
Atlas Copco – Q3 2023 2 (18)
Summary of nine-month results
Orders received in the first nine months of 2023 increased
by 10% to MSEK 133 784 (121 944). Acquisitions
contributed with 5% and currency had a positive effect of
5%. Organically, order volumes were unchanged. Revenues
increased by 26% to MSEK 127 710 (101 271),
corresponding to an 15% organic increase.
Operating profit increased by 25% to MSEK 28 005
(22 406). The operating margin was 21.9% (22.1). Adjusted
for items affecting comparability, the margin was 22.1%
(21.8). The positive impact of changes in exchange rates
was MSEK 1 060.
Profit before tax was MSEK 27 609 (22 424),
corresponding to a margin of 21.6% (22.1). Profit for the
period totaled MSEK 21 272 (17 427). Basic and diluted
earnings per share were SEK 4.37 (3.58) and 4.36 (3.57)
respectively.
Operating cash flow before acquisitions, divestments
and dividends totaled MSEK 14 393 (11 169).
Review of the third quarter
Market development
The overall order intake for the Atlas Copco Group’s
products and services was strong. Order volumes remained
basically at the same high level as the previous year.
Sequentially, and compared to the previous quarter,
however, order volumes were somewhat down.
Year-on-year, orders grew for large industrial
compressors, while order volumes for smaller industrial
compressors and gas and process compressors were
unchanged. Order volumes for vacuum equipment
decreased markedly, primarily but not exclusively, driven
by the significantly lower demand from the semiconductor
industry. The order intake for industrial assembly and vision
solutions was basically unchanged, while orders for power
and flow equipment increased, driven by increased demand
for generators, industrial pumps and energy systems. The
specialty rental business achieved solid order growth in the
quarter, and order volumes for service increased in all
business areas.
In total, the order intake increased in Europe and Asia
but was unchanged in North America.
Geographic distribution of orders received
July - September 2023 Orders received, % Change*, %
North America 27 -0
South America 4 +5
Europe 27 +5
Africa/Middle East 5 +22
Asia/Oceania 37 +3
Atlas Copco Group 100 +3
Atlas Copco Group
*Change in orders received compared to the previous year in local
currency.
Sales bridge
Orders
MSEK received Revenues
2022 40 555 38 074
Structural change, % +4 +4
Currency, % +2 +3
Organic*, % -1 +10
Total, % +5 +17
2023 42 606 44 485
*Volume, price and mix.
July - September
Orders, revenues, and operating profit margin
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 Q2 Q3
2020 2021 2022 2023
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
Geographic distribution of orders received and revenues
July - September 2023
Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues Orders received Revenues
North America 26 24 28 24 32 32 21 28 27 26
South America 6 6 0 0 3 3 9 6 4 4
Europe 27 31 14 16 34 34 33 33 27 28
Africa/Middle East 7 6 1 1 2 1 7 8 5 5
Asia/Oceania 34 33 57 59 29 30 30 25 37 37
100 100 100 100 100 100 100 100 100 100
Industrial Technique, % Power Technique, % Atlas Copco, %Vacuum Technique, %Compressor Technique, %
===== SIDA 3 =====
Atlas Copco – Q3 2023
3 (18)
Revenues, profits and returns
Revenues increased 17% to record MSEK 44 485 (38 074),
corresponding to an organic growth of 10%. Currency had a
positive effect of 3%, and acquisitions added 4%.
The operating profit increased 21% to record MSEK
10 117 (8 378) and includes a change in provision for share
related long-term incentive programs, reported in Common
Group Items of MSEK +7 (-91).
Adjusted operating profit increased 19% to MSEK
10 110 (8 469), corresponding to a margin of 22.7% (22.2).
The main explanation for the higher margin was increased
organic revenues.
Net financial items amounted to MSEK -189 (70)
whereof interest net at MSEK -143 (-46). The increased
interest cost was mainly a result of higher interest rates.
Other financial items, including financial exchange
differences, were MSEK -46 (116). Profit before tax
amounted to MSEK 9 928 (8 448), corresponding to a
margin of 22.3% (22.2). Corporate income tax amounted to
MSEK -2 125 (-1 912), corresponding to an effective tax rate
of 21.4% (22.6). The lower effective tax rate compared to
the previous year was due to fewer negative one-offs
compared to average.
Profit for the period was MSEK 7 803 (6 536). Basic and
diluted earnings per share were SEK 1.60 (1.34) and SEK
1.60 (1.34), respectively.
The return on capital employed during the last 12
months was 30% (29). Return on equity was 32% (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 11 926 (9 937).
Net financial items and taxes paid amounted to MSEK
-2 474 (-1 885). Working capital increased by MSEK 963,
mainly due to decreased payables (increase of 665). Net
investments in rental equipment were MSEK -507 (-204).
Net investments in property, plant, and equipment, were
MSEK -967 (-977).
Operating cash flow (an important internal KPI, but not
an IFRS measurement, and hence defined on page 13)
reached MSEK 6 581 (5 705).
Net indebtedness
The Group’s net indebtedness amounted to MSEK 25 293
(24 622), of which MSEK 2 324 (1 784) was attributable to
post-employment benefits. The Group’s interest-bearing
liabilities have an average maturity of 4.9 years. The net
debt/EBITDA ratio was 0.6 (0.7) and the net debt/equity
ratio was 27% (32).
Acquisition and divestment of own shares
During the quarter, 229 432 series A shares, net, were sold
for a net value of MSEK 34. 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 September 30, 2023, the number of employees was
52 179 (47 986). The number of consultants/external
workforce was 3 280 (3 935). For comparable units, the
total workforce increased by 2 160 from September 30,
2022.
Revenues and operating profit – bridge
Volume, price, Items affecting Share-based
MSEK Q3 2023 mix and other Currency Acquisitions comparability LTI* programs Q3 2022
Atlas Copco Group
Revenues 44 485 3 831 1 140 1 440 - - 38 074
Operating profit 10 117 1 441 50 150 0 98 8 378
22.7% 22.0%
*LTI= Long term incentive
===== SIDA 4 =====
Atlas Copco – Q3 2023
4 (18)
Compressor Technique
MSEK 2023 2022 2023 2022
Orders received 20 304 18 809 8% 62 242 53 632 16%
Revenues 19 493 16 377 19% 55 725 43 973 27%
EBITA* 5 003 4 082 23% 14 005 10 719 31%
– as a percentage of revenues 25.7 24.9 25.1 24.4
Operating profit 4 856 3 963 23% 13 573 10 399 31%
– as a percentage of revenues 24.9 24.2 24.4 23.6
Return on capital employed, % 82 83
* Operating profit excluding amortization of intangibles related to acquisitions.
July - September January - September
• Equipment orders remained at a high level, particularly larger compressors
• Continued growth for service
• Record revenues and operating profit, margin at 24.9%
Sales bridge
Orders
MSEK received Revenues
2022 18 809 16 377
Structural change, % +2 +2
Currency, % +2 +3
Organic*, % +4 +14
Total, % +8 +19
2023 20 304 19 493
*Volume, price and mix.
July - September
Industrial compressors
Order volumes for small and medium-sized compressors
remained about the same level as the previous year, while
the order intake for large-sized industrial compressors grew
in the quarter. Sequentially, order volumes for industrial
compressors decreased compared to the previous quarter.
Geographically and compared to the previous year, the
order intake increased in Europe and Asia but decreased in
North America.
Gas and process compressors
The demand for gas and process compressors was strong,
and order volumes remained at the same high level as the
previous year. Sequentially, the order intake increased,
supported by increased demand from several customer
segments.
Year-on-year, the order intake increased in most regions
except Asia where orders were down.
Compressor service
The demand for service remained strong, and solid order
growth was achieved in most regions.
Innovation
The business area launched a new turboexpander for
hydrogen liquefaction, the H2ECM. The new product is
designed to handle extreme low temperatures with
minimal heat leak. In addition, thanks to high rotating
speeds and a patented seal gas configuration, refrigeration
is maximized.
Revenues and profitability
Revenues increased 19% to record MSEK 19 493 (16 377),
corresponding to an organic increase of 14%.
The operating profit also reached a record at MSEK 4 856
(3 963), corresponding to a margin of 24.9% (24.2). The
higher margin was mainly due to increased organic
revenues. Currency, sales mix, and dilution from
acquisitions had a negative effect on the margin. Return on
capital employed (last 12 months) was 82% (83).
Orders, revenues and operating profit margin
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 Q2 Q3
2020 2021 2022 2023
Orders received, MSEK Revenues, MSEK Operating margin, %
===== SIDA 5 =====
Atlas Copco – Q3 2023
5 (18)
Vacuum Technique
MSEK 2023 2022 2023 2022
Orders received 8 774 9 764 -10% 27 488 32 731 -16%
Revenues 10 802 10 781 0% 31 702 28 295 12%
EBITA* 2 652 2 651 0% 7 777 6 913 12%
– as a percentage of revenues 24.6 24.6 24.5 24.4
Operating profit 2 465 2 484 -1% 7 237 6 466 12%
– as a percentage of revenues 22.8 23.0 22.8 22.9
Return on capital employed, % 22 25
*Operating profit excluding amortization of intangibles related to acquisitions.
July - September January - September
• Continued lower demand for equipment, mainly from the semiconductor industry
• Growth for service
• Revenues and operating profit flat, margin at 22.8%
Sales bridge
Orders
MSEK received Revenues
2022 9 764 10 781
Structural change, % +3 +3
Currency, % +2 +1
Organic*, % -15 -4
Total, % -10 +0
2023 8 774 10 802
*Volume, price and mix.
July - September
Semiconductor and flat panel display equipment
Equipment demand from the semiconductor and flat panel
display industry decreased noticeably due to lower
investment activity among most customers. Consequently,
the order intake decreased markedly compared to the
previous year. The order intake also decreased compared
to the previous quarter.
Geographically and compared to the previous year,
order volumes decreased in all major regions.
Industrial and scientific vacuum equipment
The order intake for industrial and scientific vacuum
equipment decreased compared to the previous year and
sequentially. The negative year-on-year order development
was due to lower demand for equipment to both industrial
and scientific vacuum applications.
Year-on-year, the order intake decreased in most
regions.
Vacuum service
The order intake for service increased, and order growth
was achieved in most regions.
Innovation
A new turbomolecular pump for the flat panel display
industry was launched, the Edwards STP-iXA4507. The new
pump offers the highest levels of gas throughput in a small
format, and thanks to innovative rotor temperature
sensing, it allows safe management of high flows of process
gas, increasing customer productivity.
Acquisitions
In the quarter, the business area completed the acquisition
of ZEUS Co., Ltd. a Korean distributor and service provider.
The acquired business provides service and sales
distribution for the Vacuum Technique business area’s
cryopump products in South Korea and has 59 employees.
Revenues and profitability
Revenues reached MSEK 10 802 (10 781), corresponding to
an organic decline of 4%. The operating profit was MSEK
2 465 (2 484), corresponding to a margin of 22.8% (23.0).
Currency had a minor positive effect on the margin, while
dilution from acquisitions affected the margin negatively.
Return on capital employed (last 12 months) was 22% (25).
Orders, revenues and operating profit margin
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 Q2 Q3
2020 2021 2022 2023
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
===== SIDA 6 =====
Atlas Copco – Q3 2023
6 (18)
Industrial Technique
MSEK 2023 2022 2023 2022
Orders received 7 443 7 001 6% 23 090 19 871 16%
Revenues 7 306 5 911 24% 21 078 16 399 29%
EBITA* 1 785 1 399 28% 5 016 3 805 32%
– as a percentage of revenues 24.4 23.7 23.8 23.2
Operating profit 1 647 1 267 30% 4 603 3 409 35%
– as a percentage of revenues 22.5 21.4 21.8 20.8
Return on capital employed, % 20 18
*Operating profit excluding amortization of intangibles related to acquisitions.
July - September January - September
• Orders for equipment somewhat up, driven by general industry
• Continued solid growth for service
• Solid revenues and record operating profit, margin at 22.5%
Sales bridge
Orders
MSEK received Revenues
2022 7 001 5 911
Structural change, % +0 +0
Currency, % +3 +5
Organic*, % +3 +19
Total, % +6 +24
2023 7 443 7 306
*Volume, price and mix.
July - September
Automotive industry
The order intake for industrial assembly and vision
solutions for the automotive industry remained at about
the same level as the previous year. Sequentially, however,
the order volumes decreased, primarily due to lower
investment activity among customers in Europe and Asia.
Year-on-year, orders increased in Europe, but decreased
in Asia and North America.
General industry
Orders for industrial assembly and vision solutions for the
general industry increased. The year-on-year growth was
supported by increased demand from several customer
segments, for example off-highway, aerospace, and vision
applications for advanced material. Sequentially, the order
intake decreased.
Compared to the previous year, the order intake
increased in most regions.
Service
The demand for service remained high and solid order
growth was achieved in most regions.
Innovation
A new range of hydraulic wrenches, the Atlas Copco
TorcFlex, was introduced for the energy segment, e.g. the
wind turbine industry. Typical applications would be the
opening and closing of critical bolted flanges during
maintenance and construction work, where robustness,
reliability, timesaving, and safety are crucial customer
needs.
Acquisitions
In the quarter, the business area acquired Extend3D GmbH,
a German developer of augmented reality solutions
providing worker guidance for industry customers using
laser and video projection. The company has 16 employees
and had revenues of approximately MSEK 32 in 2022.
Revenues and profitability
Revenues increased 24% to MSEK 7 306 (5 911),
corresponding to an organic increase of 19%.
The operating profit increased 30% to record MSEK
1 647 (1 267), corresponding to a margin of 22.5% (21.4).
The main explanation for the higher margin was increased
revenues. Currency had a negative effect on the operating
margin. Return on capital employed (last 12 months) was
20% (18).
Orders, revenues and operating profit margin
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 Q2 Q3
2020 2021 2022 2023
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
===== SIDA 7 =====
Atlas Copco – Q3 2023
7 (18)
Power Technique
MSEK 2023 2022 2023 2022
Orders received 6 297 5 161 22% 21 709 16 322 33%
Revenues 7 142 5 207 37% 19 966 13 156 52%
EBITA* 1 513 1 030 47% 4 083 2 534 61%
– as a percentage of revenues 21.2 19.8 20.4 19.3
Operating profit 1 429 983 45% 3 868 2 454 58%
– as a percentage of revenues 20.0 18.9 19.4 18.7
Return on capital employed, % 22 27
*Operating profit excluding amortization of intangibles related to acquisitions.
July - September January - September
• Solid equipment order growth, driven by acquisitions
• Solid growth for specialty rental, and continued growth for service
• Record revenues and operating profit, margin at 20.0%
Sales bridge
July - September
Orders
MSEK received Revenues
2022 5 161 5 207
Structural change, % +16 +15
Currency, % +2 +4
Organic*, % +4 +18
Total, % +22 +37
2023 6 297 7 142
*Volume, price and mix.
Equipment
The overall demand for equipment such as portable
compressors, generators, energy storage systems, and
industrial pumps increased somewhat. Order volumes
increased compared to the previous year and were driven
by higher order volumes of industrial pumps and energy
storage systems. Sequentially, the order intake for
equipment decreased.
Geographically and compared to the previous year, the
order intake increased in Asia and Europe but decreased in
North America.
Specialty rental
The demand for the specialty rental business remained
strong, and solid order growth was achieved compared to
the previous year. Orders also grew sequentially.
Year-on-year, the order intake increased in all regions.
Service
Order volumes for service continued to increase with
higher order intake in most regions.
Innovation
A new range of portable compressors for geothermal- and
foundation drilling was introduced in the quarter, the X-
AIR+ 750-25, 1200-40. The new products are 10% more
efficient, drill with higher pressure, and have better fuel
economy than previous models.
Acquisitions
In the quarter, Climorent was acquired, a specialty rental
provider of industrial cooling solutions based in Spain. The
acquired business has 15 employees and had revenues of
approximately MSEK 21 in 2022.
Revenues and profitability
Revenues increased 37% to record MSEK 7 142 (5 207),
corresponding to an organic increase of 18%. Acquisitions
contributed with 15%.
The operating profit also reached a record and
increased 45% to MSEK 1 429 (983), corresponding to a
margin of 20.0% (18.9). The main explanation for the higher
operating margin was increased organic revenues. Currency
had a negative effect on the margin. Return on capital
employed (last 12 months) was 22% (27).
Orders, revenues and operating profit margin
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 Q2 Q3
2020 2021 2022 2023
Orders received, MSEK Revenues, MSEK
Operating margin, % Adjusted operating margin, %
===== SIDA 8 =====
Atlas Copco – Q3 2023
8 (18)
Accounting principles
The consolidated accounts of the 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 2022.
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’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 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 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. 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’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 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 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 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 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 has the ambition to grow all its business areas, primarily
through organic growth, complemented 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.
Risks related to the war in Ukraine
Atlas Copco’s financial exposure to Russia and Ukraine is limited.
During 2022, revenues from Russia accounted for less than 1% of the
Group’s total revenues. Ukraine accounted for well below 0.1% of the
Group’s total revenues. Further, Atlas Copco has no production units
in Russia or Ukraine. Hence the ongoing war has very limited direct
financial effects on Atlas Copco. Given the uncertainties surrounding
the ongoing conflict, it is very difficult to predict potential indirect
effects on Atlas Copco. As of September 30, 2023, there is no
significant impact on any balance sheet items.
Change regarding European Commission’s decision on Belgium’s tax
rulings
On September 20, 2023, the General Court of the European Union
(EGC) ruled in favor of the European Commission, confirming the
Commission's decision from 2016 that Belgian tax rulings granted to
companies regarding “Excess Profit” shall be considered as illegal
state aid. Atlas Copco and the other 38 Belgian companies affected by
this ruling plus the Belgian government have until November 30,
2023, to decide if they appeal the decision to the European Court of
Justice (ECJ). During 2015-2017, Atlas Copco paid and expensed the
full costs of MEUR 313 related to the Commission’s decision.
For more information on Atlas Copco’s risk management process and
further descriptions of risks and how they are handled, see the Annual
Report 2022.
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 and its subsidiaries are sometimes referred to as the
Atlas Copco Group, the Group or Atlas Copco. Atlas Copco AB is also
sometimes referred to as Atlas Copco. Any mentioning of the Board of
Directors, the Board or the Directors refers to the Board of Directors
of Atlas Copco AB.
===== SIDA 9 =====
Atlas Copco – Q3 2023
9 (18)
Consolidated income statement (condensed)
Sep. 30 Sep. 30 Sep. 30 Sep. 30
MSEK 2023 2022 2023 2022
Revenues 44 485 38 074 127 710 101 271
Cost of sales -25 413 -22 151 -72 271 -58 887
Gross profit 19 072 15 923 55 439 42 384
Marketing expenses -4 939 -4 088 -14 384 -11 179
Administrative expenses -2 537 -2 250 -7 827 -5 492
Research and development costs -1 713 -1 377 -4 957 -3 863
Other operating income and expenses 234 170 -266 556
Operating profit 10 117 8 378 28 005 22 406
- as a percentage of revenues 22.7 22.0 21.9 22.1
Net financial items -189 70 -396 18
Profit before tax 9 928 8 448 27 609 22 424
- as a percentage of revenues 22.3 22.2 21.6 22.1
Income tax expense -2 125 -1 912 -6 337 -4 997
Profit for the period 7 803 6 536 21 272 17 427
Profit attributable to
- owners of the parent 7 798 6 533 21 261 17 424
- non-controlling interests 5 3 11 3
Basic earnings per share, SEK 1.60 1.34 4.37 3.58
Diluted earnings per share, SEK 1.60 1.34 4.36 3.57
Basic weighted average number
of shares outstanding, millions 4 873.0 4 866.3 4 870.7 4 868.7
Diluted weighted average number
of shares outstanding, millions 4 879.9 4 872.5 4 878.3 4 876.2
Key ratios
Equity per share, period end, SEK 19 16
Return on capital employed, 12 month values, % 30 29
Return on equity, 12 month values, % 32 32
Debt/equity ratio, period end, % 27 32
Equity/assets ratio, period end, % 48 45
Number of employees, period end 52 179 47 986
3 months ended 9 months ended
===== SIDA 10 =====
Atlas Copco – Q3 2023
10 (18)
Consolidated statement of comprehensive income
Sep. 30 Sep. 30 Sep. 30 Sep. 30
MSEK 2023 2022 2023 2022
Profit for the period 7 803 6 536 21 272 17 427
Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit pension plans 178 333 127 2 035
Income tax relating to items that will not be reclassified -50 -92 -26 -558
128 241 101 1 477
Items that may be reclassified subsequently to profit or loss
Translation differences on foreign operations -1 529 4 167 2 202 10 706
Hedge of net investments in foreign operations 442 -339 -520 -1 069
Cash flow hedges 1 43 28 -218
Income tax relating to items that may be reclassified -148 110 174 389
-1 234 3 981 1 884 9 808
Other comprehensive income for the period, net of tax -1 106 4 222 1 985 11 285
Total comprehensive income for the period 6 697 10 758 23 257 28 712
Total comprehensive income attributable to
- owners of the parent 6 692 10 753 23 246 28 707
- non-controlling interests 5 5 11 5
3 months ended 9 months ended
===== SIDA 11 =====
Atlas Copco – Q3 2023
11 (18)
Consolidated balance sheet (condensed)
MSEK Sep. 30, 2023 Sep. 30, 2022 Dec. 31, 2022
Intangible assets 71 265 67 381 67 067
Rental equipment 4 228 2 702 2 689
Other property, plant and equipment 14 548 12 111 12 720
Right-of-use assets 5 814 4 423 4 752
Financial assets and other receivables 2 740 2 420 2 668
Deferred tax assets 2 355 2 042 2 193
Total non-current assets 100 950 91 079 92 089
Inventories 31 979 27 113 27 219
Trade and other receivables 47 354 40 636 40 849
Other financial assets 690 1 462 889
Cash and cash equivalents 12 906 9 883 11 254
Assets classified as held for sale 1 1 1
Total current assets 92 930 79 095 80 212
TOTAL ASSETS 193 880 170 174 172 301
Equity attributable to owners of the parent 92 445 76 659 79 976
Non-controlling interests 53 50 50
TOTAL EQUITY 92 498 76 709 80 026
Borrowings 31 250 23 204 23 770
Post-employment benefits 2 324 1 784 2 380
Other liabilities and provisions 2 097 1 793 1 922
Deferred tax liabilities 2 366 2 954 2 745
Total non-current liabilities 38 037 29 735 30 817
Borrowings 5 315 10 979 12 563
Trade payables and other liabilities 55 998 50 971 47 142
Provisions 2 032 1 780 1 753
Total current liabilities 63 345 63 730 61 458
TOTAL EQUITY AND LIABILITIES 193 880 170 174 172 301
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 2022, 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. Liquidity funds, reported under cash equivalents,
are according to IFRS 9 classified at fair value through profit and loss. For further information, see note 27 in the Annual Report 2022.
http://www.atlascopco.com/ir
Financial instruments recorded at fair value
MSEK Sep. 30, 2023 Dec. 31, 2022
Non-current assets and liabilities
Assets 103 86
Liabilities - -
Current assets and liabilities
Assets 835 625
Liabilities 12 288
Carrying value and fair value of borrowings
MSEK Sep. 30, 2023 Sep. 30, 2023 Dec. 31, 2022 Dec. 31, 2022
Carrying value Fair value Carrying value Fair value
Bonds 14 880 12 571 17 902 15 535
Other loans 15 905 15 661 13 612 13 223
Lease liability 5 780 5 780 4 819 4 819
36 565 34 012 36 333 33 577
===== SIDA 12 =====
Atlas Copco – Q3 2023
12 (18)
Consolidated statement of changes in equity (condensed)
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 23 246 11 23 257
Dividend -11 203 -8 -11 211
Acquisition and divestment of own shares 730 - 730
Share-based payments, equity settled -304 - -304
Closing balance, September 30, 2023 92 445 53 92 498
MSEK
owners of the
parent
non-controlling
interests Total equity
Opening balance, January 1, 2022 67 633 1 67 634
Changes in equity for the period
Total comprehensive income for the period 28 707 5 28 712
Dividend -9 255 - -9 255
Redemption of shares -9 732 - -9 732
Change of non-controlling interests - 44 44
Acquisition and divestment of own shares -722 - -722
Share-based payments, equity settled 28 - 28
Closing balance, September 30, 2022 76 659 50 76 709
Equity attributable to
Equity attributable to
===== SIDA 13 =====
Atlas Copco – Q3 2023
13 (18)
Consolidated statement of cash flows (condensed)
MSEK 2023 2022 2023 2022
Cash flows from operating activities
Operating profit 10 117 8 378 28 005 22 406
Depreciation, amortization and impairment (see below) 1 990 1 633 5 649 4 565
Capital gain/loss and other non-cash items -181 -74 62 -244
Operating cash surplus 11 926 9 937 33 716 26 727
Net financial items received/paid -202 123 -1 012 -81
Taxes paid -2 272 -2 008 -7 090 -5 167
Pension funding and payment of pension to employees -83 -87 -332 -252
Change in working capital -963 -665 -6 333 -6 045
Investments in rental equipment -517 -234 -1 210 -632
Sale of rental equipment 10 30 33 71
Net cash from operating activities 7 899 7 096 17 772 14 621
Cash flows from investing activities
Investments in property, plant and equipment -985 -1 014 -2 942 -2 641
Sale of property, plant and equipment 18 37 58 68
Investments in intangible assets -365 -328 -1 100 -1 024
Acquisition of subsidiaries and associated companies -315 -8 513 -3 523 -9 696
Other investments, net -15 -4 -18 21
Net cash from investing activities -1 662 -9 822 -7 525 -13 272
Cash flows from financing activities
Annual dividends paid - - -5 599 -4 627
Dividends paid to non-controlling interest -4 - -8 -
Redemption of shares - - - -9 732
Repurchase and sales of own shares 34 51 730 -722
Change in interest-bearing liabilities, net -2 683 1 816 -3 609 3 432
Net cash from financing activities -2 653 1 867 -8 486 -11 649
Net cash flow for the period 3 584 -859 1 761 -10 300
Cash and cash equivalents, beginning of the period 9 509 10 419 11 254 18 990
Exchange differences in cash and cash equivalents -187 323 -109 1 193
Cash and cash equivalents, end of the period 12 906 9 883 12 906 9 883
Depreciation, amortization and impairment
Rental equipment 239 196 647 576
Other property, plant and equipment 490 393 1 404 1 118
Right-of-use assets 413 341 1 196 969
Intangible assets 848 703 2 402 1 902
Total 1 990 1 633 5 649 4 565
Calculation of operating cash flow
MSEK 2023 2022 2023 2022
Net cash flow for the period 3 584 -859 1 761 -10 300
Add back:
Change in interest-bearing liabilities, net 2 683 -1 816 3 609 -3 432
Repurchase and sales of own shares -34 -51 -730 722
Annual dividends paid - - 5 599 4 627
Dividends paid to non-controlling interest 4 - 8 -
Redemption of shares - - - 9 732
Acquisitions and divestments 315 8 513 3 523 9 696
Currency hedges 29 -82 623 124
Operating cash flow 6 581 5 705 14 393 11 169
July - September January - September
July - September January - September
===== SIDA 14 =====
Atlas Copco – Q3 2023
14 (18)
Revenues by business area
2021 2022 2023
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Compressor Technique 11 522 12 212 12 792 13 131 13 305 14 291 16 377 17 085 17 632 18 600 19 493
- of which external 11 423 12 099 12 677 13 017 13 169 14 174 16 244 16 957 17 466 18 407 19 300
- of which internal 99 113 115 114 136 117 133 128 166 193 193
Vacuum Technique 6 808 7 220 7 249 7 942 8 179 9 335 10 781 10 646 9 989 10 911 10 802
- of which external 6 804 7 214 7 245 7 937 8 173 9 332 10 773 10 639 9 979 10 906 10 795
- of which internal 4 6 4 5 6 3 8 7 10 5 7
Industrial Technique 4 713 4 880 4 630 5 198 5 083 5 405 5 911 6 608 6 492 7 280 7 306
- of which external 4 705 4 873 4 622 5 190 5 072 5 396 5 900 6 595 6 469 7 260 7 290
- of which internal 8 7 8 8 11 9 11 13 23 20 16
Power Technique 3 121 3 377 3 312 3 424 3 702 4 247 5 207 5 897 5 996 6 828 7 142
- of which external 3 089 3 348 3 280 3 389 3 672 4 209 5 157 5 863 5 947 6 791 7 100
- of which internal 32 29 32 35 30 38 50 34 49 37 42
Common Group Items / Eliminations -143 -155 -159 -162 -183 -167 -202 -182 -248 -255 -258
Atlas Copco Group 26 021 27 534 27 824 29 533 30 086 33 111 38 074 40 054 39 861 43 364 44 485
Equipment and service revenues
2021 2022 2023
% of total revenues Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Compressor Technique - Equipment 56 57 58 57 55 57 58 59 57 58 59
Compressor Technique - Service 44 43 42 43 45 43 42 41 43 42 41
Vacuum Technique - Equipment 75 76 75 76 76 77 78 78 77 77 77
Vacuum Technique - Service 25 24 25 24 24 23 22 22 23 23 23
Industrial Technique - Equipment 72 74 71 74 72 72 72 74 71 74 73
Industrial Technique - Service 28 26 29 26 28 28 28 26 29 26 27
Power Technique - Equipment 60 59 56 55 55 54 56 58 58 60 56
Power Technique - Service 40 41 44 45 45 46 44 42 42 40 44
Operating profit by business area
2021 2022 2023
MSEK (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Compressor Technique 2 730 2 916 3 087 3 141 3 170 3 266 3 963 4 026 4 245 4 472 4 856
- as a percentage of revenues 23.7 23.9 24.1 23.9 23.8 22.9 24.2 23.6 24.1 24.0 24.9
Vacuum Technique 1 695 1 789 1 748 1 834 1 859 2 123 2 484 1 941 2 268 2 504 2 465
- as a percentage of revenues 24.9 24.8 24.1 23.1 22.7 22.7 23.0 18.2 22.7 22.9 22.8
Industrial Technique 917 981 958 1 120 1 065 1 077 1 267 1 188 1 371 1 585 1 647
- as a percentage of revenues 19.5 20.1 20.7 21.5 21.0 19.9 21.4 18.0 21.1 21.8 22.5
Power Technique 476 539 548 558 664 807 983 1 071 1 145 1 294 1 429
- as a percentage of revenues 15.3 16.0 16.5 16.3 17.9 19.0 18.9 18.2 19.1 19.0 20.0
Common Group Items / Eliminations -431 -301 -341 -405 -9 6 -319 -416 -330 -666 -280
Operating profit 5 387 5 924 6 000 6 248 6 749 7 279 8 378 7 810 8 699 9 189 10 117
- as a percentage of revenues 20.7 21.5 21.6 21.2 22.4 22.0 22.0 19.5 21.8 21.2 22.7
Net financial items -44 -52 -55 2 -78 26 70 -190 -44 -163 -189
Profit before tax 5 343 5 872 5 945 6 250 6 671 7 305 8 448 7 620 8 655 9 026 9 928
- as a percentage of revenues 20.5 21.3 21.4 21.2 22.2 22.1 22.2 19.0 21.7 20.8 22.3
Return on capital employed by business area
2021 2022 2023
% (by quarter) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Compressor Technique 84 91 94 93 90 86 83 82 82 83 82
Vacuum Technique 20 23 24 25 25 25 25 24 24 23 22
Industrial Technique 12 13 15 16 17 17 18 17 18 20 20
Power Technique 19 23 25 27 29 29 27 25 24 23 22
Atlas Copco Group 23 26 27 27 27 28 29 29 29 30 30
===== SIDA 15 =====
Atlas Copco – Q3 2023
15 (18)
Acquisitions and divestments
Revenues Number of
Date Acquisitions Divestments Business area MSEK* employees*
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
2022 Dec. 5 Shandong Meditech Medical Technology Co., Ltd Compressor Technique 114 70
2022 Dec. 2 Suzhou Since Gas System Co., Ltd Compressor Technique 93 80
2022 Nov. 21 Montana Instruments Corporation Vacuum Technique 106 38
2022 Nov. 11 Northeast Compressor Compressor Technique 6
2022 Nov. 9 Entreprises Larry Inc. Compressor Technique 65
2022 Nov. 2 Precision Pneumatics Ltd Compressor Technique 26
2022 Nov. 2 Wearside Pneumatics Ltd Compressor Technique 19
2022 Nov. 2 Shandong Jinggong Pump Co., Ltd Vacuum Technique 102 100
2022 Nov. 2 Aircel, LLC. Compressor Technique 55 19
2022 Oct. 17 Vector Sp. z o.o. Compressor Technique 23
2022 Oct. 4 Mesa Equipment & Supply Company Compressor Technique 19
2022 Sep. 5 DF-Druckluft-Fachhandel GmbH Compressor Technique 39
2022 Sep. 2 Oxymat A/S Compressor Technique 411 146
2022 Aug. 1 LEWA GmbH Power Technique 2 400 1 200
2022 Aug. 1 Geveke B.V. Power Technique 648 173
2022 Jul. 29 Compressed Air Products, Inc. (operating assets) Compressor Technique 20
2022 Jul. 27 Glaston Compressor Services Ltd Compressor Technique 26
2022 Jul. 18 Ceres Technologies, Inc. Vacuum Technique 351 185
2022 Jul. 8 Les pompes à vide TECHNI-V-AC inc. Vacuum Technique 10
2022 Jul. 5 FITEC S.A.S. Compressor Technique 8
2022 Jul. 4 Bireme Group Compressor Technique 20
2022 Jul. 4 National Vacuum Equipment Inc. Vacuum Technique 223 100
2022 Jun. 13 Qolibri Inc. Vacuum Technique 0.6 4
2022 Jun. 8 Associated Compressor Engineers Ltd (ACE) Compressor Technique 12
2022 Jun. 2 Tekser Endüstriyel Cihazlar Sanayi ve Ticaret A.Ş (Tekser) Vacuum Technique 8
2022 Jun. 1 CAS Products Ltd (CAS) Compressor Technique 12
2022 Apr. 5 Pumpenfabrik Wangen GmbH Power Technique 466 265
2022 Mar. 2 SCB S.r.l. Compressor Technique 51 16
2022 Jan. 24 Soft2tec GmbH Industrial Technique 20 38
2022 Jan. 21 HHV Pumps Pvt. Ltd. Vacuum Technique 53 151
*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 2023, 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 2023. See the Annual Report for 2022 for disclosure of acquisitions made in 2022.
===== SIDA 16 =====
Atlas Copco – Q3 2023
16 (18)
Parent company
Income statement (condensed)
MSEK 2023 2022 2023 2022
Administrative expenses -222 -201 -705 -412
Other operating income and expenses 210 35 256 87
Operating profit/loss -12 -166 -449 -325
Financial income and expenses -180 5 893 6 284 24 335
Profit/loss before tax -192 5 727 5 835 24 010
Income tax 101 39 362 202
Profit/loss for the period -91 5 766 6 197 24 212
July - September January - September
Balance sheet (condensed)
Sep. 30 Sep. 30 Dec. 31
MSEK 2023 2022 2022
Total non-current assets 181 075 171 585 179 842
Total current assets 8 450 10 160 4 932
TOTAL ASSETS 189 525 181 745 184 774
Total restricted equity 5 785 5 785 5 785
Total non-restricted equity 151 933 148 122 156 517
TOTAL EQUITY 157 718 153 907 162 302
Total provisions 705 566 704
Total non-current liabilities 25 175 18 532 18 532
Total current liabilities 5 927 8 740 3 236
TOTAL EQUITY AND LIABILITIES 189 525 181 745 184 774
Assets pledged and contingent liabilities
Sep. 30 Sep. 30 Dec. 31
MSEK 2023 2022 2022
Assets pledged 204 201 199
Contingent liabilities 11 347 9 695 10 066
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.
===== SIDA 17 =====
Atlas Copco – Q3 2023
17 (18)
Parent Company
Distribution of shares
Share capital equaled MSEK 786 (786) at the end of the
period, distributed as follows:
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 45 243 511
- of which B shares
held by Atlas Copco -
4 873 208 905
Total shares outstanding, net of shares held
by Atlas Copco
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 is 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 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 nine months in 2023, 4 851 940 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 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 2022.
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 2022.
Nacka, Sweden October 25, 2023
Atlas Copco AB (publ)
Mats Rahmström
President and CEO
The company’s auditors have not reviewed this report.
===== SIDA 18 =====
Atlas Copco – Q3 2023
18 (18)
This is Atlas Copco
Atlas Copco Group is a world-leading provider of sustainable
productivity solutions, demanded by all types of industries,
enabling everything from industrial automation to reliable medical
air solutions. The Group offers innovative compressors, air
treatment systems, vacuum solutions, industrial power tools and
assembly systems, machine vision, and power and flow solutions.
Atlas Copco develops products and services focused on
productivity, energy efficiency, safety and ergonomics, supported
by insights from connected products. The company was founded
in 1873, is based in Nacka, Sweden, and has a global reach
spanning more than 180 countries. In 2022, Atlas Copco had
revenues of BSEK 141 and about 49 000 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 solutions; 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 for sustainable productivity in 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 for
sustainable productivity in order to further improve its customers’
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, software, and service through a global network. The
business area innovates for sustainable productivity 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, light towers, industrial
and portable pumps, along with a number of complementary
products. It also offers specialty rental and provides service
through a global network. Guided by a forward-thinking approach
to innovation, Power Technique provides sustainable productivity
solutions across multiple industries, including 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 principal
stakeholders. The mission is to achieve sustainable, profitable
growth. Sustainability plays an important role in Atlas Copco’s
vision and it is an integral aspect of the Group’s mission. 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
Amanda Billner, Media Relations Manager
Mobile: +46 735 82 56 70
media@atlascopco.com
Conference call
A presentation for investors, analysts and media will be held on
October 25, 2023, at 14:00 CEST.
To follow the presentation via webcast:
https://ir.financialhearings.com/atlas-copco-q3-report-2023
To participate via teleconference:
https://conference.financialhearings.com/teleconference/?id=5008600
Please visit our website:
www.atlascopcogroup.com/investor-relations
for the webcast link and presentation material.
Fourth-quarter report 2023
The Q4 2023 report will be published on January 25, 2024, around
12:00 CET and the conference call will be at 14:00 CET.
Silent period starts December 26, 2023.
First-quarter report 2024
The Q1 2024 report will be published on April 24, 2024.
Silent period starts March 25, 2024.
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 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. 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.
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
12:00 CEST on October 25, 2023.