Kvartalsrapport Q2 2023

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

Kvartalsrapport  
 
april – juni 2023 
 
Stockholm, Sverige, 21 juli, 2023  
(NYSE: ALV och SSE: ALIV.sdb)

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

Kvartalsrapport april - juni 2023 
 
2 
Kv2 2023: Försäljningsrekord för ett andra kvartal 
 
Finansiell sammanfattning Kv2 
$2 635 miljoner försäljning  
27% försäljningsökning 
27% organisk försäljningsökning* 
3,6% rörelsemarginal 
8,0% justerad rörelsemarginal* 
$0,61 vinst/aktie - 32% minskning 
$1,93 justerad vinst/aktie* - 115% ökning 
 Utsikter för helåret 2023 
Cirka 15% organisk försäljningsökning 
Cirka 1% positiv valutaeffekt på försäljningen 
Cirka 8,5-9,0% justerad rörelsemarginal 
Cirka $900 miljoner operativt kassaflöde 
 
 
Alla förändringstal i denna rapport jämför med motsvarande period året innan, om inte annat anges.  
 
Viktiga händelser i verksamheten under det andra kvartalet 2023 
 
 Försäljningen ökade organiskt* med 27%, vilket var 11%-enheter bättre än global fordonsproduktion, som växte med 15,5% 
(S&P Global juli 2023). Vi överträffade fordonsproduktionen kraftigt i alla regioner, främst från produktlanseringar och högre priser. 
 Lönsamheten ökade kraftigt, med positiv påverkan från prisökningar, organisk tillväxt och kostnadsbesparingsaktiviteter. 
Rörelseresultatet blev 94 MUSD och rörelsemarginalen 3,6%. Justerat rörelseresultat * ökade från 124 MUSD till 212 MUSD och 
justerad rörelsemarginal* ökade från 6,0% till 8,0%, trots inflationstryck, negativa valutaeffekter samt två separata störningar i 
leverantörskedjan. Avkastning på sysselsatt kapital uppgick till 9,5% och justerad avkastning på sysselsatt kapital* till 21,0%. 
 Operativt kassaflöde ökade från -51 MUSD till 379 MUSD, främst från bättre justerat rörelseresultat och positiva rörelsekapital-
effekter. Fritt kassaflöde* ökade till 255 MUSD från -190 MUSD. Skuldkvoten* förbättrades från 1,6x i det första kvartalet 2023 till 
1,3x, påverkat av lägre nettoskuld och ett högre justerat EBITDA. Utbetald utdelning uppgick till 0,66 USD per aktie. 0,48 miljoner 
aktier återköptes och makulerades i kvartalet.  
*För ej U.S. GAAP, se jämförelsetabell. 
 Nyckeltal 
MUSD, förutom aktiedata Kv1 2023 Kv2 2022 Förändring 6M 2023 6M 2022 Förändring 
Försäljning $2 635 $2 081 27% $5 127 $4 206 22% 
Rörelseresultat 94 124 -24% 221 258 -15% 
Justerat rörelseresultat1) 212 124 71% 343 192 79% 
Rörelsemarginal 3,6% 6,0% -2,4 4,3% 6,1% -1,8 
Justerad rörelsemarginal1) 8,0% 6,0% 2,1 6,7% 4,6% 2,1 
Vinst per aktie2) $0,61 $0,91 -32% $1,47 $1,85 -20% 
Justerad vinst per aktie1,2) 1,93 0,90 115% 2,82 1,36 107% 
Operativt kassaflöde 379 -51 n/a 334 19 1 654% 
Avkastning på sysselsatt kapital3) 9,5% 13,1% -3,6 11,4% 13,8% -2,4 
Justerad avkastning på sysselsatt kapital1,3) 21,0% 13,3% 7,7 17,4% 10,4% 7,1 
1) Exklusive effekter från kapacitetsanpassningar, kartellrelaterade ärenden och Andrewsförlikningen. Ej U.S. GAAP, se jämförelsetabell. 2) Efter utspädning när 
tillämpligt och exkl. återköpta aktier. 3) Annualiserat rörelseresultat och vinstandelar i minoritetsbolag i förhållande till genomsnittligt sysselsatt kapital.  
 
 
 
Kommentar från Mikael Bratt, VD och koncernchef   
 
Under kvartalet tog vi ytterligare steg mot våra 
helårsindikationer, vilket också understödjer våra 
medelsiktiga mål. Vi slog nya rekord för ett andra 
kvartal för försäljning, justerat rörelseresultat och 
operativt kassaflöde sedan Veoneer-
avknoppningen 2018. Vi erhöll den 
priskompensation från våra kunder som vi 
planerat för. För att säkra vår medel- och 
långsiktiga konkurrenskraft, meddelade vi att vi  
Jag är nöjd med att vi nådde en justerad avkastning på sysselsatt 
kapital på mer än 20%. Vi levererade ett starkt operativt och fritt 
kassaflöde i kvartalet, påverkat av högre justerat rörelseresultat och att 
de negativa rörelsekapitaleffekterna från det första kvartalet vände till 
positiva effekter, i linje med vad vi tidigare indikerade. Detta bidrog till 
förbättrad skuldkvot, vilket understödjer våra aktieåterköpsambitioner. 
Vi såg en fortsatt förbättring av stabiliteten i kundavropen i kvartalet, 
även om volatiliteten fortfarande är högre än före pandemin. Vi tror att 
detta är en reflektion av stabilare globala leverantörskedjor för både 
våra kunder och leverantörer. Förutom två isolerade 
leverantörstörningar i Europa och Americas, förbättrades våra 
leverantörskedjor i kvartalet. 
Vi står fast vid våra helårsindikationer. Ser vi till det andra halvåret 
förväntar vi oss att justerad rörelsemarginal är baktung pga den 
normala säsongseffekten mellan tredje och fjärde kvartal samt pga när 
prisförhandlingarna förväntas avslutas. De steg vi tog i andra kvartalet 
stärker vår övertygelse om en sekventiell förbättring av den justerade 
rörelsemarginalen vilket bör göra det möjligt att leverera en avsevärd 
ökning av årets operativa kassaflöde och justerat rörelseresultat. 
accelererar våra strukturella kostnadsbesparingar. Föregående vecka 
tillkännagav vi de första stegen mot en nödvändig optimering av vår 
kostnadsstruktur till rådande marknadsförutsättningar. Detta första steg 
förväntas minska kostnaderna med cirka 25 MUSD år 2024, vilket ökar 
till cirka 55 MUSD år 2025 och uppgå till cirka 75 MUSD vid full 
implementering. Ytterligare initiativ kommer att tillkännages allteftersom 
planer materialiseras. 
Vi genererade 27% organisk tillväxt, vilket var 11 procentenheter bättre 
än fordonsproduktionens tillväxt. Detta tack vare produktlanseringar 
och framgångsrika priskompensationsförhandlingar. Den stora 
volymökningen kombinerat med priskompensation, kostnads-
besparingsaktivitieter och lägre kostnader för premiumfrakt möjlig-
gjorde att justerat rörelseresultat ökade med 71%, trots kraftigt 
inflationstryck och valutamotvind.

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

Kvartalsrapport april - juni 2023 
 
3 
Full year 2023 indications 
Our outlook indications for 2023 are mainly based on our customer call-offs, a full year 2023 global LVP growth of around 
4%, that we achieve our targeted cost compensation effects, and that customer call -off volatility is reduced.  
 Full Year Indication  Full Year Indication 
Organic sales growth Around 15% Tax rate2) Around 32% 
FX impact on net sales Around 1% positive Operating cash flow3) Around $900 million 
Adjusted operating margin1) Around 8.5%-9% Capex, net, of sales Around 6% 
1) Excluding effects from capacity alignments, antitrust related matters, the Andrews litigation settlement and other discret e items. 2) Excluding unusual tax items. 3) 
Excluding unusual items. 
The forward-looking non-U.S. GAAP financial measures above are provided on a non-U.S. GAAP basis. Autoliv has not 
provided a U.S. GAAP reconciliation of these measures because items that impact these measures, such as costs and 
gains related to capacity alignments and antitrust matters, cannot be reasonably predicted or determined. As a result, 
such reconciliation is not available without unreasonable efforts and Autoliv is unable to determine the probable 
significance of the unavailable information. 
Conference call and webcast 
An earnings conference call will be held at 2:00 p.m. CET today, July 21, 2023. Information regarding how to participate 
is available on www.autoliv.com. The presentation slides for the conference call will be available on our website shortly 
after the publication of this financial report.

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

Kvartalsrapport april - juni 2023 
 
4 
Business and market condition update 
Supply Chain 
Global light vehicle production growth year-over-year was 15.5% (according to S&P Global July 2023) mainly due to 
supply chain disruptions easing and the impact on Q2 2022 LVP from the Covid-19 shutdowns in China. Apart from 
several isolated supply chain disruptions in Europe and Americas in the quarter, we saw continued gradual 
improvement in call-off volatility as supply chains are less strained. However, volatility is still significantly higher than 
pre-pandemic levels, and low customer demand visibility and changes to customer call -offs with short notice still had a 
negative impact on our production efficiency and profitability in the quarter. We expect the current industry-wide 
supply chain disruptions to gradually fade in the second half of 2023, but not enough to return to pre -pandemic levels 
of efficiency.  
Inflation 
In Q2 2023, cost pressures from labor, logistics, utilities and other items had a negative impact on our profitability. 
Most of the inflationary cost pressure was offset by customer price and other compensations in the quarter. Raw 
material cost inflation and its impact on our profitability was limited in Q2 2023. We expect the raw material price 
changes in 2023 will largely be reflected in price changes in our products, albeit with delays of several months. We 
also expect continued cost pressure from broad based inflation relating to labor, logistics, utilities and other items, 
especially in Europe. We continue to execute on productivity and cost reduction activities to offset these cost 
pressures, and we continue to have challenging discussions with our customers on non-raw material cost inflation.   
Other matters 
In July 2023, we executed settlement agreements, without admitting liability, with respect to the previously disclosed 
Andrews wrongful death product liability litigation with all interested parties. The Company's out-of-pocket costs, 
including self-insurance retention costs and deductibles for the settlement, is $8 million. See below for the 
reconciliation of non-US GAAP measures tables.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report includes content supplied by S&P Global; Copyright © Light Vehicle Production Forecast, January, April and July 2 023. All rights reserved.

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

Kvartalsrapport april - juni 2023 
 
5 
Key Performance Trends  
 
Net Sales Development by region Operating and adjusted operating income and margins 
  
 
 
 
Capex and D&A Operating and adjusted operating Cash Flow 
  
  
 
Return on Capital Employed Cash Conversion* 
  
  
 
Key definitions   ------------------------------------------------------------------------------------------------------------ 
 
Capex, net: Capital Expenditure, net.  
D&A: Depreciation and Amortization. 
Adj. operating income and margin*: Operating income 
adjusted for capacity alignments, antitrust related matters 
and the Andrews litigation settlement. Capacity 
alignments include non-recurring costs related to our 
structural efficiency and business cycle management 
programs. 
 Operating cash flow excluding EC antitrust payment*: 
Adjusted for EC antitrust payment of $203 million in 2019. 
Cash conversion*: Free cash flow* in relation to net income 
adjusted for EC antitrust payment in 2019. Free cash flow 
defined as operating cash flow less capital expenditure, 
net.

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

Kvartalsrapport april - juni 2023 
 
6 
Consolidated sales development 
Second quarter 2023 
Consolidated sales  Second quarter Reported Currency Organic 
(Dollars in millions)  2023 2022 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $1,757 $1,336 32% (0.2)% 32% 
Seatbelt Products and Other2)  878 746 18% 0.5% 17% 
Total  $2,635 $2,081 27% 0.0% 27% 
       
Asia  $968 $732 32% (5.0)% 37% 
Whereof: China 497 363 37% (5.7)% 43% 
 Asia excl. China 471 369 28% (4.3)% 32% 
Americas  916 738 24% 3.1% 21% 
Europe  751 611 23% 2.3% 21% 
Total  $2,635 $2,081 27% 0.0% 27% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales for all major product categories increased 
organically* in the quarter. The largest contributor to the 
increase was inflatable curtains and steering wheels, 
followed by side airbags and passenger airbags. 
 Sales by product - Seatbelts and Other 
 
The main contributor to Seatbelt products organic sales 
growth* was Europe, followed by China and Americas.  
 
 
 
Sales by region 
Our global organic sales* increased by 27% compared to 
the global LVP increase of 15.5% (according to S&P 
Global, July 2023). The 11pp outperformance was driven 
by new product launches and price increases. 
  
 
Autoliv outperformed LVP by 23pp in China, by 18pp in 
Asia excl. China, by 7pp in Americas and by 6pp in 
Europe. 
 
Q2 2023 organic growth* Americas Europe China Asia excl. China Global 
Autoliv 21% 21% 43% 32% 27% 
Main growth drivers Honda, GM VW, Stellantis, BMW Honda, GM, Lixiang Toyota, Hyundai, 
Subaru Honda, Toyota, GM 
Main decline drivers BMW, Ford, VW  Nissan, Renault Renault, KG Mobility  
 
Light vehicle production development 
Change vs same period last year according to S&P Global 
Q2 2023 Americas Europe China Asia excl. China Global 
LVP (July 2023) 14% 14% 19% 14% 16% 
LVP (Apr 2023) 9.6% 8.1% 18% 14% 13%

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

Kvartalsrapport april - juni 2023 
 
7 
Consolidated sales development 
First six months 2023 
Consolidated sales  First 6 months Reported Currency Organic 
(Dollars in millions)  2023 2022 (U.S. GAAP) effects1) change* 
Airbags, Steering Wheels and Other2)  $3,430 $2,716 26% (2.0)% 28% 
Seatbelt Products and Other2)  1,698 1,489 14% (1.5)% 16% 
Total  $5,127 $4,206 22% (1.8)% 24% 
       
Asia  $1,904 $1,589 20% (6.5)% 26% 
Whereof: China 950 810 17% (6.6)% 24% 
 Asia excl. China 954 779 22% (6.5)% 29% 
Americas  1,747 1,431 22% 2.8% 19% 
Europe  1,476 1,186 24% (1.1)% 26% 
Total  $5,127 $4,206 22% (1.8)% 24% 
1) Effects from currency translations. 2) Including Corporate sales.  
 
Sales by product – Airbags, Steering Wheels and 
Other 
Sales for all major product categories increased 
organically* in the quarter. The largest contributor to the 
increase was inflatable curtains and steering wheels, 
followed by side airbags and passenger airbags. 
 Sales by product - Seatbelts and Other 
 
The main contributor to Seatbelt products organic sales 
growth* was Europe, followed by Americas, Asia excl. 
China, and China.  
 
 
 
     
Sales by region 
Our global organic sales* increased by 24% compared to 
the global LVP increase of 11.3% (according to S&P 
Global, July 2023). The 12pp outperformance was driven 
by new product launches and price increases. 
  
 
Autoliv outperformed LVP by around 17pp in China, by 
15pp in Asia excl. China, by 9pp in Europe, and by 7pp in 
Americas. 
 
6M 2023 organic growth* Americas Europe China Asia excl. China Global 
Autoliv 19% 26% 24% 29% 24% 
Main growth drivers Honda, GM, Nissan VW, Stellantis, 
Renault Honda, Lixiang, BYD Toyota, Hyundai, 
Subaru 
Honda, Toyota, 
Hyundai 
Main decline drivers Ford, BMW Mitsubishi Nissan, Renault, 
Xpeng Renault, KG Mobility Ford, Xpeng 
 
Light vehicle production development 
Change vs same period last year according to S&P Global 
First 6 months 2023 Americas Europe China Asia excl. China Global 
LVP (July 2023) 12% 16% 6.7% 14% 11% 
LVP (Jan 2023) 8.3% 6.9% 5.2% 9.3% 7.1%

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

Kvartalsrapport april - juni 2023 
 
8 
Key launches in the second quarter 2023 
 
 
     Kia EV9                   
   Hyundai MUFASA  
   Zeekr-X                            
 
 
 
 
 
 
               
 
              
 
                 
 
      
     Nio ES6                          
 
   WEY Blue Mountain        
 
   Mercedes E-class           
 
 
 
 
 
  
 
 
 
 
                 
 
             
 
              
 
      
     Ford Mustang                   Toyota Alphard             
   VW ID.7                            
 
 
 
 
 
 
 
               
             
               
 
 
 
  Driver/Passenger Airbags  Seatbelts  Side Airbags 
 
 Head/Inflatable Curtain Airbags  Steering Wheel  Knee Airbag 
 
 Front Center Airbag  Bag-in-Belt  Pyrotechnical Safety Switch 
 
 Pedestrian Airbag  Hood Lifter 
 
Available as EV/PHEV

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

Kvartalsrapport april - juni 2023 
 
9 
Financial development  
Selected Income Statement items 
 
Condensed income statement Second quarter  First 6 months 
(Dollars in millions, except per share data) 2023 2022 Change  2023 2022 Change 
Net sales $2,635 $2,081 27%  $5,127 $4,206 22% 
Cost of sales (2,188) (1,755) 25%  (4,301) (3,591) 20% 
Gross profit $447 $326 37%  $826 $614 34% 
S,G&A (129) (112) 15%  (261) (227) 15% 
R,D&E, net (120) (112) 7.3%  (237) (219) 8.0% 
Amortization of intangibles (0) (0) 24%  (1) (2) (50)% 
Other income (expense), net (103) 22 n/a  (107) 92 n/a 
Operating income $94 $124 (24)%  $221 $258 (15)% 
Adjusted operating income1) $212 $124 71%  $343 $192 79% 
Financial and non-operating items, net (11) (7) 65%  (29) (22) 35% 
Income before taxes $83 $117 (30)%  $191 $237 (19)% 
Income taxes (30) (38) (22)%  (64) (74) (14)% 
Net income $53 $79 (33)%  $127 $163 (22)% 
Earnings per share2) 0.61 0.91 (32)%  1.47 1.85 (20)% 
Adjusted earnings per share1,2) $1.93 $0.90 115%  $2.82 $1.36 107% 
        
Gross margin 17.0% 15.7% 1.3pp  16.1% 14.6% 1.5pp 
S,G&A, in relation to sales (4.9)% (5.4)% 0.5pp  (5.1)% (5.4)% 0.3pp 
R,D&E, net in relation to sales (4.6)% (5.4)% 0.8pp  (4.6)% (5.2)% 0.6pp 
Operating margin 3.6% 6.0% (2.4)pp  4.3% 6.1% (1.8)pp 
Adjusted operating margin1) 8.0% 6.0% 2.1pp  6.7% 4.6% 2.1pp 
Tax Rate 35.8% 32.2% 3.5pp  33.4% 31.3% 2.1pp 
        
Other data        
No. of shares at period-end in millions3) 85.4 87.1 (2.0)%  85.4 87.1 (2.0)% 
Weighted average no. of shares in millions4) 85.6 87.2 (1.8)%  85.9 87.2 (1.6)% 
Weighted average no. of shares in millions, 
diluted4) 85.8 87.3 (1.8)%  86.0 87.4 (1.6)% 
1) Non-U.S. GAAP measure, excluding effects from capacity alignment, antitrust related matters and the Andrews litigation settlement . See reconciliation table. 2) Assuming 
dilution when applicable and net of treasury shares. 3) Excluding dilution and net of treasury shares. 4) Net of treasury shares. 
 
Second quarter 2023 development 
Gross profit increased by $121 million and the gross margin 
increased by 1.3pp compared to the same quarter 2022. The 
gross profit increase was primarily driven by price increases, 
volume growth and lower costs for premium freight. This was 
partly offset by increased costs for personnel related to volume 
growth and wage inflation, as well as adverse effects from 
unfavorable exchange rates and energy costs. 
S,G&A costs increased by $17 million compared to the prior 
year, mainly due to increased costs for personnel and projects. 
S,G&A costs in relation to sales decreased from 5.4% to 4.9%. 
R,D&E, net costs increased by around $8 million compared to 
the prior year, mainly due to higher costs for personnel. R,D&E, 
net, in relation to sales decreased from 5.4% to 4.6%. 
Other income (expense), net was negative $103 million 
compared to $22 million in the prior year. The prior year was 
positively impacted by $21 million from a patent litigation 
settlement while Q2 2023 was negatively impacted by around 
$109 million in accruals for capacity alignments. 
Operating income decreased by $30 million compared to the 
same period in 2022, mainly as a consequence of accruals for 
capacity alignments and the higher costs for S,G&A and 
R,D&E, net, partly offset by the higher gross profit. 
  
Adjusted operating income* increased by $88 million 
compared to the prior year, mainly due to higher gross profit, 
partly offset by the higher costs for S,G&A and R,D&E, net. 
Financial and non-operating items, net, was negative $11 
million compared to negative $7 million a year earlier, mainly 
due to increased interest expense as an effect of higher debt 
and higher interest rates. 
Income before taxes decreased by $35 million compared to 
the prior year, mainly due to the lower operating income. 
Tax rate was 35.8% compared to 32.2% in the same period 
last year. Discrete tax items, net, decreased the tax rate this 
quarter by 4.5pp. Discrete tax items increased the tax rate by 
1.5pp in the same period last year. 
Earnings per share, diluted decreased by $0.29 compared 
to a year earlier. The main drivers were $1.32 from capacity 
alignments and other adjustments, partly offset by $0.69 from 
higher adjusted operating income* and $0.35 from taxes.

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

Kvartalsrapport april - juni 2023 
 
10 
First six months 2023 development 
Gross profit increased by $212 million and the gross margin 
increased by 1.5pp compared to the same period 2022. The 
gross profit increase was primarily driven by price increases, 
volume growth and lower costs for premium freight. This was 
partly offset by increased costs for personnel related to higher 
volumes and wage inflation as well as adverse effects from 
higher costs for raw materials, unfavorable FX effects and 
higher costs for energy. 
S,G&A costs increased by $33 million compared to the prior 
year, mainly due to increased costs for personnel and projects, 
partly offset by positive currency translation effects. S,G&A 
costs in relation to sales decreased from 5.4% to 5.1%. 
R,D&E, net costs increased by around $18 million compared to 
the prior year, mainly due to higher costs for personnel, partly 
offset by positive currency translation effects. R,D&E, net, in 
relation to sales decreased from 5.2% to 4.6%. 
Other income (expense), net was negative $107 million 
compared to $92 million in the prior year. The prior year was 
positively impacted by around an $80 million gain from the sale 
of a property in Japan and around $20 million from a patent 
litigation settlement, partly offset by around $10 million in 
capacity alignment provision for the closure of a plant in South 
Korea while first half 2023 was negatively impacted by around 
$112 million in accruals for capacity alignments. 
Operating income decreased by $37 million compared to the 
same period in 2022, mainly as a consequence of the changes 
in Other income (expense) and the higher costs for S,G&A and 
R,D&E, net, partly offset by the higher gross profit. 
  
Adjusted operating income* increased by $151 million 
compared to the prior year, mainly due to higher gross profit, 
partly offset by the higher costs for S,G&A and R,D&E, net. 
 
Financial and non-operating items, net, was negative $29 
million compared to negative $22 million a year earlier, mainly 
due to increased interest expense as an effect of higher debt 
and higher interest rates. 
 
Income before taxes decreased by $45 million compared to 
the prior year, mainly due to the lower operating income and 
increased interest expense. 
 
Tax rate was 33.4% compared to 31.3% in the same period 
last year. Discrete tax items, net, decreased the tax rate in this 
year by 1.5pp. Discrete tax items increased the tax rate by 
1.0pp in the same period last year. 
 
Earnings per share, diluted decreased by $0.38 compared 
to a year earlier. The main drivers were $1.83 from capacity 
alignments and other adjustments, partly offset by $1.20 from 
higher adjusted operating income* and $0.29 from taxes.

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

Kvartalsrapport april - juni 2023 
 
11 
Selected Balance Sheet and Cash Flow items 
 
Selected Balance Sheet items Second quarter 
(Dollars in millions) 2023 2022 Change 
Trade working capital1) $1,292 $1,379 (6.3)% 
Trade working capital in relation to sales2) 12.3% 16.6% (4.3)pp 
- Receivables outstanding in relation to sales3) 20.8% 21.4% (0.6)pp 
- Inventory outstanding in relation to sales4) 9.0% 10.8% (1.9)pp 
- Payables outstanding in relation to sales5) 17.5% 15.7% 1.8pp 
Cash & cash equivalents 475 327 45% 
Gross Debt6) 1,771 1,619 9.4% 
Net Debt7) 1,299 1,318 (1.4)% 
Capital employed8) 3,856 3,876 (0.5)% 
Return on capital employed9) 9.5% 13.1% (3.6)pp 
Total equity $2,557 $2,558 (0.0)% 
Return on total equity10) 8.2% 12.1% (4.0)pp 
Leverage ratio11) 1.3 1.7 (0.4) 
1) Outstanding receivables and outstanding inventory less outstanding payables. 2) Outstanding receivables and outstanding inventory less outstanding payables relative to 
annualized quarterly sales. 3) Outstanding receivables relative to annualized quarterly sales. 4) Outstanding inventory relat ive to annualized quarterly sales. 5) Outstanding 
payables relative to annualized quarterly sales. 6) Short - and long-term interest-bearing debt. 7) Short- and long-term debt less cash and cash equivalents and debt -related 
derivatives. Non U.S. GAAP measure. See reconciliation table. 8) Total equity and net debt. 9) Annualized operating income and income from equity method investments, 
relative to average capital employed. 10) Annualized net income relative to average total equity. 11) Net debt adjusted for p ension liabilities in relation to EBITDA. Non U.S. 
GAAP measure. See reconciliation table. 
 
Selected Cash Flow items Second quarter  First 6 months 
(Dollars in millions) 2023 2022 Change  2023 2022 Change 
Net income $53 $79 (33)%  $127 $163 (22)% 
Changes in operating working capital 230 (239) n/a  28 (257) n/a 
Depreciation and amortization 94 90 4.1%  186 186 0.2% 
Gain on divestiture of property - - n/a  - (80) n/a 
Other, net 2 19 (89)%  (8) 7 n/a 
Operating cash flow $379 $(51) n/a  $334 $19 1654% 
Capital expenditure, net (124) (139) (10)%  (267) (156) 72% 
Free cash flow1) $255 $(190) n/a  $66 $(137) n/a 
Cash conversion2) 481% n/a n/a  52% n/a n/a 
Shareholder returns        
- Dividends paid (56) (56) 0.6%  (113) (112) 1.2% 
- Share repurchases (41) (22) 83%  (82) (40) 105% 
Cash dividend paid per share $(0.66) $(0.64) 2.5%  $(1.32) $(1.28) 2.8% 
Capital expenditures, net in relation to sales 4.7% 6.7% (1.9)pp  5.2% 3.7% 1.5pp 
1) Operating cash flow less Capital expenditures, net. Non U.S. GAAP measure. See enclosed reconciliation table. 2) Free cash  flow relative to Net income. Non U.S. 
GAAP measure. See reconciliation table. 
 
Second quarter 2023 development 
Trade working capital* decreased by $87 million 
compared to the same period last year, where the main 
drivers were $541 million in higher accounts payable partly 
offset by $410 million in higher receivables and $44 million 
in higher inventories. Compared to Q1 2023, trade working 
capital was reduced by $117 million, driven by $161 million 
in higher accounts payable and $39 million in lower 
inventories partly offset by $83 million in higher 
receivables. 
Operating cash flow improved by $430 million to $379 
million compared to the same period last year, mainly due 
to improved adjusted operating income and a reversal of 
the negative working capital effects from the first quarter 
2023. 
  
Capital expenditure, net decreased by $14 million 
compared to the same period the previous year. Capital 
expenditure, net in relation to sales was 4.7% vs. 6.7% a 
year earlier. 
Free cash flow* was $255 million, compared to negative 
$190 million in the same period prior year. The 
improvement was due to the higher operating cash flow 
and lower capital expenditure, net.

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

Kvartalsrapport april - juni 2023 
 
12 
Cash conversion* defined as free cash flow* in relation to 
net income, was 481% in the period, positively impacted by 
significant capacity alignment accruals in the quarter. 
Net debt* was $1,299 million as of June 30, 2023, which 
was $19 million lower than a year earlier. 
Liquidity position. As of June 30, 2023, our cash balance 
was around $0.5 billion, and including committed, unused 
loan facilities, our liquidity position was around $1.6 billion. 
 Leverage ratio*. As of June 30, 2023, the Company had a 
leverage ratio of 1.3x compared to 1.7x as of June 30, 
2022, as the net debt* decreased and the 12 months 
trailing adjusted EBITDA* increased. 
Total equity decreased by $1 million compared to June 
30, 2022. This was mainly due to $226 million in dividend 
payment and stock repurchases of $157 million as well as 
$30 million in adverse currency translation effects, partly 
offset by $390 million from net income. 
 
First six months 2023 development 
Operating cash flow increased by $315 million compared 
to the same period last year to $334 million, mainly due to 
higher adjusted operating income and positive working 
capital effects. 
Capital expenditure, net increased by $112 million, 
mainly due to the impact on the prior year of $95 million 
from the sale of property, plant and equipment. Capital 
expenditure, net in relation to sales was 5.2% vs. 3.7% a 
year earlier. 
  
Free cash flow* was $66 million, compared to negative 
$137 million in the same period prior year. The 
improvement was due to the higher operating cash flow 
partly offset by higher capital expenditure, net. 
Cash conversion* defined as free cash flow* in relation to 
net income, was 52% in the period. 
 
Headcount 
 
 Jun 30 Mar 31 Jun 30 
 2023 2023 2022 
Headcount 71,200 71,300 64,700 
Whereof:  Direct headcount in manufacturing 52,600 52,700 46,500 
                 Indirect headcount 18,600 18,600 18,200 
Temporary personnel 11% 11% 9.6% 
 
At June 30, 2023, total headcount increased by 6,500 
compared to a year earlier. The indirect workforce 
increased by 2% while the direct workforce increased by 
13%, reflecting that sales grew organically by 27% in the 
second quarter compared to a year earlier. 
 Compared to March 31, 2023, total headcount was 
virtually unchanged. Our headcount reductions 
announced on July 13, 2023 is not yet reflected in the 
totals.

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

Kvartalsrapport april - juni 2023 
 
13 
Other Items 
 
• On May 2, 2023, Autoliv announced that it presented 
several new safety solutions at the Shanghai 
Automobile Industry Exhibition 2023. The new safety 
solutions include an integrated cockpit, a zero-gravity 
seat, and the Star steering wheel. The new products 
are designed to provide safety, comfort, and an 
improved driving experience. 
• On May 19, 2023, Autoliv announced that Autoliv 
China and NIO Inc., a leading electric vehicle company 
based in China, signed a strategic cooperation 
framework agreement. The collaboration includes 
several new safety technologies for electric vehicles 
with an overarching focus on sustainable solutions.  
• On May 24, 2023, Autoliv announced that Petra 
Albuschus will join the company as Executive Vice 
President, Human Resources and Sustainability and 
will become a member of the Autoliv Executive 
Management Team. She will succeed Per Ericson who 
will retire. Ms. Albuschus joins Autoliv from Swedish 
retail company ICA Gruppen AB where she serves as 
Chief Human Resources Officer and a member of the 
ICA Gruppen executive management team. Over her 
career, Ms. Albuschus has accumulated valuable 
leadership and logistics experience from ICA Gruppen 
and from Procter & Gamble. Ms. Albuschus is 
expected to begin her employment with Autoliv no later 
than November 15, 2023. 
• On May 30, 2023, Autoliv announced that it has 
appointed Magnus Jarlegren, then Executive Vice 
President, Operations, as the next President Autoliv 
Europe effective June 1, 2023. Mr. Jarlegren brings 
extensive experience from leading development and 
change management in global operations and driving 
operational excellence, leading the step change of the 
Autoliv Production System and plant improvement. 
 • On June 2, 2023, Autoliv announced that it will launch 
its first motorcycle airbag in 2025. The first new 
motorcycle safety product to reach the market will be 
the bag-on-bike airbag, with production beginning in 
Q1 2025. The bag-on-bike airbag can significantly 
reduce the risk of serious injury for powered two-
wheeler riders in frontal crashes. 
• On June 8, 2023, Autoliv announced it is accelerating 
its global structural cost reductions, particularly within 
its European operations. These actions support 
Autoliv's medium- and long-term financial targets. The 
accelerated structural cost reduction initiatives include 
further optimization of the Company’s geographic 
footprint and organizational structure, including a 
substantial reduction of its total direct and indirect 
workforce by up to 11%.  
• On June 12, 2023, Autoliv hosted an Investor Day 
where Autoliv management outlined the Company's 
strategy, growth opportunities, financial plans and 
targets as well as its contribution to sustainable 
mobility.  
• On July 13, 2023, Autoliv announced its aims to close 
sites in Elmshorn, Germany and Congleton, United 
Kingdom, as part of its global structural cost reduction 
initiatives. 
• In Q2 2023, Autoliv repurchased and retired 0.48 
million shares of common stock at an average price of 
$85.20 per share under the Autoliv 2022-2024 stock 
purchase program.

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

Kvartalsrapport april - juni 2023 
 
14 
Next Report 
Autoliv intends to publish the quarterly earnings report 
for the third quarter of 2023 on Friday, October 20, 
2023. 
 Footnotes 
*Non-U.S. GAAP measure, see enclosed reconciliation 
tables. 
Inquiries: Investors and Analysts 
Anders Trapp 
Vice President Investor Relations 
Tel +46 (0)8 5872 0671 
Henrik Kaar 
Director Investor Relations 
Tel +46 (0)8 5872 0614 
 
Inquiries: Media 
Gabriella Etemad 
Senior Vice President Communications 
Tel +46 (0)70 612 6424 
Denna information är sådan information som Autoliv, 
Inc. är skyldigt att offentliggöra enligt EUs 
marknadsmissbruksförordning. Informationen 
lämnades, genom ovanstående kontaktpersons 
försorg, för offentliggörande den 21 juli 2023 kl 12.00 
CET. 
Definitions and SEC Filings 
Please refer to www.autoliv.com or to our Annual Report 
for definitions of terms used in this report. Autoliv’s annual 
report to stockholders, annual report on Form 10-K, 
quarterly reports on Form 10Q, proxy statements, 
management certifications, press releases, current 
reports on Form 8-K and other documents filed with the 
SEC can be obtained free of charge from Autoliv at the 
Company’s address. These documents are also available 
at the SEC’s website www.sec.gov and at Autoliv’s 
corporate website www.autoliv.com. 
This report includes content supplied by S&P Global; 
Copyright © Light Vehicle Production Forecast, January, 
April and July 2023. All rights reserved. S&P Global is a 
global supplier of independent industry information. The 
permission to use S&P Global copyrighted reports, data 
and information does not constitute an endorsement or 
approval by S&P Global of the manner, format, context, 
content, conclusion, opinion or viewpoint in which S&P 
Global reports, data and information or its derivations are 
used or referenced herein.

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

Kvartalsrapport april - juni 2023 
 
15 
“Safe Harbor Statement” 
 
This report contains statements that are not historical facts but 
rather forward-looking statements within the meaning of the 
Private Securities Litigation Reform Act of 1995. Such forward-
looking statements include those that address activities, events 
or developments that Autoliv, Inc. or its management believes or 
anticipates may occur in the future. All forward-looking 
statements are based upon our current expectations, various 
assumptions and/or data available from third parties. Our 
expectations and assumptions are expressed in good faith and 
we believe there is a reasonable basis for them. However, there 
can be no assurance that such forward-looking statements will 
materialize or prove to be correct as forward-looking statements 
are inherently subject to known and unknown risks, uncertainties 
and other factors which may cause actual future results, 
performance or achievements to differ materially from the future 
results, performance or achievements expressed in or implied 
by such forward-looking statements. In some cases, you can 
identify these statements by forward-looking words such as 
“estimates”, “expects”, “anticipates”, “projects”, “plans”, 
“intends”, “believes”, “may”, “likely”, “might”, “would”, “should”, 
“could”, or the negative of these terms and other comparable 
terminology, although not all forward-looking statements contain 
such words. Because these forward-looking statements involve 
risks and uncertainties, the outcome could differ materially from 
those set out in the forward-looking statements for a variety of 
reasons, including without limitation, general economic 
conditions, including inflation; changes in light vehicle 
production; fluctuation in vehicle production schedules for which 
the Company is a supplier; global supply chain disruptions, 
including port, transportation and distribution delays or 
interruptions; supply chain disruptions and component shortages 
specific to the automotive industry or the Company; disruptions 
and impacts relating to the ongoing war between Russia and 
Ukraine; changes in general industry and market conditions or 
regional growth or decline; changes in and the successful 
execution of our capacity alignment, restructuring, cost reduction 
and efficiency initiatives and the market reaction thereto; loss of 
business from increased competition; higher raw material, fuel 
and energy costs; changes in consumer and customer 
preferences for end products; customer losses; changes in 
 regulatory conditions; customer bankruptcies, consolidations, 
or restructuring or divestiture of customer brands; unfavorable 
fluctuations in currencies or interest rates among the various 
jurisdictions in which we operate; market acceptance of our 
new products; costs or difficulties related to the integration of 
any new or acquired businesses and technologies; continued 
uncertainty in pricing and other negotiations with customers; 
successful integration of acquisitions and operations of joint 
ventures; successful implementation of strategic partnerships 
and collaborations; our ability to be awarded new business; 
product liability, warranty and recall claims and investigations 
and other litigation, civil judgments or financial penalties and 
customer reactions thereto; higher expenses for our pension 
and other postretirement benefits, including higher funding 
needs for our pension plans; work stoppages or other labor 
issues; possible adverse results of pending or future litigation 
or infringement claims and the availability of insurance with 
respect to such matters; our ability to protect our intellectual 
property rights; negative impacts of antitrust investigations or 
other governmental investigations and associated litigation 
relating to the conduct of our business; tax assessments by 
governmental authorities and changes in our effective tax 
rate; dependence on key personnel; legislative or regulatory 
changes impacting or limiting our business; our ability to meet 
our sustainability targets, goals and commitments; political 
conditions; dependence on and relationships with customers 
and suppliers; the conditions necessary to hit our medium 
term financial targets; and other risks and uncertainties 
identified under the headings “Risk Factors” and 
“Management’s Discussion and Analysis of Financial 
Condition and Results of Operations” in our Annual Reports 
and Quarterly Reports on Forms 10-K and 10-Q and any 
amendments thereto. For any forward-looking statements 
contained in this or any other document, we claim the 
protection of the safe harbor for forward-looking statements 
contained in the Private Securities Litigation Reform Act of 
1995, and we assume no obligation to update publicly or 
revise any forward-looking statements in light of new 
information or future events, except as required by law.

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

Kvartalsrapport april - juni 2023 
 
16 
Consolidated Statements of Income 
(Dollars in millions, except per 
share data, unaudited) Second quarter  First 6 months Latest 12 Full Year 
 2023 2022  2023 2022 months 2022 
Airbags, Steering Wheels and Other1) $1,757 $1,336  $3,430 $2,716 $6,520 $5,807 
Seatbelt products and Other1) 878 746  1,698 1,489 3,244 3,035 
Total net sales $2,635 $2,081  $5,127 $4,206 $9,764 $8,842 
        
Cost of sales (2,188) (1,755)  (4,301) (3,591) (8,156) (7,446) 
Gross profit $447 $326  $826 $614 $1,608 $1,396 
        
Selling, general & administrative 
expenses (129) (112)  (261) (227) (471) (437) 
Research, development & 
engineering expenses, net (120) (112)  (237) (219) (408) (390) 
Amortization of intangibles (0) (0)  (1) (2) (2) (3) 
Other income (expense), net (103) 22  (107) 92 (106) 93 
Operating income $94 $124  $221 $258 $621 $659 
        
Income from equity method 
investments 1 1  2 2 4 3 
Interest income 6 1  8 2 12 6 
Interest expense (25) (13)  (45) (26) (79) (60) 
Other non-operating items, net 7 5  5 1 (1) (5) 
Income before income taxes $83 $117  $191 $237 $558 $603 
        
Income taxes (30) (38)  (64) (74) (168) (178) 
Net income $53 $79  $127 $163 $390 $425 
        
Less: Net income attributable to non-
controlling interest 0 0  1 1 1 2 
Net income attributable to 
controlling interest $53 $79  $127 $162 $388 $423 
        
Earnings per share2) $0.61 $0.91  $1.47 $1.85 $4.48 $4.85 
1) Including Corporate sales. 2) Assuming dilution when applicable and net of treasury shares.

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

Kvartalsrapport april - juni 2023 
 
17 
Consolidated Balance Sheets 
  Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions, unaudited)  2023 2023 2022 2022 2022 
Assets       
Cash & cash equivalents  $475 $713 $594 $483 $327 
Receivables, net  2,189 2,106 1,907 1,893 1,779 
Inventories, net  947 986 969 924 903 
Prepaid expenses  166 166 160 218 185 
Other current assets  120 90 84 69 91 
Total current assets  $3,898 $4,061 $3,714 $3,587 $3,285 
       
Property, plant & equipment, net  2,047 2,045 1,960 1,795 1,806 
Operating leases right-of-use assets  149 169 160 116 120 
Goodwill  1,375 1,376 1,375 1,364 1,373 
Intangible assets, net  6 7 7 5 6 
Investments and other non-current assets  484 528 502 467 439 
Total assets  $7,959 $8,185 $7,717 $7,334 $7,030 
       
Liabilities and equity       
Short-term debt  $481 $577 $711 $692 $559 
Accounts payable  1,844 1,683 1,693 1,503 1,303 
Accrued expenses  1,122 969 915 965 944 
Operating lease liabilities - current  35 41 39 35 37 
Other current liabilities  274 258 283 263 218 
Total current liabilities  $3,756 $3,529 $3,642 $3,458 $3,061 
       
Long-term debt  1,290 1,601 1,054 1,037 1,060 
Pension liability  152 159 154 149 155 
Operating lease liabilities - non-current  113 127 119 81 83 
Other non-current liabilities  91 128 121 118 113 
Total non-current liabilities  $1,645 $2,015 $1,450 $1,385 $1,410 
       
Total parent shareholders’ equity  2,545 2,627 2,613 2,478 2,544 
Non-controlling interest  13 14 13 13 15 
Total equity  $2,557 $2,641 $2,626 $2,491 $2,558 
       
Total liabilities and equity  $7,959 $8,185 $7,717 $7,334 $7,030

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

Kvartalsrapport april - juni 2023 
 
18 
Consolidated Statements of Cash Flow 
 Second quarter  First 6 months Latest 12 Full Year 
(Dollars in millions, unaudited) 2023 2022  2023 2022 months 2022 
Net income $53 $79  $127 $163 $390 $425 
Depreciation and amortization 94 90  186 186 363 363 
Gain on divestiture of property - -  - (80) - (80) 
Other, net 2 19  (8) 7 (69) (54) 
Changes in operating working capital, net 230 (239)  28 (257) 344 58 
Net cash provided by (used in) operating activities $379 $(51)  $334 $19 $1,028 $713 
        
Expenditures for property, plant and equipment (125) (142)  (268) (254) (600) (585) 
Proceeds from sale of property, plant and equipment 1 3  1 98 3 101 
Net cash used in investing activities $(124) $(139)  $(267) $(156) $(596) $(485) 
        
Net cash before financing1) $255 $(190)  $66 $(137) $431 $228 
        
Net increase (decrease) in short term debt 140 (287)  5 (277) 449 167 
Decrease in short-term part of long-term debt (533) (302)  (533) (302) (533) (302) 
Net increase (decrease) in long-term debt 23 279  556 269 232 (55) 
Dividends paid (56) (56)  (113) (112) (226) (224) 
Share repurchases (41) (22)  (82) (40) (157) (115) 
Common stock options exercised 0 0  0 0 0 0 
Dividend paid to non-controlling interests (1) -  (1) - (2) (2) 
Net cash used in financing activities $(468) $(388)  $(168) $(462) $(236) $(531) 
        
Effect of exchange rate changes on cash (24) (33)  (17) (43) (47) (73) 
(Decrease) increase in cash and cash equivalents $(238) $(611)  $(119) $(642) $148 $(375) 
Cash and cash equivalents at period-start 713 938  594 969 327 969 
Cash and cash equivalents at period-end $475 $327  $475 $327 $475 $594 
1) Non-U.S. GAAP measure comprised of "Net cash provided by operating activities" and "Net cash used in investing activities". See r econciliation table.

===== SIDA 19 =====

Kvartalsrapport april - juni 2023 
 
19 
RECONCILIATION OF U.S. GAAP TO NON-U.S. GAAP MEASURES 
In this report we sometimes refer to non-U.S. GAAP measures that we and securities analysts use in measuring Autoliv's 
performance. We believe that these measures assist investors and management in analyzing trends in the Company's 
business for the reasons given below. Investors should not consider these non-U.S. GAAP measures as substitutes, but 
rather as additions, to financial reporting measures prepared in accordance with U.S. GAAP. It should be noted that these 
measures, as defined, may not be comparable to similarly titled measures used by other companies. 
Components in Sales Increase/Decrease 
Since the Company historically generates approximately 75% of sales in currencies other than in the reporting currency 
(i.e. U.S. dollars) and currency rates have been volatile, we analyze the Company's sales trends and performance as 
changes in organic sales growth. This presents the increase or decrease in the overall U.S. dollar net sales on a 
comparable basis, allowing separate discussions of the impact of acquisitions/divestitures and exchange rates. The 
tables on page 6 present changes in organic sales growth as reconciled to the change in the total U.S. GAAP net sales.  
Trade Working Capital 
Due to the need to optimize cash generation to create value for shareholders, management focuses on operationally 
derived trade working capital as defined in the table below. The reconciling items used to derive this measure are, by 
contrast, managed as part of our overall management of cash and debt, but they are  not part of the responsibilities of 
day-to-day operations' management.  
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2023 2023 2022 2022 2022 
Receivables, net $2,189 $2,106 $1,907 $1,893 $1,779 
Inventories, net 947 986 969 924 903 
Accounts payable (1,844) (1,683) (1,693) (1,503) (1,303) 
Trade Working capital $1,292 $1,409 $1,183 $1,314 $1,379 
 
Net Debt 
Autoliv from time to time enters into “debt-related derivatives” (DRDs) as a part of its debt management and as part of 
efficiently managing the Company’s overall cost of funds. Creditors and credit rating agencies use net debt adjusted for 
DRDs in their analyses of the Company’s debt, therefore we provide this non -U.S. GAAP measure. DRDs are fair value 
adjustments to the carrying value of the underlying debt. Also included in the DRDs is the unamortized fair value 
adjustment related to a discontinued fair value hedge that will be amortized over the remaining life of the debt. By 
adjusting for DRDs, the total financial liability of net debt is disclosed without grossing debt up with currency or interest 
fair values. 
 Jun 30 Mar 31 Dec 31 Sep 30 Jun 30 
(Dollars in millions) 2023 2023 2022 2022 2022 
Short-term debt $481 $577 $711 $692 $559 
Long-term debt 1,290 1,601 1,054 1,037 1,060 
Total debt $1,771 $2,179 $1,766 $1,729 $1,619 
Cash & cash equivalents (475) (713) (594) (483) (327) 
Debt issuance cost/Debt-related 
derivatives, net 4 12 12 42 26 
Net debt $1,299 $1,477 $1,184 $1,288 $1,318 
 
  Dec 31 Dec 31 Dec 31 Dec 31 
(Dollars in millions)  2021 2020 2019 2018 
Short-term debt  $346 $302 $368 $621 
Long-term debt  1,662 2,110 1,726 1,609 
Total debt  $2,008 $2,411 $2,094 $2,230 
Cash & cash equivalents  (969) (1,178) (445) (616) 
Debt issuance cost/Debt-related 
derivatives, net  13 (19) 0 5 
Net debt  $1,052 $1,214 $1,650 $1,619

===== SIDA 20 =====

Kvartalsrapport april - juni 2023 
 
20 
Leverage ratio 
The non-U.S. GAAP measure “net debt” is also used in the non-U.S. GAAP measure “Leverage ratio”. Management uses 
this measure to analyze the amount of debt the Company can incur under its debt policy. Management believes that this 
policy also provides guidance to credit and equity investors regarding the extent to which the Company would be 
prepared to leverage its operations. In 2021, EBITDA calculation was redefined to exclude other non-operating items and 
income from equity method investments. Historic EBITDA and leverage ratio have been recalculated resulting in minor 
adjustments. Autoliv’s policy is to maintain a leverage ratio commensurate  with a strong investment grade credit rating. 
The Company measures its leverage ratio as net debt* adjusted for pension liabilities in relation to adjusted EBITDA*. 
The long-term target is to maintain a leverage ratio of around 1.0x within a range of 0.5x  to 1.5x. 
 
 Jun 30 Mar 31 Jun 30 
(Dollars in millions) 2023 2023 2022 
Net debt1) $1,299 $1,477 $1,318 
Pension liabilities 152 159 155 
Debt per the Policy $1,451 $1,636 $1,473 
    
Net income2) $390 $416 $338 
Income taxes2) 168 176 143 
Interest expense, net2, 3) 67 60 51 
Other non-operating items, net2) 1 4 2 
Income from equity method investments2) (4) (4) (3) 
Depreciation and amortization of intangibles2) 363 359 381 
Adjustments2), 4) 127 10 (59) 
EBITDA per the Policy (Adjusted EBITDA) $1,112 $1,021 $854 
    
Leverage ratio 1.3 1.6 1.7 
1) Short- and long-term debt less cash and cash equivalents and debt-related derivatives. 2) Latest 12 months. 3) Interest expense including cost for extinguishment of 
debt, if any, less interest income. 4) Capacity alignments, antitrust related matters and the Andrews litigation settlement. See items Affe cting Comparability below.

===== SIDA 21 =====

Kvartalsrapport april - juni 2023 
 
21 
Free Cash Flow, Net Cash Before Financing and Cash Conversion 
Management uses the non-U.S. GAAP measure “free cash flow” to analyze the amount of cash flow being generated by 
the Company’s operations after capital expenditure, net. This measure indicates the Company’s cash flow generation 
level that enables strategic value creation options such as dividends or acquisitions. For details on free cash flow, see the 
reconciliation table below. Management uses the non-U.S. GAAP measure “net cash before financing” to analyze and 
disclose the cash flow generation available for servicing external stakeholders such as shareholders and debt 
stakeholders. For details on net cash before financing, see the reconciliation table below. Management uses the non -U.S. 
GAAP measure “cash conversion” to analyze the proportion of net income that is converted into free cash flow. The 
measure is a tool to evaluate how efficient the Company utilizes its resources. For details on cash conversion, see the 
reconciliation table below. 
 Second quarter  First 6 months Latest 12 Full Year 
(Dollars in millions) 2023 2022  2023 2022 months 2022 
Net income $53 $79  $127 $163 $390 $425 
Changes in operating working capital 230 (239)  28 (257) 344 58 
Depreciation and amortization 94 90  186 186 363 363 
Gain on divestiture of property - -  - (80) - (80) 
Other, net 2 19  (8) 7 (69) (54) 
Operating cash flow $379 $(51)  $334 $19 $1,028 $713 
Capital expenditure, net (124) (139)  (267) (156) (596) (485) 
Free cash flow1) $255 $(190)  $66 $(137) $431 $228 
Net cash before financing $255 $(190)  $66 $(137) $431 $228 
Cash conversion2) 481% n/a  52% n/a 111% 54% 
1) Operating cash flow less Capital expenditures, net. 2) Free cash flow relative to Net income.  
 
 Full year Full year  Full year Full year 
(Dollars in millions) 2021 2020  2019 20181) 
Net income $437 $188  $463 $184 
Changes in operating assets and liabilities (63) 277  47 (229) 
Depreciation and amortization 394 371  351 397 
Other, net2) (15) 13  (220) 239 
Operating cash flow $754 $849  $641 $591 
EC antitrust payment - -  (203) - 
Operating cash flow excl antitrust $754 $849  $844 $591 
Capital expenditure, net (454) (340)  (476) (555) 
Free cash flow3) $300 $509  $165 $36 
Free cash flow excl antitrust payment4) $300 $509  $368 $36 
Acquisitions of businesses and other, net - -  - (73) 
Net cash before financing $300 $509  $165 $(37) 
Cash conversion5) 69% 270%  36% 20% 
Cash conversion excl antitrust6) 69% 270%  79% 20% 
1) Including Discontinued Operations. 2) Including EC antitrust non -cash provision 2018 and EC antitrust payment 2019. 3) Operating cash flow less Capital expenditures, 
net. 4) For 2019, Operating cashflow excluding EC antitrust payment less Capital expend itures, net. 5) Free cash flow relative to Net income. 6) For 2019, Free cash flow 
excluding EC antitrust payment relative to Net income.

===== SIDA 22 =====

Kvartalsrapport april - juni 2023 
 
22 
Items Affecting Comparability 
We believe that comparability between periods is improved through the exclusion of certain items. To assist investors in 
understanding the operating performance of Autoliv's business, it is useful to consider certain U.S. GAAP measures 
exclusive of these items.  
 
The following table reconciles Income before income taxes, Net income attributable to controlling interest, capital 
employed, which are inputs utilized to calculate Return on Capital Employed (“ROCE”), adjusted ROCE and Return on 
Total Equity (“ROE”). The Company believes this presentation may be useful to investors and industry analysts who 
utilize these adjusted non-U.S. GAAP measures in their ROCE and ROE calculations to exclude certain items for 
comparison purposes across periods. Autoliv’s management uses the ROCE, adjusted ROCE and ROE measures for 
purposes of comparing its financial performance with the financial performance of other companies in the industry and 
providing useful information regarding the factors and trends affecting the Company’s bus iness. 
 
As used by the Company, ROCE is annualized operating income and income from equity method investments, relative to 
average capital employed. Adjusted ROCE is annualized operating income and income from equity method investments, 
relative to average capital employed as adjusted to exclude certain non-recurring items. The Company believes ROCE 
and adjusted ROCE are useful indicators of long-term performance both absolute and relative to the Company's peers as 
it allows for a comparison of the profitability of the Company’s capital employed in its business relative to that of its peers.  
 
ROE is the ratio of annualized income (loss) relative to average total equity for the periods presented. The Company’s 
management believes that ROE is a useful indicator of how well management creates value for its shareholders through 
its operating activities and its capital management. 
 
With respect to the Andrews litigation settlement, the Company has treated this specific settlement as a non -recurring 
charge because of the unique nature of the lawsuit, including the facts and legal issues involved.  
 
Accordingly, the tables below reconcile from U.S. GAAP to the equivalent non -U.S. GAAP measure. 
 
 Second quarter 2023  Second quarter 2022 
(Dollars in millions, except per share data) Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $94 $118 $212  $124 $0 $124 
Operating margin 3.6% 4.5% 8.0%  6.0% 0.0% 6.0% 
Income before taxes 83 118 200  117 0 117 
Net income attributable to controlling interest 53 113 165  79 (0) 79 
Return on capital employed2) 9.5% 11.5% 21.0%  13.1% 0.1% 13.3% 
Return on total equity3) 8.2% 16.8% 24.9%  12.1% 0.1% 12.3% 
Earnings per share4) $0.61 $1.31 $1.93  $0.91 $(0.00) $0.90 
1) Effects from capacity alignment, antitrust related matters and the Andrews litigation settlement. 2) Annualized operating income and income from equity method 
investments, relative to average capital employed. 3) Annualized income relative to average to tal equity. 4) Assuming dilution and net of treasury shares. 
        
 First 6 months 2023  First 6 months 2022 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $221 $122 $343  $258 $(66) $192 
Operating margin 4.3% 2.4% 6.7%  6.1% (1.6)% 4.6% 
Income before taxes 191 122 313  237 (66) 170 
Net income attributable to controlling interest 127 116 243  162 (43) 119 
Capital employed 3,856 116 3,972  3,876 (43) 3,833 
Return on capital employed2) 11.4% 6.0% 17.4%  13.8% (3.4)% 10.4% 
Return on total equity3) 9.8% 8.6% 18.4%  12.4% (3.2)% 9.2% 
Earnings per share4, 5) $1.47 $1.35 $2.82  $1.85 $(0.49) $1.36 
1) Effects from capacity alignment, antitrust related matters and the Andrews litigation settlement. 2) Annualized operating income and income from equity method 
investments, relative to average capital employed. 3) Annualized income relative to average total equity. 4)  Assuming dilution and net of treasury shares.

===== SIDA 23 =====

Kvartalsrapport april - juni 2023 
 
23 
 Latest 12 months  Full year 2022 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $621 $127 $749  $659 $(61) $598 
Operating margin 6.4% 1.3% 7.7%  7.5% (0.7)% 6.8% 
1) Effects from capacity alignment, antitrust related matters and the Andrews litigation settlement.  
        
 Full year 2021  Full year 2020 
 Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $675 $8 $683  $382 $99 $482 
Operating margin 8.2% 0.1% 8.3%  5.1% 1.4% 6.5% 
1) Costs for capacity alignment and antitrust related matters.  
        
 Full year 2019  Full year 2018 
(Dollars in millions, except per share data) Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP  Reported 
U.S. GAAP 
Adjust-
ments1) 
Non-U.S. 
GAAP 
Operating income $726 $49 $774  $686 $222 $908 
Operating margin, % 8.5% 0.6% 9.1%  7.9% 2.6% 10.5% 
1) Costs for capacity alignment and antitrust related matters . 
 
Items included in non-U.S. GAAP adjustments Second quarter 2023  Second quarter 2022 
 
Adjustment 
Million 
Adjustment 
Per share  
Adjustment 
Million 
Adjustment 
Per share 
Capacity alignment $109 1.26  $0 $0.00 
The Andrews litigation settlement 8 0.09  - - 
Antitrust related matters 1 0.01  - - 
Total adjustments to operating income $118 $1.36  $0 $0.00 
Tax on non-U.S. GAAP adjustments1) (5) (0.06)  0 0.00 
Total adjustments to net income $113 1.30  $0 $0.00 
      
Average number of shares outstanding - diluted2)  86.5   87.6 
      
Annualized adjustment on return on capital employed 472   0  
Adjustment on return on capital employed 11.5%   0.1%  
      
Annualized adjustment on Return on total equity $451   $1  
Adjustment on return on total equity 16.8%   0.1%  
1) The tax is calculated based on the tax laws in the respective jurisdiction(s) of the adjustment(s). 2) Annualized average number of outstanding shares 
      
Items included in non-GAAP adjustments First 6 months 2023  First 6 months 2022 
 
Adjustment 
Million 
Adjustment 
Per share  
Adjustment 
Million 
Adjustment 
Per share 
Capacity alignment $112 1.29  $(66) $(0.76) 
The Andrews litigation settlement 8 0.09  - - 
Antitrust related matters 2 0.02  - - 
Total adjustments to operating income $122 $1.41  $(66) $(0.76) 
Tax on non-U.S. GAAP adjustments1) (6) (0.07)  23 0.27 
Total adjustments to net income $116 1.34  $(43) $(0.49) 
      
Average number of shares outstanding - diluted2)  86.5   87.6 
      
Annualized adjustment on Return on capital employed 244   (132)  
Adjustment on return on capital employed 6.0%   (3.4)%  
      
Annualized adjustment on Return on total equity $231   $(86)  
Adjustment on return on total equity 8.6%   (3.2)%  
1) The tax is calculated based on the tax laws in the respective jurisdiction(s) of the adjustment(s). 2) Annualized average number of outstanding shares

===== SIDA 24 =====

Kvartalsrapport april - juni 2023 
 
24 
(Dollars in millions, unaudited) 2022 2021 2020 2019 2018 
Sales and Income      
Net sales $8,842 $8,230 $7,447 $8,548 $8,678 
Airbag sales1) 5,807 5,380 4,824 5,676 5,699 
Seatbelt sales 3,035 2,850 2,623 2,871 2,980 
Operating income 659 675 382 726 686 
Net income attributable to controlling interest 423 435 187 462 376 
Earnings per share (USD) – basic 4.86 4.97 2.14 5.29 4.32 
Earnings per share (USD) – assuming dilution2) 4.85 4.96 2.14 5.29 4.31 
Gross margin3) 15.8% 18.4% 16.7% 18.5% 19.7% 
R,D&E net in relation to sales (4.4)% (4.7)% (5.0)% (4.7)% (4.8)% 
S,G&A in relation to sales (4.9)% (5.3)% (5.2)% (4.7)% (4.5)% 
Operating margin4) 7.5% 8.2% 5.1% 8.5% 7.9% 
Adjusted operating margin5,6) 6.8% 8.3% 6.5% 9.1% 10.5% 
Balance Sheet 
Trade working capital7) 1,183 1,332 1,366 1,417 1,396 
Trade working capital in relation to sales8) 12.7% 15.7% 13.6% 16.2% 15.9% 
Receivables outstanding in relation to sales9) 20.4% 20.0% 18.1% 18.6% 19.0% 
Inventory outstanding in relation to sales10) 10.4% 9.2% 7.9% 8.5% 8.6% 
Payables outstanding in relation to sales11) 18.1% 13.5% 12.5% 10.8% 11.7% 
Total equity 2,626 2,648 2,423 2,122 1,897 
Total parent shareholders’ equity per share (USD) 30.30 30.10 27.56 24.19 21.63 
Current assets excluding cash 3,119 2,705 3,091 2,557 2,670 
Property, plant and equipment, net 1,960 1,855 1,869 1,816 1,690 
Intangible assets (primarily goodwill) 1,382 1,395 1,412 1,410 1,423 
Capital employed 3,810 3,700 3,637 3,772 3,516 
Net debt6) 1,184 1,052 1,214 1,650 1,619 
Total assets 7,717 7,537 8,157 6,771 6,722 
Long-term debt 1,054 1,662 2,110 1,726 1,609 
Return on capital employed12,13) 17.5% 18.3% 10.0% 20.0% 17.0% 
Return on total equity13,14) 16.3% 17.1% 9.0% 23.0% 13.0% 
Total equity ratio 34% 35% 30% 31% 28% 
Cash flow and other data 
Operating Cash flow15) 713 754 849 641 591 
Depreciation and amortization15) 363 394 371 351 397 
Capital expenditures, net15) 485 454 340 476 555 
Capital expenditures, net in relation to sales15) 5.5% 5.5% 4.6% 5.6% 5.7% 
Free Cash flow6,15,16) 228 300 509 165 36 
Cash conversion6,15,17) 54% 69% 270% 36% 20% 
Direct shareholder return15,18) 339 165 54 217 214 
Cash dividends paid per share (USD) 2.58 1.88 0.62 2.48 2.46 
Number of shares outstanding (millions)19) 86.2 87.5 87.4 87.2 87.1 
Number of employees, December 31 61,700 55,900 61,000 58,900 57,700 
1) Including steering wheels, inflators and initiators. 2) Assuming dilution and net of treasury shares. 3) Gross profit rela tive to sales. 4) Operating income relative to sales. 5) 
Excluding costs for capacity alignment, antitrust related matters and sepa ration of our business segments. 6) Non-US GAAP measure, for reconciliation see tables above. 7) 
Outstanding receivables and outstanding inventory less outstanding payables. 8) Outstanding receivables and outstanding inven tory less outstanding payables relative to 
annualized fourth quarter sales. 9) Outstanding receivables relative to annualized fourth quarter sales. 10) Outstanding inve ntory relative to annualized fourth quarter sales. 
11) Outstanding payables relative to annualized fourth quarter sales. 1 2) Operating income and income from equity method investments, relative to average capital 
employed. 13) The Company has decided not to recalculate prior periods since the distribution of Veoneer had a significant im pact on total equity and capital employed 
making the comparison less meaningful. 14) Income relative to average total equity. 15) Including Discontinued Operations 201 8. 16) Operating cash flow less Capital 
expenditures, net. 17) Free cash flow relative to Net income. 18) Dividends paid and Shar es repurchased. 19) At year end, excluding dilution and net of treasury shares.