Årsredovisning 2024

ITAB | Annual & Sustainability Report 2024    88
Financial information
Comments on Five years in summary
Sales
Total net sales have increased by approximately 24 
percent over the past five years, but with substantial 
differences in outcomes between years. 
 D
uring the five-year period, ITAB has signed numer -
ous long-term agreements with leading retail chains in 
Europe. These have laid the foundation for ITAB’s posi -
tion as the market-leading supplier of checkouts and 
loss prevention solutions to retailers and one of the 
largest suppliers of shop fittings and lighting systems in 
Europe.
 I
n 2020, sales decreased by MSEK 741, correspond-
ing to -12 percent. Currency-adjusted sales fell by 10 
percent. A substantial part of the reduction was 
caused by the strict measures taken to reduce the 
spread of COVID-19, especially during the first six 
months of the year. Sales recovered somewhat during 
the second half of the year due to, among other 
things, increased sales of various protective products 
for stores. Sales decreased in all geographic markets 
except Central Europe. Grocery sales increased, while 
sales to Other customer groups decreased.
 I
n 2021, sales grew by MSEK 764, corresponding to 
+14 percent. Currency-adjusted sales increased by 19 
percent, with organic growth accounting for 8 percent 
and the acquisition of Cefla Retail Solutions contribut -
ing 11 percent. The sales trend was favourable 
throughout the entire year as societies and retailers 
opened up after lockdowns due to the pandemic. 
Sales to the Grocery and Home Improvements cus-
tomer groups increased, while sales in Fashion were 
unchanged compared with the preceding year. The 
most significant growth took place in Southern and 
Eastern Europe.
 I
n 2022, sales grew by MSEK 781, corresponding to 
+13 percent. Currency-adjusted sales increased by 8 
percent, with organic growth accounting for 6 percent 
and the acquisition of Checkmark in February 2022 
contributing 2 percent. Organic growth was mainly 
attributable to implemented price increases and sta -
ble underlying demand. The greatest sales increase 
took place in Central Europe. Growth was largest in 
Fashion and Home Improvements, but sales to Gro -
cery and Other customer groups also increased.
 I
n 2023, sales decreased by MSEK 729, correspond-
ing to -11 percent. Currency-adjusted sales fell by 15 
percent. Sales of the Group’s loss prevention solutions 
increased during the year, while the year in other 
aspects was characterised by uncertainty regarding 
future economic trends, with rising inflation and inter -
est rates. This had a negative impact on overall 
demand. The decline in sales was evident in all geo-
graphic markets except for non-European countries. 
Sales in Grocery, Home Improvements and Fashion 
were negatively impacted, while Other customer 
groups developed more positively.
 I
n 2024, sales grew by MSEK 446, corresponding to +7 
percent. Currency-adjusted sales increased by 8 per -
cent. Overall, the sales performance for the full year 
was positive in several of ITAB’s solution areas and 
geographic markets, with multiple new and expanded 
contracts signed with both existing and new custom -
ers. Sales were strongest in Northern, Central and East-
ern Europe, while sales to countries outside Europe 
declined in relation to the strong comparative figures 
in the preceding year. While the Group’s largest cus-
tomer group, Grocery, experienced the highest growth 
(14 percent), sales in Home Improvements and Fash-
ion also increased during the year.
Profitability
During the five-year period, operating profit varied 
between a minimum of MSEK 112 (2020) and a maxi-
mum of MSEK 459 (2024). The operating margin during 
the period also varied between 2.1 and 7.0 percent. 
Excluding non-recurring items (see summary on page 
87 ), the operating margin varied between 6.0 and 7.7 
percent. Profit after net financial items amounted to 
between MSEK 0 (2020) and MSEK 438 (2024), and the 
profit margin was between 0.0 and 6.7 percent.
Operating profit for 2020 declined to MSEK 112, corre -
sponding to an operating margin of 2.1 percent. The 
decrease in sales and currency effects had a nega-
tive impact on profit, while an improved gross margin 
and effects of cost-saving measures had a positive 
effect. Profit was negatively affected by MSEK -208 in 
non-recurring items, most of which were attributable 
to restructuring costs and inventory impairment.
 P
rofit for 2021 was positively impacted by increased 
sales and the ongoing efforts to transform the opera -
tions under One ITAB, including completed production 
relocations and cost adaptations, more common 
ways of working, and more efficient and flexible mar -
ket cultivation. At the same time, the sharp increase in 
raw material prices and shortages of certain compo -
nents during the first two quarters of the year had a 
negative impact on all of the Group’s markets. Profit 
was negatively impacted by non-recurring items of 
MSEK -166 pertaining to restructuring costs.
 P
rofit for 2022 was positively impacted by the sales 
increase enabled by implemented price increases 
and currency effects. At the same time, shortages of 
certain electronic components and rapidly rising 
prices for raw materials, shipping and energy as well 
as lockdowns in China due to the COVID-19 pandemic 
at the start of the year had a negative impact on the 
gross margin. Profit was negatively impacted by 
non-recurring items of MSEK -40 pertaining to restruc -
turing costs.
 I
n 2023, the increased share of sales of loss preven-
tion and other technical solutions, implemented price 
increases and measures to reduce Group expenses 
gradually strengthened both the gross margin and the 
operating margin. At the same time, lower net sales 
had a negative impact on capacity utilisation and 
earnings in the Group. Profit was not impacted by any 
non-recurring items.
 T
he earnings trend for 2024 was strong, primarily 
driven by a relatively high gross margin combined with 
a positive sales trend. The gross margin has strength-
ened due to the favourable product and customer 
mix, with an increased share of sales of ITAB’s techni-
cal solutions for loss prevention and self-service in 
stores in the past few years, but increased sales of cus-
tomised shop fittings also positively impacted earn -
ings. Continued measures for increased sales, effi-
ciency and cost adjustments, as well as improvements 
to capacity utilisation at the Group’s production facili -
ties, have yielded positive effects during the year. Profit 
was negatively impacted by non-recurring items of 
MSEK -48, mainly pertaining to costs in connection 
with the acquisition of HMY.
 T
he Group’s return on equity during the period aver -
aged approximately 5.6 percent. 
Investments
During the period, net investments, excluding corpo -
rate acquisitions, amounted to a maximum of 2.7 per-
cent of sales. The Group’s investments have mainly 
consisted of machinery with a focus on automated 
operations, high utilisation of resources, sustainability 
and cutting-edge technical development as well as 
generated development costs for proprietary products 
and solutions. In 2021, the Group invested in common 
production facilities in Czechia within the framework of 
One ITAB with the aim of securing sustainable and effi-
cient production and assembly. In 2024, approxi -
mately 46 percent of total investments pertained to 
common operational support systems for the Group.
Investments attributable to corporate acquisitions 
have focused on strengthening the Group’s position 
as a market-leading supplier of shop fittings to the 
Group’s selected customer groups and geographic 
markets, and on strengthening and supplementing 
the services and product portfolio in certain areas. 
 With
 the aim of strengthening ITAB’s position and 
complementing the Group’s current offering, ITAB 
agreed in 2024 to acquire Financière HMY, a leading 
European supplier of shop fittings, checkouts and 
store design. The acquisition was completed on 31 
January 2025, and HMY is consolidated in the ITAB 
Group as of 1 February 2025.
Financial development
The balance sheet total was MSEK 5,896 at the start of 
2020 and MSEK 7,081 at year-end 2024. The changes 
in the balance sheet total are attributable to com -
pleted acquisitions, investments in production facili -
ties, property sales and the new share issues con-
ducted in autumn 2024 due to the acquisition of HMY. 
The expansion was achieved through positive cash 
flow from operating activities, bank financing, the 
recapitalisation and share issues in 2021, and the new 
share issue in 2024. Interest-bearing net debt (exclud-
ing lease liabilities) amounted to MSEK 1,092 at year-
end 2020 and declined to MSEK 45 at year-end 2023. 
As of 31 December 2024, the Group had received 
MSEK 831 in issue proceeds from the new share issue 
in 2024 and interest-bearing net debt (excluding lease 
liabilities) amounted to MSEK -969.
 T
he Group’s equity/assets ratio gradually improved 
from 31 percent at the end of 2020 to 60 percent at the 
end of 2024.

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ITAB | Annual & Sustainability Report 2024    89
Financial information
Income Statement 
Group
(MSEK) Note 2024 2023
Revenue from contracts with customers 6 6,585 6,139
Cost of goods sold 8, 9, 10, 11 -4,728 -4,420
Gross profit 1,857 1,719
Selling expenses 8, 9, 10, 11 -1,000 -935
Administrative expenses 8, 9, 10, 11 -376 -327
Other operating income 12 23 52
Other operating expenses 12 -45 -77
Operating profit 459 432
Financial income 14 49 34
Financial expenses 14 -70 -81
Profit after financial items 438 385
Tax expenses for the year 16 -118 -93
Net profit for the year – Continuing Operations 320 292
Profit from Discontinued Operations, net after tax 5 1 -12
Net profit for the year 321 280
Net profit for the year attributable to:
   Parent Company shareholders 311 270
   Non-controlling interests 10 10
Earnings per share, SEK 17
   Including Discontinued Operations before dilution 1.38 1.24
   Including Discontinued Operations after dilution 1.37 1.23
   Excluding Discontinued Operations before dilution 1.37 1.29
Statement of Other Comprehensive Income
Group
(MSEK) Note 2024 2023
Net profit for the year 321 280
Other comprehensive income
Items that will not be reclassified to the income statement:
Revaluation of defined-benefit pension commitments 29 -1 0
Tax relating to items not to be reclassified 16 0 0
-1 0
Items that may be reclassified to the income statement:
Translation difference on translation of foreign operations 100 -144
Translation difference transferred to net profit for the year 40 0
Change in fair value of hedges of net investments -8 26
Change in fair value of cash flow hedges 1 -9
Change in fair value of cash flow hedges  
transferred to net profit for the year -3 2
Tax on items that may be reclassified 16 2 -4
25 132 -129
Total other comprehensive income 131 -129
Comprehensive income for the year 452 151
Comprehensive income for the year attributable to:
   Parent Company shareholders 433 149
   Non-controlling interests 19 2

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ITAB | Annual & Sustainability Report 2024    90
Financial information
Statement of Financial Position
Group
(MSEK) Note 2024 2023
Assets
Non-current assets
Intangible assets
Goodwill 18 1,844 1,786
Other intangible assets 10, 18 220 133
6 2,064 1,919
Property, plant and equipment 
Buildings and land 10, 19, 22 905 884
Plant and machinery 10, 19, 22 218 226
Equipment, tools and installations 10, 19, 22 108 90
Construction in progress and advance payments  
for property, plant and equipment 
 
19 19 22
6 1,250 1,222
Financial assets
Shares and participations 20 23 –
Non-current derivative receivables 21 5 12
Long-term investments 21, 35 96 49
Other financial non-current receivables 21 16 18
140 79
Deferred tax assets 16 93 78
Total non-current assets 3,547 3,298
Current assets
Inventories 23 799 793
Accounts receivable 21 1,008 861
Current tax assets 36 35
Current derivative receivables 21      3      6 
Other receivables 21 76 63 
Prepaid expenses and accrued income 6, 21, 24                      99                      68
Cash and cash equivalents 21 1,513 578
Total current assets 3,534 2,404
Assets held for sale 5 – 66
Total assets 7,081 5,768
(MSEK) Note 2024 2023
Equity and liabilities
Equity
Share capital 109 93
Other contributed capital 1,911 1,093
Translation and hedging reserve 226 103
Profit brought forward including net profit for the year 1,882 1,760
Equity attributable to Parent Company shareholders 4,128 3,049
Non-controlling interests 134 159
Total equity 25, 26, 27 4,262 3,208
Non-current liabilities
Liabilities to credit institutions 21 565 595
Non-current lease liabilities 21, 22 433 406
Other non-current liabilities 21 5 13
Provisions for pensions and similar obligations 29 32 29
Provision for deferred tax liabilities 16 44 39
Other non-current provisions 30 15 14
Total non-current liabilities 1,094 1,096
Current liabilities
Liabilities to credit institutions 21 56 75
Current lease liabilities 21, 22 152 140
Overdraft facilities 21, 28 27 20
Advance payments from customers 6, 21 72 50
Accounts payable 21 817 692
Current tax liabilities 65 16
Other liabilities 21 111 90
Accrued expenses and prepaid income 6, 21, 31 413 356
Current provisions 30 12 8
Total current liabilities 1,725 1,447
Liabilities attributable to assets held for sale 5 0 17
Total equity and liabilities  7,081 5,768

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ITAB | Annual & Sustainability Report 2024    91
Financial information
Statement of Changes in Equity
Group
(MSEK) Note Share capital
Other contributed 
capital
Other reserves  
(see Note 25)
Profit  
brought forward
Attributable to Parent  
Company shareholders
Attributable to  
non-controlling interests
Total  
equity
Equity as of 1 January 2023 25, 26 93 1,091 224 1,604 3,012 157 3,169
Net profit for the year 270 270 10 280
Revaluation of defined-benefit pension commitments 0 0 0 0
Translation difference, foreign operations -137 -137 -8 -145
Hedging of net investment 22 22 22
Hedging of cash flow -6 -6 -6
Comprehensive income for the year -121 270 149 2 151
Dividends -109 -109 -109
Share incentive program 8, 27 2 2 2
Repurchase of own ordinary shares 27 -5 -5 -5
Equity as of 31 December 2023 25, 26 93 1,093 103 1,760 3,049 159 3,208
Equity as of 1 January 2024 25, 26 93 1,093 103 1,760 3,049 159 3,208
Net profit for the year 311 311 10 321
Revaluation of defined-benefit pension commitments -1 -1 0 -1
Translation difference, foreign operations 131 131 9 140
Hedging of net investment -6 -6 -6
Hedging of cash flow -2 -2 -2
Comprehensive income for the year 123 310 433 19 452
Dividends -161 -161 -15 -176
Acquisition of non-controlling interests 5 18 18 -29 -11
Share incentive program 8, 27 3 3 3
Repurchase of own ordinary shares 27 -45 -45 -45
Bonus issue 27 1 -1 0 0
Cancellation of ordinary shares 27 -1 1 0 0
New issue of ordinary shares 27 16 815 831 831
Equity as of 31 December 2024 25, 26 109 1,911 226 1,882 4,128 134 4,262

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ITAB | Annual & Sustainability Report 2024    92
Financial information
Statement of Cash Flows
Group
Indirect method (MSEK) Note 2024 2023
Operating activities
Operating profit 459 432
Adjustment for items not included in the cash flow
depreciation and amortisation 10, 22 254 254
depreciation, amortisation and impairment losses – Discontinued Operations – 9
impairment losses of current assets 42 36
adjustment for pensions and other provisions 4 -7
non-cash items from discontinued operations 5 16 –
participations in associated companies 5 – 6
other items 5 -28
Total 780 702
Interest received 28 34
Interest paid -75 -76
Tax paid -80 -137
Cash flow from operating activities before changes in working capital 653 523
Change in working capital
Change in inventories (increase -/decrease +) -29 181
Change in operating receivables (increase -/decrease +) -172 201
Change in operating liabilities (increase +/decrease -) 172 -95
Total change in working capital -29 287
Cash flow from operating activities 624 810
Investing activities
Acquisition of Group companies, effect on cash and cash equivalents 5 -35 -6
Divestment of associated companies 5 – 15
Divestment of Group companies 5, 12 67 –
Investments in intangible assets 18 -117 -58
Investments in property, plant and equipment 19 -73 -86
Divestment of property, plant and equipment 12, 19 14 28
Cash flow from investing activities -144 -107
Cash flow after investing activities 480 703
Financing activities
New issue of ordinary shares 27 831 –
Repurchase of own ordinary shares 27 -45 -5
Repayment of loans 21 -67 -656
Repayment of lease liabilities 21 -128 -131
New loans raised 21 20 140
Change in operating receivables -3 -49
Dividend paid to non-controlling interests -15 –
Paid dividend to shareholders -161 -109
Cash flow from financing activities 432 -810
Cash flow for the year 912 -107
Cash and cash equivalents at the start of the year 578 756
Translation differences on cash and cash equivalents 23 -71
Cash and cash equivalents at the end of the year 1,513 578

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ITAB | Annual & Sustainability Report 2024    93
Financial information
Income Statement
Parent Company
(MSEK) Note 2024 2023
Net sales 7 198 184
Cost of goods sold 7, 8, 9, 11 -24 -31
Gross profit 174 153
Selling expenses 7, 8, 9, 10, 11 -140 -81
Administrative expenses 7, 8, 9, 10, 11 -63 -78
Other operating income 12 7 9
Other operating expenses 12 -8 -26
Operating profit -30 -23
Income from participations in Group companies 13 99 27
Expenses from participations in Group companies 13 -16 -32
Financial income 14 41 45
Financial expenses 14 -87 -86
Profit after financial items 7 -69
Year-end appropriations 15 40 125
Profit before tax 47 56
Tax expenses for the year 16 5 -15
Net profit for the year 52 41
Statement of Other Comprehensive Income
Parent Company
(MSEK) Note 2024 2023
Net profit for the year 52 41
Other comprehensive income – –
Comprehensive income for the year 52 41
Balance Sheet
Parent Company
(MSEK) Note 2024 2023
Assets
Non-current assets
Property, plant and equipment
Equipment, tools and installations 10, 19 3 4
Financial assets
Participations in Group companies 20 2,095 2,046
Non-current receivables 21 1 1
Other non-current assets
Deferred tax assets 16 21 18
Total non-current assets 2,120 2,069
Current assets
Receivables with Group companies 21 135 342
Current tax assets 0 3
Other receivables 21 3 1
Prepaid expenses and accrued income 24 43 14
Cash and bank balance 21 1,231 292
Total current assets 1,412 652
Total assets 3,532 2,721
Equity and liabilities
Equity
Restricted equity
Share capital 109 93
Statutory reserve 7 7
116 100
Non-restricted equity
Share premium reserve 1,898 1,083
Profit brought forward 304 466
Net profit for the year 52 41
2,254 1,590
Total equity 25, 26, 27 2,370 1,690
Non-current liabilities
Liabilities to credit institutions 21 565 589
Provision for pensions  1 1
Total non-current liabilities 566 590
Current liabilities
Overdraft facilities 28 – 21
Accounts payable 3 4
Liabilities to Group companies 553 383
Other liabilities 0 1
Accrued expenses and prepaid income 31 40 32
Total current liabilities 21 596 441
Total equity and liabilities 3,532 2,721

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ITAB | Annual & Sustainability Report 2024    94
Financial information
Statement of Changes in Equity
Parent Company
  Restricted equity Non-restricted equity
(MSEK) Note Share capital Statutory reserve
Share premium 
reserve
Profit brought 
forward
Net profit for  
the year Total equity
Equity as of 1 January 2023 93 7 1,083 642 -63 1,762
Previous year’s profit transferred -63 63 0
Net profit for the year 41 41
Dividends paid -109 -109
Share incentive program 8 1 1
Repurchase of own ordinary shares 27 -5 -5
Equity as of 31 December 2023 25, 26 93 7 1,083 466 41 1,690
Equity as of 1 January 2024 93 7 1,083 466 41 1,690
Previous year’s profit transferred 41 -41 0
Net profit for the year 52 52
Dividends paid -161 -161
Repurchase of own ordinary shares 27 -45 -45
Share incentive program 8 3 3
Bonus issue 27 1 -1 0
Cancellation of ordinary shares 27 -1 1 0
New issue of ordinary shares 27 16 815 831
Equity as of 31 December 2024 25, 26 109 7 1,898 304 52 2,370

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ITAB | Annual & Sustainability Report 2024    95
Financial information
Statement of Cash Flows
Parent Company
(MSEK) Note 2024 2023
Operating activities
Operating profit -30 -23
Adjustment for items not included in the cash flow 
depreciation charged to operating profit 1 1
non-cash items from discontinued operations 13, 20 -1 –
other items 7 3
Total -23 -19
Dividends received from subsidiaries 13 98 27
Interest received 39 45
Interest paid -62 -55
Tax paid 0 -2
Cash flow from operating activities before change in working capital 52 -4
Change in working capital
Change in operating receivables (increase -/decrease +) 6 -4
Change in operating liabilities (increase +/decrease -) 3 3
Total change in working capital 9 -1
Cash flow from operating activities 61 -5
Investing activities
Acquisition costs ongoing acquisitions 20, 36 -32 –
Divestment of associated companies 20 – 15
Repayment of capital in connection with winding up of subsidiaries 20 8 –
Investments in property, plant and equipment 19 0 -3
Divestment of property, plant and equipment 19 – 4
Cash flow from investing activities -24 16
Cash flow after investing activities 37 11
Financing activities
New share issue 831 –
Repurchases of own shares -45 -5
Repayment of loans -40 -653
New loans raised 0 198
Lending from/to Group companies 277 323
Group contributions 15 40 125
Paid dividend to shareholders -161 -109
Cash flow from financing activities 902 -121
Cash flow for the year 939 -110
Cash and cash equivalents at the start of the year 292 402
Cash and cash equivalents at the end of the year 1,231 292

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Financial information
Notes
Note 1 General information 97
Note 2 Material information on accounting policies 97
Note 3 Important estimates and assessments 101
Note 4 Financial risk management 101
Note 5 Corporate acquisitions, divestments and discontinued operations 103
Note 6 Revenue from contracts with customers 105
Note 7 Purchases and sales between Parent Company and subsidiaries 105
Note 8 Personnel and senior executives 106
Note 9 Remuneration to auditors 110
Note 10 Depreciation, amortisation and impairment losses 110
Note 11 Costs divided by type of cost 110
Note 12 Other operating income and expenses 110
Note 13 Profit from participations in Group companies 111
Note 14 Financial income and expenses 111
Note 15 Year-end appropriations 111
Note 16 Tax 112
Note 17 Earnings per share 113
Note 18 Intangible assets 114
Note 19 Property, plant and equipment 115
Note 20 Participations in Group companies, associated companies,
and other shares and participations
 
116
Note 21 Financial assets and liabilities 118
Note 22 Leases 122
Note 23 Inventories 122
Note 24 Prepaid expenses and accrued income 122
Note 25 Equity 123
Note 26 Allocation of profits 124
Note 27 Repurchases of own shares and new share issue 125
Note 28 Overdraft facilities 125
Note 29 Provisions for pensions 125
Note 30 Other provisions 126
Note 31 Accrued expenses and prepaid income 126
Note 32 Pledged assets 126
Note 33 Contingent liabilities 126
Note 34 Transactions with related parties 126
Note 35 Inflation adjustment Argentina 126
Note 36 Events after the balance sheet date 127
ITAB | Annual & Sustainability Report 2023    96

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Financial information
All amounts are in MSEK unless otherwise stated
Note 1 General information
 
ITAB Shop Concept AB (publ), corporate registration 
number 556292-1089, is a Swedish-registered limited 
liability company with its registered office in Jönkö -
ping, Sweden. The address of the company’s head 
office is Instrumentvägen 2 (visiting address), Box 
9054, 550 09 Jönköping, Sweden.
 I
TAB Shop Concept AB develops, manufactures, 
sells, and installs complete store concepts for retail 
chain stores.
 T
he Parent Company’s ordinary shares are listed on 
Nasdaq Stockholm. 
 I
TAB's Annual Report includes the consolidated 
accounts including the Parent Company and its subsi -
diaries, jointly referred to as the Group. The Annual 
Report and consolidated accounts were approved for 
publication by the Board of Directors on 3 April 2025.
Note 2 Material information on  
accounting policies
Compliance with standards and laws
The consolidated accounts have been prepared in 
accordance with the International Financial Reporting 
Standards as adopted by EU (IFRS® Accounting Stan-
dards) issued by the International Accounting Stan -
dards Board (IASB). Furthermore, relevant sections of 
the Swedish Annual Accounts Act and the Swedish 
Corporate Reporting Board’s recommendation RFR 1 
have been applied. 
The Parent Company applies the Swedish Annual 
Accounts Act and the Swedish Corporate Reporting 
Board’s recommendation RFR 2. For more information, 
refer to the section “Parent Company accounting poli -
cies”.
Basis for preparation of the financial statements
The Parent Company’s functional currency is Swedish 
krona (SEK). This means that the financial statements 
for the Parent Company and the Group are presented 
in the reporting currency SEK, rounded off to the near-
est million SEK.
New and amended standards and  
interpretations introduced 2024
Company management’s assessments of relevant 
amendments and interpretations of existing standards 
that entered into force as of 1 January 2024 have not 
had any significant impact on the Group’s or the Par -
ent Company’s financial statements.
Issued new and amended standards and interpreta -
tions that have not yet been applied by the Group
A number of new standards and interpretations will 
enter into force for financial years commencing on 1 
January 2025 or later and have not been applied in 
the preparation of this financial report. IASB has issued 
a new standard which will take effect as of 1 January 
2027, IFRS 18 Presentation and Disclosure in Financial 
Statements (published on 9 April 2024). The company 
has not concluded its evaluation of potential effects 
on the presentation of the financial statements from 
IFRS 18. 
No new standards, amended standards or IFRIC 
interpretations published by IASB are expected to 
have any material impact on the financial statements 
of the Group or the Parent Company.
Consolidated accounts 
The consolidated accounts include the Parent Com -
pany, ITAB Shop Concept AB, and the companies in 
which ITAB Shop Concept AB, directly or indirectly, has 
a controlling influence as of the balance sheet date. 
Business combinations 
Business combinations are recognised in accordance 
with the acquisition method. In the case of acquisi -
tions of partly owned subsidiaries, non-controlling 
interests are recognised at a proportionate share of 
the identified net assets.
For acquisitions, the entity approach has been 
applied, which means that all assets and liabilities as 
well as income and expenses are included in their 
entirety, including for partly owned subsidiaries, which 
impacts recognised goodwill linked to the acquisition. 
Goodwill that has arisen in a corporate acquisition is 
assessed at least annually if there is an impairment 
requirement. See also the section on intangible assets 
below.
Discontinued Operations 
Given that the Group’s operations in the Russian sub-
sidiary ITAB Rus JSC were deemed highly likely to be 
discontinued and the operations otherwise fulfilled the 
stated criteria for application of IFRS 5 Non-current 
Assets Held for Sale and Discontinued Operations , the 
Russian subsidiary was recognised as Discontinued 
Operations from September 2022.
 I
n the consolidated income statement, ITAB Rus JSC 
is recognised separately under “Discontinued Opera -
tions” and comparative years up to and including 
2021 have been restated in accordance with the 
same policies. In the consolidated statement of finan -
cial position, the operation’s net assets are recognised 
under “Assets held for sale” and “Liabilities attributable 
to assets held for sale”, respectively. In accordance with 
IFRS 5, balance sheets before September 2022 have not 
been restated. The group is measured at the lower of its 
carrying amount and fair value less selling expenses. 
More detailed financial statements for Discontinued 
Operations are presented in Note 5 Corporate acquisi-
tions, divestments and discontinued operations. 
 A
ssets held for sale and discontinued operations are 
not presented separately in the Parent Company’s 
income statement and balance sheet as the Parent 
Company’s income statement and balance sheet are 
prepared in accordance with the Swedish Annual 
Accounts Act. In addition, depreciation and amortisa -
tion in the Parent Company are carried out in accor -
dance with the Swedish Annual Accounts Act.
Associated companies
Associated companies are companies in which ITAB 
has a significant influence, but not a controlling influ -
ence. A significant influence means the opportunity to 
influence the operational and financial governance 
of the company and is achieved when ITAB’s partici -
pation amounts to between 20 and 50 percent of the 
voting rights. 
From the time the significant influence is achieved, 
participations in associated companies are rec -
ognised in accordance with the equity method in the 
consolidated accounts. 
Translation of foreign currency
Functional currency and reporting currency
Items in the financial statements for the various Group 
units are measured in the currency used in the financial 
environment where each company primarily conducts 
its business (functional currency). The consolidated 
accounts employ SEK, which is the Parent Company’s 
functional currency and thus the Group’s reporting cur -
rency. ITAB uses the exchange rates of the European 
Central Bank (ECB) when converting foreign currencies. 
Transactions and balance sheet items in foreign 
currencies
Transactions in foreign currencies are translated to the 
functional currency at the exchange rate from ECB 
prevailing on the transaction date. 
Exchange rate gains and losses incurred when pay -
ing for such transactions and when converting mone -
tary assets and liabilities in foreign currency at the 
closing day rate are recognised in profit or loss. Excep-
tions include when monetary assets and liabilities 
comprise hedging of net investments in foreign opera -
tions, in which case exchange rate differences are 
recognised in “Other comprehensive income”. A pre -
requisite is that the hedging transactions satisfy the 
necessary requirements as regards hedge account-
ing. Exchange rate differences on interest-bearing 
loan receivables and borrowings are recognised as 
financial income and expenses; other exchange rate 
differences are recognised in operating profit.
Foreign Group companies
The profit and financial position of all Group compa -
nies with a functional currency other than the report-
ing currency are translated to the Group’s reporting 
currency as follows: 
(i) assets and liabilities for each balance sheet are 
translated at the closing day rate, 
(ii) income and expenses for each income statement 
are translated at the average exchange rate (unless 
this average rate is not a reasonable approximation of 
the accumulated effect of the rates prevailing on the 
transaction date, in which case income and expenses 
are translated as of the transaction date), 
(iii) all translation differences that arise are rec -
ognised in “Other comprehensive income”. 
Countries with a hyperinflationary currency are rec -
ognised in accordance with IAS 29, with all compo -
nents of the subsidiaries’ financial statements restated 
at the closing day rate. The translation difference aris -
ing from translation to SEK is transferred to other com -
prehensive income. In 2024, Argentina was defined as 
a country with a hyperinflationary currency. See also 
Note 35.
Goodwill and other assets and liabilities that arise 
when acquiring foreign operations are treated as 
assets and liabilities for these operations and trans -
lated at the closing day rate.
Revenue from contracts with customers
The Group recognises revenue when the commit-
ments to supply promised goods or services are ful -
filled according to identified customer contracts, 
excluding VAT, discounts and returns and after elimi -
nation of intra-Group sales. 
The ITAB Group sells, develops, produces and distrib -
utes shop fittings and equipment to chain-based cus -
tomers. Most of ITAB’s customers are major chain stores 
that operate internationally and have stores in several 
countries. As ITAB sells customised store concepts and

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Note 2 cont.
often sets a price for a combined product and service, 
the revenue types are not recognised separately. 
Revenue recognition for sales takes place in the 
period when control has passed to the customers, 
which normally takes place when all material risks and 
rewards associated with ownership have been trans -
ferred to the buyer. As a result, the Group no longer 
has any involvement that is associated with ownership 
and does not exercise any real control. In the event of 
revenue from concept sales including service assign -
ments, revenue recognition takes place over time 
based on the degree of completion on the balance 
sheet date, when the Group will probably receive eco -
nomic benefits associated with the assignment and 
reliable calculations can be performed. The degree of 
completion is determined on the basis of expenditure 
incurred in relation to calculated total costs. Antici -
pated losses are expensed immediately.
Shipping costs to customers
ITAB presents shipping costs to customers in profit or 
loss under “Cost of goods sold”. Shipping costs to cus-
tomers are part of the costs that arise in connection 
with contracts with customers, and the assessment is 
therefore made that these costs should be presented 
under “Cost of goods sold”.
Pensions
The Group’s pension plans are mostly defined-contribu -
tion plans. The costs for these plans are recognised as 
personnel costs in operating profit during the period in 
which the employees perform the services to which the 
contribution refers. The Swedish subsidiaries have a 
defined-benefit ITP plan via Alecta. At present, Alecta 
cannot provide the required information for the Group 
to be able to recognise this plan in the balance sheet 
in accordance with IAS 19. Pension commitments that 
have not been taken over by insurance companies or 
secured in some other way with an external party are 
recognised as provisions in the balance sheet. 
Intangible assets
Capitalised expenses for development work
Development expenses where the results are used to 
plan or create production of new or greatly improved 
processes or products are capitalised if it is deemed 
that the process or product is technically and commer -
cially viable. The expenses are recognised as an asset 
in the balance sheet from the time when the future 
technical and commercial feasibility of the product has 
been established, the company has the resources to 
complete the development process to thereafter use or 
sell the intangible asset, and it is feasible that the prod -
uct will generate future economic benefits. The carry -
ing amount includes expenses for material, direct 
expenses and indirect expenses that can reasonably 
and consistently be attributed to the asset. 
Capitalised development expenditure is recognised 
at cost less accumulated amortisation and any 
impairment. Amortisation is recognised in profit or loss 
over the estimated useful life of the capitalised devel -
opment expenditure. Amortisation commences from 
the time the asset is available for use. The estimated 
useful life varies between three and ten years. Esti-
mated useful lives are reassessed every year.
Trademarks, patents and similar rights
Trademarks, patents and similar rights are recognised 
at cost less accumulated amortisation. Amortisation is 
carried out on a straight-line basis over the estimated 
useful life of five to ten years. Estimated useful lives are 
reassessed every year.
Goodwill
The factors that constitute ITAB’s recognised goodwill 
are primarily synergy effects in production, logistics, 
staff, know-how and effective organisation. Goodwill is 
recognised as an intangible asset with an indetermin -
able useful life and is tested for impairment annually 
at year-end or when there is an indication of possible 
impairment losses; see also the section on Impairment 
in Note 3.
A cash-generating unit (IAS 36) is defined as the 
smallest identifiable group of assets that, in continu -
ous use, generates cash inflows that are essentially 
independent of other assets or groups of assets. No 
distribution of the Group’s goodwill has been per -
formed since all ITAB companies’ activities and cash 
inflows are highly dependent on each other. 
The recoverable value has been determined based 
on the unit’s value in use, which consists of the present 
value of estimated future cash flows. Identification of 
projected cash flows is based in part on an assess-
ment of the expected rate of growth of the business in 
accordance with forecasts prepared by company 
management for the next four years. The company 
uses weighted average cost of capital (WACC) to dis-
count projected cash flows and estimate the 
cash-generating unit’s value in use, see also Note 18.
Leases
ITAB is only a lessee, not a lessor. At the commence-
ment date of a lease, the company determines the 
lease term as the non-cancellable period, together 
with periods covered by an extension or termination 
option if it is reasonably certain that the option will be 
exercised. The lease liability is measured at the pres-
ent value of the lease payments that were not paid at 
the commencement date. Lease payments are dis -
counted with the rate implicit in the lease if it can be 
determined; otherwise ITAB’s incremental borrowing 
rate at the commencement date is used. 
ITAB’s lease portfolio consists mainly of real estate, 
machinery and vehicles. ITAB applies the practical 
exemptions in IFRS 16 regarding short-term leases, 
which are defined as leases where the initial lease 
term is a maximum of 12 months after consideration of 
extension options, and leases where the underlying 
asset is of a low value, which in the Group includes 
office equipment. ITAB does not apply IFRS 16 for intan-
gible assets. Non-lease components are expensed 
and are not recognised as part of the right of use or 
lease liability.
Property, plant and equipment
Property, plant and equipment are measured at cost 
less deductions for accumulated depreciation 
according to plan and any impairment losses. 
Depreciation is carried out systematically over the 
assets’ expected useful life and commences after the 
non-current asset has been taken into operation. The 
Group applies component depreciation, which 
means that each part of property, plant and equip-
ment with a cost that is significant in relation to the 
combined cost of the asset is depreciated separately. 
Land is not depreciated. 
Depreciation plan
Buildings
 1
0 – 40 years
Land improvements
 1
0 – 20 years
Improvements to others’ property  1
0 – 20 years
Machinery and equipment
  3 – 1
0 years
Depreciation plan for right-of-use assets 
Buildings, production
 8 – 1
5 years
Buildings, offices and warehouses
 3 – 1
0 years
Machinery and equipment
 3 – 1
0 years
The useful life and residual values of assets are 
reviewed regularly and adjusted regularly as needed. 
Financial instruments
Financial instruments include cash and cash equiva -
lents, loan receivables, accounts receivable, 
accounts payable, current and non-current borrow -
ings, and derivative instruments. 
Classification of financial assets and liabilities
A financial instrument is classified on initial recognition 
according to the purpose for which the instrument was 
acquired. The Group divides up its financial assets and 
liabilities into debt instruments, equity instruments and 
derivatives such as hedging instruments in hedge 
accounting.
Debt instruments
The classification of financial assets that are debt 
instruments is based on the Group’s business model 
for the management of the asset and the nature of 
the asset’s contractual cash flows. The instruments are 
classified at: amortised cost or fair value through profit 
or loss. Financial liabilities are classified at amortised 
cost or at fair value through profit or loss.
Financial assets measured at amortised cost are 
non-derivative financial assets with payments that are 
established or can be established and that are not 
traded on an active market. Receivables of this type 
normally arise when the Group pays cash to a counter-
party or supplies a customer with goods or services 
without the intent of converting the receivable that 
arises. Loan receivables, cash and cash equivalents, 
and accounts receivable are recognised at the 
amount that is expected to be received after deduc -
tions for expected credit losses. All loan receivables 
and accounts receivable are assessed individually. The 
anticipated maturity of accounts receivable is short, 
which is why the value is recognised at the nominal 
amount.
Financial assets measured at fair value through profit 
or loss include financial assets available for sale and 
financial assets that have been identified as being 
measured at fair value through profit or loss.  Financial 
instruments in this category are initially recognised at 
fair value. Changes in fair value are recognised in 
profit or loss. Derivatives are classified at fair value 
through profit or loss if the instrument has not been 
identified as a hedging instrument in hedge account-
ing or is ineffective. 
Financial liabilities measured at amortised cost . This 
category includes loans, other financial liabilities, 
accounts payable and financial accrued expenses 
and prepaid income. Financial liabilities recognised 
at amortised cost are initially measured at fair value 
including transaction costs. After initial recognition, 
they are measured at amortised cost according to the 
effective interest method.
Financial liabilities measured at fair value through 
profit or loss include financial liabilities that have initially 
been attributed to the relevant category as well as 
derivative liabilities if the instrument has not been iden -

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Financial information
Note 2 cont.
tified as a hedging instrument in hedge accounting or 
is ineffective. Changes in the fair value of financial 
instruments are recognised in profit or loss for the 
period in which they arise. Additional purchase consid -
erations in connection with business combinations are 
classified as financial liabilities measured at fair value 
through profit or loss.
Equity instruments
The Group classifies equity instruments at fair value 
through profit or loss.
Derivatives as hedging instruments in hedge 
accounting 
Hedging of net investments in foreign operations and 
future cash flows are recognised according to the prin -
ciples for hedge accounting. When the transaction is 
entered into, the relationship between the hedging 
instrument and the hedged item is assessed and anal -
ysed against the Group’s objective for risk manage -
ment in respect of hedging. An assessment of whether 
the hedging instruments used in hedging transactions 
are effective when it comes to countering changes in 
fair value or the cash flows that are attributable to the 
hedged items is performed when hedging is entered 
into and continually during the hedging period.
Hedging of net investments in foreign operations . 
Investments in foreign subsidiaries (net assets includ -
ing goodwill) have to a certain extent been hedged 
through loans in foreign currency. The exchange rate 
gain or loss in respect of borrowing that is deemed to 
be effective hedging is recognised as a translation dif -
ference when translating foreign operations in other 
comprehensive income. The ineffective portion is rec -
ognised immediately in net financial items in the 
income statement. Profit that has been recognised 
under other comprehensive income is transferred to 
the income statement when the foreign operation has 
been divested.
In addition to loans in foreign currencies, the Group 
uses currency futures to hedge net assets in foreign 
currencies. The fair value of currency hedges is rec-
ognised as a change in the fair value of hedges of net 
investments in other comprehensive income. Any inef -
fectiveness is recognised immediately in net financial 
items in the income statement.
Hedging of future cash flows . The derivative instru -
ments used for hedging projected interest expenses 
and forecast cash flow in a foreign currency are rec-
ognised in the balance sheet at fair value. Any gain or 
loss is recognised as a change in the fair value of cash 
flow hedges in other comprehensive income until the 
hedged flow is recognised in the income statement, at 
which time the hedged instrument’s accumulated 
change in value is transferred to net profit for the year 
to meet the earnings effects of translated foreign cash 
flows. 
Impairment of financial assets
The Group’s financial assets, apart from those that are 
classified at fair value through profit or loss, are cov-
ered by impairment for expected credit losses. In addi-
tion to this, the impairment covers lease receivables 
and contract assets that are not measured at fair 
value through profit or loss. Impairment for credit 
losses according to IFRS 9 is forward-looking, and a 
loss allowance is made when there is exposure to 
credit risk, normally on initial recognition. Expected 
credit losses reflect an objective, probability-weighted 
outcome that gives consideration to most scenarios 
based on reasonable and verifiable forecasts for the 
anticipated remaining term.
 T
he financial assets are recognised in the balance 
sheet at amortised cost, meaning net of gross value 
and loss allowance. Changes in the loss allowance 
are recognised in profit or loss.
Inventories
Where possible, inventories are measured at the lower 
of cost or net realisable value and in accordance with 
first-in, first-out (FIFO) method. Otherwise, an average 
price is used. For manufactured goods and work in 
progress, cost includes a reasonable portion of the 
indirect costs based on a normal capacity. Deduc -
tions are made for internal gains that arise through 
sales between companies in the Group.
An assessment of the provision for obsolescence is 
conducted on an ongoing basis for inventories that 
have not moved for more than 12 months, alternatively 
if other relevant circumstances. The assessment of 
value is carried out for individual items.
Transactions with related parties
Related companies are defined as those companies 
included in the Group as well as companies in which 
related physical persons have a controlling, joint con -
trolling or significant influence. Related physical per -
sons are defined as Board members, senior executives 
and close family members of such persons. Informa -
tion about transactions with related parties is pre -
sented in Note 34. The current Board and Group man-
agement are presented on pages 84-85.
Share-based payment
ITAB has long-term share-based incentive programs 
that enable employees to acquire shares in the Parent 
Company. The Group and the Parent Company recog-
nise these programs in accordance with IFRS 2 Share-
based Payment. The fair value of allocated share rights 
is recognised as a personnel cost with a corresponding 
increase of equity. Fair value is calculated at the time of 
allocation and is distributed over the vesting period. 
The fair value of the allocated share rights is calculated 
taking into account market conditions and conditions 
that are not vesting conditions as well as the prerequi -
sites that applied at the time of allocation. The cost rec -
ognised corresponds to the fair value of an estimate of 
the number of shares expected to be vested taking into 
account service conditions and performance condi -
tions that are not market conditions. This cost is 
adjusted in subsequent periods to ultimately reflect the 
actual number of shares vested. However, an adjust-
ment is not made when forfeiture is only due to market 
conditions and/or conditions that are not vesting con -
ditions not being met.
Social security contributions attributable to share-
based instruments for employees as remuneration for 
purchased services are expensed distributed over the 
periods in which the services are rendered. Provisions 
for social security contributions are based on the fair 
value of the share rights on the reporting date. 
Disclosures on share-based payment are presented 
in Note 8 Personnel and senior executives  as well as 
Note 25.
Operating segments
Identification of operating segments has been per -
formed in four stages: identifying the company’s chief 
operating decision-maker, identifying the business 
activities, determining whether discrete financial infor -
mation is available for the business activities, and 
determining whether this information is reviewed regu -
larly by the company’s chief operating decision-maker. 
The definition according to IFRS 8 has thereafter been 
used to define the Group’s operating segments.
The company’s chief operating decision-maker is 
identified as the Board of Directors, see page 84. 
Profit at company level, or aggregated company level, 
are not used as a basis for decisions on the allocation of 
resources. Various parameters in customer projects 
based primarily on strategic aspects are used as a basis 
instead. The majority of the Group’s sales are made to 
major global customers, which is why the ITAB Group has 
a local presence in many countries. Decisions are made 
at Group level, meaning, for example, that pricing takes 
place in relation to a particular customer. Pricing can 
entail an uneven allocation of resources between differ-
ent Group units in order for the Group to secure an order. 
The various units’ level of revenue and profit are conse-
quently highly dependent on the Group’s other compa-
nies, which is one reason why profit is not used as a basis 
for decisions on the allocation of resources.
Another reason is that the supporting data for deci -
sions on the allocation of production resources is not 
determined by the various units’ profit, rather by the 
conditions that exist in various customer projects as 
regards the most effective production for the Group as 
a whole. This can entail that certain units are allo -
cated resources for production that are not favourable 
from the individual unit’s perspective, but that are 
deemed to be the best decision from a Group per-
spective. The corresponding argument also applies to 
other parameters, such as design, construction, mar -
keting, installation, development, etc. 
This business model entails that a large portion of 
the decisions that affect the Group’s various compa -
nies are taken centrally. ITAB does not have any inde-
pendent financial information regarding products or 
product groups since the majority of sales take the 
form of concept sales, with a combination of several 
products and services. 
These conditions mean that profit is not used as a 
basis for decisions regarding the allocation of 
resources to various parts of the company, and that 
the Group only comprises one operating segment.
Parent Company accounting policies
The Parent Company has prepared its annual 
accounts in accordance with the Swedish Annual 
Accounts Act and the Swedish Corporate Reporting 
Board’s recommendation RFR 2. The Swedish Corpo -
rate Reporting Board’s recommendations for listed 
companies have also been applied. 
Presentation of income statement and balance sheet
The Parent Company uses the presentation formats 
specified in the Swedish Annual Accounts Act, which 
means for example that a different presentation of 
equity is applied and that provisions are recognised 
under a separate heading in the balance sheet. For 
the Parent Company, equity is presented divided into 
non-restricted and restricted equity.
 
Leases
In the Parent Company, IFRS 16 is not applied. Instead, 
lease payments are recognised as an expense on a 
straight-line basis over the lease term.  
Group contributions, shareholder contributions and 
dividends
Group contributions are recognised according to RFR 
2’s alternative rule, which means that received and

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Financial information
Note 2 cont.
paid Group contributions are recognised as year-end 
appropriations in the income statement.
Shareholder contributions are recognised directly 
against equity for the recipient and capitalised in 
shares and participations for the provider to the extent 
impairment is not required. 
Dividends received are recognised as revenue when 
the right to receive dividends has been determined.
Participations in subsidiaries
Participations in subsidiaries are recognised in the Par -
ent Company according to the acquisition method. 
The investments’ impairment requirements are tested 
annually or when there is a risk that the carrying 
amount of the investment is higher than the replace -
ment cost. 
Dividends from subsidiaries are recognised as finan -
cial income. When dividends stem from gains earned 
before the acquisition, the item must be tested for 
impairment.
Financial instruments
As a result of the relationship between accounting 
and taxation, the rules relating to financial instruments 
are not applied according to IFRS 9 in the Parent Com-
pany as a legal entity. Instead, the Parent Company 
applies the cost method in accordance with the 
Swedish Annual Accounts Act. In the Parent Company, 
financial non-current assets are thus measured at cost 
and financial current assets according at the lower of 
cost or net realisable value, with impairment of 
expected credit losses applied according to IFRS 9 in 
respect of assets that are debt instruments. For other 
financial assets, impairment is based on market val -
ues. Derivatives are recognised according at the lower 
of cost or net realisable value.

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Financial information
Note 3 Important estimates and 
assessments
The preparation of financial reports requires that the 
company management makes assessments and uses 
estimates and assumptions that affect recognised 
amounts in the consolidated accounts. These esti -
mates, assessments and related assumptions are 
based on experience and other factors that are 
deemed reasonable in the prevailing circumstances. 
The actual results may deviate from these estimates. 
The estimates, assessments and assumptions are reas -
sessed regularly. Changes to estimates and assess -
ments are recognised in the period in which the 
change takes place as well as in future periods if these 
periods are affected. 
 B
elow are the estimates and assessments that, in the 
company management’s opinion, are important for 
recognised amounts in the financial statements and 
for which there is a significant risk that future events or 
new information could result in them changing.
Business combinations
The measurement of identifiable assets and liabilities 
in conjunction with the acquisition of subsidiaries or 
operations involves items in the acquired company’s 
balance sheet, as well as items that have not been 
recognised in the acquired company’s balance sheet 
such as customer relationships, being measured at 
their fair value. There are normally no publicly listed 
prices for the assets and liabilities that are to be mea-
sured, whereupon various measurement techniques 
must be applied. These measurement techniques are 
based on a number of different assumptions. For a 
production-intensive company like ITAB, non-current 
assets, inventories and accounts receivable are signifi -
cant items in the balance sheet that can be difficult to 
measure and assess.
 The
 measurement of identifiable assets and liabilities 
is also dependent on the accounting environment in 
which the acquired company/business has operated. 
Assessments are made regarding the extent of the 
adaptations that are required to the Group’s account-
ing policies, the frequency with which final accounts 
are prepared as well as access to data that may be 
required to measure identifiable assets and liabilities. 
All balance sheet items are thereby subject to esti -
mates and assessments. This also means that a prelimi -
nary measurement is performed and subsequently 
adjusted. All acquisition calculations are subject to 
final adjustment at the latest one year after the time of 
the acquisition. With due consideration to the above 
description and the practical potential to compile and 
present all individual adjustments in a way that benefits 
the person reading the Annual Report, ITAB has 
decided, provided this is not a case of material adjust -
ments, not to specify separately for each individual 
acquisition the reasons why the initial reporting of the 
business combination is preliminary, nor the assets and 
liabilities for which the initial reporting is preliminary.
Impairment testing for goodwill, other intangible 
assets and other non-current assets
Important sources of uncertainty in estimates
Goodwill is not amortised, rather impairment testing is 
performed annually instead. Other intangible assets 
and other non-current assets are amortised or depreci -
ated over the period in which company management 
estimates that the asset will be used. In addition, regu -
lar assessments are performed as to whether there is 
any indication of a need for impairment. Impairment 
testing is based on a review of the recoverable amount. 
The value is estimated based on company manage -
ment’s calculations of future cash flows, which are 
based on internal business plans and forecasts.
Estimates and assessments
Company management’s judgement is required 
when it comes to impairment, particularly when 
assessing:
– whether an event has occurred that can affect the 
values of the assets,
– whether an asset’s carrying amount can be con -
firmed by the discounted present value of future cash 
flows, which are estimated based on the continued 
use of the asset in the operations,
– that adequate assumptions are used when prepar -
ing cash flow forecasts, and
– the discounting of these cash flows.
Changes to the assumptions that are made by com -
pany management when determining any level for 
impairment can affect the financial position and oper -
ating profit.
Impairment testing for financial assets
Important sources of uncertainty in estimates
Impairment for credit losses of financial assets accord -
ing to IFRS 9 is forward-looking, and a loss allowance is 
made when there is exposure to credit risk, normally 
on initial recognition. Expected credit losses reflect an 
objective, probability-weighted outcome that gives 
consideration to most scenarios based on reasonable 
and verifiable forecasts for the anticipated remaining 
term.
Estimates and assessments
ITAB’s credit risk is almost exclusively attributable to 
accounts receivable. The basis for expected credit 
losses comprises an assessment of the unpaid receiv -
ables. The loss allowance for expected credit losses is 
based on a calculation according to the internal reg -
ulatory framework in combination with an individual 
assessment. The assessment is performed on the basis 
of the circumstances that could have a significant 
impact in the valuation process, such as important 
customers’ financial position and ability to pay that 
are known on the balance sheet date. 
Leases
Important sources of uncertainty in estimates
ITAB applies IFRS 16 Leases . Lease liabilities attribut -
able to long-term leases are valued at the present 
value of the remaining lease payments, discounted 
using the incremental borrowing rate. ITAB initially rec -
ognises a right-of-use asset as a non-current asset at 
an amount corresponding to the lease liability. The 
establishment of the lease term and incremental bor-
rowing rate entails judgements that affect the value of 
the lease liability and right-of-use asset.
Estimates and assessments
When determining the lease liability and right-of-use 
asset, the most significant assessments are attribut-
able to the establishment of the lease terms. The 
majority of ITAB’s leases include options to either 
extend or terminate the agreement. When the term of 
the lease is established, ITAB takes into consideration 
all facts and circumstances that provide a financial 
incentive to utilise an option to extend or waive an 
option to terminate the agreement. Examples of fac -
tors that are considered include strategic plans, 
restructuring programs, the importance of the underly -
ing asset to ITAB’s operations and/or costs attributable 
to not extending or terminating leases.
Deferred tax
Important sources of uncertainty in estimates
Deferred tax assets/liabilities are recognised for tem -
porary differences between the reported amounts for 
assets and liabilities and the relevant taxable values 
as well as unutilised capitalised loss carryforwards. 
Deferred tax assets are recognised on the basis of 
company management’s estimates of future taxable 
profit in various tax jurisdictions.
 T
he actual results may differ from the estimates due 
to changes in business climate, ownership and tax 
legislation. 
Estimates and assessments
For example, company management estimates future 
taxable income in order to determine the value of 
deferred tax.
Estimate/Assessment Note
Business combinations 5, 36
Impairment testing for goodwill, other intangible 
assets and other non-current assets 18, 19
Impairment testing for financial assets 21
Leases 22
Deferred tax 16
Note 4 Financial risk management
ITAB’s risk management aims to identify, control, pre -
vent and minimise the Group’s risk mapping. ITAB’s 
financial risks are described below. For other busi -
ness-related risks, see pages 73-77.
 F
inancial risks are managed by the finance policy 
adopted by the Board of Directors. Financial activities 
such as risk management, liquidity management and 
borrowing are handled centrally by the Parent Com -
pany. This allows the Group to optimise the financial 
risks and make use of economies of scale and synergy 
effects. The Group’s identified financial risks are cur -
rency, interest, credit, liquidity and refinancing risks.

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Financial information
Note 4 cont.
Currency risk
ITAB Shop Concept is exposed to currency risks 
through its international business activities. These can 
be divided into transaction risk, risk when translating 
foreign subsidiaries’ income statements, and risk when 
translating foreign subsidiaries’ balance sheets.
Transaction risk
Commercial payment flows that occur in a currency 
other than the respective subsidiary’s local currency 
entail a transaction risk. To reduce currency exposure, 
efforts are made to match the inflow and outflow in dif -
ferent currencies, for example by issuing invoices in the 
same currency in which purchases are made. In line 
with the finance policy, each individual Group com -
pany decides whether to hedge transaction exposure, 
which in that case occurs with ITAB Shop Concept AB 
as the counterparty. External currency exposure hedg -
ing is thereafter performed by the Parent Company ITAB 
Shop Concept AB, with due consideration for the 
Group’s currency exposure within the next 12 months. 
According to ITAB’s finance policy, 50–75 percent of the 
currency risk within the next upcoming 12 months is 
hedged through forward agreements. It is also possible 
to adjust prices for currency fluctuations through 
clauses in a number of customer contracts. As a result 
of the hedging strategy, the impact on ITAB’s profit from 
a reasonable fluctuation in exchange rates is deemed 
to be small, whereupon the currency risk analysis 
regarding the transaction flows is not deemed to be sig -
nificant. Hedging activities to reduce transaction expo -
sure are classified as cash flow hedges. At the end of 
2024, there were cash flow hedges of projected flows in 
EUR, GBP, CZK, NOK, USD and CNH. The fair value of the 
forward agreements used to hedge forecast flows 
amounted to MSEK 3 (-1), net. The year’s change in fair 
value, MSEK 4 (5) after tax, has been recognised in 
comprehensive income. The realised results of the for -
ward agreements for 2024 amounted to MSEK -6 (-13) 
before tax, which has been recognised as other oper -
ating income and expenses in the income statement.
Risks when translating the income statements of foreign 
subsidiaries
The income statements of foreign subsidiaries that are 
not located in hyperinflationary countries are trans -
lated at the average exchange rate for the respective 
period. In countries considered to be hyperinflationary, 
the translation of the income statement is instead rec -
ognised at the closing day rate and earnings in the 
local currency are adjusted according to local indexes. 
Given the invoicing and net profit of 2024, a 5 percent 
change in the SEK exchange rate to all currencies 
would affect invoicing by approximately MSEK 296 (271) 
and net profit by approximately MSEK 22 (12).
Risks when translating the balance sheets of foreign 
subsidiaries
The foreign subsidiaries’ balance sheets are translated 
at the closing day rate. The translation risks relate to 
exchange rate fluctuations that affect the value of the 
net foreign assets when translating to SEK. The value of 
net foreign assets amounted to MSEK 2,328 (2,063) as of 
the balance sheet date. Investments in net foreign 
assets are partly financed by raising loans in foreign 
currencies, which reduces the translation risks. To 
reduce the net assets in foreign currencies and thereby 
reduce the currency risks, assets are financed locally in 
the foreign subsidiaries, in local currency, where this is 
commercially possible. However, some financing is 
arranged via the Parent Company ITAB Shop Concept 
AB. In addition to loans in foreign currencies, the Group 
uses currency futures to hedge net assets in foreign cur-
rencies. The fair value of the currency hedges is rec -
ognised against comprehensive income and can be 
reclassified as a financial gain or loss when currency 
futures are ineffective. Earnings from currency futures 
amounted to MSEK -6 (22) after tax in 2024, which was 
recognised against comprehensive income in the 
Group. Exchange rate fluctuations in 2024 had an 
impact of MSEK 134 (-123) after tax on the Group’s com-
prehensive income. At the end of 2024, the fair value of 
the currency futures is estimated at MSEK -1 (7).
The value of the Group’s foreign net assets after  
hedging per currency:
Currency (MSEK) 31 Dec 2024 31 Dec 2023
CZK 438 328
NOK 129 120
GBP 167 100
EUR 1) 988 927
USD, HKD and CNY 460 480
Other 146 108
2,328 2,063
1) EUR also refers to currencies linked to EUR.
Currency hedges
At the end of the year, the Group had hedged the fol-
lowing net amount via currency futures for the pur -
pose of hedging cash flows and net assets. The gross 
volumes below are stated per currency in the local 
currency (million) measured at nominal value. All con -
tracts have a term of less than 12 months.
Currency 31 Dec 2024 31 Dec 2023
SEK -750 332
NOK -10 -40
CNH 120 86
CZK 242 11
GBP -3 -4
EUR 45 -33
Average exchange rate,  
currency futures
 
31 Dec 2024
EUR/SEK 11.3910
EUR/CZK 25.2645
EUR/CNH 7.7014
GBP/CNH 9.0638
GBP/CZK 29.8872
NOK/SEK 0.9811
USD/SEK 11.0125
Interest risk
The interest risk consists of interest rate changes hav -
ing a negative impact on the Group’s profit through 
increased borrowing costs. In order to reduce the 
interest risk, interest rates can be fixed via restricted 
loans or through interest rate swap agreements. The 
Group’s interest-bearing liabilities excluding lease lia -
bilities amounted to MSEK 648 (690) on the balance 
sheet date. Of this amount, MSEK 116 (421) was 
financed at variable interest rates. The remaining 
MSEK 532 (269) is restricted through interest rate swap 
agreements and has an average fixed rate period of 
36 months (29). The average interest rate for outstand-
ing interest-bearing liabilities including interest rate 
swaps was 3.34 percent (4.02) at year-end. A 1 per-
centage point change in interest would affect net 
profit by approximately MSEK 1 (2) annually. The 
change in the fair value of interest rate swap agree-
ments is recognised in comprehensive income until 
the hedged flow is transferred to net profit for the year. 
The change in comprehensive income amounts to 
MSEK -7 (-13) for 2024, of which MSEK -9 (-12) has been 
transferred to net profit for the year. Of the MSEK 9 rec-
ognised as financial expenses in 2024, MSEK 1 per-
tains to hedges deemed ineffective. 
Derivative instruments
Interest rate swap  
agreements
31 Dec 2024 
Nom. amount 
(MSEK) 
31 Dec 2023 
Nom. amount 
(MSEK) 
Duration less than 1 year 102 –
Duration 1–3 years 215 –
Duration 3–5 years 143 269
Duration more than 5 years 72 –
532 269
Liquidity and refinancing risk
Liquidity risk refers to the risk that a company has insuf-
ficient cash and cash equivalents or unutilised credit 
facilities to fulfil its payment obligations. Refinancing 
risk is the risk that a company cannot raise, or has diffi -
culty raising, capital or refinancing its existing loans on 
acceptable terms. ITAB Shop Concept strives to main -
tain a high level of financing readiness, for example by 
monitoring and managing the Group’s combined 
capital financing centrally within the Parent Company. 
The majority of the Group’s borrowing takes place 
between banks and ITAB Shop Concept AB. Subsidiar -
ies in turn borrow from ITAB Shop Concept AB on mar -
ket terms. Some local borrowing from banks in the rele -
vant company’s local currency may occur. 
Refinancing of existing loans should be carried out in 
good time before maturity or be covered by guaran-
teed unutilised credit facilities. Time analysis of finan -
cial liabilities is presented in Note 21.
Credit risk
Credit risk refers to the risk that the counterparty in a 
financial transaction is unable to fulfil its obligations. 
ITAB Shop Concept’s credit risk is almost exclusively 
attributable to accounts receivable. The Group has 
historically had low losses on accounts receivable. 
 T
he company’s customers are primarily large, 
well-established companies with sound payment 
capacity distributed across several geographic mar -
kets. The risk of losses on accounts receivable is man -
aged through set procedures for credit restrictions, 
reminder procedures and penalty interest invoicing. 
Credit insurance policies exist in conjunction with 
sales to customers in certain countries. The amount 
that best represents the maximum exposure to credit 
losses, without consideration for any security provi -
sions and VAT, is the outstanding accounts receivable 
on the balance sheet date of MSEK 1,008 (861). 
Credit risk from balances in banks and financial insti -
tutes is managed by the Parent Company in accor-
dance with the Group’s policy. The Group’s total finan-
cial assets amount to MSEK 2,734 (1,594). See also 
Note 21.

===== SIDA 103 =====

ITAB | Annual & Sustainability Report 2024    103
Financial information
Note 5 Corporate acquisitions, divestments and discontinued operations
Acquisitions and divestments had an impact of MSEK 
32 on net investments in 2024, of which MSEK -12 per-
tained to the acquisition of a minority stake in Imola 
Retail Solutions Srl. and MSEK -23 to the acquisition of 
participations in Singatrix GmbH, MSEK +15 pertained 
to the divestment of a Group company in China and 
MSEK +52 to the divestment of operations in Russia. 
Acquisitions and divestments affected net investments 
in 2023 by MSEK 9, of which MSEK 15 relates to the 
divestment of the associated company Ombori Apps 
AB. Net investments in 2023 also include partial pay-
ment from acquisitions in 2021 of MSEK -6.
Expenses in connection with acquisitions are rec -
ognised as expenses in operating profit.
Acquisitions in 2024
On 25 September 2024, ITAB agreed to acquire 
Financière HMY for a cash consideration of MEUR 
320 on a cash and debt free basis. HMY is a leading 
European supplier of shop fittings, checkouts and 
store design to the retail industry, primarily in Europe, 
South America and the Middle East. In 2023, HMY had 
sales of just over MEUR 541. The aim of the acquisition 
is to strengthen ITAB’s position and complement the 
Group’s current offering. The acquisition was financed 
with a combination of new debt and equity (see page 
69 for more information on debt financing and Note 
27 for more information on the directed share issue). 
The transaction was conditional upon signing of a final 
and definitive share purchase agreement, necessary 
regulatory approvals as well as other customary closing 
conditions.  With a final and definitive share purchase 
agreement entered into on 5 December 2024 and the 
other conditions for the transaction fulfilled, the acquisi -
tion was completed on 31 January 2025. The purchase 
consideration was paid in connection with the closing 
of the transaction. HMY is consolidated in the ITAB 
Group as of 1 February 2025. Costs related to the trans -
action are recognised on an ongoing basis, and MSEK 
32 was recognised as non-recurring items in 2024. Refer 
also to Note 36 Events after the balance sheet date.
In early May 2024, ITAB’s Italian subsidiary La Fortezza 
S.p.A. exercised its right to acquire the minority holding 
of 19 percent of the shares in its subsidiary Imola Retail 
Solutions S.r.l. in accordance with the original acquisi -
tion agreement from October 2020. The purchase con -
sideration for the outstanding minority holding 
amounted to approximately MEUR 1. For acquisitions, 
the entity approach is applied, which means that all 
assets and liabilities as well as income and expenses 
are included in their entirety on the initial acquisition 
date, including for partly owned subsidiaries, and no 
additional goodwill is therefore linked to the acquisi -
tion. The difference between the valuation of the 
non-controlling interest before the acquisition and the 
purchase consideration is recognised directly in equity 
attributable to Parent Company shareholders. Cash 
flow from investing activities in 2024 was affected in an 
amount of MSEK -12.
Cash flow for 2024 was also impacted in an amount 
of MSEK 23 with respect to an investment in a minority 
holding of approximately 18 percent of the shares in 
Signatrix GmbH, a technology and retail AI startup. 
Since 2022, Signatrix and ITAB have together created 
frictionless security deterrents that reduce thefts and 
shrinkage for the retail sector.
Divestments in 2024
In connection with the restructurings of the Group, 
ITAB sold 100 percent of its shares in the company 
Nuco Sourcing (HK) Co Ltd in Hong Kong, with a sub-
sidiary in Shenzhen, China, through a subsidiary in 
December 2024. As of the divestment date, the Nuco 
Group had just over 65 employees. The purchase con -
sideration amounted to MSEK 25. The effect on earn-
ings including accumulated currency translation dif -
ferences amounted to MSEK -16 and was recognised 
as a non-recurring item in 2024. The divestment had 
an impact of MSEK 15 on cash flow in the fourth quar-
ter of 2024.
Nuco Sourcing on divestment date
Fair value, 
MSEK
Property, plant and equipment 4
Inventories 16
Accounts receivable 13
Other current assets 4
Cash and cash equivalents 10
Current liabilities -6
Profit from divestment -16
Consideration received 25
Less cash and cash equivalents on  
divestment date -10
Impact on the Group’s cash and  
cash equivalents for the year 15
The Group’s Russian subsidiary, ITAB Rus JSC, has been 
recognised as Discontinued Operations in accor -
dance with IFRS 5 since ITAB’s interim report for the 
third quarter of 2022. Discontinuation of the Russian 
operations was completed on 27 March 2024 through 
ITAB divesting all participations in the Russian subsidiary 
ITAB Rus JSC through its Italian subsidiary, La Fortezza 
S.p.A. The purchase consideration amounted to MSEK 
52, of which MSEK 49 was paid in April 2024 and MSEK 
3 in August 2024. Since the Russian company has 
been recognised as Discontinued Operations, only 
the line item Discontinued Operations in the consoli -
dated income statement has been impacted due to 
this divestment. Cash flow for 2024 was impacted posi-
tively in an amount of MSEK 52. 
ITAB Rus JSC on divestment date
Fair value, 
MSEK
Property, plant and equipment 0
Inventories 36
Current assets 20
Cash and cash equivalents 13
Current liabilities -17
Profit from divestment 0
Consideration received 52
In 2024, a company in Sweden was also divested and 
two dormant companies in the UK, a dormant com -
pany in Belgium, a dormant company in Luxembourg, 
and a dormant company in China were wound up.
Acquisitions and divestments in 2023
The ITAB Group did not complete any new acquisitions 
in 2023. During the second quarter of 2023, ITAB Shop 
Concept AB’s 21-percent shareholding in the associ -
ated company OmboriGrid AB (Priv) was divested. The 
purchase consideration for the divested shares 
amounted to MSEK 15. The sale had an impact of 
MSEK 6 on the ITAB Group’s profit and MSEK 15 on cash 
flow during 2023.
 C
ash flow was also impacted in an amount of MSEK 
-6 by partial payments of acquisitions from 2021 
during the year. A dormant company in the Nether -
lands was also wound up in 2023.
Discontinued operations in 2023
In early March 2022, ITAB decided to discontinue its 
operations in Russia due to the Russian regime’s inva-
sion of Ukraine. The Russian operations consisted of a 
production facility and sales offices in Russia with 
some 140 employees in total. Total sales in Russia 
amounted to approximately MSEK 85 in 2023, corre-
sponding to about 1.5 percent of ITAB’s total annual 
sales. 
 G
iven that the discontinuation of the Group’s opera -
tions in the Russian subsidiary ITAB Rus JSC was in 
progress and deemed highly probable, and otherwise 
fulfilled the stated criteria in accordance with IFRS 5 
Non-current Assets Held for Sale and Discontinued 
Operations in the third quarter of 2022, this company 
was recognised as Discontinued Operations as of the 
interim report for the third quarter of 2022. Discontin-
ued operations are major lines of business that have 
been disposed of or comprise a disposal group held 
for sale. Profit after tax from discontinued operations is 
recognised separately in the income statement.
 A
ll assets included in the group were presented sep-
arately under assets and all liabilities in the group 
were presented separately under liabilities. The group 
was measured at the lower of its carrying amount and 
fair value less selling expenses.
For more information, see tables on page 104.

===== SIDA 104 =====

ITAB | Annual & Sustainability Report 2024    104
Financial information
Note 5 cont.
 
Income statement in summary for Discontinued Operations  (MSEK) 2023
Revenue from contracts with customers 85
Costs of goods sold -79
Gross profit 6
Selling expenses -16
Administrative expenses -6
Impairment of assets measured at fair value -1
Operating profit -17
Financial items 2
Profit after financial items -15
Tax expenses 3
Net profit for the year -12
Cash flow statement in summary for Discontinued Operations (MSEK) 2023
Operating profit -17
Interest paid and received, tax and adjustments for items not included in cash flow 9
Change in working capital 17
Cash flow from operating activities 9
Balance sheet in summary for Discontinued Operations (MSEK) 2023
Assets
Non-current assets 0
Current assets 56
Cash and cash equivalents 13
Total assets 69
Equity and liabilities
Equity 52
Deferred tax 0
Current liabilities 17
Total equity and liabilities 69

===== SIDA 105 =====

ITAB | Annual & Sustainability Report 2024    105
Financial information
Note 6 Revenue from contracts with customers
Business segments and geographic areas
The ITAB Group comprises some 40 operating compa -
nies that sell, develop, produce and distribute shop fit -
tings and equipment to chain-based customers. The 
largest customer accounts for approximately 11 per -
cent of external sales, and none of the Group’s other 
customers account for more than 4 percent of exter -
nal sales. Most of ITAB’s customers are major chain 
stores that operate internationally and have stores in 
several countries. Several of the Group’s companies 
are involved in most business deals. 
 B
ecause sales largely involve different customised 
store concepts, customer sales are often conducted 
with resources from several Group companies in order 
to fulfil the customer’s various needs in the best possi-
ble way. Development and production of the various 
store concept segments are carried out by different 
Group companies depending on where the best con -
ditions exist. This business model entails that a large 
portion of the decisions that affect the Group’s various 
companies are taken centrally.
 A
s ITAB sells customised store concepts and often 
sets a price for a combined product and service, ITAB 
performs no division between product groups. These 
circumstances mean that the profit or loss is not used 
as a basis for deciding on the allocation of resources 
to different parts of the company, and that ITAB makes 
no allocation according to operating segments or 
business segments. See more about the business 
operations on pages 10-14.
 
External revenue 1)
Group 2024 2023
Italy 1,014 971
United Kingdom 688 654
Germany 684 653
Norway 583 527
Finland 510 402
Sweden 445 410
The Netherlands 260 188
France 221 242
Czechia 204 155
Denmark 200 156
Poland 162 69
Argentina 140 107
Spain 131 100
Slovakia 107 68
USA 101 118
Other 1,135 1,319
6,585 6,139
1) The allocation basis for deciding the country for external sales is the 
country where the product is delivered and/or service is performed.
Property, plant and equipment and intangible assets
Group 2024 2023
Sweden 351 295
Italy 199 197
China incl. Hong Kong 195 208
Czechia 168 183
United Kingdom 119 77
Norway 108 91
Finland 93 100
The Netherlands 59 16
Lithuania 58 60
Germany 49 56
Latvia 23 27
Other 48 45
Goodwill 1,844 1,786
3,314 3,141
Revenue from contracts with customers divided by 
customer group and geographic market
Revenue recognition takes place when the Group sat-
isfies a performance commitment by transferring 
promised goods and the customer gains control of the 
asset. This normally takes place on delivery in accor -
dance with applicable delivery terms. In the event of 
concept sales where a service assignment is included, 
revenue recognition for the projects takes place over 
time. The projects are primarily short-term projects. 
Payment terms vary since they are adapted according 
to different conditions in different geographic markets.
Sales per customer group 2) 2024 2023
Grocery 3,683 3,226
Home Improvements 810 769
Fashion 644 589
Other customer groups 1,448 1,555
6,585 6,139
2) The customer groups are divided according to the industries in 
which the customers operate. Other customer groups largely consist of 
distributors, consumer electronics, pharmacies and health/beauty.
Sales per market 3) 2024 2023
Northern Europe 1,747 1,508
Southern Europe 1,480 1,408
Central Europe 1,311 1,169
United Kingdom & Ireland 716 680
Eastern Europe 667 475
Rest of the World 664 899
6,585 6,139
3) Northern Europe consists of the Nordic countries. Southern Europe 
consists mainly of Italy, France and Spain. Central Europe’s largest 
markets are Germany, the Netherlands and Czechia. Eastern Europe’s
largest markets are the Baltic countries, Poland, Romania and Slovakia. 
Rest of the World comprises all countries outside of Europe, with the US, 
Australia, Canada, China, and Argentina accounting for approximate-
ly 50 percent of sales. 
Contract assets and contract liabilities
ITAB’s contract assets comprise goods and services 
that have been delivered but not yet invoiced, normally 
in the event of concept sales over time, where addi-
tional performance commitments must be fulfilled. 
Contract liabilities comprise advance payments from 
customers, allocations from customer loyalty programs 
and invoicing in addition to performances not yet ful -
filled in the event of concept sales over time. ITAB 
applies the practical expedient in accordance with 
IFRS 15.121 as ITAB’s performance commitments are 
part of contracts that have a term of 1 year maximum. 
Contract assets 2024 2023
Accrued income 15 7
Contract liabilities
Advance payments from customers 72 50
Accrued expenses 26 29
Prepaid income 3 5
101 84
The Group’s recognised revenue includes:
2024 2023
Revenue included in the opening  
balance in the item contract liabilities 52 55
Revenue attributable to commitments 
wholly or partially executed during 
previous periods 0 2
Note 7 Purchases and sales  
between Parent Company and 
subsidiaries
Of the Parent Company’s invoiced sales, 100 percent 
consisted of invoicing to subsidiaries. 
 P
urchases from subsidiaries relate primarily to IT, 
design, marketing and administration services. No 
goods were purchased from subsidiaries.
 P
rofit from participations in subsidiaries as well as 
financial income and expenses from Group compa -
nies are presented in Notes 13 and 14, respectively.
Parent Company 2024 2023
Sales of services to subsidiaries 198 184
Purchases of services from 
subsidiaries -156 -83

===== SIDA 106 =====

ITAB | Annual & Sustainability Report 2024    106
Financial information
Note 8 Personnel and senior executives
Average number of employees 2024 Of which  
men
Of which  
women
2023 Of which  
men
Of which  
women
Parent Company 1) Sweden 1 100% – 18 61% 39%
Subsidiaries Argentina 78 91% 9% 81 94% 6%
Chile 2 100% – 2 100% –
Denmark 21 76% 24% 26 62% 38%
Estonia 9 78% 22% 9 67% 33%
Finland 148 83% 17% 142 82% 18%
France 34 68% 32% 35 71% 29%
United Arab Emirates 7 86% 14% 8 75% 25%
India 1 100% – 1 100% –
Italy 357 76% 24% 359 76% 24%
China and Hong Kong 334 48% 52% 384 50% 50%
Latvia 100 75% 25% 93 80% 20%
Lithuania 150 84% 16% 137 83% 17%
Malaysia 7 71% 29% 11 82% 18%
The Netherlands 68 84% 16% 66 88% 12%
Norway 157 76% 24% 151 77% 23%
Poland 10 70% 30% 9 67% 33%
Spain 11 64% 36% 11 64% 36%
United Kingdom 159 75% 25% 150 75% 25%
Sweden 242 69% 31% 216 69% 31%
Czechia 383 67% 33% 363 67% 33%
Germany 248 83% 17% 255 83% 17%
USA 5 – 100% 6 – 100%
Subsidiaries total 2,531 72% 28% 2,515 72% 28%
Group total 2,532 72% 28% 2,533 72% 28%
Salaries, other remuneration and social security 
expenses
2024 2023
(MSEK)
Salaries and  
remuneration
Social security  
expenses
Salaries and  
remuneration
Social security  
expenses
Parent Company 1) 12.4 6.0 39.7 23.2
(of which pension costs) 2) 1.7 6.9
Subsidiaries 1,208.9 332.1 1,096.5 287.1
(of which pension costs) 91.6 85.6
1,221.3 338.1 1,136.2 310.3
Costs for long-term incentive programs 3.7 3.9 2.5 1.0
Group total 1,225.0 342.0 1,138.7 311.3
(of which pension costs) 3) 93.3 92.5
1)  M ost of the Parent Company’s employees moved their employment to a subsidiary in the fourth quarter of 2023. The information refers to the time 
when the employees were employed by the Parent Company, ITAB Shop Concept AB.
2) 
 O
f the Parent Company’s pension costs, MSEK 1.7 (1.6) pertains to the Board and CEO.  
The company’s outstanding pension commitments to these persons amount to MSEK 0 (0).
3) 
 O
f the Group’s pension costs, MSEK 4.0 (4.9) pertains to Other senior executives in Group management.
Salaries and other remuneration divided per country 2024 2023
Parent Company in Sweden 12.4 39.7
Subsidiaries in Sweden 164.2 116.7
Subsidiaries outside Sweden
Argentina 22.2 13.7
Chile 1.3 1.4
Denmark 23.9 26.0
Estonia 3.2 2.9
Finland 83.3 76.6
France 20.7 23.7
United Arab Emirates 4.1 4.4
India 0.2 0.2
Italy 187.0 174.5
China and Hong Kong 57.5 68.6
Latvia 27.3 24.8
Lithuania 59.8 48.6
Malaysia 1.4 1.7
The Netherlands 50.8 41.2
Norway 130.3 119.9
Poland 4.9 5.3
Spain 6.1 4.9
United Kingdom 103.0 105.5
Czechia 99.7 89.5
Germany 153.4 142.5
USA 4.7 3.9
Subsidiaries total 1,208.9 1,096.5
Group total 1,221.3 1,136.2
Salaries and other remuneration include: 2024 2023
To the Board and CEO of ITAB Shop Concept AB including 
variable salary
12.4 11.9
(of which variable salary) 4.0 4.2
To Other senior executives in Group management 25.1 29.1
(of which variable salary) 9.9 9.6

===== SIDA 107 =====

ITAB | Annual & Sustainability Report 2024    107
Financial information
Note 8 cont.
Remuneration to senior executives
Remuneration Committee 2024
In 2024, the Remuneration Committee comprised 
Anders Moberg (Chairman), Petter Fägersten and 
Vegard Søraunet, with the CEO co-opted to attend 
committee meetings. 
Directors’ fees 2024
In accordance with the resolution at the 2024 Annual 
General Meeting (AGM), the fee for elected Board 
members amounted to a total of SEK 2,500 thousand, 
of which SEK 575 thousand to the Chairman of the 
Board and SEK 275 thousand to each of the other 
seven elected Board members. 
 I
n addition, selected Board members receive a fee 
for their work on the Remuneration Committee and 
the Audit Committee. These fees, which are distributed 
between the committee members, total SEK 115 thou -
sand for the Remuneration Committee and SEK 270 
thousand for the Audit Committee. Besides these fees, 
ITAB paid no other remuneration to Board members.
Guidelines for remuneration to senior executives
These guidelines encompass the individuals who are 
part of executive management of ITAB Shop Concept 
AB (publ), currently the CEO and other members of 
Group management. To the extent a Board member 
performs work for ITAB in addition to the Board assign -
ment, these guidelines shall also apply to any remu-
neration (such as consultant’s fees) for such work. The 
guidelines are applicable to remuneration agreed, 
and amendments to remuneration already agreed, 
after adoption of the guidelines by the 2021 AGM. 
These guidelines do not apply to any remuneration 
decided or approved by a general meeting of share-
holders. 
The guidelines’ promotion of the company’s business 
strategy, long-term interests and sustainability  
In short, ITAB’s business strategy is the following. ITAB 
shall offer complete store concepts for retail chain 
stores. With its expertise, long-term business relation -
ships and innovative products, ITAB will secure a mar -
ket-leading position in selected markets. A prerequisite 
for the successful implementation of the company’s 
business strategy and safeguarding of its long-term 
interests, including its sustainability, is that the com -
pany is able to recruit and retain management with 
good competence and the capacity to achieve set 
goals. To this end, it is necessary that the company 
offers competitive remuneration, which these guide -
lines enable. 
Variable cash remuneration covered by these guide -
lines shall aim at promoting the company’s business 
strategy and long-term interests, including its sustain -
ability. 
Types of remuneration, etc.  
The remuneration shall be on market terms and may 
consist of the following components: fixed cash salary, 
variable cash remuneration, pension benefits and 
other benefits. The level of remuneration for individual 
executives shall be based on factors such as position, 
competence, experience and performance. Addition -
ally, a general meeting of shareholders may – and irre-
spective of these guidelines – decide on, for example, 
share and share price-related remuneration.   
 T
he satisfaction of criteria for awarding variable cash 
remuneration shall be measured over a period of one 
year. The variable cash remuneration for the CEO may 
amount to not more than 75 percent of the fixed 
annual cash salary. The variable cash remuneration 
for other members of Group management may 
amount to not more than 50 percent of the fixed 
annual cash salary. For the CEO, pension benefits, 
including health insurance, shall be premium-defined. 
Variable cash remuneration shall not qualify for pen -
sion benefits. The pension premiums for premium 
defined pension shall amount to not more than 30 per -
cent of the fixed annual cash salary.
 Fo
r other executives, pension benefits, including 
health insurance, shall be premium-defined unless the 
individual concerned is subject to defined-benefit 
pension under mandatory local legislation or collec -
tive agreement provisions. 
 V
ariable cash remuneration shall qualify for pension 
benefits to the extent required by mandatory local leg-
islation or collective agreement provisions for the indi -
vidual concerned. The pension premiums for premium 
defined pension shall amount to not more than 30 per -
cent of the fixed annual cash salary. 
Other benefits may include, for example, life insur-
ance, medical care insurance and company cars. 
Premiums and other costs due to such benefits may 
amount to not more than 12 percent of the fixed cash 
salary. 
 F
or employment governed by rules other than Swed -
ish rules, pension benefits and other benefits may be 
duly adjusted to ensure compliance with mandatory 
rules or established local practice, taking into 
account, to the extent possible, the overall purpose of 
these guidelines. 
Termination of employment  
The notice period may not exceed 12 months if notice 
of termination of employment is made by the com -
pany. Fixed cash salary during the period of notice 
and severance pay may together not exceed an 
amount equivalent to the fixed cash salary for two 
years for the CEO, and one year for other members of 
executive management. The period of notice may not 
exceed six months without any right to severance pay 
when termination is made by the executive. 
Criteria for awarding variable cash remuneration, etc.  
The variable cash remuneration shall be linked to pre-
determined and measurable criteria which can be 
financial or non-financial. They may also be individu -
alised, quantitative or qualitative objectives. The crite -
ria shall be designed so as to contribute to the com-
pany’s business strategy and long-term interests, 
including its sustainability, by for example being 
clearly linked to the business strategy or promote the 
executive’s long-term development. 
 T
he extent to which the criteria for awarding variable 
cash remuneration have been satisfied shall be evalu -
ated/determined when the measurement period has 
ended. The Remuneration Committee is responsible 
for the evaluation so far as it concerns variable cash 
remuneration to executive management. 
 F
or financial objectives, the evaluation shall be 
based on the latest financial information made public 
by the company.  
Salary and employment conditions for employees  
In the preparation of the Board of Directors’ proposal 
for these remuneration guidelines, salary and employ -
ment conditions for employees of the company have 
been taken into account by including information on 
the employees’ total income, the components of the 
remuneration and increase and growth rate over time 
in the Remuneration Committee’s and the Board of 
Directors’ basis of decision when evaluating whether 
the guidelines and the limitations set out herein are 
reasonable. 
Consultant’s fees to Board members 
If a Board member performs services for ITAB in addi-
tion to Board work, a special fee may be paid for this 
(consultant’s fee), provided that such services contrib -
ute to the implementation of ITAB’s business strategy 
and safeguard ITAB’s long-term interests, including its 
sustainability. This also applies to such services that 
ITAB receives through a company wholly owned by a 
Board member. The annual consultant’s fee for each 
Board member may never exceed the annual Direc-
tors’ fee. The consultant’s fee shall be on market terms 
and determined in relation to the benefit of ITAB.
 
The decision-making process to determine, review and 
implement the guidelines  
The Board of Directors has established a Remunera-
tion Committee. The committee’s tasks include prepar -
ing the Board of Directors’ decision to propose guide -
lines for remuneration to senior executives. The Board 
shall prepare proposals for new guidelines at least 
every four years or before that if there is a need for sig-
nificant adjustments, and present the proposal for res -
olution at the AGM. 
 T
he guidelines shall apply until new guidelines have 
been adopted by the AGM. The Remuneration Com -
mittee shall also monitor and evaluate programs for 
variable remuneration for executive management, the 
application of the guidelines for remuneration to exec -
utive management as well as the current remunera -
tion structures and remuneration levels in the com -
pany. The members of the Remuneration Committee 
are independent of the company and its executive 
management. The CEO and other members of execu -
tive management do not participate in the Board of 
Directors’ processing of and resolutions regarding 
remuneration-related matters in so far as they are 
affected by such matters.
Derogation from the guidelines  
The Board of Directors may temporarily resolve to dero -
gate from the guidelines, in whole or in part, if in a 
specific case there is special cause for the derogation 
and a derogation is necessary to serve the company’s 
long-term interests, including its sustainability, or to 
ensure the company’s financial viability. As set out 
above, the Remuneration Committee’s tasks include 
preparing the Board of Directors’ resolutions in remu -
neration-related matters. This includes any resolutions 
to derogate from the guidelines.
Guidelines adopted by ITAB’s Annual General Meeting 
on 11 May 2021.

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ITAB | Annual & Sustainability Report 2024    108
Financial information
Note 8 cont.
Remuneration and benefits to senior executives
Costs are recognised as remuneration for the period during which each person held their role.
2024
Directors’ fee 1) / 
 Fixed salary
Short-term 
variable 
salary
Long-term incentive 
programs
Other remuneration  
and benefits 2)
Total salary  
and fees
Pensions  
costs 
Total incl. 
pension 3)
Board of Directors
Anders Moberg 0.6 0.6 0.6
Karin Eriksson 4) 0.1 0.1 0.1
Petter Fägersten 0.3 0.3 0.3
Amelie de Geer 5) 0.2 0.2 0.2
Lars Kvarnsund 5) 0.3 0.3 0.3
Madeleine Persson 0.3 0.3 0.3
Fredrik Rapp 0.3 0.3 0.3
Peder Strand 5) 0.2 0.2 0.2
Vegard Søraunet 0.3 0.3 0.3
Total – Board of Directors 2.6 2.6 2.6
Group management
CEO 5.8 4.0 1.2 0.2 11.2 1.7 12.9
Other senior executives in Group management 
(9 people) 15.2 9.9 1.2 1.2 27.5 4.0 31.5
Total – Group management 21.0 13.9 2.4 1.4 38.7 5.7 44.4
2023
Board of Directors
Anders Moberg 0.6 0.6 0.6
Anna Benjamin 
4) 0.1 0.1 0.1
Karin Eriksson 5) 0.2 0.2 0.2
Jan Frykhammar 6) 0.1 0.1 0.1
Petter Fägersten 0.3 0.3 0.3
Roberto Monti 4) 0.1 0.1 0.1
Madeleine Persson 5) 0.2 0.2 0.2
Fredrik Rapp 0.3 0.3 0.3
Vegard Søraunet 0.3 0.3 0.3
Total – Board of Directors 2.2 2.2 2.2
Group management
CEO 5.5 4.2 0.8 0.2 10.7 1.6 12.3
Other senior executives in Group management 
(9 people) 19.5 9.6 0.8 1.4 31.3 4.9 36.2
Total – Group management 25.0 13.8 1.6 1.6 42.0 6.5 48.5
1) Directors’ fee including remuneration for committee work to Board members concerned.
2) Benefits refer to taxable benefits for cars, medical care insurances, etc.
3) Salaries and fees are recognised excluding employer’s contributions. Pension costs are recognised excluding special payroll tax.
4) Board member stepped down in conjunction with ITAB’s 2024 and 2023 AGMs, respectively.
5) Board member assumed the role in conjunction with ITAB’s 2024 and 2023 AGMs, respectively.
6) Board member during the period 1 January to 3 July 2023.
Long-term incentive program 2022
The 2022 AGM resolved on a long-term incentive pro-
gram (LTIP 2022) extending from June 2022 until June 
2025. To participate in LTIP 2022, participants must 
own a predetermined number of shares in ITAB 
throughout the entire duration of the program and 
remain an employee of ITAB throughout the entire 
period. For each share held by the participant within 
the framework of LTIP 2022, the company will award 
the participant a minimum of one and a maximum of 
three new ordinary shares in ITAB Shop Concept AB 
free of charge. 
 The
 CEO was entitled to participate with a maximum 
of 296,368 ITAB shares, corresponding to a total maxi -
mum of 889,104 share rights under the program. Other 
members of Group management were entitled to par -
ticipate with a maximum of 148,184 ITAB shares per 
person, corresponding to a total maximum of 444,552 
share rights per person. In addition, certain key indi -
viduals in the Group were invited to participate in the 
programme with a maximum of 25,467 ITAB shares per 
person, corresponding to a maximum of 76,401 share 
rights per person. 
 T
he number of ordinary shares allocated under LTIP 
2022 depends on how well the predetermined perfor -
mance targets are met. All participants have the same 
performance targets. Performance target 1 is for the 
Group’s average EBIT margin for the 2023–2024 period 
to reach a certain level, and performance target 2 is 
for the Group’s average net growth for the 2022–2024 
period to reach a certain level.

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ITAB | Annual & Sustainability Report 2024    109
Financial information
Note 8 cont.
Share-based incentive program LTIP 2022
Number of participants still employed as  
of 31 December 2024 27 people
Performance target 1 – EBIT margin The Group’s average EBIT margin during the measurement period 
Vesting period for performance target 1 January 2023–December 2024
Performance target 2 – Sales growth Average annual net growth during the measurement period
Vesting period for performance target 2 January 2022–December 2024
Fair value per share right SEK 10.16*
* The fair value of the share rights is calculated as the share price at the start of the program.
No. of share rights LTIP 
2022 at the start  
of the program Number of participants
Maximum number
Retention share 
rights
Performance  
share rights Total number
LTIP 2022 31 1,114,102 2,228,204 3,342,306
No. of share rights allocated / forfeited in 2023 Maximum number
No. of share rights as of 1 January 2023 3,342,306 
Forfeited during the year  -454,350 
No. of share rights as of 31 December 2023 2,887,956
No. of share rights allocated / forfeited in 2024 Maximum number
No. of share rights as of 1 January 2024 2,887,956 
Forfeited during the year  -76,401 
No. of share rights as of 31 December 2024 2,811,555
Recognised cost for LTIP 2022, MSEK 2024 2023
LTIP 2022 4 2
The cost for the share-based incentive program is 
included in operating profit and is recognised in the 
balance sheet as equity and accrued expenses 
(social security contributions). The cost is based on 
the fair value of the share rights expected to be allo-
cated. Fair value is determined at the time of the par-
ticipants’ investment at the share price. Fair value for 
the cost for social security contributions is calculated 
on each balance sheet date.
Gender distribution of Board members/senior executives at year-end
2024 2023
Group Of which women Of which men Of which women Of which men
Board members 16% 84% 15% 85%
Senior executives 21% 79% 25% 75%
Parent Company
Board members 25% 75% 33% 67%
Senior executives 30% 70% 33% 67%
Personnel costs divided by function
Group 2024 2023
Cost of goods sold -790 -686
Selling expenses -687 -622
Administrative expenses -201 -174
-1,678 -1,482
Parent Company
Cost of goods sold -17 -13
Selling expenses -39 -28
Administrative expenses -40 -35
-96 -76

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ITAB | Annual & Sustainability Report 2024    110
Financial information
Note 9 Remuneration to auditors
Shown below are the fees for audit assignments and 
other assignments that are expensed during the year. 
Audit assignment refers to reviewing the annual 
accounts and the accounting records as well as the 
administration by the Board of Directors and the CEO. 
Audit activities other than the audit assignment refer to 
other quality assurance services that are performed in 
accordance with applicable regulatory requirements. 
Tax consultancy includes both advice and checking of 
compliance within the tax field. Other services are 
other assignments. The audit was mainly performed by 
Ernst & Young AB (EY).
Group Parent Company
2024 2023 2024 2023
Fees  
to EY 
Fees  
to other  
auditors
Fees  
to EY 
Fees  
to other  
auditors
Fees 
to EY
Fees 
to EY
Audit assignment 7 4 7 4 1 1
Audit activities other than audit assignment 1 0 0 0 0 0
Tax consultancy 1 2 1 2 1 1
Other services 0 2 0 1 0 0
9 8 8 7 2 2
Note 10 Depreciation, amortisation and impairment losses
Depreciation and amortisation divided per function 
Group 2024 2023
Cost of goods sold -161 -164
Selling expenses -80 -74
Administrative expenses -13 -16
-254 -254
Depreciation and amortisation divided per asset type 
Group 2024 2023
Capitalised development expenditure -21 -22
Patents and other intellectual property rights -9 -9
Buildings -136 -137
Plant and machinery -50 -46
Equipment, tools and installations -38 -40
-254 -254
Of which leases -133 -136
Depreciation and amortisation divided per function 
Parent Company 2024 2023
Selling expenses -1 0
Administrative expenses 0 -1
Depreciation and amortisation divided per asset type 
Parent Company 2024 2023
Equipment -1 -1
Note 11 Costs divided by type of cost
Costs of goods sold, selling expenses and administra-
tive expenses divided by cost type:
Group 2024 2023
Costs for direct materials -2,580 -2,421
Shipping costs to customers -287 -264
Personnel costs -1,678 -1,482
Depreciation, amortisation and 
impairment losses
 
-254
 
-254
Other expenses -1,305 -1,261
-6,104 -5,682
Government grants are recognised as a cost reduction 
of the items to which the grants relate when there is rea-
sonable assurance that the grant will be received, and 
that the Group will meet the conditions associated with 
the grant. The grants are systematically accrued in the 
same way and over the same periods as the costs the 
grants are intended to compensate for. Grants 
received during the year amounted to approximately 
MSEK 1 (9), most of which comprised employee-related 
grants in 2024.
Parent Company 2024 2023
Personnel costs -96 -76
Depreciation, amortisation and 
impairment losses
 
-1
 
-1
Other expenses -130 -113
-227 -190
Note 12 Other operating income  
and expenses
Other operating income
Group 2024 2023
Operation’s exchange rate differences 20 39
Capital gain on divestment of  
associated companies – 7
Capital gain on divestment of  
non-current assets 1 2
Other 
1) 2 4
23 52
1) The item other operating income includes rental income of MSEK 1 (1).
Other operating expenses
Group 2024 2023
Operation’s exchange rate  
differences -26 -73
Capital loss on divestment of  
companies -16 –
Capital loss on divestment of  
property, plant and equipment -1 -1
Participations in associated  
companies – -1
Other -2 -2
-45 -77
Other operating income
Parent Company 2024 2023
Operation’s exchange rate differences 7 9
7 9
Other operating expenses
Parent Company 2024 2023
Operation’s exchange rate differences -8 -26
-8 -26

===== SIDA 111 =====

ITAB | Annual & Sustainability Report 2024    111
Financial information
Note 13 Profit from participations in Group companies
Parent Company 2024 2023
Income from participations in Group companies
Dividends received 98 27
Profit from participations in subsidiaries 1 –
99 27
Expenses from participations in Group companies
Impairment of current receivables in Group companies
 1) -1 –
Impairment of shares in subsidiaries 2) -15 -32
-16 -32
1)  I mpairment of receivables in connection with the discontinuation of Group companies in 2024 pertains to Radlok S.ã.r.l. in an amount of MSEK -1.
2) 
 I
mpairment of shares in subsidiaries in 2024 refers to impairment in connection with shareholder contributions of MSEK -15. Impairment of shares in 
subsidiaries in 2023 refers to impairment in connection with shareholder contributions of MSEK -27 and a further MSEK -5 after impairment testing. 
For more information, see Note 20. Note 14 Financial income and 
expenses
Financial income
Group 2024 2023
Interest income 31 34
Exchange rate differences 18 –
49 34
Financial expenses
Group 2024 2023
Interest expenses from interest rate 
derivatives 9 -12
Interest expenses leases -14 -14
Other interest expenses -44 -36
Exchange rate differences – -5
Other financial expenses -22 -14
-71 -81
Financial income
Parent Company 2024 2023
Interest income, Group companies 30 40
Interest income, other 11 5
41 45
Financial expenses
Parent Company 2024 2023
Interest expenses, Group companies -26 -19
Other interest expenses -30 -43
Interest expenses from interest rate 
derivatives 9 12
Exchange rate differences -29 -30
Other financial expenses -11 -6
-87 -86
Note 15 Year-end appropriations
Parent Company 2024 2023
Group contributions received 47 154
Group contributions paid -7 -29
40 125

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ITAB | Annual & Sustainability Report 2024    112
Financial information
Note 16 Tax
Group 2024 2023
Current tax expenses
Tax expenses for the year -128 -79
Adjustment of tax attributable to previous years 0 2
-128 -77
Deferred tax expenses (-) / tax income (+)
Deferred tax attributable to temporary differences 1 9
Deferred tax attributable to previous years 0 -3
Deferred tax attributable to loss carryforwards 9 -22
10 -16
Total recognised tax expense in the income statement -118 -93
Difference between Swedish income tax rate and the effective tax rate
Group 2024 2024 2023 2023
Reported profit before tax 438 385
Tax at Swedish income tax rate -90 -20.6% -79 -20.6%
Tax effect of
Adjustment of previous years’ tax 0 0.0% -1 -0.3%
Other tax rates for foreign Group companies -27 -6.1% -20 -5.2%
Deductible temporary differences 1 0.2% 1 0.2%
Loss carryforwards -9 -2.0% -1 -0.4%
Altered tax rates 0 0.0% 0 0.1%
Non-taxable income and non-deductible expenses 7 1.6% 7 2.0%
Recognised tax expense -118 -26.9% -93 -24.2%
Tax items recognised in other comprehensive income 2024 2023
Tax on cash flow hedges 0 2
Tax on hedging of net investments 2 -6
Deferred tax on pension commitments 0 0
2 -4
Changes in deferred tax
Group 2024 2023
Start of the year 39 60
Items recognised in other comprehensive income 0 0
Translation differences 0 -5
Recognised in net profit for the year 10 -16
End of the year 49 39
The deferred tax assets and liabilities recognised in the balance sheet are attributable to the following:
Group
Receivables  
2024
Receivables  
2023
Liabilities  
2024
Liabilities  
2023
Non-current assets 1) 139 127 169 156
Inventories 17 18 2 1
Current receivables 2 2 0 0
Provisions for pensions and similar obligations 2 1 0 0
Loss carryforwards 2) 53 49 – –
Untaxed reserves – – 3 2
Other 16 7 7 6
229 204 181 165
1) Amendments to IAS 12 Income Taxes clarify that the exemption, whereby deferred tax is not recognised on temporary differences arising on initial 
recognition of an asset or liability, does not apply to transactions that give rise to both an asset and a liability, such as right-of-use assets and lease 
liabilities. As a result of the amendments, deferred tax attributable to right-of-use assets and lease liabilities have been recognised gross in the note, 
while they continue to be recognised net in the balance sheet.
2) Of the deferred tax assets for loss carryforwards recognised in the balance sheet, there are loss carryforwards of MSEK 1 for which utilisation is 
subject to time restrictions. Of these loss carryforwards, MSEK 1 matures in 2025. The Group has loss carryforwards equivalent to a nominal amount 
of MSEK 428 (506), which are not recognised as a deferred tax asset. This is partially an effect of present value calculation and partially attributable 
to the fact that certain loss carryforwards are not deemed to be utilised within a reasonable time. For a small proportion of these loss carryforwards, 
there are restrictions as regards utilisation per year as well as time limits.
Parent Company 2024 2023
Current tax for the year 0 0
Deferred tax attributable to loss carryforwards 5 -15
Total recognised tax expense in the income statement 5 -15
Deferred tax assets are attributable to the following:
Parent Company Receivables 2024 Receivables 2023
Loss carryforwards 20 17
Other 1 1
21 18

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ITAB | Annual & Sustainability Report 2024    113
Financial information
Note 17 Earnings per share
Group
Earnings per share before dilution 2024 2023
Net profit for the period attributable to Parent Company shareholders, MSEK 311.4 269.6
Average number of ordinary shares outstanding 226,183,845 218,015,094
Earnings per share before dilution, SEK per share 1.38 1.24
Earnings per share for Continuing Operations before dilution
Net profit for the period for Continuing Operations attributable to Parent Company  
shareholders, MSEK 310.0 281.3
Earnings per share for Continuing Operations before dilution, SEK per share 1.37 1.29
Earnings per share after dilution
Net profit for the period attributable to Parent Company shareholders, MSEK 311.4 269.6
Average number of ordinary shares outstanding 226,183,845 218,015,094
Effect of long-term incentive program 1) 1,225,838 1,260,208
Average number of ordinary shares outstanding after dilution 227,409,683 219,275,302
Earnings per share after dilution, SEK per share 1.37 1.23
Actual number of ordinary shares at the end of the year
   before dilution 253,220,533 217,558,444
   after dilution 254,446,371 218,818,652
1) For calculation of the number of shares after dilution, the average number of shares is adjusted taking into account the effects of dilutive 
potential ordinary shares, which, during the reporting periods in question, comprised rights to receive shares in ITAB within the framework of the LTIP 
2022 long-term incentive program. As of 31 December 2024, only matching share rights held by employees are considered dilutive, while the right to 
receive shares with performance conditions are not considered dilutive since set performance targets are yet to be met. Adjustment of the number 
of dilutive shares is based on the hypothetical number of shares that could have been purchased with the value of remaining positions within the 
framework of the incentive program. Refer to Note 8 Personnel and senior executives for a description of the long-term incentive programs adopted.
Repurchases of own shares 2023–2024
On 28 September 2023, ITAB initiated a share buyback program with a maximum purchase amount of MSEK 50. 
The buyback program ran from 29 September 2023 until 22 March 2024, when the maximum amount for share 
repurchases of MSEK 50 was reached. The program was carried out in accordance with the EU Market Abuse 
Regulation (“MAR”) and the EU Commission’s Delegated Regulation 2016/1052 (the so-called “Safe Harbour Reg -
ulation”). A total of 3,079,659 ordinary shares were repurchased within the framework of the program.
 T
he purpose of the buyback program was to optimise the capital structure with the aim of reducing ITAB’s share 
capital by cancelling repurchased shares. In accordance with the Annual General Meeting’s decision on 15 May 
2024, the share capital was subsequently reduced by SEK 1,284,218 through the cancellation of the 3,079,659 
repurchased ordinary shares. In order to restore the share capital, the Annual General Meeting simultaneously 
resolved to increase the company’s share capital by SEK 1,284,218 through a bonus issue without issuing new 
shares by transferring the amount from the company’s non-restricted equity. Following the cancellation of ordi -
nary shares and the bonus issue, the company’s restricted equity and share capital are unchanged.
Directed share issue 2024
In order to partly finance the intended acquisition of HMY, ITAB’s Board of Directors resolved on 26 September 2024 
to carry out a directed share issue of a total of 38,200,000 ordinary shares at a subscription price of SEK 22.70 per 
share, consequently raising proceeds for ITAB of approximately MSEK 867 before transaction costs. The subscription 
price corresponded to a discount of approximately 9.9 percent in relation to the closing price of the ITAB share on 
Nasdaq Stockholm on 25 September 2024 and was determined through an accelerated bookbuilding procedure.
 2
4,719,827 of the newly issued shares were issued based on the Board’s authorisation from the AGM held on 15 
May 2024 and the remaining 13,480,173 shares were issued following subsequent approval at the EGM held on 21 
October 2024. As of 31 December 2024, a total of MSEK 831 has been provided to the company in issue proceeds 
after transaction costs, of which MSEK 16 was share capital. 
Share capital development
Year Transaction
Change in  
share capital  
(SEK thousand)
Total  
share capital 
(SEK thousand)
Total no. of 
ordinary  
shares
Total no. of  
Class C  
shares
Total no.  
of shares
Quotient  
value  
per share  
(SEK)
1987 Formation of the 
company
 
50
 
50
 
500
 
500
 
100
1997 New share issue 50 100 1,000 1,000 100
1998 New share issue 8,500 8,600 86,000 86,000 100
2004 Bonus issue 8,600 17,200 172,000 172,000 100
2004 Split 20:1 – 17,200 3,440,000 3,440,000 5
2004 New share issue 16,281 33,481 6,696,200 6,696,200 5
2006 New share issue 1,500 34,981 6,996,200 6,996,200 5
2007 Split 2:1 – 34,981 13,992,400 13,992,400 2.5
2008 New share issue 725 35,706 14,282,400 14,282,400 2.5
2008 Conversion 0 35,706 14,282,500 14,282,500 2.5
2009 Conversion 9 35,715 14,285,940 14,285,940 2.5
2010 Conversion 0 35,715 14,285,952 14,285,952 2.5
2012 Conversion 6,668 42,383 16,953,205 16,953,205 2.5
2014 Split 2:1 – 42,383 33,906,410 33,906,410 1.25
2016 Split 3:1 – 42,383 101,719,230 101,719,230 0.417
2016 Conversion 277 42,660 102,383,430 102,383,430 0.417
2021 New share issue 42,660 85,320 204,766,860 204,766,860 0.417
2021 Offset issue 5,556 90,876 218,100,192 218,100,192 0.417
2022 New share issue  
Class C shares 1,833 92,709 218,100,192 4,400,000 222,500,192 0.417
2024 Cancellation of 
repurchased ordinary 
shares -1,283 91,426 215,020,533 4,400,000 219,420,533 0.417
2024 Bonus issue 1,283 92,709 215,020,533 4,400,000 219,420,533 0.423
2024 New share issue  
ordinary shares 16,140 108,849 253,220,533 4,400,000 257,620,533 0.423
Of which repurchased shares held in treasury 4,400,000 4,400,000

===== SIDA 114 =====

ITAB | Annual & Sustainability Report 2024    114
Financial information
Note 18 Intangible assets
2024 
Group
Capitalised
development 
expenditure
Patents and  
other intellectual  
property rights Goodwill Total
Accumulated cost
Start of the year 257 78 1,786 2,121
Additions 100 17 – 117
Translation differences for the year – 3 58 61
357 98 1,844 2,299
Accumulated amortisation according to plan
Start of the year -151 -51 – -202
Amortisation according to plan for the year -21 -9 – -30
Translation differences for the year – -3 – -3
-172 -63 – -235
Carrying amount at the end of the year 185 35 1,844 2,064
2023 
Group
Capitalised
development 
expenditure
Patents and  
other intellectual  
property rights Goodwill Total
Accumulated cost
Start of the year 214 85 1,790 2,089
Additions 52 6 – 58
Sales and disposals -9 -12 – -21
Translation differences for the year – -1 -4 -5
257 78 1,786 2,121
Accumulated amortisation according to plan
Start of the year -138 -54 – -192
Sales and disposals 9 12 – 21
Amortisation according to plan for the year -22 -9 – -31
Translation differences for the year – 0 – 0
-151 -51 – -202
Carrying amount at the end of the year 106 27 1,786 1,919
Intangible assets
Capitalised expenses for development work primarily 
comprise internally generated, capitalised costs for the 
development of checkouts and development work in 
preparation for the replacement of the Group’s business 
system. Other intellectual property rights primarily consist 
of valued customer relationships as well as patents. 
 A
mortisation of intangible assets excluding goodwill is 
recognised in the income statement over the estimated 
useful lives of the assets. Amortisation commences from 
the date the asset is available for use. Estimated useful 
lives are reassessed every year. No impairment losses or 
reversal of impairment losses took place in 2024. 
 T
he Group’s goodwill comprises primarily synergy 
effects in terms of production, logistics, personnel, 
know-how and an effective organisation.
Impairment testing of goodwill
The Group assesses goodwill for impairment annually, 
or more often if there are any indications of a need for 
impairment, in accordance with the accounting poli -
cies described in Note 2. No distribution of the Group’s 
goodwill has been performed since all Group compa-
nies’ activities and cash inflows are highly dependent 
on each other. 
The recoverable amount for the unit has been deter-
mined based on the value in use, which consists of the 
present value of the estimated projected cash flow. 
The estimate of projected cash flow is based on an 
assessment of expected growth in accordance with a 
cautious starting point in the forecasts prepared by 
management for the coming four years. The forecasts 
are based on experience from previous years, but with 
due consideration for future expected developments. 
According to the forecasts, average growth in the 
operations, after a period affected by the war in 
Ukraine as well as rising inflation and interest rates, is 
expected to amount to 2 percent (2) per year during 
2025–2028. The cash flows beyond this four-year 
period have been extrapolated with the aid of an esti-
mated rate of growth of 2 percent (2) per year, which 
corresponds to estimated long-term inflation. 
The assumption of projected growth is the most 
important assumption and is based on external 
assessments of the market’s growth, past trends and 
corporate management’s assessment of market 
shares. The margins in the operations are an estimate 
that also has an impact on the testing. The EBITDA 
margin is an important assumption on which manage -
ment bases its assessment. 
When assessing impairment in 2024, a figure of 10.8 
percent was used for 2025 and 10.5 percent for 2026 
and onwards. Average interest rates have been 
assumed at the same levels as the outcome for 2024. 
The forecast cash flows have been converted to pres -
ent value using a discount rate of 11.3 percent (12.0) 
before tax, which corresponds to 9.0 percent (9.5) 
after tax. 
 T
he discount factor, WACC, has been determined 
through the Capital Asset Pricing Model (CAPM). As a 
part of the discount factor, a risk-free rate of interest 
corresponding to the yield on ten-year government 
bonds has been used, with an addition for the equity 
market’s average risk premium. Required return is also 
affected by the debt ratio in an optimal capital struc-
ture. The risk-free rate of interest has historically been 
low but has increased in recent years. In 2024, both 
the risk-free rate of interest and the risk premium 
decreased slightly, which means that the overall dis -
count rate for 2024 decreased compared with 2023. 
 T
he recoverable amount exceeds the carrying 
amount, which means there is no need for impairment. 
 I
n order to support the impairment assessment that 
has been performed for goodwill within the Group, an 
overall assessment has been performed of the sensitiv -
ity of the variables used in the model. If the sustain-
able rate of growth is set at 0 percent or if the EBITDA 
margin is lowered by 3.5 percentage points, there is 
still no indication of an impairment need with an 
unchanged WACC.

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ITAB | Annual & Sustainability Report 2024    115
Financial information
Note 19 Property, plant and equipment
2024 
Group Buildings Machinery Equipment
Construction  
in progress Total
Accumulated cost excl. leases
Start of the year 668 711 314 22 1,715
Acquisitions/divestments of subsidiaries – -31 -2 – -33
Additions 4 21 22 26 73
Sales and disposals 0 -17 -6 -9 -32
Reclassifications 1 19 1 -21 0
Translation differences for the year 22 22 11 1 56
695 725 340 19 1,779
Accumulated depreciation according to plan  
excl. leases
Start of the year -282 -485 -256 – -1,023
Divestments of subsidiaries – 27 2 – 29
Sales and disposals 0 13 5 – 18
Depreciation according to plan for the year -19 -50 -22 – -91
Translation differences for the year -7 -12 -9 – -28
-308 -507 -280 – -1,095
Total 387 218 60 19 684
Right-of-use assets 1) 518 – 48 – 566
Carrying amount at the end of the year 905 218 108 19 1,250
2023 
Group Buildings Machinery Equipment
Construction  
in progress Total
Accumulated cost excl. leases
Start of the year 700 704 337 7 1,748
Additions 10 35 18 23 86
Sales and disposals -20 -13 -38 0 -71
Reclassifications 2 3 2 -7 0
Translation differences for the year -24 -18 -5 -1 -48
668 711 314 22 1,715
Accumulated depreciation according to plan  
excl. leases
Start of the year -272 -465 -267 – -1,004
Sales and disposals 2 12 30 – 44
Depreciation according to plan for the year  
– Continuing Operations -19 -45 -23 – -87
Translation differences for the year 7 13 4 – 24
-282 -485 -256 – -1,023
Total 386 226 58 22 692
Right-of-use assets 1) 498 0 32 – 530
Carrying amount at the end of the year 884 226 90 22 1,222
1) For more information about right-of-use assets, see Note 22.
Parent Company
2024
Equipment
2023
Equipment
Accumulated cost
Start of the year 10 16
Additions 0 3
Sales and disposals – -9
10 10
Accumulated depreciation according to plan
Start of the year -6 -11
Depreciation according to plan for the year -1 -1
Sales and disposals – 6
-7 -6
Carrying amount at the end of the year 3 4

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Financial information
Note 20 Participations in Group companies, associated companies, and other shares and participations
Parent Company 2024 2023
Opening carrying amount 2,046 2,051
Divestments 1) -6 –
Shareholder contributions to subsidiaries 2) 70 27
Impairment and revaluations for the year 3) -15 -32
Closing carrying amount 2,095 2,046
1) In 2024, ITAB Shop Concept Belgium N.V. was wound up and the remaining equity correspond-
ing to the share value was repaid.
2) In 2024, shareholder contributions were paid to ITAB Shop Products A/S (MSEK 6) and to ITAB 
Group Support AB (MSEK 64). In 2023, shareholder contributions were paid to ITAB Holding BV 
(MSEK 16) and to ITAB Shop Products A/S (MSEK 11). 
3) In 2024, shares in ITAB Shop Products AS and ITAB Group Support AB were impaired by MSEK 15 
in connection with the payment of shareholder contributions. In 2023, shares in ITAB Shop Products 
Oy and ITAB Shop Products UK were impaired by MSEK 5 in connection with the discontinuation of 
operations. In addition, shares in the subsidiaries ITAB Holding BV and ITAB Shop Products A/S were 
impaired by MSEK 27 in connection with the payment of shareholder contributions.  
Participations are held in the following Group companies: Reg. No. Domicile Country Number of shares Holding
2024 
Carrying amount
2023 
Carrying amount
ITAB Lithuania AB 233393310 Kaunas Lithuania 635,350 100% 20 20
ITAB Eesti OÜ 10994786 Tallinn Estonia 1 100% 0 0
ITAB Germany Gmbh HRB 61998 Cologne Germany 2 100% 17 17
    ITAB Harr Gmbh HRB 29025 Malschwitz Germany – 100% – –
    ITAB Lighting Germany GmbH HRB 104507 Menden Germany 5 100% – –
ITAB Holding B.V 32082085 Woudenberg The Netherlands 180 100% 36 36
    ITAB Benelux B.V 61775185 Hertogenbosch The Netherlands 180 100% – –
ITAB Group Support AB 556554-1520 Jönköping Sweden 1,000 100% 56 1
ITAB Shop Products Finland OY 1569393-8 Lahti Finland 1,165 100% 8 8
ITAB Pharmacy Concept AB 556603-8245 Jönköping Sweden 40,000 100% 5 5
Sintek Industrial Property AB 556031-3362 Jönköping Sweden 9,070 100% 1 1
ITAB Shop Concept AS 960912624 Oslo Norway 1,534,500 100% 55 55
    ITAB Industier AS 928907619 Stadsbygd Norway 150 100% – –
    ITAB Norge AS 4) 935500419 Oslo Norway 50 100% – –
          Reklamepartner Graphics AS 979895909 Vinterbro Norway 100 100% – –
          KB Design AS 913275438 Oslo Norway 34 100% – –
          ITAB Room Solutions AS 933437671 Oslo Norway 66 55% – –
ITAB Shop Concept Belgium N.V 0413.792.003 Antwerp Belgium 279,295 100% – 6
ITAB Shop Concept CZ a.s 255 68,663 Blansko Czechia 2,210 100% 277 277
ITAB Shop Concept A/S 19353443 Herning Denmark 11,000 100% 0 0
ITAB Shop Products A/S 13769893 Taastrup Denmark 500 100% 22 22
    Checkmark Danmark ApS 36401389 Taastrup Denmark 50 100% – –
ITAB Kiinteistö Oy 0719064-4 Järvenpää Finland 77,000 100% 12 12
ITAB Shop Concept Polska Sp zoo 338168 Warsaw Poland 100 100% 2 2
ITAB Shop Products Ltd 5822228 Hemel Hempstead England 2,500,000 100% 33 33
ITAB Holdings UK Ltd 4135080 Hemel Hempstead England 4,638,743 100% 119 119
    ITAB UK Ltd 3411363 Hemel Hempstead England 1,200,000 100% – –
Nordic Light Group AB 556306-5373 Skellefteå Sweden 1,000 100% 523 523
   ITAB Shop Products AB 556132-4046 Jönköping Sweden 1,000 100% – –
   ITAB Sweden AB 556474-2244 Nässjö Sweden 2,000 100% – –
   Nordic Light AB 556203-5161 Skellefteå Sweden 130,000 100% – –
    Nordic Light Group (HK) Co Ltd 759628 Hong Kong Hong Kong 20,000 100% – –
    Nordic Light (Suzhou) Investment (HK) Co Ltd. 875186 Hong Kong Hong Kong 10,000 65% – –
          ITAB Shop Concept China Co Ltd 91320505MA1MEFBL86 Suzhou China – 65% – –
    Nordic Light America Inc. 27-4627942 Columbus USA 1,500 100% – –
    Nordic Light South America SpA 71.936 / 49.962 Santiago Chile 100 100% – –
    Nordic Light India Private Ltd U74900KA2014FTC073090 Bangalore India 10,000 100% – –
ITAB Finland Holding Oy 2447365-4 Jyväskylä Finland 40,594 100% 43 43
    ITAB Finland Oy  1882702-2 Jyväskylä Finland 28,000 100% – –
    Oy Checkmark Ltd 4) 2278277-9 Pieksämäki Finland 3,500 100% – –
La Fortezza S.p.A. a Socio Unico FI - 462981 Scarperia Italy 20,900,000 100% 786 786
   Imola Retail Solutions S.r.L BO-555133 Imola Italy 81,000 100% – –
   La Fortezza Alser S.a.S 438699225 Jouy-le-Moutier France 381,158 100% – –
   La Fortezza Asia Sdn Bhd 396959-A Kuala Lumpur Malaysia 600,000 100% – –
   ITAB Iberica S.L.Unipersonal B85907236 Barcelona Spain 19,000 100% – –
   La Fortezza Middle East DMCC JLT5135 Dubai UAE 1 100% – –
   La Fortezza Sudamericana S.A. 30-68703602-2 Buenos Aires Argentina 5,645,921 100% – –
SIA ITAB Latvia  40103175540 Riga Latvia 2,845 100% 80 80
2,095 2,046
In addition to the above companies, the Group owns shares in inactive companies. In total, the Group comprised 53 legal companies at the end of 2024.
4) In 2024, the companies ITAB Rus JSC in Russia and Nuco Lighting Technology in China were divested and 55 percent of the shares in ITAB Room Solutions AS were acquired. The Danish company Checkmark Danmark ApS 
was sold internally from Oy Checkmark Ltd to ITAB Shop Products A/S and the Norwegian company Checkmark Norge AS was merged with ITAB Norge AS. In 2024, seven dormant companies in the UK, Belgium, China, Sweden, 
and Luxembourg were wound up. In 2023, the Norwegian company Checkmark Norge AS was sold internally from Oy Checkmark Ltd to ITAB Norge AS and a dormant company in the Netherlands was wound up.

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Financial information
Note 20 cont.
Group
Participations are held in the following associated companies
There were no material associated companies in the ITAB Group at year-end 2024. ITAB Shop Concept AB’s 21-percent shareholding in the associated 
company OmboriGrid AB (556841-1333) with domicile in Stockholm, Sweden was divested in the second quarter of 2023. The purchase consideration for 
the divested shares amounted to MSEK 15. The sale had an impact of MSEK 6 on the ITAB Group’s profit and MSEK 15 on cash flow in 2023.
Group 2024 2023
Carrying amount at the start of the year – 9
Depreciation surplus value – 0
Share of net profit for the period until divestment – -1
Disposals during the period – -8
Carrying amount at the end of the year – 0
OmboriGrid AB’s transactions with other ITAB companies 2023
Sales to companies within the ITAB Group until divestment 7
ITAB’s share of OmboriGrid AB’s assets, equity, net sales and profit before tax.
Jan–May 2023
Assets 12
Equity 6
Net sales 2
Profit before tax -1
 
Other shares and participations
 
Reg. No.
 
Domicile
 
Country
 
Number of shares
 
Holding
2024 
Carrying amount
2023 
Carrying amount
Unlisted shares and participations
Signatrix GmbH HRB 189186 B Berlin Germany 13,751 18.34% 23 –

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Financial information
Note 21 Financial assets and liabilities
2024 2023
Time analysis of financial assets Past due Not past due Total Past due Not past due Total
Group
Accounts receivable, not impaired
less than 30 days old 46 901 947 26 802 828
31–60 days old 33 33 23 23
more than 60 days old 28 28 10 10
Accounts receivable, impaired
more than 60 days old 26 26 28 28
Deduction for reserves -26 -26 -28 -28
Total accounts receivable 107 901 1,008 59 802 861
Other financial assets (excl. cash and cash equivalents) – 213 213 – 155 155
Carrying amount, financial assets excl. cash and cash equivalents 107 1,114 1,221 59 957 1,016
The receivable is reserved as doubtful in the case of an expected  credit loss. The assessment is individual and performed on a case-by-case basis.
Change in provision for expected credit losses
Group 2024 2023
Opening balance 28 21
Divestment of operations -2 –
Increase in provision through the income statement 6 13
Utilised reserve due to confirmed losses on accounts receivable -1 -4
Reversed provisions -6 -2
Translation differences for the year 1 0
Closing balance 26 28
2024 2023
Time analysis of financial liabilities recognised as  
undiscounted cash flows including accrued interest
Liabilities 
to credit 
institutions
Lease  
liabilities
Other  
financial 
liabilities
Liabilities 
to credit 
institutions
Lease  
liabilities
Other 
financial 
liabilities
Group
Maturity date
within 1 year 81 167 1,056 106 152 892
between 1 and 3 years 586 224 13 615 205 15
between 3 and 5 years – 168 – – 143 –
after 5 years – 79 – – 82 –
667 638 1,069 721 582 907
Parent Company
Maturity date
within 1 year 26 565 32 415
between 1 and 3 years 586 – 609 2
between 3 and 5 years – – – –
after 5 years – – – –
612 565 641 417

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Financial information
Note 21 cont.
Change in liabilities attributable to financing activities in the Group’s cash flow
Group
2023 Items that do not affect the cash flow 2024
Cash flow
Short-term portion of 
long-term loans
Lease liabilities  
according to IFRS 16 Translation difference Fair value
Derivative receivables -18 10 -8
Long-term investments -49 -3 -44 -96
Non-current liabilities to credit institutions 595 -41 -6 17 565
Current liabilities to credit institutions and overdraft facilities 95 -6 6 -12 83
Lease liabilities 546 -128 168 -1 585
Net debt from financing activities 1,169 -178 0 168 4 -34 1,129
Cash and cash equivalents -1,513
Interest-bearing net debt 1) -384
1) Some of the company’s bank loans are restricted with covenants, stipulated in the loan contract. One of the restrictions entails that ITAB has committed to keeping the company’s interest-bearing net debt in relation to EBITDA within certain 
stipulated levels. None of the company’s covenants were broken during the year.
Information about carrying amount per category and fair value per class 
Valuation hierarchy
The Group recognises financial instruments that are 
measured at fair value in the statement of financial 
position. This requires information about valuation at 
fair value per level in the following fair value hierarchy:
Level 1: Listed prices (unadjusted) on active markets for 
identical assets or liabilities. Financial instruments mea -
sured at fair value based on level 1 comprise cash and 
cash equivalents and long-term investments as well as 
non-current and current interest-bearing liabilities.
Level 2: Other observable input data for assets or liabili -
ties other than listed prices included in level 1, either 
direct (meaning as price quotations) or indirect (mean-
ing derived from price quotations). Financial instru -
ments measured at fair value based on level 2 com -
prise derivatives that are applied in hedge accounting.
Level 3: Input data for the asset or liability that are not 
based on observable market data (meaning non-ob -
servable input data). 
Derivative instruments
Derivative instruments comprise interest rate  
swaps and currency futures, and are measured at 
market value according to level 2. In other words, for 
derivative instruments, the fair value is calculated 
through discounted future cash flows according to the 
contracts’ terms and maturity dates, where all vari -
ables, such as discount rates and exchange rates, are 
obtained from market listings for calculations.

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Financial information
Note 21 cont.
Information about carrying amount per category and fair value per class
Group 
2024
Financial instruments measured  
at fair value through other  
comprehensive income
Financial instruments measured at  
fair value through profit or loss
Financial assets and liabilities  
measured at amortised cost
Total carrying  
amount Fair value 1)
Financial assets
Financial non-current receivables 16 16 16
Accounts receivable 1,008 1,008 1,008
Derivative receivables (level 2) 8 8 8
Long-term investments (level 1) 96 96 96
Other receivables 76 76 76
Accrued income, financial assets 17 17 17
Cash and cash equivalents 2) 1,513 1,513 1,513
Total financial assets 8 96 2,630 2,734 2,734
Financial liabilities
Liabilities to credit institutions 621 621 621
Lease liabilities 585 585 585
Overdraft facilities 27 27 27
Advance payments from customers 72 72 72
Accounts payable 817 817 817
Other liabilities 116 116 116
Accrued expenses, financial liability 4 34 38 38
Total financial liabilities 0 4 2,272 2,276 2,276
2023
Financial assets
Financial non-current receivables 18 18 18
Accounts receivable 861 861 861
Derivative receivables (level 2) 18 18 18
Long-term investments (level 1) 49 49 49
Other receivables 63 63 63
Accrued income, financial assets 7 7 7
Cash and cash equivalents 
2) 578 578 578
Total financial assets 18 49 1,527 1,594 1,594
Financial liabilities
Liabilities to credit institutions 670 670 670
Lease liabilities 546 546 546
Overdraft facilities 20 20 20
Advance payments from customers 50 50 50
Accounts payable 692 692 692
Other liabilities 103 103 103
Accrued expenses, financial liability 2 39 41 41
Total financial liabilities 0 2 2,120 2,122 2,122
1) For current receivables and liabilities with a lifetime of less than six months, the carrying amount is considered to reflect the fair value.
2) Cash and cash equivalents are made up in their entirety of cash and bank balances.

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Financial information
Note 21 cont.
Information about carrying amount per category and fair value per class
Parent Company
2024
Financial instruments measured 
at fair value through other 
comprehensive income
Financial instruments measured at 
 fair value through profit or loss
Financial assets and liabilities  
measured at amortised cost
Total carrying  
amount Fair value 1)
Financial assets
Receivables with Group companies 135 135 135
Other receivables 4 4 4
Accrued income, financial assets 2 2 2
Cash and cash equivalents 2) 1,231 1,231 1,231
Total financial assets 1,372 1,372 1,372
Financial liabilities
Liabilities to credit institutions 565 565 565
Accounts payable 3 3 3
Liabilities to Group companies 553 553 553
Other liabilities 0 0 0
Accrued expenses, financial liability 3 6 9 9
Total financial liabilities 3 1,127 1,130 1,130
2023
Financial assets
Receivables with Group companies 342 342 342
Other receivables 2 2 2
Cash and cash equivalents 
2) 292 292 292
Total financial assets 636 636 636
Financial liabilities
Liabilities to credit institutions 589 589 589
Overdraft facilities 21 21 21
Accounts payable 4 4 4
Liabilities to Group companies 383 383 383
Other liabilities 1 1 1
Accrued expenses, financial liability 2 6 8 8
Total financial liabilities 2 1,004 1,006 1,006
1) For current receivables and liabilities with a lifetime of less than six months, the carrying amount is considered to reflect the fair value.
2) Cash and cash equivalents are made up in their entirety of cash and bank balances.

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Financial information
Note 22 Leases
ITAB’s leases are attributable to properties, machinery and vehicles. The majority of ITAB’s leases include options 
to either extend or terminate the agreement. When the term of the lease is established, ITAB takes into consider-
ation all facts and circumstances that provide a financial incentive to utilise an option to extend or waive an 
option to terminate the agreement. Examples of factors that are considered include strategic plans, restructuring 
programs, sustainability, the importance of the underlying asset to ITAB’s operations and/or costs attributable to 
not extending or terminating leases.
Leases – right-of-use assets and lease liabilities 
Items concerning leases have been included in the consolidated accounts as described below:
 31 December 2024  31 December 2023
Right-of-use assets Buildings Equipment Machinery Total Buildings Equipment Machinery Total
Start of the year 498 32 0 530 641 22 1 664
Additions 130 31 0 161 119 28 0 147
Disposals during the year -9 0 0 -9 -142 0 0 -142
Translation difference 16 1 0 17 -2 -1 0 -3
Depreciation during the year -117 -16 0 -133 -118 -17 -1 -136
Carrying amount at  
the end of the year 518 48 0 566 498 32 0 530
Lease liabilities 536 49 0 585 514 32 0 546
2024 2023
Lease liabilities Nominal value Present value Nominal value Present value
Current portion, maturity date within one year 167 152 152 140
Non-current portion, maturity date from one to three years 224 203 205 190
Non-current portion, maturity date from three to five years 168 158 143 136
Non-current portion, maturity date over five years 79 72 82 80
Value at the end of the year 638 585 582 546
The Group’s material leases pertain to leases for buildings, mainly located in Sweden, the UK, Italy, Finland and  
Czechia. Equipment primarily comprises cars and forklifts. 
 T
he Group’s profit for the 2024 financial year was charged with costs attributable to finance leases, including 
depreciation of MSEK 133 (136) and interest expenses of MSEK 14 (14). Total lease expenses in 2024 amounted to 
MSEK 171 (153). Lease expenses related to low-value and short-term leases amounted to MSEK 29 (19). There are 
no significant variable payments or restrictions.
 I
n 2024, leases had an impact of MSEK -128 (-131) on the Group’s cash flow.
Note 23 Inventories
Group 2024 2023
Raw materials and consumables 268 293
Products in progress 88 81
Finished products and goods for resale 435 413
Advance payments for goods 8 6
799 793
The year’s impairment of finished products and goods for resale charged to 
net profit for the year totalled MSEK 26 (36) for the Group.
Note 24 Prepaid expenses  
and accrued income
Group 2024 2023
Prepaid rent and lease payments 17 15
Prepaid insurance premiums 5 4
Other prepaid expenses 60 42
Accrued revenue from contracts with 
customers 15 7
Other accrued income 2 0
99 68
Parent Company 2024 2023
Prepaid insurance premiums 1 1
Other prepaid expenses 40 13
Accrued income 2 –
43 14

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ITAB | Annual & Sustainability Report 2024    123
Financial information
Note 25 Equity
Group
Share capital
For information regarding share capital and the share 
capital development, see the information for the Par -
ent Company below.
Other contributed capital
Pertains to equity contributed by the owners. This 
includes a portion of share premium reserves trans -
ferred to the statutory reserve as of 31 December 2005. 
Provisions to the share premium reserve from 1 Janu -
ary 2006 and onwards are also recognised as other 
contributed capital. 
 C
osts for the share-based incentive program are rec -
ognised in accordance with IFRS 2 Share-based Pay -
ment. The fair value of the allocated share rights is 
included in operating profit and is recognised in the 
balance sheet as other contributed capital.  Fair value 
is determined at the time of the participants’ invest-
ment at the share price and is distributed over the 
vesting period.
For information on the directed share issue in 2024, 
refer to Note 27.
Other reserves
Other reserves in equity consist of the translation 
reserve and hedging reserve.
Translation reserve
Translation differences concerning foreign subsidiaries 
are recognised as a separate item in equity. The trans-
lation reserve includes all exchange rate differences 
arising on the translation of the financial statements of 
foreign operations that have prepared their financial 
statements in a currency other than the Group’s func-
tional currency. The Parent Company and the Group 
present their financial statements in SEK. The transla -
tion reserve also comprises exchange rate differences 
arising on the translation of liabilities used as hedging 
instruments for net investments in a foreign operation.
 O
n the sale or discontinuation of foreign operations, 
accumulated translation differences are recognised 
as a portion of the profit from the divestment. In 2024, 
Group companies in Russia, China and Hong Kong 
were divested. In 2023, only dormant companies of a 
minor value were divested and wound up.
The accumulated translation reserve, recognised in comprehensive income as of 2004, amounts to the following:
Translation reserve attributable to Parent Company shareholders 2024 2023
Opening balance 94 210
Translation difference discontinued operations transferred to net profit for the year 40 0
Translation difference on translation of foreign operations 91 -136
Change in fair value of hedges of net investments -8 26
Tax 2 -6
Closing balance 219 94
Translation reserve attributable to non-controlling interests 2024 2023
Opening balance 20 28
Translation differences for the year 9 -8
Closing balance 29 20
Hedging reserve
The hedging reserve includes the accumulated net change in the fair value of cash flow hedging instruments  
attributable to hedging transactions that have not yet taken place.
2024 2023
Opening balance 9 14
Change in fair value of cash flow hedges 1 -9
Change in fair value of cash flow hedges transferred to net profit for the year -3 2
Tax 0 2
Closing balance 7 9
Total other reserves attributable to Parent Company shareholders 226 103
Total other reserves attributable to non-controlling interests 29 20
Profit brought forward
Profit brought forward including net profit for the year includes profit earned in the Parent Company and its  
subsidiaries. Previous provisions to the statutory reserve, excluding transferred share premium reserves, are 
included in this equity item.

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ITAB | Annual & Sustainability Report 2024    124
Financial information
Note 25 cont.
Parent Company
Share capital
In order to partly finance the intended acquisition of HMY, ITAB’s Board of 
Directors resolved on 26 September 2024 to carry out a directed share 
issue of a total of 38,200,000 ordinary shares. 24,719,827 of the newly 
issued ordinary shares were issued based on the Board’s authorisation 
from the Annual General Meeting held on 15 May 2024 and the remaining 
13,480,173 shares were issued following subsequent approval at the 
Extraordinary General Meeting held on 21 October 2024. As of 31 Decem-
ber 2024, a total of MSEK 831 has been provided to the company in issue 
proceeds after transaction costs, of which MSEK 16 was share capital. 
On 28 September 2023, ITAB initiated a share buyback program with a 
maximum purchase amount of MSEK 50. The buyback program ran from 
29 September 2023 until 22 March 2024, when the maximum amount for 
share repurchases of MSEK 50 was reached. The program was carried out 
in accordance with the EU Market Abuse Regulation (MAR) and the EU 
Commission’s Delegated Regulation 2016/1052 (the so-called “Safe Har -
bour Regulation”). A total of 3,079,659 ordinary shares were repurchased 
within the framework of the program. 541,748 ordinary shares were repur -
chased in 2023 and the remaining 2,537,911 shares were repurchased in 
2024, up until 22 March. The purpose of the buyback program was to opti-
mise the capital structure and consequently ITAB’s share capital was 
reduced by cancelling the repurchased shares.
For more information, see Note 27.
On 14 December 2022, the Board decided to issue new Class C shares
intended for the long-term incentive program for senior executives in
the Group, based on the issue authorisation decided at the Annual Gen-
eral Meeting of ITAB Shop Concept AB (publ) on 10 May 2022. The Board 
also decided to immediately repurchase all 4,400,000 Class C shares. For 
more information on the long-term incentive program, see Note 8.
Parent Company 31 December 2024 31 December 2023
Shares outstanding Ordinary shares Class C shares Total Ordinary shares Class C shares Total
Opening number of shares 218,100,192 4,400,000 222,500,192 218,100,192 4,400,000 222,500,192
Cancellation of repurchased ordinary shares 1) -3,079,659 – -3,079,659 – – –
New share issue 38,200,000 – 38,200,000 – – –
Number of shares at the end of the year 253,220,533 4,400,000 257,620,533 218,100,192 4,400,000 222,500,192
   of which held by ITAB Shop Concept AB -4,400,000 -4,400,000 -541,748 -4,400,000 -4,941,748
Total shares outstanding at the end of the year 253,220,533 0 253,220,533 217,558,444 0 217,558,444
1) The purpose of repurchasing ordinary shares was to optimise the capital structure with the aim of reducing ITAB’s share capital by cancelling repurchased shares.  
Following the resolution of the Annual General Meeting on 15 May 2024, the cancellation of all 3,079,659 repurchased ordinary shares was completed.
Ordinary shares entitle the holder to one vote and Class C shares to 1/10 
of a vote at general meetings of shareholders. Ordinary shares entitle the 
holder to dividends, while Class C shares do not. The share capital is dis-
tributed as follows: SEK 106,990 thousand pertaining to ordinary shares 
and SEK 1,859 thousand pertaining to Class C shares. All Class C shares 
are held in treasury by ITAB. The quotient value per share is SEK 0.422517. 
For information on the share capital development, refer to Note 17.
Statutory reserve
The purpose of the statutory reserve has been to save a portion of net 
profit, which is not used to cover the loss brought forward. This also 
includes a portion of share premium reserves transferred to the statutory 
reserve as of 31 December 2005.
Share premium reserve
When shares are issued at a share premium, meaning that the price paid 
for the shares are higher than their quotient value, an amount corre -
sponding to the amount received over and above the quotient value for 
the shares must be transferred to the share premium reserve. Issue costs 
reduce the value of the share premium reserve. Share premium reserves 
prior to 31 December 2005 have been transferred to the statutory reserve.
For information on the new share issue in 2024, refer to Note 27.
Profit brought forward
Profit brought forward comprises the previous year’s profit brought for -
ward, including the previous year’s profit after payment of any dividends. 
 C
osts for the share-based incentive programme are recognised in 
accordance with IFRS 2 Share-based Payment . The fair value of the allo-
cated share rights is included in operating profit and is recognised in the 
balance sheet as profit brought forward.  Fair value is determined at the 
time of the participants’ investment at the share price and is distributed 
over the vesting period. 
 T
ogether with net profit for the year and the share premium reserve, 
profit brought forward constitutes total non-restricted equity, meaning the 
amount that is available for dividends to the shareholders.
Note 26 Allocation of profits
Parent Company, MSEK 2024 2023
The following unrestricted profit is at the disposal 
of the Annual General Meeting: 
Share premium reserve 1,898 1,083
Profit brought forward 304 466
Net profit for the year 52 41
Total 2,254 1,590
The Board of Directors and CEO propose that  
these funds be allocated as follows:
Proposed dividend to shareholders,  
SEK per ordinary share 0.00
 
0.75
Number of ordinary shares outstanding at  
the end of the year 253,220,533 217,558,444
Number of ordinary shares outstanding on  
the dividend date 215,020,533
To be paid as dividends to shareholders in total, MSEK – 161
To be carried forward, MSEK 2,254 1,429
Total, MSEK 2,254 1,590

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ITAB | Annual & Sustainability Report 2024    125
Financial information
Note 27 Repurchases of own shares and  
new share issue
Repurchases of own shares 2023–2024
On 28 September 2023, ITAB initiated a share buyback program with a 
maximum purchase amount of MSEK 50. The buyback program ran from 
29 September 2023 until 22 March 2024, when the maximum amount for 
share repurchases of MSEK 50 was reached. The program was carried out 
in accordance with the EU Market Abuse Regulation (MAR) and the EU 
Commission’s Delegated Regulation 2016/1052 (the so-called “Safe Har -
bour Regulation”). A total of 3,079,659 ordinary shares were repurchased 
within the framework of the program, of which 541,748 ordinary shares 
were repurchased in 2023 and the remaining 2,537,911 shares were repur-
chased in 2024, up until March 22. 
 The
 purpose of the buyback program was to optimise the capital struc -
ture with the aim of reducing ITAB’s share capital by cancelling repur -
chased shares. In accordance with the Annual General Meeting’s deci -
sion on 15 May 2024, the share capital was subsequently reduced by SEK 
1,284,218 through the cancellation of 3,079,659 repurchased ordinary 
shares. In order to restore the share capital, the Annual General Meeting 
simultaneously resolved to increase the company’s share capital by SEK 
1,284,218 through a bonus issue without issuing new shares by transferring 
the amount from the company’s non-restricted equity. Following the can -
cellation of ordinary shares and the bonus issue, the company’s restricted 
equity and share capital are unchanged.
 A
t 31 December 2024, ITAB held all 4,400,000 Class C shares in the com-
pany in treasury.
Directed share issue 2024
In order to partly finance the intended acquisition of HMY, ITAB’s Board of 
Directors resolved on 26 September 2024 to carry out a directed share 
issue of a total of 38,200,000 ordinary shares at a subscription price of SEK 
22.70 per share, consequently raising proceeds for ITAB of approximately 
MSEK 867 before transaction costs. The subscription price corresponded 
to a discount of approximately 9.9 percent in relation to the closing price 
of the ITAB share on Nasdaq Stockholm on 25 September 2024 and was 
determined through an accelerated bookbuilding procedure. The issue 
was oversubscribed and a large number of Swedish and international 
institutional investors participated in the directed share issue including 
Handelsbanken Funds, Nordea Funds, Third AP Fund, Fourth AP Fund and 
Alcur, as well as certain existing shareholders. The share issue also 
secured new long-term credit facilities for the Group.
24,719,827 of the newly issued ordinary shares were issued based on the 
Board’s authorisation from the Annual General Meeting held on 15 May 
2024 and the remaining 13,480,173 shares were issued following subse-
quent approval at the Extraordinary General Meeting held on 21 October 
2024. As of 31 December 2024, a total of MSEK 831 has been provided to 
the company in issue proceeds after transaction costs, of which MSEK 16 
was share capital.
For more information about the number of shares, see Note 25.
Note 28 Overdraft facilities
Group 2024 2023
Granted overdraft facility 1,194 1,183
Utilised overdraft facility 33 26
Unutilised overdraft facility 1,161 1,157
Parent Company 2024 2023
Granted overdraft facility 1,153 1,100
Utilised overdraft facility 0 21
Unutilised overdraft facility 1,153 1,079
The companies in the ITAB Group are affiliated to the Group account system. At the end of the 
year, ITAB Shop Concept AB had net debt of MSEK 213 (52) via Group accounts. Together with 
the subsidiaries in the Group, the Parent Company’s total receivables from credit institutions via 
Group accounts amounted to MSEK 231 (291) and liabilities to credit institutions to MSEK 0 (21), 
meaning that the Parent Company has debt to subsidiaries totalling MSEK 444, net (323).
Note 29 Provisions for pensions
The following tables present an overview of the items included in the net 
costs for remuneration recognised in the consolidated income statement 
for defined-benefit pension plans. Certain information concerning the 
outcome of capital management and amounts reported in the Group’s 
balance sheet for these pension plans is also provided.
Defined-benefit pension plans 2024 2023
Net costs
Interest on the year’s increase in the present value of  
pension commitments 2 1
Net of pensions earned and premiums paid during the year -2 -5
Expected return on plan assets -1 0
Recognised pension costs, net -1 -4
Recognised provision as of 31 December
Present value of pension commitments 48 46
Fair value of plan assets -16 -17
Recognised provision as of 31 December 32 29
Net amount distributed between the following countries
Norway 1 1
Sweden 4 3
Italy 23 22
France 2 2
Other 2 1
Recognised commitments in the balance sheet 32 29
2024 2023
Change in recognised provision
Opening net debt 29 34
Actuarial gains and losses 2 0
Value adjustment 2 -1
Pension costs, net -1 -4
Recognised provision as of 31 December 32 29
The most important assumptions used for determining pension commitments (%)
Discount factor 3.5-4.5% 3.5-4.5%
Future salary increases 1.0-3.8% 1.0-3.8%
Future pension increases 3.5-3.7% 2.4-3.3%
Expected return 3.70% 3.70%
ALECTA 
For salaried employees in Sweden, the ITP 2 plan’s defined-benefit pen-
sion commitments for retirement and family pension are secured through 
an insurance policy with Alecta. According to a statement from the Swed-
ish Financial Reporting Board, UFR 10 Recognition of the ITP 2 pension plan 
financed through insurance with Alecta , this is a defined-benefit plan that 
covers several employers. For the 2024 financial year, the company did 
not have access to information in order to report its proportional share of 
the plan’s obligations, plan assets and costs, which meant that it has not 
been possible to report the plan as a defined-benefit plan. The ITP 2 pen-
sion plan that is secured through insurance with Alecta is therefore 
reported as a defined-contribution plan. The premium for the 
defined-benefit retirement and family pension is calculated on an individ -
ual basis, and is dependent in part on salary, previously earned pension 
and the anticipated remaining period of service. The fees for the year for 
ITP 2 insurance policies taken out in Alecta amount to MSEK 7 (6).
 T
he collective funding ratio comprises the market value of Alecta’s 
assets as a percentage of the insurance commitments calculated 
according to Alecta’s actuarial methods and assumptions, which do not 
coincide with IAS 19. The collective funding ratio is normally allowed to 
vary between 125 and 170 percent. If Alecta’s collective funding ratio is 
below 125 percent or above 170 percent, measures must be taken with the 
aim of creating the conditions to bring the funding ratio back to the nor -
mal range. In the event of a low funding ratio, one measure may be to 
raise the agreed price for new subscriptions and to extend existing bene -
fits. In the event of a high funding ratio, one measure may be to introduce 
premium reductions. At the end of 2024, Alecta’s surplus in the form of the 
collective funding ratio was 162 percent (157).

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ITAB | Annual & Sustainability Report 2024    126
Financial information
Note 30 Other provisions
Group 2024 2023
Restructuring reserve ¹) 0 1
Guarantee reserve 2) 8 8
Other provisions 3) 19 13
27 22
Group 2024
Guarantee  
reserve 2)
Restructuring 
reserve 1)
Other  
provi-
sions 3) Total
Opening balance, 1 Jan 2024 8 1 13 22
Provisions during the year 1 6 7
Utilised provisions -1 -1 0 -2
Closing balance, 31 Dec 2024 8 0 19 27
Of which, current provisions – 0 12 12
Of which, non-current provisions 8 – 7 15
Group 2023
Guarantee  
reserve 2)
Restructuring 
reserve 1)
Other  
provi-
sions 3) Total
Opening balance, 1 Jan 2023 6 3 18 27
Provisions during the year 3 – 1 4
Utilised provisions -1 -2 -6 -9
Closing balance, 31 Dec 2023 8 1 13 22
Of which, current provisions – 1 7 8
Of which, non-current provisions 8 – 6 14
1) The restructuring reserve refers to costs in connection with the closure of the production unit 
in France.
2) The guarantee provision refers to ITAB’s assessed costs for warranty commitments where ITAB’s 
products are sold with more than a one-year warranty.
3) Other provisions refer primarily to a provision for agents pursuant to Italian law and are based 
on average commission over the past five years. This amount also includes a reserve for person-
nel costs in connection with restructuring.
Note 31 Accrued expenses and prepaid income
Group 2024 2023
Payroll and vacation expenses 198 147
Accrued social security contributions, incl. pension  
and payroll tax 77 75
Accrued expenses from contracts with customers 26 29
Accrued sales commissions 11 14
Accrued service-related expenses 16 5
Accrued interest expenses 5 6
Other accrued expenses 74 72
Prepaid revenue from contracts with customers 3 5
Other prepaid income 3 3
413 356
Parent Company 2024 2023
Payroll and vacation expenses 14 12
Accrued social security contributions, incl. pension  
and payroll tax 14 11
Accrued interest expenses 5 6
Accrued service-related expenses 2 0
Other accrued expenses 5 3
40 32
Note 32 Pledged assets
Group 2024 2023
Pledges for own liabilities
Corporate mortgages 0 0
Total pledged assets 0 0
All collateral refers to collateral for liabilities to credit institutions.
The Parent Company has no pledged assets.
Note 33 Contingent liabilities
Group 2024 2025
Guarantee undertakings 12 10
Parent Company 2024 2023
Sureties for subsidiaries 100 97
Note 34 Transactions with related parties
Related companies are defined as those companies included in the 
Group as well as companies in which related physical persons have a 
controlling, joint controlling or significant influence. The ITAB Group’s 
related physical persons refer to senior executives, the Parent Company’s 
Board of Directors and close family members of these persons. Transac -
tions of significance with related parties refer to transactions with a value 
of more than MSEK 1 with the Group’s aforementioned related parties. 
 F
or information regarding salaries and remuneration to senior execu -
tives, see Note 8.
 T
ransactions between the Parent Company ITAB Shop Concept AB and 
its subsidiaries are specified in Notes 7, 13 and 14. Transactions between 
ITAB companies and associated companies are specified in Note 20.
There were no other significant transactions with related parties during 
2024.
Note 35 Inflation adjustment Argentina
Argentina’s economy is considered to have been in a state of hyperinfla-
tion since 1 July 2018. Following the devaluation of the Argentinian peso in 
autumn 2023, the financial statements for ITAB’s subsidiary in Argentina 
were adjusted as of 2023 to correct for the effects of inflation in accor-
dance with IAS 29 Financial Reporting in Hyperinflationary Economies . This 
means that:
•
 T
he different items in the income statement have been adjusted in line 
with Argentina’s national consumer price index (CPI). The historical cost 
of non-monetary assets and liabilities has been adjusted to reflect 
changes in the currency’s purchasing power. 
•
 A
ll of the components in the subsidiary’s financial statements have 
been restated at the closing day rate. Translation differences arising in 
the translation to SEK have been recognised in Other comprehensive 
income in accordance with IAS 21.
•
 T
he figures for financial year that began prior to 1 January 2023 have 
not been changed.
As of 31 December 2024, Argentina’s base CPI was 7,693.7. The consumer 
price adjustment index at 31 December 2023 was 3,534.2. To hedge mon -
etary assets against inflation, long-term investments have been made in 
an amount corresponding to MSEK 96. These are recognised at fair value 
through net financial items in the income statement.

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ITAB | Annual & Sustainability Report 2024    127
Financial information
Note 36 Events after the balance sheet date
On 25 September, ITAB agreed to acquire Financière HMY for a cash con-
sideration of MEUR 320 on a cash and debt free basis. The transaction was 
conditional upon signing of a final and definitive share purchase agree -
ment, necessary regulatory approvals as well as other customary closing 
conditions. With a final and definitive share purchase agreement entered 
into on 5 December 2024 and the other conditions for the transaction ful-
filled, the acquisition was completed on 31 January 2025. The purchase 
consideration was paid in connection with the closing of the transaction. 
Accordingly, the previously obtained debt financing commitments from 
Danske Bank, Nordea and Swedbank (see page 69) were converted into 
loans. HMY is consolidated in the ITAB Group as of 1 February 2025.
Effect of the acquisition of the shares in HMY 2025
Preliminary fair values of acquired assets and liabilities, purchase consid -
erations and the impact on the Group’s cash and cash equivalents 
according to preliminary acquisition analysis are presented in the table 
below. Goodwill that arose in the transaction primarily comprised the 
value of expected synergies and the value of the employees. Final settle-
ment of the purchase consideration is expected to occur at the end of 
third quarter 2025. Expenses in connection with the acquisition are 
reported on an ongoing basis as costs.
HMY Group on the acquisition date
Preliminary fair  
values, MSEK
Fixed assets incl. not yet allocated surplus values  
and goodwill
 
4,259
Inventories 671
Accounts receivable 1,277
Other current assets 557
Non-current liabilities incl. provisions and leasing liabilities -2,556
Current liabilities incl. leasing liabilities -2,431
Net identifiable assets and liabilities 1,777
Non-controlling interests -28
Preliminary purchase consideration 1,749
Less net cash and cash equivalents in the acquired  
companies
 
-285
Impact on the Group’s cash and cash equivalents  
on the acquisition date
 
1,464
No other significant events for the Group occurred after the end of the 
financial year.

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Financial information
Reconciliation of Alternative Performance Measures
Key ratios included in the Annual Report derive primarily from the disclosure 
requirements according to IFRS and the Swedish Annual Accounts Act. In 
addition, reference is made to a number of performance measures that are 
not defined in IFRS regulations or directly in the income statement and 
statement of financial position, with the aim of illustrating the company’s 
profit trend, financial position and how the company has invested its  
capital. 
 T
hese financial measures are not always calculated in the same way by 
all companies. The main alternative performance measures presented 
below are EBITDA, cash conversion, interest-bearing net debt and return 
on equity, capital employed and total capital. The definitions of these 
alternative performance measures and other key ratios can be found on 
the next page.
EBITDA (Operating profit before depreciation and amortisation)
EBITDA (Earnings before interest, tax, depreciation and amortisation) is considered 
a relevant profit measure to assess the company’s profit trend over time.
(MSEK) 2024 2023
Operating profit 459 432
Depreciation and amortisation 254 254
EBITDA 713 686
Reversal of non-recurring items 1) 48 –
EBITDA excl. non-recurring items 761 686
1) For more information about non-recurring items, see page 87.
Cash conversion  (Operational cash flow in relation to EBITDA)
A relevant measure to assess capital efficiency. This measure is included in ITAB’s 
financial targets.
(MSEK) 2024 2023
Operational cash flow (Cash flow from operating 
activities) 624 810
EBITDA 713 686
Cash conversion, % 88 118
Return on equity
This measure shows the return on the shareholders’ capital invested in the ITAB 
Group.
(MSEK) 2024 2023
Net profit for the year attributable to Parent Company 
shareholders 311 270
Equity attributable to Parent Company shareholders 4,128 3,049
Average*
) equity attributable to Parent Company 
shareholders 3,448 3,056
Return on equity, % 9.0 8.8
Return on capital employed
This measure is used to assess the efficiency and value added from the business.
(MSEK) 2024 2023
Net profit for the year after financial items plus financial 
borrowing costs 508 461
Average*) balance sheet total less non interest-bearing 
liabilities 4,798 4,781
Return on capital employed, % 10.6 9.6
Return on total capital
This measure is used to assess the ability to generate profit on the Group’s assets, 
regardless of financing costs.
(MSEK) 2024 2023
Net profit for the year after financial items  
plus financial borrowing costs 508 461
Average*
) total capital 6,260 6,246
Return on total capital, % 8.1 7.4
Interest-bearing net debt
Interest-bearing net debt is the most relevant measure to show total debt  
financing, and is included in the covenants that ITAB has in its loan agreements 
with the company’s banks.
(MSEK) 2024 2023
Interest-bearing non-current liabilities 998 1,001
Interest-bearing current liabilities 235 235
Interest-bearing assets -104 -67
Cash and cash equivalents -1,513 -578
Interest-bearing net assets/debt -384 591
Reversal of interest-bearing lease liabilities -585 -546
Interest-bearing net assets/debt excl. Leases -969 45
*) Average is calculated as the average of opening balance and the relevant reported quarterly 
data up until the closing period. In other words, 2024 is calculated as (31 December 2023 + 31 
March 2024 + 30 June 2024 + 30 September 2024 + 31 December 2024) divided by five.

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ITAB | Annual & Sustainability Report 2024    129
Financial information
Definitions
Performance measure & alterna -
tive performance measure Definition Motive
Return on equity Net profit for the year attributable to the Parent Company’s shareholders in relation to average equity attributable to the Parent Company’s  
shareholders.
Relevant measure to show the return on the share-
holders’ capital invested in the ITAB Group.
Return on capital employed Net profit for the year after financial items plus financial borrowing costs in relation to average balance sheet total less non-interest-bearing liabilities. Relevant measure for assessing ITAB’s efficiency and 
added value from the business.
Return on total capital Net profit for the year after financial items plus financial borrowing costs in relation to average total capital. Relevant measure for assessing ITAB’s ability to 
generate profit on the Group’s assets regardless of 
financing costs.
Cash conversion Operational cash flow (Cash flow from operating activities) in relation to operating profit before depreciation/amortisation (EBITDA). A relevant measure to assess capital efficiency. This 
measure is included in ITAB’s financial targets.
Direct yield Paid or proposed dividend in relation to the share price on the balance sheet date. Return measure for shareholders.
Discount rate (WACC) Weighted Average Cost of Capital – weighted required return for equity and borrowed capital on the company’s future earnings. Measures the required return on ITAB’s capital and is 
used to discount future cash flows.
EBITDA Earnings before interest, tax, depreciation and impairment of property, plant and equipment, and amortisation and impairment of intangible assets. A relevant profit measure to assess the company’s 
profit trend over time.
Equity per share Equity at the end of the year attributable to Parent Company shareholders in relation to the number of ordinary shares outstanding at the end of  
the year.
Measure to describe how much equity belongs to 
the shareholders of the Parent Company.
Cash flow from operating activities 
per share
Cash flow from operating activities in relation to the average number of outstanding ordinary shares. This measure highlights ITAB’s ability to generate cash 
flow and pay dividends to its shareholders.
Average number of employees Number of worked hours divided by normal annual working time.
Note: In ITAB’s Sustainability Report, the Group’s headcount as of the balance sheet date is used instead. For definition, refer to ESG accounting policy 
on page 54.
This measure shows the size of ITAB’s workforce.
Earnings per share after dilution Net profit for the year attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding after dilution.  
For calculation of earnings per share after dilution, the average number of shares is adjusted taking into account the effects of dilutive potential or-
dinary shares, which, during the reporting years in question, comprised rights to receive shares in ITAB within the framework of the LTIP 2022 long-term 
incentive program. Matching share rights held by employees as of the reporting date are considered dilutive. Moreover, the right to receive shares 
with performance conditions is dilutive only to the extent that set performance targets are met as of the reporting date. Adjustment of the number 
of dilutive shares is based on the hypothetical number of shares that could have been purchased with the value of remaining positions within the 
framework of the incentive program.
A valuation measure that highlights ITAB’s ability to 
pay dividends to its shareholders.
Earnings per share before dilution Net profit for the year attributable to Parent Company shareholders in relation to the average number of ordinary shares outstanding before dilution. A valuation measure that highlights ITAB’s ability to 
pay dividends to its shareholders.
Interest-bearing net debt Non-current and current interest-bearing liabilities including lease liabilities less interest-bearing assets as well as cash and cash equivalents. A relevant measure to show ITAB’s total loan finan- 
cing. This measure is included in the covenants in 
ITAB’s loan agreements with the company’s banks.
Interest-coverage ratio Profit after financial items plus financial interest expenses in relation to financial borrowing costs. Shows ITAB’s ability to cover its financial expenses.
Operating margin /EBIT margin Operating profit in relation to revenue. Relevant for assessing ITAB’s efficiency and added 
value. This measure is included in ITAB’s financial 
targets.
Equity/assets ratio Equity in relation to total capital. This measure highlights financial risk.
Total capital Total equity and liabilities (balance sheet total). This measure highlights the size of the company’s 
total assets.
Currency-adjusted sales Translation of the foreign subsidiaries’ income statements are conducted at each period’s average currency rate. For comparison of profit excluding 
currency effects, the companies are recalculated at the previous year’s average currency rate for the same period. ITAB applies the European 
Central Bank’s average rates for the whole period. As of the 2023 financial year, the effects of the Group’s operations in hyperinflationary countries are 
excluded from the calculation of currency effects.
Relevant to show the sales and profit trend without 
any effects from currency rates fluctuations.  
Currency-adjusted sales growth is included in ITAB’s 
financial targets.
Profit margin Profit after financial items in relation to revenue. Relevant for assessing ITAB’s efficiency and added 
value.

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Financial information
The Board of Directors and the CEO hereby verify that the consolidated accounts and the annual accounts have been prepared in accor -
dance with the International Financial Reporting Standards (IFRS Accounting Standards), as adopted by the EU, and the Swedish Annual 
Accounts Act, respectively, and provide a true and fair view of the Group’s and the Parent Company’s financial position and results, and 
that the Administration Report presents a true and fair view of the development of the Group’s and the Parent Company’s business activi-
ties, financial position and results as well as describing significant risks and uncertainties that the Parent Company and companies within 
the Group face. The annual accounts and the consolidated accounts were approved for issue by the Board of Directors on 3 April 2025. 
The consolidated income statement and statement of financial position as well as the Parent Company’s income statement and balance 
sheet will be subject to adoption at the Annual General Meeting on 7 May 2025. 
Jönköping, 3 April 2025
Anders Moberg
Chairman of the Board 
Petter Fägersten
Board member
Amelie de Geer  
Board member
Lars Kvarnsund
Board member 
Madeleine Persson
Board member
Fredrik Rapp  
Board member
Andréas Elgaard
Chief Executive Officer  
Our Auditor’s Report was submitted on 4 April 2025
Ernst & Young AB
Joakim Falck
Authorised Public Accountant
Peder Strand
Board member
Vegard Søraunet  
Board member

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