Kvartalsrapport Q1 2023

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

January – March 2023  
 
Key financial ratios for the Group** 
 Q1  Jan-Dec 
MSEK 2023 2022  2022 
Net sales 613.7  254.9  140.7% 1,113.5 
Organic growth, % 5.8% 4.8%  9.2% 
EBITA 111.8 85.5 30.7% 254.5 
EBITA margin, % 18.2% 33.5%  22.9% 
Adjusted EBITA 140.4  104.1  34.9% 363.8 
Adjusted EBITA margin, % 22.9% 40.8%  32.7% 
Profit for the period 18.4  24.2  -24.0% 59.9 
Adjusted cash flow from operating activities 210.0  156.9  33.8% 423.1 
 
 
* The proforma numbers have been included for comparability and have no t been audited. 
** For more information see Financial Definitions and Note 6 for calculations of Alternative Performance Measures.  
 
 
 
 
Financial highlights first quarter Business highlights 
➢ Organic growth was 5.8% in the quarter. The Group’s net 
sales increased by 140.7% to SEK 614 m (actual 255, 
proforma* 571). Acquired growth contributed with 132.3%. 
Currency effect was 2.6%. Net sales in Region North was SEK 
278 m (255) and net sales in Region South was SEK 336 m 
(proforma* 316) 
➢ The Group’s adjusted EBITA amounted to SEK 140 m (actual 
104, proforma* 135) with adjusted EBITA margin of 22.9% 
(actual 40.8%, proforma 23.6%). Region North contributed 
with SEK 120 m (115), Region South contributed with SEK 38 
m (proforma* SEK 31 m) and Group functions contributed 
with SEK -18 m (-11). 
➢ Net result amounted to SEK 18 m (24). 
➢ Earnings per share before and after dilution amounted to SEK 
0.17 (0.23 and 0.22).  
➢ Adjusted operating cash flow amounted to SEK 210 m (157).   
 
➢ Karnov Group has started off 2023 well. We have been 
successful in up-sales and in new sales especially within the 
public sector in Region North. Moreover, our stand-alone entities 
perform well. Our legal core businesses have completed a strong 
invoicing season with strong operating cash flow.   
➢ Region South has performed in line with expectations. The plan 
for harvesting synergies is rolled-out and we progress with the 
integration. 
➢ To ensure the right foundation for further European growth while 
keeping strong focus on developing the existing businesses in 
Region South and Region North, Karnov Group has appointed 
Alexandra Åquist CEO Region North and Guillaume Deroubaix 
CEO Region South.   
➢ Karnov Group has launched practical and experimental projects 
using AI applications for future customer value. Our premium 
deep content makes Karnov Group well-suited for development 
of AI-based tools.

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

Interim Report, January – March 2023 2 
Karnov Group has delivered a solid financial performance in the 
first quarter, with increased organic growth in Region North and 
stable development in Region South. We are now a significant 
player within the European legal information solutions market. 
Our performance in the first quarter proves the value we bring to 
our customers. Our cash generation capability prepares us for 
future M&A activities.   
 
European growth and strong operating cash flow 
The financial performance was solid in the first quarter. The organic growth in Region North 
increased compared to the previous year, while the net sales development in Region South was 
stable, in line with expectations. The weak SEK has had a positive impact on sales in the first 
quarter. Growth drivers in Region North were a combination of strong new sales within the public 
sector and upselling to existing customers. Our new product ROA (Rättsområdesanalyser), which 
is sold as an add-on feature, has had a good start to the year. Our EHS businesses and emerging 
ventures continue to perform well. We are looking at broadening the product suite in Region 
South, to the benefit of both local markets. Aranzadi LA LEY has started to sell several solutions 
across both organisations. Our French business Lamy Liaisons has a stable performance in line 
with expectations.     
 Region North continues to have strong earnings capabilities, while we have taken the first 
steps in Region South to harvest synergies.    
 At the end of March, our leverage based on proforma EBITDA LTM was 3.4x. The operating 
cash flow was strong. Both our segments have successfully completed invoicing seasons, with 
low churn. Our cash generation capability enables our M&A agenda, and we keep our eyes open 
for future European growth opportunities.  
 
Developing our regional businesses and identifying new possibilities   
Macro trends in Europe, such as increasing regulations and more complex legislation, solidify and 
expand the market demand for our services. Legal professionals have an increasing need of 
assistance to serve their customers, which creates opportunities for Karnov Group. We 
continuously add value to our customers, serving society with accessible legal knowledge and 
efficient workflows. All Karnov development is customer centric. To continue our customer 
centricity focus, while pursuing future European growth, we have composed a new management 
team in operation from the end of March.  
 In Region North, we will continue to focus on meeting our customers’ needs and efficiency 
demands. Our ambition is to provide the highest quality to the best possible user experience that 
effectively supports their workflow. Growth is driven by adding value to our legal core users, new 
sales and up-sales within the public sector and continuous organic growth from our emerging 
ventures and EHS businesses.  
 In Region South, we are implementing a merger of equals. Our focus is to complete the 
integration and merging content onto a common technical platform, as well as realising 
synergies. The merger is progressing according to schedule.  
 
Enhancing customer value with AI 
Legal tech progresses rapidly. Generative AI has had great traction following the public launch of 
ChatGPT at the end of last year. Generative AI will become an important tool for lawyers.  
 Karnov Group is currently testing exploratory AI models for future customer value in both 
Region North and Region South. Our premium deep content is a great asset when training neural 
networks. We see great opportunities for both new customer value and raised productivity for 
Karnov Group. 
 Karnov Group has AI-based tools up and running in Region South. We will launch additional 
tools during the year. We see great opportunities in utilising these experiences. 
 We believe legal tech will play an increasingly important role in assisting legal professionals 
with the complexity of legislation, and we are present in the space investing in solutions to the 
future benefit of our customers.  
 
 
Karnov Group’s financial targets:  
    
Net sales organic 
annual growth of  
3-5% in the 
medium term, 
supplemented by 
selective 
acquisitions.  
Increased Adjusted 
EBITA margin  
in the medium term. 
Ratio of Net debt to Adjusted 
EBITDA of no more than 3.0. 
This level may temporarily be 
exceeded, for example as  
a result of acquisitions. 
The objective is to 
distribute 30–50% of the 
purchase price allocation 
(PPA) adjusted net profit, 
taking investment 
opportunities and financial 
position into consideration. 
 
We deliver solid financial 
performance in the first 
quarter. Growth is driven 
by adding value to our 
legal core users, new 
sales and up-sales 
within the public sector 
and strong performance 
by our EHS businesses.         
  
 
 
Pontus Bodelsson 
President and CEO

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

Interim Report, January – March 2023 3 
First quarter 
 
 
Net sales and growt h 
For the three-month period, January-March 2023, net sales increased by SEK 359 m to SEK 614 
m (actual 255, proforma 571). Organic growth on a constant currency basis was 5.8 percent and 
currency effects had a positive impact on net sales of 2.6 percent. Acquired growth accounted for 
132.3 percent and relates to the acquisition of Region South, which was completed on 30 
November 2022.  
 We have continued our Scandinavian expansion in Region North, with solid performance 
among our regional companies. We have delivered enhanced customer value to our legal core 
users and onboarded more municipalities to our practical solution in both Sweden and Denmark. 
Our EHS businesses continue to drive growth while DIBkunnskap AS has been successful in 
selling its IFRS solution on the Swedish market.   
 Region South delivered net sales in line with expectations. During the quarter our Spanish 
businesses have started selling the first commonly developed product, a whistleblower solution. 
The French business Lamy Liaisons was stable and had positive development within the e-
learning area.  
Operating profit 
EBITA for the quarter amounted to SEK 112 m (actual 85, proforma 116) and EBITA margin 
amounted to 18.2 percent (actual 33.5, proforma 20.3). The EBITA performance includes items 
affecting comparability of SEK 28 m (19) mainly relating to integration work in Region South.  
 Adjusted EBITA amounted to SEK 140 m (actual 104, proforma 135) and adjusted EBITA margin 
amounted to 22.9 percent (actual 40.8, proforma 23.6).  
 The decrease in margin is related to the consolidation of Region South, which has diluted the 
Group margin. The main cost driver is increased personnel expenses. Moreover, the depreciations of 
capitalised development have increased compared to the previous year.  
 Adjusted EBITA for Region North was SEK 120 m (115) and adjusted EBITA margin amounted to 
43.4 percent (45.0).  
 Adjusted EBITA for Region South was SEK 38 m (proforma 31) and adjusted EBITA margin 
amounted to 11.2 percent (proforma 9.7).  
 Operating profit (EBIT) was SEK 57 m (44) for the quarter. 
Net financial items  
Net financial items for the quarter amounted to SEK -33 m (-8). The increased financial costs are 
mainly related to long-term borrowings for financing of the acquisition of Region South and 
currency effects. Currency effect for the quarter was SEK -6 m (-2), relating to long-term loans in 
DKK and EUR.  
 
 
 
Jan-Dec
TSEK 2023 2022  2022
Net sales 613.7 254.9 140.7% 1,113.5
Organic growth, % 5.8% 4.8% 9.2%
EBITA 111.8 85.5 30.7% 254.5
EBITA margin, % 18.2% 33.5% 22.9%
Adjusted EBITA 140.4 104.1 34.9% 363.8
Adjusted EBITA margin, % 22.9% 40.8% 32.7%
Q1
Net sales by segment first quarter (%)  
 
 
 
 
Net sales per quarter, SEKm 
 
 
 
 
 
 
 
 
 
 
 
 
     
 
 
 
 
  
   
255 227 263 254 278 
114 
336 
 -
 200
 400
 600
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
104 
74 93 
93 
140 
41%
33% 35%
25% 23%
0%
20%
40%
60%
 -
 60
 120
 180
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
Organic growth  
Adjusted EBITA margin

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

Interim Report, January – March 2023 4 
Share of profit in associated companies  
Share of profit in associated companies amounted to SEK -2 m (-6) in the quarter. 
Profit before and after tax, Earnings per share  
Profit before tax for the quarter decreased by SEK 8 m to SEK 22 m (30). Profit after tax for the 
quarter was SEK 18 m (24). Taxes amounted to SEK 4 m (6). Earnings per share after dilution was 
SEK 0.17 (0.22) for the quarter.  
Cash flow and investments  
Cash flow from operating activities increased by SEK 48 m and amounted to SEK 167 m (119). 
The increase reflects the positive effect from the acquisition of Region South, which similar to 
Region North generate cash during Q4-Q1. Region South has a slightly later seasonal dynamic 
with a more widely spread of invoicing during the year and higher invoicing activity in Q1.  
 Total investments for the quarter amounted to SEK 44 m (27). The investments during the 
quarter mainly relate to capitalised development within the Group, as well the acquisition of 
Nørskov Miljø ApS.  
 Total financing for the quarter amounted to SEK -25 m (-4), of which SEK -17 m relate to the 
payment of an earn-out to the former shareholders of Echoline SAS as the company has achieved 
the financial targets in 2022.  
 The adjusted cash conversion rate for the quarter amounted to 121.2 percent (134.1). 
 
Financial position  
Net debt was SEK 2,016 m (295) at the end of the period. The net debt has increased by SEK 1,721 m 
relating to long-term borrowings. 
 The leverage at the end of the period, based on proforma adjusted EBITDA LTM, was 3.4 (0.8) 
times and the equity ratio was 31.3 percent (48.8) with an equity of SEK 2,367 m (2,186). 
 
  
 Cash and cash equivalents at the end of the period amounted to SEK 770 m (1,029) and the 
Group had unutilised credit lines of SEK 180 m (231).  
 
 
Adjusted Cash conversion Jan-Dec
MSEK 2023 2022 2022
Adjusted EBITDA 173.3 117.1 422.0
Adjusted cash flow from operating activities 210.0 156.9 423.1
Adjusted Cash conversion 121.2% 134.1% 100.3%
Q1
Net Debt Jan-Dec
MSEK 2023 2022 2022
Total borrowings            2,786.2           1,324.5           2,750.2 
Cash and cash equivalents 770.1              1,029.4          571.2             
Net debt 2,016.1          295.1             2,179.0         
Leverage ratio 3.4                  0.8                  3.6                 
Equity 2,367.5          2,186.3          2,326.4         
Equity/asset ratio, % 31.4% 48.8% 31.2%
Q1
Net sales split per first quarter, %  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
73%
27%
Online
Offline
Adjusted Cash 
conversion  
Leverage

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

Interim Report, January – March 2023 5 
First quarter 
➢ Karnov Group acquired Nørskov Miljø ApS, a leading Danish EHS provider of a SaaS 
platform and consultancy for EHS legal and chemical compliance. The company was 
consolidated in the Group financials on 3 January 2023. 
➢ Karnov Group announced a new composition of the Group management. The purpose of 
the change is to ensure the right foundation for further European growth while keeping 
strong focus on developing the existing businesses in Region South and Region North. 
Alexandra Åquist was appointed CEO Region North and Guillaume Deroubaix was 
appointed CEO Region South.   
Events after the end of the period  
➢ There were no significant events after the end of the period.

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

Interim Report, January – March 2023 6 
Region North 
 
 
Net sales and growth  
Net sales for the quarter increased by 8.9 percent to SEK 278 m (255). The organic growth for the 
quarter was 5.8 percent, acquired growth and currency effects had a positive impact of 0.6 and 
2.6 percent respectively. Online sales accounted for 82% (79%).   
 The organic growth is driven by online sales, mainly within the legal research area, as we have 
increased the customer value. We have been successful in new sales within the public sector. 
 The new product ROA has been received well on the market. We have continued the expansion 
of our municipality solution, launching additional case guides, as well as onboarded additional 
municipalities using our solution. The customers appreciate the broad and practical content.   
 Our EHS businesses continues to be successful in new sales, closing new contracts mainly 
within the corporate segment. We can grow sustainably within EHS while having limited churn.   
Operating profit 
In the first quarter, adjusted EBITA amounted to SEK 120 m (115) and adjusted EBITA margin 
amounted to 43.4 percent (45.0). The decrease in margin is due to increased personnel expenses, 
partly relating to filled vacancies. The D&A relating to capitalised development increased by SEK 3 
m compared to the previous year.  
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Jan-Dec
MSEK 2023 2022  2022
Net sales               277.7               254.9 8.9%              999.3 
Organic growth, % 5.8% 4.8% 9.2%
Adjusted EBITA               120.5               114.7 5.1%              408.1 
Adjusted EBITA margin, % 43.4% 45.0% 40.8%
Q1
Region North is specialised in online 
and offline legal solutions; the 
environmental, health and safety 
compliance; audit and accounting 
solutions; legal classroom training 
and e-courses. The segment 
provides online tools for the broad 
legal services market, including 
contract templates. The segment 
includes Karnov Group Denmark, 
Norstedts Juridik, DIBkunnskap, 
Notisum, Echoline, Nørskov Miljø, 
Forlaget Andersen, Legal Cross 
Border, Ante and BELLA Intelligence. 
 
 
Net sales per quarter, SEKm 
 
 
 
 
Adjusted EBITA, SEKm and margin,% 
per quarter 
 
 
 
 
 
 
 
255 227 263 254 278 
 -
 100
 200
 300
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
115 
88 
108 97 
121 
45%
39% 41% 38%
43%
0%
20%
40%
60%
 -
 40
 80
 120
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023

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

Interim Report, January – March 2023 7 
 
Region South 
 
Net sales and growth  
Net sales for the quarter were SEK 336 m (proforma 316). The significant increase in net sales 
compared to proforma is explained by currency effects of 6.7 percent. The underlying 
performance of Region South is stable compared to the previous year. Online sales accounted for 
68%.   
 We experience no deviations from our expectations in Region South. Sales development is 
stable, with positive new sales development in the segment, but higher churn compared to 
Region North. We have good traction within the e-learning segment in both markets.  
 The integration progresses well in Region South and the first commonly developed product 
has been market launched.  
Operating profit 
Adjusted EBITA amounted to SEK 38 m (proforma 31) and adjusted EBITA margin was 11.2 
percent (proforma 9.7). The adjusted EBITA improvement of SEK 7 m compared to proforma 
numbers is mainly the result of lower personnel expenses as well as currency effects. We can see 
several small synergies in the first quarter, relating to for instance common IT contracts in Spain.   
  
   
 
  
  
Jan-Dec
MSEK 2023 2022  2022
Net sales               336.0              114.2 
Organic growth, % - -
Adjusted EBITA                 37.6                 10.1 
Adjusted EBITA margin, % 11.2% 8.9%
Q1
Region South offers a wide range of 
online and offline solutions for legal 
professionals, assisting them in 
their research and providing 
qualitative advisory services .  The 
segment provides online tools for the 
broad legal services market, 
including workflow solutions and AI-
based tools. Region South also 
offers legal classroom training and 
e-courses. The segment includes 
Aranzadi LA LEY, Lamy Liaisons and 
Jusnet. 
 
 
Net sales per quarter, SEKm 
 
 
 
 
Adjusted EBITA, SEKm and margin, % 
per quarter 
 
 
  
 
114 
336 
 -
 100
 200
 300
 400
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023
-
10 
38 
9% 11%
0%
20%
40%
60%
 -
 20
 40
 60
Q1
2022
Q2
2022
Q3
2022
Q4
2022
Q1
2023

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

Interim Report, January – March 2023 8 
 
Group functions 
 
 
Operating profit  
During 2022 the group functions were expanded to prepare for the expansion of the Karnov 
Group with the acquisition of Region South. The group functions cover the Group wide tasks, e.g. 
Group management, Investor relations and Group Finance functions. 
 
  
   
 
  
  
Jan-Dec
MSEK 2023 2022  2022
Net sales
Adjusted EBITA                -17.7                -10.6               -54.4 
Adjusted EBITA margin, %
Q1
Group functions is the corporate 
segment including costs for 
functions within Karnov Group that 
either steer or provide support to 
the Group. The segment also 
includes costs for future business 
opportunities  as well as items 
affecting comparability .

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

Interim Report, January – March 2023 9 
Risks and uncertainties  
Through its operations Karnov Group is exposed to different risks, 
which can give rise to fluctuations in earnings and cash flow. Material 
risks and uncertainties include sector and market-related risks, 
business-related risks and financial risks.  
 The Covid-19 pandemic is still having an impact on global society 
however to a less extend than previous years. Karnov is still following 
the situation and unless the impact of the pandemic should change 
negatively Karnov assess only insignificant impact on the future 
financial performance.  
 The invasion of Ukraine poses risks for further impact on the world 
economy, with increasing cost inflation and disruptions to supply 
chains. Karnov is not directly impacted by the invasion and has no 
direct exposure towards any of the involved countries.   
 Karnov’s significant risks and risk management are described on 
page 56-57 of the 2022 Annual report, available at the Company’s 
website www.karnovgroup.com. 
Seasonal variations  
Typically, a significant proportion of Karnov Group’s online contracts 
in Region North are renewed and invoiced during the fourth quarter, 
impacting cash flow during the fourth and first quarters. Online 
contracts in Region South are renewed and invoiced predominantly in 
the first quarter, impacting cash flow during the first and second 
quarters. Online net sales are accrued according to the terms of the 
agreement and therefore are not exposed to any seasonality. Offline 
net sales are exposed to seasonality where the first quarter is 
significantly stronger, driven by a higher share of book sales early in 
the year. 
Employees  
Average number of Full-Time Employees (FTEs) in the first quarter 
amounted to 1,251 (296). The increase is mainly due to the 
acquisition of Region South. On average during the first quarter, 46% 
(53%) of the workforce were males and 54% (47%) females. 
Shares, share capital and shareholders  
Karnov Group’s share was listed on Nasdaq Stockholm on 11 April 
2019, Mid Cap segment, under the ticker KAR.  
 On 31 March 2023, the total number of shares and votes in Karnov 
Group AB (publ) amounts to 108,102,047 shares and 107,872,208.6 
votes. Each share has a quotient value of approximately SEK 
0.015385. The total number of shares consists of 107,846,671 
ordinary shares, which carry one vote per share, and 255,376 shares 
of series C, which carry one-tenth of a vote per share. A detailed 
description of changes in the share capital is available on the 
Company’s website, www.karnovgroup.com/en/share-capital-
development/.  
 On 31 March 2023, the Company had 1,419 known shareholders. 
The five largest shareholders in Karnov Group AB (publ) were Long 
Path Partners, Swedbank Robur Funds, Carnegie Funds, Invesco and 
Didner & Gerge Funds. 
Incentive program s 
Karnov Group currently has one long-term incentive program in the 
form of share savings programs. The purpose of the program is to 
encourage a broad ownership amongst the Company’s employees, 
retain competent employees, facilitate recruitment, increase the 
alignment of interest between the employees and the Company’s 
shareholders and increase motivation to reach or exceed the 
Company’s financial targets.  
 The employees participating in the program have allocated 
acquired or already held ordinary shares to the program (so-called 
savings shares). 
 Two employees participate in LTIP 2020. The participants have 
allocated a total of 9,302 savings shares to the program. Full 
allotment would mean that the total number of shares under the 
program will amount to no more than 46,510 ordinary shares, 
corresponding to less than 0.1 per cent of the total number of shares 
outstanding in the Company. For more information see 
www.karnovgroup.com/en/incentive-program/

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

Interim Report, January – March 2023 10 
Related-party transactions  
Karnov Group did not undertake any significant transactions with 
related parties in the first quarter 2023 except from compensation 
and benefits to the Board members and managing director received 
as a result of their membership of the Board, employment with 
Karnov Group or shareholdings in Karnov Group AB (publ).  
Parent Company  
The Operating profit (EBIT) for the quarter amounted to SEK -5 m  
(-28). 
Outlook 
Karnov Group does not provide financial forecasts.  
Review 
This interim report has not been subject to a review by the Company’s 
auditors.  
Disclosure 
This interim report contains inside information that Karnov Group AB 
(publ) is required to make public pursuant to the EU Market Abuse 
Regulation (MAR). The information was submitted for publication by 
the contact person below on 9 May 2023 at 8.00 AM CEST. 
 
Karnov Group AB (publ) 
Stockholm, 9 May 2023 
 
Pontus Bodelsson 
President and CEO  
 
For further information, 
please contact: 
Q1 presentation 
webcast 
Financial calendar  
2023 
Pontus Bodelsson, President and CEO 
+46 709 957 002 
pontus.bodelsson@karnovgroup.com 
 
Leif Mårtensson, Interim CFO 
+45 21 16 76 41 
leif.martensson@karnovgroup.com 
 
Erik Berggren, Head of Investor Relations 
+46 707 597 668 
erik.berggren@karnovgroup.com 
 
 
Karnov Group will present the first quarter for 
analysts and investors via a webcast 
teleconference on 9 May at 09.00 AM CEST.  
To participate, use the following link:  
https://ir.financialhearings.com/karnov-
group-q1-2023 
or register here for dial-in numbers: 
https://conference.financialhearings.com/tel
econference/?id=200739. 
 
The presentation will also be available 
on www.financialhearings.com 
Annual General Meeting 2023 
10 May 2023 
 
Half-year report January-June 2023 
17 August, 2023 
 
Interim report January-September 2023 
8 November 2023

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

Interim Report, January – March 2023 11 
 
 
Jan-Dec
MSEK Note 2023 2022 2022 
Net sales 3 613.7 254.9 1,113.5
Total revenue 613.7 254.9 1,113.5
Costs of goods sold -90.9 -38.4 -157.9
Employee benefit expenses -256.8 -73.3 -400.5
Depreciations and amortisations -87.4 -54.2 -233.8
Other operating income and expenses -121.3 -44.7 -242.5
Operating profit (EBIT) 57.3 44.3 78.8
Share of profit in associated companies -2.1 -5.9 -11.7
Financial income 0.6 0.0 23.2
Financial expenses -33.9 -8.0 -40.3
Profit before tax 21.9 30.4 50.0
Tax on profit for the period -3.5 -6.2 9.9
Profit for the period 18.4 24.2 59.9
Other comprehensive income: 
Items that may be reclassified to the income statement:
Exchange differences on translation of foreign operations 22.5 8.9 111.0
Actuarial gains/losses on defined benfit plans 0.0 0.0 0.2
Other comprehensive income for the period 22.5 8.9 111.2
Total comprehensive income for the period 40.9 33.1 171.1
Profit for the period is attributable to:
Owners of Karnov Group AB (publ) 18.4 24.3 59.9
Non-controlling interests 0.0 -0.1 0.0
Profit for the period 18.4 24.2 59.9
Total comprehensive income for the period is attributable to:
Owners of Karnov Group AB (publ) 40.9 33.2 171.2
Non-controlling interests 0.0 -0.1 0.0
Total comprehensive income 40.9 33.1 171.2
Earnings per share, basic, SEK 0.17 0.23 0.56
Earnings per share, after dilution, SEK 0.17 0.22 0.56
Weighted average number of ordinary shares (thousands) 107,847 107,677 107,847
Effect of performance shares (thousands) 255 425 255
Weighted average number of ordinary shares adjusted for the effect of dilution (thousands) 108,102 108,102 108,102
Q1

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

Interim Report, January – March 2023 12 
 
MSEK Note 31 Mar 2023 31 Mar 2022 31 Dec 2022
ASSETS:
Goodwill 3,286.5 1,928.7 3,249.6
Other intangible assets 2,376.0 1,228.2 2,391.0
Right-of-use assets 247.8 104.6 236.7
Property, plant and equipment 45.4 5.7 45.4
Investments in associated companies 52.3 56.4 54.3
Loans to associated companies 24.5 20.4 25.7
Deposits 7.3 2.8 12.4
Deferred tax assets 134.9 - 122.5
Total non-current assets 6,174.7 3,346.8 6,137.5
Inventories 20.8 12.5 20.5
Trade receivables 5 482.9 77.0 530.6
Prepaid expenses 52.6 9.7 46.2
Other receivables 20.3 1.3 6.3
Tax receivables 30.2 4.9 39.4
Cash and cash equivalents 5 770.1 1,029.4 671.2
Total current assets 1,376.9 1,134.8 1,314.2
TOTAL ASSETS 7,551.6 4,481.6 7,451.7
MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022
EQUITY AND LIABILITIES:
Share capital 1.7 1.7 1.7
Share premium 2,654.0 2,654.0 2,654.0
Treasury shares 0.0 0.0 0.0
Reserves -204.3 -329.1 -226.8
Retained earnings including net profit for the period -90.4 -146.7 -109.0
Total equity attributable to the parent company’s shareholders 2,361.0 2,179.9 2,319.9
Non-controlling interests 6.5 6.4 6.5
Total equity 2,367.5 2,186.3 2,326.4
Borrowing from credit institutions 5 2,504.0 1,216.4 2,483.3
Lease liabilities 226.3 93.1 214.4
Deferred tax liabilities 407.5 161.1 413.1
Provisions 61.9 5.9 60.6
Other non-current liabilites 85.3 63.5 88.2
Total non-current liabilities 3,285.0 1,540.0 3,259.6
Trade payables 5 113.2 13.2 137.6
Current tax liabilities 15.6 0.0 20.5
Accrued expenses 479.9 149.4 498.7
Prepaid income 1,169.2 502.8 1,028.0
Lease liabilities 55.9 15.0 52.5
Other current liabilities 65.3 75.0 128.4
Total current liabilities 1,899.1 755.3 1,865.8
TOTAL EQUITY AND LIABILITIES 7,551.6 4,481.6 7,451.7

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

Interim Report, January – March 2023 13 
 
 
* The decrease in share premium is explained by extra costs related to the issue of shares made in 2022. 
MSEK Share  capital
Share 
premium
Treasury 
shares Reserves
Retained 
earnings
Equity attributable to the 
parent company’s 
shareholders
Non-controlling 
interests Total equity
Balance at January 1, 2023                  1.7           2,654.0                  -             -226.8         -109.0                                 2,319.9                            6.5              2,326.4 
Profit for the period                    -                       -                    -                     -               18.4                                       18.4                               -                      18.4 
Other comprehensive income for the 
period                    -                       -                    -                 22.5                 -                                         22.5                               -                      22.5 
Total comprehensive income/loss                    -                       -                    -                 22.5             18.4                                       40.9  -                    40.9 
                Transaction with shareholders in their 
capacity as owners:                  
Sharebased payment                    -                       -                    -                     -                 0.2                                         0.2                               -                        0.2 
Total transaction with shareholders                    -                       -                    -                     -                 0.2                                         0.2                               -                        0.2 
                
Closing balance at March 31, 2023                  1.7           2,654.0                  -             -204.3           -90.4                                 2,361.0                            6.5              2,367.5 
MSEK Share  capital
Share 
premium
Treasury 
shares Reserves
Retained 
earnings
Equity attributable to the 
parent company’s 
shareholders
Non-controlling 
interests Total equity
Balance at January 1, 2022                  1.7           2,654.8  -           -338.0         -171.0                                 2,147.5                            6.5              2,154.0 
Profit for the period                    -                       -                    -                     -               24.3                                       24.3                           -0.1                    24.2 
Other comprehensive income for the 
period                    -                       -                    -                   8.9                 -                                           8.9  -                      8.9 
Total comprehensive income/loss                    -                       -                    -                   8.9             24.3                                       33.2                           -0.1                    33.1 
Transaction with shareholders in their 
capacity as owners:                 
Issue of ordinary shares*                    -                    -0.8                  -                     -                   -                                          -0.8                               -                       -0.8 
Total transaction with shareholders                    -                    -0.8                  -                     -                   -                                             -1                               -                          -1 
Closing balance at March 31, 2022                  1.7           2,654.0  -           -329.1         -146.7                                 2,179.9                            6.4              2,186.3 
Equity attributable to the parent company's shareholders
Equity attributable to the parent company's shareholders

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

Interim Report, January – March 2023 14 
Jan-Dec
MSEK 2023 2022 2022 
Operating profit (EBIT)                       57.3                       44.2                         78.8 
Non-cash items                       87.6                       54.3                       242.9 
Effect of changes in working capital:         
Change in inventories                        -0.2                        -0.8                          -2.5 
Change in receivables                       12.5                     123.8                        -15.7 
Change in trade payables and other payables                      -53.3                      -63.6                        -14.9 
Provisions paid                        -3.2                            -                                -   
Change in prepaid income                     104.7                      -17.1                         80.4 
Net financial items, paid                      -31.2                        -5.6                        -24.0 
Corporate tax paid                        -7.0                      -15.9                        -69.1 
Net effect of changes in working capital                       22.3                       20.8                        -45.8 
Cash flow from operating activities                     167.2                     119.3                       275.9 
          
Acquisition of subsidiaries                         -8.7                        -0.7                  -1,635.1 
Acquisition of participations in associated companies                            -                              -                            -2.9 
Loan to associated companies                            -                          -5.0                          -8.6 
Acquisition of intangible assets                      -30.6                      -20.6                        -89.2 
Acquisition of property, plant and equipment                        -5.0                        -0.3                          -3.9 
Cash flow from investing activities                      -44.3                      -26.6                  -1,739.7 
        
Change in borrowings                            -                              -                     1,192.7 
Payment of lease liabilities                        -7.5                        -4.0                        -32.8 
Change in long-term debt                            -                              -                                -   
Change in long-term receivables                        -0.6                            -                             1.3 
Proceeds from share issues                            -                              -                            -0.8 
Payment of contingent considirations                      -17.0                            -                            -8.1 
Cash flow from financing activities                      -25.1                        -4.0                   1,152.3 
Cash flow for the period                       97.8                       88.7                     -311.5 
        
Cash and cash equivalents at the beginning of the period                     671.2                     951.5                       951.5 
Exchange-rate differences in cash and cash equivalents                         1.1                      -10.8                         31.2 
Cash and cash equivalents at the end of the period                     770.1                 1,029.4                       671.2 
Q1

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

Interim Report, January – March 2023 15 
Note 1. Accounting policies 
The consolidated interim financial statements for Karnov Group have been prepared in accordance with IAS 34, Interim Financial Reporting, as 
adopted by the EU, RFR 1 Supplementary Accounting Regulations for Groups and the Swedish Annual Accounts Act. The accounting policies used 
for this interim report 2023 are the same as the accounting policies used for the annual report 2022 to which we refer for a full description. The 
interim financial statements for the parent company have been prepared in accordance with RFR 2, Accounting for Legal Entities, and the Swedish 
Annual Accounts Act.
 
Note 2. Critical estimates and judgements  
Preparation of financial statements requires the company management to make assessments and estimates along with assumptions that affect 
the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses. The actual outcome may differ 
from these estimates. The critical assessments and sources of uncertainty in the estimates are the same as in the most recent annual report. See 
the Annual report 2022 Note 4, page 75, for further details regarding critical estimates and judgements. 
 
 
Note 3. Segment reporting 
Karnov Group has as a consequence of the 2022-acquisition of companies in France, Spain and Portugal adjusted its operating segments from 
"Denmark" and "Sweden/Norway" to "North", "South" and "Group Functions". This segmentation has also been applied for the comparison numbers 
and is consistent with the internal reporting provided to the chief operating decision maker. The Group CEO has been identified as the chief 
operating decision maker and assesses the financial performance and position of the Group and makes strategic decisions. Segment profits are 
monitored to Adjusted EBITA. Income statement items below Adjusted EBITA, balance sheet and cash flows are entirely monitored on Group level. 
Karnov Group’s business operations are in general independent of differences in products and channels and the Group therefore monitors the 
overall net sales distribution trend between online and offline products at Group level. 
 
 
 
MSEK 2023 2022 2023 2022 2023 2022 2023 2022
Net sales specified on product categories:
Online          220.4          201.9          227.6                 -                   -                   -              448.0          201.9 
Offline             57.3             53.0          108.4                 -                   -                   -              165.7             53.0 
Net sales 277.7 254.9 336.0                 -                   -                   -   613.7 254.9
                      
Adjusted EBITDA          136.8          127.7               54.2                 -               -17.7           -10.6            173.3          117.1 
Depreciations and amortisations           -16.3           -13.0             -16.6                 -                     -                   -               -32.9           -13.0 
Adjusted EBITA          120.5          114.7             37.6                 -             -17.7           -10.6          140.4          104.1 
Amortizations from acquisitions             -54.5           -41.2 
Items affecting comparability             -28.6           -18.6 
Operating profit (EBIT)               57.3             44.3 
Share of profit in associated companies                -2.1              -5.9 
Net financial items                             -33.3              -8.0 
Profit before tax                               21.9             30.4 
Tax on profit for the period                                -3.5              -6.2 
Profit for the period                               18.4             24.2 
North South Group Functions Total
Q1 Q1 Q1 Q1

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

Interim Report, January – March 2023 16 
Note 4. Business combinations and similar transactions  
Nørskov Miljø ApS
 
On 3rd January 2023, Karnov Group acquired Nørskov Miljø Aps for a cash consideration of SEK 8.7 m. The purchase price allocation is currently 
being prepared. Per end of March 2023 is the entire excess value of SEK 5.9 m allocated to goodwill.  
  
Note 5. Fair value of financial instruments  
 
 
 
 
Trade receivables  
Due to the short-term nature of trade receivables, their carrying 
amount is considered to be the same as their fair value.  
Cash and cash equivalents  
Cash and cash equivalents are unsecured with a short credit period 
and are therefore considered to have a fair value equal to the carrying 
amount. These are classified at level 2 in the fair value hierarchy. 
Contingent consideration  
The carrying amounts of contingent considerations are presented as 
the fair value. The fair value of the contingent considerations is 
estimated by calculating the present value of the future expected 
cash flows. The estimates are based on a discount rate at 1.2 
percent. These are classified at level 3 in the fair value hierarchy. 
Trade payables  
Trade payables are unsecured and are usually paid within 30 days of 
recognition. Due to the short-term nature of trade payables, their 
carrying amounts are considered to be the same as their fair value.  
Non-current borrowing from credit institutions  
The carrying amount of non-current borrowings is considered to be 
the same as their fair values, since interest payable on those 
borrowings is close to current market rates. These are classified at 
level 2 in the fair value hierarchy. 
Other 
There have been no significant new items compared to December 31, 
2022. No transfers between the levels of fair value hierarchies have 
taken place in 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022   31 Mar 2023 31 Mar 2022 31 Dec 2022
FINANCIAL ASSETS              
Financial assets at amortised cost              
Trade receivables 482.9 77.0 530.6   482.9 77.0 530.6
Cash and cash equivalents 770.1 1,029.4 671.2   770.1 1,029.4 671.2
Total financial assets 1,253.0 1,106.4 1,201.8   1,253.0 1,106.4 1,201.8
           
FINANCIAL LIABILITIES          
Financial liabilities at fair value through profit or loss (FVPL)          
Contingent considerations 13.0 47.6 29.9   13.0 47.6 29.9
Liabilities at amortised cost          
Trade payables 113.2 13.2 137.6   113.2 13.2 137.6
Non-current borrowing from credit institutions 2,504.0 1,216.4 2,483.3   2,504.0 1,216.4 2,483.3
Total financial liabilities 2,630.2 1,277.2 2,650.8   2,630.2 1,277.2 2,650.8
Carrying amount Fair value

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

Interim Report, January – March 2023 17 
Note 6. Alternative performance measures  
Karnov’s financial statements include alternative performance measures, which complement the measures that are defined or specified in 
applicable rules for financial reporting. Alternative performance measures are presented since, in their context, they provide clearer or more in-
depth information than the measures defined in applicable rules for financial reporting. The alternative performance measures are derived from 
the Group’s consolidated financial reporting and are not measured in accordance with IFRS. Karnov’s definition of these measures, which are not 
described under IFRS, is provided in the section Financial Definitions. Reconciliations of the alternative performance measures are presented 
below. 
 
 
 
 
 
 
MSEK 2023 2022 2023 2022 2023 2022 2023 2022
Organic business 269.6         246.0                         -                   -                   -                   -            269.6          246.0 
Acquired business               1.4               3.4          336.0                 -                   -                   -            337.4               3.4 
Currency               6.7               5.5                 -                   -                   -                   -                 6.7               5.5 
Net sales          277.7          254.9          336.0                 -                   -                   -            613.7          254.9 
Total net sales split, %
Organic growth, % 5.8% 4.8% 0.0% 0.0% 0.0% 0.0% 5.8% 4.8%
Acquired business, % 0.6% 2.1% 100.0% 0.0% 0.0% 0.0% 132.3% 2.1%
Currency effect, % 2.6% 2.3% 0.0% 0.0% 0.0% 0.0% 2.6% 2.3%
Total growth, % 8.9% 9.2% 100.0% 0.0% 0.0% 0.0% 140.7% 9.2%
EBITDA 136.8 127.7 31.3                 -   -23.4 -29.2 144.7 98.5
EBITDA margin, % 49.3% 50.1% 9.3% 0.0% 0.0% 0.0% 23.6% 38.6%
Depreciations and amortisations -16.3 -13.0 -16.6 -32.9 -13.0
EBITA 120.5 114.7 14.7                 -   -23.4 -29.2 111.8 85.5
EBITA margin, % 43.4% 45.0% 4.4% 0.0% 0.0% 0.0% 18.2% 33.5%
Items affecting comparability                 -                   -   -22.9                 -   -5.7 -18.6 -28.6 -18.6-
Adjusted EBITDA 136.8         127.7         54.2            -              -17.7          -10.6          173.3         117.1         
Adjusted EBITDA margin, % 49.3% 50.1% 16.1% 0.0% 0.0% 0.0% 28.2% 45.9%
Adjusted EBITA 120.5         114.7         37.6           -             -17.7          -10.6          140.4         104.1         
Adjusted EBITA margin, % 43.4% 45.0% 11.2% 0.0% 0.0% 0.0% 22.9% 40.8%
Items affecting comparability
Acquisition and post-closing integration cost -              -                        -22.9                 -                -5.7           -18.6           -28.6           -18.6 
Total                 -                   -             -22.9                 -               -5.7           -18.6           -28.6           -18.6 
North South Group Functions Total
Q1 Q1 Q1 Q1

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

Interim Report, January – March 2023 18 
 
 
Adjusted cash conversion    
 Q1  Jan-Dec 
MSEK 2023 2022   2022 
     
Adjusted EBITDA 173.3 117.1  422.0 
      
Cash flow from operating activities 167.2 119.3  275.9 
Interest paid 31.2 5.6  24.1 
Income tax paid 7.0 -15.9  -69.1 
Cash effect adjustment related to items affecting comparability 28.6 30.0  -109.3 
Capex related to product development and enhancements -24.0 -13.9  -55.3 
Adjusted cash flow from operating activities 210.0 156.9   423.1 
Adjusted cash conversion, % 121.2% 134.1%   100.3% 
 
 
Net debt        
MSEK       31 Mar 
2023 
31 Mar 
2022   31 Dec 
2022 
Non-current borrowing from credit institutions    2,504.0  1,216.4   2,483.3  
Leasing liabilities, long term    226.3  93.1   214.4  
Leasing liabilities, short term    55.9  15.0   52.5  
Cash and cash equivalents    -770.1  -1,029.4   -671.2  
Net debt       2,016.1  295.1    2,079.0  
        
Leverage ratio       
MSEK       31 Mar 
2023 
31 Mar 
2022   31 Dec 
2022 
Adjusted EBITDA LTM    590.9  384.7   582.0  
Net debt    2,016.1  295.1   2,079.0  
Leverage ratio       3.4  0.8    3.6  
        
Equity/asset ratio            
MSEK       31 Mar 
2023 
31 Mar 
2022   31 Dec 
2022 
Equity    2,367.5  2,186.3   2,326.4  
Total assets    7,551.6  4,481.6   7,451.7  
Equity/asset ratio, %       31.4% 48.8%   31.2% 
 
Return on capital
MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022
Operating profit (EBIT) 57.3 44.3 78.8 
Total assets 7,551.6 4,481.6 7,451.7 
Return on capital, % 0.8% 1.0% 1.1%
Net working capital
MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022
Current assets 1,376.9 1,134.8 1,314.2 
Current liabilities 1,899.1 755.3 1,865.8 
Net working capital -522.2 379.5 -551.6

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

Interim Report, January – March 2023 19 
Q1 Q4 Q3 Q2 Q1
MSEK 2023 2022 2022 2022 2022
Income statement
Net sales 613.7 368.3 263.2 227.1 254.9 
EBITDA 144.7 46.9 100.4 66.9 98.5 
EBITDA margin, % 23.6% 12.7% 38.1% 29.5% 38.6%
EBITA 111.8 29.3 85.4 54.4 85.5 
EBITA margin, % 18.2% 8.0% 32.4% 23.9% 33.5%
Adjusted EBITA 140.4 92.6 93.0 74.1 104.1 
Adjusted EBITA margin, % 22.9% 25.1% 35.3% 32.6% 40.8%
Operating profit (EBIT) 57.3 -21.5 43.2 12.8 44.3 
EBIT, margin % 9.3% -5.8% 16.4% 5.7% 17.4%
Net financial items -33.3 -17.4 15.2 -6.9 -8.0 
Profit for the period 18.4 -12.9 49.6 -1.0 24.2 
 
Balance sheet
Non-current assets 6,174.7 6,137.5 3,424.1 3,416.5 3,346.8 
Current assets 1,376.9 1,314.2 1,094.6 1,092.0 1,134.8 
Cash and cash equivalents 770.1 671.2 976.5 981.1 1,029.4 
Equity 2,367.5 2,326.4 2,307.6 2,228.8 2,186.3 
Non-current liabilities 3,285.0 3,259.6 1,581.2 1,573.6 1,540.0 
Current liabilities 1,899.1 1,865.8 629.8 706.1 755.3 
Total assets 7,551.6 7,451.7 4,518.6 4,508.5 4,481.6 
 
Cash flow
Cash flow from operating activities 167.2 169.8 11.5 -24.0 119.3 
Cash flow from Investing activities -44.3 -1,662.8 -24.2 -26.7 -26.6 
Cash flow from financing activities -25.1 1,185.3 -5.9 -23.2 -4.0 
Cash flow for the period 97.8 -307.7 -18.6 -73.9 88.7 
Adjusted cash flow from operating activities 210.0 260.6 25.6 -20.0 156.9 
 
Key ratios
Net working capital -522.2 -551.6 464.7 385.9 379.5 
Return on capital, % 0.8% -0.3% 1.0% 0.3% 1.0%
Equity/asset ratio, % 31.3% 31.2% 51.1% 49.4% 48.8%
Adjusted cash conversion, % 121.2% 236.4% 23.7% -22.2% 134.1%
Net debt 2,016.1 2,079.0 376.0 360.6 295.1 
 
Share data:
Weighted average number of ordinary shares (thousands) 107,847 107,847 107,847 107,733 107,677
Earnings per share, basic, SEK 0.17 -0.12 0.46 -0.01 0.23
Earnings per share, after dilution, SEK 0.17 -0.12 0.46 -0.01 0.22

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

Interim Report, January – March 2023 20 
Jan-Dec
MSEK 2023 2022 2022
Employee benefit expenses -11.0 -7.6 -7.3
Depreciations and amortisations - - -0.1
Other operating income and expenses 5.7 -20.3 0.1
Operating profit (EBIT) -5.3 -27.9 -7.3
Financial income 10.8 6.0 25.9
Financial expenses -0.3 -0.6 -2.5
Net financial items 10.5 5.4 23.4
Group contributions - - 9.2
Profit before tax 5.2 -22.5 25.3
Tax on profit for the period -1.2 - -2.2
Profit for the period 4.0 -22.5 23.1
Total comprehensive income 4.0 -22.5 23.1
Q1
MSEK 31 Mar 2023 31 Mar 2022 31 Dec 2022
ASSETS:
Receivables from group companies                           1,188.2                               1,230.5                     1,181.9 
Investments in group companies                           1,158.2                               1,149.9                     1,158.1 
Right-of-use assets                                   0.1                                       0.3                             0.2 
      
Total non-current assets                           2,346.5                               2,380.7                     2,340.2 
      
Receivables from group enterprises                              109.1                                    45.2                        156.5 
Other receivables                                   1.5                                       1.2                             0.5 
Current tax receivable                                   1.4                                         -                               1.4 
Cash and cash equivalents                                 43.6                                    30.6                          11.5 
Total current assets                              155.6                                    77.0                        169.9 
TOTAL ASSETS                           2,502.1                               2,457.7                     2,510.1 
      
MSEK  31 Mar 2023  31 Mar 2022  31 Dec 2022 
EQUITY AND LIABILITIES:       
Restricted equity       
Share capital                                   1.7                                       1.7                             1.7 
Non-restricted equity       
Share premium                           2,654.0                               2,654.0                     2,654.0 
Retained earnings including net profit for the year                             -173.6                                 -231.4                       -177.6 
Total equity                           2,482.1                               2,424.3                     2,478.1 
      
Lease liabilities                                     -                                         0.2  - 
Total non-current liabilities                                     -                                        0.2  - 
      
Trade payables                                    1.0                                       0.7                             4.6 
Trade payables from group companies                                 16.0                                         -                            14.5 
Accrued expenses                                   2.7                                    32.0                             6.6 
Other current liabilities                                   0.3                                       0.5                             6.3 
Total current liabilities                                 20.0                                    33.2                          32.0 
TOTAL EQUITY AND LIABILITIES                           2,502.1                               2,457.7                     2,510.1

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

Interim Report, January – March 2023 21 
This interim report contains references to a number of performance measures. Some of these measures are defined in IFRS standards, while 
others are alternative measures, which are not reported in accordance with applicable financial reporting frameworks or other legislation. These 
measures are used by Karnov to help both investors and management to analyse the Group’s operations. The measures used in this interim report 
are described below, together with definitions and the reason for their use.
 
Key ratio Definition Reason for use 
Acquired growth Change in net sales during the current period 
attributable to acquired units, excluding 
currency effects, in relation to net sales for the 
corresponding period of the preceding year. Net 
sales of acquired units are defined as acquired 
growth during a period of 12 months 
commencing the respective acquisition date. 
The measure is used as a complement to organic 
growth and provides an improved understanding 
for Karnov’s growth. 
Adjusted EBITA EBITA adjusted for the impact of items affecting 
comparability. 
The measure shows the profitability from the 
business, adjusted for the impact of items 
affecting comparability and amortisation of 
capital expenditures related to acquisitions. 
Adjusted EBITA margin Adjusted EBITA as a percentage of net sales. The measure shows the underlying profitability 
generated from the current operations over time, 
adjusted for items affecting comparability. 
Adjusted EBITDA EBITDA adjusted for the impact of items 
affecting comparability. 
The measure is used since it facilitates the 
understanding of the operating profit, excluding 
items affecting comparability, financing, 
depreciation and amortisation. 
Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. The measure shows operational profitability over 
time, excluding items affecting comparability, 
financing, depreciation and amortisation. 
Adjusted cash flow from operating 
activities 
Cash flow from operating activities adjusted for  
cash effect of interests, taxes and items 
affecting comparability less capital expenditure 
related to new product development and 
enhancement of existing products and business 
systems. 
The measure is used to calculate one component 
in the cash conversion. 
Average number of full-time employees 
(FTEs) 
Average number of full-time employees during 
the reporting period. 
Non-financial key ratio. 
Adjusted Cash conversion (%) Adjusted cash flow from operating activities as 
a percentage of Adjusted EBITDA. 
The measure is used since it shows how 
efficiently adjusted cash flow from operating 
activities is translated into a concrete 
contribution to Karnov’s financing. 
Earnings per share  Earnings per share for the period in SEK 
attributable to the parent company’s 
shareholders, in relation to weighted average 
number of outstanding shares before and after 
dilution. 
IFRS key ratio. 
EBITA Earnings before financial items and taxes, 
excluding acquisition related purchase price 
allocation (PPA) amortisation. 
The measure shows the profitability from the 
business, adjusted for acquisition related 
purchase price allocation (PPA) amortisation. 
EBITA margin EBITA as a percentage of net sales. The measure shows the profitability over time for 
the underlying business (i.e., excluding PPA 
amortisation) in relation to net sales.

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

Key ratio Definition Reason for use 
EBITDA Earnings before depreciation and amortisation, 
financial items, and taxes. 
The measure shows the operating profitability 
before depreciation and amortisation. 
EBITDA margin EBITDA as a percentage of net sales. The measure shows operational profitability over 
time, regardless of financing, depreciation and 
amortisation. 
Equity/asset ratio (%) Equity divided by total assets. The measure can be used to assess Karnov’s 
financial stability. 
Items affecting comparability Items affecting comparability includes items of 
a significant character that distort comparisons 
over time. 
The measure is used for understanding the 
financial performance over time. 
Leverage ratio (Net debt/adjusted EBITDA 
LTM) 
Net debt on the balance sheet date divided by 
adjusted EBITDA for the last twelve months 
(LTM). 
Relevant to analyse to ensure that Karnov has an 
appropriate financing structure and is able to 
fulfil its financial obligations under its loan 
agreement. 
Net debt  Total net borrowings including capitalised bank 
costs and lease liabilities less cash and cash 
equivalents. 
The measure is used since it allows for an 
assessment of whether Karnov has an 
appropriate financing structure and is able to 
fulfil its commitments under its financing 
agreements. 
Net sales (online) Net sales from online products. The measure is used since it facilitates the 
understanding of total net sales and the 
breakdown of net sales. 
Net sales (offline) Net sales from printed products and training.  The measure is used since it facilitates the 
understanding of total net sales and the 
breakdown of net sales. 
Net working capital (NWC) Current assets less current liabilities. The measure shows the tie-up of short-term 
capital in the operations and facilitates the 
understanding of changes in the cash flow from 
operating activities 
Operating profit (EBIT) Profit for the period before financial items and 
taxes. 
The measure is used since it enables 
comparisons of the profitability regardless of the 
capital structure or tax situation. 
Organic growth Change in net sales during the current period, 
excluding acquisitions and currency effects, in 
relation to net sales for the corresponding 
period of the preceding year. Acquisitions are 
included in organic net sales after a period of 12 
months. 
The measure is used since it shows Karnov’s 
ability to generate growth through increases of, 
among other things, volume and price in its 
existing business. 
PPA adjusted net profit Net profit adjusted for items affecting 
comparability and amortisations of acquired 
businesses. 
The measure is used to show Karnov’s financial 
performance without the influence of items 
affecting comparability and amortisations of 
acquired businesses.  
Return on capital Operating profit (EBIT) for the period divided by 
total assets. 
The measure shows the operating return on 
capital that owners and lenders have invested. 
 
CURRENCY RATES 
 
 
 
OTHER 
Amounts in tables and combined amounts have been rounded off on an individual basis. Minor differences due to this rounding off may, therefore, 
appear in the totals. Figures commented in the text are presented in million SEK unless otherwise stated. Comparative figures from previous 
period are presented in brackets. 
 
Closing rate Average rate Closing rate Average rate
31 Mar 2023 Jan-Mar 2023 31 Mar 2022 Jan-Mar 2022
1 DKK is equivalent to SEK 1.5138 1.5042 1.3900 1.4083 
1 NOK is equivalent to SEK 0.9954 1.0210 1.0748 1.0550 
1 EUR is equivalent to SEK 11.2760 11.1960 10.3384 10.4810

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

Karnov Group (publ) clears the path to justice, providing mission critical knowledge and workflow solutions to 
European professionals in the areas of legal, tax and accounting, and environmental, health and safety. Karnov 
was founded on one man’s belief that access to the law is the foundation of every great society and our legacy 
dates back to 1823. Over time, the Karnov Group has evolved from a traditional publishing company to a digital 
information provider. 
 
Our mission is to be an indispensable partner for all legal, tax and accounting professionals and enable our 
users to make better decisions, faster by delivering the highest quality of content within a state-of-the-art user 
experience to support their workflow efficiency. 
 
Our solutions are largely digital, and we offer subscription-based online solutions for law firms, tax and 
accounting firms, corporates and the public sector including courts, universities, public authorities and 
municipalities. Karnov also publishes and sells books and journals and hosts legal training courses. 
 
With strong brands such as Karnov, Norstedts Juridik, Aranzadi LA LEY, Lamy Liaisons, Jusnet, Notisum, Legal 
Cross Border, Forlaget Andersen, Ante, BELLA Intelligence, LEXNordics, DIBkunnskap and Echoline, Karnov 
Group delivers knowledge and insights to more than 500,000 users.  
 
Karnov’s is organised into two geographical financial reporting segments and the product offering, subject to a 
few variations, is similar in all countries. 
Denmark: Legal, tax and accounting online and offline products and solutions and EHS compliance solutions 
Sweden: Legal, tax and accounting online and offline products, EHS compliance solutions and legal training 
Norway: Tax and accounting online workflow tools 
France: Legal online and offline products and solutions, EHS compliance solutions and legal training 
Spain and Portugal: Legal online and offline products and solutions and legal training 
 
With offices in Sweden, Denmark, Norway, France, Spain and Portugal, Karnov Group employs around 1,300 people.  
 
The Karnov share is listed on Nasdaq Stockholm, Mid Cap segment, under the ticker “KAR”. 
 
 
 
 
 
 
Find what you need, trust what you find and do it quickly. 
 
Karnov Group AB (publ) Corp. Id. 559016-9016 Registered office: Stockholms län 
Head office: Warfvinges väg 39, 112 51 Stockholm, Sweden  
Tel: +46 8 587 670 00 www.karnovgroup.com  
Users 
 Employees 
Specialists