FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2023
===== 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