Kvartalsrapport Q3 2023

Automatiskt nyckeltalsindex

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

INTERIM REPORT Q1 2023/24  
 
FIRST QUARTER (1 APRIL – 30 JUNE 2023) 
• Net revenue increased by 28% to MSEK 2,045 (1,597), 
where the organic growth amounted to 6%.  
• Operating profit (EBITA) increased by 35% to MSEK 357 (265), 
equivalent to an EBITA margin of 17.5% (16.6).  
• Profit after financial items (EBT) increased by 19% to MSEK 277 (232). 
• Cash flow from operating activities amounted to MSEK 286 (2). 
• Profit after taxes increased by 17% to MSEK 209 (179). 
Earnings per share after dilution for the latest 12-month period 
amounted to SEK 3.83 (3.70 for the financial year 2022/23). 
• Return on equity for the latest 12-month period amounted to 28% (28)  
and the equity ratio at the end of the period was 38% (34). 
• During the first quarter, three acquisitions were carried out with total  
annual revenue of approximately MSEK 280. 
• The Annual General Meeting will be held on 29 August 2023 at 4.00 p.m.  
at IVA’s Conference Centre in Stockholm. The Board of Directors proposes  
a dividend of SEK 1.60 (1.30) per share. 
 
 
 
GROUP OVERVIEW 3 months   Moving 12 months 
Amounts in MSEK 30 Jun 
2023 
30 Jun 
2022 Δ   30 Jun 
2023 
31 Mar 
2023 
Net revenue 2,045 1,597 28%   7,694 7,246 
EBITA 357 265 35%   1,297 1,205 
EBITA margin, % 17.5 16.6     16.9 16.6 
Profit after financial items 277 232 19%   1,012 968 
Net profit for the period 209 179 17%   787 758 
Earnings per share after dilution, SEK   1.01 0.88 15%   3.83 3.70 
Return on equity, %                   -   -     28 29 
Equity ratio, % 38 34     38 37 
  
 35% 
EBITA 
growth 
Q1 
 6% 
Organic 
growth 
Q1

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

CEO COMMENT 
 
“A strong start to the year and we reached our billion target” 
 
Lagercrantz’s first quarter (April – June) 2023 represented a strong start to the 2023/24 financial year. 
The market situation remained at a good level for most of the businesses. With good contributions from the 
acquisitions and strengthened margins, we delivered the highest quarterly result ever with operating profit 
(EBITA) increasing by 35% to MSEK 357 (265) and the EBITA margin increasing to a record high of 17.5% 
(16.6). 
 
The success means that we now reach our target of SEK 1 billion in profit after net financial items on a 
rolling 12-month basis. The target was launched in April 2021, to double the result to one billion within 
5 years, something that has now been fulfilled at the level of SEK 1,012 million, almost 3 years earlier than 
planned. 
 
The fact that we reach our billion target ahead of schedule really shows the strength of our business concept, our 
vision, our corporate culture and our organisation. As a serial acquirer without an exit horizon, we are growing by 
acquiring profitable and well-run technology companies in sustainable and expansive niches, which we nurture with 
clear ambitions in terms of growth and improvements. We also see that Lagercrantz’s approach to developing owner-
led product companies in particular, is attracting more and more entrepreneurs as they have faith in our ownership 
concept of clear decentralisation and management by objectives, among other things. 
 
Acquisition activity has been high and in the first quarter we have welcomed three new niche-focused businesses to 
the Group with total annual revenue of approximately MSEK 280. In the International division, we have acquired 
Denmark-based Glova Rail, which manufactures vacuum toilets for railway vehicles and the UK company Supply 
Plus, which manufactures ladders and hose reels for the fire and rescue services. In the TecSec division, UK-based 
Fireco was acquired which manufactures components for fire doors, primarily fire door retainers.  
 
Cash flow from operating activities was strong and amounted to MSEK 286 during the quarter. Thus, Lagercrantz 
continues to have a strong financial position with the financial scope for further value-creating acquisitions. The 
acquisition situation is considered interesting and we have several attractive transactions under evaluation.  
 
I am optimistic about the future despite the current global and economic situation. Market conditions have remained 
stable for most of the Group’s businesses and the feared downturn has still not materialised. The situation is hard to 
judge, however, and there is considerable uncertainty surrounding inflation, currencies, interest rates, and the 
economic development going forward, but we have strong confidence in the ability of our decentralised organisation 
to rapidly adapt its offerings and costs. The Group’s broad exposure with niche B2B technology companies in 
attractive sectors such as electrification, infrastructure and safety products provides stability and good growth 
opportunities. Should an economic slowdown have a greater impact on us in the future, we are well-prepared to 
implement action plans that are adapted to the situation in each company. 
 
To sum up, we will therefore continue on our chosen path of building a strong technology group with leading 
positions in sustainable and expansive niches.  
                                                                               19 July 2023 
 
Jörgen Wigh 
President and CEO

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

GROUP PERFORMANCE  
 
NET REVENUE AND PROFIT 
First quarter (April – June 2023) 
The market situation remained stable at a good level for 
most of the Group’s businesses during the first quarter 
of the financial year. Demand was strongest in the 
Electrify, Niche Products and International divisions. In 
comparable units, incoming orders were in line with the 
previous year and were also in line with the invoicing 
during the quarter. 
The Group's broad focus with many different end-
customer markets and geographies with an emphasis on 
electrification and infrastructure, safety products and 
specialised products in niches constitutes a strong base 
and provides good growth opportunities.   
Net revenue in the first quarter increased by 28% to 
MSEK 2,045 (1,597). Organic growth amounted to 6% 
and acquired growth contributed 19%. Exchange rate 
fluctuations impacted net revenue positively by 4%. 
 
 
 
 
 
 
 
 
 
 
 
Profitability improved and the operating profit 
(EBITA) increased by 35% to MSEK 357 (265). The 
increase in EBITA in comparable units amounted to  
11% in local currency, where the Electrify, TecSec and 
International divisions contributed most. Acquisitions 
made a contribution of 19% and exchange rate 
fluctuations had a positive impact of 5%.  
The EBITA margin increased to 17.5% (16.6), which 
is the highest level ever, and was primarily explained by 
strong organic revenue growth and improved gross 
margins as well as good profitability in recently acquired 
companies.   
Profit after financial items increased by 19% to 
MSEK 277 (232). Net financial items amounted to  
MSEK -39 (-2), of which net interest items amounted to 
MSEK -28 (-12) and currency translation effects, 
primarily on loans in foreign currency, amounted to 
MSEK -9 (10). 
Profit after taxes increased by 17% to MSEK 209 
(179). Earnings per share after dilution for the latest  
12-month period amounted to SEK 3.83, compared to 
SEK 3.70 for the 2022/23 financial year. 
 
 
 
 
  
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Profit after financial items, MSEK
Net revenue, MSEK
Net revenue and profit after financial items, moving 12 months 
Net revenue Profit after financial items

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

PERFORMANCE BY DIVISION 
 
                                                       Net revenue Operating profit (EBITA) and operating margin 
MSEK 
3 months  
Apr-Jun 
2023/24 
3 months  
Apr-Jun 
2022/23 
12 months 
Apr-Mar 
2022/23  
3 months  
Apr-Jun 
2023/24 
3 months  
Apr-Jun 
2022/23 
12 months 
Apr-Mar 
2022/23  
Electrify 480 396 1,677 87 65 283 
Operating margin      18.1% 16.4% 16.9% 
Control 184 175 746 21 26 119 
Operating margin      11.4% 14.9% 16.0% 
TecSec 528 330 1,748 95 56 303 
Operating margin      18.0% 17.0% 17.3% 
Niche Products 485 432 1,871 104 89 375 
Operating margin      21.4% 20.6% 20.0% 
International  368 264 1,204 57 38 185 
Operating margin      15.5% 14.4% 15.4% 
Parent 
Company/consolidation 
items - 
 
- 
 
- -7 -9 -60 
GROUP TOTAL 2,045 1,597 7,246 357 265 1,205 
Operating margin    17.5% 16.6% 16.6% 
Amortisation, intangible 
assets   
 -41 -31 -143 
Financial items     -39 -2 -94 
PROFIT BEFORE 
TAXES     277 232 968 
 
 
NET REVENUE AND PROFIT BY DIVISION              
FIRST QUARTER 
Electrify 
The Electrify division’s net revenue increased by 21% to  
MSEK 480 (396), of which 8% was organic growth. 
Operating profit (EBITA) increased by 34% to MSEK 87 
(65), equivalent to an operating margin of 18.1% (16.4).  
Electrify delivered a strong first quarter. The 
division’s largest unit Elpress and several Finnish units 
delivered another good quarter, while Elfac in Denmark 
continued to be impacted by lower volumes to the wind 
power industry. In infrastructure, Cue Dee delivered a 
strong profit with project deliveries to an international 
network operator. 
The new acquisition from last winter, Tykoflex, 
reported strong demand and contributed with a good 
profit.  
Control 
The Control division’s net revenue increased by 5% to 
MSEK 184 (175), of which -5% was organic growth. 
Operating profit (EBITA) amounted to MSEK 21 (26), 
equivalent to an operating margin of 11.4% (14.9). 
 
 
 
 
 
The market situation was challenging for different 
reasons with lower sales, seasonal variations and 
component shortages in several businesses within 
Control. Meanwhile, several businesses reported a 
positive development, e.g. Direktronik and Leteng as 
well as Load Indicator and GasiQ. The new acquisition 
Stegborgs also delivered according to plan.  
TecSec 
The TecSec division’s net revenue increased by 60% to 
MSEK 528 (330), of which 6% was organic growth. 
Operating profit (EBITA) increased by 70% to MSEK 95 
(56), equivalent to an operating margin of 18.0% (17.0).  
The business situation remained favourable in most 
businesses. R-CON, ISG Nordic and Frictape all 
performed particularly well. The recently acquired 
businesses PcP in Denmark and Door & Joinery and 
Fireco in the UK also delivered good profit contributions 
according to plan.

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

Niche Products 
The Niche Products division’s net revenue increased by 
12% to MSEK 485 (432), of which 3% was organic 
growth. Operating profit (EBITA) increased by 17% to 
MSEK 104 (89), equivalent to an operating margin of 
21.4% (20.6).  
The business situation remained stable in most of 
the division’s units with good improvements in earnings 
in many businesses.  
Asept, Tormek, the brush businesses SIB and Sajas 
as well as Thermod all performed very well. 
The new acquisition Waterproof has also got off to a 
good start in Lagercrantz and delivered an excellent 
result.   
International  
The International division’s net revenue increased by 
39% to MSEK 368 (264), of which 12% was organic 
growth. Operating profit (EBITA) increased by 50% to 
MSEK 57 (38), equivalent to an operating margin of 
15.5% (14.4).  
International reported another quarter with strong 
demand and is delivering margin improvements on a 
broad basis. The business situation was particularly 
favourable for the marine businesses Libra in Norway 
and ISIC Group in Denmark. The ACTE companies in 
Denmark, Norway, Sweden, G9 in Denmark and E-tech 
in the UK all contributed good improvements in earnings. 
The recent acquisitions Tebul in Finland and Supply 
Plus in the UK contributed good profits according to 
plan.    
 
PROFITABILITY AND FINANCIAL POSITION 
Return on equity for the latest 12-month period 
amounted to 28% (28) and the return on capital 
employed was 21% (19). 
The Group’s metric for return on working capital 
(P/WC) amounted to 72% (68).  
The equity ratio at the end of the period was 38% (34). 
Equity per share amounted to SEK 15.91 (11.80). 
The Group’s operating net debt at the end of the 
period amounted to MSEK 1,972 (2,170).  
The operating net debt equity ratio was 0.6 (0.9) and  
operating net debt / EBITDA was 1.3 (1.9). 
The Group’s net indebtedness including pension 
liability of MSEK 55 (63) and the IFRS 16 effect of MSEK 
384 (338), amounted to MSEK 2,411 (2,571) at the end 
of the period. 
CASH FLOW AND CAPITAL EXPENDITURES 
Cash flow from operating activities increased to MSEK 
286 (2), where the change was mainly explained by an 
increased profit and lower build-up of working capital.   
Acquisitions and disposals, including settlement of 
contingent consideration relating to acquisitions carried 
out in previous years, amounted to MSEK 237 (446). 
Net investments in non-current assets amounted to   
MSEK 34 (25).   
OTHER FINANCIAL INFORMATION 
Parent Company and other consolidation items 
The Parent Company’s net revenue during the quarter 
amounted to MSEK 17 (14) and profit after financial 
items amounted to MSEK 416 (243). The Parent 
Company’s equity ratio was 49% (46). 
Employees 
At the end of the period, the number of employees in the 
Group was 2,562 (2,411 at the end of the 2022/23 
financial year), where 149 employees were added 
through acquisitions during the first quarter.

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

Share capital 
The share capital amounted to MSEK 49 at the end of the 
period. The quota value per share amounted to SEK 0.23. 
Classes of shares were distributed as follows on 30 June 
2023: 
Classes of shares  Number  
A shares  9,791,406 
B shares  199,426,827 
Repurchased B shares    -3,287,969 
Total number of shares after 
repurchases  
205,930,264 
At 30 June 2023, Lagercrantz Group held 3,287,969 
own Class B shares, equivalent to 1.6% of the total 
number of shares and 1.1% of the votes in the 
Lagercrantz Group. Lagercrantz’s own holdings of 
repurchased B shares cover the company’s obligations 
in outstanding call option programmes.   
No shares were repurchased during the first quarter 
of the financial year. 
At the end of the period, Lagercrantz had three 
outstanding call option programmes for a total of 
2,714,000 shares:  
Option 
programme 
 
Number of 
outstanding options* 
 
 
Redemption 
price 
2022/26 800,000 127.70 
2021/25 714,000 145.80 
2020/24 1,200,000 78.50 
Total 2,714,000  
* An option carries the right to purchase one share. 
Issued call options on repurchased shares had a 
dilutive effect of approximately 0.25% of the total number 
of shares in the company.
 
 
ACQUISITIONS 
From and including the 2022/23 financial year, the following acquisitions have been carried out (including subsidiaries); 
 
Acquisition Takeover 
Equity 
interest, 
% 
Annual revenue 
at acquisition 
date, MSEK 
Number  
employees Division 
PcP Corporation A/S, Denmark June 2022 95 595 284 TecSec 
Stegborgs EL-evator AB, Sweden July 2022 100 60 14 Control 
Door and Joinery Solutions Ltd., UK July 2022 100 56 26 TecSec 
Water Proof Diving International AB, Sweden September 2022 93 90 22 Niche Products 
Tebul Oy, Finland September 2022 80 54 21 International 
Agentuuri Neumann (asset acquisition), Finland December 2022 100 11 - Electrify 
Tykoflex AB, Sweden December 2022 100 140 63              Electrify 
Sassenus Packaging (asset acq.), Netherlands March 2023 100 14 - Niche Products 
Glova Rail A/S, Denmark April 2023 100 90 18 International 
Fireco Ltd, UK April 2023 95 90 64 TecSec 
Supply Plus Ltd, UK June 2023 80 100 67 International 
 
In early April, Glova Rail A/S in Denmark was acquired 
for the International division. Glova Rail is a leading 
supplier of vacuum toilets for railway vehicles which 
generates annual revenue of about MDKK 58. 
In late April, an agreement was signed to acquire 
80% of the shares of Supply Plus Limited in the UK for 
the International Division. Supply Plus is a market 
leading manufacturer of fire rescue equipment, mainly 
ladders and hose reels to the fire and rescue services, 
which generates annual revenue of about MGBP 7. 
After approval by the UK public authorities, the 
acquisition was completed in June 2023.  
At the end of April/start of May, 95% of the shares of 
Fireco Ltd in the UK were acquired for the TecSec 
division. Fireco is a leading manufacturer of components 
for fire doors, primarily fire door retainers which 
generates annual revenue of about MGBP 7. 
Lagercrantz normally uses an acquisition structure 
with a fixed purchase price and contingent consideration 
as well as call options on any minority shares. The 
outcome of contingent considerations depends on the 
future results achieved in the companies and has a set 
maximum level. Not yet paid contingent considerations 
for acquisitions amounted to MSEK 237. The contingent 
considerations fall due for payment within three years 
and the maximum outcome can be MSEK 339. 
Remeasurement of contingent considerations had a 
net effect in the period of MSEK 6 (3). The effect on 
earnings is recognised in other operating income and 
other operating expenses. During the first quarter, 
MSEK 9 (0) was paid in contingent consideration and 
MSEK 47 (0) in the exercise of call options for the 
acquisition of outstanding minority shares in Frictape.

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

Preliminary purchase price allocation 
The preliminary purchase price allocations for the latest 12-month period in the table below (including subsidiaries) 
include Stegborgs El-evator AB, Door and Joinery Solutions Ltd, Water Proof Diving International AB, Tebul Oy, 
Tykoflex AB, Glova Rail A/S, Fireco Ltd and Supply Plus Ltd. 
 
Acquired net assets at time of acquisition (MSEK) 
Book value in 
companies 
Fair value 
adjustment 
Fair value 
consolidated  
Intangible non-current assets 0 419 419 
Other non-current assets  54  54 
Inventories   101  101 
Other current assets 238  238 
Interest-bearing liabilities -11  -11 
Other liabilities -117 -90 -207 
Net of identified assets/liabilities 265 329 594 
Goodwill     396 
Estimated Purchase price   990 
Less: cash and cash equivalents in acquired businesses    -122 
Less: consideration not yet paid     -249 
Less payment via newly issued B-shares      -70 
Effect on the Group’s cash and cash equivalents     548 
OTHER INFORMATION 
Accounting principles 
The Interim Report for the Group has been prepared in 
accordance with IFRS standards as adopted by the EU 
with application of IAS 34, Interim Financial Reporting. 
Apart from in the financial statements and 
accompanying notes, disclosures according to IAS 
34.16A are also presented in other parts of the report.   
The Interim Report for the Parent Company has been 
prepared in accordance with the Swedish Annual 
Accounts Act and the Swedish Securities Markets Act, 
which is in accordance with the provisions of RFR 2, 
Accounting for Legal Entities. 
The same accounting policies and calculation 
methods as in the most recent annual report have been 
applied in the interim report. There are no new IFRS 
standards or IFRIC interpretations approved by the EU, 
which are applicable for Lagercrantz, or that have a 
significant effect on the Group’s results and financial 
position for 2023/2024. 
Alternative performance measures  
Lagercrantz presents certain financial metrics in the 
interim report that are not defined according to IFRS. 
The company considers that these metrics provide 
supplementary information to investors and 
shareholders as they enable evaluation of trends and 
the company’s performance. Therefore, they should not  
 
 
 
be regarded as a substitute for metrics defined 
according to IFRS. For definitions and reconciliation 
tables for the key ratios that Lagercrantz uses, see page 
15. 
Transactions with related parties 
Transactions between Lagercrantz and related parties 
with a significant impact on the company’s financial 
position and results have not occurred.  
Risks and uncertainty factors 
Lagercrantz’s results and financial position are affected 
by a number of internal factors, which Lagercrantz 
controls and a number of external factors where the 
possibility to influence the course of events is limited. 
The risk factors that have the greatest importance for 
the Group are the state of the economy combined with 
structural changes in the market, customer and supplier 
dependence, the competitive situation, pandemics, 
cyber security risks as well as geopolitical uncertainty 
close to the main markets.    
For more information, please see the Risks and 
uncertainty factors section on pages 50-52 in the 
2022/23 Annual Report. 
The Parent Company is impacted by the above-
mentioned risks and uncertainty factors through its 
capacity as owner of subsidiaries.

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

Post-balance sheet events 
No significant events for the company have occurred 
after the end of the period. 
Annual General Meeting 2023 and dividend  
The 2023 Annual General Meeting (AGM) will be held 
on 29 August 2023, at 4.00 p.m. at IVA’s Conference 
Centre, Grev Turegatan 16 in Stockholm. Notice for the 
AGM will be published in July 2023 and will be available 
on the company’s website www.lagercrantz.com.  
The Board of Directors proposes a dividend of SEK 
1.60 (1.30) per share, which is in line with Lagercrantz’s 
dividend policy. Notice of participation must be given to 
the company in accordance with the notice.  
 
Stockholm, 19 July 2023  
 
Jörgen Wigh,  
President and CEO  
 
This report has not been subject to review by the 
company’s auditors.

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

Quarterly data by division   
 
Net revenue 2023/24 2022/23 2021/22 
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 480 463 433 385 396 404 345 340 377 
Control 184 203 204 163 175 189 187 132 152 
TecSec 528 516 475 428 330 251 241 197 217 
Niche Products 485 524 494 421 432 453 371 299 331 
International 368 334 335 271 264 278 261 233 224 
Parent 
Company/consolidation items - - - - -    -  -  -  - 
GROUP TOTAL 2,045 2,040 1,941 1,668 1,597 1,575 1,405 1,201 1,301 
 
Operating profit (EBITA) 2023/24 2022/23 2021/22
MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 87 78 71 69 65 69 54 56 67 
Control 21 39 36 17 26 41 38 17 22 
TecSec 95 95 78 74 56 48 37 34 42 
Niche Products 104 107 94 84 89 83 77 62 67 
International 57 49 54 45 38 37 39 31 27 
Parent 
Company/consolidation items -7 -25 -10 -14 -9 -13 -19 -8 -13 
GROUP TOTAL 357 343 323 275 265 265 226 192 212 
 
 
Operating margin (EBITA) 2023/24 2022/23 2021/22 
% Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 
Electrify 18.1 16.8 16.4 17.9 16.4 17.1 15.8 16.5 17.8 
Control 11.4 19.2 17.6 10.4 14.9 21.7 20.3 12.9 14.5 
TecSec 18.0 18.4 16.4 17.3 17.0 19.1 15.4 17.3 19.4 
Niche Products 21.4 20.4 19.0 20.0 20.6 18.3 20.8 20.7 20.2 
International 15.5 14.7 16.1 16.5 14.4 13.3 14.9 13.3 12.1 
GROUP TOTAL 17.5 16.8 16.6 16.5 16.6 16.8 16.1 16.0 16.3

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

Consolidated Income Statement - condensed 
MSEK 
3 months      
Apr-Jun 
2023/24 
3 months         
Apr-Jun 
2022/23 
Mov. 12 
months, 
Jul-Jun 
2023/24 
Financial 
year  
2022/23 
Net revenue 2,045 1,597 7,694 7,246 
Cost of goods sold  -1,244 -995 -4,756 -4,506 
GROSS PROFIT 801 602 2,938 2,740 
Selling expenses -318 -252 -1,161 -1,095 
Administrative expenses -176 -125 -641 -590 
Other operating income and operating expenses 9 9 7 7 
PROFIT BEFORE NET FINANCIAL ITEMS* 316 234 1,143 1,062 
Net financial items -39 -2 -131 -94 
PROFIT AFTER FINANCIAL ITEMS 277 232 1,012 968 
Taxes -68 -53 -225 -210 
NET PROFIT FOR THE PERIOD 209 179 787 758 
      
* Of which:      
- amortisation of intangible non-current assets 
arising in connection with acquisitions: -41  -31 -154 -143 
- depreciation of other non-current assets: -66  -55 -256 -246 
 
Operating profit (EBITA) 357  265 1,297 1,205 
 
Earnings per share, SEK 1.01 0.88 3.84 
 
3.71 
Earnings per share after dilution, SEK   1.01 0.88 3.83 3.70 
 
Weighted number of shares after repurchases, 
(’000) 
 
 
205,930 
 
 
203,637 
 
 
205,002 204,439 
Weighted number of shares after repurchases 
adjusted after dilution (’000) 
 
206,443 
 
203,963 
 
205,354 204,718 
Number of shares at end of period after 
repurchases (’000) 205,930 203,637 205,930 205,930 
 
 
In view of the redemption price on outstanding call options during the period (SEK 78.50, SEK 145.80 and SEK 127.70) and the average share 
price (SEK 111.10) during the latest 12-month period when the option programmes were outstanding, there was a dilutive effect of 0.17%.  
For the latest quarter, there was a dilutive effect of 0.25% (average share price SEK 132.03).  
 
 
Consolidated Statement of Comprehensive Income - condensed 
MSEK 
3 months      
Apr-Jun 
2023/24 
3 months         
Apr-Jun 
2022/23 
Mov. 12 
months, 
Jul-Jun 
2023/24 
Financial 
year  
2022/23 
Net profit for the period 209 179 787 758 
Other comprehensive income      
Items that have been reposted or that may be 
reposted to net profit for the period      
Change in translation reserve 95 12 152 69 
Debt instruments measured at fair value  1 - 7 6 
Items that cannot be reposted to net profit for the 
period      
Actuarial effects on pensions  - 13 13 
Taxes attributable to actuarial effects  - -2 -2 
COMPREHENSIVE INCOME FOR THE PERIOD 305 191 957 844

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

Consolidated Balance Sheet - condensed 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
ASSETS     
Goodwill 2,632 2,241 2,446 
Other intangible non-current assets 1,675 1,214 1,519 
Property, plant and equipment 1,015 873 973 
Financial assets 21 20 22 
Inventories  1,249 1,143 1,166 
Trade receivables and contract assets 1,330 1,133 1,237 
Other current receivables 294 255 310 
Cash and bank balances 397 260 360 
TOTAL ASSETS 8,613 7,139 8,033 
 
EQUITY AND LIABILITIES     
Equity 3,276 2,403 3,009 
Non-current liabilities* 2,899 2,970 2,980 
Trade payables and contract liabilities 671 591 673 
Other current liabilities* 1,767 1,175 1,371 
TOTAL EQUITY AND LIABILITIES 8,613 7,139 8,033 
 
Interest-bearing assets  
 
397 260 360 
Interest-bearing liabilities, excluding pension liabilities*  2,752 2,769 2,632 
 
 
 * Including IFRS 16 effect in the form of future lease and rental obligations.   
 
 
 
Changes in Consolidated Equity - condensed  
MSEK 
3 months      
Apr-Jun 
2023/24 
3 months         
Apr-Jun 
2022/23 
Mov. 12 
months, 
Jul-Jun 
2023/24 
Financial 
year  
2022/23 
Opening balance  3,009 2,228 2,403 2,228 
Comprehensive income for the period 305 191 958 844 
Dividend to minority shareholders in subsidiaries -38 -14 -47 -23 
      
Transactions with owners       
New issue - - 70 70 
Dividend  - - -265 -265 
Redemption and acquisition of options on repurchased shares, 
net  - -2 157 155 
Closing balance  3,276 2,403 3,276 3,009

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

Consolidated Statement of Cash Flows - condensed 
MSEK 
3 months      
Apr-Jun 
2023/24 
3 months         
Apr-Jun 
2022/23 
Mov. 12 
months, 
Jul-Jun 
2023/24 
Financial 
year  
2022/23 
Operating activities     
Profit after financial items 277 232 1,012 968 
Adjustment for items not included in the cash flow   112 66 460 414 
Income tax paid  -7 -74 -188 -255 
Cash flow from operating activities before changes in 
working capital 
382 224 1,285 1,127 
 
Cash flow from changes in working capital 
     
Increase (-)/Decrease (+) in inventories -13 -104 83 -8 
Increase (-)/Decrease (+) in operating receivables -22 -69 -7 -54 
Increase (+)/Decrease (-) in operating liabilities -61 -49 -7 5 
Cash flow from operating activities 286 2 1,354 1,070 
 
Investing activities 
     
Investments in businesses -237 -446 -637 -846 
Net investments in other non-current assets -34 -42 -163 -171 
Cash flow from investing activities -271 -488 -800 -1,017 
 
Financing activities  
     
Dividend, sale/repurchase of own shares/options  - -16 -117 -133 
Other financing activities 7 550 -324 219 
Cash flow from financing activities 7 534 -441 86 
CASH FLOW FOR THE PERIOD 22 48 113 140 
      
Cash and cash equivalents at the beginning of the period  360 210 260 210 
Exchange difference in cash and cash equivalents  15 2 24 10 
Cash and cash equivalents at the end of the period 397 260 397 360 
 
 
Fair value of financial instruments 
For all of the Group’s financial assets, fair value is estimated to equal the carrying amount.  
Liabilities measured at fair value consist of contingent consideration payments and call options on minority interests, which are measured using 
discounted estimated cash flows and are therefore included in level 3 under IFRS 13.  
 
Carrying amount, MSEK 30 Jun 2023 31 Mar 2023 
Assets measured at fair value  - - 
Assets measured at amortised cost 1,618 1,513 
TOTAL ASSETS, FINANCIAL INSTRUMENTS 1,618 1,513 
Liabilities measured at fair value  567 400 
Liabilities measured at amortised cost 3,326 3,218 
TOTAL LIABILITIES, FINANCIAL INSTRUMENTS 3,793 3,618 
   
Change in contingent considerations and call options  
3 months      
Apr-Jun 
2023/24 
Financial 
year 
2022/23 
Opening balance 400 269 
Settled liabilities during the year -56 -37 
Remeasurement of liabilities during the year -4 4 
Year’s liabilities from acquisitions during the year 113 144 
Exchange difference 14 20 
Closing balance 467 400

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

Parent Company Income Statement - condensed  
 
MSEK 
3 months      
Apr-Jun 
2023/24 
3 months         
Apr-Jun 
2022/23 
Mov. 12 
months, 
Jul-Jun 
2023/24 
Financial 
year  
2022/23 
Net revenue 17 14 65 63 
Administrative expenses -27 -23 -121 -118 
Other operating income and operating expenses - - - - 
OPERATING PROFIT -10 -9 -56 -55 
Financial income 485 261 998 774 
Financial expenses -59 -9 -155 -105 
PROFIT AFTER FINANCIAL ITEMS 416 243 787 614 
Change in untaxed reserves 0 -4 -80 -84 
Taxes -1 2 -55 -52 
NET PROFIT FOR THE PERIOD 415 241 652 478 
 
 
 
 
Parent Company Balance Sheet - condensed 
 
MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 
ASSETS     
Property, plant and equipment 2 - 2 
Financial assets 4,744 4,045 4,598 
Current receivables 1,328 1,278 1,365 
Cash and bank balances - - - 
TOTAL ASSETS 6,074 5,323 5,965 
     
EQUITY AND LIABILITIES     
Equity 2,976 2,362 2,561 
Untaxed reserves 198 114 198 
Non-current liabilities  2,119 2,328 2,244 
Current liabilities  781 519 962 
TOTAL EQUITY AND LIABILITIES 6,074 5,323 5,965

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

Key ratios  
In the table below, key ratios are partly presented that are not 
defined according to IFRS. For definition of these, see 
Definitions, 
Moving 
12 months  Financial year 
 
Jul-Jun 
2023/24 2022/23 2021/22 2020/21 2019/20 
Revenue 7,694 7,246 5,482 4,091 4,180 
Change in revenue, % 33.2 32.2 34.0 -2.1 6.3 
EBITDA 1,553 1,451 1,094 774 717 
Operating profit (EBITA) 1,297 1,205 895 616 565 
Operating margin (EBITA), % 16.9 16.6 16.3 15.1 13.5 
EBIT 1,143 1,062 781 529 483 
EBIT margin, % 14.9 14.7 14.2 12.9 11.6 
Profit after financial items 1,012 968 741 502 460 
Profit margin, % 13.2 13.4 13.5 12.3 11.0 
Profit after taxes 787 758 572 388 366 
Equity ratio, % 38 37 36 40 39 
Return on working capital (P/WC), % 72 78 79 67 64 
Return on capital employed, % 21 22 20 17 17 
Return on equity, % 28 29 28 22 23 
Operating net debt (+)/receivables (-), MSEK 2,411 2,327 2,014 1,314 1,312 
Net debt/equity ratio, times 0.7 0.8 0.9 0.7 0.8 
Operating net debt (+)/receivables (-), MSEK 1,972 1,902 1,621 992 1,056 
Operating net debt/equity ratio, times 0.6 0.6 0.7 0.5 0.6 
Operating net debt / EBITDA, times 1.3 1.3 1.5 1.7 1.8 
Interest coverage ratio, times 6 8 15 12 13 
Number of employees at end of period  2,562 2,425 1,953 1,654 1,532 
Revenue outside Sweden, MSEK 5,168 4,830 3,559 2,650 2,706 
 
 
Key ratios per share 
In the table below, key ratios are partly presented that are not 
defined according to IFRS. For definition of these, see below. 
Moving 
12 months Financial year 
 
Jul-Jun 
2023/24 2022/23 2021/22 2020/21 2019/20 
Number of shares at end of period after repurchases (’000) 205,930 205,930 203,637 203,421 203,178 
Weighted number of shares after repurchases, (’000) 205,002 204,439 203,547 203,307 203,151 
Weighted number of shares after repurchases & dilution (’000)  205,354 204,718 204,102 203,673 203,616 
Earnings per share before dilution, SEK 3.84 3.71 2.81 1.91 1.80 
Earnings per share after dilution, SEK   3.83 3.70 2.80 1.91 1.80 
Cash flow from operating activities per share 
after dilution, SEK 
 
6.59 
 
5.23 
 
2.91 
 
3.84 
 
2.49 
Equity per share, SEK 15.91 14.61 10.94 9.12 8.29 
Latest price paid per share, SEK 139.0 129.7 106.80 79.10 38.60

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

Key ratio definitions 
Return on equity1 
Net profit for the year after tax as a percentage of average equity (opening 
plus closing balance for the latest 12-month period), divided by two). 
Return on working capital (P/WC) 1 
Operating profit (EBITA) as a percentage of average working capital, 
(opening balance plus closing balance for the latest 12-month period, 
divided by two), where working capital consists of inventories, trade 
receivables and contract assets less trade payables and contract 
liabilities.  
Return on capital employed1 
Profit after financial items, plus financial expenses as a percentage of 
average capital employed (opening balance plus closing balance for the 
latest 12-month period, divided by two). 
EBIT margin 
Profit before net financial items as a percentage of net revenue.  
EBITDA1 
Operating profit before depreciation and impairment. 
Equity per share1  
Equity divided by the number of outstanding shares on the balance sheet 
date. 
Cash flow per share after dilution1 
Cash flow in relation to the weighted number of shares outstanding   
after repurchases and adjusted for dilution. 
Cash flow from operating activities per share1 
Cash flow from operating activities in relation to the weighted number of 
shares outstanding after repurchases and adjusted for dilution. 
Net debt/receivables1 
Interest-bearing provisions and liabilities, including pension liabilities and 
including liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
Net debt/equity ratio1 
Interest-bearing provisions and liabilities including pension liabilities and 
including IFRS 16, less cash and cash equivalents and investments in 
securities, divided by equity plus non-controlling interests. 
Operating net debt/receivables1 
Interest-bearing provisions and liabilities, excluding pensions and 
excluding liabilities related to financial leases according to IFRS 16, less 
cash and cash equivalents and investments in securities. 
 
Operating net debt/equity ratio1 
Interest-bearing provisions and liabilities, excluding pensions and 
excluding effects of IFRS 16, less cash and cash equivalents and 
investments in securities, divided by equity plus non-controlling interests. 
Operating net debt/EBITDA1 
The operating net debt divided by EBITDA for the latest 12-month period.  
Change in revenue1 
Change in net revenue as a percentage of the preceding year’s net 
revenue.  
Earnings per share 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases.  
Earnings per share after dilution 
Net profit for the year attributable to the parent company’s shareholders in 
relation to the weighted number of shares outstanding after repurchases 
and dilution.  
Interest coverage ratio1 
Profit after financial items plus financial expenses divided by financial 
expenses.  
Operating profit (EBITA)1 
Operating profit before amortisation of intangible non-current assets 
arising in connection with acquisitions.  
Operating margin1 
Operating profit (EBITA) as a percentage of net revenue.  
Debt equity ratio1 
Interest-bearing liabilities divided by equity, plus non-controlling interests.  
Equity ratio1 
Equity, plus non-controlling interests as a percentage of total assets. The 
equity portion of untaxed reserves is included in the parent company’s 
calculation of the equity ratio.  
Capital employed1 
Total assets, less non-interest-bearing provisions and liabilities.  
Profit margin1 
Profit after financial items, less participations in associated companies as a 
percentage of net revenue. 
1 The key ratio is an alternative performance measure according to 
ESMA’s guidelines.

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

Reconciliation tables for alternative performance measures  
  
EBITA and EBITDA 12 months through 
Group, MSEK 
30 Jun  
2023 
31 Mar 
2023 
30 Jun  
2022 
31 Mar 
2022 
30 Mar 
2021 
Profit before net financial items according to the quarterly report  1,143 1,062 830 781 529 
Amortisation, intangible non-current assets relating to acquisitions (+)  154 143 118 114 87 
EBITA 1,297 1,205 948 895 616 
Depreciation of property, plant and equipment 256 246 206 199 158 
EBITDA 1,553 1,451 1,154 1,094 774 
Working capital and return on working capital (P/WC)           
Group, MSEK 
30 Jun   
2023 
31 Mar  
2023 
30 Jun 
2022 
31 Mar 
2022 
31 Mar 
2021 
EBITA (moving 12 months) 1,297 1,205 948 895 616 
Inventories, annual average (+) 1,198 1,058 951 802 608 
Trade receivables and contract assets, annual average (+)  1,232 1,105 978 822 694 
Trade payables and contract liabilities, annual average* (-) 631 621 527 486 384 
Working capital (annual average) 1,798 1,542 1,402 1,138 918 
Return on working capital (P/WC), (%) 72% 78% 68% 79% 67% 
Acquired and organic net revenue growth           
 
 
Group, MSEK, % 
3 months 
Apr-Jun 
2023/24 
3 months 
Jan-Mar  
2022/23 
3 months 
Oct-Dec  
2022/23 
3 months 
Jul-Sep  
2022/23 
Acquired net revenue growth 296 19% 271 18% 331 12% 282 24% 
Organic net revenue growth 88 6% 148 9% 135 9% 135 11% 
Exchange rate effects 65 4% 46 3% 70 2% 50 4% 
Total net revenue growth 449 28% 465 30% 537 23% 467 39% 
Revenue distribution 
  Electrify Control TecSec Niche Products International  Group total 
Net revenue by product type 
3 mths 
Apr-
Jun  
2023/24 
Financial 
year 
2022/23 
3 mths 
Apr-
Jun  
2023/24 
Financial 
year 
2022/23 
3 mths 
Apr-
Jun  
2023/24 
Financial 
year 
2022/23 
3 mths 
Apr-
Jun  
2023/24 
Financial 
year 
2022/23 
3 mths 
Apr-
Jun  
2023/24 
Financial 
year 
2022/23 
3 mths 
Apr-
Jun 
2023/24 
Financial 
year 
2022/23 
Total net revenue  480 1,677 184 746 528 1,748 485 1,871 368 1,203 2,045 7,246 
Of which, share                         
Proprietary products 74% 71% 43% 46% 80% 78% 97% 98% 63% 57% 76% 75% 
Trading 5% 6% 50% 49% 4% 4% 2% 2% 37% 42% 14% 15% 
Niche production 20% 22% 5% 4% - - - - - - 5% 5% 
System integration - - - - 10% 12%  - - - 3% 3% 
Other net revenue 1% 1% 1% 1% 6% 6% 1% - - 1% 2% 2% 
  100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 
 
 
This information is such information that Lagercrantz Group AB (publ) is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for publication at 07.40 CET on 19 July 2023.  
Reporting dates: 
29 August 2023 Annual General Meeting for the 2022/23 financial year 
25 October 2023 Interim Report 1 April – 30 September 2023 
6 February 2024 Interim Report 1 April – 31 December 2023 
17 May 2024 Year-end Report 1 April – 31 March 2024 
 
 
For further information please contact: 
Jörgen Wigh, President and CEO, phone +46 8 700 66 70 
Peter Thysell, CFO, phone +46 70 661 05 59 
Lagercrantz Group AB (publ) 
Box 3508, 103 69 Stockholm 
Phone +46 8 700 66 70  
Corporate identity number 556282-4556 
www.lagercrantz.com