Kvartalsrapport Q1 2024

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 1 of 9 
 
Interim report January 1 – March 31, 2024 
 
Lower turnover and higher margin 
  
This is a translation of the Swedish version of the report. In case of any discrepancies, the Swedish version shall prevail. 
 
First quarter 
• Turnover MSEK 581.2 (683.8), down 15 percent compared to the previous year 
• EBITDA MSEK 66.5 (53.7) 
• Operating profit MSEK 43.6 (31.8) and operating margin 7.5 percent (4.7) 
• Net profit MSEK 27.5 (19.0)  
• Cash flow from operating activities MSEK 35.4 (196.7)  
• Earnings per share SEK 3.43 (2.21) (no dilution exists) 
• Calculational estimations show that the profitability level continuously needs to be raised significantly 
 
Profit with altered allocation of metal cost 
• Total profit amounts to MSEK 50.2 (27.9) 
• Of which adjusted operating profit MSEK 50.1 (30.2), corresponding to 8.6 percent 5.2 of turnover and result of metal 
position at risk MSEK 0.1 (-3.2).  
• Adjusted net profit MSEK 32.6 (15.7) 
• Adjusted earnings per share SEK 4.13 (1.78) 
 
 
 
 
Mari Kadowaki, CEO and President of ProfilGruppen, comments: 
"Despite a difference between market segments and weak economy, we manage to maintain and improve our results. 
The ongoing work of phasing out unprofitable business and developing relationships and business portfolio with 
customers who appreciate our flexible production and delivery service is yielding results.  
 
At the same time, work is in progress to streamline our production and supply chains. ”

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 2 of 9 
 
 
Turnover and result in the first quarter 
The turnover for the Group in the first quarter of 2024 
amounted to MSEK 581.2 (683.8), a decrease of about  
15 percent compared to the same period previous year.  
The delivery volumes have decreased by approximately 5 
percent to 9,200 tonnes (9,750) of aluminum profiles. The 
decrease in turnover is primarily explained by lower 
aluminium prices and decreased delivery volume.  
During the first quarter the Group manufactured 8,800 
tonnes (9,300) of aluminium extrusions. 
The operating profit for the first quarter of the year 
amounted to MSEK 43.6 (31.8). This is equivalent to an 
operating margin of 7.5 percent (4.7). 
The profit before tax amounted to MSEK 34.6 (23.9).  
Earnings per share totalled SEK 3.43 (2.21) (no dilution). 
 
Altered key ratios and profit 
The altered key ratios regarding 2023 have been 
recalculated, which is why they do not completely 
correspond to previously reported. 
The total profit amounted to MSEK 50.2 (27.9), whereof the 
adjusted operating profit amounted to MSEK 50.1 (30.2) 
which corresponded to an adjusted operating margin of 8.6 
percent (5.2). 
The total profit includes a profit in metal positions of MSEK 
0.1 (-2.3). The difference between total profit and accounting 
operating profit is an effect of altered allocation of metal cost 
amounted to MSEK 6.6 (-3.9). This accrual effect corresponds 
to an adjusted net profit of MSEK 32.6 (15.7) and adjusted 
earnings per share amounting to SEK 4.13 (1.78). 
 
Investments  
Investments during the first three months of 2024 amounted 
to MSEK 15.2 (24.7), excluding changes in right of use assets. 
The investments mainly consist of machinery and 
equipment of MSEK 6.5, and extrusion dies. 
 
Financing and liquidity 
Cash flow from current operations amounted to MSEK 35.4  
(196.7) and after investments to MSEK 21.4 (171.8).  
The cash flow corresponding period last year was 
positively affected by pandemic-related suspension of 
collection to the amount of MSEK 162.8. 
The liquidity reserve as of March 31, 2024, amounted to 
MSEK 305.3 (349.0).  
The balance sheet total as of the end of the period was  
MSEK 1,492.0 (1,530.4).  
Net debt as of 31 March 2024 amounted to MSEK 15.3 
(156.6) and net debt/EBITDA to 0.1 (0.7). ProfilGruppen’s 
target for net debt/EBITDA is < 2.0. 
The calculation of the net debt does not include 
pandemic-related suspension of MSEK 238. If the suspension 
would be included in net debt the net debt/EBITDA amounts 
to 1.0. MSEK 163 of the suspension are due for payment in 
September 2024, according to current regulations. The 
remaining MSEK 75 will be amortized successively until 2026.

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 3 of 9 
 
 
Calculational description of financial position 
The facilities in ProfilGruppen have been maintained for 
many years and it has been shown that their lifespan exceeds 
the estimated economic lifespan. During the same time, the 
replacement value has risen sharply due to inflation. The 
effect of this development is that the calculative value of the 
facilities exceeds the accounting value. The consequence is 
that the reported return exceeds the return based on 
calculated values of assets, profit and equity. Calculational 
efforts indicate that the profit margin is rather half of the 
reported one, while the equity is almost double. In order to 
create room for reinvestment, the current level of profitability 
therefore continuously needs to be raised significantly. 
 
Currency 
During the remaining part of 2024 the Group has an 
unhedged currency inflow of MEUR 9.7. The Group has a loan 
in euros which amounted to MEUR 8.6 on the balance sheet 
date. 
 
Personnel 
The average number of employees in the Group during the 
period was 512 (535). The number of employees as of 31 
March 2024 totalled 517 (506).  
 
Significant risks and uncertain factors 
The company’s risks and risk management are described in 
the 2023 Annual Report. 
At the end of March, the metal position at risk was very 
modest. The metal position at risk is the net of volume in 
stock and contracted purchase versus contracted sales. 
 
Outlook for 2024 
ProfilGruppen does not provide a forecast. 
 
Interim reporting 2024 
Interim reports for 2024 will be provided as follows:  
Interim report second quarter, July 16, 14:00  
Interim report third quarter, October 22, 14:00

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 4 of 9 
 
 
Statement of comprehensive income in short 
    Q 1 Q 1     
MSEK Note 2024 2023 R 12 2023 
Net turnover   581,2 683,8 2 336,5 2 439,1 
Cost of goods solds  2 -504,0 -614,8 -2 066,2 -2 177,0 
Gross Margin  77,2 69,0 270,3 262,1 
        
Other operating revenues    0,3 0,0 23,1 22,8 
Selling expenses   -19,2 -20,6 -72,3 -73,7 
Administrative expenses   -14,3 -16,5 -56,3 -58,5 
Other operating expenses   -0,4 -0,1 -0,6 -0,3 
Operating profit/loss  43,6 31,8 164,2 152,4 
        
Financial income   0,1 0,8 4,9 5,6 
Financial expenses 3 -9,1 -8,7 -31,2 -30,8 
Net financial income/expense   -9,0 -7,9 -26,3 -25,2 
        
Income after financial items   34,6 23,9 137,9 127,2 
        
Tax   -7,1 -4,9 -30,9 -28,7 
Net income for the period  27,5 19,0 107,0 98,5 
of which attributable to:       
Owners of the parent   25,4 16,5 99,7 90,8 
Non-controlling interests   2,1 2,5 7,3 7,7 
       
Earnings per share (before and after dilution), SEK    3,43 2,21 13,50 12,27 
       
Other comprehensive income       
Net income for the period   27,5 19,0 107,0 98,5 
Hedging reserve   -1,8 -0,6 2,8 4,0 
Translation differences   0,1 0,0 0,1 0,0 
Deferred tax on the above items    0,4 0,1 -0,5 -0,8 
Total items that will subsequently be reclassified to net income:  -1,3 -0,5 2,4 3,2 
Revaluation of defined benefit pension obligation    0,1 1,2 -2,5 -1,4 
Total items that will subsequently not be reclassified to net income:  0,1 1,2 -2,5 -1,4 
Comprehensive income for the period    26,3 19,7 106,9 100,3 
of which total comprehensive income for the period attributable to:        
Owners of the parent   24,2 17,2 99,6 92,6 
Non-controlling interests   2,1 2,5 7,3 7,7 
 
Statement of financial position in short 
    31 Mar 31 Mar 31 Dec 
MSEK Note 2024 2023 2023 
Assets      
 Intangible fixed assets   12,3 18,8 13,9 
 Tangible fixed assets   590,6 611,7 595,6 
 Right of use assets   33,0 15,8 27,8 
 Financial fixed assets   0,8 0,2 0,9 
Deferred tax assets   0,4 0,3 0,4 
Total fixed assets  637,1 646,8 638,6 
      
 Inventories   348,3 422,0 377,8 
 Current receivables 4 370,3 451,3 305,0 
 Liquid assets   136,3 10,3 120,9 
Total current assets   854,9 883,6 803,7 
Total assets  1 492,0 1 530,4 1 442,3 
      
Shareholders’ equity      
Total equity attributable to the parent Company´s shareholders    626,5 552,5 598,3 
Non-controlling interests   15,3 16,5 17,2 
Total equity  641,8 569,0 615,5 
      
Liabilities      
 Interest-bearing liabilities   118,1 118,9 117,3 
 Interest-free liabilities   87,7 80,2 88,0 
Total long-term liabilities  205,8 199,1 205,3 
      
 Interest-bearing liabilities and provisions   33,5 48,0 30,5 
 Interest-free liabilities 4 610,9 714,3 591,0 
Total short-term liabilities   644,4 762,3 621,5 
Total shareholders’ equity and liabilities   1 492,0 1 530,4 1 442,3

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 5 of 9 
 
 
Statement of changes in equity in short 
    Q 1 Q 1   
MSEK   2024 2023 2023 
Opening balance, total equity   615,5 549,3 549,3 
Changes attributable to owners of the parent:        
Comprehensive income for the period   24,2 17,2 92,6 
Changes attributable to non-controlling interests:       
Comprehensive income for the period  2,1 2,5 7,7 
Transactions with shareholders       
Dividend   0,0 0,0 -34,1 
Closing balance, total equity   641,8 569,0 615,5 
 
Statement of cash flows in short 
    Q 1 Q 1     
MSEK Note 2024 2023 R 12 2023 
Operating activities       
Income after financial items   34,6 23,9 137,9 127,2 
Depreciation and write-down   22,9 21,9 91,8 90,8 
Adjustment for other non-cash items   9,9 8,8 35,6 34,5 
Interest received/paid   -3,5 3,3 -22,6 -15,8 
Paid income tax   -10,1 -14,0 -29,2 -33,1 
Cash flow prior to change in working capital   53,8 43,9 213,5 203,6 
       
Inventories   29,5 49,4 73,7 93,6 
Operating receivables   -62,3 -111,9 85,0 35,4 
Operating liabilities   14,4 215,3 -104,1 96,8 
Cash flow from operating activities   35,4 196,7 268,1 429,4 
       
Acquisition of property. plant and equipment    -14,0 -24,9 -67,8 -78,7 
Sale of property, plant and equipment   0,0 0,0 7,3 7,3 
Cash flow from investing activities   -14,0 -24,9 -60,5 -71,4 
       
Dividend   0,0 0,0 -34,1 -34,1 
Loans raised   0,0 0,0 0,0 0,0 
Change in bank overdraft facility utilized   0,0 -173,5 -21,1 -194,6 
Repayment of loans   -4,6 -6,1 -17,3 -18,8 
Repayment of lease debts   -3,3 -1,9 -11,1 -9,7 
Cash flow from financing activities    -7,9 -181,5 -83,6 -257,2 
Cash flow for the period  13,5 -9,7 124,0 100,8 
       
Liquid assets, opening balance   120,9 20,0 10,3 20,0 
Translation differences in liquid assets   1,8 0,0 1,9 0,1 
Liquid assets, closing balance  136,2 10,3 136,2 120,9 
Liquidity reserve  328,9 349,0  318,8

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 6 of 9 
 
 
The parent company 
The turnover of the parent company amounted to MSEK 10.5 
(9.0) and comprises payments for rents from companies in 
the Group. Profit after financial items amounted to MSEK 7.5 
(5.0).  
Investments in the parent company during the first quarter 
2024 amounted to MSEK 0.3 (1.8) and are related to 
investments in properties.  
The parent company’s interest-bearing liabilities 
amounted to MSEK 0.0 (44.4) as of 31 March 2024. Last year 
refers to intra Group liabilities to subsidiaries.  
The parent company employs none (none). The parent 
company’s risks and uncertain factors do not significantly 
differ from the Group. 
 
 
 
Income statement in short – the parent company 
    Q 1 Q 1   
MSEK Note 2024 2023 2023 
Turnover    10,5 9,0 39,8 
Cost of goods sold   -2,1 -2,0 -7,4 
Gross Margin  8,4 7,0 32,4 
      
Other operating revenues   0,0 0,0 0,0 
Administrative expenses   -0,9 -1,4 -3,8 
Operating income   7,5 5,6 28,6 
      
Result from shares in group companies   0,0 0,0 82,5 
Interest income and similar income and expense items    0,0 0,0 0,4 
Interest expenses and similar income and expense items    0,0 -0,6 -1,6 
Income after financial items   7,5 5,0 109,9 
      
Appropriations   0,0 0,0 30,5 
Income before tax  7,5 5,0 140,4 
      
Tax   -1,5 -1,0 -12,3 
Net income for the period  6,0 4,0 128,1 
      
Parent company statement of comprehensive income       
Net income for the period   6,0 4,0 128,1 
Items that will subsequently be reclassified to net income:    0,0 0,0 0,0 
Items that will subsequently not be reclassified to net income   0,0 0,0 0,0 
Comprehensive income for the period    6,0 4,0 128,1 
 
Balance sheet in short – the parent company 
    31 Mar 31 Mar 31 Dec 
MSEK Note 2024 2023 2023 
Assets      
Tangible assets      
Tangible fixed assets   178,3 188,9 179,8 
Financial assets (shares in subsidiaries)   87,9 87,9 87,9 
Total fixed assets  266,2 276,8 267,7 
      
      
Current receivables   84,0 0,7 79,1 
Cash and bank balances   0,5 0,0 0,0 
Total current assets   84,5 0,7 79,1 
Total assets  350,7 277,5 346,8 
      
      
Equity   256,3 155,8 250,3 
Untaxed reserves   79,0 67,5 79,0 
Provisions for taxes   3,8 3,6 3,7 
Long-term liabilities   0,0 0,0 0,0 
Current liabilities   11,6 50,6 13,8 
Total equity and liabilities  350,7 277,5 346,8

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 7 of 9 
 
 
Notes 
 
Note 1 - Accounting Principles 
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company accounting has 
been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting Standards Council’s 
RFR 2 Accounting for Legal Entities. The accounting principles applied are identical to the ones used for the latest annual report. 
 
Note 2 – Depreciation and write-down of fixed assets  
  Q 1 Q 1     
MSEK 2024 2023 R 12 2023 
Intangible fixed assets 1,6 1,6 6,5 6,5 
Land and buildings 1,6 1,6 6,5 6,5 
Machinery and equipment 16,3 16,8 67,6 68,1 
Right of use assets 3,4 1,9 11,2 9,7 
Total 22,9 21,9 91,8 90,8 
of which write-down  0,0 0,0 0,0 0,0 
 
Note 3 – Financial expenses 
  Q 1 Q 1     
MSEK 2024 2023 R 12 2023 
Interest expenses to financial institutions  2,0 4,0 12,1 14,1 
Unrealized exchange rate revaluation of financial items (gain neg, loss pos)  3,6 1,4 2,4 0,2 
Cost for pandemic suspension of collection  2,6 2,2 11,0 10,6 
Other financial expenses 0,9 1,1 5,7 5,9 
Total 9,1 8,7 31,2 30,8 
 
Note 4 - Financial instruments, valued at fair value in statement of financial position  
  31 Mar 31 Mar 31 Dec 
MSEK 2024 2023 2023 
Short-term receivables:       
Currency derivatives 0,0 0,0 0,0 
Short-term non interest-bearing liabilities;       
Currency derivatives 5,3 8,1 3,4 
Currency derivatives are used for hedge and are valued on level 2 according to IFRS 13.       
     
Forward contracts foreign exchange       
Hedged future cash flows, MEUR 9,8 12,9 12,2 
Notional amount 106,0 136,4 131,9 
Last maturity date of concluded forward contracts  2025-12-15 2024-11-29 2025-12-15 
 
Note 5 – Pledged assets and contingent liabilities  
  31 Mar 31 Mar 31 Dec 
MSEK 2024 2023 2023 
Property mortgages 82,9 82,9 82,9 
Floating charges 440,0 440,0 440,0 
Shares in subsidiaries 348,4 393,2 328,7 
Guarantee commitments pensions 0,3 0,2 0,3 
    
 
Note 6 – Related transactions  
During the period no related transactions that significantly affect the Groups result or financial statement have been made, apart 
from customary payments of directors’ fees, remuneration of senior executives, dividend and the rents from companies in the Group 
to the parent company.

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 8 of 9 
 
 
Key ratios 
  Q 1 Q 1     
The Group 2024 2023 R 12 2023 
Net turnover, MSEK 581,2 683,8 2 336,5 2 439,1 
Income before depreciation, MSEK 66,5 53,7 256,0 243,2 
Operating income/loss, MSEK 43,6 31,8 164,2 152,4 
Operating margin, % 7,5 4,7 7,0 6,2 
Income after financial items, MSEK 34,6 23,9 137,9 127,2 
Profit margin, % 6,0 3,5 5,9 5,2 
          
Return on equity, % 17,5 13,5 17,7 16,9 
Return on capital employed, % 18,8 13,6 19,6 17,0 
Cash flow from operating activities, MSEK  35,4 196,7 268,1 429,4 
Investments, MSEK 15,2 24,7 69,2 78,7 
          
Liquidity reserve, MSEK 328,9 349,0 - 318,8 
Net debt, MSEK 15,3 156,6 - 26,9 
Net debt/EBITDA 0,1 0,7 - 0,1 
Interest-bearing liabilities and interest-bearing provisions, MSEK 151,6 166,9 - 147,8 
Net debt/equity ratio 0,0 0,3 - 0,0 
          
Total assets, MSEK 1 492,0 1 530,4 - 1 442,3 
Equity ratio, % 43,0 37,2 - 42,7 
Capital turnover 3,0 3,4 3,1 2,9 
Proportion of risk-bearing capital, % 48,9 42,4 - 48,8 
Interest coverage ratio 18,5 6,9 12,5 10,0 
          
Average number of employees 521 535 519 512 
Net turnover per employee (average), TSEK  1 116 1 278 4 502 4 764 
Income after fin, per employee (average), TSEK  66 44 266 248 
          
Average number of shares, thousands (no dilution)  7 399 7 399 7 399 7 399 
Number of shares, end of period, thousands  7 399 7 399 7 399 7 399 
Earnings per share, SEK 3,43 2,21 13,50 12,27 
Equity per share, SEK 84,13 74,66 - 80,86 
          
Profit with altered allocation of metal cost          
Adjusted total profit, Mkr * 50,2 27,9 177,2 154,9 
Result metal position, Mkr * 0,1 -2,3 2,2 -0,2 
Adjusted operating income/loss, MSEK *  50,1 30,2 155,0 135,1 
Adjusted operating margin,% * 8,6 4,4 6,6 5,5 
Adjusted earnings per share, SEK * 4,13 1,78 14,95 12,60 
     
* Key ratios with altered allocation of metal cost and where possibly occuring non -comparable items are excluded. 
For definition and reconciliation please visit profilgruppen.se.  
 
 
The key ratios above are a summary of the financial report to give an overview of ProfilGruppen’s financial position. Definitions and reconciliation of 
the alternative performance measures are given at www.profilgruppen.se  
 
Net debt does not include pandemic-related suspension to the amount of MSEK 238. In calculation of interest coverage ratio is only interest expenses 
to financial institutions used. 
 
Rounding differences may occur. When calculating key ratios: return on equity, return on capital employed and capital turnover the result and 
turnover for the period have been adjusted upward to 12 months. The key ratios presented are for the total Group and based on the Group 
consolidated figures including non-controlling interest, except Earnings per share and Equity per share. 
 
Åseda, April 23, 2024 
The CEO and Board of Directors, ProfilGruppen AB (publ) 
Org. No. 556277-8943 
 
 
This interim report has not been audited.

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

Interim report January 1 – March 31, 2024 
ProfilGruppen AB (publ)  
Page 9 of 9 
 
 
 
Brief facts about ProfilGruppen 
• The vision is to be the preferred provider of innovative solutions for aluminium extrusions in northern Europe 
• A partnership with ProfilGruppen should be uncomplicated and involve personal commitment 
• Aluminium is our choice, it is more favorable in a life cycle perspective than many alternatives and enables us to create sustainable 
products 
• Aluminium extrusions are used within many industries, for example furnishings, construction, automotive and electronics  
• The manufacturing of extrusions takes place in Åseda exclusively and includes: 
• Extrusion of aluminium profiles in four production lines 
• Anodizing facility for surface treatment  
• Further processing of aluminium extrusions in the form of cutting processing, bending and stamping  
• Fully automated facilities for processing, coating and packaging of interior design details  
• A dozen subcontractors broadens the range of processing possibilities 
• The company is certified in accordance with IATF 16949, ISO 14001 and ISO 45001 and the industry’s own sustainability standard 
Aluminium Stewardship Initiative Performance Standard  
• Started in 1981 in Åseda, Sweden 
• Listed on the Stockholm Stock Exchange in 1997 and is included in the Small Cap list 
 
 
 
 
 
 
 
 
 
 
For more information, please contact 
Mari Kadowaki, President and CEO 
Tel: +46 (0)70-956 80 01 
mari.kadowaki@profilgruppen.se 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
Current information and photographs for free publication are available at www.profilgruppen.se