FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== SIDA 1 =====
Interim report
Q1 2024
===== SIDA 2 =====
1 Ratos Interim Report Q1 2024
Interim report January–March 2024
Q1 2024
Adjusted 1) EBITA amounted to SEK 359m (324)
All business areas improved their EBITA. Industry reported EBITA of SEK 307m (303), Construction &
Services reported EBITA of SEK 297m (284) and Consumer reported EBITA of SEK -194m (-213)
Operating profit amounted to SEK 329m (285)
Profit for the period amounted to SEK 125m (57)
Diluted earnings per share amounted to SEK 0.06 (-0.09)
Cash flow from operating activities amounted to SEK -137m (507)
Leverage excluding finance leases was 0.8x (2.2x)
New reporting structure for the business areas with breakdown by segment 2)
Ratos Group, SEKm
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 7,825 7,817 0% 33,756 33,748 0%
EBITDA 717 661 8% 5,364 5,308 1%
EBITA, adjusted/one.sups ⁾ 359 324 11% 2,279 2,244 2%
EBITA %, adjusted/one.sups ⁾ 4.6% 4.1% 6.8% 6.7%
EBITA 359 324 11% 3,935 3,901 1%
EBITA % 4.6% 4.1% 11.7% 11.6%
Operating profit/three.sups ⁾ 329 285 15% 3,054 3,010 1%
Profit before tax 176 90 94% 2,358 2,273 4%
Profit for the period/three.sups ⁾ 125 57 120% 2,074 2,006 3%
Basic earnings per share, SEK 0.06 -0.09 pos 3.89 3.73 4%
Diluted earnings per share, SEK 0.06 -0.09 pos 3.87 3.72 4%
Cash flow from operating activities -137 507 -127% 3,63 1 4,275 -15%
Leverage excl. financial leasing 0.8x 2,2x 0.7x
Return on capital employed excl. financial leasing 10.4% 10.0% 10.0%
Change% Change% Change% Change% Change% Change% Change% Change%
1) For reconciliation of EBITA, adjusted see page 19. For definition see page 21.
2) Ratos Group consists of three business areas which are reported in five segments from Q1 2024. The Industry business area
consists of two segments, Industrial Services and Product Solutions. Industrial Services consists of Aleido, Knightec, Semcon,
Speed Group and TFS, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. The Construction & Services
business area consists of two segments, Critical Infrastruture and Construction. Critical Infrastructure consists of Aibel, Expin
Group and Presis Infra, and Construction Services consists of airteam, HENT and SSEA Group. The business area and segment
Consumer consists of KVD and Plantasjen. See Note 5 for segment reporting.
3) Operating profit and profit for the period was net positively affected in december 2023 by a reversal of a previous impairment of
the holding in Aibel of SEK 1,656m and negatively affected by an impairment of goodwill and book values in Expin Group of
SEK -524m as well as an impairment of goodwill in Plantasjen of SEK -250m.
===== SIDA 3 =====
2 Ratos Interim Report Q1 2024
CEO comments on performance in the first quarter of 2024
Strong start to 2024
EBITA increased 11% for the quarter. All business areas improved their earnings in the seasonally weakest
quarter for Ratos. Sales in the quarter were at the same level as in the preceding year, while cash flow
decreased. The Group’s leverage remains low.
I am pleased with our performance in the quarter. The demand
has been slightly better than I expected and all business areas
improved their earnings, and our order intake was favourable.
Cash flow was adversely impacted by major changes in working
capital in our construction companies and the fact that Easter
fell at the end of the quarter. The return on capital employed and
invested capital improved. EBITA for the quarter includes
restructuring costs of SEK 18m.
As of this quarter, we will be extending our reporting for Ratos’s
business areas. The Industry and Construction & Services
business areas are each reported in two segments, where we now
report key figures per segment in the interim report under Note 5.
We also report the order intake and order backlog for
Construction & Services.
Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas Development of Ratos’s business areas
Industry Industry Industry Industry
The Industry business area consists of the Industrial Services Industrial Services Industrial Services Industrial Services
and Product Solutions Product Solutions Product Solutions Product Solutions segments.
EBITA for the business area was SEK 307m (303). The EBITA
margin was 11.3% (11.1). The improvement in earnings was
attributable to the Product Solutions segment, which was
positively impacted by both acquired and organic EBITA growth.
HL Display continued to deliver an impressive performance, with
strong EBITA growth both organically and through a synergistic
add-on acquisition, strengthening its market-leading position in
Europe. In the Industrial Services segment, earnings were
negatively impacted by SEK -13m due to the calendar effect of
one less working day than in the corresponding quarter last year.
Adjusted for the calendar effect, EBITA rose 5% in Industrial
Services. In summary, this was a good quarter for Industrial
Services.
Negative organic growth in several Product Solutions companies,
including a particularly weak wind market for Diab, impacted
sales in the business area. Add-on acquisitions, primarily within
HL Display, made a positive contribution of approximately 6%.
Construction & Services Construction & Services Construction & Services Construction & Services
The Construction & Services business area consists of the
Critical Infrastructure Critical Infrastructure Critical Infrastructure Critical Infrastructure and Construction Construction Construction Construction segments.
EBITA for the business area was SEK 297m (284). The EBITA
margin was 6.9% (6.7). The Critical Infrastructure and
Construction segments both improved their earnings. Demand in
Critical Infrastructure was strong, while Construction increased
its profitability in a challenging construction market.
Organic sales growth was positive and amounted to 2%, with
strong organic growth reported for the Critical Infrastructure
segment. Order intake exceeded sales in the quarter and the
order backlog remained favourable.
Consumer Consumer Consumer Consumer
The Consumer business area consists of Plantasjen and KVD.
EBITA amounted to SEK -194m (-213), and the EBITA margin was
-23.0% (-25.6).
Plantasjen posted sales growth and improved earnings during the
first quarter, which is the seasonally weakest quarter of the
calendar year. The earnings improvement was attributable to
higher sales volumes, with Easter falling in the first quarter, as
well as the introduction of a savings programme that will
continue for the rest of the year. KVD continued to perform well.
Organic growth amounted to 3% for the business area.
Sustainability Sustainability Sustainability Sustainability
We are increasing the focus on our sustainability reporting in line
with the upcoming Corporate Sustainability Reporting Directive
(CSRD) by setting and following up climate targets for the entire
Group. At present, 29% of the Group’s companies have set
climate targets in line with the Paris Agreement that have been
validated by the Science Based Targets initiative (SBTi). One
inspiring example from the quarter was the news that Speed
Group is achieving its target faster than expected by making
conscious investments in renewable energy supply and
sustainable transport. At the end of the year, the Ratos Group
will have joint climate targets in place for all subsidiaries.
Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position Favourable start to 2024 and a strong financial position
Our strong financial position is presenting good opportunities for
achieving our goal of becoming a strong group that offers
competitive technological and infrastructure solutions with
improved profitability and a higher return on investment. Falling
inflation combined with eventually lower interest rates will
present opportunities for structural transactions in a more active
market. This is essential for achieving our long-term targets.
Geopolitical tensions are causing great uncertainty, however. We
are ready to act when the transaction market improves. Until
then, we will focus on continuing to improve earnings and return
on investment in our existing structure, including more add-on
acquisitions. All with the aim of creating shareholder value.
Jonas Wiström, President and CEO
===== SIDA 4 =====
3 Ratos Interim Report Q1 2024
Group performance Q1 2024
Net sales
Net sales for the period amounted to SEK 7,825m (7,817), up 0.1% year on year. Organic sales growth was negative and amounted to
-0.8%. Construction & Services and Consumer posted organic growth of 2.4% and 2.7%, respectively, while Industry posted negative
organic sales growth of -6.8%. Currency effects had a negative effect of SEK -85m (-1.1%) on net sales. The structural effect
amounted to SEK 156m (2.0%) and was primarily attributable to add-on acquisitions in the Industry business area.
Profit
Adjusted EBITA during the quarter amounted to SEK 359m (324). The adjusted EBITA margin was 4.6% (4.1). Earnings growth was due
to improved earnings in all business areas. The Industry business area reported earnings growth, with the Product Solutions segment
continuing to perform well and reporting strong earnings driven by acquired and organic EBITA growth. The calendar effect had a
negative impact on the Industrial Services segment during the quarter. The Construction & Services business area reported an
increase in adjusted EBITA as a result of improved earnings for the Construction and Critical Infrastructure segments. Earnings for
the Consumer business area was better than in the year-earlier period.
Financial performance Q1 2024
Adjusted EBITA, quarterly and LTM, SEKm
Sales bridge Q1
Adjusted EBITA, LTM, SEKm
Net sales, LTM, SEKbn
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industry 2,714 2,728 -1% 10,548 10,563 307 303 1% 967 963
Construction & Services 4,269 4,259 0% 17,308 17,298 297 2 84 5% 1,304 1,291
Consumer 843 830 2% 5,901 5,888 -194 -213 9% 154 136
Group costs -51 -50 -3% -147 -146
Elimination of internal sales -2 -0 -2 -0
Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 0% 33,756 33,756 33,756 33,756 33,748 33,748 33,748 33,748 359 359 359 359 324 324 324 324 11% 2,279 2,279 2,279 2,279 2,244 2,244 2,244 2,244
Items affecting comparability 1,656 1,656
Amortisation and impairment of intangible assets
in connection with company acquisitions -30 -39 23% -881 -890
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 329 329 329 329 285 285 285 285 15% 3,054 3,054 3,054 3,054 3,010 3,010 3,010 3,010
Finance net -153 -195 21% -696 -737
Profit before tax Profit before tax Profit before tax Profit before tax 176 176 176 176 90 90 90 90 94% 2,358 2,358 2,358 2,358 2,273 2,273 2,273 2,273
Tax -50 -33 -51% -284 -267
Profit for the period Profit for the period Profit for the period Profit for the period 125 125 125 125 57 57 57 57 120% 2,074 2,074 2,074 2,074 2,006 2,006 2,006 2,006
Net sales EBITA, adjusted
Change% Change% Change% Change% Change% Change% Change% Change%
253
963
432 318 324
1,078
517
326 359
1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400
0
200
400
600
800
1,000
1,200
1,400
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
LTM
Net sales
2023, SEKm 7,817
Structure, % 2%
Currency, % -1%
Organic growth, % -1%
Total, % 0%
2024, SEKm 7,825
1,879 1,807 1,874 1,966 2,038 2,153 2,237 2,244 2,279
7.7%
7.0% 6.8% 6.6% 6.5% 6.5% 6.6% 6.7% 6.8
%
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
EBITA %
24.3 25.8 27.4 29.9 31.5 33.1 34.0 33.7 33.8
7.9% 5.9% 6.5% 8.9%
5.3% 5.0% 2.8%
-0.7%
0.0
%
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Growth %
===== SIDA 5 =====
4 Ratos Interim Report Q1 2024
Industry
The Industry business area consists of the Industrial Services and Product Solutions segments. See Note 5 for segment reporting.
Net sales
The business area’s net sales for the first quarter amounted to SEK 2,714m (2,728), down -0.5% year on year, of which the structural
effect accounted for a positive 5.7%, corresponding to SEK 156m that mainly pertained to add-on acquisitions within HL Display. The
Product Solutions segment continued to perform well and reported sales growth of 4%. The Industrial Services segment were
negatively impacted by the calendar effect of one less working day than in the same quarter last year.
Profit
EBITA for the business area amounted to SEK 307m (303) for the quarter, up 1% year on year. The EBITA margin was 11.3% (11.1). The
improvement in earnings was attributable to the Product Solutions segment, which was positively impacted by both acquired and
organic EBITA growth. In the Industrial Services segment, earnings were negatively impacted by SEK -13m due to the calendar effect
of one less working day than in the same quarter last year.
Financial performance
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 2,714 2,728 -1% 10,548 10,563 0%
EBITA, adjusted 307 303 1% 967 963 0%
whereof Industrial Services 140 146 -4% 417 423 -1%
whereof Product Solutions 168 157 6% 550 540 2%
EBITA %, adjusted 11.3% 11.1% 9.2% 9.1%
EBITA 307 303 1% 967 963 0%
EBITA % 11.3% 11.1% 9.2% 9.1%
Operating profit 289 284 2% 894 889 1%
Operating profit % 10.7% 10.4% 8.5% 8.4%
Cash flow from operating activities 85 226 -62% 1,233 1,374 -10%
Return on capital employed, business area % 10.8% 10.6% 10.9%
Average number of employees 6,785
Change% Change% Change% Change% Change% Change% Change% Change%
582 548 552
671
824
901 929 963 967
8.7% 8.0% 7.9% 8.6% 9.4% 9.3% 9.0% 9.1% 9.2%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
EBITA %
6,672 6,816 7,014
7,755
8,754
9,641
10,279 10,563 10,548
3.6% 2.2% 2.9%
10.6%
12.9%
10.1%
6.6%
2.8%
-0.1%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
Growth %
Q1 Q1 Q1 Q1
2024 2024 2024 2024
2023, SEKm 2,728
Structure, % 6%
Currency, % 1%
Organic growth, % -7%
Total, % -1%
2024, SEKm 2,714
===== SIDA 6 =====
5 Ratos Interim Report Q1 2024
Construction & Services
The Construction & Services business area consists of the Critical Infrastructure and Construction segments. See Note 5 for segment
reporting.
Order situation
Order intake for the business area/one.sups⁾ amounted to SEK 4,679m (SEK 4,870) for the quarter, an organic decrease of -1.5%. An increased
order intake in the Critical Infrastructure segment was recognised for the quarter. At the end of the quarter, the LTM order intake for
the business area amounted to SEK 14,755m and the order backlog to SEK 27,916m (30,231).
Net sales
Net sales for the first quarter amounted to SEK 4,269m (4,259), a year on year increase of 0.2%. Organic sales growth was positive
and amounted to 2.4%, with strong organic growth reported for the Critical Infrastructure segment.
Profit and cash flow
Adjusted EBITA for the business area amounted to SEK 297m (284) for the quarter, up 5%, and the EBITA margin was 6.9% (6.7). The
Critical Infrastructure segment reported earnings growth of 2% for the quarter, and the Construction segment reported earnings
growth of 8%. Cash flow from operating activities was negatively impacted by working capital fluctuations in Construction in the
quarter.
Financial performance
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Order backlog and order intake, SEKm
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 4,269 4,259 0% 17,308 17,298 0%
EBITA, adjusted 297 284 5% 1,304 1,291 1%
whereof Construction 133 123 8% 789 779 1%
whereof Critical Infrastructure 164 161 2% 515 512 1%
EBITA %, adjusted 6.9% 6.7% 7.5% 7.5%
EBITA 297 284 5% 2,960 2,947 0%
EBITA % 6.9% 6.7% 17.1% 17.0%
Operating profit 286 265 8% 2,407 2,386 1%
Operating profit % 6.7% 6.2% 13.9% 13.8%
Cash flow from operating activities -6 496 -101% 1,726 2,228 -23%
Return on capital employed, business area % 17.8% 15.1% 17.2%
Order intake /one.sups⁾ 4,679 4,870 14,755 14,947
Order backlog /one.sups⁾ 27,916 30,231 26,792
Average number of employees 7,464
Change% Change% Change% Change% Change% Change% Change% Change%
1) Aibel´s order intake and order backlog is not consolidated in the business area. Refer to note 5 for information about Aibel´s order intake and
backlog.
706
862
995
1,130 1,156 1,198
1,338 1,291 1,304
6.1%
6.9% 7.1% 7.2% 6.9% 6.9%
7.5% 7.5% 7.5%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
EBITA %
Q1 Q1 Q1 Q1
2024 2024 2024 2024
2023, SEKm 4,259
Currency, % -2%
Organic growth, % 2%
Total, % 0%
2024, SEKm 4,269
11,516
12,573
13,996
15,730
16,629
17,400
17,767 17,298 17,308
11.3%
9.2% 11.3% 12.4%
5.7% 4.6% 2.1%
-2.6%
0.1%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
Growth %
Order intake has been reported from January 1, 2022. The first period with 12
reported months is thus Q4 2022
30,254
32,733
34,697 34,915
30,231 31,498
29,144
26,792 27,916
21,069 19,991
18,545
14,646 14,947 14,755
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
Order intake, LTM
===== SIDA 7 =====
6 Ratos Interim Report Q1 2024
Consumer
The Consumer business area and segment consists of KVD and Plantasjen. See Note 5 for segment reporting.
Net sales
The business area’s net sales for the first quarter amounted to SEK 843m (830), a year on year increase of 1.6%. Organic sales growth
was positive and amounted to 2.7%, due to positive organic growth in both Plantasjen and KVD. Plantasjen’s net sales for the first
quarter amounted to SEK 552m, up 2% year on year despite a weak consumer market.
Profit
EBITA for the business area amounted to SEK -194m (-213) for the quarter, and the EBITA margin was -23.0% (-25.6). Plantasjen
reported earnings of SEK -198m (-215) for the first quarter. The earnings improvement was due to a higher sales volume. Plantasjen’s
cost-saving programme for 2024 has begun and is proceeding according to plan.
Financial performance
EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 843 830 2% 5,901 5,888 0%
EBITA, adjusted -194 -213 9% 154 136 14%
EBITA %, adjusted -23.0% -25.6% 2.6% 2.3%
EBITA -194 -213 9% 154 136 14%
EBITA % -23.0% -25.6% 2.6% 2.3%
Operating profit/loss -195 -214 9% -100 -119 16%
Operating profit/loss % -23.2% -25.8% -1.7% -2.0%
Cash flow from operating activities -176 -202 13% 773 746 3%
Return on capital employed, business area % -0.9% 1.3% - 1.3%
Average number of employees 1,638
1) Refer to page 16 for Plantasjens Net sales and EBITA, adjusted.
Change% Change% Change% Change% Change% Change% Change% Change%
750
561
480
326
218 212
135 136 154
12.2%
8.8% 7.5%
5.1% 3.6% 3.5% 2.3% 2.3% 2.6%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
EBITA %
6,152
6,377 6,424 6,392
6,090 6,011 5,938 5,888 5,901
6.6%
3.7%
0.7% -0.5%
-4.7%
-1.3% -1.2% -0.8% 0.2%
Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024
Growth %
Q1 Q1 Q1 Q1
2024 2024 2024 2024
2023, SEKm 830
Currency, % -1%
Organic growth, % 3%
Total, % 2%
2024, SEKm 843
===== SIDA 8 =====
7 Ratos Interim Report Q1 2024
Financial overview, Ratos Group
Cash flow Q1
Cash flow from operating activities amounted to SEK -137m
(507). Cash flow from investing activities amounted to
SEK -289m (-163) and cash flow from financing activities to
SEK -328m (-749). Cash flow for the quarter amounted to
SEK -754m (-405).
The change in cash flow for the quarter was mainly due to
an increase of SEK -884m (-54) in working capital and was
negatively impacted by working capital fluctuations in
Construction, SEK -174m (-48) in acquired companies, SEK
-69m (-494) in changes in external loans and SEK 317m (122)
in dividends from associates.
Financial position and leverage
The Group’s cash and cash equivalents at the end of the
period amounted to SEK 1,639m (2,360 at 31 December 2023)
and interest-bearing net debt excluding financial lease
liabilities totalled SEK 3,346m (2,720 at 31 December 2023).
The Group’s leverage excluding financial lease liabilities at
the end of the period amounted to 0.8x (0.7x at 31 December
2023). The adjusted leverage as of 31 March 2024 amounted
to 1.4x (1.1x on 31 December 2023) after a reversal of
impairment totalling SEK 1,656m pertaining to the holding in
Aibel. The Group’s interest-bearing net debt including
financial lease liabilities totalled SEK 9,057m (8,118 at 31
December 2023). The Group’s leverage including financial
lease liabilities at the end of the period amounted to 1.7x (1.5x
at 31 December 2023). The total translation effect of currency
tied to interest-bearing liabilities amounted to SEK 58m, of
which SEK 31m related to liabilities to credit institutions and
SEK 28m to financial lease liabilities.
At the end of the period, the Group’s interest-bearing
liabilities to credit institutions amounted to SEK 4,479m
(4,509 at 31 December 2023).
Net financial items Q1
Net financial items amounted to SEK -153m (-195). Net
financial items in the year-earlier period were negatively
impacted by changes in exchange rates and the revaluation
of synthetic options.
Tax Q1
The tax expense for the Group amounted to SEK -50m (-33)
and profit before tax to SEK 176m (90). The effective tax rate
for the quarter was 29% (37). The lower effective tax rate is
primarily attributable to higher capitalisation of loss carry-
forwards in the Parent Company, though it was also
negatively impacted by uncapitalised tax loss carry-forwards
in certain countries.
Ratos’s equity
At 31 March 2024, Ratos’s equity (attributable to owners of
the parent) amounted to SEK 11,945m (12,314 at 31 December
2023), corresponding to SEK 37 (38) per share outstanding.
Parent company
The parent company’s operating loss amounted to SEK -51m
(-49) for the period. The parent company’s loss before tax
amounted to SEK -43m (132). The previous year’s earnings
were positively impacted by dividends from Group companies
of SEK 192m. Cash and cash equivalents in the parent
company amounted to SEK 673m (876 at 31 December 2023).
The parent company has a related party relationship with
its Group companies. For more information, refer to Note 28
in the 2023 Annual Report. No significant transactions were
carried out with related parties during the year compared
with those presented in the most recent Annual Report.
Ratos share data
Earnings per share for the period amounted to SEK 0.06
(-0.09) before dilution and to SEK 0.06 (-0.09) after dilution.
The closing price for Ratos’s Class B shares on 31 March
2024 was SEK 35.18. The total return on Class B shares for
the period amounted to 1.2%, compared with the performance
for the SIX Return Index, which was 7.9%.
Number of shares and
repurchased/sold shares
At the beginning of the year, Ratos owned no treasury shares.
During the period, 569,200 new Class B shares were issued
in connection with the exercise/conversion of warrants and a
convertible debenture. At 31 March 2024, the total number of
shares and shares outstanding in Ratos (Class A and B
shares) amounted to 327,085,688 and the number of votes to
108,881,923.
Resolutions at the 2024 Annual General
Meeting
Information on resolutions passed at the 2024 Annual
General Meeting is available at www.ratos.com. The Annual
General Meeting resolved on a dividend for the 2023 financial
year of SEK 1.25 (0.84) per Class A and B share, in total
amount to SEK 409m. The dividend was paid through
Euroclear Sweden on 4 April 2024. The Annual General
Meeting resolved on changes to the Board of Directors where
Mats Granryd and Cecilia Sjöstedt were elected as new Board
members and Karsten Slotte declined re-election. The
meeting resolved, in accordance with the proposal from the
Board, to introduce the long-term incentive programme
2024/2028 for the CEO and other key personnel, which will
include convertibles and warrants.
===== SIDA 9 =====
8 Ratos Interim Report Q1 2024
Significant events during and after the
end of the quarter
No significant events to report.
Interest-bearing net debt and leverage 1) , SEKm
Diluted earnings per share, SEK
1) Excluding financial lease liabilities
1,485
1,006
1,824
4,798 4,826
3,750 3,254
2,720
3,346
0.9x 0.6x 0.9x
2.5x 2.2x 1.6x 1.3x 0.7x 0.8x
Q1
2022
Q2 Q3 Q4 Q1
2023
Q2 Q3 Q4 Q1
2024
Leverage
2.11 2.17
8.10
1.68
3.72 3.87
-2.00
2019 2020 2021 2022 2023 2024
LTM
===== SIDA 10 =====
9 Ratos Interim Report Q1 2024
Financial statements
Summary consolidated income statement
Consolidated statement of comprehensive income
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Net sales 7,825 7,817 33,748
Other operating income 31 31 223
Cost of goods and services sold -4,255 -4,393 -19,102
Employee benefit costs -2,170 -2,102 -8,657
Depreciation/amortisation and impairment of property, plant and equipment and
intangible assets and right-of-use assets -388 -376 -2,298
Other external costs -812 -762 -2,997
Capital gain/loss from Group companies 3
Reversal of a previous write-down for investments recognised according to the equity
method 1,656
Share of profit/loss from investments recognised according to the equity method 98 69 433
Operating profit Operating profit Operating profit Operating profit 329 329 329 329 285 285 285 285 3,010 3,010 3,010 3,010
Net financial items/one.sups⁾ -153 -195 -737
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax 176 176 176 176 90 90 90 90 2,273 2,273 2,273 2,273
Income tax -50 -33 -267
Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations Profit/loss for the period, continuing operations 125 125 125 125 57 57 57 57 2,006 2,006 2,006 2,006
Profit/loss for the period attributable to:
Owners of the parent 21 -28 1,218
Non-controlling interests 105 85 788
Earnings per share, SEK
- basic earnings per share 0.06 -0.09 3.73
- diluted earnings per share 0.06 -0.09 3.72
/one.sups⁾ See page 20 for a specification of the finance net
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period 125 125 125 125 57 57 57 57 2,006 2,006 2,006 2,006
Items that will not be reclassified to profit or loss:
Remeasurement of defined benefit pension obligations, net -25
Tax attributable to items that will not be reclassified to profit or loss 1
-24 -24 -24 -24
Items that may be reclassified subsequently to profit or loss:
Translation differences for the period -147 -342 -432
Change in hedging reserve for the period 5 5 -53
Tax attributable to items that may be reclassified subsequently to profit or loss -2 -1 -2
-144 -144 -144 -144 -339 -339 -339 -339 -487 -487 -487 -487 -144 -339 -487
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period -144 -144 -144 -144 -339 -339 -339 -339 -510 -510 -510 -510 -144 -339 -510
Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period -19 -19 -19 -19 -282 -282 -282 -282 1,496 1,496 1,496 1,496 -19 -282 1,496
Total comprehensive income for the period attributable to:
Owners of the parent -19 -280 828
Non-controlling interest -0 -2 667
===== SIDA 11 =====
10 Ratos Interim Report Q1 2024
Summary consolidated statement of financial position
SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
ASSETS
Non-current assets Non-current assets Non-current assets Non-current assets
Goodwill 14,301 14,580 14,047
Other intangible non-current assets 1,899 2,027 1,931
Property, plant and equipment 1,647 1,726 1,617
Right-of-use assets 5,121 5,228 4,816
Financial assets 2,820 1,410 3,307
Deferred tax assets 507 376 477
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 26,295 26,295 26,295 26,295 25,348 25,348 25,348 25,348 26,195 26,195 26,195 26,195
Current assets Current assets Current assets Current assets
Inventories 2,263 2,661 1,868
Accounts receivable 3,476 3,640 3,277
Current receivables 2,537 2,691 2,430
Cash and cash equivalents 1,639 2,072 2,360
Total current assets Total current assets Total current assets Total current assets 9,915 9,915 9,915 9,915 11,063 11,063 11,063 11,063 9,935 9,935 9,935 9,935
Total assets Total assets Total assets Total assets 36,210 36,210 36,210 36,210 36,411 36,411 36,411 36,411 36,129 36,129 36,129 36,129
EQUITY AND LIABILITIES
Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests Equity including non-controlling interests 13,963 13,963 13,963 13,963 13,099 13,099 13,099 13,099 14,451 14,451 14,451 14,451
Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities
Interest-bearing liabilities 9,415 11,358 9,141
Non-interest bearing liabilities 1,221 1,669 1,875
Pension provisions 65 59 65
Other provisions 45 45 45
Deferred tax liabilities 837 741 801
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 11,584 11,584 11,584 11,584 13,871 13,871 13,871 13,871 11,927 11,927 11,927 11,927
Current liabilities Current liabilities Current liabilities Current liabilities
Interest-bearing liabilities 1,289 1,374 1,306
Non-interest bearing liabilities 8,812 7,586 7,936
Provisions 562 480 509
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 10,663 10,663 10,663 10,663 9,440 9,440 9,440 9,440 9,751 9,751 9,751 9,751
Total liabilities Total liabilities Total liabilities Total liabilities 22,247 22,247 22,247 22,247 23,312 23,312 23,312 23,312 21,678 21,678 21,678 21,678
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 36,210 36,210 36,210 36,210 36,411 36,411 36,411 36,411 36,129 36,129 36,129 36,129
===== SIDA 12 =====
11 Ratos Interim Report Q1 2024
Summary statement of changes in consolidated equity
SEKm SEKm SEKm SEKm
Owners Owners Owners Owners
of the of the of the of the
parent parent parent parent
Non- Non- Non- Non-
controll controll controll controll
ing ing ing ing
interest interest interest interest
Total Total Total Total
equity equity equity equity
Owners Owners Owners Owners
of the of the of the of the
parent parent parent parent
Non- Non- Non- Non-
controll controll controll controll
ing ing ing ing
interest interest interest interest
Total Total Total Total
equity equity equity equity
Owners Owners Owners Owners
of the of the of the of the
parent parent parent parent
Non- Non- Non- Non-
controll controll controll controll
ing ing ing ing
interest interest interest interest
Total Total Total Total
equity equity equity equity
Opening equity Opening equity Opening equity Opening equity 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788 12,289 12,289 12,289 12,289 1,499 1,499 1,499 1,499 13,788 13,788 13,788 13,788
Total comprehensive income for the period -19 -0 -19 -280 -2 -282 828 667 1,496
Dividends -409 -93 -502 -274 -61 -335 -274 -177 -451
Non-controlling interests’ share of capital
contribution and new issue 0 0 1 1
Conversion of options/convertible loan to shares 14 14 15 15
The value of the conversion option of the
convertible debentures 3 3
Option premiums 6 6
Put options, future acquisitions from non-
controlling interests 54 -25 29 -64 32 -33 -549 200 -349
Acquisition of shares in subsidiaries from non-
controlling interests -10 -1 -11 -1 -39 -40 -6 -64 -70
Disposal of shares in subsidiaries to non-
controlling interests 2 11 13
Closing equity Closing equity Closing equity Closing equity 11,945 11,945 11,945 11,945 2,018 2,018 2,018 2,018 13,963 13,963 13,963 13,963 11,670 11,670 11,670 11,670 1,429 1,429 1,429 1,429 13,099 13,099 13,099 13,099 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451
2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
===== SIDA 13 =====
12 Ratos Interim Report Q1 2024
Summary consolidated statement of cash flows
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Operating activities Operating activities Operating activities Operating activities
Operating profit 329 285 3,010
Adjustment for non-cash items 382 423 565
711 708 3,575
Received dividends from associated companies 317 122 122
Interest and financial items, net -158 -138 -552
Income tax paid -123 -132 -316
Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital Cash flow from operating activities before change in working capital 747 747 747 747 560 560 560 560 2,829 2,829 2,829 2,829
Cash flow from change in working capital
Increase (-)/Decrease (+) in inventories -361 -330 571
Increase (-)/Decrease (+) in operating receivables -34 90 25
Increase (+)/Decrease (-) in operating liabilities -489 187 850
Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities -137 -137 -137 -137 507 507 507 507 4,275 4,275 4,275 4,275
Investing activities Investing activities Investing activities Investing activities
Acquisition, group companies -174 -48 -333
Disposal, group companies -2
Investments and disposal, intangible assets/property, plant and equipment -80 -114 -231
Investments and disposal, financial assets -35 -0 24
Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -289 -289 -289 -289 -163 -163 -163 -163 -542 -542 -542 -542
Financing activities Financing activities Financing activities Financing activities
Non-controlling interests' share of issue/capital contribution 0 1
Transactions regarding options 9 -0 -80
Acquisition and disposal of shares in subsidiaries from non-controlling interests -10 -4 -24
Dividends paid -274
Dividends paid, non-controlling interests -2 -15 -194
Borrowings 17 777 1,884
Amortisation of loans -86 -1,271 -4,141
Amortisation of financial lease liabilitities -257 -236 -970
Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -328 -328 -328 -328 -749 -749 -749 -749 -3,798 -3,798 -3,798 -3,798
Cash flow for the period Cash flow for the period Cash flow for the period Cash flow for the period -754 -754 -754 -754 -405 -405 -405 -405 -65 -65 -65 -65
Cash and cash equivalents at the beginning of the period 2,360 2,532 2,532
Exchange differences in cash and cash equivalents 33 -56 -108
Cash and cash equivalents at the end of the period 1,639 2,072 2,360
===== SIDA 14 =====
13 Ratos Interim Report Q1 2024
Summary parent company income statement
Parent company statement of comprehensive income
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Other operating income 0 9
Administrative expenses -51 -49 -151
Depreciation of property, plant and equipment -0 -0 -1
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -51 -51 -51 -51 -49 -49 -49 -49 -142 -142 -142 -142
Dividends from group companies 192 192
Net financial items/one.sups⁾ 8 -12 9
Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items -43 -43 -43 -43 132 132 132 132 59 59 59 59
Group contribution, recieved 158
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -43 -43 -43 -43 132 132 132 132 217 217 217 217
Income tax 25 14 75
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -18 -18 -18 -18 145 145 145 145 292 292 292 292
/one.sups⁾ See page 20 for a specification of the finance net
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -18 -18 -18 -18 145 145 145 145 292 292 292 292
Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period Other comprehensive income for the period 00 00 0 0 00 0 0 00
Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period Total comprehensive income for the period -18 -18 -18 -18 145 145 145 145 292 292 292 292
===== SIDA 15 =====
14 Ratos Interim Report Q1 2024
Summary parent company balance sheet
Summary parent company statement of changes in equity
SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
ASSETS
Non-current assets Non-current assets Non-current assets Non-current assets
Property, plant and equipment 3 4 4
Financial assets 10,736 10,754 10,736
Receivables from group companies 4,458 4,875 3,919
Deferred tax assets 230 144 205
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 15,427 15,427 15,427 15,427 15,776 15,776 15,776 15,776 14,864 14,864 14,864 14,864
Current assets Current assets Current assets Current assets
Current receivables 34 47 38
Receivables from group companies 2,921 2,728 2,975
Cash and cash equivalents 673 956 876
Total current assets Total current assets Total current assets Total current assets 3,628 3,628 3,628 3,628 3,730 3,730 3,730 3,730 3,889 3,889 3,889 3,889
Total assets Total assets Total assets Total assets 19,056 19,056 19,056 19,056 19,507 19,507 19,507 19,507 18,752 18,752 18,752 18,752
EQUITY AND LIABILITIES
Equity Equity Equity Equity 9,604 9,604 9,604 9,604 9,846 9,846 9,846 9,846 10,016 10,016 10,016 10,016
Non-current liablities Non-current liablities Non-current liablities Non-current liablities
Interest-bearing liabilities, group companies 147 81 150
Interest-bearing liabilities 4,447 6,178 4,423
Convertible debentures 111 79 110
Deferred tax liabilities 3 3 3
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 4,707 4,707 4,707 4,707 6,341 6,341 6,341 6,341 4,687 4,687 4,687 4,687
Current provisions Current provisions Current provisions Current provisions 31 31 31 31 95 95 95 95 16 16 16 16
Current liabilities Current liabilities Current liabilities Current liabilities
Interest-bearing liabilities, group companies 4,213 2,781 3,940
Interest-bearing liabilities 24 100 24
Non-interest bearing liabilities, group companies 1 0 0
Non-interest bearing liabilities 475 344 69
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 4,713 4,713 4,713 4,713 3,225 3,225 3,225 3,225 4,033 4,033 4,033 4,033
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 19,056 19,056 19,056 19,056 19,507 19,507 19,507 19,507 18,752 18,752 18,752 18,752
SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
Opening equity Opening equity Opening equity Opening equity 10,016 10,016 10,016 10,016 9,975 9,975 9,975 9,975 9,975 9,975 9,975 9,975
Comprehensive income for the period -18 145 292
Dividends -409 -274 -274
Conversion of options/convertible loan to shares 14 15
The value of the conversion option of the convertible debentures 4
Deferred tax, conversion option -1
Option premiums 6
Closing equity Closing equity Closing equity Closing equity 9,604 9,604 9,604 9,604 9,846 9,846 9,846 9,846 10,016 10,016 10,016 10,016
===== SIDA 16 =====
15 Ratos Interim Report Q1 2024
Note 1 Accounting principles
Ratos’s consolidated financial statements are prepared in
accordance with International Financial Reporting Standards
(IFRS) and associated interpretations (IFRIC), as endorsed by
the EU. This interim report was prepared in accordance with
IAS 34, Interim Financial Reporting, and applicable provisions
in the Swedish Annual Accounts Act. The parent company
also applies RFR 2 Accounting for Legal Entities.
From the first quarter of 2024, Ratos has changed its
segment reporting to better reflect the Group’s business
focus. The new segments are Industrial Services, Product
Solutions, Construction, Critical Infrastructure and
Consumer. They comprise the Group’s business areas, which
are presented on pages 4–6. The change does not entail any
restatement of previous financial reports, but rather provides
additional information about the new segments that reflects
how operations are monitored. In all other respects, the
reporting and measurement principles are unchanged
compared with those applied in Ratos’s 2023 Annual Report.
The new and revised IFRS standards which came into
force in 2024 have not had any material effect on the Ratos
Group’s financial statements.
Amounts are presented in SEK million (SEKm) unless
otherwise stated. Rounding may apply in tables and
calculations, which means that the stipulated total amounts
are not always an exact amount of the rounded amounts.
Note 2 Risks and uncertainties
Operations at Ratos Group include inherent risks attributable
to both the parent company and companies in the business
areas. These mainly comprise market, operational and
transaction risks and can include both general risks, such as
external factors and macroeconomic development, as well as
company and sector-specific risks.
The financial risks consist of liquidity risk, interest rate
risk, credit risk and currency risk. There are several financial
risks to which most of the companies are exposed, primarily
related to loans, trade receivables, trade payables and
derivative instruments. The risks to which the companies are
exposed are managed by each individual company.
Ratos is exposed to financial risks, mainly in terms of
value changes in the companies and liquidity risk. Ratos’s
future earnings development is dependent to a large extent
on the success of the underlying companies, which in turn is
dependent on, among other things, how successful each
company’s management group and board of directors are at
developing the company and implementing value-adding
initiatives.
A more detailed description of the material risks and
uncertainties to which the Group and the parent company are
exposed is provided in the Directors’ Report and in Notes 25
and 31 in the 2023 Annual Report.
Note 3 Financial instruments
Ratos applies fair value measurements to a limited extent and
mainly for derivatives, synthetic options, contingent
considerations and put options. These items are measured
according to levels two and three, respectively, in the fair
value hierarchy.
In the statement of financial position at 31 March 2024,
the net value of derivatives (level two) amounted to SEK 3m
(-14 at 31 December 2023), of which SEK 8m (5 at 31
December 2023) was recognised as an asset and SEK 5m (18
at 31 December 2023) as a liability.
In the statement of financial position at 31 March 2024,
the total value of financial instruments measured at fair value
in accordance with level three was SEK 2,151m (2,158 at 31
December 2023). The change is presented in the table below.
Change, level 3 Change, level 3 Change, level 3 Change, level 3
SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
Opening balance 149 153 1,869 1,669 141 236
Recognised in comprehensive income 5 76 26 -63 2 23
Recognised against equity -30 263
Newly issued/subsequent expenditure 69
Acquisitions, Group companies
Settlements -80 -9 -187
Closing balance Closing balance Closing balance Closing balance 153 153 153 153 149 149 149 149 1,864 1,864 1,864 1,864 1,869 1,869 1,869 1,869 134 134 134 134 141 141 141 141
Synthetic options Synthetic options Synthetic options Synthetic options Call and put options Call and put options Call and put options Call and put options Contingent considerations Contingent considerations Contingent considerations Contingent considerations
===== SIDA 17 =====
16 Ratos Interim Report Q1 2024
Note 4 Acquired and divested companies
Acquisitions within business areas
In March, HL Display completed the acquisition of pr trading-
Flekota A/S (pr trading), which had been its distribution
partner in Denmark. The company delivers standard and
customised display and store solutions to Danish grocery
retailers as well as specialist retailers and brand
manufacturers. The company has 38 employees and sales of
approximately DKK 160m.
The preliminary acquisition analysis for the add-on
acquisition carried out during the period is presented to the
right.
Note 5 Segment reporting
The Industry business area consists of two segments, Industrial Services and Product Solutions, that develop and sell their own
products. The companies in this segment are active in markets with strong underlying growth such as technology consultancy
services, energy-efficient lighting, sustainable lightweight structures and renewable energy, modern grocery retail, pharmacology and
aftermarket solutions. Industrial Services consists of Aleido, Knightec, Semcon, Speed Group and TFS, while Product Solutions
consists of Diab, HL Display, LEDiL and Oase Outdoors. The Construction & Services business area’s focus is on building and
maintaining a sustainable society. The business area is divided into two segments – Construction, which focuses on community
building (such as hospitals, schools and commercial buildings), and Critical Infrastructure, with a service offering primarily
comprising maintenance of infrastructure within railway, road and energy solutions. Critical Infrastructure consists of Aibel, Expin
Group and Presis Infra, and Construction Services consists of airteam, HENT and SSEA Group. Consumer consists of KVD and
Plantasjen.
SEKm SEKm SEKm SEKm
Intangible assets 0
Property, plant and equipment 2
Right-of-use assets 8
Financial assets 2
Deferred tax asset
Trade receivables 40
Current assets 19
Cash and cash equivalents 5
Deferred tax liability -0
Non-current liabilities
Current liabilities -45
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 30 30 30 30
Goodwill 140
Purchase price Purchase price Purchase price Purchase price 170 170 170 170
of which, paid in cash 170 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
Net sales, SEKm Net sales, SEKm Net sales, SEKm Net sales, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Industrial Services 1,416 1,472 5,542 5,598
Product Solutions 1,310 1,256 5,035 4,981
Construction 3,039 3,359 13,362 13,682
Critical Infrastructure 1,231 900 3,947 3,616
Consumer 843 830 5,901 5,888
- whereof Plantasjen 552 542 4,291 4,281
Elimination of internal net sales -13 -0 -30 -17
Ratos group Ratos group Ratos group Ratos group 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 33,756 33,756 33,756 33,756 33,748 33,748 33,748 33,748
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm EBITA, adjusted, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Industrial Services 140 146 417 423
Product Solutions 168 157 550 540
Construction 133 123 789 779
Critical Infrastructure 164 161 515 512
Consumer -194 -213 154 136
- whereof Plantasjen -198 -215 57 40
Group costs -51 -50 -147 -146
Ratos group Ratos group Ratos group Ratos group 359 359 359 359 324 324 324 324 2,279 2,279 2,279 2,279 2,244 2,244 2,244 2,244
===== SIDA 18 =====
17 Ratos Interim Report Q1 2024
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Industrial Services 9.9% 9.9% 7.5% 7.6%
Product Solutions 12.8% 12.5% 10.9% 10.8%
Construction 4.4% 3.7% 5.9% 5.7%
Critical Infrastructure 13.3% 17.9% 13.1% 14.2%
Consumer -23.0% -25.6% 2.6% 2.3%
Ratos group/one.sups⁾ 4.6% 4.1% 6.8% 6.7%
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm Operating profit/loss, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Industrial Services 122 126 344 349
Product Solutions 168 157 550 540
Construction 133 118 786 770
Critical Infrastructure 153 147 -35 -41
Consumer -195 -214 -100 -119
Items affecting comparability 1,656 1,656
Group costs -51 -50 -147 -146
Ratos group Ratos group Ratos group Ratos group 329 329 329 329 285 285 285 285 3,054 3,054 3,054 3,054 3,010 3,010 3,010 3,010
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm Cash flow from operating activities, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Industrial Services 94 220 491 617
Product Solutions -9 6 742 757
Construction -433 318 1,338 2,089
Critical Infrastructure 427 178 388 139
Consumer -176 -202 773 746
Parent company and central companies -40 -12 -101 -74
Ratos group Ratos group Ratos group Ratos group -137 -137 -137 -137 507 507 507 507 3,631 3,631 3,631 3,631 4,275 4,275 4,275 4,275
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
Order intake, SEKm Order intake, SEKm Order intake, SEKm Order intake, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Construction 2,871 4,072 9,681 10,882
Critical Infrastructure 1,807 798 5,074 4,065
Construction & Services Construction & Services Construction & Services Construction & Services 4,679 4,679 4,679 4,679 4,870 4,870 4,870 4,870 14,755 14,755 14,755 14,755 14,947 14,947 14,947 14,947
Aibel/two.sups ⁾ 6,052 11,823 11,594 17,365
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Construction 19,217 22,340 19,217 19,212
Critical Infrastructure 8,699 7,891 8,699 7,580
Construction & Services Construction & Services Construction & Services Construction & Services 27,916 27,916 27,916 27,916 30,231 30,231 30,231 30,231 27,916 27,916 27,916 27,916 26,792 26,792 26,792 26,792
Aibel/two.sups ⁾ 33,836 38,207 33,836 32,041
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
Return on capital employed, % Return on capital employed, % Return on capital employed, % Return on capital employed, % 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Industrial Services 13.8% 19.0% 14.3%
Product Solutions 9.3% 6.8% 9.2%
Construction 26.8% 15.3% 26.1%
Critical Infrastructure 11.6% 15.0% 11.1%
Consumer -0.9% 1.3% -1.3%
Ratos group/one.sups⁾ 10.4% 10.0% 10.0%
1) The Ratos Group's EBITA-margin, adjusted and return on capital employed also includes the parent company and
central companies.
2) Aibel´s order intake and order backlog is not consolidated in the segment Critical Infrastructure
===== SIDA 19 =====
18 Ratos Interim Report Q1 2024
Key figures
For definitions, see page 21
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Leverage excl. financial leasing 0.8x 2.2x 0.7x
Leverage 1.7x 3.2x 1.5x
Equity ratio, % 38.6 36.0 40.0
Return on equity, % 10.4 6.1 10.0
Return on capital employed excl. financial leasing, % 10.4 10.0 10.0
Return on capital employed, % 9.1 8.6 8.8
Return on invested capital, % 7.6 7.1 7.4
Key figures per share Key figures per share Key figures per share Key figures per share/one.sups/one.sups /one.sups/one.sups⁾⁾ ⁾⁾
Total return, % 1.2 -21.7 -10.6
Dividend yield, % 3.5
Market price, SEK 35.18 31.62 36.08
Dividend, SEK 1.25
Equity attributable to owners of the parent, SEK/two.sups⁾ 36.52 35.81 37.71
Basic earnings per share, SEK 0.06 -0.09 3.73
Diluted earnings per share, SEK 0.06 -0.09 3.72
Average number of ordinary shares outstanding:
– before dilution 326,719,890 325,898,988 326,042,022
– after dilution 327,173,966 326,024,625 329,731,610
Total number of registered shares 327,085,688 325,898,988 326,516,488
Number of shares outstanding/three.sups
⁾ 327,085,688 325,898,988 326,516,488
– of which, Class A shares 84,637,060 84,637,060 84,637,060
– of which, Class B shares 242,448,628 241,261,928 241,879,428
/one.sups⁾ Relates to Class B shares unless specified otherwise
/two.sups⁾ Equity attributable to owners of the parent divided by the number of outstanding ordinary shares at the end of the period
/three.sups⁾ After redemption and transfer of Ratos own shares
===== SIDA 20 =====
19 Ratos Interim Report Q1 2024
Reconciliations between alternative performance measures (APM) and IFRS
Ratos applies financial measures that are not defined in IFRS
but are so-called alternative performance measures (APMs).
The alternative performance measures presented are
considered to be valuable supplementary information for
analysts and other stakeholders for the evaluation and
assessment of the Group’s financial performance and
position. Ratos’s definitions of these performance measures
may differ from other companies and, accordingly, these are
not always comparable with similar performance measures
used in other companies.
The following reconciliations and accounts pertain to sub-
components included in the material alternative performance
measures used in this report. Reconciliation is made against
the most reconcilable item, subtotal or total provided in the
financial statements for the corresponding period. Definitions
are available at www.ratos.com and on page 21 of this report.
Organic growth
EBITDA, EBITA and operating profit
Interest-bearing net debt
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % 0% 0% 0% 0% 26% 26% 26% 26% 13% 13% 13% 13%
Net sales Net sales Net sales Net sales 7,825 7,825 7,825 7,825 7,817 7,817 7,817 7,817 33,748 33,748 33,748 33,748
Acquired net sales 160 1,083 3,166
Effects from change in currency -85 6 -112
Other* -3 -194
Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 7,750 7,750 7,750 7,750 6,730 6,730 6,730 6,730 30,888 30,888 30,888 30,888
Divested net sales in the comparison period 3 2
Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period Net sales, adjusted in the comparison period 7,813 7,813 7,813 7,813 6,220 6,220 6,220 6,220 29,873 29,873 29,873 29,873
Organic growth Organic growth Organic growth Organic growth -63 -63 -63 -63 511 511 511 511 1,014 1,014 1,014 1,014
Organic growth, % Organic growth, % Organic growth, % Organic growth, % -1% -1% -1% -1% 8% 8% 8% 8% 3% 3% 3% 3%
*Corrections related to Expin Group of SEK -193m for "Full Year 2023"
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
EBITDA EBITDA EBITDA EBITDA 717 717 717 717 661 661 661 661 5,308 5,308 5,308 5,308
Depreciations and impairment -358 -337 -1,408
EBITA EBITA EBITA EBITA 359 359 359 359 324 324 324 324 3,901 3,901 3,901 3,901
Reversal of write-down in associates 1,656
Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 359 359 359 359 324 324 324 324 2,244 2,244 2,244 2,244
Amortisation and impairment of intangible assets in connection with
company acquisitions -30 -39 -890
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss 329 329 329 329 285 285 285 285 3,010 3,010 3,010 3,010
SEKm SEKm SEKm SEKm 2024-03-31 2024-03-31 2024-03-31 2024-03-31 2023-03-31 2023-03-31 2023-03-31 2023-03-31 2023-12-31 2023-12-31 2023-12-31 2023-12-31
Interest-bearing liabilities, other 4,993 6,943 5,049
Provisions for pensions 65 59 65
Interest-bearing assets -74 -106 -34
Cash and cash equivalents -1,639 -2,072 -2,360
Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing Interest-bearing net debt excl. financial leasing 3,346 3,346 3,346 3,346 4,826 4,826 4,826 4,826 2,720 2,720 2,720 2,720
Financial leasing liabilities 5,711 5,789 5,398
Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing Interest-bearing net debt inc. financial leasing 9,057 9,057 9,057 9,057 10,614 10,614 10,614 10,614 8,118 8,118 8,118 8,118
===== SIDA 21 =====
20 Ratos Interim Report Q1 2024
Specification of net financial items
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm Ratos Group, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Interest income 19 18 4% 76
Interest expense -78 -81 3% -340
Interest expense financial leasing -71 -71 0% -276
Net interest Net interest Net interest Net interest -131 -131 -131 -131 -134 -134 -134 -134 2% 2% 2% 2% -540 -540 -540 -540
Net exchange rate effects -0 -27 99% -70
Other financial items -22 -34 34% -127
Net financial items Net financial items Net financial items Net financial items -153 -153 -153 -153 -195 -195 -195 -195 21% 21% 21% 21% -737 -737 -737 -737
Change% Change% Change% Change%
Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Full Year Full Year Full Year Full Year
Parent company, SEKm Parent company, SEKm Parent company, SEKm Parent company, SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Net interest 18 26 -28% 79
Net exchange rate effects -1 -16 91% -21
Other financial items -9 -22 59% -49
Net financial items Net financial items Net financial items Net financial items 88 88 -12 -12 -12 -12 pos pos pos pos 99 99
Change% Change% Change% Change%
===== SIDA 22 =====
21 Ratos Interim Report Q1 2024
Definitions
Dividend yield
Proposed dividend on ordinary shares expressed as a
percentage of the Class B share’s closing price at the
period’s last trading day.
Total return
Price development of Class B shares including reinvested
dividends (this year’s paid dividend) on ordinary shares.
Return on equity
Profit for the period attributable to owners of the parent for
the last 12 months divided by average equity attributable to
owners of the parent during the five most recent quarters.
Return on invested capital
Adjusted EBITA less tax paid for the last 12 months as a
percentage of average capital invested during the five most
recent quarters.
Return on capital employed
Adjusted EBITA for the last 12 months as a percentage of
average capital employed during the five most recent
quarters.
Return on capital employed, business area and
segment
Adjusted EBITA for operating companies for the last 12
months as a percentage of average capital employed
excluding financial lease liabilities during the five most recent
quarters.
EBITDA
EBITA with depreciation, amortisation and impairment
reversed (Earnings Before Interest, Tax, Depreciation and
Amortisation).
EBITDA margin
EBITDA expressed as a percentage of net sales.
EBITA
Operating profit before impairment of goodwill as well as
amortisation and impairment of other intangible assets that
arose in conjunction with company acquisitions and similar
transactions (Earnings Before Interest, Tax and Amortisation).
EBITA margin
EBITA expressed as a percentage of net sales.
Equity per share
Equity attributable to owners of the parent divided by the
number of outstanding ordinary shares at the end of the
period.
Invested capital
Non-current assets (including goodwill) and working capital.
Adjusted EBITA
EBITA adjusted for capital gains and the revaluation of listed
shares and non-recurring items affecting comparability at the
business area level.
Adjusted EBITA margin
Adjusted EBITA expressed as a percentage of net sales.
Cash flow from operating activities
Includes cash flow from operating profit, dividends received
from associates, interest and financial items, income tax paid,
and changes in working capital.
Average number of employees
Total number of hours worked during the most recent full
year restated as full-time positions. Also includes average
number of employees in key associates.
Order intake
The value of projects and contracts received, as well as
changes in the value of existing projects and agreements
during the current period. Order intake is only reported for
the Construction & Services business area since it is
considered a key performance measure for its operations.
Order backlog
The value of the remaining unearned project revenue in
pending assignments at the end of the period. Order backlog
is only reported for the Construction & Services business
area since it is considered a key performance measure for its
operations.
Organic growth
Net sales growth in comparable units. The effects of
acquisitions, divestments and exchange rate changes are
excluded.
Basic earnings per share
Profit for the period attributable to owners of the parent
company divided by the average number of outstanding
ordinary shares.
Diluted earnings per share
When calculating diluted earnings per share, earnings and
the average number of shares are adjusted to take into
account the effects of potential ordinary shares, which, for
the reported periods, pertain to convertible debt instruments
and warrants issued to employees.
Interest-bearing net debt
Interest-bearing liabilities (including financial lease liabilities)
and pension provisions minus interest-bearing assets and
cash and cash equivalents.
Capital employed
Equity, non-controlling interests and interest-bearing
liabilities.
Leverage excl. finance leases
Interest-bearing net debt excluding finance leases in relation
to EBITDA for the last 12 months.
Leverage
Interest-bearing net debt in relation to EBITDA for the last 12
months.
Equity ratio
Reported equity expressed as a percentage of total assets.
Non-controlling interests are included in equity.
Last 12-month period
The most recent 12 months.
===== SIDA 23 =====
Investor presentation
29 April 9:00 a.m.
Webcast: https://youtube.com/live/m1pxBSsaufo?feature=share
Financial calendar
2024 2024 2024 2024
Interim report Q2 2024 18 July
Interim report Q3 2024 22 October
Stockholm, 29 April 2024
Ratos AB (publ)
Jonas Wiström
President and CEO
For further information, please contact:
Jonas Wiström, President and CEO, +46 8 700 17 00
Jonas Ågrup, CFO and IR, +46 8 700 17 00
Josefine Uppling, Vice President Communication &
Sustainability,
+46 8 700 17 00
This report has not been reviewed by Ratos’s auditors.
This is information that Ratos AB is obliged to make public
pursuant to the EU Market Abuse Regulation. The information
was submitted for publication, through the agency of the
contact persons set out above, at 7:00 a.m. CEST on 29 April
2024.
Ratos AB (publ)
Sturegatan 10, Mailbox 511 SE-114 11 Stockholm
Tel: +46 8 700 17 00
www.ratos.com
Reg. no. 556008-3585
===== SIDA 24 =====