FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2024
===== SIDA 1 =====
Interim report
Q3 2024
===== SIDA 2 =====
1 Ratos Interim report Q3 2024
Interim report January–September 2024
Q3 2024
Adjusted 1) EBITA amounted to SEK 469m (517)
Operating profit amounted to SEK 159m 2) (481)
Profit for the period amounted to SEK -54m 2) (287)
Adjusted diluted earnings per share amounted to SEK 0.40 (0.57)
Diluted earnings per share amounted to SEK -0.45 2) (0.57)
Cash flow from operating activities amounted to SEK 783m (862)
January–September 2024
Adjusted 1) EBITA amounted to SEK 1,928m (1,918)
Operating profit amounted to SEK 1,558m 2) (1,804)
Profit for the period amounted to SEK 806m 2) (1,026)
Adjusted diluted earnings per share amounted to SEK 2.32 (2.28)
Diluted earnings per share amounted to SEK 1.47 2) (2.28)
Cash flow from operating activities amounted to SEK 2,042m (3,393)
Adjusted leverage excluding finance leases amounted to 1.2x (1.3x)
Leverage excluding finance leases was 0.7x 3) (1.3x)
Significant events during and after the end of the quarter
On 22 August, Plantasjen filed for reconstruction for selected legal entities in Sweden, Norway and Finland. In
September, Plantasjen’s Finnish operations were declared bankrupt. The reconstruction decision resulted in an
impairment of goodwill of SEK 246m being carried out in the quarter.
The merger of the Ratos companies Knightec and Semcon commenced in the third quarter and is expected to be
completed in early 2025. Following the merger, the new company will hold a leading position in the northern Europe
within product development and digital services.
During the quarter, Expin Group’s operations were restructured to focus on the electrification of rail infrastructure.
On 1 October, HL Display acquired Kost Klip Manufacturing Ltd., a Canadian manufacturer of in-store
communication and shelf management solutions for the retail industry.
Ratos Group, SEKm
1) For a reconciliation of adjusted EBITA, see page 21. For definitions, see page 23.
2) Negatively impacted by impairment of goodwill in Plantasjen of SEK -246m and other items affecting comparability of SEK -34m.
3) Positively impacted by a previous impairment of the holding in Aibel of SEK 1,656m in December 2023 and negatively impacted by other items affecting comparability of
SEK -34m in Q3 2024.
4) Operating profit and profit for the period were impacted by impairment of goodwill in Plantasjen of SEK -246m and other items affecting comparability of SEK -34m in Q3 2024.
Operating profit and profit for the period were positively affected, net, 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, and impairment of goodwill in Plantasjen of SEK -250m.
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Change Change Change Change Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Change Change Change Change LTM LTM LTM LTM Full Year Full Year Full Year Full Year Change Change Change Change
2024 2024 2024 2024 2023 2023 2023 2023 % % %% 2024 2024 2024 2024 2023 2023 2023 2023 % % %% Rolling Rolling Rolling Rolling 2023 2023 2023 2023 %% %%
Net sales 7,454 7,971 -6% 24,394 25,788 -5% 32,353 33,748 -4%
EBITDA 758 896 -15% 2,933 2,978 -2% 5,263 5,308 -1%
EBITA, adjusted/one.sups ⁾ 469 517 -9% 1,928 1,918 1% 2,254 2,244 0%
EBITA %, adjusted/one.sups ⁾ 6.3% 6.5% 7.9% 7.4% 7.0% 6.7%
EBITA 435 517 -16% 1,894 1,918 -1% 3,877 3,901 -1%
EBITA % 5.8% 6.5% 7.8% 7.4% 12.0% 11.6%
Operating profit ⁴⁾ 159 481 -67% 1,558 1,804 -14% 2,764 3,010 -8%
Profit before tax 1 309 -100% 1,091 1,231 -11% 2,133 2,273 -6%
Profit/loss for the period ⁴⁾ -54 287 -119% 806 1,026 -22% 1,785 2,006 -11%
Basic earnings per share, SEK -0.45 0.57 neg 1.47 2.28 -3 5% 2.93 3.73 -21%
Diluted earnings per share, SEK -0.45 0.57 neg 1.47 2.28 - 35% 2.92 3.72 -22%
Cash flow from operating activities 783 862 -9% 2,042 3,3 93 -40% 2,925 4,275 -32%
Leverage excl. financial leasing 0.7x 1.3x 0.7x
Return on capital employed excl. financial leasing 10.2% 10.3% 10.0%
===== SIDA 3 =====
2 Ratos Interim report Q3 2024
CEO comments on performance in the third quarter of 2024
Strong cash flows and stable earnings trend in a weaker market
Overall, I am pleased with our performance in a busy third quarter. The Industry business area continued to deliver increased
earnings, improved profitability and strong cash flows in a slightly weaker-than-expected market. We were particularly
pleased with the impressive performance of our technology consultancy companies. Earnings in the Consumer business area
also improved slightly in the quarter, while earnings in Construction & Services declined. The order intake increased, and the
backlog of orders is now equivalent to nearly two years’ worth of sales for the business area.
In August, we filed for reconstruction for selected legal entities in
Plantasjen in Norway, Sweden and Finland. Following a decline in
market demand over time, we need to create a smaller but profitable
Plantasjen. The primary focus of the reconstruction is to downsize the
store network, optimise lease contracts, and rightsize the
organisation. These actions are necessary to transform Plantasjen
into a financially viable business with favourable profitability going
forward. Goodwill in Plantasjen was impaired in conjunction with the
debt restructuring.
In September, work commenced on the merger of Knightec and
Semcon (Knightec Group) to create a leading partner for the
development of products and digital services. Following the merger,
Knightec Group is expected to have a sales of approximately SEK 2.7
billion and about 2,400 employees. The merger process has started,
and the results so far have exceeded our expectations. The
organisational component of the merger will be completed in the first
quarter of 2025 and is expected to create significant synergies.
Expin Group’s operations were restructured during the quarter. Going
forward, Expin Group’s operations will focus on the electrification of
rail infrastructure through its subsidiaries Ratatek, ES-Infra and
TKBM. Its project planning, contracting and maintenance operations
have been discontinued.
Overall, the actions taken in the quarter have laid a solid foundation
for further earnings improvements and increased profitability in the
future.
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
Earnings in the business area increased 21%. Adjusted EBITA
amounted to SEK 235m (194). The EBITA margin was 9.7% (7.9).
The Industrial Services segment performed well during the quarter,
with all companies reporting higher EBITA, corresponding to a total
increase of 31%. The technology consultancy companies reported
organic sales growth of 8% despite a slightly weaker market. Sales in
the Industrial Services segment decreased in the quarter due to lower
demand for clinical trials. Overall, this was a good quarter for
Industrial Services.
The Product Solutions segment also delivered a strong performance
during the quarter, with all companies reporting higher EBITA,
corresponding to a total increase of 15%. Sales increased by 1% as a
result of add-on acquisitions in HL Display and LEDiL. Diab, which
accounted for the most significant EBITA growth in the quarter,
continued to reduce its sales in wind power. HL Display continued to
report organic sales and EBITA growth. The company also continued
to deliver an impressive performance and strengthened its market-
leading position in Europe. Overall, this was a good quarter for
Product Solutions.
Construction & Services Construction & Services Construction & Services Construction & Services
Earnings in the business area declined 22%. Adjusted EBITA
amounted to SEK 317m (408). The EBITA margin was 8.2% (9.8). The
LTM order intake for the business area increased 25% excluding
Aibel.
The Construction segment’s earnings were 19% lower in the quarter
than in the corresponding period last year, which included several
strong project completions. The order intake increased in the quarter,
as did the backlog of orders, which mainly comprise government
contracts. While demand in the construction market remained
generally weak, strong order books and a high order intake mean that
our prospects for a continued favourable performance are good. In
the installation market, airteam continued to deliver favourable
earnings.
The Critical Infrastructure segment’s sales declined 26% due to the
overstated reporting of Expin Group’s earnings for the same period
last year. A new structure is in place, and Expin Group’s focus going
forward will be on creating a profitable player in the Swedish market
for the electrification of rail infrastructure. Presis Infra continued to
deliver higher, strong earnings. Aibel, which reported slightly weaker
earnings due to project phasing during the quarter, continues to
perform very well.
Consumer Consumer Consumer Consumer
The business area’s earnings improved slightly. Adjusted EBITA
amounted to SEK -56m (-67), and the EBITA margin was
-4.8% (-5.0).
Plantasjen’s earnings improved as a result of the cost-saving
programme initiated in 2023 and the sale of goods at a lower margin
during the same period previous year to reduce tied-up capital. KVD’s
EBITA declined SEK 1m as a result of profitability improvement
measures totalling approximately SEK 4m that were charged to
adjusted EBITA in the quarter.
SS SSustainability ustainability ustainability ustainability within Ratos within Ratos within Ratos within Ratos
During the quarter, we continued to focus on preparing for our future
sustainability reporting in line with the new EU sustainability
directive. Furthermore, the work with the Group's climate and
sustainability targets continues. In the fourth quarter of 2024, we will
submit our commitment to the Science Based Targets initiative (SBTi)
and anticipate having our climate targets approved in 2025. Ratos’s
sustainability agenda is based both on scientific grounds and on the
pursuit of value creation.
Strong performance in the first three quarters of 2024 Strong performance in the first three quarters of 2024 Strong performance in the first three quarters of 2024 Strong performance in the first three quarters of 2024
All in all, Ratos performed well during the period in a market with
slightly weaker demand overall. Adjusted EBITA increased slightly,
profitability improved, and our cash flows are strong. The measures
implemented during the quarter provide a good foundation for
continued value creation in a market with varying demand. Our
earnings and profitability continued to improve, our order intake was
strong, and Ratos’s financial position has been further strengthened.
Jonas Wiström, President and CEO
===== SIDA 4 =====
3 Ratos Interim report Q3 2024
Group performance Q3 2024
Net sales
Net sales for the period amounted to SEK 7,454m (7,971), down -6% year on year. Organic sales growth was negative for the period
and amounted to -4%. The Critical Infrastructure segment displayed strong organic sales growth, while the other segments reported
negative organic growth. Currency effects had a negative impact of SEK -281m (-4%) on net sales, primarily as a result of the weak
NOK. The structural effect amounted to SEK 64m (1%) and was attributable to add-on acquisitions in the Product Solutions segment.
Profit
Adjusted EBITA amounted to SEK 469m (517) for the period and the adjusted EBITA margin was 6.3% (6.5). The decline in earnings
was attributable to lower earnings in Construction & Services, where the previous year was positively impacted by the completion of
projects in Construction. For the Industrial Services and Product Solutions segments, earnings improved compared with the year-
earlier period. The Consumer segment reported stronger earnings compared with the year-earlier quarter due to an earnings
improvement in Plantasjen. Operating profit was negatively affected by an impairment of goodwill in Plantasjen of SEK 246m. Net
financial items amounted to SEK -158m (-172). The Group’s net interest was lower than in the year-earlier period due to lower market
interest rates. The effective tax rate for the quarter, adjusted for items affecting comparability, was 20% (7).
Financial performance Q3 2024
Adjusted EBITA, quarterly and LTM, SEKm
Sales bridge, Q3
Net sales, quarterly and LTM, SEKm
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023
Industry 2,428 2,465 -2% 235 194 21%
Construction & Services 3,873 4,155 -7% 317 408 -22%
Consumer 1,154 1,351 -15% -56 -67 17%
Group costs -28 -18 -55%
Elimination of internal net sales -0
Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted Net sales and EBITA, adjusted 7,454 7,454 7,454 7,454 7,971 7,971 7,971 7,971 -6% 469 469 469 469 517 517 517 517 -9%
Items affecting comparability -34
Amortisation and impairment of intangible assets in connection with
company acquisitions -276 -35 neg
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 159 159 159 159 481 481 481 481 -67%
Finance net -158 -172 8%
Profit before tax Profit before tax Profit before tax Profit before tax 11 11 309 309 309 309 -100%
Tax -55 -22 neg
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -54 -54 -54 -54 287 287 287 287 -119%
Change Change Change Change
% % % %
Change Change Change Change
% % % %
Net sales EBITA, adjusted
432 318 324
1,078
517
326 359
1,101
469
0
200
400
600
800
1,000
1,200
1,400
Q3
2022
Q4 Q1 Q2 Q3
2023
Q4 Q1 Q2 Q3
2024
LTM
Net sales
2023, SEKm 7,971
Structure, % 1%
Currency, % -4%
Organic growth, % -4%
Total, % -6%
2024, SEKm 7,454
7,039
8,195 7,817
10,001
7,971 7,960 7,825
9,114
7,454
Q3
2022
Q4 Q1 Q2 Q3
2023
Q4 Q1 Q2 Q3
2024
LTM
===== SIDA 5 =====
4 Ratos Interim report Q3 2024
Group performance January–September 2024
Net sales
Net sales for the period amounted to SEK 24,394m (25,788), down -5% year on year. Organic sales growth was negative for the period
and amounted to -5%. The Critical Infrastructure segment displayed strong organic sales growth, while the other segments reported
negative organic growth. Currency effects had a negative impact of SEK -341m (-1%) on net sales, primarily as a result of the weak
NOK. The structural effect amounted to SEK 277m (1%) and was mainly attributable to add-on acquisitions in the Industrial Services
and Product Solutions segments.
Profit
Adjusted EBITA in the period amounted to SEK 1,928m (1,918), up 1% year on year. The adjusted EBITA margin was 7.9% (7.4). The
Construction and Critical Infrastructure segments reported slightly weaker earnings compared with the year-earlier quarter, which
was mainly the result of positive project completions in the preceding year and a decline in earnings in Expin Group. Earnings for the
Industrial Services and Product Solutions segments increased by 6% and 10%, respectively. Earnings for the Consumer segment
declined by 11% during the period as a result of weaker earnings in Plantasjen, where sales in the Norwegian market were negatively
impacted by poor weather conditions in the second quarter. Operating profit was negatively affected by an impairment of goodwill in
Plantasjen of SEK 246m. Net financial items amounted to SEK -467m (-573) and were negatively impacted in the year-earlier period
by changes in exchange rates and the revaluation of synthetic options. The effective tax rate for the period, adjusted for items
affecting comparability, was 21% (17).
Financial performance January–September 2024
Adjusted EBITA, LTM, SEKm
Sales bridge, January–September
Net sales, LTM, SEKbn
Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 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 7,837 7,991 -2% 10,409 10,563 819 754 9% 1,028 963
Construction & Services 12,180 12,987 -6% 16,491 17,298 9 67 984 -2% 1,274 1,291
Consumer 4,378 4,810 -9% 5,455 5,888 269 301 -11% 103 136
Group costs -127 -121 -5% -151 -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 24,394 24,394 24,394 24,394 25,788 25,788 25,788 25,788 -5% 32,353 32,353 32,353 32,353 33,748 33,748 33,748 33,748 1,928 1,928 1,928 1,928 1,918 1,918 1,918 1,918 1% 2,254 2,254 2,254 2,254 2,244 2,244 2,244 2,244
Items affecting comparability -34 1,622 1,656
Amortisation and impairment of intangible assets
in connection with company acquisitions -337 -114 neg -1,112 -890
Consolidated operating profit Consolidated operating profit Consolidated operating profit Consolidated operating profit 1,558 1,558 1,558 1,558 1,804 1,804 1,804 1,804 -14% 2,764 2,764 2,764 2,764 3,010 3,010 3,010 3,010
Finance net -467 -573 19% -631 -737
Profit before tax Profit before tax Profit before tax Profit before tax 1,091 1,091 1,091 1,091 1,231 1,231 1,231 1,231 -11% 2,133 2,133 2,133 2,133 2,273 2,273 2,273 2,273
Tax -285 -204 -40% -348 -267
Profit for the period Profit for the period Profit for the period Profit for the period 806 806 806 806 1,026 1,026 1,026 1,026 -22% 1,785 1,785 1,785 1,785 2,006 2,006 2,006 2,006
Net sales EBITA, adjusted
Change Change Change Change
% % % %
Change Change Change Change
% % % %
1,874 1,966 2,038 2,153 2,237 2,244 2,279 2,302 2,254
6.8% 6.6% 6.5% 6.5% 6.6% 6.7% 6.8% 7.0% 7.0
%
Q3
2022
Q4 Q1 Q2 Q3
2023
Q4 Q1 Q2 Q3
2024
EBITA %
Net sales
2023, SEKm 25,788
Structure, % 1%
Currency, % -1%
Organic growth, % -5%
Total, % -5%
2024, SEKm 24,394
27.4 29.9 31.5 33.1 34.0 33.7 33.8 32.9 32.4
6.5%
8.9%
5.3% 5.0%
2.8% -0.7% 0.0% -2.6% -1.6%
Q3
2022
Q4 Q1 Q2 Q3
2023
Q4 Q1 Q2 Q3
2024
Growth %
===== SIDA 6 =====
5 Ratos Interim report Q3 2024
Industry
The Industry business area consists of the Industrial Services and Product Solutions segments. Industrial Services consists of Aleido,
Knightec, Semcon, Speed Group and TFS, while Product Solutions consists of Diab, HL Display, LEDiL and Oase Outdoors. See Note
5 for segment reporting.
Net sales
The business area’s net sales for the third quarter amounted to SEK 2,428m (2,465), down 2%, of which structural effects accounted
for a positive 3%, corresponding to SEK 64m pertaining to add-on acquisitions in HL Display and LEDiL. Organic sales growth was
negative for the quarter and amounted to -2%. In Diab, volumes in the wind segment continued to decline in the quarter, which had a
negative impact on organic growth. In the Industrial Services segment, the technology consultancy companies displayed positive
organic sales growth of 8%.
Profit
Adjusted EBITA for the business area amounted to SEK 235m (194) for the quarter, up 21% year on year. The adjusted EBITA margin
was 9.7% (7.9). Both Industrial Services and Product Solutions reported healthy increases in profit for the quarter. Earnings in the
Industrial Services segment were positively impacted by the fact that the current quarter contained one more working day than in the
preceding year. All companies in the Product Solutions segment reported healthy earnings improvements.
Financial performance
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 2,428 2,465 -2% 7,837 7,991 -2% 10,409 10,563 -1%
EBITA, adjusted 235 194 21% 819 754 9% 1,028 963 7%
whereof Industrial Services 104 80 31% 332 313 6% 442 423 4%
whereof Product Solutions 131 114 15% 487 441 10% 586 540 8%
EBITA %, adjusted 9.7% 7.9% 10.5% 9.4% 9.9% 9.1%
EBITA 215 194 11% 799 754 6% 1,008 963 5%
EBITA % 8.9% 7.9% 10.2% 9.4% 9.7% 9.1%
Operating profit 196 175 12% 743 698 6% 933 889 5%
Operating profit % 8.1% 7.1% 9.5% 8.7% 9.0% 8.4%
Cash flow from operating activities 395 337 17% 958 977 -2% 1,355 1,374 -1%
Return on capital employed, business area % 11.3% 10.3% 10.9%
Average number of employees 6,785
Change Change Change Change
% % % %
Change Change Change Change
% % % %
Change Change Change Change
% % % %
552
671
824
901 929 963 967 986 1,028
7.9% 8.6% 9.4% 9.3% 9.0% 9.1% 9.2% 9.4% 9.9%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
EBITA %
7,014
7,755
8,754
9,641
10,279 10,563 10,548 10,446 10,409
2.9%
10.6% 12.9%
10.1%
6.6%
2.8%
-0.1% -1.0% -0.4%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
Growth %
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3
2024 2024 2024 2024 2024 2024 2024 2024
2023, SEKm 2,465 7,991
Structure, % 3% 3%
Currency, % -2% -0%
Organic growth, % -2% -5%
Total, % -2% -2%
2024, SEKm 2,428 7,837
===== SIDA 7 =====
6 Ratos Interim report Q3 2024
Construction & Services
The Construction & Services business area consists of the Critical Infrastructure and Construction segments. Critical Infrastructure
consists of Aibel, Expin Group and Presis Infra, and Construction Services consists of airteam, HENT and SSEA Group. See Note 5 for
segment reporting.
Order status
At the end of the quarter, the LTM order intake 1) for the business area amounted to SEK 18,326m (14,646) and the order backlog to
SEK 29,580m (29,144). The order intake during the quarter amounted to SEK 1,401m (1,470) and was negatively impacted by currency
effects totalling SEK 154m (-10%). Organic growth in order intake was positive in the quarter and amounted to 6%.
Net sales
Net sales in the business area for the third quarter amounted to SEK 3,873m (4,155), down -7% year on year. Organic sales growth
was negative and amounted to -2%. Currency effects had a negative impact of SEK -180m (-4) on net sales, primarily as a result of the
weak NOK. Strong organic sales growth was reported for the Critical Infrastructure segment, while the Construction segment
delivered negative organic growth.
Profit
Adjusted EBITA for the business area amounted to SEK 317m (408) for the quarter, a decline of -22%, and the adjusted EBITA margin
was 8.2% (9.8). In the Critical Infrastructure segment, Presis Infra reported strong earnings, while Expin Group posted weaker
earnings compared with the year-earlier quarter. The decline in earnings in the Construction segment was attributable to the fact
that the preceding year’s earnings were heavily impacted by the completion of projects.
Financial performance
1) Aibel’s order intake and order backlog are not consolidated in the business area. See Note 5 for information about Aibel’s order intake and order backlog.
Adjusted EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Order backlog and order intake, SEKm
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 3,873 4,155 -7% 12,180 12,987 -6% 16,491 17,298 -5%
EBITA, adjusted 317 408 -22% 967 984 -2% 1,274 1,291 -1%
whereof Construction 183 225 -19% 494 500 -1% 773 779 -1%
whereof Critical Infrastructure 135 183 -26% 473 485 -2% 501 512 -2%
EBITA %, adjusted 8.2% 9.8% 7.9% 7.6% 7.7% 7.5%
EBITA 339 408 -17% 989 984 0% 2,951 2,947 0%
EBITA % 8.7% 9.8% 8.1% 7.6% 17.9% 17.0%
Operating profit 328 392 -16% 957 929 3% 2,414 2,386 1%
Operating profit % 8.5% 9.4% 7.9% 7.2% 14.6% 13.8%
Cash flow from operating activities 500 798 -37% 648 1,779 -64% 1,097 2,228 -51%
Return on capital employed, business area % 15.1% 19.7% 17.2%
Order intake /one.sups⁾ 1,401 1,470 -5% 14,807 11,427 30% 18,326 14,947 23%
Order backlog/one.sups⁾ 29,580 29,144 26,792
Average number of employees 7,464
Change Change Change Change
% % % %
Change Change Change Change
% % % %
Change Change Change Change
% % % %
995
1,130 1,156 1,198
1,338 1,291 1,304 1,364
1,274
7.1% 7.2% 6.9% 6.9%
7.5% 7.5% 7.5%
8.1%
7.7%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
EBITA %
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3
2024 2024 2024 2024 2024 2024 2024 2024
2023, SEKm 4,155 12,987
Currency, % -4% -2%
Organic growth, % -2% -4%
Total, % -7% -6%
2024, SEKm 3,873 12,180
13,996
15,730
16,629
17,400 17,767 17,298 17,308 16,773 16,491
11.3% 12.4%
5.7% 4.6%
2.1%
-2.6%
0.1%
-3.1% -1.7%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
Growth %
Order intake has been reported from January 1, 2022. The first period with 12 reported months
is thus Q4 2022
34,697 34,915
30,231 31,498
29,144
26,792 27,916
32,686
29,580
21,069
19,991 18,545
14,646 14,947 14,755
18,396 18,326
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
Order intake, LTM
===== SIDA 8 =====
7 Ratos Interim report Q3 2024
Consumer
The Consumer business area and segment consists of KVD and Plantasjen. See Note 5 for segment reporting.
Net sales
Net sales in the business area for the third quarter amounted to SEK 1,154m (1,351), down -15% year on year. Organic sales growth
was negative and amounted to -11%, mainly due to Plantasjen, where sales from the preceding year were positively impacted by sales
campaigns to reduce capital tied up in inventories. Plantasjen’s net sales for the period amounted to SEK 730m (904), down -19%
year on year. Plantasjen was negatively impacted by a challenging market during the quarter.
Profit
Adjusted EBITA for the business area amounted to SEK -56m (-67) for the quarter, and the adjusted EBITA margin was -4.8%
(-5.0). Plantasjen reported earnings of SEK -86m (-100) for the period. The earnings improvement was a result of the negative impact
of sales campaigns on goods at lower margins in the preceding year and the positive impact on earnings in the current quarter from
the ongoing cost-saving programme. Operating profit was negatively affected by an impairment of goodwill in Plantasjen of SEK
246m.
Financial performance
1) See Note 5 for Plantasjen’s adjusted net sales and EBITA.
EBITA, LTM, SEKm
Sales bridge, net sales
Net sales, LTM, SEKm
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 LTM LTM LTM LTM Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 Rolling Rolling Rolling Rolling 2023 2023 2023 2023
Net sales 1,154 1,351 -15% 4,378 4,810 -9% 5,455 5,888 -7%
EBITA, adjusted -56 -67 17% 269 301 -11% 103 136 -24%
EBITA %, adjusted -4.8% -5.0% 6.1% 6.3% 1.9% 2.3%
EBITA -90 -67 -34% 234 301 -22% 68 136 -50%
EBITA % -7.8% -5.0% 5.3% 6.3% 1.3% 2.3%
Operating profit/loss -337 -68 neg -16 298 -105% -432 -119 neg
Operating profit/loss % -29.2% -5.0% -0.4% 6.2% -7.9% -2.0%
Cash flow from operating activities -89 -247 64% 585 747 -22% 585 746 -22%
Return on capital employed, business area % -2.9% -1.1% -1.3%
Average number of employees 1,638
Change Change Change Change
% % % %
Change Change Change Change
% % % %
Change Change Change Change
% % % %
480
326
218 212
135 136 154
91 103
7.5%
5.1%
3.6% 3.5%
2.3% 2.3% 2.6% 1.6% 1.9%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
EBITA %
6,424 6,392
6,090 6,011 5,938 5,888 5,901 5,652 5,455
0.7% -0.5%
-4.7%
-1.3% -1.2% -0.8% 0.2%
-4.2% -3.5%
Q3 2022 Q4 Q1 Q2 Q3 2023 Q4 Q1 Q2 Q3 2024
Growth %
Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3
2024 2024 2024 2024 2024 2024 2024 2024
2023, SEKm 1,351 4,810
Currency, % -3% -1%
Organic growth, % -11% -8%
Total, % -15% -9%
2024, SEKm 1,154 4,378
===== SIDA 9 =====
8 Ratos Interim report Q3 2024
Financial overview, Ratos Group
Cash flow Q3
Cash flow from operating activities amounted to SEK 783m
(862). Cash flow from investing activities amounted to
SEK -116m (-41) and cash flow from financing activities to
SEK -305m (-887). Cash flow for the quarter amounted to
SEK 362m (-67).
The change in cash flow for the quarter was mainly due to
changes in external loans of SEK 52m (-542) as well as
divested non-current assets of SEK 2m (110). During the
quarter, a new loan of SEK 3,300m was secured, while two
existing loans of SEK 3,246 million were redeemed.
Cash flow January–September
Cash flow from operating activities amounted to SEK 2,042m
(3,393). Cash flow from investing activities amounted to
SEK -693m (-476) and cash flow from financing activities to
SEK -1,566m (-3,516). Cash flow for the period amounted to
SEK -216m (-599).
The change in cash flow for the period was mainly due to
changes in working capital of SEK -405m (864) and was
negatively impacted by changes in working capital in
Construction and changes in external loans of SEK -39m
(-2,316). During the period, a new loan of SEK 3,300m was
secured, while two existing loans of SEK 3,246 million were
redeemed.
Financial position and leverage
The Group’s cash and cash equivalents at the end of the
period amounted to SEK 2,121m (2,360 at 31 December 2023)
and interest-bearing net debt excluding financial lease
liabilities totalled SEK 2,755m (2,720 at 31 December 2023).
The Group’s leverage excluding financial lease liabilities at
the end of the period amounted to 0.7x (0.7x at 31 December
2023). The adjusted leverage as of 30 September 2024
amounted to 1.2x (1.1x at 31 December 2023) after a reversal
of impairment pertaining to the holding in Aibel that was
carried out in December 2023 and the reconstruction of
Plantasjen and the restructuring of Aleido, Semcon and Expin
Group in the third quarter of 2024. The Group’s interest-
bearing net debt including financial lease liabilities totalled
SEK 7,550m (8,118 at 31 December 2023). The Group’s
leverage including financial lease liabilities at the end of the
period amounted to 1.4x (1.5x at 31 December 2023). The total
translation effect of currency tied to interest-bearing
liabilities amounted to SEK -23, of which SEK 16 related to
liabilities to credit institutions and SEK -39 to financial lease
liabilities.
At the end of the period, the Group’s interest-bearing
liabilities to credit institutions amounted to SEK 4,511m
(4,509 at 31 December 2023).
Net financial items Q3
Net financial items amounted to SEK -158m (-172). The
preceding year’s net financial items were negatively impacted
by the revaluation of synthetic options.
Net financial items January–September
Net financial items amounted to SEK -467m (-573). Net
financial items in the year-earlier period were negatively
impacted by changes in exchange rates and the revaluation
of synthetic options.
Tax Q3
The tax expense for the Group amounted to SEK -55m (-22)
and profit before tax to SEK 1m (309). The effective tax rate
for the quarter was negative (7%). Adjusted for the
impairment of goodwill (SEK -246m) and items affecting
comparability (SEK -34m), the effective tax rate was 20%. The
higher effective tax rate was mainly attributable to a lower
share of capitalised loss carry-forwards in the current
quarter.
Tax January–September
The tax expense for the Group amounted to SEK -285m
(-204) and profit before tax to SEK 1,091m (1,231). The
effective tax rate for the period was 26% (17). Adjusted for the
impairment of goodwill (SEK -246) and items affecting
comparability (SEK -34), the effective tax rate was 21%, which
is in line with the Group’s nominal tax rate of approximately
20%.
Ratos’s equity
At 30 September 2024, Ratos’s equity (attributable to owners
of the parent) amounted to SEK 12,234m (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 -127m
(-119) for the January–September period. The parent
company’s loss before tax amounted to SEK -110m (69). Cash
and cash equivalents in the parent company amounted to
SEK 1,037m (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 1.47 (2.28)
before dilution and to SEK 1.47 (2.28) after dilution. The
closing price for Ratos’s Class B shares on 30 September
2024 was SEK 34.66. The total return on Class B shares in
the first quarter amounted to -0.3%, compared with the
performance for the SIX Return Index, which was 15.2%.
Number of shares
During the period, 869,200 new Class B shares were issued
in connection with the exercise/conversion of warrants and a
convertible debenture. At 30 September 2024, the total
number of shares and shares outstanding in Ratos (Class A
and B shares) amounted to 327,385,688 and the number of
votes to 108,911,923.
Incentive programmes
During the period, the parent company issued warrants and a
convertible debenture in accordance with the resolution of
the Annual General Meeting (AGM) on 26 March 2024. In
total, 650,000 warrants and 1,070,000 convertibles were
issued.
===== SIDA 10 =====
9 Ratos Interim report Q3 2024
Significant events during and after the
end of the quarter
On 22 August, Plantasjen filed for reconstruction for
selected legal entities in Sweden, Norway and Finland. In
September, Plantasjen’s Finnish operations were declared
bankrupt as a result of failing to agree on rent reductions that
would allow the company to achieve profitability under the
prevailing market conditions. The primary objectives of the
reconstruction are to downsize the store network, optimise
lease contracts, and rightsize the organisation. These actions
were necessary to transform Plantasjen into a financially
viable business going forward. The reconstruction decision
resulted in an impairment of goodwill of SEK 246m being
carried out in the quarter.
The merger of the Ratos companies Knightec and Semcon
commenced in the third quarter and is expected to be
completed in early 2025. Following the merger, the new
company will hold a leading position in the northern Europe
within product development and digital services.
During the quarter, Expin Group’s operations were
restructured to focus on the electrification of rail
infrastructure.
On 1 October, HL Display acquired Kost Klip
Manufacturing Ltd., a Canadian manufacturer of in-store
communication and shelf management solutions for the retail
industry. This acquisition will expand HL Display’s footprint in
North America and further strengthen its position as a
leading supplier of in-store merchandising and
communication solutions.
Interest-bearing net debt and leverage 1) , SEKm
Diluted earnings per share, SEK
1) Excluding financial lease liabilities
1,824
4,798 4,826
3,750
3,254
2,720
3,346 3,091
2,755
0.9x
2.5x 2.2x
1.6x 1.3x
0.7x 0.8x 0.7x 0.7x
Q3
2022
Q4 Q1 Q2 Q3
2023
Q4 Q1 Q2 Q3
2024
Leverage
2.11 2.17
8.10
1.68
3.72
2.92
-2.00
2019 2020 2021 2022 2023 2024
R12
===== SIDA 11 =====
10 Ratos Interim report Q3 2024
Financial statements
Summary consolidated income statement
Consolidated statement of comprehensive income
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Net sales 7,454 7,971 24,394 25,788 33,748
Other operating income 38 106 93 173 223
Cost of goods and services sold -4,642 -4,496 -13,769 -14,513 -19,102
Employee benefit costs -1,987 -2,027 -6,453 -6,396 -8,657
Depreciation/amortisation and impairment of property, plant and equipment and
intangible assets and right-of-use assets -600 -415 -1,375 -1,174 -2,298
Other external costs -257 -747 -1,692 -2,314 -2,997
Capital gain/loss from Group companies 63 63 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 88 89 297 239 433
Operating profit Operating profit Operating profit Operating profit 159 159 159 159 481 481 481 481 1,558 1,558 1,558 1,558 1,804 1,804 1,804 1,804 3,010 3,010 3,010 3,010
Net financial items/one.sups⁾ -158 -172 -467 -573 -737
Profit before tax Profit before tax Profit before tax Profit before tax 11 11 309 309 309 309 1,091 1,091 1,091 1,091 1,231 1,231 1,231 1,231 2,273 2,273 2,273 2,273
Income tax -55 -22 -285 -204 -267
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -54 -54 -54 -54 287 287 287 287 806 806 806 806 1,026 1,026 1,026 1,026 2,006 2,006 2,006 2,006
Profit/loss for the period attributable to:
Owners of the parent -146 184 482 743 1,218
Non-controlling interests 92 103 323 284 788
Earnings per share, SEK
- basic earnings per share -0.45 0.57 1.47 2.28 3.73
- diluted earnings per share -0.45 0.57 1.47 2.28 3.72
/one.sups⁾ See page 22 for a specification of the finance net
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 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 -54 -54 -54 -54 287 287 287 287 806 806 806 806 1,026 1,026 1,026 1,026 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 0 8 -1 -1 -25
Tax attributable to items that will not be reclassified to profit or loss -2 -2 1
00 00 7 7 77 -1 -1 -1 -1 -2 -2 -2 -2 -24 -24 -24 -24
Items that may be reclassified subsequently to profit or loss:
Translation differences for the period -200 -65 -68 -47 -432
Change in hedging reserve for the period 94 115 109 -59 -53
Tax attributable to items that may be reclassified subsequently to profit or loss 2 -1 0 -5 -2
-104 -104 -104 -104 49 49 49 49 41 41 41 41 -112 -112 -112 -112 -487 -487 -487 -487 -104 49 41 -112 -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 -104 -104 -104 -104 55 55 55 55 40 40 40 40 -114 -114 -114 -114 -510 -510 -510 -510 -104 55 40 -114 -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 -158 -158 -158 -158 343 343 343 343 846 846 846 846 912 912 912 912 1,496 1,496 1,496 1,496 -158 343 846 912 1,496
Total comprehensive income for the period attributable to:
Owners of the parent -233 200 531 680 828
Non-controlling interest 74 143 315 233 667
===== SIDA 12 =====
11 Ratos Interim report Q3 2024
Summary consolidated statement of financial position
SEKm SEKm SEKm SEKm 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-09-30 2023-09-30 2023-09-30 2023-09-30 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 14,015 14,779 14,047
Other intangible non-current assets 1,799 2,044 1,931
Property, plant and equipment 1,582 1,686 1,617
Right-of-use assets 4,449 5,031 4,816
Financial assets 3,321 1,640 3,307
Deferred tax assets 553 467 477
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 25,719 25,719 25,719 25,719 25,647 25,647 25,647 25,647 26,195 26,195 26,195 26,195
Current assets Current assets Current assets Current assets
Inventories 1,839 2,135 1,868
Accounts receivable 2,915 3,166 3,277
Current receivables 2,229 2,653 2,430
Cash and cash equivalents 2,121 1,895 2,360
Total current assets Total current assets Total current assets Total current assets 9,105 9,105 9,105 9,105 9,848 9,848 9,848 9,848 9,935 9,935 9,935 9,935
Total assets Total assets Total assets Total assets 34,824 34,824 34,824 34,824 35,495 35,495 35,495 35,495 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 14,592 14,592 14,592 14,592 13,992 13,992 13,992 13,992 14,451 14,451 14,451 14,451
Non-current liabilities Non-current liabilities Non-current liabilities Non-current liabilities
Interest-bearing liabilities 8,267 9,274 9,141
Non-interest bearing liabilities 1,068 1,928 1,875
Pension provisions 66 53 65
Other provisions 41 45 45
Deferred tax liabilities 898 833 801
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 10,340 10,340 10,340 10,340 12,133 12,133 12,133 12,133 11,927 11,927 11,927 11,927
Current liabilities Current liabilities Current liabilities Current liabilities
Interest-bearing liabilities 1,412 1,432 1,306
Non-interest bearing liabilities 7,818 7,244 7,936
Provisions 662 694 509
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 9,891 9,891 9,891 9,891 9,371 9,371 9,371 9,371 9,751 9,751 9,751 9,751
Total liabilities Total liabilities Total liabilities Total liabilities 20,231 20,231 20,231 20,231 21,503 21,503 21,503 21,503 21,678 21,678 21,678 21,678
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 34,824 34,824 34,824 34,824 35,495 35,495 35,495 35,495 36,129 36,129 36,129 36,129
===== SIDA 13 =====
12 Ratos Interim report Q3 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 531 315 846 680 233 912 828 667 1,496
Dividends -409 -280 -689 -274 -113 -386 -274 -177 -451
Non-controlling interests’ share of capital
contribution and new issue 24 24 0 0 1 1
Conversion of options/convertible loan to shares 21 21 3 3 15 15
The value of the conversion option of the
convertible debentures 4 4 3 3 3 3
Option premiums 6 6 6 6 6 6
Put options, future acquisitions from non-
controlling interests -34 -38 -72 -305 34 -272 -549 200 -349
Acquisition of shares in subsidiaries from non-
controlling interests -39 -11 -49 -6 -64 -70 -6 -64 -70
Disposal of shares in subsidiaries to non-
controlling interests -4 55 51 3 4 7 2 11 13
Non-controlling interests share of dividends from
associated companies -156 156
Closing equity Closing equity Closing equity Closing equity 12,234 12,234 12,234 12,234 2,358 2,358 2,358 2,358 14,592 14,592 14,592 14,592 12,399 12,399 12,399 12,399 1,593 1,593 1,593 1,593 13,992 13,992 13,992 13,992 12,314 12,314 12,314 12,314 2,137 2,137 2,137 2,137 14,451 14,451 14,451 14,451
2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2023-12-31 2023-12-31 2023-12-31 2023-12-31
===== SIDA 14 =====
13 Ratos Interim report Q3 2024
Summary consolidated statement of cash flows
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Operating activities Operating activities Operating activities Operating activities
Operating profit 159 481 1,558 1,804 3,010
Adjustment for non-cash items 570 349 1,238 1,238 565
729 830 2,796 3,042 3,575
Received dividends from associated companies 2 318 122 122
Interest and financial items, net -105 -136 -412 -435 -552
Income tax paid -50 5 -255 -200 -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 576 576 576 576 699 699 699 699 2,448 2,448 2,448 2,448 2,529 2,529 2,529 2,529 2,829 2,829 2,829 2,829
Cash flow from change in working capital
Increase (-)/Decrease (+) in inventories 155 222 30 333 571
Increase (-)/Decrease (+) in operating receivables 75 190 501 563 25
Increase (+)/Decrease (-) in operating liabilities -24 -249 -936 -32 850
Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities Cash flow from operating activities 783 783 783 783 862 862 862 862 2,042 2,042 2,042 2,042 3,393 3,393 3,393 3,393 4,275 4,275 4,275 4,275
Investing activities Investing activities Investing activities Investing activities
Acquisition, group companies -24 -74 -412 -312 -333
Disposal, group companies -25 -25 -2
Investments and disposal, intangible assets/property, plant and equipment -70 33 -223 -162 -231
Investments and disposal, financial assets 3 -0 -33 -2 24
Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities Cash flow from investing activities -116 -116 -116 -116 -41 -41 -41 -41 -693 -693 -693 -693 -476 -476 -476 -476 -542 -542 -542 -542
Financing activities Financing activities Financing activities Financing activities
Non-controlling interests' share of issue/capital contribution 24 24 0 1
Transfer of treasury shares -2 -2
Transactions regarding options -11 -21 -0 -80
Acquisition and disposal of shares in subsidiaries from non-controlling interests -1 -0 3 -27 -24
Dividends paid -409 -274 -274
Dividends paid, non-controlling interests -26 -1 -278 -129 -194
Borrowings 3,315 6 3,387 1,835 1,884
Amortisation of loans -3,263 -548 -3,381 -4,114 -4,141
Amortisation of financial lease liabilitities -341 -345 -889 -806 -970
Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities Cash flow from financing activities -305 -305 -305 -305 -887 -887 -887 -887 -1,566 -1,566 -1,566 -1,566 -3,516 -3,516 -3,516 -3,516 -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 362 362 362 362 -67 -67 -67 -67 -216 -216 -216 -216 -599 -599 -599 -599 -65 -65 -65 -65
Cash and cash equivalents at the beginning of the period 1,819 1,987 2,360 2,532 2,532
Exchange differences in cash and cash equivalents -60 -26 -23 -39 -108
Cash and cash equivalents at the end of the period 2,121 1,895 2,121 1,895 2,360
===== SIDA 15 =====
14 Ratos Interim report Q3 2024
Summary parent company income statement
Parent company statement of comprehensive income
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Other operating income 0 0 0 0 9
Administrative expenses -28 -18 -127 -119 -151
Depreciation of property, plant and equipment -0 -0 -1 -0 -1
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss -28 -28 -28 -28 -18 -18 -18 -18 -127 -127 -127 -127 -119 -119 -119 -119 -142 -142 -142 -142
Dividends from group companies 192 192
Net financial items/one.sups⁾ 2 -1 18 -4 9
Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items Profit/loss after financial items -26 -26 -26 -26 -19 -19 -19 -19 -110 -110 -110 -110 69 69 69 69 59 59 59 59
Group contribution, recieved 158
Profit/loss before tax Profit/loss before tax Profit/loss before tax Profit/loss before tax -26 -26 -26 -26 -19 -19 -19 -19 -110 -110 -110 -110 69 69 69 69 217 217 217 217
Income tax 0 25 48 65 75
Profit/loss for the period Profit/loss for the period Profit/loss for the period Profit/loss for the period -26 -26 -26 -26 7 7 77 -62 -62 -62 -62 134 134 134 134 292 292 292 292
/one.sups⁾ See page 22 for a specification of the finance net
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 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 -26 -26 -26 -26 7 7 77 -62 -62 -62 -62 134 134 134 134 292 292 292 292
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 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 -26 -26 -26 -26 7 7 77 -62 -62 -62 -62 134 134 134 134 292 292 292 292
===== SIDA 16 =====
15 Ratos Interim report Q3 2024
Summary parent company balance sheet
Summary parent company statement of changes in equity
SEKm SEKm SEKm SEKm 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-09-30 2023-09-30 2023-09-30 2023-09-30 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 4 4 4
Financial assets 10,794 10,736 10,736
Receivables from group companies 3,257 4,124 3,919
Deferred tax assets 252 195 205
Total non-current assets Total non-current assets Total non-current assets Total non-current assets 14,306 14,306 14,306 14,306 15,058 15,058 15,058 15,058 14,864 14,864 14,864 14,864
Current assets Current assets Current assets Current assets
Current receivables 32 37 38
Receivables from group companies 2,935 2,505 2,975
Cash and cash equivalents 1,037 1,164 876
Total current assets Total current assets Total current assets Total current assets 4,004 4,004 4,004 4,004 3,706 3,706 3,706 3,706 3,889 3,889 3,889 3,889
Total assets Total assets Total assets Total assets 18,310 18,310 18,310 18,310 18,764 18,764 18,764 18,764 18,752 18,752 18,752 18,752
EQUITY AND LIABILITIES
Equity Equity Equity Equity 9,577 9,577 9,577 9,577 9,847 9,847 9,847 9,847 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 75 150
Interest-bearing liabilities 4,131 4,453 4,423
Convertible debentures 111 110 110
Deferred tax liabilities 4 3 3
Total non-current liabilities Total non-current liabilities Total non-current liabilities Total non-current liabilities 4,246 4,246 4,246 4,246 4,641 4,641 4,641 4,641 4,687 4,687 4,687 4,687
Current provisions Current provisions Current provisions Current provisions 26 26 26 26 21 21 21 21 16 16 16 16
Current liabilities Current liabilities Current liabilities Current liabilities
Interest-bearing liabilities, group companies 3,980 4,100 3,940
Interest-bearing liabilities 408 104 24
Non-interest bearing liabilities, group companies 30 0 0
Non-interest bearing liabilities 43 50 69
Total current liabilities Total current liabilities Total current liabilities Total current liabilities 4,461 4,461 4,461 4,461 4,254 4,254 4,254 4,254 4,033 4,033 4,033 4,033
Total equity and liabilities Total equity and liabilities Total equity and liabilities Total equity and liabilities 18,310 18,310 18,310 18,310 18,764 18,764 18,764 18,764 18,752 18,752 18,752 18,752
SEKm SEKm SEKm SEKm 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-09-30 2023-09-30 2023-09-30 2023-09-30 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 -62 134 292
Dividends -409 -274 -274
Conversion of options/convertible loan to shares 21 3 15
The value of the conversion option of the convertible debentures 5 4 4
Deferred tax, conversion option -1 -1 -1
Option premiums 6 6 6
Closing equity Closing equity Closing equity Closing equity 9,577 9,577 9,577 9,577 9,847 9,847 9,847 9,847 10,016 10,016 10,016 10,016
===== SIDA 17 =====
16 Ratos Interim report Q3 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 5–7. 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.
As a result of the reconstruction of Plantasjen, the
company’s recoverable amount was tested in the third
quarter of 2024. Plantasjen has decided to close all of its
stores in Finland and selected stores in Norway and Sweden,
which will result in a significant reduction in sales in the
years ahead. This gave rise to an impairment requirement,
and an impairment loss of SEK 246m was recognised in the
third quarter. Due to the impairment of goodwill in Plantasjen,
the carrying amount is in line with the recoverable amount
and is therefore sensitive to changes in material
assumptions.
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 30 September
2024, the net value of derivatives (level two) amounted to SEK
2m (-14 at 31 December 2023), of which SEK 9m (5 at 31
December 2023) was recognised as an asset and SEK 7m (18
at 31 December 2023) as a liability.
In the statement of financial position at 30 September
2024, the total value of financial instruments measured at fair
value in accordance with level three was SEK 2,111m (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 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-12-31 2023-12-31 2023-12-31 2023-12-31 2024-09-30 2024-09-30 2024-09-30 2024-09-30 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 29 76 -10 -63 -3 23
Recognised against equity 71 263
Newly issued/subsequent expenditure 5 69
Acquisitions, Group companies
Settlements -43 -80 -97 -187
Closing balance Closing balance Closing balance Closing balance 135 135 135 135 149 149 149 149 1,930 1,930 1,930 1,930 1,869 1,869 1,869 1,869 46 46 46 46 141 141 141 141
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 18 =====
17 Ratos Interim report Q3 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. pr trading 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.
In June, LEDiL completed the acquisition of Ingemann
Components A/S. The company is a Denmark-based,
northern European leader in light output, luminaire efficiency,
light distribution, and glare control for large-scale optics. The
company has approximately DKK 90m in annual sales.
In the third quarter, two minor acquisitions were carried out
in HL Display and Speed Group.
The preliminary acquisition analyses for the add-on
acquisitions carried out during the period are presented to
the right.
Divestments within business areas
In September, Plantasjen filed for bankruptcy for its Finnish
subsidiary as a result of the ongoing reconstruction
proceedings. Plantasjen reported capital gains totalling SEK
27m as a result of the bankruptcy in Finland.
In September, Expin Group filed for bankruptcy for three
subsidiaries as a result of the ongoing restructuring and
divested its Norwegian subsidiary to employees in the
company. Expin Group reported capital gains totalling SEK
35m as a result of the divestments.
The impact on the consolidated statement of financial
position and statement of cash flows as a result of the
divestments carried out during the period are presented to
the right.
SEKm SEKm SEKm SEKm
Intangible assets 1
Property, plant and equipment 17
Right-of-use assets 8
Financial assets 2
Trade receivables 74
Current assets 43
Cash and cash equivalents 5
Non-controlling interest -0
Deferred tax liability -0
Current liabilities -92
Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities Net identifiable assets and liabilities 58 58 58 58
Goodwill 266
Purchase price Purchase price Purchase price Purchase price 324 324 324 324
of which, paid in cash 319
of which, contingent consideration 5
Cash in the acquired companies -5
Paid contingent consideration 97
Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents 412 412 412 412
SEKm SEKm SEKm SEKm
Intangible assets 0
Property, plant and equipment 21
Right-of-use assets 342
Financial assets 3
Trade receivables 79
Current assets 189
Cash and cash equivalents 25
Non-current liabilities and provisions -423
Current liabilities and provisions -313
Net assets and liabilities Net assets and liabilities Net assets and liabilities Net assets and liabilities -76 -76 -76 -76
Sales price 0
Cash in the divested companies -25
Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents Effect on Group´s cash and cash equivalents -25 -25 -25 -25
===== SIDA 19 =====
18 Ratos Interim report Q3 2024
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.
1) Ratos Group’s adjusted EBITA margin also includes the parent company and central companies
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling 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 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industrial Services 1,233 1,279 3,987 4,183 5,403 5,598
Product Solutions 1,203 1,190 3,880 3,815 5,046 4,981
Elimination of internal net sales -8 -4 -30 -7 -39 -17
Industry Industry Industry Industry 2,428 2,428 2,428 2,428 2,465 2,465 2,465 2,465 7,837 7,837 7,837 7,837 7,991 7,991 7,991 7,991 10,409 10,409 10,409 10,409 10,563 10,563 10,563 10,563
Construction 2,858 3,318 9,020 10,456 12,246 13,682
Critical Infrastructure 1,015 838 3,160 2,531 4,245 3,616
Construction & Services Construction & Services Construction & Services Construction & Services 3,873 3,873 3,873 3,873 4,155 4,155 4,155 4,155 12,180 12,180 12,180 12,180 12,987 12,987 12,987 12,987 16,491 16,491 16,491 16,491 17,298 17,298 17,298 17,298
Consumer Consumer Consumer Consumer 1,154 1,154 1,154 1,154 1,351 1,351 1,351 1,351 4,378 4,378 4,378 4,378 4,810 4,810 4,810 4,810 5,455 5,455 5,455 5,455 5,888 5,888 5,888 5,888
- whereof Plantasjen 730 904 3,210 3,579 3,912 4,281
Elimination of internal net sales -0 -2 -0 -2 -0
Ratos group Ratos group Ratos group Ratos group 7,454 7,454 7,454 7,454 7,971 7,971 7,971 7,971 24,394 24,394 24,394 24,394 25,788 25,788 25,788 25,788 32,353 32,353 32,353 32,353 33,748 33,748 33,748 33,748
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling 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 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industrial Services 104 80 332 313 442 423
Product Solutions 131 114 487 441 586 540
Industry Industry Industry Industry 235 235 235 235 194 194 194 194 819 819 819 819 754 754 754 754 1,028 1,028 1,028 1,028 963 963 963 963
Construction 183 225 494 500 773 779
Critical Infrastructure 135 183 473 485 501 512
Construction & Services Construction & Services Construction & Services Construction & Services 317 317 317 317 408 408 408 408 967 967 967 967 984 984 984 984 1,274 1,274 1,274 1,274 1,291 1,291 1,291 1,291
Consumer Consumer Consumer Consumer -56 -56 -56 -56 -67 -67 -67 -67 269 269 269 269 301 301 301 301 103 103 103 103 136 136 136 136
- whereof Plantasjen -86 -100 194 229 6 40
Group costs -28 -18 -127 -121 -151 -146
Ratos group Ratos group Ratos group Ratos group 469 469 469 469 517 517 517 517 1,928 1,928 1,928 1,928 1,918 1,918 1,918 1,918 2,254 2,254 2,254 2,254 2,244 2,244 2,244 2,244
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling Full Year Full Year Full Year Full Year
EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted EBITA %, adjusted 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industrial Services 8.4% 6.2% 8.3% 7.5% 8.2% 7.6%
Product Solutions 10.9% 9.6% 12.6% 11.6% 11.6% 10.8%
Industry Industry Industry Industry 9.7% 9.7% 9.7% 9.7% 7.9% 7.9% 7.9% 7.9% 10.5% 10.5% 10.5% 10.5% 9.4% 9.4% 9.4% 9.4% 9.9% 9.9% 9.9% 9.9% 9.1% 9.1% 9.1% 9.1%
Construction 6.4% 6.8% 5.5% 4.8% 6.3% 5.7%
Critical Infrastructure 13.3% 21.8% 15.0% 19.1% 11.8% 14.2%
Construction & Services Construction & Services Construction & Services Construction & Services 8.2% 8.2% 8.2% 8.2% 9.8% 9.8% 9.8% 9.8% 7.9% 7.9% 7.9% 7.9% 7.6% 7.6% 7.6% 7.6% 7.7% 7.7% 7.7% 7.7% 7.5% 7.5% 7.5% 7.5%
Consumer Consumer Consumer Consumer -4.8% -4.8% -4.8% -4.8% -5.0% -5.0% -5.0% -5.0% 6.1% 6.1% 6.1% 6.1% 6.3% 6.3% 6.3% 6.3% 1.9% 1.9% 1.9% 1.9% 2.3% 2.3% 2.3% 2.3%
Ratos group Ratos group Ratos group Ratos group/one.sups/one.sups /one.sups/one.sups⁾ 6.3% 6.3% 6.3% 6.3% 6.5% 6.5% 6.5% 6.5% 7.9% 7.9% 7.9% 7.9% 7.4% 7.4% 7.4% 7.4% 7.0% 7.0% 7.0% 7.0% 6.7% 6.7% 6.7% 6.7%
===== SIDA 20 =====
19 Ratos Interim report Q3 2024
Note 5, cont.
1) Ratos Group’s return on capital employed also includes the parent company and central companies.
2) Aibel’s order intake and order backlog are not consolidated in the Critical Infrastructure segment.
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling 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 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industrial Services 65 61 257 257 347 349
Product Solutions 131 114 487 441 586 540
Industry Industry Industry Industry 196 196 196 196 175 175 175 175 743 743 743 743 698 698 698 698 933 933 933 933 889 889 889 889
Construction 183 225 494 491 774 770
Critical Infrastructure 145 167 463 438 1,640 1,616
Construction & Services Construction & Services Construction & Services Construction & Services 328 328 328 328 392 392 392 392 957 957 957 957 929 929 929 929 2,414 2,414 2,414 2,414 2,386 2,386 2,386 2,386
Consumer Consumer Consumer Consumer -337 -337 -337 -337 -68 -68 -68 -68 -16 -16 -16 -16 298 298 298 298 -432 -432 -432 -432 -119 -119 -119 -119
Group costs -28 -18 -127 -121 -151 -146
Ratos group Ratos group Ratos group Ratos group 159 159 159 159 481 481 481 481 1,558 1,558 1,558 1,558 1,804 1,804 1,804 1,804 2,764 2,764 2,764 2,764 3,010 3,010 3,010 3,010
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling 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 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Industrial Services 175 106 433 442 609 617
Product Solutions 221 231 524 535 746 757
Industry Industry Industry Industry 395 395 395 395 337 337 337 337 958 958 958 958 977 977 977 977 1,355 1,355 1,355 1,355 1,374 1,374 1,374 1,374
Construction 505 766 303 1,636 755 2,089
Critical Infrastructure -5 32 345 143 342 139
Construction & Services Construction & Services Construction & Services Construction & Services 500 500 500 500 798 798 798 798 648 648 648 648 1,779 1,779 1,779 1,779 1,097 1,097 1,097 1,097 2,228 2,228 2,228 2,228
Consumer Consumer Consumer Consumer -89 -89 -89 -89 -247 -247 -247 -247 585 585 585 585 747 747 747 747 585 585 585 585 746 746 746 746
Parent company and central companies -23 -27 -149 -110 - 112 -74
Ratos group Ratos group Ratos group Ratos group 783 783 783 783 862 862 862 862 2,042 2,042 2,042 2,042 3,393 3,393 3,393 3,393 2,925 2,925 2,925 2,925 4,275 4,275 4,275 4,275
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Rolling Rolling Rolling Rolling 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 2024 2024 2024 2024 2023 2023 2023 2023 LTM LTM LTM LTM 2023 2023 2023 2023
Construction 1,356 1,055 10,934 8,144 13,671 10,882
Critical Infrastructure 45 415 3,872 3,283 4,655 4,065
Construction & Services Construction & Services Construction & Services Construction & Services 1,401 1,401 1,401 1,401 1,470 1,470 1,470 1,470 14,807 14,807 14,807 14,807 11,427 11,427 11,427 11,427 18,326 18,326 18,326 18,326 14,947 14,947 14,947 14,947
Aibel/two.sups ⁾ 2,339 2,034 12,764 17,309 12,820 17,365
Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm Order backlog, SEKm Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Full Year Full Year Full Year Full Year
Construction Construction Construction Construction 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Construction 20,791 20,141 19,212
Critical Infrastructure 8,790 9,003 7,580
Construction & Services Construction & Services Construction & Services Construction & Services 29,580 29,580 29,580 29,580 29,144 29,144 29,144 29,144 26,792 26,792 26,792 26,792
Aibel/two.sups ⁾ 30,783 37,257 32,041
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 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 14.1% 14.7% 14.3%
Product Solutions 9.9% 8.1% 9.2%
Industry Industry Industry Industry 11.3% 11.3% 11.3% 11.3% 10.3% 10.3% 10.3% 10.3% 10.9% 10.9% 10.9% 10.9%
Construction 21.0% 26.4% 26.1%
Critical Infrastructure 11.0% 15.1% 11.1%
Construction & Services Construction & Services Construction & Services Construction & Services 15.1% 15.1% 15.1% 15.1% 19.7% 19.7% 19.7% 19.7% 17.2% 17.2% 17.2% 17.2%
Consumer Consumer Consumer Consumer -2.9% -2.9% -2.9% -2.9% -1.1% -1.1% -1.1% -1.1% -1.3% -1.3% -1.3% -1.3%
Ratos group Ratos group Ratos group Ratos group/one.sups/one.sups /one.sups/one.sups⁾ 10.2% 10.2% 10.2% 10.2% 10.3% 10.3% 10.3% 10.3% 10.0% 10.0% 10.0% 10.0%
===== SIDA 21 =====
20 Ratos Interim report Q3 2024
Key figures
For definitions, see page 23
Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 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 0.7x 1.3x 0.7x
Leverage 1.4x 2.4x 1.5x
Equity ratio, % 41.9 39.4 40.0
Return on equity, % 7.8 5.8 10.0
Return on capital employed excl. financial leasing, % 10.2 10.3 10.0
Return on capital employed, % 9.1 8.9 8.8
Return on invested capital, % 7.3 7.7 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, % -0.3 -19.2 -10.6
Dividend yield, % 3.5
Market price, SEK 34.66 32.62 36.08
Dividend, SEK 1.25
Equity attributable to owners of the parent, SEK/two.sups⁾ 37.37 38.03 37.71
Basic earnings per share, SEK 1.47 2.28 3.73
Diluted earnings per share, SEK 1.47 2.28 3.72
Average number of ordinary shares outstanding:
– before dilution 327,114,930 325,957,221 326,042,022
– after dilution 327,348,795 328,333,600 329,761,727
Total number of registered shares 327,385,688 326,016,488 326,516,488
Number of shares outstanding/three.sups
⁾ 327,385,688 326,016,488 326,516,488
– of which, Class A shares 84,637,060 84,637,060 84,637,060
– of which, Class B shares 242,748,628 241,379,428 241,879,428
/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 22 =====
21 Ratos Interim report Q3 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 23 of this report.
Organic growth
* Corrections related to Expin Group of SEK -193m for Full Year 2023
EBITDA, EBITA and operating profit
* Of which, SEK -20m pertains to the Industry business area and SEK 21m to the Construction & Services business area
Interest-bearing net debt
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % Growth Net Sales, % -6% -6% -6% -6% 13% 13% 13% 13% -5% -5% -5% -5% 19% 19% 19% 19% 13% 13% 13% 13%
Net sales Net sales Net sales Net sales 7,454 7,454 7,454 7,454 7,971 7,971 7,971 7,971 24,394 24,394 24,394 24,394 25,788 25,788 25,788 25,788 33,748 33,748 33,748 33,748
Acquired net sales 67 676 287 2,830 3,166
Effects from change in currency -281 88 -341 37 -112
Other* 0 -4 -194
Net sales, adjusted Net sales, adjusted Net sales, adjusted Net sales, adjusted 7,669 7,669 7,669 7,669 7,207 7,207 7,207 7,207 24,448 24,448 24,448 24,448 22,925 22,925 22,925 22,925 30,888 30,888 30,888 30,888
Divested net sales in the comparison period 3 10 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 7,967 7,967 7,967 7,967 7,039 7,039 7,039 7,039 25,778 25,778 25,778 25,778 21,680 21,680 21,680 21,680 29,873 29,873 29,873 29,873
Organic growth Organic growth Organic growth Organic growth -299 -299 -299 -299 167 167 167 167 -1,331 -1,331 -1,331 -1,331 1,245 1,245 1,245 1,245 1,014 1,014 1,014 1,014
Organic growth, % Organic growth, % Organic growth, % Organic growth, % -4% -4% -4% -4% 2% 2% 2% 2% -5% -5% -5% -5% 6% 6% 6% 6% 3% 3% 3% 3%
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Full Year Full Year Full Year Full Year
SEKm SEKm SEKm SEKm 2024 2024 2024 2024 2023 2023 2023 2023 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
EBITDA EBITDA EBITDA EBITDA 758 758 758 758 896 896 896 896 2,933 2,933 2,933 2,933 2,978 2,978 2,978 2,978 5,308 5,308 5,308 5,308
Depreciations and impairment -323 -379 -1,038 -1,059 -1,408
EBITA EBITA EBITA EBITA 435 435 435 435 517 517 517 517 1,894 1,894 1,894 1,894 1,918 1,918 1,918 1,918 3,901 3,901 3,901 3,901
Reversal of write-down in associates 1,656
Reconstruction -35 -35
Restructuring* 1 1
Adjusted EBITA Adjusted EBITA Adjusted EBITA Adjusted EBITA 469 469 469 469 517 517 517 517 1,928 1,928 1,928 1,928 1,918 1,918 1,918 1,918 3,901 3,901 3,901 3,901
Amortisation and impairment of intangible assets in connection with
company acquisitions -276 -35 -337 -114 -890
Operating profit/loss Operating profit/loss Operating profit/loss Operating profit/loss 159 159 159 159 481 481 481 481 1,558 1,558 1,558 1,558 1,804 1,804 1,804 1,804 3,010 3,010 3,010 3,010
SEKm SEKm SEKm SEKm 2024-09-30 2024-09-30 2024-09-30 2024-09-30 2023-09-30 2023-09-30 2023-09-30 2023-09-30 2023-12-31 2023-12-31 2023-12-31 2023-12-31
Interest-bearing liabilities, other 4,883 5,198 5,049
Provisions for pensions 66 53 65
Interest-bearing assets -74 -102 -34
Cash and cash equivalents -2,121 -1,895 -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 2,755 2,755 2,755 2,755 3,254 3,254 3,254 3,254 2,720 2,720 2,720 2,720
Financial leasing liabilities 4,796 5,508 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 7,550 7,550 7,550 7,550 8,762 8,762 8,762 8,762 8,118 8,118 8,118 8,118
===== SIDA 23 =====
22 Ratos Interim report Q3 2024
Specification of net financial items
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Interest income 17 19 -13% 54 56 -3% 76
Interest expense -71 -84 16% -229 -254 10% -340
Interest expense financial leasing -69 -71 3% -213 -208 -2% -276
Net interest Net interest Net interest Net interest -123 -123 -123 -123 -136 -136 -136 -136 10% 10% 10% 10% -387 -387 -387 -387 -406 -406 -406 -406 5% 5% 5% 5% -540 -540 -540 -540
Net exchange rate effects -2 1 neg -10 -69 86% -70
Other financial items -32 -37 13% -70 -98 29% -127
Net financial items Net financial items Net financial items Net financial items -158 -158 -158 -158 -172 -172 -172 -172 8% 8% 8% 8% -467 -467 -467 -467 -573 -573 -573 -573 19% 19% 19% 19% -737 -737 -737 -737
Change% Change% Change% Change% Change% Change% Change% Change%
Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 Q1-3 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 2024 2024 2024 2024 2023 2023 2023 2023 2023 2023 2023 2023
Net interest 7 17 -58% 41 61 -34% 79
Net exchange rate effects 5 -1 pos 1 -19 106% -21
Other financial items -10 -16 39% -24 -46 48% -49
Net financial items Net financial items Net financial items Net financial items 22 22 -1 -1 -1 -1 pos pos pos pos 18 18 18 18 -4 -4 -4 -4 pos pos pos pos 99 99
Change% Change% Change% Change% Change% Change% Change% Change%
===== SIDA 24 =====
23 Ratos Interim report Q3 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.
Internal rate of return
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 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 25 =====
Investor presentation
22 October 9:00 a.m.
Webcast:
https://youtube.com/live/2ZQv4BDWQb0?feature=share
Financial calendar
2025 2025 2025 2025
Year-end report 2024 17 February
Stockholm, 22 October 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 22
October 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 26 =====