2
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Quarterly summary
First quarter
‐ Net sales increased by 20.4 percent to SEK 504.4 (419.0) million, corresponding to
an increase of 20.5 percent in local currencies
‐ Subscription sales amounted to 12.3 (12.5) percent of net sales
‐ Gross profit amounted to SEK 407.8 (335.4) million, corresponding to a gross margin
of 80.9 (80.1) percent
‐ EBIT amounted to SEK 90.5 (73.8) million, corresponding to an EBIT margin of 18.0
(17.6) percent
‐ Earnings per share after dilution amounted to SEK 0.88 (1.10). The average number
of shares has increased by 78 percent compared to the previous year, related to the
merger of ACQ Bure and Yubico in September 2023
‐ Bookings increased by 65.4 percent to SEK 578.9 (349.9) million, corresponding to
an increase of 65.9 percent in local currencies
‐ Subscription bookings amounted to 18.0 (7.7) percent of bookings
‐ ARR (annual recurring revenue) amounted to SEK 277.1 (219.3) million, an increase
of 26.4 percent
Significant events during the quarter
‐ As communicated before Yubico has, starting from January 1
st
, converted to the
IFRS® Accounting Standards in its financial reporting and changed the format of the
income statement to cost classification by function. This has affected some of
Yubico’s reported metrics, especially the gross margin. Last year’s figures have been
restated in order to be comparable. Further information can be found on page 17 of
this report.
‐ On March 18, Yubico's first lockup expired 180 days after the Yubico’s initial day of
trading. The second lock-up expires on September 18 (365 days after Yubico’s initial
day of trading).
Significant events after the end of the period
‐ On May 6, 2024, Yubico released an updated version of YubiKey firmware,
introducing enhanced enterprise security features and support for Yubico
Authenticator 7
‐ The Annual General Meeting will be held today May 14, 2024. For more information
see https://investors.yubico.com/en/notice-to-annual-general-meeting-of-yubico-ab/
3
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Quarterly summary
1
Adjusted for effects from transaction related costs.
2
The average number of shares after dilution has increased by 78 percent compared to the previous year, related to the merger
MSEK
2024
2023 Δ
% LTM
2023
Net sales 504.4
419.0
20.4 1,929.6 1,844.2
whereof subscription sales, %
12.3 12.5
13.2 13.8
Gross profit 407.8
335.4
21.6 1,548.0
1,475.5
Gross margin, %
80.9 80.1
80.2 80.0
Adjusted EBIT¹
90.5
73.8 22.7
299.9 283.2
Adjusted EBIT margin (%
)¹
18.0 17.6
15.5 15.4
EBIT 90.5 73.8
22.7 212.8 196.1
EBIT margin, %
18.0 17.6
11.0 10.6
Net
result 77.5 54.2
42.9
165.2 142.0
Earnings per share
, before dilution
²
0.90 1.10
-18.0 2.19
2.38
Earnings per share,
after dilution² 0.88
1.10 -19.4 2.17
2.38
Net cash 541.4 392.7
37.9 508.3
Bookings
578.9 349.9 65.4
2,069.0 1,840.0
whereof subscription bookings, %
18.0 7.7
17.0 14.9
ARR
277.1 219.3 26.4 286.5
Q1
Full-year
4
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
CEO Statement
Strong start to the year
We embarked on 2024 with a good start, as evidenced
by our performance in the first quarter. In the face of
escalating cyber threats, the significance of modern,
phishing-resistant MFA has become increasingly
evident, driving a continuous demand for Yubico’s
products. Our order bookings for the quarter increased
by 65 percent compared to the same period last year,
reflecting the growing recognition of our solutions in the
market.
Our top priority is delivering the best possible security
solutions for our clients. Upholding this commitment, we
were excited to announce the upcoming release of our
new and improved YubiKey 5.7 firmware on May 6th.
This update, designed with enterprise needs in mind,
reinforces Yubico's dedication to providing secure,
simple, and scalable authentication. YubiKeys and
Security Keys with firmware 5.7 will be available for
purchase in late May 2024, offering enhanced features
such as pin complexity, enterprise attestation, and
expanded passkey credentials storage. These updates
empower organizations to adopt passwordless-first,
modern authentication, fostering phishing-resistant
users worldwide.
IMF report highlights cybersecurity
The importance of robust cybersecurity is underscored
by a recent report from the IMF. Their Global Financial
Stability Report highlights cyber risk as a major concern
for financial stability. The report points out that the
financial sector is particularly vulnerable, with nearly
20% of cyber incidents targeting financial institutions.
This creates a risk of disruption due to high market
concentration and reliance on common IT providers. The
report also mentions potential systemic risks, as
evidenced by modest deposit outflows from smaller US
banks post-cyberattack. In light of these concerns,
strengthening cybersecurity policies, governance
frameworks, and international cooperation are crucial to
bolster resilience. We are particularly pleased to see
financial services emerge as one of our fastest-growing
customer segments, demonstrating the value Yubico
brings to the financial landscape.
The heightened interest in cybersecurity is also reflected
in the media. We are proud and humbled that Yubico has
been recognized as one of the most innovative
companies by Fast Magazine. This recognition
reinforces our commitment to providing cutting-edge
security solutions that are relevant to businesses today.
Strong order bookings and solid financial
performance
Net sales in the first quarter increased by 20 percent to
SEK 504 million from SEK 419 million during Q1 last
year. The gross margin came in slightly stronger at 81
percent compared to 80 percent in Q1 2023. Our EBIT
increased to SEK 91 million in Q1 2024, up from SEK 74
million in Q1 2023. Order bookings in Q1 2024 amounted
to SEK 579 million, representing a growth by 65 percent
compared to Q1 2023. Growth in order bookings came
from a wide set of customers across multiple industries
and geographies. Some of our largest orders in the
quarter came from customers within the European
defense sector, others from leading financial services
companies. Subscription sales represented 18 percent
of the order bookings in Q1 vs 8 percent subscription
bookings in Q1 2023. I see the strong booking levels and
solid financial performance as a testament to the value
we add to clients.
As we have communicated previously, we are preparing
for a main market listing, and as a part of that process
we have updated Yubico’s financial statements to IFRS
standard starting from this quarter. This has affected
some of our reported metrics and we have included
restated historical numbers for the last eight quarters
and full year 2022 and 2023, further described on page
22 of this report.
First AGM as a listed company
Today we will hold our very first Annual General Meeting
since we became a public company last September. I
look forward to engaging with attending shareholders
and will seek to answer any questions you may have.
Mattias Danielsson, CEO
5
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
At a glance
Yubico is a global cybersecurity company that between
2019 and 2023 has grown net sales by a compounded
annual growth rate (“CAGR”) of 36 percent. Through its core
product and invention, the YubiKey, Yubico solves the
number one cybersecurity issue – use of stolen credentials.
These cause 9 out of 10 cybersecurity intrusions, often
through so called phishing attacks.
The YubiKey is a multi-factor authentication (MFA)
hardware key ensuring that only authorized users have
access to sensitive accounts and systems. The
authentication solution encompasses an extensive portfolio
of proprietary technologies.
To date, YubiKeys have been sold and deployed in more
than 160 countries worldwide. Yubico’s customers include
technology companies, financial services, manufacturing,
retail, governments, and the wider public sector,
with customers such as Amazon, Google, Microsoft and the
State of Washington using YubiKeys to protect staff,
endusers and sensitive information from cyberattacks.
YubiKeys have historically only been sold against a one-
time payment, also known as on perpetual basis, which
gives the customer ownership of the product throughout its
lifetime. Since 2020, Yubico also offers a subscription-
based model, in which Yubico assumes a larger overall
responsibility and retains ownership of the hardware.
Yubico is headquartered in Stockholm, Sweden and Santa
Clara, California with manufacturing primarily located in
Sweden with minor manufacturing in the US. The company
is traded on Nasdaq First North Growth Market in
Stockholm since September 20, 2023.
High market growth
Underlying global trends
including increased
number of cyberattacks,
digital transformation,
and larger investments in
cybersecurity drive
demand for Yubico’s
solutions
Unique, proven
technology
Yubico’s solutions are the
gold standard for modern
phishing-resistant multi-
factor authentication and
are used by thousands of
businesses and millions
of consumers in 160+
countries around the
world
Attractive growth
potential
High potential to continue
expanding with both
current and new
customers through:
New use cases
New industry verticals
Customers' customers
and third-party
suppliers
Solid organization setup
Yubico has an experi-
enced global manage-
ment team with deep
industry knowledge.
Several of the manage-
ment members have been
with the company for over
a decade
1.9
bn
Net sales
(SEK)
last twelve months
438
employees
per end of last quarter
80%
Gross margin
last twelve months
160+
m
arkets
Gl
obal presence
VISION
Making the internet safer
with strong authentication
for all
VALUE PROPOSITION
Stop phishing attacks and
account takeovers in the
easiest possible way
YUBICO’s OPPORTUNITIES, STRENGTHS AND COMPETITIVE
ADVANTAGES
6
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Group development
Net sales, quarterly and 12-month rolling, SEK million
Net sales
January-March
Net sales increased 20.4 percent to SEK 504.4 (419.0)
million, corresponding to an increase of 20.5 percent in
local currencies and subscription sales represented 12.3
percent (12.5) of net sales.
72.9 percent (56.7) of net sales originated in Americas,
20.1 percent (34.1) in EMEA, and 7.1 percent (9.2) in Asia
Pacific. All geographies and customer segments are
developing well. We continue to see a strong interest
from the financial services industry, the high-tech sector,
and the European defence sector. Americas had a slow
start of the last year and that region’s share of net sales
was unusually low in Q1 2023. This explains the strong
improvement for the region in Q1 2024 compared to
same quarter last year.
Adj. EBIT, quarterly and 12 months rolling, SEK million
Gross profit
January-March
Gross profit increased 21.6 percent to SEK 407.8 (335.4)
million, corresponding to a gross margin of 80.9 percent
(80.1). Gross profit definition is affected by the change in
income statement format, from “by nature” to “by
function”, see note 4 for further details.
EBIT
January-March
EBIT amounted to SEK 90.5 (73.8) million,
corresponding to an EBIT margin of 18.0 percent (17.6).
Selling expenses increased in the quarter due to
increased commissions related to the strong order
booking, marketing activities and additional employees
in the group supporting the expanding business. The
number of employees grew to 438 (392) in the quarter,
an increase of 12 percent from the same period last year.
Unrealized currency effects are affecting profit with the
net amount SEK +13.7 (-1.3) million.
Net profit/loss and earnings per share
January-March
The net profit/loss amounted to SEK 77.5 (54.2) million.
The effective tax for the quarter was 22.2 percent (25.2).
As of December 31, 2023, the parent company and the
group had tax losses carried-forward amounting to SEK
230.7 million and deferred tax assets amounting to SEK
47.6 million. Due to the merger between ACQ Bure and
Yubico in September 2023, the tax losses carried-
forward are blocked for usage and will be available from
2028.
Earnings per share after dilution amounted to SEK 0.88
(1.10).
0
50 0
1 00 0
1 50 0
2 00 0
2 50 0
0
10 0
20 0
30 0
40 0
50 0
60 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
20 22
20 23
20 24
Net sal es LTM
-10 0
-50
0
50
10 0
15 0
20 0
25 0
30 0
35 0
0, 00
20,00
40,00
60,00
80,00
10 0, 00
12 0, 00
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
20 22 20 23 20 24
Ad j uste d E BIT LTM
7
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Group development
Bookings by quarter, SEK million
Bookings
January-March
Bookings increased 65.4 percent in the quarter, to SEK
578.9 (349.9) million, corresponding to an increase of
65.9 percent in local currencies. Subscription bookings
amounted to SEK 104.1 (27.0) million, corresponding to
18.0 percent (7.7) of bookings. The growth came from a
wide set of customers, industries, and geographies.
Some of our largest orders relates to the European
defense sector, and leading financial services
companies. A long-term contract with a customer in
financial services contributed to the large subscription
bookings which will affect ARR from Q2 2024.
It is important to note that larger one-off orders may, in
accordance with customer requirements, be delivered
over a longer period of time, which also affects when
revenue is recognized.
ARR, SEK million
Annual recurring revenue, ARR
ARR increased by 26.4 percent compared to last year
and amounted to SEK 277.1 (219.3) million at the end of
the period. The sequential ARR has decreased
compared to end of last year, due to renewal of a large
contract at a lower volume and is not fully compensated
for by new subscription contracts starting in the quarter.
However, the overall ARR growth is in line with
expectations, reflecting high demand for our product
offerings. We see, in particular, a substantial demand
from the financial services sector.
Cash flow and financial position
January-March
Cash flow from operating activities during the quarter
amounted to SEK 33.0 (167.1) million. Net change in
working capital amounted to SEK -35.8 million (77.9),
driven by strong sales at the end of the quarter,
impacting accounts receivable and further build up in
inventory. As communicated in prior reports, the
accumulation of inventory aims to mitigate the potential
for shortages and delays in fulfilling customer
orders. This strategic buildup also ensures swift delivery
of keys to clients, enhancing overall service efficiency.
Change in working capital in Q1 2023 was exceptionally
strong related to high billing volume at the end of 2022.
Cash flow from investing activities amounted to SEK
-4.7 (-2.7) million. Cash flow from financing activities
amounted to SEK -8.0 (-6.1) million, where-of SEK -4.7
million is amortization on offices leases. Full year 2023,
investing activities and financing activities are impacted
by the merger transaction between ACQ Bure and
Yubico in September 2023. More information can be
found in Q3 2023 interim report.
Total interest-bearing liabilities at the end of the period
amounting to SEK 66.3 (95.9) million, whereof total lease
liabilities amounting to SEK 30.5 (47.2) million.
95%
82%
82%
83%
92%
85%
85%
81%
82%
5%
18%
18%
17%
8%
15%
15%
19%
18%
0
10 0
20 0
30 0
40 0
50 0
60 0
70 0
80 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
20 22 20 23 20 24
Pe rp et ual Su bscriptio ns
0
50
1 00
1 50
2 00
2 50
3 00
3 50
Q1
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
20 22 20 23 20 24
8
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Other information
Annual General Meeting
‐ The Annual General Meeting of Yubico AB will be
held on Tuesday May 14, 2024, at 16:00 CEST at
Hotel At Six, Brunkebergstorg 6 in Stockholm,
Sweden. Registration begins at 15:30 CEST.
Sustainability
Yubico’s overall vision is to make secure login easy and
available for everyone. From a societal perspective, IT
security is essential to ensure safe communication and
to protect customers, citizens and, by extension,
democracies. Yubico responds to the United Nations
Sustainable Development Goals (SDG) no.9 by
supporting a resilient infrastructure, and SDG no.16 by
supporting effective, accountable, and transparent
institutions and public access to information. For more
detailed information relating to our sustainability work,
see the Annual report for 2023.
Employees
The number of employees in the Yubico group at the end
of the period was 438 (392).
Financial targets
The company has adopted the following financial targets
in the long-term (within 5 years):
‐ Growth: Annual growth in net sales of 25 percent on
average.
‐ Profitability: 20 percent EBIT margin.
‐ Dividend policy: For the foreseeable future, the
Company will primarily use generated cash flows for
investing in continued growth.
Risk management
Yubico works continuously to identify, evaluate, and
manage risks in different systems and processes. Risk
analyses are carried out continuously regarding normal
operations and in connection with activities that are
outside Yubico's regular quality system. The risk and
uncertainty factors for the group and the parent
company, including business and financial risks, are
described in the annual report for the financial year 2023.
There have not been any changes in the risk and
uncertainty factors for the group and the parent
company since the publication of the last annual report.
Parent company
The Parent company’s net sales for the January-March
period amounted to SEK 272.0 (201.8) million. Profit
before tax was SEK 88.1 (76.3) million. Cash and cash
equivalents at the period end amounted to SEK 522.2
(294.4) million. The number of employees in the Parent
Company at the end of the quarter was 129 (107).
Ownership and shares
Yubico Group AB’s share is listed to the First North
Growth Market under the ticker YUBICO. Certified
advisor is FNCA.
As of March 31, 2024, the number of issued shares was
86,114,017. All shares were ordinary shares.
Change in accounting standards and
accounting policies
This is Yubico’s first report prepared according to IFRS
Accounting Standards and with the new functional-
based format for Statement of Profit and Loss. As
communicated before, the reason to make these
changes is for the company to prepare for a listing on
Nasdaq Stockholm main market, adopting the relevant
accounting standards and to provide a more accurate
picture of how the business is managed and monitored,
as well as giving the investors greater comparability.
Please refer to note 4 and Appendix for details regarding
the adoption and description of the effects on
Consolidated Statement of Profit or Loss, Financial
Position and Cash Flow. Reconciliation of the transition
from historical to restated data are presented by quarter
and full year for 2022 and 2023 in the appendix. The
appendix comprise reconciliations of the transition from
presentation of operating expenses by nature to
presentation by function and the transition from K3 to
IFRS Accounting Standards. For the parent company the
reconciliation tables only show the effect of the transition
to function based income statement as the IFRS
Accounting Standards /RFR 2 transition has no effect of
the Financial Position and Cash Flow statements.
Notable differences are for the transition to IFRS
Accounting Standards:
• Lease contracts are presented as Right-of-use
assets and lease liabilities in the balance sheet
and split into amortization and financial items in
the Income statement
• IAS38, capitalization of development expenses
has been analysed and no development
projects affecting the restatements have been
assessed to fulfil the capitalization criteria
Notable differences are for transition to function based
Income statement:
• Cost of sales includes indirect costs and
thereby reduces the gross profit and gross
margin compared to the previous format. cost
by nature
9
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Other information
The Board of Directors and CEO give their assurance that the year-end report provides a fair overview of the development of the Group’s and Parent Company’s operations, profit and
financial position and describes the material risks and uncertainty factors faced by the Parent Company and the companies included in the Group.
Stockholm, May 14, 2024
Patrik Tigerschiöld
Chairman
Ramanujam Shriram
Stina Ehrensvärd
Gösta Johannesson
Eola Änggård Runsten
Paul Madera
Mattias Danielsson
CEO
Webcast/teleconference
Yubico will hold a webcast/conference call today, May 14, 2024, at 09:00 CET. Mattias Danielsson, CEO of Yubico and Camilla Öberg, CFO of Yubico will present and answer
questions.
To participate in the conference, click on the following link https://ir.financialhearings.com/yubico‐q1‐report‐2024. Via the webcast, you can ask written questions. If you wish
to ask questions verbally, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5002220.
Financial calendar
Annual General Meeting: May 14, 2024
Interim report January – June: August 15, 2024
Interim report January – September: November 13, 2024
Year-end Report January-December: February 13, 2025
Contacts
Mattias Danielsson
CEO
+46 70 287 00 03
mattias@yubico.com
Camilla Öberg
CFO
+46 73 398 50 01
camilla.oberg@yubico.com
Alexandra Barganowski
IR
+46 72
083 27 50
alexandra.barganowski@yubico.com
The information in this report has not been audited or reviewed by the company’s auditors.
The interim report includes such information that Yubico is obliged to make public pursuant to the EU Market Abuse Regulation (MAR). The information was submitted for publication
on May 14, 2024, at 7.00am CET.
10
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Financial statements
Condensed consolidated statement of profit or loss
Condensed consolidated statement of comprehensive income
LTM Full-year Full-year
MSEK
Note 2024 2023 2022 23/24 2023 2022
Net sales
2 504.4 419.0 330.2 1,929.6 1,844.2 1,561.0
Cost of sales
3 -96.5 -83.6 -75.1 -381.6 -368.7 -354.0
Gross profit
407.8 335.4 255.1 1,548.0 1,475.5 1,207.0
Research and development
3 -74.3 -63.9 -48.3 -284.6 -274.1 -235.0
Selling expenses
3 -187.2 -139.1 -116.2 -697.5 -649.4 -545.0
Administrative expenses
3 -69.1 -59.3 -75.5 -278.6 -268.8 -234.3
Transaction related expenses
- - - -87.2 -87.2 -
Other income and expenses
13.4 0.7 -2.2 12.6 -0.1 20.5
EBIT
90.5 73.8 12.9 212.8 196.1 213.3
Net financial items
9.1 -1.3 4.7 11.5 1.1 2.4
Profit/loss before tax
99.6 72.5 18.0 224.3 197.2 215.7
Tax
-22.1 -18.3 -1.9 -59.0 -55.2 35.4
Net Profit/loss
77.5 54.2 15.7 165.2 142.0 251.1
Earnings per share before dilution, SEK
0.90 1.10 0.32 2.19 2.38 5.17
Earnings per share after dilution, SEK
0.88 1.10 0.31 2.17 2.38 5.01
Average number of shares before dilution (mill)
86.1 49.4 49.4 68.9 59.7 49.4
Average number of shares after dilution (mill)
87.7 49.4 51.0 69.3 59.7 51.0
Q1
MSEK
Note
Net Profit/loss
77.5 54.2 15.7 165.2 142.0 251.1
Other comprehensive income
Translation differences at translating foreign entities
13.4 -0.8 1.7 11.7 -2.5 8.6
Total comprehensive income
90.9 53.5 17.4 176.9 139.5 259.7
11
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Financial statements
Condensed consolidated statement of financial position
All equity is attributable to the owners of the parent company for all periods presented. There are no non-controlling interests.
31 Dec 31 Dec 1 Jan
MSEK
Note 2024 2023 2022 2023 2022 2022
ASSETS
Intangible assets 11.2 9.5 12.6 7.2 10.2 13.2
Property, plant and equipment 60.2 78.4 80.4 63.1 83.
2 83.0
Financial assets 6.5 6.7 1.9 6.1 6.5 2.2
Deferred tax assets 63.4 53.2 6.3 61.2 53.2 6.1
Total non-current assets 141.3 147.8 101.2 137.6 153.0 104.4
Inventories 576.9 285.5 200.7 501.0 168.3 208.4
Accounts receivable 370.3 255.0 205.2 218.6 418.4 133.0
Other current assets 90.0 90.0 81.2 102.9 149.9 80.1
Cash and cash equivalents 577.1 441.4 212.5 547.3 283.5 264.5
Total current assets 1,614.3 1,071.9 699.6 1,369.9 1,020.1 686.0
TOTAL ASSETS 1,755.6 1,219.7 800.8 1,507.5 1,173.2 790.4
EQUITY AND LIABILITIES
Equity 1,234.8 812.7 462.1 1,140.8 732.4 435.7
NON-CURRENT LIABILITIES
Non-current interest-bearing liabilities 39.0 65.9 93.0 44.7 73.7 111.4
Deferred tax liabilities 2.7 3.8 3.0 2.6 3.8 2.9
Total non-current liabilities 41.7 69.8 96.0 47.3 77.5 114.3
CURRENT LIABILITIES
Current interest-bearing liabilities 27.3 30.0 28.0 29.3 29.9 13.0
Accounts payable 38.3 70.7 40.4 66.7 85.7 40.1
Other current liabilities 413.6 236.5 174.3 223.4 247.7 187.3
Total current liabilities 479.2 337.2 242.7 319.4 363.3 240.4
TOTAL LIABILITIES 520.9 407.0 338.7 366.7
440.8 354.6
TOTAL EQUITY AND LIABILITIES 1,755.6 1,219.7 800.8 1,507.5 1,173.2 790.4
31 Mar
12
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SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Financial statements
Condensed consolidated statement of changes in equity
Condensed consolidated statement of cash flows
31 Dec 31 Dec
MSEK Note
2024 2023 2022 2023 2022
Opening equity
1,140.7 732.3 435.7 732.3 435.7
Net Profit/loss
77.5 54.2 15.7 141.9 251.1
Translation differences
13.3 -0.8 1.7 -2.5 8.7
Translation differences
90.8 53.4 17.5 139.4 259.8
New share issue
- - -0.1 9.7 2.0
New share issue in progress
- 1.4 1.1 - 3.8
Sale of warrants - incentive program
- 0.8 0.1 - 0.4
Value of share based compensation
3.2 7.0 6.1 30.3 30.6
Merger related transactions
- - - 229.0 -
Closing equity
1,234.7 794.9 460.4 1,140.7 732.3
31 Mar
LTM Full-year Full-year
MSEK
Note 2024 2023 2022 23/24 2023 2022
Operating activities
Profit/loss before tax
99.6 72.5 17.6 224.3 197.2 215.7
Adjustmens for non-cash items, etc.
3.6 16.0 9.0 76.7 89.1 26.9
Income tax paid
-34.4 0.7 3.4 -56.0 -21.0 -11.0
Cash flow from operating activities before working
capital changes
68.8 89.2 30.0 244.9 265.4 221.3
Change in inventory
-67.6 -117.7 10.9 -285.6 -335.7 61.8
Change in current receivables
-111.4 222.9 -64.6 -48.5 285.7 -327.2
Change in current liabilities
143.1 -27.2 -22.7 69.1 -101.3 76.8
Cash flow from operating activities
33.0 167.1 -46.3 -20.1 114.1 32.7
Cash flow from investing activities
-4.7 -2.7 -2.6 3,408.6 3,410.6 18.8
Cash flow from financing activities
-8.0 -6.1 -4.9 -3,261.2 -3,259.3 17.3
Cash flow for the period
20.2 158.3 -53.8 127.3 265.4 7.2
Cash and cash equivalents at the beginning of the
period
547.3 283.5 264.5 441.4 283.5 264.5
Exchange rate differences in cash and cash equivalents
14.3 -0.4 1.9 13.1 -1.6 11.7
Cash and cash equivalents at the end of the period
577.1 441.4 212.5 577.1 547.3 283.5
Q1
13
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AT A GLANCE
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ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Financial statements
Condensed Parent Company income statement
LTM Full-year
MSEK
2024 2023 23/24 2023
Net sales
272,0 201,8 1 046,3 976,0
Cost of sales
-88,6 -66,6 -344,8 -322,8
Gross profit
183,5 135,2 701,4 653,1
Research and development
-43,8 -12,3 -174,9 -143,4
Selling expenses
-39,3 -27,8 -153,6 -142,1
Administrative expenses
-37,5 -21,3 -146,8 -130,6
Transaction related expenses
- - -63,7 -63,7
Other income and expenses
13,0 0,6 11,4 -1,1
Operating profit/loss (EBIT)
75,9 74,3 173,9 172,2
Net financial items
12,2 1,9 24,7 14,4
Profit/loss before tax
88,1 76,3 198,5 186,7
Tax on profit for the period
-18,4 -15,7 -81,2 -78,5
Net profit/loss for the period
69,8 60,6 117,4 108,1
Q1
14
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SUMMARY
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AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Financial statements
Condensed Parent Company balance sheet
31 Mar 31 Mar 31 Dec
MSEK
2024 2023 2023
ASSETS
Intangible assets 6.5 9.5 7.2
Property, plant and equipment 18.8 21.1 19.7
Participation in group companies 0.3 0.3 0.3
Receivables from group companies 140.
7 136.8 133.0
Other Financial assets 4.2 4.2 4.0
Deferred tax asset 47.6 45.6 47.6
Total non-current assets 217.9 217.5 211.7
Inventories 397.7 188.5 358.0
Accounts receivable 86.0 47.9 86.0
Receivables from group companies 105.5 34.7 27.6
Other current assets 36.1 59.5 70.7
Cash and cash equivalents 522.2 294.4 476.6
Total current assets 1,147.6 625.0 1,018.9
TOTAL ASSETS 1,365.5 842.5 1,230.6
EQUITY AND LIABILITIES
Restricted Equity 215.3 0.4 215.3
Non-restricted Equity 888.1 729.1 817.3
Total Equity 1,103.4 729.5 1,032.6
NON-CURRENT LIABILITIES
Non-current liabilities to credit institutions 22.8 35.8 26.0
Total non-current liabilities 22.8 35.8 26.0
CURRENT LIABILITIES
Current liabilities to credit institutions 13.0 13.0 13.0
Accounts payable 22.1 58.7 58.2
Liabilities to group companies 81.4 2.8 26.7
Other current liabilities 122.9 2.7 74.1
Total current assets 239.4 77.2 172.0
TOTAL LIABILITIES 262.1 113.0 198.0
TOTAL EQUITY AND LIABILITIES 1,365.5 842.5 1,230.6
15
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SUMMARY
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AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed notes to the financial statements
Note 1. Basis of accounting
This interim report comprise of the Swedish parent company Yubico AB (”Yubico”), with
corporate registration number 559278-6668, and its subsidiaries. The Group is a global
cybersecurity company whose mission is to make the internet safer for everyone. The
operations is to conduct cyber security and to provide security products and services
linked to authentication and other business activities associated therewith. The address
of the head office is Kungsgatan 44,111 35 Stockholm.
The consolidated financial statements have been prepared in accordance with IFRS
Accounting Standards published by the International Accounting Standards Board
(IASB®) and IFRIC® Interpretations that have been issued by IFRS Interpretations
Committee, as they have been adopted by the European Union (EU). Furthermore, the
Group applies the Swedish Annual Accounts Act (1995:1554) and RFR 1
“Supplementary Accounting Rules for Groups” issued by the Swedish Corporate
Reporting Board. The consolidated financial statements of this interim report have been
prepared in accordance with IAS 34 Interim Financial Reporting and are presented in a
condensed format. Disclosures have been provided in accordance with IAS 34 and IFRS
1 First-time Adoption of International Financial Reporting Standards, complemented
with some applicable additional disclosures as required by the Swedish Annual
Accounts Act.
The consolidated financial statements have been prepared based on the assumption of
going concern. Assets and liabilities are measured at cost, with the exception of certain
financial instruments that are measured at fair value. The preparation of financial
statements in accordance with IFRS requires management to make estimates for
accounting purposes. These estimates and assumptions are based on historical
experience and other factors that are considered to be reasonable under current
circumstances. Actual outcome may differ from the estimates if the estimates or
circumstances change.
Unless otherwise indicated, the accounting policies stated below have been applied
consistently to all periods presented in the consolidated financial statements. These
financial statements are Yubico’s first financial statements prepared in accordance with
IFRS. The transition to IFRS is recognized in accordance with IFRS 1. The transition to
IFRS is described in more detail in note 4 First-time adoption of IFRS and transition to
function based Statement of Profit or loss . New or amended standards after May 14,
2024, have not yet entered into force and have not been early adopted in the preparation
of the Group’s and Parent Company’s financial statements. These standards and
amendments of standards as published by IASB are not expected to have any material
impact on the Group’s or Parent Company’s financial statements.
These condensed financial statements are presented in Swedish kronor (SEK) which is
the Parent Company’s functional currency. All amounts are presented in million Swedish
kronor (”SEK m”), unless otherwise indicated. Rounding differences may occur.
Disclosures in accordance with IAS 34.16A appear in addition to the financial statements
and its related notes in the interim information on page 26-64 that form an integral part
of this financial report. The Group’s complete accounting policies are described in note
5 Group accounting policies.
16
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AT A GLANCE
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ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Note 2. Net sales
Net sales is distributed as follows:
Note 3. Personnel expenses for the group
Employee related costs by function:
LTM Full-year
SEKm
2024 2023 23/24 2023
Americas
367.6 237.4 1,348.9 1,218.8
EMEA
101.2 142.9 426.7 468.3
Asia Pacific
35.6 38.7 154.2 157.3
Total
504.4 419.0 1,929.6 1,844.2
Q1
LTM Full-year
MSEK
2024 2023 23/24 2023
Perpetual
442.3 366.7 1,743.3 1,667.6
Subscription
62.0 52.3 186.3 176.6
Total
504.4 419.0 1,929.6 1,844.2
Q1
MSEK Q1 2024 Q1 2023 Q1 2022 2023 2022
Cost of sales
21.4 22.6 18.8 85.7 92.3
Research and development
66.9 59.6 45.3 250.5 211.2
Selling expenses
144.3 98.2 85.3 466.3 392.4
Administrative expenses
41.5 38.1 51.7 169.3 138.9
Total
274.1 218.6 201.1 971.7 834.8
17
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SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Note 4. First time adoption of IFRS and transition to function
based statement of profit or loss
As of January 1, 2022, the group of Yubico prepares its consolidated financial
statements in accordance with IFRS Accounting Standards. The Group’s transition date
to IFRS Accounting Standards is January 1, 2022, which means that the Group presents
two comparative years. The transition to IFRS Accounting Standards is recognized in
accordance with IFRS 1 First-time Adoption of International Financial Reporting
Standards.
The effect of the transition to IFRS Accounting Standards is recognized directly against
opening equity. The previously published financial information for the period 2022-01-
01 - 2022-12-31 and 2023-01-01 – 2023-12-31, prepared in accordance with the
Swedish Annual Accounts Act and BFNAR 2012:1 (K3), is restated to IFRS Accounting
Standards. The general principle is that all applicable IFRS Accounting Standards that
have entered into force and have been endorsed by the EU shall be applied
retrospectively. The Group has applied the following exceptions to the general principle
in accordance with IFRS 1:
• The Group has chosen to apply the exemption in IFRS 1 regarding leases
(IFRS 16), and thus measures lease liabilities and right-of-use assets at the
date of transition to IFRS Accounting Standards. Rental agreements ending
during 2022 have not been classified as leases.
Together with the IFRS transition, the format for the Statement of Profit and Loss has
been changed, from cost by nature to cost by function and affects the same periods,
2022 and 2023. The costs are classified by function, i.e. Cost for sales, Research and
development, Sales expenses and Administrative expenses. Indirect costs for
manufacturing, logistics, order management, customer support and professional
services are classified as Cost for goods sold impacting the gross margin. This is
restated in the KPI tables in this report for historical periods. Costs for corporate
applications and systems and office leases are classified as Administrative expenses.
The transition from previous accounting policies has also resulted in a different
structure and classification of the statements compared to previously applied policies.
These reclassifications do not affect profit or loss nor equity.
Reconciliation between previously applied accounting principles and IFRS
Accounting Standards
The tables in appendix show the reconciliation between previously applied accounting
principles and IFRS Accounting Standards and for the transition to function based
income statement for respective period for year 2022 and 2023, and opening balances
January 1, 2022 for the consolidated statement of profit or loss, the consolidated
statement of financial position and the consolidated cash flow statement.
A. Leases
In accordance with previous accounting policies, the Group classified leases as
operating leases, and it contained of office premises. Under IFRS 16, the Group’s leases
(except for short-term leases) will be recognized in the statement of financial position.
The obligation to make lease payments is discounted and recognized as lease liabilities,
split between a current and non-current portion in the statement of financial position.
Right-of-use assets for leases are included as part of property, plant and equipment. A
deferred tax asset is recognized attributable to the temporary difference that arises. The
operating lease expense recognized under other external expenses is eliminated in the
statement of profit or loss. Expenses related to depreciation of right-of-use assets and
interest expense on lease liabilities are added. Finally, the reclassification also affects
the presentation of the Group’s cash flows. Under previous accounting policies, cash
flow attributable to operating leases was recognized as part of operating activities.
Under IFRS 16, payments are divided between repayment of the principial portion of the
lease liability (financing activities) and payment of interest (operating activities).
B. Translation of foreign operations
In accordance with previously applied accounting policies, exchange differences on
translation of foreign subsidiaries are recognized directly against equity. In accordance
with IFRS Accounting Standards, the exchange difference is recognized separately in
other comprehensive income and accumulated in a separate component of equity. As
per the opening balance January 1, 2022, the accumulated translation difference has
been set to zero in Equity.
18
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SUMMARY
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AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Note 5. Group accounting policies
Consolidation
Subsidiaries
Subsidiaries are all entities over which Yubico has a controlling interest. In the Yubico
Group all companies are controlled by 100% of the Parent company Yubico AB.
Translation of foreign subsidiaries
Assets and liabilities in foreign operations are translated from the functional currency of
the foreign operation into the Group’s reporting currency, Swedish kronor (SEK), at the
exchange rate prevailing at the balance-sheet date. Revenue and expenses in a foreign
operation are converted into Swedish kronor at an average rate that is an approximation
of the exchange rates that existed at the respective transaction dates. Translation
differences arising from foreign exchange translation of foreign operations are
recognized in other comprehensive income and accumulated in the translation reserve
in equity.
Revenue from contracts with customers
The Group generates revenue mainly through the sale of YubiKeys, a multi-factor
authentication (MFA) hardware security key ensuring that only authorized users have
access to sensitive accounts and systems. YubiKeys are sold to the customer
comprising sole ownership of the hardware and integrated software downloaded to the
key. The software component represents a perpetual license with the right to use
Yubico’s intellectual property as is at the agreement date, with no right to upgrading.
The integration of the key and the software together constitute the security protection.
The key, comprising hardware and right to use license, represent one single, bundled,
and distinct performance obligation. The performance obligation is satisfied at the time
of delivery and revenue is recognized at this point in time. Deployment support is not
included in the promise to transfer keys. Deployment does not have to be performed by
Yubico. The customer may deploy itself or engage an external third party for deployment
services. The customer may opt to order deployment support from Yubico and pay for
this service at market price per hour. Deployment service performed by Yubico, if any,
is considered a separate performance obligation recognized as revenue over time based
on hours of work performed.
Yubico also provides a security solution as a service where Yubico assumes a larger
overall responsibility for the functionality of the security solution and retains ownership
of the hardware. The service includes availability of replacement keys and upgrades
within an agreed number of keys and guaranteed functionality in line with agreed
specification during the contract period. The upgrade rights provide the customer with
access to Yubico’s intellectual property as developed by Yubico over time. Upgrades
are transferred to the customer through delivery of replacement keys. The service
contracts normally run for three years with a renewal option for another three years
period for the customer, which is normally exercised. The renewal option is not judged
to be a separate performance obligation. The subscription services are invoiced and
paid on a yearly basis in advance. The management assess that Yubico has a single
bundled performance obligation during the subscription period. The security solution is
consumed by the customer through continuous access to the security service including
the access to Yubico’s intellectual property through the license and use of the hardware
key over the contract term period. Accordingly, revenue is recognized on a straight-line
basis over the contract period. Deployment service is included in the subscription price
up to 5 percent of the contract value but no more than maximum USD 75k per contract,
to be used within six months from contract start. For materiality reasons deployment
service is not accounted for as a separate performance obligation in subscription
contracts.
Freight is charged for separately and represents a separate distinct performance
obligation in addition to transferring control of the key to the customer. Freight revenue
is recognized at the point in time of delivery for both perpetual and subscription
contracts.
Employee benefits
Defined contribution pension plans
The Group’s employees are entitled to pension benefits from defined contribution
pension plans. The Group’s obligations pertaining to fees for defined contribution
pension plans are recognized as an expense in the statement of profit or loss at the rate
they are earned as the employees perform services for the Group during the period.
Share-based payments
Yubico has a long-term incentive program based on performance stock units (PSUs) for
up to approximately 440 senior executives, key personnel and other employees in the
group. The expense for these transactions, which are settled with equity, consists of the
fair value at the time the agreement is entered into. The expense for share-based
payments is recognized in the statement of profit or loss as personnel expenses with a
corresponding increase in equity. In the period when services are rendered, provisions
are made for estimated social security contributions based on the fair value of the share
rights at the reporting date.
Earnings per share
Basic earnings per share is calculated by dividing profit or loss attributable to the equity
holders of the parent company by a weighted average of the number of shares
outstanding during the period. Diluted earnings per share is calculated by dividing the
19
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A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
profit or loss for the period attributable to the equity holders of the parent company,
adjusted where applicable, by the sum of the weighted average number of ordinary
shares and potential ordinary shares that may result in dilution. Dilution from potential
ordinary shares is only recognized if a conversion to ordinary shares would result in a
decrease in earnings per share or an increase in loss per share after dilution.
Intangible assets
Internally generated intangible assets
The Group’s development projects are divided into several phases: research phase,
development phase, launch phase, operating phase, and substantial improvements.
Costs in the research phase are expensed as it is incurred and never subsequently
capitalized. Cost arising in the development phase are capitalized as intangible assets
when, in the opinion of the management, it is probable that it will result in future
economic benefits for the Group, all criteria for capitalization have been met and the
costs can be reliably measured. Costs arising in the other phases are expensed as they
are incurred. Amortization is made on a straight-line basis over the estimated useful life
of the asset.
For the period until end of March 2024, no development projects have been assessed
to fulfil the recognition criteria for capitalization and no development projects have been
classified as intangible assets.
Other intangible assets
Other intangible assets include capitalized cost of obtaining a contract, patents, license
rights and trademarks. Other intangible assets are recognized at cost less accumulated
amortization and any accumulated impairment losses. Amortization is made on a
straight-line basis over the estimated useful life of the asset. Cost of obtaining a contract
is amortized over the term of the underlying subscription contract, normally three years.
The other intangible assets are amortized over 5-10 years.
Property, plant and equipment
Property, plant and equipment are recognized at cost less accumulated depreciation
and impairment losses. The acquisition cost includes, in addition to the purchase price,
expenses directly related to the acquisition. Depreciation is made on a straight-line basis
over the estimated useful life for of the asset. The estimated useful life for Equipment,
tools and installations is 5 years.
Leases
Right-of-use assets
The Group recognizes right-of-use assets in the statement of financial position at the
commencement date of the lease (i.e., the date on which the underlying asset is made
available for use). Right-of-use assets are measured at cost less accumulated
depreciation and any impairment losses and adjusted for remeasurements of the lease
liability. The cost of right-of use assets includes the initial amount recognized for the
attributable lease liability, initial direct costs, and any prepaid payments on or before the
commencement date of the lease less any incentives received. Right of use assets
comprise of premises and are presented as part of Property, plant and equipment.
Lease liabilities
At the commencement date of a lease, the Group recognizes a lease liability
corresponding to the present value of the lease payments to be made over the lease
term. The lease term is defined as the non-cancellable period together with periods
covered by an option to extend or terminate the lease if the Group is reasonably certain
to exercise such options. The lease payments include fixed payments (less any
incentives receivable), variable lease payments that depend on an index or a rate (e.g. a
reference interest rate) and amounts that are expected to be paid under residual value
guarantees. Variable lease payments that do not depend on an index or a rate are
recognized as an expense in the period they are incurred. To calculate the present value
of lease payments, the Group uses the implicit interest rate in the contract if it can be
readily determined. If the implicit interest rate cannot be readily determined, the
incremental borrowing rate as of the commencement date of the lease is used. After the
commencement date of a lease, the lease liability is increased to reflect the interest on
the lease liability and decreased with lease payments. Additionally, the value of the lease
liability is remeasured as a result of modifications, changes to the lease term, changes
in lease payments or changes in an assessment of whether to purchase the underlying
asset. Lease liabilities are presented as part of non-current and current interest-bearing
liabilities.
Application of practical expedients
The Group applies the practical expedient for short-term leases and leases in which the
underlying asset is of low value. In the Group, leases in which the underlying asset is of
low value comprises of short-term leases for co-working places and similar services.
Lease payments for short-term leases and leases in which the underlying asset is of low
value are expensed on a straight-line basis over the lease term.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset in one entity and
a financial liability or an equity instrument in another entity. Measurement of the financial
instruments depends on how they have been classified.
Financial assets comprise primarily of cash and cash equivalents, accounts receivables
and unbilled receivables. All financial assets are measured at amortized cost. This is
because they are held within a business model whose objective is to hold assets to
collect contractual cash flows and the cash flows from the assets solely consist of
20
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DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
payments of principal and interest on the principal amount outstanding and are
measured at amortised cost.
Financial liabilities comprise primarily of loans, accounts payables and accrued
expenses. All financial liabilities are measured at amortised cost.
The carrying amounts of financial assets and financial liabilities measured at amortised
cost are considered a reasonable approximation of fair value.
Cash and cash equivalents
Cash and cash equivalents consist of cash, immediately available balances with banks
and equivalent institutions and current investments. Current investments are classified
as cash and cash equivalents when they have a maturity date within three months from
the date of acquisition, can easily be converted into cash at a known amount and are
exposed to an insignificant risk of changes in value. Cash and cash equivalents are
subject to the loss provision requirements for expected credit losses.
Inventories
Inventories are measured at the lower of cost and net realizable value. Cost is calculated
using the weighted average cost formula and includes all costs of purchase for the
inventories, outsourced manufacturing, programming, and transport of the inventories
to their present location. The net realizable value is defined as the sales price less
estimated selling cost.
Information by segment
An operating segment is a part of the group that conducts business from which it can
generate revenue and incur costs and for which stand-alone financial information is
available. The Group's operation is run as one segment and is evaluated on the basis of
net sales and EBIT for the Group as a whole, in accordance with how management and
the company's CEO, the company's highest executive decision-maker, monitor the
performance of the business and decide on resource allocation.
Note 6. Parent company’s transition to RFR 2 and functional
based income statement
The Parent Company has previously applied the Swedish Annual Accounts Act and
BFNAR 2012:1 Annual Accounts and Consolidated Accounts (K3) in the preparation of
financial statements.
The Parent Company applies the same accounting policies as the Group except for the
areas described in note 7 “Parent company’s accounting policies”. The parent company
applies the Swedish Annual Accounts Act (1995:1554) and RFR 2 Accounting for legal
entities. These condensed interim financial statements for the Parent Company have
been prepared in accordance with the Swedish Annual Accounts Act chapter 9 Interim
report. As of this financial report, because of the Group’s transition to IFRS Accounting
Standards, the Parent Company applies the Swedish Annual Accounts Act and RFR 2
Accounting for Legal Entities.
The interim report for Q1 2024 is the company's first Interim report prepared in
accordance with RFR 2 Accounting for legal entities. The accounting principles found in
note 7 have been applied when the company's accounts have been prepared as of 31
March 2024 and for the comparative information for financial years 2022 and 2023, and
the opening balances of January 1, 2022.
Choices made in the transition to reporting in accordance with RFR 2
The transition to RFR 2 is accounted for in accordance with IFRS 1 First-time Adoption
of International Financial Reporting Standards. The main rule is that: all applicable IFRS
Accounting Standards entered into force and approved by the EU as of the date of issue
of these financial statements with the exceptions described in RFR 2 Accounting for
legal persons, shall apply with retroactive effect. However, IFRS 1 contains transitional
provisions that provide companies have a certain amount of choice. The company has
chosen, in accordance with RFR 2, to apply exceptions related to IFRS 16, IAS 38 and
IFRS 9 as described in note 7.
Reconciliation between previously applied accounting principles (K3) and RFR 2
The transition from previously applied accounting principles to RFR 2 have had no effect
on the income statement and balance sheet, equity or cash flow. In view of this, no
reconciliation between previously applied accounting principles and RFR 2 is needed.
The reconciliation between income statement by function and income statement by
nature is presented in the appendix. This change only affects the gross margin when
indirect costs for Cost of sales are included.
21
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AT A GLANCE
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ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Note 7. Parent company’s accounting policies
The parent company prepares its financial statements in accordance with the Swedish
Annual Accounts Act (1995:1554) and the recommendation issued by the Financial
Reporting Board RFR 2 “Accounting for legal entities”. The parent company applies the
same accounting policies as the Group with the exceptions and additions specified in
RFR 2. This means that IFRS is applied with the exceptions listed below. Unless
otherwise indicated, the accounting policies stated below for the parent company have
been applied consistently to all periods presented in the parent company’s financial
statements.
Leases
The guidance on accounting for lease agreements in IFRS 16 are not applied in the
parent company. This means that lease payments are expensed on a straight-line basis
over the lease term and right-of-use assets and lease liabilities are not recognized in the
parent company’s balance sheet. However, identification of a lease agreement is made
in accordance with IFRS 16, i.e. that an agreement is, or contains, a lease if the
agreement conveys the right to control the use of an identified asset for a period of time
in exchange for consideration.
Capitalization of research and development
The parent company has made the choice to apply the exemption in RFR 2 from
capitalization of development cost as would otherwise be required according to IAS 38.
Accordingly, all expenditure for research and development projects are expensed
directly in the income statement.
Financial instruments
The parent company applies the exemption to not apply IFRS 9 Financial Instruments in
the legal entity. Instead, the parent company applies, in accordance with the Swedish
Annual Accounts Act, the cost method. In the parent company, non-current financial
assets are thus measured at cost and current financial assets are measured at the lower
of cost or net realizable value. The parent company does, however, apply the expected
credit loss method (ECL) in accordance with IFRS 9 for financial assets that are debt
instruments. However, for the period until end of March 2024, this has had no effect on
the company's accounts.
22
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Additional information
Quarterly figures
MSEK
Q1 2024 Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022
Net sales
504.4 559.9 410.7 454.6 419.0 468.5 393.2 369.1 330.2
Net sales growth (%)
20.4 19.5 4.4 23.2 26.9 52.5 118.6 69.2 103.5
Net sales growth (adjusted for change in foreign currency) (%)
20.5 17.8 1.8 16.2 17.3 34.3 88.9 60.7 84.5
Subscription sales
62.0 78.5 61.9 62.4 52.3 53.8 35.5 32.7 19.1
Subscription sales of net sales (%)
12.3 14.0 15.1 13.7 12.5 11.5 9.0 8.9 5.8
Gross profit
407.8 436.7 336.6 366.9 335.4 361.9 304.3 289.8 255.1
Adjusted operating profit (EBIT)
90.5 88.7 19.5 101.1 73.8 66.7 72.8 60.9 12.9
Operating profit (EBIT)
90.5 95.4 -74.3 101.1 73.8 66.7 72.8 60.9 12.9
Net profit/loss for the period
77.5 78.3 -68.4 77.8 54.2 108.1 69.7 57.5 15.7
Gross margin (%)
80.9 78.0 81.9 80.7 80.1 77.3 77.4 78.5 77.3
Adjusted EBIT margin (%)
18.0 16.0 4.8 22.2 17.5 14.2 18.5 16.5 3.9
EBIT margin (%)
18.0 17.2 -18.1 22.2 17.5 14.2 18.5 16.5 3.9
Net cash
541.3 508.3 539.1 370.5 392.7 231.5 198.4 201.9 150.8
Bookings
578.9 684.1 399.6 406.4 350.0 372.9 334.7 572.1 304.6
Bookings growth (%)
65.4 83.5 19.4 -29.0 14.9 11.7 40.0 98.0 69.8
Bookings growth (adjusted for change in foreign currency) (%)
65.9 83.2 19.8 -34.9 3.0 -12.0 10.0 85.1 52.7
Subscription bookings
104.1 129.2 57.9 60.0 27.0 64.1 61.3 102.3 14.0
Subscription share of bookings (%)
18.0 18.9 14.5 14.8 7.7 17.2 18.3 17.9 4.6
ARR
277.1 286.5 255.3 242.8 219.3 204.7 184.8 156.2 131.0
23
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Additional information
Key figures not defined in accordance with IFRS Accounting Standards
Key figure Definition Purpose
Subscription sales
Net sales related to subscription.
Understand the magnitude of subscription revenue.
Subscription share of
net sales
Subscription sales in relation to net sales.
Measure to analyze the magnitude of the subscriptions in relation to net sales
Net sales growth
Annual growth in net sales.
Used to measure the net sales growth in the company.
Net sales growth
(adjusted for change
in foreign currency)
Net sales growth adjusted for changes in foreign currency rates.
Used to measure comparable net sales growth excluding translation effects into foreign currency.
Cost of sales
Direct and indirect costs involved in producing the goods and services
Calculating the company’s gross profit
Gross profit
Net sales less cost of sales.
Show the company’s profitability from operations.
Gross margin
Gross profit as a percentage of net sales.
The measure is a complement to the gross profit, which only states the change in absolute
figures (when different periods are compared). Gross margin is an indication of the Company’s
gross earnings capacity, over time.
Adjusted EBIT margin
Operating profit/loss (EBIT) in relation to net sales adjusted for items affecting
comparability.
The measure is a complement to the EBIT (Operating profit/loss), which only states the change in
absolute figures (when different periods are compared). EBIT margin is used to provide
understanding of the Group’s financial performance both short and long term.
EBIT margin
Operating profit/loss (EBIT) in relation to net sales.
The measure is a complement to the EBIT (Operating profit/loss), which only states the change in
absolute figures (when different periods are compared). EBIT margin is used to provide
understanding of the Group’s financial performance both short and long term.
Net cash
Cash and cash equivalents less interest-bearing liabilities (liabilities to credit institutions).
Used to assess the company’s ability to meet its financial obligations and level of debt.
Bookings
Total value of bookings received during the period.
Measure used to analyze the magnitude of increase in bookings.
Subscription
bookings
Total value of subscription bookings received during the period.
Measure used to analyze the expected volume of future revenue related to subscription.
Subscription share of
bookings
Subscription bookings in relation to total bookings.
Measure to understand the relation of subscription bookings in relation to total bookings.
Annual Recurring
Revenue (ARR)
Total contract value related to subscription contracts as of the end of the reporting
period, excluding one-time fees, divided by the term of the contract, translated based
on the average foreign exchange rate on a rolling 12-month basis.
Management follows this measure as it is important to understand annualized revenue expected
from subscribers.
24
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Additional information
Reconciliation of key figures not defined in accordance with IFRS Accounting Standards
LTM Full-year Full-year
MSEK
2024 2023 2022 23/24 2023 2022
Gross profit and gross margin
Net sales
504.4 419.0 330.2 1,929.6 1,844.2 1,561.0
Cost of sales
-96.5 -83.6 -75.1 -381.6 -368.7 -354.0
Gross profit
407.8 335.4 255.1 1,548.0 1,475.5 1,207.0
Divided by Net sales
504.4 419.0 330.2 1,929.6 1,844.2 1,561.0
Gross margin
80.9% 80.1% 77.3% 80.2% 80.0% 77.3%
Adjusted EBIT and adjusted EBIT margin
Operating profit (EBIT)
90.5 73.8 12.9 212.8 196.1 213.3
Adjustment for items affecting comparability - transaction costs
- - - 87.2 87.2 -
Adjusted EBIT
90.5 73.8 12.9 299.9 283.2 213.3
Divided by Net sales
504.4 419.0 330.2 1,929.6 1,844.2 1,561.0
Adjusted EBIT margin
18.0% 17.6% 3.9% 15.5% 15.4% 13.7%
EBIT margin
Operating profit (EBIT)
90.5 73.8 12.9 212.8 196.1 213.3
Divided by Net sales
504.4 419.0 330.2 1,929.6 1,844.2 1,561.0
EBIT margin
18.0% 17.6% 3.9% 11.0% 10.6% 13.7%
Net sales growth (adjusted for change in foreign currency)
Total Net sales growth
20.4%
whereof change in foreign currency
-0.1%
whereof growth adjusted for change in foreign currency
20.5%
Q1
25
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Additional information
Reconciliation of key figures not defined in accordance with IFRS Accounting Standards
31 Mar 31 Mar 31 Mar 31 Dec 31 Dec
MSEK
2024 2023 2022 2023 2022
Net cash
Cash and bank 577.1 441.4 212.5 547.3 283.5
Non-current liabilities to credit institutions -39.0 -65.9 -93.0 -44.7 -73.7
Current liabilities to credit institutions -27.3 -
30.0 -28.0 -29.3 -29.9
Less:
Leasingliabilities 30.5 47.2 59.3 35.0 51.5
Net cash 541.3 392.7 150.8 508.3 231.5
26
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Appendix Transition to IFRS and function based statement of P/L
Condensed consolidated statement of profit or loss for the period of Q1 2023
MSEK
Previous format Revised format
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
IFRS
Net sales Net sales
419.0 - - - - - 419.0 - - 419.0
Other operating income
5.3 - - - - -5.3 - - - -
Cost of sales
- -83.6 - - - - -83.6 - - -83.6
Gross profit or loss Gross profit or loss 424.3 -83.6 - - - - 335.4 - - 335.4
Research and development expense
- - -63.9 - - - -63.9 - - -63.9
Selling expenses
- - - -139.1 - - -139.1 - - -139.1
Administrative expenses
- - - - -59.7 - -59.7 0.4 - -59.3
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - 0.7 0.7 - - 0.7
Goods for resales
-57.2 57.2 - - - - - - - -
Other external expenses
-67.5 2.3 4.2 40.9 20.1 - - - - -
Personnel expenses
-218.6 22.6 59.6 98.2 38.1 - - - - -
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-2.9 1.5 -3.2 -0.0 1.5 - - - - -
Transaction related expenses
- -
Other operating expenses
-4.6 - - - - 4.6 - -
Operating profit Operating profit 73.4 -0.0 -0.0 0.0 -0.0 - 73.4 373.1 - 73.8
Net financial items Financial income and expenses
-0.7 - - - - - -0.7 -0.6 - -1.3
Profit after financial items Net financial items -0.7 - - - - - -0.7 -0.6 - -1.3
Profit before tax Profit before tax 72.7 - 72.7 -0.2 - 72.5
Income tax Income tax
-18.4 - -18.4 0.1 - -18.3
Net profit for the period Net profit for the period 54.3 - 54.3 -0.1 54.2
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - -0.3 -0.4 -0.8
Total other comprehensive income
for the period, net of tax
- - - -0.3 -0.4 -0.8
Total comprehensive income for
the period, net of tax
54.3 - 54.3 -0.5 -0.4 53.4
Change in format of statement of profit or loss
Transition from K3 to IFRS
27
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q2 2023
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
454.6 - - - - - 454.6 - - 454.6
Other operating income
19.9 - - - - -19.9 - - - -
Cost of sales
- -87.7 - - - - -87.7 - - -87.7
Gross profit or loss Gross profit or loss 474.5 -87.7 - - - - 366.9 - - 366.9
Research and development expense
- - -69.8 - - - -69.8 - - -69.8
Selling expenses
- - - -146.8 - - -146.8 - - -146.8
Administrative expenses
- - - - -62.7 - -62.7 0.4 - -62.3
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - 13.1 13.1 - - 13.1
Goods for resales
-64.0 64.0 - - - - - - - -
Other external expenses
-71.3 2.2 4.2 39.2 25.6 - 0.0 - - 0.0
Personnel expenses
-228.7 19.9 65.5 107.6 35.7 - 0.0 - - 0.0
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-3.1 1.6 0.1 0.0 1.4 - - - - -
Transaction related expenses
- - - - - - - - - -
Other operating expenses
-6.7 - - - - 6.7 - - -
Operating profit Operating profit 100.8 -0.0 0.0 -0.0 -0.0 - 100.8 0.4 - 101.1
Net financial items Financial income and expenses
-0.8 - - - - - - -0.5 - -1.3
Profit after financial items Net financial items -0.8 - - - - - - -0.5 - -1.3
Profit before tax Profit before tax 100.0 -0.0 - - - - - -0.1 - 99.8
Income tax Income tax
-22.1 - - - - - -22.1 0.0 - -22.1
Net profit for the period Net profit for the period 77.9 -0.0 - - - - 77.9 -0.1 77.8
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - -0.2 7.3 7.1
Total other comprehensive income
for the period, net of tax
- - - - - - - -0.2 7.3 7.1
Total comprehensive income for
the period, net of tax
77.9 -0.0 - - - - 77.9 -0.1 7.3 85.1
Change in format of statement of profit or loss
Transition from K3 to IFRS
28
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q3 2023
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
410.7 - - - - - 410.7 -
- 410.7
Other operating income
7.9 - - - - -7.9 - - -
-
Cost of sales
- -74.1 - - - - -74.1 - -
-74.1
Gross profit or loss Gross profit or loss 418.6 -74.1 - - - - 336.6 -
336.6
Research and development expense
- - -68.9 - - - -68.9 - -
-68.9
Selling expenses
- - - -164.2 - - -164.2 - -
-164.2
Administrative expenses
- - - - -83.1 - -83.2 0.4 -
-82.7
Transaction related expenses
- - - - -93.9 - -93.9 - -
-93.9
Other income and expenses
- - - - - -1.3 -1.3 - -
-1.3
Goods for resales
-50.9 50.9 - - - - - - -
-
Other external expenses
-79.1 2.1 6.5 46.8 23.6 - - - -
-
Personnel expenses
-256.7 19.3 62.3 117.3 57.8 - 0.0 - -
0.0
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-3.6 1.8 0.1 0.0 1.7 - - - - -
Transaction related expenses
-93.9 - - - 93.9 - - - -
-
Other operating expenses
-9.1 - - - - 9.1 - - -
-
Operating profit Operating profit -74.8 0.0 0.0 -0.0 -0.0 - -74.8 0.4
-74.3
- - - - -
Net financial items Financial income and expenses
4.2 - - - - - 4.2 -0.5
- 3.7
Profit after financial items Net financial items 4.2 - - - - - 4.2 -0.5
- 3.7
Profit before tax Profit before tax -70.5 0.0 - - - - -70.5 -0.1
- -70.6
Income tax Income tax
2.2 - - - - - 2.2 0.0
- 2.3
Net profit for the period Net profit for the period -68.3 0.0 - - - - -68.3 -0.1
- -68.4
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - 0.0 1.5 1.5
Total other comprehensive income
for the period, net of tax
- - - - - - - 0.0 1.5 1.5
Total comprehensive income for
the period, net of tax
-68.3 0.0 - - - - -68.3 -0.1 1.5 -66.8
Change in format of statement of profit or loss
Transition from K3 to IFRS
29
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q4 2023
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
559.9 - -
- - - 559.9 - 559.9
Other operating income
14.7 - - -
- -14.7 - - -
Cost of sales
- -123.2 - -
- - -123.2 - -123.2
Gross profit or loss Gross profit or loss 574.6 -123.2 -
- - - 436.7 - 436.7
Research and development expense
- - -71.6 -
- - -71.6 - -71.6
Selling expenses
- - - -199.3
- - -199.3 - -199.3
Administrative expenses
- - - -
-58.1 - -64.8 0.4 -64.4
Transaction related expenses
- - - -
6.7 - 6.7 - 6.7
Other income and expenses
- - - -
- -12.6 -12.6 - -12.6
Goods for resales
-94.2 94.2 - -
- - - - -
Other external expenses
-92.0 2.4 8.5 56.1
18.3 - - - -
Personnel expenses
-267.7 23.8 63.1 143.2
37.7 - -0.0 - -0.0
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-5.0 2.9 0.1 0.0 2.0
- -0.0 - -0.0
Transaction related expenses
6.7 - - -
- - - - -
Other operating expenses
-27.4 - - -
- 27.4 - - -
Operating profit Operating profit 95.1 0.0 0.0
0.0 0.0 - 95.1 0.4 95.4
- - -
Net financial items Financial income and expenses
0.4 - -
- - - 0.4 -0.4 0.0
Profit after financial items Net financial items 0.4 - -
- - - 0.4 -0.4 0.0
Profit before tax Profit before tax 95.5 0.0 -
- - - 95.5 -0.1 95.4
Income tax Income tax
-17.1 - -
- - - -17.1 0.0 -17.1
Net profit for the period Net profit for the period 78.4 0.0 -
- - - 78.4 -0.0 78.3
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - -
- - 0.05 -10.4 -10.4
Total other comprehensive income
for the period, net of tax
- - - - -
- - - -10.4 -10.4
Total comprehensive income for
the period, net of tax
78.4 0.0 - - -
- 78.4 -0.0 -10.4 67.9
Change in format of statement of profit or loss
Transition from K3 to IFRS
30
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q1 2022
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
330.2 - - - - - 330.2 - - 330.2
Other operating income
13.9 - - - - -13.9 - - - -
Cost of sales
- -75.1 - - - - -75.1 - - -75.1
Gross profit or loss Gross profit or loss 344.1 -75.1 - - - - 255.1 - - 255.1
Research and development expense
- - -48.3 - - - -48.3 - - -48.3
Selling expenses
- - - -116.2 - - -116.2 - - -116.2
Administrative expenses
- - - - - - - - - -
Transaction related expenses
- - - - -75.8 - -75.8 0.3 - -75.5
Other income and expenses
- - - - - -2.2 -2.2 - - -2.2
Goods for resales
-52.1 52.1 - - - - - - - -
Other external expenses
-59.6 3.0 3.0 30.9 22.7 - - - - -
Personnel expenses
-201.1 18.8 45.3 85.3 51.7 - - - - -
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-2.6 1.1 - 0.0 1.5 - - - - -
Transaction related expenses
- - - - - - - - - -
Other operating expenses
-16.1 - - - - 16.1 - - - -
Operating profit Operating profit 12.6 - - - - - 12.6 0.3 - 12.9
-
Net financial items Financial income and expenses
5.4 - - - - - 5.4 -0.7 - 4.7
Profit after financial items Net financial items 5.4 - - - - - 5.4 -0.7 - 4.7
Profit before tax Profit before tax 18.0 - - - - - 18.0 -0.3 - 17.6
Income tax Income tax
-2.0 - - - - - -2.0 0.1 - -1.9
Net profit for the period Net profit for the period 16.0 - - - - - 16.0 -0.2 - 15.7
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - -0.0 1.7 1.7
Total other comprehensive income
for the period, net of tax
- - - - - - - -0.0 1.7 1.7
Total comprehensive income for
the period, net of tax
16.0 - - - - - 16.0 -0.2 1.7 17.4
Change in format of statement of profit or loss
Transition from K3 to IFRS
31
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q2 2022
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
369.1 - - - - - 369.1 - - 369.1
Other operating income
28.8 - - - - -28.8 - - - -
Cost of sales
- -83.5 - - - - -83.5 - - -83.5
Gross profit or loss Gross profit or loss 397.8 -83.5 - - - - 285.6 - - 285.6
Research and development expense
- - -62.6 - - - -62.6 - -62.6
Selling expenses
- - - -140.3 - - -140.3 - -140.3
Administrative expenses
- - - - -47.3 - -47.3 -0.8 - -48.2
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - 26.4 26.4 - - 26.4
Goods for resales
-56.4 56.4 - - - - - - - -
Other external expenses
-65.0 3.4 6.9 35.6 19.1 - - - - -
Personnel expenses
-209.7 22.5 55.7 104.7 26.8 - - - - -
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-2.7 1.2 0.0 0.0 1.4 - - - - -
Transaction related expenses
- - - - - - - - - -
Other operating expenses
-2.4 - - - - 2.4 - - - -
Operating profit Operating profit 61.7 - - -0.0 - - 61.7 -0.8 - 60.9
-
Net financial items Financial income and expenses
-0.5 - - - - - -0.5 -0.7 - -1.2
Profit after financial items Net financial items -0.5 - - - - - -0.5 -0.7 - -1.2
Profit before tax Profit before tax 61.2 - - - - - 61.2 -1.5 - 59.7
Income tax Income tax
-2.3 - - - - - -2.3 0.1 - -2.2
Net profit for the period Net profit for the period 58.9 - - - - - 58.9 -1.4 - 57.5
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - 2.3 4.7 7.0
Total other comprehensive income
for the period, net of tax
- - - - - - - 2.3 4.7 7.0
Total comprehensive income for
the period, net of tax
58.9 - - - - - 58.9 0.9 4.7 64.5
Change in format of statement of profit or loss
Transition from K3 to IFRS
32
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q3 2022
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
393.2 - - - - - 393.2 - - 393.2
Other operating income
26.5 - - - - -26.5 - - - -
Cost of sales
- -88.9 - - - - -88.9 - - -88.9
Gross profit or loss Gross profit or loss 419.7 -88.9 - - - - 304.3 - - 304.3
Research and development expense
- - -57.1 - - - -57.1 - - -57.1
Selling expenses
- - - -145.1 - - -145.1 - - -145.1
Administrative expenses
- - - - -55.4 - -55.4 -0.8 - -56.1
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - 26.8 26.8 - - 26.8
Goods for resales
-55.6 55.6 - - - - - - - -
Other external expenses
-72.3 3.3 5.3 40.3 23.4 - - - - -
Personnel expenses
-215.9 28.6 51.8 104.8 30.6 - 0.0 - - 0.0
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-2.8 1.4 0.0 0.0 1.4 - - - - -
Transaction related expenses
- - - - - - - - - -
Other operating expenses
0.4 - - - - -0.4 - - - -
Operating profit Operating profit 73.6 -0.0 0.0 0.0 0.0 26.5 73.6 -0.8 - 72.8
-
Net financial items Financial income and expenses
-0.5 -0.5 -0.5 - -1.0
Profit after financial items Net financial items -0.5 - - - - - -0.5 -0.5 - -1.0
Profit before tax Profit before tax 73.1 73.1 -1.2 - 71.8
Income tax Income tax
-1.9 -1.9 -1.9 - -3.9
Net profit for the period Net profit for the period 71.1 - - - - - 71.1 -3.2 - 67.9
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- 0.0 7.8 7.8
Total other comprehensive income
for the period, net of tax
- 0.0 7.8 7.8
Total comprehensive income for
the period, net of tax
71.1 - - - - - 71.1 -3.2 7.8 75.8
Change in format of statement of profit or loss
Transition from K3 to IFRS
33
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of Q4 2022
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
468.5 - - - - - 468.5 - - 468.5
Other operating income
2.0 - - - - -2.0 - - - -
Cost of sales
- -106.5 - - - - -106.5 - - -106.5
Gross profit or loss Gross profit or loss 470.5 -106.5 - - - -2.0 361.9 - - 361.9
Research and development expense
- - -66.9 - - - -66.9 - - -66.9
Selling expenses
- - - -143.3 - - -143.3 - - -143.3
Administrative expenses
- - - - -53.7 - -53.7 -0.8 - -54.5
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - -30.5 -30.5 - - -30.5
Goods for resales
-80.7 80.7 - - - - - - - -
Other external expenses
-78.6 2.0 8.6 45.7 22.3 - -0.0 - - -0.0
Personnel expenses
-208.0 22.4 58.4 97.6 29.7 - 0.0 - - 0.0
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-3.1 1.4 0.0 0.0 1.6 - -0.0 - - -0.0
Transaction related expenses
- - - - - - - - - -
Other operating expenses
-32.5 - - - - 32.5 - - - -
Operating profit Operating profit 67.5 0.0 0.0 0.0 -0.0 - 67.5 -0.8 - 66.7
- -
Net financial items Financial income and expenses
0.7 - - - - - 0.7 -0.6 - 0.1
Profit after financial items Net financial items 0.7 - - - - - 0.7 -0.6 0.1
Profit before tax Profit before tax 68.2 0.0 0.0 0.0 -0.0 - 68.2 -1.4 - 66.8
Income tax Income tax
41.3 - - - - - 41.3 0.1 - 41.4
Net profit for the period Net profit for the period 109.5 0.0 0.0 0.0 -0.0 - 109.5 -1.3 - 108.1
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - 1.8 -9.7 -7.9
Total other comprehensive income
for the period, net of tax
- - - - - - - 1.8 -9.7 -7.9
Total comprehensive income for
the period, net of tax
109.5 - - - - - 109.5 0.4 -9.7 100.2
Change in format of statement of profit or loss
Transition from K3 to IFRS
34
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of 2023
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
1,844.2 - - - - - 1,844.2 - 1,844.2
Other operating income
47.8 - - - - -47.8 - - -
Cost of sales
- -368.7 - - - - -368.7 - -368.7
Gross profit or loss Gross profit or loss 1,892.0 -368.7 - - - - 1,475.5 - 1,475.5
Research and development expense
- - -274.1 - - - -274.1 -274.1
Selling expenses
- - - -649.4 - - -649.4 -649.4
Administrative expenses
- - - - -357.5 - -270.3 1.5 -268.8
Transaction related expenses
- - - - -87.2 - -87.2 - -87.2
Other income and expenses
- - - - - -0.1 -0.1 - -0.1
Goods for resales
-266.3 266.3 - - - - - - -
Other external expenses
-309.8 9.0 23.4 183.1 181.5 - 0.0 - 0.0
Personnel expenses
-971.7 85.7 250.5 466.3 169.3 - - - -
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-14.6 7.7 0.2 0.0 6.6 - - - -
Transaction related expenses
-87.2 - - - 87.2 - - - -
Other operating expenses
-47.8 - - - - 47.8 - - -
Operating profit Operating profit 194.5 0.0 -0.0 -0.0 - - 194.5 1.5 196.1
-
Net financial items Financial income and expenses
3.2 - - - - - 3.2 -2.1 1.1
Profit after financial items Net financial items 3.2 - - - - - 3.2 -2.1 1.1
Profit before tax Profit before tax 197.7 0.0 - - - - 197.7 -0.5 197.2
Income tax Income tax
-55.4 - - - - - -55.4 0.2 -55.2
Net profit for the period Net profit for the period 142.3 0.0 - - - - 142.3 -0.4 142.0
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - -0.5 -2.0 -2.5
Total other comprehensive income
for the period, net of tax
- - - - - - - -0.5 -2.0 -2.5
Total comprehensive income for
the period, net of tax
142.3 - - - - - 142.3 -0.9 -2.0 139.5
Change in format of statement of profit or loss
Transition from K3 to IFRS
35
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Condensed consolidated statement of profit or loss for the period of 2022
MSEK
Previous format Revised format
Classified
by nature of
expense
Cost of
sales
Research
& Dev
Selling Adm
Other
I & e
K3 classified
by function
A. Leasing
Translation
of foreign
operations
IFRS
Net sales Net sales
1,561.0 - - - - - 1,561.0 - - 1,561.0
Other operating income
71.2 - - - - -71.2 - - - -
Cost of sales
- -354.0 - - - - -354.0 - - -354.0
Gross profit or loss Gross profit or loss 1,632.1 -354.0 - - - - 1,207.0 - - 1,207.0
Research and development expense
- - -235.0 - - - -235.0 - - -235.0
Selling expenses
- - - -545.0 - - -545.0 - - -545.0
Administrative expenses
- - - - -232.2 - -232.2 -2.0 - -234.3
Transaction related expenses
- - - - - - - - - -
Other income and expenses
- - - - - 20.5 20.5 - - 20.5
Goods for resales
-244.7 244.7 - - - - - - - -
Other external expenses
-275.5 11.7 23.8 152.5 87.4 - - - - -
Personnel expenses
-834.8 92.3 211.2 392.4 138.9 - - - - -
Depreciation, amortization and
impairment of tangible and non-
tangible assets
-11.2 5.2 0.0 0.0 5.9 - - - - -
Transaction related expenses
- - - - - - - - -
Other operating expenses
-50.7 - - - - 50.7 - - -
Operating profit Operating profit 215.3 0.0 -0.0 0.0 -0.0 71.2 215.3 -2.0 - 213.3
-
Net financial items Financial income and expenses
5.1 - - - - - 5.1 -2.7 - 2.4
Profit after financial items Net financial items 5.1 - - - - - 5.1 -2.7 - 2.4
Profit before tax Profit before tax 220.4 0.0 -0.0 0.0 -0.0 71.2 220.4 -4.7 - 215.7
Income tax Income tax
35.1 - - - - - 35.1 0.3 - 35.4
Net profit for the period Net profit for the period 255.5 0.0 -0.0 0.0 -0.0 71.2 255.5 -4.4 - 251.1
OTHER COMPREHENSIVE INCOME
Exchange differences on translation of
foreign operations
- - - - - - - 4.1 4.5 8.6
Total other comprehensive income
for the period, net of tax
- - - - - - - - 4.5 8.6
Total comprehensive income for
the period, net of tax
255.5 0.0 -0.0 0.0 -0.0 71.2 255.5 -4.4 4.5 259.7
Change in format of statement of profit or loss
Transition from K3 to IFRS
36
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position March 31, 2023
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
9.5 - 9.5
Property, plant and equipment
32.4 46.0 78.4
Non-current financial assets
6.7 - 6.7
Deferred tax assets
52.8 0.4 53.2
Totalt non-current assets 101.4 46.4 147.8
Current assets
Inventories
285.5 - 285.5
Accounts receivables
255.0 - 255.0
Other current receivables
90.0 - 90.0
Cash and cash equivalent
441.4 - 441.4
Totalt current assets 1,071.9 - 1,071.9
TOTAL ASSETS 1,173.3 46.4 1,219.7
EQUITY AND LIABILITIES
Equity
795.7 -0.8 795.0
Non-current liabilities
Non-current interest-bearing liabilities
35.8 30.2 65.9
Deferred tax liabilities
3.8 - 3.8
Total non-current liabilities 39.6 30.2 69.8
Current liabilities
Current interest-bearing liabilities
13.0 - 13.0
Accounts payable
70.7 - 70.7
Other current liabilities
254.3 17.0 271.3
Total current liabilities 338.0 17.0 355.0
TOTAL EQUITY AND LIABILITIES 1,173.3 46.4 1,219.7
37
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position June 30, 2023
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
8.7 - 8.7
Property, plant and equipment
33.7 45.1 78.8
Non-current financial assets
6.3 - 6.3
Deferred tax assets
53.2 0.4 53.6
Totalt non-current assets 102.0 45.5 147.5
Current assets
Inventories
352.8 - 352.8
Accounts receivables
287.3 - 287.3
Other current receivables
127.9 - 127.9
Cash and cash equivalent
416.0 - 416.0
Totalt current assets 1,184.1 - 1,184.1
TOTAL ASSETS 1,286.0 45.5 1,331.6
EQUITY AND LIABILITIES
Equity
921.8 -1.1 920.7
Non-current liabilities
Non-current interest-bearing liabilities
45.5 27.9 73.4
Deferred tax liabilities
4.0 - 4.0
Total non-current liabilities 49.5 27.9 77.4
Current liabilities
Current interest-bearing liabilities
13.0 - 13.0
Accounts payable
64.4 - 64.4
Other current liabilities
237.3 18.7 256.1
Total current liabilities 314.8 18.7 333.5
TOTAL EQUITY AND LIABILITIES 1,286.0 45.5 1,331.6
38
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position September 30, 2023
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
7.8 - 7.8
Property, plant and equipment
34.4 40.6 75.0
Non-current financial assets
6.4 - 6.4
Deferred tax assets
55.2 0.5 55.7
Totalt non-current assets 103.8 41.1 144.9
Current assets
Inventories
414.7 - 414.7
Accounts receivables
260.3 - 260.3
Other current receivables
388.3 - 388.3
Cash and cash equivalent
362.9 - 362.9
Totalt current assets 1,426.3 - 1,426.3
TOTAL ASSETS 1,530.1 41.1 1,571.1
EQUITY AND LIABILITIES
Equity
1,073.5 -1.1 1,072.3
Non-current liabilities
Non-current interest-bearing liabilities
42.3 24.0 66.2
Deferred tax liabilities
4.0 - 4.0
Total non-current liabilities 46.3 24.0 70.2
Current liabilities
Current interest-bearing liabilities
13.0 - 13.0
Accounts payable
71.6 - 71.6
Other current liabilities
325.7 18.2 344.0
Total current liabilities 410.3 18.2 428.6
TOTAL EQUITY AND LIABILITIES 1,530.1 41.1 1,571.1
39
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position December 31, 2023
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
7.2 - 7.2
Property, plant and equipment
29.7 33.4 63.1
Non-current financial assets
6.1 - 6.1
Deferred tax assets
60.7 0.5 61.2
Totalt non-current assets 103.7 33.9 137.6
Current assets
Inventories
501.0 - 501.0
Accounts receivables
218.6 - 218.6
Other current receivables
102.9 - 102.9
Cash and cash equivalent
547.3 - 547.3
Totalt current assets 1,369.9 - 1,369.9
TOTAL ASSETS 1,473.6 33.9 1,507.5
EQUITY AND LIABILITIES
Equity
1,142.0 -1.1 1,140.8
Non-current liabilities
Non-current interest-bearing liabilities
39.0 18.7 57.7
Deferred tax liabilities
2.6 - 2.6
Total non-current liabilities 41.6 18.7 60.3
Current liabilities
Current interest-bearing liabilities
13.0 - 13.0
Accounts payable
66.7 - 66.7
Other current liabilities
210.4 16.3 226.7
Total current liabilities 290.1 16.3 306.4
TOTAL EQUITY AND LIABILITIES 1,473.6 33.9 1,507.5
40
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position March 31, 2022
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
12.6 - 12.6
Property, plant and equipment
21.4 59.0 80.4
Non-current financial assets
1.9 - 1.9
Deferred tax assets
6.2 0.1 6.3
Totalt non-current assets 42.1 59.0 101.2
Current assets
Inventories
200.7 - 200.7
Accounts receivables
205.2 - 205.2
Other current receivables
81.2 - 81.2
Cash and cash equivalent
212.5 - 212.5
Totalt current assets 699.6 - 699.6
TOTAL ASSETS 741.8 59.0 800.8
EQUITY AND LIABILITIES
Equity
460.6 -0.2 460.4
Non-current liabilities
Non-current interest-bearing liabilities
61.8 44.3 106.0
Deferred tax liabilities
3.0 - 3.0
Total non-current liabilities 64.7 44.3 109.0
Current liabilities
Current interest-bearing liabilities
13.0 - 13.0
Accounts payable
40.4 - 40.4
Other current liabilities
163.0 15.0 178.0
Total current liabilities 216.4 15.0 231.4
TOTAL EQUITY AND LIABILITIES 741.8 59.0 800.8
41
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position June 30, 2022
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
12.0 - 12.0
Property, plant and equipment
28.5 59.3 87.8
Non-current financial assets
1.9 - 1.9
Deferred tax assets
6.9 0.2 7.0
Totalt non-current assets 49.3 59.5 108.8
Current assets
Inventories
199.6 - 199.6
Accounts receivables
214.8 - 214.8
Other current receivables
86.3 - 86.3
Cash and cash equivalent
260.4 - 260.4
Totalt current assets 761.1 - 761.1
TOTAL ASSETS 810.5 59.5 869.9
EQUITY AND LIABILITIES
Equity
539.4 0.7 540.1
Non-current liabilities
Non-current interest-bearing liabilities
58.5 42.5 101.0
Deferred tax liabilities
3.3 - 3.3
Total non-current liabilities 61.8 42.5 104.3
Current liabilities
Current interest-bearing liabilities
13.0 16.3 29.3
Accounts payable
43.8 - 43.8
Other current liabilities
152.5 - 152.5
Total current liabilities 209.3 16.3 225.6
TOTAL EQUITY AND LIABILITIES 810.5 59.5 869.9
42
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position September 30, 2022
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
11.3 - 11.3
Property, plant and equipment
30.0 58.9 88.9
Non-current financial assets
2.9 - 2.9
Deferred tax assets
7.5 0.3 7.8
Totalt non-current assets 51.8 59.2 111.0
Current assets
Inventories
193.5 - 193.5
Accounts receivables
342.2 - 342.2
Other current receivables
87.9 - 87.9
Cash and cash equivalent
253.6 - 253.6
Totalt current assets 877.2 - 877.2
TOTAL ASSETS 929.0 59.2 988.2
EQUITY AND LIABILITIES
Equity
629.4 -0.7 628.7
Non-current liabilities
Non-current interest-bearing liabilities
55.3 41.0 96.3
Deferred tax liabilities
3.6 - 3.6
Total non-current liabilities 58.8 41.0 99.9
Current liabilities
Current interest-bearing liabilities
13.0 18.9 31.9
Accounts payable
34.1 - 34.1
Other current liabilities
193.7 - 193.7
Total current liabilities 240.8 18.9 259.6
TOTAL EQUITY AND LIABILITIES 929.0 59.2 988.2
43
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position December 31, 2022
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
10.2 - 10.2
Property, plant and equipment
32.3 50.9 83.2
Non-current financial assets
6.5 - 6.5
Deferred tax assets
52.9 0.3 53.2
Totalt non-current assets 101.8 51.2 153.0
Current assets
Inventories
168.3 - 168.3
Accounts receivables
418.4 - 418.4
Other current receivables
149.9 - 149.9
Cash and cash equivalent
283.5 - 283.5
Totalt current assets 1,020.1 - 1,020.1
TOTAL ASSETS 1,121.9 51.2 1,173.2
EQUITY AND LIABILITIES
Equity
732.6 -0.3 732.4
Non-current liabilities
Non-current interest-bearing liabilities
52.0 34.7 86.7
Deferred tax liabilities
3.8 - 3.8
Total non-current liabilities 55.8 34.7 90.5
Current liabilities
Current interest-bearing liabilities
13.0 16.9 29.9
Accounts payable
85.7 - 85.7
Other current liabilities
234.7 - 234.7
Total current liabilities 333.4 16.9 350.3
TOTAL EQUITY AND LIABILITIES 1,121.9 51.2 1,173.2
44
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of financial position January 1, 2022
MSEK
According to
previous
policies (K3)
A. Leasing
IFRS
ASSETS
Non-current assets
Intangible assets
13.2 - 13.2
Property, plant and equipment
20.9 62.1 83.0
Non-current financial assets
2.2 - 2.2
Deferred tax assets
6.1 - 6.1
Totalt non-current assets 42.3 62.1 104.4
Current assets
Inventories
208.4 - 208.4
Accounts receivables
133.0 - 133.0
Other current receivables
80.1 - 80.1
Cash and cash equivalent
264.5 - 264.5
Totalt current assets 686.0 - 686.0
TOTAL ASSETS 728.2 62.1 790.4
EQUITY AND LIABILITIES
Equity
435.7 435.7
Non-current liabilities
Non-current interest-bearing liabilities
65.0 46.4 111.4
Deferred tax liabilities
2.9 - 2.9
Total non-current liabilities 67.9 46.4 114.3
Current liabilities
Current interest-bearing liabilities
13.0 15.7 28.7
Accounts payable
40.1 - 40.1
Other current liabilities
171.5 - 171.5
Total current liabilities 224.6 15.7 240.4
TOTAL EQUITY AND LIABILITIES 728.2 62.1 790.4
45
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q1 2023
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
72.7 -0.2 72.5
Adjustments for non-cash items, etc.
10.8 5.2 16.0
Income tax paid
0.7 - 0.7
Cash flow form operating activities before
changes in working capital
84.2 5.0 89.2
Cash flow from changes in working capital
Changes in inventories
-117.7 - -117.7
Changes in current receivables
161.4 - 161.4
Changes in operating liabilities
34.2 - 34.2
Cash flow from operating activities 162.1 5.0 167.1
Cash flow from investing activities -0.0 - -0.0
Cash flow from financing activities -1.1 -5.0 -6.1
Cash flow for the period 158.3 - 158.3
Cash and cash equivalents at the
beginning of the period
283.5 - 283.5
Exchange-rate differences in cash and cash
equivalents
-0.4 - -0.4
Cash and cash equivalents at the end of
the period
441.4 - 441.4
46
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q2 2023
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
61.2 -0.3 60.8
Adjustments for non-cash items, etc.
-2.5 3.2 0.6
Income tax paid
-5.3 - -5.3
Cash flow form operating activities before
changes in working capital
53.4 2.8 56.2
Cash flow from changes in working capital
Changes in inventories
16.5 - 16.5
Changes in current receivables
1.6 - 1.6
Changes in operating liabilities
-20.6 - -20.6
Cash flow from operating activities 50.9 2.8 53.7
Cash flow from investing activities -8.0 - -8.0
Cash flow from financing activities -0.5 -2.8 -3.4
Cash flow for the period 42.4 - 42.4
Cash and cash equivalents at the
beginning of the period
212.5 - 212.5
Exchange-rate differences in cash and cash
equivalents
5.5 - 5.5
Cash and cash equivalents at the end of
the period
260.4 - 260.4
47
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q3 2023
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
-70.5 -0.1 -70.6
Adjustments for non-cash items, etc.
57.4 -4.3 53.1
Income tax paid
-1.0 - -1.0
Cash flow form operating activities before
changes in working capital
-14.1 -4.4 -18.5
Cash flow from changes in working capital
Changes in inventories
-61.3 - -61.3
Changes in current receivables
2.7 - 2.7
Changes in operating liabilities
53.0 - 53.0
Cash flow from operating activities -19.8 -4.4 -24.2
Cash flow from investing activities 3,420.1 - 3,420.1
Cash flow from financing activities -3,236.5 4.4 -3,232.1
Cash flow for the period 163.9 - 163.9
Cash and cash equivalents at the
beginning of the period
416.0 - 416.0
Exchange-rate differences in cash and cash
equivalents
1.5 - 1.5
Cash and cash equivalents at the end of
the period
581.4 - 581.4
48
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q4 2023
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
95.5 -0.1 95.4
Adjustments for non-cash items, etc.
2,246.4 7.3 2,253.7
Income tax paid
-15.5 - -15.5
Cash flow form operating activities before
changes in working capital
2,326.4 7.2 2,333.6
Cash flow from changes in working capital
Changes in inventories
-335.7 - -335.7
Changes in current receivables
285.7 - 285.7
Changes in operating liabilities
-101.3 - -101.3
Cash flow from operating activities 2,175.1 7.2 2,182.3
Cash flow from investing activities -3.9 - -3.9
Cash flow from financing activities -3.3 -7.2 -10.4
Cash flow for the period -24.9 - -24.9
Cash and cash equivalents at the
beginning of the period
283.5 - 283.5
Exchange-rate differences in cash and cash
equivalents
-1.6 - -1.6
Cash and cash equivalents at the end of
the period
547.3 - 547.3
49
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q1 2022
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
18.0 -0.3 17.6
Adjustments for non-cash items, etc.
5.8 3.2 9.0
Income tax paid
3.4 - 3.4
Cash flow form operating activities before
changes in working capital
27.2 2.8 30.0
Cash flow from changes in working capital
Changes in inventories
10.9 - 10.9
Changes in current receivables
-64.6 - -64.6
Changes in operating liabilities
-22.7 - -22.7
Cash flow from operating activities -49.2 2.8 -46.3
Cash flow from investing activities -2.6 - -2.6
Cash flow from financing activities -2.0 -2.8 -4.9
Cash flow for the period -53.8 - -53.8
Cash and cash equivalents at the
beginning of the period
264.5 - 264.5
Exchange-rate differences in cash and cash
equivalents
1.9 - 1.9
Cash and cash equivalents at the end of
the period
212.5 - 212.5
50
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q2 2022
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
61.2 -0.3 60.8
Adjustments for non-cash items, etc.
-2.5 3.2 0.6
Income tax paid
-5.3 - -5.3
Cash flow form operating activities before
changes in working capital
53.4 2.8 56.2
Cash flow from changes in working capital
Changes in inventories
16.5 - 16.5
Changes in current receivables
1.6 - 1.6
Changes in operating liabilities
-20.6 - -20.6
Cash flow from operating activities 50.9 2.8 53.7
Cash flow from investing activities -10.6 - -10.6
Cash flow from financing activities -0.5 -2.8 -3.4
Cash flow for the period 42.4 - 42.4
Cash and cash equivalents at the
beginning of the period
212.5 - 212.5
Exchange-rate differences in cash and cash
equivalents
5.5 - 5.5
Cash and cash equivalents at the end of
the period
260.4 - 260.4
51
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q3 2022
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
73.1 -0.3 72.8
Adjustments for non-cash items, etc.
-2.7 3.2 0.4
Income tax paid
-0.9 - -0.9
Cash flow form operating activities before
changes in working capital
69.5 2.8 72.3
Cash flow from changes in working capital
-
Changes in inventories
21.3 - 21.3
Changes in current receivables
-115.8 - -115.8
Changes in operating liabilities
15.2 - 15.2
Cash flow from operating activities -9.9 2.8 -7.0
Cash flow from investing activities -3.4 - -3.4
Cash flow from financing activities -2.1 -2.8 -4.9
Cash flow for the period -15.4 - -15.4
Cash and cash equivalents at the
beginning of the period
260.4 - 260.4
Exchange-rate differences in cash and cash
equivalents
8.6 - 8.6
Cash and cash equivalents at the end of
the period
253.6 - 253.6
52
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows Q4 2022
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
68.2 -1.4 62.5
Adjustments for non-cash items, etc.
11.3 9.8 21.1
Income tax paid
-8.3 6.7
Cash flow form operating activities before
changes in working capital
71.3 8.4 79.6
Cash flow from changes in working capital
Changes in inventories
13.1 - 13.1
Changes in current receivables
-148.4 - -148.4
Changes in operating liabilities
104.9 - 104.9
Cash flow from operating activities 40.9 8.4 49.2
Cash flow from investing activities -4.8 - -4.8
Cash flow from financing activities -2.0 -8.4 -21.0
Cash flow for the period 34.0 - 34.0
Cash and cash equivalents at the
beginning of the period
253.6 - 253.6
Exchange-rate differences in cash and cash
equivalents
-4.2 - -4.2
Cash and cash equivalents at the end of
the period
283.5 - 283.5
53
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows 2023
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
197.7 -0.5 197.2
Adjustments for non-cash items, etc.
72.1 17.0 89.1
Income tax paid
-21.0 - -21.0
Cash flow form operating activities before
changes in working capital
248.8 16.5 265.4
Cash flow from changes in working capital
Changes in inventories
-335.7 - -335.7
Changes in current receivables
285.7 - 285.7
Changes in operating liabilities
-101.3 - -101.3
Cash flow from operating activities 97.6 16.5 114.1
Cash flow from investing activities 3,410.6 - 3,410.6
Cash flow from financing activities -3,242.8 -16.5 -3,259.3
Cash flow for the period 265.4 - 265.4
Cash and cash equivalents at the
beginning of the period
283.5 - 283.5
Exchange-rate differences in cash and cash
equivalents
-1.6 - -1.6
Cash and cash equivalents at the end of
the period
547.3 - 547.3
54
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Consolidated statement of cash flows 2022
MSEK
According to
previous
policies (K3)
A.
Leasing IFRS
Operating activities
Profit/loss before tax
220.4 -4.4 216.1
Adjustments for non-cash items, etc.
11.9 15.0 26.9
Income tax paid
-11.0 - -11.0
Cash flow form operating activities before
changes in working capital
221.3 10.6 231.9
Cash flow from changes in working capital
Changes in inventories
61.8 - 61.8
Changes in current receivables
-327.2 - -327.2
Changes in operating liabilities
76.8 - 76.8
Cash flow from operating activities 32.7 10.6 43.3
Cash flow from investing activities -18.8 - -18.8
Cash flow from financing activities -6.7 -10.6 -17.3
Cash flow for the period 7.2 - 7.2
Cash and cash equivalents at the
beginning of the period
264.5 - 264.5
Exchange-rate differences in cash and cash
equivalents
11.7 - 11.7
Cash and cash equivalents at the end of
the period
283.5 - 283.5
55
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Appendix Transition to income statement by function – parent
company
Income statement parent company Q1 2023
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
201.8 - - - - - 201.8
Other operating income
5.1 - - - - -5.1 -
Cost of sales
- -66.6 - - - - -66.6
Gross profit or loss Gross profit or loss 206.9 -66.6 - - - - 135.2
Research and development
expense
- - -12.3 - - - -12.3
Selling expenses
- - - -27.8 - - -27.8
Administrative expenses
- - - - -21.3 - -21.3
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - 0.6 0.6
Goods for resales
-60.2 60.2 - - - - -
Other external expenses
-25.4 1.2 0.4 15.0 8.9 - -
Personnel expenses
-40.5 4.6 11.9 12.8 11.3 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-1.9 0.7 - - 1.2 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-4.5 - - - - 4.5 -
Operating profit Operating profit 74.3 0.0 - - - - 74.3
- - - - - - -
Net financial items Financial income and expenses
1.9 - - - - - 1.9
Profit after financial items Net financial items 1.9 - - - - - 1.9
Profit before tax Profit before tax 76.3 0.0 - - - - 76.
3
Income tax Income tax
-15.7 - - - - - -15.7
Net profit for the period Net profit for the period 60.6 0.0 - - - - 60.6
Change in format of income statement
56
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q2 2023
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
280.1 - - - - - 280.1
Other operating income
19.4 - - - - -19.4 -
Cost of sales
- -90.6 - - - - -90.6
Gross profit or loss Gross profit or loss 299.5 -90.6 - - - - 189.5
Research and development
expense
- - -49.9 - - - -49.9
Selling expenses
- - - -30.2 - - -30.2
Administrative expenses
- - - - -32.2 - -32.2
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - 12.8 12.8
Goods for resales
-84.5 84.5 - - - - -
Other external expenses
-70.3 1.5 35.5 15.6 17.8 - -0.0
Personnel expenses
-46.1 3.8 14.4 14.6 13.3 - 0.0
Depreciation, amortization and impairment of
tangible and non-tangible assets
-2.0 0.8 - - 1.2 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-6.6 - - - - 6.6 -
Operating profit Operating profit 90.0 0.0 -0.0 - - - 90.0
Net financial items Financial income and expenses
1.9 - - - - - 1.9
Profit after financial items Net financial items 1.9 - - - - - 1.9
Profit before tax Profit before tax 91.9 0.0 - - - - 91.9
Income tax Income tax
-18.9 - - - - - -18.9
Net profit for the period Net profit for the period 73.0 0.0 - - - - 73.0
Change in format of income statement
57
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q3 2023
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
168.1 -
- - - - 168.1
Other operating income
7.5 - -
- - -7.5 -
Cost of sales
- -54.3 -
- - - -54.3
Gross profit or loss Gross profit or loss 175.7 -54.3
- - - - 113.8
Research and development
expense
- - -32.6 -
- - -32.6
Selling expenses
- - -
-38.2 - - -38.2
Administrative expenses
- - -
- -42.5 - -42.5
Transaction related expenses
- - -
- -70.4 - -70.4
Other income and expenses
- - -
- - -1.6 -1.6
Goods for resales
-47.9 47.9 -
- - - -
Other external expenses
-59.6 1.5 19.8
23.7 21.3 - -
Personnel expenses
-57.9 3.9 12.7
14.5 26.7 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-2.2 1.0 - -
1.2 - -
Transaction related expenses
-70.4 - -
- 70.4 - -
Other operating expenses
-9.1 - -
- - 9.1 -
Operating profit Operating profit -71.4 -0.0
-0.0 - 0.0 - -71.4
- - - - - - -
Net financial items Financial income and expenses
7.2 -
- - - - 7.2
Profit after financial items Net financial items 7.2 -
- - - - 7.2
Profit before tax Profit before tax -64.2 -0.0 - - - - -64.2
Income tax Income tax
5.7 -
- - - - 5.7
Net profit for the period Net profit for the period -58.5 -0.0
- - - - -58.5
Change in format of income statement
58
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q4 2023
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
326.0 - - - - - 326.0
Other operating income
14.3 - - - - -14.3 -
Cost of sales
- -111.3 - - - - -111.3
Gross profit or loss Gross profit or loss 340.2 -111.3 - - - - 214.7
Research and development
expense
- - -48.7 - - - -48.7
Selling expenses
- - - -45.9 - - -45.9
Administrative expenses
- - - - -27.8 - -27.8
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - -12.9 -12.9
Goods for resales
-102.3 102.3 - - - - -
Other external expenses
-70.8 1.7 33.9 24.0 11.3 - 0.0
Personnel expenses
-57.5 5.3 14.8 22.0 15.4 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-3.2 2.1 - - 1.2 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-27.1 - - - - 27.1 -
Operating profit Operating profit 79.3 0.0 0.0 - - - 79.3
Net financial items Financial income and expenses
3.4 - - - - - 3.4
Profit after financial items Net financial items 3.4 - - - - - 3.4
Profit before tax Profit before tax 82.7 0.0 - - - - 82.
7
Income tax Income tax
-14.9 - - - - - -14.9
Net profit for the period Net profit for the period 67.8 0.0 - - - - 67.8
Change in format of income statement
59
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q1 2022
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
121.4 - - - - - 121.4
Other operating income
13.8 - - - - -13.8 -
Cost of sales
- -37.5 - - - - -35.7
Gross profit or loss Gross profit or loss 135.1 -37.5 - - - - 85.7
Research and development
expense
- - -7.6 - - - -7.6
Selling expenses
- - - -11.4 - - -13.2
Administrative expenses
- - - - -26.2 - -26.2
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - -2.1 -2.1
Goods for resales
-30.5 30.5 - - - - -
Other external expenses
-17.5 0.8 0.3 3.4 13.1 - -
Personnel expenses
-33.0 5.8 7.3 8.0 11.9 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-1.6 0.3 - - 1.3 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-15.9 - - - - 15.9 -
Operating profit Operating profit 36.6 - - - - - 36.6
Net financial items Financial income and expenses
7.5 - - - - - 7.5
Profit after financial items Net financial items 7.5 - - - - - 7.5
Profit before tax Profit before tax - - - - - - -
Income tax Income tax
44.1 - - - - - 44.1
Net profit for the period Net profit for the period 44.1 - - - - - 44.1
Change in format of income statement
60
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q2 2022
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
113.7 - - - - - 113.7
Other operating income
27.3 - - - - -27.3 -
Cost of sales
- -46.7 - - - - -46.7
Gross profit or loss Gross profit or loss 141.0 -46.7 - - - - 67.0
Research and development
expense
- - -10.1 - - - -10.1
Selling expenses
- - - -14.9 - - -14.9
Administrative expenses
- - - - -24.5 - -24.5
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - 24.8 24.8
Goods for resales
-41.0 41.0 - - - - -
Other external expenses
-18.9 0.9 1.4 4.3 12.1 - -
Personnel expenses
-34.6 4.3 8.6 10.6 11.2 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-1.6 0.4 - - 1.2 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-2.5 - - - - 2.5 -
Operating profit Operating profit 42.3 - - - - - 42.3
Net financial items Financial income and expenses
1.9 - - - - - 1.9
Profit after financial items Net financial items 1.9 - - - - - 1.9
Profit before tax Profit before tax 44.2 - - - - - 44.
2
Income tax Income tax
- - - - - - -
Net profit for the period Net profit for the period 44.2 - - - - - 44.2
Change in format of income statement
61
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q3 2022
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
96.1 - - - - - 96.1
Other operating income
26.2 - - - - -26.2 -
Cost of sales
- -39.9 - - - - -39.9
Gross profit or loss Gross profit or loss 122.3 -39.9 - - - - 56.2
Research and development
expense
- - -8.8 - - - -8.8
Selling expenses
- - - -15.6 - - -15.6
Administrative expenses
- - - - -24.5 - -24.5
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - 26.6 26.6
Goods for resales
-34.4 34.4 - - - - -
Other external expenses
-19.8 0.5 0.3 4.9 14.1 - -
Personnel expenses
-32.7 4.4 8.4 10.6 9.2 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-1.7 0.5 - - 1.2 - -
Transaction related expenses
- - - - - - -
Other operating expenses
0.4 - - - - -0.4 -
Operating profit Operating profit 34.0 - - - - - 34.0
Net financial items Financial income and expenses
2.0 - - - - - 2.0
Profit after financial items Net financial items 2.0 - - - - - 2.0
Profit before tax Profit before tax 36.1 - - - - - 36.1
Income tax Income tax
- - - - - - -
Net profit for the period Net profit for the period 36.1 - - - - - 36.1
Change in format of income statement
62
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company Q4 2022
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
327.6 - - - - - 327.6
Other operating income
1.5 - - - - -1.5 -
Cost of sales
- -43.9 - - - - -43.9
Gross profit or loss Gross profit or loss 329.1 -43.9 - - - - 283.6
Research and development
expense
- - -95.5 - - - -95.5
Selling expenses
- - - -26.3 - - -26.3
Administrative expenses
- - - - -43.0 - -43.0
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - -30.6 -30.6
Goods for resales
-37.0 37.0 - - - - -
Other external expenses
-130.9 1.0 86.1 12.8 31.0 - -
Personnel expenses
-39.0 5.4 9.4 13.5 10.7 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-1.8 0.6 - - 1.3 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-32.1 - - - - 32.1 -
Operating profit Operating profit 88.3 - - - - - 88.3
Net financial items Financial income and expenses
3.5 - - - - - 3.5
Profit after financial items Net financial items 3.5 - - - - - 3.5
Profit before tax Profit before tax 91.8 - - - - - 91.
8
Income tax Income tax
45.6 - - - - - 45.6
Net profit for the period Net profit for the period 137.4 - - - - - 137.4
Change in format of income statement
63
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company 2023
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
976.0 - - - - - 976.0
Other operating income
46.3 - - - - -46.3 -
Cost of sales
- -322.8 - - - - -322.8
Gross profit or loss Gross profit or loss 1,022.3 -322.8 - - - -46.3 653.1
Research and development
expense
- - -143.4 - - - -143.4
Selling expenses
- - - -142.1 - - -142.1
Administrative expenses
- - - - -130.6 - -130.6
Transaction related expenses
- - - - -63.7 - -63.7
Other income and expenses
- - - - - -1.1 -1.1
Goods for resales
-294.9 294.9 - - - - -
Other external expenses
-232.9 5.8 89.6 78.3 59.2 - -
Personnel expenses
-202.0 17.6 53.8 63.9 66.6 - 0.0
Depreciation, amortization and impairment of
tangible and non-tangible assets
-9.2 4.5 - - 4.7 - -
Transaction related expenses
-63.7 - - - 63.7 - -
Other operating expenses
-47.4 - - - - 47.4 -
Operating profit Operating profit 172.3 0.0 0.0 - -0.0 - 172.3
Net financial items Financial income and expenses
14.4 - - - - - 14.4
Profit after financial items Net financial items 14.4 - - - - - 14.4
Profit before tax Profit before tax 186.7 0.0 - - - - 186.7
Income tax Income tax
-43.9 - - - - - -43.9
Net profit for the period Net profit for the period 142.8 0.0 - - - - 142.8
Change in format of income statement
64
QUARTERLY
SUMMARY
CEO STATEMENT
AT A GLANCE
G
ROUP DEVELOPMENT
OTHER INFORMATION
FINANCIAL STATEMENTS
A
DDITIONAL INFORMATION
APPENDIX
Q1
Interim report Jan Mar 2024
Income statement parent company 2022
MSEK
Previous format Revised format
Classified by
nature of
expense
Cost of sales
Research &
Develop
Selling Adm Other i & e
Classified by
function
Net sales Net sales
658.7 - - - - - 658.7
Other operating income
68.8 - - - - -68.8 -
Cost of sales
- -167.9 - - - - -166.1
Gross profit or loss Gross profit or loss 727.5 -167.9 - - - - 492.6
Research and development
expense
- - -121.9 - - - -121.9
Selling expenses
- - - -68.2 - - -70.0
Administrative expenses
- - - - -118.2 - -118.2
Transaction related expenses
- - - - - - -
Other income and expenses
- - - - - 18.7 18.7
Goods for resales
-143.0 143.0 - - - - -
Other external expenses
-187.1 3.2 88.1 25.5 70.3 - -
Personnel expenses
-139.3 19.9 33.8 42.7 43.0 - -
Depreciation, amortization and impairment of
tangible and non-tangible assets
-6.8 1.9 - - 4.9 - -
Transaction related expenses
- - - - - - -
Other operating expenses
-50.1 - - - - 50.1 -
Operating profit Operating profit 201.1 - - - - - 201.1
Net financial items Financial income and expenses
14.9 - - - - - 14.9
Profit after financial items Net financial items 14.9 - - - - - 14.9
Profit before tax Profit before tax 216.1 - - - - - 216.
1
Income tax Income tax
45.6 - - - - - 45.6
Net profit for the period Net profit for the period 261.7 - - - - - 261.7
Change in format of income statement
Yubico AB
Kungsgatan 44
SE
-111 35 Stockholm
Org.nr 559278-6668
Phone: 46 8 411 30 00
www.yubico.com
