First quarter
- Net sales increased by 22% to
SEK 26,591 M (21,805), with organic growth of 14% (4) and acquired net growth of 0% (4) - Very strong organic sales growth in
Americas , Entrance Systems and Global Technologies and strong growth in EMEIA, while organic sales declined in Asia Pacific - Three acquisitions with combined annual sales of about
SEK 250 M were signed in the quarter - Operating income (EBIT) was
SEK 4,001 M (3,187), corresponding to an operating margin of 15.0% (14.6) - Net income amounted to
SEK 2 ,859 M (2,253) - Earnings per share increased to
SEK 2.57 (2.03) - Operating cash flow amounted to
SEK 912 M (2,636).
Sales and income
|
Full year |
|
|
|
First quarter |
|
||
|
2020 |
2021 |
|
Δ |
|
2021 |
2022 |
Δ |
Sales, SEK M |
87,649 |
95,007 |
|
8% |
|
21,805 |
26,591 |
22% |
Of which: |
|
|
|
|
|
|
|
|
Organic growth |
–7,150 |
8,900 |
|
11% |
|
827 |
3,287 |
14% |
Acquisitions and divestments |
3,328 |
1,975 |
|
2% |
|
866 |
–52 |
0% |
Exchange-rate effects |
–2,558 |
–3,517 |
|
-5% |
|
–2,060 |
1,551 |
8% |
Operating income (EBIT) [1] , SEK M |
11,916 |
14,181 |
|
19% |
|
3,187 |
4,001 |
26% |
Operating margin (EBITA)[ 1] , % |
14.3% |
15.6% |
|
|
|
15.3% |
15.6% |
|
Operating margin (EBIT)[ 1] , % |
13.6% |
14.9% |
|
|
|
14.6% |
15.0% |
|
Income before tax[ 1 , SEK M |
11,133 |
13,538 |
|
22% |
|
3,045 |
3,811 |
25% |
Net income[ 1] , SEK M |
8,375 |
10,901 |
|
30% |
|
2,253 |
2,859 |
27% |
Operating cash flow, SEK M |
14,560 |
13,265 |
|
–9% |
|
2,636 |
912 |
–65% |
Earnings per share[ 1] , SEK |
7.54 |
9.81 |
|
30% |
|
2.03 |
2.57 |
27% |
[1] Excluding costs before income tax for restructuring programs in the fourth quarter 2020, totaling SEK –1,366 M.
The corresponding costs after tax was SEK –1,112 M. Excluding non-cash operating income in third quarter 2020 from revaluation at fair value of 39% ownership in agta record, totaling
Comments by the President and CEO
A strong start to the year
We had a good start to 2022, with very strong organic sales growth and margin improvement. This was driven by robust demand and price adjustments. During the quarter we have addressed multiple operational challenges – these include higher material costs; supply-chain issues including semiconductor shortages; very high sick leave due to Omicron; and record high energy costs - but thanks to excellent operational execution we can report a solid improvement of the operating margin.
Our organic sales grew by 14%, accompanied by 8% positive currency effects and net-zero sales growth from acquisitions and divestments.
Operating income increased by 26% to
Long-term growth drivers remain solid
While macro-economic and geopolitical uncertainties have increased, our business benefits from many long-term growth drivers. The basic need for safety and security is a fundamental driver. This is further supported by the increasing demand for flexible and convenient access solutions enabled by new technologies, urbanization and increased focus on sustainability. Specifically, the transition to electromechanical and mobile access solutions provides many opportunities. In the last few years, we have launched numerous partnerships with leading technology companies. One example is our collaboration with Apple, which was extended with the launch of employee badge in Apple Wallet at
During the quarter, we signed three acquisitions and the activity level remains high.
It was with great sadness that we witnessed
President and CEO
Further information can be obtained from:
President and CEO, tel. no: +46 8 506 485 82
Erik Pieder,
Executive Vice President and CFO, tel.no: +46 8 506 485 72
It is possible to submit questions by telephone on: 08–505 583 59, +44 333 300 9265 or +1 631 913 1422
This information is information that
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https://news.cision.com/assa-abloy/r/quarterly-report-q1-2022,c3553866
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