Half-year report January – June 2019
Group net sales for the first half-year 2019 amounted to SEK 25,695 million (24,943), which was an increase of three percent. Even after adjustments for acquired and divested units net sales increased by three percent compared to the same period last year.
Operating profit for the first half-year 2019 amounted to SEK 1,086 million compared to SEK 967 million for the same period last year.
Orders received for the first half-year 2019 amounted to SEK 22,685 million compared to SEK 29,163 million for the same period last year. Order backlog amounted to SEK 45,873 million compared to SEK 45,819 million at the end of 2018.
Group
| MSEK | Apr-Jun 2019 | Apr-Jun 2018 | Jan-Jun 2019 | Jan-Jun 2018 | Jul-Jun 2018/2019 | Jan-Dec 2018 | |
| Mkr | Apr-jun 2019 | Apr-jun 2018 | Jan-jun 2019 | Jan-jun 2018 | Jul-jun 2018/2019 | Jan-dec 2018 | |
| Net sales | Nettoomsättning | 14,336 | 13,453 | 25,695 | 24,943 | 52,985 | 52,233 |
| Operating profit | Rörelseresultat | 821 | 677 | 1,086 | 967 | 2,692 | 2,573 |
| Operating margin, % | Rörelsemarginal, % | 5.7 | 5.0 | 4.2 | 3.9 | 5.1 | 4.9 |
| Pre-tax profit | Resultat före skatt | 811 | 673 | 1,080 | 929 | 2,669 | 2,518 |
| Profit for the period | Periodens resultat | 688 | 572 | 912 | 790 | 2,222 | 2,100 |
| Earnings per share, SEK | Resultat per aktie, kr | 2.33 | 1.94 | 3.09 | 2.68 | 7.53 | 7.12 |
| Return on equity, % | Räntabilitet på eget kapital, % | 19.8 1) | 20.1 1) | 19.8 1) | 20.1 1) | 19.8 | 19.6 |
| Net debt 2) | Nettoskuld 2) | 7,241 | 3,592 | 7,241 | 3,592 | 7,241 | 3,551 |
| Equity/assets ratio, % 3) | Soliditet, % 3) | 27.6 | 29.2 | 27.6 | 29.2 | 27.6 | 30.4 |
| Cash flow before financing | Kassaflöde före finansiering | -1,321 | -704 | -762 | -1,094 | -689 | -1,021 |
| Number of employees at the end of the period | Antal anställda vid utgången av perioden | 14,862 | 15,187 | 14,862 | 15,187 | 14,862 | 14,614 |
2) Excluding additional IFRS 16, Leases net debt was SEK 6,414 million per June 30, 2019.
3) Excluding additional IFRS 16, Leases the equity/assets ratio was 28.1 percent per June 30, 2019.
Financial goals 1)
Goal > 25%
The goal for the equity/assets ratio is at least 25 percent. On June 30, 2019 the equity/assets ratio was 27.6 percent compared to 30.4 percent at the end of last year. Excluding additional IFRS 16, Leases the equity/assets ratio was 28.1 percent per June 30, 2019.
1) Years 2011-2015 have not been recalculated taking IFRS 15 into account.
Goal > 20%
The goal for return on equity is a yield of at least 20 percent. The return on equity calculated on a rolling 12 months period was 19.8 percent (20.1). For full year 2018 the return on equity amounted to 19.6 percent.
Goal > 50%
The goal for dividends is at least 50 percent of profit for the year. Dividend for 2018 of SEK 4.20 (4.00) per share corresponds to 59 percent (58) of profit for the year.