MSEK | Note | 2023 | 2022 |
Net sales | 2, 3 | ||
Cost of products and services sold | – | – | |
Gross profit | |||
Selling expenses | – | – | |
Administrative expenses | – | – | |
Other operating income | 4 | ||
Other operating expenses | 4 | – | – |
Operating result | 5, 6, 7, 29 | ||
Financial income | 8 | ||
Financial expenses | 8 | – | – |
Result after financial items | |||
Taxes | 9 | – | – |
Result for the year | |||
Result for the year attributable to – parent company shareholders | |||
– non-controlling interests | |||
Earning per share, SEK | 10 |
MSEK | 2023 | 2022 |
Result for the year | ||
Items that will not be reclassified to the income statement | ||
Actuarial gains/losses on defined benefit pensions plans | ||
Tax effect on actuarial gains/losses on defined benefit pensions plans | – | – |
Items that will be reclassified to the income statement | ||
Translation differences | – | |
Change in fair value of the hedge of the net investment abroad | – | |
Tax effect on the change in fair value of the hedge of net investments abroad | – | |
Other comprehensive income | – | |
Total comprehensive income for the year | ||
Total comprehensive income attributable to – parent company shareholders | ||
– non-controlling interests |
MSEK | Note | 2023 | 2022 |
Operating activities | |||
Result after financial items | |||
Adjustments for items not included in cash flow | 12 | ||
Paid taxes | 9, 11 | – | – |
Cash flow from operating activities before changes in working capital | |||
Cash flow from changes in working capital | |||
Increase (–)/decrease (+) in inventory | – | ||
Increase (–)/decrease (+) in operating receivables | – | ||
Increase (+)/decrease (–) in operating payables | – | – | |
Cash flow from operating activities | |||
Investing activities | |||
Investments in intangible and tangible assets | 13, 14 | – | – |
Divestment of tangible assets | 14 | ||
Acquired and divested operations | 30 | – | – |
Change in long-term receivables | – | – | |
Cash flow from investing activities | – | – | |
Financing activities | |||
Amortization of borrowing debts | 22, 23 | – | – |
Amortization of lease liabilities | 22, 23 | – | – |
New loans | 22, 23 | ||
Other changes in interest-bearing liabilities | 12, 22, 23 | – | |
Dividend to shareholders | – | – | |
Cash flow from financing activities | – | – | |
Cash flow for the year | 11 | – | |
Cash and cash equivalents at the beginning of the year | |||
Translation difference in cash and cash equivalents | – | ||
Cash and cash equivalents at year-end | 20 |
MSEK | Note | 2023 | 2022 |
Assets | |||
Fixed assets | |||
Intangible assets | 13 | ||
Tangible assets | 14, 28 | ||
Right-of-use assets | 15 | ||
Deferred tax assets | 9 | ||
Other financial assets | 16 | ||
Total fixed assets | |||
Current assets | |||
Inventory | 17 | ||
Accounts receivable | 16, 18 | ||
Current tax receivables | 9 | ||
Other receivables | 16 | ||
Prepaid expenses and accrued income | 19 | ||
Cash and cash equivalents | 16, 20, 23 | ||
Total current assets | |||
Total assets |
MSEK | Note | 2023 | 2022 |
Equity and liabilities | |||
Equity | |||
Share capital | |||
Other contributed capital | |||
Other reserves | |||
Retained earnings | |||
Equity attributable to parent company shareholders | 21 | ||
Equity attributable to non-controlling interests | |||
Total equity | |||
Liabilities | |||
Long-term liabilities | |||
Lease liabilities | 22 | ||
Other interest-bearing liabilities | 22, 23, 28 | ||
Provisions for post-employment benefits | 23, 25 | ||
Other provisions | 26 | ||
Deferred tax liabilities | 9 | ||
Total long-term liabilities | |||
Short-term liabilities | |||
Lease liabilities | 22 | ||
Other interest-bearing liabilities | 22, 23, 28 | ||
Accounts payable | 22 | ||
Current tax liabilities | 9 | ||
Other liabilities | |||
Accrued expenses and deferred income | 27 | ||
Other provisions | 26 | ||
Total short-term liabilities | |||
Total equity and liabilities |
Equity attributable to parent company shareholders | Equity | ||||||
Other | of non- | ||||||
contributed | Other | Retained | controlling | Total | |||
MSEK | Share capital | capital | reserves | earnings | Total | interest | equity |
Opening balance as of 1 Jan. 2022 | |||||||
Dividend to parent company shareholders | – | – | – | – | – | – | – |
Change in fair value of put and call option to acquire non-controlling interest | – | – | – | – | – | – | – |
Result for the year | – | – | – | ||||
Other comprehensive income | – | – | |||||
Closing balance as of 31 Dec. 2022 | |||||||
Dividend to shareholders | – | – | – | – | – | – | – |
Change in fair value of put and call option to acquire non-controlling interest | – | – | – | – | – | – | – |
Result for the year | – | – | – | ||||
Other comprehensive income | – | – | – | – | – | ||
Closing balance as of 31 Dec. 2023 |
Valuation of tax loss carry forwards | Note 9 – Taxes |
Impairment of goodwill and other intangible assets | Note 13 – Intangible assets |
Impairment of tangible assets and residual value risks | Note 14 – Tangible assets |
Measurement of lease liabilities and right-of-use assets | Note 15 – Rights-of-use assets |
Assessments made when calculating fair value | Note 16 – Financial assets |
Impairment and obsolescence in inventory | Note 17 – Inventory |
Provision of bad debt and expected credit losses | Note 18 – Account receivables |
Assessments made when calculating fair value | Note 22 – Financial liabilities |
Assumptions when calculating post-employment benefits | Note 25 – Provisions for post-employment benefits |
Assumptions made in determining the existence and amount of provisions | Note 26 – Other provisions |
Assessments made when acquiring subsidiaries | Note 30 – Acquired and divested operations |
Reporting by segment | ||||
Supply Chain Solutions | Print & Packaging Solutions | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Net sales | 11,384.9 | 12,267.0 | 2,629.9 | 2,838.8 |
Operating expenses | –10,718.1 | –11,512.2 | –2,539.5 | –2,696.8 |
Operating result | 666.8 | 754.8 | 90.4 | 142.0 |
Net financial items | – | – | – | – |
Result before tax | 666.8 | 754.8 | 90.4 | 142.0 |
Investments | 417.7 | 1,223.9 | 127.2 | 188.7 |
Depreciation and amortization | –1,065.5 | –926.8 | –175.6 | –161.8 |
Goodwill | 3,296.1 | 2,495.9 | 1,155.9 | 1,159.3 |
Trademarks with indefinite useful life | 768.5 | 783.3 | – | – |
Group functions | Eliminations | The Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Net sales | 47.5 | 45.3 | –195.6 | –176.6 | 13,866.7 | 14,974.5 |
Operating expenses | –80.3 | –92.7 | 195.6 | 176.6 | –13,142.3 | –14,125.1 |
Operating result | –32.8 | –47.4 | – | – | 724.3 | 849.3 |
Net financial items | –326.4 | –183.2 | – | – | –326.4 | –183.2 |
Result before tax | –359.3 | –230.6 | – | – | 397.9 | 666.2 |
Investments | 4.2 | 1.4 | – | – | 549.1 | 1,414.0 |
Depreciation and amortization | –1.9 | –2.5 | – | – | –1,243.0 | –1,091.1 |
Goodwill | – | – | – | – | 4,452.0 | 3,655.2 |
Trademarks with indefinite useful life | – | – | – | – | 768.5 | 783.3 |
Sales by geographic area | ||
MSEK | 2023 | 2022 |
Germany | 5,604.3 | 5,856.4 |
USA | 2,698.5 | 3,052.0 |
Singapore | 1,494.2 | 2,092.0 |
United Kingdom | 688.4 | 499.5 |
Sweden | 508.1 | 494.6 |
Netherlands | 458.3 | 369.5 |
China | 443.5 | 547.7 |
Switzerland | 378.6 | 340.1 |
Poland | 251.3 | 257.4 |
Hungary | 216.4 | 233.7 |
Other countries | 1,125.0 | 1,231.5 |
Total | 13,866.7 | 14,974.5 |
Fixed assets by geographic area | ||
MSEK | 2023 | 2022 |
Germany | 2,821.9 | 3,340.1 |
USA | 1,190.4 | 1,405.5 |
United Kingdom | 805.7 | 114.5 |
Netherlands | 176.0 | 165.2 |
Singapore | 146.6 | 44.9 |
Czech Republic | 96.8 | 120.6 |
Sweden | 78.2 | 53.5 |
Poland | 44.9 | 52.9 |
India | 31.0 | 35.8 |
China | 25.6 | 36.5 |
Other countries | 244.6 | 84.1 |
Total | 5,661.7 | 5,453.7 |
Supply Chain Solutions | Print & Packaging Solutions | Total | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Total net sales | 11,384.9 | 12,267.0 | 2,629.9 | 2,838.8 | 14,014.8 | 15,105.8 |
Less: net sales to group companies | –78.2 | –74.8 | –69.9 | –56.5 | –148.1 | –131.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Supply Chain Solutions | Print & Packaging Solutions | Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Customer segments | ||||||
Automotive | 2,312.5 | 2,267.8 | 526.7 | 453.1 | 2,839.2 | 2,720.9 |
Electronics | 3,431.3 | 4,021.6 | 62.4 | 84.4 | 3,493.6 | 4,106.0 |
Fashion | 3,626.2 | 3,629.8 | 275.0 | 584.9 | 3,901.1 | 4,214.7 |
Health Care | 516.8 | 516.7 | 40.4 | 93.9 | 557.2 | 610.6 |
Industrial | 1,023.5 | 1,277.3 | 565.7 | 536.6 | 1,589.2 | 1,813.9 |
Other | 396.4 | 478.9 | 1,089.8 | 1,029.4 | 1,486.2 | 1,508.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Main revenue streams | ||||||
Sourcing and procurement services | 1,939.0 | 2,561.5 | – | – | 1,939.0 | 2,561.5 |
Freight and transportation services | 3,396.1 | 4,090.9 | – | 234.8 | 3,396.1 | 4,325.7 |
Other contract logistics services | 5,470.8 | 5,068.5 | 312.4 | 414.2 | 5,783.3 | 5,482.7 |
Other work/services | 500.7 | 471.2 | 2,247.6 | 2,133.3 | 2,748.3 | 2,604.5 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Supply Chain Solutions | Print & Packaging Solutions | Group | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Geographic markets | ||||||
Europe | ||||||
Germany | 4,357.9 | 4,839.1 | 1,246.5 | 1,017.3 | 5,604.3 | 5,856.4 |
United Kingdom | 362.2 | 178.0 | 326.1 | 321.5 | 688.4 | 499.5 |
Sweden | 500.7 | 485.8 | 7.4 | 8.9 | 508.1 | 494.6 |
Netherlands | 412.1 | 332.2 | 46.2 | 37.3 | 458.3 | 369.5 |
Switzerland | 313.0 | 283.2 | 65.6 | 56.9 | 378.6 | 340.1 |
Poland | 125.8 | 109.3 | 125.5 | 148.1 | 251.3 | 257.4 |
Hungary | 161.7 | 186.1 | 54.6 | 47.7 | 216.4 | 233.7 |
Other countries | 385.8 | 387.7 | 314.3 | 365.4 | 700.2 | 753.1 |
Europe total | 6,619.2 | 6,801.4 | 2,186.3 | 2,002.9 | 8,805.6 | 8,804.3 |
Asia | ||||||
Singapore | 1,493.9 | 2,091.7 | 0.3 | 0.3 | 1,494.2 | 2,092.0 |
China | 441.0 | 545.0 | 2.6 | 2.8 | 443.5 | 547.7 |
India | 100.1 | 138.1 | 1.2 | 1.5 | 101.3 | 139.6 |
Other countries | 87.4 | 111.4 | 31.9 | 37.4 | 119.3 | 148.9 |
Asia total | 2,122.4 | 2,886.2 | 36.0 | 42.0 | 2,158.4 | 2,928.2 |
North and South America | ||||||
USA | 2,387.8 | 2,336.4 | 310.7 | 715.6 | 2,698.5 | 3,052.0 |
Other countries | 160.4 | 149.1 | 19.0 | 15.6 | 179.4 | 164.7 |
North and South America total | 2,548.2 | 2,485.5 | 329.6 | 731.2 | 2,877.8 | 3,216.7 |
Other | 16.8 | 19.0 | 8.1 | 6.2 | 24.9 | 25.3 |
Net sales | 11,306.6 | 12,192.2 | 2,560.0 | 2,782.3 | 13,866.7 | 14,974.5 |
Other operating expenses | ||
MSEK | 2023 | 2022 |
Exchange rate losses | –19.8 | –52.2 |
Losses from the sales of fixed assets | –10.4 | –4.3 |
Revaluation of additional | ||
consideration | –14.2 | –18.5 |
Other | –58.2 | –19.6 |
Total | –102.6 | –94.6 |
Average number of employees | ||||||
Women | Men | Total | ||||
Number (FTE) | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Parent company | ||||||
Sweden | 8 | 7 | 6 | 6 | 14 | 13 |
Subsidiaries | ||||||
Germany | 943 | 948 | 2,274 | 2,352 | 3,217 | 3,300 |
USA | 782 | 723 | 447 | 410 | 1,228 | 1,133 |
Singapore | 200 | 214 | 271 | 274 | 470 | 488 |
China | 316 | 361 | 91 | 100 | 407 | 461 |
Czech Republic | 130 | 151 | 181 | 198 | 311 | 349 |
Hungary | 120 | 125 | 177 | 191 | 297 | 316 |
Poland | 95 | 111 | 199 | 225 | 294 | 336 |
United Kingdom | 61 | 46 | 232 | 136 | 292 | 182 |
Netherlands | 49 | 35 | 132 | 131 | 181 | 166 |
Sweden | 37 | 40 | 113 | 114 | 150 | 154 |
India | 20 | 21 | 126 | 144 | 146 | 165 |
Austria | 13 | 14 | 37 | 36 | 51 | 50 |
Brazil | 25 | 23 | 23 | 25 | 48 | 48 |
Mexico | 28 | 19 | 15 | 11 | 44 | 30 |
Italy | 17 | 16 | 6 | 8 | 23 | 24 |
Canada | 13 | 12 | 7 | 7 | 21 | 19 |
Taiwan | 5 | 5 | 1 | 1 | 6 | 6 |
Romania | 2 | 2 | 3 | 3 | 5 | 5 |
Russia | – | – | – | 2 | - | 2 |
France | – | – | – | 1 | - | 1 |
Total | 2,863 | 2,873 | 4,340 | 4,375 | 7,203 | 7,248 |
Salaries and other remuneration | ||||||
Board and CEO | ||||||
Basic wage incl. other benefits | Variable remuneration | Other employees | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Parent company | 15.6 | 14.8 | 0.0 | 7.2 | 16.7 | 18.7 |
Subsidiaries | 49.6 | 45.7 | 14.3 | 14.9 | 3,058.5 | 2,794.0 |
Total | 65.2 | 60.5 | 14.3 | 22.1 | 3,075.2 | 2,812.7 |
Salaries and remuneration | Social security contribution | Pension contributions | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Parent company | 32.3 | 40.7 | 12.3 | 15.9 | 8.3 | 8.2 |
Subsidiaries | 3,122.5 | 2,854.6 | 521.9 | 464.3 | 47.3 | 44.5 |
Total | 3,154.7 | 2,895.3 | 534.2 | 480.2 | 55.7 | 52.7 |
Gender distribution in management | ||||||
Women | Men | Total | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Board members | 4 | 4 | 5 | 5 | 9 | 9 |
Group Management | – | – | 6 | 6 | 6 | 6 |
Management positions | 255 | 250 | 656 | 600 | 911 | 850 |
Remuneration to the board, chief executive officer and other senior officers 2023 | |||||
Basic wage/Board | Variable | Other | Pension | ||
SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 896 | – | – | – | 896 |
Board members (7 persons) | 3,422 | – | – | – | 3,422 |
Chief Executive Officer | 11,140 | – | 143 | 3,890 | 15,173 |
Other senior officers (5 persons) | 33,810 | 12,986 | 788 | 2,019 | 49,603 |
Total remuneration to the Board, CEO and senior | 49,267 | 12,986 | 931 | 5,909 | 69,093 |
officers |
Remuneration to the board, chief executive officer and other senior officers 2022 | |||||
Basic wage/Board | Variable | Other | Pension | ||
SEK ’000s | remuneration | remuneration | benefits | contributions | Total |
Chairman of the Board | 866 | – | – | – | 866 |
Board members (7 persons) | 3,267 | – | – | – | 3,267 |
Chief Executive Officer | 10,510 | 7,215 | 129 | 3,880 | 21,734 |
Other senior officers (5 persons) | 30,047 | 17,097 | 709 | 1,811 | 49,664 |
Total remuneration to the Board, CEO and senior | 44,690 | 24,312 | 838 | 5,691 | 75,531 |
officers |
MSEK | 2023 | 2022 |
PWC | ||
Audit assignment | 6.9 | 6.6 |
Audit-related services | – | – |
Tax advisory services | 0.1 | 0.2 |
Other services | 0.7 | 0.0 |
Other Audit assignment | 1.6 | 1.8 |
Audit-related services | 0.1 | 0.0 |
Tax advisory services | 0.5 | 1.0 |
Other services | 0.1 | 0.1 |
Total | 10.0 | 9.7 |
Financial income | ||
MSEK | 2023 | 2022 |
Interest income | 14.3 | 3.3 |
Exchange rate gains | 217.9 | 56.3 |
Other | 2.5 | 0.7 |
Total | 234.7 | 60.3 |
Financial expenses | ||
MSEK | 2023 | 2022 |
Interest expenses leasing liabilities | –140.7 | –107.2 |
Interest expenses other liabilities | –196.6 | –80.4 |
Exchange rate losses | –210.5 | –44.6 |
Other | –13.3 | –11.2 |
Total | –561.2 | –243.5 |
MSEK | 2023 | 2022 |
Costs for goods for resale and other | ||
production material | 2,687.8 | 3,341.9 |
Personnel costs | 3,993.2 | 3,582.8 |
Freight costs | 2,442.6 | 3,522.3 |
Other production costs | 2,343.6 | 2,262.6 |
Costs for depreciation and write-downs | 1,243.0 | 1,091.1 |
Cost for advertising and other selling | ||
expenses | 64.7 | 73.0 |
Other costs | 394.5 | 353.6 |
Total | 13,169.4 | 14,227.3 |
Recorded tax | ||
MSEK | 2023 | 2022 |
Current tax on the result for the year | –168.1 | –213.4 |
Withholding tax on dividends and other taxes | –6.9 | –7.8 |
Correction of previous years’ current | ||
tax expense | –0.6 | 4.3 |
Deferred tax | 35.2 | 37.3 |
Recorded tax | –140.3 | –179.6 |
Reconciliation of recorded tax | |||
MSEK | 2023 | 2022 | |
Result before taxes | 397.9 | 666.2 | |
Tax according to Swedish tax rate | |||
of 20.6 | (20.6)% | –82.0 | –137.2 |
Tax effect of: | |||
– differences in tax rates for foreign | |||
subsidiaries | –29.6 | –25.8 | |
– non-deductible costs | –29.7 | –15.9 | |
– revaluation of deferred taxes | 3.0 | 3.8 | |
– correction of previous years’ tax | |||
expense | –0.6 | 1.1 | |
– withholding tax on dividends | –8.7 | –9.7 | |
– other | 7.2 | 4.3 | |
Recorded tax | –140.3 | –179.6 |
Deferred tax assets and liabilities by nature | ||
MSEK | 2023 | 2022 |
Tax loss carryforwards | 197.2 | 175.1 |
Fixed assets | –242.6 | –212.5 |
Other items | 165.2 | 212.2 |
119.7 | 174.8 | |
Less: | ||
Tax losses carried forward not valued | –25.4 | –24.8 |
Closing balance, net | 94.3 | 150.0 |
Allocation of deferred tax assets and liabilities in | ||
the statement of financial position | ||
MSEK | 2023 | 2022 |
Deferred tax assets | 391.1 | 386.6 |
Deferred tax liabilities | –296.7 | –236.6 |
Closing balance, net | 94.3 | 150.0 |
Change in deferred tax | ||
MSEK | 2023 | 2022 |
Opening balance, net | 150.0 | 107.5 |
Acquisition of operations | –84.0 | –1.7 |
Recorded deferred tax on the result | ||
for the year | 35.2 | 37.3 |
Tax items charged directly against other comprehensive income | –7.8 | 9.1 |
Translation differences | 0.8 | –2.2 |
Closing balance, net | 94.3 | 150.0 |
Due date structure – deferred tax assets relating to tax loss | ||
carryforwards | ||
MSEK | 2023 | 2022 |
Due within one year | – | – |
Due within 2–5 years | 0.1 | 0.3 |
Due after 5 years | 1.6 | 1.9 |
No due date | 170.1 | 148.1 |
Closing balance | 171.8 | 150.3 |
2023 | 2022 | |
Result for the year attributable to | ||
parent company share holders, MSEK | 248.0 | 470.0 |
Average number of outstanding | ||
shares, in thousands | 35,358 | 35,358 |
Earnings per share, SEK | 7.02 | 13.29 |
MSEK | 2023 | 2022 |
Cash flow from operating activities | 1,781.8 | 1,105.6 |
Financial items | 326.4 | 183.2 |
Paid taxes | 241.9 | 196.0 |
Acquired and divested operations | –832.4 | –43.5 |
Other items included in cash flow | ||
from investing activities | –179.7 | –230.8 |
Operating cash flow | 1,337.9 | 1,210.5 |
Adjustment for items not included in cash flow | ||
MSEK | 2023 | 2022 |
Depreciation, amortization and write-downs of intangible and tangible assets | 1,243.0 | 1,091.1 |
Changes in provisions that affect | ||
cash flow | –37.7 | 24.7 |
Result from disposal of tangible | ||
assets | –5.3 | –1.5 |
Unrealized exchange rate gains | ||
and losses | –26.8 | 17.8 |
Other changes | 81.9 | –20.4 |
Total | 1,255.2 | 1,111.7 |
Paid and received interest | ||
MSEK | 2023 | 2022 |
Paid interest | –342.5 | –187.9 |
Received interest | 14.3 | 3.3 |
Total | –328.2 | –184.6 |
Goodwill | Trademarks | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 3,656.0 | 3,305.6 | 783.3 | 701.1 |
Investments | – | – | – | – |
Acquired and divested operations | 865.2 | 46.3 | – | – |
Disposals | – | – | – | – |
Reclassification | – | – | – | – |
Translation difference | –68.4 | 304.2 | –14.8 | 82.2 |
Closing acquisition value | 4,452.8 | 3,656.0 | 768.5 | 783.3 |
Opening accumulated amortization and write-downs | –0.8 | –0.8 | – | – |
Acquired and divested operations | – | – | – | – |
Amortization for the year | – | – | – | – |
Disposals | – | – | – | – |
Reclassification | – | – | – | – |
Translation difference | – | – | – | – |
Closing accumulated amortization and write-downs | –0.8 | –0.8 | – | – |
Net residual value | 4,452.0 | 3,655.2 | 768.5 | 783.3 |
Other intangible assets | Total | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 1,220.2 | 1,093.0 | 5,659.6 | 5,099.7 |
Investments | 12.9 | 16.4 | 12.9 | 16.4 |
Acquired and divested operations | 221.2 | 6.8 | 1,086.4 | 53.1 |
Disposals | –31.5 | –12.4 | –31.5 | –12.4 |
Reclassification | 6.7 | 3.8 | 6.7 | 3.8 |
Translation difference | –23.2 | 112.8 | –106.4 | 499.2 |
Closing acquisition value | 1,406.4 | 1,220.2 | 6,627.7 | 5,659.6 |
Opening accumulated amortization and write-downs | –736.2 | –582.5 | –737.0 | –583.1 |
Acquired and divested operations | – | – | – | – |
Amortization for the year | –113.0 | –106.5 | –113.0 | –106.5 |
Disposals | 26.7 | 11.4 | 26.7 | 11.4 |
Reclassification | –1.4 | –0.7 | –1.4 | –0.7 |
Translation difference | 10.3 | –57.9 | 10.3 | –58.1 |
Closing accumulated amortization and write-downs | –813.7 | –736.2 | –814.5 | –737.0 |
Net residual value | 592.7 | 484.1 | 5,813.2 | 4,922.6 |
Amortization specified by function in the income statement | ||
MSEK | 2023 | 2022 |
Cost of products and services sold | –60.9 | –57.1 |
Selling expenses | –45.1 | –43.0 |
Administrative expenses | –7.1 | –6.4 |
Total | –113.0 | –106.5 |
Intangible assets with indefinite useful life divided by cash | ||
generating unit | ||
MSEK | 2023 | 2022 |
Supply Chain Solutions | 4,064.6 | 3,279.2 |
Print & Packaging Solutions | 1,155.9 | 1,159.3 |
Total | 5,220.5 | 4,438.5 |
Equipment, tools, | ||||||
Buildings and land | Plant and machinery | fixtures and fittings | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 543.6 | 448.0 | 1,029.5 | 936.4 | 1,132.7 | 932.5 |
Investments | 10.2 | 15.8 | 61.0 | 23.3 | 65.2 | 72.8 |
Acquired and divested operations | – | – | 83.0 | – | 88.2 | 21.8 |
Disposals | –3.5 | –0.8 | –58.1 | –18.7 | –97.4 | –40.6 |
Reclassification | 51.8 | 32.4 | 11.5 | –0.1 | 22.9 | 43.6 |
Translation difference | –10.9 | 48.2 | –5.4 | 88.5 | –21.3 | 102.6 |
Closing acquisition value | 591.2 | 543.6 | 1,121.5 | 1,029.5 | 1,190.3 | 1,132.7 |
Opening accumulated depreciation | ||||||
and write-downs | –317.2 | –256.9 | –836.4 | –738.0 | –806.6 | –658.7 |
Acquired and divested operations | – | – | –27.8 | – | –37.7 | –12.4 |
Depreciation for the year | –29.6 | –21.9 | –56.1 | –52.0 | –92.7 | –98.5 |
Disposals | 3.4 | 0.5 | 53.5 | 16.7 | 89.2 | 34.6 |
Reclassification | 0.0 | –10.0 | –0.1 | 10.0 | 1.4 | 0.7 |
Translation difference | 5.7 | –28.8 | 4.0 | –73.0 | 14.4 | –72.2 |
Closing accumulated depreciation | –337.6 | –317.2 | –862.9 | –836.4 | –831.9 | –806.6 |
and write-downs | ||||||
Net residual value | 253.6 | 226.5 | 258.5 | 193.0 | 358.4 | 326.2 |
Fixed assets | ||||||
under construction | Total | |||||
MSEK | 2023 | 2022 | 2023 | 2022 | ||
Opening acquisition value | 71.9 | 35.0 | 2,777.8 | 2,351.9 | ||
Investments | 54.3 | 109.3 | 190.6 | 221.1 | ||
Acquired and divested operations | – | – | 171.3 | 21.8 | ||
Disposals | –3.3 | – | –162.3 | –58.4 | ||
Reclassification | –101.0 | –78.0 | –14.9 | –3.7 | ||
Translation difference | 0.9 | 5.7 | –36.7 | 245.1 | ||
Closing acquisition value | 22.7 | 71.9 | 2,925.9 | 2,777.8 | ||
Opening accumulated depreciation and write-downs | – | – | –1,960.4 | –1,653.6 | ||
Acquired and divested operations | – | – | –65.4 | –12.4 | ||
Depreciation for the year | – | – | –178.4 | –172.5 | ||
Disposals | – | – | 146.1 | 51.8 | ||
Reclassification | – | – | 1.3 | 0.7 | ||
Translation difference | – | – | 24.2 | –174.4 | ||
Closing accumulated depreciation and write-downs | – | – | –2,032.7 | –1,960.4 | ||
Net residual value | 22.7 | 71.9 | 893.3 | 817.5 |
Buildings and land | Plant and machinery | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 5,791.0 | 3,742.0 | 350.2 | 272.4 |
Investments | 261.2 | 1,038.2 | 18.9 | 100.8 |
Acquired and divested operations | 700.1 | 3.3 | – | – |
Disposals | –292.4 | –240.3 | –74.3 | –36.1 |
Remeasurement | 183.1 | 791.5 | 0.4 | –11.4 |
Translation difference | –96.6 | 456.3 | 1.3 | 24.5 |
Closing acquisition value | 6,546.5 | 5,791.0 | 296.5 | 350.2 |
Opening accumulated depreciation and write-downs | –1,940.5 | –1,349.1 | –154.3 | –120.3 |
Depreciation for the year | –824.8 | –686.4 | –60.4 | –58.9 |
Disposals | 292.3 | 240.3 | 74.5 | 36.1 |
Translation difference | 40.9 | –145.4 | –0.4 | –11.1 |
Closing accumulated depreciations and write-downs | –2,432.1 | –1,940.5 | –140.7 | –154.3 |
Net residual value | 4,114.4 | 3,850.5 | 155.9 | 196.0 |
Equipment, tools, | ||||
fixtures and fittings | Total | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 309.0 | 362.8 | 6,450.5 | 4,377.3 |
Investments | 65.6 | 37.5 | 345.7 | 1,176.5 |
Acquired and divested operations | 16.9 | – | 717.0 | 3.3 |
Disposals | –180.1 | –119.1 | –546.7 | –395.5 |
Remeasurement | –6.0 | – | 177.4 | 780.2 |
Translation difference | 2.6 | 27.9 | –92.7 | 508.6 |
Closing acquisition value | 208.0 | 309.0 | 7,051.1 | 6,450.5 |
Opening accumulated depreciation and write-downs | –203.4 | –234.2 | –2,298.2 | –1,703.6 |
Depreciation for the year | –66.4 | –66.8 | –951.6 | –812.0 |
Disposals | 180.1 | 115.8 | 546.9 | 392.2 |
Translation difference | –3.1 | –18.3 | 37.3 | –174.8 |
Closing accumulated depreciations and write-downs | –92.9 | –203.4 | –2,665.7 | –2,298.2 |
Net residual value | 115.1 | 105.6 | 4,385.4 | 4,152.1 |
Depreciation specified by function in the income statement | ||
MSEK | 2023 | 2022 |
Cost of products and services sold | –913.0 | –781.3 |
Selling expenses | –14.1 | –12.1 |
Administrative expenses | –24.5 | –18.7 |
Total | –951.6 | –812.0 |
Expenses recognized in the income statement | ||
MSEK | 2023 | 2022 |
Depreciation right-of-use assets | –951.6 | –812.0 |
Interest expenses lease liability | –140.7 | –107.2 |
Expenses related to short-term | ||
leases and leases with low value | –206.0 | –152.0 |
Expenses related to variable leasing | ||
fees that is not included in the lease | ||
liability | –66.6 | –61.1 |
Total | –1,364.8 | –1,132.4 |
Financial assets per category 2023 | ||||
Asstes valued | ||||
to fair value | ||||
Assets valued to | through | Whereof | ||
MSEK | amortized cost | profit & loss | Total | short-term |
Accounts receivable | 2,037.9 | – | 2,037.9 | 2,037.9 |
Cash and cash equivalents | 1,106.6 | – | 1,106.6 | 1,106.6 |
Other securities | 56.3 | – | 56.3 | – |
Hedging derivatives | – | 0.0 | 0.0 | 0.0 |
Other receivables | 92.9 | – | 92.9 | 81.6 |
Closing balance | 3,293.7 | 0.0 | 3,293.7 | 3,226.1 |
Financial assets per category 2022 | ||||
Asstes valued | ||||
to fair value | ||||
Assets valued to | through | Whereof | ||
MSEK | amortized cost | profit & loss | Total | short-term |
Accounts receivable | 2,139.2 | – | 2,139.2 | 2,139.2 |
Cash and cash equivalents | 904.0 | – | 904.0 | 904.0 |
Other securities | 56.5 | – | 56.5 | – |
Hedging derivatives | – | 0.1 | 0.1 | 0.1 |
Other receivables | 74.2 | – | 74.2 | 64.6 |
Closing balance | 3,173.9 | 0.1 | 3,174.0 | 3,107.9 |
MSEK | 2023 | 2022 |
Raw materials and consumables | 197.7 | 431.9 |
Work in process | 27.8 | 33.1 |
Finished goods | 123.6 | 153.9 |
Closing balance | 349.1 | 618.9 |
Accounts receivable – aging report | ||
MSEK | 2023 | 2022 |
Not overdue | 1,618.8 | 1,784.3 |
1–30 days overdue | 343.8 | 279.1 |
31–60 days overdue | 45.8 | 46.7 |
61–90 days overdue | 19.4 | 20.2 |
91–120 days overdue | 18.9 | 13.9 |
More than 120 days overdue | 17.8 | 17.1 |
Provisions doubtful accounts | –26.5 | –22.0 |
Total | 2,037.9 | 2,139.2 |
Change in provision for doubtful receivables | ||
MSEK | 2023 | 2022 |
Opening balance | –22.0 | –27.8 |
Provision in acquired operations | –0.6 | 0.0 |
Reversal of provision from previous | ||
year | 10.1 | 6.2 |
Utilized provisions for confirmed | ||
losses | 15.6 | 20.1 |
Provisions during the year | –30.1 | –17.9 |
Translation difference | 0.6 | –2.6 |
Closing balance | –26.5 | –22.0 |
MSEK | 2023 | 2022 |
Cash and bank | 1,106.6 | 904.0 |
Cash and cash equivalents | 1,106.6 | 904.0 |
Number of registered shares | ||
in the parent company | 2023 | 2022 |
Issued as of 1 Jan. | 35,357,751 | 35,357,751 |
Issued as of per 31 Dec. | 35,357,751 | 35,357,751 |
Number | Number | Share | |
2023 | of shares | of votes | capital, SEK |
A shares | 1,814,813 | 18,148,130 | 18,148,130 |
B shares | 33,542,938 | 33,542,938 | 335,429,380 |
Total | 35,357,751 | 51,691,068 | 353,577,510 |
MSEK | 2023 | 2022 |
Services performed, not invoiced | 127.7 | 195.2 |
Prepaid insurance expenses | 13.1 | 9.0 |
Prepaid IT expenses | 25.7 | 16.2 |
Prepaid leasing expenses | 49.4 | 33.6 |
Other prepaid expenses | 84.4 | 75.1 |
Other accrued income | 47.4 | 67.8 |
Total | 347.7 | 396.9 |
Long-term financial liabilities | ||||
2023 | 2022 | |||
Carrying | Fair | Carrying | Fair | |
MSEK | amount | Value | amount | Value |
Other interest bearing liabilities | ||||
Bank loan (EUR) | 1,109.6 | 1,027.8 | 1,112.8 | 1,059.1 |
Bank loan (USD) | 933.9 | 840.9 | 1,095.9 | 1,017.8 |
Bank loan (GBP) | 847.8 | 766.2 | – | – |
Revolver credit facility (EUR) | 699.0 | 699.0 | 923.7 | 923.7 |
Contingent consideration | 382.4 | 382.4 | 52.8 | 52.8 |
Mandatory put/call options | 20.8 | 20.8 | 479.8 | 479.8 |
Other interest bearing liabilities | 3.2 | 3.2 | 2.1 | 2.1 |
Lease liabilities | 3,608.2 | 3,608.2 | 3,484.6 | 3,484.6 |
Closing balance | 7,604.7 | 7,348.3 | 7,151.8 | 7,019.9 |
Short-term financial liabilities | ||||
2023 | 2022 | |||
Carrying | Fair | Carrying | Fair | |
MSEK | amount | Value | amount | Value |
Other interest bearing liabilities | ||||
Bank loan (USD) | 120.5 | 117.4 | 125.2 | 123.4 |
Bank loan (GBP) | 12.8 | 12.1 | – | – |
Contingent consideration | 49.9 | 49.9 | – | – |
Mandatory put/call options | 478.4 | 478.4 | 1.5 | 1.5 |
Other interest bearing liabilities | 21.7 | 21.7 | 23.1 | 23.1 |
Lease liabilities | 938.2 | 938.2 | 801.2 | 801.2 |
Accounts payable | 673.3 | 673.3 | 892.5 | 892.5 |
Other financial liablities | 132.5 | 132.5 | 54.2 | 54.2 |
Closing balance | 2,427.2 | 2,423.5 | 1,897.7 | 1,895.9 |
Jan.–Mar. | Apr.–Dec. | 2029 and | ||
MSEK | 2024 | 2024 | 2025–2028 | later |
Bank loans | 86.4 | 268.9 | 3,904.6 | – |
Contingent consideration | – | 49.9 | 382.4 | – |
Mandatory put/call options | – | 478.4 | 20.8 | – |
Other interest bearing liabilities | 21.7 | – | 3.2 | – |
Lease liabilities | 296.7 | 763.2 | 2,786.1 | 1,197.5 |
Accounts payable | 673.3 | – | – | – |
Other financial liablities | 132.5 | – | – | – |
Total | 1,210.6 | 1,560.5 | 7,097.1 | 1,197.5 |
Contingent considerations and mandatory put/call options | ||||
Contingent | Mandatory | |||
considerations | put/call options | |||
MSEK | 2023 | 2022 | 2023 | 2022 |
Opening balance | 52.8 | 30.7 | 481.3 | 331.6 |
Acquisitions for the year | 382.4 | – | – | – |
Changes in value recognized in the income statement | 14.4 | 18.5 | – | – |
Changes in value recognized in equity | – | – | 38.2 | 107.9 |
Payments | –17.2 | – | –1.2 | –0.8 |
Reclassifications | – | – | – | –4.3 |
Translation differences | –0.1 | 3.6 | –19.1 | 46.9 |
Closing balance | 432.3 | 52.8 | 499.2 | 481.3 |
Provisions | Other | ||||
for post- | interest- | ||||
Cash and cash | Lease | employment | bearing | ||
MSEK | equivalents | liabilities | benefits | liabilities | Total |
Net debt as of Jan 1, 2023 | –904.0 | 4,285.8 | 77.5 | 3,817.0 | 7,276.4 |
Acquired and divested operations | – | 628.5 | – | 397.7 | 1,026.2 |
Changes with effect on cash-flow | –236.7 | –919.2 | –3.6 | 542.4 | –617.0 |
Changes with no effect on cash-flow | – | 608.4 | –3.0 | 51.3 | 656.7 |
Translation difference | 34.1 | –57.2 | 0.4 | –128.5 | –151.3 |
Net debt as of Dec 31, 2023 | –1,106.6 | 4,546.4 | 71.3 | 4,680.0 | 8,191.1 |
Provisions | Other | ||||
for post- | interest- | ||||
Cash and cash | Lease | employment | bearing | ||
MSEK | equivalents | liabilities | benefits | liabilities | Total |
Net debt as of Jan 1, 2022 | –898.1 | 2,754.8 | 98.6 | 3,293.4 | 5,248.8 |
Acquired and divested operations | – | 10.8 | – | – | 10.8 |
Changes with effect on cash-flow | 66.6 | –773.9 | –3.0 | 12.3 | –697.9 |
Changes with no effect on cash-flow | – | 1,951.4 | –24.4 | 122.8 | 2,049.8 |
Translation difference | –72.5 | 342.6 | 6.3 | 388.5 | 664.9 |
Net debt as of Dec 31, 2022 | –904.0 | 4,285.8 | 77.5 | 3,817.0 | 7,276.4 |
Estimated effect from changes | |||
in exchange rates by 10% | |||
Operating | Result | ||
MSEK | Net sales | result | before tax |
EUR | +/– 810 | +/– 43 | +/– 26 |
USD | +/– 470 | +/– 30 | +/– 17 |
EUR & USD | +/– 1,280 | +/– 73 | +/– 43 |
Nominal | ||
amount | Average | |
Currencies | MSEK | hedging rate |
SEK/EUR | 389.1 | 11.06 |
GBP/SEK | 46.3 | 12.73 |
EUR/PLN | 27.5 | 4.49 |
USD/SEK | 20.6 | 9.99 |
USD/PLN | 0.8 | 4.03 |
USD/GBP | 4.4 | 0.78 |
GBP/PLN | 0.1 | 5.01 |
Floating | Non-interest- | |
MSEK | interest | bearing |
Other securities | – | 56.3 |
Long-term receivables | – | 11.3 |
Current receivables | – | 2,119.6 |
Cash and bank | 1,106.6 | – |
Long-term liabilities | –7,676.1 | – |
Current liabilities | –1,621.5 | –303.1 |
Total | –8,191.0 | 1,884.1 |
Percent | 2023 | 2022 |
Discount rate, % | 3.60 | 3.15 |
Expected return on plan assets, % | 3.60 | 3.15 |
Provisions for post-employment obligations | |||
Funded | Unfunded | ||
MSEK | plans | plans | Total |
Present value of post- employment obligations | 78.0 | 16.4 | 94.3 |
The fair value of plan | |||
assets | –23.1 | – | –23.1 |
Provision for post- employment obligations | 54.9 | 16.4 | 71.3 |
according to the balance | |||
sheet |
Change in current value of the post-employment obligations | ||
MSEK | 2023 | 2022 |
Opening balance | 100.7 | 121.7 |
Interest expense | 3.4 | 1.8 |
Actuarial gains(–)/losses(+), net | –5.2 | –22.8 |
Current year service cost | 0.1 | 0.3 |
Pensions paid out | –5.0 | –4.2 |
Translation difference | 0.3 | 3.9 |
Closing balance | 94.3 | 100.7 |
Change in plan assets fair value | ||
MSEK | 2023 | 2022 |
Opening balance | 23.2 | 23.1 |
Return on plan assets | 0.7 | 0.2 |
Disbursement | –0.7 | –0.7 |
Actuarial gains(–)/losses(+), net | –0.1 | –1.2 |
Translation difference | –0.1 | 1.8 |
Closing balance | 23.1 | 23.2 |
Net expense recognized in the income statement regarding | ||
defined benefit plans | ||
MSEK | 2023 | 2022 |
Current year service cost | 0.1 | 0.3 |
Interest expense | 3.4 | 1.8 |
Return on plan assets | –0.7 | –0.2 |
Total | 2.8 | 1.9 |
Provision for | |||||
Restructuring | damages to | Restoration | |||
MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2023 | 50.2 | 50.9 | 72.4 | 30.4 | 203.8 |
Acquired operations | – | – | 80.5 | 0.1 | 80.6 |
Provided for during the year | 6.5 | 15.3 | 40.7 | 27.4 | 89.9 |
Utilized during the year | –19.8 | –12.9 | –10.8 | –17.5 | –61.0 |
Reversal of unutilized amounts | –31.3 | –15.1 | –10.1 | –3.6 | –60.1 |
Translation difference | 1.3 | 0.3 | –3.8 | –0.9 | –3.1 |
Closing balance as of 31 Dec. 2023 | 7.0 | 38.4 | 168.9 | 35.8 | 250.2 |
Of which: | |||||
Current | 7.0 | 38.4 | 64.7 | 29.0 | 139.2 |
Non-current | – | – | 104.2 | 6.7 | 111.0 |
Provision for | |||||
Restructuring | damages to | Restoration | |||
MSEK | costs | goods etc. | costs | Other | Total |
Opening balance as of 1 Jan. 2022 | 7.7 | 67.7 | 53.6 | 29.0 | 158.1 |
Acquired operations | – | – | 2.5 | – | 2.5 |
Provided for during the year | 47.8 | 28.3 | 51.2 | 21.0 | 148.2 |
Utilized during the year | –7.9 | –23.0 | –31.8 | –18.1 | –80.7 |
Reversal of unutilized amounts | – | –26.9 | –8.7 | –4.5 | –40.1 |
Translation difference | 2.5 | 4.8 | 5.6 | 3.0 | 15.9 |
Closing balance as of 31 Dec. 2022 | 50.2 | 50.9 | 72.4 | 30.4 | 203.8 |
Of which: | |||||
Current | 50.2 | 50.9 | 44.9 | 23.4 | 169.3 |
Non-current | – | – | 27.5 | 6.9 | 34.4 |
MSEK | 2023 | 2022 |
Holiday pay liability | 66.1 | 62.2 |
Social security contributions | 53.5 | 44.0 |
Accrued salaries and remuneration | 187.7 | 205.5 |
Accrued expenses for services and goods received | 389.0 | 432.1 |
Other accrued expenses and deferred income | 173.2 | 149.2 |
Closing balance | 869.4 | 893.0 |
Pledged assets | ||
MSEK | 2023 | 2022 |
Floating charges | 119.3 | 119.3 |
Other pledged assets | – | 18.5 |
Total | 119.3 | 137.8 |
Whereof pledged to: | ||
– credit institutions | 119.3 | 137.8 |
Contingent liabilities | ||
MSEK | 2023 | 2022 |
Contingent liabilities | 0.2 | 0.2 |
Total | 0.2 | 0.2 |
Recorded | |||
Acquired | Adjustments | value in | |
MSEK | book value | to fair value | the Group |
Customer relations | – | 220.4 | 220.4 |
Property, plant and equipment | 105.8 | – | 105.8 |
Property, plant and equipment | 620.3 | – | 620.3 |
Current receivables | 341.8 | – | 341.8 |
Property, plant and equipment | 1.3 | – | 1.3 |
Cash and equivalents | 56.8 | – | 56.8 |
Property, plant and equipment | –620.3 | – | –620.3 |
Liabilities | –269.2 | –55.4 | –324.7 |
Net assets acquired | 236.5 | 165.0 | 401,5 |
Goodwill | 864.3 | ||
Total | 1,265.8 | ||
Less: | |||
– unpaid purchase price | –395.9 | ||
– cash and cash equivalents in acquired operations | –56.8 | ||
Negative effect on cash and cash equivalents for the Group | 813.1 |
MSEK | 2023 | 2022 |
PwC | ||
Audit assignment | 2.8 | 2.3 |
Audit-related services | – | – |
Tax advisory services | – | – |
Other services | 0.7 | – |
Total | 3.5 | 2.3 |
MSEK | 2023 | 2022 |
Exchange rate gains | 0.0 | 0.0 |
Other | 7.0 | 5.1 |
Total | 7.0 | 5.1 |
MSEK | 2023 | 2022 |
Retained earnings | 1,033.0 | 1,203.4 |
Net result for the year | 278.6 | –23.7 |
Total | 1,311.6 | 1,179.7 |
MSEK | 2023 | 2022 | |
SEK 4.15 | (4.15) per share is | ||
distributed to the shareholders | 146.7 | 146.7 | |
Remaining balance to be carried | 1,164.8 | ||
forward | 1,033.0 | ||
Total | 1,311.6 | 1,179.7 |
Specification of shares in subsidiaries | |||||
Book | |||||
Per- | value of | ||||
Number | centage | holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
d|o|m Deutsche Online Medien GmbH | HRB265124 | Waiblingen, Germany | 3 | 100 | 0.0 |
myphotobook GmbH | HRB94377 | Berlin, Germany | – | 100 | – |
Elanders do Brasil Representações Ltda | 08.789.936/0001-55 | São Paulo, Brazil | 3,105,550 | 100 | 12.2 |
Mentor Gerenciamento de Supply Chain (Brasil) Ltda | 08.849.405/0001-00 | São Paulo, Brazil | 7,241,126 | 100 | 9.4 |
Elanders Waiblingen GmbH | HRB722349 | Waiblingen, Germany | 1 | 100 | 108.6 |
Elanders International AB | 556058-0622 | Mölndal, Sweden | – | 100 | – |
Mentor Media Ltd | 199302450H | Singapore | – | 100 | – |
Asiapack Limited | 626139 | Hong Kong, China | – | 100 | – |
Asiapack (Shenzhen) Co., Ltd | 91440300734155669E | Shenzhen, China | – | 100 | – |
Chengdu Mentor Media Co., Ltd | 91510100597273959A | Chengdu, China | – | 100 | – |
Mentor Internet Solution Pte Ltd | 199508226M | Singapore | – | 100 | – |
Mentor Media (Chongqing) Co., Ltd | 915000006939331951 | Chongqing, China | – | 100 | – |
Mentor Media (Chongqing) Co., Ltd – | |||||
Wuhan Branch | 91420100MA4KYTDK3K | Wuhan, China | – | – | – |
Mentor Media (Kunshan) Co., Ltd | 913205837584821700 | Kunshan, China | – | 100 | – |
Mentor Media Ltd, Taiwan Branch | 70777068 | Taoyuan, Taiwan | – | 100 | – |
Mentor Media (Shenzhen) Co., Ltd | 91440300726187433D | Shenzhen, China | – | 100 | – |
Mentor Media (USA) Supply Chain | |||||
Management Inc | C3095841 | San Bernardino, USA | – | 100 | – |
Mentor Media (Xiamen) Co., Ltd | 91350200612051108M | Xiamen, China | – | 100 | – |
Mentor Media CBZ (Chongqing) Co., Ltd | 915000005814642169 | Chongqing, China | – | 100 | – |
Mentor Media Juárez S.A. de C.V. | MMJ0810145N1 | Juárez, Mexico | – | 100 | – |
Mentor Media (Shenzhen) Logistics Ltd | 91440300793899377C | Shenzhen, China | – | 100 | – |
Mentor Printing and Logistics Pvt. Ltd | U72900TN2006PTC061596 | Chennai, India | – | 100 | – |
Mentor Shanghai Trading Co., Ltd | 91310000329537946A | Shanghai, China | – | 100 | – |
Mentor Supply Chain (Chongqing-CBZ) Co., Ltd | 91500106MA5YR1XH62 | Chongqing, China | – | 100 | – |
Mentor Supply Chain Mexico S.A. de C.V. | MSC191028QH1 | Juárez, Mexico | – | 100 | – |
Mentor Supply Chain (Netherlands) BV | 858777265 | Rotterdam, Netherlands | – | 100 | – |
Mentor Media Czech s.r.o. | CZ27742270 | Brno, Czech Republic | – | 100 | – |
Mentor Supply Chain (USA) Inc. | 202212131646372 | Warsaw, USA | – | 100 | – |
Mentor Supply Chain Thailand Ltd | 105566154947 | Bangkok, Thailand | – | 100 | – |
Mentor Supply Chain Vietnam Ltd | 0110081611 | Hanoi, Vietnam | – | 100 | – |
Shanghai Mentor Media Co., Ltd | 91310115703003515D | Shanghai, China | – | 100 | – |
Tristellar Graphic Sdn. Bhd. | 64775T | Johor, Malaysia | – | 100 | – |
Specification of shares in subsidiaries (cont.) | |||||
Book | |||||
Per- | value of | ||||
Number | centage | holding, | |||
Identity no. | Registered office | of shares | holding | MSEK | |
Elanders Hungary Kft | 20-09-065122 | Zalalövő, Hungary | 1 | 100 | 146.1 |
Elanders Infologistics AB | 556121-8891 | Mölndal, Sweden | 314,330 | 100 | 286.8 |
Elanders Sverige AB | 556262-1689 | Borås, Sweden | – | 100 | – |
Elanders Italy S.r.l. | 05686620963 | Ponzano Veneto, Italy | 1 | 100 | 2.7 |
Elanders Ltd | GB 3788582 | Newcastle, UK | 2,300,000 | 100 | 31.4 |
Elanders McNaughtan’s Ltd | SC 135425 | Glasgow, UK | – | 100 | – |
Spreckley Ltd | 4179929 | Newcastle, UK | – | 100 | – |
Elanders Polska Sp. z o.o. | KRS 0000101815 | Płońsk, Poland | 144,280 | 100 | 89.9 |
fotokasten GmbH | HRB24050 | Waiblingen, Germany | 3 | 100 | 57.6 |
Midland Information Resources Company | 42-1468885 | Davenport, USA | 10,000 | 100 | 223.0 |
ElandersUSA, LLC | 58-1448183 | Atlanta, USA | – | 100 | – |
ReuseIT AB | 559342-0507 | Mölndal, Sweden | 50,000 | 70 | 120.0 |
ReuseIT Sweden AB | 559210-6404 | Växjö, Sweden | – | 100 | – |
ReuseIT Finance AB | 559210-6602 | Växjö, Sweden | – | 100 | – |
Elanders Kaisheim GmbH | HRB18350 | Kaisheim, Germany | 1 | 100 | 5.5 |
Elanders Donauwörth GmbH | HRB28117 | Donauwörth, Germany | – | 100 | – |
Total | 2,277.9 |
Goodwill | Other intangible assets | Total | ||||
MSEK | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 |
Opening acquisition value | 2.0 | 2.0 | 5.2 | 6.2 | 7.2 | 8.2 |
Acquisitions | – | – | 1.3 | 1.3 | 1.3 | 1.3 |
Disposals | – | – | – | –2.3 | – | –2.3 |
Closing acquisition value | 2.0 | 2.0 | 6.6 | 5.2 | 8.5 | 7.2 |
Opening accumulated amortization | ||||||
and write-downs | –1.9 | –1.8 | –3.9 | –5.1 | –5.7 | –6.8 |
Amortization of the year | –0.1 | –0.1 | –0.6 | –1.1 | –0.7 | –1.2 |
Disposals | – | – | – | 2.3 | – | 2.3 |
Closing accumulated amortization | ||||||
and write-downs | –2.0 | –1.9 | –4.5 | –3.9 | –6.4 | –5.7 |
Net residual value | – | 0.1 | 2.1 | 1.4 | 2.1 | 1.5 |
Amortization specified per function in the income statement | ||
MSEK | 2023 | 2022 |
Selling expenses | –0.5 | –1.0 |
Administrative expenses | –0.2 | –0.2 |
Total | –0.7 | –1.2 |
Equipment, tools, | ||
fixtures and fittings | ||
MSEK | 2023 | 2022 |
Opening acquisition value | 1.3 | 1.2 |
Acquisitions | – | 0.0 |
Closing acquisition value | 1.3 | 1.3 |
Opening accumulated depreciation | –0.9 | –0.7 |
Depreciation for the year | –0.1 | –0.2 |
Closing accumulated depreciation | –1.0 | –0.9 |
Net residual value | 0.3 | 0.4 |
MSEK | 2023 | 2022 |
Salaries and holiday pay | 5.9 | 15.5 |
Social security contributions | 14.4 | 16.3 |
Interest | 5.6 | 0.4 |
Other accrued expenses and deferred income | 14.6 | 16.3 |
Closing balance | 40.5 | 48.5 |
MSEK | 2023 | 2022 |
Opening balance | 3,257.6 | 2,905.2 |
New loans | 884.7 | – |
Amortization of loans | –126.3 | –123.1 |
Other changes in interest-bearing | ||
liabilities | –197.0 | 141.2 |
Translation difference | –95.4 | 334.4 |
Closing balance | 3,723.6 | 3,257.6 |
MSEK | 2023 | 2022 |
Bank overdraft facilities, utilized | ||
amount | – | – |
Bank overdraft facilities, granted | ||
amount | 236.4 | 236.9 |
Not utilized overdraft | 236.4 | 236.9 |
Pledged assets | ||
MSEK | 2023 | 2022 |
Floating charges | 3.3 | 3.3 |
Other pledged assets | – | – |
Total | 3.3 | 3.3 |
Given to: | ||
Credit institutions | 3.3 | 3.3 |
Total | 3.3 | 3.3 |
Contingent liabilities | ||
MSEK | 2023 | 2022 |
Surety and contingent liabilities given | ||
for subsidiaries | 150.8 | 170.7 |
Total | 150.8 | 170.7 |
Adjustment for items not included in cash flow from | ||
operating activities | ||
MSEK | 2023 | 2022 |
Depreciation, amortization and write-downs of intangible and tangible assets | 0.8 | 1.3 |
Dividends from subsidiaries | –299.4 | –30.4 |
Unrealized exchange rate | –113.3 | |
gains/losses | 195.5 | |
Other items | 13.7 | –3.4 |
Total | –398.2 | 163.0 |
Paid and received interest | ||
MSEK | 2023 | 2022 |
Paid interest | –185.9 | –74.3 |
Received interest | 253.0 | 111.7 |
Total | 67.1 | 37.4 |
Dividends received from subsidiaries | ||
MSEK | 2023 | 2022 |
Elanders Hungary Kft | 17.4 | 6.3 |
Elanders Ltd | 51.5 | – |
Elanders Polska Sp. z o.o. | 3.7 | – |
Elanders UK Ltd | 7.5 | – |
Elanders Waiblingen GmbH | 215.3 | 19.7 |
ReuseIT AB | 4.1 | 4.4 |
Elanders Polska Sp. z o.o. | 299.4 | 30.4 |
Total | 30.4 | 30.4 |