Group Performance in the quarter

Net sales in the quarter increased by 5 percent to SEK 2,570 m (2,457). Organic growth, excluding exchange rate changes, amounted to 4 percent. Exchange rate changes had a positive impact of 1 percent on net sales in the quarter, corresponding to SEK 24 m.

The quarterly result has been charged with restructuring costs of SEK 6 m related to winding down of Homecare's digital development project and thus closure of the subsidiary Camanio. 

EBITA decreased by 20 percent to SEK 291 m (366) and the EBITA margin amounted to 11.3 percent (14.9). EBITA previous year included reversal of contingent consideration of SEK 83 m. Adjusted for this EBITA increased by 3 percent and the EBITA margin in the previous year amounted to 11.5%. Exchange rate changes had a positive impact on EBITA, corresponding to SEK 3 m. 

Net financial items amounted to SEK -86 m (-52) and profit after financial items amounted to SEK 100 m (206). Net financial items mainly include interest costs related to financing of previous acquisitions and exchange rate fluctuations. Net interest amounted to SEK -74 m (-54) and exchange rate losses to SEK -9 m (6). Exchange rate changes are linked to recalculation of loans and contingent considerations in foreign currency. The profit after tax for the quarter amounted to SEK 63 m (174) and the effective tax rate was 37 percent (16). The higher effective tax rate is attributable to the effect of non-deductible interest costs.

The war in Ukraine has not had a significant economic impact on the financial reports, but it can not be ruled out that this will happen in the future. We follow market developments closely, where we notice rising inflation, higher raw material costs, component costs, shipping costs, energy costs and greater uncertainty about interest rate developments. We follow the development in the Middle East but, at this point in time, our assessment is that this does not have a significant impact on the group.