Financial definitions

Average number of employees

Calculated as the average number of employees during the year, taking account of the percentage of full-time employment.

Return on equity

12-month rolling net profit/loss as a percentage of average equity.


Operating profit excluding amortisation and impairment of non­-current intangible assets. EBITA is the key ratio and perfor­mance indicator that is used for internal operational monitoring. EBITA provides an overall view of profit generated by operating activities.

EBITA margin

EBITA as a percentage of net sales.


Earnings before interest, taxes, depreciation, and amortisation. EBITDA is a measure that the Group regards as relevant for investors who wish to understand earnings generation before investments in
non-current assets.

Effective tax rates

Recognised tax expense as a percentage of profit/loss before tax.

Equity per share, SEK

Equity attributable to equity holders of the parent company divided by the number of ordinary shares outstanding at period end.

Net financial income/expense

Total exchange differences on borrowing and cash equivalents in foreign currency, other financial revenue and other finance costs.

Capital structure (Net debt/EBITDA)

Net debt in relation to EBITDA, based on a rolling 12-month calculation. A healthy capital structure provides a solid basis for continued business operations. The capital structure should enable a high degree of financial flexibility and provide scope for acquisitions.

Cash flow from operating activities per share

Cash flow from operating activities for the period, divided by the number of shares at the end of the period.

Cash conversion 

Cash conversion, operations, 12 months. Cash flow from operating activities adjusted for tax payments, net financial income/expense and investments in machinery and equipment in relation to EBITDA. This key ratio measures the percentage of profit that is converted into cash flow. The purpose is to analyse what percentage of earnings can be converted into cash and cash equivalents and, in the longer term, the opportunity for investments, acquisitions and dividends, with the exception of interest-related cash flows. A change was made in the cash generation calculation during quarter 4 2021, so previous periods have been recalculated.

Net sales

Net sales are recognised in accordance with the principle of recognition over time, rather than using the previous percentage-of-completion method. These revenues are recognised in proportion to the degree of completion of projects.

Net debt

Interest-bearing liabilities (including lease liabilities, excluding pension liabilities), less cash and cash equivalents. This key figure is a measure to show the Group’s total interest-bearing debt.

Organic growth

The change in sales adjusted for currency effects, as well as acquisitions and disposals compared with the same period last year. Sales from acquisition and divestments are eliminated for a period of 12 months from the date of acquisition or divestment.

Operating cash flow

Operating profit/loss adjusted for non-cash items, investments in
machinery and equipment and changes in working capital.

Order intake

The value of new projects and contracts received, and changes in existing projects and contracts over the period in question. Includes both installation and service business.

Order backlog

The value of remaining, not yet accrued project revenues from orders on hand at the end of the period. Order backlog only includes installation projects, not service operations.

Diluted earnings per share

Profit/loss for the period attributable to shareholders of the parent company divided by the average number of outstanding ordinary shares after dilution.

Basic earnings per share

Profit/loss for the period attributable to owners of the parent company divided by the average number of outstanding ordinary shares.

Interest coverage ratio

Profit/loss after financial items plus interest expense, divided by interest expense. This key ratio is a measure of how much earnings may fall by without interest payments being jeopardised or how much interest on borrowing may increase without operating profit turning negative.

Working capital

Total current assets, excluding cash and cash equivalents, minus current liabilities excluding current provisions and interest-bearing short-term borrowing, and current lease liabilities. This measure shows how much working capital is tied up in the business and may be set in relation to sales to understand how efficiently tied-up working capital is being used.

Operating margin

Operating profit/loss as a percentage of net sales.

Operating profit/ebit

Earnings before financial items and taxes.

Equity/assets ratio

Equity including non-controlling interests as a percentage of total assets.

Operational definitions


The installation and refurbishment of technical systems in properties, facilities and infrastructure.


Operation and maintenance, as well as minor refurbishment of installations in buildings and facilities.

Technology area electrical

Power supply, lighting, heating, control, regulation and surveillance systems. Telecom and other low-voltage installations. Fire and intruder alarm products and systems, access control systems, CCTV and integrated security systems.

HVAC (heating, ventilation and air conditioning)

Comfort ventilation and comfort cooling through air treatment, air conditioning and climate control. Commercial cooling in freezer and cold rooms. Process ventilation control systems. Energy audits and energy efficiency through heat recovery ventilation, heat pumps, etc.

Technology area heating and plumbing

Water, wastewater, heating, sanitation, cooling and sprinkler systems. District heating and cooling. Industrial piping with expertise in all types of pipe welding. Energy saving through integrated energy systems.

Other Areas

Refers to other technical areas such as power, security, cooling, solar panels, energy optimisation, sprinklers, building automation and technical facility management.

Other definitions

LTIFR (Lost Time Injury Frequency Rate)

Occupational injuries that lead to at least one day of sickness absence per million working hours.