Financial definitions

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.

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 items

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

Adjusted operating margin

Operating profit/loss excluding specific costs as a percentage of net sales. The adjusted operating margin excludes the effect of specific costs, which improves the ability to make comparisons over time by excluding items that are irregular in frequency or size.

Adjusted operating profit/loss

Operating profit/loss adjusted for specific costs. Adjusted operating profit/loss improves the ability to make comparisons over time by excluding items that are irregular in frequency or size.

Cash flow from operating activities per share

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

12-month cash conversion

12-month EBITDA (operating profit/loss plus depreciation and amortisation) +/-change in working capital and investment in machinery and equipment in relation to 12-month EBIT (operating profit/loss).
This key figure 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.

Net sales

Net sales are recognised in accordance with the principle of percentage-of-completion method. These revenues are recognised in proportion to the degree of completion of projects.

Net debt/ebitda adjusted for specific costs

Average net debt divided by EBITDA excluding specific costs, based on a rolling 12-month calculation.

Net debt

Interest-bearing 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 of the previous year.

Operating cash flow

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

Order intake

The value of projects received and changes to existing projects during the period in question.

Order backlog

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

Earnings per share

Earnings for the period in relation to the average number of shares in the period.

Interest coverage ratio

Profit/loss after financial items plus interest expense, divided by interest expense. This key figure 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 borrowing. 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.

Operating profit/loss before depreciation and amortisation (ebitda)

Operating profit/loss before scheduled depreciation, amortisation and impairment losses. EBITDA is a measure that the Group regards as relevant for investors who want to understand earnings generation before investments in non-current assets.

Equity/assets ratio

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

Specific costs

Transactions and items that are irregular in occurrence and size and consequently have an impact on earnings and key figures.

Underlying operating margin

Operating profit/loss adjusted for the impact on earnings from Oras and specific costs expressed as a percentage of net sales.

Underlying operating profit/loss

Operating profit/loss adjusted for the impact on earnings from Oras and specific costs.

Profit margin

Profit/loss after financial items, as a percentage of net sales.

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.


Power supply, lighting, heating, automatic control 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.

Heating and plumbing

Water, waste water, 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

Principally relates to technical solutions and products for security, cooling, sprinklers, technical service management and power.