Highlights of the third quarter of 2024
- Net sales amounted to SEK 33,286m (33,427). Organic sales increased by 6.2% driven by strong growth in Latin America and higher sales in Europe, Asia-Pacific, Middle East and Africa, supported by the innovative and attractive product offering.
- Operating income amounted to SEK 349m (608), corresponding to a margin of 1.0% (1.8). Operating income included a previously announced non-recurring item of SEK -368m (294) related to the divestment of the water heater business in South Africa. Excluding non-recurring items, operating income amounted to SEK 717m (314), corresponding to a margin of 2.2% (0.9).
- In Europe, Asia-Pacific, Middle East and Africa, operating margin excluding non-recurring items improved to 4.2% (3.0).
- In North America, the gradual operating loss reduction continued to SEK -249m (-440) and in Latin America operating income increased to SEK 490m (405).
- Cost efficiency contributed approximately SEK 1.2bn to earnings.
- Income for the period amounted to SEK -235m (123) and earnings per share were SEK -0.87 (0.46).
- Operating cash flow after investments was SEK 1,053m (1,147).
- During the preparations to divest non-core assets, it has been assessed that the value of the Zanussi brand will be better monetized as part of the Group’s licensing business. The total potential divestment value of non-core assets is thereby currently expected to be below the previously communicated SEK 10bn.