Cash flow Trelleborg AB

Equities

TREL B

SE0000114837

Industrial Machinery & Equipment

Market Closed - Nasdaq Stockholm Other stock markets 12:00:00 2025-01-24 pm EST			5-day change	1st Jan Change
408.40 ^SEK	+0.05%		+1.29%	+7.87%

Jan. 16	Pareto raises target price and reiterates Buy for Trelleborg ahead of report	FW
Jan. 16	Pareto Securities raises target price for Trelleborg to SEK 440 (400), reiterates Buy	FW

a3b913c1.500oiMX0_FNYpgBrMZxgjgNAdqNyiggga1FVEUEsIV4.sjVfvZysmDttlFEhQ68S-mgRTvcVw3xzDyUtKA9DYHOMC2vn8ayJYmryUQ

Published financial data: TRELLEBORG AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	36.59B	32.84B	33.86B	30.1B	34.29B
Total Revenues	36.59B	32.84B	33.86B	30.1B	34.29B
Cost of Goods Sold, Total	24.86B	22.31B	22.85B	19.34B	22.19B
Gross Profit	11.72B	10.53B	11.02B	10.76B	12.09B
Selling General & Admin Expenses, Total	6.34B	5.62B	5.43B	5.05B	5.66B
R&D Expenses	617M	582M	532M	554M	697M
Other Operating Expenses	137M	64M	13M	257M	368M
Other Operating Expenses, Total	7.1B	6.26B	5.97B	5.86B	6.73B
Operating Income	4.63B	4.26B	5.04B	4.89B	5.36B
Interest Expense, Total	-403M	-349M	-253M	-404M	-695M
Interest And Investment Income	43M	27M	51M	148M	338M
Net Interest Expenses	-360M	-322M	-202M	-256M	-357M
Income (Loss) On Equity Invest.	4M	2M	3M	5M	-2M
Currency Exchange Gains (Loss)	-4M	58M	91M	63M	190M
Other Non Operating Income (Expenses)	-2M	2M	-5M	6M	216M
EBT, Excl. Unusual Items	4.27B	4B	4.93B	4.71B	5.41B
Restructuring Charges	-538M	-347M	-73M	-238M	-597M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-2.33B	-3M	-12M	-	-
Gain (Loss) On Sale Of Assets	16M	4M	49M	131M	18M
Asset Writedown	-838M	-62M	-58M	-10M	-36M
Insurance Settlements	-	1M	2M	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	581M	3.6B	4.84B	4.6B	4.8B
Income Tax Expense	780M	885M	1.17B	1.17B	1.32B
Earnings From Continuing Operations	-199M	2.71B	3.67B	3.43B	3.48B
Earnings Of Discontinued Operations	-	-	50M	1.83B	6.59B
Net Income to Company	-199M	2.71B	3.72B	5.26B	10.07B
Minority Interest	-	1M	1M	3M	1M
Net Income - (IS)	-199M	2.71B	3.72B	5.26B	10.08B
Net Income to Common Incl Extra Items	-199M	2.71B	3.72B	5.26B	10.08B
Net Income to Common Excl. Extra Items	-199M	2.71B	3.67B	3.43B	3.48B
Per Share Items
Net EPS - Basic	-0.73	10	13.71	19.93	40.24
Basic EPS - Continuing Operations	-0.73	10	13.53	13.01	13.91
Basic Weighted Average Shares Outstanding	271M	271M	271M	264M	250M
Net EPS - Diluted	-0.73	10	13.71	19.93	40.24
Diluted EPS - Continuing Operations	-0.73	10	13.53	13.01	13.91
Diluted Weighted Average Shares Outstanding	271M	271M	271M	264M	250M
Normalized Basic EPS	9.84	9.23	11.37	11.17	13.52
Normalized Diluted EPS	9.84	9.23	11.37	11.17	13.52
Dividend Per Share	-	5	5.5	6	6.75
Payout Ratio	-647.24	-	36.45	28.16	15.13
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	6.05B	5.58B	6.3B	5.9B	6.76B
EBITA	4.9B	4.53B	5.4B	5.14B	5.83B
EBIT	4.63B	4.26B	5.04B	4.89B	5.36B
EBITDAR	6.14B	5.63B	6.35B	5.98B	6.81B
Effective Tax Rate - (Ratio)	134.25	24.61	24.24	25.38	27.43
Total Current Taxes	800M	917M	952M	908M	1.36B
Total Deferred Taxes	-22M	-32M	221M	258M	-46M
Normalized Net Income	2.67B	2.5B	3.08B	2.95B	3.38B
Interest on Long-Term Debt	78M	75M	66M	53M	74M
Non-Cash Pension Expense	13M	-11M	-	-4M	13M
Supplemental Operating Expense Items
Selling and Marketing Expenses	3.2B	2.78B	2.69B	2.24B	2.53B
General and Administrative Expenses	3.12B	2.83B	2.74B	2.81B	3.12B
Research And Development Expense From Footnotes	617M	582M	532M	554M	697M
Net Rental Expense, Total	94M	49M	54M	72M	50M
Imputed Operating Lease Interest Expense	20.41M	8.36M	8.15M	12.73M	16.62M
Imputed Operating Lease Depreciation	73.59M	40.64M	45.85M	59.27M	33.38M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.69B	5.76B	3.46B	3.92B	10.55B
Short Term Investments	8M	12M	7M	12M	12M
Total Cash And Short Term Investments	2.7B	5.77B	3.47B	3.94B	10.56B
Accounts Receivable, Total	6.07B	5.43B	6.09B	5.66B	5.45B
Other Receivables	1.91B	1.55B	1.86B	1.89B	1.67B
Notes Receivable	-	-	-	-	-
Total Receivables	7.98B	6.98B	7.95B	7.55B	7.12B
Inventory	6.36B	5.26B	6.4B	5.46B	5.12B
Prepaid Expenses	122M	99M	114M	116M	134M
Other Current Assets, Total	291M	275M	1.97B	23.28B	735M
Total Current Assets	17.45B	18.39B	19.9B	40.35B	23.67B
Gross Property Plant And Equipment	30.74B	28.12B	27.81B	21.46B	21.69B
Accumulated Depreciation	-17.43B	-16.2B	-15.95B	-12.36B	-12.4B
Net Property Plant And Equipment	13.31B	11.93B	11.86B	9.1B	9.3B
Long-term Investments	108M	104M	60M	61M	54M
Goodwill	19.2B	17.87B	18.79B	20.82B	20.49B
Other Intangibles, Total	4.67B	4.17B	3.92B	5.46B	4.92B
Loans Receivable Long-Term	2M	12M	-	47M	50M
Deferred Tax Assets Long-Term	941M	742M	594M	543M	498M
Deferred Charges Long-Term	620M	509M	468M	285M	413M
Other Long-Term Assets, Total	44M	50M	42M	409M	115M
Total Assets	56.34B	53.76B	55.64B	77.07B	59.5B
Liabilities
Accounts Payable, Total	3.38B	3.07B	4B	2.6B	2.31B
Accrued Expenses, Total	1.34B	1.14B	1.58B	1.94B	1.56B
Short-term Borrowings	276M	4M	14M	28M	-1M
Current Portion of Long-Term Debt	3.56B	4.33B	1.35B	15.78B	2.67B
Current Portion of Leases	401M	369M	376M	318M	287M
Current Income Taxes Payable	1.23B	1.14B	1.31B	1.36B	1.24B
Unearned Revenue Current, Total	127M	262M	59M	60M	29M
Other Current Liabilities	1.67B	1.84B	2.48B	6.83B	2.67B
Total Current Liabilities	11.98B	12.15B	11.17B	28.91B	10.77B
Long-Term Debt	11.11B	9.04B	7.97B	7.67B	4.02B
Long-Term Leases	1.95B	1.68B	1.7B	1.36B	1.32B
Pension & Other Post Retirement Benefits	604M	619M	525M	352M	346M
Deferred Tax Liability Non Current	1.08B	899M	926M	910M	799M
Other Non Current Liabilities	390M	421M	354M	374M	518M
Total Liabilities	27.12B	24.81B	22.64B	39.58B	17.78B
Common Stock, Total	2.62B	2.62B	2.62B	2.62B	2.62B
Additional Paid In Capital	226M	226M	226M	226M	226M
Retained Earnings	23.41B	25.72B	28.13B	29.3B	34.19B
Comprehensive Income and Other	2.96B	382M	2.01B	5.34B	4.68B
Total Common Equity	29.22B	28.94B	32.99B	37.48B	41.72B
Minority Interest	10M	8M	8M	6M	5M
Total Equity	29.23B	28.95B	33B	37.49B	41.73B
Total Liabilities And Equity	56.34B	53.76B	55.64B	77.07B	59.5B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	271M	271M	271M	257M	243M
ECS Total Common Shares Outstanding	271M	271M	271M	257M	243M
Book Value / Share	107.78	106.78	121.7	145.63	171.46
Tangible Book Value	5.35B	6.91B	10.28B	11.2B	16.31B
Tangible Book Value Per Share	19.73	25.5	37.91	43.53	67.03
Total Debt	17.3B	15.42B	11.4B	25.15B	8.3B
Net Debt	14.6B	9.66B	7.94B	21.22B	-2.26B
Debt Equivalent of Unfunded Proj. Benefit Obligation	600M	603M	-	332M	326M
Debt Equivalent Oper. Leases	752M	392M	432M	576M	400M
Minority Interest, Total (Incl. Fin. Div)	10M	8M	8M	6M	5M
Equity Method Investments, Total	108M	104M	60M	61M	54M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	1.64B	1.34B	1.69B	1.93B	1.8B
Inventories - Work In Process, Total	650M	636M	692M	765M	667M
Inventories - Finished Goods, Total	4.05B	3.27B	3.99B	2.75B	2.63B
Inventories - Others	17M	23M	24M	19M	26M
Land - (BS)	1.23B	1.12B	1.12B	857M	794M
Buildings, Total	6.3B	5.61B	5.42B	4.36B	4.25B
Machinery, Total	19.98B	18.28B	18.31B	13.34B	13.58B
Full Time Employees	23.94K	22.21K	21.84K	16.7K	15.65K
Accumulated Allowance for Doubtful Accounts (Supple)	115M	100M	83M	123M	73M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-199M	2.71B	3.72B	5.26B	10.08B
Depreciation & Amortization - CF	1.58B	1.5B	1.35B	1.08B	1.29B
Amortization of Goodwill and Intangible Assets - (CF)	266M	263M	355M	251M	468M
Depreciation & Amortization, Total	1.84B	1.76B	1.7B	1.33B	1.76B
Amortization of Deferred Charges, Total - (CF)	106M	109M	-	65M	71M
(Gain) Loss From Sale Of Asset	-	-	-	-140M	87M
Asset Writedown & Restructuring Costs	3.16B	64M	68M	10M	41M
(Income) Loss On Equity Investments - (CF)	4M	-29M	-24M	-15M	-162M
Net Cash From Discontinued Operations	-	-	1.84B	10.12B	15.88B
Other Operating Activities, Total	22M	83M	145M	-1.52B	-6.63B
Change In Accounts Receivable	135M	-111M	-1.01B	-461M	-262M
Change In Inventories	78M	533M	-1.32B	-694M	122M
Change in Other Net Operating Assets	-289M	236M	1.51B	81M	156M
Cash from Operations	4.86B	5.36B	6.64B	14.04B	21.14B
Capital Expenditure	-1.63B	-1.05B	-1.29B	-1.19B	-1.53B
Sale of Property, Plant, and Equipment	-	-	194M	-	-
Cash Acquisitions	-3.07B	3M	-573M	-11.2B	-447M
Divestitures	-	-	-	-	-
Sale (Purchase) of Real Estate properties	-1M	-58M	-	-	-
Sale (Purchase) of Intangible assets	-165M	-114M	-109M	-112M	-149M
Investment in Marketable and Equity Securities, Total	-	-	-29M	-16M	-
Other Investing Activities, Total	21M	349M	-	206M	165M
Cash from Investing	-4.84B	-868M	-1.81B	-12.31B	-1.96B
Long-Term Debt Issued, Total	3B	3.1B	1B	16.71B	12.52B
Total Debt Issued	3B	3.1B	1B	16.71B	12.52B
Long-Term Debt Repaid, Total	-1.26B	-4.32B	-7.02B	-12.72B	-20.41B
Total Debt Repaid	-1.26B	-4.32B	-7.02B	-12.72B	-20.41B
Repurchase of Common Stock	-	-	-	-3.08B	-3.88B
Common Dividends Paid	-1.29B	-	-1.36B	-1.48B	-1.52B
Common & Preferred Stock Dividends Paid	-1.29B	-	-1.36B	-1.48B	-1.52B
Other Financing Activities, Total	-203M	31M	144M	-	-
Cash from Financing	256M	-1.19B	-7.24B	-579M	-13.3B
Foreign Exchange Rate Adjustments	76M	-239M	140M	111M	-96M
Miscellaneous Cash Flow Adjustments	-	-	-36M	-835M	-
Net Change in Cash	353M	3.06B	-2.3B	428M	5.79B
Supplemental Items
Cash Interest Paid	422M	387M	297M	390M	848M
Cash Income Tax Paid (Refund)	763M	772M	978M	984M	1.27B
Levered Free Cash Flow	2.2B	4.62B	1.47B	-13.72B	21.4B
Unlevered Free Cash Flow	2.46B	4.84B	1.63B	-13.47B	21.83B
Change In Net Working Capital	592M	-1.47B	1.83B	16.62B	-18.33B
Net Debt Issued / Repaid	1.75B	-1.22B	-6.02B	3.98B	-7.89B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	5.35	4.85	5.76	4.61	4.91
Return on Total Capital	6.5	5.89	7.1	5.71	5.95
Return On Equity %	-0.67	9.38	11.84	9.73	8.79
Return on Common Equity	-0.67	9.38	11.84	9.74	8.79
Margin Analysis
Gross Profit Margin %	32.05	32.06	32.54	35.74	35.27
SG&A Margin	17.33	17.11	16.03	16.79	16.52
EBITDA Margin %	16.54	17	18.59	19.62	19.71
EBITA Margin %	13.38	13.78	15.94	17.1	17.01
EBIT Margin %	12.65	12.98	14.89	16.26	15.65
Income From Continuing Operations Margin %	-0.54	8.26	10.83	11.39	10.15
Net Income Margin %	-0.54	8.26	10.98	17.48	29.39
Net Avail. For Common Margin %	-0.54	8.26	10.83	11.4	10.16
Normalized Net Income Margin	7.29	7.62	9.1	9.8	9.87
Levered Free Cash Flow Margin	6.03	14.06	4.35	-45.58	62.41
Unlevered Free Cash Flow Margin	6.71	14.73	4.81	-44.74	63.68
Asset Turnover
Asset Turnover	0.68	0.6	0.62	0.45	0.5
Fixed Assets Turnover	3.06	2.6	2.85	2.87	3.73
Receivables Turnover (Average Receivables)	6.22	5.78	5.88	5.12	6.17
Inventory Turnover (Average Inventory)	3.98	3.84	3.92	3.26	4.19
Short Term Liquidity
Current Ratio	1.46	1.51	1.78	1.4	2.2
Quick Ratio	0.89	1.05	1.02	0.4	1.64
Operating Cash Flow to Current Liabilities	0.41	0.44	0.59	0.49	1.96
Days Sales Outstanding (Average Receivables)	58.7	63.34	62.08	71.23	59.11
Days Outstanding Inventory (Average Inventory)	91.77	95.36	93.13	111.91	87.02
Average Days Payable Outstanding	49.29	57.26	53.8	65.44	41.01
Cash Conversion Cycle (Average Days)	101.18	101.43	101.4	117.7	105.13
Long Term Solvency
Total Debt/Equity	59.18	53.27	34.56	67.1	19.88
Total Debt / Total Capital	37.18	34.76	25.68	40.15	16.59
LT Debt/Equity	44.7	37.02	29.29	24.08	12.81
Long-Term Debt / Total Capital