{"landingTab":{"active":false,"title":"Landing tab","url":"https:\/\/academedia.se\/en\/about-us\/investors\/financials\/"},"pageTabs":[{"id":7165,"title":"Seasonal variations","originalTitle":"Seasonal variations","active":true,"originalContent":"\n

AcadeMedia\u2019s four segments have different seasonal variations. The three school segments show a recurring seasonal variation which typically means that the first half of the fiscal year, July to December, has weaker sales and earnings. <\/p>\n\n\n\n

This is mainly due to school holidays, annual leave, and the annual salary review. The second half of the year, January to June, is stronger as sales typically rise because of annual school voucher reviews and higher children and student numbers. At the same time, the Adult Education segment has a more erratic seasonal variation but, with a stable portfolio. Q4 and Q1 are typically weaker quarters while Q2 and Q3 are stronger, due to the distribution of training days over the course of the year. However, the seasonal variation in the Adult Education segment may show sharp deviations from this pattern in the event of major contractual changes or the implementation of community initiatives. <\/p>\n\n\n\n

The following is a summary of the key events driving seasonal variation for AcadeMedia during the year. The description of AcadeMedia\u2019s seasonal variations is a summary based on experience and general patterns. Covid-19 has had a major impact on our operations whereas 2019\/20 was an atypical year. From a financial perspective, however, the impact was limited.<\/p>\n\n\n\n

<\/th>	2022\/23<\/strong><\/th>	2021\/22<\/strong><\/th>	2020\/21<\/strong><\/th>	2019\/20<\/strong><\/th>	2018\/19<\/strong><\/th>	2017\/18<\/strong><\/th>	2012\/13<\/strong><\/th><\/tr><\/thead>
Net sales<\/td>	15 539<\/td>	14 339<\/td>	13 340<\/td>	12 271<\/td>	11 715<\/td>	10 810<\/td>	5 125<\/td><\/tr>
Items affecting comparability<\/td>	-45<\/td>	-64<\/td>	-7<\/td>	36<\/td>	1<\/td>	-48<\/td>	-14<\/td><\/tr>
EBITDA<\/td>	3 194<\/td>	2 980<\/td>	2 754<\/td>	2 486<\/td>	931<\/td>	872<\/td>	514<\/td><\/tr>
Depreciation\/amortization<\/td>	-1 924<\/td>	-1 755<\/td>	-1 580<\/td>	-1 513<\/td>	-296<\/td>	-250<\/td>	-139<\/td><\/tr>
Operating profit\/loss (EBIT)<\/td>	1 270<\/td>	1 224<\/td>	1 174<\/td>	973<\/td>	635<\/td>	622<\/td>	376<\/td><\/tr>
Net financial items<\/td>	-511<\/td>	-441<\/td>	-402<\/td>	-417<\/td>	-69<\/td>	-68<\/td>	-255<\/td><\/tr>
Profit\/loss for the period before tax<\/td>	759<\/td>	784<\/td>	772<\/td>	556<\/td>	566<\/td>	555<\/td>	121<\/td><\/tr>
Profit\/loss for the period after tax<\/td>	578<\/td>	605<\/td>	599<\/td>	431<\/td>	431<\/td>	430<\/td>	128<\/td><\/tr>
Balance sheet items, SEK m<\/strong><\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td><\/tr>
Non-current assets<\/td>	18 111<\/td>	17 024<\/td>	15 773<\/td>	15 262<\/td>	8 218<\/td>	7 823<\/td>	4 151<\/td><\/tr>
Current receivables and inventories<\/td>	840<\/td>	704<\/td>	662<\/td>	710<\/td>	976<\/td>	860<\/td>	537<\/td><\/tr>
Cash and cash equivalents<\/td>	967<\/td>	1 137<\/td>	966<\/td>	528<\/td>	527<\/td>	699<\/td>	338<\/td><\/tr>
Non-current interest-bearing liabilities<\/td>	1 430<\/td>	747<\/td>	1 850<\/td>	1 914<\/td>	2 205<\/td>	2 209<\/td>	2 308<\/td><\/tr>
Long-term lease liability<\/td>	8 203<\/td>	7 464<\/td>	6 495<\/td>	6 346<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Non-current non-interest-bearing liabilities<\/td>	175<\/td>	187<\/td>	162<\/td>	207<\/td>	305<\/td>	135<\/td>	88<\/td><\/tr>
Current interest-bearing liabilities<\/td>	167<\/td>	1 207<\/td>	195<\/td>	270<\/td>	592<\/td>	673<\/td>	207<\/td><\/tr>
Short-term lease liability<\/td>	1 309<\/td>	1 180<\/td>	1 077<\/td>	1 010<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Current non-interest-bearing liabilities<\/td>	2 501<\/td>	2 323<\/td>	2 319<\/td>	1 965<\/td>	2 030<\/td>	2 103<\/td>	857<\/td><\/tr>
Equity<\/td>	6 134<\/td>	5 758<\/td>	5 305<\/td>	4 790<\/td>	4 589<\/td>	4 262<\/td>	1 566<\/td><\/tr>
Total assets<\/td>	19 918<\/td>	18 864<\/td>	17 401<\/td>	16 500<\/td>	9 720<\/td>	9 383<\/td>	5 026<\/td><\/tr>
Capital employed<\/td>	8 322<\/td>	8 181<\/td>	7 705<\/td>	7 232<\/td>	7 386<\/td>	7 144<\/td>	4 082<\/td><\/tr>
Net debt, incl IFRS 16<\/td>	10 142<\/td>	9 460<\/td>	8 650<\/td>	9 011<\/td>	2 266<\/td>	2 179<\/td>	2 178<\/td><\/tr>
Net debt, excl IFRS 16<\/td>	825<\/td>	987<\/td>	1 222<\/td>	1 797<\/td>	2 266<\/td>	2 179<\/td>	2 178<\/td><\/tr>
Property adjusted net debt<\/td>	97<\/td>	237<\/td>	526<\/td>	1 138<\/td>	1 533<\/td>	1 528<\/td>	2 178<\/td><\/tr>
Key ratios<\/strong><\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td><\/tr>
Net sales, SEK m<\/td>	15 539<\/td>	14 339<\/td>	13 340<\/td>	12 271<\/td>	11 715<\/td>	10 810<\/td>	5 125<\/td><\/tr>
Organic growth incl. Bolt-on acquisitions, %<\/td>	6,0%<\/td>	5,20%<\/td>	8,10%<\/td>	5,40%<\/td>	4,40%<\/td>	5,80%<\/td>	–<\/td><\/tr>
Acquired growth, larger acquisitions, %<\/td>	1,9%<\/td>	1,60%<\/td>	1,60%<\/td>	–<\/td>	3,20%<\/td>	7,90%<\/td>	–<\/td><\/tr>
Change in currency, %<\/td>	0,5%<\/td>	0,80%<\/td>	-1,10%<\/td>	-0,70%<\/td>	0,80%<\/td>	-0,10%<\/td>	–<\/td><\/tr>
Operating margin (EBIT), %<\/td>	8,2%<\/td>	8,50%<\/td>	8,80%<\/td>	7,90%<\/td>	5,40%<\/td>	5,80%<\/td>	7.3%<\/td><\/tr>
Adjusted EBIT, SEK m<\/td>	964<\/td>	1 001<\/td>	939<\/td>	728<\/td>	634<\/td>	670<\/td>	389<\/td><\/tr>
Adjusted EBIT margin, %<\/td>	6,2%<\/td>	7,00%<\/td>	7,00%<\/td>	5,90%<\/td>	5,40%<\/td>	6,20%<\/td>	7.6%<\/td><\/tr>
Adjusted EBITDA, SEK m<\/td>	1 422<\/td>	1 398<\/td>	1 295<\/td>	1 066<\/td>	930<\/td>	920<\/td>	528<\/td><\/tr>
Adjusted EBIT margin, %<\/td>	9,2%<\/td>	9,70%<\/td>	9,70%<\/td>	8,70%<\/td>	7,90%<\/td>	8,50%<\/td>	10.3%<\/td><\/tr>
Net margin, %<\/td>	3,7%<\/td>	4,20%<\/td>	4,50%<\/td>	3,50%<\/td>	3,70%<\/td>	4,00%<\/td>	2.5%<\/td><\/tr>
Return on capital employed, %, (12 months)<\/td>	11,8%<\/td>	12,60%<\/td>	12,60%<\/td>	10,00%<\/td>	8,70%<\/td>	10,10%<\/td>	9.8%<\/td><\/tr>
Return on equity, %(12 months)<\/td>	10,7%<\/td>	12,00%<\/td>	13,30%<\/td>	11,60%<\/td>	9,70%<\/td>	11,20%<\/td>	8.5%<\/td><\/tr>
Equity\/assets ratio, % incl IFRS 16<\/td>	30,8%<\/td>	30,5%<\/td>	30,5%<\/td>	29,0%<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Equity\/assets ratio, % excl IFRS 16<\/td>	57,9%<\/td>	55,30%<\/td>	53,30%<\/td>	51,40%<\/td>	47,20%<\/td>	45,40%<\/td>	31.2%<\/td><\/tr>
Interest coverage ratio, times<\/td>	15,6<\/td>	31,6<\/td>	27,9<\/td>	15,9<\/td>	12,5<\/td>	10,9<\/td>	1.8<\/td><\/tr>
Net debt\/Adjusted EBITDA (12 months) including IFRS 16<\/td>	3,1<\/td>	3,1<\/td>	3,1<\/td>	3,7<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Net debt\/Adjusted EBITDA (12 months) excl IFRS 16<\/td>	0,6<\/td>	0,7<\/td>	0,9<\/td>	1,7<\/td>	2,4<\/td>	2,4<\/td>	4.1<\/td><\/tr>
Adjusted net debt\/adjusted EBITDA (12 months)<\/td>	0,1<\/td>	0,2<\/td>	0,4<\/td>	1,1<\/td>	1,6<\/td>	1,7<\/td>	4.1<\/td><\/tr>
Debt ratio, incl IFRS 16<\/td>	53,5%<\/td>	53,4%<\/td>	52,6%<\/td>	56,4%<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Debt ratio, excl. IFRS 16<\/td>	8,0%<\/td>	10,1%<\/td>	13,0%<\/td>	19,9%<\/td>	–<\/td>	–<\/td>	–<\/td><\/tr>
Free cash flow<\/td>	792<\/td>	922<\/td>	1 117<\/td>	805<\/td>	356<\/td>	688<\/td>	–<\/td><\/tr>
Cash flow from investing activities<\/td>	-481<\/td>	-536<\/td>	-437<\/td>	-375<\/td>	-559<\/td>	-970<\/td>	-95<\/td><\/tr>
Number of full-time employees<\/td>	14 459<\/td>	13 829<\/td>	13 360<\/td>	12 686<\/td>	12 405<\/td>	11 863<\/td>	<\/td><\/tr>
<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td>	<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n SEK million, unless otherwise stated<\/p>\n<\/div>\n","url":"https:\/\/academedia.se\/en\/about-us\/investors\/financials\/financial-overview\/"},{"id":7159,"title":"Financial targets","originalTitle":"Financial targets","active":true,"originalContent":"\n \n AcadeMedia\u2019s overall goal is to deliver the best educational quality in the areas where the Group operates. This quality is also the key to reaching the financial targets. As of 1 July 2019, AcadeMedia applies IFRS 16 Leases. The change has a material impact on the operating margin and capital structure. Financial targets have not been updated due to IFRS 16. The financial targets are therefore defined and accounted for excluding the effects of IFRS 16.<\/p>\n<\/div>\n\n\n\n \n <\/h2> <\/p><\/div> 5-7%<br>Sales growth<\/h3> AcadeMedia\u2019s target for sales growth is 5\u20137 percent annually for the Group, excluding major acquisitions.<br>The Group intends to grow organically by utilising spare capacity in existing units and through new unit start-ups. The Group also intends to expand through the acquisition of educational units and further consolidation of the market through acquisitions.<\/p><\/div> 7-8%<br>Profitability<\/h3> AcadeMedia\u2019s profitability target for operating profit (EBIT) excluding items affecting comparability and the impact attributable to the introduction of IFRS 16, is to amount to 7 to 8 per cent of revenue over time.<\/p><\/div> <br>Capital structure<\/h3> AcadeMedia\u2019s target is to for net interest-bearing debt to be no more than three times operating profit before depreciation and amortisation (EBITDA) excluding items affecting comparability and IFRS 16. During brief periods, however, deviation from this target may occur, such as in the case of major acquisitions.<br><\/p><\/div><\/div><\/div><\/section>\n<\/div>\n\n\n\n \n Dividend policy<\/h2>\n\n\n\n AcadeMedia\u2019s purpose is to provide quality education for the funding received. AcadeMedia\u2019s free cash flow will primarily be reinvested in the business in order to maintain high quality and to finance future business development and growth. The Board of Directors deem that AcadeMedia should maintain a strong balance sheet and thereby high financial stability. Surplus may be distributed to the shareholders provided that AcadeMedia in all material respects meets its targets relating to quality and financial position. <\/p>\n\n\n\n This can be carried out through dividends and\/or through redemption of shares or other alternative methods, provided that all AcadeMedia’s shareholders are treated equally. AcadeMedia’s aim is to distribute approximately 30 per cent of the Group’s annual profit after tax as dividends.<\/p>\n<\/div>\n","url":"https:\/\/academedia.se\/en\/about-us\/investors\/financials\/financial-targets\/"}],"fullWidth":true,"colorActive":"#ebfdf7","colorHover":"#dbfbf2","lightText":false}

Financial information