Financial overview
Here, you will find key insights into Rejlers’ financial performance, including revenue growth, profitability, and strategic developments. This section provides an overview of our financial results, reflecting our ongoing commitment to delivering value for our shareholders and driving sustainable growth in the engineering consultancy sector.
Five-year overview
| Income statement summary, SEK millions | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
|---|---|---|---|---|---|
| Net Sales | 4,088.3 | 3,513.0 | 2,898.7 | 2,366.9 | 2,136.7 |
| Other income | 19.7 | 10.5 | 8.8 | 15.3 | 4.0 |
| Personnel expenses | -2,648.4 | -2,141.5 | -1,801.1 | -1,587.0 | -1,413.7 |
| Other external expenses | -1,014 | -967.3 | -829.8 | -583.5 | -538.0 |
| Participations in associated company earnings | 2.4 | 1.5 | 2.5 | 2.3 | 1.2 |
| Depreciation/amortisation and impairment of non-current assets | -141.8 | -128.9 | -114.8 | -103.8 | -76.8 |
| EBITA | 306.2 | 287.3 | 164.3 | 110.2 | 113.4 |
| Acquisition-related items | -71.2 | -53.0 | -34.6 | -26.4 | -33.9 |
| EBIT | 235.0 | 234.3 | 129.7 | 83.8 | 79.5 |
| Net financial income/expense | -8.3 | 11.5 | 6.3 | -34.0 | -4.5 |
| Profit after net financial income/expense | 226.7 | 245.8 | 136.0 | 49.8 | 75.0 |
| Tax | -41.3 | -49.4 | -25.8 | -17.3 | -15.4 |
| Profit for the year from remaing operations 1) | 185.4 | 196.4 | 110.2 | 32.5 | 59.6 |
| Profit for the year from divested operations | – | – | – | 252.5 | 18.0 |
| Total remaning and divested operations | 185.4 | 196.4 | 110.2 | 285.0 | 77.6 |
| Balance sheet summary, SEK millions | 2023 | 2022 | 2021 | 2020 | 2019 |
| Intangible assets | 1,941.0 | 1,450.0 | 1,047.3 | 912.9 | 836.8 |
| Tangible assets | 52.0 | 44.1 | 40.4 | 34.2 | 20.3 |
| Rights of use | 270.2 | 275.1 | 270.7 | 283.5 | 272.0 |
| Financial assets | 50.5 | 46.4 | 40.6 | 29.6 | 24.2 |
| Deferred tax asset | 14.0 | 14.0 | 20.9 | 20.9 | 44.1 |
| Current receivables | 1,262.0 | 1,010.0 | 777.9 | 621.1 | 764.2 |
| Cash and cash equivalents | 59.2 | 144.8 | 151.9 | 336.6 | 142.0 |
| Total assets | 3,648.9 | 2,984.4 | 2,349.7 | 2,238.9 | 2,103.6 |
| Equity | 1,801.8 | 1,487.1 | 1,215.5 | 1,156.2 | 930.2 |
| Non-current liabilities | 357.7 | 559.5 | 377.2 | 424.5 | 450.4 |
| Current liabilities | 1,489.4 | 937.8 | 757.0 | 658.2 | 723.0 |
| Total liabilities and equity | 3,648.9 | 2,984.4 | 2,349.7 | 2,238.9 | 2,103.6 |
| Cash flow sheet summary, SEK millions | 2023 | 2022 | 2021 | 2020 2) | 2019 |
| Cash flow from operating activities | 265.9 | 275.5 | 170.0 | 331.6 | 245.9 |
| Cash flow from investing activities | -551.7 | -245.6 | -132.4 | 70.7 | -317.6 |
| Cash flow from financing activities | 203.1 | -40.4 | -223.5 | -206.4 | 176.9 |
| Cash flow for the year | -82.7 | -10.8 | -185.9 | 195.9 | 105.2 |
| IFRS key performance indicators | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Earnings per share before dilution, SEK/share | 8.39 | 9.64 | 5.60 | 1.65 | 3.50 |
| Earnings per share after dilution, SEK/share | 8.32 | 9.55 | 5.47 | 1.61 | 3.42 |
| Average number of shares | 21,675,599 | 20207411 | 19687909 | 19687909 | 18487909 |
| Number of shares at the end of the period | 22,106,849 | 20381849 | 19687909 | 19687909 | 19687909 |
| Alternative performance measures | |||||
| Growth | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Organic growth, % | 5.0 | 11.7 | 11.8 | -2.2 | 8.2 |
| Aquired growth, % | 8.7 | 7.4 | 11.8 | 11.2 | 3.9 |
| Currency effect, %, % | 2.7 | 2.1 | -1.1 | -1.9 | 0.1 |
| Profit | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Adjusted EBITA, SEK million | 326.2 | 287.3 | 182.5 | 128.6 | 113.4 |
| Adjusted EBITA margin, % | 8.0 | 8.2 | 6.3 | 5.4 | 5.3 |
| Items affecting comparability, SEK million | 20.0 | – | 18.2 | 18.4 | – |
| EBITA, SEK million | 306.2 | 287.3 | 164.3 | 110.2 | 113.4 |
| EBITA margin, % | 7.5 | 8.2 | 5.7 | 4.7 | 5.3 |
| Operating profit (EBIT), SEK million | 235.0 | 234.3 | 129.7 | 83.8 | 79.5 |
| Operating margin, % | 5.7 | 6.7 | 4.5 | 3.5 | 3.8 |
| Key figures per employee | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Sales per full-time employee, SEK thousand | 1,361 | 1,376 | 1,290 | 1,121 | 1,176 |
| Operating profit per full-time employee, SEK thousand | 78 | 92 | 58 | 40 | 44 |
| Balance sheet | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Net indebtedness, SEK million | 627.6 | 391.3 | 304.1 | 213.8 | 405.5 |
| Net debt / EBITDA, multiple | 1.40 | 0.94 | 1.09 | 1.08 | 1.5 |
| Equity/assets ratio, % | 49.4 | 49.8 | 51.7 | 51.6 | 44.2 |
| Equity per share at the end of the period, SEK | 81.5 | 73.0 | 61.7 | 58.7 | 47.3 |
| Return on equity, % | 13.8 | 18.2 | 11.5 | 26.1 | 11.7 |
| Return on capital employed, % | 13.7 | 14.5 | 10.3 | 28.9 | 9.4 |
| Other | 2023 | 2022 | 2021 | 2020 1) | 2019 1) |
| Dividend per share, SEK 3) | 4.5 | 3.0 | 6.5 | 0.0 | 1.50 |
| Number of full-time employees | 3,004 | 2,553 | 2,247 | 2,110 | 1,820 |
| Number of employees at end of period | 3,254 | 2,773 | 2,464 | 2,330 | 2,218 |
| Utilisation, % | 79.6 | 80.7 | 79.2 | 76.0 | 76.8 |
1) 2020 and 2019, remaining operations after the divestment of Embriq
2) Incl Embriq to 31st Aug 2020
3) For the 2024 AGM, the Board of Directors proposes a dividend of SEK 4.50 per share