Year-end report 2023

Strong cash flow during an otherwise challenging quarter – new action package initiated

OCTOBER – DECEMBER 2023

• Net sales amounted to MSEK 311.2 (341.8).
• Net sales declined 9% (-8).
• EBIT amounted to MSEK -0.1 (8.9).
• EBIT margin amounted to 0% (2.6).
• Non-recurring costs of MSEK 9.8 (15.0) were charged to EBIT.
• Non-recurring revenue from the sale of industry properties of MSEK 18 (0) is included in EBIT.
• Net income was MSEK 0.1 (7.0).
• Earnings per share amounted to SEK 0 (0.14).
• Cash flow from operating activities amounted to MSEK 34.9 (13.0).

JANUARY – DECEMBER 2023

• Net sales amounted to MSEK 1,369.9 (1,390.5).
• Net sales declined 1% (+7).
• EBIT amounted to MSEK 51.1 (152.8).
• EBIT margin amounted to 3.7% (11.0).
• Net income was MSEK 31.3 (120.5).
• Earnings per share amounted to SEK 0.63 (2.41).
• Cash flow from operating activities amounted to MSEK 25.6 (89.2).
• The Board proposes a dividend of SEK 0 per share (0.80).

SIGNIFICANT EVENTS DURING AND AFTER THE QUARTER

• During the fourth quarter, a production facility in Poland was divested for MSEK 45 and a small industrial property in Gnosjö was divested for MSEK 12, reducing operating costs and interest-bearing net debt by MSEK 57. The total capital gains amounted to MSEK 18.
• The action and efficiency program, which primarily concerns the GARO Electrification business area, was carried out in accordance with plan during the fourth quarter.
• On January 30, it was announced that a new action and efficiency program had been initiated, resulting in the reduction of about 50 employees in the Group, primarily in the GARO E-mobility business area.

For more information, please contact:
Patrik Andersson, CEO: +46 (0)76 148 44 44
Helena Claesson, CFO: +46 (0)70 676 07 50

This information is such information that GARO aktiebolag is obligated to publish in accordance with the EU Market Abuse Regulation. The information was published by the abovementioned contact persons on February 21, 2024 at 8:30 a.m. CET.

GARO AB (publ) Corp. Reg. No. 556071–7772 is a company that develops, manufactures and markets innovative products and systems for the electrical installations market under its own brand. GARO’s customer offering is to provide complete solutions in the product areas of Electrical distribution products, E-mobility, Project business & Temporary Power with a focus on electrical safety, user-friendliness and sustainability. GARO was founded in 1939, has its head office in Gnosjö and is today an international company with operations in six countries with around 480 employees. The company’s production units in Sweden are located in Gnosjö and Hillerstorp, as well as in Szczecin, Poland. GARO is listed on Nasdaq Stockholm under the ticker name GARO. For more information, see www.garo.se