Net sales increased by 20% to SEK 12,206 million ($1,085.9 million). Organic sales growth was 1%, changes in exchange rates contributed with 12% and acquisitions with 7%. Sales growth was strong for robotic mowers and good for professional segments in general. Organic sales growth in the Gardena Division was affected by inventory destocking among the retail partners through the end of the gardening season, resulting in lower volumes.
Operating income was SEK 555 million ($49.4 million) and the operating margin 4.5%. Excluding items affecting comparability, operating income was SEK 601 million ($53.5 million) and the operating margin 4.9%. Price increases compensated for higher raw material and logistic costs, while lower volumes accounted for the majority of the negative impact. Acquisition related amortizations amounted to SEK 54 million ($4.8 million). Changes in exchange rates had a negative impact of approximately SEK –95 million (–$8.5 million) compared to last year, mainly related to effects from purchases in foreign currencies
Items affecting comparability amounted to SEK –46 million (–$4.1 million).
Cash flow from operations and investments was SEK –645 million (–$57.4 million), the decrease was mainly related to lower operating income and negative cash flow from working capital changes. Direct operating cash flow was SEK 338 million ($30.1 million).
Operating working capital / net sales amounted to 28.1%.
Year to Date 2022
Net sales increased by 13% to SEK 43,683 million ($3,888 million). Organic sales growth was –3%, changes in exchange rates contributed with 8% and acquisitions with 8%.
Operating income was SEK 4,779 million ($425.4 million) and the operating margin 10.9% . Excluding items affecting comparability, operating income was SEK 4,866 million ($433 .1 million) and the operating margin 11.1%.
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