Cash flow AAK AB

Stocks

AAK

SE0011337708

Food Processing

Market Closed - Nasdaq Stockholm Other stock markets 19:00:00 10/07/2026 +03			5-day change	1st Jan Change
243.20 ^SEK	-0.90%		+4.38%	-7.81%

07-09	Savor And AAK Enter Strategic Collaboration Agreement to Jointly Develop Specialty Fat-Based Ingredients	CI
07-08	Marshall Wace no longer a public short seller in AAK	FW

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Published financial data: AAK AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	35.45B	50.42B	46.03B	45.05B	46.02B
Total Revenues	35.45B	50.42B	46.03B	45.05B	46.02B
Cost of Goods Sold, Total	27.7B	40.66B	34.3B	32.06B	33.9B
Gross Profit	7.76B	9.76B	11.73B	13B	12.12B
Selling General & Admin Expenses, Total	4.87B	6.36B	6.98B	7.36B	6.83B
Depreciation & Amortization - (IS)	717M	791M	858M	862M	837M
Other Operating Expenses	-165M	68M	-237M	-117M	-264M
Other Operating Expenses, Total	5.42B	7.22B	7.6B	8.1B	7.4B
Operating Income	2.33B	2.55B	4.14B	4.9B	4.72B
Interest Expense, Total	-97M	-203M	-280M	-235M	-182M
Interest And Investment Income	8M	27M	60M	93M	68M
Net Interest Expenses	-89M	-176M	-220M	-142M	-114M
Income (Loss) On Equity Invest.	8M	35M	10M	2M	17M
Currency Exchange Gains (Loss)	1M	0	5M	-5M	-12M
Other Non Operating Income (Expenses)	-22M	-47M	-87M	-29M	-37M
EBT, Excl. Unusual Items	2.23B	2.36B	3.84B	4.72B	4.57B
Impairment of Goodwill	-	-27M	-	-	-
Asset Writedown	-241M	19M	-19M	-	-45M
Other Unusual Items	-	-	-	-62M	-25M
EBT, Incl. Unusual Items	1.99B	2.35B	3.82B	4.66B	4.5B
Income Tax Expense	540M	570M	870M	1.12B	1.07B
Earnings From Continuing Operations	1.45B	1.78B	2.95B	3.54B	3.44B
Net Income to Company	1.45B	1.78B	2.95B	3.54B	3.44B
Minority Interest	-10M	-10M	-8M	-6M	-7M
Net Income - (IS)	1.44B	1.77B	2.95B	3.54B	3.43B
Net Income to Common Incl Extra Items	1.44B	1.77B	2.95B	3.54B	3.43B
Net Income to Common Excl. Extra Items	1.44B	1.77B	2.95B	3.54B	3.43B
Per Share Items
Net EPS - Basic	5.59	6.84	11.35	13.62	13.2
Basic EPS - Continuing Operations	5.59	6.84	11.35	13.62	13.2
Basic Weighted Average Shares Outstanding	257M	259M	260M	260M	260M
Net EPS - Diluted	5.58	6.84	11.35	13.57	13.16
Diluted EPS - Continuing Operations	5.58	6.84	11.35	13.57	13.16
Diluted Weighted Average Shares Outstanding	258M	259M	260M	261M	261M
Normalized Basic EPS	5.38	5.65	9.22	11.35	10.98
Normalized Diluted EPS	5.37	5.65	9.22	11.3	10.94
Dividend Per Share	2.5	2.75	3.7	5	5.5
Payout Ratio	41.06	36.5	24.24	27.15	37.85
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	2.92B	3.21B	4.84B	5.6B	5.44B
EBITA	2.36B	2.57B	4.16B	4.93B	4.75B
EBIT	2.33B	2.55B	4.14B	4.9B	4.72B
EBITDAR	2.94B	3.22B	4.86B	5.62B	5.46B
Total Revenues (As Reported)	35.64B	50.57B	46.25B	45.23B	46.35B
Effective Tax Rate - (Ratio)	27.18	24.26	22.75	23.99	23.71
Total Current Taxes	520M	667M	876M	1.2B	1.02B
Total Deferred Taxes	20M	-97M	-6M	-79M	49M
Normalized Net Income	1.38B	1.46B	2.39B	2.95B	2.85B
Interest on Long-Term Debt	28M	30M	32M	31M	19M
Non-Cash Pension Expense	-3M	-4M	-5M	-7M	-7M
Supplemental Operating Expense Items
Net Rental Expense, Total	18M	15M	17M	20M	23M
Imputed Operating Lease Interest Expense	3.11M	4.12M	6.48M	9.31M	7.85M
Imputed Operating Lease Depreciation	14.89M	10.88M	10.52M	10.69M	15.15M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	1B	1.52B	1.5B	1.91B	1.57B
Total Cash And Short Term Investments	1B	1.52B	1.5B	1.91B	1.57B
Accounts Receivable, Total	5.13B	6.64B	5.31B	5.79B	5.83B
Other Receivables	646M	1.07B	1.71B	1.53B	979M
Total Receivables	5.78B	7.7B	7.02B	7.32B	6.81B
Inventory	9.05B	11.17B	8.66B	11.87B	11.75B
Prepaid Expenses	285M	330M	227M	207M	254M
Other Current Assets, Total	1.92B	2.38B	1.4B	1.33B	1.03B
Total Current Assets	18.04B	23.1B	18.81B	22.64B	21.41B
Gross Property Plant And Equipment	15.89B	18.36B	17.93B	20.54B	19.92B
Accumulated Depreciation	-9.57B	-10.73B	-9.67B	-11.95B	-11.61B
Net Property Plant And Equipment	6.32B	7.63B	8.25B	8.59B	8.31B
Long-term Investments	16M	32M	13M	7M	6M
Goodwill	2.27B	2.54B	2.71B	2.33B	2.11B
Other Intangibles, Total	307M	293M	290M	320M	297M
Deferred Tax Assets Long-Term	179M	327M	390M	400M	395M
Other Long-Term Assets, Total	43M	67M	79M	90M	97M
Total Assets	27.17B	33.99B	30.55B	34.39B	32.62B
Liabilities
Accounts Payable, Total	5.7B	5.34B	3.8B	4.12B	2.97B
Accrued Expenses, Total	473M	615M	616M	686M	622M
Short-term Borrowings	12M	12M	11M	11M	9M
Current Portion of Long-Term Debt	2.33B	3B	1.72B	2.07B	4.09B
Current Portion of Leases	128M	162M	171M	140M	109M
Current Income Taxes Payable	296M	644M	520M	883M	434M
Other Current Liabilities	3.22B	4.17B	2.8B	3.79B	2.53B
Total Current Liabilities	12.16B	13.94B	9.64B	11.7B	10.76B
Long-Term Debt	1.61B	3.53B	1.97B	949M	390M
Long-Term Leases	493M	562M	630M	411M	351M
Pension & Other Post Retirement Benefits	271M	58M	31M	82M	30M
Deferred Tax Liability Non Current	444M	553M	656M	621M	611M
Other Non Current Liabilities	361M	273M	455M	470M	509M
Total Liabilities	15.34B	18.91B	13.38B	14.24B	12.65B
Common Stock, Total	431M	433M	433M	433M	434M
Retained Earnings	12.13B	13.91B	16.14B	18.66B	21.01B
Comprehensive Income and Other	-774M	696M	540M	997M	-1.55B
Total Common Equity	11.78B	15.04B	17.12B	20.09B	19.9B
Minority Interest	48M	47M	56M	62M	71M
Total Equity	11.83B	15.08B	17.17B	20.15B	19.97B
Total Liabilities And Equity	27.17B	33.99B	30.55B	34.39B	32.62B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	259M	260M	260M	260M	260M
ECS Total Common Shares Outstanding	259M	260M	260M	260M	260M
Book Value / Share	45.58	57.93	65.95	77.39	76.39
Tangible Book Value	9.21B	12.2B	14.12B	17.43B	17.49B
Tangible Book Value Per Share	35.61	47.02	54.38	67.17	67.16
Total Debt	4.58B	7.26B	4.5B	3.58B	4.95B
Net Debt	3.58B	5.74B	2.99B	1.67B	3.38B
Debt Equivalent of Unfunded Proj. Benefit Obligation	271M	58M	31M	82M	30M
Debt Equivalent Oper. Leases	144M	120M	136M	160M	184M
Minority Interest, Total (Incl. Fin. Div)	48M	47M	56M	62M	71M
Equity Method Investments, Total	16M	32M	13M	7M	6M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	4.86B	5.91B	4.38B	6.64B	6.84B
Inventories - Work In Process, Total	1.86B	1.75B	1.88B	2.04B	2.11B
Inventories - Finished Goods, Total	2.34B	3.51B	2.4B	3.19B	2.8B
Land - (BS)	124M	130M	134M	118M	110M
Buildings, Total	2.28B	2.62B	1.23B	3.02B	3.13B
Machinery, Total	12.45B	13.73B	14.21B	15.2B	15.08B
Full Time Employees	4K	4K	4.1K	4K	4K
Accumulated Allowance for Doubtful Accounts (Supple)	70M	89M	97M	71M	74M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	1.44B	1.77B	2.95B	3.54B	3.43B
Depreciation & Amortization - CF	687M	763M	828M	830M	807M
Amortization of Goodwill and Intangible Assets - (CF)	30M	28M	30M	32M	30M
Depreciation & Amortization, Total	717M	791M	858M	862M	837M
(Gain) Loss From Sale Of Asset	5M	7M	-109M	3M	2M
Asset Writedown & Restructuring Costs	241M	8M	19M	-	45M
Other Operating Activities, Total	257M	61M	27M	764M	-452M
Change In Accounts Receivable	-1.71B	-1.15B	1.24B	-466M	-661M
Change In Inventories	-2.18B	-1.43B	2.46B	-2.41B	-1.25B
Change In Accounts Payable	1.79B	-812M	-1.54B	198M	-737M
Change in Other Net Operating Assets	-51M	678M	-586M	-136M	-351M
Cash from Operations	508M	-73M	5.31B	2.35B	862M
Capital Expenditure	-613M	-1.22B	-1.2B	-1.2B	-1.26B
Sale of Property, Plant, and Equipment	-	7M	131M	1M	8M
Cash Acquisitions	-31M	-14M	-89M	-	-
Divestitures	-	-	-	646M	-
Sale (Purchase) of Intangible assets	-6M	-11M	-40M	-47M	-40M
Cash from Investing	-650M	-1.23B	-1.2B	-598M	-1.3B
Long-Term Debt Issued, Total	1.63B	4.62B	259M	430M	3.86B
Total Debt Issued	1.63B	4.62B	259M	430M	3.86B
Long-Term Debt Repaid, Total	-1.54B	-2.41B	-3.61B	-796M	-2.49B
Total Debt Repaid	-1.54B	-2.41B	-3.61B	-796M	-2.49B
Issuance of Common Stock	434M	147M	-	-	175M
Common Dividends Paid	-590M	-646M	-714M	-960M	-1.3B
Common & Preferred Stock Dividends Paid	-590M	-646M	-714M	-960M	-1.3B
Other Financing Activities, Total	-	80M	-	-	-
Cash from Financing	-65M	1.79B	-4.06B	-1.33B	244M
Foreign Exchange Rate Adjustments	8M	27M	-62M	-20M	-156M
Net Change in Cash	-199M	514M	-12M	408M	-345M
Supplemental Items
Cash Interest Paid	90M	188M	283M	241M	196M
Cash Income Tax Paid (Refund)	521M	617M	979M	936M	1.2B
Levered Free Cash Flow	-672M	-2.44B	3.28B	852M	331M
Unlevered Free Cash Flow	-612M	-2.32B	3.45B	999M	445M
Change In Net Working Capital	2.17B	3.47B	-1.25B	1.68B	2.04B
Net Debt Issued / Repaid	91M	2.21B	-3.35B	-366M	1.37B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.89	5.2	8.01	9.42	8.8
Return on Total Capital	9.54	8.21	11.74	13.48	12.13
Return On Equity %	13.42	13.23	18.32	18.98	17.13
Return on Common Equity	13.38	13.2	18.32	19.01	17.15
Margin Analysis
Gross Profit Margin %	21.87	19.36	25.49	28.85	26.33
SG&A Margin	13.75	12.61	15.16	16.33	14.83
EBITDA Margin %	8.24	6.36	10.51	12.43	11.82
EBITA Margin %	6.66	5.1	9.05	10.94	10.32
EBIT Margin %	6.57	5.05	8.98	10.87	10.26
Income From Continuing Operations Margin %	4.08	3.53	6.42	7.86	7.47
Net Income Margin %	4.05	3.51	6.4	7.85	7.45
Net Avail. For Common Margin %	4.05	3.51	6.4	7.85	7.45
Normalized Net Income Margin	3.9	2.9	5.2	6.54	6.2
Levered Free Cash Flow Margin	-1.9	-4.84	7.12	1.89	0.72
Unlevered Free Cash Flow Margin	-1.73	-4.59	7.5	2.22	0.97
Asset Turnover
Asset Turnover	1.43	1.65	1.43	1.39	1.37
Fixed Assets Turnover	5.62	7.23	5.8	5.35	5.45
Receivables Turnover (Average Receivables)	8.37	8.57	7.71	8.11	7.92
Inventory Turnover (Average Inventory)	3.55	4.02	3.46	3.12	2.87
Short Term Liquidity
Current Ratio	1.48	1.66	1.95	1.93	1.99
Quick Ratio	0.56	0.66	0.88	0.79	0.78
Operating Cash Flow to Current Liabilities	0.04	-0.01	0.55	0.2	0.08
Days Sales Outstanding (Average Receivables)	43.59	42.59	47.37	45.11	46.11
Days Outstanding Inventory (Average Inventory)	102.94	90.79	105.52	117.19	127.17
Average Days Payable Outstanding	56.57	47.07	52.5	41.12	38.31
Cash Conversion Cycle (Average Days)	89.97	86.31	100.39	121.18	134.97
Long Term Solvency
Total Debt/Equity	38.69	48.13	26.18	17.78	24.77
Total Debt / Total Capital	27.89	32.49	20.75	15.09	19.86
LT Debt/Equity	17.78	27.1	15.13	6.75	3.71
Long-Term Debt / Total Capital	12.82	18.3	11.99	5.73	2.97
Total Liabilities / Total Assets	56.45	55.63	43.79	41.4	38.79
EBIT / Interest Expense	24.02	12.54	14.77	20.83	25.93
EBITDA / Interest Expense	31.41	16.44	17.83	24.5	30.53
(EBITDA - Capex) / Interest Expense	25.09	10.45	13.53	19.4	23.59
Total Debt / EBITDA	1.5	2.18	0.9	0.62	0.89
Net Debt / EBITDA	1.17	1.72	0.6	0.29	0.61
Total Debt / (EBITDA - Capex)	1.88	3.42	1.19	0.79	1.15
Net Debt / (EBITDA - Capex)	1.47	2.71	0.79	0.37	0.79
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	26.91	42.23	-8.72	-2.12	2.15
Gross Profit, 1 Yr. Growth %	5.34	25.91	20.16	10.77	-6.75
EBITDA, 1 Yr. Growth %	4.73	9.68	50.9	15.79	-2.93
EBITA, 1 Yr. Growth %	5.69	9.07	61.81	18.32	-3.61
EBIT, 1 Yr. Growth %	6.2	9.27	62.41	18.4	-3.59
Earnings From Cont. Operations, 1 Yr. Growth %	-8.48	23.01	65.96	19.91	-2.99
Net Income, 1 Yr. Growth %	-8.06	23.17	66.44	20.03	-3.03
Normalized Net Income, 1 Yr. Growth %	8.53	5.88	63.54	21.26	-3.17
Diluted EPS Before Extra, 1 Yr. Growth %	-8.97	22.53	66	19.56	-3.02
Accounts Receivable, 1 Yr. Growth %	53.84	29.29	-19.94	9.05	0.71
Inventory, 1 Yr. Growth %	37.83	23.42	-22.53	37.15	-1.01
Net Property, Plant and Equip., 1 Yr. Growth %	0.08	20.81	8.18	4.13	-3.33
Total Assets, 1 Yr. Growth %	21.94	25.12	-10.12	12.55	-5.13
Tangible Book Value, 1 Yr. Growth %	26.4	32.58	15.65	23.51	0.33
Common Equity, 1 Yr. Growth %	21.49	27.61	13.84	17.35	-0.95
Cash From Operations, 1 Yr. Growth %	-74.89	-114.37	-7.38K	-55.74	-63.35
Capital Expenditures, 1 Yr. Growth %	-13.54	98.21	-0.82	-0.58	5.43
Levered Free Cash Flow, 1 Yr. Growth %	-133.4	263.28	-234.13	-73.99	-61.13
Unlevered Free Cash Flow, 1 Yr. Growth %	-129.35	278.55	-249.04	-71.06	-55.46
Dividend Per Share, 1 Yr. Growth %	8.7	10	34.55	35.14	10
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	11.51	34.36	13.94	-5.48	-0.01
Gross Profit, 2 Yr. CAGR %	-0.08	15.16	23	15.37	1.64
EBITDA, 2 Yr. CAGR %	3.59	7.18	28.65	32.19	6.02
EBITA, 2 Yr. CAGR %	4.26	7.36	32.85	38.37	6.79
EBIT, 2 Yr. CAGR %	4.3	7.72	33.22	38.67	6.84
Earnings From Cont. Operations, 2 Yr. CAGR %	-2.21	6.11	42.88	41.06	7.85
Net Income, 2 Yr. CAGR %	-1.7	6.42	43.18	41.34	7.89
Normalized Net Income, 2 Yr. CAGR %	5.98	7.19	31.59	41.85	8.36
Diluted EPS Before Extra, 2 Yr. CAGR %	-1.4	5.61	42.62	40.88	7.68
Accounts Receivable, 2 Yr. CAGR %	20.59	41.03	1.74	-6.56	4.8
Inventory, 2 Yr. CAGR %	16.41	30.42	-2.22	3.08	16.52
Net Property, Plant and Equip., 2 Yr. CAGR %	-3.66	9.96	14.32	6.14	0.33
Total Assets, 2 Yr. CAGR %	8.87	23.52	6.05	0.58	3.33
Tangible Book Value, 2 Yr. CAGR %	8.22	29.45	23.82	19.52	11.32
Common Equity, 2 Yr. CAGR %	6.77	24.51	20.53	15.58	7.82
Cash From Operations, 2 Yr. CAGR %	-42.9	-81	223.43	467.62	-59.72
Capital Expenditures, 2 Yr. CAGR %	-11.74	30.91	40.2	-0.7	2.38
Levered Free Cash Flow, 2 Yr. CAGR %	55.62	10.16	120.75	-40.94	-68.2
Unlevered Free Cash Flow, 2 Yr. CAGR %	30.22	5.41	137.52	-34.32	-64.09
Dividend Per Share, 2 Yr. CAGR %	9.11	9.35	21.66	34.84	21.92
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	8.71	20.93	18.11	8.32	-3
Gross Profit, 3 Yr. CAGR %	4.13	7.93	16.8	18.78	7.47
EBITDA, 3 Yr. CAGR %	5.24	5.58	20.13	24.21	19.26
EBITA, 3 Yr. CAGR %	5.92	5.84	23.1	27.82	22.66
EBIT, 3 Yr. CAGR %	6.01	5.93	23.52	28.08	22.85
Earnings From Cont. Operations, 3 Yr. CAGR %	2.59	5.57	23.17	34.77	24.51
Net Income, 3 Yr. CAGR %	2.82	5.98	23.53	35.01	24.66
Normalized Net Income, 3 Yr. CAGR %	7.11	5.95	23.4	28.67	24.9
Diluted EPS Before Extra, 3 Yr. CAGR %	2.31	6	22.79	34.48	24.39
Accounts Receivable, 3 Yr. CAGR %	14.25	23.42	16.77	4.12	-4.2
Inventory, 3 Yr. CAGR %	24.38	18.7	9.63	9.45	1.7
Net Property, Plant and Equip., 3 Yr. CAGR %	4.92	3.89	9.36	10.82	2.88
Total Assets, 3 Yr. CAGR %	14.63	14.04	11.1	8.17	-1.36
Tangible Book Value, 3 Yr. CAGR %	10.04	15.8	24.68	23.72	12.75
Common Equity, 3 Yr. CAGR %	9.77	13.3	20.85	19.46	9.79
Cash From Operations, 3 Yr. CAGR %	-22.47	-63.95	37.98	66.67	127.72
Capital Expenditures, 3 Yr. CAGR %	-4.42	15.58	19.34	25.03	1.3
Levered Free Cash Flow, 3 Yr. CAGR %	80.68	106.44	17.63	8.22	-48.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	155.91	85.85	18.31	17.76	-42.29
Dividend Per Share, 3 Yr. CAGR %	10.56	9.41	17.17	25.99	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.96	13.79	10.78	9.58	10.5
Gross Profit, 5 Yr. CAGR %	6.37	9.44	11.3	10.84	10.48
EBITDA, 5 Yr. CAGR %	7.05	7.08	14.04	15.51	14.27
EBITA, 5 Yr. CAGR %	7.43	7.24	15.97	17.82	16.3
EBIT, 5 Yr. CAGR %	7.16	7.35	16.15	17.98	16.56
Earnings From Cont. Operations, 5 Yr. CAGR %	6.83	7.99	17.13	18.54	16.8
Net Income, 5 Yr. CAGR %	7.46	8.19	17.38	18.92	17.02
Normalized Net Income, 5 Yr. CAGR %	9.27	7.42	16.3	19.06	17.49
Diluted EPS Before Extra, 5 Yr. CAGR %	7.14	7.76	16.85	18.78	16.51
Accounts Receivable, 5 Yr. CAGR %	11.14	15.63	9.07	10.42	11.83
Inventory, 5 Yr. CAGR %	13.3	19.13	12.97	12.19	12.34
Net Property, Plant and Equip., 5 Yr. CAGR %	4.11	8.06	8.58	4.78	5.66
Total Assets, 5 Yr. CAGR %	9.59	15.01	11.12	8.45	7.93
Tangible Book Value, 5 Yr. CAGR %	10.94	16.39	15.36	17.27	19.15
Common Equity, 5 Yr. CAGR %	9.39	14.43	13.95	14.21	15.45
Cash From Operations, 5 Yr. CAGR %	-15.98	-41.86	37.28	8.59	-15.69
Capital Expenditures, 5 Yr. CAGR %	-8.69	9.27	11.41	8.77	12.24
Levered Free Cash Flow, 5 Yr. CAGR %	51.68	47.05	95.75	25.14	-30.3
Unlevered Free Cash Flow, 5 Yr. CAGR %	108.23	40.35	148.39	22.59	-26.57
Dividend Per Share, 5 Yr. CAGR %	11.38	11.03	14.87	18.95	19.05