Cash flow AAK AB

Equities

AAK

SE0011337708

Food Processing

Delayed Nasdaq Stockholm Other stock markets 20:00:00 06/03/2026 +03			5-day change	1st Jan Change
237.20 ^SEK	+0.08%		-4.12%	-10.08%

02-27	Berenberg Lowers Price Target for AAK to 273 Kronor (279), Reiterates Hold - BN	FW
02-18	Barclays Lowers Price Target for AAK to 245 Kronor (255), Reiterates Underweight - BN	FW

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Published financial data: AAK AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	27.93B	35.45B	50.42B	46.03B	45.05B
Total Revenues	27.93B	35.45B	50.42B	46.03B	45.05B
Cost of Goods Sold, Total	20.57B	27.7B	40.66B	34.3B	32.06B
Gross Profit	7.36B	7.76B	9.76B	11.73B	13B
Selling General & Admin Expenses, Total	4.75B	4.87B	6.36B	6.98B	7.36B
Depreciation & Amortization - (IS)	728M	717M	791M	858M	862M
Other Operating Expenses	-310M	-165M	68M	-237M	-117M
Other Operating Expenses, Total	5.17B	5.42B	7.22B	7.6B	8.1B
Operating Income	2.19B	2.33B	2.55B	4.14B	4.9B
Interest Expense, Total	-114M	-97M	-203M	-280M	-235M
Interest And Investment Income	7M	8M	27M	60M	93M
Net Interest Expenses	-107M	-89M	-176M	-220M	-142M
Income (Loss) On Equity Invest.	11M	8M	35M	10M	2M
Currency Exchange Gains (Loss)	-11M	1M	0	5M	-5M
Other Non Operating Income (Expenses)	-20M	-22M	-47M	-87M	-91M
EBT, Excl. Unusual Items	2.07B	2.23B	2.36B	3.84B	4.66B
Impairment of Goodwill	-	-	-27M	-	-
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-27M	-241M	19M	-19M	-
Insurance Settlements	-	-	-	-	-
EBT, Incl. Unusual Items	2.04B	1.99B	2.35B	3.82B	4.66B
Income Tax Expense	459M	540M	570M	870M	1.12B
Earnings From Continuing Operations	1.58B	1.45B	1.78B	2.95B	3.54B
Net Income to Company	1.58B	1.45B	1.78B	2.95B	3.54B
Minority Interest	-18M	-10M	-10M	-8M	-6M
Net Income - (IS)	1.56B	1.44B	1.77B	2.95B	3.54B
Net Income to Common Incl Extra Items	1.56B	1.44B	1.77B	2.95B	3.54B
Net Income to Common Excl. Extra Items	1.56B	1.44B	1.77B	2.95B	3.54B
Per Share Items
Net EPS - Basic	6.15	5.59	6.84	11.35	13.62
Basic EPS - Continuing Operations	6.15	5.59	6.84	11.35	13.62
Basic Weighted Average Shares Outstanding	254M	257M	259M	260M	260M
Net EPS - Diluted	6.07	5.58	6.84	11.35	13.57
Diluted EPS - Continuing Operations	6.07	5.58	6.84	11.35	13.57
Diluted Weighted Average Shares Outstanding	257M	258M	259M	260M	261M
Normalized Basic EPS	5.02	5.38	5.65	9.22	11.2
Normalized Diluted EPS	4.95	5.37	5.65	9.22	11.15
Dividend Per Share	2.3	2.5	2.75	3.7	5
Payout Ratio	34.29	41.06	36.5	24.24	27.15
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	2.79B	2.92B	3.21B	4.84B	5.6B
EBITA	2.23B	2.36B	2.57B	4.16B	4.93B
EBIT	2.19B	2.33B	2.55B	4.14B	4.9B
EBITDAR	2.81B	2.94B	3.22B	4.86B	5.62B
Total Revenues (As Reported)	28.3B	35.64B	50.57B	46.25B	45.23B
Effective Tax Rate - (Ratio)	22.5	27.18	24.26	22.75	23.99
Total Current Taxes	416M	520M	667M	876M	1.2B
Total Deferred Taxes	43M	20M	-97M	-6M	-79M
Normalized Net Income	1.27B	1.38B	1.46B	2.39B	2.91B
Interest on Long-Term Debt	34M	28M	30M	32M	31M
Non-Cash Pension Expense	-2M	-3M	-4M	-5M	-7M
Supplemental Operating Expense Items
Net Rental Expense, Total	19M	18M	15M	17M	20M
Imputed Operating Lease Interest Expense	3.83M	3.11M	4.12M	6.48M	9.31M
Imputed Operating Lease Depreciation	15.17M	14.89M	10.88M	10.52M	10.69M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.2B	1B	1.52B	1.5B	1.91B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	1.2B	1B	1.52B	1.5B	1.91B
Accounts Receivable, Total	3.34B	5.13B	6.64B	5.31B	5.79B
Other Receivables	739M	646M	1.07B	1.71B	1.53B
Total Receivables	4.08B	5.78B	7.7B	7.02B	7.32B
Inventory	6.57B	9.05B	11.17B	8.66B	11.87B
Prepaid Expenses	122M	285M	330M	227M	207M
Other Current Assets, Total	1.36B	1.92B	2.38B	1.4B	1.33B
Total Current Assets	13.33B	18.04B	23.1B	18.81B	22.64B
Gross Property Plant And Equipment	14.94B	15.89B	18.36B	17.93B	20.54B
Accumulated Depreciation	-8.63B	-9.57B	-10.73B	-9.67B	-11.95B
Net Property Plant And Equipment	6.31B	6.32B	7.63B	8.25B	8.59B
Long-term Investments	14M	16M	32M	13M	7M
Goodwill	2.1B	2.27B	2.54B	2.71B	2.33B
Other Intangibles, Total	313M	307M	293M	290M	320M
Deferred Tax Assets Long-Term	187M	179M	327M	390M	400M
Other Long-Term Assets, Total	20M	43M	67M	79M	90M
Total Assets	22.28B	27.17B	33.99B	30.55B	34.39B
Liabilities
Accounts Payable, Total	3.66B	5.7B	5.34B	3.8B	4.12B
Accrued Expenses, Total	387M	473M	615M	616M	686M
Short-term Borrowings	12M	12M	12M	11M	11M
Current Portion of Long-Term Debt	1.56B	2.33B	3B	1.72B	2.07B
Current Portion of Leases	117M	128M	162M	171M	140M
Current Income Taxes Payable	360M	296M	644M	520M	883M
Other Current Liabilities	2.54B	3.22B	4.17B	2.8B	3.79B
Total Current Liabilities	8.64B	12.16B	13.94B	9.64B	11.7B
Long-Term Debt	2.09B	1.61B	3.53B	1.97B	949M
Long-Term Leases	617M	493M	562M	630M	411M
Pension & Other Post Retirement Benefits	278M	271M	58M	31M	82M
Deferred Tax Liability Non Current	480M	444M	553M	656M	621M
Other Non Current Liabilities	440M	361M	273M	455M	470M
Total Liabilities	12.54B	15.34B	18.91B	13.38B	14.24B
Common Stock, Total	426M	431M	433M	433M	433M
Retained Earnings	10.73B	12.13B	13.91B	16.14B	18.66B
Comprehensive Income and Other	-1.46B	-774M	696M	540M	997M
Total Common Equity	9.7B	11.78B	15.04B	17.12B	20.09B
Minority Interest	39M	48M	47M	56M	62M
Total Equity	9.74B	11.83B	15.08B	17.17B	20.15B
Total Liabilities And Equity	22.28B	27.17B	33.99B	30.55B	34.39B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	255M	259M	260M	260M	260M
ECS Total Common Shares Outstanding	255M	259M	260M	260M	260M
Book Value / Share	37.97	45.58	57.93	65.95	77.39
Tangible Book Value	7.28B	9.21B	12.2B	14.12B	17.43B
Tangible Book Value Per Share	28.51	35.61	47.02	54.38	67.17
Total Debt	4.4B	4.58B	7.26B	4.5B	3.58B
Net Debt	3.2B	3.58B	5.74B	2.99B	1.67B
Debt Equivalent of Unfunded Proj. Benefit Obligation	278M	271M	58M	31M	82M
Debt Equivalent Oper. Leases	152M	144M	120M	136M	160M
Minority Interest, Total (Incl. Fin. Div)	39M	48M	47M	56M	62M
Equity Method Investments, Total	14M	16M	32M	13M	7M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Raw Materials, Total	3.97B	4.86B	5.91B	4.38B	6.64B
Inventories - Work In Process, Total	1.18B	1.86B	1.75B	1.88B	2.04B
Inventories - Finished Goods, Total	1.43B	2.34B	3.51B	2.4B	3.19B
Land - (BS)	130M	124M	130M	134M	140M
Buildings, Total	2.21B	2.28B	2.62B	1.23B	3B
Machinery, Total	11.23B	12.45B	13.73B	14.21B	15.2B
Full Time Employees	3.98K	4K	4K	4.1K	4K
Accumulated Allowance for Doubtful Accounts (Supple)	72M	70M	89M	97M	71M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	1.56B	1.44B	1.77B	2.95B	3.54B
Depreciation & Amortization - CF	689M	687M	763M	828M	830M
Amortization of Goodwill and Intangible Assets - (CF)	39M	30M	28M	30M	32M
Depreciation & Amortization, Total	728M	717M	791M	858M	862M
(Gain) Loss From Sale Of Asset	4M	5M	7M	-109M	3M
Asset Writedown & Restructuring Costs	27M	241M	8M	19M	-
Other Operating Activities, Total	-343M	257M	61M	27M	764M
Change In Accounts Receivable	-190M	-1.71B	-1.15B	1.24B	-466M
Change In Inventories	-470M	-2.18B	-1.43B	2.46B	-2.41B
Change In Accounts Payable	631M	1.79B	-812M	-1.54B	198M
Change in Other Net Operating Assets	73M	-51M	678M	-586M	-136M
Cash from Operations	2.02B	508M	-73M	5.31B	2.35B
Capital Expenditure	-709M	-613M	-1.22B	-1.2B	-1.2B
Sale of Property, Plant, and Equipment	4M	-	7M	131M	1M
Cash Acquisitions	-412M	-31M	-14M	-89M	-
Divestitures	-	-	-	-	646M
Sale (Purchase) of Intangible assets	-33M	-6M	-11M	-40M	-47M
Cash from Investing	-1.15B	-650M	-1.23B	-1.2B	-598M
Long-Term Debt Issued, Total	1.56B	1.63B	4.62B	259M	430M
Total Debt Issued	1.56B	1.63B	4.62B	259M	430M
Long-Term Debt Repaid, Total	-1.84B	-1.54B	-2.41B	-3.61B	-796M
Total Debt Repaid	-1.84B	-1.54B	-2.41B	-3.61B	-796M
Issuance of Common Stock	236M	434M	147M	-	-
Common Dividends Paid	-536M	-590M	-646M	-714M	-960M
Common & Preferred Stock Dividends Paid	-536M	-590M	-646M	-714M	-960M
Other Financing Activities, Total	15M	-	80M	-	-
Cash from Financing	-570M	-65M	1.79B	-4.06B	-1.33B
Foreign Exchange Rate Adjustments	-85M	8M	27M	-62M	-20M
Net Change in Cash	218M	-199M	514M	-12M	408M
Supplemental Items
Cash Interest Paid	112M	90M	188M	283M	241M
Cash Income Tax Paid (Refund)	712M	521M	617M	979M	936M
Levered Free Cash Flow	2.01B	-672M	-2.44B	3.28B	852M
Unlevered Free Cash Flow	2.08B	-612M	-2.32B	3.45B	999M
Change In Net Working Capital	-727M	2.17B	3.47B	-1.25B	1.68B
Net Debt Issued / Repaid	-285M	91M	2.21B	-3.35B	-366M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	6.07	5.89	5.2	8.01	9.42
Return on Total Capital	9.39	9.54	8.21	11.74	13.48
Return On Equity %	15.69	13.42	13.23	18.32	18.98
Return on Common Equity	15.6	13.38	13.2	18.32	19.01
Margin Analysis
Gross Profit Margin %	26.35	21.87	19.36	25.49	28.85
SG&A Margin	17	13.75	12.61	15.16	16.33
EBITDA Margin %	9.99	8.24	6.36	10.51	12.43
EBITA Margin %	7.99	6.66	5.1	9.05	10.94
EBIT Margin %	7.85	6.57	5.05	8.98	10.87
Income From Continuing Operations Margin %	5.66	4.08	3.53	6.42	7.86
Net Income Margin %	5.6	4.05	3.51	6.4	7.85
Net Avail. For Common Margin %	5.6	4.05	3.51	6.4	7.85
Normalized Net Income Margin	4.56	3.9	2.9	5.2	6.45
Levered Free Cash Flow Margin	7.21	-1.9	-4.84	7.12	1.89
Unlevered Free Cash Flow Margin	7.46	-1.73	-4.59	7.5	2.22
Asset Turnover
Asset Turnover	1.24	1.43	1.65	1.43	1.39
Fixed Assets Turnover	4.26	5.62	7.23	5.8	5.35
Receivables Turnover (Average Receivables)	8.14	8.37	8.57	7.71	8.11
Inventory Turnover (Average Inventory)	3.11	3.55	4.02	3.46	3.12
Short Term Liquidity
Current Ratio	1.54	1.48	1.66	1.95	1.93
Quick Ratio	0.61	0.56	0.66	0.88	0.79
Operating Cash Flow to Current Liabilities	0.23	0.04	-0.01	0.55	0.2
Days Sales Outstanding (Average Receivables)	44.97	43.59	42.59	47.37	45.11
Days Outstanding Inventory (Average Inventory)	117.87	102.94	90.79	105.52	117.19
Average Days Payable Outstanding	62.73	56.57	47.07	52.5	41.12
Cash Conversion Cycle (Average Days)	100.11	89.97	86.31	100.39	121.18
Long Term Solvency
Total Debt/Equity	45.16	38.69	48.13	26.18	17.78
Total Debt / Total Capital	31.11	27.89	32.49	20.75	15.09
LT Debt/Equity	27.77	17.78	27.1	15.13	6.75
Long-Term Debt / Total Capital	19.13	12.82	18.3	11.99	5.73
Total Liabilities / Total Assets	56.29	56.45	55.63	43.79	41.4
EBIT / Interest Expense	19.25	24.02	12.54	14.77	20.83
EBITDA / Interest Expense	25.63	31.41	16.44	17.83	24.5
(EBITDA - Capex) / Interest Expense	19.41	25.09	10.45	13.53	19.4
Total Debt / EBITDA	1.51	1.5	2.18	0.9	0.62
Net Debt / EBITDA	1.09	1.17	1.72	0.6	0.29
Total Debt / (EBITDA - Capex)	1.99	1.88	3.42	1.19	0.79
Net Debt / (EBITDA - Capex)	1.45	1.47	2.71	0.79	0.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.02	26.91	42.23	-8.72	-2.12
Gross Profit, 1 Yr. Growth %	-5.21	5.34	25.91	20.16	10.77
EBITDA, 1 Yr. Growth %	2.46	4.73	9.68	50.9	15.79
EBITA, 1 Yr. Growth %	2.86	5.69	9.07	61.81	18.32
EBIT, 1 Yr. Growth %	2.43	6.2	9.27	62.41	18.4
Earnings From Cont. Operations, 1 Yr. Growth %	4.49	-8.48	23.01	65.96	19.91
Net Income, 1 Yr. Growth %	5.11	-8.06	23.17	66.44	20.03
Normalized Net Income, 1 Yr. Growth %	3.49	8.53	5.88	63.54	21.41
Diluted EPS Before Extra, 1 Yr. Growth %	5.75	-8.97	22.53	66	19.56
Accounts Receivable, 1 Yr. Growth %	-5.47	53.84	29.29	-19.94	9.05
Inventory, 1 Yr. Growth %	-1.68	37.83	23.42	-22.53	37.15
Net Property, Plant and Equip., 1 Yr. Growth %	-7.26	0.08	20.81	8.18	4.13
Total Assets, 1 Yr. Growth %	-2.8	21.94	25.12	-10.12	12.55
Tangible Book Value, 1 Yr. Growth %	-7.34	26.4	32.58	15.65	23.51
Common Equity, 1 Yr. Growth %	-6.17	21.49	27.61	13.84	17.35
Cash From Operations, 1 Yr. Growth %	29.85	-74.89	-114.37	-7.38K	-55.74
Capital Expenditures, 1 Yr. Growth %	-9.91	-13.54	98.21	-0.82	-0.58
Levered Free Cash Flow, 1 Yr. Growth %	625.08	-133.4	263.28	-234.13	-73.99
Unlevered Free Cash Flow, 1 Yr. Growth %	477.75	-129.35	278.55	-249.04	-71.06
Dividend Per Share, 1 Yr. Growth %	9.52	8.7	10	34.55	35.14
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	0.62	11.51	34.36	13.94	-5.48
Gross Profit, 2 Yr. CAGR %	3.53	-0.08	15.16	23	15.37
EBITDA, 2 Yr. CAGR %	5.49	3.59	7.18	28.65	32.19
EBITA, 2 Yr. CAGR %	6.04	4.26	7.36	32.85	38.37
EBIT, 2 Yr. CAGR %	5.91	4.3	7.72	33.22	38.67
Earnings From Cont. Operations, 2 Yr. CAGR %	8.62	-2.21	6.11	42.88	41.06
Net Income, 2 Yr. CAGR %	8.73	-1.7	6.42	43.18	41.34
Normalized Net Income, 2 Yr. CAGR %	6.41	5.98	7.19	31.59	40.91
Diluted EPS Before Extra, 2 Yr. CAGR %	7.94	-1.4	5.61	42.62	40.88
Accounts Receivable, 2 Yr. CAGR %	-1.54	20.59	41.03	1.74	-6.56
Inventory, 2 Yr. CAGR %	18.16	16.41	30.42	-2.22	3.08
Net Property, Plant and Equip., 2 Yr. CAGR %	7.42	-3.66	9.96	14.32	6.14
Total Assets, 2 Yr. CAGR %	11.14	8.87	23.52	6.05	0.58
Tangible Book Value, 2 Yr. CAGR %	2.67	8.22	29.45	23.82	19.52
Common Equity, 2 Yr. CAGR %	4.35	6.77	24.51	20.53	15.58
Cash From Operations, 2 Yr. CAGR %	36.23	-42.9	-81	223.43	467.62
Capital Expenditures, 2 Yr. CAGR %	0.5	-11.74	30.91	40.2	-0.7
Levered Free Cash Flow, 2 Yr. CAGR %	320.21	55.62	10.16	120.75	-40.94
Unlevered Free Cash Flow, 2 Yr. CAGR %	655.66	30.22	5.41	137.52	-34.32
Dividend Per Share, 2 Yr. CAGR %	11.5	9.11	9.35	21.66	34.84
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	1.85	8.71	20.93	18.11	8.32
Gross Profit, 3 Yr. CAGR %	5.78	4.13	7.93	16.8	18.78
EBITDA, 3 Yr. CAGR %	7.02	5.24	5.58	20.13	24.21
EBITA, 3 Yr. CAGR %	7.15	5.92	5.84	23.1	27.82
EBIT, 3 Yr. CAGR %	7.1	6.01	5.93	23.52	28.08
Earnings From Cont. Operations, 3 Yr. CAGR %	9.26	2.59	5.57	23.17	34.77
Net Income, 3 Yr. CAGR %	9.39	2.82	5.98	23.53	35.01
Normalized Net Income, 3 Yr. CAGR %	7.58	7.11	5.95	23.4	28.11
Diluted EPS Before Extra, 3 Yr. CAGR %	8.86	2.31	6	22.79	34.48
Accounts Receivable, 3 Yr. CAGR %	1.29	14.25	23.42	16.77	4.12
Inventory, 3 Yr. CAGR %	12.16	24.38	18.7	9.63	9.45
Net Property, Plant and Equip., 3 Yr. CAGR %	6.81	4.92	3.89	9.36	10.82
Total Assets, 3 Yr. CAGR %	9.66	14.63	14.04	11.1	8.17
Tangible Book Value, 3 Yr. CAGR %	8.42	10.04	15.8	24.68	23.72
Common Equity, 3 Yr. CAGR %	8.17	9.77	13.3	20.85	19.46
Cash From Operations, 3 Yr. CAGR %	22.56	-22.47	-63.95	37.98	66.67
Capital Expenditures, 3 Yr. CAGR %	-3.13	-4.42	15.58	19.34	25.03
Levered Free Cash Flow, 3 Yr. CAGR %	78.28	80.68	106.44	17.63	8.22
Unlevered Free Cash Flow, 3 Yr. CAGR %	69.86	155.91	85.85	18.31	17.76
Dividend Per Share, 3 Yr. CAGR %	12.16	10.56	9.41	17.17	25.99
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.79	9.96	13.79	10.78	9.58
Gross Profit, 5 Yr. CAGR %	7.59	6.37	9.44	11.3	10.84
EBITDA, 5 Yr. CAGR %	9.59	7.05	7.08	14.04	15.51
EBITA, 5 Yr. CAGR %	10.38	7.43	7.24	15.97	17.82
EBIT, 5 Yr. CAGR %	9.99	7.16	7.35	16.15	17.98
Earnings From Cont. Operations, 5 Yr. CAGR %	10.84	6.83	7.99	17.13	18.54
Net Income, 5 Yr. CAGR %	10.87	7.46	8.19	17.38	18.92
Normalized Net Income, 5 Yr. CAGR %	10.63	9.27	7.42	16.3	18.75
Diluted EPS Before Extra, 5 Yr. CAGR %	10.45	7.14	7.76	16.85	18.78
Accounts Receivable, 5 Yr. CAGR %	6.58	11.14	15.63	9.07	10.42
Inventory, 5 Yr. CAGR %	12.79	13.3	19.13	12.97	12.19
Net Property, Plant and Equip., 5 Yr. CAGR %	8	4.11	8.06	8.58	4.78
Total Assets, 5 Yr. CAGR %	9.9	9.59	15.01	11.12	8.45
Tangible Book Value, 5 Yr. CAGR %	9.37	10.94	16.39	15.36	17.27
Common Equity, 5 Yr. CAGR %	8.01	9.39	14.43	13.95	14.21
Cash From Operations, 5 Yr. CAGR %	3.11	-15.98	-41.86	37.28	8.59
Capital Expenditures, 5 Yr. CAGR %	-6.06	-8.69	9.27	11.41	8.77
Levered Free Cash Flow, 5 Yr. CAGR %	36.62	51.68	47.05	95.75	25.14
Unlevered Free Cash Flow, 5 Yr. CAGR %	33.86	108.23	40.35	148.39	22.59
Dividend Per Share, 5 Yr. CAGR %	12.23	11.38	11.03	14.87	18.95