Annual Report 2023

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Important events

  • Sandvik showed continued strong performance despite challenging market conditions. Order intake grew by 5 percent to SEK 125,011 million and revenues by 13 percent to SEK 126,503 million.
  • Adjusted EBITA increased by 12 percent to SEK 25,240 million and the adjusted EBITA margin was 20.0 percent (20.0), within our target range.
  • Numerous product innovations were launched in strategic areas, such as electrification, automation and digital manufacturing.
  • We acquired 7 companies within, for example, mine optimization, CAM solutions, electrification, powder solutions, and medical.
  • Record orders for electric, automated and surface drilling mining equipment.
  • We updated our sustainability strategy and the Science Based Targets initiative approved our greenhouse gas targets.
  • The Total Recordable Injury Frequency Rate (TRIFR) declined to 3.0 (3.1). However, a tragic fatality underlines the importance of continuous focus on safety.
  • A new brand identity and logotype was launched to reflect the transformation Sandvik has undergone.
Key figures

 

2022

2023

Order intake, MSEK

119,196

125,011

Revenues, MSEK

112,332

126,503

EBITA, MSEK

22,471

24,530

EBITA margin, %

18.2

19.4

Adjusted EBITA1), MSEK

22,486

25,240

Adjusted EBITA margin1), %

20.0

20.0

Free operating cash flow, MSEK

12,103

19,582

Return on capital employed, %

15.8

16.5

Earnings per share, diluted, SEK

10.24

12.20

Adjusted earnings per share, diluted, SEK1)

11.98

12.69

Greenhouse gas emissions (scope 1–2), ktons

139

141

Waste circularity, %

73

71

Total Recordable Injury Frequency Rate, TRIFR2)

3.1

3.0

Number of employees3)

40,489

40,877

Share of women, %

20.2

20.6

1)

Adjusted for items affecting comparability, see The Sandvik Way. For definitions of alternative performance measures, see Note NF11.

2)

Total number of recordable injuries per million hours worked.

3)

Full-time equivalent.

9 %

Revenue growth, CAGR vs 2019, at fixed exchange rates

Order intake and revenues, MSEK, revenue growth, %, fixed exchange rates

2023 2022 2021 2020 2019 Order intake Revenues 60,000 80,000 100,000 120,000 140,000 0 20,000 40,000

20.0 %

Adjusted EBITA margin

Adjusted EBITA, MSEK and adjusted EBITA margin, %

% 0 5 000 10 000 15 000 20 000 25 000 30 000 2023 2022 2021 2020 2019 16 17 18 19 20 21 22 2023 2022 2021 2020 2019 17 18 19 20 21 22 % 16 EBITA, adjusted 10,000 15,000 20,000 25,000 30,000 0 5,000 EBITA margin, adjusted

1.2

Financial net debt/EBITDA at fixed exchange rates

Financial net debt, MSEK, and financial net debt/EBITDA

-10 000 0 10 000 20 000 30 000 40 000 2023 2022 2021 2020 2019 -0,5 0,0 0,5 1,0 1,5 2,0 2023 2022 2021 2020 2019 -0,5 0,0 0,5 1,0 1,5 2,0 Financial net debt 10,000 20,000 30,000 40,000 -10,000 0 -0.5 0.0 0.5 1.0 1.5 2.0 Financial net debt/EBITDA

Revenues by customer segment

S u s t a i n a b i l i t y S h i f t C u s t o m e r ’ s 1 s t C h o i c e A g i l e t h r o u g h c y c l e E m p l o y e r o f C h o i c e D i g i t a l S h i f t S h i f t t o G r o w t h C u s t o m e r F o c u s P a s s i o n t o W i n I n n o v a t i o n 51 %20 %10 %7 %4 % 8 % GruvorVerkstadInfrastrukturFordonFlygÖvriga 51%20%10%7%4% 8% MiningEngineeringInfrastructureAutomotiveAerospaceOther

Revenues by market area

S u s t a i n a b i l i t y S h i f t C u s t o m e r ’ s 1 s t C h o i c e A g i l e t h r o u g h c y c l e E m p l o y e r o f C h o i c e D i g i t a l S h i f t S h i f t t o G r o w t h C u s t o m e r F o c u s P a s s i o n t o W i n I n n o v a t i o n 26%25%17%13%12% 7% Europe North AmericaAsiaAustraliaAfrica/Middle EastSouth America 26%25%17%13%12% 7% Europe North AmericaAsiaAustraliaAfrica/Middle EastSouth America

Indices

Sandvik is included in several prestigious sustainability indices and is a signatory of the UN Global Compact (UNGC).

Ethibel Sustainability Indices, FTSE4Good, CDP Discloser 2023 and UN Global Compact (logos)
Related links
Sandvik Mining and Rock Solutions
Sandvik Manufacturing and Machining Solutions
Segment information
Categories of revenue