Year-End Report 12 months - 1 January-31 December 2022

Published8 Feb 2023

In this report, ITAB’s Russian operations are recognised as Discontinued Operations in accordance with IFRS 5. Other operations comprise Continuing Operations. Comments and figures pertain to Continuing Operations, unless otherwise stated. Comparative figures in the consolidated income statement have been restated. For more information, refer to “Discontinued Operations” and “Accounting policies” in the Year-End Report.



  • Net sales decreased by 1 percent to SEK 1,702 million (1,722), of which currency-adjusted sales decreased by 6 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of SEK -1 million (-70) amounted to SEK 170 million (183). 1)
  • Operating profit amounted to SEK 91 million (35) and the operating margin was 5.3 percent (2.1). Operating profit was charged with non-recurring items of SEK -1 million (-79). 1)
  • Profit after financial items totalled SEK 76 million (30).
  • Profit after tax amounted to SEK 58 million (20).
  • Earnings per share before and after dilution totalled SEK 0.30 (0.09). 2, 3)
  • Cash flow from operating activities amounted to SEK 469 million (-92). 3)



  • Net sales increased by 13 percent to SEK 6,868 million (6,087), of which currency-adjusted sales rose by 8 percent.
  • Operating profit before depreciation and amortisation (EBITDA) excluding non-recurring items of SEK -30 million (-157) amounted to SEK 704 million (644). 1)
  • Operating profit amounted to SEK 403 million (216) and the operating margin was 5.9 percent (3.6). Operating profit was charged with non-recurring items of SEK -40 million (-166). 1)
  • Profit after financial items totalled SEK 348 million (147).
  • Profit after tax amounted to SEK 243 million (95).
  • Earnings per share before and after dilution totalled SEK 0.78 (0.50). 2, 3)
  • Cash flow from operating activities amounted to SEK 542 million (-165). 3)
  • The equity/assets ratio at the end of the year was 48 percent (46). 3)
  • Net debt excluding lease liabilities amounted to SEK 399 million (609). 4)

1) Non-recurring items mainly consist of costs relating to transformation work under ITAB’s One ITAB strategy.
2) For information on new share issues and offset issues, refer to Note 6 in the Year-End Report.
3) Including Discontinued Operations.
4) Comparative periods have not been restated related to Discontinued Operations.



  • Acquisition of Checkmark, one of the leading suppliers of retail technology solutions such as checkouts in the Nordic region, further strengthens ITAB’s market position.
  • Due to the invasion of Ukraine, a decision was made to discontinue ITAB’s operations in Russia.
  • In connection with the annual financial statements for 2021, the Board adopted new financial targets focused on sustainable growth, increased profitability, and capital efficiency.
  • The Board of Directors proposes a dividend of SEK 0.50 (-) per ordinary share for 2022.


President’s comments –

Stable market demand and implemented price increases during the year contributed to a positive earnings trend and strengthened cash flow despite a surrounding world characterised by a great deal of uncertainty, which resulted in operational challenges and economic uncertainty for our  customers and thereby also for ITAB. The currency-adjusted growth amounted to 8 percent in 2022, of which organic growth accounted for 6 percent and the acquisition of Checkmark at the beginning of the year contributed by 2 percent. Our focus is on contributing to improved operational efficiency for the retail sector with our solutions, which strengthened our market position during the year.

Over the past few quarters, we have entered into several new agreements with both existing and new customers in various retail areas in all of our geographic
markets for both new stores and upgrades of existing stores. More and more customers are noticing our unique, customised solutions that save energy, reduce stock losses, increase operational efficiency and improve customer interactions. All customer groups reported increased sales, and Central Europe was the largest contributor to the Group’s sales increase in 2022 in geographic terms. Of ITAB’s three solution areas, sales in Retail Technology and Retail Lighting performed especially well during the year.

ITAB’s net sales and earnings in the fourth quarter of 2022 did not quite reach the strong comparative figures of the corresponding quarter in 2021 adjusted for non-recurring items. However, reported operating profit rose from SEK 35 million to SEK 91 million. It is gratifying to highlight our strong cash flow in the fourth quarter of SEK 469 million.

Adjusted for non-recurring items, operating profit amounted to SEK 443 million (382) in 2022, corresponding to an operating margin of 6.4 percent (6.3). Corresponding profit after financial items increased by 24 percent to SEK 388 million (313). As we described in our last interim report, non-recurring items had only a marginal impact on the second half of the year since the first phase of the One ITAB transformation was completed in 2022. Our reported profit after financial items increased by 137 percent to SEK 348 million (147).

Our margin-strengthening measures and price adjustments, our continual review of the cost structure and a beneficial product mix with increased sales of our technical solutions, services and energy-efficient lighting solutions were the main factors underlying our improved earnings during the year. Our assessment continues to be that we have a better balance in relation to the cost increases we encountered during the year, but we are continuing to adjust our pricing when necessary on an ongoing basis.

The Board adopted new financial targets for the Group in conjunction with the financial statements for 2021 (see page 17). The targets are measured as an average over a business cycle, but it is still gratifying to note that we made positive progress towards all of these targets over the past year. Our currency-adjusted net sales increased by 8 percent in 2022, which was well in line with the target of 4–8 percent in sales growth, while the EBIT margin increased from 3.6 to 5.9 percent, compared with the EBIT margin target of 7–9 percent. Our share of cash conversion during the year amounted to 81 percent, compared with the target of >80 percent. We are hereby continuing to focus on sustainable growth, increased profitability and capital efficiency over time. The dividend policy stipulates that at least 30 percent of the profit after tax is to be distributed over time and based on our strong financial position, the Board has decided to propose a dividend of SEK 0.50 per ordinary share for 2022, which corresponds to close to 65 percent of the profit for the year, concludes President & CEO Andréas Elgaard.


For the full President’s comments, refer to the Year-End Report.


Jönköping, 8 February 2022


ITAB Shop Concept AB (publ)


Webcast presentation on 8 February 2023 at 10:30 a.m. CET
ITAB arranges a webcast presentation today, 8 February 2023 at 10:30 a.m. CET, in which Andréas Elgaard, President & CEO, and Ulrika Bergmo Sköld, CFO, present the Year-End Report for 2022 and answer any subsequent questions. Weblink and telephone numbers are available at



The information in this report is such that ITAB Shop Concept AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU Regulation No 596/2014). The information was submitted for publication, through the agency of the contact persons set out below, at 7:00 a.m. CET on 8 February 2023.
   This report is in all respects a translation of the Swedish original Year-End Report. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.


file-iconITAB Year-End Report Q4 2022 En
For further information, please contact:
Andréas Elgaard, President & CEO
Telephone: +46-732 32 16 35

Mats Karlqvist, Head of Investor Relations
Telephone: +46-70 660 31 32

ITAB Shop Concept AB (publ), Box 9054, SE-550 09 Jönköping, Sweden,

AT ITAB we help customers turn consumer brand experience into physical reality with our know-how, solutions, and ecosystem of partners. We co-create with our customers, efficient retail solutions that deliver convenient and inspiring consumer experiences. The offer includes consultative design services, custom-made interiors, checkout systems, consumer guidance solutions, professional lighting systems and interactive digital solutions for the physical store. ITAB has annual sales of approximately SEK 6.9 billion and approximately 2,900 employees. ITAB’s share is listed on Nasdaq Stockholm.