ASSA ABLOY reports one-off costs of SEK 2.2bn in the Global Technologies Division

Rhea-AI Summary

ASSA ABLOY reports one-off non-cash costs of SEK 2.2bn in Q2 2023, primarily related to the Citizen ID business. The costs are due to impairment of goodwill and other intangible assets. The company aims to improve the profitability of Citizen ID.

Positive

• ASSA ABLOY reports one-off costs of SEK 2.2bn in Q2 2023, mainly in the Citizen ID business

Negative

• The impairment in Citizen ID reflects the challenging situation since the pandemic with significantly lower volumes, mainly in the passport business

STOCKHOLM, June 20, 2023 /PRNewswire/ -- ASSA ABLOY reports one-off non-cash costs of SEK 2.2bn in the second quarter of 2023 in its Global Technologies Division, primarily related to the Citizen ID business. These one-off costs are attributable to impairment of goodwill and other intangible assets.

"The impairment in Citizen ID reflects the continued long term challenging situation since the pandemic with significantly lower volumes, mainly in the passport business. We will continue with actions to improve the profitability of Citizen ID," says Nico Delvaux, President and CEO of ASSA ABLOY.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82

Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72

Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com

This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 19.15 CET on 20 June 2023.

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY's innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

The following files are available for download:

https://mb.cision.com/Main/7333/3790998/2142685.pdf

Press release (PDF)

 

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SOURCE ASSA ABLOY

FAQ

What are the one-off costs reported by ASSA ABLOY in Q2 2023?

ASSA ABLOY reports one-off non-cash costs of SEK 2.2bn primarily related to the Citizen ID business.

What is the reason behind the impairment in Citizen ID?

The impairment in Citizen ID is due to the continued long-term challenging situation since the pandemic with significantly lower volumes, mainly in the passport business.

What actions will ASSA ABLOY take to improve the profitability of Citizen ID?

ASSA ABLOY will continue with actions to improve the profitability of Citizen ID.