Consolidated income statement, condensed

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  3 months   Rolling 12 months
SEKm 31 Mar 2018 31 Mar 2017   31 Mar 2018 31 Mar 2017
Net sales 2,121 1,941   8,022 7,178
Cost of sales -1,459 -1,345   -5,522 -4,939
Gross profit 662 596   2,500 2,239
Selling expenses -369 -322   -1,364 -1,241
Administrative expenses -121 -124   -455 -432
Other operating income and expenses 12 13   20 38
Operating profit 184 163   701 604
- as % of net sales 8.7 8.4   8.7 8.4
Financial income and expenses -16 -9   -36 -24
Profit after financial items 168 154   665 580
- as % of net sales 7.9 7.9   8.3 8.1
Income tax expense -35 -36   -139 -130
Profit for the period 133 118   526 450
           
Profit for the period attributable to:          
Equity holders of the Parent Company 130 115   514 440
Non-controlling interests 3 3   12 10
           
Earnings per share before dilution, SEK 1.95 1.75   7.70 6.60
Earnings per share after dilution, SEK 1.95 1.70   7.65 6.55
Average number of shares after repurchases, ’000s 66,978 66,738   66,950 66,824
Number of shares at end of the period, ’000s 66,992 66,824   66,992 66,824

 

Consolidated statement of comprehensive income

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  3 months   Rolling 12 months
SEKm 31 Mar 2018 31 Mar 2017   31 Mar 2018 31 Mar 2017
Profit for the period 133 118   526 450
Components that will be reclassified to profit for the year          
Cash flow hedges 0 -1   0 1
Foreign currency translation differences for the period 114 -4   115 52
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation 10 2   -7 -10
Other comprehensive income 124 -3   108 43
Total comprehensive income 257 115   634 493
Total comprehensive income attributable to:          
Equity holders of the Parent Company 252 111   619 482
Non-controlling interests 5 4   15 11

Consolidated balance sheet, condensed

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SEKm 31 Mar 2018 31 Mar 2017
Goodwill 1,456 1,101
Other intangible non-current assets 1,007 791
Property, plant and equipment 207 190
Financial non-current assets 32 27
Total non-current assets 2,702 2,109
Inventories 1,118 942
Current receivables 1,507 1,286
Cash and cash equivalents 192 178
Total current assets 2,817 2,406
Total assets 5,519 4,515
Total equity 2,131 1,741
Interest-bearing provisions 229 210
Non-interest-bearing provisions 322 278
Non-current interest-bearing liabilities 411 69
Non-current non-interest-bearing liabilities 11 18
Total non-current liabilities 973 575
Non-interest-bearing provisions 31 26
Current interest-bearing liabilities 958 910
Current non-interest-bearing liabilities 1,426 1,263
Total current liabilities 2,415 2,199
Total equity and liabilities 5,519 4,515
   

 

Consolidated statement of changes in equity, condensed

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SEKm 31 Mar 2018 31 Mar 2017
Opening balance 1,741 1,514
Exercised, issued and repurchased options 31 12
Repurchase of treasury shares -31 -40
Dividend, ordinary -235 -218
Dividend, non-controlling interests -9 -8
Change non-controlling interests - 2
Option debt, acquisition - -9
Distribution of AddLife - -5
Total comprehensive income 634 493
Closing balance 2,131 1,741
     

Consolidated cash flow statement, condensed *

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  3 months   Rolling 12 months
SEKm 31 Mar 2018 31 Mar 2017   31 Mar 2018 31 Mar 2017
Profit after financial items 168 154   665 580
Adjustment for items not included in cash flow 47 22   159 134
Income tax paid -37 -34   -169 -123
Changes in working capital -27 18   -116 -40
Cash flow from operating activities 151 160   539 551
Net investments in non-current assets -15 -22   -43 -60
Acquisitions and disposals -96 -183   -477 -335
Cash flow from investing activities -111 -205   -520 -395
Dividend paid to shareholders - -   -235 -218
Repurchase of own shares/change of options 3 11   0 -28
Other financing activities -76 58   223 120
Cash flow from financing activities -73 69   -12 -126
Cash flow for the period -33 24   7 30
Cash and cash equivalents at beginning of period 211 152   178 140
Exchange differences on cash and cash equivalents 14 2   7 8
Cash and cash equivalents at end of period 192 178   192 178

 

Fair values on financial instruments

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  31 Mar 2018 31 Mar 2017
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives used in hedge accounting 2 2 - 1 1 -
Derivatives held for trading purposes 2 2 - 2 2 -
Total financial assets at fair value per level 4 4 - 3 3 -
             
Derivatives used in hedge accounting 0 0 - 0 0 -
Derivatives held for trading purposes 5 5 - 1 1 -
Contingent considerations 215 - 215 105 - 105
Total financial liabilities at fair value per level 220 5 215 106 1 105
The fair value and carrying amount are recognised in the balance sheet as shown in the table above.
For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. As at the reporting date the Group had no items in this category.
For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2.
For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3.
For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.
             
Contingent considerations 31 Mar 2018   31 Mar 2017    
Opening balance 105     55    
Acquisitions during the year 152     86    
Reversed through profit or loss -9     -12    
Consideration paid -49     -27    
Interest expenses 8     3    
Exchange differences 8     0    
Closing balance 215     105    

 

Key financial indicators **

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  12 months ending
  31 Mar 2018 31 Mar 2017 31 Mar 2016 31 Mar 2015
Net sales, SEKm 8,022 7,178 6,155 5,719
EBITDA, SEKm 881 755 570 542
EBITA, SEKm 838 715 536 510
EBITA margin, % 10.5 10.0 8.7 8.9
Operating profit, SEKm 701 604 443 431
Operating margin, % 8.7 8.4 7.2 7.5
Profit after financial items, SEKm 665 580 423 408
Profit for the period, SEKm 526 450 333 321
         
Working capital 1,591 1,362 1,208 1,084
Return on working capital (P/WC), % 53 53 44 47
Return on equity, % 28 28 20 28
Return on capital employed, % 22 23 16 23
Equity ratio, % 39 39 40 40
         
Net debt, incl pensions, SEKm 1,405 1,011 822 828
Net debt, incl pensions / equity ratio, multiple 0.7 0.6 0.6 0.6
Net debt, incl pensions / EBITDA, multiple 1.6 1.3 1.4 1.2
Net debt excl. pensions, SEKm 1,176 801 623 510
Net debt, excl pensions / equity ratio, multiple 0.6 0.5 0.4 0.3
Interest coverage ratio, multiple 22.7 23.9 20.3 21.9
         
Average number of employees* 2,283 2,133 2,386 2,224
Number of employees at end of the period 2,358 2,176 2,076 2,286
         
* Average number of employees includes discontinued operations in the period 31 March 2016, and previous periods.

Key financial indicators per share **

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  12 months ending
SEK 31 Mar 2018 31 Mar 2017 31 Mar 2016 31 Mar 2015
Earnings per share before dilution 7.70 6.60 4.85 4.70
Earnings per share after dilution 7.65 6.55 4.85 4.70
Cash flow from operating activities per share 8.05 8.25 7.10 8.40
Shareholders’ equity per share 31.10 25.45 22.10 22.60
Share price at the end of the period 168.00 148.50 112.00 115.75
Average number of shares after repurchases, ’000s 66,950 66,824 66,703 66,288
Average number of shares adjusted for repurchases and dilution, ’000s 67,178 67,008 66,809 66,615
Number of shares outstanding at end of the period, ’000s 66,992 66,824 66,958 66,456
         
** All figures regarding the balance sheet refer to continuing from 31 March 2016 without retroactivity for earlier periods.
Latest updated: 5/15/2018 8:15:53 AM by charlotte.becker@oxp.se