Consolidated income statement, condensed

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  3 months   Rolling 12 months
SEKm 31 Mar 2019 31 Mar 2018   31 Mar 2019 31 Mar 2018
Net sales 2,864 2,121   10,148 8,022
Cost of sales -1,997 -1,459   -7,025 -5,522
Gross profit 867 662   3,123 2,500
Selling expenses -457 -369   -1,677 -1,364
Administrative expenses -155 -121   -565 -455
Other operating income and expenses 5 12   29 20
Operating profit 260 184   910 701
- as % of net sales 9.1 8.7   9.0 8.7
Financial income and expenses -14 -16   -45 -36
Profit after financial items 246 168   865 665
- as % of net sales 8.6 7.9   8.5 8.3
Income tax expense -66 -35   -193 -139
Profit for the period 180 133   672 526
           
Profit for the period attributable to:          
Equity holders of the Parent Company 177 130   660 514
Non-controlling interests 3 3   12 12
           
Earnings per share before dilution, SEK 2.65 1.95   9.85 7.70
Earnings per share after dilution, SEK 2.60 1.95   9.80 7.65
Average number of shares after repurchases, ’000s 67,033 66,978   67,047 66,950
Number of shares at end of the period, ’000s 67,057 66,992   67,057 66,992


Consolidated statement of comprehensive income

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  3 months   Rolling 12 months
SEKm 31 Mar 2019 31 Mar 2018   31 Mar 2019 31 Mar 2018
Profit for the period 180 133   672 526
Components that will be reclassified to profit for the year          
Cash flow hedges 1 0   0 0
Foreign currency translation differences for the period 77 114   37 115
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation -6 10   -24 -7
Other comprehensive income 72 124   13 108
Total comprehensive income 252 257   685 634
Total comprehensive income attributable to:          
Equity holders of the Parent Company 247 252   672 619
Non-controlling interests 5 5   13 15

 
Consolidated balance sheet, condensed

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SEKm 31 Mar 2019 31 Mar 2018
Goodwill 1,767 1,456
Other intangible non-current assets 1,186 1,007
Property, plant and equipment 270 207
Financial non-current assets 45 32
Total non-current assets 3,268 2,702
Inventories 1,417 1,118
Current receivables 2,065 1,507
Cash and cash equivalents 295 192
Total current assets 3,777 2,817
Total assets 7,045 5,519
Total equity 2,520 2,131
Interest-bearing provisions 260 229
Non-interest-bearing provisions 353 322
Non-current interest-bearing liabilities 719 411
Non-current non-interest-bearing liabilities 12 11
Total non-current liabilities 1,344 973
Non-interest-bearing provisions 47 31
Current interest-bearing liabilities 1,277 958
Current non-interest-bearing liabilities 1,857 1,426
Total current liabilities 3,181 2,415
Total equity and liabilities 7,045 5,519
   

Consolidated statement of changes in equity, condensed

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SEKm 31 Mar 2019 31 Mar 2018
Opening balance 2,131 1,741
Exercised, issued and repurchased options 22 31
Repurchase of treasury shares -38 -31
Dividend, ordinary -269 -235
Dividend, non-controlling interests -9 -9
Change non-controlling interests -2 -
Total comprehensive income 685 634
Closing balance 2,520 2,131
     
     
     

 
Consolidated cash flow statement, condensed 

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  3 months   Rolling 12 months
SEKm 31 Mar 2019 31 Mar 2018   31 Mar 2019 31 Mar 2018
Profit after financial items 246 168   865 665
Adjustment for items not included in cash flow 82 47   229 159
Income tax paid -48 -37   -230 -169
Changes in working capital -76 -27   -340 -116
Cash flow from operating activities 204 151   524 539
Net investments in non-current assets -43 -15   -80 -43
Acquisitions and disposals -90 -96   -645 -477
Cash flow from investing activities -133 -111   -725 -520
Dividend paid to shareholders - -   -269 -235
Repurchase of own shares/change of options 6 3   -16 0
Other financing activities -30 -76   579 223
Cash flow from financing activities -24 -73   294 -12
Cash flow for the period 47 -33   93 7
Cash and cash equivalents at beginning of period 238 211   192 178
Exchange differences on cash and cash equivalents 10 14   10 7
Cash and cash equivalents at end of period 295 192   295 192

Fair values on financial instruments

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  31 Mar 2019 31 Mar 2018  
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3  
Derivatives - fair value, hedge instruments 2 2 - 2 2 -  
Derivatives - fair value through profit 1 1 - 2 2 -  
Total financial assets at fair value per level 3 3 - 4 4 -  
               
Derivatives - fair value, hedge instruments 0 0 - 0 0 -  
Derivatives - fair value through profit 2 2 - 5 5 -  
Contingent considerations - fair value through profit 198 - 198 215 - 215  
Total financial liabilities at fair value per level 200 2 198 220 5 215  
               
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 2019   31 Mar 2018      
Opening balance 215     105      
Acquisitions during the year 84     152      
Reversed through profit or loss -8     -9      
Consideration paid -105     -49      
Interest expenses 10     8      
Exchange differences 2     8      
Closing balance 198     215      

 

Key financial indicators 

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  12 months ending
  31 Mar 2019 31 Mar 2018 31 Mar 2017 31 Mar 2016
Net sales, SEKm 10,148 8,022 7,178 6,155
EBITDA, SEKm 1,137 881 755 570
EBITA, SEKm 1,085 838 715 536
EBITA margin, % 10.7 10.5 10.0 8.7
Operating profit, SEKm 910 701 604 443
Operating margin, % 9.0 8.7 8.4 7.2
Profit after financial items, SEKm 865 665 580 423
Profit for the period, SEKm 672 526 450 333
         
Working capital 2,029 1,591 1,362 1,208
Return on working capital (P/WC), % 53 53 53 44
Return on equity, % 29 28 28 20
Return on capital employed, % 21 22 23 16
Equity ratio, % 36 39 39 40
         
Net debt, incl pensions, SEKm 1,960 1,405 1,011 822
Net debt, incl pensions / equity ratio, multiple 0.8 0.7 0.6 0.6
Net debt, incl pensions / EBITDA, multiple 1.7 1.6 1.3 1.4
Net debt excl. pensions, SEKm 1,700 1,176 801 623
Net debt, excl pensions / equity ratio, multiple 0.7 0.6 0.5 0.4
Interest coverage ratio, multiple 22.1 22.7 23.9 20.3
         
Average number of employees* 2,590 2,283 2,133 2,386
Number of employees at end of the period 2,759 2,358 2,176 2,076
         
* Average number of employees includes discontinued operations in the period 31 March 2016.

Key financial indicators per share 

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  12 months ending
SEK 31 Mar 2019 31 Mar 2018 31 Mar 2017 31 Mar 2016
Earnings per share before dilution 9.85 7.70 6.60 4.85
Earnings per share after dilution 9.80 7.65 6.55 4.85
Cash flow from operating activities per share 7.80 8.05 8.25 7.10
Shareholders’ equity per share 36.80 31.10 25.45 22.10
Share price at the end of the period 193.00 168.00 148.50 112.00
Average number of shares after repurchases, ’000s 67,047 66,950 66,824 66,703
Average number of shares adjusted for repurchases and dilution, ’000s 67,189 67,178 67,008 66,809
Number of shares outstanding at end of the period, ’000s 67,057 66,992 66,824 66,958
         
 
Latest updated: 5/15/2019 8:26:06 AM by eva.skoglund@addtech.com