Consolidated income statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2017 30 Jun 2016   30 Jun 2017 31 Mar 2017
Net sales 1,979 1,760   7,397 7,178
Cost of sales -1,358 -1,201   -5,096 -4,939
Gross profit 621 559   2,301 2,239
Selling expenses -336 -313   -1,264 -1,241
Administrative expenses -110 -104   -438 -432
Other operating income and expenses 6 11   33 38
Operating profit 181 153   632 604
- as % of net sales 9.1 8.7   8.5 8.4
Financial income and expenses -4 -8   -20 -24
Profit after financial items 177 145   612 580
- as % of net sales 8.9 8.2   8.3 8.1
Income tax expense -34 -32   -132 -130
Profit for the period 143 113   480 450
           
Profit for the period attributable to:          
Equity holders of the Parent Company 140 110   470 440
Non-controlling interests 3 3   10 10
           
Earnings per share before dilution, SEK 2.10 1.65   7.05 6.60
Earnings per share after dilution, SEK 2.10 1.65   7.00 6.55
           
Average number of shares after repurchases, ’000s 66,925 66,958   66,816 66,824
Number of shares at end of the period, ’000s 67,037 66,958   67,037 66,824

Consolidated statement of comprehensive income

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  3 months   Rolling 12 months
SEKm 30 Jun 2017 30 Jun 2016   30 Jun 2017 31 Mar 2017
Profit for the period 143 113   480 450
Components that will be reclassified to profit for the year          
Cash flow hedges 0 0   1 1
Foreign currency translation differences for the period -20 36   -4 52
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation - -   -10 -10
Other comprehensive income -20 36   -13 43
Total comprehensive income 123 149   467 493
           
Total comprehensive income attributable to:          
Equity holders of the Parent Company 120 146   456 482
Non-controlling interests 3 3   11 11
 

Consolidated balance sheet, condensed

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SEKm 30 Jun 2017 30 Jun 2016 31 Mar 2017
Goodwill 1,196 932 1,101
Other intangible non-current assets 859 690 791
Property, plant and equipment 191 171 190
Financial non-current assets 29 30 27
Total non-current assets 2,275 1,823 2,109
Inventories 996 918 942
Current receivables 1,386 1,191 1,286
Cash and cash equivalents 173 184 178
Total current assets 2,555 2,293 2,406
Total assets 4,830 4,116 4,515
Total equity 1,882 1,650 1,741
Interest-bearing provisions 218 200 210
Non-interest-bearing provisions 290 249 278
Non-current interest-bearing liabilities 180 35 69
Non-current non-interest-bearing liabilities 13 0 18
Total non-current liabilities 701 484 575
Non-interest-bearing provisions 45 13 26
Current interest-bearing liabilities 938 802 910
Current non-interest-bearing liabilities 1,264 1,167 1,263
Total current liabilities 2,247 1,982 2,199
Total equity and liabilities 4,830 4,116 4,515
     

Consolidated statement of changes in equity, condensed

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SEKm 30 Jun 2017 30 Jun 2016 31 Mar 2017
Opening balance 1,741 1,514 1,514
Exercised, issued and repurchased options 18 -6 12
Repurchase of treasury shares - - -40
Dividend, ordinary - - -218
Dividend, non-controlling interests - - -8
Change non-controlling interests - 2 2
Option debt, acquisition - -9 -9
Distribution of AddLife - - -5
Total comprehensive income 123 149 493
Closing balance 1,882 1,650 1,741
       

 

Consolidated cash flow statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2017 30 Jun 2016   30 Jun 2017 31 Mar 2017
Profit after financial items 177 145   612 580
Adjustment for items not included in cash flow 33 49   118 134
Income tax paid -28 -29   -122 -123
Changes in working capital -97 -61   -76 -40
Cash flow from operating activities 85 104   532 551
Net investments in non-current assets -5 -6   -59 -60
Acquisitions and disposals -172 -75   -432 -335
Cash flow from investing activities -177 -81   -491 -395
Dividend paid to shareholders - -   -218 -218
Repurchase of own shares/change of options 18 -6   -4 -28
Other financing activities 76 21   175 120
Cash flow from financing activities 94 15   -47 -126
Cash flow for the period 2 38   -6 30
Cash and cash equivalents at beginning of period 178 140   184 140
Exchange differences on cash and cash equivalents -7 6   -5 8
Cash and cash equivalents at end of period 173 184   173 178

Fair values on financial instruments

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  30 Jun 2017 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 4 4 - 2 2 -
Total financial assets at fair value per level 6 6 - 3 3 -
             
Derivatives used in hedge accounting 1 1 - 0 0 -
Derivatives held for trading purposes - - - 1 1 -
Contingent considerations 146 - 146 105 - 105
Total financial liabilities at fair value per level 147 1 146 106 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 30 Jun 2017   31 Mar 2017    
Opening balance 105     55    
Acquisitions during the year 57     86    
Reversed through profit or loss -1     -12    
Consideration paid -16     -27    
Interest expenses 2     3    
Exchange differences -1     0    
Closing balance 146     105    

 

Key financial indicators **

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  12 months ending
  30 Jun 2017 31 Mar 2017 30 Jun 2016 31 Mar 2016 31 Mar 2015
Net sales, SEKm 7,397 7,178 6,443 6,155 5,719
EBITDA, SEKm 791 755 620 570 542
EBITA, SEKm 750 715 585 536 510
EBITA-margin, SEKm 10.1 10.0 9.1 8.7 8.9
Operating profit, SEKm 632 604 487 443 431
Operating margin, % 8.5 8.4 7.6 7.2 7.5
Profit after financial items, SEKm 612 580 461 423 408
Profit for the period, SEKm 480 450 363 333 321
           
Working capital 1,416 1,362 1,254 1,208 1,084
Return on working capital (P/WC), % 53 53 47 44 47
Return on equity, % 28 28 22 20 28
Return on capital employed, % 23 23 17 16 23
Equity ratio, % 39 39 40 40 40
           
Net debt, incl pensions, SEKm 1,163 1,011 852 822 828
Net debt, incl pensions / equity ratio, multiple 0.6 0.6 0.5 0.6 0.6
Net debt, incl pensions / EBITDA, multiple 1.5 1.3 1.4 1.4 1.2
Net debt excl. pensions, SEKm 945 801 652 623 510
Net debt, excl pensions / equity ratio, multiple 0.5 0.5 0.4 0.4 0.3
Interest coverage ratio, multiple 23.7 23.9 20.8 20.3 21.9
           
Average number of employees* 2,170 2,133 2,063 2,386 2,224
Number of employees at end of the period 2,254 2,176 2,128 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 30 Jun 2017 31 Mar 2017 30 Jun 2016 31 Mar 2016 31 Mar 2015
Earnings per share before dilution 7.05 6.60 5.30 4.85 4.70
Earnings per share after dilution 7.00 6.55 5.30 4.85 4.70
Cash flow from operating activities per share 7.95 8.25 7.70 7.10 8.40
Shareholders’ equity per share 27.40 25.45 24.05 22.10 22.60
Share price at the end of the period 160.50 148.50 106.00 112.00 115.75
Average number of shares after repurchases, ’000s 66,816 66,824 66,800 66,703 66,288
Average number of shares adjusted for repurchases and dilution, ’000s 66,958 67,008 67,011 66,809 66,615
Number of shares outstanding at end of the period, ’000s 67,037 66,824 66,958 66,958 66,456
           
** All figures regarding the balance sheet refer to continuing from 31 March 2016 without retroactivity for earlier periods.
Latest updated: 7/11/2017 4:54:54 PM by charlotte.becker@oxp.se