Consolidated income statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2018 30 Jun 2017   30 Jun 2018 31 Mar 2018
Net sales 2,395 1,979   8,438 8,022
Cost of sales -1,650 -1,358   -5,814 -5,522
Gross profit 745 621   2,624 2,500
Selling expenses -395 -336   -1,423 -1,364
Administrative expenses -133 -110   -478 -455
Other operating income and expenses 4 6   18 20
Operating profit 221 181   741 701
- as % of net sales 9.2 9.1   8.8 8.7
Financial income and expenses -16 -4   -48 -36
Profit after financial items 205 177   693 665
- as % of net sales 8.6 8.9   8.2 8.3
Income tax expense -43 -34   -148 -139
Profit for the period 162 143   545 526
           
Profit for the period attributable to:          
Equity holders of the Parent Company 159 140   533 514
Non-controlling interests 3 3   12 12
           
Earnings per share before dilution, SEK 2.35 2.10   7.95 7.70
Earnings per share after dilution, SEK 2.35 2.10   7.90 7.65
           
Average number of shares after repurchases, ’000s 67,053 66,925   66,982 66,950
Number of shares at end of the period, ’000s 67,135 67,037   67,135 66,992

Consolidated statement of comprehensive income

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  3 months   Rolling 12 months
SEKm 30 Jun 2018 30 Jun 2017   30 Jun 2018 31 Mar 2018
Profit for the period 162 143   545 526
Components that will be reclassified to profit for the year          
Cash flow hedges 0 0   0 0
Foreign currency translation differences for the period 50 -20   185 115
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation - -   -7 -7
Other comprehensive income 50 -20   178 108
Total comprehensive income 212 123   723 634
           
Total comprehensive income attributable to:          
Equity holders of the Parent Company 209 120   708 619
Non-controlling interests 3 3   15 15
 

Consolidated balance sheet, condensed

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SEKm 30 Jun 2018 30 Jun 2017 31 Mar 2018
Goodwill 1,540 1,196 1,456
Other intangible non-current assets 1,052 859 1,007
Property, plant and equipment 210 191 207
Financial non-current assets 33 29 32
Total non-current assets 2,835 2,275 2,702
Inventories 1,214 996 1,118
Current receivables 1,713 1,386 1,507
Cash and cash equivalents 223 173 192
Total current assets 3,150 2,555 2,817
Total assets 5,985 4,830 5,519
Total equity 2,349 1,882 2,131
Interest-bearing provisions 229 218 229
Non-interest-bearing provisions 329 290 322
Non-current interest-bearing liabilities 388 180 411
Non-current non-interest-bearing liabilities 12 13 11
Total non-current liabilities 958 701 973
Non-interest-bearing provisions 37 45 31
Current interest-bearing liabilities 1,081 938 958
Current non-interest-bearing liabilities 1,560 1,264 1,426
Total current liabilities 2,678 2,247 2,415
Total equity and liabilities 5,985 4,830 5,519
     

Consolidated statement of changes in equity, condensed

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SEKm 30 Jun 2018 30 Jun 2017 31 Mar 2018
Opening balance 2,131 1,741 1,741
Exercised, issued and repurchased options 7 18 31
Repurchase of treasury shares - - -31
Dividend, ordinary - - -235
Dividend, non-controlling interests -1 - -9
Total comprehensive income 212 123 634
Closing balance 2,349 1,882 2,131
       

 

Consolidated cash flow statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2018 30 Jun 2017   30 Jun 2018 31 Mar 2018
Profit after financial items 205 177   693 665
Adjustment for items not included in cash flow 69 33   195 159
Income tax paid -27 -28   -168 -169
Changes in working capital -195 -97   -214 -116
Cash flow from operating activities 52 85   506 539
Net investments in non-current assets -10 -5   -48 -43
Acquisitions and disposals -140 -172   -445 -477
Cash flow from investing activities -150 -177   -493 -520
Dividend paid to shareholders - -   -235 -235
Repurchase of own shares/change of options 7 18   -11 0
Other financing activities 112 76   259 223
Cash flow from financing activities 119 94   13 -12
Cash flow for the period 21 2   26 7
Cash and cash equivalents at beginning of period 192 178   173 178
Exchange differences on cash and cash equivalents 10 -7   24 7
Cash and cash equivalents at end of period 223 173   223 192

Fair values on financial instruments

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  30 Jun 2018 31 Mar 2018
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives used in hedge accounting 1 1 - 2 2 -
Derivatives held for trading purposes 1 1 - 2 2 -
Total financial assets at fair value per level 2 2 - 4 4 -
             
Derivatives used in hedge accounting 0 0 - 0 0 -
Derivatives held for trading purposes 14 14 - 5 5 -
Contingent considerations 198 - 198 215 - 215
Total financial liabilities at fair value per level 212 14 198 220 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 30 Jun 2018   31 Mar 2018    
Opening balance 215     105    
Acquisitions during the year 17     152    
Reversed through profit or loss -     -9    
Consideration paid -39     -49    
Interest expenses 2     8    
Exchange differences 3     8    
Closing balance 198     215    

 

Key financial indicators 

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  12 months ending
  30 Jun 2018 31 Mar 2018 30 Jun 2017 31 Mar 2017 31 Mar 2016
Net sales, SEKm 8,438 8,022 7,397 7,178 6,155
EBITDA, SEKm 929 881 791 755 570
EBITA, SEKm 884 838 750 715 536
EBITA-margin, SEKm 10.5 10.5 10.1 10.0 8.7
Operating profit, SEKm 741 701 632 604 443
Operating margin, % 8.8 8.7 8.5 8.4 7.2
Profit after financial items, SEKm 693 665 612 580 423
Profit for the period, SEKm 545 526 480 450 333
           
Working capital 1,678 1,591 1,416 1,362 1,208
Return on working capital (P/WC), % 53 53 53 53 44
Return on equity, % 27 28 28 28 20
Return on capital employed, % 22 22 23 23 16
Equity ratio, % 39 39 39 39 40
           
Net debt, incl pensions, SEKm 1,475 1,405 1,163 1,011 822
Net debt, incl pensions / equity ratio, multiple 0.6 0.7 0.6 0.6 0.6
Net debt, incl pensions / EBITDA, multiple 1.6 1.6 1.5 1.3 1.4
Net debt excl. pensions, SEKm 1,246 1,176 945 801 623
Net debt, excl pensions / equity ratio, multiple 0.5 0.6 0.5 0.5 0.4
Interest coverage ratio, multiple 22.6 22.7 23.7 23.9 20.3
           
Average number of employees* 2,332 2,283 2,170 2,133 2,386
Number of employees at end of the period 2,449 2,358 2,254 2,176 2,076
           
* 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 2018 31 Mar 2018 30 Jun 2017 31 Mar 2017 31 Mar 2016
Earnings per share before dilution 7.95 7.70 7.05 6.60 4.85
Earnings per share after dilution 7.90 7.65 7.00 6.55 4.85
Cash flow from operating activities per share 7.55 8.05 7.95 8.25 7.10
Shareholders’ equity per share 34.25 31.10 27.40 25.45 22.10
Share price at the end of the period 198.20 168.00 160.50 148.50 112.00
Average number of shares after repurchases, ’000s 66,982 66,950 66,816 66,824 66,703
Average number of shares adjusted for repurchases and dilution, ’000s 67,136 67,178 66,958 67,008 66,809
Number of shares outstanding at end of the period, ’000s 67,135 66,992 67,037 66,824 66,958
           
 
Latest updated: 7/10/2018 11:14:13 AM by eva.skoglund@addtech.com