Consolidated income statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2019 30 Jun 2018   30 Jun 2019 31 Mar 2019
Net sales 2,934 2,395   10,687 10,148
Cost of sales -2,029 -1,650   -7,405 -7,025
Gross profit 905 745   3,282 3,123
Selling expenses -459 -395   -1,741 -1,677
Administrative expenses -171 -133   -603 -565
Other operating income and expenses 17 4   42 29
Operating profit 292 221   980 910
- as % of net sales 10.0 9.2   9.2 9.0
Financial income and expenses -6 -16   -33 -45
Profit after financial items 286 205   947 865
- as % of net sales 9.7 8.6   8.9 8.5
Income tax expense -60 -43   -210 -193
Profit for the period 226 162   737 672
           
Profit for the period attributable to:          
Equity holders of the Parent Company 224 159   726 660
Non-controlling interests 2 3   11 12
           
Earnings per share before dilution, SEK 3.35 2.35   10,85 9.85
Earnings per share after dilution, SEK 3.35 2.35   10.80 9.80
           
Average number of shares after repurchases, ’000s 67,112 67,053   67,061 67,047
Number of shares at end of the period, ’000s 67,205 67,135   67,205 67,057

Consolidated statement of comprehensive income

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  3 months   Rolling 12 months
SEKm 30 Jun 2019 30 Jun 2018   30 Jun 2019 31 Mar 2019
Profit for the period 226 162   737 672
Components that will be reclassified to profit for the year          
Cash flow hedges 1 0   1 0
Foreign currency translation differences for the period 26 50   13 37
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation - -   -24 -24
Other comprehensive income 27 50   -10 13
Total comprehensive income 253 212   727 685
           
Total comprehensive income attributable to:          
Equity holders of the Parent Company 250 209   714 672
Non-controlling interests 3 3   13 13

 

Consolidated balance sheet, condensed

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SEKm 30 Jun 2019 30 Jun 2019* 30 Jun 2018 31 Mar 2019
Goodwill 1,896 1,896 1,540 1,767
Other intangible non-current assets 1,272 1,272 1,052 1,186
Property, plant and equipment 816 286 210 270
Financial non-current assets 57 57 33 45
Total non-current assets 4,041 3,511 2,835 3,268
Inventories 1,580 1,580 1,214 1,417
Current receivables 2,058 2,058 1,713 2,065
Cash and cash equivalents 233 233 223 295
Total current assets 3,871 3,871 3,150 3,777
Total assets 7,912 7,382 5,985 7,045
Total equity 2,782 2,783 2,349 2,520
Interest-bearing provisions 313 313 229 260
Non-interest-bearing provisions 361 361 329 353
Non-current interest-bearing liabilities 1,170 779 388 719
Non-current non-interest-bearing liabilities 3 3 12 12
Total non-current liabilities 1,847 1,456 958 1,344
Non-interest-bearing provisions 47 47 37 47
Current interest-bearing liabilities 1,345 1,205 1,081 1,277
Current non-interest-bearing liabilities 1,891 1,891 1,560 1,857
Total current liabilities 3,283 3,143 2,678 3,181
Total equity and liabilities 7,912 7,382 5,985 7,045

Consolidated statement of changes in equity, condensed

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SEKm 30 Jun 2019 30 Jun 2019* 30 Jun 2018 31 Mar 2019
Opening balance 2,520 2,520 2,131 2,131
Exercised, issued and repurchased options 6 6 7 22
Repurchase of treasury shares - - - -38
Dividend, ordinary - - - -269
Dividend, non-controlling interests 0 0 -1 -9
Change non-controlling interests 3 3 - -2
Total comprehensive income 253 254 212 685
Closing balance 2,782 2,783 2,349 2,520
*The figures in the balance sheet exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period
         

 

 

Consolidated cash flow statement, condensed

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  3 months   Rolling 12 months
SEKm 30 Jun 2019 30 Jun 2018   30 Jun 2019 31 Mar 2019
Profit after financial items 286 205   947 865
Adjustment for items not included in cash flow 74 69   199 229
Income tax paid -45 -27   -248 -230
Changes in working capital -62 -195   -207 -340
Cash flow from operating activities 253 52   691 524
Net investments in non-current assets -31 -10   -101 -80
Acquisitions and disposals -249 -140   -754 -645
Cash flow from investing activities -280 -150   -855 -725
Dividend paid to shareholders - -   -269 -269
Repurchase of own shares/change of options 6 7   -17 -16
Other financing activities -40 112   461 579
Cash flow from financing activities -34 119   175 294
Cash flow for the period -61 21   11 93
Cash and cash equivalents at beginning of period 295 192   223 192
Exchange differences on cash and cash equivalents -1 10   -1 10
Cash and cash equivalents at end of period 233 223   233 295

Fair values on financial instruments

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  30 Jun 2019 31 Mar 2019
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 4 4 - 2 2 -
Derivatives - fair value through profit 9 9 - 1 1 -
Total financial assets at fair value per level 13 13 - 3 3 -
             
Derivatives - fair value, hedge instruments 0 0 - 0 0 -
Derivatives - fair value through profit 3 3 - 2 2 -
Contingent considerations - fair value through profit 177 - 177 198 - 198
Total financial liabilities at fair value per level 180 3 177 200 2 198
             
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 2019   31 Mar 2019    
Opening balance 198     215    
Acquisitions during the year 24     84    
Reversed through profit or loss -12     -8    
Consideration paid -36     -105    
Interest expenses 2     10    
Exchange differences 1     2    
Closing balance 177     198    

 

Key financial indicators 

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  12 months ending
  30 Jun 2019* 30 Jun 2019** 31 Mar 2019 30 Jun 2018 31 Mar 2018 31 Mar 2017
Net sales, SEKm 10,687 10,687 10,148 8,438 8,022 7,178
EBITDA, SEKm 1,216 1,216 1,137 929 881 755
EBITA, SEKm 1,165 1,165 1,085 884 838 715
EBITA-margin, SEKm 10.9 10.9 10.7 10.5 10.5 10.0
Operating profit, SEKm 980 980 910 741 701 604
Operating margin, % 9.2 9.2 9.0 8.8 8.7 8.4
Profit after financial items, SEKm 947 947 865 693 665 580
Profit for the period, SEKm 737 737 672 545 526 450
             
Working capital 2,159 2,159 2,029 1,678 1,591 1,362
Return on working capital (P/WC), % 54 54 53 53 53 53
Return on equity, % 31 31 29 27 28 28
Return on capital employed, % 21 22 21 22 22 23
Equity ratio, % 35 38 36 39 39 39
             
Net debt, incl pensions, SEKm 2,595 2,064 1,960 1,475 1,405 1,011
Net debt, incl pensions / equity ratio, multiple 0.9 0.7 0.8 0.6 0.7 0.6
Net debt, incl pensions / EBITDA, multiple 2.1 1.7 1.7 1.6 1.6 1.3
Net debt excl. pensions, SEKm 2,282 1,751 1,700 1,246 1,176 801
Net debt, excl pensions / equity ratio, multiple 0.8 0.6 0.7 0.5 0.6 0.5
Interest coverage ratio, multiple 22.6 22.6 22.1 22.6 22.7 23.9
             
Average number of employees* 2,697 2,697 2,590 2,332 2,283 2,133
Number of employees at end of the period 2,896 2,896 2,759 2,449 2,358 2,176
             
*Performance based figures for rolling 12 months in the income statement exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period
**Performance based figures for rolling 12 months in the income statement as well as the figures in the balance sheet exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period
For definitions of key financial indicators, see page 20

Key financial indicators per share 

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  12 months ending
SEK 30 Jun 2019 31 Mar 2019 30 Jun 2018 31 Mar 2018 31 Mar 2017
Earnings per share before dilution 10.85 9.85 7.95 7.70 6.60
Earnings per share after dilution 10.80 9.80 7.90 7.65 6.55
Cash flow from operating activities per share 10.30 7.80 7.55 8.05 8.25
Shareholders’ equity per share 40.60 36.80 34.25 31.10 25.45
Share price at the end of the period 282.00 193.00 198.20 168.00 148.50
Average number of shares after repurchases, ’000s 67,061 67,047 66,982 66,950 66,824
Average number of shares adjusted for repurchases and dilution, ’000s 67,157 67,189 67,136 67,178 67,008
Number of shares outstanding at end of the period, ’000s 67,205 67,057 67,135 66,992 66,824
Latest updated: 7/11/2019 3:31:49 PM by eva.skoglund@addtech.com