	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Mar 2017
Net sales	2,030	1,819	5,901	5,237	7,842	7,178
Cost of sales	-1,396	-1,255	-4,063	-3,594	-5,408	-4,939
Gross profit	634	564	1,838	1,643	2,434	2,239
Selling expenses	-359	-327	-995	-919	-1,317	-1,241
Administrative expenses	-124	-113	-334	-308	-458	-432
Other operating income and expenses	4	8	8	25	21	38
Operating profit	155	132	517	441	680	604
- as % of net sales	7.7	7.3	8.8	8.4	8.7	8.4
Financial income and expenses	-8	-6	-20	-15	-29	-24
Profit after financial items	147	126	497	426	651	580
- as % of net sales	7.2	7.0	8.4	8.1	8.3	8.1
Income tax expense	-32	-28	-104	-94	-140	-130
Profit for the period	115	98	393	332	511	450

Profit for the period attributable to:
Equity holders of the Parent Company	112	94	384	325	499	440
Non-controlling interests	3	4	9	7	12	10

Earnings per share before dilution, SEK	1.70	1.40	5.75	4.85	7.50	6.60
Earnings per share after dilution, SEK	1.65	1.40	5.70	4.85	7.40	6.55
Average number of shares after repurchases, ’000s	66,890	66,693	66,940	66,852	66,890	66,824
Number of shares at end of the period, ’000s	66,955	66,700	66,955	66,700	66,955	66,824

	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Mar 2017
Profit for the period	115	98	393	332	511	450
Components that will be reclassified to profit for the year
Cash flow hedges	1	1	0	2	-1	1
Foreign currency translation differences for the period	11	-20	1	56	-3	52
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation	-17	-12	-17	-12	-15	-10
Other comprehensive income	-5	-31	-16	46	-19	43
Total comprehensive income	110	67	377	378	492	493
Total comprehensive income attributable to:
Equity holders of the Parent Company	105	64	367	371	478	482
Non-controlling interests	5	3	10	7	14	11

SEKm	31 Dec 2017	31 Dec 2016	31 Mar 2017
Goodwill	1,391	990	1,101
Other intangible non-current assets	991	699	791
Property, plant and equipment	195	184	190
Financial non-current assets	34	30	27
Total non-current assets	2,611	1,903	2,109
Inventories	1,085	960	942
Current receivables	1,354	1,167	1,286
Cash and cash equivalents	211	152	178
Total current assets	2,650	2,279	2,406
Total assets	5,261	4,182	4,515
Total equity	1,873	1,615	1,741
Interest-bearing provisions	240	217	210
Non-interest-bearing provisions	314	247	278
Non-current interest-bearing liabilities	457	39	69
Non-current non-interest-bearing liabilities	13	14	18
Total non-current liabilities	1,024	517	575
Non-interest-bearing provisions	37	16	26
Current interest-bearing liabilities	986	867	910
Current non-interest-bearing liabilities	1,341	1,167	1,263
Total current liabilities	2,364	2,050	2,199
Total equity and liabilities	5,261	4,182	4,515

SEKm	31 Dec 2017	31 Dec 2016	31 Mar 2017
Opening balance	1,741	1,514	1,514
Exercised, issued and repurchased options	28	1	12
Repurchase of treasury shares	-31	-40	-40
Dividend, ordinary	-235	-218	-218
Dividend, non-controlling interests	-7	-8	-8
Change non-controlling interests	-	2	2
Option debt, acquisition	-	-9	-9
Distribution of AddLife	-	-5	-5
Total comprehensive income	377	378	493
Closing balance	1,873	1,615	1,741

	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Mar 2017
Profit after financial items	147	126	497	426	651	580
Adjustment for items not included in cash flow	29	42	112	112	134	134
Income tax paid	-65	-45	-132	-89	-166	-123
Changes in working capital	141	54	-89	-58	-71	-40
Cash flow from operating activities	252	177	388	391	548	551
Net investments in non-current assets	-16	-16	-28	-38	-50	-60
Acquisitions and disposals	-241	-62	-381	-152	-564	-335
Cash flow from investing activities	-257	-78	-409	-190	-614	-395
Dividend paid to shareholders	-	-	-235	-218	-235	-218
Repurchase of own shares/change of options	7	7	-3	-39	8	-28
Other financing activities	43	-80	299	62	357	120
Cash flow from financing activities	50	-73	61	-195	130	-126
Cash flow for the period	45	26	40	6	64	30
Cash and cash equivalents at beginning of period	166	128	178	140	152	140
Exchange differences on cash and cash equivalents	0	-2	-7	6	-5	8
Cash and cash equivalents at end of period	211	152	211	152	211	178

	31 Dec 2017			31 Mar 2017
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives used in hedge accounting	1	1	-	1	1	-
Derivatives held for trading purposes	1	1	-	2	2	-
Total financial assets at fair value per level	2	2	-	3	3	-

Derivatives used in hedge accounting	1	1	-	0	0	-
Derivatives held for trading purposes	3	3	-	1	1	-
Contingent considerations	220	-	220	105	-	105
Total financial liabilities at fair value per level	224	4	220	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 Dec 2017		31 Mar 2017
Opening balance	105			55
Acquisitions during the year	139			86
Reversed through profit or loss	-8			-12
Consideration paid	-22			-27
Interest expenses	6			3
Exchange differences	0			0
Closing balance	220			105

	12 months ending
	31 Dec 2017	31 Mar 2017	31 Dec 2016	31 Mar 2016	31 Mar 2015
Net sales, SEKm	7,842	7,178	6,868	6,155	5,719
EBITDA, SEKm	853	755	702	570	542
EBITA, SEKm	810	715	664	536	510
EBITA margin, %	10.3	10.0	9.7	8.7	8.9
Operating profit, SEKm	680	604	558	443	431
Operating margin, %	8.7	8.4	8.1	7.2	7.5
Profit after financial items, SEKm	651	580	534	423	408
Profit for the period, SEKm	511	450	417	333	321

Working capital	1,524	1,362	1,320	1,208	1,084
Return on working capital (P/WC), %	53	53	50	44	47
Return on equity, %	29	28	26	20	28
Return on capital employed, %	22	23	20	16	23
Equity ratio, %	36	39	39	40	40

Net debt, incl pensions, SEKm	1,472	1,011	970	822	828
Net debt, incl pensions / equity ratio, multiple	0.8	0.6	0.6	0.6	0.6
Net debt, incl pensions / EBITDA, multiple	1.7	1.3	1.4	1.4	1.2
Net debt excl. pensions, SEKm	1,232	801	753	623	510
Net debt, excl pensions / equity ratio, multiple	0.7	0.5	0.5	0.4	0.3
Interest coverage ratio, multiple	24.1	23.9	21.8	20.3	21.9

Average number of employees*	2,238	2,133	2,110	2,386	2,224
Number of employees at end of the period	2,307	2,176	2,142	2,076	2,286

* Average number of employees includes discontinued operations in the period 31 March 2016, and previous periods.

	12 months ending
SEK	31 Dec 2017	31 Mar 2017	31 Dec 2016	31 Mar 2016	31 Mar 2015
Earnings per share before dilution	7.50	6.60	6.05	4.85	4.70
Earnings per share after dilution	7.40	6.55	6.05	4.85	4.70
Cash flow from operating activities per share	8.20	8.25	8.00	7.10	8.40
Shareholders’ equity per share	27.30	25.45	23.65	22.10	22.60
Share price at the end of the period	179.50	148.50	142.50	112.00	115.75
Average number of shares after repurchases, ’000s	66,890	66,824	66,879	66,703	66,288
Average number of shares adjusted for repurchases and dilution, ’000s	67,116	67,008	67,078	66,809	66,615
Number of shares outstanding at end of the period, ’000s	66,955	66,824	66,700	66,958	66,456

** All figures regarding the balance sheet refer to continuing from 31 March 2016 without retroactivity for earlier periods.

Latest updated: 1/22/2018 5:12:29 PM by charlotte.becker@oxp.se