	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Mar 2018
Net sales	2,551	2,030	7,284	5,901	9,405	8,022
Cost of sales	-1,763	-1,396	-5,028	-4,063	-6,487	-5,522
Gross profit	788	634	2,256	1,838	2,918	2,500
Selling expenses	-447	-359	-1,220	-995	-1,589	-1,364
Administrative expenses	-151	-124	-410	-334	-531	-455
Other operating income and expenses	13	4	24	8	36	20
Operating profit	203	155	650	517	834	701
- as % of net sales	7.9	7.7	8.9	8.8	8.9	8.7
Financial income and expenses	-10	-8	-31	-20	-47	-36
Profit after financial items	193	147	619	497	787	665
- as % of net sales	7.5	7.2	8.5	8.4	8.4	8.3
Income tax expense	-37	-32	-127	-104	-162	-139
Profit for the period	156	115	492	393	625	526
Profit for the period attributable to:
Equity holders of the Parent Company	152	112	483	384	613	514
Non-controlling interests	4	3	9	9	12	12

Earnings per share before dilution, SEK	2.25	1.70	7.20	5.75	9.15	7.70
Earnings per share after dilution, SEK	2.30	1.65	7.20	5.70	9.15	7.65
Average number of shares after repurchases, ’000s	66,990	66,890	67,051	66,940	67,033	66,950
Number of shares at end of the period, ’000s	67,009	66,955	67,009	66,955	67,009	66,992

	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Mar 2018
Profit for the period	156	115	492	393	625	526
Items that may be reclassified to profit or loss
Cash flow hedges	0	1	-1	0	-1	0
Foreign currency translation differences for the period	-50	11	-40	1	74	115
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation	0	-17	-18	-17	-8	-7
Other comprehensive income	-50	-5	-59	-16	65	108
Total comprehensive income	106	110	433	377	690	634
Total comprehensive income attributable to:
Equity holders of the Parent Company	103	105	425	367	677	619
Non-controlling interests	3	5	8	10	13	15

SEKm	31 Dec 2018	31 Dec 2017	31 Mar 2018
Goodwill	1,716	1,391	1,456
Other intangible non-current assets	1,169	991	1,007
Property, plant and equipment	255	195	207
Financial non-current assets	43	34	32
Total non-current assets	3,183	2,611	2,702
Inventories	1,403	1,085	1,118
Current receivables	1,674	1,354	1,507
Cash and cash equivalents	238	211	192
Total current assets	3,315	2,650	2,817
Total assets	6,498	5,261	5,519
Total equity	2,262	1,873	2,131
Interest-bearing provisions	252	240	229
Non-interest-bearing provisions	347	314	322
Non-current interest-bearing liabilities	704	457	411
Non-current non-interest-bearing liabilities	12	13	11
Total non-current liabilities	1,315	1,024	973
Non-interest-bearing provisions	35	37	31
Current interest-bearing liabilities	1,342	986	958
Current non-interest-bearing liabilities	1,544	1,341	1,426
Total current liabilities	2,921	2,364	2,415
Total equity and liabilities	6,498	5,261	5,519

SEKm	31 Dec 2018	31 Dec 2017	31 Mar 2018
Opening balance	2,131	1,741	1,741
Exercised, issued and repurchased options	16	28	31
Repurchase of treasury shares	-38	-31	-31
Dividend, ordinary	-269	-235	-235
Dividend, non-controlling interests	-9	-7	-9
Change non-controlling interests	-2	-	-
Total comprehensive income	433	377	634
Closing balance	2,262	1,873	2,131

	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Dec 2017	31 Dec 2018	31 Mar 2018
Profit after financial items	193	147	619	497	787	665
Adjustment for items not included in cash flow	53	29	147	112	194	159
Income tax paid	-96	-65	-182	-132	-219	-169
Changes in working capital	25	141	-264	-89	-291	-116
Cash flow from operating activities	175	252	320	388	471	539
Net investments in non-current assets	-16	-16	-37	-28	-52	-43
Acquisitions and disposals	-55	-241	-555	-381	-651	-477
Cash flow from investing activities	-71	-257	-592	-409	-703	-520
Dividend paid to shareholders	-	-	-269	-235	-269	-235
Repurchase of own shares/change of options	9	7	-22	-3	-19	0
Other financing activities	-119	43	609	299	533	223
Cash flow from financing activities	-110	50	318	61	245	-12
Cash flow for the period	-6	45	46	40	13	7
Cash and cash equivalents at beginning of period	246	166	192	178	211	178
Exchange differences on cash and cash equivalents	-2	0	0	-7	14	7
Cash and cash equivalents at end of period	238	211	238	211	238	192

	31 Dec 2018			31 Mar 2018
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	1	1	-	2	2	-
Derivatives - fair value through profit	2	2	-	2	2	-
Total financial assets at fair value per level	3	3	-	4	4	-

Derivatives - fair value, hedge instruments	1	1	-	0	0	-
Derivatives - fair value through profit	1	1	-	5	5	-
Contingent considerations - fair value through profit	217	-	217	215	-	215
Total financial liabilities at fair value per level	219	2	217	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 Dec 2018		31 Mar 2018
Opening balance	215			105
Acquisitions during the year	70			152
Reversed through profit or loss	-11			-9
Consideration paid	-62			-49
Interest expenses	7			8
Exchange differences	-2			8
Closing balance	217			215

	12 months ending
	31 Dec 2018	31 Mar 2018	31 Dec 2017	31 Mar 2017	31 Mar 2016
Net sales, SEKm	9,405	8,022	7,842	7,178	6,155
EBITDA, SEKm	1,047	881	853	755	570
EBITA, SEKm	997	838	810	715	536
EBITA margin, %	10.6	10.5	10.3	10.0	8.7
Operating profit, SEKm	834	701	680	604	443
Operating margin, %	8.9	8.7	8.7	8.4	7.2
Profit after financial items, SEKm	787	665	651	580	423
Profit for the period, SEKm	625	526	511	450	333

Working capital	1,899	1,591	1,524	1,362	1,208
Return on working capital (P/WC), %	53	53	53	53	44
Return on equity, %	29	28	29	28	20
Return on capital employed, %	21	22	22	23	16
Equity ratio, %	35	39	36	39	40

Net debt, incl pensions, SEKm	2,060	1,405	1,472	1,011	822
Net debt, incl pensions / equity ratio, multiple	0.9	0.7	0.8	0.6	0.6
Net debt, incl pensions / EBITDA, multiple	2.0	1.6	1.7	1.3	1.4
Net debt excl. pensions, SEKm	1,808	1,176	1,232	801	623
Net debt, excl pensions / equity ratio, multiple	0.8	0.6	0.7	0.5	0.4
Interest coverage ratio, multiple	21.4	22.7	24.1	23.9	20.3

Average number of employees*	2,501	2,283	2,238	2,133	2,386
Number of employees at end of the period	2,684	2,358	2,307	2,176	2,076

* Average number of employees includes discontinued operations in the period 31 March 2016.

	12 months ending
SEK	31 Dec 2018	31 Mar 2018	31 Dec 2017	31 Mar 2017	31 Mar 2016
Earnings per share before dilution	9.15	7.70	7.50	6.60	4.85
Earnings per share after dilution	9.15	7.65	7.40	6.55	4.85
Cash flow from operating activities per share	7.05	8.05	8.20	8.25	7.10
Shareholders’ equity per share	33.05	31.10	27.30	25.45	22.10
Share price at the end of the period	158.20	168.00	179.50	148.50	112.00
Average number of shares after repurchases, ’000s	67,033	66,950	66,890	66,824	66,703
Average number of shares adjusted for repurchases and dilution, ’000s	67,170	67,178	67,116	67,008	66,809
Number of shares outstanding at end of the period, ’000s	67,009	66,992	66,955	66,824	66,958

Latest updated: 2/4/2019 2:36:31 PM by eva.skoglund@addtech.com