Group summary

CONSOLIDATED INCOME STATEMENT, CONDENSED


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2020	30 Sep 2019	30 Sep 2020	30 Sep 2019	30 Sep 2020	31 Mar 2020
Net sales	2,723	2,917	5,528	5,851	11,412	11,735
Cost of sales	-1,904	-1,993	-3,863	-4,022	-7,929	-8,088
Gross profit	819	924	1,665	1,829	3,483	3,647
Selling expenses	-421	-447	-868	-906	-1,831	-1,869
Administrative expenses	-154	-161	-304	-332	-679	-707
Other operating income and expenses	-2	13	-8	30	52	90
Operating profit	242	329	485	621	1,025	1,161
- as % of net sales	8.9	11.2	8.8	10.6	9.0	9.9
Financial income and expenses	-15	-22	-25	-28	-53	-56
Profit after financial items	227	307	460	593	972	1,105
- as % of net sales	8.3	10.5	8.3	10.1	8.5	9.4
Income tax expense	-46	-67	-95	-127	-200	-232
Profit for the period	181	240	365	466	772	873

Profit for the period attributable to:
Equity holders of the Parent Company	176	237	355	461	756	862
Non-controlling interests	5	3	10	5	16	11

Earnings per share before dilution, SEK	0.65	0.85	1.30	1.70	2.80	3.20
Earnings per share after dilution, SEK	0.65	0.85	1.30	1.70	2.80	3.20

Average number of shares after repurchases, ’000s	269,022	268,740	268,906	268,594	268,649	268,493
Number of shares at end of the period, ’000s	269,022	268,344	269,022	268,344	269,022	268,594

The number of shares has been restated to take the share split (4:1) completed in September 2020 into account, and has been used in all calculations of key figures for SEK per share.


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2020	30 Sep 2019	30 Sep 2020	30 Sep 2019	30 Sep 2020	31 Mar 2020
Profit for the period	181	240	365	466	772	873
Items that may be reclassified to profit or loss
Cash flow hedges	-1	1	-2	2	-3	1
Foreign currency translation differences for the period	5	40	-153	66	-160	59
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation	-24	-46	-24	-46	13	-9
Other comprehensive income	-20	-5	-179	22	-150	51
Total comprehensive income	161	235	186	488	622	924

Total comprehensive income attributable to:
Equity holders of the Parent Company	157	231	180	481	609	910
Non-controlling interests	4	4	6	7	13	14


SEKm	30 Sep 2020	30 Sep 2019	31 Mar 2020
Goodwill	2,553	1,917	1,997
Other intangible non-current assets	1,725	1,246	1,243
Property, plant and equipment	883	873	936
Financial non-current assets	66	62	64
Total non-current assets	5,227	4,098	4,240
Inventories	1,810	1,632	1,642
Current receivables	2,053	2,150	2,261
Cash and cash equivalents	467	258	363
Total current assets	4,330	4,040	4,266
Total assets	9,557	8,138	8,506
Total equity	3,028	2,627	3,076
Interest-bearing provisions	359	374	332
Non-interest-bearing provisions	375	340	284
Non-current interest-bearing liabilities	2,326	1,411	2,154
Non-current non-interest-bearing liabilities	2	6	2
Total non-current liabilities	3,062	2,131	2,772
Non-interest-bearing provisions	64	47	46
Current interest-bearing liabilities	1,289	1,390	462
Current non-interest-bearing liabilities	2,114	1,943	2,150
Total current liabilities	3,467	3,380	2,658
Total equity and liabilities	9,557	8,138	8,506


SEKm	30 Sep 2020	30 Sep 2019	31 Mar 2020
Opening balance	3,076	2,520	2,520
Exercised, issued and repurchased options	-5	0	16
Repurchase of treasury shares	-	-42	-42
Dividend, ordinary	-269	-336	-336
Dividend, non-controlling interests	-1	-7	-10
Change non-controlling interests	163	4	4
Option debt, acquisition	-122	-	-
Total comprehensive income	186	488	924
Closing balance	3,028	2,627	3,076


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2020	30 Sep 2019	30 Sep 2020	30 Sep 2019	30 Sep 2020	31 Mar 2020
Profit after financial items	227	307	460	593	972	1,105
Adjustment for items not included in cash flow	138	111	267	185	436	354
Income tax paid	-79	-71	-139	-116	-296	-273
Changes in working capital	-43	-81	-21	-143	53	-69
Cash flow from operating activities	243	266	567	519	1,165	1,117
Net investments in non-current assets	-14	-26	-29	-57	-74	-102
Acquisitions and disposals	-158	-46	-888	-295	-1,023	-430
Cash flow from investing activities	-172	-72	-917	-352	-1,097	-532
Dividend paid to shareholders	-269	-336	-269	-336	-269	-336
Repurchase of own shares/change of options	-22	-48	-5	-42	11	-26
Other financing activities	236	207	749	167	437	-145
Cash flow from financing activities	-55	-177	475	-211	179	-507
Cash flow for the period	16	17	125	-44	247	78
Cash and cash equivalents at beginning of period	453	233	363	295	258	295
Exchange differences on cash and cash equivalents	-2	8	-21	7	-38	-10
Cash and cash equivalents at end of period	467	258	467	258	467	363


	30 Sep 2020			31 Mar 2020
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	1	1	-	6	6	-
Derivatives - fair value through profit	2	2	-	5	5	-
Total financial assets at fair value per level	3	3	-	11	11	-

Derivatives - fair value, hedge instruments	1	1	-	1	1	-
Derivatives - fair value through profit	3	3	-	4	4	-
Contingent considerations - fair value through profit	245	-	245	151	-	151
Total financial liabilities at fair value per level	249	4	245	156	5	151

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 Sep 2020		31 Mar 2020
Opening balance	151			198
Acquisitions during the year	125			63
Reversed through profit or loss	-7			-52
Consideration paid	-23			-65
Interest expenses	5			3
Exchange differences	-6			4
Closing balance	245			151


	12 months ending
	30 Sep 2020	31 Mar 2020	30 Sep 2019*	31 Mar 2019	31 Mar 2018
Net sales, SEKm	11,412	11,735	11,266	10,148	8,022
EBITDA, SEKm	1,489	1,579	1,329	1,137	881
EBITA, SEKm	1,255	1,364	1,274	1,085	838
EBITA-margin, %	11.0	11.6	11.3	10.7	10.5
Operating profit, SEKm	1,025	1,161	1,082	910	701
Operating margin, %	9.0	9.9	9.6	9.0	8.7
Profit after financial items, SEKm	972	1,105	1,034	865	665
Profit for the period, SEKm	772	873	804	672	526

Working capital	2,468	2,415	2,267	2,029	1,591
Return on working capital (P/WC), %	51	56	56	53	53
Return on equity, %	26	32	33	29	28
Return on capital employed, %	17	21	22	21	22
Equity ratio, %	32	36	32	36	39

Financial net debt, SEKm	3,507	2,585	2,917	1,960	1,405
Debt / equity ratio, multiple	1.2	0.8	1.1	0.8	0.7
Financial net debt / EBITDA, multiple	2.4	1.6	2.2	1.7	1.6
Net debt excl. pensions, SEKm	3,148	2,253	2,543	1,700	1,176
Net debt, excl pensions / equity ratio, multiple	1.0	0.7	1.0	0.7	0.6
Interest coverage ratio, multiple	16.9	20.5	24.5	22.1	22.7

Average number of employees	2,990	2,913	2,790	2,590	2,283
Number of employees at end of the period	3,090	2,981	2,941	2,759	2,358


	12 months ending
SEK	30 Sep 2020	31 Mar 2020	30 Sep 2019*	31 Mar 2019	31 Mar 2018
Earnings per share before dilution	2.80	3.20	2.90	2.45	1.90
Earnings per share after dilution	2.80	3.20	2.90	2.45	1.90
Cash flow from operating activities per share	4.35	4.15	3.10	1.95	2.00
Shareholders’ equity per share	10.40	11.25	9.60	9.20	7.80
Share price at the end of the period	117.60	61.13	64.00	48.25	42.00
Average number of shares after repurchases, ’000s	268,649	268,493	268,321	268,187	267,799
Average number of shares adjusted for repurchases and dilution, ’000s	269,184	269,200	268,721	268,755	268,710
Number of shares outstanding at end of the period, ’000s	269,022	268,594	268,344	268,228	267,969

The number of shares has been restated to take the share split (4:1) completed in September 2020 into account, and has been used in all calculations of key figures for SEK per share.

*Performance based figures for rolling 12 months in the income statement exclude the effect of IFRS 16.

For definitions of key financial indicators, see page 17-19