Group summary

CONSOLIDATED INCOME STATEMENT, CONDENSED


	3 months		Rolling 12 months
SEKm	31 Mar 2020	31 Mar 2019	31 Mar 2020	31 Mar 2019
Net sales	3,038	2,864	11,735	10,148
Cost of sales	-2,082	-1,997	-8,088	-7,025
Gross profit	956	867	3,647	3,123
Selling expenses	-483	-457	-1,869	-1,677
Administrative expenses	-172	-155	-707	-565
Other operating income and expenses	51	5	90	29
Operating profit	352	260	1,161	910
- as % of net sales	11.6	9.1	9.9	9.0
Financial income and expenses	-19	-14	-56	-45
Profit after financial items	333	246	1,105	865
- as % of net sales	11.0	8.6	9.4	8.5
Income tax expense	-68	-66	-232	-193
Profit for the period	265	180	873	672

Profit for the period attributable to:
Equity holders of the Parent Company	262	177	862	660
Non-controlling interests	3	3	11	12

Earnings per share before dilution, SEK	3.90	2.65	12.85	9.85
Earnings per share after dilution, SEK	3.90	2.60	12.80	9.80

Average number of shares after repurchases, ’000s	67,110	67,033	67,123	67,047
Number of shares after repurchases at end of the period, ’000s	67,149	67,057	67,149	67,057


	3 months		Rolling 12 months
SEKm	31 Mar 2020	31 Mar 2019	31 Mar 2020	31 Mar 2019
Profit for the period	265	180	873	672
Items that may be reclassified to profit or loss
Cash flow hedges	2	1	1	0
Foreign currency translation differences for the period	54	77	59	37
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation	37	-6	-9	-24
Other comprehensive income	93	72	51	13
Total comprehensive income	358	252	924	685

Total comprehensive income attributable to:
Equity holders of the Parent Company	353	247	910	672
Non-controlling interests	5	5	14	13


SEKm	31 Mar 2020	31 Mar 2020*	31 Mar 2019
Goodwill	1,997	1,997	1,767
Other intangible non-current assets	1,243	1,243	1,186
Property, plant and equipment	936	313	270
Financial non-current assets	64	63	45
Total non-current assets	4,240	3,616	3,268
Inventories	1,642	1,642	1,417
Current receivables	2,261	2,261	2,065
Cash and cash equivalents	363	363	295
Total current assets	4,266	4,266	3,777
Total assets	8,506	7,882	7,045
Total equity	3,076	3,079	2,520
Interest-bearing provisions	332	332	260
Non-interest-bearing provisions	349	349	353
Non-current interest-bearing liabilities	2,154	1,695	719
Non-current non-interest-bearing liabilities	2	2	12
Total non-current liabilities	2,837	2,378	1,344
Non-interest-bearing provisions	46	46	47
Current interest-bearing liabilities	462	294	1,277
Current non-interest-bearing liabilities	2,085	2,085	1,857
Total current liabilities	2,593	2,425	3,181
Total equity and liabilities	8,506	7,882	7,045


SEKm	31 Mar 2020	31 Mar 2020*	31 Mar 2019
Opening balance	2,520	2,520	2,131
Exercised, issued and repurchased options	16	16	22
Repurchase of treasury shares	-42	-42	-38
Dividend, ordinary	-336	-336	-269
Dividend, non-controlling interests	-10	-10	-9
Change non-controlling interests	4	4	-2
Total comprehensive income	924	927	685
Closing balance	3,076	3,079	2,520
*The figures in the balance sheet exclude the effect of IFRS 16. The comparative financial information has not been restated.


	3 months		Rolling 12 months
SEKm	31 Mar 2020	31 Mar 2019	31 Mar 2020	31 Mar 2020*	31 Mar 2019
Profit after financial items	333	246	1,105	1,108	865
Adjustment for items not included in cash flow	76	82	354	197	229
Income tax paid	-86	-48	-273	-273	-230
Changes in working capital	127	-76	-69	-69	-340
Cash flow from operating activities	450	204	1,117	963	524
Net investments in non-current assets	-29	-43	-102	-102	-80
Acquisitions and disposals	-120	-90	-430	-430	-645
Cash flow from investing activities	-149	-133	-532	-532	-725
Dividend paid to shareholders	-	-	-336	-336	-269
Repurchase of own shares/change of options	8	6	-26	-26	-16
Other financing activities	-248	-30	-145	9	579
Cash flow from financing activities	-240	-24	-507	-353	294
Cash flow for the period	61	47	78	78	93
Cash and cash equivalents at beginning of period	316	238	295	295	192
Exchange differences on cash and cash equivalents	-14	10	-10	-10	10
Cash and cash equivalents at end of period	363	295	363	363	295
*Cashflow exclude the effect of IFRS 16. The comparative financial information has not been restated.

	31 Mar 2020			31 Mar 2019
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	6	6	-	2	2	-
Derivatives - fair value through profit	5	5	-	1	1	-
Total financial assets at fair value per level	11	11	-	3	3	-

Derivatives - fair value, hedge instruments	1	1	-	0	0	-
Derivatives - fair value through profit	4	4	-	2	2	-
Contingent considerations - fair value through profit	151	-	151	198	-	198
Total financial liabilities at fair value per level	156	5	151	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	31 Mar 2020		31 Mar 2019
Opening balance	198			215
Acquisitions during the year	63			84
Reversed through profit or loss	-52			-8
Consideration paid	-65			-105
Interest expenses	3			10
Exchange differences	4			2
Closing balance	151			198


	12 months ending
	31 Mar 2020	31 Mar 2020*	31 Mar 2019	31 Mar 2018	31 Mar 2017
Net sales, SEKm	11,735	11,735	10,148	8,022	7,178
EBITDA, SEKm	1,579	1,417	1,137	881	755
EBITA, SEKm	1,364	1,359	1,085	838	715
EBITA-margin, %	11.6	11.6	10.7	10.5	10.0
Operating profit, SEKm	1,161	1,156	910	701	604
Operating margin, %	9.9	9.9	9.0	8.7	8.4
Profit after financial items, SEKm	1,105	1,108	865	665	580
Profit for the period, SEKm	873	876	672	526	450

Working capital	2,415	2,415	2,029	1,591	1,362
Return on working capital (P/WC), %	56	56	53	53	53
Return on equity, %	32	32	29	28	28
Return on capital employed, %	21	23	21	22	23
Equity ratio, %	36	39	36	39	39

Net debt, incl pensions, SEKm	2,585	1,958	1,960	1,405	1,011
Net debt, incl pensions / equity ratio, multiple	0.8	0.6	0.8	0.7	0.6
Net debt, incl pensions / EBITDA, multiple	1.6	1.4	1.7	1.6	1.3
Net debt excl. pensions, SEKm	2,253	1,626	1,700	1,176	801
Net debt, excl pensions / equity ratio, multiple	0.7	0.5	0.7	0.6	0.5
Interest coverage ratio, multiple	20.5	24.0	22.1	22.7	23.9

Average number of employees	2,913	2,913	2,590	2,283	2,133
Number of employees at end of the period	2,981	2,981	2,759	2,358	2,176

*Key financial indicators exclude the effect of IFRS 16. The comparative financial information has not been restated.


	12 months ending
SEK	31 Mar 2020	31 Mar 2019	31 Mar 2018	31 Mar 2017
Earnings per share before dilution	12.85	9.85	7.70	6.60
Earnings per share after dilution	12.80	9.80	7.65	6.55
Cash flow from operating activities per share	16.65	7.80	8.05	8.25
Shareholders’ equity per share	44.95	36.80	31.10	25.45
Share price at the end of the period	244.50	193.00	168.00	148.50
Average number of shares after repurchases, ’000s	67,123	67,047	66,950	66,824
Average number of shares adjusted for repurchases and dilution, ’000s	67,300	67,189	67,178	67,008
Number of shares outstanding at end of the period, ’000s	67,149	67,057	66,992	66,824

For definitions of key financial indicators, see page 22-24.