CONSOLIDATED INCOME STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2021 31 Mar 2020 31 Mar 2021 31 Mar 2020
Net sales 2,927 3,038 11,336 11,735
Cost of sales -2,016 -2,082 -7,863 -8,088
Gross profit 911 956 3,473 3,647
Selling expenses -497 -483 -1,843 -1,869
Administrative expenses -162 -172 -637 -707
Other operating income and expenses 14 51 -4 90
Operating profit 266 352 989 1,161
- as % of net sales 9.1 11.6 8.7 9.9
Financial income and expenses -15 -19 -52 -56
Profit after financial items 251 333 937 1,105
- as % of net sales 8.6 11.0 8.3 9.4
Income tax expense -61 -68 -208 -232
Profit for the period 190 265 729 873
Profit for the period attributable to:
Equity holders of the Parent Company 183 262 706 862
Non-controlling interests 7 3 23 11
Earnings per share before dilution, SEK 0.65 0.95 2.60 3.20
Earnings per share after dilution, SEK 0.65 0.95 2.60 3.20
Average number of shares after repurchases, ’000s 269,234 268,441 269,051 268,493
Number of shares after repurchases at end of the period, ’000s 269,275 268,594 269,275 268,594
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.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2021 31 Mar 2020 31 Mar 2021 31 Mar 2020
Profit for the period 190 265 729 873
Items that may be reclassified to profit or loss
Cash flow hedges 3 2 -3 1
Foreign currency translation differences for the period 147 54 -142 59
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation 39 37 15 -9
Other comprehensive income 189 93 -130 51
Total comprehensive income 379 358 599 924
Total comprehensive income attributable to:
Equity holders of the Parent Company 369 353 580 910
Non-controlling interests 10 5 19 14

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm 31 Mar 2021 31 Mar 2020
Goodwill 2,727 1,997
Other intangible non-current assets 1,769 1,243
Property, plant and equipment 1,008 936
Other non-current assets 60 64
Total non-current assets 5,564 4,240
Inventories 1,661 1,642
Current receivables 2,161 2,261
Cash and cash equivalents 420 363
Total current assets 4,242 4,266
Total assets 9,806 8,506
Total equity 3,450 3,076
Interest-bearing provisions 336 332
Non-interest-bearing provisions 388 284
Non-current interest-bearing liabilities 2,056 2,154
Non-current non-interest-bearing liabilities 9 2
Total non-current liabilities 2,789 2,772
Non-interest-bearing provisions 56 46
Current interest-bearing liabilities 1,162 462
Current non-interest-bearing liabilities 2,349 2,150
Total current liabilities 3,567 2,658
Total equity and liabilities 9,806 8,506

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm 31 Mar 2021 31 Mar 2020
Opening balance 3,076 2,520
Exercised, issued and repurchased options 25 16
Repurchase of treasury shares - -42
Dividend, ordinary -269 -336
Dividend, non-controlling interests -4 -10
Change non-controlling interests 158 4
Option debt, acquisition -135 -
Total comprehensive income 599 924
Closing balance 3,450 3,076

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2021 31 Mar 2020 31 Mar 2021 31 Mar 2020
Profit after financial items 251 333 937 1,105
Adjustment for items not included in cash flow 151 76 551 354
Income tax paid -81 -86 -320 -273
Changes in working capital 132 127 335 -69
Cash flow from operating activities 453 450 1,503 1,117
Net investments in non-current assets -34 -29 -79 -102
Acquisitions and disposals -165 -120 -1,219 -430
Cash flow from investing activities -199 -149 -1,298 -532
Dividend paid to shareholders - - -269 -336
Repurchase of own shares/change of options 5 8 25 -26
Other financing activities -328 -248 106 -145
Cash flow from financing activities -323 -240 -138 -507
Cash flow for the period -69 61 67 78
Cash and cash equivalents at beginning of period 454 316 363 295
Exchange differences on cash and cash equivalents 35 -14 -10 -10
Cash and cash equivalents at end of period 420 363 420 363

FAIR VALUES ON FINANCIAL INSTRUMENTS

31 Mar 2021 31 Mar 2020
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 2 2 - 6 6 -
Derivatives - fair value through profit 2 2 - 5 5 -
Total financial assets at fair value per level 4 4 - 11 11 -
Derivatives - fair value, hedge instruments 3 3 - 1 1 -
Derivatives - fair value through profit 4 4 - 4 4 -
Contingent considerations - fair value through profit 267 - 267 151 - 151
Total financial liabilities at fair value per level 274 7 267 156 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 31 Mar 2021 31 Mar 2020
Opening balance 151 198
Acquisitions during the year 170 63
Reversed through profit or loss 9 -52
Consideration paid -64 -65
Interest expenses 9 3
Exchange differences -8 4
Closing balance 267 151

KEY FINANCIAL INDICATORS

12 months ending
31 Mar 2021 31 Mar 2020 31 Mar 2019 31 Mar 2018
Net sales, SEKm 11,336 11,735 10,148 8,022
EBITDA, SEKm 1,501 1,579 1,137 881
EBITA, SEKm 1,251 1,364 1,085 838
EBITA-margin, % 11.0 11.6 10.7 10.5
Operating profit, SEKm 989 1,161 910 701
Operating margin, % 8.7 9.9 9.0 8.7
Profit after financial items, SEKm 937 1,105 865 665
Profit for the period, SEKm 729 873 672 526
Working capital 2,416 2,415 2,029 1,591
Return on working capital (P/WC), % 52 56 53 53
Return on equity, % 23 32 29 28
Return on capital employed, % 15 21 21 22
Equity ratio, % 35 36 36 39
Financial net debt, SEKm 3,134 2,585 1,960 1,405
Debt / equity ratio, multiple 0.9 0.8 0.8 0.7
Financial net debt / EBITDA, multiple 2.1 1.6 1.7 1.6
Net debt excl. pensions, SEKm 2,798 2,253 1,700 1,176
Net debt, excl pensions / equity ratio, multiple 0.8 0.7 0.7 0.6
Interest coverage ratio, multiple 15.8 20.5 22.1 22.7
Average number of employees 3,068 2,913 2,590 2,283
Number of employees at end of the period 3,133 2,981 2,759 2,358

KEY FINANCIAL INDICATORS PER SHARE

12 months ending
SEK 31 Mar 2021 31 Mar 2020 31 Mar 2019 31 Mar 2018
Earnings per share before dilution 2.60 3.20 2.45 1.90
Earnings per share after dilution 2.60 3.20 2.45 1.90
Cash flow from operating activities per share 5.60 4.15 1.95 2.00
Shareholders’ equity per share 11.95 11.25 9.20 7.80
Share price at the end of the period 130.00 61.13 48.25 42.00
Average number of shares after repurchases, ’000s 269,051 268,493 268,187 267,799
Average number of shares adjusted for repurchases and dilution, ’000s 269,969 269,200 268,755 268,710
Number of shares outstanding at end of the period, ’000s 269,275 268,594 268,228 267,969
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.
For definitions of key financial indicators, see page 22-24.