CONSOLIDATED INCOME STATEMENT, CONDENSED
| 3 months | 9 months | Rolling 12 months | ||||||
| SEKm | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Mar 2019 | ||
| Net sales | 2,846 | 2,551 | 8,697 | 7,284 | 11,561 | 10,148 | ||
| Cost of sales | -1,984 | -1,763 | -6,006 | -5,028 | -8,005 | -7,025 | ||
| Gross profit | 862 | 788 | 2,691 | 2,256 | 3,556 | 3,123 | ||
| Selling expenses | -480 | -447 | -1,386 | -1,220 | -1,844 | -1,677 | ||
| Administrative expenses | -204 | -151 | -536 | -410 | -692 | -565 | ||
| Other operating income and expenses | 10 | 13 | 40 | 24 | 45 | 29 | ||
| Operating profit | 188 | 203 | 809 | 650 | 1,065 | 910 | ||
| - as % of net sales | 6.6 | 7.9 | 9.3 | 8.9 | 9.2 | 9.0 | ||
| Financial income and expenses | -9 | -10 | -37 | -31 | -45 | -45 | ||
| Profit after financial items | 179 | 193 | 772 | 619 | 1,020 | 865 | ||
| - as % of net sales | 6.3 | 7.5 | 8.9 | 8.5 | 8.8 | 8.5 | ||
| Income tax expense | -37 | -37 | -164 | -127 | -230 | -193 | ||
| Profit for the period | 142 | 156 | 608 | 492 | 790 | 672 | ||
| Profit for the period attributable to: | ||||||||
| Equity holders of the Parent Company | 139 | 152 | 600 | 483 | 779 | 660 | ||
| Non-controlling interests | 3 | 4 | 8 | 9 | 11 | 12 | ||
| Earnings per share before dilution, SEK | 2.05 | 2.25 | 8.95 | 7.20 | 11.60 | 9.85 | ||
| Earnings per share after dilution, SEK | 2.05 | 2.30 | 8.90 | 7.20 | 11.55 | 9.80 | ||
| Average number of shares after repurchases, ’000s | 67,086 | 66,990 | 67,128 | 67,051 | 67,104 | 67,047 | ||
| Number of shares after repurchases at end of the period, ’000s | 67,094 | 67,009 | 67,094 | 67,009 | 67,094 | 67,057 | ||
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
| 3 months | 9 months | Rolling 12 months | ||||||
| SEKm | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Mar 2019 | ||
| Profit for the period | 142 | 156 | 608 | 492 | 790 | 672 | ||
| Items that may be reclassified to profit or loss | ||||||||
| Cash flow hedges | -3 | 0 | -1 | -1 | 0 | 0 | ||
| Foreign currency translation differences for the period | -61 | -50 | 5 | -40 | 82 | 37 | ||
| Items that will not be reclassified to profit or loss | ||||||||
| Actuarial effects of the net pension obligation | - | - | -46 | -18 | -52 | -24 | ||
| Other comprehensive income | -64 | -50 | -42 | -59 | 30 | 13 | ||
| Total comprehensive income | 78 | 106 | 566 | 433 | 820 | 685 | ||
| Total comprehensive income attributable to: | ||||||||
| Equity holders of the Parent Company | 76 | 103 | 557 | 425 | 806 | 672 | ||
| Non-controlling interests | 2 | 3 | 9 | 8 | 14 | 13 | ||
CONSOLIDATED BALANCE SHEET, CONDENSED
| SEKm | 31 Dec 2019 | 31 Dec 2019* | 31 Dec 2018 | 31 Mar 2019 |
| Goodwill | 1,896 | 1,896 | 1,716 | 1,767 |
| Other intangible non-current assets | 1,183 | 1,183 | 1,169 | 1,186 |
| Property, plant and equipment | 824 | 298 | 255 | 270 |
| Financial non-current assets | 60 | 59 | 43 | 45 |
| Total non-current assets | 3,963 | 3,436 | 3,183 | 3,268 |
| Inventories | 1,623 | 1,623 | 1,403 | 1,417 |
| Current receivables | 2,126 | 2,126 | 1,674 | 2,065 |
| Cash and cash equivalents | 316 | 316 | 238 | 295 |
| Total current assets | 4,065 | 4,065 | 3,315 | 3,777 |
| Total assets | 8,028 | 7,501 | 6,498 | 7,045 |
| Total equity | 2,710 | 2,712 | 2,262 | 2,520 |
| Interest-bearing provisions | 373 | 373 | 252 | 260 |
| Non-interest-bearing provisions | 328 | 328 | 347 | 353 |
| Non-current interest-bearing liabilities | 1,354 | 978 | 704 | 719 |
| Non-current non-interest-bearing liabilities | 9 | 9 | 12 | 12 |
| Total non-current liabilities | 2,064 | 1,688 | 1,315 | 1,344 |
| Non-interest-bearing provisions | 40 | 40 | 35 | 47 |
| Current interest-bearing liabilities | 1,351 | 1,198 | 1,342 | 1,277 |
| Current non-interest-bearing liabilities | 1,863 | 1,863 | 1,544 | 1,857 |
| Total current liabilities | 3,254 | 3,101 | 2,921 | 3,181 |
| Total equity and liabilities | 8,028 | 7,501 | 6,498 | 7,045 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED
| SEKm | 31 Dec 2019 | 31 Dec 2019* | 31 Dec 2018 | 31 Mar 2019 | ||
| Opening balance | 2,520 | 2,520 | 2,131 | 2,131 | ||
| Exercised, issued and repurchased options | 8 | 8 | 16 | 22 | ||
| Repurchase of treasury shares | -42 | -42 | -38 | -38 | ||
| Dividend, ordinary | -336 | -336 | -269 | -269 | ||
| Dividend, non-controlling interests | -10 | -10 | -9 | -9 | ||
| Change non-controlling interests | 4 | 4 | -2 | -2 | ||
| Total comprehensive income | 566 | 568 | 433 | 685 | ||
| Closing balance | 2,710 | 2,712 | 2,262 | 2,520 | ||
*The figures in the balance sheet exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period | ||||||
CONSOLIDATED CASH FLOW STATEMENT, CONDENSED
| 3 months | 9 months | Rolling 12 months | ||||||
| SEKm | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Dec 2018 | 31 Dec 2019 | 31 Mar 2019 | ||
| Profit after financial items | 179 | 193 | 772 | 619 | 1,020 | 865 | ||
| Adjustment for items not included in cash flow | 93 | 53 | 278 | 147 | 246 | 229 | ||
| Income tax paid | -71 | -96 | -187 | -182 | -235 | -230 | ||
| Changes in working capital | -53 | 25 | -196 | -264 | -272 | -340 | ||
| Cash flow from operating activities | 148 | 175 | 667 | 320 | 759 | 524 | ||
| Net investments in non-current assets | -16 | -16 | -73 | -37 | -116 | -80 | ||
| Acquisitions and disposals | -15 | -55 | -310 | -555 | -400 | -645 | ||
| Cash flow from investing activities | -31 | -71 | -383 | -592 | -516 | -725 | ||
| Dividend paid to shareholders | - | - | -336 | -269 | -336 | -269 | ||
| Repurchase of own shares/change of options | 8 | 9 | -34 | -22 | -28 | -16 | ||
| Other financing activities | -64 | -119 | 103 | 609 | 185 | 579 | ||
| Cash flow from financing activities | -56 | -110 | -267 | 318 | -179 | 294 | ||
| Cash flow for the period | 61 | -6 | 17 | 46 | 64 | 93 | ||
| Cash and cash equivalents at beginning of period | 258 | 246 | 295 | 192 | 238 | 192 | ||
| Exchange differences on cash and cash equivalents | -3 | -2 | 4 | 0 | 14 | 10 | ||
| Cash and cash equivalents at end of period | 316 | 238 | 316 | 238 | 316 | 295 | ||
FAIR VALUES ON FINANCIAL INSTRUMENTS
| 31 Dec 2019 | 31 Mar 2019 | |||||
| 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 | 4 | 4 | - | 1 | 1 | - |
| Total financial assets at fair value per level | 5 | 5 | - | 3 | 3 | - |
| Derivatives - fair value, hedge instruments | 1 | 1 | - | 0 | 0 | - |
| Derivatives - fair value through profit | 2 | 2 | - | 2 | 2 | - |
| Contingent considerations - fair value through profit | 150 | - | 150 | 198 | - | 198 |
| Total financial liabilities at fair value per level | 153 | 3 | 150 | 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 Dec 2019 | 31 Mar 2019 | ||||
| Opening balance | 198 | 215 | ||||
| Acquisitions during the year | 30 | 84 | ||||
| Reversed through profit or loss | -22 | -8 | ||||
| Consideration paid | -62 | -105 | ||||
| Interest expenses | 5 | 10 | ||||
| Exchange differences | 1 | 2 | ||||
| Closing balance | 150 | 198 | ||||
KEY FINANCIAL INDICATORS
| 12 months ending | ||||||
| 31 Dec 2019* | 31 Dec 2019** | 31 Mar 2019 | 31 Dec 2018 | 31 Mar 2018 | 31 Mar 2017 | |
| Net sales, SEKm | 11,561 | 11,561 | 10,148 | 9,405 | 8,022 | 7,178 |
| EBITDA, SEKm | 1,318 | 1,318 | 1,137 | 1,047 | 881 | 755 |
| EBITA, SEKm | 1,262 | 1,262 | 1,085 | 997 | 838 | 715 |
| EBITA-margin, SEKm | 10.9 | 10.9 | 10.7 | 10.6 | 10.5 | 10.0 |
| Operating profit, SEKm | 1,065 | 1,065 | 910 | 834 | 701 | 604 |
| Operating margin, % | 9.2 | 9.2 | 9.0 | 8.9 | 8.7 | 8.4 |
| Profit after financial items, SEKm | 1,020 | 1,020 | 865 | 787 | 665 | 580 |
| Profit for the period, SEKm | 790 | 790 | 672 | 625 | 526 | 450 |
| Working capital | 2,348 | 2,348 | 2,029 | 1,899 | 1,591 | 1,362 |
| Return on working capital (P/WC), % | 54 | 54 | 53 | 53 | 53 | 53 |
| Return on equity, % | 31 | 31 | 29 | 29 | 28 | 28 |
| Return on capital employed, % | 20 | 22 | 21 | 21 | 22 | 23 |
| Equity ratio, % | 34 | 36 | 36 | 35 | 39 | 39 |
| Net debt, incl pensions, SEKm | 2,762 | 2,233 | 1,960 | 2,060 | 1,405 | 1,011 |
| Net debt, incl pensions / equity ratio, multiple | 1.0 | 0.8 | 0.8 | 0.9 | 0.7 | 0.6 |
| Net debt, incl pensions / EBITDA, multiple | 2.1 | 1.7 | 1.7 | 2.0 | 1.6 | 1.3 |
| Net debt excl. pensions, SEKm | 2,389 | 1,860 | 1,700 | 1,808 | 1,176 | 801 |
| Net debt, excl pensions / equity ratio, multiple | 0.9 | 0.7 | 0.7 | 0.8 | 0.6 | 0.5 |
| Interest coverage ratio, multiple | 23.9 | 23.9 | 22.1 | 21.4 | 22.7 | 23.9 |
| Average number of employees | 2,849 | 2,849 | 2,590 | 2,501 | 2,283 | 2,133 |
| Number of employees at end of the period | 2,931 | 2,931 | 2,759 | 2,684 | 2,358 | 2,176 |
KEY FINANCIAL INDICATORS PER SHARE
| 12 months ending | ||||||||
| SEK | 31 Dec 2019* | 31 Mar 2019 | 31 Dec 2018 | 31 Mar 2018 | 31 Mar 2017 | |||
| Earnings per share before dilution | 11.60 | 9.85 | 9.15 | 7.70 | 6.60 | |||
| Earnings per share after dilution | 11.55 | 9.80 | 9.15 | 7.65 | 6.55 | |||
| Cash flow from operating activities per share | 11.30 | 7.80 | 7.05 | 8.05 | 8.25 | |||
| Shareholders’ equity per share | 39.60 | 36.80 | 33.05 | 31.10 | 25.45 | |||
| Share price at the end of the period | 303.00 | 193.00 | 158.20 | 168.00 | 148.50 | |||
| Average number of shares after repurchases, ’000s | 67,104 | 67,047 | 67,033 | 66,950 | 66,824 | |||
| Average number of shares adjusted for repurchases and dilution, ’000s | 67,243 | 67,189 | 67,170 | 67,178 | 67,008 | |||
| Number of shares outstanding at end of the period, ’000s | 67,094 | 67,057 | 67,009 | 66,992 | 66,824 | |||
| *Performance based figures for rolling 12 months in the income statement exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period. | ||||||||
| **Performance based figures for rolling 12 months in the income statement as well as the figures in the balance sheet exclude the effect of IFRS 16 in order to provide a fair picture in relation to the comparative period. | ||||||||
| For definitions of key financial indicators, see page 18-20. | ||||||||