Group summary

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Income statement 3 months ending   12 months ending
SEKm 30 Jun 13 30 Jun 12   30 Jun 13 31 Mar 13
Net sales 1,500 1,336   5,567 5,403
Cost of sales -999 -887   -3,751 -3,639
Gross profit 501 449   1,816 1,764
Selling expenses -278 -245   -1,034 -1,001
Administrative expenses -91 -83   -347 -339
Other operating income and expenses 1 4   10 13
Operating profit 133 125   445 437
- as % of net sales 8.9 9.4   8.0 8.1
Financial income and expenses -9 -7   -31 -29
Profit after financial items 124 118   414 408
- as % of net sales 8.3 8.8   7.4 7.6
Income tax expense -31 -32   -84 -85
Profit for the period 93 86   330 323
Attributable to: Equity holders of the Parent Company 92 85   325 318
Attributable to: Non-controlling interests 1 1   5 5
Earnings per share (EPS), SEK* 4.20 3.90   14.95 14.60
Diluted EPS, SEK* 4.20 3.85   14.90 14.60
Average number of shares, ’000s 21,947 21,746   21,848 21,798
Number of shares at end of period, ’000s 21,982 21,746   21,982 21,921
Operating expenses include depreciation and amortisation        
– of property, plant and equipment in amounts of -10 -10   -39 -39
– of intangible non-current assets in amounts of -18 -14   -66 -62
* Calculated based on equity holders’ portion of profit for the period.

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Statement of comprehensive income, SEKm 3 months ending   12 months ending
  30 Jun 13 30 Jun 12   30 Jun 13 31 Mar 13
Profit for the period 93 86   330 323
Components that will be reclassified to profit for the year          
Cash flow hedges 0 1   -1 0
Foreign currency translation differences for the period 27 -6   -16 -49
Components that will not be reclassified to profit for the year          
Actuarial effects of the net pension obligation - 2   7 9
Other comprehensive income 27 -3   -10 -40
Total comprehensive income 120 83   320 283
Attributable to: Equity holders of the Parent Company 119 83   315 279
Attributable to: Non-controlling interests 1 0   5 4

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Balance sheet, SEKm 30 Jun 13   31 Mar 13 30 Jun 12
Goodwill 748   696 599
Other intangible non-current assets 533   496 399
Property, plant and equipment 172   166 153
Financial non-current assets 15   14 15
Total non-current assets 1,468   1,372 1,166
Inventories 728   675 651
Current receivables 1,019   943 850
Cash and cash equivalents 86   72 47
Total current assets 1,833   1,690 1,548
Total assets 3,301   3,062 2,714
Total equity 1,254   1,113 1,067
Interest-bearing provisions 247   239 242
Non-interest-bearing provisions 199   188 179
Non-current interest-bearing liabilities 27   10 13
Total non-current liabilities 473   437 434
Non-interest-bearing provisions 10   9 13
Current interest-bearing liabilities 611   586 341
Current non-interest-bearing liabilities 953   917 859
Total current liabilities 1,574   1,512 1,213
Total equity and liabilities 3,301   3,062 2,714

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Statement of changes in Group equity, SEKm 1 Apr 13−30 Jun 13 1 Apr 12−31 Mar 13 1 Apr 12−30 Jun 12
  Equity excl. Non- control- ling interests Non- control- ling interests Total equity Equity excl. Non- control- ling interests Non- control- ling interests Total equity Equity excl. Non- control- ling interests Non- control- ling interests Total equity
Amount at beginning of period 1,097 16 1,113 1,004 13 1,017 1,004 13 1,017
Change in accounting policies - - - -34 - -34 -33 - -33
Exercised and issued call options 8 - 8 24 - 24 - - -
Dividend - 0 0 -174 -4 -178 - 0 0
Change non-controlling interests - 13 13 -2 3 1 - - -
Total comprehensive income 119 1 120 279 4 283 83 0 83
Amount at end of period 1,224 30 1,254 1,097 16 1,113 1,054 13 1,067

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Cash flow statement 3 months ending   12 months ending
SEKm 30 Jun 13 30 Jun 12   30 Jun 13 31 Mar 13
Profit after financial items 124 118   414 408
Adjustment for items not included in cash flow 30 28   103 101
Income tax paid -23 -40   -149 -166
Changes in working capital -57 -62   1 -4
Cash flow from operating activities 74 44   369 339
Net investments in non-current assets -10 -9   -41 -40
Acquisitions and disposals -80 -31   -360 -311
Cash flow from investing activities -90 -40   -401 -351
Dividend paid to shareholders - -   -174 -174
Other financing activities 24 -6   249 219
Cash flow from financing activities 24 -6   75 45
Cash flow for the period 8 -2   43 33
Cash and cash equivalents at beginning of period 72 50   47 50
Exchange differences on cash and cash equivalents 6 -1   -4 -11
Cash and cash equivalents at end of period 86 47   86 72

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Fair values on financial instruments            
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.
The fair value and carrying amount are recognised in the balance sheet as shown in the following table.
             
Financial instruments, SEKm 30 Jun 2013 31 Mar 2013
  Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives used in hedge accounting 0 0 - 0 0 -
Derivatives held for trading purposes 3 3 - 3 3 -
Total financial assets at fair value per level 3 3 - 3 3 -
             
Derivatives used in hedge accounting 1 1 - 1 1 -
Derivatives held for trading purposes 2 2 - 1 1 -
Contingent considerations 56 - 56 61 - 61
Total financial liabilities at fair value per level 59 3 56 63 2 61
             
For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.

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Key financial indicators   12 months ending
  30 Jun 13 31 Mar 13 30 Jun 12 31 Mar 12 31 Mar 11
Net sales, SEKm 5,567 5,403 5,301 5,200 4,418
Operating profit, SEKm 445 437 483 470 380
Profit after financial items, SEKm 414 408 458 447 364
Profit for the period, SEKm 330 323 335 327 265
Operating margin, % 8.0 8.1 9.1 9.0 8.6
Profit margin, % 7.4 7.6 8.6 8.6 8.2
Equity ratio, %* 38 36 39 36 40
Return on equity, %* 30 31 34 34 31
Return on working capital (P/WC), % 45 45 53 53 50
Capital employed, SEKm* 2,139 1,949 1,665 1,617 1,330
Return on capital employed, %* 24 25 31 32 33
Debt / equity ratio, multiple* 0.7 0.7 0.6 0.6 0.4
Financial net liabilities, SEKm 799 763 550 584 358
Net debt / EBITDA, multiple 1.4 1.4 1.0 1.0 0.8
Net debt excl. pensions, SEKm 552 523 307 339 172
Net debt / equity ratio, multiple* 0.4 0.5 0.3 0.3 0.2
Interest coverage ratio, multiple 14.2 14.2 15.7 15.8 19.5
Average number of employees 1,902 1,815 1,649 1,612 1,445
Number of employees at end of the period 2,081 2,011 1,699 1,700 1,512
* Key financial indicators are calculated based on equity that includes non-controlling interests.

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Key financial indicators per share   12 months ending
  30 Jun 13 31 Mar 13 30 Jun 12 31 Mar 12 31 Mar 11
Earnings per share (EPS), SEK 14.95 14.60 15.10 14.65 11.80
Diluted EPS, SEK 14.90 14.60 15.05 14.60 11.75
Cash flow per share, SEK 16.90 15.55 19.80 18.90 13.50
Shareholders’ equity per share, SEK* 55.65 50.10 48.20 44.65 40.80
Last price paid per share, SEK 225.00 217.00 170.00 182.00 189.00
Average number of shares after repurchases, ’000s 21,848 21,798 21,820 21,944 22,253
Average number of shares adjusted for repurchases and dilution, ’000s 21,898 21,844 21,871 22,000 22,293
Number of shares outstanding at end of the period, ’000s 21,982 21,921 21,746 21,746 22,246
* Calculations based on proportion of equity attributable to the equity holders.