Group summary

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Income statement 3 months ending   6 months ending   12 months ending
SEKm 30 sep 13 30 sep 12   30 sep 13 30 sep 12   30 sep 13 31 mar 13
Net sales 1,409 1,189   2,909 2,525   5,787 5,403
Cost of sales -945 -802   -1,944 -1,689   -3,894 -3,639
Gross profit 464 387   965 836   1,893 1,764
Selling expenses -259 -221   -537 -466   -1,072 -1,001
Administrative expenses -81 -74   -172 -157   -354 -339
Other operating income and expenses -3 3   -2 7   4 13
Operating profit 121 95   254 220   471 437
- as % of net sales 8.6 8.0   8.7 8.7   8.1 8.1
Financial income and expenses -4 -2   -13 -9   -33 -29
Profit after financial items 117 93   241 211   438 408
- as % of net sales 8.3 7.8   8.3 8.4   7.6 7.6
Income tax expense -27 -26   -58 -58   -85 -85
Profit for the period 90 67   183 153   353 323
Attributable to:                
Equity holders of the Parent Company 88 66   180 151   347 318
Non-controlling interests 2 1   3 2   6 5
Earnings per share (EPS), SEK* 3.95 3.10   8.15 6.95   15.80 14.60
Diluted EPS, SEK* 3.95 3.05   8.15 6.90   15.80 14.60
Average number of shares, ’000s 21,990 21,747   21,969 21,746   21,909 21,798
Number of shares at end of period, ’000s 22,047 21,829   22,047 21,829   22,047 21,921
Operating expenses include depreciation and amortisation              
– of property, plant and equipment in amounts of -10 -9   -21 -19   -41 -39
– of intangible non-current assets in amounts of -23 -15   -41 -29   -74 -62
* Calculated based on equity holders’ portion of profit for the period.      

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Statement of comprehensive income, SEKm 3 months ending   6 months ending   12 months ending
SEKm 30 Sep 13 30 Sep 12   30 Sep 13 30 Sep 12   30 Sep 13 31 Mar 13
Profit for the period 90 67   183 153   353 323
Components that will be reclassified to profit for the year                
Cash flow hedges 0 -1   0 0   0 0
Foreign currency translation differences for the period -24 -28   3 -34   -12 -49
Components that will not be reclassified to profit for the year                
Actuarial effects of the net pension obligation - 2   - 4   5 9
Other comprehensive income -24 -27   3 -30   -7 -40
Total comprehensive income 66 40   186 123   346 283
Attributable to:                
Equity holders of the Parent Company 65 38   184 121   342 279
Non-controlling interests 1 2   2 2   4 4

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Balance sheet, SEKm 30 Sep 13 31 Mar 13 30 Sep 12
Goodwill 749 696 639
Other intangible non-current assets 514 496 446
Property, plant and equipment 177 166 151
Financial non-current assets 15 14 14
Total non-current assets 1,455 1,372 1,250
Inventories 709 675 667
Current receivables 973 943 826
Cash and cash equivalents 76 72 50
Total current assets 1,758 1,690 1,543
Total assets 3,213 3,062 2,793
Total equity 1,156 1,113 945
Interest-bearing provisions 249 239 241
Non-interest-bearing provisions 196 188 196
Non-current interest-bearing liabilities 171 10 119
Total non-current liabilities 616 437 556
Non-interest-bearing provisions 8 9 9
Current interest-bearing liabilities 550 586 491
Current non-interest-bearing liabilities 883 917 792
Total current liabilities 1,441 1,512 1,292
Total equity and liabilities 3,213 3,062 2,793

 

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Statement of changes in Group equity, SEKm 1 Apr 13−30 Sep 13 1 Apr 12−31 Mar 13 1 Apr 12−30 Sep 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 18 - 18 24 - 24 13 - 13
Dividend -176 0 -176 -174 -4 -178 -174 -1 -175
Change non-controlling interests - 15 15 -2 3 1 - - -
Total comprehensive income 184 2 186 279 4 283 121 2 123
Amount at end of period 1,123 33 1,156 1,097 16 1,113 931 14 945

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Cash flow statement 3 months ending   6 months ending   12 months ending
SEKm 30 Sep 13 30 Sep 12   30 Sep 13 30 Sep 12   30 Sep 13 31 Mar 13
Profit after financial items 117 93   241 211   438 408
Adjustment for items not included in cash flow 27 22   57 50   108 101
Income tax paid -47 -31   -70 -71   -165 -166
Changes in working capital 3 -39   -54 -101   43 -4
Cash flow from operating activities 100 45   174 89   424 339
Net investments in non-current assets -18 -9   -28 -18   -50 -40
Acquisitions and disposals -12 -94   -92 -125   -278 -311
Cash flow from investing activities -30 -103   -120 -143   -328 -351
Dividend paid to shareholders -176 -174   -176 -174   -176 -174
Other financing activities 101 240   125 234   110 219
Cash flow from financing activities -75 66   -51 60   -66 45
Cash flow for the period -5 8   3 6   30 33
Cash and cash equivalents at beginning of period 86 47   72 50   50 50
Exchange differences on cash and cash equivalents -5 -5   1 -6   -4 -11
Cash and cash equivalents at end of period 76 50   76 50   76 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 Sep 13 31 Mar 13
  Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives used in hedge accounting 1 1 - 0 0 -
Derivatives held for trading purposes 1 1 - 3 3 -
Total financial assets at fair value per level 2 2 - 3 3 -
             
Derivatives used in hedge accounting 1 1 - 1 1 -
Derivatives held for trading purposes 3 3 - 1 1 -
Contingent considerations 51 - 51 61 - 61
Total financial liabilities at fair value per level 55 4 51 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 Sep 13 31 Mar 13 30 Sep 12 31 Mar 12 31 Mar 11
Net sales, SEKm 5,787 5,403 5,272 5,200 4,418
Operating profit, SEKm 471 437 465 470 380
Profit after financial items, SEKm 438 408 442 447 364
Profit for the period, SEKm 353 323 323 327 265
Operating margin, % 8.1 8.1 8.8 9.0 8.6
Profit margin, % 7.6 7.6 8.4 8.6 8.2
Equity ratio, %* 36 36 34 36 40
Return on equity, %* 32 31 34 34 31
Return on working capital (P/WC), % 46 45 50 53 50
Return on capital employed, %* 24 25 29 32 33
Debt / equity ratio, multiple* 0.8 0.7 0.9 0.6 0.4
Financial net liabilities, SEKm 894 763 802 584 358
Net debt / EBITDA, multiple 1.5 1.4 1.4 1.0 0.8
Net debt excl. pensions, SEKm 645 523 561 339 172
Net debt / equity ratio, multiple* 0.6 0.5 0.6 0.3 0.2
Interest coverage ratio, multiple 15.2 14.2 14.8 15.8 19.5
Average number of employees 1,988 1,815 1,681 1,612 1,445
Number of employees at end of the period 2,088 2,011 1,723 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 Sep 13 31 Mar 13 30 Sep 12 31 Mar 12 31 Mar 11
Earnings per share (EPS), SEK 15.80 14.60 14.55 14.65 11.80
Diluted EPS, SEK 15.80 14.60 14.50 14.60 11.75
Cash flow per share, SEK 19.35 15.55 19.15 18.90 13.50
Shareholders’ equity per share, SEK* 50.90 50.10 42.65 44.65 40.80
Last price paid per share, SEK 282.00 217.00 178.50 182.00 189.00
Average number of shares after repurchases, ’000s 21,909 21,798 21,746 21,944 22,253
Average number of shares adjusted for repurchases and dilution, ’000s 21,965 21,844 21,787 22,000 22,293
Number of shares outstanding at end of the period, ’000s 22,047 21,921 21,829 21,746 22,246
* Calculations based on proportion of equity attributable to the equity holders.