Group summary

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Income statement 3 months ending   9 months ending   12 months ending
SEKm 31 dec 13 31 dec 12   31 dec 13 31 dec 12   31 dec 13 31 mar 13
Net sales 1,502 1,415   4,411 3,940   5,874 5,403
Cost of sales -1,012 -956   -2,956 -2,645   -3,950 -3,639
Gross profit 490 459   1,455 1,295   1,924 1,764
Selling expenses -295 -269   -832 -735   -1,098 -1,001
Administrative expenses -95 -89   -267 -246   -360 -339
Other operating income and expenses 10 5   8 12   9 13
Operating profit 110 106   364 326   475 437
- as % of net sales 7.3 7.5   8.3 8.3   8.1 8.1
Financial income and expenses -7 -8   -20 -17   -32 -29
Profit after financial items 103 98   344 309   443 408
- as % of net sales 6.9 7.0   7.8 7.8   7.5 7.6
Income tax expense -17 -1   -75 -59   -101 -85
Profit for the period 86 97   269 250   342 323
Attributable to:                
Equity holders of the Parent Company 85 96   265 247   336 318
Non-controlling interests 1 1   4 3   6 5
Earnings per share (EPS), SEK* 1.30 1.45   4.00 3.80   5.10 4.85
Diluted EPS, SEK* 1.30 1.45   3.95 3.75   5.10 4.85
Average number of shares, ’000s 66,101 65,504   65,971 65,328   65,879 65,394
Number of shares at end of period, ’000s 66,070 65,524   66,070 65,524   66,070 65,764
Operating expenses include depreciation and amortisation              
– of property, plant and equipment in amounts of -10 -10   -31 -29   -41 -39
– of intangible non-current assets in amounts of -20 -16   -61 -45   -78 -62
* Calculated based on equity holders’ portion of profit for the period.      
               

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Statement of comprehensive income, SEKm 3 months ending   9 months ending   12 months ending
SEKm 31 dec 13 31 dec 12   31 dec 13 31 dec 12   31 dec 13 31 Mar 13
Profit for the period 86 97   269 250   342 323
Components that will be reclassified to profit for the year                
Cash flow hedges 0 0   0 0   0 0
Foreign currency translation differences for the period 10 14   13 -20   -16 -49
Components that will not be reclassified to profit for the year                
Actuarial effects of the net pension obligation - 2   - 6   3 9
Other comprehensive income 10 16   13 -14   -13 -40
Total comprehensive income 96 113   282 236   329 283
Attributable to:                
Equity holders of the Parent Company 93 112   277 233   323 279
Non-controlling interests 3 1   5 3   6 4
               

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Balance sheet, SEKm 31 Dec 13 31 Mar 13 31 Dec 13
Goodwill 775 696 681
Other intangible non-current assets 572 496 483
Property, plant and equipment 187 166 165
Financial non-current assets 19 14 14
Total non-current assets 1,553 1,372 1,343
Inventories 739 675 703
Current receivables 981 943 831
Cash and cash equivalents 98 72 87
Total current assets 1,818 1,690 1,621
Total assets 3,371 3,062 2,964
Total equity 1,228 1,113 1,055
Interest-bearing provisions 250 239 240
Non-interest-bearing provisions 212 188 180
Non-current interest-bearing liabilities 163 10 122
Total non-current liabilities 625 437 542
Non-interest-bearing provisions 1 9 8
Current interest-bearing liabilities 556 586 443
Current non-interest-bearing liabilities 961 917 916
Total current liabilities 1,518 1,512 1,367
Total equity and liabilities 3,371 3,062 2,964
     

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Statement of changes in Group equity, SEKm 1 apr 13−31 dec 13 1 apr 12−31 mar 13 1 apr 12−31 dec 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 27 - 27 24 - 24 14 - 14
Repurchase of own shares -15 - -15 - - - - - -
Dividend -176 -3 -179 -174 -4 -178 -174 -4 -178
Change non-controlling interests - - - -2 3 1 -1 0 -1
Total comprehensive income 277 5 282 279 4 283 233 3 236
Amount at end of period 1,210 18 1,228 1,097 16 1,113 1,043 12 1,055
                 

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Cash flow statement 3 months ending   6 months ending   12 months ending
SEKm 31 Dec 13 31 Dec 12   31 Dec 13 31 Dec 12   31 Dec 13 31 Mar 13
Profit after financial items 103 98   344 309   443 408
Adjustment for items not included in cash flow 18 22   75 72   104 101
Income tax paid -11 -12   -81 -83   -164 -166
Changes in working capital 91 98   37 -3   36 -4
Cash flow from operating activities 201 206   375 295   419 339
Net investments in non-current assets -11 -11   -39 -29   -50 -40
Acquisitions and disposals -71 -98   -163 -223   -251 -311
Cash flow from investing activities -82 -109   -202 -252   -301 -351
Dividend paid to shareholders - -   -176 -174   -176 -174
Repurchase of own shares -15 -   -15 -   -15 -
Other financing activities -83 -62   42 172   89 219
Cash flow from financing activities -98 -62   -149 -2   -102 45
Cash flow for the period 21 35   24 41   16 33
Cash and cash equivalents at beginning of period 76 50   72 50   87 50
Exchange differences on cash and cash equivalents 1 2   2 -4   -5 -11
Cash and cash equivalents at end of period 98 87   98 87   98 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 31 dec 13 31 mar 13
  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 2 2 - 3 3 -
Total financial assets at fair value per level 2 2 - 3 3 -
             
Derivatives used in hedge accounting 0 0 - 1 1 -
Derivatives held for trading purposes 3 3 - 1 1 -
Contingent considerations 50 - 50 61 - 61
Total financial liabilities at fair value per level 53 3 50 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
  31 dec 13 31 mar 13 31 dec 12 31 mar 12 31 mar 11
Net sales, SEKm 5,874 5,403 5,304 5,200 4,418
Operating profit, SEKm 475 437 443 470 380
Profit after financial items, SEKm 443 408 420 447 364
Profit for the period, SEKm 342 323 332 327 265
Operating margin, % 8.1 8.1 8.4 9.0 8.6
Profit margin, % 7.5 7.6 7.9 8.6 8.2
Equity ratio, %* 36 36 36 36 40
Return on equity, %* 30 31 33 34 31
Return on working capital (P/WC), % 45 45 47 53 50
Return on capital employed, %* 24 25 26 32 33
Debt / equity ratio, multiple* 0.8 0.7 0.8 0.6 0.4
Financial net liabilities, SEKm 871 763 717 584 358
Net debt / EBITDA, multiple 1.5 1.4 1.3 1.0 0.8
Net debt excl. pensions, SEKm 621 523 477 339 172
Net debt / equity ratio, multiple* 0.5 0.5 0.5 0.3 0.2
Interest coverage ratio, multiple 15.6 14.2 14.0 15.8 19.5
Average number of employees 2,063 1,815 1,736 1,612 1,445
Number of employees at end of the period 2,134 2,011 1,936 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
  31 dec 13 31 mar 13 31 dec 12 31 mar 12 31 mar 11
Earnings per share (EPS), SEK 5.10 4.85 5.00 4.90 3.95
Diluted EPS, SEK 5.10 4.85 5.00 4.85 3.90
Cash flow per share, SEK 6.35 5.20 6.50 6.30 4.50
Shareholders’ equity per share, SEK* 18.30 16.70 15.90 14.90 13.60
Last price paid per share, SEK 105.50 72.33 62.00 60.67 63.00
Average number of shares after repurchases, ’000s 65,879 65,394 65,306 65,832 66,759
Average number of shares adjusted for repurchases and dilution, ’000s 66,246 65,533 65,468 66,000 66,878
Number of shares outstanding at end of the period, ’000s 66,070 65,764 65,524 65,238 66,738
* Calculations based on proportion of equity attributable to the equity holders.
** Recalculation of historical key figures per share took place following the split into three shares in the third quarter.