Group summary

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Income statement 3 months ending     12 months ending
SEKm 31 Mar 14 31 Mar 13     31 Mar 14 31 Mar 13
Net sales 1,678 1,463     6,089 5,403
Cost of sales -1,150 -994     -4,106 -3,639
Gross profit 528 469     1,983 1,764
Selling expenses -304 -266     -1,136 -1,001
Administrative expenses -91 -93     -358 -339
Other operating income and expenses 4 1     12 13
Operating profit 137 111     501 437
- as % of net sales 8.2 7.6     8.2 8.1
Financial income and expenses -6 -12     -26 -29
Profit after financial items 131 99     475 408
- as % of net sales 7.8 6.8     7.8 7.6
Income tax expense -31 -26     -106 -85
Profit for the period 100 73     369 323
Attributable to:            
Equity holders of the Parent Company 98 71     363 318
Non-controlling interests 2 2     6 5
Earnings per share (EPS), SEK* 1.50 1.10     5.50 4.85
Diluted EPS, SEK* 1.50 1.10     5.45 4.85
Average number of shares after repurchases, ’000s 66,101 65,596     66,003 65,394
Number of shares at end of the period, ’000s 66,135 65,764     66,135 65,764
Operating expenses include depreciation and amortisation          
– of property, plant and equipment in amounts of -11 -10     -42 -39
– of intangible non-current assets in amounts of -19 -17     -80 -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
SEKm 31 Mar 14 31 Mar 13     31 Mar 14 31 Mar 13
Profit for the period 100 73     369 323
Components that will be reclassified to profit for the year            
Cash flow hedges 0 0     0 0
Foreign currency translation differences for the period 18 -29     31 -49
Components that will not be reclassified to profit for the year            
Actuarial effects of the net pension obligation 0 3     0 9
Other comprehensive income 18 -26     31 -40
Total comprehensive income 118 47     400 283
Attributable to:            
Equity holders of the Parent Company 117 46     394 279
Non-controlling interests 1 1     6 4
           

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Balance sheet, SEKm 31 Mar 14 31 Mar 13
Goodwill 785 696
Other intangible non-current assets 558 496
Property, plant and equipment 187 166
Financial non-current assets 20 14
Total non-current assets 1,550 1,372
Inventories 709 675
Current receivables 1,137 943
Cash and cash equivalents 69 72
Total current assets 1,915 1,690
Total assets 3,465 3,062
Total equity 1,349 1,113
Interest-bearing provisions 252 239
Non-interest-bearing provisions 215 188
Non-current interest-bearing liabilities 14 10
Total non-current liabilities 481 437
Non-interest-bearing provisions 6 9
Current interest-bearing liabilities 580 586
Current non-interest-bearing liabilities 1,049 917
Total current liabilities 1,635 1,512
Total equity and liabilities 3,465 3,062
   

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Statement of changes in Group equity, SEKm 1 Apr 13−31 Mar 14 1 Apr 12−31 Mar 13
  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
Change in accounting policies - - - -34 - -34
Exercised and issued call options 30 - 30 24 - 24
Repurchase of own shares -15 - -15 - - -
Dividend -176 -3 -179 -174 -4 -178
Change non-controlling interests - - - -2 3 1
Total comprehensive income 394 6 400 279 4 283
Amount at end of period 1,330 19 1,349 1,097 16 1,113
           

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Cash flow statement 3 months ending     12 months ending
SEKm 31 Mar 14 31 Mar 13     31 Mar 14 31 Mar 13
Profit after financial items 131 99     475 408
Adjustment for items not included in cash flow 35 29     110 101
Income tax paid -40 -83     -121 -166
Changes in working capital -22 -1     15 -4
Cash flow from operating activities 104 44     479 339
Net investments in non-current assets -15 -11     -54 -40
Acquisitions and disposals -42 -88     -205 -311
Cash flow from investing activities -57 -99     -259 -351
Dividend paid to shareholders - -     -176 -174
Repurchase of own shares - -     -15 -
Other financing activities -80 47     -38 219
Cash flow from financing activities -80 47     -229 45
Cash flow for the period -33 -8     -9 33
Cash and cash equivalents at beginning of period 98 87     72 50
Exchange differences on cash and cash equivalents 4 -7     6 -11
Cash and cash equivalents at end of period 69 72     69 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 Mar 14 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 1 1 - 3 3 -
Total financial assets at fair value per level 1 1 - 3 3 -
             
Derivatives used in hedge accounting 0 0 - 1 1 -
Derivatives held for trading purposes 2 2 - 1 1 -
Contingent considerations 27 - 27 61 - 61
Total financial liabilities at fair value per level 29 2 27 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 Mar 14 31 Mar 13 31 Mar 12 31 Mar 11
Net sales, SEKm 6,089 5,403 5,200 4,418
Operating profit, SEKm 501 437 470 380
Profit after financial items, SEKm 475 408 447 364
Profit for the period, SEKm 369 323 327 265
Operating margin, % 8.2 8.1 9.0 8.6
Profit margin, % 7.8 7.6 8.6 8.2
Equity ratio, %* 39 36 36 40
Return on equity, %* 30 31 34 31
Return on working capital (P/WC), % 47 45 53 50
Return on capital employed, %* 24 25 32 33
Debt / equity ratio, multiple* 0.6 0.7 0.6 0.4
Financial net liabilities, SEKm 776 763 584 358
Net debt / EBITDA, multiple 1.2 1.4 1.0 0.8
Net debt excl. pensions, SEKm 524 523 339 172
Net debt / equity ratio, multiple* 0.4 0.5 0.3 0.2
Interest coverage ratio, multiple 17.5 14.2 15.8 19.5
Average number of employees 2,100 1,815 1,612 1,445
Number of employees at end of the period 2,150 2,011 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 Mar 14 31 Mar 13 31 Mar 12 31 Mar 11
Earnings per share (EPS), SEK 5.50 4.85 4.90 3.95
Diluted EPS, SEK 5.45 4.85 4.85 3.90
Cash flow per share, SEK 7.25 5.20 6.30 4.50
Shareholders’ equity per share, SEK* 20.10 16.70 14.90 13.60
Last price paid per share, SEK 101.75 72.33 60.67 63.00
Average number of shares after repurchases, ’000s 66,003 65,394 65,832 66,759
Average number of shares adjusted for repurchases and dilution, ’000s 66,457 65,533 66,000 66,878
Number of shares outstanding at end of the period, ’000s 66,135 65,764 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.