Group summary

CONSOLIDATED INCOME STATEMENT, CONDENSED


	3 months		Rolling 12 months
SEKm	30 Jun 2020	30 Jun 2019	30 Jun 2020	31 Mar 2020
Net sales	2,805	2,934	11,606	11,735
Cost of sales	-1,959	-2,029	-8,018	-8,088
Gross profit	846	905	3,588	3,647
Selling expenses	-447	-459	-1,857	-1,869
Administrative expenses	-150	-171	-686	-707
Other operating income and expenses	-6	17	67	90
Operating profit	243	292	1,112	1,161
- as % of net sales	8.7	10.0	9.6	9.9
Financial income and expenses	-10	-6	-60	-56
Profit after financial items	233	286	1,052	1,105
- as % of net sales	8.3	9.7	9.1	9.4
Income tax expense	-49	-60	-221	-232
Profit for the period	184	226	831	873

Profit for the period attributable to:
Equity holders of the Parent Company	179	224	817	862
Non-controlling interests	5	2	14	11

Earnings per share before dilution, SEK	2.65	3.35	12.15	12.85
Earnings per share after dilution, SEK	2.65	3.35	12.10	12.80

Average number of shares after repurchases, ’000s	67,197	67,112	67,145	67,123
Number of shares at end of the period, ’000s	67,256	67,205	67,256	67,149


	3 months		Rolling 12 months
SEKm	30 Jun 2020	30 Jun 2019	30 Jun 2020	31 Mar 2020
Profit for the period	184	226	831	873
Components that will be reclassified to profit for the year
Cash flow hedges	-1	1	-1	1
Foreign currency translation differences for the period	-158	26	-125	59
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation	-	-	-9	-9
Other comprehensive income	-159	27	-135	51
Total comprehensive income	25	253	696	924

Total comprehensive income attributable to:
Equity holders of the Parent Company	23	250	683	910
Non-controlling interests	2	3	13	14


SEKm	30 Jun 2020	30 Jun 2019	31 Mar 2020
Goodwill	2,442	1,896	1,997
Other intangible non-current assets	1,673	1,272	1,243
Property, plant and equipment	900	816	936
Financial non-current assets	61	57	64
Total non-current assets	5,076	4,041	4,240
Inventories	1,765	1,580	1,642
Current receivables	2,020	2,058	2,261
Cash and cash equivalents	453	233	363
Total current assets	4,238	3,871	4,266
Total assets	9,314	7,912	8,506
Total equity	3,150	2,782	3,076
Interest-bearing provisions	328	313	332
Non-interest-bearing provisions	371	361	284
Non-current interest-bearing liabilities	1,972	1,170	2,154
Non-current non-interest-bearing liabilities	4	3	2
Total non-current liabilities	2,675	1,847	2,772
Non-interest-bearing provisions	52	47	46
Current interest-bearing liabilities	1,336	1,345	462
Current non-interest-bearing liabilities	2,101	1,891	2,150
Total current liabilities	3,489	3,283	2,658
Total equity and liabilities	9,314	7,912	8,506


SEKm	30 Jun 2020	30 Jun 2019	31 Mar 2020
Opening balance	3,076	2,520	2,520
Exercised, issued and repurchased options	17	6	16
Repurchase of treasury shares	-	-	-42
Dividend, ordinary	-	-	-336
Dividend, non-controlling interests	-	0	-10
Change non-controlling interests	130	3	4
Option debt, acquisition	-98	-	-
Total comprehensive income	25	253	924
Closing balance	3,150	2,782	3,076


	3 months		Rolling 12 months
SEKm	30 Jun 2020	30 Jun 2019	30 Jun 2019	31 Mar 2020
Profit after financial items	233	286	1,052	1,105
Adjustment for items not included in cash flow	129	74	409	354
Income tax paid	-60	-45	-288	-273
Changes in working capital	22	-62	15	-69
Cash flow from operating activities	324	253	1,188	1,117
Net investments in non-current assets	-15	-31	-86	-102
Acquisitions and disposals	-730	-249	-911	-430
Cash flow from investing activities	-745	-280	-997	-532
Dividend paid to shareholders	-	-	-336	-336
Repurchase of own shares/change of options	17	6	-15	-26
Other financing activities	513	-40	408	-145
Cash flow from financing activities	530	-34	57	-507
Cash flow for the period	109	-61	248	78
Cash and cash equivalents at beginning of period	363	295	233	295
Exchange differences on cash and cash equivalents	-19	-1	-28	-10
Cash and cash equivalents at end of period	453	233	453	363


	30 Jun 2020			31 Mar 2020
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	2	2	-	6	6	-
Derivatives - fair value through profit	7	7	-	5	5	-
Total financial assets at fair value per level	9	9	-	11	11	-

Derivatives - fair value, hedge instruments	1	1	-	1	1	-
Derivatives - fair value through profit	4	4	-	4	4	-
Contingent considerations - fair value through profit	233	-	233	151	-	151
Total financial liabilities at fair value per level	238	5	233	156	5	151

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	30 Jun 2020		31 Mar 2020
Opening balance	151			198
Acquisitions during the year	99			63
Reversed through profit or loss	0			-52
Consideration paid	-14			-65
Interest expenses	3			3
Exchange differences	-6			4
Closing balance	233			151


	12 months ending
	30 Jun 2020	31 Mar 2020	30 Jun 2019*	31 Mar 2019	31 Mar 2018
Net sales, SEKm	11,606	11,735	10,687	10,148	8,022
EBITDA, SEKm	1,557	1,579	1,216	1,137	881
EBITA, SEKm	1,329	1,364	1,165	1,085	838
EBITA-margin, %	11.5	11.6	10.9	10.7	10.5
Operating profit, SEKm	1,112	1,161	980	910	701
Operating margin, %	9.6	9.9	9.2	9.0	8.7
Profit after financial items, SEKm	1,052	1,105	947	865	665
Profit for the period, SEKm	831	873	737	672	526

Working capital	2,448	2,415	2,159	2,029	1,591
Return on working capital (P/WC), %	54	56	54	53	53
Return on equity, %	29	32	31	29	28
Return on capital employed, %	19	21	21	21	22
Equity ratio, %	34	36	35	36	39

Net debt, incl pensions, SEKm	3,183	2,585	2,595	1,960	1,405
Net debt, incl pensions / equity ratio, multiple	1.0	0.8	0.9	0.8	0.7
Net debt, incl pensions / EBITDA, multiple	2.0	1.6	2.1	1.7	1.6
Net debt excl. pensions, SEKm	2,855	2,253	2,282	1,700	1,176
Net debt, excl pensions / equity ratio, multiple	0.9	0.7	0.8	0.7	0.6
Interest coverage ratio, multiple	18.7	20.5	22.6	22.1	22.7

Average number of employees	2,959	2,913	2,697	2,590	2,283
Number of employees at end of the period	3,022	2,981	2,896	2,759	2,358

*Performance based figures for rolling 12 months in the income statement exclude the effect of IFRS 16.


	12 months ending
SEK	30 Jun 2020	31 Mar 2020	30 Jun 2019	31 Mar 2019	31 Mar 2018
Earnings per share before dilution	12.15	12.85	10.85	9.85	7.70
Earnings per share after dilution	12.10	12.80	10.80	9.80	7.65
Cash flow from operating activities per share	17.70	16.65	10.30	7.80	8.05
Shareholders’ equity per share	44.00	44.95	40.60	36.80	31.10
Share price at the end of the period	374.40	244.50	282.00	193.00	168.00
Average number of shares after repurchases, ’000s	67,145	67,123	67,061	67,047	66,950
Average number of shares adjusted for repurchases and dilution, ’000s	67,303	67,300	67,157	67,189	67,178
Number of shares outstanding at end of the period, ’000s	67,256	67,149	67,205	67,057	66,992

For definitions of key financial indicators, see page 18-20.