YEAR-END REPORT Q4 2022/2023

CONSOLIDATED INCOME STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2023 31 Mar 2022 31 Mar 2023 31 Mar 2022
Net sales 5,267 3,916 18,714 14,038
Cost of sales -3,665 -2,707 -13,091 -9,717
Gross profit 1,602 1,209 5,623 4,321
Selling expenses -702 -596 -2,593 -2,124
Administrative expenses -270 -200 -922 -753
Other operating income and expenses 30 23 59 57
Operating profit 660 436 2,167 1,501
- as % of net sales 12.5 11.1 11.6 10.7
Financial income and expenses -49 -22 -162 -68
Profit after financial items 611 414 2,005 1,433
- as % of net sales 11.6 10.6 10.7 10.2
Income tax expense -150 -89 -451 -316
Profit for the period 461 325 1,554 1,117
Profit for the period attributable to:
Equity holders of the Parent Company 442 313 1,495 1,074
Non-controlling interests 19 12 59 43
Earnings per share before dilution, SEK 1.65 1.20 5.55 4.00
Earnings per share after dilution, SEK 1.65 1.15 5.55 3.95
Average number of shares after repurchases, ’000s 269,565 269,511 269,557 269,400
Number of shares at end of the period, ’000s 269,565 269,528 269,565 269,528

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2023 31 Mar 2022 31 Mar 2023 31 Mar 2022
Profit for the period 461 325 1,554 1,117
Components that will be reclassified to profit for the year
Cash flow hedges -1 0 1 2
Foreign currency translation differences for the period 10 64 312 99
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation 38 23 82 18
Other comprehensive income 47 87 395 119
Total comprehensive income 508 412 1,949 1,236
Total comprehensive income attributable to:
Equity holders of the Parent Company 489 398 1,882 1,190
Non-controlling interests 19 14 67 46

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm 31 Mar 2023 31 Mar 2022
Goodwill 3,935 3,306
Other intangible non-current assets 2,377 2,062
Property, plant and equipment 1,179 1,057
Other non-current assets 80 65
Total non-current assets 7,571 6,490
Inventories 3,326 2,569
Current receivables 3,768 2,931
Cash and cash equivalents 606 437
Total current assets 7,700 5,937
Total assets 15,271 12,427
Total equity 5,573 4,259
Interest-bearing provisions 218 314
Non-interest-bearing provisions 633 500
Non-current interest-bearing liabilities 3,617 2,136
Non-current non-interest-bearing liabilities 18 9
Total non-current liabilities 4,486 2,959
Non-interest-bearing provisions 87 72
Current interest-bearing liabilities 1,096 2,048
Current non-interest-bearing liabilities 4,029 3,089
Total current liabilities 5,212 5,209
Total equity and liabilities 15,271 12,427

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm 31 Mar 2023 31 Mar 2022
Opening balance 4,259 3,450
Exercised, issued and repurchased options -17 10
Repurchase of treasury shares -31 -
Dividend, ordinary -485 -323
Dividend, non-controlling interests -34 -15
Change, non-controlling interests 28 58
Option debt, acquisition -96 -157
Total comprehensive income 1,949 1,236
Closing balance 5,573 4,259

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 31 Mar 2023 31 Mar 2022 31 Mar 2023 31 Mar 2022
Profit after financial items 611 414 2,005 1,433
Adjustment for items not included in cash flow 185 174 707 594
Income tax paid -139 -102 -474 -416
Changes in working capital 154 -170 -327 -490
Cash flow from operating activities 811 316 1,911 1,121
Net investments in non-current assets -88 -51 -183 -116
Acquisitions and disposals -69 -428 -1,204 -1,139
Cash flow from investing activities -157 -479 -1,387 -1,255
Dividend paid to shareholders - - -485 -323
Repurchase of own shares/change of options - 7 -48 10
Other financing activities -637 106 162 460
Cash flow from financing activities -637 113 -371 147
Cash flow for the period 17 -50 153 13
Cash and cash equivalents at beginning of period 587 478 437 420
Exchange differences on cash and cash equivalents 2 9 16 4
Cash and cash equivalents at end of period 606 437 606 437

FAIR VALUES ON FINANCIAL INSTRUMENTS

31 Mar 2023 31 Mar 2022
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 9 9 - 6 6 -
Derivatives - fair value through profit 9 9 - 4 4 -
Total financial assets at fair value per level 18 18 - 10 10 -
Derivatives - fair value, hedge instruments 3 3 - 3 3 -
Derivatives - fair value through profit 38 38 - 12 12 -
Contingent considerations - fair value through profit 295 - 295 349 - 349
Total financial liabilities at fair value per level 336 41 295 364 15 349
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 31 Mar 2023 31 Mar 2022
Opening balance 349 267
Acquisitions during the year 150 170
Reversed through profit or loss -40 -8
Consideration paid -192 -96
Interest expenses 11 12
Exchange differences 17 4
Closing balance 295 349

KEY FINANCIAL INDICATORS

12 months ending
31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020
Net sales, SEKm 18,714 14,038 11,336 11,735
EBITDA, SEKm 2,872 2,077 1,501 1,579
EBITA, SEKm 2,540 1,803 1,251 1,364
EBITA-margin, % 13.6 12.8 11.0 11.6
Operating profit, SEKm 2,167 1,501 989 1,161
Operating margin, % 11.6 10.7 8.7 9.9
Profit after financial items, SEKm 2,005 1,433 937 1,105
Profit for the period, SEKm 1,554 1,117 729 873
x
Working capital 3,855 2,618 2,416 2,415
Return on working capital (P/WC), % 66 69 52 56
Return on equity, % 32 30 23 32
Return on capital employed, % 22 20 15 21
Equity ratio, % 36 34 35 36
x
Financial debt, SEKm 4,325 4,061 3,134 2,585
Debt / equity ratio, multiple 0.8 1.0 0.9 0.8
Financial debt / EBITDA, multiple 1.5 2.0 2.1 1.6
Net debt excl. pensions, SEKm 4,107 3,747 2,798 2,253
Net debt, excl pensions / equity ratio, multiple 0.7 0.9 0.8 0.7
Interest coverage ratio, multiple 13.7 22.4 15.8 20.5
x
Average number of employees 3,781 3,317 3,068 2,913
Number of employees at end of the period 3,911 3,556 3,133 2,981

KEY FINANCIAL INDICATORS PER SHARE

12 months ending
SEK 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020
Earnings per share before dilution 5.55 4.00 2.60 3.20
Earnings per share after dilution 5.55 3.95 2.60 3.20
Cash flow from operating activities per share 7.10 4.15 5.60 4.15
Shareholders’ equity per share 19.25 14.60 11.95 11.25
Share price at the end of the period 192.30 182.00 130.00 61.13
Average number of shares after repurchases, ’000s 269,557 269,400 269,051 268,493
Average number of shares adjusted for repurchases and dilution, ’000s 269,723 270,346 269,969 269,200
Number of shares outstanding at end of the period, ’000s 269,565 269,528 269,275 268,594
For definitions of key financial indicators, see page 22-24.

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