CONSOLIDATED INCOME STATEMENT, CONDENSED

3 months 6 months Rolling 12 months
SEKm 30 Sep 2020 30 Sep 2019 30 Sep 2020 30 Sep 2019 30 Sep 2020 31 Mar 2020
Net sales 2,723 2,917 5,528 5,851 11,412 11,735
Cost of sales -1,904 -1,993 -3,863 -4,022 -7,929 -8,088
Gross profit 819 924 1,665 1,829 3,483 3,647
Selling expenses -421 -447 -868 -906 -1,831 -1,869
Administrative expenses -154 -161 -304 -332 -679 -707
Other operating income and expenses -2 13 -8 30 52 90
Operating profit 242 329 485 621 1,025 1,161
- as % of net sales 8.9 11.2 8.8 10.6 9.0 9.9
Financial income and expenses -15 -22 -25 -28 -53 -56
Profit after financial items 227 307 460 593 972 1,105
- as % of net sales 8.3 10.5 8.3 10.1 8.5 9.4
Income tax expense -46 -67 -95 -127 -200 -232
Profit for the period 181 240 365 466 772 873
Profit for the period attributable to:
Equity holders of the Parent Company 176 237 355 461 756 862
Non-controlling interests 5 3 10 5 16 11
Earnings per share before dilution, SEK 0.65 0.85 1.30 1.70 2.80 3.20
Earnings per share after dilution, SEK 0.65 0.85 1.30 1.70 2.80 3.20
Average number of shares after repurchases, ’000s 269,022 268,740 268,906 268,594 268,649 268,493
Number of shares at end of the period, ’000s 269,022 268,344 269,022 268,344 269,022 268,594
The number of shares has been restated to take the share split (4:1) completed in September 2020 into account, and has been used in all calculations of key figures for SEK per share.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

3 months 6 months Rolling 12 months
SEKm 30 Sep 2020 30 Sep 2019 30 Sep 2020 30 Sep 2019 30 Sep 2020 31 Mar 2020
Profit for the period 181 240 365 466 772 873
Items that may be reclassified to profit or loss
Cash flow hedges -1 1 -2 2 -3 1
Foreign currency translation differences for the period 5 40 -153 66 -160 59
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation -24 -46 -24 -46 13 -9
Other comprehensive income -20 -5 -179 22 -150 51
Total comprehensive income 161 235 186 488 622 924
Total comprehensive income attributable to:
Equity holders of the Parent Company 157 231 180 481 609 910
Non-controlling interests 4 4 6 7 13 14

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm 30 Sep 2020 30 Sep 2019 31 Mar 2020
Goodwill 2,553 1,917 1,997
Other intangible non-current assets 1,725 1,246 1,243
Property, plant and equipment 883 873 936
Financial non-current assets 66 62 64
Total non-current assets 5,227 4,098 4,240
Inventories 1,810 1,632 1,642
Current receivables 2,053 2,150 2,261
Cash and cash equivalents 467 258 363
Total current assets 4,330 4,040 4,266
Total assets 9,557 8,138 8,506
Total equity 3,028 2,627 3,076
Interest-bearing provisions 359 374 332
Non-interest-bearing provisions 375 340 284
Non-current interest-bearing liabilities 2,326 1,411 2,154
Non-current non-interest-bearing liabilities 2 6 2
Total non-current liabilities 3,062 2,131 2,772
Non-interest-bearing provisions 64 47 46
Current interest-bearing liabilities 1,289 1,390 462
Current non-interest-bearing liabilities 2,114 1,943 2,150
Total current liabilities 3,467 3,380 2,658
Total equity and liabilities 9,557 8,138 8,506

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm 30 Sep 2020 30 Sep 2019 31 Mar 2020
Opening balance 3,076 2,520 2,520
Exercised, issued and repurchased options -5 0 16
Repurchase of treasury shares - -42 -42
Dividend, ordinary -269 -336 -336
Dividend, non-controlling interests -1 -7 -10
Change non-controlling interests 163 4 4
Option debt, acquisition -122 - -
Total comprehensive income 186 488 924
Closing balance 3,028 2,627 3,076

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

3 months 6 months Rolling 12 months
SEKm 30 Sep 2020 30 Sep 2019 30 Sep 2020 30 Sep 2019 30 Sep 2020 31 Mar 2020
Profit after financial items 227 307 460 593 972 1,105
Adjustment for items not included in cash flow 138 111 267 185 436 354
Income tax paid -79 -71 -139 -116 -296 -273
Changes in working capital -43 -81 -21 -143 53 -69
Cash flow from operating activities 243 266 567 519 1,165 1,117
Net investments in non-current assets -14 -26 -29 -57 -74 -102
Acquisitions and disposals -158 -46 -888 -295 -1,023 -430
Cash flow from investing activities -172 -72 -917 -352 -1,097 -532
Dividend paid to shareholders -269 -336 -269 -336 -269 -336
Repurchase of own shares/change of options -22 -48 -5 -42 11 -26
Other financing activities 236 207 749 167 437 -145
Cash flow from financing activities -55 -177 475 -211 179 -507
Cash flow for the period 16 17 125 -44 247 78
Cash and cash equivalents at beginning of period 453 233 363 295 258 295
Exchange differences on cash and cash equivalents -2 8 -21 7 -38 -10
Cash and cash equivalents at end of period 467 258 467 258 467 363

FAIR VALUES ON FINANCIAL INSTRUMENTS

30 Sep 2020 31 Mar 2020
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 1 1 - 6 6 -
Derivatives - fair value through profit 2 2 - 5 5 -
Total financial assets at fair value per level 3 3 - 11 11 -
Derivatives - fair value, hedge instruments 1 1 - 1 1 -
Derivatives - fair value through profit 3 3 - 4 4 -
Contingent considerations - fair value through profit 245 - 245 151 - 151
Total financial liabilities at fair value per level 249 4 245 156 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 Sep 2020 31 Mar 2020
Opening balance 151 198
Acquisitions during the year 125 63
Reversed through profit or loss -7 -52
Consideration paid -23 -65
Interest expenses 5 3
Exchange differences -6 4
Closing balance 245 151

KEY FINANCIAL INDICATORS

12 months ending
30 Sep 2020 31 Mar 2020 30 Sep 2019* 31 Mar 2019 31 Mar 2018
Net sales, SEKm 11,412 11,735 11,266 10,148 8,022
EBITDA, SEKm 1,489 1,579 1,329 1,137 881
EBITA, SEKm 1,255 1,364 1,274 1,085 838
EBITA-margin, % 11.0 11.6 11.3 10.7 10.5
Operating profit, SEKm 1,025 1,161 1,082 910 701
Operating margin, % 9.0 9.9 9.6 9.0 8.7
Profit after financial items, SEKm 972 1,105 1,034 865 665
Profit for the period, SEKm 772 873 804 672 526
Working capital 2,468 2,415 2,267 2,029 1,591
Return on working capital (P/WC), % 51 56 56 53 53
Return on equity, % 26 32 33 29 28
Return on capital employed, % 17 21 22 21 22
Equity ratio, % 32 36 32 36 39
Financial net debt, SEKm 3,507 2,585 2,917 1,960 1,405
Debt / equity ratio, multiple 1.2 0.8 1.1 0.8 0.7
Financial net debt / EBITDA, multiple 2.4 1.6 2.2 1.7 1.6
Net debt excl. pensions, SEKm 3,148 2,253 2,543 1,700 1,176
Net debt, excl pensions / equity ratio, multiple 1.0 0.7 1.0 0.7 0.6
Interest coverage ratio, multiple 16.9 20.5 24.5 22.1 22.7
Average number of employees 2,990 2,913 2,790 2,590 2,283
Number of employees at end of the period 3,090 2,981 2,941 2,759 2,358

KEY FINANCIAL INDICATORS PER SHARE

12 months ending
SEK 30 Sep 2020 31 Mar 2020 30 Sep 2019* 31 Mar 2019 31 Mar 2018
Earnings per share before dilution 2.80 3.20 2.90 2.45 1.90
Earnings per share after dilution 2.80 3.20 2.90 2.45 1.90
Cash flow from operating activities per share 4.35 4.15 3.10 1.95 2.00
Shareholders’ equity per share 10.40 11.25 9.60 9.20 7.80
Share price at the end of the period 117.60 61.13 64.00 48.25 42.00
Average number of shares after repurchases, ’000s 268,649 268,493 268,321 268,187 267,799
Average number of shares adjusted for repurchases and dilution, ’000s 269,184 269,200 268,721 268,755 268,710
Number of shares outstanding at end of the period, ’000s 269,022 268,594 268,344 268,228 267,969
The number of shares has been restated to take the share split (4:1) completed in September 2020 into account, and has been used in all calculations of key figures for SEK per share.
*Performance based figures for rolling 12 months in the income statement exclude the effect of IFRS 16.
For definitions of key financial indicators, see page 17-19

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