CONSOLIDATED INCOME STATEMENT, CONDENSED

3 months 9 months Rolling 12 months
SEKm 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Mar 2020
Net sales 2,881 2,846 8,409 8,697 11,447 11,735
Cost of sales -1,984 -1,984 -5,847 -6,006 -7,929 -8,088
Gross profit 897 862 2,562 2,691 3,518 3,647
Selling expenses -478 -480 -1,346 -1,386 -1,829 -1,869
Administrative expenses -171 -204 -475 -536 -646 -707
Other operating income and expenses -10 10 -18 40 32 90
Operating profit 238 188 723 809 1,075 1,161
- as % of net sales 8.3 6.6 8.6 9.3 9.4 9.9
Financial income and expenses -12 -9 -37 -37 -56 -56
Profit after financial items 226 179 686 772 1,019 1,105
- as % of net sales 7.8 6.3 8.2 8.9 8.9 9.4
Income tax expense -52 -37 -147 -164 -215 -232
Profit for the period 174 142 539 608 804 873
Profit for the period attributable to:
Equity holders of the Parent Company 168 139 523 600 785 862
Non-controlling interests 6 3 16 8 19 11
Earnings per share before dilution, SEK 0.65 0.55 1.95 2.25 2.90 3.20
Earnings per share after dilution, SEK 0.65 0.55 1.95 2.25 2.90 3.20
Average number of shares after repurchases, ’000s 269,159 268,345 268,991 268,511 268,854 268,493
Number of shares at end of the period, ’000s 269,227 268,374 269,227 268,374 269,227 268,594
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 9 months Rolling 12 months
SEKm 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Mar 2020
Profit for the period 174 142 539 608 804 873
Items that may be reclassified to profit or loss
Cash flow hedges -4 -3 -6 -1 -4 1
Foreign currency translation differences for the period -136 -61 -289 5 -235 59
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation - - -24 -46 13 -9
Other comprehensive income -140 -64 -319 -42 -226 51
Total comprehensive income 34 78 220 566 578 924
Total comprehensive income attributable to:
Equity holders of the Parent Company 31 76 211 557 564 910
Non-controlling interests 3 2 9 9 14 14

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm 31 Dec 2020 31 Dec 2019 31 Mar 2020
Goodwill 2,604 1,896 1,997
Other intangible non-current assets 1,728 1,183 1,243
Property, plant and equipment 965 824 936
Financial non-current assets 61 60 64
Total non-current assets 5,358 3,963 4,240
Inventories 1,716 1,623 1,642
Current receivables 1,835 2,126 2,261
Cash and cash equivalents 454 316 363
Total current assets 4,005 4,065 4,266
Total assets 9,363 8,028 8,506
Total equity 3,084 2,710 3,076
Interest-bearing provisions 387 373 332
Non-interest-bearing provisions 369 328 284
Non-current interest-bearing liabilities 2,104 1,354 2,154
Non-current non-interest-bearing liabilities 9 9 2
Total non-current liabilities 2,869 2,064 2,772
Non-interest-bearing provisions 61 40 46
Current interest-bearing liabilities 1,326 1,351 462
Current non-interest-bearing liabilities 2,023 1,863 2,150
Total current liabilities 3,410 3,254 2,658
Total equity and liabilities 9,363 8,028 8,506

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm 31 Dec 2020 31 Dec 2019 31 Mar 2020
Opening balance 3,076 2,520 2,520
Exercised, issued and repurchased options 20 8 16
Repurchase of treasury shares - -42 -42
Dividend, ordinary -269 -336 -336
Dividend, non-controlling interests -4 -10 -10
Change non-controlling interests 163 4 4
Option debt, acquisition -122 - -
Total comprehensive income 220 566 924
Closing balance 3,084 2,710 3,076

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

3 months 9 months Rolling 12 months
SEKm 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Dec 2019 31 Dec 2020 31 Mar 2020
Profit after financial items 226 179 686 772 1,019 1,105
Adjustment for items not included in cash flow 133 93 400 278 476 354
Income tax paid -100 -71 -239 -187 -325 -273
Changes in working capital 224 -53 203 -196 330 -69
Cash flow from operating activities 483 148 1,050 667 1,500 1,117
Net investments in non-current assets -16 -16 -45 -73 -74 -102
Acquisitions and disposals -166 -15 -1,054 -310 -1,174 -430
Cash flow from investing activities -182 -31 -1,099 -383 -1,248 -532
Dividend paid to shareholders - - -269 -336 -269 -336
Repurchase of own shares/change of options 25 8 20 -34 28 -26
Other financing activities -315 -64 434 103 186 -145
Cash flow from financing activities -290 -56 185 -267 -55 -507
Cash flow for the period 11 61 136 17 197 78
Cash and cash equivalents at beginning of period 467 258 363 295 316 295
Exchange differences on cash and cash equivalents -24 -3 -45 4 -59 -10
Cash and cash equivalents at end of period 454 316 454 316 454 363

FAIR VALUES ON FINANCIAL INSTRUMENTS

31 Dec 2020 31 Mar 2020
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 0 0 - 6 6 -
Derivatives - fair value through profit 4 4 - 5 5 -
Total financial assets at fair value per level 4 4 - 11 11 -
Derivatives - fair value, hedge instruments 7 7 - 1 1 -
Derivatives - fair value through profit 4 4 - 4 4 -
Contingent considerations - fair value through profit 241 - 241 151 - 151
Total financial liabilities at fair value per level 252 11 241 156 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 31 Dec 2020 31 Mar 2020
Opening balance 151 198
Acquisitions during the year 149 63
Reversed through profit or loss -7 -52
Consideration paid -48 -65
Interest expenses 8 3
Exchange differences -12 4
Closing balance 241 151

KEY FINANCIAL INDICATORS

12 months ending
31 Dec 2020 31 Mar 2020 31 Dec 2019* 31 Mar 2019 31 Mar 2018
Net sales, SEKm 11,447 11,735 11,561 10,148 8,022
EBITDA, SEKm 1,565 1,579 1,318 1,137 881
EBITA, SEKm 1,323 1,364 1,262 1,085 838
EBITA-margin, % 11.6 11.6 10.9 10.7 10.5
Operating profit, SEKm 1,075 1,161 1,065 910 701
Operating margin, % 9.4 9.9 9.2 9.0 8.7
Profit after financial items, SEKm 1,019 1,105 1,020 865 665
Profit for the period, SEKm 804 873 790 672 526
Working capital 2,460 2,415 2,348 2,029 1,591
Return on working capital (P/WC), % 54 56 54 53 53
Return on equity, % 27 32 31 29 28
Return on capital employed, % 17 21 20 21 22
Equity ratio, % 33 36 34 36 39
Financial net debt, SEKm 3,363 2,585 2,762 1,960 1,405
Debt / equity ratio, multiple 1.1 0.8 1.0 0.8 0.7
Financial net debt / EBITDA, multiple 2.1 1.6 2.1 1.7 1.6
Net debt excl. pensions, SEKm 2,976 2,253 2,389 1,700 1,176
Net debt, excl pensions / equity ratio, multiple 1.0 0.7 0.9 0.7 0.6
Interest coverage ratio, multiple 16.6 20.5 23.9 22.1 22.7
Average number of employees 3,025 2,913 2,849 2,590 2,283
Number of employees at end of the period 3,103 2,981 2,931 2,759 2,358

KEY FINANCIAL INDICATORS PER SHARE

12 months ending
SEK 31 Dec 2020 31 Mar 2020 31 Dec 2019* 31 Mar 2019 31 Mar 2018
Earnings per share before dilution 2.90 3.20 2.90 2.45 1.90
Earnings per share after dilution 2.90 3.20 2.90 2.45 1.90
Cash flow from operating activities per share 5.60 4.15 2.85 1.95 2.00
Shareholders’ equity per share 10.60 11.25 9.90 9.20 7.80
Share price at the end of the period 109.00 61.13 75.75 48.25 42.00
Average number of shares after repurchases, ’000s 268,854 268,493 268,417 268,187 267,799
Average number of shares adjusted for repurchases and dilution, ’000s 269,562 269,200 268,971 268,755 268,710
Number of shares outstanding at end of the period, ’000s 269,227 268,594 268,374 268,228 267,969
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 18-20.

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