Financials

Consolidated income statement

SEKm	2018	2017	2016	2015	2014
Net sales	118,500	109,265	101,238	98,519	87,997
Cost of goods sold	-85,058	-76,899	-72,438	-71,898	-64,081
Items affecting comparability	-1,437	-509	-532	-267	-441
Gross profit	32,005	31,857	28,268	26,354	23,475
Sales and administration expenses etc.	-20,570	-19,130	-16,965	-16,216	-14,527
Items affecting comparability	62	-346	-2,113	-25¹⁾	-568
Share of profits of associates and joint ventures	63	169	157	198	106
EBITA	11,560	12,550	9,347	10,311	8,486
Amortizations on acquisition related intangible assets	-732	-560	-159	-133	-126
Items affecting comparability	-69	-85	-180	-494	0
Operating profit	10,759	11,905	9,008	9,684	8,360
Financial income	91	158	202	312²⁾	416
Financial expenses	-1,248	-1,340	-1,037	-1,140	-1,156
Profit before tax	9,602	10,723	8,173	8,856	7,620
Tax	-1,050	-1,938	-3,931	-2,278	-1,939
Profit for the period	8,552	8,785	4,242	6,578	5,681

Earnings attributable to:
Owners of the Parent	7,886	8,116	3,800	6,129	5,212
Non-controlling interests	666	669	442	449	469

Earnings per share
Earnings per share, SEK - owners of Parent
before dilution effects	11.23	11.56	5.41	8.73	7.42
after dilution effects	11.23	11.56	5.41	8.73	7.42
Dividend per share, SEK	5.75	5.75

Profit for the year attributable to owners of the Parent	7,886	8,116	3,800	6,129	5,212
Average number of shares before dilution, million	702.3	702.3	702.3	702.3	702.3
Average number of shares after dilution	702.3	702.3	702.3	702.3	702.3

By business area (SEKm)
Net Sales
Personal Care	45,342	40,586	33,651	34,344	31,066
Consumer Tissue	45,125	42,014	41,560	41,657	37,051
Professional Hygiene	28,017	26,700	26,001	22,527	19,943
Other	16	-35	26	-9	-63
Total	118,500	109,265	101,238	98,519	87,997

Adjusted EBITA
Personal Care	6,354	5,937	4,283	3,997	3,528
Consumer Tissue	3,331	4,084	4,450	3,846	3,858
Professional Hygiene	3,841	4,004	3,836	3,497	2,918
Other	-591	-620	-577	-737	-809
Total Adjusted EBITA³⁾	12,935	13,405	11,992	10,603	9,495

1) Includes the sale of securities, SEK 970m.
2) Excludes the sale of securities, SEK 970m.
3) Excluding items affecting comparability

Last updated: 3/13/2019 8:00 AM

Consolidated balance sheet

SEKm	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
ASSETS
Non-current assets
Goodwill	33,553	31,697	19,253	15,412	15,660
Other intangible assets	21,475	21,424	7,665	7,351	7,895
Buildings, land, machinery and equipment	51,673	48,482	47,494	42,402	43,599
Participations in joint ventures and associates	777	1,062	1,096	1,041	1,047
Shares and participations	29	32	32	33	40
Surplus in funded pension plans	1,117	1,148	335	35	3
Non-current receivables, Group companies	-	-	-	39	11
Non-current financial receivables, Group companies	-	-	3	3	3
Non-current financial assets	634	552	714	728	2,843
Deferred tax assets	2,158	2,232	1,457	1,056	1,151
Other non-current assets	705	469	241	149	116
Total non-current assets	112,121	107,098	78,290	68,249	72,368

Current assets
Inventories	15,234	13,739	10,944	11,229	10,343
Trade receivables	18,687	17,607	15,843	14,808	14,912
Current tax assets	2,126	769	740	868	647
Current receivables, Group companies	-	-	57	166	117
Current financial receivables, Group companies	-	-	1,433	12,207	12,764
Other current receivables	2,599	2,549	2,333	2,100	2,188
Current financial assets	422	1,105	244	776	1,260
Non-current assets held for sale	69	42	156	120	60
Cash and cash equivalents	3,008	4,107	4,244	4,828	3,806
Total current assets	42,145	39,918	35,994	47,102	46,097
Total assets	154,266	147,016	114,284	115,351	118,465

EQUITY AND LIABILITIES
Equity
Owners of the Parent
Share capital	2,350	2,350	-	-	-
Reserves	5,003	3,154	4,061	1,501	4,015
Retained earnings	39,788	36,785	29,143	41,485	35,660
	47,141	42,289	33,204	42,986	39,675
Non-controlling interests	7,758	7,281	6,376	5,289	5,250
Total equity	54,899	49,570	39,580	48,275	44,925

Non-current liabilities
Non-current financial liabilities	43,500	47,637	31,299	21,463	24,199
Non-current liabilities, Group companies	-	-	48	-	4
Provisions for pensions	5,258	4,541	5,273	2,919	4,958
Deferred tax liabilities	7,272	7,090	3,872	3,756	3,231
Other non-current provisions	1,694	1,481	1,407	886	579
Other non-current liabilities	71	79	72	146	97
Total non-current liabilities	57,795	60,828	41,971	29,170	33,068

Current liabilities
Current financial liabilities	10,827	7,201	5,089	12,402	14,791
Current liabilities, Group companies	-	-	259	341	273
Current financial liabilities, Group companies	-	-	485	852	1,797
Trade payables	15,911	14,748	12,972	11,869	11,800
Current tax liabilities	570	553	915	808	729
Current provisions	1,472	1,547	1,409	889	917
Other current liabilities	12,792	12,569	11,604	10,745	10,165
Total current liabilities	41,572	36,618	32,733	37,906	40,472
Total liabilities	99,367	97,446	74,704	67,076	73,540
Total equity and liabilities	154,266	147,016	114,284	115,351	118,465

Contingent liabilities and pledged assets, see Note G3 in the Annual and Sustainability Report 2018

Capital employed	109,303	102,037	74,753	67,333	69,991
Net debt	54,404	52,467	35,173	19,058	25,066

Last updated: 3/13/2019 8:00 AM

Consolidated operating cash flow statement

SEKm	2018	2017	2016	2015	2014
Net sales	118,500	109,265	101,238	98,519	87,997
Operating expenses	-100,165	-90,867	-84,498	-83,483	-74,466
Operating surplus	18,335	18,398	16,740	15,036	13,531
Adjustment for non-cash items	235	67	19	15	-10
Operating cash surplus	18,570	18,465	16,759	15,051	13,521
Change in
Inventories	-1,017	-1,703	1,059	-1,407	-120
Operating receivables	-344	1,522	-298	-1,029	-158
Operating liabilities	390	-559	835	1,919	131
Change in working capital	-971	-740	1,596	-517	-147
Current capital expenditures, net	-4,357	-3,911	-4,222	-3,293	-2,861
Restructuring costs, etc.	-918	-1,091	-1,102	-801	-799
Operating cash flow	12,324	12,723	13,031	10,440	9,714

Financial items	-1,157	-1,182	-835	-828	-740
Income taxes paid	-2,466	-2,971	-3,782	-2,194	-2,099
Other	86	175	149	132	25
Cash flow from current operations	8,787	8,745	8,563	7,550	6,900

Strategic capital expenditures, restructuring costs and divestments
Acquisitions	-694	-26,045	-6,540	-92	-492
Strategic capital expenditures in non-current assets	-2,424	-2,101	-2,033	-2,179	-1,632
Total strategic capital expenditures	-3,118	-28,146	-8,573	-2,271	-2,124

Divestments	68	29	369	49	205
Cash flow from strategic restructuring costs, capital expenditures and divestments	-3,050	-28,117	-8,204	-2,222	-1,919
Cash flow before dividend	5,737	-19,372	359	5,328	4,981

Private placement to non-controlling interests	5	28	435	-	-
Dividend to non-controlling interest	-397	-285	-190	-216	-228
Dividend	-4,038	-	-	-	-
Transactions with share owners	-	838	-14,571	-2,225	-4,215
Net cash flow	1,307	-18,791	-13,967	2,887	538


Net debt, 1 January	-52,467	-35,173	-19,058	-25,066	-21,470
Net cash flow	1,307	-18,791	-13,967	2,887	538
Remeasurements to equity	-1,042	1,061	-1,570	1,281	-2,455
Translation differences	-2,202	436	-578	1,840	-1,679
Net debt, 31 December	-54,404	-52,467	-35,173	-19,058	-25,066

Last updated: 3/13/2019 8:00 AM

Multi-year summary

SEKm	2018	2017	2016	2015	2014
INCOME STATEMENT
Net sales	118,500	109,265	101,238	98,519	87,997
Adjusted EBITA¹⁾	12,935	13,405	11,992	10,603	9,495
Personal Care	6,354	5,937	4,283	3,997	3,528
Consumer Tissue	3,331	4,084	4,450	3,846	3,858
Professional Hygiene	3,841	4,004	3,836	3,497	2,918
Other operations²⁾	-591	-620	-577	-737	-809
EBITA	11,560	12,550	9,347	10,311	8,486
Amortizations on acquisition related intangible assets	-732	-560	-159	-133	-126
Items affecting comparability	-69	-85	-180	-494	0
Operating profit	10,759	11,905	9,008	9,684	8,360
Financial income³⁾	91	158	202	312	416
Financial expenses	-1,248	-1,340	-1,037	-1,140	-1,156
Profit before tax	9,602	10,723	8,173	8,856	7,620
Tax	-1,050	-1,938	-3,931	-2,278	-1,939
Profit for the year	8,552	8,785	4,242	6,578	5,681

BALANCE SHEET
Non-current assets (excl. financial receivables)	110,370	105,398	77,238	67,483	69,519
Receivables and inventories	38,646	34,664	29,917	29,171	28,207
Non-current assets held for sale	69	42	156	120	60
Non-current financial receivables	1,751	1,700	1,052	766	2,849
Current financial items	422	1,105	1,677	12,983	14,024
Cash and cash equivalents	3,008	4,107	4,244	4,828	3,806
Total assets	154,266	147,016	114,284	115,351	118,465

Equity	47,141	42,289	33,204	42,986	39,675
Non-controlling interests	7,758	7,281	6,376	5,289	5,250
Provisions	12,530	11,631	9,145	6,675	8,189
Interest-bearing debt	54,327	54,838	36,873	34,717	40,787
Operating and other non-interest-bearing liabilities	32,510	30,977	28,686	25,684	24,564
Total liabilities and equity	154,266	147,016	114,284	115,351	118,465

Capital employed⁴⁾	107,575	90,167	73,145	70,115	66,866
Net debt, incl pension provisions	54,404	52,467	35,173	19,058	25,066

CASH FLOW STATEMENT
Operating cash flow	12,324	12,723	13,031	10,440	9,714
Cash flow from current operations	8,787	8,745	8,563	7,550	6,900
Cash flow before dividend	5,737	-19,372	359	5,328	4,981
Current capital expenditures	-4,357	-3,911	-4,222	-3,293	-2,861
Strategic capital expenditures	-2,424	-2,101	-2,033	-2,179	-1,632
Acquisitions	-694	-26,045	-6,540	-92	-492
Divestments	68	29	369	49	205
Net cash flow	1,307	-18,791	-13,967	2,887	538

1) 2015 includes sale of securities, SEK 970m
2) Includes items affecting comparability of (SEKm)	-1,375	-855	-2,645	-292	-1,009
³⁾ 2015 does not include sale of securities, SEK 970m
⁴⁾ Calculation of average capital employed is based on five measurements

Last updated: 3/13/2019 8:00 AM

Key figures

	2018	2017	2016	2015	2014
	SEK	SEK	SEK	SEK	SEK
Equity/assets ratio, %	31	29	29	37	33
Interest coverage ratio	9.3	10.1	10.8	11.7	11.3
Debt payment capacity, incl. Pension liabilities, %	25	26	29	65	40
Debt/equity ratio, including pension liabilities	0.99	1.06	0.89	0.39	0.56
Debt/equity ratio, excluding pension liabilities	0.92	0.99	0.76	0.34	0.45
Return on capital employed, %	10.8	13.9	12.8	13.8	12.5
Adjusted return on capital employed, %	12.0	14.9	16.4	15.1	14.2
Return on equity, %	16.1	19.8	9.3	13.9	13.3
EBITA margin, %	9.8	11.5	9.2	9.8	9.6
Adjusted EBITA margin, %	10.9	12.3	11.8	10.8	10.8
Operating margin, %	9.1	10.9	8.9	9.8	9.5
Adjusted operating margin, %	10.3	11.8	11.7	10.6	10.6
Net margin, %	7.2	8.0	4.2	6.7	6.5
Capital turnover rate	1.10	1.21	1.38	1.41	1.32
Operating cash flow per share, SEK	12.51	12.45	12.19	10.75	9.82
Earnings per share, SEK	11.23	11.56	5.41	8.73	7.20
Dividend per share, SEK	5,75¹⁾	5.75


1) Dividend proposed by the Board of Directors.

Last updated: 3/13/2019 8:00 AM

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