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Consolidated income statement | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SEKm | Note | 2016 | 2015 | 2014 | |||||||||||||
Net sales | B1 | 101,238 | 98,519 | 87,997 | |||||||||||||
Cost of goods sold | B2 | -72,438 | -71,898 | -64,081 | |||||||||||||
Items affecting comparability | B2 | -532 | -267 | -441 | |||||||||||||
Gross profit | 28,268 | 26,354 | 23,475 | ||||||||||||||
Sales and administration expenses etc. | B2 | -16,965 | -16,216 | -14,527 | |||||||||||||
Items affecting comparability | B2 | -2,113 | -251) | -568 | |||||||||||||
Share of profits of associates and joint ventures | 157 | 198 | 106 | ||||||||||||||
EBITA | 9,347 | 10,311 | 8,486 | ||||||||||||||
Amortizations on acquisition related intangible assets | -159 | -133 | -126 | ||||||||||||||
Items affecting comparability | -180 | -494 | 0 | ||||||||||||||
Operating profit | 9,008 | 9,684 | 8,360 | ||||||||||||||
Financial income | E7 | 202 | 3122) | 416 | |||||||||||||
Financial expenses | E7 | -1,037 | -1,140 | -1,156 | |||||||||||||
Profit before tax | 8,173 | 8,856 | 7,620 | ||||||||||||||
Tax | B4 | -3,931 | -2,278 | -1,939 | |||||||||||||
Profit for the period | 4,242 | 6,578 | 5,681 | ||||||||||||||
Earnings attributable to: | |||||||||||||||||
Owners of the Parent | 3,800 | 6,129 | 5,212 | ||||||||||||||
Non-controlling interests | 442 | 449 | 469 | ||||||||||||||
Earnings per share | |||||||||||||||||
Earnings per share, SEK - owners of Parent | |||||||||||||||||
before dilution effects | 5.41 | 8.73 | 7.42 | ||||||||||||||
after dilution effects | 5.41 | 8.73 | 7.42 | ||||||||||||||
Dividend per share, SEK | |||||||||||||||||
Profit for the year attributable to owners of the Parent | 3,800 | 6,129 | 5,212 | ||||||||||||||
Average number of shares before dilution, million | 702.3 | 702.3 | 702.3 | ||||||||||||||
Average number of shares after dilution | 702.3 | 702.3 | 702.3 | ||||||||||||||
By business area (SEKm) | |||||||||||||||||
Net Sales | |||||||||||||||||
Personal Care | 33,651 | 34,344 | 31,066 | ||||||||||||||
Consumer Tissue | 41,560 | 41,657 | 37,051 | ||||||||||||||
Professional Hygiene | 26,001 | 22,527 | 19,943 | ||||||||||||||
Other | 26 | -9 | -63 | ||||||||||||||
Total | 101,238 | 98,519 | 87,997 | ||||||||||||||
Adjusted EBITA | |||||||||||||||||
Personal Care | 4,283 | 3,997 | 3,528 | ||||||||||||||
Consumer Tissue | 4,450 | 3,846 | 3,858 | ||||||||||||||
Professional Hygiene | 3,836 | 3,497 | 2,918 | ||||||||||||||
Other | -577 | -737 | -809 | ||||||||||||||
Total Adjusted EBITA3) | 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 |
Consolidated balance sheet | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
SEKm | Note | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |||||||||||||
ASSETS | |||||||||||||||||
Non-current assets | |||||||||||||||||
Goodwill | D1 | 19,253 | 15,412 | 15,660 | |||||||||||||
Other intangible assets | D1 | 7,665 | 7,351 | 7,895 | |||||||||||||
Buildings, land, machinery and equipment | D2 | 47,494 | 42,402 | 43,599 | |||||||||||||
Participations in joint ventures and associates | F3 | 1,096 | 1,041 | 1,047 | |||||||||||||
Shares and participations | F5 | 32 | 33 | 40 | |||||||||||||
Surplus in funded pension plans | C5 | 335 | 35 | 3 | |||||||||||||
Non-current receivables, Group companies | 0 | 39 | 11 | ||||||||||||||
Non-current financial receivables, Group companies | E2 | 3 | 3 | 3 | |||||||||||||
Non-current financial assets | E2 | 714 | 728 | 2,843 | |||||||||||||
Deferred tax assets | B4 | 1,457 | 1,056 | 1,151 | |||||||||||||
Other non-current assets | 241 | 149 | 116 | ||||||||||||||
Total non-current assets | 78,290 | 68,249 | 72,368 | ||||||||||||||
Current assets | |||||||||||||||||
Inventories | D4 | 10,944 | 11,229 | 10,343 | |||||||||||||
Trade receivables | E3 | 15,843 | 14,808 | 14,912 | |||||||||||||
Current tax assets | B4 | 740 | 868 | 647 | |||||||||||||
Current receivables, Group companies | 57 | 166 | 117 | ||||||||||||||
Current financial receivables, Group companies | E2 | 1,433 | 12,207 | 12,764 | |||||||||||||
Other current receivables | D5 | 2,333 | 2,100 | 2,188 | |||||||||||||
Current financial assets | E2 | 244 | 776 | 1,260 | |||||||||||||
Non-current assets held for sale | G1 | 156 | 120 | 60 | |||||||||||||
Cash and cash equivalents | E2 | 4,244 | 4,828 | 3,806 | |||||||||||||
Total current assets | 35,994 | 47,102 | 46,097 | ||||||||||||||
Total assets | 114,284 | 115,351 | 118,465 | ||||||||||||||
EQUITY AND LIABILITIES | |||||||||||||||||
Equity | E8 | ||||||||||||||||
Share capital | 0.0 | 0.0 | 0.0 | ||||||||||||||
Other capital provided | 0 | 0 | 0 | ||||||||||||||
Reserves | 4061 | 1501 | 4015 | ||||||||||||||
Retained earnings | 29,143 | 41,485 | 35,660 | ||||||||||||||
Attributable to owner of the Parent | 33,204 | 42,986 | 39,675 | ||||||||||||||
Non-controlling interests | 6,376 | 5,289 | 5,250 | ||||||||||||||
Total equity | 39,580 | 48,275 | 44,925 | ||||||||||||||
Non-current liabilities | |||||||||||||||||
Non-current financial liabilities | E4 | 31,299 | 21,463 | 24,199 | |||||||||||||
Non-current liabilities, Group companies | 48 | 0 | 4 | ||||||||||||||
Provisions for pensions | C5 | 5,273 | 2,919 | 4,958 | |||||||||||||
Deferred tax liabilities | B4 | 3,872 | 3,756 | 3,231 | |||||||||||||
Other non-current provisions | D7 | 1,407 | 886 | 579 | |||||||||||||
Other non-current liabilities | D6 | 72 | 146 | 97 | |||||||||||||
Total non-current liabilities | 41,971 | 29,170 | 33,068 | ||||||||||||||
Current liabilities | |||||||||||||||||
Current financial liabilities | E4 | 5,089 | 12,402 | 14,791 | |||||||||||||
Current liabilities, Group companies | 259 | 341 | 273 | ||||||||||||||
Current financial liabilities, Group companies | 485 | 852 | 1,797 | ||||||||||||||
Trade payables | 12,972 | 11,869 | 11,800 | ||||||||||||||
Current tax liabilities | B4 | 915 | 808 | 729 | |||||||||||||
Current provisions | D7 | 1,409 | 889 | 917 | |||||||||||||
Other current liabilities | D6 | 11,604 | 10,745 | 10,165 | |||||||||||||
Total current liabilities | 32,733 | 37,906 | 40,472 | ||||||||||||||
Total liabilities | 74,704 | 67,076 | 73,540 | ||||||||||||||
Total equity and liabilities | 114,284 | 115,351 | 118,465 | ||||||||||||||
Contingent liabilities and pledged assets, see Note G3 in Hygiene Annual Report 2016. | |||||||||||||||||
Capital employed | 74,753 | 67,333 | 69,991 | ||||||||||||||
Net debt | 35,173 | 19,058 | 25,066 |
Consolidated operating cash flow statement | ||||
---|---|---|---|---|
SEKm | Note | 2016 | 2015 | 2014 |
Net sales | 101,238 | 98,519 | 87,997 | |
Operating expenses | -84,498 | -83,483 | -74,466 | |
Operating surplus | 16,740 | 15,036 | 13,531 | |
Adjustment for non-cash items | 19 | 15 | -10 | |
Operating cash surplus | 16,759 | 15,051 | 13,521 | |
Change in | ||||
Inventories | 1,059 | -1,407 | -120 | |
Operating receivables | -298 | -1,029 | -158 | |
Operating liabilities | 835 | 1,919 | 131 | |
Change in working capital | 1,596 | -517 | -147 | |
Current capital expenditures, net | -4,222 | -3,293 | -2,861 | |
Restructuring costs, etc. | -1,102 | -801 | -799 | |
Operating cash flow | 13,031 | 10,440 | 9,714 | |
Financial items | E7 | -835 | -828 | -740 |
Income taxes paid | B4 | -3,782 | -2,194 | -2,099 |
Other | 149 | 132 | 25 | |
Cash flow from current operations | 8,563 | 7,550 | 6,900 | |
Strategic capital expenditures, restructuring costs and divestments | ||||
Acquisitions | F6 | -6,540 | -92 | -492 |
Strategic capital expenditures in non-current assets | -2,033 | -2,179 | -1,632 | |
Total strategic capital expenditures | -8,573 | -2,271 | -2,124 | |
Divestments | F6 | 369 | 49 | 205 |
Cash flow from strategic restructuring costs, capital expenditures and divestments | -8,204 | -2,222 | -1,919 | |
Cash flow before dividend | 359 | 5,328 | 4,981 | |
Private placement to non-controlling interests | 435 | - | - | |
Dividend to non-controlling interest | -190 | -216 | -228 | |
Transactions with share owners | -14,571 | -2,225 | -4,215 | |
Net cash flow | -13,967 | 2,887 | 538 | |
Net debt, 1 January | -19,058 | -25,066 | -21,470 | |
Net cash flow | -13,967 | 2,887 | 538 | |
Remeasurements to equity | -1,570 | 1,281 | -2,455 | |
Translation differences | -578 | 1,840 | -1,679 | |
Net debt, 31 December | -35,173 | -19,058 | -25,066 | |
Key figures | |||||||||
---|---|---|---|---|---|---|---|---|---|
2016 | 2015 | 2014 | |||||||
SEK | EUR2) | SEK | EUR2) | SEK | EUR2) | ||||
Net sales, SEKm/EURm | 101,238 | 10,706 | 98,519 | 10,537 | 87,997 | 9,682 | |||
EBITA, SEKm/EURm | 9,347 | 988 | 10 3113) | 1,103 | 8,486 | 934 | |||
EBITA, SEKm/EURm1) | 11,992 | 1,268 | 10,603 | 1,134 | 9,495 | 1,045 | |||
EBITA margin, % | 9 | 10 | 10 | ||||||
EBITA margin, %1) | 12 | 11 | 11 | ||||||
Profit before tax, SEKm/EURm | 8,173 | 864 | 8,856 | 947 | 7,620 | 838 | |||
Profit before tax, SEKm/EURm1) | 10,998 | 1,163 | 9,642 | 1,026 | 8,629 | 949 | |||
Profit for the year, SEKm/EURm | 4,242 | 449 | 6,578 | 704 | 5,681 | 625 | |||
Profit for the year, SEKm/EURm1) | 6,643 | 703 | 6,897 | 738 | 6,467 | 712 | |||
Earnings per share, SEK | 5.400 | 8.700 | 7.400 | ||||||
Earnings per share, SEK1) | 8.8 | 9.200 | 8.500 | ||||||
Equity per share, SEK | 56 | 68 | 64 | ||||||
Cash flow from current operations per share, SEK | 12.19 | 10.75 | 9.82 | ||||||
Strategic investments, incl. acquisitions, SEKm/EURm | -8,573 | -907 | -2,271 | -243 | -2,124 | -234 | |||
Divestments, SEKm/EURm | 369 | 39 | 49 | 5 | 205 | 23 | |||
Equity, SEKm/EURm | 39,580 | 4,186 | 48,275 | 5,163 | 44,925 | 4,943 | |||
Return on capital employed, % | 12 | 14 | 13 | ||||||
Return on capital employed, %1) | 16 | 15 | 14 | ||||||
Return on equity, % | 9 | 14 | 13 | ||||||
Return on equity, %1) | 15 | 15 | 19 | ||||||
Debt/equity ratio, multiple | 0.89 | 0.39 | 0.56 | ||||||
Debt/equity ratio, excluding pension liabilities | 0.76 | 0.34 | 0.45 | ||||||
Average number of employees | 42,149 | 39,951 | 40,165 | ||||||
Number of employees on December 31 | 42,520 | 40,147 | |||||||
1) Excluding items affecting comparability | |||||||||
2) An exchange rate of 9.46 (9.35, 9.09) was used for income statement items. An exchange rate of 9.56 (9.13, 9.53) was used for equity. | |||||||||
3) Includes the sale of securities, SEK 970m. | |||||||||
Multi-year summary | |||
---|---|---|---|
SEKm | 2016 | 2015 | 2014 |
INCOME STATEMENT | |||
Net sales | 101,238 | 98,519 | 87,997 |
Adjusted EBITA | 11,992 | 10,603 | 9,495 |
Personal Care | 4,283 | 3,997 | 3,528 |
Consumer Tissue | 4,450 | 3,846 | 3,858 |
Professional Hygiene | 3,836 | 3,497 | 2,918 |
Other operations | -577 | -737 | -809 |
Operating profit1) | 9,008 | 9 6843) | 8,360 |
Financial income | 202 | 3123) | 416 |
Financial expenses | -1,037 | -1,140 | -1,156 |
Profit before tax | 8,173 | 8,856 | 7,620 |
Tax | -3,931 | -2,278 | -1,939 |
Profit for the year | 4,242 | 6,578 | 5,681 |
BALANCE SHEET | |||
Non-current assets (excl. financial receivables) | 76,495 | 67,155 | 71,211 |
Receivables and inventories | 29,917 | 29,171 | 28,207 |
Non-current assets held for sale | 156 | 120 | 60 |
Financial receivables | 1,795 | 1,094 | 1,157 |
Non-current financial items | 1,677 | 12,983 | 14,024 |
Cash and cash equivalents | 4,244 | 4,828 | 3,806 |
Total assets | 114,284 | 115,351 | 118,465 |
Equity | 33,204 | 42,986 | 39,675 |
Non-controlling interests | 6,376 | 5,289 | 5,250 |
Provisions | 9,145 | 6,675 | 8,189 |
Interest-bearing debt | 38,352 | 35,749 | 41,463 |
Operating and other non-interest-bearing liabilities | 27,207 | 24,652 | 23,888 |
Total liabilities and equity | 114,284 | 115,351 | 118,465 |
Capital employed2) | 74,753 | 67,333 | 69,991 |
Net debt, incl pension provisions | 35,173 | 19,058 | 25,066 |
CASH FLOW STATEMENT | |||
Operating cash flow | 13,031 | 10,440 | 9,714 |
Cash flow from current operations | 8,563 | 7,550 | 6,900 |
Cash flow before dividend | 359 | 5,328 | 4,981 |
Current capital expenditures | -4,222 | -3,293 | -2,861 |
Strategic capital expenditures | -2,033 | -2,179 | -1,632 |
Acquisitions | -6,540 | -92 | -492 |
Divestments | 369 | 49 | 205 |
Net cash flow | -13,967 | 2,887 | 538 |
1) Items affecting comparability is included with | -2,825 | -786 | -1,009 |
5) Calculation of average capital employed is based on five measurements | |||
3) The sale of securities, SEK 970m, are included in operating profit | |||
Key Ratios | |||
---|---|---|---|
Key ratios | 2016 | 2015 | 2014 |
Equity/assets ratio, % | 29 | 37 | 33 |
Debt/equity, incl. Pension liabilities | 0.89 | 0.39 | 0.56 |
Return on capital employed, % | 12 | 14 | 13 |
Return on capital employed, excluding items affecting comparability, % | 16 | 15 | 14 |
Return on equity, % | 9 | 14 | 13 |
EBITA margin, % | 9 | 10 | 10 |
EBITA margin, excluding items affecting comparabiltiy, % | 12 | 11 | 11 |
Earnings per share, SEK | 5.40 | 8.70 | 7.40 |