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Consolidated income statement | ||||||
---|---|---|---|---|---|---|
SEKm | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net sales | 128,975 | 118,500 | 109,265 | 101,238 | 98,519 | 87,997 |
Cost of goods sold | -90,876 | -85,058 | -76,899 | -72,438 | -71,898 | -64,081 |
Items affecting comparability | -243 | -1,437 | -509 | -532 | -267 | -441 |
Gross profit | 37,856 | 32,005 | 31,857 | 28,268 | 26,354 | 23,475 |
Sales, general and administration | -22,319 | -20,570 | -19,130 | -16,965 | -16,216 | -14,527 |
Items affecting comparability | -470 | 62 | -346 | -2,113 | -251) | -568 |
Share of profits of associates and joint ventures | 60 | 63 | 169 | 157 | 198 | 106 |
EBITA | 15,127 | 11,560 | 12,550 | 9,347 | 10,311 | 8,486 |
Amortization on acquisition-related intangible assets | -778 | -732 | -560 | -159 | -133 | -126 |
Items affecting comparability | - | -69 | -85 | -180 | -494 | 0 |
Operating profit | 14,349 | 10,759 | 11,905 | 9,008 | 9,684 | 8,360 |
Financial income | 106 | 91 | 158 | 202 | 3122) | 416 |
Financial expenses | -1,415 | -1,248 | -1,340 | -1,037 | -1,140 | -1,156 |
Profit before tax | 13,040 | 9,602 | 10,723 | 8,173 | 8,856 | 7,620 |
Income taxes | -2,828 | -1,050 | -1,938 | -3,931 | -2,278 | -1,939 |
Profit for the period | 10,212 | 8,552 | 8,785 | 4,242 | 6,578 | 5,681 |
Earnings attributable to: | ||||||
Owners of the Parent | 9,216 | 7,886 | 8,116 | 3,800 | 6,129 | 5,212 |
Non-controlling interests | 996 | 666 | 669 | 442 | 449 | 469 |
Earnings per share - owners of the Parent company | ||||||
Earnings per share before and after dilution effects | 13.12 | 11.23 | 11.56 | 5.415) | 8.735) | 7.425) |
Dividend per share, SEK | 6.254) | 5.75 | 5.75 | |||
Average number of shares before and after dilution, million | 702.3 | 702.3 | 702.3 | 702.35) | 702.35) | 702.35) |
By operating segment (SEKm) | ||||||
Net Sales | ||||||
Personal Care | 48,340 | 45,342 | 40,586 | 33,651 | 34,344 | 31,066 |
Consumer Tissue | 49,904 | 45,125 | 42,014 | 41,560 | 41,657 | 37,051 |
Professional Hygiene | 30,731 | 28,017 | 26,700 | 26,001 | 22,527 | 19,943 |
Other | 0 | 16 | -35 | 26 | -9 | -63 |
Total | 128,975 | 118,500 | 109,265 | 101,238 | 98,519 | 87,997 |
Adjusted EBITA | ||||||
Personal Care | 6,746 | 6,354 | 5,937 | 4,283 | 3,997 | 3,528 |
Consumer Tissue | 5,321 | 3,331 | 4,084 | 4,450 | 3,846 | 3,858 |
Professional Hygiene | 4,463 | 3,841 | 4,004 | 3,836 | 3,497 | 2,918 |
Other | -690 | -591 | -620 | -577 | -737 | -809 |
Total Adjusted EBITA3) | 15,840 | 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 | ||||||
4) At the Extraordinary General Meeting on October 2020 it was decided to pay a dividend of SEK 6.25 per share. | ||||||
5) Indicative earnings per share on the assumption that the number of issued shares in Essity as of December 31, 2016, 2015 and 2014 corresponded to the number of issued shares in Essity on December 31, 2018 (702.3 million). |
Consolidated balance sheet | ||||||
---|---|---|---|---|---|---|
SEKm | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 |
ASSETS | ||||||
Non-current assets | ||||||
Goodwill | 34,581 | 33,553 | 31,697 | 19,253 | 15,412 | 15,660 |
Other intangible assets | 21,182 | 21,475 | 21,424 | 7,665 | 7,351 | 7,895 |
Property, plant and equipment | 56,900 | 51,673 | 48,482 | 47,494 | 42,402 | 43,599 |
Participations in joint ventures and associated companies | 865 | 777 | 1,062 | 1,096 | 1,041 | 1,047 |
Shares and participations | 8 | 29 | 32 | 32 | 33 | 40 |
Surplus in funded pension plans | 2,841 | 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 | 694 | 634 | 552 | 714 | 728 | 2,843 |
Deferred tax assets | 2,539 | 2,158 | 2,232 | 1,457 | 1,056 | 1,151 |
Other non-current assets | 704 | 705 | 469 | 241 | 149 | 116 |
Total non-current assets | 120,314 | 112,121 | 107,098 | 78,290 | 68,249 | 72,368 |
Current assets | ||||||
Inventories | 15,764 | 15,234 | 13,739 | 10,944 | 11,229 | 10,343 |
Trade receivables | 19,864 | 18,687 | 17,607 | 15,843 | 14,808 | 14,912 |
Current tax assets | 745 | 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 | 2,113 | 2,599 | 2,549 | 2,333 | 2,100 | 2,188 |
Current financial assets | 525 | 422 | 1,105 | 244 | 776 | 1,260 |
Non-current assets held for sale | 42 | 69 | 42 | 156 | 120 | 60 |
Cash and cash equivalents | 2,928 | 3,008 | 4,107 | 4,244 | 4,828 | 3,806 |
Total current assets | 41,981 | 42,145 | 39,918 | 35,994 | 47,102 | 46,097 |
Total assets | 162,295 | 154,266 | 147,016 | 114,284 | 115,351 | 118,465 |
EQUITY AND LIABILITIES | ||||||
Equity | ||||||
Owners of the Parent company | ||||||
Share capital | 2,350 | 2,350 | 2,350 | - | - | - |
Reserves | 6,284 | 5,003 | 3,154 | 4,061 | 1,501 | 4,015 |
Retained earnings | 45,491 | 39,788 | 36,785 | 29,143 | 41,485 | 35,660 |
54,125 | 47,141 | 42,289 | 33,204 | 42,986 | 39,675 | |
Non-controlling interests | 8,676 | 7,758 | 7,281 | 6,376 | 5,289 | 5,250 |
Total equity | 62,801 | 54,899 | 49,570 | 39,580 | 48,275 | 44,925 |
Non-current liabilities | ||||||
Non-current financial liabilities | 43,079 | 43,500 | 47,637 | 31,299 | 21,463 | 24,199 |
Non-current liabilities, Group companies | - | - | - | 48 | - | 4 |
Provisions for pensions | 5,866 | 5,258 | 4,541 | 5,273 | 2,919 | 4,958 |
Deferred tax liabilities | 6,545 | 7,272 | 7,090 | 3,872 | 3,756 | 3,231 |
Other non-current provisions | 541 | 1,694 | 1,481 | 1,407 | 886 | 579 |
Other non-current liabilities | 183 | 71 | 79 | 72 | 146 | 97 |
Total non-current liabilities | 56,214 | 57,795 | 60,828 | 41,971 | 29,170 | 33,068 |
Current liabilities | ||||||
Current financial liabilities | 8,983 | 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 | 15,802 | 15,911 | 14,748 | 12,972 | 11,869 | 11,800 |
Current tax liabilities | 2,432 | 570 | 553 | 915 | 808 | 729 |
Current provisions | 1,065 | 1,472 | 1,547 | 1,409 | 889 | 917 |
Other current liabilities | 14,998 | 12,792 | 12,569 | 11,604 | 10,745 | 10,165 |
Total current liabilities | 43,280 | 41,572 | 36,618 | 32,733 | 37,906 | 40,472 |
Total liabilities | 99,494 | 99,367 | 97,446 | 74,704 | 67,076 | 73,540 |
Total equity and liabilities | 162,295 | 154,266 | 147,016 | 114,284 | 115,351 | 118,465 |
Contingent liabilities and pledged assets, see Note G3 in the Annual and Sustainability Report 2019 | ||||||
Capital employed | 113,741 | 109,303 | 102,037 | 74,753 | 67,333 | 69,991 |
Net debt | 50,940 | 54,404 | 52,467 | 35,173 | 19,058 | 25,066 |
Consolidated operating cash flow statement | ||||||
---|---|---|---|---|---|---|
SEKm | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
Net sales | 128,975 | 118,500 | 109,265 | 101,238 | 98,519 | 87,997 |
Operating expenses | -106,416 | -100,165 | -90,867 | -84,498 | -83,483 | -74,466 |
Operating surplus | 22,559 | 18,335 | 18,398 | 16,740 | 15,036 | 13,531 |
Adjustment for non-cash items | 373 | 235 | 67 | 19 | 15 | -10 |
Operating cash surplus | 22,932 | 18,570 | 18,465 | 16,759 | 15,051 | 13,521 |
Change in | ||||||
Inventories | -194 | -1,017 | -1,703 | 1,059 | -1,407 | -120 |
Operating receivables | -1,949 | -344 | 1,522 | -298 | -1,029 | -158 |
Operating liabilities | 2,502 | 390 | -559 | 835 | 1,919 | 131 |
Change in working capital | 359 | -971 | -740 | 1,596 | -517 | -147 |
Investments in non-current assets, net1) | -5,707 | -6,781 | -6,012 | -6,255 | -5,472 | -4,493 |
Restructuring costs, etc. | -1,494 | -918 | -1,091 | -1,102 | -801 | -799 |
Operating cash flow before investments in operating assets through leases1) | 16,090 | 9,900 | 10,622 | 10,998 | 8,261 | 8,082 |
Investments in operating assets through leases | -451 | - | - | - | - | - |
Operating cash flow1) | 15,639 | 9,900 | 10,622 | 10,998 | 8,261 | 8,082 |
Financial items | -1,309 | -1,157 | -1,182 | -835 | -828 | -740 |
Income taxes paid | -1,130 | -2,466 | -2,971 | -3,782 | -2,194 | -2,099 |
Other | 8 | 86 | 175 | 149 | 132 | 25 |
Cash flow from current operations | 13,208 | 6,363 | 6,644 | 6,530 | 5,371 | 5,268 |
Acquisitions of Group companies and other operations | -143 | -694 | -26,045 | -6,540 | -92 | -492 |
Divestments of Group companies and other operations | 220 | 68 | 29 | 369 | 49 | 205 |
Cash flow from acquisitions and divestments1) | 77 | -626 | -26,016 | -6,171 | -43 | -287 |
Cash flow before transactions with shareholders | 13,285 | 5,737 | -19,372 | 359 | 5,328 | 4,981 |
Private placement to non-controlling interests | 4 | 5 | 28 | 435 | - | - |
Dividend to non-controlling interest | -336 | -397 | -285 | -190 | -216 | -228 |
Dividend | -4,038 | -4,038 | - | - | - | - |
Transactions with share owners | - | - | 838 | -14,571 | -2,225 | -4,215 |
Net cash flow | 8,915 | 1,307 | -18,791 | -13,967 | 2,887 | 538 |
Net debt, 1 January | -54,404 | -52,467 | -35,173 | -19,058 | -25,066 | -21,470 |
Changed opening balance for net debt due to IFRS 16 Leases | -3,786 | - | - | - | - | - |
Net cash flow | 8,915 | 1,307 | -18,791 | -13,967 | 2,887 | 538 |
Remeasurements to equity | 488 | -1,041 | 1,061 | -1,570 | 1,281 | -2,455 |
Investments in non-operating assets through leases | -434 | - | - | - | - | - |
Translation differences | -1,719 | -2,203 | 436 | -578 | 1,840 | -1,679 |
Net debt, 31 December | -50,940 | -54,404 | -52,467 | -35,173 | -19,058 | -25,066 |
1) Comments on the consolidated operating cash flow statement | ||||||
As of 2019, strategic capital expenditures are recognized together with current capital expenditures and are included in Investments in non-current assets, net. Previously, strategic capital expenditures were recognized below Cash flow from current operations together with acquisitions and divestments. The effect of the restatement of comparative periods entailed a decrease in Operating cash flow and Cash flow from operations. Net cash flow in unchanged for periods in the preceding year. | ||||||
Multi-year summary | ||||||
---|---|---|---|---|---|---|
SEKm | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
INCOME STATEMENT | ||||||
Net sales | 128,975 | 118,500 | 109,265 | 101,238 | 98,519 | 87,997 |
Adjusted EBITA1) | 15,840 | 12,935 | 13,405 | 11,992 | 10,603 | 9,495 |
Personal Care | 6,746 | 6,354 | 5,937 | 4,283 | 3,997 | 3,528 |
Consumer Tissue | 5,321 | 3,331 | 4,084 | 4,450 | 3,846 | 3,858 |
Professional Hygiene | 4,463 | 3,841 | 4,004 | 3,836 | 3,497 | 2,918 |
Other operations | -690 | -591 | -620 | -577 | -737 | -809 |
Items affecting comparability | -713 | -1,375 | -855 | -2,645 | -292 | -1,009 |
EBITA | 15,127 | 11,560 | 12,550 | 9,347 | 10,311 | 8,486 |
Amortizations on acquisition related intangible assets | -778 | -732 | -560 | -159 | -133 | -126 |
Items affecting comparability | 0 | -69 | -85 | -180 | -494 | 0 |
Operating profit | 14,349 | 10,759 | 11,905 | 9,008 | 9,684 | 8,360 |
Financial income2) | 106 | 91 | 158 | 202 | 312 | 416 |
Financial expenses | -1,415 | -1,248 | -1,340 | -1,037 | -1,140 | -1,156 |
Profit before tax | 13,040 | 9,602 | 10,723 | 8,173 | 8,856 | 7,620 |
Tax | -2,828 | -1,050 | -1,938 | -3,931 | -2,278 | -1,939 |
Profit for the year | 10,212 | 8,552 | 8,785 | 4,242 | 6,578 | 5,681 |
BALANCE SHEET | ||||||
Non-current assets (excl. financial receivables) | 116,779 | 110,370 | 105,398 | 77,238 | 67,483 | 69,519 |
Receivables and inventories | 38,486 | 38,646 | 34,664 | 29,917 | 29,171 | 28,207 |
Non-current assets held for sale | 42 | 69 | 42 | 156 | 120 | 60 |
Non-current financial receivables | 3,535 | 1,751 | 1,700 | 1,052 | 766 | 2,849 |
Current financial items | 525 | 422 | 1,105 | 1,677 | 12,983 | 14,024 |
Cash and cash equivalents | 2,928 | 3,008 | 4,107 | 4,244 | 4,828 | 3,806 |
Total assets | 162,295 | 154,266 | 147,016 | 114,284 | 115,351 | 118,465 |
Equity | 54,125 | 47,141 | 42,289 | 33,204 | 42,986 | 39,675 |
Non-controlling interests | 8,676 | 7,758 | 7,281 | 6,376 | 5,289 | 5,250 |
Provisions4) | 14,017 | 15,696 | 14,659 | 11,961 | 8,450 | 9,685 |
Interest-bearing debt | 52,062 | 54,327 | 54,838 | 36,873 | 34,717 | 40,787 |
Operating and other non-interest-bearing liabilities4) | 33,415 | 29,344 | 27,949 | 25,870 | 23,909 | 23,068 |
Total liabilities and equity | 162,295 | 154,266 | 147,016 | 114,284 | 115,351 | 118,465 |
Capital employed3) | 114,663 | 107,575 | 90,167 | 73,145 | 70,115 | 66,866 |
Net debt, incl pension provisions | 50,940 | 54,404 | 52,467 | 35,173 | 19,058 | 25,066 |
CASH FLOW STATEMENT | ||||||
Operating cash flow4) | 15,639 | 9,900 | 10,622 | 10,998 | 8,261 | 8,082 |
Cash flow from current operations4) | 13,208 | 6,363 | 6,644 | 6,530 | 5,371 | 5,268 |
Cash flow before dividend | 13,285 | 5,737 | -19,372 | 359 | 5,328 | 4,981 |
Investments in non-current assets, net | -5,707 | -6,781 | -6,012 | -6,255 | -5,472 | -4,493 |
Acquisitions of Group companies and other operations | -143 | -694 | -26,045 | -6,540 | -92 | -492 |
Divestments of Group companies and other operations | 220 | 68 | 29 | 369 | 49 | 205 |
Net cash flow | 8,915 | 1,307 | -18,791 | -13,967 | 2,887 | 538 |
1) 2015 includes sale of securities, SEK 970m | ||||||
2) 2015 does not include sale of securities, SEK 970m | ||||||
3) Calculation of average capital employed is based on five measurements | ||||||
4) Comparison figures for 2014 to 2018 have changed | ||||||
Key figures | ||||||
---|---|---|---|---|---|---|
2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
SEK | SEK | SEK | SEK | SEK | SEK | |
Equity/assets ratio, % | 33 | 31 | 29 | 29 | 37 | 33 |
Interest coverage ratio | 11.0 | 9.3 | 10.1 | 10.8 | 11.7 | 11.3 |
Debt payment capacity, incl. Pension liabilities, % | 38 | 25 | 26 | 29 | 65 | 40 |
Debt/equity ratio, including pension liabilities | 0.81 | 0.99 | 1.06 | 0.89 | 0.39 | 0.56 |
Debt/equity ratio, excluding pension liabilities | 0.76 | 0.92 | 0.99 | 0.76 | 0.34 | 0.45 |
Return on capital employed, % | 13.2 | 10.8 | 13.9 | 12.8 | 13.8 | 12.5 |
Adjusted return on capital employed, % | 13.8 | 12.0 | 14.9 | 16.4 | 15.1 | 14.2 |
Return on equity, % | 17.4 | 16.1 | 19.8 | 9.3 | 13.9 | 13.3 |
EBITA margin, % | 11.7 | 9.8 | 11.5 | 9.2 | 9.8 | 9.6 |
Adjusted EBITA margin, % | 12.3 | 10.9 | 12.3 | 11.8 | 10.8 | 10.8 |
Operating margin, % | 11.1 | 9.1 | 10.9 | 8.9 | 9.8 | 9.5 |
Adjusted operating margin, % | 11.7 | 10.3 | 11.8 | 11.7 | 10.6 | 10.6 |
Net margin, % | 7.9 | 7.2 | 8.0 | 4.2 | 6.7 | 6.5 |
Capital turnover rate | 1.12 | 1.1 | 1.21 | 1.38 | 1.41 | 1.32 |
Operating cash flow per share, SEK2) | 18.81 | 9.06 | 9.46 | 9.3 | 7.65 | 7.5 |
Earnings per share, SEK | 13.12 | 11.23 | 11.56 | 5.41 | 8.73 | 7.42 |
Dividend per share, SEK | 6.251) | 5.75 | 5.75 | |||
1) Essity AB’s Board of Directors is proposing a dividend of SEK 6.25 per share and that the dividend proposal be addressed at an Extraordinary General Meeting on October 28, 2020. | ||||||
2) Comparison figures for 2014 to 2018 have changed | ||||||