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Essity B 310 (-0.2 SEK) on 29-May-2020 16:34

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Financials

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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, SEK4) 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) The 2020 Annual General Meeting resolved in accordance with the Board of Director’s proposal to refrain from dividend for 2019. The Board of Directors has announced that it intends to revisit the issue of a dividend later in the year once a better overview has been obtained regarding the effects of the Covid-19 epidemic.
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).

Last updated: 3/11/2020 8:00 AM

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

Last updated: 3/11/2020 8:00 AM

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.

Last updated: 3/11/2020 8:00 AM

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

Last updated: 3/11/2020 8:00 AM

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 1.10 1.21 1.38 1.41 1.32
Operating cash flow per share, SEK2) 18.81 9.06 9.46 9.30 7.65 7.50
Earnings per share, SEK 13.12 11.23 11.56 5.41 8.73 7.42
Dividend per share, SEK1) 5.75 5.75
1) The 2020 Annual General Meeting resolved in accordance with the Board of Director’s proposal to refrain from dividend for 2019. The Board of Directors has announced that it intends to revisit the issue of a dividend later in the year oncea better overview has been obtained regarding the effects of the Covid-19 epidemic
2) Comparison figures for 2014 to 2018 have changed

Last updated: 3/11/2020 8:00 AM