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Essity B 218.4 (+0.1 SEK) on 18-Oct-2018 17:29

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Financials

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Consolidated income statement
SEKm Note 2017 2016 2015 2014
Net sales B1 109,265 101,238 98,519 87,997
Cost of goods sold B2 -76,899 -72,438 -71,898 -64,081
Items affecting comparability B2 -509 -532 -267 -441
Gross profit 31,857 28,268 26,354 23,475
Sales and administration expenses etc. B2 -19,130 -16,965 -16,216 -14,527
Items affecting comparability B2 -346 -2,113 -251) -568
Share of profits of associates and joint ventures 169 157 198 106
EBITA 12,550 9,347 10,311 8,486
Amortizations on acquisition related intangible assets -560 -159 -133 -126
Items affecting comparability -85 -180 -494 0
Operating profit 11,905 9,008 9,684 8,360
Financial income E7 158 202 3122) 416
Financial expenses E7 -1,340 -1,037 -1,140 -1,156
Profit before tax 10,723 8,173 8,856 7,620
Tax B4 -1,938 -3,931 -2,278 -1,939
Profit for the period 8,785 4,242 6,578 5,681
Earnings attributable to:
Owners of the Parent 8,116 3,800 6,129 5,212
Non-controlling interests 669 442 449 469
Earnings per share
Earnings per share, SEK - owners of Parent
before dilution effects 11.56 5.41 8.73 7.42
after dilution effects 11.56 5.41 8.73 7.42
Dividend per share, SEK 5.75
Profit for the year attributable to owners of the Parent 8,116 3,800 6,129 5,212
Average number of shares before dilution, million 702.3 702.3 702.3 702.3
Average number of shares after dilution 702.3 702.3 702.3 702.3
By business area (SEKm)
Net Sales
Personal Care 40,586 33,651 34,344 31,066
Consumer Tissue 42,014 41,560 41,657 37,051
Professional Hygiene 26,700 26,001 22,527 19,943
Other -35 26 -9 -63
Total 109,265 101,238 98,519 87,997
Adjusted EBITA
Personal Care 5,937 4,283 3,997 3,528
Consumer Tissue 4,084 4,450 3,846 3,858
Professional Hygiene 4,004 3,836 3,497 2,918
Other -620 -577 -737 -809
Total Adjusted EBITA3) 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: 5/15/2018 10:00 AM

Consolidated balance sheet
SEKm Note Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
ASSETS
Non-current assets
Goodwill D1 31,697 19,253 15,412 15,660
Other intangible assets D1 21,424 7,665 7,351 7,895
Buildings, land, machinery and equipment D2 48,482 47,494 42,402 43,599
Participations in joint ventures and associates F3 1,062 1,096 1,041 1,047
Shares and participations F5 32 32 33 40
Surplus in funded pension plans C5 1,148 335 35 3
Non-current receivables, Group companies G4 - - 39 11
Non-current financial receivables, Group companies G4 - 3 3 3
Non-current financial assets E2 552 714 728 2,843
Deferred tax assets B4 2,232 1,457 1,056 1,151
Other non-current assets 469 241 149 116
Total non-current assets 107,098 78,290 68,249 72,368
Current assets
Inventories D3 13,739 10,944 11,229 10,343
Trade receivables E3 17,607 15,843 14,808 14,912
Current tax assets B4 769 740 868 647
Current receivables, Group companies G4 - 57 166 117
Current financial receivables, Group companies G4 - 1,433 12,207 12,764
Other current receivables D5 2,549 2,333 2,100 2,188
Current financial assets E2 1,105 244 776 1,260
Non-current assets held for sale G1 42 156 120 60
Cash and cash equivalents E2 4,107 4,244 4,828 3,806
Total current assets 39,918 35,994 47,102 46,097
Total assets 147,016 114,284 115,351 118,465
EQUITY AND LIABILITIES
Equity E8
Owners of the Parent
Share capital 2,350 - - -
Reserves 3,154 4,061 1,501 4,015
Retained earnings 36,785 29,143 41,485 35,660
42,289 33,204 42,986 39,675
Non-controlling interests 7,281 6,376 5,289 5,250
Total equity 49,570 39,580 48,275 44,925
Non-current liabilities
Non-current financial liabilities E4 47,637 31,299 21,463 24,199
Non-current liabilities, Group companies G4 - 48 - 4
Provisions for pensions C5 4,541 5,273 2,919 4,958
Deferred tax liabilities B4 7,090 3,872 3,756 3,231
Other non-current provisions D6 1,481 1,407 886 579
Other non-current liabilities D5 79 72 146 97
Total non-current liabilities 60,828 41,971 29,170 33,068
Current liabilities
Current financial liabilities E4 7,201 5,089 12,402 14,791
Current liabilities, Group companies G4 - 259 341 273
Current financial liabilities, Group companies G4 - 485 852 1,797
Trade payables 14,748 12,972 11,869 11,800
Current tax liabilities B4 553 915 808 729
Current provisions D7 1,547 1,409 889 917
Other current liabilities D6 12,569 11,604 10,745 10,165
Total current liabilities 36,618 32,733 37,906 40,472
Total liabilities 97,446 74,704 67,076 73,540
Total equity and liabilities 147,016 114,284 115,351 118,465
Contingent liabilities and pledged assets, see Note G3 in the Annual and Sustainability Report 2017
Capital employed 102,037 74,753 67,333 69,991
Net debt 52,467 35,173 19,058 25,066

Last updated: 5/15/2018 10:00 AM

Consolidated operating cash flow statement
SEKm Note 2017 2016 2015 2014
Net sales 109,265 101,238 98,519 87,997
Operating expenses -90,867 -84,498 -83,483 -74,466
Operating surplus 18,398 16,740 15,036 13,531
Adjustment for non-cash items 67 19 15 -10
Operating cash surplus 18,465 16,759 15,051 13,521
Change in
Inventories -1,703 1,059 -1,407 -120
Operating receivables 1,522 -298 -1,029 -158
Operating liabilities -559 835 1,919 131
Change in working capital -740 1,596 -517 -147
Current capital expenditures, net -3,911 -4,222 -3,293 -2,861
Restructuring costs, etc. -1,091 -1,102 -801 -799
Operating cash flow 12,723 13,031 10,440 9,714
Financial items E7 -1,182 -835 -828 -740
Income taxes paid B4 -2,971 -3,782 -2,194 -2,099
Other 175 149 132 25
Cash flow from current operations 8,745 8,563 7,550 6,900
Strategic capital expenditures, restructuring costs and divestments
Acquisitions F6 -26,045 -6,540 -92 -492
Strategic capital expenditures in non-current assets -2,101 -2,033 -2,179 -1,632
Total strategic capital expenditures -28,146 -8,573 -2,271 -2,124
Divestments F6 29 369 49 205
Cash flow from strategic restructuring costs, capital expenditures and divestments -28,117 -8,204 -2,222 -1,919
Cash flow before dividend -19,372 359 5,328 4,981
Private placement to non-controlling interests 28 435 - -
Dividend to non-controlling interest -285 -190 -216 -228
Transactions with share owners 838 -14,571 -2,225 -4,215
Net cash flow -18,791 -13,967 2,887 538
Net debt, 1 January -35,173 -19,058 -25,066 -21,470
Net cash flow -18,791 -13,967 2,887 538
Remeasurements to equity 1,061 -1,570 1,281 -2,455
Translation differences 436 -578 1,840 -1,679
Net debt, 31 December -52,467 -35,173 -19,058 -25,066

Last updated: 5/15/2018 10:00 AM

Key figures
2017 2016 2015 2014
SEK EUR2) SEK EUR2) SEK EUR2) SEK EUR2)
Net sales, SEKm/EURm 109,265 11,343 101,238 10,706 98,519 10,537 87,997 9,682
EBITA, SEKm/EURm 12,550 1,303 9,347 988 10 3113) 1,103 8,486 934
Adjusted EBITA, SEKm/EURm1) 13,405 1,392 11,992 1,268 10,603 1,134 9,495 1,045
EBITA margin, % 11.5 9.2 9.8 9.6
Adjusted EBITA margin, %1) 12.3 11.8 10.8 10.8
Profit before tax, SEKm/EURm 10,723 1,113 8,173 864 8,856 947 7,620 838
Adjusted profit before tax, SEKm/EURm1) 11,663 1,211 10,998 1,163 9,642 1,026 8,629 949
Profit for the year, SEKm/EURm 8,785 912 4,242 449 6,578 704 5,681 625
Adjusted profit for the year, SEKm/EURm1) 9,472 983 6,643 703 6,897 738 6,467 712
Earnings per share, SEK 11.56 5,414) 8,734) 7,424)
Adjusted earnings per share, SEK1) 13.09 8,994) 9,24) 8,54)
Equity per share, SEK 70.58 56,134) 684) 644)
Cash flow from current operations per share, SEK 12.45 12,194) 10,754) 9,824)
Strategic investments, incl. acquisitions, SEKm/EURm -28,146 -2,922 -8,573 -907 -2,271 -243 -2,124 -234
Divestments, SEKm/EURm 29 3 369 39 49 5 205 23
Equity, SEKm/EURm 49,570 5,039 39,580 4,186 48,275 5,163 44,925 4,943
Return on capital employed, % 13.9 12.8 13.8 12.5
Adjusted return on capital employed, %1) 14.9 16.4 15.1 14.2
Return on equity, % 19.8 9.3 13.9 13.3
Adjusted return on equity, %1) 21.3 14.5 15.0 19.0
Debt/equity ratio, including pension liabilities 1.06 0.89 0.39 0.56
Debt/equity ratio, excluding pension liabilities 0.99 0.76 0.34 0.45
Average number of employees 46,385 42,149 39,951 40,165
Number of employees on December 31 47,700 42,520 40,147
1) Excluding items affecting comparability
2) An exchange rate of 9.63 (9.46, 9.35, 9.09) was used for income statement items. An exchange rate of 9.84 (9.56, 9.13, 9.53) was used for equity.
3) Includes the sale of securities, SEK 970m, EUR 103.7m.
4) 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, 2017 (702.3 million)

Last updated: 5/15/2018 10:00 AM

Multi-year summary
SEKm 2017 2016 2015 2014
INCOME STATEMENT
Net sales 109,265 101,238 98,519 87,997
Adjusted EBITA 12,550 11,992 10,603 9,495
Personal Care 5,937 4,283 3,997 3,528
Consumer Tissue 4,084 4,450 3,846 3,858
Professional Hygiene 4,004 3,836 3,497 2,918
Other operations -1,475 -577 -737 -809
Amortization of acquisition-related intangible assets, etc -645 -339 -627 -126
Operating profit1) 11,905 9,008 9 6843) 8,360
Financial income 158 202 3123) 416
Financial expenses -1,340 -1,037 -1,140 -1,156
Profit before tax 10,723 8,173 8,856 7,620
Tax -1,938 -3,931 -2,278 -1,939
Profit for the year 8,785 4,242 6,578 5,681
BALANCE SHEET
Non-current assets (excl. financial receivables) 105,398 77,238 67,483 69,519
Receivables and inventories 34,664 29,917 29,171 28,207
Non-current assets held for sale 42 156 120 60
Financial receivables 1,700 1,052 766 2,849
Non-current financial items 1,105 1,677 12,983 14,024
Cash and cash equivalents 4,107 4,244 4,828 3,806
Total assets 147,016 114,284 115,351 118,465
Equity 42,289 33,204 42,986 39,675
Non-controlling interests 7,281 6,376 5,289 5,250
Provisions 11,631 9,145 6,675 8,189
Interest-bearing debt 54,838 38,352 35,749 41,463
Operating and other non-interest-bearing liabilities 30,977 27,207 24,652 23,888
Total liabilities and equity 147,016 114,284 115,351 118,465
Capital employed2) 90,167 73,145 70,115 66,866
Net debt, incl pension provisions 52,467 35,173 19,058 25,066
CASH FLOW STATEMENT
Operating cash flow 12,723 13,031 10,440 9,714
Cash flow from current operations 8,745 8,563 7,550 6,900
Cash flow before dividend -19,372 359 5,328 4,981
Current capital expenditures -3,911 -4,222 -3,293 -2,861
Strategic capital expenditures -2,101 -2,033 -2,179 -1,632
Acquisitions -26,045 -6,540 -92 -492
Divestments 29 369 49 205
Net cash flow -18,791 -13,967 2,887 538
1) Items affecting comparability is included with -940 -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

Last updated: 5/15/2018 10:00 AM

Key Ratios
Key ratios 2017 2016 2015 2014
Equity/assets ratio, % 29 29 37 33
Debt/equity, incl. Pension liabilities 1.06 0.89 0.39 0.56
Return on capital employed, % 13.9 12.8 13.8 12.5
Return on capital employed, excluding items affecting comparability, % 14.9 16.4 15.1 14.2
Return on equity, % 19.8 9.3 13.9 13.3
EBITA margin, % 11.5 9.2 9.8 9.6
EBITA margin, excluding items affecting comparabiltiy, % 12.3 11.8 10.8 10.8
Earnings per share, SEK 11.56 5.41 8.73 7.20

Last updated: 5/15/2018 10:00 AM