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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 |
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 |
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 | |
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) | |||||||||||
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 | ||||
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 |