Essity B 262.7 (-1.1 SEK) on 08-Dec-2023 17:29
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Financials

Consolidated income statement
SEKm 2022 2021 2020 2019 2018 2017 2016 2015
Net sales 156,173 121,867 121,752 128,975 118,500 109,265 101,238 98,519
Cost of goods sold -117,046 -86,628 -82,132 -90,876 -85,058 -76,899 -72,438 -71,898
Items affecting comparability - cost of goods sold -1,899 -146 -181 -243 -1,437 -509 -532 -267
Gross profit 37,228 35,093 39,439 37,856 32,005 31,857 28,268 26,354
Sales, general and administration -26,107 -21,617 -22,088 -22,319 -20,570 -19,130 -16,965 -16,216
Items affecting comparability - sales, general and administration 1) -272 517 122 -470 62 -346 -2,113 -25
Share of profits of associates and joint ventures 38 58 94 60 63 169 157 198
Operating profit before amortization of acquisition-related intangible assets (EBITA) 10,887 14,051 17,567 15,127 11,560 12,550 9,347 10,311
Amortization of acquisition-related intangible assets -1,116 -852 -809 -778 -732 -560 -159 -133
Items affecting comparability - acquisition-related intangible assets -292 - - - -69 -85 -180 -494
Operating profit 9,479 13,199 16,758 14,349 10,759 11,905 9,008 9,684
Financial income 2) 173 102 108 106 91 158 202 312
Financial expenses -1,543 -764 -1,066 -1,415 -1,248 -1,340 -1,037 -1,140
Profit before tax 8,109 12,537 15,800 13,040 9,602 10,723 8,173 8,856
Income taxes -2,045 -2,727 -4,053 -2,828 -1,050 -1,938 -3,931 -2,278
Profit for the period 6,064 9,810 11,747 10,212 8,552 8,785 4,242 6,578
Earnings attributable to:
Owners of the Parent company 5,567 8,620 10,228 9,216 7,886 8,116 3,800 6,129
Non-controlling interests 497 1,190 1,519 996 666 669 442 449
Earnings per share - owners of the Parent company
Earnings per share before and after dilution effects, SEK 3) 7.93 12.27 14.56 13.12 11.23 11.56 5.41 8.73
Dividend per share, SEK 7.25 7.00 6.75 6.25 5.75 5.75
Average number of shares before and after dilution, million 3) 702.30 702.30 702.30 702.30 702.30 702.30 702.30 702.30
By operating segment (SEKm)
Net Sales
Health & Medical 4) 25,239 21,685 21,170 22,075
Consumer Goods 4) 94,841 74,040 75,146 76,169
Professional Hygiene 36,114 26,143 25,418 30,731
Other -21 -1 18 -
Total 156,173 121,867 121,752 128,975 118,500 109,265 101,238 98,519
Adjusted EBITA 5)
Health & Medical 4) 2,903 3,821 3,668 3,734
Consumer Goods 4) 7,211 7,938 11,538 8,333
Professional Hygiene 3,998 2,710 3,317 4,463
Other -1,054 -789 -897 -690 -591 -620 -577 -737
Total Adjusted EBITA 5) 13,058 13,680 17,626 15,840 12,935 13,405 11,992 10,603
1) 2015 Includes the sale of securities, SEK 970m.
2) 2015 excludes the sale of securities, SEK 970m.
3) Indicative earnings per share on the assumption that the number of issued shares in Essity as of December 31, 2016 and 2015 corresponded to the number of issued shares in Essity on December 31, 2018 (702.3 million).
4) Essity has decided on new business areas which, as of January 1, 2022, consist of Health & Medical, Consumer Goods and Professional Hygiene. Comparative figures for the new Health & Medical and Consumer Goods business areas have been restated from 2019.
5) Excluding items affecting comparability.

Consolidated balance sheet
SEKm Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
ASSETS
Non-current assets
Goodwill 44,786 37,803 32,324 34,581 33,553 31,697 19,253 15,412
Other intangible assets 25,346 21,806 18,574 21,182 21,475 21,424 7,665 7,351
Property, plant and equipment 62,898 58,918 53,631 56,900 51,673 48,482 47,494 42,402
Participations in associates and joint ventures 291 239 847 865 777 1,062 1,096 1,041
Shares and participations 6 7 7 8 29 32 32 33
Surplus in funded pension plans 1,965 1,439 2,817 2,841 1,117 1,148 335 35
Non-current receivables, Group companies - - - - - - - 39
Non-current financial receivables, Group companies - - - - - - 3 3
Non-current financial assets 123 412 738 694 634 552 714 728
Deferred tax assets 2,545 2,012 1,823 2,539 2,158 2,232 1,457 1,056
Other non-current assets 1,620 1,411 768 704 705 469 241 149
Total non-current assets 139,580 124,047 111,529 120,314 112,121 107,098 78,290 68,249
Current assets
Inventories 28,888 19,339 16,383 15,764 15,234 13,739 10,944 11,229
Trade receivables 25,990 19,871 17,825 19,864 18,687 17,607 15,843 14,808
Current tax assets 1,152 952 760 745 2,126 769 740 868
Current receivables, Group companies - - - - - - 57 166
Current financial receivables, Group companies - - - - - - 1,433 12,207
Other current receivables 5,761 5,787 2,173 2,113 2,599 2,549 2,333 2,100
Current financial assets 4,941 1,150 993 525 422 1,105 244 776
Non-current assets held for sale - - - 42 69 42 156 120
Cash and cash equivalents 4,288 3,904 4,982 2,928 3,008 4,107 4,244 4,828
Total current assets 71,020 51,003 43,116 41,981 42,145 39,918 35,994 47,102
Total assets 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
EQUITY AND LIABILITIES
Equity
Owners of the Parent company
Share capital 2,350 2,350 2,350 2,350 2,350 2,350 - -
Reserves 11,477 6,416 581 6,284 5,003 3,154 4,061 1,501
Retained earnings 53,519 51,108 51,421 45,491 39,788 36,785 29,143 41,485
Equity attributable to owners of the Parent company 67,346 59,874 54,352 54,125 47,141 42,289 33,204 42,986
Non-controlling interests 9,218 8,633 8,990 8,676 7,758 7,281 6,376 5,289
Total equity 76,564 68,507 63,342 62,801 54,899 49,570 39,580 48,275
Non-current liabilities
Non-current financial liabilities 58,242 47,443 38,202 43,079 43,500 47,637 31,299 21,463
Non-current liabilities, Group companies - - - - - - 48 -
Provisions for pensions 2,671 4,149 5,328 5,866 5,258 4,541 5,273 2,919
Deferred tax liabilities 8,718 7,574 6,150 6,545 7,272 7,090 3,872 3,756
Other non-current provisions 491 396 445 541 1,694 1,481 1,407 886
Other non-current liabilities 1,196 86 105 183 71 79 72 146
Total non-current liabilities 71,318 59,648 50,230 56,214 57,795 60,828 41,971 29,170
Current liabilities
Current financial liabilities 13,273 10,746 8,688 8,983 10,827 7,201 5,089 12,402
Current liabilities, Group companies - - - - - - 259 341
Current financial liabilities, Group companies - - - - - - 485 852
Trade payables 25,644 18,030 14,791 15,802 15,911 14,748 12,972 11,869
Current tax liabilities 1,589 1,576 2,301 2,432 570 553 915 808
Current provisions 1,217 736 748 1,065 1,472 1,547 1,409 889
Other current liabilities 20,995 15,807 14,545 14,998 12,792 12,569 11,604 10,745
Total current liabilities 62,718 46,895 41,073 43,280 41,572 36,618 32,733 37,906
Total liabilities 134,036 106,543 91,303 99,494 99,367 97,446 74,704 67,076
Total equity and liabilities 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
Contingent liabilities and pledged assets, see Note G3 in the Annual and Sustainability Report 2021
Capital employed 139,433 123,940 106,030 113,741 109,303 102,037 74,753 67,333
Net debt 62,869 55,433 42,688 50,940 54,404 52,467 35,173 19,058

Consolidated operating cash flow statement
SEKm 2022 2021 2020 2019 2018 2017 2016 2015
Net sales 156,173 121,867 121,752 128,975 118,500 109,265 101,238 98,519
Operating expenses -135,820 -101,885 -97,555 -106,416 -100,165 -90,867 -84,498 -83,483
Operating surplus 20,353 19,982 24,197 22,559 18,335 18,398 16,740 15,036
Adjustment for non-cash items 621 489 456 373 235 67 19 15
Operating cash surplus 20,974 20,471 24,653 22,932 18,570 18,465 16,759 15,051
Change in
Inventories -7,380 -1,047 -2,207 -194 -1,017 -1,703 1,059 -1,407
Operating receivables -3,817 -2,084 53 -1,949 -344 1,522 -298 -1,029
Operating liabilities 7,513 2,287 1,344 2,502 390 -559 835 1,919
Change in working capital -3,684 -844 -810 359 -971 -740 1,596 -517
Investments in non-current assets, net -6,875 -7,304 -6,439 -5,707 -6,781 -6,012 -6,255 -5,472
Restructuring costs, etc. -701 -725 -977 -1,494 -918 -1,091 -1,102 -801
Operating cash flow before investments in operating assets through leases 9,714 11,598 16,427 16,090 9,900 10,622 10,998 8,261
Investments in operating assets through leases -547 -480 -409 -451 0 0 0 0
Operating cash flow 9,167 11,118 16,018 15,639 9,900 10,622 10,998 8,261
Financial items -1,370 -662 -958 -1,309 -1,157 -1,182 -835 -828
Income taxes paid -2,426 -3,634 -3,917 -1,130 -2,466 -2,971 -3,782 -2,194
Other 9 72 32 8 86 175 149 132
Cash flow from current operations 5,380 6,894 11,175 13,208 6,363 6,644 6,530 5,371
Acquisitions of Group companies and other operations -4,955 -11,813 -747 -143 -694 -26,045 -6,540 -92
Divestments of Group companies and other operations - 13 367 220 68 29 369 49
Cash flow from acquisitions and divestments -4,955 -11,800 -380 77 -626 -26,016 -6,171 -43
Cash flow before transactions with shareholders 425 -4,906 10,795 13,285 5,737 -19,372 359 5,328
Private placement to non-controlling interests 35 25 64 4 5 28 435 0
Dividend to non-controlling interests -396 -571 -423 -336 -397 -285 -190 -216
Dividend -4,916 -4,741 -4,390 -4,038 -4,038 - - -
Transactions with shareholders - - - - - 838 -14,571 -2,225
Net cash flow -4,852 -10,193 6,046 8,915 1,307 -18,791 -13,967 2,887
Net debt, January 1 -55,433 -42,688 -50,940 -54,404 -52,467 -35,173 -19,058 -25,066
Changed opening balance for net debt due to IFRS 16 Leases - - - -3,786 - - - -
Net cash flow -4,852 -10,193 6,046 8,915 1,307 -18,791 -13,967 2,887
Remeasurements to equity 2,281 -147 -199 488 -1,041 1,061 -1,570 1,281
Investments in non-operating assets through leases -562 -385 -399 -434 - - - -
Translation differences -4,303 -2,020 2,804 -1,719 -2,203 436 -578 1,840
Net debt, December 31 -62,869 -55,433 -42,688 -50,940 -54,404 -52,467 -35,173 -19,058
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0

Multi-year summary
SEKm 2022 2021 2020 2019 2018 2017 2016 2015
INCOME STATEMENT
Net sales 156,173 121,867 121,752 128,975 118,500 109,265 101,238 98,519
Adjusted EBITA 13,058 13,680 17,626 15,840 12,935 13,405 11,992 10,603
Health & Medical 1) 2,903 3,821 3,668 3,734
Consumer Goods 1) 7,211 7,938 11,538 8,333
Professional Hygiene 3,998 2,710 3,317 4,463
Other operations -1,054 -789 -897 -690 -591 -620 -577 -737
Items affecting comparability -2,171 371 -59 -713 -1,375 -855 -2,645 -292
EBITA2) 10,887 14,051 17,567 15,127 11,560 12,550 9,347 10,311
Amortizations of acquisition-related intangible assets -1,116 -852 -809 -778 -732 -560 -159 -133
Items affecting comparability -292 - - - -69 -85 -180 -494
Operating profit 9,479 13,199 16,758 14,349 10,759 11,905 9,008 9,684
Financial income3) 173 102 108 106 91 158 202 312
Financial expenses -1,543 -764 -1,066 -1,415 -1,248 -1,340 -1,037 -1,140
Profit before tax 8,109 12,537 15,800 13,040 9,602 10,723 8,173 8,856
Income taxes -2,045 -2,727 -4,053 -2,828 -1,050 -1,938 -3,931 -2,278
Profit for the period 6,064 9,810 11,747 10,212 8,552 8,785 4,242 6,578
BALANCE SHEET
Non-current assets (excluding financial receivables) 137,492 122,196 107,974 116,779 110,370 105,398 77,238 67,483
Receivables and inventories 61,791 45,949 37,141 38,486 38,646 34,664 29,917 29,171
Non-current assets held for sale - - - 42 69 42 156 120
Financial receivables 2,088 1,851 3,555 3,535 1,751 1,700 1,052 766
Current financial assets 4,941 1,150 993 525 422 1,105 1,677 12,983
Cash and cash equivalents 4,288 3,904 4,982 2,928 3,008 4,107 4,244 4,828
Total assets 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
Equity 67,346 59,874 54,352 54,125 47,141 42,289 33,204 42,986
Non-controlling interests 9,218 8,633 8,990 8,676 7,758 7,281 6,376 5,289
Provisions 13,097 12,855 12,671 14,017 15,696 14,659 11,961 8,450
Interest-bearing debt 71,515 58,189 46,890 52,062 54,327 54,838 36,873 34,717
Operating and other non-interest bearing liabilities 49,424 35,499 31,742 33,415 29,344 27,949 25,870 23,909
Total equity and liabilities 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
Average capital employed 4) 135,046 114,163 112,473 114,663 107,575 90,167 73,145 70,115
Net debt, including pension provisions 62,869 55,433 42,688 50,940 54,404 52,467 35,173 19,058
OPERATING CASH FLOW STATEMENT
Operating cash flow 9,167 11,118 16,018 15,639 9,900 10,622 10,998 8,261
Cash flow from current operations 5,380 6,894 11,175 13,208 6,363 6,644 6,530 5,371
Cash flow before transactions with shareholders 425 -4,906 10,795 13,285 5,737 -19,372 359 5,328
Investments in non-current assets, net -6,875 -7,304 -6,439 -5,707 -6,781 -6,012 -6,255 -5,472
Acquisitions of Group companies and other operations -4,955 -11,813 -747 -143 -694 -26,045 -6,540 -92
Divestments of Group companies and other operations - 13 367 220 68 29 369 49
Net cash flow -4,852 -10,193 6,046 8,915 1,307 -18,791 -13,967 2,887
1) Essity has decided on new business areas which, as of January 1, 2022, consist of Health & Medical, Consumer Goods and Professional Hygiene. Comparative figures for the new Health & Medical and Consumer Goods business areas have been restated from 2019.
2) 2015 includes the sale of securities, SEK 970m.
3) 2015 does not include the sale of securities, SEK 970m.
4) Calculation of average capital employed is based on five measurements.

Key figures
2022 2021 2020 2019 2018 2017 2016 2015
SEK SEK SEK SEK SEK SEK SEK SEK
Equity/assets ratio, % 32 34 35 33 31 29 29 37
Interest coverage ratio 6.9 19.9 17.5 11.0 9.3 10.1 10.8 11.7
Debt payment capacity, including pension liabilities, % 26 29 46 38 25 26 29 65
Debt/equity ratio, including pension liabilities 0.82 0.81 0.67 0.81 0.99 1.06 0.89 0.39
Debt/equity ratio, excluding pension liabilities 0.81 0.77 0.63 0.76 0.92 0.99 0.76 0.34
Return on capital employed, % 8.1 12.3 15.6 13.2 10.8 13.9 12.8 13.8
Adjusted return on capital employed, % 9.7 12.0 15.7 13.8 12.0 14.9 16.4 15.1
Return on equity, % 8.1 15.0 18.2 17.4 16.1 19.8 9.3 13.9
EBITA margin, % 7.0 11.5 14.4 11.7 9.8 11.5 9.2 10.5
Adjusted EBITA margin, % 8.4 11.2 14.5 12.3 10.9 12.3 11.8 10.8
Operating margin, % 6.1 10.8 13.8 11.1 9.1 10.9 8.9 9.8
Adjusted operating margin, % 7.6 10.5 13.8 11.7 10.3 11.8 11.7 10.6
Net margin, % 3.9 8.1 9.7 7.9 7.2 8.0 4.2 6.7
Capital turnover rate 1.16 1.07 1.08 1.12 1.10 1.21 1.38 1.41
Cash flow from current operations per share, SEK 7.66 9.82 15.91 18.81 9.06 9.46 9.30 7.65
Earnings per share, SEK 7.92 12.27 14.56 13.12 11.23 11.56 5.41 8.73
Dividend per share, SEK 7.25 7.00 6.75 6.25 5.75 5.75