Group summary


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2021	30 Sep 2020	30 Sep 2021	30 Sep 2020	30 Sep 2021	31 Mar 2021
Net sales	3,257	2,723	6,536	5,528	12,344	11,336
Cost of sales	-2,238	-1,904	-4,513	-3,863	-8,513	-7,863
Gross profit	1,019	819	2,023	1,665	3,831	3,473
Selling expenses	-489	-421	-990	-868	-1,965	-1,843
Administrative expenses	-188	-154	-363	-304	-696	-637
Other operating income and expenses	9	-2	13	-8	17	-4
Operating profit	351	242	683	485	1,187	989
- as % of net sales	10.8	8.9	10.4	8.8	9.6	8.7
Financial income and expenses	-14	-15	-28	-25	-55	-52
Profit after financial items	337	227	655	460	1,132	937
- as % of net sales	10.3	8.3	10.0	8.3	9.2	8.3
Income tax expense	-74	-46	-142	-95	-255	-208
Profit for the period	263	181	513	365	877	729

Profit for the period attributable to:
Equity holders of the Parent Company	253	176	496	355	847	706
Non-controlling interests	10	5	17	10	30	23

Earnings per share before dilution, SEK	0.95	0.65	1.85	1.30	3.15	2.60
Earnings per share after dilution, SEK	0.95	0.65	1.85	1.30	3.15	2.60

Average number of shares after repurchases, ’000s	269,343	269,022	269,317	268,906	269,257	269,051
Number of shares at end of the period, ’000s	269,343	269,022	269,343	269,022	269,343	269,275


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2021	30 Sep 2020	30 Sep 2021	30 Sep 2020	30 Sep 2021	31 Mar 2021
Profit for the period	263	181	513	365	877	729
Items that may be reclassified to profit or loss
Cash flow hedges	3	-1	1	-2	0	-3
Foreign currency translation differences for the period	24	5	-50	-153	-39	-142
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation	-	-24	-	-24	39	15
Other comprehensive income	27	-20	-49	-179	0	-130
Total comprehensive income	290	161	464	186	877	599

Total comprehensive income attributable to:
Equity holders of the Parent Company	280	157	448	180	848	580
Non-controlling interests	10	4	16	6	29	19


SEKm	30 Sep 2021	30 Sep 2020	31 Mar 2021
Goodwill	3,008	2,553	2,727
Other intangible non-current assets	1,915	1,725	1,769
Property, plant and equipment	978	883	1,008
Other non-current assets	64	66	60
Total non-current assets	5,965	5,227	5,564
Inventories	2,046	1,810	1,661
Current receivables	2,524	2,053	2,161
Cash and cash equivalents	479	467	420
Total current assets	5,049	4,330	4,242
Total assets	11,014	9,557	9,806
Total equity	3,563	3,028	3,450
Interest-bearing provisions	336	359	336
Non-interest-bearing provisions	421	375	388
Non-current interest-bearing liabilities	2,560	2,326	2,056
Non-current non-interest-bearing liabilities	9	2	9
Total non-current liabilities	3,326	3,062	2,789
Non-interest-bearing provisions	56	64	56
Current interest-bearing liabilities	1,399	1,289	1,162
Current non-interest-bearing liabilities	2,670	2,114	2,349
Total current liabilities	4,125	3,467	3,567
Total equity and liabilities	11,014	9,557	9,806


SEKm	30 Sep 2021	30 Sep 2020	31 Mar 2021
Opening balance	3,450	3,076	3,076
Exercised, issued and repurchased options	-29	-5	25
Dividend, ordinary	-323	-269	-269
Dividend, non-controlling interests	-11	-1	-4
Change non-controlling interests	12	163	158
Option debt, acquisition	-	-122	-135
Total comprehensive income	464	186	599
Closing balance	3,563	3,028	3,450


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2021	30 Sep 2020	30 Sep 2021	30 Sep 2020	30 Sep 2021	31 Mar 2021
Profit after financial items	337	227	655	460	1,132	937
Adjustment for items not included in cash flow	142	138	273	267	557	551
Income tax paid	-88	-79	-165	-139	-346	-320
Changes in working capital	-164	-43	-328	-21	28	335
Cash flow from operating activities	227	243	435	567	1,371	1,503
Net investments in non-current assets	-19	-14	-30	-29	-80	-79
Acquisitions and disposals	-331	-158	-592	-888	-923	-1,219
Cash flow from investing activities	-350	-172	-622	-917	-1,003	-1,298
Dividend paid to shareholders	-323	-269	-323	-269	-323	-269
Repurchase of own shares/change of options	-33	-22	-29	-5	1	25
Other financing activities	435	236	613	749	-30	106
Cash flow from financing activities	79	-55	261	475	-352	-138
Cash flow for the period	-44	16	74	125	16	67
Cash and cash equivalents at beginning of period	524	453	420	363	467	363
Exchange differences on cash and cash equivalents	-1	-2	-15	-21	-4	-10
Cash and cash equivalents at end of period	479	467	479	467	479	420


	30 Sep 2021			31 Mar 2021
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	2	2	-	2	2	-
Derivatives - fair value through profit	2	2	-	2	2	-
Total financial assets at fair value per level	4	4	-	4	4	-

Derivatives - fair value, hedge instruments	1	1	-	3	3	-
Derivatives - fair value through profit	4	4	-	4	4	-
Contingent considerations - fair value through profit	310	-	310	267	-	267
Total financial liabilities at fair value per level	315	5	310	274	7	267

The fair value and carrying amount are recognised in the balance sheet as shown in the table above. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. As at the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.

Contingent considerations	30 Sep 2021		31 Mar 2021
Opening balance	267			151
Acquisitions during the year	96			170
Reversed through profit or loss	4			9
Consideration paid	-60			-64
Interest expenses	5			9
Exchange differences	-2			-8
Closing balance	310			267


	12 months ending
	30 Sep 2021	31 Mar 2021	30 Sep 2020	31 Mar 2020	31 Mar 2019
Net sales, SEKm	12,344	11,336	11,412	11,735	10,148
EBITDA, SEKm	1,727	1,501	1,489	1,579	1,137
EBITA, SEKm	1,466	1,251	1,255	1,364	1,085
EBITA-margin, %	11.9	11.0	11.0	11.6	10.7
Operating profit, SEKm	1,187	989	1,025	1,161	910
Operating margin, %	9.6	8.7	9.0	9.9	9.0
Profit after financial items, SEKm	1,132	937	972	1,105	865
Profit for the period, SEKm	877	729	772	873	672

Working capital	2,415	2,416	2,468	2,415	2,029
Return on working capital (P/WC), %	61	52	51	56	53
Return on equity, %	26	23	26	32	29
Return on capital employed, %	17	15	17	21	21
Equity ratio, %	32	35	32	36	36

Financial net debt, SEKm	3,816	3,134	3,507	2,585	1,960
Debt / equity ratio, multiple	1.1	0.9	1.2	0.8	0.8
Financial net debt / EBITDA, multiple	2.2	2.1	2.4	1.6	1.7
Net debt excl. pensions, SEKm	3,480	2,798	3,148	2,253	1,700
Net debt, excl pensions / equity ratio, multiple	1.0	0.8	1.0	0.7	0.7
Interest coverage ratio, multiple	18.5	15.8	16.9	20.5	22.1

Average number of employees	3,174	3,068	2,990	2,913	2,590
Number of employees at end of the period	3,319	3,133	3,090	2,981	2,759


	12 months ending
SEK	30 Sep 2021	31 Mar 2021	30 Sep 2020	31 Mar 2020	31 Mar 2019
Earnings per share before dilution	3.15	2.60	2.80	3.20	2.45
Earnings per share after dilution	3.15	2.60	2.80	3.20	2.45
Cash flow from operating activities per share	5.10	5.60	4.35	4.15	1.95
Shareholders’ equity per share	12.30	11.95	10.40	11.25	9.20
Share price at the end of the period	156.00	130.00	117.60	61.13	48.25
Average number of shares after repurchases, ’000s	269,257	269,051	268,649	268,493	268,187
Average number of shares adjusted for repurchases and dilution, ’000s	269,970	269,969	269,184	269,200	268,755
Number of shares outstanding at end of the period, ’000s	269,343	269,275	269,022	268,594	268,228


For definitions of key financial indicators, see page 17-19

INTERIM REPORT Q2 2021/2022