CONSOLIDATED INCOME STATEMENT, CONDENSED

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

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

CONSOLIDATED BALANCE SHEET, CONDENSED

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

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

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

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

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

FAIR VALUES ON FINANCIAL INSTRUMENTS

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

KEY FINANCIAL INDICATORS

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

KEY FINANCIAL INDICATORS PER SHARE

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

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