INTERIM REPORT Q1 2023/2024

CONSOLIDATED INCOME STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 30 Jun 2023 30 Jun 2022 30 Jun 2023 31 Mar 2023
Net sales 5,089 4,376 19,427 18,714
Cost of sales -3,518 -3,076 -13,533 -13,091
Gross profit 1,571 1,300 5,894 5,623
Selling expenses -713 -613 -2,693 -2,593
Administrative expenses -249 -215 -956 -922
Other operating income and expenses -14 10 35 59
Operating profit 595 482 2,280 2,167
- as % of net sales 11.7 11.0 11.7 11.6
Financial income and expenses -86 -44 -204 -162
Profit after financial items 509 438 2,076 2,005
- as % of net sales 10.0 10.0 10.7 10.7
Income tax expense -117 -94 -474 -451
Profit for the period 392 344 1,602 1,554
Profit for the period attributable to:
Equity holders of the Parent Company 378 329 1,544 1,495
Non-controlling interests 14 15 58 59
Earnings per share before dilution, SEK 1.40 1.20 5.75 5.55
Earnings per share after dilution, SEK 1.40 1.20 5.75 5.55
Average number of shares after repurchases, ’000s 269,565 269,551 269,560 269,557
Number of shares at end of the period, ’000s 269,566 269,626 269,566 269,565

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

3 months Rolling 12 months
SEKm 30 Jun 2023 30 Jun 2022 30 Jun 2023 31 Mar 2023
Profit for the period 392 344 1,602 1,554
Components that will be reclassified to profit for the year
Cash flow hedges 4 1 4 1
Foreign currency translation differences for the period 363 146 529 312
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation - 55 27 82
Other comprehensive income 367 202 560 395
Total comprehensive income 759 546 2,162 1,949
Total comprehensive income attributable to:
Equity holders of the Parent Company 734 528 2,088 1,882
Non-controlling interests 25 18 74 67

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm 30 Jun 2023 30 Jun 2022 31 Mar 2023
Goodwill 4,365 3,719 3,935
Other intangible non-current assets 2,672 2,386 2,377
Property, plant and equipment 1,280 1,112 1,179
Other non-current assets 80 69 80
Total non-current assets 8,397 7,286 7,571
Inventories 3,457 3,039 3,326
Current receivables 3,830 3,369 3,768
Cash and cash equivalents 879 540 606
Total current assets 8,166 6,948 7,700
Total assets 16,563 14,234 15,271
Total equity 6,364 4,826 5,573
Interest-bearing provisions 219 248 218
Non-interest-bearing provisions 706 587 633
Non-current interest-bearing liabilities 3,488 3,165 3,617
Non-current non-interest-bearing liabilities 23 9 18
Total non-current liabilities 4,436 4,009 4,486
Non-interest-bearing provisions 110 73 87
Current interest-bearing liabilities 1,701 1,680 1,096
Current non-interest-bearing liabilities 3,952 3,646 4,029
Total current liabilities 5,763 5,399 5,212
Total equity and liabilities 16,563 14,234 15,271

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm 30 Jun 2023 30 Jun 2022 31 Mar 2023
Opening balance 5,573 4,259 4,259
Exercised, issued and repurchased options -1 8 -17
Repurchase of treasury shares - - -31
Dividend, ordinary - - -485
Dividend, non-controlling interests -3 -2 -34
Change, non-controlling interests 36 28 28
Option debt, acquisition - -13 -96
Total comprehensive income 759 546 1,949
Closing balance 6,364 4,826 5,573

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

3 months Rolling 12 months
SEKm 30 Jun 2023 30 Jun 2022 30 Jun 2023 31 Mar 2023
Profit after financial items 509 438 2,076 2,005
Adjustment for items not included in cash flow 273 184 796 707
Income tax paid -56 -105 -425 -474
Changes in working capital -179 -236 -270 -327
Cash flow from operating activities 547 281 2,177 1,911
Net investments in non-current assets -31 -35 -179 -183
Acquisitions and disposals -534 -778 -960 -1,204
Cash flow from investing activities -565 -813 -1,139 -1,387
Dividend paid to shareholders - - -485 -485
Repurchase of own shares/change of options -1 8 -57 -48
Other financing activities 256 611 -193 162
Cash flow from financing activities 255 619 -735 -371
Cash flow for the period 237 87 303 153
Cash and cash equivalents at beginning of period 606 437 540 437
Exchange differences on cash and cash equivalents 36 16 36 16
Cash and cash equivalents at end of period 879 540 879 606

FAIR VALUES ON FINANCIAL INSTRUMENTS

30 Jun 2023 31 Mar 2023
SEKm Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3
Derivatives - fair value, hedge instruments 15 15 - 9 9 -
Derivatives - fair value through profit 12 12 - 9 9 -
Total financial assets at fair value per level 27 27 - 18 18 -
Derivatives - fair value, hedge instruments 2 2 - 3 3 -
Derivatives - fair value through profit 75 75 - 38 38 -
Contingent considerations - fair value through profit 411 - 411 295 - 295
Total financial liabilities at fair value per level 488 77 411 336 41 295
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 Jun 2023 31 Mar 2023
Opening balance 295 349
Acquisitions during the year 145 150
Reversed through profit or loss 0 -40
Consideration paid -51 -192
Interest expenses 2 11
Exchange differences 20 17
Closing balance 411 295

KEY FINANCIAL INDICATORS

12 months ending
30 Jun 2023 31 Mar 2023 30 Jun 2022 31 Mar 2022 31 Mar 2021
Net sales, SEKm 19,427 18,714 15,135 14,038 11,336
EBITDA, SEKm 3,012 2,872 2,257 2,077 1,501
EBITA, SEKm 2,666 2,540 1,971 1,803 1,251
EBITA-margin, % 13.7 13.6 13.0 12.8 11.0
Operating profit, SEKm 2,280 2,167 1,651 1,501 989
Operating margin, % 11.7 11.6 10.9 10.7 8.7
Profit after financial items, SEKm 2,076 2,005 1,553 1,433 937
Profit for the period, SEKm 1,602 1,554 1,211 1,117 729
x
Working capital 4,055 3,855 2,888 2,618 2,416
Return on working capital (P/WC), % 66 66 68 69 52
Return on equity, % 30 32 30 30 23
Return on capital employed, % 22 22 21 20 15
Equity ratio, % 38 36 34 34 35
x
Financial debt, SEKm 4,529 4,325 4,553 4,061 3,134
Debt / equity ratio, multiple 0.7 0.8 0.9 1.0 0.9
Financial debt / EBITDA, multiple 1.5 1.5 2.0 2.0 2.1
Net debt excl. pensions, SEKm 4,310 4,107 4,305 3,747 2,798
Net debt, excl pensions / equity ratio, multiple 0.7 0.7 0.9 0.9 0.8
Interest coverage ratio, multiple 11.9 13.7 20.2 22.4 15.8
x
Average number of employees 3,882 3,781 3,434 3,317 3,068
Number of employees at end of the period 4,108 3,911 3,753 3,556 3,133

KEY FINANCIAL INDICATORS PER SHARE

12 months ending
SEK 30 Jun 2023 31 Mar 2023 30 Jun 2022 31 Mar 2022 31 Mar 2021
Earnings per share before dilution 5.75 5.55 4.30 4.00 2.60
Earnings per share after dilution 5.75 5.55 4.25 3.95 2.60
Cash flow from operating activities per share 8.10 7.10 4.45 4.15 5.60
Shareholders’ equity per share 21.95 19.25 16.50 14.60 11.95
Share price at the end of the period 234.80 192.30 133.40 182.00 130.00
Average number of shares after repurchases, ’000s 269,560 269,557 269,465 269,400 269,051
Average number of shares adjusted for repurchases and dilution, ’000s 269,780 269,723 270,341 270,346 269,969
Number of shares outstanding at end of the period, ’000s 269,566 269,565 269,626 269,528 269,275
For definitions of key financial indicators, see page 17-19.

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