Earnings Release • Sep 30, 2017
Earnings Release
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The global leader in door opening solutions
+3%
Operating income
+2%
Earnings per share +1%
| Third quarter | January-September | |||||
|---|---|---|---|---|---|---|
| 2016 | 2017 | Δ | 2016 | 2017 | Δ | |
| Sales, SEK M | 18,025 | 18,499 | 3% | 51,809 | 56,028 | 8% |
| Of which: | ||||||
| Organic growth | 307 | 590 | 3% | 1,308 | 1,956 | 4% |
| Acquisitions and divestments | 429 | 373 | 2% | 1,512 | 1,273 | 2% |
| Exchange-rate effects | -176 | -488 | -2% | -810 | 990 | 2% |
| Operating income (EBIT), SEK M | 3,020 | 3,080 | 2% | 8,340 | 8,982 | 8% |
| Operating margin (EBIT), % | 16.8% | 16.7% | 16.1% | 16.0% | ||
| Income before tax, SEK M | 2,844 | 2,910 | 2% | 7,782 | 8,447 | 9% |
| Net income, SEK M | 2,122 | 2,153 | 1% | 5,786 | 6,250 | 8% |
| Operating cash flow, SEK M | 2,830 | 2,654 | -6% | 5,846 | 6,053 | 4% |
| Earnings per share (EPS), SEK | 1.91 | 1.94 | 1% | 5.21 | 5.63 | 8% |
"ASSA ABLOY grew organically by 3% in the third quarter," says Johan Molin, President and CEO. This is good growth considering that we had one working day less in the quarter. Global Technologies had strong organic growth of 6%. EMEA grew by 4%, Americas by 3%, Entrance Systems by 2% and Asia Pacific by 2%. In general, demand continues to be good. In Europe we saw a strong sales trend in areas including eastern Europe, southern Europe and France. In Asia Pacific we achieved strong growth in Pacific, South Korea and southern Asia. However, China remains challenging and our sales continued to decline.
"The positive trend for our electromechanical solutions is continuing, with strong growth on most markets. Our mobile key systems for both hotels and companies are achieving great success, and sales of smart door locks for the private residential market are also showing good growth.
"I am pleased to report that we are continuing to launch a large number of new products and solutions, many with energy-efficiency features. One example is our new electromechanical cylinder which auto-generates the electricity needed for a secure passage. These new locking solutions have very large potential, and we are seeing just the start of a long period of growth in electromechanical solutions
"We have also signed contracts for the acquisition of five companies, including Mercury Security, a leading OEM supplier of control equipment for access-control systems, and August Home, a leading smart lock business in the US. Mercury significantly strengthens the ASSA ABLOY Group's position in access-control systems. August constitutes a strategic addition to the Group and reinforces our position in the residential smart door market. During the quarter too, the project business AdvanIDe, which has limited synergies with the rest of our business, was sold.
"Operating income for the quarter increased by 2% and amounted to SEK 3,080 M, with an operating margin of 16.7% (16.8). The margin improved in EMEA, Americas and Entrance Systems but was lower for Global Technologies and for Asia Pacific.
"My judgment is that the global economic trend has improved to some degree compared with last year. On most markets there is a positive trend, but on some markets, such as China and Brazil, demand remains weak. However, our strategy of expanding our market presence, even on the emerging markets, remains unchanged. We are also continuing our investments in new products, especially in the growth area of electromechanicals."
"I have informed the Board of Directors that I am considering passing on the baton as President and CEO of ASSA ABLOY to someone else during 2018. It has been wonderfully stimulating to have been able to lead ASSA ABLOY for more than twelve years on the journey of acquisition and change that we have undertaken. Today ASSA ABLOY is the market leader in the whole field of door opening solutions as a result of our clear strategy, innovative products and competent employees."
The Group's sales amounted to SEK 18,499 M (18,025). Organic growth amounted to 3% (2). Acquisitions and disposals contributed a net 2% (2). Exchange-rate effects affected sales by SEK -488 M (-176), equivalent to -2% (-1). Operating income before depreciation and amortization, EBITDA, amounted to SEK 3,488 M (3,425). The corresponding EBITDA margin was 18.9% (19.0). The Group's operating income, EBIT, amounted to SEK 3,080 M (3,020), an increase of 2%. The operating margin was 16.7% (16.8).
Net financial items amounted to SEK -171 M (-175). The Group's income before tax was SEK 2,910 M (2,844), an increase of 2% compared with last year. Exchange-rate effects had an impact of SEK -74 M (1) on income before tax. The profit margin was 15.7% (15.8). The underlying estimated effective tax rate on an annual basis was 26% (26). Earnings per share amounted to SEK 1.94 (1.91), an increase of 1% compared with last year.
The Group's sales for the first nine months of 2017 totaled SEK 56,028 M (51,809), representing an increase of 8%. Organic growth was 4% (3). Acquisitions and disposals contributed a net 2% (3). Exchange-rate effects affected sales by SEK 990 M (-810), equivalent to 2% (-2), compared with the previous year.
Operating income before depreciation and amortization, EBITDA, amounted to SEK 10,239 M (9,517). The corresponding margin was 18.3% (18.4). The Group's operating income, EBIT, amounted to SEK 8,982 M (8,340), which was an increase of 8% compared with last year. The corresponding operating margin was 16.0% (16.1).
Earnings per share amounted to SEK 5.63 (5.21), an increase of 8% compared with last year. Operating cash flow totaled SEK 6,053 M (5,846).
Payments related to all current restructuring programs amounted to SEK 106 M (61) in the quarter. The restructuring programs proceeded according to plan and led to a reduction in personnel of 364 people during the quarter and 12,841 people since the projects began in 2006.
At the end of the period, provisions of SEK 1,212 M remained in the balance sheet for carrying out the programs.
Johan Molin, President and CEO of ASSA ABLOY, has informed the Board of Directors that he is considering leaving his post as President and CEO of ASSA ABLOY during 2018. The Board has begun the task of assessing possible successors to Johan Molin.
Anders Maltesen has been appointed Executive Vice President and Head of Asia Pacific Division from 1 September 2017. He succeeds Magnus Kagevik, who is leaving the ASSA ABLOY Group. Anders Maltesen has worked in Asia for more than 25 years, principally in China, and has served in various posts in GE Energy, Power Services and Alstom Thermal Services. Anders Maltesen has Bachelor degrees in both marketing and financial and management accounting.
Mogens Jensen has been appointed Executive Vice President and Head of Entrance Systems Division from 1 January 2018. He succeeds Juan Vargues, who is leaving the ASSA ABLOY Group for another post. Mogens Jensen has worked at ASSA ABLOY since 2003 and has recently served as Head of the IDDS business unit within Entrance Systems. Mogens Jensen is a mechanical engineer and has an MBA.
Ulf Södergren, Executive Vice President and Technical Director, has decided to retire during 2018 when he reaches the age of 65. The process of finding his successor has begun.
The Finnish Tax Administration decided in 2015 not to allow tax relief for interest costs in ASSA ABLOY's Finnish business for the years 2008-2012. The decision was appealed to a superior court and a new judgment, in ASSA ABLOY's favor, has now been received. The total exposure to tax amounts to about SEK 750 M. ASSA ABLOY's opinion is that the judgment will not affect the Group's income.
The Stockholm Administrative Court of Appeal decided in June 2017 not to allow tax deductions for interest costs relating to one of the Group's subsidiaries for the years 2008-2012 on the grounds that the deductions were wrongly allocated. The judgment will have no impact on the year's net income, but related tax payments of SEK 847 M have been made during the third quarter.
Sales for the quarter in EMEA division totaled SEK 4,278 M (4,042), with organic growth of 4% (2). Growth was strong in Finland, United Kingdom and eastern Europe. Scandinavia, Germany, Benelux, France, southern Europe and Africa had good growth, while the Middle East had negative sales growth. The positive trend for electromechanical products continued. Acquired growth was 3%. Operating income totaled SEK 717 M (673), which represented an operating margin (EBIT) of 16.8% (16.7). Return on capital employed amounted to 19.2% (18.5). Operating cash flow before interest paid totaled SEK 640 M (402).
Sales for the quarter in Americas division totaled SEK 4,426 M (4,422), with organic growth of 3% (5). Growth was strong for Perimeter protection, for Canada and for South America apart from Brazil. Sales growth was good for Traditional lock products, High-security products and Security doors. Sales in Mexico were stable, but growth was negative in Brazil and for the Private residential market in the USA. Acquired growth was 1%. Operating income totaled SEK 966 M (959), which represented an operating margin (EBIT) of
21.8% (21.7). Return on capital employed amounted to 25.9% (25.9). Operating cash flow before interest paid totaled SEK 1,046 M (1,018).
Sales for the quarter in Asia Pacific division totaled SEK 2,448 M (2,486), with organic growth of 2% (-7). Strong growth was achieved in Japan, South Korea, southern Asia and Pacific. Sales in China fell, mainly because of a significant decline for fire and security doors. Smart door-locks grew strongly in the region. Acquired growth was 0%. Operating income totaled SEK 277 M (306), which represented an operating margin (EBIT) of 11.3% (12.3). Return on capital employed amounted to 9.3% (9.8). Operating cash flow before interest paid totaled SEK 155 M (653).
Sales for the quarter in Global Technologies division totaled SEK 2,417 M (2,439), with organic growth of 6% (7). Access control, Secure issuance and Citizen ID had strong growth within HID Global. Identification technology was unchanged and Identity & Access Management had a negative trend. Hospitality showed continued strong growth. Acquired/disposed growth was -3% net. Operating income amounted to SEK 431 M (442), which represented an operating margin (EBIT) of 17.8% (18.1). Return on capital employed amounted to 14.6% (16.6). Operating cash flow before interest paid totaled SEK 373 M (517).
Sales for the quarter in Entrance Systems division totaled SEK 5,242 M (4,960), with organic growth of 2% (4). Door automation, Door components and Industrial doors in the USA had strong growth. High-speed doors and Garage doors in the USA had good growth. Sales of Industrial doors and Gate automation in Europe were stable. Acquired growth was 6%. Operating income totaled SEK 762 M (709), which represented an operating margin (EBIT) of 14.5% (14.3). Return on capital employed amounted to 15.7% (15.2). Operating cash flow before interest paid totaled SEK 593 M (617).
A total of seven acquisitions were consolidated during the quarter. The combined acquisition price for the 14 companies acquired during the year so far amounted to SEK 2,400 M, and preliminary acquisition analyses indicate that goodwill and other intangible assets with indefinite useful life amount to SEK 2,209 M. The acquisition price is adjusted for acquired net debt and estimated deferred considerations. Estimated deferred considerations amounted to SEK 220 M.
On 19 October it was announced that ASSA ABLOY had signed a contract to acquire August Home, a leading smart lock business in the US. August has approximately 90 employees and sales in 2018 are expected to amount to USD 60 million (approx. SEK 500 million).
On 19 September it was announced that ASSA ABLOY had signed a contract to acquire Mercury Security in the USA, a leading OEM supplier of control systems for physical access control. The company has 45 employees and its sales in 2017 are expected to amount to SEK 500 M.
On 10 August it was announced that ASSA ABLOY had sold its project business within Global Technologies, AdvanIDe. The business's annual sales total about SEK 1,250 M. The disposal will have a positive effect on the Group's operating margin in the future.
Sustainability is an integral part of the Group's various working processes. In order to spread good attitudes and increase workers' involvement and knowledge, HID Global has gradually introduced a working method called HID Green Team Program during a period of just over a year. The program takes a practical approach and focuses on some important areas for the Group's environmental work, such as reduced energy consumption, water consumption and waste generation together with recycling. There is a manual for each area, with good examples and suggestions of what can be done to reduce environmental impact. Workers in sales companies, offices and factories can register their interest in taking part in their groups' activities. At present HID Global has 22 Green Teams active in various sales companies and factories around the world. Their activities have led to increased involvement from workers and reduced environmental impact.
HID Global's Green Team Program has aroused great interest from the Group's Divisions. It has therefore been decided to convert HID Global's manual into a Group-wide manual during 2017. Each Division individually will prioritize the offices, sales companies and factories where Green Teams will be started up, with the aim of reducing environmental impact in the Group as a whole.
Other operating income for the Parent company ASSA ABLOY AB totaled SEK 2,620 M (2,428) for the first nine months of the year. Operating income for the same period amounted to SEK 940 M (787). Investments in tangible and intangible assets totaled SEK 14 M (196). Liquidity is good and the equity ratio was 42.5% (42.3).
ASSA ABLOY applies International Financial Reporting Standards (IFRS) as endorsed by the European Union. Significant accounting and valuation principles are detailed on pages 68-73 of the 2016 Annual Report. This Report was prepared in accordance with IAS 34 'Interim Financial Reporting' and the Annual Accounts Act. The Interim Report for the Parent company was prepared in accordance with the Annual Accounts Act and RFR 2 'Reporting by a Legal Entity'.
The new standards IFRS 9 (Financial instruments) and IFRS 15 (Revenue from Contracts with Customers) are to be applied from the financial year beginning 1 January 2018, while IFRS 16 (Leases) takes effect on 1 January 2019. Earlier application is allowed for all standards. The project that began last year because of the introduction of IFRS 15 has proceeded according to plan during 2017 with evaluation and analysis of possible effects on each division. The Group's earlier judgment that the standards will have little or no impact on the Group's income and financial position remains unchanged.
ASSA ABLOY makes use of a number of financial performance measures that are not defined in the reporting rules that the company uses – so-called 'alternative performance measures'. For definitions of financial performance measures, refer to Page 17 of this Quarterly Report and to the company's latest Annual Report.
To check how the financial measurements have been calculated for current and earlier periods, refer to the tabulated figures in this Quarterly Report and to the company's Annual Report. The Annual Reports for the years 1994 to 2016 appear on the company's website www.assaabloy.com.
Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line item should correspond to its source, and rounding differences may therefore arise.
No transactions that significantly affected the company's position and income have taken place between ASSA ABLOY and related parties.
As an international Group with a wide geographic spread, ASSA ABLOY is exposed to a number of business, financial and tax-related risks. The business risks can be divided into strategic, operational and legal risks. The financial risks are related to such factors as exchange rates, interest rates, liquidity, the giving of credit, raw materials and financial instruments. Risk management in ASSA ABLOY aims to identify, control and reduce risks. This work begins with an assessment of the probability of risks occurring and their potential effect on the Group. For a more detailed description of particular risks and risk management, see the 2016 Annual Report.
The Company's Auditors have not carried out any review of this Report for the third quarter of 2017.
Stockholm, 20 October 2017
Johan Molin President and CEO
The Year-end Report and Quarterly Report for the fourth quarter will be published on 6 February 2018.
A capital markets day will be held on 15 November 2017 in Stockholm, Sweden.
Johan Molin, President and CEO, Tel: +46 8 506 485 42
Carolina Dybeck Happe, Chief Financial Officer, Tel: +46 8 506 485 72
ASSA ABLOY is holding an analysts' meeting at 10.00 today at Operaterrassen in Stockholm, Sweden.
The analysts' meeting can also be followed on the Internet at www.assaabloy.com. It is possible to submit questions by telephone on: +46 8 5055 6476, +44 203 364 5371 or +1 877 679 2993.
This information is information that ASSA ABLOY AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08.00 CEST on 20 October 2017.
ASSA ABLOY AB (publ) Box 703 40 107 23 Stockholm Visiting address Klarabergsviadukten 90, Stockholm, Sweden Tel +46 (0)8 506 485 00 Fax +46 (0)8 506 485 85 www.assaabloy.com Corporate identity number: 556059-3575 No. 18/2017
| CONSOLIDATED INCOME STATEMENT | Q3 | Q1-Q3 | |||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Sales | 18,025 | 18,499 | 51,809 | 56,028 | |
| Cost of goods sold | -10,885 | -11,206 | -31,344 | -33,964 | |
| Gross income | 7,139 | 7,293 | 20,465 | 22,064 | |
| Selling, administrative and R&D costs | -4,151 | -4,243 | -12,221 | -13,169 | |
| Share of earnings in associates | 31 | 30 | 97 | 86 | |
| Operating income | 3,020 | 3,080 | 8,340 | 8,982 | |
| Finance net | -175 | -171 | -558 | -535 | |
| Income before tax | 2,844 | 2,910 | 7,782 | 8,447 | |
| Tax on income | -739 | -757 | -2,023 | -2,196 | |
| Profit from discontinued operations | 17 | - | 27 | - | |
| Net income for the period | 2,122 | 2,153 | 5,786 | 6,250 | |
| Net income for the period attributable to: | |||||
| Parent company's shareholders | 2,122 | 2,153 | 5,786 | 6,249 | |
| Non-controlling interest | 0 | 1 | 0 | 1 | |
| Earnings per share | |||||
| before and after dilution, SEK | 1.91 | 1.94 | 5.21 | 5.63 | |
| STATEMENT OF COMPREHENSIVE INCOME | Q3 | Q1-Q3 | |||
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Net income for the period | 2,122 | 2,153 | 5,786 | 6,250 | |
| Other comprehensive income: Items that will not be reclassified to profit or loss |
|||||
| Actuarial gain/loss on post-employment benefit obligations, net after tax | -71 | 34 | -345 | -10 | |
| Total | -71 | 34 | -345 | -10 | |
| Items that may be reclassified subsequently to profit or loss | |||||
| Share of other comprehensive income of associates | 29 | -78 | 138 | -8 | |
| Cashflow hedges, net investment hedges and other hedges | -10 | 6 | -15 | -31 | |
| Exchange rate differences | 452 | -1,206 | 834 | -2,753 | |
| Total | 471 | -1,278 | 957 | -2,791 | |
| Total comprehensive income for the period | 2,522 | 909 | 6,398 | 3,449 | |
| Total comprehensive income for the period attributable to: | |||||
| Parent company's shareholders | 2,522 | 909 | 6,398 | 3,448 | |
| Non-controlling interest | 0 | 1 | 0 | 1 |
| CONSOLIDATED BALANCE SHEET | 31 Dec | 30 Sep | ||
|---|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 | |
| ASSETS | ||||
| Non-current assets | ||||
| Intangible assets | 57,096 | 54,386 | 55,764 | |
| Property, plant and equipment | 8,066 | 7,955 | 7,841 | |
| Investments in associates | 2,109 | 2,095 | 2,147 | |
| Other financial assets | 86 | 89 | 255 | |
| Deferred tax assets | 1,899 | 1,776 | 1,651 | |
| Total non-current assets | 69,257 | 66,300 | 67,658 | |
| Current assets | ||||
| Inventories | 9,565 | 9,738 | 9,593 | |
| Trade receivables | 12,648 | 12,759 | 12,695 | |
| Other current receivables and investments | 3,062 | 3,631 | 3,746 | |
| Cash and cash equivalents | 750 | 604 | 440 | |
| Total current assets | 26,025 | 26,732 | 26,473 | |
| TOTAL ASSETS | 95,282 | 93,032 | 94,131 | |
| EQUITY AND LIABILITIES Equity |
||||
| Equity attributable to Parent company's shareholders | 47,220 | 44,981 | 47,292 | |
| Non-controlling interest | 5 | 4 | 5 | |
| Total equity | 47,224 | 44,985 | 47,297 | |
| Non-current liabilities | ||||
| Long-term loans | 16,901 | 16,205 | 16,728 | |
| Deferred tax liabilities | 2,344 | 2,163 | 2,179 | |
| Other non-current liabilities and provisions | 6,701 | 6,297 | 4,467 | |
| Total non-current liabilities | 25,945 | 24,664 | 23,374 | |
| Current liabilities | ||||
| Short-term loans | 3,929 | 6,654 | 6,200 | |
| Trade payables | 7,443 | 6,560 | 6,374 | |
| Other current liabilities and provisions | 10,741 | 10,169 | 10,886 | |
| Total current liabilities | 22,112 | 23,383 | 23,460 | |
| TOTAL EQUITY AND LIABILITIES | 95,282 | 93,032 | 94,131 | |
| CHANGES IN CONSOLIDATED EQUITY | Equity attributable to: | ||
|---|---|---|---|
| Parent | Non | ||
| company's | controlling | Total | |
| SEK M | shareholders | interest | equity |
| Opening balance 1 January 2016 | 41,575 | 4 | 41,579 |
| Net income for the period | 5,786 | 0 | 5,786 |
| Other comprehensive income | 612 | 0 | 612 |
| Total comprehensive income | 6,398 | 0 | 6,398 |
| Dividend | -2,944 | - | -2,944 |
| Stock purchase plans | -49 | - | -49 |
| Total transactions with parent company's shareholders | -2,992 | - | -2,992 |
| Closing balance 30 September 2016 | 44,981 | 4 | 44,985 |
| Opening balance 1 January 2017 | 47,220 | 5 | 47,224 |
|---|---|---|---|
| Net income for the period | 6,249 | 1 | 6,250 |
| Other comprehensive income | -2,801 | 0 | -2,801 |
| Total comprehensive income | 3,448 | 1 | 3,449 |
| Dividend | -3,332 | - | -3,332 |
| Stock purchase plans | -44 | - | -44 |
| Change in non-controlling interest | 0 | 0 | 0 |
| Total transactions with parent company's shareholders | -3,376 | 0 | -3,376 |
| Closing balance 30 September 2017 | 47,292 | 5 | 47,297 |
| CONSOLIDATED CASH FLOW STATEMENT | Q3 | Q1-Q3 | ||||
|---|---|---|---|---|---|---|
| SEK M | 2017 | 2016 | 2017 | |||
| OPERATING ACTIVITIES | 2016 | |||||
| Operating income | 3,020 | 3,080 | 8,340 | 8,982 | ||
| Depreciation and amortization | 406 | 407 | 1,177 | 1,258 | ||
| Restructuring payments | -61 | -106 | -207 | -326 | ||
| Other non-cash items | -266 | 11 | -309 | 4 | ||
| Cash flow before interest and tax | 3,098 | 3,393 | 9,001 | 9,917 | ||
| Interest paid and received | -96 | -77 | -418 | -368 | ||
| Tax paid on income | -523 | -1,656 | -2,299 | -3,247 | ||
| Cash flow before changes in working capital | 2,479 | 1,660 | 6,284 | 6,303 | ||
| Changes in working capital | 98 | -319 | -1,877 | -2,408 | ||
| Cash flow from operating activities | 2,577 | 1,340 | 4,407 | 3,894 | ||
| INVESTING ACTIVITIES | ||||||
| Net investments in intangible assets and property, plant and equipment | -331 | -448 | -1,067 | -1,414 | ||
| Investments in subsidiaries | -277 | -1,759 | -1,739 | -2,475 | ||
| Investments in associates | - | 0 | -1 | 0 | ||
| Disposals of subsidiaries | 102 | 98 | 53 | 99 | ||
| Other investments and disposals | 0 | 0 | 0 | 0 | ||
| Cash flow from investing activities | -506 | -2,109 | -2,753 | -3,789 | ||
| FINANCING ACTIVITIES | ||||||
| Dividends | 0 | - | -2,944 | -3,332 | ||
| Acquisition of non-controlling interest | -11 | -96 | -38 | -96 | ||
| Net cash effect of changes in borrowings | -2,028 | 472 | 1,419 | 3,038 | ||
| Cash flow from financing activities | -2,040 | 376 | -1,562 | -391 | ||
| CASH FLOW FOR THE PERIOD | 32 | -393 | 92 | -285 | ||
| CASH AND CASH EQUIVALENTS | ||||||
| Cash and cash equivalents at beginning of period | 564 | 844 | 501 | 750 | ||
| Cash flow for the period | 32 | -393 | 92 | -285 | ||
| Effect of exchange rate differences | 9 | -11 | 12 | -25 | ||
| Cash and cash equivalents in disposal group held for sale | 0 | - | 0 | - | ||
| Cash and cash equivalents at end of period | 604 | 440 | 604 | 440 | ||
| KEY RATIOS | Year | Q1-Q3 | ||||
| 2016 | 2016 | 2017 |
| 2016 | 2016 | 2017 | |
|---|---|---|---|
| Return on capital employed, % | 14.1 | 16.4 | 16.4 |
| Return on capital employed excluding items affecting comparability, % | 16.5 | 16.4 | 16.4 |
| Return on shareholders' equity, % | 15.0 | 17.8 | 17.6 |
| Equity ratio, % | 49.6 | 48.4 | 50.2 |
| Interest coverage ratio, times | 14.1 | 15.9 | 18.5 |
| Total number of shares, thousands | 1,112,576 | 1,112,576 1,112,576 | |
| Number of shares outstanding, thousands | 1,110,776 | 1,110,776 1,110,776 | |
| Weighted average number of outstanding shares before and after dilution, thousands | 1,110,776 | 1,110,776 1,110,776 | |
| Average number of employees | 46,928 | 46,966 | 47,393 |
| INCOME STATEMENT | Year | Q1-Q3 | ||
|---|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 | |
| Operating income | 1,687 | 787 | 940 | |
| Income before appropriations and tax | 2,952 | 1,741 | 1,850 | |
| Net income for the period | 3,619 | 1,617 | 1,855 |
| BALANCE SHEET | 31 Dec | 30 Sep | |
|---|---|---|---|
| SEK M | 2016 | 2016 | 2017 |
| Non-current assets | 35,670 | 35,772 | 35,786 |
| Current assets | 10,548 | 9,573 | 10,545 |
| Total assets | 46,218 | 45,346 | 46,331 |
| Equity | 21,190 | 19,178 | 19,669 |
| Non-current liabilities | 8,894 | 8,267 | 9,398 |
| Current liabilities | 16,134 | 17,901 | 17,264 |
| Total equity and liabilities | 46,218 | 45,346 | 46,331 |
| THE GROUP IN SUMMARY | Q1 | Q2 | Q3 | Q4 | Q1-Q3 | Year | Q1 | Q2 | Q3 | Q1-Q3 Last 12 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | 2017 months | |
| Sales Organic growth |
15,891 3% |
17,894 4% |
18,025 2% |
19,484 1% |
51,809 3% |
71,293 2% |
18,142 6% |
19,387 2% |
18,499 3% |
56,028 4% |
75,512 |
| Gross income excluding items | |||||||||||
| affecting comparability | 6,295 | 7,031 | 7,139 | 7,660 | 20,465 | 28,125 | 7,190 | 7,581 | 7,293 | 22,064 | 29,725 |
| Gross margin excluding items affecting comparability | 39.6% | 39.3% | 39.6% | 39.3% | 39.5% | 39.5% | 39.6% | 39.1% | 39.4% | 39.4% | 39.4% |
| Operating income before depr. & amort. (EBITDA) excluding items affecting comparability |
2,787 | 3,305 | 3,425 | 3,316 | 9,517 | 12,833 | 3,208 | 3,543 | 3,488 | 10,239 | 13,556 |
| Operating margin (EBITDA) | 17.5% | 18.5% | 19.0% | 17.0% | 18.4% | 18.0% | 17.7% | 18.3% | 18.9% | 18.3% | 18.0% |
| Depreciation and amortization | -376 | -395 | -406 | -403 | -1,177 | -1,580 | -421 | -429 | -407 | -1,258 | -1,661 |
| Operating income (EBIT) excluding | |||||||||||
| items affecting comparability Operating margin (EBIT) |
2,411 15.2% |
2,910 16.3% |
3,020 16.8% |
2,913 15.0% |
8,340 16.1% |
11,254 15.8% |
2,787 15.4% |
3,114 16.1% |
3,080 16.7% |
8,982 16.0% |
11,895 15.8% |
| Items affecting comparability1) | - | - | - | -1,597 | - | -1,597 | - | - | - | - | -1,597 |
| Operating income (EBIT) | 2,411 | 2,910 | 3,020 | 1,316 | 8,340 | 9,657 | 2,787 | 3,114 | 3,080 | 8,982 | 10,298 |
| Operating margin (EBIT) | 15.2% | 16.3% | 16.8% | 6.8% | 16.1% | 13.5% | 15.4% | 16.1% | 16.7% | 16.0% | 13.6% |
| Net financial items Income before tax (EBT) |
-201 2,209 |
-181 2,729 |
-175 2,844 |
-146 1,170 |
-558 7,782 |
-705 8,952 |
-195 2,593 |
-170 2,944 |
-171 2,910 |
-535 8,447 |
-681 9,617 |
| Profit margin (EBT) | 13.9% | 15.2% | 15.8% | 6.0% | 15.0% | 12.6% | 14.3% | 15.2% | 15.7% | 15.1% | 12.7% |
| Tax on income | -574 | -709 | -739 | -304 | -2,023 | -2,328 | -674 | -765 | -757 | -2,196 | -2,500 |
| Profit from discontinued operations | 3 | 7 | 17 | 1 | 27 | 28 | - | - | - | - | 1 |
| Net income for the period | 1,638 | 2,026 | 2,122 | 867 | 5,786 | 6,653 | 1,918 | 2,179 | 2,153 | 6,250 | 7,117 |
| Net income attributable to: | |||||||||||
| Parent company's shareholders | 1,638 | 2,026 | 2,122 | 866 | 5,786 | 6,651 | 1,919 | 2,178 | 2,153 | 6,249 | 7,115 |
| Non-controlling interest | 0 | 0 | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 3 |
| OPERATING CASH FLOW | Q1 | Q2 | Q3 | Q4 | Q1-Q3 | Year | Q1 | Q2 | Q3 | Q1-Q3 Last 12 | |
| SEK M | 2016 | 2016 | 2016 | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | 2017 months | |
| Operating income (EBIT) | 2,411 | 2,910 | 3,020 | 1,316 | 8,340 | 9,657 | 2,787 | 3,114 | 3,080 | 8,982 | 10,298 |
| Restructuring costs | - | - | - | 1,597 | - | 1,597 | - | - | - | - | 1,597 |
| Depreciation and amortization Net capital expenditure |
376 -342 |
395 -394 |
406 -331 |
403 -411 |
1,177 -1,067 |
1,580 -1,478 |
421 -373 |
429 -593 |
407 -448 |
1,258 -1,414 |
1,661 -1,825 |
| Change in working capital | -1,836 | -139 | 98 | 1,939 | -1,877 | 62 | -1,882 | -207 | -319 | -2,408 | -469 |
| Interest paid and received | -94 | -228 | -96 | -179 | -418 | -597 | -93 | -198 | -77 | -368 | -547 |
| Non-cash items | -17 | -26 | -266 | -45 | -309 | -354 | -36 | 28 | 11 | 4 | -42 |
| Operating Cash flow2) | 498 | 2,519 | 2,830 | 4,620 | 5,846 | 10,467 | 824 | 2,575 | 2,654 | 6,053 | 10,673 |
| Operating Cash flow/Income before tax excluding items affecting comparability1) |
0.23 | 0.92 | 0.99 | 1.67 | 0.75 | 0.99 | 0.32 | 0.87 | 0.91 | 0.72 | 0.95 |
| CHANGE IN NET DEBT SEK M |
Q1 2016 |
Q2 2016 |
Q3 2016 |
Q4 2016 |
Q1-Q3 2016 |
Year 2016 |
Q1 2017 |
Q2 2017 |
Q3 2017 |
Q1-Q3 2017 |
|
| Net debt at beginning of period | 22,269 | 24,681 | 27,122 | 25,571 | 22,269 | 22,269 | 23,127 | 23,339 | 24,970 | 23,127 | |
| Operating cash flow | -498 | -2,519 | -2,830 | -4,620 | -5,846 | -10,467 | -824 | -2,575 | -2,654 | -6,053 | |
| Restructuring payments | 95 | 50 | 61 | 235 | 207 | 442 | 84 | 136 | 106 | 326 | |
| Tax paid | 1,298 | 478 | 523 | 629 | 2,299 | 2,928 | 629 | 961 | 1,656 | 3,247 | |
| Acquistions and disposals Dividend |
1,345 - |
556 2,944 |
145 - |
991 - |
2,045 2,944 |
3,037 2,944 |
461 - |
268 3,332 |
1,741 - |
2,470 3,332 |
|
| Actuarial gain/loss on post-employment benefit obligation | 221 | 186 | 105 | -374 | 511 | 138 | -34 | 99 | -50 | 14 | |
| Net debt of disposal group classified as held for sale | 0 | 0 | 0 | - | - | - | - | - | - | - | |
| Exchange rate differences and other | -49 | 746 | 444 | 695 | 1,142 | 1,836 | -104 | -590 | -590 | -1,284 | |
| Net debt at end of period | 24,681 | 27,122 | 25,571 | 23,127 | 25,571 | 23,127 | 23,339 | 24,970 | 25,180 | 25,180 | |
| Net debt/Equity ratio | 0.58 | 0.64 | 0.57 | 0.49 | 0.57 | 0.49 | 0.48 | 0.54 | 0.53 | 0.53 | |
| NET DEBT | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||
| SEK M Non-current interest-bearing receivables |
2016 -34 |
2016 -36 |
2016 -41 |
2016 -41 |
2017 -41 |
2017 -39 |
2017 -212 |
||||
| Current interest-bearing investments including derivatives | -270 | -222 | -168 | -169 | -113 | -211 | -161 | ||||
| Cash and cash equivalents | -578 | -564 | -604 | -750 | -697 | -844 | -440 | ||||
| Pension provisions | 3,002 | 3,258 | 3,406 | 3,121 | 3,058 | 3,109 | 2,929 | ||||
| Other non-current interest-bearing liabilities Current interest-bearing liabilities including derivatives |
15,668 6,893 |
15,805 8,881 |
16,205 6,773 |
16,901 4,065 |
16,232 4,901 |
17,450 5,505 |
16,728 6,336 |
||||
| Total | 24,681 | 27,122 | 25,571 | 23,127 | 23,339 | 24,970 | 25,180 | ||||
| CAPITAL EMPLOYED AND FINANCING | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||||
| SEK M | 2016 | 2016 | 2016 | 2016 | 2017 | 2017 | 2017 | ||||
| Capital employed | 67,124 | 69,449 | 70,555 | 70,351 | 72,333 | 71,349 | 72,477 | ||||
| - of which goodwill | 43,098 | 44,387 | 45,077 | 47,544 | 47,438 | 46,252 | 46,573 | ||||
| - of which other intangible assets and | |||||||||||
| property, plant and equipment - of which investments in associates |
16,613 1,970 |
17,036 2,037 |
17,264 2,095 |
17,618 2,109 |
17,595 2,176 |
17,309 2,193 |
17,032 2,147 |
||||
| Assets and liabilities of disposal group classified | |||||||||||
| as held for sale | 111 | 126 | - | - | - | - | - | ||||
| Net debt | 24,681 | 27,122 | 25,571 | 23,127 | 23,339 | 24,970 | 25,180 | ||||
| Non-controlling interest | 4 | 3 | 4 | 5 | 4 | 5 | 5 | ||||
| Shareholders' equity | 42,551 | 42,449 | 44,981 | 47,220 | 48,989 | 46,374 | 47,292 | ||||
| DATA PER SHARE | Q1 | Q2 | Q3 | Q4 | Q1-Q3 | Year | Q1 | Q2 | Q3 | Q1-Q3 | |
| SEK Earnings per share before and after dilution |
2016 1.47 |
2016 1.82 |
2016 1.91 |
2016 0.78 |
2016 5.21 |
2016 5.99 |
2017 1.73 |
2017 1.96 |
2017 1.94 |
2017 5.63 |
|
| Earnings per share before and after dilution and | |||||||||||
| excluding items affecting comparability 1) | 1.47 | 1.82 | 1.91 | 1.88 | 5.21 | 7.09 | 1.73 | 1.96 | 1.94 | 5.63 | |
| Shareholders' equity per share after dilution | 38.31 | 38.22 | 40.50 | 42.51 | 40.50 | 42.51 | 44.10 | 41.75 | 42.58 | 42.58 |
| Q3 and 30 Sep | Global | Entrance | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas | Asia Pacific | Technologies | Systems | Other | Total | ||||||||
| SEK M | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
| Sales, external | 3,966 | 4,187 | 4,404 | 4,409 | 2,305 | 2,281 | 2,414 | 2,400 | 4,936 | 5,223 | 0 | 0 | 18,025 | 18,499 |
| Sales, internal | 75 | 91 | 17 | 17 | 181 | 167 | 25 | 17 | 24 | 19 | -323 | -311 | - | - |
| Sales | 4,042 | 4,278 | 4,422 | 4,426 | 2,486 | 2,448 | 2,439 | 2,417 | 4,960 | 5,242 | -323 | -311 | 18,025 18,499 | |
| Organic growth | 2% | 4% | 5% | 3% | -7% | 2% | 7% | 6% | 4% | 2% | - | - | 2% | 3% |
| Share of earnings in associates | - | - | - | - | 5 | 5 | - | - | 26 | 25 | - | - | 31 | 30 |
| Operating income (EBIT) | 673 | 717 | 959 | 966 | 306 | 277 | 442 | 431 | 709 | 762 | -69 | -72 | 3,020 | 3,080 |
| Operating margin (EBIT) | 16.7% | 16.8% | 21.7% | 21.8% | 12.3% | 11.3% | 18.1% | 17.8% | 14.3% | 14.5% | 16.8% | 16.7% | ||
| Capital employed | 14,241 | 14,254 | 14,589 | 14,750 | 12,578 | 11,870 | 10,813 | 12,137 | 18,598 | 18,882 | -264 | 584 | 70,555 | 72,477 |
| - of which goodwill | 8,071 | 8,332 | 10,400 | 10,016 | 7,810 | 7,441 | 7,791 | 9,229 | 11,005 | 11,554 | - | - | 45,077 | 46,573 |
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,279 | 3,395 | 3,325 | 3,194 | 3,928 | 3,777 | 2,386 | 2,370 | 4,238 | 4,156 | 108 | 140 | 17,264 | 17,032 |
| - of which investments in associates | 9 | 9 | - | - | 495 | 503 | - | 12 | 1,591 | 1,623 | - | - | 2,095 | 2,147 |
| Return on capital employed | 18.5% | 19.2% | 25.9% | 25.9% | 9.8% | 9.3% | 16.6% | 14.6% | 15.2% | 15.7% | - | - | 17.1% | 17.0% |
| Operating income (EBIT) | 673 | 717 | 959 | 966 | 306 | 277 | 442 | 431 | 709 | 762 | -69 | -72 | 3,020 | 3,080 |
| Depreciation and amortization | 97 | 100 | 97 | 79 | 72 | 78 | 72 | 85 | 63 | 62 | 5 | 4 | 406 | 407 |
| Net capital expenditure | -107 | -135 | -86 | -128 | -48 | -65 | -65 | -66 | -29 | -50 | 4 | -6 | -331 | -448 |
| Change in working capital | -261 | -42 | 47 | 128 | 323 | -135 | 68 | -76 | -125 | -182 | 46 | -12 | 98 | -319 |
| Cash flow2) | 402 | 640 | 1,018 | 1,046 | 653 | 155 | 517 | 373 | 617 | 593 | -15 | -86 | 3,192 | 2,720 |
| Non-cash items | -266 | 11 | -266 | 11 | ||||||||||
| Interest paid and received | -96 | -77 | -96 | -77 | ||||||||||
| Operating cash flow2) | 2,830 | 2,654 |
| Global | Entrance | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EMEA | Americas Asia Pacific Technologies Systems Other |
Total | ||||||||||||
| SEK M | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 |
| Sales, external | 12,056 | 12,962 | 12,616 | 13,645 | 6,251 | 6,302 | 6,948 | 7,484 | 13,938 | 15,635 | 0 | 0 | 51,809 | 56,028 |
| Sales, internal | 224 | 250 | 66 | 52 | 510 | 508 | 62 | 54 | 79 | 74 | -941 | -938 | - | - |
| Sales | 12,280 13,212 | 12,682 13,697 | 6,762 | 6,811 | 7,009 | 7,538 | 14,018 15,709 | -941 | -938 | 51,809 56,028 | ||||
| Organic growth | 3% | 3% | 6% | 4% | -5% | 0% | 4% | 6% | 4% | 4% | - | - | 3% | 4% |
| Share of earnings in associates | - | - | - | - | 14 | 16 | - | - | 83 | 70 | - | - | 97 | 86 |
| Operating income (EBIT) | 1,957 | 2,148 | 2,732 | 2,968 | 835 | 702 | 1,252 | 1,338 | 1,865 | 2,121 | -300 | -296 | 8,340 | 8,982 |
| Operating margin (EBIT) | 15.9% | 16.3% | 21.5% | 21.7% | 12.3% | 10.3% | 17.9% | 17.8% | 13.3% | 13.5% | - | - | 16.1% | 16.0% |
| Capital employed | 14,241 | 14,254 | 14,589 | 14,750 | 12,578 | 11,870 | 10,813 | 12,137 | 18,598 | 18,882 | -264 | 584 | 70,555 | 72,477 |
| - of which goodwill | 8,071 | 8,332 | 10,400 | 10,016 | 7,810 | 7,441 | 7,791 | 9,229 | 11,005 | 11,554 | - | - | 45,077 | 46,573 |
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,279 | 3,395 | 3,325 | 3,194 | 3,928 | 3,777 | 2,386 | 2,370 | 4,238 | 4,156 | 108 | 140 | 17,264 | 17,032 |
| - of which investments in associates | 9 | 9 | - | - | 495 | 503 | - | 12 | 1,591 | 1,623 | - | - | 2,095 | 2,147 |
| Return on capital employed | 18.8% | 19.8% | 25.7% | 25.9% | 9.2% | 7.8% | 16.3% | 15.0% | 14.2% | 14.9% | - | - | 16.4% | 16.4% |
| Operating income (EBIT) | 1,957 | 2,148 | 2,732 | 2,968 | 835 | 702 | 1,252 | 1,338 | 1,865 | 2,121 | -300 | -296 | 8,340 | 8,982 |
| Depreciation and amortization | 298 | 320 | 253 | 251 | 208 | 230 | 221 | 244 | 189 | 201 | 8 | 11 | 1,177 | 1,258 |
| Net capital expenditure | -303 | -396 | -282 | -343 | -174 | -276 | -173 | -205 | -131 | -168 | -4 | -26 | -1,067 | -1,414 |
| Change in working capital | -782 | -585 | -288 | -470 | -73 | -539 | -354 | -437 | -271 | -264 | -109 | -115 | -1,877 | -2,408 |
| Cash flow2) | 1,170 | 1,488 | 2,415 | 2,406 | 795 | 117 | 946 | 941 | 1,652 | 1,891 | -405 | -426 | 6,573 | 6,417 |
| Non-cash items | -309 | 4 | -309 | 4 | ||||||||||
| Interest paid and received | -418 | -368 | -418 | -368 | ||||||||||
| Operating cash flow2) | 5,846 | 6,053 | ||||||||||||
| Average number of employees | 10,908 | 11,186 | 8,943 | 8,924 | 12,665 | 11,665 | 3,844 | 4,257 | 10,367 | 11,085 | 238 | 276 | 46,966 | 47,393 |
| EMEA | Americas Asia Pacific |
Global Technologies |
Entrance Systems Other |
Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 |
| Sales, external | 16,220 16,535 | 15,588 16,963 | 9,401 | 8,491 | 9,031 | 9,619 | 17,858 19,685 | 0 | 0 | 68,099 71,293 | ||||
| Sales, internal | 304 | 302 | 76 | 81 | 770 | 698 | 69 | 78 | 98 | 104 | -1,317 | -1,262 | - | - |
| Sales | 16,524 16,837 | 15,665 17,044 | 10,171 | 9,189 | 9,100 | 9,697 | 17,957 19,789 | -1,317 -1,262 | 68,099 71,293 | |||||
| Organic growth | 4% | 3% | 7% | 5% | -3% | -9% | 7% | 3% | 5% | 4% | - | - | 4% | 2% |
| Share of earnings in associates | - | - | - | - | 16 | 23 | - | - | 118 | 104 | - | - | 134 | 127 |
| Operating income (EBIT) excl. | ||||||||||||||
| items affecting comparability | 2,620 | 2,722 | 3,363 | 3,640 | 1,436 | 787 | 1,647 | 1,752 | 2,436 | 2,753 | -422 | -401 | 11,079 11,254 | |
| Operating margin (EBIT) excl. | ||||||||||||||
| items affecting comparability | 15.9% | 16.2% | 21.5% | 21.4% | 14.1% | 8.6% | 18.1% | 18.1% | 13.6% | 13.9% | - | - | 16.3% | 15.8% |
| Capital employed | 12,916 13,275 | 13,908 15,749 | 11,689 11,803 | 9,815 11,331 | 16,030 18,291 | -509 | -98 | 63,848 70,351 | ||||||
| - of which goodwill | 7,857 | 8,348 | 9,903 11,012 | 7,690 | 7,920 | 7,437 | 8,784 | 9,891 11,480 | - | - | 42,777 47,544 | |||
| - of which other intangible assets and | ||||||||||||||
| property, plant and equipment | 3,210 | 3,296 | 3,184 | 3,516 | 3,908 | 3,900 | 2,300 | 2,499 | 3,939 | 4,282 | 107 | 125 | 16,649 17,618 | |
| - of which investments in associates | 8 | 9 | 0 | - | 452 | 496 | - | - | 1,450 | 1,605 | - | - | 1,910 | 2,109 |
| Return on capital employed excl. | ||||||||||||||
| items affecting comparability | 20.4% | 19.9% | 24.1% | 25.0% | 12.6% | 6.6% | 18.8% | 16.6% | 14.9% | 15.7% | - | - | 17.8% | 16.5% |
| Operating income (EBIT) | 2,620 | 1,942 | 3,363 | 3,606 | 1,436 | 529 | 1,647 | 1,603 | 2,436 | 2,546 | -422 | -569 | 11,079 | 9,657 |
| Depreciation and amortization | 398 | 402 | 300 | 330 | 268 | 283 | 232 | 296 | 231 | 257 | 4 | 11 | 1,433 | 1,580 |
| Net capital expenditure | -349 | -472 | -326 | -372 | -238 | -211 | -212 | -238 | -94 | -157 | -24 | -28 | -1,241 | -1,478 |
| Change in working capital | -47 | -75 | -120 | -152 | -231 | 705 | -110 | -86 | 63 | -141 | -57 | -188 | -502 | 62 |
| Cash flow2) | 2,622 | 2,577 | 3,217 | 3,447 | 1,235 | 1,564 | 1,557 | 1,724 | 2,637 | 2,713 | -499 | -607 | 10,770 11,418 | |
| Non-cash items | -269 | -354 | -269 | -354 | ||||||||||
| Interest paid and received | -548 | -597 | -548 | -597 | ||||||||||
| Operating cash flow2) | 9,952 10,467 | |||||||||||||
| Average number of employees | 10,886 10,835 | 7,957 | 8,961 | 13,651 12,481 | 3,583 | 3,907 | 9,686 10,505 | 231 | 240 | 45,994 46,928 |
1) Items affecting comparability consist of restructuring costs.
2) Excluding restructuring payments.
| Q1-Q3 | |||
|---|---|---|---|
| 2016 | 2017 | 2016 | 2017 |
| 6,397 | 6,771 | 19,332 | 21,013 |
| 7,427 | 7,575 | 20,781 | 22,928 |
| 529 | 514 | 1,454 | 1,599 |
| 246 | 275 | 650 | 728 |
| 2,751 | 2,696 | 7,757 | 7,780 |
| 674 | 669 | 1,835 | 1,981 |
| 18,025 | 18,499 | 51,809 | 56,028 |
| Q3 |
| Q3 | Q1-Q3 | ||||
|---|---|---|---|---|---|
| SEK M | 2016 | 2017 | 2016 | 2017 | |
| Purchase prices | |||||
| Cash paid for acquisitions during the year | 216 | 1,631 | 1,388 | 2,156 | |
| Holdbacks and deferred considerations for acquisitions during the year | 25 | 63 | 203 | 220 | |
| Adjustment of purchase prices for acquisitions in prior years | 0 | 0 | -91 | 4 | |
| Total | 241 | 1,693 | 1,500 | 2,380 | |
| Acquired assets and liabilities at fair value | |||||
| Intangible assets | 67 | 20 | 69 | 153 | |
| Property, plant and equipment | -1 | 72 | 279 | 90 | |
| Financial assets | 0 | 22 | 71 | 25 | |
| Inventories | 14 | 94 | 101 | 163 | |
| Current receivables and investments | 20 | 191 | 136 | 318 | |
| Cash and cash equivalents | 5 | 147 | 146 | 184 | |
| Non-current liabilities | -1 | -120 | -185 | -189 | |
| Current liabilities | -16 | -406 | -354 | -499 | |
| Total | 88 | 19 | 263 | 244 | |
| Goodwill | 153 | 1,675 | 1,237 | 2,136 | |
| Change in cash and cash equivalents due to acquisitions | |||||
| Cash paid for acquisitions during the year | 216 | 1,631 | 1,388 | 2,156 | |
| Cash and cash equivalents in acquired subsidiaries | -5 | -147 | -146 | -184 | |
| Paid holdbacks and deferred considerations for acquisitions in previous years | 65 | 275 | 497 | 502 | |
| Total | 277 | 1,759 | 1,739 | 2,475 |
Fair value adjustments of acquired net assets from acquisitions made in previous periods are included in the above table.
| 30 September 2017 | Financial instruments at fair value |
||||
|---|---|---|---|---|---|
| SEK M | Carrying amount |
Fair value |
Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at fair value through profit and loss | 50 | 50 | 50 | ||
| Available-for-sale financial assets | 11 | 11 | |||
| Loans and other receivables | 13,430 | 13,430 | |||
| Derivative instruments - hedge accounting | 72 | 72 | 72 | ||
| Financial liabilities | |||||
| Financial liabilities at fair value through profit and loss | 1,723 | 1,723 | 125 | 1,598 | |
| Financial liabilities at amortized cost | 29,301 | 29,336 | |||
| Derivative instruments - hedge accounting | 11 | 11 | 11 |
| 31 December 2016 | |
|---|---|
| 31 December 2016 | at fair value | ||||
|---|---|---|---|---|---|
| SEK M | Carrying amount |
Fair value |
Level 1 | Level 2 | Level 3 |
| Financial assets | |||||
| Financial assets at fair value through profit and loss | 78 | 78 | 78 | ||
| Available-for-sale financial assets | 11 | 11 | |||
| Loans and other receivables | 13,476 | 13,476 | |||
| Derivative instruments - hedge accounting | 88 | 88 | 88 | ||
| Financial liabilities | |||||
| Financial liabilities at fair value through profit and loss | 2,366 | 2,366 | 116 | 2,250 | |
| Financial liabilities at amortized cost | 28,272 | 28,381 | |||
| Derivative instruments - hedge accounting | 21 | 21 | 21 |
Financial instruments
Change in sales for comparable units after adjustments for Interest-bearing liabilities less interest-bearing assets. acquisitions and exchange rate effects.
Operating income before depreciation and amortization as a bearing liabilities including deferred tax liability. percentage of sales.
Operating income as a percentage of sales.
Income before tax as a percentage of sales.
See the table on operating cash flow for detailed information. For as a percentage of average parent company's shareholders relationship between operating cash flow and cash flow from equity. operating activities see the company's last Annual Report.
Investments in tangible and intangible assets less disposals of average capital employed. tangible and intangible assets.
Depreciation and amortization of intangible and tangible assets.
Operating margin (EBITDA) Total assets less interest-bearing assets and non-interest-
Operating margin (EBIT) Shareholders' equity as a percentage of total assets.
Operating cash flow Net income attributable to parent company's shareholders
Net capital expenditure Income before tax plus net interest as a percentage of
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