Quarterly Report • Oct 21, 2019
Quarterly Report
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| Financial overview | January - September | Third quarter | ||||
|---|---|---|---|---|---|---|
| 2019 | 2019 excl. IFRS 161) |
2018 | 2019 | 2019 excl. IFRS 161) |
2018 | |
| Net sales, MSEK | 8,350 | 8,350 | 7,852 | 2,825 | 2,825 | 2,817 |
| EBITDA, MSEK | 1,070 | 545 | 508 | 387 | 208 | 206 |
| EBITA, MSEK 2) | 424 | 398 | 353 | 169 | 161 | 154 |
| EBITA-margin, % | 5.1 | 4.8 | 4.5 | 6.0 | 5.7 | 5.5 |
| Operating cash flow, MSEK | 1,080 | 556 | 144 | 439 | 260 | 52 |
| Net debt at the end of the period, MSEK | 4,272 | 2,296 | 2,890 | 4,272 | 2,296 | 2,890 |
| Net debt/EBITDA ratio 3) | 3.0 | 3.2 | 4.3 | 2.8 | 2.8 | 3.5 |
| Return on capital employed, % 3) | 7.1 | 9.1 | 7.6 | 8.5 | 11.2 | 10.1 |
1) Excluding the effect from the transition to IFRS 16, which means that the same accounting principles as 2018 have been used. IFRS 16 is effective from 1 January 2019 and has affected the accounting of the Group's lease agreements. For more details, see page 13.
2) EBITA refers to Earnings before interest, taxes and amortization; operating result plus amortization of assets identified in conjunction with acquisitions.
3) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12-month period).
Despite a somewhat waning demand in the third quarter from some of our customers I am pleased that once again we can present both an improved result and better margins. Due to this improvement and a strong cash flow in the third quarter we will soon achieve one of our financial goals - a net debt / EBITDA ratio under 3.0, both with and without the effects of the implementation of IFRS 16. The organic reduction in net sales in the third quarter was due in part to lower demand from customers in Automotive and Electronics and in part because we have consciously prioritized more profitable business. Demand in Fashion & Lifestyle, however, continued to be good during the quarter.
Net sales contracted in the business area Supply Chain Solutions during the quarter while profitability improved. This is the business area where we see the greatest potential to increase profitability by optimizing our processes, focusing on the most profitable segments and services as well as taking over more of our customers' value chains. In the third quarter we also reorganized our largest subsidiary LGI and reduced the number of divisions in order to better clarify result and customer ownership.
The positive trend in business area Print & Packaging Solutions continued during the third quarter with an improved result and organic growth even without our business with subscription boxes in the US that also showed strong organic growth. We increased our share of the contracting German print market and renewed our contract with one of our largest customers in Great Britain. However, certain operations in the US have run into some challenges of both lower net sales and results due to the trade war between the US and China. Fortunately this result reduction has been compensated by improvement in Europe.
During the year we have further invested in our Global Sales organization which primarily works with business on Group level that comprise broad sections of our business areas and at finding new customers for our operations both locally and globally. We are currently holding several interesting discussions with potential customers that we hope will lead to new business in the future.
Our forward-looking focus is on reducing debt while we continue to work on improving profitability. This will provide us with a more stable platform in the face of a possible downturn in the economy.
Magnus Nilsson President and Chief Executive Officer
Elanders is a global supplier with a broad range of services of integrated solutions in supply chain management. The business is run through two business areas, Supply Chain Solutions and Print & Packaging Solutions. The Group has almost 7,000 employees and operates in some 20 countries on four continents. Our most important markets are China, Singapore, the United Kingdom, Sweden, Germany and the USA. Our major customers are active in the areas Automotive, Electronics, Fashion & Lifestyle, Industrial and Health Care & Life Science.
Net sales increased by six percent to MSEK 8,350 (7,852) compared to the same period last year. Cleared of exchange rate fluctuations and effects of acquisitions and divestures of operations, net sales grew organically by two percent and was generated by both business areas. EBITA, i.e. the operating result adjusted for amortization on assets identified in conjunction with acquisitions, increased to MSEK 424 (353), which corresponded to an EBITA margin of 5.1 (4.5) percent. The improved result compared to last year is in part due to the fact that previously problematic customer projects in Supply Chain Solutions are now in balance, and in part the effects of implementing IFRS 16, where around MSEK 26 that refers to the interest component of rental and leasing costs is now recognized in net financial items instead of, as previously, in the operating result. The problematic customer projects had a substantial negative effect on the result in the third and fourth quarters of 2017 as well as the first quarter 2018. When results in foreign subsidiaries were converted into Swedish krona changes in exchange rates affected EBITA positively by MSEK 22. Excluding the effects of implementing IFRS 16, EBITA increased to MSEK 398 (353) and the EBITA margin to 4.8 (4.5) percent.
The result before tax increased to MSEK 275 (234). Excluding the effects of implementing IFRS 16, the result before tax increased to MSEK 298 (234), which was a 27 percent improvement in the result. The improvement primarily came from operations but lower financial costs also contributed to the higher result.
Net sales increased by MSEK 8 to MSEK 2,825 (2,817) compared to the same period last year. Cleared of exchange rate fluctuations and effects of acquisitions and divestures of operations, organic sales contracted by three percent. The decrease was mainly in Electronics, Industrial and Automotive while there was an increase in Fashion & Lifestyle. EBITA, i.e. the operating result adjusted for amortization on assets identified in conjunction with acquisitions, increased to MSEK 169 (154), which corresponded to an EBITA margin of 6.0 (5.5) percent. When results in foreign subsidiaries were converted into Swedish krona changes in exchange rates affected EBITA positively by MSEK 7. Excluding the effects of implementing IFRS 16, EBITA increased to MSEK 161 (154) and the EBITA margin to 5.7 (5.5) percent.
The result before tax increased to MSEK 118 (114) but was affected negatively by around MSEK 8 due to the implementation of IFRS 16. Excluding the effects of implementing IFRS 16, the result before tax increased to MSEK 127 (114), which was an 11 percent improvement in the result. The improvement came from both operations and lower financial costs but it was also boosted by positive effects in exchange rates.
Elanders is one of the leading companies in the world in Global Supply Chain Management. Our services include taking responsibility for and optimizing customers' material and information flows, everything from sourcing and procurement combined with warehousing to after sales service.
| January - September | Third quarter | Full year | |||
|---|---|---|---|---|---|
| Supply Chain Solutions | 2019 | 2018 1) | 2019 | 2018 1) | 2018 1) |
| Net sales, MSEK | 6,576 | 6,256 | 2,214 | 2,274 | 8,525 |
| EBITDA, MSEK | 882 | 392 | 322 | 166 | 540 |
| EBITA, MSEK | 346 | 285 | 141 | 130 | 401 |
| EBITA-margin, % | 5.3 | 4.6 | 6.4 | 5.7 | 4.7 |
| Operating result, MSEK | 311 | 244 | 130 | 116 | 347 |
| Operating margin, % | 4.7 | 3.9 | 5.8 | 5.1 | 4.1 |
| Average number of employees | 5,498 | 5,784 | 5,512 | 5,901 | 5,815 |
1) The figures for the comparison period have been adjusted to reflect the new structure of business areas. The figures for 2018 have not been adjusted for IFRS 16 since the transition to IFRS 16 have been based on the Modified retrospective approach.
2) EBITA refers to Earnings before interest, taxes and amortization; operating result plus amortization of assets identified in conjunction with acquisitions.
While demand in business area Supply Chain Solutions slowed somewhat during the quarter in Automotive, Electronics and Industrial it increased in Fashion & Lifestyle. All in all organic net sales contracted by six percent during the quarter through a combination of lower demand and conscious prioritization of more profitable business. Focus is now on increasing profitability in general and particularly in Industrial.
Excluding the effects of IFRS 16, EBITA increased by MSEK 40 to MSEK 325 (285) and the EBITA margin to 4.9 (4.6) percent during the period January – September 2019. EBITA increased by MSEK 4 to MSEK 134 (130) and the EBITA margin to 6.1 (5.7) percent during the quarter.
Through its innovative force and global presence the business area Print & Packaging offers cost-effective solutions that can handle customers' local and global needs for printed material and packaging, often in combination with advanced order platforms on the Internet, value-added services and just-in-time deliveries.
| January - September | Third quarter | Full year | |||
|---|---|---|---|---|---|
| Print & Packaging Solutions | 2019 | 2018 1) | 2019 | 2018 1) | 2018 1) |
| Net sales, MSEK | 1,827 | 1,617 | 623 | 551 | 2,243 |
| EBITDA, MSEK | 212 | 129 | 74 | 42 | 205 |
| EBITA, MSEK | 103 | 81 | 37 | 27 | 142 |
| EBITA-margin, % | 5.6 | 5.0 | 5.9 | 4.8 | 6.3 |
| Operating result, MSEK | 97 | 74 | 35 | 24 | 133 |
| Operating margin, % | 5.3 | 4.6 | 5.6 | 4.4 | 5.9 |
| Average number of employees | 1,199 | 1,363 | 1,192 | 1,359 | 1,327 |
1) The figures for the comparison period have been adjusted to reflect the new structure of business areas. The figures for 2018 have not been adjusted for IFRS 16 since the transition to IFRS 16 have been based on the Modified retrospective approach.
2) EBITA refers to Earnings before interest, taxes and amortization; operating result plus amortization of assets identified in conjunction with acquisitions.
In business area Print & Packaging Solutions there was strong growth in operations in Germany and the subscription box business which meant that the business area on the whole grew organically by 11 percent during the nine month period. Even without subscription box operations the business area had organic growth of nearly five percent, which was a result of some new business and an increase in market shares, primarily on the highly competitive German market.
Excluding the effects of IFRS 16, EBITA increased by MSEK 17 to MSEK 98 (81) and the EBITA margin to 5.4 (5.0) percent during the period January – September 2019. EBITA increased by MSEK 8 to MSEK 35 (27) and the EBITA margin was 5.6 (4.8) percent during the quarter.
Since the fourth quarter 2018 Elanders has used factoring, i.e. sales of our accounts receivable, as part of our long-term financing. Working together with one of the Group's principle banks factoring is applied without recourse and comprises some of our business in Germany. The entire facility amounts to MEUR 50, of which at least 70 percent, i.e. MEUR 35, will probably be utilized. The financial terms for factoring are better than the rest of our financing. During the third quarter an additional MEUR 6 was utilized of the facility and a total of MEUR 20 has now been utilized compared to MEUR 8 at the beginning of the year.
As of 1 January 2019, Elanders has two business areas, Supply Chain Solutions and Print & Packaging Solutions since e-Commerce Solutions was integrated into Print & Packaging Solutions.
Net investments for the period amounted to MSEK 108 (120) and was mainly related to production equipment. Depreciation, amortization and write-downs amounted to MSEK 687 (202). Excluding the effects from IFRS 16, depreciation, amortization and write-downs amounted MSEK 188 (202).
For the quarter net investments amounted to MSEK 27 (41). Depreciation, amortization and writedowns amounted to MSEK 232 (68). Excluding the effects from IFRS 16, depreciation, amortization and write-downs amounted MSEK 61 (68).
The operating cash flow increased to MSEK 1,080 (144) of which the effects of IFRS 16 were MSEK 524. The effect of IFRS 16 on operating cash flow refers primarily to the amortized portion of leasing fees that were previously included in the operating cash flow. This amortization is now included in the financing activities in cash flow. Excluding IFRS 16 effects, operating cash flow increased to MSEK 556 (144). The improvement was foremost related to decreased working capital.
Net debt increased to MSEK 4,272 compared to MSEK 2,539 at the beginning of the year. The change in net debt includes an increase of MSEK 2,043 attributable to the implementation of IFRS 16 and refers to adjustment of the opening balance. In addition to this, debt has increased by MSEK 199 due to changes in exchange rates since a large part of loans and leasing liabilities are in euros and a lesser amount in US dollars, which have both strengthened against the Swedish krona.
Excluding the effects of IFRS 16, net debt contracted to MSEK 2,296 compared to MSEK 2,539 at the beginning of the year. The change in net debt includes an increase of MSEK 101 attributable to changed exchange rates. Leverage, i.e. net debt / EBITDA for a rolling 12-month period, excluding IFRS 16 effects, is now down to 3.0 (4.4). Including effects from IFRS 16 and with an extrapolation of the effects over a twelve-month period this net debt / EBITDA is also around 3.0.
The operating cash flow increased to MSEK 439 (52), of which the effects of IFRS 16 were MSEK 179. The effect of IFRS 16 on operating cash flow refers primarily to the amortized portion of leasing fees that were previously included in the operating cash flow. This amortization is now included in the financing activities in cash flow. Excluding IFRS 16 effects, operating cash flow increased to MSEK 260 (52). The improvement was foremost related to decreased working capital.
The average number of employees during the period was 6,708 (7,158), whereof 153 (190) in Sweden. The decrease in the number of employees is mainly attributable to employees in the operations divested in 2018. At the end of the period the Group had 6,704 (7,246) employees, whereof 153 (160) in Sweden.
The average number of employees during the quarter was 6,716 (7,271), whereof 154 (175) in Sweden.
The parent company has provided intragroup services. The average number of employees during the period was 11 (11) and at the end of the period 11 (11).
Elanders offers integrated and customized solutions for handling all or part of our customers' supply chain. The Group can take complete responsibility for complex and global deliveries that may include purchasing, storage, configuration, production and distribution. We also offer managing ordering solutions, payment flows and aftermarket services for our customers.
The services are provided by business-minded employees who, with their expertise and aided by intelligent IT solutions, contribute to developing our customers' offers which are often totally dependent on efficient product, component and service flows as well as traceability and information. In addition to our offer to the B2B market the Group sells photo products directly to consumers via our own brands, fotokasten and myphotobook.
Elanders' overall goal is to be a leader in global solutions in supply chain management with a world class integrated offer. Our strategy is to work in niches in each business area where the company can attain a leading position in the market. We will achieve this goal by being best at meeting customers' demands for efficiency and delivery. Acquisitions play an important role in our company's development and provide competence, broader product and service offers and enlarge our customer base.
Elanders divides risks into circumstantial risk (the future of our products/services and business cycle sensitivity), financial risk (currency, interest, financing and credit risks) as well as business risk (customer concentration, operational risks, risks in operating expenses as well as contracts and disputes). These risks, together with a sensitivity analysis, are described in detail in the Annual Report 2018. Circumstances in the world around us since the Annual Report was published are not believed to have caused any significant risks or influenced the way in which the Group works with these compared to the description in the Annual Report 2018.
The Group's net sales, and thereby income, are affected by seasonal variations. Historically the fourth quarter has been somewhat stronger than the other quarters.
The following significant transactions with related parties have occurred during the period:
Remuneration is considered on par with the market for all of these transactions.
No significant events have occurred after the balance sheet date until the day this report was signed.
No forecast is given for 2019.
The quarterly report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting and for the parent company in accordance with the Annual Accounts Act. The same accounting principles and calculation methods as those in the last Annual Report have been used, except for the standards with mandatory effective date 1 January 2019, where the significant differences for the Group are presented below.
International Accounting Standards Boards (IASB) has issued a new standard, IFRS 16 "Leases", which is effective from 1 January 2019. The standard concerns the accounting of operating lease agreements where the Group has large commitments in terms of rental contracts for premises and leasing of machinery and equipment as well as vehicles. The transition to IFRS 16 has been based on the Modified retrospective approach, which means that the comparison periods have not been adjusted for IFRS 16. The standard has had a significant effect on the Group's total assets and liabilities and the effects on opening balances as of 1 January 2019 are presented on page 13 in this report. Furthermore, the above application means that the figures for the current year will not be fully comparable with previous years.
The new accounting principles in short; The leases are recognized as a right-of-use asset with a corresponding lease liability. Short-term leases and leases for which the underlying asset is of low value are exempted. Each lease payment is divided into amortization and financial cost. The financial cost is allocated over the lease term, so that each reporting period is charged with an amount corresponding to a fixed interest rate for the liability recognized under each period. The Group's lease liabilities are recognized at the present value of the future lease payments. Discounting of the future lease payments are made with the interest rate implicit in the lease, if this rate can easily be determined. Otherwise, the Group's incremental borrowing rate is applied.
The Group's right-of-use assets are recognized at cost, and initially comprise the present value of the lease liability, adjusted for lease payments made at or before the commencement date. Restoration costs are included in the asset if a corresponding provision for restoration costs exist. The right-of-use asset is depreciated on a straight-line basis over the asset's useful life or the lease term, whichever is the shortest.
The nomination committee for the Annual General Meeting on 28 April 2020 is as follows:
| Carl Bennet, Chair | Carl Bennet AB |
|---|---|
| Hans Hedström | Carnegie Funds |
| Carl Gustafsson | Didner & Gerge Funds |
| Fredrik Carlsson | Svolder |
| Sophie Nachemson-Ekwall | Representative from the smaller shareholders |
Shareholders who would like to submit proposals to Elanders' 2020 Nomination Committee, can contact the Nomination Committee by e-mail at [email protected] or by mail: Elanders AB, Att: Nomination Committee, Flöjelbergsgatan 1C, SE-431 35 Mölndal, Sweden.
Elanders AB's Annual General Meeting will be held on April 28, 2020, Gothia Towers, Mässans gata 24, Gothenburg, Sweden. Shareholders wishing to have a matter addressed at the Annual General Meeting can submit their proposal to Elanders' Board Chairman by e-mail: [email protected], or by mail: Elanders AB, Flöjelbergsgatan 1C, SE-431 35 Mölndal, Sweden. To ensure inclusion in the notice and thus in the Annual General Meeting's agenda, proposals must be received by the company not later than February 28, 2020.
| Q4 2019 | 28 January 2020 |
|---|---|
| Annual Report 2019 | 20 March 2020 |
| Q1 2020 | 28 April 2020 |
| Annual General Meeting 2020 | 28 April 2020 |
| Q2 2020 | 15 July 2020 |
| Q3 2020 | 22 October 2020 |
In connection to the issuing of the Quarterly Report for the third quarter 2019 Elanders will hold a Press and Analysts conference call on October 21 at 15:00 CET, hosted by President and CEO Magnus Nilsson and CFO Andréas Wikner.
To join this event, please use the below Click to Join link 5-10 minutes prior to start time, where you will be asked to enter your phone number and registration details. Our Event Conferencing system will call you on the phone number you provide and place you into the event. Please note that the Click To Join link will be active 15 minutes prior to the event.
Use the Click to Join option above for the easiest way to join your conference or use one of the access numbers below:
Sweden: +46 (0)8 5033 6546 Germany: +49 (0)69 2222 10763 UK: +44 (0)330 336 9401 USA: +1 929-477-0338
Participant Passcode: 707987
During the conference call a presentation will be held. To access the presentation, please use this link:
https://www.elanders.com/presentations
Elanders AB (publ) corp. reg. no. 556008-1621
We have reviewed the condensed interim financial information (interim report) of Elanders AB as of 30 September 2019 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Gothenburg, 21 October 2019
PricewaterhouseCoopers AB
Magnus Willfors Tomas Hilmarsson Authorized Public Accountant Authorized Public Accountant Auditor in Charge
Further information can be found on Elanders' website www.elanders.com or requested via e-mail [email protected].
Questions concerning this report can be put to:
Magnus Nilsson Andréas Wikner Elanders AB (publ) Phone +46 31 750 07 50 Phone +46 31 750 07 50 Flöjelbergsgatan 1 C
President and CEO Chief Financial Officer (Company ID 556008-1621) 431 35 Mölndal, Sweden Phone +46 31 750 00 00
This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail.
| January - September | Third quarter | Full year | |||
|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2018 |
| Net sales | 8,350 | 7,852 | 2,825 | 2,817 | 10,742 |
| Cost of products and services sold | -7,163 | -6,831 | -2,397 | -2,435 | -9,330 |
| Gross profit | 1,187 | 1,021 | 429 | 382 | 1,412 |
| Sales and administrative expenses | -834 | -762 | -288 | -259 | -1,034 |
| Other operating income | 41 | 70 | 17 | 23 | 111 |
| Other operating expenses | -11 | -24 | -2 | -8 | -30 |
| Operating result | 383 | 305 | 156 | 138 | 459 |
| Net financial items | -109 | -71 | -37 | -24 | -93 |
| Result after financial items | 275 | 234 | 118 | 114 | 366 |
| Income tax | -78 | -84 | -30 | -39 | -108 |
| Result for the period | 197 | 150 | 88 | 75 | 259 |
| Result for the period attributable to: | |||||
| - parent company shareholders | 193 | 147 | 86 | 73 | 254 |
| - non-controlling interests | 4 | 3 | 2 | 2 | 5 |
| Earnings per share, SEK 1) 2) | 5.45 | 4.17 | 2.43 | 2.07 | 7.18 |
| Average number of shares, in thousands | 35,358 | 35,358 | 35,358 | 35,358 | 35,358 |
| Outstanding shares at the end of the year, in thousands | 35,358 | 35,358 | 35,358 | 35,358 | 35,358 |
1) Earnings per share before and after dilution.
2) Earnings per share calculated by dividing the result for the period attributable to parent company shareholders by the average number of outstanding shares during the period.
| January - September | Third quarter | Full year | |||||
|---|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2018 | ||
| Result for the period | 197 | 150 | 88 | 75 | 259 | ||
| Items that will not be reclassified to | |||||||
| the income statement | |||||||
| Remeasurements after tax | -0 | -0 | -0 | -0 | 1 | ||
| Items that will be reclassified to the income | |||||||
| statement | |||||||
| Translation differences after tax | 149 | 114 | 77 | -37 | 121 | ||
| Hedging of net investment abroad after tax | -18 | -29 | -10 | 3 | -33 | ||
| Other comprehensive income | 131 | 85 | 67 | -34 | 88 | ||
| Total comprehensive income for the period | 328 | 235 | 155 | 41 | 347 | ||
| Total comprehensive income attributable to: | |||||||
| - parent company shareholders | 324 | 232 | 153 | 40 | 342 | ||
| - non-controlling interests | 4 | 3 | 2 | 1 | 5 |
| Full year | ||||
|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | 2018 |
| 275 | 234 | 118 | 114 | 366 |
| 687 | 156 | 245 | 92 | 213 |
| -79 | -101 | -15 | -36 | -127 |
| 117 | -197 | 65 | -137 | 3 |
| 1,000 | 92 | 414 | 33 | 455 |
| -161 | ||||
| 24 | ||||
| -1 | ||||
| -137 | ||||
| -115 | ||||
| -44 | ||||
| -66 | ||||
| -104 | -93 | - | - | -93 |
| -782 | -179 | -250 | -60 | -318 |
| 111 | -208 | 136 | -68 | 0 |
| 722 | 679 | 721 | 596 | 679 |
| 55 | 37 | 30 | -19 | 43 |
| 888 | 509 | 888 | 509 | 722 |
| 2,665 | ||||
| - | ||||
| 199 | 124 | 76 | -21 | 121 |
| - | - | - | - | 41 |
| -509 | 101 | -391 | -4 | -288 |
| 4,272 | 2,890 | 4,272 | 2,890 | 2,539 |
| 538 | ||||
| -102 -5 -2 -108 -68 -505 -104 2,539 2,043 1,080 |
January - September -120 - - -120 -86 -34 34 2,665 - 144 |
-26 - -2 -27 -23 -173 -54 4,587 - 439 |
Third quarter -41 - - -41 -29 -12 -19 2,915 - 52 |
| 30 Sep. | 31 Dec. | ||
|---|---|---|---|
| MSEK | 2019 | 2018 | 2018 |
| Assets | |||
| Intangible assets | 3,320 | 3,230 | 3,218 |
| Tangible assets | 2,692 | 815 | 789 |
| Other fixed assets | 278 | 253 | 267 |
| Total fixed assets | 6,290 | 4,298 | 4,274 |
| Inventories | 457 | 413 | 468 |
| Accounts receivable | 1,735 | 2,040 | 1,762 |
| Other current assets | 560 | 636 | 511 |
| Cash and cash equivalents | 888 | 509 | 722 |
| Total current assets | 3,641 | 3,598 | 3,463 |
| Total assets | 9,931 | 7,896 | 7,737 |
| Equity and liabilities | |||
| Equity | 2,931 | 2,596 | 2,707 |
| Liabilities | |||
| Non-interest-bearing long-term liabilities | 201 | 207 | 199 |
| Interest-bearing long-term liabilities | 3,845 | 186 | 2,442 |
| Total long-term liabilities | 4,046 | 393 | 2,642 |
| Non-interest-bearing short-term liabilities | 1,639 | 1,694 | 1,569 |
| Interest-bearing short-term liabilities | 1,315 | 3,213 | 819 |
| Total short-term liabilities | 2,954 | 4,907 | 2,388 |
| Total equity and liabilities | 9,931 | 7,896 | 7,737 |
| January - September | Full year | ||
|---|---|---|---|
| MSEK | 2019 | 2018 | 2018 |
| Opening balance | 2,707 | 2,453 | 2,453 |
| Dividend to parent company shareholders | -103 | -92 | -92 |
| Dividend to non-controlling interests | -1 | -1 | -1 |
| Total comprehensive income for the period | 328 | 235 | 347 |
| Closing balance | 2,931 | 2,596 | 2,707 |
| Attributable to: | |||
| - parent company shareholders | 2,918 | 2,587 | 2,697 |
| - non-controlling interests | 13 | 8 | 10 |
IFRS 16 "Leases" is effective from 1 January 2019 and affect the accounting of the Group's lease agreements where there are large commitments in terms of rental contracts for premises and leasing of machinery and equipment. The transition to IFRS 16 is based on the Modified retrospective approach. The standard has a significant effect on the Group's total assets and liabilities and the effects on opening balances 1 January 2019, income statement first quarter 2019 and a reconciliation of reported operating lease obligations are presented below. The effect of applying IFRS 16 deviate from the preliminary effects presented in the annual report related to some minor adjustments in the assumptions.
| Closing balance |
Opening balance |
||
|---|---|---|---|
| 31 December | Effect | 1 January | |
| MSEK | 2018 | IFRS 16 | 2019 |
| Fixed assets | 4,274 | 2,043 | 6,317 |
| Current assets | 3,463 | - | 3,463 |
| Fixed assets | 7,737 | 2,043 | 9,780 |
| Equity | 2,707 | - | 2,707 |
| Long-term liabilities | 2,642 | 1,444 | 4,085 |
| Short-term liabilities | 2,388 | 599 | 2,987 |
| Total equity and liabilities | 7,737 | 2,043 | 9,780 |
| MSEK | Jan - Sep 2019 |
Effect IFRS 16 |
Jan – Sep 2019 excl effect IFRS 16 |
Jan - Sep 2018 |
|---|---|---|---|---|
| Net sales | 8,350 | - | 8,350 | 7,852 |
| EBITDA | 1,070 | -525 | 545 | 508 |
| Operating result | 383 | -26 | 357 | 305 |
| Result after financial items | 275 | 24 | 298 | 234 |
| Result for the period | 197 | 17 | 214 | 150 |
| MSEK | Third quarter 2019 |
Effect IFRS 16 |
Third quarter 2019 excl effect IFRS 16 |
Third quarter 2018 |
|---|---|---|---|---|
| Net sales | 2,825 | - | 2,825 | 2,817 |
| EBITDA | 387 | -179 | 208 | 206 |
| Operating result | 156 | -9 | 147 | 138 |
| Result after financial items | 118 | 8 | 127 | 114 |
| Result for the period | 88 | 6 | 94 | 75 |
| MSEK | Reconciliation leases from IAS 17 to IFRS 16 |
|---|---|
| Operating lease obligations as of 31 December 2018 | 2,046 |
| Discounting effect to net present value | -190 |
| Short term and assets of low value exceptions | -81 |
| Effect from extension options | 268 |
| Effect on the lease liability as of 1 January 2019 | 2,043 |
| Finance leases per 31 December 2018 | 147 |
| Lease liability according to IFRS 16 as of 1 January 2019 | 2,190 |
The Group's average discount rate used for transition is 3.1 percent. The discount rate for the various agreements is in the range of 2.5 to 7.35 percent and is dependent on the currency, jurisdiction and the contract length.
The two business areas are reported as reportable segments, since this is how the Group is governed and the President has been identified as the highest executive decision-maker. The operations within each reportable segment have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes and customer types. Sales between segments are made on market terms.
Until 31 December 2018 Elanders had three business areas, Supply Chain Solutions, Print & Packaging Solutions and e-Commerce Solutions. As of 1 January 2019, e-Commerce Solutions was integrated into Print & Packaging Solutions and the Swedish operations that was earlier included in Print & Packaging Solutions is now included in Supply Chain Solutions. In 2018, the Swedish operations had net sales of MSEK 398.
The comparison periods have been adjusted to reflect the current segments.
| January - September | Third quarter | Full year | ||||
|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 12 months | 2018 |
| Supply Chain Solutions | 6,576 | 6,256 | 2,214 | 2,274 | 8,844 | 8,525 |
| Print & Packaging Solutions | 1,827 | 1,617 | 623 | 551 | 2,453 | 2,243 |
| Group functions | 28 | 35 | 9 | 12 | 40 | 46 |
| Eliminations | -81 | -57 | -21 | -19 | -97 | -73 |
| Group net sales | 8,350 | 7,852 | 2,825 | 2,817 | 11,240 | 10,742 |
| January - September | Third quarter | Last | Full year | |||
|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 12 months | 2018 |
| Supply Chain Solutions | 311 | 244 | 130 | 116 | 414 | 346 |
| Print & Packaging Solutions | 97 | 74 | 35 | 24 | 156 | 133 |
| Group functions | -25 | -13 | -9 | -2 | -32 | -21 |
| Group operating result | 383 | 305 | 156 | 138 | 537 | 459 |
| MSEK | First quarter |
Second quarter |
Third quarter |
Fourth quarter |
Full year |
|---|---|---|---|---|---|
| Supply Chain Solutions | 1,906 | 2,077 | 2,274 | 2,269 | 8,525 |
| Print & Packaging Solutions | 523 | 544 | 551 | 626 | 2,243 |
| Group functions | 11 | 12 | 12 | 12 | 46 |
| Eliminations | -18 | -20 | -20 | -17 | -73 |
| Group net sales | 2,422 | 2,613 | 2,817 | 2,890 | 10,742 |
| MSEK | First quarter |
Second quarter |
Third quarter |
Fourth quarter |
Full year |
|---|---|---|---|---|---|
| Supply Chain Solutions | 46 | 82 | 116 | 102 | 346 |
| Print & Packaging Solutions | 24 | 25 | 24 | 59 | 133 |
| Group functions | -3 | -7 | -2 | -8 | -21 |
| Group operating result | 68 | 100 | 138 | 153 | 459 |
Revenue has been divided into geographic markets, main revenue streams and customer segments since these are the categories the Group uses to present and analyze revenue in other contexts. Income for each category is presented per reportable segment. The Group's customer contracts are easy to identify and products and services in a contract are largely connected and dependent on each other, and therefore part of an integrated offer.
Main revenue streams are presented based on the internal names used in the Group. Sourcing & Procurement services refer to the purchase and procurement of products for customers as well as handling the flows connected to these products. Freight and transportation services refer to revenue from freight and transportation with our own trucks as well as pure freight forwarding. Other supply chain services such as fulfilment, kitting, warehousing, assembly and after sales services are presented under Other contract logistics services. Other work/services refer to pure print services and other services that do not fit into any of the first three categories.
Intra-group invoicing regarding group functions is reported net in net sales to group companies.
For comparability between the quarters, adjustments have been made regarding historical figures for net sales per customer segment due to that some customers were moved between the customer segments.
| Supply Chain Solutions |
Print & Packaging Solutions |
Total | |||||
|---|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
| Total net sales | 6,576 | 6,256 | 1,827 | 1,617 | 8,403 | 7,873 | |
| Less: net sales to group companies | -14 | -13 | -38 | -9 | -52 | -22 | |
| Net sales | 6,561 | 6,243 | 1,789 | 1,608 | 8,350 | 7,852 |
| Supply Chain | Print & Packaging | |||||
|---|---|---|---|---|---|---|
| Solutions | Solutions | Total | ||||
| MSEK | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
| Customer segments | ||||||
| Automotive | 1,641 | 1,588 | 297 | 259 | 1,938 | 1,847 |
| Electronics | 2,704 | 2,454 | 33 | 24 | 2,737 | 2,478 |
| Fashion & Lifestyle | 959 | 934 | 543 | 386 | 1,502 | 1,320 |
| Health Care & Life Science | 177 | 167 | 37 | 37 | 214 | 204 |
| Industrial | 751 | 749 | 493 | 517 | 1,244 | 1,266 |
| Other | 329 | 351 | 386 | 385 | 714 | 736 |
| Net sales | 6,561 | 6,243 | 1,789 | 1,608 | 8,350 | 7,852 |
| Main revenue streams | ||||||
| Sourcing and procurement services | 1,954 | 1,744 | - | - | 1,954 | 1,744 |
| Freight and transportation services | 1,873 | 1,993 | 306 | 206 | 2,178 | 2,199 |
| Other contract logistics services | 2,530 | 1,970 | 282 | 252 | 2,812 | 2,222 |
| Other work/services | 205 | 537 | 1,201 | 1,151 | 1,407 | 1,687 |
| Net sales | 6,561 | 6,243 | 1,789 | 1,608 | 8,350 | 7,852 |
| Geographic markets | ||||||
| Europe | 4,140 | 4,048 | 1,153 | 1,058 | 5,293 | 5,106 |
| Asia | 2,082 | 1,880 | 9 | 57 | 2,091 | 1,937 |
| North and South America | 333 | 274 | 621 | 464 | 955 | 738 |
| Other | 6 | 42 | 5 | 29 | 11 | 71 |
| Net sales | 6,561 | 6,243 | 1,789 | 1,608 | 8,350 | 7,852 |
| Supply Chain Solutions |
Print & Packaging Solutions |
Total | |||||
|---|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |
| Total net sales | 2,214 | 2,274 | 623 | 551 | 2,837 | 2,825 | |
| Less: net sales to group companies | -5 | -4 | -6 | -4 | -11 | -8 | |
| Net sales | 2,209 | 2,270 | 616 | 547 | 2,825 | 2,817 |
| Supply Chain | Print & Packaging | |||||
|---|---|---|---|---|---|---|
| Solutions | Solutions | Total | ||||
| MSEK | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
| Customer segments | ||||||
| Automotive | 546 | 566 | 91 | 90 | 637 | 655 |
| Electronics | 910 | 961 | 12 | 6 | 922 | 967 |
| Fashion & Lifestyle | 327 | 351 | 194 | 136 | 521 | 488 |
| Health Care & Life Science | 65 | 56 | 12 | 12 | 77 | 68 |
| Industrial | 259 | 244 | 169 | 164 | 428 | 408 |
| Other | 102 | 92 | 138 | 139 | 240 | 231 |
| Net sales | 2,209 | 2,270 | 616 | 547 | 2,825 | 2,817 |
| Main revenue streams | ||||||
| Sourcing and procurement services | 708 | 681 | - | - | 708 | 681 |
| Freight and transportation services | 623 | 701 | 106 | 73 | 729 | 774 |
| Other contract logistics services | 821 | 700 | 105 | 82 | 925 | 783 |
| Other work/services | 57 | 188 | 406 | 392 | 463 | 579 |
| Net sales | 2,209 | 2,270 | 616 | 547 | 2,825 | 2,817 |
| Geographic markets | ||||||
| Europe | 1,382 | 1,416 | 393 | 358 | 1,775 | 1,775 |
| Asia | 698 | 739 | 2 | 18 | 700 | 757 |
| North and South America | 127 | 103 | 219 | 160 | 346 | 263 |
| Other | 2 | 11 | 2 | 11 | 4 | 22 |
| Net sales | 2,209 | 2,270 | 616 | 547 | 2,825 | 2,817 |
| Supply Chain Solutions |
Print & Packaging Solutions |
Total | ||||
|---|---|---|---|---|---|---|
| Last | Full year | Last | Full year | Last | Full year | |
| MSEK | 12 months | 2018 | 12 months | 2018 | 12 months | 2018 |
| Total net sales | 8,844 | 8,525 | 2,453 | 2,243 | 11,297 | 10,768 |
| Less: net sales to group companies | -19 | -17 | -39 | -9 | -58 | -26 |
| Net sales | 8,826 | 8,508 | 2,414 | 2,234 | 11,240 | 10,742 |
| Supply Chain | Print & Packaging | |||||
|---|---|---|---|---|---|---|
| Solutions | Solutions | Total | ||||
| Last | Full year | Last | Full year | Last | Full year | |
| MSEK | 12 months | 2018 | 12 months | 2018 | 12 months | 2018 |
| Customer segments | ||||||
| Automotive | 2,169 | 2,115 | 371 | 333 | 2,540 | 2,449 |
| Electronics | 3,704 | 3,455 | 75 | 65 | 3,779 | 3,520 |
| Fashion & Lifestyle | 1,297 | 1,271 | 712 | 555 | 2,008 | 1,826 |
| Health Care & Life Science | 223 | 212 | 52 | 53 | 275 | 265 |
| Industrial | 1,012 | 1,010 | 628 | 652 | 1,640 | 1,662 |
| Other | 422 | 445 | 576 | 576 | 998 | 1,020 |
| Net sales | 8,826 | 8,508 | 2,414 | 2,234 | 11,240 | 10,742 |
| Main revenue streams | ||||||
| Sourcing and procurement services | 2,601 | 2,391 | 20 | 20 | 2,621 | 2,411 |
| Freight and transportation services | 2,549 | 2,670 | 394 | 294 | 2,943 | 2,964 |
| Other contract logistics services | 3,339 | 2,778 | 362 | 333 | 3,701 | 3,111 |
| Other work/services | 337 | 668 | 1,638 | 1,587 | 1,975 | 2,256 |
| Net sales | 8,826 | 8,508 | 2,414 | 2,234 | 11,240 | 10,742 |
| Geographic markets | ||||||
| Europe | 5,559 | 5,467 | 1,584 | 1,490 | 7,143 | 6,957 |
| Asia | 2,816 | 2,614 | 12 | 60 | 2,828 | 2,674 |
| North and South America | 434 | 374 | 805 | 648 | 1,239 | 1,022 |
| Other | 17 | 53 | 13 | 37 | 30 | 89 |
| Net sales | 8,826 | 8,508 | 2,414 | 2,234 | 11,240 | 10,742 |
| 2019 | 2018 | |||||
|---|---|---|---|---|---|---|
| Third | Second | First | Fourth | Third | Second | |
| MSEK | quarter | quarter | quarter | quarter | quarter | quarter |
| Customer segments | ||||||
| Automotive | 637 | 648 | 652 | 602 | 655 | 613 |
| Electronics | 922 | 857 | 958 | 1,042 | 967 | 813 |
| Fashion,&,Lifestyle | 521 | 512 | 469 | 506 | 488 | 431 |
| Health Care & Life Science | 77 | 65 | 73 | 61 | 68 | 73 |
| Industrial | 428 | 404 | 413 | 396 | 408 | 447 |
| Other | 240 | 234 | 241 | 284 | 231 | 235 |
| Net,sales, | 2,825 | 2,719 | 2,806 | 2,890 | 2,817 | 2,613 |
Quarterly report January – September 2019
The financial instruments recognized at fair value in the Group's report on financial position are derivatives identified as hedging instruments. The derivatives consist of forward contracts and are used for hedging purposes. Valuation at fair value of forward contracts is based on published forward rates on an active market. All derivates are therefore included in level 2 in the fair value hierarchy. Since all the financial instruments recognized at fair value are included in level 2 there have been no transfers between valuation levels.
Derivative instruments in hedge accounting relationships recognized at fair value is presented under other current assets and non-interest bearing short-term liabilities. These items gross are below MSEK 1 both per 30 September 2019 and the comparison periods.
The fair value of other financial assets and liabilities valued at their amortized purchase price is estimated to be equivalent to their book value.
In October 2018 Elanders signed a contract with the Edelmann Group to transfer its Beijing, China operations in Print & Packaging Solutions to Edelmann. This unit had nearly 170 employees and annual net sales of around MSEK 80. The deal was concluded in the fourth quarter and had a positive effect on cash flow of about MSEK 23 and a minor negative effect on the operating result.
In November 2018 Elanders' subsidiary LGI signed a contract with Adecco for the divestiture of 51 percent of the shares in Logworks, Elanders' staffing services in Germany that employs around 500 people. The sales had a positive effect on cash flow of MSEK 1 and a minor positive effect on the result, and the deal was concluded in the fourth quarter.
| MSEK | Book value in the Group |
|---|---|
| Tangible assets | -17 |
| Inventory | -6 |
| Accounts receivable | -33 |
| Other current assets | -6 |
| Cash and cash equivalents | -41 |
| Accounts payable | 15 |
| Other non-interest-bearing liabilities | -24 |
| Total | -64 |
| Cash and cash equivalents received | 65 |
| Effect on cash and cash equivalents for the group | 24 |
| January - September | Third quarter | |||||
|---|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2018 | |
| Net sales | 28 | 35 | 9 | 12 | 41 | |
| Operating expenses | -54 | -51 | -18 | -14 | -60 | |
| Operating result | -26 | -16 | -9 | -2 | -19 | |
| Net financial items | 57 | 29 | 15 | 20 | 18 | |
| Result after financial items | 31 | 13 | 6 | 18 | -1 | |
| Income tax | -1 | -6 | 1 | -3 | -6 | |
| Result for the period | 30 | 7 | 7 | 15 | -7 |
| January - September | Third quarter | Full year | |||
|---|---|---|---|---|---|
| MSEK | 2019 | 2018 | 2019 | 2018 | 2018 |
| Result for the period | 30 | 7 | 7 | 15 | -7 |
| Other comprehensive income | - | - | - | - | - |
| Total comprehensive income for the period | 30 | 7 | 7 | 15 | -7 |
| 30 Sep. | 31 Dec. | ||
|---|---|---|---|
| MSEK | 2019 | 2018 | 2018 |
| Assets | |||
| Fixed assets | 4,645 | 4,520 | 4,423 |
| Current assets | 202 | 364 | 508 |
| Total assets | 4,847 | 4,884 | 4,930 |
| Equity, provisions and liabilities | |||
| Equity | 1,576 | 1,662 | 1,649 |
| Provisions | 3 | 3 | 3 |
| Long-term liabilities | 2,362 | 66 | 2,187 |
| Short-term liabilities | 906 | 3,153 | 1,092 |
| Total equity, provisions and liabilities | 4,847 | 4,884 | 4,930 |
| January - September | |||
|---|---|---|---|
| MSEK | 2019 | 2018 | 2018 |
| Opening balance | 1,649 | 1,747 | 1,747 |
| Dividend | -103 | -92 | -92 |
| Total comprehensive income for the period | 30 | 7 | -7 |
| Closing balance | 1,576 | 1,662 | 1,649 |
| 2019 Q3 |
2019 Q2 |
2019 Q1 |
2018 Q4 |
2018 Q3 |
2018 Q2 |
2018 Q1 |
2017 Q4 |
2017 Q3 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net sales, MSEK | 2,825 | 2,719 | 2,806 | 2,890 | 2,817 | 2,613 | 2,422 | 2,584 | 2,355 |
| EBITDA, MSEK | 387 | 349 | 334 | 217 | 206 | 168 | 134 | 151 | 104 |
| EBITA, MSEK | 169 | 132 | 123 | 169 | 154 | 116 | 83 | 103 | 55 |
| EBITA-margin, % | 6.0 | 4.8 | 4.4 | 5.9 | 5.5 | 4.4 | 3.4 | 4.0 | 2.3 |
| Operating result, MSEK | 156 | 118 | 110 | 153 | 138 | 100 | 68 | 86 | 40 |
| Operating margin, % | 5.5 | 4.3 | 3.9 | 5.3 | 4.9 | 3.8 | 2.8 | 3.3 | 1.7 |
| Result after financial items, MSEK | 118 | 84 | 73 | 132 | 114 | 74 | 46 | 68 | 20 |
| Result after tax, MSEK | 88 | 59 | 50 | 108 | 75 | 42 | 34 | 45 | 14 |
| Earnings per share, SEK 1) | 2.43 | 1.62 | 1.40 | 3.01 | 2.07 | 1.15 | 0.95 | 1.24 | 0.39 |
| Operating cash flow, MSEK | 439 | 251 | 390 | 393 | 52 | 127 | -34 | 5 | -6 |
| Cash flow per share, SEK2) | 11.70 | 6.54 | 10.05 | 10.27 | 0.94 | 2.85 | -1.17 | 2.14 | 0.23 |
| Depreciation and write-downs, MSEK | 232 | 231 | 224 | 64 | 68 | 68 | 67 | 65 | 64 |
| Net investments, MSEK | 27 | 53 | 28 | 17 | 41 | 41 | 38 | 104 | 54 |
| Goodwill, MSEK | 2,539 | 2,497 | 2,476 | 2,439 | 2,440 | 2,466 | 2,429 | 2,337 | 2,261 |
| Total assets, MSEK | 9,931 | 9,823 | 9,749 | 7,737 | 7,896 | 7,850 | 7,684 | 7,409 | 7,085 |
| Equity, MSEK | 2,931 | 2,776 | 2,818 | 2,707 | 2,596 | 2,554 | 2,559 | 2,453 | 2,365 |
| Equity per share, SEK | 82.52 | 78.20 | 79.38 | 76.28 | 73.16 | 72.02 | 72.17 | 69.21 | 66.88 |
| Net debt at end of the period, MSEK | 4,272 | 4,587 | 4,358 | 2,539 | 2,890 | 2,915 | 2,834 | 2,665 | 2,597 |
| Capital employed, MSEK | 7,203 | 7,363 | 7,176 | 5,246 | 5,486 | 5,469 | 5,392 | 5,118 | 4,961 |
| Return on total assets, % 3) | 7.3 | 5.3 | 5.3 | 8.0 | 7.0 | 6.3 | 5.1 | 4.8 | 2.3 |
| Return on equity, % 3) | 12.1 | 8.2 | 7.2 | 16.1 | 11.4 | 6.4 | 5.4 | 7.3 | 2.3 |
| Return on capital employed, % 3) | 8.5 | 6.5 | 6.1 | 11.4 | 10.1 | 7.3 | 5.2 | 6.8 | 3.2 |
| Debt/equity ratio | 1.5 | 1.7 | 1.6 | 0.9 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 |
| Equity ratio, % | 29.5 | 28.3 | 28.9 | 35.0 | 32.9 | 32.5 | 33.3 | 33.1 | 33.4 |
| Interest coverage ratio 4) | 4.3 | 4.6 | 4.9 | 5.3 | 4.7 | 3.7 | 3.8 | 4.1 | 4.5 |
| Number of employees at the end of | 6,704 | 6,764 | 6,788 | 6,652 | 7,246 | 7,170 | 7,085 | 6,997 | 6,708 |
| the period |
1) There is no dilution.
2) Cash flow per share refers to cash flow from operating activities.
3) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12-month period).
4) Interest coverage ratio calculation is based on a moving 12-month period.
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 8,350 | 7,852 | 6,758 | 3,956 | 3,113 |
| EBITA, MSEK | 424 | 353 | 269 | 245 | 197 |
| Result after tax, MSEK | 197 | 150 | 120 | 138 | 101 |
| Earnings per share, SEK 1) 2) | 5.45 | 4.17 | 3.41 | 4.89 | 3.58 |
| Cash flow from operating activities per share, SEK 2) | 28.29 | 2.59 | -3.95 | 8.35 | 1.18 |
| Equity per share, SEK 2) | 82.52 | 73.16 | 66.88 | 56.93 | 51.19 |
| Return on equity, % 3) | 9.2 | 11.6 | 6.7 | 12.0 | 9.7 |
| Return on capital employed, % 3) | 7.1 | 7.6 | 6.1 | 10.4 | 10.4 |
| EBITA-margin, % | 5.1 | 4.5 | 4.0 | 6.2 | 6.3 |
| Operating margin, % | 4.6 | 3.9 | 3.3 | 5.6 | 5.8 |
| Average number of shares, in thousands 2) | 35,358 | 35,358 | 35,358 | 28,224 | 28,224 |
1) There is no dilution
2) Historic number of shares and historic key ratios have been adjusted for the bonus issue element in the new share issue in 2016.
3) Return ratios have been annualized (results are recalculated to correspond to a 12-month period).
| 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 2,825 | 2,817 | 2,355 | 1,878 | 1,041 |
| EBITA, MSEK | 169 | 154 | 55 | 112 | 69 |
| Result after tax, MSEK | 88 | 75 | 14 | 58 | 36 |
| Earnings per share, SEK 1) 2) | 2.43 | 2.07 | 0.39 | 2.04 | 1.27 |
| Cash flow from operating activities per share, SEK 2) | 11.70 | 0.94 | 0.23 | 6.30 | -1.87 |
| Equity per share, SEK 2) | 82.52 | 73.16 | 66.88 | 56.93 | 51.19 |
| Return on equity, % 3) | 12.1 | 11.4 | 2.3 | 14.8 | 10.0 |
| Return on capital employed, % 3) | 8.5 | 10.1 | 3.2 | 11.7 | 10.9 |
| EBITA-margin, % | 6.0 | 5.5 | 2.3 | 6.0 | 6.7 |
| Operating margin, % | 5.5 | 4.9 | 1.7 | 5.3 | 6.2 |
| Average number of shares, in thousands 2) | 35,358 | 35,358 | 35,358 | 28,224 | 28,224 |
1) There is no dilution.
2) Historic number of shares and historic key ratios have been adjusted for the bonus issue element in the new share issue in 2016.
3) Return ratios have been annualized (results are recalculated to correspond to a 12-month period).
| 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 10,742 | 9,342 | 6,285 | 4,236 | 3,730 |
| EBITDA, MSEK | 725 | 563 | 516 | 428 | 292 |
| EBITA, MSEK | 523 | 371 | 384 | 313 | 194 |
| Result after financial items, MSEK | 366 | 230 | 300 | 259 | 140 |
| Result after tax, MSEK | 259 | 165 | 217 | 175 | 88 |
| Earnings per share, SEK 1) 2) | 7.18 | 4.65 | 7.35 | 6.18 | 3.27 |
| Cash flow from operating activities per share, SEK 2) | 12.88 | -1.81 | 11.19 | 9.52 | 6.03 |
| Equity per share, SEK 2) | 76.28 | 69.21 | 68.19 | 52.72 | 47.75 |
| Dividends per share, SEK 2) | 2.90 | 2.60 | 2.60 | 2.07 | 1.03 |
| EBITA-margin, % | 4.9 | 4.0 | 6.1 | 7.4 | 5.2 |
| Return on total assets, % | 6.6 | 4.3 | 6.7 | 8.2 | 5.9 |
| Return on equity, % | 9.8 | 6.8 | 12.4 | 12.1 | 7.4 |
| Return on capital employed, % | 8.5 | 6.2 | 10.0 | 12.6 | 8.7 |
| Net debt/EBITDA ratio, times | 3.5 | 4.7 | 4.3 | 1.7 | 3.1 |
| Debt/equity ratio, times | 0.9 | 1.1 | 0.9 | 0.5 | 0.7 |
| Equity ratio, % | 35.0 | 33.1 | 35.6 | 42.0 | 37.8 |
| Average number of shares, in thousands 2) | 35,358 | 35,358 | 29,555 | 28,224 | 26,825 |
1) There is no dilution.
2) Historic number of shares and historic key ratios have been adjusted for the bonus issue element in the new share issues in 2014 and 2016.
| MSEK | 2019 Q3 |
2019 Q2 |
2019 Q1 |
2018 Q4 |
2018 Q3 |
2018 Q2 |
2018 Q1 |
2017 Q4 |
2017 Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Operating result | 156 | 118 | 110 | 153 | 138 | 100 | 68 | 86 | 40 |
| Depreciation, amortization and write | 232 | 231 | 224 | 64 | 68 | 68 | 67 | 65 | 64 |
| downs | |||||||||
| EBITDA | 387 | 349 | 334 | 217 | 206 | 168 | 134 | 151 | 104 |
| Operating result | 156 | 118 | 110 | 153 | 138 | 100 | 68 | 86 | 40 |
| Amortization of assets identified in | |||||||||
| conjunction with acquisitions | 14 | 14 | 13 | 16 | 16 | 16 | 16 | 17 | 15 |
| EBITA | 169 | 132 | 123 | 169 | 154 | 116 | 83 | 103 | 55 |
| Cash flow from operating activities | 414 | 231 | 355 | 363 | 33 | 101 | -41 | 76 | 8 |
| Net financial items | 37 | 34 | 37 | 21 | 24 | 26 | 22 | 19 | 20 |
| Paid tax | 15 | 39 | 26 | 26 | 36 | 42 | 23 | 14 | 21 |
| Net investments | -27 | -53 | -28 | -17 | -41 | -41 | -38 | -104 | -54 |
| Operating cash flow | 439 | 251 | 390 | 393 | 52 | 127 | -34 | 5 | -6 |
| Average total assets | 9,877 | 9,786 | 9,764 | 7,817 | 7,873 | 7,767 | 7,547 | 7,247 | 7,072 |
| Average cash and cash equivalents | -805 | -726 | -726 | -616 | -552 | -574 | -616 | -620 | -581 |
| Average non-interest-bearing liabilities | -1,789 | -1,790 | -1,805 | -1,835 | -1,844 | -1,763 | -1,676 | -1,587 | -1,529 |
| Average capital employed | 7,283 | 7,270 | 7,233 | 5,366 | 5,477 | 5,430 | 5,255 | 5,040 | 4,962 |
| Annualized operating result | 623 | 472 | 438 | 614 | 552 | 399 | 271 | 344 | 159 |
| Return on capital employed, % | 8.5 | 6.5 | 6.1 | 11.4 | 10.1 | 7.3 | 5.2 | 6.8 | 3.2 |
| Interest-bearing long-term liabilities | 3,845 | 3,931 | 3,833 | 2,442 | 186 | 2,575 | 2,559 | 2,504 | 2,477 |
| Interest-bearing short-term liabilities | 1,315 | 1,377 | 1,256 | 819 | 3,213 | 935 | 826 | 840 | 681 |
| Cash and cash equivalents | -888 | -721 | -731 | -722 | -509 | -596 | -552 | -679 | -561 |
| Net debt at the end of the period | 4,272 | 4,587 | 4,358 | 2,539 | 2,890 | 2,915 | 2,834 | 2,665 | 2,597 |
| MSEK | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Operating result | 383 | 305 | 222 | 222 | 181 |
| Amortization of assets identified in conjunction | |||||
| with acquisitions | 41 | 48 | 47 | 24 | 16 |
| EBITA | 424 | 353 | 269 | 245 | 197 |
| Average total assets | 9,834 | 7,710 | 6,997 | 4,327 | 3,558 |
| Average cash and cash equivalents | -780 | -584 | -632 | -542 | -414 |
| Average non-interest-bearing liabilities | -1,807 | -1,760 | -1,504 | -959 | -825 |
| Average capital employed | 7,248 | 5,366 | 4,862 | 2,826 | 2,319 |
| Annualized operating result | 511 | 407 | 296 | 295 | 241 |
| Return on capital employed, % | 7.1 | 7.6 | 6.1 | 10.4 | 10.4 |
| MSEK | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|
| Operating result | 156 | 138 | 40 | 100 | 64 |
| Amortization of assets identified in conjunction | |||||
| with acquisitions | 14 | 16 | 15 | 12 | 5 |
| EBITA | 169 | 154 | 55 | 112 | 69 |
| Average total assets | 9,877 | 7,873 | 7,072 | 5,112 | 3,526 |
| Average cash and cash equivalents | -805 | -552 | -581 | -558 | -389 |
| Average non-interest-bearing liabilities | -1,789 | -1,844 | -1,529 | -1,141 | -794 |
| Average capital employed | 7,283 | 5,477 | 4,962 | 3,412 | 2,344 |
| Annualized operating result | 623 | 552 | 159 | 398 | 256 |
| Return on capital employed, % | 8.5 | 10.1 | 3.2 | 11.7 | 10.9 |
| MSEK | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Operating result | 459 | 308 | 344 | 292 | 175 |
| Depreciation, amortization and write-downs | 266 | 255 | 172 | 136 | 117 |
| EBITDA | 725 | 563 | 516 | 428 | 292 |
| Operating result | 459 | 308 | 344 | 292 | 175 |
| Amortization of assets identified in conjunction | |||||
| with acquisitions | 64 | 63 | 40 | 21 | 19 |
| EBITA | 523 | 371 | 384 | 313 | 194 |
| Average total assets | 7,792 | 7,154 | 5,132 | 3,559 | 3,017 |
| Average cash and cash equivalents | -595 | -639 | -573 | -418 | -336 |
| Average non-interest-bearing liabilities | -1,799 | -1,532 | -1,131 | -816 | -671 |
| Average capital employed | 5,398 | 4,983 | 3,428 | 2,325 | 2,010 |
| Annualized operating result | 459 | 308 | 344 | 292 | 175 |
| Return on capital employed, % | 8.5 | 6.2 | 10.0 | 12.6 | 8.7 |
| Average number of employees | The number of employees at the end of each month divided by number of months. |
|---|---|
| Average number of shares | Weighted average number of shares outstanding during the period. |
| Capital employed | Total assets less liquid funds and non-interest bearing liabilities. |
| Debt/equity ratio | Net debt in relation to reported equity, including non controlling interests. |
| Earnings per share | Result for the period attributable to parent company shareholders divided by the average number of shares. |
| EBIT | Earnings before interest and taxes; operating result. |
| EBITA | Earnings before interest, taxes and amortization; operating result plus amortization of assets identified in conjunction with acquisitions. |
| EBITDA | Earnings before interest, taxes, depreciation and amortization; operating result plus depreciation, amortization and write-downs of intangible assets and tangible fixed assets. |
| Equity ratio | Equity, including non-controlling interests, in relation to total assets. |
| Interest coverage ratio | Operating result plus interest income divided by interest costs. |
| Net debt | Interest bearing liabilities less liquid funds. |
| Operating cash flow | Cash flow from operating activities and investing activities, adjusted for paid taxes and financial items. |
| Operating margin | Operating result in relation to net sales. |
| Return on capital employed (ROCE) | Operating result in relation to average capital employed. |
| Return on equity | Result for the year in relation to average equity. |
| Return on total assets | Operating result plus financial income in relation to average total assets. |
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