Earnings Release • Oct 19, 2018
Earnings Release
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The positive trend we discerned at the end of the second quarter continued into the third, which led to Elanders delivering, in terms of results, our best quarter ever. Strong organic growth continues, amounting to nine percent in the quarter. Business area Supply Chain Solutions is behind most of the increase in sales. Growth is generated through both new and existing customers. The combined print and supply chain business in the US with subscription boxes also continued to show strong growth.
Business area Supply Chain Solutions presented a result which was twice the size of that in the third quarter last year. This is a tangible sign that our customer projects, which we previously had problems with, are now in balance. Organic growth amounted to nine percent and was generated in both Europe and Asia. During the quarter we initiated a new customer project with around MSEK 100 in annual net sales and the implementation process went well and even better than planned. In the fourth quarter we will start up yet another customer project with annual net sales of around MSEK 65. This project entails an omnichannel solution for profile articles for a well-known European soccer club with an
almost totally automated warehouse. All in all this is an investment of close to MSEK 50 and most of it has already been made in the second and third quarters. An omnichannel solution refers to a process that handles the entire product flow, both online sales and purchases made in a physical store. The project is proceeding right according to plan.
The market for business area Print & Packaging Solutions continues to be troubled by price pressure due to overcapacity which led to a reduction in the business area's organic growth by three percent in the quarter, not counting the subscription box business in the US. This business continues to show strong growth and we expect sales to double in 2018 compared to 2017 when it generated USD 18 million in net sales. Despite the price pressure the business area presented a better result for the quarter than last year, even if the one-off items from previous year are excluded. The shutdown of our last offset operations in Sweden, where 70 employees were made redundant, has been completed. In connection to the restructuring of the Swedish business, investments are made within supply chain management and, for instance, a logistics unit in Borås has started up.
The positive trend continued in e-Commerce Solutions with a significantly better result for the third quarter and sales in line with last year. The business area is now gearing up for the fourth quarter which is normally its strongest quarter.
Our focus going forward is still on developing our business by selling a larger portion of service where we take a higher degree of responsibility for our customers' value chain. We also need to be more selective in what we our offer so that we can successively raise the margins, improve cash flow and reduce the amount of capital tied up.
Magnus Nilsson President and Chief Executive Officer
Elanders is a global supplier of integrated solutions in supply chain management, print & packaging and e-commerce. The Group has over 7,000 employees and operates in some 20 countries on four continents. Our most important markets are China, Germany, Singapore, Sweden, the United Kingdom and the USA. Our major customers are active in the branches Automotive, Electronics, Fashion & Lifestyle, Industrial and Health Care & Life Science. The business is conducted mainly through three business areas, Supply Chain Solutions, Print & Packaging Solutions and e-Commerce Solutions, which are all more or less independent businesses, but together they form a whole that few companies can compete with.
Net sales increased by MSEK 1,094 to MSEK 7,852 (6,758) compared to the same period last year. Cleared of exchange rate fluctuations and effects of acquisitions, net sales grew organically by ten percent, mainly in Supply Chain Solutions. EBITA, i.e. the operating result adjusted for amortization on assets identified in conjunction with acquisitions, increased to MSEK 353 (269), which corresponded to an EBITA margin of 4.5 (4.0)%. The outcome of last year included one-off items of around MSEK 28 that primarily stemmed from redundancy costs. When results in foreign subsidiaries were converted into Swedish krona changes in exchange rates affected the operating result positively by around MSEK 10.
The improved result is mainly a consequence of getting previously problematic customer projects in Supply Chain Solutions under control. These customer projects had a negative affect on the result in the third and fourth quarters of 2017 as well as the first quarter of 2018. We have been able to negotiate increased prices with the customers and a number of streamlining measures have been put into motion.
In June 2018 the Swedish government adopted the new tax proposal on corporate income tax. The new rules will be effective on 1 January 2019 and entail a gradual lowering of corporate income tax from 22.0 to 20.6%. As a consequence the Group's deferred taxes in Sweden were revaluated using the new corporate tax rate which led to a higher deferred tax costs and a negative effect on the net result in the second quarter of MSEK 11.
During the quarter net sales increased by MSEK 462 to MSEK 2,817 (2,355) compared to the same period last year. Cleared of exchange rate fluctuations and effects of acquisitions, net sales grew organically by nine percent, mainly in Supply Chain Solutions. EBITA, i.e. the operating result adjusted for amortization on assets identified in conjunction with acquisitions, increased to MSEK 154 (55), which corresponded to an EBITA margin of 5.5 (2.3)%. The outcome of last year included one-off items of around MSEK 28 that primarily stemmed from redundancy costs. When results in foreign subsidiaries were converted into Swedish krona changes in exchange rates affected the operating result positively by around MSEK 10.
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.
| Supply Chain Solutions | January-September 2018 |
2017 | Third quarter 2018 |
2017 | Last 12 months |
Full year 2017 |
|---|---|---|---|---|---|---|
| Net sales, MSEK | 5,950 | 5,108 | 2,189 | 1,818 | 7,849 | 7,007 |
| EBITA, MSEK | 286 | 247 | 137 | 71 | 342 | 302 |
| EBITA-margin, % | 4.8 | 4.8 | 6.2 | 3.9 | 4.4 | 4.3 |
| Operating result, MSEK | 246 | 211 | 123 | 59 | 288 | 253 |
| Operating margin, % | 4.1 | 4.1 | 5.6 | 3.3 | 3.7 | 3.6 |
| Average number of employees | 5,608 | 4,952 | 5,740 | 5,050 | 5,547 | 5,055 |
The positive trend from the sceond quarter continued in business area Supply Chain Solutions with a tangibly improved result and organic net sales growth of nine percent for the quarter. There was growth in both Asia and Europe. The comparable figures for last year in the business area included one-off items of MSEK 5 attributable to redundancies.
A couple of the new customer projects mentioned above had, at the end of last year and the beginning of this one, considerably higher initial costs than expected. A large part of these expenses were for extra resources in the form of extra personnel, consultants and transportation that were necessary to
start the projects. As previously communicated these projects were expected to generate a considerably better result during the third and fourth quarters of this year than the previous year, which was proven true in the figures for this quarter. Two new customer projects are in the works in the second half of the year, one in the third quarter and one in the fourth. Implemenation of the first one went better than planned and the second is progressing according to plan.
Through its innovative force and global presence the business area Print & Packaging offers costeffective solutions that can handle customers' local and global needs for printed material and packaging, often in combination with advanced order platforms on the Internet or just-in-time deliveries.
| January-September | Third quarter | Last | Full year | |||
|---|---|---|---|---|---|---|
| Print & Packaging Solutions | 2018 | 2017 | 2018 | 2017 | 12 months | 2017 |
| Net sales, MSEK | 1,847 | 1,592 | 609 | 520 | 2,475 | 2,220 |
| EBITA, MSEK | 89 | 67 | 24 | 4 | 125 | 103 |
| EBITA-margin, % | 4.8 | 4.2 | 4.0 | 0.7 | 5.1 | 4.6 |
| Operating result, MSEK | 84 | 59 | 23 | 1 | 117 | 92 |
| Operating margin, % | 4.5 | 3.7 | 3.7 | 0.2 | 4.7 | 4.2 |
| Average number of employees | 1,479 | 1,525 | 1,470 | 1,533 | 1,490 | 1,525 |
The market for Print & Packaging Solutions continues to be characterized by price pressure and overcapacity. Lower net sales in Europe and Asia are compensated by organic growth in the US where there has been a noticeable improvement in the result over last year. This improvement can be found in both the existing print business and the part of the operations that has been transformed into a combined print and supply chain management unit. The section of the combined operations that produces supply chain services is still included in Print & Packaging Solutions and is the underlying factor behind the increase in net sales in the business area as a whole. Over the past two years this supply chain service has skyrocketed from nearly zero in net sales to USD 18 million in 2017, and this figure will most likely more than double in 2018. During the period January-September 2018 this section generated net sales of close to USD 32 million.
The shutdown of offset operations in Sweden is now completed and is expected to have some positive effects on the Swedish operations' result in 2019. At the same time the Swedish business is investing in supply chain management and has, for instance, started up a logistics unit in Borås and is holding discussions with several potential customers. The comparable figures for last year in the business area included one-off items of some MSEK 16 primarily attributable to redundancies in Sweden.
On 15 October 2018 Elanders signed a contract with the Edelmann Group, a global German packaging company with operations in, for instance, China, Germany, India and the US, to transfer its Beijing, China operations in Print & Packaging Solutions. This unit has nearly 170 employees and annual net sales of around MSEK 80. The deal is expected to be concluded during the fourth quarter.
fotokasten, myphotobook and d|o|m are the Group's brands in e-Commerce. Through the technical solutions for e-commerce provided by d|o|m, fotokasten and myphotobook offer a broad range of photo products primarily to consumers.
| e-Commerce Solutions | January-September 2018 |
2017 | 2018 | Third quarter 2017 |
Last 12 months |
Full year 2017 |
|---|---|---|---|---|---|---|
| Net sales, MSEK | 112 | 108 | 39 | 36 | 212 | 208 |
| EBITA, MSEK | -9 | -20 | -4 | -10 | 10 | -1 |
| EBITA-margin, % | -7.9 | -18.2 | -10.8 | -28.3 | 4.6 | -0.6 |
| Operating result, MSEK | -12 | -23 | -5 | -11 | 6 | -5 |
| Operating margin, % | -10.2 | -21.0 | -13.1 | -30.7 | 3.0 | -2.5 |
| Average number of employees | 60 | 67 | 51 | 68 | 62 | 67 |
The business area is showing tangible result improvements compared to last year but has substantial seasonal sales variations and the fourth quarter is normally by far the strongest. A strategic review of the business is in progress at the same time several measures regarding costs and marketing have been implemented. The comparable figures for last year included one-off items of MSEK 5 attributable to a change in management.
In April 2018 employees in Swedish Print & Packaging Solutions were given notice as a result of the decision to close down Elanders' last offset operations in Sweden. In total, some 70 employees were given notice of redundancy. The restructuring has not generated any significant extra costs. The shutdown is part of the streamlining and consolidation process in the Group necessary to adjust to decreasing total volumes, mainly in conventional printing.
In June 2018 the Swedish government adopted the new tax proposal on corporate income tax. The new rules will be effective on 1 January 2019 and entail a gradual lowering of corporate income tax from 22.0 to 20.6%. As a consequence the Group's deferred taxes in Sweden were revaluated using the new corporate tax rate which led to higher deferred tax costs and a negative effect on the net result of MSEK 11.
Net investments for the period amounted to MSEK 120 (158), of which acquisitions amounted to MSEK 0 (22). Depreciation and amortization amounted to MSEK 202 (190).
For the quarter net investments amounted to MSEK 41 (54), of which acquisitions amounted to MSEK 0 (22). The investments were mainly related to investments in a totally automated warehouse within business area Supply Chain Solutions. Depreciation and amortization amounted to MSEK 68 (64).
The net debt as of 30 September 2018 was MSEK 2,890 compared to MSEK 2,665 at the beginning of the year. Of the total increase of MSEK 225, MSEK 124 was related to changes in currency rates, where the Swedish krona has weakened against the euro and the US dollar and a big part of the financing is in these currencies.
Operating cash flow for the period January-September amounted to MSEK 144 (-119), of which acquisitions amounted to MSEK 0 (-22). The comparison figure includes a one-off effect of MSEK -262 related to a repayment of a factoring debt which increased the accounts receivable. For the third quarter the operating cash flow amounted to MSEK 52 (-6), of which acquisitions amounted to MSEK 0 (-22).
Due to the fact that the existing credit agreement with the Group's main banks expires in the summer of 2019 this bank financing is recognized as short-term in the balance sheet although its nature is long-term.
The average number of employees during the period was 7,158 (6,556), whereof 190 (245) in Sweden. At the end of the period the Group had 7,246 (6,708) employees, whereof 160 (242) in Sweden.
The average number of employees during the quarter was 7,271 (6,663), whereof 175 (244) 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 global integrated solutions in supply chain management, print & packaging and ecommerce. Elanders can take an overall responsibility for complex and global deliveries comprising procurement, warehousing, configuration, production and distribution. Our offer also includes order management, payment solutions and after sales services for our clients.
The services are provided by business-oriented employees. They use their expertise and our intelligent IT solutions to develop our customers' offers, which are often completely dependent on efficient product, component and service flows as well as traceability and information.
In addition to our offer to B2B markets the Group also sells photo products directly to consumers through the own brands fotokasten and myphotobook.
Elanders' overall goal is to be a leader in global solutions in supply chain management, print & packaging and e-commerce 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 2017. 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 2017.
The Group's net sales, and thereby income, are affected by seasonal variations. Historically the fourth quarter has been the strongest for Elanders before the acquisition of LGI. Nowadays the seasonal variations are not as high as before.
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.
On 15 October 2018 Elanders signed a contract with the Edelmann Group, a global German packaging company with operations in, for instance, China, Germany, India and the US, to transfer its Beijing, China operations in Print & Packaging Solutions. This unit has nearly 170 employees and annual net sales of around MSEK 80. The deal is expected to be concluded during the fourth quarter and have a positive effect on cash flow of about MSEK 20 and a minor negative effect on the operating result.
The Edelmann Group has operations in nine countries, around 3,000 employees and offers packaging solutions for the health care, beauty care and consumer brand sectors.
No other major events have taken place between the balance sheet date and the date this report was signed.
No forecast is given for 2018.
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 2018, where the significant differences for the Group are presented below.
IFRS 9 "Financial Instruments" had mandatory effective date 1 January 2018. The standard includes a model for classification, measurement and reporting of financial assets and liabilities. IFRS 9 introduces a new write-down model based on expected credit losses and considering forward information. The use of the new model has not had any significant effect on the Group and recalculation of comparative figures for 2017 has therefore not been considered necessary. Furthermore, the new rules in the standard regarding hedge accounting have not had any significant impact on the Group.
IFRS 15 "Revenue from Contracts with Customers" had mandatory effective date 1 January 2018. The standard has not entailed any material impact on the Group's net sales and cost of products and services sold. In accordance with IFRS 15 revenue is recognized when the customer receives control over the goods or services and has the possibility to use and receive the benefit from the goods or services. The Group's revenues from service contracts are normally recognized when final delivery is made, or when contractual partial deliveries are made. The increased disclosure requirements according to IFRS 15 have been considered and disclosures related to disaggregation of revenue are presented on pages 15-16. The transition to IFRS 15 has been based on the Modified retrospective approach.
International Accounting Standards Boards (IASB) has also issued new and revised standards that have not yet come into effect and the most significant one for Elanders is IFRS 16 "Leases". It has mandatory effective date 1 January 2019 and will affect primarily the accounting of the Group's operating lease agreements where there are large commitments in terms of rental contracts for premises and leasing of machinery and equipment. Both types of agreements often have an agreement period between 3-10 years. The assessment by the company's management is that the new standard will have a significant effect on the Group's total assets and liabilities, but there is currently no exact calculation. Based on the information provided by the subsidiaries a rough estimate indicates that the Group has to manage around 1,500 leasing agreements. A project has been initiated to implement and test the instrument to calculate the standard's effect on Group financial reports and the work is proceeding according to plan. The future commitments related to operating leases amounted to close to 1.4 billion Swedish kronor as of 31 December 2017, including rental contracts for premises.
The nomination committee for the Annual General Meeting on 29 April 2019 is as follows:
| Carl Bennet, Chair | Carl Bennet AB |
|---|---|
| Hans Hedström | Carnegie Funds |
| Carl Gustafsson | Didner & Gerge Funds |
| Göran Espelund | Lannebo Funds |
| Sophie Nachemson-Ekwall | Representative from the smaller shareholders |
Shareholders who would like to submit proposals to Elanders' 2019 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 29, 2019, Gothia Towers, Mässans gata 24, Gothenburg, Sweden. Shareholders wishing to have a matter addressed at the Annual General Meeting on April 29, 2019, 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, 2019.
| Q4 2018 | 29 January 2019 |
|---|---|
| Annual Report 2018 | 27 March 2019 |
| Q1 2019 | 29 April 2019 |
| Annual General Meeting 2019 | 29 April 2019 |
| Q2 2019 | 16 July 2019 |
| Q3 2019 | 21 October 2019 |
In connection to the issuing of the Quarterly report for the third quarter 2018 Elanders will hold a Press and Analysts conference call on 19 October 2018, 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: | +1 929-477-0443 |
Participant code: 954180
| 14.50 | Conference number is opened |
|---|---|
| 15.00 | Review of the quarterly report |
| 15.20 | Q&A |
| 16.00 | End of the conference |
During the telephone conference a presentation will be held. To access the presentation, please use this link:
https://www.elanders.com/presentations
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
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 2018 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, 19 October 2018
PricewaterhouseCoopers AB
Magnus Willfors Tomas Hilmarsson Authorized Public Accountant Authorized Public Accountant Auditor in Charge
| January-September | Third quarter | Last | Full year | |||
|---|---|---|---|---|---|---|
| MSEK | 2018 | 2017 | 2018 | 2017 | 12 months | 2017 |
| Net sales | 7,852 | 6,758 | 2,817 | 2,355 | 10,436 | 9,342 |
| Cost of products and services sold | -6,831 | -5,768 | -2,435 | -2,061 | -9,071 | -8,008 |
| Gross profit | 1,021 | 991 | 382 | 294 | 1,365 | 1,334 |
| Sales and administrative expenses | -762 | -802 | -259 | -258 | -1,027 | -1,067 |
| Other operating income | 70 | 63 | 23 | 19 | 86 | 79 |
| Other operating expenses | -24 | -30 | -8 | -15 | -32 | -38 |
| Operating result | 305 | 222 | 138 | 40 | 392 | 308 |
| Net financial items | -71 | -59 | -24 | -20 | -90 | -78 |
| Result after financial items | 234 | 163 | 114 | 20 | 302 | 230 |
| Income tax | -84 | -43 | -39 | -6 | -107 | -65 |
| Result for the period | 150 | 120 | 75 | 14 | 195 | 165 |
| Result for the period attributable to: | ||||||
| - parent company shareholders | 147 | 120 | 73 | 14 | 191 | 164 |
| - non-controlling interests | 3 | - | 2 | - | 4 | 1 |
| Earnings per share, SEK 1) 2) | 4.17 | 3.41 | 2.07 | 0.39 | 5.41 | 4.65 |
| Average number of shares, in | ||||||
| thousands | 35,358 | 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 | 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.
| MSEK | January-September 2018 |
2017 | Third quarter 2018 |
2017 | Last 12 months |
Full year 2017 |
|---|---|---|---|---|---|---|
| Result for the period | 150 | 120 | 75 | 14 | 195 | 165 |
| Items that will not be reclassified to the income statement |
||||||
| Actuarial gains/losses on defined | ||||||
| benefit pensions plans, after tax | -0 | -1 | -0 | -0 | 0 | -1 |
| Items that will be reclassified to | ||||||
| the income statement | ||||||
| Translation differences, after tax | 114 | -117 | -37 | -46 | 158 | -73 |
| Cash flow hedges, after tax | -0 | 0 | 0 | 0 | 1 | 1 |
| Hedging of net investment abroad, | ||||||
| after tax | -29 | 42 | 3 | 15 | -34 | 37 |
| Other comprehensive income | 85 | -75 | -34 | -31 | 124 | -36 |
| Total comprehensive income for | ||||||
| the period | 235 | 45 | 41 | -17 | 319 | 129 |
| Total comprehensive income attributable to: |
||||||
| - parent company shareholders | 232 | 45 | 40 | -17 | 315 | 128 |
| - non-controlling interests | 3 | - | 1 | - | 4 | 1 |
| January-September | Third quarter | Last | Full year | |||
|---|---|---|---|---|---|---|
| MSEK | 2018 | 2017 | 2018 | 2017 | 12 months | 2017 |
| Result after financial items | 234 | 163 | 114 | 20 | 302 | 230 |
| Adjustments for items not included in | ||||||
| cash flow | 156 | 169 | 92 | 97 | 245 | 258 |
| Paid tax | -101 | -119 | -36 | -21 | -116 | -134 |
| Changes in working capital | -197 | -353 | -137 | -88 | -263 | -418 |
| Cash flow from operating activities | 92 | -140 | 33 | 8 | 168 | -64 |
| Net investments in intangible and | ||||||
| tangible assets | -120 | -136 | -41 | -32 | -180 | -196 |
| Acquisition of operations | - | -22 | - | -22 | -45 | -67 |
| Payments received regarding long | ||||||
| term holdings | - | 1 | - | 0 | 0 | 1 |
| Cash flow from investing activities | -120 | -158 | -41 | -54 | -224 | -262 |
| Amortization of loans | -120 | -79 | -41 | -26 | -147 | -106 |
| New loans | - | 262 | - | - | 64 | 326 |
| Other changes in long- and short | ||||||
| term borrowing | 34 | 148 | -19 | 42 | 128 | 243 |
| Dividend to shareholders | -93 | -92 | - | - | -93 | -92 |
| Cash flow from financing activities | -179 | 239 | -60 | 16 | -48 | 371 |
| Cash flow for the period | -208 | -58 | -68 | -30 | -104 | 45 |
| Liquid funds at the beginning of the | ||||||
| period | 679 | 651 | 596 | 601 | 561 | 651 |
| Translation difference | 37 | -31 | -19 | -10 | 52 | -17 |
| Liquid funds at the end of the period | 509 | 561 | 509 | 561 | 509 | 679 |
| Net debt at the beginning of the | ||||||
| period | 2,665 | 2,224 | 2,915 | 2,580 | 2,597 | 2,224 |
| Translation difference in net debt | 124 | -23 | -21 | -33 | 164 | 16 |
| Net debt in acquired operations | - | 1 | - | 1 | -14 | -13 |
| Change in net debt | 101 | 395 | -4 | 49 | 143 | 438 |
| Net debt at the end of the period | 2,890 | 2,597 | 2,890 | 2,597 | 2,890 | 2,665 |
| Operating cash flow | 144 | -119 | 52 | -6 | 148 | -115 |
| MSEK | 30 Sep 2018 |
30 Sep 2017 |
31 Dec 2017 |
|---|---|---|---|
| Assets | |||
| Intangible assets | 3,230 | 3,029 | 3,136 |
| Tangible assets | 815 | 800 | 828 |
| Other fixed assets | 253 | 233 | 247 |
| Total fixed assets | 4,298 | 4,061 | 4,211 |
| Inventories | 413 | 365 | 390 |
| Accounts receivable | 2,040 | 1,784 | 1,795 |
| Other current assets | 636 | 313 | 333 |
| Cash and cash equivalents | 509 | 561 | 679 |
| Total current assets | 3,598 | 3,024 | 3,198 |
| Total assets | 7,896 | 7,085 | 7,409 |
| Equity and liabilities | |||
| Equity | 2,596 | 2,365 | 2,453 |
| Liabilities | |||
| Non-interest-bearing long-term liabilities | 207 | 200 | 208 |
| Interest-bearing long-term liabilities | 186 | 2,477 | 2,504 |
| Total long-term liabilities | 393 | 2,677 | 2,712 |
| Non-interest-bearing short-term liabilities | 1,694 | 1,362 | 1,403 |
| Interest-bearing short-term liabilities | 3,213 | 681 | 840 |
| Total short-term liabilities | 4,907 | 2,043 | 2,243 |
| Total equity and liabilities | 7,896 | 7,085 | 7,409 |
Due to the fact that the existing credit agreement with the Group's main banks expires in the summer of 2019 this bank financing is recognized as short-term in the balance sheet although its nature is long-term.
| MSEK | Equity attributable to parent company shareholders |
Equity attributable to non controlling interests |
Total equity |
|---|---|---|---|
| Opening balance on 1 Jan. 2017 | 2,411 | - | 2,411 |
| Dividend to shareholders | -92 | - | -92 |
| Change in non-controlling interests | - | 5 | 5 |
| Total comprehensive income for the period | 128 | 1 | 129 |
| Closing balance on 31 Dec. 2017 | 2,447 | 6 | 2,453 |
| Opening balance on 1 Jan. 2017 | 2,411 | - | 2,411 |
| Dividend to shareholders | -92 | - | -92 |
| Total comprehensive income for the period | 45 | - | 45 |
| Closing balance on 30 Sep. 2017 | 2,365 | - | 2,365 |
| Opening balance on 1 Jan. 2018 | 2,447 | 6 | 2,453 |
| Dividend to shareholders | -92 | -1 | -93 |
| Total comprehensive income for the period | 232 | 3 | 235 |
| Closing balance on 30 Sep. 2018 | 2,587 | 8 | 2,596 |
The three 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.
| MSEK | January-September 2018 |
2017 | Third quarter 2018 |
2017 | Last 12 months |
Full year 2017 |
|---|---|---|---|---|---|---|
| Supply Chain Solutions | 5,950 | 5,108 | 2,189 | 1,818 | 7,849 | 7,007 |
| Print & Packaging Solutions | 1,847 | 1,592 | 609 | 520 | 2,475 | 2,220 |
| e-Commerce Solutions | 112 | 108 | 39 | 36 | 212 | 208 |
| Group functions | 35 | 29 | 12 | 10 | 41 | 35 |
| Eliminations | -92 | -79 | -32 | -29 | -141 | -128 |
| Group net sales | 7,852 | 6,758 | 2,817 | 2,355 | 10,436 | 9,342 |
| January-September | Third quarter | Last | Full year | |||
|---|---|---|---|---|---|---|
| MSEK | 2018 | 2017 | 2018 | 2017 | 12 months | 2017 |
| Supply Chain Solutions | 246 | 211 | 123 | 59 | 288 | 253 |
| Print & Packaging Solutions | 84 | 59 | 23 | 1 | 117 | 92 |
| e-Commerce Solutions | -12 | -23 | -5 | -11 | 6 | -5 |
| Group functions | -13 | -25 | -3 | -9 | -19 | -32 |
| Group operating result | 305 | 222 | 138 | 40 | 392 | 308 |
For the comparison periods, the operating result in the third quarter last year has been charged with one-off items of MSEK 28 primarily referring to redundancy costs, of which MSEK 5 within Supply Chain Solutions, MSEK 16 within Print & Packaging Solutions, MSEK 5 within e-Commerce Solutions and MSEK 2 within Group functions.
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.
| MSEK | Supply Chain Solutions |
Print & Packaging Solutions |
e-Commerce Solutions |
Total |
|---|---|---|---|---|
| Total net sales Less: net sales to group companies |
5,950 -11 |
1,847 -46 |
112 -0 |
7,909 -57 |
| Net sales | 5,939 | 1,801 | 112 | 7,852 |
| MSEK | Supply Chain Solutions |
Print & Packaging Solutions |
e-Commerce Solutions |
Group |
| Geographic markets Europe |
3,746 | 1,249 | 111 | 5,106 |
| Asia | 1,834 | 57 | - | 1,891 |
| North and South America | 273 | 465 | 0 | 738 |
| Other | 86 | 30 | 1 | 117 |
| Net sales | 5,939 | 1,801 | 112 | 7,852 |
| Main revenue streams | ||||
| Sourcing and procurement services | 1,744 | - | - | 1,744 |
| Freight and transportation services | 1,993 | 206 | - | 2,199 |
| Other contract logistics services | 1,970 | 252 | - | 2,221 |
| Other work/services | 232 | 1,343 | 112 | 1,687 |
| Net sales | 5,939 | 1,801 | 112 | 7,852 |
| Customer segments | ||||
| Automotive | 1,576 | 385 | - | 1,961 |
| Electronics | 2,450 | 28 | - | 2,478 |
| Fashion & Lifestyle | 934 | 295 | - | 1,229 |
| Health Care & Life Science | 149 | 145 | - | 294 |
| Industrial | 646 | 558 | - | 1,204 |
| Other | 184 | 390 | 112 | 686 |
| Net sales | 5,939 | 1,801 | 112 | 7,852 |
| Supply Chain |
Print & Packaging |
e-Commerce | ||
|---|---|---|---|---|
| MSEK | Solutions | Solutions | Solutions | Total |
| Total net sales | 2,189 | 609 | 39 | 2,837 |
| Less: net sales to group companies | -4 | -16 | -0 | -20 |
| Net sales | 2,185 | 593 | 39 | 2,817 |
| MSEK | Supply Chain Solutions |
Print & Packaging Solutions |
e-Commerce Solutions |
Group |
| Geographic markets | ||||
| Europe Asia |
1,333 715 |
403 18 |
39 - |
1,775 733 |
| North and South America | 102 | 161 | 0 | 263 |
| Other | 35 | 11 | 0 | 46 |
| Net sales | 2,185 | 593 | 39 | 2,817 |
| Main revenue streams | ||||
| Sourcing and procurement services | 681 | - | - | 681 |
| Freight and transportation services | 701 | 74 | - | 775 |
| Other contract logistics services | 724 | 58 | - | 782 |
| Other work/services | 79 | 461 | 39 | 579 |
| Net sales | 2,185 | 593 | 39 | 2,817 |
| Customer segments | ||||
| Automotive | 545 | 126 | - | 671 |
| Electronics | 961 | 6 | - | 967 |
| Fashion & Lifestyle | 351 | 103 | - | 454 |
| Health Care & Life Science | 51 | 50 | - | 101 |
| Industrial | 222 | 171 | - | 393 |
| Other | 55 | 137 | 39 | 231 |
| Net sales | 2,185 | 593 | 39 | 2,817 |
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 2018 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.
| MSEK | 2018 | January-September 2017 |
Third quarter 2017 |
Last 12 months |
Full year 2017 |
|
|---|---|---|---|---|---|---|
| Net sales | 35 | 28 | 12 | 11 | 42 | 35 |
| Operating expenses | -51 | -54 | -14 | -21 | -64 | -67 |
| Operating result | -16 | -26 | -2 | -10 | -22 | -32 |
| Net financial items | 29 | 153 | 20 | 36 | 125 | 249 |
| Result after financial items | 13 | 127 | 18 | 26 | 103 | 217 |
| Income tax | -6 | -17 | -3 | -6 | -7 | -18 |
| Result for the period | 7 | 111 | 15 | 20 | 96 | 199 |
| January-September Third quarter |
Last | Full year | ||||
|---|---|---|---|---|---|---|
| MSEK | 2018 | 2017 | 2018 | 2017 | 12 months | 2017 |
| Result for the period | 7 | 111 | 15 | 20 | 96 | 199 |
| Other comprehensive income | - | - | - | - | - | - |
| Total comprehensive income for the period |
7 | 111 | 15 | 20 | 96 | 199 |
| MSEK | 30 Sep 2018 |
30 Sep 2017 |
31 Dec 2017 |
|---|---|---|---|
| Assets | |||
| Fixed assets | 4,520 | 4,302 | 4,461 |
| Current assets | 365 | 262 | 471 |
| Total assets | 4,885 | 4,564 | 4,932 |
| Equity, provisions and liabilities | |||
| Equity | 1,662 | 1,659 | 1,747 |
| Provisions | 3 | 3 | 3 |
| Long-term liabilities | 66 | 2,155 | 2,184 |
| Short-term liabilities | 3,153 | 747 | 998 |
| Total equity, provisions and liabilities | 4,885 | 4,564 | 4,932 |
Due to the fact that the existing credit agreement with the Group's main banks expires in the summer of 2019 this bank financing is recognized as short-term in the balance sheet although its nature is long-term.
| MSEK | Share capital |
Statutory reserve |
Unrestricted equity |
Total equity |
|---|---|---|---|---|
| Opening balance on 1 Jan. 2017 | 354 | 332 | 953 | 1,640 |
| Dividend | - | - | -92 | -92 |
| Total comprehensive income for the period | - | - | 199 | 199 |
| Closing balance on 31 Dec. 2017 | 354 | 332 | 1,061 | 1,747 |
| Opening balance on 1 Jan. 2017 | 354 | 332 | 953 | 1,640 |
| Dividend | - | - | -92 | -92 |
| Total comprehensive income for the period | - | - | 111 | 111 |
| Closing balance on 30 Sep. 2017 | 354 | 332 | 972 | 1,659 |
| Opening balance on 1 Jan. 2018 | 354 | 332 | 1,061 | 1,747 |
| Dividend | - | - | -92 | -92 |
| Total comprehensive income for the period | - | - | 7 | 7 |
| Closing balance on 30 Sep. 2018 | 354 | 332 | 976 | 1,662 |
| MSEK | 2018 Q3 |
2018 Q2 |
2018 Q1 |
2017 Q4 |
2017 Q3 |
2017 Q2 |
2017 Q1 |
2016 Q4 |
2016 Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales | 2,817 | 2,613 | 2,422 | 2,584 | 2,355 | 2,264 | 2,139 | 2,330 | 1,878 |
| EBITDA | 206 | 168 | 134 | 151 | 104 | 155 | 152 | 187 | 152 |
| EBITA | 154 | 116 | 83 | 103 | 55 | 108 | 105 | 139 | 112 |
| EBITA-margin, % | 5.5 | 4.4 | 3.4 | 4.0 | 2.3 | 4.8 | 4.9 | 6.0 | 6.0 |
| Operating result | 138 | 100 | 68 | 86 | 40 | 93 | 90 | 123 | 100 |
| Operating margin, % | 4.9 | 3.8 | 2.8 | 3.3 | 1.7 | 4.1 | 4.2 | 5.3 | 5.3 |
| Result after financial items | 114 | 74 | 46 | 68 | 20 | 73 | 69 | 103 | 86 |
| Result after tax | 75 | 42 | 34 | 45 | 14 | 54 | 53 | 79 | 58 |
| Earnings per share, SEK 1) 2) | 2.07 | 1.15 | 0.95 | 1.24 | 0.39 | 1.52 | 1.49 | 2.37 | 2.04 |
| Operating cash flow | 52 | 127 | -34 | 5 | -6 | 47 | -161 | 69 | -1,565 |
| Cash flow per share, SEK2) 3) | 0.94 | 2.85 | -1.17 | 2.14 | 0.23 | 1.12 | -5.31 | 2.83 | 6.30 |
| Depreciation and write-downs | 68 | 68 | 67 | 65 | 64 | 63 | 63 | 65 | 52 |
| Net investments | 41 | 41 | 38 | 104 | 54 | 73 | 31 | 79 | 1,787 |
| Goodwill | 2,440 | 2,466 | 2,429 | 2,337 | 2,261 | 2,269 | 2,264 | 2,272 | 2,274 |
| Total assets | 7,896 | 7,850 | 7,684 | 7,409 | 7,085 | 7,058 | 7,064 | 6,782 | 6,713 |
| Equity | 2,596 | 2,554 | 2,559 | 2,453 | 2,365 | 2,382 | 2,454 | 2,411 | 1,607 |
| Equity per share, SEK 2) | 73.16 | 72.02 | 72.17 | 69.21 | 66.88 | 67.38 | 69.39 | 71.87 | 56.93 |
| Net debt | 2,890 | 2,915 | 2,834 | 2,665 | 2,597 | 2,580 | 2,437 | 2,224 | 2,921 |
| Capital employed | 5,486 | 5,469 | 5,392 | 5,118 | 4,961 | 4,962 | 4,890 | 4,635 | 4,528 |
| Return on total assets, % 4) | 7.0 | 6.3 | 5.1 | 4.8 | 2.3 | 5.3 | 5.2 | 7.3 | 7.8 |
| Return on equity, % 4) | 11.4 | 6.4 | 5.4 | 7.3 | 2.3 | 8.9 | 8.7 | 15.8 | 14.8 |
| Return on capital employed, % 4) | 10.1 | 7.3 | 5.2 | 6.8 | 3.2 | 7.5 | 7.5 | 10.7 | 11.7 |
| Debt/equity ratio | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 0.9 | 1.8 |
| Equity ratio, % | 32.9 | 32.5 | 33.3 | 33.1 | 33.4 | 33.8 | 34.7 | 35.6 | 23.9 |
| Interest coverage ratio 5) | 4.7 | 3.7 | 3.8 | 4.1 | 4.5 | 5.5 | 6.4 | 7.8 | 11.0 |
| Number of employees at the end of | 7,246 | 7,170 | 7,085 | 6,997 | 6,708 | 6,589 | 6,501 | 6,444 | 6,472 |
| the period |
1) There is no dilution.
2) Historic number of shares have been adjusted for the bonus issue element in the new share issue in 2016.
3) Cash flow per share refers to cash flow from operating activities.
4) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period).
5) Interest coverage ratio calculation is based on a moving 12 month period.
| 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 7,852 | 6,758 | 3,956 | 3,113 | 2,631 |
| EBITA, MSEK | 353 | 269 | 245 | 197 | 118 |
| Result after tax, MSEK | 150 | 120 | 138 | 101 | 43 |
| Earnings per share, SEK 1) 2) | 4.17 | 3.41 | 4.89 | 3.58 | 1.62 |
| Cash flow from operating activities per share, SEK 2) | 2.59 | -3.95 | 8.35 | 1.18 | 0.10 |
| Equity per share, SEK 2) | 73.16 | 66.88 | 56.93 | 51.19 | 44.09 |
| Return on equity, % 3) | 11.6 | 6.7 | 12.0 | 9.7 | 5.0 |
| Return on capital employed, % 3) | 7.6 | 6.1 | 10.4 | 10.4 | 6.9 |
| EBITA-margin, % | 4.5 | 4.0 | 6.2 | 6.3 | 4.5 |
| Operating margin, % | 3.9 | 3.3 | 5.6 | 5.8 | 4.0 |
| Average number of shares, in thousands 2) | 35,358 | 35,358 | 28,224 | 28,224 | 26,359 |
| 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 2,817 | 2,355 | 1,878 | 1,041 | 870 |
| EBITA, MSEK | 154 | 55 | 112 | 69 | 32 |
| Result after tax, MSEK | 75 | 14 | 58 | 36 | 11 |
| Earnings per share, SEK 1) 2) | 2.07 | 0.39 | 2.04 | 1.27 | 0.40 |
| Cash flow from operating activities per share, SEK 2) | 0.94 | 0.23 | 6.30 | -1.87 | -0.98 |
| Equity per share, SEK 2) | 73.16 | 66.88 | 56.93 | 51.19 | 44.09 |
| Return on equity, % 3) | 11.4 | 2.3 | 14.8 | 10.0 | 3.3 |
| Return on capital employed, % 3) | 10.1 | 3.2 | 11.7 | 10.9 | 4.9 |
| EBITA-margin, % | 5.5 | 2.3 | 6.0 | 6.7 | 3.6 |
| Operating margin, % | 4.9 | 1.7 | 5.3 | 6.2 | 3.1 |
| Average number of shares, in thousands 2) | 35,358 | 35,358 | 28,224 | 28,224 | 28,224 |
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Net sales, MSEK | 9,342 | 6,285 | 4,236 | 3,730 | 2,096 |
| EBITDA, MSEK | 563 | 516 | 428 | 292 | 229 |
| EBITA, MSEK | 371 | 384 | 313 | 194 | 139 |
| Result after financial items, MSEK | 230 | 300 | 259 | 140 | 102 |
| Result after tax, MSEK | 165 | 217 | 175 | 88 | 70 |
| Earnings per share, SEK 1) 2) | 4.65 | 7.35 | 6.18 | 3.27 | 2.81 |
| Cash flow from operating activities per share, SEK 2) | -1.81 | 11.19 | 9.52 | 6.03 | 5.15 |
| Equity per share, SEK 2) | 69.21 | 68.19 | 52.72 | 47.75 | 42.93 |
| Dividends per share, SEK 2) | 2.60 | 2.60 | 2.07 | 1.03 | 0.73 |
| EBITA-margin, % | 4.0 | 6.1 | 7.4 | 5.2 | 6.6 |
| Return on total assets, % | 4.3 | 6.7 | 8.2 | 5.9 | 5.6 |
| Return on equity, % | 6.8 | 12.4 | 12.1 | 7.4 | 7.0 |
| Return on capital employed, % | 6.2 | 10.0 | 12.6 | 8.7 | 7.7 |
| Net debt/EBITDA ratio | 4.7 | 4.3 | 1.7 | 3.1 | 3.2 |
| Debt/equity ratio | 1.1 | 0.9 | 0.5 | 0.7 | 0.7 |
| Equity ratio, % | 33.1 | 35.6 | 42.0 | 37.8 | 42.2 |
| Average number of shares, in thousands 2) | 35,358 | 29,555 | 28,224 | 26,825 | 24,900 |
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.
3) Return ratios have been annualized (results are recalculated to correspond to a 12-month period).
| MSEK | 2018 Q3 |
2018 Q2 |
2018 Q1 |
2017 Q4 |
2017 Q3 |
2017 Q2 |
2017 Q1 |
2016 Q4 |
2016 Q3 |
|---|---|---|---|---|---|---|---|---|---|
| Operating result | 138 | 100 | 68 | 86 | 40 | 93 | 90 | 123 | 100 |
| Depreciation, amortization and write | |||||||||
| downs | 68 | 68 | 67 | 65 | 64 | 63 | 63 | 65 | 52 |
| EBITDA | 206 | 168 | 134 | 151 | 104 | 155 | 152 | 187 | 152 |
| Operating result | 138 | 100 | 68 | 86 | 40 | 93 | 90 | 123 | 100 |
| Amortization of assets identified in | |||||||||
| conjunction with acquisitions | 16 | 16 | 16 | 17 | 15 | 16 | 15 | 16 | 12 |
| EBITA | 154 | 116 | 83 | 103 | 55 | 108 | 105 | 139 | 112 |
| Cash flow from operating activities | 33 | 101 | -41 | 76 | 8 | 40 | -188 | 95 | 178 |
| Net financial items | 24 | 26 | 22 | 19 | 20 | 20 | 22 | 20 | 14 |
| Paid tax | 36 | 42 | 23 | 14 | 21 | 61 | 37 | 34 | 30 |
| Net investments | -41 | -41 | -38 | -104 | -54 | -73 | -31 | -79 | -1,787 |
| Operating cash flow | 52 | 127 | -34 | 5 | -6 | 47 | -161 | 69 | -1,565 |
| Average total assets | 7,873 | 7,767 | 7,547 | 7,247 | 7,072 | 7,061 | 6,923 | 6,748 | 5,112 |
| Average cash and cash equivalents | -552 | -574 | -616 | -620 | -581 | -657 | -682 | -639 | -558 |
| Average non-interest-bearing liabilities | -1,844 | -1,763 | -1,676 | -1,587 | -1,529 | -1,478 | -1,478 | -1,527 | -1,141 |
| Average capital employed | 5,477 | 5,430 | 5,255 | 5,040 | 4,962 | 4,926 | 4,763 | 4,581 | 3,412 |
| Annualized operating result | 552 | 399 | 271 | 344 | 159 | 371 | 359 | 490 | 398 |
| Return on capital employed, % | 10.1 | 7.3 | 5.2 | 6.8 | 3.2 | 7.5 | 7.5 | 10.7 | 11.7 |
| Interest-bearing long-term liabilities | 186 | 2,575 | 2,559 | 2,504 | 2,477 | 2,563 | 2,595 | 2,647 | 2,666 |
| Interest-bearing short-term liabilities | 3,213 | 935 | 826 | 840 | 681 | 618 | 555 | 228 | 883 |
| Cash and cash equivalents | -509 | -596 | -552 | -679 | -561 | -601 | -713 | -651 | -628 |
| Net debt | 2,890 | 2,915 | 2,834 | 2,665 | 2,597 | 2,580 | 2,437 | 2,224 | 2,921 |
| MSEK | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Operating result | 305 | 222 | 222 | 181 | 104 |
| Amortization of assets identified in conjunction with | |||||
| acquisitions | 48 | 47 | 24 | 16 | 14 |
| EBITA | 353 | 269 | 245 | 197 | 118 |
| Average total assets | 7,710 | 6,997 | 4,327 | 3,558 | 2,900 |
| Average cash and cash equivalents | -584 | -632 | -542 | -414 | -276 |
| Average non-interest-bearing liabilities | -1,760 | -1,504 | -959 | -825 | -605 |
| Average capital employed | 5,366 | 4,862 | 2,826 | 2,319 | 2,019 |
| Annualized operating result | 407 | 296 | 295 | 241 | 139 |
| Return on capital employed, % | 7.6 | 6.1 | 10.4 | 10.4 | 6.9 |
| MSEK | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|
| Operating result | 138 | 40 | 100 | 64 | 27 |
| Amortization of assets identified in conjunction with | |||||
| acquisitions | 16 | 15 | 12 | 5 | 5 |
| EBITA | 154 | 55 | 112 | 69 | 32 |
| Average total assets | 7,873 | 7,072 | 5,112 | 3,526 | 3,307 |
| Average cash and cash equivalents | -552 | -581 | -558 | -389 | -354 |
| Average non-interest-bearing liabilities | -1,844 | -1,529 | -1,141 | -794 | -746 |
| Average capital employed | 5,477 | 4,962 | 3,412 | 2,344 | 2,206 |
| Annualized operating result | 552 | 159 | 398 | 256 | 108 |
| Return on capital employed, % | 10.1 | 3.2 | 11.7 | 10.9 | 4.9 |
| MSEK | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|
| Operating result | 308 | 344 | 292 | 175 | 131 |
| Depreciation, amortization and write-downs | 255 | 172 | 136 | 117 | 98 |
| EBITDA | 563 | 516 | 428 | 292 | 229 |
| Operating result | 308 | 344 | 292 | 175 | 131 |
| Amortization of assets identified in conjunction with | |||||
| acquisitions | 63 | 40 | 21 | 19 | 8 |
| EBITA | 371 | 384 | 313 | 194 | 139 |
| Average total assets | 7,154 | 5,132 | 3,559 | 3,017 | 2,363 |
| Average cash and cash equivalents | -639 | -573 | -418 | -336 | -192 |
| Average non-interest-bearing liabilities | -1,532 | -1,131 | -816 | -671 | -461 |
| Average capital employed | 4,983 | 3,428 | 2,325 | 2,010 | 1,710 |
| Annualized operating result | 308 | 344 | 292 | 175 | 131 |
| Return on capital employed, % | 6.2 | 10.0 | 12.6 | 8.7 | 7.7 |
| 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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