Earnings Release • Jan 31, 2018
Earnings Release
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Full-year 2017 SEK 232 billion
sales incl VAT
The fashion industry is changing fast. At the heart of the transformation is digitalization and it is driving the need to transform and re-think faster and faster. This is presenting many challenges but we believe we are well-placed to adjust to the new dynamics and take advantage of the opportunities in front of us.
Part of this opportunity is to do with the size of the market. While the H&M group is a big player, our market share is still relatively small. It is also a growing market. So, while the H&M group has come a long way, we are most excited by the distance we still have to go and our fitness for the opportunities ahead.
Our performance during 2017 was mixed, with progress in some areas but also difficulties in others. We delivered growth of 3 percent in 2017 which is clearly below our expectations. In the fourth quarter our sales overall decreased by 2 percent in local currencies. Our online sales and our newer brands performed well but the weakness was in H&M's physical stores where the changes in customer behaviour are being felt most strongly and footfall has reduced with more sales online. In addition, some imbalances in certain aspects of the H&M brand's assortment and composition also contributed to this weaker result.
But our performance does need to be seen in the wider context of the transformation that the industry is going through. Underneath the disappointing recent performance, we see reasons for optimism and good learnings but we need to accelerate the transformation even more.
We have three main action areas:
ARKET
All in all, we feel 2017 was a year where we made more steps forward and did more groundwork for the future, but we have also made some mistakes that have slowed us down. The industry changes are challenging everyone and this will continue in 2018. The new fashion landscape requires skills and resources to adapt and seize the new opportunities. In particular the ability to take a long-term view and to navigate through some inevitable turbulence. By long-term investments, we have built a solid platform for many years of continued growth.
On our Capital Markets Day February 14, 2018, we will tell you more about our transformation and what we see going forward for the H&M group and our continued growth.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| SEK m | 2017 | 2016 | 2017 | 2016 |
| Net sales | 50,407 | 52,720 | 200,004 | 192,267 |
| Gross profit | 27,929 | 30,027 | 108,090 | 106,177 |
| gross margin, % | 55.4 | 57.0 | 54.0 | 55.2 |
| Operating profit | 4,821 | 7,354 | 20,569 | 23,823 |
| operating margin, % | 9.6 | 13.9 | 10.3 | 12.4 |
| Net financial items | 52 | 55 | 240 | 216 |
| Profit after financial items | 4,873 | 7,409 | 20,809 | 24,039 |
| Tax | -880 | -1,495 | -4,625 | -5,403 |
| Profit for the period | 3,993 | 5,914 | 16,184 | 18,636 |
| Earnings per share, SEK | 2.41 | 3.57 | 9.78 | 11.26 |
Definitions on key figures, see annual report 2016.
Sales including VAT amounted to SEK 58,481 m (61,098) in the fourth quarter. In local currencies sales decreased by 2 percent.
Sales including VAT in the financial year 2016/2017 increased by 4 percent and amounted to SEK 231,771 m (222,865). In local currencies sales increased by 3 percent.
Sales excluding VAT amounted to SEK 50,407 m (52,720) in the fourth quarter and to SEK 200,004 m (192,267) in the financial year 2016/2017.
The difference between the sales increase in SEK and in local currencies is due to how the Swedish krona has developed against the overall basket of currencies in the group compared to the same period last year.
Currency translation effects arise when sales and profits in local currencies are translated into the company's reporting currency, which is SEK. A negative currency translation effect arises when the Swedish krona strengthens and a positive currency translation effect arises when the Swedish krona weakens.
H&M Sport
| 2017 | 2016 | Change in % | 2017 | |||
|---|---|---|---|---|---|---|
| SEK m | SEK m | SEK | Local | Number of | New stores | |
| incl VAT | incl VAT | currency | stores | (net) | ||
| Germany | 36,789 | 37,174 | -1 | -3 | 463 | 4 |
| USA | 27,807 | 26,874 | 3 | 2 | 536 | 68 |
| UK | 14,580 | 15,058 | -3 | 3 | 292 | 11 |
| France | 13,658 | 13,559 | 1 | -1 | 240 | 2 |
| China | 11,030 | 10,842 | 2 | 3 | 506 | 62 |
| Sweden | 10,284 | 10,151 | 1 | 1 | 172 | -4 |
| Italy | 9,180 | 9,081 | 1 | -1 | 175 | 9 |
| Spain | 8,140 | 7,894 | 3 | 1 | 175 | 6 |
| Netherlands | 7,484 | 7,898 | -5 | -7 | 145 | 0 |
| Norway | 6,120 | 5,926 | 3 | 1 | 128 | 1 |
| Others* | 86,699 | 78,408 | 11 | 8 | 1,907 | 229 |
| Total | 231,771 | 222,865 | 4 | 3 | 4,739 | 388 |
| * Of which franchises | 4,947 | 4,808 | 3 | -2 | 219 | 31 |
H&M's gross profit and gross margin are a result of many different factors, internal as well as external, and are mostly affected by the decisions that H&M takes in line with its strategy to always have the best customer offering in each individual market – based on the combination of fashion, quality, price and sustainability.
Gross profit SEK m
H&M Home
Gross profit amounted to SEK 27,929 m (30,027) in the fourth quarter, corresponding to a gross margin of 55.4 percent (57.0). For the financial year, gross profit increased to SEK 108,090 m (106,177), corresponding to a gross margin of 54.0 percent (55.2).
Markdowns in relation to sales increased by 1.3 percentage points in the fourth quarter of 2017 compared to the corresponding quarter in 2016. The increase in the fourth quarter is explained by the weak sales development during the autumn in H&M's physical stores, with reduced footfall to stores due to the ongoing shift in the industry. In addition, there were imbalances in the composition of parts of the H&M brand's product range.
Overall, the market situation as regards external factors such as purchasing currencies and raw materials was slightly negative during the purchasing period for the fourth quarter compared to the corresponding purchasing period in the previous year.
For purchases made for the first quarter 2018, the market situation as regards external factors is considered to be neutral overall compared to the corresponding purchasing period the previous year.
Cost control in the group remains good. In the fourth quarter of 2017, selling and administrative expenses increased by 2 percent in SEK and by 4 percent in local currencies compared to the fourth quarter last year.
For the full-year, selling and administrative expenses increased by 6 percent in SEK and by 5 percent in local currencies compared to the corresponding period last year.
COS
Profit after financial items in the fourth quarter amounted to SEK 4,873 m (7,409). Profit after financial items in the full-year amounted to SEK 20,809 m (24,039).
Profit during the year was negatively affected by a weak sales development in the physical stores of the H&M brand. This is mainly due to the ongoing shift in the industry, in which sales are increasingly taking place online but where the group's online share does not yet compensate for the reduced footfall to stores. Towards the end of the year there were also imbalances in the composition of parts of the H&M brand's product range.
In 2017 no new allocation was made to the H&M Incentive Programme (HIP) which is aimed at all employees within the H&M group, regardless of their country of employment, position and salary level. This is because an allocation is based on an increase of the company's profit after tax between two consecutive financial years. Since HIP's assets are invested in H&M shares, the participants in HIP – i.e. the H&M group's employees – benefit each year from the dividend paid to the company's shareholders. HIP holds approximately 7 million H&M shares in total.
Stock-in-trade amounted to SEK 33,712 m (31,732), an increase of 6 percent in SEK compared to the same point of time last year. Currency adjusted the increase was 7 percent.
As of 30 November 2017, the closing stock level was higher than planned as a result of sales development during the autumn being considerably below the group's sales plan. Combined with weak sales at the beginning of the first quarter 2018, this is expected to lead to an increase in markdowns relative to sales of approximately 1.5 – 2.0 percentage points in the first quarter of 2018 compared with the same quarter last year.
The stock-in-trade amounted to 31.6 percent (32.2) of total assets and 16.9 percent (16.5) of sales excluding VAT.
In 2017 H&M's online store was opened in further eight new markets: Turkey, Taiwan, Hong Kong, Macau, Singapore, Malaysia, Cyprus and the Philippines, all of which have had a good start. The H&M online store is currently available in 44 markets including Kuwait which opened in December 2017. The online expansion will continue in 2018 to among others India and via franchise partners to Saudi Arabia and the United Arab Emirates. The plan for the future is to offer e-commerce in all store markets as well as in other markets.
Five new H&M store markets were opened in 2017: Kazakhstan, Colombia, Iceland, Vietnam and Georgia, all of which have had a good start. New H&M store markets in 2018 will be Uruguay and Ukraine.
For the full-year 2018 approximately 390 new stores are planned to open, with a primary focus on growth markets. Approximately 170 store closures are planned, which is part of the intensified store optimisation being carried out that also includes renegotiations, rebuilds and adjustment of store space to ensure that the store portfolio is the best fit for each market. The net addition of new stores will amount to approximately 220 (388). Most of the new stores in 2018 will be H&M stores, of which 45 will have H&M Home shop-inshops, while approximately 95 stores will consist of the brands COS, & Other Stories, Monki, Weekday, ARKET and Afound. In 2018, seven standalone H&M Home stores are planned to open.
Afound will be an off-price marketplace offering a carefully selected, broad and diverse range of discounted products from well-known quality fashion and lifestyle brands for women and men, from external brands as well as the H&M group. With a focus on styling and inspiring presentation, as well as attractive offerings from brands in different price segments, Afound will offer a new engaging shopping experience. Afound's marketplace will be launched during 2018 online in Sweden and with physical stores starting in Sweden. The first store will open on Drottninggatan in Stockholm.
The growth target of the H&M group to increase sales in local currencies by 10 – 15 percent per year with continued high profitability is a long-term target. In view of the H&M group's transition work to face the major shift in the industry, the company does not expect the growth target to be reached in the current financial year.
H&M Kids
| No. of markets | Expansion | Expansion | ||
|---|---|---|---|---|
| 30 Nov - 2017 | 2017 | 2018 | ||
| Brand | Store | Online | New markets | New markets |
| H&M | 69 | 43 | Store: Kazakhstan, Colombia, Iceland, Vietnam, Georgia Online: Turkey, Taiwan, Hong Kong, Macau, Singapore, Malaysia, Philippines, Cyprus |
Store: Uruguay, Ukraine Online: India, Kuwait (franchise)*, United Arab Emirates (franchise), Saudi Arabia (franchise) |
| COS | 37 | 20 | Store: Malaysia, Israel (franchise), Slovenia, Qatar (franchise) Online: South Korea |
Store: Thailand (franchise) |
| Monki | 14 | 19 | Belgium | |
| Weekday | 9 | 18 | Store: France, UK | |
| & Other Stories | 16 | 15 | Store: Ireland, Finland, South Korea, United Arab Emirates (franchise), Qatar (franchise) |
|
| Cheap Monday | 2 | 18 | - | |
| ARKET | 4 | 18 | Store: UK, Belgium, Denmark, Germany Online: 18 markets |
Store: Netherlands |
H&M Ladies
* Opened during December 2017
In the financial year 2016/2017, the group opened 479 (497) stores and closed 91 (70) stores, i.e. a net increase of 388 (427) new stores. The group had a total of 4,739 (4,351) stores as of 30 November 2017, of which 219 (188) were operated by franchise partners.
| New Stores 2017 (net) | Total No of stores | |||
|---|---|---|---|---|
| Brand | Q4 | Full year | 30 Nov - 2017 | 30 Nov - 2016 |
| H&M | 155 | 326 | 4,288 | 3,962 |
| COS | 16 | 37 | 231 | 194 |
| Monki | 4 | 1 | 119 | 118 |
| Weekday | 3 | 5 | 33 | 28 |
| & Other Stories | 4 | 15 | 60 | 45 |
| Cheap Monday | 0 | -1 | 3 | 4 |
| ARKET | 4 | 5 | 5 | 0 |
| Total | 186 | 388 | 4,739 | 4,351 |
| New Stores 2017 (net) | Total No of stores | |||
|---|---|---|---|---|
| Region | Q4 | Full year | 30 Nov - 2017 | 30 Nov - 2016 |
| Europe & Africa | 84 | 124 | 3,008 | 2,884 |
| Asia & Oceania | 60 | 169 | 1,046 | 877 |
| North & South America | 42 | 95 | 685 | 590 |
| Total | 186 | 388 | 4,739 | 4,351 |
The H&M group's final tax rate for the 2016/2017 financial year was 22.2 (22.5) percent. The final tax rate for the year depends on the results of the group's various companies and the corporate tax rates in each country.
The US tax reform (Tax Cuts & Jobs Act) was enacted in December 2017. For H&M this means that deferred tax liabilities and deferred tax claims assignable to H&M's US subsidiary are to be remeasured during the first quarter 2018. The effect of the remeasurement is being analysed and the current assessment is that it will result in positive one-off tax income in the first quarter of 2018. Cash-flow will not be affected by this oneoff effect.
The H&M group's tax rate for the 2017/2018 financial year is expected to be approximately 22.0 – 23.0 percent excluding the one-off effect described above. In the first, second and third quarters of 2018 an estimated tax rate of 23.0 percent will be used to calculate tax expense on the result of each quarter.
The average number of employees in the group, converted into full-time positions, was 123,178 (114,586), of which 10,100 (8,933) are employed in Sweden.
Sales including VAT in the period 1 December 2017 to 31 January 2018 are expected to increase by 1 percent in local currencies compared to the corresponding period the previous year.
In view of the high level of stock-in-trade on the closing date of 30 November 2017 and weak sales at the beginning of the first quarter 2018, it is expected that markdowns in relation to sales will increase by around 1.5 - 2.0 percentage points in the first quarter of 2018 compared with the same quarter last year.
The group will hold a Capital Markets Day in Stockholm on 14 February 2018, intended for institutional investors, analysts and the financial media. The capital markets day aims to provide an in-depth picture of how the H&M group will drive future growth based on the action plans in place for facing up to the shift in the industry seizing the opportunities that it creates.
As of 30 November 2017, the group had SEK 9,745 m (2,068) in loans from credit institutions with a term of up to 12 months, with an average term of 8 months. Loans from credit institutions within the Nordic countries amounted to SEK 9,320 m (2,000), with an interest rate of 0.00 – 0.072 percent. Loans from credit institutions outside the Nordic countries amounted to SEK 425 m (68), with an interest rate of 8.75 – 16.00 percent. The group's strategy is to mainly centralise funding, which is then distributed within the group via loans to subsidiaries. In some of H&M's sales markets local rules and currency restrictions make it more favourable for the group to use local funding.
As previously communicated, the H&M group signed a five-year revolving credit facility (RCF) of EUR 700 m during the first quarter 2017, with an option to extend for a further two years. The RCF has not yet been drawn down and serves as the group's liquidity reserve.
The strong credit profile of the H&M group enables cost-effective financing. To increase financing flexibility and cost-effectiveness, the group continuously reviews opportunities to complement this with other sources of funding on the credit market.
The H&M group advocates a conservative leverage ratio, aiming for a strong capital structure with strong liquidity and financial flexibility. It is essential that, as in the past, expansion and investments can proceed with continued freedom of action.
The capital structure is defined as net debt in relation to EBITDA. Over time, this should not exceed 1.0 x EBITDA. Net debt / EBITDA was 0.0 as of 30 November 2017.
H&M Man
The board of directors' intention is to provide shareholders with a continued good return while ensuring that, as in the past, expansion and investments can proceed with a continued strong financial profile and freedom of action. Based on this, the board of directors has agreed a dividend policy stating that the total dividend should exceed 50 percent of profit after tax, yet taking into consideration the capital structure target. The dividend will be paid in two instalments – one in the spring and one in the autumn.
The board of directors has decided to propose an unchanged dividend of SEK 9.75 per share (9.75) to the annual general meeting on 8 May 2018, corresponding to 99.7 percent (86.6) of the group's profit after tax.
However, in view of continued high investments in areas such as digitalisation, the board of directors will investigate the possibility of offering all shareholders an opportunity, but not an obligation, to reinvest the dividend received in newly-issued H&M shares – known as a Dividend Reinvestment Plan (DRIP).
Further information on this, including the timetable, will be communicated at a later date. If the board proposes a reinvestment plan to the annual general meeting on 8 May 2018, and if the annual general meeting approves the proposal, the first instalment of SEK 4.90 per share will be postponed by a number of weeks. The first and second record dates and payment dates will thus be included in the timetable for the reinvestment plan.
If the reinvestment plan is introduced, the H&M group's largest shareholders – the Stefan Persson family and related companies – intend to reinvest the dividend received in 2018 in the plan.
The board of directors is of the opinion that the proposed distribution of earnings is justifiable taking into consideration the financial position and continued freedom of action of the group and the parent company, and taking into account the capital structure target and the requirements that the nature and extent of the business, its risks and expansion and development plans impose on the group's and the parent company's equity and liquidity.
The 2018 annual general meeting will be held at 3 p.m. on Tuesday 8 May 2018 in the Erling Persson Hall, Aula Medica, Karolinska Institutet, Solna.
The annual report and the corporate governance report are expected to be published on 28 March 2018 on about.hm.com and will be sent out by post to shareholders that have so requested. The documents will also be available at the company's head office.
The group applies International Financial Reporting Standards (IFRS) as adopted by the EU. This report has been prepared according to IAS 34 Interim Financial Reporting as well as the Swedish Annual Accounts Act.
The accounting principles and calculation methods applied in this report are unchanged from those used in the preparation of the annual report and consolidated financial statements for 2015/2016 which are described in Note 1 – Accounting principles.
H & M Hennes & Mauritz AB's financial instruments consist of accounts receivable, other receivables, cash and cash equivalents, accounts payable, accrued trade payables, interestbearing securities and currency derivatives. Currency derivatives are measured at fair value based on input data corresponding to level 2 of IFRS 13. As of 30 November 2017, forward contracts with a positive market value amount to SEK 497 m (848), which is reported under other current receivables. Forward contracts with a negative market value amount to SEK 903 m (1,176), which is reported under other current liabilities. Other financial assets and liabilities have short terms. It is therefore judged that the fair values of these financial instruments are approximately equal to their book values.
The parent company applies the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for Legal Entities, which essentially involves applying IFRS. In accordance with RFR 2, the parent company does not apply IAS 39 to the measurement of financial instruments; nor does it capitalise development expenditure.
For definitions see annual report and consolidated accounts for 2016.
A number of factors may affect the H&M group's result and business. Many of these can be dealt with through internal routines, while certain others are affected more by external influences. There are risks and uncertainties for the H&M group related to fashion, weather conditions, macroeconomic and geopolitical changes, sustainability issues, foreign currency, cyber-attacks, tax and different regulations but also in connection with expansion into new markets, the launch of new concepts and how the brand is managed.
For a more detailed description of risks and uncertainties, refer to the administration report and to note 2 in the annual report and consolidated accounts for 2016.
| 14 February 2018 | Capital Markets Day, Stockholm |
|---|---|
| 15 March 2018 | Sales development in first quarter 2018, 1 Dec 2017 – 28 Feb 2018 |
| 27 March 2018 | Three-month report, 1 Dec 2017 – 28 Feb 2018 |
| 8 May 2018, 3 p.m. CET | Annual general meeting 2018, Erling Persson Hall, Aula Medica, Karolinska Institutet, Solna |
| 15 June 2018 | Sales development in second quarter 2018, 1 March 2018 – 31 May 2018 |
| 28 June 2018 | Six-month report, 1 Dec 2017 – 31 May 2018 |
| 27 September | Nine-month report, 1 Dec 2017 – 31 Aug 2018 |
This full-year report has not been audited by the company's auditors.
Stockholm, 30 January 2018 Board of Directors
| Nils Vinge, head of IR | +46 8 796 52 50 |
|---|---|
| Karl-Johan Persson, CEO | +46 8 796 55 00 (switchboard) |
| Jyrki Tervonen, CFO | +46 8 796 55 00 (switchboard) |
Invitation to press and telephone conference in conjunction with the full-year report is available on about.hm.com.
H & M Hennes & Mauritz AB (publ) SE-106 38 Stockholm Phone: +46 8 796 55 00, Fax: +46 8 24 80 78, E-mail: [email protected] Registered office: Stockholm, Reg. No. 556042-7220
Information in this full-year report is that which H & M Hennes & Mauritz AB (publ) is required to disclose under EU Market Abuse Regulation (596/2014/EU) and Sweden's Securities Market Act. The information was submitted for publication by the abovementioned persons at 8.00 (CET) on 31 January 2018. This full-year report and other information about H&M, is available at about.hm.com.
H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M's business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, Cheap Monday, & Other Stories and H&M Home as well as ARKET. The H&M group has 44 online markets and more than 4,700 stores in 69 markets including franchise markets. In 2017, sales including VAT were SEK 232 billion. The number of employees amounts to more than 171,000. For further information, visit about.hm.com.
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | |
| Sales including VAT | 58,481 | 61,098 | 231,771 | 222,865 |
| Sales excluding VAT | 50,407 | 52,720 | 200,004 | 192,267 |
| Cost of goods sold | -22,478 | -22,693 | -91,914 | -86,090 |
| GROSS PROFIT | 27,929 | 30,027 | 108,090 | 106,177 |
| Gross margin, % | 55.4 | 57.0 | 54.0 | 55.2 |
| Selling expenses | -21,194 | -20,906 | -80,427 | -75,729 |
| Administrative expenses | -1,914 | -1,767 | -7,094 | -6,625 |
| OPERATING PROFIT | 4,821 | 7,354 | 20,569 | 23,823 |
| Operating margin, % | 9.6 | 13.9 | 10.3 | 12.4 |
| Interest income (incl finance lease) | 75 | 58 | 281 | 224 |
| Interest expense and similar items (incl finance lease) | -23 | -3 | -41 | -8 |
| PROFIT AFTER FINANCIAL ITEMS | 4,873 | 7,409 | 20,809 | 24,039 |
| Tax | -880 | -1,495 | -4,625 | -5,403 |
| PROFIT FOR THE PERIOD | 3,993 | 5,914 | 16,184 | 18,636 |
All profit for the year is attributable to the shareholders of the parent company H & M Hennes & Mauritz AB.
| Earnings per share, SEK* | 2.41 | 3.57 | 9.78 | 11.26 |
|---|---|---|---|---|
| Number of shares, thousands* | 1,655,072 | 1,655,072 | 1,655,072 | 1,655,072 |
| Depreciation, total | 2,164 | 2,070 | 8,488 | 7,605 |
| of which cost of goods sold | 185 | 222 | 736 | 847 |
| of which selling expenses | 1,828 | 1,717 | 7,175 | 6,256 |
| of which administrative expenses | 151 | 131 | 577 | 502 |
* Before and after dilution.
| Q4 2017 |
Q4 2016 |
Full year 2017 |
Full year 2016 |
|
|---|---|---|---|---|
| PROFIT FOR THE PERIOD | 3,993 | 5,914 | 16,184 | 18,636 |
| Other comprehensive income | ||||
| Items that are or may be reclassified to profit or loss | ||||
| Translation differences | 2,085 | 1,022 | -1,496 | 1,186 |
| Change in hedging reserves | -1,247 | 280 | -179 | -578 |
| Tax attributable to change in hedging reserves | 295 | -67 | 39 | 139 |
| Items that will not be classified to profit or loss | ||||
| Remeasurement of defined benefit pension plans | 78 | -78 | 78 | -78 |
| Tax related to the above remeasurement | -19 | 19 | -19 | 19 |
| OTHER COMPREHENSIVE INCOME | 1,192 | 1,176 | -1,577 | 688 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 5,185 | 7,090 | 14,607 | 19,324 |
All comprehensive income is attributable to the shareholders of the parent company H & M Hennes & Mauritz AB.
| ASSETS | 30 Nov - 2017 | 30 Nov - 2016 |
|---|---|---|
| FIXED ASSETS | ||
| Intangible fixed assets | ||
| Brands | 18 | 66 |
| Customer relations | 8 | 20 |
| Leasehold and similar rights | 592 | 630 |
| Capitalised expenditures | 6,361 | 4,567 |
| Goodwill | 64 | 64 |
| 7,043 | 5,347 | |
| Tangible fixed assets | ||
| Buildings and land | 824 | 850 |
| Equipment, tools, fixture and fittings | 38,994 | 37,843 |
| 39,818 | 38,693 | |
| Other fixed assets | ||
| Long-term receivables | 1,039 | 1,014 |
| Deferred tax receivables | 2,916 | 2,862 |
| 3,955 | 3,876 | |
| TOTAL FIXED ASSETS | 50,816 | 47,916 |
| CURRENT ASSETS | ||
| Stock-in-trade | 33,712 | 31,732 |
| Current receivables | ||
| Accounts receivable | 5,297 | 4,881 |
| Tax receivables | 2,375 | - |
| Other receivables | 1,874 | 2,533 |
| Prepaid expenses | 2,770 | 2,071 |
| 12,316 | 9,485 | |
| Cash and cash equivalents | 9,718 | 9,446 |
| TOTAL CURRENT ASSETS | 55,746 | 50,663 |
| TOTAL ASSETS | 106,562 | 98,579 |
| EQUITY AND LIABILITIES | 30 Nov - 2017 | 30 Nov - 2016 |
|---|---|---|
| EQUITY | ||
| Share capital | 207 | 207 |
| Reserves | 1,015 | 2,651 |
| Retained earnings | 58,491 | 58,378 |
| TOTAL EQUITY | 59,713 | 61,236 |
| LIABILITIES | ||
| Long-term liabilities | ||
| Provisions for pensions* | 445 | 527 |
| Deferred tax liabilities | 5,331 | 4,898 |
| Other interest-bearing liabilities* | 350 | 213 |
| 6,126 | 5,638 | |
| Current liabilities | ||
| Accounts payable | 7,215 | 7,262 |
| Tax liabilities | 918 | 434 |
| Liabilities to credit institutions** | 9,745 | 2,068 |
| Interest-bearing liabilities** | 125 | 59 |
| Other liabilities | 3,672 | 5,036 |
| Accrued expenses and prepaid income | 19,048 | 16,846 |
| 40,723 | 31,705 | |
| TOTAL LIABILITIES | 46,849 | 37,343 |
| TOTAL EQUITY AND LIABILITIES | 106,562 | 98,579 |
* Interest-bearing long-term liabilities amounts to SEK 795 m (740).
** Interest-bearing current liabilities amounts to SEK 9,870 m (2,127).
Since there are no minority interests, all shareholders' equity is attributable to the shareholders of the parent company, H & M Hennes & Mauritz AB.
| Total shareholders' |
|||||
|---|---|---|---|---|---|
| Share | Translation | Hedging | Retained | ||
| capital | effects | reserves | earnings | equity | |
| Shareholder's equity, 1 December 2016 | 207 | 2,849 | -198 | 58,378 | 61,236 |
| Adjustment of opening balance* | - | - | - | 7 | 7 |
| Adjusted shareholders' equity, 1 Dec 2016 | 207 | 2,849 | -198 | 58,385 | 61,243 |
| Profit for the year | - | - | - | 16,184 | 16,184 |
| Other comprehensive income | |||||
| Translation differences | - | -1,496 | - | - | -1,496 |
| Change in hedging reserves | |||||
| Value change derivative | - | - | -1,341 | - | -1,341 |
| Transfer to income statement | - | - | 1,162 | - | 1,162 |
| Tax attributable to hedging reserves | - | - | 39 | - | 39 |
| Revaluations relating to defined benefit pension | |||||
| plans | - | - | - | 78 | 78 |
| Tax attributable to the above revaluation | - | - | - | -19 | -19 |
| Other comprehensive income | - | -1,496 | -140 | 59 | -1,577 |
| Total comprehensive income | - | -1,496 | -140 | 16,243 | 14,607 |
| Dividend | - | - | - | -16,137 | -16,137 |
| Shareholder's equity, 30 November 2017 | 207 | 1,353 | -338 | 58,491 | 59,713 |
* Effective from the 2017 financial year, the way that certain defined-contribution pension plans are recognised has changed in two of the Swedish companies.
The effect in relation to previous years is reported as an adjustment of the opening balance of equity.
| Total | |||||
|---|---|---|---|---|---|
| Share | Translation | Hedging | Retained | shareholders' | |
| capital | effects | reserves | earnings | equity | |
| Shareholder's equity, 1 December 2015 | 207 | 1,663 | 241 | 55,938 | 58,049 |
| Profit for the year | - | - | - | 18,636 | 18,636 |
| Other comprehensive income | |||||
| Translation differences | - | 1,186 | - | - | 1,186 |
| Change in hedging reserves | |||||
| Value change derivative | - | - | -223 | - | -223 |
| Transfer to income statement | - | - | -355 | - | -355 |
| Tax attributable to hedging reserves | - | - | 139 | - | 139 |
| Revaluation of defined benefit pension plans | - | - | - | -78 | -78 |
| Tax attributable to the above revaluation | - | - | - | 19 | 19 |
| Other comprehensive income | - | 1,186 | -439 | -59 | 688 |
| Total comprehensive income | - | 1,186 | -439 | 18,577 | 19,324 |
| Dividend | - | - | - | -16,137 | -16,137 |
| Shareholder's equity, 30 November 2016 | 207 | 2,849 | -198 | 58,378 | 61,236 |
| Full year 2017 | Full year 2016 | |
|---|---|---|
| Current operations | ||
| Profit after financial items* | 20,809 | 24,039 |
| Provisions for pensions | 9 | -9 |
| Depreciation | 8,488 | 7,605 |
| Tax paid | -6,051 | -4,470 |
| Other | -20 | - |
| Cash flow from current operations before changes in working capital | 23,235 | 27,165 |
| Cash flow from changes in working capital | ||
| Current receivables | -1,115 | -1,817 |
| Stock-in-trade | -2,414 | -6,511 |
| Current liabilities | 1,881 | 4,938 |
| CASH FLOW FROM CURRENT OPERATIONS | 21,587 | 23,775 |
| Investing activities | ||
| Investment in leasehold and similar rights | -102 | -139 |
| Investments in other intangible assets | -2,058 | -1,476 |
| Investment in buildings and land | -27 | -60 |
| Investment in fixed assets | -10,284 | -11,671 |
| Other investments | -25 | -152 |
| CASH FLOW FROM INVESTING ACTIVITIES | -12,496 | -13,498 |
| Financial activities | ||
| Short-term loans | 7,677 | 2,068 |
| Amortisation finance lease | -57 | - |
| Dividend | -16,137 | -16,137 |
| CASH FLOW FROM FINANCIAL ACTIVITIES | -8,517 | -14,069 |
| CASH FLOW FOR THE YEAR | 574 | -3,792 |
| Cash and cash equivalents at beginning of the financial year | 9,446 | 12,950 |
| Cash flow for the year | 574 | -3,792 |
| Exchange rate effect | -302 | 288 |
| Cash and cash equivalents at end of the financial year** | 9,718 | 9,446 |
* Interest paid for the group amounts to SEK 40 m (8).
Received interest for the group amounts to SEK 260 m (224).
** Cash and cash equivalents and short-term investments at the end of the financial year amounted to SEK 9,718 m (9,446).
Q4, 1 September - 30 November
| Market | Q4 - 2017 | Q4 - 2016 | Change in % | 30 Nov - 17 | Q4 - 2017 | ||
|---|---|---|---|---|---|---|---|
| SEK m | SEK m | SEK | Local | No. of stores | New | Closed | |
| currency | stores | stores | |||||
| Sweden | 2,658 | 2,670 | 0 | 0 | 172 | 5 | 5 |
| Norway | 1,480 | 1,599 | -7 | -4 | 128 | 2 | |
| Denmark | 1,519 | 1,567 | -3 | -3 | 110 | 8 | |
| UK | 3,704 | 4,006 | -8 | -5 | 292 | 15 | 1 |
| Switzerland | 1,355 | 1,673 | -19 | -14 | 100 | 2 | |
| Germany | 9,479 | 10,297 | -8 | -9 | 463 | 6 | |
| Netherlands | 1,935 | 2,231 | -13 | -14 | 145 | 1 | |
| Belgium | 1,083 | 1,172 | -8 | -8 | 97 | 5 | |
| Austria | 1,505 | 1,531 | -2 | -2 | 86 | 3 | 1 |
| Luxembourg | 114 | 123 | -7 | -6 | 10 | ||
| Finland | 679 | 737 | -8 | -8 | 64 | 1 | |
| France | 3,321 | 3,536 | -6 | -6 | 240 | 7 | 3 |
| USA | 6,802 | 7,294 | -7 | 0 | 536 | 26 | 1 |
| Spain | 1,981 | 2,054 | -4 | -3 | 175 | 2 | 1 |
| Poland | 1,417 | 1,239 | 14 | 12 | 175 | 7 | 1 |
| 442 | 400 | 11 | 6 | 50 | 3 | 1 | |
| Czech Republic | |||||||
| Portugal | 310 | 335 | -7 | -7 | 32 | 1 | |
| Italy | 2,409 | 2,561 | -6 | -6 | 175 | 4 | |
| Canada | 1,243 | 1,282 | -3 | -2 | 91 | 5 | 2 |
| Slovenia | 146 | 150 | -3 | -3 | 13 | ||
| Ireland | 297 | 294 | 1 | 1 | 24 | ||
| Hungary | 484 | 454 | 7 | 8 | 45 | 3 | |
| Slovakia | 201 | 188 | 7 | 6 | 22 | 2 | |
| Greece | 516 | 526 | -2 | -2 | 35 | 1 | 1 |
| China | 2,641 | 3,086 | -14 | -10 | 506 | 20 | 4 |
| Hong Kong | 342 | 477 | -28 | -23 | 28 | 1 | 1 |
| Japan | 1,249 | 1,432 | -13 | -2 | 82 | 4 | |
| Russia | 1,396 | 1,165 | 20 | 17 | 134 | 8 | |
| South Korea | 490 | 495 | -1 | 4 | 41 | 2 | 1 |
| Turkey | 843 | 844 | 0 | 26 | 70 | 2 | |
| Romania | 637 | 591 | 8 | 11 | 56 | 1 | |
| Croatia | 239 | 248 | -4 | -3 | 15 | ||
| Singapore | 210 | 256 | -18 | -13 | 13 | ||
| Bulgaria | 191 | 181 | 6 | 7 | 20 | ||
| Latvia | 99 | 96 | 3 | 3 | 8 | ||
| 250 | 289 | -13 | -6 | 44 | 5 | ||
| Malaysia | |||||||
| Mexico | 637 | 453 | 41 | 45 | 37 | 8 | |
| Chile | 428 | 340 | 26 | 26 | 8 | 4 | |
| Lithuania | 96 | 87 | 10 | 11 | 9 | ||
| Serbia | 133 | 120 | 11 | 8 | 12 | 1 | |
| Estonia | 103 | 102 | 1 | 2 | 10 | ||
| Australia | 611 | 649 | -6 | -2 | 32 | 5 | |
| Philippines | 244 | 225 | 8 | 24 | 32 | 5 | |
| Taiwan | 167 | 168 | -1 | 3 | 12 | ||
| Peru | 172 | 148 | 16 | 24 | 8 | 1 | |
| Macau | 29 | 41 | -29 | -20 | 2 | ||
| India | 305 | 245 | 24 | 27 | 27 | 10 | |
| South Africa | 206 | 192 | 7 | -22 | 17 | 6 | |
| Puerto Rico | 12 | 38 | -68 | -62 | 2 | ||
| Cyprus | 26 | 35 | -26 | -30 | 1 | ||
| New Zealand | 81 | 55 | 47 | 45 | 3 | 2 | |
| Kazakhstan | 56 | 3 | |||||
| Colombia | 95 | 3 | 1 | ||||
| Iceland | 81 | 2 | 1 | ||||
| Vietnam | 70 | 2 | 2 | ||||
| 8 | 1 | 1 | |||||
| Georgia | |||||||
| Franchise | 1,254 | 1,121 | 12 | 10 | 219 | 11 | 1 |
| Total | 58,481 | 61,098 | -4 | -2 | 4,739 | 210 | 2 4 |
Full year, 1 December - 30 November
| Market | 2017 | 2016 | Change in % | 30 Nov - 17 | Full year | ||
|---|---|---|---|---|---|---|---|
| SEK m | SEK m | SEK | Local | No. of stores | New | Closed | |
| currency | stores | stores | |||||
| Sweden | 10,284 | 10,151 | 1 | 1 | 172 | 7 | 11 |
| Norway | 6,120 | 5,926 | 3 | 1 | 128 | 3 | 2 |
| Denmark | 5,782 | 5,682 | 2 | -1 | 110 | 11 | 3 |
| UK | 14,580 | 15,058 | -3 | 3 | 292 | 24 | 13 |
| Switzerland | 5,909 | 6,328 | -7 | -8 | 100 | 4 | 2 |
| Germany | 36,789 | 37,174 | -1 | -3 | 463 | 10 | 6 |
| Netherlands | 7,484 | 7,898 | -5 | -7 | 145 | 4 | 4 |
| Belgium | 4,506 | 4,404 | 2 | 0 | 97 | 9 | 2 |
| Austria | 5,591 | 5,557 | 1 | -2 | 86 | 5 | 2 |
| Luxembourg | 463 | 464 | 0 | -2 | 10 | ||
| Finland | 2,838 | 2,866 | -1 | -3 | 64 | 3 | |
| France | 13,658 | 13,559 | 1 | -1 | 240 | 10 | 8 |
| USA | 27,807 | 26,874 | 3 | 2 | 536 | 72 | 4 |
| Spain | 8,140 | 7,894 | 3 | 1 | 175 | 10 | 4 |
| Poland | 5,412 | 4,701 | 15 | 11 | 175 | 11 | 2 |
| Czech Republic | 1,619 | 1,428 | 13 | 9 | 50 | 4 | 2 |
| Portugal | 1,316 | 1,272 | 3 | 1 | 32 | 1 | |
| Italy | 9,180 | 9,081 | 1 | -1 | 175 | 12 | 3 |
| Canada | 4,789 | 4,330 | 11 | 7 | 91 | 8 | 2 |
| Slovenia | 551 | 542 | 2 | 0 | 13 | 1 | |
| Ireland | 1,142 | 1,103 | 4 | 1 | 24 | 1 | |
| Hungary | 1,778 | 1,590 | 12 | 9 | 45 | 3 | |
| Slovakia | 739 | 681 | 9 | 6 | 22 | 3 | |
| Greece | 1,954 | 1,891 | 3 | 1 | 35 | 3 | 3 |
| China | 2 | 3 | 506 | 69 | 7 | ||
| 11,030 | 10,842 | 2 | 2 | ||||
| Hong Kong | 1,663 | 1,919 | -13 | -15 | 28 | ||
| Japan | 4,819 | 4,600 | 5 | 6 | 82 | 17 | 1 |
| Russia | 5,709 | 4,304 | 33 | 14 | 134 | 21 | |
| South Korea | 1,988 | 1,675 | 19 | 15 | 41 | 9 | 3 |
| Turkey | 3,226 | 2,816 | 15 | 37 | 70 | 9 | 1 |
| Romania | 2,357 | 2,102 | 12 | 11 | 56 | 6 | 2 |
| Croatia | 856 | 846 | 1 | -2 | 15 | ||
| Singapore | 961 | 1,030 | -7 | -7 | 13 | ||
| Bulgaria | 697 | 641 | 9 | 7 | 20 | 1 | |
| Latvia | 395 | 332 | 19 | 17 | 8 | ||
| Malaysia | 1,175 | 1,130 | 4 | 8 | 44 | 9 | |
| Mexico | 2,307 | 1,561 | 48 | 51 | 37 | 12 | |
| Chile | 1,488 | 1,129 | 32 | 25 | 8 | 4 | |
| Lithuania | 393 | 317 | 24 | 22 | 9 | 1 | |
| Serbia | 435 | 369 | 18 | 15 | 12 | 3 | |
| Estonia | 419 | 377 | 11 | 9 | 10 | 2 | |
| Australia | 2,621 | 1,999 | 31 | 26 | 32 | 10 | |
| Philippines | 1,037 | 869 | 19 | 25 | 32 | 11 | |
| Taiwan | 778 | 665 | 17 | 9 | 12 | 2 | |
| Peru | 855 | 510 | 68 | 62 | 8 | 2 | |
| Macau | 135 | 166 | -19 | -19 | 2 | ||
| India | 1,179 | 606 | 95 | 87 | 27 | 15 | |
| South Africa | 890 | 645 | 38 | 10 | 17 | 9 | |
| Puerto Rico | 101 | 63 | 60 | 58 | 2 | ||
| Cyprus | 96 | 35 | 174 | 166 | 1 | ||
| New Zealand | 210 | 55 | 282 | 266 | 3 | 2 | |
| Kazakhstan | 177 | 3 | 3 | ||||
| Colombia | 224 | 3 | 3 | ||||
| Iceland | 94 | 2 | 2 | ||||
| Vietnam | 70 | 2 | 2 | ||||
| Georgia | 8 | 1 | 1 | ||||
| Franchise | 4,947 | 4,808 | 3 | -2 | 219 | 33 | 2 |
| Total | 231,771 | 222,865 | 4 | 3 | 4,739 | 479 | 91 |
Full year, 1 December - 30 November
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Sales including VAT, SEK m | 150,090 | 176,620 | 209,921 | 222,865 | 231,771 |
| Sales excluding VAT, SEK m | 128,562 | 151,419 | 180,861 | 192,267 | 200,004 |
| Change sales excl. VAT from previous year in SEK, % | 6 | 18 | 19 | 6 | 4 |
| Change sales excl. VAT previous year in local currencies, % | 9 | 14 | 11 | 7 | 3 |
| Operating profit, SEK m | 22,090 | 25,583 | 26,942 | 23,823 | 20,569 |
| Operating margin, % | 17.2 | 16.9 | 14.9 | 12.4 | 10.3 |
| Depreciations for the year, SEK m | 4,191 | 5,045 | 6,399 | 7,605 | 8,488 |
| Profit after financial items, SEK m | 22,448 | 25,895 | 27,242 | 24,039 | 20,809 |
| Profit after tax, SEK m | 17,093 | 19,976 | 20,898 | 18,636 | 16,184 |
| Cash and cash equivalents and short-term investments, SEK m | 17,224 | 16,693 | 12,950 | 9,446 | 9,718 |
| Stock-in-trade, SEK m | 16,695 | 19,403 | 24,833** | 31,732** | 33,712** |
| Equity, SEK m | 45,248 | 51,556 | 58,049 | 61,236 | 59,713 |
| Number of shares, thousands* | 1,655,072 | 1,655,072 | 1,655,072 | 1,655,072 | 1,655,072 |
| Earnings per share, SEK* | 10.33 | 12.07 | 12.63 | 11.26 | 9.78 |
| Equity per share, SEK* | 27.34 | 31.15 | 35.07 | 37.00 | 36.08 |
| Cash flow from current operations | |||||
| per share, SEK* | 14.40 | 14.60 | 14.54 | 14.36 | 13.04 |
| Dividend per share, SEK | 9.50 | 9.75 | 9.75 | 9.75 | 9.75*** |
| Return on equity, % | 38.4 | 41.3 | 38.1 | 31.2 | 26.8 |
| Return on capital employed, % | 50.0 | 53.1 | 49.3 | 39.2 | 31.0 |
| Share of risk-bearing capital, % | 73.0 | 72.5 | 72.7 | 67.1 | 61.0 |
| Equity/assets ratio, % | 68.9 | 68.2 | 67.6 | 62.1 | 56.0 |
| Total number of stores | 3,132 | 3,511 | 3,924 | 4,351 | 4,739 |
| Average number of employees | 81,099 | 93,351 | 104,634 | 114,586 | 123,178 |
* Before and after dilution.
** The booked value of stock-in-trade for 2015-2017 is approximately 5 percent higher than previous years as a result of improved invoicing processes. Accounts payable have increased with the corresponding amount.
*** Proposed by the Board of Directors. For more information see the board of directors' dividend proposal in the full-year report for 2017.
For definitions of key figures see the annual report
| 2017 | 2016 | |
|---|---|---|
| Asia and Oceania | ||
| External net sales | 29,557 | 27,416 |
| Operating profit | 1,143 | 1,927 |
| Operating margin, % | 3.9 | 7.0 |
| Assets excluding tax receivables and internal receivables | 14,490 | 14,657 |
| Liabilities excluding tax liabilities and internal liabilities | 1,487 | 1,430 |
| Investments | 1,651 | 2,505 |
| Depreciation | 1,455 | 1,169 |
| Europe and Africa | ||
| External net sales | 135,567 | 132,689 |
| Operating profit | 4,066 | 4,006 |
| Operating margin, % | 3.0 | 3.0 |
| Assets excluding tax receivables and internal receivables | 45,894 | 41,143 |
| Liabilities excluding tax liabilities and internal liabilities | 13,553 | 11,975 |
| Investments | 4,824 | 5,787 |
| Depreciation | 4,118 | 3,995 |
| North and South America | ||
| External net sales | 34,880 | 32,162 |
| Operating profit | 794 | 971 |
| Operating margin, % | 2.3 | 3.0 |
| Assets excluding tax receivables and internal receivables | 18,959 | 17,369 |
| Liabilities excluding tax liabilities and internal liabilities | 6,785 | 5,998 |
| Investments | 3,258 | 3,360 |
| Depreciation | 2,120 | 1,791 |
| Group Functions | ||
| Net sales to other segments | 72,901 | 79,284 |
| Operating profit | 14,566 | 16,919 |
| Operating margin, % | 20.0 | 21.3 |
| Assets excluding tax receivables and internal receivables | 21,928 | 22,548 |
| Liabilities excluding tax liabilities and internal liabilities | 18,775 | 12,608 |
| Investments | 3,017 | 2,009 |
| Depreciation | 795 | 650 |
| Eliminations | ||
| Net sales to other segments | -72,901 | -79,284 |
| Total | ||
| External net sales | 200,004 | 192,267 |
| Operating profit | 20,569 | 23,823 |
| Operating margin, % | 10.3 | 12.4 |
| Assets excluding tax receivables and internal receivables | 101,271 | 95,717 |
| Liabilities excluding tax liabilities and internal liabilities | 40,600 | 32,011 |
| Investments | 12,750 | 13,661 |
| Depreciation | 8,488 | 7,605 |
| Q4 | Q4 | Full year | Full year | |
|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | |
| External sales excluding VAT | 4 | - | 13 | - |
| Internal sales excluding VAT* | 1,064 | 1,157 | 4,069 | 3,985 |
| GROSS PROFIT | 1,068 | 1,157 | 4,082 | 3,985 |
| Administrative expenses | -24 | -38 | -158 | -173 |
| OPERATING PROFIT | 1,044 | 1,119 | 3,924 | 3,812 |
| Dividend from subsidiaries | 9,945 | 11,126 | 13,004 | 12,597 |
| Interest income and similar items** | 2 | 0 | 18 | 153 |
| Interest expense and similar items*** | 38 | - | -91 | 0 |
| PROFIT AFTER FINANCIAL ITEMS | 11,029 | 12,245 | 16,855 | 16,562 |
| Year-end appropriations | -328 | 18 | -328 | 18 |
| Tax | -164 | -250 | -773 | -876 |
| PROFIT FOR THE PERIOD | 10,537 | 12,013 | 15,754 | 15,704 |
* Internal sales in the quarter consists of royalty of SEK 1,030 m (1,026) and other SEK 34 m (131) received from group companies and for the full-year of royalty of SEK 3,962 m (3,849) and other SEK 107 m (136).
** Interest income and similar items in the quarter consists of SEK 2 m (13) in interest income and SEK 0 m (-13) in translation effects from group companies and in the full-year of SEK 18 m (21) in interest income and SEK 0 m (132) in translation effects from group companies. *** Interest expense and similar items in the quarter consists of SEK -5 m (0) in interest expense and SEK 43 m (0) in translation effects from group companies and in the full-year of SEK -11 m (0) in interest expense and SEK -80 m (0) in translation effects from group companies.
| Q4 2017 |
Q4 2016 |
Full year 2017 |
Full year 2016 |
|
|---|---|---|---|---|
| PROFIT FOR THE PERIOD | 10,537 | 12,013 | 15,754 | 15,704 |
| Other comprehensive income | ||||
| Items that have not been and will not be reclassified to profit or loss | ||||
| Remeasurement of defined benefit pension plans | -1 | -4 | -1 | -4 |
| Tax related to the above remeasurement | 0 | 1 | 0 | 1 |
| OTHER COMPREHENSIVE INCOME | -1 | -3 | -1 | -3 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 10,536 | 12,010 | 15,753 | 15,701 |
| 30 Nov - 2017 | 30 Nov - 2016 | |
|---|---|---|
| ASSETS | ||
| FIXED ASSETS | ||
| Tangible fixed assets | ||
| Buildings and land | 148 | 127 |
| Equipment, tools, fixture and fittings | 219 | 313 |
| 367 | 440 | |
| Other fixed assets | ||
| Shares and participation rights | 588 | 588 |
| Receivables from subsidiaries | 849 | 779 |
| Long-term receivables | 111 | 11 |
| Deferred tax receivables | 79 | 42 |
| 1,627 | 1,420 | |
| TOTAL FIXED ASSETS | 1,994 | 1,860 |
| CURRENT ASSETS | ||
| Current receivables | ||
| Accounts receivable | 4 | - |
| Receivables from subsidiaries | 19,287 | 16,179 |
| Other receivables | 8 | 7 |
| Prepaid expenses | 13 | 0 |
| 19,312 | 16,186 | |
| Cash and cash equivalents | 133 | 376 |
| TOTAL CURRENT ASSETS | 19,445 | 16,562 |
| TOTAL ASSETS | 21,439 | 18,422 |
| 30 Nov - 2017 | 30 Nov - 2016 | |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| EQUITY | ||
| Restricted equity | ||
| Share capital | 207 | 207 |
| Restricted reserves | 88 | 88 |
| 295 | 295 | |
| Non-restricted equity | ||
| Retained earnings | 430 | 861 |
| Profit for the year | 15,753 | 15,701 |
| 16,183 | 16,562 | |
| TOTAL EQUITY | 16,478 | 16,857 |
| UNTAXED RESERVES | 417 | 429 |
| LIABILITIES | ||
| Long-term liabilities | ||
| Provisions for pensions* | 182 | 191 |
| Short-term liabilities | ||
| Accounts payable | 3 | 3 |
| Tax liabilities | 41 | 729 |
| Liabilities to credit institutions* | 4,000 | - |
| Other liabilities | 176 | 206 |
| Accrued expenses and prepaid income | 142 | 7 |
| 4,362 | 945 | |
| TOTAL LIABILITIES | 4,544 | 1,136 |
| TOTAL EQUITY AND LIABILITIES | 21,439 | 18,422 |
* Only provisions for pensions and liabilities to credit institutions are interest-bearing.
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