Group summary


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Mar 2021
Net sales	3,586	2,881	10,122	8,409	13,049	11,336
Cost of sales	-2,497	-1,984	-7,010	-5,847	-9,026	-7,863
Gross profit	1,089	897	3,112	2,562	4,023	3,473
Selling expenses	-538	-478	-1,528	-1,346	-2,025	-1,843
Administrative expenses	-190	-171	-553	-475	-715	-637
Other operating income and expenses	21	-10	34	-18	48	-4
Operating profit	382	238	1,065	723	1,331	989
- as % of net sales	10.7	8.3	10.5	8.6	10.2	8.7
Financial income and expenses	-18	-12	-46	-37	-61	-52
Profit after financial items	364	226	1,019	686	1,270	937
- as % of net sales	10.1	7.8	10.1	8.2	9.7	8.3
Income tax expense	-85	-52	-227	-147	-288	-208
Profit for the period	279	174	792	539	982	729

Profit for the period attributable to:
Equity holders of the Parent Company	265	168	761	523	944	706
Non-controlling interests	14	6	31	16	38	23

Earnings per share before dilution, SEK	0.95	0.65	2.80	1.95	3.45	2.60
Earnings per share after dilution, SEK	0.95	0.65	2.80	1.95	3.45	2.60

Average number of shares after repurchases, ’000s	269,456	269,159	269,363	268,991	269,331	269,051
Number of shares at end of the period, ’000s	269,474	269,227	269,474	269,227	269,474	269,275


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Mar 2021
Profit for the period	279	174	792	539	982	729
Items that may be reclassified to profit or loss
Cash flow hedges	1	-4	2	-6	5	-3
Foreign currency translation differences for the period	85	-136	35	-289	182	-142
Items that will not be reclassified to profit or loss
Actuarial effects of the net pension obligation	-5	-	-5	-24	34	15
Other comprehensive income	81	-140	32	-319	221	-130
Total comprehensive income	360	34	824	220	1,203	599

Total comprehensive income attributable to:
Equity holders of the Parent Company	344	31	792	211	1,161	580
Non-controlling interests	16	3	32	9	42	19


SEKm	31 Dec 2021	31 Dec 2020	31 Mar 2021
Goodwill	3,109	2,604	2,727
Other intangible non-current assets	1,938	1,728	1,769
Property, plant and equipment	991	965	1,008
Financial non-current assets	65	61	60
Total non-current assets	6,103	5,358	5,564
Inventories	2,266	1,716	1,661
Current receivables	2,474	1,835	2,161
Cash and cash equivalents	478	454	420
Total current assets	5,218	4,005	4,242
Total assets	11,321	9,363	9,806
Total equity	3,952	3,084	3,450
Interest-bearing provisions	344	387	336
Non-interest-bearing provisions	426	369	388
Non-current interest-bearing liabilities	2,359	2,104	2,056
Non-current non-interest-bearing liabilities	10	9	9
Total non-current liabilities	3,139	2,869	2,789
Non-interest-bearing provisions	56	61	56
Current interest-bearing liabilities	1,418	1,326	1,162
Current non-interest-bearing liabilities	2,756	2,023	2,349
Total current liabilities	4,230	3,410	3,567
Total equity and liabilities	11,321	9,363	9,806


SEKm	31 Dec 2021	31 Dec 2020	31 Mar 2021
Opening balance	3,450	3,076	3,076
Exercised, issued and repurchased options	3	20	25
Dividend, ordinary	-323	-269	-269
Dividend, non-controlling interests	-14	-4	-4
Change non-controlling interests	12	163	158
Option debt, acquisition	-	-122	-135
Total comprehensive income	824	220	599
Closing balance	3,952	3,084	3,450


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Dec 2020	31 Dec 2021	31 Mar 2021
Profit after financial items	364	226	1,019	686	1,270	937
Adjustment for items not included in cash flow	147	133	420	400	571	551
Income tax paid	-149	-100	-314	-239	-395	-320
Changes in working capital	8	224	-320	203	-188	335
Cash flow from operating activities	370	483	805	1,050	1,258	1,503
Net investments in non-current assets	-35	-16	-65	-45	-99	-79
Acquisitions and disposals	-119	-166	-711	-1,054	-876	-1,219
Cash flow from investing activities	-154	-182	-776	-1,099	-975	-1,298
Dividend paid to shareholders	-	-	-323	-269	-323	-269
Repurchase of own shares/change of options	32	25	3	20	8	25
Other financing activities	-259	-315	354	434	26	106
Cash flow from financing activities	-227	-290	34	185	-289	-138
Cash flow for the period	-11	11	63	136	-6	67
Cash and cash equivalents at beginning of period	479	467	420	363	454	363
Exchange differences on cash and cash equivalents	10	-24	-5	-45	30	-10
Cash and cash equivalents at end of period	478	454	478	454	478	420


	31 Dec 2021			31 Mar 2021
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	4	4	-	2	2	-
Derivatives - fair value through profit	2	2	-	2	2	-
Total financial assets at fair value per level	6	6	-	4	4	-

Derivatives - fair value, hedge instruments	1	1	-	3	3	-
Derivatives - fair value through profit	7	7	-	4	4	-
Contingent considerations - fair value through profit	334	-	334	267	-	267
Total financial liabilities at fair value per level	342	8	334	274	7	267

The fair value and carrying amount are recognised in the balance sheet as shown in the table above. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. As at the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.

Contingent considerations	31 Dec 2021		31 Mar 2021
Opening balance		267		151
Acquisitions during the year		124		170
Reversed through profit or loss		-5		9
Consideration paid		-63		-64
Interest expenses		9		9
Exchange differences		2		-8
Closing balance		334		267


	12 months ending
	31 Dec 2021	31 Mar 2021	31 Dec 2020	31 Mar 2020	31 Mar 2019
Net sales, SEKm	13,049	11,336	11,447	11,735	10,148
EBITDA, SEKm	1,888	1,501	1,565	1,579	1,137
EBITA, SEKm	1,621	1,251	1,323	1,364	1,085
EBITA-margin, %	12.4	11.0	11.6	11.6	10.7
Operating profit, SEKm	1,331	989	1,075	1,161	910
Operating margin, %	10.2	8.7	9.4	9.9	9.0
Profit after financial items, SEKm	1,270	937	1,019	1,105	865
Profit for the period, SEKm	982	729	804	873	672

Working capital	2,463	2,416	2,460	2,415	2,029
Return on working capital (P/WC), %	66	52	54	56	53
Return on equity, %	28	23	27	32	29
Return on capital employed, %	19	15	17	21	21
Equity ratio, %	35	35	33	36	36

Financial net debt, SEKm	3,643	3,134	3,363	2,585	1,960
Debt / equity ratio, multiple	0.9	0.9	1.1	0.8	0.8
Financial net debt / EBITDA, multiple	1.9	2.1	2.1	1.6	1.7
Net debt excl. pensions, SEKm	3,299	2,798	2,976	2,253	1,700
Net debt, excl pensions / equity ratio, multiple	0.8	0.8	1.0	0.7	0.7
Interest coverage ratio, multiple	20.8	15.8	16.6	20.5	22.1

Average number of employees	3,240	3,068	3,025	2,913	2,590
Number of employees at end of the period	3,381	3,133	3,103	2,981	2,759


	12 months ending
SEK	31 Dec 2021	31 Mar 2021	31 Dec 2020	31 Mar 2020	31 Mar 2019
Earnings per share before dilution	3.45	2.60	2.90	3.20	2.45
Earnings per share after dilution	3.45	2.60	2.90	3.20	2.45
Cash flow from operating activities per share	4.65	5.60	5.60	4.15	1.95
Shareholders’ equity per share	13.65	11.95	10.60	11.25	9.20
Share price at the end of the period	216.00	130.00	109.00	61.13	48.25
Average number of shares after repurchases, ’000s	269,331	269,051	268,854	268,493	268,187
Average number of shares adjusted for repurchases and dilution, ’000s	270,209	269,969	269,562	269,200	268,755
Number of shares outstanding at end of the period, ’000s	269,474	269,275	269,227	268,594	268,228


For definitions of key financial indicators, see page 17-19.

INTERIM REPORT Q3 2021/2022