Comments to the financial multi-year summary

Income statement

Net sales

In 2015, organic sales increased by 6%, of which volume accounted for 3% and price/mix for 3%. This increase was primarily attributable to emerging markets. In 2016, organic sales increased by 3%, of which volume accounted for 2% and price/mix for 1%. This increase was primarily attributable to emerging markets. The acquisition of Wausau Paper Corp. increased net sales by 3%. In 2017, organic sales increased by 1.2%, of which volume accounted for 0.8% and price/mix for 0.4%. This increase was primarily attributable to emerging markets. The acquisition of BSN medical and Wausau Paper Corp. increased net sales by 6.4%.

In 2015, organic sales for Personal Care increased by 7%, of which volume accounted for 4% and price/mix for 3%. This increase was primarily attributable to emerging markets. In 2016, organic sales increased by 3%, of which volume accounted for 2% and price/mix for 1%. This increase was primarily attributable to higher sales of Feminine Care. The divestment of the Baby Care business in South Africa decreased net sales by 1%. In 2017, organic sales increased by 1.8%, of which volume accounted for 2.2% and price/mix for –0.4%. This increase was primarily attributable to emerging markets. The closures of the Baby Care business in Mexico and the hygiene business in India negatively impacted organic sales by approximately 1%. The acquisition of BSN medical increased net sales by 18.7%.

In 2015, organic sales for Consumer Tissue increased by 6%, of which volume accounted for 4% and price/mix for 2%. This increase was primarily attributable to emerging markets. In 2016, organic sales increased by 3%, of which volume accounted for 1% and price/mix for 2%. This increase was primarily attributable to emerging markets. In 2017, organic sales increased by 0.5%, of which volume accounted for 0.7% and price/mix for –0.2%. This increase was primarily attributable to emerging markets.

In 2015, organic sales for Professional Hygiene increased by 2%, of which volume accounted for 1% and price/mix for 1%. This increase was primarily attributable to higher sales in emerging markets and North America. In 2016, organic sales increased by 3%, of which volume accounted for 3% and price/mix for 0%. This increase was primarily attributable to emerging markets. The acquisition of Wausau Paper Corp. increased net sales by 13%. In 2017, organic sales increased by 1.5%, of which volume accounted for –0.7% and price/mix for 2.2%. This increase was primarily attributable to emerging markets. The acquisition of Wausau Paper Corp. increased net sales by 0.6%.

Adjusted EBITA¹⁾

Adjusted EBITA rose 12% in 2015. The increase was mainly related to a better price/mix, higher volumes and cost savings. Adjusted EBITA rose 13% in 2016. The increase was mainly related to a better price/mix, higher volumes, cost savings, lower raw material and energy costs and acquisitions. Adjusted EBITA rose 12% in 2017. The increase was mainly related to higher volumes, a better price/mix, cost savings, the acquisitions of BSN medical and Wausau Paper Corp., and the closures of the hygiene business in India and the Baby Care business in Mexico.

Adjusted EBITA for Personal Care rose 13% in 2015. The increase was mainly related to a better price/mix, higher volumes and cost savings. Adjusted EBITA rose 7% in 2016. The increase was mainly related to a better price/mix, higher volumes and cost savings. Adjusted EBITA rose 39% in 2017. The increase was mainly related to the acquisition of BSN medical, higher volumes, cost savings and the closures of the hygiene business in India and the Baby Care business in Mexico.

Adjusted EBITA for Consumer Tissue declined 1% in 2015. The decline was mainly attributable to increased raw material costs. Adjusted EBITA rose 16% in 2016. The increase was mainly related to a better price/mix and higher volumes. Adjusted EBITA declined 8% in 2017. The decline was mainly attributable to increased raw material costs.

Adjusted EBITA for Professional Hygiene rose 20% in 2015. The increase was mainly related to a better price/mix, higher volumes and cost savings. Adjusted EBITA rose 10% in 2016. The increase was mainly related to acquisition, higher volumes and lower raw material and energy costs. Adjusted EBITA rose 4% in 2017. The increase was mainly related to a better price/mix, cost savings and the acquisition of Wausau Paper Corp.

Cash flow statement

A total of approximately SEK 41bn has been invested in expansion during the reported four-year period, of which approximately SEK 33bn is attributable to company acquisitions. Maintenance investments amounted to approximately SEK 14bn and have remained at a steady level of about 4% in relation to net sales.

Key figures

The Board of Directors proposes a dividend of SEK 5.75 per share for the 2017 fiscal year.

¹⁾ Excluding items affecting comparability