Financial position
Assets and capital employed
The Group’s total assets increased 29% compared with the preceding year, amounting to SEK 147,016m (114,284). Non-current assets rose SEK 28,808m compared with the preceding year to SEK 107,098m, of which property, plant and equipment increased SEK 988m to SEK 48,482m and intangible assets increased SEK 26,203m to SEK 53,121m. Current and strategic capital expenditures in property, plant and equipment amounted to SEK 6,193m and depreciation for the year to SEK 4,871m.
Current assets rose SEK 3,924m to SEK 39,918m (35,994). Working capital amounted to SEK 5,901m (4,143). Capital employed was 36% higher and totaled SEK 102,037m (74,753). The distribution of capital employed per currency is shown in the table below.
The value denominated in SEK of the Group’s foreign net assets amounted to SEK 65,389m at year-end. In 2016, the Group’s foreign net assets totaled SEK 54,568m.
Equity
Consolidated equity increased by SEK 9,990m during the period to SEK 49,570m (39,580). Net profit for the period increased equity by SEK 8,785m. Equity increased SEK 843m net after tax as a result of fair value measurement of pension assets and updated assumptions and assessments that affect the valuation of the pension liability. Fair value measurement of financial instruments, excluding acquired hedge reserves, reduced equity by SEK 2m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, decreased equity by SEK 1,218m. Equity increased as a result of a private placement of SEK 969m to non-controlling interests in Vinda. Transactions with former shareholders (SCA) in conjunction with the split increased equity by SEK 842m. Equity increased by SEK 78m related to the acquisition of non-controlling interests in conjunction with the acquisition of BSN medical. Other items reduced equity by SEK 307m.
Financing
The Group’s interest-bearing gross debt amounted to SEK 54,838m (36,873) at year-end. The maturity period was 4.3 (4.0) years.
Net debt amounted to SEK 52,467m (35,173) at year-end. Net cash flow increased net debt by SEK 18,791m. Fair value measurement of pension assets and an update of the assumptions and assessments that influence the valuation of pension obligations, net, together with fair valuation of financial instruments, decreased net debt by SEK 1,061m. Exchange rate movements decreased net debt by SEK 436m.
Key figures
The debt/equity ratio was 1.06 (0.89). Excluding pension liabilities, the debt/equity ratio was 0.99 (0.76). The visible equity/assets ratio was 29% (29). Adjusted return on capital employed1) and equity1) was 14.9% (16.4) and 21.3% (14.5) respectively. The capital turnover rate was 1.21 (1.38). At year-end, working capital amounted to 5% (4) of net sales.
1) Excluding items affecting comparability.
|
2017 |
% |
|
2016 |
% |
|
2015 |
% |
EUR |
40,937 |
40 |
|
25,016 |
33 |
|
22,843 |
34 |
USD |
18,020 |
18 |
|
14,419 |
19 |
|
7,124 |
11 |
CNY |
15,550 |
15 |
|
13,402 |
18 |
|
14,140 |
21 |
MXN |
4,621 |
5 |
|
4,309 |
6 |
|
4,591 |
7 |
GBP |
5,119 |
5 |
|
4,306 |
6 |
|
4,332 |
6 |
Other |
17,790 |
17 |
|
13,301 |
18 |
|
14,303 |
21 |
Total |
102,037 |
100 |
|
74,753 |
100 |
|
67,333 |
100 |
SEKm |
2017 |
2016 |
2015 |
Intangible assets |
53,121 |
26,918 |
22,763 |
Property, plant and equipment |
48,482 |
47,494 |
42,402 |
Other non-current assets |
5,495 |
3,878 |
3,084 |
Total non-current assets |
107,098 |
78,290 |
68,249 |
Current assets |
39,918 |
35,994 |
47,102 |
Total assets |
147,016 |
114,284 |
115,351 |
Equity |
49,570 |
39,580 |
48,275 |
Non-current liabilities |
60,828 |
41,971 |
29,170 |
Current liabilities |
36,618 |
32,733 |
37,906 |
Total equity and liabilities |
147,016 |
114,284 |
115,351 |
Working capital |
5,901 |
4,143 |
5,165 |
Capital employed |
102,037 |
74,753 |
67,333 |
Net debt |
52,467 |
35,173 |
19,058 |
Net debt and debt payment capacity
Adjusted return on capital employed and equity1)
1) Excluding items affecting comparability.
Capital employed, share of Group
