Financial position

Assets and capital employed

The Group’s total assets increased 5% compared with the preceding year, amounting to SEK 154,266m (147,016). Non-current assets increased SEK 5,023m compared with the preceding year to SEK 112,121m (107,098), of which property, plant and equipment amounted to SEK 51,673m (48,482) and intangible assets to SEK 55,028m (53,121). Current and strategic capital expenditures in non-current assets amounted to SEK 6,781m. Total depreciation and amortization for the year was SEK 6,175m, of which amortization of acquisition-related intangible assets amounted to SEK 732m.

Current assets increased SEK 2,227m to SEK 42,145m (39,918). Working capital amounted to SEK 7,568m (5,901). Capital employed was 7% higher and totaled SEK 109,303m (102,037). 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 65,679m at year-end. In 2017, the Group’s foreign net assets totaled SEK 65,389m.

Equity

The Group’s equity increased by SEK 5,329m during the period, to SEK 54,899m (49,570). Net profit for the period increased equity by SEK 8,552m. Equity decreased by SEK 4,435m on account of the dividend to shareholders. Equity decreased net after tax by SEK 861m 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 increased equity by SEK 77m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, increased equity by SEK 1,976m. Other items increased equity by SEK 20m.

Financing

The Group’s interest-bearing gross debt amounted to SEK 54,326m (54,838) at year-end. The maturity period was 3.5 (4.3) years.

Net debt increased by SEK 1,937m compared with the same point in time last year and amounted to SEK 54,404m. Excluding pension liabilities, net debt amounted to SEK 50,263m. Net cash flow reduced net debt by SEK 1,307m. Fair value measurement of pension assets and updated assumptions and assessments that affect measurement of the net pension liability, together with fair value measurement of financial instruments, increased net debt by SEK 1,042m. Exchange rate movements increased net debt by SEK 2,202m.

Key figures

The debt/equity ratio was 0.99 (1.06). Excluding pension liabilities, the debt/equity ratio was 0.92 (0.99). The visible equity/assets ratio was 31% (29). The adjusted return on capital employed was 12.0% (14.9). The adjusted return on equity was 18.0% (21.3). The capital turnover rate was 1.1 (1.2). At year-end, working capital amounted to 6% (5) of net sales.