F2. Jointly owned group companies with significant non-controlling interests

Vinda

Vinda is one of China’s largest hygiene companies and listed on the Hong Kong stock exchange. Essity’s holding in Vinda amounts to 52%. Vinda’s market capitalization on the Hong Kong stock exchange was SEK 20,266m (16,868; 19,705) at the end of the period.

Familia

Familia is 50% owned by Essity and the remaining shares are primarily owned by the Gomez family. Essity is deemed to have a controlling influence of Familia since it has control over the activities with the most significant impact on Familia’s return. Familia operates in the South American market and sells Personal Care, Consumer Tissue and Professional Hygiene products.

Financial information

Financial information is disclosed below for both Group companies. Financial information has not been disclosed for other Group companies with significant non-controlling interests since no other individual company had a material impact on the Group’s earnings and financial position.

The income statements and balance sheets as shown below are included in Essity’s consolidated financial statements and consider adjustments for surplus values in connection with acquisitions.

Group companies with significant non-controlling interests, 100% of operations

 

Vinda1)

 

Familia1)

SEKm

2019

2018

2017

 

2019

20184)

20173)

1)

For more information about the companies, refer to the list of major Group companies.

2)

For Familia, items affecting comparability in the amount of SEK 25m (41; 52) are included.

3)

Net sales have been adjusted for Familia.

4)

Net sales, operating profit before amortization of acquisition-related intangible assets, profit for the period and other comprehensive income for the period have been adjusted for Familia.

5)

Other comprehensive income and comprehensive income for the period have been adjusted for Vinda in 2018.

Condensed income statement

 

 

 

 

 

 

 

Net sales

19,355

16,543

14,728

 

7,603

7,047

6,286

Operating profit before amortization of acquisition-related intangible assets2)

1,889

1,133

1,074

 

1,042

729

934

Operating profit2)

1,882

1,127

1,067

 

1,032

947

934

Profit for the period

1,364

720

670

 

719

648

649

of which attributable to owners of the Parent company

709

374

348

 

371

334

316

Other comprehensive income for the period5)

62

–13

163

 

191

–39

–325

of which attributable to owners of the Parent company5)

32

–7

85

 

86

–78

–152

Comprehensive income for the period5)

1,426

707

833

 

910

609

324

of which attributable to owners of the Parent company5)

741

367

433

 

457

256

164

of which attributable to non-controlling interests5)

685

340

400

 

453

353

160

Dividend to non-controlling interests

146

125

107

 

151

227

122

 

 

 

 

 

 

 

 

Condensed balance sheet

 

 

 

 

 

 

 

Non-current assets

20,556

19,834

18,324

 

3,861

3,231

2,450

Current assets

7,043

6,552

6,209

 

3,616

3,101

3,131

Total

27,599

26,386

24,533

 

7,477

6,332

5,581

 

 

 

 

 

 

 

 

Equity attributable to owners of the Parent company

9,110

8,373

7,871

 

2,281

1,975

1,946

Equity attributable to non-controlling interests

6,397

5,753

5,348

 

2,190

1,888

1,762

Non-current liabilities

5,399

5,799

5,730

 

1,080

811

394

Current liabilities

6,693

6,461

5,584

 

1,926

1,658

1,479

Total

27,599

26,386

24,533

 

7,477

6,332

5,581

 

 

 

 

 

 

 

 

Cash flow from operating activities

3,031

1,474

1,080

 

887

877

969

Cash flow from investing activities

–1,535

–1,310

–1,401

 

–58

–714

–203

Cash flow from financing activities

–1,625

–63

–329

 

–608

–634

–435

Cash flow for the period

–129

101

–650

 

221

–471

331