Financial position
Assets and capital employed
The Group’s total assets increased 5% compared with the preceding year, amounting to SEK 162,295m (154,266). Non-current assets increased SEK 8,193m compared with the preceding year to SEK 120,314m (112,121), of which property, plant and equipment amounted to SEK 56,900m (51,673) and intangible assets to SEK 55,763m (55,028). Investments in non-current assets, net, amounted to SEK 5,707m. Total depreciation and amortization for the year was SEK 7,477m, of which amortization of acquisition-related intangible assets amounted to SEK 778m.
Current assets totaled SEK 41,981m (42,145). Working capital amounted to SEK 6,782m (7,568). Capital employed was 4% higher and totaled SEK 113,741m (109,303). The distribution of capital employed per currency is shown in the table below.
Equity
The Group’s equity increased by SEK 7,902m during the period, to SEK 62,801m (54,899). Net profit for the period increased equity by SEK 10,212m. Dividends to shareholders of SEK 4,374m reduced equity. Equity increased net after tax by SEK 536m 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 reduced equity by SEK 447m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, increased equity by SEK 1,954m. Other items increased equity by SEK 21m.
Financing
The Group’s interest-bearing gross debt amounted to SEK 48,191m (54,326) at year-end. The maturity period was 3.1 (3.5) years.
During the year, net debt decreased year-on-year by SEK 3,464m and amounted to SEK 50,940m. Excluding pension liabilities, net debt amounted to SEK 47,915m. The new accounting standard for leases increased net debt by SEK 3,786m. Net cash flow reduced net debt by SEK 8,915m. 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, reduced net debt by SEK 487m. Exchange rate movements increased net debt by SEK 1,718m. Investments in non-operating assets through leases increased net debt by SEK 434m.
Key figures
The debt/equity ratio was 0.81 (0.99). Excluding pension liabilities, the debt/equity ratio was 0.76 (0.92). The visible equity/assets ratio was 33% (31). Adjusted return on capital employed and equity was 13.8% (12.0) and 18.4% (18.0) respectively. The capital turnover rate was 1.1 (1.1).
At year-end, working capital amounted to 5% (6) of net sales.
|
2019 |
% |
2018 |
% |
2017 |
% |
EUR |
43,985 |
39 |
43,678 |
40 |
40,937 |
40 |
USD |
20,173 |
18 |
20,304 |
19 |
18,020 |
18 |
CNY |
17,376 |
15 |
16,865 |
15 |
15,550 |
15 |
MXN |
6,570 |
6 |
5,505 |
5 |
4,621 |
5 |
GBP |
5,432 |
5 |
5,325 |
5 |
5,119 |
5 |
Other |
20,205 |
17 |
17,626 |
16 |
17,790 |
17 |
Total |
113,741 |
100 |
109,303 |
100 |
102,037 |
100 |
SEKm |
2019 |
2018 |
2017 |
Intangible assets |
55,763 |
55,028 |
53,121 |
Property, plant and equipment |
56,900 |
51,673 |
48,482 |
Other non-current assets |
7,651 |
5,420 |
5,495 |
Total non-current assets |
120,314 |
112,121 |
107,098 |
Current assets |
41,981 |
42,145 |
39,918 |
Total assets |
162,295 |
154,266 |
147,016 |
Equity |
62,801 |
54,899 |
49,570 |
Non-current liabilities |
56,214 |
57,795 |
60,828 |
Current liabilities |
43,280 |
41,572 |
36,618 |
Total equity and liabilities |
162,295 |
154,266 |
147,016 |
Working capital |
6,782 |
7,568 |
5,901 |
Capital employed |
113,741 |
109,303 |
102,037 |
Net debt |
50,940 |
54,404 |
52,467 |
Net debt and debt payment capacity
Adjusted return on capital employed and equity1)
1) Excluding items affecting comparability.
Capital employed, share of Group
