Financial position
Assets and capital employed
The Group’s total assets decreased 4.7% compared with the preceding year, amounting to SEK 154,645m (162,295). Non-current assets decreased SEK 8,785m compared with the preceding year to SEK 111,529m (120,314), of which property, plant and equipment amounted to SEK 53,631m (56,900) and intangible assets to SEK 50,898m (55,763).
Current assets totaled SEK 43,116m (41,981). Working capital amounted to SEK 7,146m (6,782). Capital employed was 6.7% lower and totaled SEK 106,030m (113,741).
Equity
The Group’s equity increased by SEK 541m during the period, to SEK 63,342m (62,801). Net profit for the period increased equity by SEK 11,747m. Equity decreased due to dividends to shareholders of SEK 4,843m. Equity increased net after tax by SEK 78m 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 349m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, reduced equity by SEK 6,896m. Other items increased equity by SEK 106m.
Financing
The Group’s interest-bearing gross debt amounted to SEK 43,353m (48,191) at year-end. The maturity period was 3.1 (3.1) years.
During the year, net debt decreased year-on-year by SEK 8,252m and amounted to SEK 42,688m. Excluding pension liabilities, net debt amounted to SEK 40,176m. Net cash flow reduced net debt by SEK 6,046m. 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 199m. Exchange rate movements reduced net debt by SEK 2,804m. Investments in non-operating assets through leases increased net debt by SEK 399m.
Key figures
The debt/equity ratio was 0.67 (0.81). Excluding pension liabilities, the debt/equity ratio was 0.63 (0.76). The visible equity/assets ratio was 35% (33). Adjusted return on capital employed and equity was 15.7% (13.8) and 18.3% (18.4), respectively. The capital turnover rate was 1.1 (1.1). At year-end, working capital amounted to 6% (5) of net sales.
|
2020 |
% |
2019 |
% |
2018 |
% |
|---|---|---|---|---|---|---|
EUR |
43,218 |
41 |
43,985 |
39 |
43,678 |
40 |
USD |
17,458 |
16 |
20,173 |
18 |
20,304 |
19 |
CNY |
17,750 |
17 |
17,376 |
15 |
16,865 |
15 |
MXN |
5,519 |
5 |
6,570 |
6 |
5,505 |
5 |
GBP |
4,794 |
5 |
5,432 |
5 |
5,325 |
5 |
Other |
17,291 |
16 |
20,205 |
17 |
17,626 |
16 |
Total |
106,030 |
100 |
113,741 |
100 |
109,303 |
100 |
SEKm |
2020 |
2019 |
2018 |
|---|---|---|---|
Intangible assets |
50,898 |
55,763 |
55,028 |
Property, plant and equipment |
53,631 |
56,900 |
51,673 |
Other non-current assets |
7,000 |
7,651 |
5,420 |
Total non-current assets |
111,529 |
120,314 |
112,121 |
Current assets |
43,116 |
41,981 |
42,145 |
Total assets |
154,645 |
162,295 |
154,266 |
Equity |
63,342 |
62,801 |
54,899 |
Non-current liabilities |
50,230 |
56,214 |
57,795 |
Current liabilities |
41,073 |
43,280 |
41,572 |
Total equity and liabilities |
154,645 |
162,295 |
154,266 |
Working capital |
7,146 |
6,782 |
7,568 |
Capital employed |
106,030 |
113,741 |
109,303 |
Net debt |
42,688 |
50,940 |
54,404 |
Net debt and debt payment capacity
Adjusted return on capital employed and equity1)
1) Excluding items affecting comparability.
Capital employed, share of Group
