Financial position
Assets and capital employed
The Group’s total assets increased 13% compared with the preceding year, amounting to SEK 175,050m (154,645). Non-current assets increased SEK 12,518m compared with the preceding year to SEK 124,047m (111,529), of which property, plant and equipment amounted to SEK 58,918m (53,631) and intangible assets to SEK 59,609m (50,898).
Current assets totaled SEK 51,003m (43,116). Working capital amounted to SEK 11,157m (7,146). Capital employed was 17% higher and totaled SEK 123,934m (106,030).
Equity
The Group’s equity increased by SEK 5,165m during the period, to SEK 68,507m (63,342). Net profit for the period increased equity by SEK 9,810m. Equity decreased due to dividends to shareholders of SEK 5,269m. Equity decreased net after tax by SEK 161m 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 2,071m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, increased equity by SEK 4,641m. Equity decreased by SEK 5,961m due to the acquisition of the non-controlling interest in Productos Familia S.A. Other items increased equity by SEK 34m.
Financing
The Group’s interest-bearing gross debt amounted to SEK 54,419m (43,353) at year-end. The maturity period was 4.1 (3.1) years.
Net debt increased SEK 12,745m during the period compared with the same point in time last year and amounted to SEK 55,433m. Excluding pension liabilities, net debt amounted to SEK 52,723m. Net cash flow increased net debt by SEK 10,193m. 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 147m. Exchange rate movements increased net debt by SEK 2,020m. Investments in non-operating assets through leases increased net debt by SEK 385m.
Key figures
The debt/equity ratio was 0.81 (0.67). Excluding pension liabilities, the debt/equity ratio was 0.77 (0.63). The visible equity/assets ratio was 34% (35). Adjusted return on capital employed and equity was 12.0% (15.7) and 14.3% (18.3), respectively. The capital turnover rate was 1.1 (1.1). At year-end, working capital amounted to 9% (6) of net sales.
|
2021 |
% |
2020 |
% |
2019 |
% |
|---|---|---|---|---|---|---|
EUR |
46,001 |
37 |
43,218 |
41 |
43,985 |
39 |
USD |
20,211 |
16 |
17,458 |
16 |
20,173 |
18 |
CNY |
19,904 |
16 |
17,750 |
17 |
17,376 |
15 |
MXN |
5,988 |
5 |
5,519 |
5 |
6,570 |
6 |
GBP |
5,843 |
5 |
4,794 |
5 |
5,432 |
5 |
Other |
25,993 |
21 |
17,291 |
16 |
20,205 |
17 |
Total |
123,940 |
100 |
106,030 |
100 |
113,741 |
100 |
SEKm |
2021 |
2020 |
2019 |
|---|---|---|---|
Intangible assets |
59,609 |
50,898 |
55,763 |
Property, plant and equipment |
58,918 |
53,631 |
56,900 |
Other non-current assets |
5,520 |
7,000 |
7,651 |
Total non-current assets |
124,047 |
111,529 |
120,314 |
Current assets |
51,003 |
43,116 |
41,981 |
Total assets |
175,050 |
154,645 |
162,295 |
Equity |
68,507 |
63,342 |
62,801 |
Non-current liabilities |
59,648 |
50,230 |
56,214 |
Current liabilities |
46,895 |
41,073 |
43,280 |
Total equity and liabilities |
175,050 |
154,645 |
162,295 |
Working capital |
11,157 |
7,146 |
6,782 |
Capital employed |
123,940 |
106,030 |
113,741 |
Net debt |
55,433 |
42,688 |
50,940 |
Net debt and debt payment capacity
Adjusted return on capital employed and equity1)
1) Excluding items affecting comparability.
Capital employed, share of Group
