Group summary


	3 months		Rolling 12 months
SEKm	30 Jun 2022	30 Jun 2021	30 Jun 2022	31 Mar 2022
Net sales	4,376	3,279	15,135	14,038
Cost of sales	-3,076	-2,275	-10,518	-9,717
Gross profit	1,300	1,004	4,617	4,321
Selling expenses	-613	-501	-2,236	-2,124
Administrative expenses	-215	-175	-793	-753
Other operating income and expenses	10	4	63	57
Operating profit	482	332	1,651	1,501
- as % of net sales	11.0	10.1	10.9	10.7
Financial income and expenses	-44	-14	-98	-68
Profit after financial items	438	318	1,553	1,433
- as % of net sales	10.0	9.7	10.3	10.2
Income tax expense	-94	-68	-342	-316
Profit for the period	344	250	1,211	1,117

Profit for the period attributable to:
Equity holders of the Parent Company	329	243	1,160	1,074
Non-controlling interests	15	7	51	43

Earnings per share before dilution, SEK	1.20	0.90	4.30	4.00
Earnings per share after dilution, SEK	1.20	0.90	4.25	3.95

Average number of shares after repurchases, ’000s	269,551	269,291	269,465	269,400
Number of shares at end of the period, ’000s	269,626	269,343	269,626	269,528


	3 months		Rolling 12 months
SEKm	30 Jun 2022	30 Jun 2021	30 Jun 2022	31 Mar 2022
Profit for the period	344	250	1,211	1,117
Components that will be reclassified to profit for the year
Cash flow hedges	1	-2	5	2
Foreign currency translation differences for the period	146	-74	319	99
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation	55	-	73	18
Other comprehensive income	202	-76	397	119
Total comprehensive income	546	174	1,608	1,236

Total comprehensive income attributable to:
Equity holders of the Parent Company	528	168	1,550	1,190
Non-controlling interests	18	6	58	46


SEKm	30 Jun 2022	30 Jun 2021	31 Mar 2022
Goodwill	3,719	2,845	3,306
Other intangible non-current assets	2,386	1,827	2,062
Property, plant and equipment	1,112	957	1,057
Other non-current assets	69	59	65
Total non-current assets	7,286	5,688	6,490
Inventories	3,039	1,878	2,569
Current receivables	3,369	2,351	2,931
Cash and cash equivalents	540	524	437
Total current assets	6,948	4,753	5,937
Total assets	14,234	10,441	12,427
Total equity	4,826	3,627	4,259
Interest-bearing provisions	248	336	314
Non-interest-bearing provisions	587	398	500
Non-current interest-bearing liabilities	3,165	2,228	2,136
Non-current non-interest-bearing liabilities	9	8	9
Total non-current liabilities	4,009	2,970	2,959
Non-interest-bearing provisions	73	54	72
Current interest-bearing liabilities	1,680	1,173	2,048
Current non-interest-bearing liabilities	3,646	2,617	3,089
Total current liabilities	5,399	3,844	5,209
Total equity and liabilities	14,234	10,441	12,427


SEKm	30 Jun 2022	30 Jun 2021	31 Mar 2022
Opening balance	4,259	3,450	3,450
Exercised, issued and repurchased options	8	4	10
Repurchase of treasury shares	-	-	-
Dividend, ordinary	-	-	-323
Dividend, non-controlling interests	-2	-1	-15
Change, non-controlling interests	28	-	58
Option debt, acquisition	-13	-	-157
Total comprehensive income	546	174	1,236
Closing balance	4,826	3,627	4,259


	3 months		Rolling 12 months
SEKm	30 Jun 2022	30 Jun 2021	30 Jun 2022	31 Mar 2022
Profit after financial items	438	318	1,553	1,433
Adjustment for items not included in cash flow	184	131	647	594
Income tax paid	-105	-77	-444	-416
Changes in working capital	-236	-164	-562	-490
Cash flow from operating activities	281	208	1,194	1,121
Net investments in non-current assets	-35	-11	-140	-116
Acquisitions and disposals	-778	-261	-1,656	-1,139
Cash flow from investing activities	-813	-272	-1,796	-1,255
Dividend paid to shareholders	-	-	-323	-323
Repurchase of own shares/change of options	8	4	14	10
Other financing activities	611	178	893	460
Cash flow from financing activities	619	182	584	147
Cash flow for the period	87	118	-18	13
Cash and cash equivalents at beginning of period	437	420	524	420
Exchange differences on cash and cash equivalents	16	-14	34	4
Cash and cash equivalents at end of period	540	524	540	437


	30 Jun 2022			31 Mar 2022
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	9	9	-	6	6	-
Derivatives - fair value through profit	6	6	-	4	4	-
Total financial assets at fair value per level	15	15	-	10	10	-

Derivatives - fair value, hedge instruments	4	4	-	3	3	-
Derivatives - fair value through profit	36	36	-	12	12	-
Contingent considerations - fair value through profit	335	-	335	349	-	349
Total financial liabilities at fair value per level	375	40	335	364	15	349

The fair value and carrying amount are recognised in the balance sheet as shown in the table above. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. As at the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.

Contingent considerations	30 Jun 2022		31 Mar 2022
Opening balance	349			267
Acquisitions during the year	83			170
Reversed through profit or loss	-4			-8
Consideration paid	-102			-96
Interest expenses	2			12
Exchange differences	7			4
Closing balance	335			349


	12 months ending
	30 Jun 2022	31 Mar 2022	30 Jun 2021	31 Mar 2021	31 Mar 2020
Net sales, SEKm	15,135	14,038	11,810	11,336	11,735
EBITDA, SEKm	2,257	2,077	1,601	1,501	1,579
EBITA, SEKm	1,971	1,803	1,347	1,251	1,364
EBITA-margin, %	13.0	12.8	11.4	11.0	11.6
Operating profit, SEKm	1,651	1,501	1,078	989	1,161
Operating margin, %	10.9	10.7	9.1	8.7	9.9
Profit after financial items, SEKm	1,553	1,433	1,022	937	1,105
Profit for the period, SEKm	1,211	1,117	795	729	873

Working capital	2,888	2,618	2,395	2,416	2,415
Return on working capital (P/WC), %	68	69	56	52	56
Return on equity, %	30	30	24	23	32
Return on capital employed, %	21	20	16	15	21
Equity ratio, %	34	34	35	35	36

Financial debt, SEKm	4,553	4,061	3,213	3,134	2,585
Debt / equity ratio, multiple	0.9	1.0	0.9	0.9	0.8
Financial debt/ EBITDA, multiple	2.0	2.0	2.0	2.1	1.6
Net debt excl. pensions, SEKm	4,305	3,747	2,877	2,798	2,253
Net debt, excl pensions / equity ratio, multiple	0.9	0.9	0.8	0.8	0.7
Interest coverage ratio, multiple	20.2	22.4	17.4	15.8	20.5

Average number of employees	3,434	3,317	3,109	3,068	2,913
Number of employees at end of the period	3,753	3,556	3,230	3,133	2,981


	12 months ending
SEK	30 Jun 2022	31 Mar 2022	30 Jun 2021	31 Mar 2021	31 Mar 2020
Earnings per share before dilution	4.30	4.00	2.85	2.60	3.20
Earnings per share after dilution	4.25	3.95	2.85	2.60	3.20
Cash flow from operating activities per share	4.45	4.15	5.15	5.60	4.15
Shareholders’ equity per share	16.50	14.60	12.60	11.95	11.25
Share price at the end of the period	133.40	182.00	142.00	130.00	61.13
Average number of shares after repurchases, ’000s	269,465	269,400	269,176	269,051	268,493
Average number of shares adjusted for repurchases and dilution, ’000s	270,341	270,346	270,192	269,969	269,200
Number of shares outstanding at end of the period, ’000s	269,626	269,528	269,343	269,275	268,594

For definitions of key financial indicators, see page 17-19.

INTERIM REPORT Q1 2022/2023