Group summary


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Mar 2022
Net sales	4,653	3,586	13,447	10,122	17,363	14,038
Cost of sales	-3,238	-2,497	-9,426	-7,010	-12,133	-9,717
Gross profit	1,415	1,089	4,021	3,112	5,230	4,321
Selling expenses	-671	-538	-1,891	-1,528	-2,487	-2,124
Administrative expenses	-233	-190	-652	-553	-852	-753
Other operating income and expenses	25	21	29	34	52	57
Operating profit	536	382	1,507	1,065	1,943	1,501
- as % of net sales	11.5	10.7	11.2	10.5	11.2	10.7
Financial income and expenses	-44	-18	-113	-46	-135	-68
Profit after financial items	492	364	1,394	1,019	1,808	1,433
- as % of net sales	10.6	10.1	10.4	10.1	10.4	10.2
Income tax expense	-105	-85	-301	-227	-390	-316
Profit for the period	387	279	1,093	792	1,418	1,117

Profit for the period attributable to:
Equity holders of the Parent Company	374	265	1,053	761	1,366	1,074
Non-controlling interests	13	14	40	31	52	43

Earnings per share before dilution, SEK	1.40	0.95	3.90	2.80	5.10	4.00
Earnings per share after dilution, SEK	1.40	0.95	3.90	2.80	5.05	3.95

Average number of shares after repurchases, ’000s	269,521	269,456	269,554	269,363	269,543	269,400
Number of shares at end of the period, ’000s	269,565	269,474	269,565	269,474	269,565	269,528


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Mar 2022
Profit for the period	387	279	1,093	792	1,418	1,117
Components that will be reclassified to profit for the year
Cash flow hedges	13	1	2	2	2	2
Foreign currency translation differences for the period	105	85	302	35	366	99
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation	-32	-5	44	-5	67	18
Other comprehensive income	86	81	348	32	435	119
Total comprehensive income	473	360	1,441	824	1,853	1,236

Total comprehensive income attributable to:
Equity holders of the Parent Company	456	344	1,393	792	1,791	1,190
Non-controlling interests	17	16	48	32	62	46


SEKm	31 Dec 2022	31 Dec 2021	31 Mar 2022
Goodwill	3,900	3,109	3,306
Other intangible non-current assets	2,378	1,938	2,062
Property, plant and equipment	1,130	991	1,057
Other non-current assets	69	65	65
Total non-current assets	7,477	6,103	6,490
Inventories	3,385	2,266	2,569
Current receivables	3,409	2,474	2,931
Cash and cash equivalents	587	478	437
Total current assets	7,381	5,218	5,937
Total assets	14,858	11,321	12,427
Total equity	5,148	3,952	4,259
Interest-bearing provisions	264	344	314
Non-interest-bearing provisions	582	426	500
Non-current interest-bearing liabilities	3,648	2,359	2,136
Non-current non-interest-bearing liabilities	9	10	9
Total non-current liabilities	4,503	3,139	2,959
Non-interest-bearing provisions	73	56	72
Current interest-bearing liabilities	1,525	1,418	2,048
Current non-interest-bearing liabilities	3,609	2,756	3,089
Total current liabilities	5,207	4,230	5,209
Total equity and liabilities	14,858	11,321	12,427


SEKm	31 Dec 2022	31 Dec 2021	31 Mar 2022
Opening balance	4,259	3,450	3,450
Exercised, issued and repurchased options	-17	3	10
Repurchase of treasury shares	-31	-	-
Dividend, ordinary	-485	-323	-323
Dividend, non-controlling interests	-34	-14	-15
Change, non-controlling interests	28	12	58
Option debt, acquisition	-13	-	-157
Total comprehensive income	1,441	824	1,236
Closing balance	5,148	3,952	4,259


	3 months		9 months		Rolling 12 months
SEKm	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Dec 2021	31 Dec 2022	31 Mar 2022
Profit after financial items	492	364	1,394	1,019	1,808	1,433
Adjustment for items not included in cash flow	156	147	522	420	696	594
Income tax paid	-122	-149	-335	-314	-437	-416
Changes in working capital	50	8	-481	-320	-651	-490
Cash flow from operating activities	576	370	1,100	805	1,416	1,121
Net investments in non-current assets	-33	-35	-95	-65	-146	-116
Acquisitions and disposals	-153	-119	-1,135	-711	-1,563	-1,139
Cash flow from investing activities	-186	-154	-1,230	-776	-1,709	-1,255
Dividend paid to shareholders	-	-	-485	-323	-485	-323
Repurchase of own shares/change of options	30	32	-48	3	-41	10
Other financing activities	-409	-259	799	354	905	460
Cash flow from financing activities	-379	-227	266	34	379	147
Cash flow for the period	11	-11	136	63	86	13
Cash and cash equivalents at beginning of period	572	479	437	420	478	420
Exchange differences on cash and cash equivalents	4	10	14	-5	23	4
Cash and cash equivalents at end of period	587	478	587	478	587	437


	31 Dec 2022			31 Mar 2022
SEKm	Carrying amount	Level 2	Level 3	Carrying amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	12	12	-	6	6	-
Derivatives - fair value through profit	9	9	-	4	4	-
Total financial assets at fair value per level	21	21	-	10	10	-

Derivatives - fair value, hedge instruments	5	5	-	3	3	-
Derivatives - fair value through profit	38	38	-	12	12	-
Contingent considerations - fair value through profit	314	-	314	349	-	349
Total financial liabilities at fair value per level	357	43	314	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	31 Dec 2022		31 Mar 2022
Opening balance	349			267
Acquisitions during the year	138			170
Reversed through profit or loss	-23			-8
Consideration paid	-173			-96
Interest expenses	9			12
Exchange differences	14			4
Closing balance	314			349


	12 months ending
	31 Dec 2022	31 Mar 2022	31 Dec 2021	31 Mar 2021	31 Mar 2020
Net sales, SEKm	17,363	14,038	13,049	11,336	11,735
EBITDA, SEKm	2,616	2,077	1,888	1,501	1,579
EBITA, SEKm	2,299	1,803	1,621	1,251	1,364
EBITA-margin, %	13.2	12.8	12.4	11.0	11.6
Operating profit, SEKm	1,943	1,501	1,331	989	1,161
Operating margin, %	11.2	10.7	10.2	8.7	9.9
Profit after financial items, SEKm	1,808	1,433	1,270	937	1,105
Profit for the period, SEKm	1,418	1,117	982	729	873

Working capital	3,543	2,618	2,463	2,416	2,415
Return on working capital (P/WC), %	65	69	66	52	56
Return on equity, %	31	30	28	23	32
Return on capital employed, %	21	20	19	15	21
Equity ratio, %	35	34	35	35	36

Financial debt, SEKm	4,850	4,061	3,643	3,134	2,585
Debt / equity ratio, multiple	0.9	1.0	0.9	0.9	0.8
Financial debt / EBITDA, multiple	1.9	2.0	1.9	2.1	1.6
Net debt excl. pensions, SEKm	4,586	3,747	3,299	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	15.8	22.4	20.8	15.8	20.5

Average number of employees	3,663	3,317	3,240	3,068	2,913
Number of employees at end of the period	3,861	3,556	3,381	3,133	2,981


	12 months ending
SEK	31 Dec 2022	31 Mar 2022	31 Dec 2021	31 Mar 2021	31 Mar 2020
Earnings per share before dilution	5.10	4.00	3.45	2.60	3.20
Earnings per share after dilution	5.05	3.95	3.45	2.60	3.20
Cash flow from operating activities per share	5.25	4.15	4.65	5.60	4.15
Shareholders’ equity per share	17.70	14.60	13.65	11.95	11.25
Share price at the end of the period	148.70	182.00	216.00	130.00	61.13
Average number of shares after repurchases, ’000s	269,543	269,400	269,331	269,051	268,493
Average number of shares adjusted for repurchases and dilution, ’000s	269,698	270,346	270,209	269,969	269,200
Number of shares outstanding at end of the period, ’000s	269,565	269,528	269,474	269,275	268,594

For definitions of key financial indicators, see page 18-20.

INTERIM REPORT Q3 2022/2023