Group summary


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021	30 Sep 2022	31 Mar 2022
Net sales	4,418	3,257	8,794	6,536	16,296	14,038
Cost of sales	-3,112	-2,238	-6,188	-4,513	-11,392	-9,717
Gross profit	1,306	1,019	2,606	2,023	4,904	4,321
Selling expenses	-607	-489	-1,220	-990	-2,354	-2,124
Administrative expenses	-204	-188	-419	-363	-809	-753
Other operating income and expenses	-6	9	4	13	48	57
Operating profit	489	351	971	683	1,789	1,501
- as % of net sales	11.1	10.8	11.0	10.4	11.0	10.7
Financial income and expenses	-25	-14	-69	-28	-109	-68
Profit after financial items	464	337	902	655	1,680	1,433
- as % of net sales	10.5	10.3	10.3	10.0	10.3	10.2
Income tax expense	-102	-74	-196	-142	-370	-316
Profit for the period	362	263	706	513	1,310	1,117

Profit for the period attributable to:
Equity holders of the Parent Company	350	253	679	496	1,257	1,074
Non-controlling interests	12	10	27	17	53	43

Earnings per share before dilution, SEK	1.30	0.95	2.50	1.85	4.65	4.00
Earnings per share after dilution, SEK	1.30	0.95	2.50	1.85	4.60	3.95

Average number of shares after repurchases, ’000s	269,590	269,343	269,571	269,317	269,527	269,400
Number of shares at end of the period, ’000s	269,426	269,343	269,426	269,343	269,426	269,528


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021	30 Sep 2022	31 Mar 2022
Profit for the period	362	263	706	513	1,310	1,117
Components that will be reclassified to profit for the year
Cash flow hedges	-12	3	-11	1	-10	2
Foreign currency translation differences for the period	51	24	197	-50	346	99
Components that will not be reclassified to profit for the year
Actuarial effects of the net pension obligation	21	-	76	-	94	18
Other comprehensive income	60	27	262	-49	430	119
Total comprehensive income	422	290	968	464	1,740	1,236

Total comprehensive income attributable to:
Equity holders of the Parent Company	409	280	937	448	1,679	1,190
Non-controlling interests	13	10	31	16	61	46


SEKm	30 Sep 2022	30 Sep 2021	31 Mar 2022
Goodwill	3,800	3,008	3,306
Other intangible non-current assets	2,381	1,915	2,062
Property, plant and equipment	1,151	978	1,057
Other non-current assets	77	64	65
Total non-current assets	7,409	5,965	6,490
Inventories	3,302	2,046	2,569
Current receivables	3,326	2,524	2,931
Cash and cash equivalents	572	479	437
Total current assets	7,200	5,049	5,937
Total assets	14,609	11,014	12,427
Total equity	4,650	3,563	4,259
Interest-bearing provisions	224	336	314
Non-interest-bearing provisions	588	421	500
Non-current interest-bearing liabilities	3,789	2,560	2,136
Non-current non-interest-bearing liabilities	9	9	9
Total non-current liabilities	4,610	3,326	2,959
Non-interest-bearing provisions	77	56	72
Current interest-bearing liabilities	1,794	1,399	2,048
Current non-interest-bearing liabilities	3,478	2,670	3,089
Total current liabilities	5,349	4,125	5,209
Total equity and liabilities	14,609	11,014	12,427


SEKm	30 Sep 2022	30 Sep 2021	31 Mar 2022
Opening balance	4,259	3,450	3,450
Exercised, issued and repurchased options	-47	-29	10
Repurchase of treasury shares	-31	-	-
Dividend, ordinary	-485	-323	-323
Dividend, non-controlling interests	-29	-11	-15
Change, non-controlling interests	28	12	58
Option debt, acquisition	-13	-	-157
Total comprehensive income	968	464	1,236
Closing balance	4,650	3,563	4,259


	3 months		6 months		Rolling 12 months
SEKm	30 Sep 2022	30 Sep 2021	30 Sep 2022	30 Sep 2021	30 Sep 2022	31 Mar 2022
Profit after financial items	464	337	902	655	1,680	1,433
Adjustment for items not included in cash flow	182	142	366	273	687	594
Income tax paid	-108	-88	-213	-165	-464	-416
Changes in working capital	-295	-164	-531	-328	-693	-490
Cash flow from operating activities	243	227	524	435	1,210	1,121
Net investments in non-current assets	-27	-19	-62	-30	-148	-116
Acquisitions and disposals	-204	-331	-982	-592	-1,529	-1,139
Cash flow from investing activities	-231	-350	-1,044	-622	-1,677	-1,255
Dividend paid to shareholders	-485	-323	-485	-323	-485	-323
Repurchase of own shares/change of options	-86	-33	-78	-29	-39	10
Other financing activities	597	435	1,208	613	1,055	460
Cash flow from financing activities	26	79	645	261	531	147
Cash flow for the period	38	-44	125	74	64	13
Cash and cash equivalents at beginning of period	540	524	437	420	479	420
Exchange differences on cash and cash equivalents	-6	-1	10	-15	29	4
Cash and cash equivalents at end of period	572	479	572	479	572	437


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

Derivatives - fair value, hedge instruments	24	24	-	3	3	-
Derivatives - fair value through profit	36	36	-	12	12	-
Contingent considerations - fair value through profit	355	-	355	349	-	349
Total financial liabilities at fair value per level	415	60	355	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 Sep 2022		31 Mar 2022
Opening balance	349			267
Acquisitions during the year	113			170
Reversed through profit or loss	-4			-8
Consideration paid	-119			-96
Interest expenses	7			12
Exchange differences	9			4
Closing balance	355			349


	12 months ending
	30 Sep 2022	31 Mar 2022	30 Sep 2021	31 Mar 2021	31 Mar 2020
Net sales, SEKm	16,296	14,038	12,344	11,336	11,735
EBITDA, SEKm	2,428	2,077	1,727	1,501	1,579
EBITA, SEKm	2,128	1,803	1,466	1,251	1,364
EBITA-margin, %	13.1	12.8	11.9	11.0	11.6
Operating profit, SEKm	1,789	1,501	1,187	989	1,161
Operating margin, %	11.0	10.7	9.6	8.7	9.9
Profit after financial items, SEKm	1,680	1,433	1,132	937	1,105
Profit for the period, SEKm	1,310	1,117	877	729	873

Working capital	3,213	2,618	2,415	2,416	2,415
Return on working capital (P/WC), %	66	69	61	52	56
Return on equity, %	31	30	26	23	32
Return on capital employed, %	21	20	17	15	21
Equity ratio, %	32	34	32	35	36

Financial debt, SEKm	5,235	4,061	3,816	3,134	2,585
Debt / equity ratio, multiple	1.1	1.0	1.1	0.9	0.8
Financial debt/ EBITDA, multiple	2.2	2.0	2.2	2.1	1.6
Net debt excl. pensions, SEKm	5,011	3,747	3,480	2,798	2,253
Net debt, excl pensions / equity ratio, multiple	1.1	0.9	1.0	0.8	0.7
Interest coverage ratio, multiple	18.5	22.4	18.5	15.8	20.5

Average number of employees	3,553	3,317	3,174	3,068	2,913
Number of employees at end of the period	3,805	3,556	3,319	3,133	2,981


	12 months ending
SEK	30 Sep 2022	31 Mar 2022	30 Sep 2021	31 Mar 2021	31 Mar 2020
Earnings per share before dilution	4.65	4.00	3.15	2.60	3.20
Earnings per share after dilution	4.60	3.95	3.15	2.60	3.20
Cash flow from operating activities per share	4.50	4.15	5.10	5.60	4.15
Shareholders’ equity per share	15.95	14.60	12.30	11.95	11.25
Share price at the end of the period	147.40	182.00	156.00	130.00	61.13
Average number of shares after repurchases, ’000s	269,527	269,400	269,257	269,051	268,493
Average number of shares adjusted for repurchases and dilution, ’000s	269,819	270,346	269,970	269,969	269,200
Number of shares outstanding at end of the period, ’000s	269,426	269,528	269,343	269,275	268,594

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

INTERIM REPORT Q2 2022/2023