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Essity B 281.1 (-7.7 SEK) on 15-Sep-2019 17:29

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Consolidated income statement
SEKm 2018 2017 2016 2015 2014
Net sales 118,500 109,265 101,238 98,519 87,997
Cost of goods sold -85,058 -76,899 -72,438 -71,898 -64,081
Items affecting comparability -1,437 -509 -532 -267 -441
Gross profit 32,005 31,857 28,268 26,354 23,475
Sales and administration expenses etc. -20,570 -19,130 -16,965 -16,216 -14,527
Items affecting comparability 62 -346 -2,113 -251) -568
Share of profits of associates and joint ventures 63 169 157 198 106
EBITA 11,560 12,550 9,347 10,311 8,486
Amortizations on acquisition related intangible assets -732 -560 -159 -133 -126
Items affecting comparability -69 -85 -180 -494 0
Operating profit 10,759 11,905 9,008 9,684 8,360
Financial income 91 158 202 3122) 416
Financial expenses -1,248 -1,340 -1,037 -1,140 -1,156
Profit before tax 9,602 10,723 8,173 8,856 7,620
Tax -1,050 -1,938 -3,931 -2,278 -1,939
Profit for the period 8,552 8,785 4,242 6,578 5,681
Earnings attributable to:
Owners of the Parent 7,886 8,116 3,800 6,129 5,212
Non-controlling interests 666 669 442 449 469
Earnings per share
Earnings per share, SEK - owners of Parent
before dilution effects 11.23 11.56 5.41 8.73 7.42
after dilution effects 11.23 11.56 5.41 8.73 7.42
Dividend per share, SEK 5.75 5.75
Profit for the year attributable to owners of the Parent 7,886 8,116 3,800 6,129 5,212
Average number of shares before dilution, million 702.3 702.3 702.3 702.3 702.3
Average number of shares after dilution 702.3 702.3 702.3 702.3 702.3
By business area (SEKm)
Net Sales
Personal Care 45,342 40,586 33,651 34,344 31,066
Consumer Tissue 45,125 42,014 41,560 41,657 37,051
Professional Hygiene 28,017 26,700 26,001 22,527 19,943
Other 16 -35 26 -9 -63
Total 118,500 109,265 101,238 98,519 87,997
Adjusted EBITA
Personal Care 6,354 5,937 4,283 3,997 3,528
Consumer Tissue 3,331 4,084 4,450 3,846 3,858
Professional Hygiene 3,841 4,004 3,836 3,497 2,918
Other -591 -620 -577 -737 -809
Total Adjusted EBITA3) 12,935 13,405 11,992 10,603 9,495
1) Includes the sale of securities, SEK 970m.
2) Excludes the sale of securities, SEK 970m.
3) Excluding items affecting comparability

Last updated: 3/13/2019 8:00 AM

Consolidated balance sheet
SEKm Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
ASSETS
Non-current assets
Goodwill 33,553 31,697 19,253 15,412 15,660
Other intangible assets 21,475 21,424 7,665 7,351 7,895
Buildings, land, machinery and equipment 51,673 48,482 47,494 42,402 43,599
Participations in joint ventures and associates 777 1,062 1,096 1,041 1,047
Shares and participations 29 32 32 33 40
Surplus in funded pension plans 1,117 1,148 335 35 3
Non-current receivables, Group companies - - - 39 11
Non-current financial receivables, Group companies - - 3 3 3
Non-current financial assets 634 552 714 728 2,843
Deferred tax assets 2,158 2,232 1,457 1,056 1,151
Other non-current assets 705 469 241 149 116
Total non-current assets 112,121 107,098 78,290 68,249 72,368
Current assets
Inventories 15,234 13,739 10,944 11,229 10,343
Trade receivables 18,687 17,607 15,843 14,808 14,912
Current tax assets 2,126 769 740 868 647
Current receivables, Group companies - - 57 166 117
Current financial receivables, Group companies - - 1,433 12,207 12,764
Other current receivables 2,599 2,549 2,333 2,100 2,188
Current financial assets 422 1,105 244 776 1,260
Non-current assets held for sale 69 42 156 120 60
Cash and cash equivalents 3,008 4,107 4,244 4,828 3,806
Total current assets 42,145 39,918 35,994 47,102 46,097
Total assets 154,266 147,016 114,284 115,351 118,465
EQUITY AND LIABILITIES
Equity
Owners of the Parent
Share capital 2,350 2,350 - - -
Reserves 5,003 3,154 4,061 1,501 4,015
Retained earnings 39,788 36,785 29,143 41,485 35,660
47,141 42,289 33,204 42,986 39,675
Non-controlling interests 7,758 7,281 6,376 5,289 5,250
Total equity 54,899 49,570 39,580 48,275 44,925
Non-current liabilities
Non-current financial liabilities 43,500 47,637 31,299 21,463 24,199
Non-current liabilities, Group companies - - 48 - 4
Provisions for pensions 5,258 4,541 5,273 2,919 4,958
Deferred tax liabilities 7,272 7,090 3,872 3,756 3,231
Other non-current provisions 1,694 1,481 1,407 886 579
Other non-current liabilities 71 79 72 146 97
Total non-current liabilities 57,795 60,828 41,971 29,170 33,068
Current liabilities
Current financial liabilities 10,827 7,201 5,089 12,402 14,791
Current liabilities, Group companies - - 259 341 273
Current financial liabilities, Group companies - - 485 852 1,797
Trade payables 15,911 14,748 12,972 11,869 11,800
Current tax liabilities 570 553 915 808 729
Current provisions 1,472 1,547 1,409 889 917
Other current liabilities 12,792 12,569 11,604 10,745 10,165
Total current liabilities 41,572 36,618 32,733 37,906 40,472
Total liabilities 99,367 97,446 74,704 67,076 73,540
Total equity and liabilities 154,266 147,016 114,284 115,351 118,465
Contingent liabilities and pledged assets, see Note G3 in the Annual and Sustainability Report 2018
Capital employed 109,303 102,037 74,753 67,333 69,991
Net debt 54,404 52,467 35,173 19,058 25,066

Last updated: 3/13/2019 8:00 AM

Consolidated operating cash flow statement
SEKm 2018 2017 2016 2015 2014
Net sales 118,500 109,265 101,238 98,519 87,997
Operating expenses -100,165 -90,867 -84,498 -83,483 -74,466
Operating surplus 18,335 18,398 16,740 15,036 13,531
Adjustment for non-cash items 235 67 19 15 -10
Operating cash surplus 18,570 18,465 16,759 15,051 13,521
Change in
Inventories -1,017 -1,703 1,059 -1,407 -120
Operating receivables -344 1,522 -298 -1,029 -158
Operating liabilities 390 -559 835 1,919 131
Change in working capital -971 -740 1,596 -517 -147
Current capital expenditures, net -4,357 -3,911 -4,222 -3,293 -2,861
Restructuring costs, etc. -918 -1,091 -1,102 -801 -799
Operating cash flow 12,324 12,723 13,031 10,440 9,714
Financial items -1,157 -1,182 -835 -828 -740
Income taxes paid -2,466 -2,971 -3,782 -2,194 -2,099
Other 86 175 149 132 25
Cash flow from current operations 8,787 8,745 8,563 7,550 6,900
Strategic capital expenditures, restructuring costs and divestments
Acquisitions -694 -26,045 -6,540 -92 -492
Strategic capital expenditures in non-current assets -2,424 -2,101 -2,033 -2,179 -1,632
Total strategic capital expenditures -3,118 -28,146 -8,573 -2,271 -2,124
Divestments 68 29 369 49 205
Cash flow from strategic restructuring costs, capital expenditures and divestments -3,050 -28,117 -8,204 -2,222 -1,919
Cash flow before dividend 5,737 -19,372 359 5,328 4,981
Private placement to non-controlling interests 5 28 435 - -
Dividend to non-controlling interest -397 -285 -190 -216 -228
Dividend -4,038 - - - -
Transactions with share owners - 838 -14,571 -2,225 -4,215
Net cash flow 1,307 -18,791 -13,967 2,887 538
Net debt, 1 January -52,467 -35,173 -19,058 -25,066 -21,470
Net cash flow 1,307 -18,791 -13,967 2,887 538
Remeasurements to equity -1,042 1,061 -1,570 1,281 -2,455
Translation differences -2,202 436 -578 1,840 -1,679
Net debt, 31 December -54,404 -52,467 -35,173 -19,058 -25,066

Last updated: 3/13/2019 8:00 AM

Multi-year summary
SEKm 2018 2017 2016 2015 2014
INCOME STATEMENT
Net sales 118,500 109,265 101,238 98,519 87,997
Adjusted EBITA1) 12,935 13,405 11,992 10,603 9,495
Personal Care 6,354 5,937 4,283 3,997 3,528
Consumer Tissue 3,331 4,084 4,450 3,846 3,858
Professional Hygiene 3,841 4,004 3,836 3,497 2,918
Other operations2) -591 -620 -577 -737 -809
EBITA 11,560 12,550 9,347 10,311 8,486
Amortizations on acquisition related intangible assets -732 -560 -159 -133 -126
Items affecting comparability -69 -85 -180 -494 0
Operating profit 10,759 11,905 9,008 9,684 8,360
Financial income3) 91 158 202 312 416
Financial expenses -1,248 -1,340 -1,037 -1,140 -1,156
Profit before tax 9,602 10,723 8,173 8,856 7,620
Tax -1,050 -1,938 -3,931 -2,278 -1,939
Profit for the year 8,552 8,785 4,242 6,578 5,681
BALANCE SHEET
Non-current assets (excl. financial receivables) 110,370 105,398 77,238 67,483 69,519
Receivables and inventories 38,646 34,664 29,917 29,171 28,207
Non-current assets held for sale 69 42 156 120 60
Non-current financial receivables 1,751 1,700 1,052 766 2,849
Current financial items 422 1,105 1,677 12,983 14,024
Cash and cash equivalents 3,008 4,107 4,244 4,828 3,806
Total assets 154,266 147,016 114,284 115,351 118,465
Equity 47,141 42,289 33,204 42,986 39,675
Non-controlling interests 7,758 7,281 6,376 5,289 5,250
Provisions 12,530 11,631 9,145 6,675 8,189
Interest-bearing debt 54,327 54,838 36,873 34,717 40,787
Operating and other non-interest-bearing liabilities 32,510 30,977 28,686 25,684 24,564
Total liabilities and equity 154,266 147,016 114,284 115,351 118,465
Capital employed4) 107,575 90,167 73,145 70,115 66,866
Net debt, incl pension provisions 54,404 52,467 35,173 19,058 25,066
CASH FLOW STATEMENT
Operating cash flow 12,324 12,723 13,031 10,440 9,714
Cash flow from current operations 8,787 8,745 8,563 7,550 6,900
Cash flow before dividend 5,737 -19,372 359 5,328 4,981
Current capital expenditures -4,357 -3,911 -4,222 -3,293 -2,861
Strategic capital expenditures -2,424 -2,101 -2,033 -2,179 -1,632
Acquisitions -694 -26,045 -6,540 -92 -492
Divestments 68 29 369 49 205
Net cash flow 1,307 -18,791 -13,967 2,887 538
1) 2015 includes sale of securities, SEK 970m
2) Includes items affecting comparability of (SEKm) -1,375 -855 -2,645 -292 -1,009
3) 2015 does not include sale of securities, SEK 970m
4) Calculation of average capital employed is based on five measurements

Last updated: 3/13/2019 8:00 AM

Key figures
2018 2017 2016 2015 2014
SEK SEK SEK SEK SEK
Equity/assets ratio, % 31 29 29 37 33
Interest coverage ratio 9.3 10.1 10.8 11.7 11.3
Debt payment capacity, incl. Pension liabilities, % 25 26 29 65 40
Debt/equity ratio, including pension liabilities 0.99 1.06 0.89 0.39 0.56
Debt/equity ratio, excluding pension liabilities 0.92 0.99 0.76 0.34 0.45
Return on capital employed, % 10.8 13.9 12.8 13.8 12.5
Adjusted return on capital employed, % 12.0 14.9 16.4 15.1 14.2
Return on equity, % 16.1 19.8 9.3 13.9 13.3
EBITA margin, % 9.8 11.5 9.2 9.8 9.6
Adjusted EBITA margin, % 10.9 12.3 11.8 10.8 10.8
Operating margin, % 9.1 10.9 8.9 9.8 9.5
Adjusted operating margin, % 10.3 11.8 11.7 10.6 10.6
Net margin, % 7.2 8.0 4.2 6.7 6.5
Capital turnover rate 1.10 1.21 1.38 1.41 1.32
Operating cash flow per share, SEK 12.51 12.45 12.19 10.75 9.82
Earnings per share, SEK 11.23 11.56 5.41 8.73 7.20
Dividend per share, SEK 5,751) 5.75
1) Dividend proposed by the Board of Directors.

Last updated: 3/13/2019 8:00 AM