The Group in summary

Income statement summary, SEK million 2019 2018 2017 2016 2015
Net sales 6 903.5 6 290.6 5 597.3 5 237.1 4 964.7
Other operating income 77.9 74.8 51.2 51.0 47.2
Operating costs -6 213.4 -5 804.7 -5 114.1 -4 832.0 -4 699.6
Result before amortizations, depreciations and write-downs 768.1 560.7 534.4 456.1 312.3
Amortizations, depreciations and write-downs -233.1 -77.9 -65.3 -55.9 -57.1
Operating result 535.0 482.8 469.1 400.2 255.2
Net financial items -68.2 -40.9 -51.9 -59.9 -74.3
Result before tax 466.7 441.8 417.2 340.3 180.9
Tax expense -96.7 -81.8 -63.2 -63.6 -35.6
Result for the year 370.1 360.0 354.0 276.7 145.3
Balance sheets in brief 2019 2018 2017 2016 2015
Trademarks 543.4 516.7 487.4 521.6 491.0
Other fixed assets 2 560.5 1 703.9 1 477.1 1 526.1 1 431.8
Inventory 3 557.9 3 230.9 2 643.4 2 496.4 2 447.8
Accounts receivable 1 192.8 1 084.1 982.8 906.2 821.5
Other current assets 188.4 213.6 160.0 155.0 121.1
Liquid assets 351.3 312.2 202.4 218.9 165.5
Total assets 8 394.3 7 061.4 5 953.1 5 824.2 5 478.7
Equity attributable to shareholders 3 754.4 3415.0 3 006.6 2 794.6 2 491.6
Equity attributable to non-controlling interest 16.3 19.2 22.6 22.6 22.0
Provisions 165.0 166.0 148.4 185.3 170.7
Interest-bearing liabilities 3 316.1 2 143.2 1 839.7 1 967.8 2 094.6
Non-interest-bearing liabilities 1 142.5 1 317.9 953.8 853.9 699.8
Total equity and liabilities 8 394.3 7 061.4 5 953.1 5 824.2 5 478.7
Cash flows 2019 2018 2017 2016 2015
Cash flow before changes in working capital and investments 605.0 429.7 451.0 333.4 209.8
Changes in working capital -505.6 -207.1 -243.2 115.5 -80.3
Cash flow before investments 99,5 222.6 207.8 448.9 129.5
Net investments -148.7 -163.2 -110.6 -89.6 -105.5
Cash flow after investments -49.3 59.4 97.2 359.3 24.0
Financial payments 80.4 39.3 -106.3 -313.3 -78.3
Cash flow for the year 31.2 98.7 -9.1 46.0 -54.3
Financial highlights 2019 2018 2017 2016 2015
Net sales, SEK million 6 903.5 6 290.6 5 597.3 5 237.1 4 964.7
Operating result, SEK million 535.0 482.8 469.1 400.2 255.2
Result for the year, SEK million 370.1 360,0 354,0 276.7 145.3
Cash flow from operating activities, SEK million 99.5 222.6 207.8 448.9 129.5
Balance sheet total, SEK million 8 394.3 7 061.4 5 953.1 5 824.2 5 478.7
Net sales growth, % 9.7 12.4 6.88 5.49 16.2
Gross profit margin, % 46.4 46.6 46.1 46,0 45.1
Operating margin, % 7.7 7.7 8.4 7.6 5.1
Equity ratio, % 44.9 48.6 50.9 48.4 45.9
Net debt to equity ratio, % 78.6 53.3 54.1 62.1 76.8
Net debt in relation to working capital, % 77.1 57,0 54.7 64.7 71.7
Earnings per share, SEK 5.66 5.48 5.34 4.16 2.16
Dividend per share, SEK 2.00 1.70 1.35 1.00 1.00
Number of employees 2 579 2 566 2 495 2 396 2 358
Per share data 2019 2018 2017 2016 2015
Number of shares before and after dilution 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543
Earnings per share before and after dilution, SEK 5.66 5.48 5.34 4.16 2.16
Equity per share before and after dilution, SEK 56.59 51.47 45.66 42.46 37.89
Share price on 31 December, SEK 59.80 47.40 54.50 55.25 34.50
P/E ratio 31 December 10.56 8.65 10.20 13.30 15.75
Dividend per share, SEK 2.00 1.70 1.35 1.00 1.00
Dividend yield, % 3.34 3.59 2.48 1.81 2.90
Operating cash flow per share, SEK 1.50 3.36 3.13 6.77 1.95