F2. Jointly owned subsidiaries with significant non-controlling interests

Vinda

SCA has been a partner in Vinda since 2007. Until the end of 2013, the holding was recognized as an associate. SCA acquired additional participations in Vinda at year-end 2013 and now holds 51.4% of the votes in the company, which is now recognized as a subsidiary with significant non-controlling interest in SCA. Vinda markets and sells tissue and personal care products, mainly in the markets in China, Hong Kong and Macau. In 2015, SCA granted loans to Vinda for the financing of operations, as well as for acquisitions. Vinda’s market value on the Hong Kong stock market at December 31, 2015, was SEK 16,533m.

Familia

Familia is 50% owned by SCA and 49.8% owned by the Gomez family. SCA is considered to have a controlling influence over Familia, despite the fact that SCA does not hold a majority of shares in the company. SCA is deemed to have a controlling influence since it has control over the activities with the most significant impact on Familia’s return. Familia operates in the South American market and sells tissue and personal care products.

Financial information

Financial information is recognized below for both subsidiaries. Financial information has not been recognized for other subsidiaries since no other individual subsidiary had a material impact on the Group’s earnings and position. These balance sheets have been recognized taking into account of the recognition of Vinda and Familia in SCA’s consolidated financial statements, whereby consideration was given to adjustments for surplus values in connection with acquisitions and elimination of transactions in connection with intra-Group sales of companies from SCA to Vinda in a so-called common control transaction.

TF2:1 Subsidiaries with significant non-controlling interests, 100% of operations 1)

 

Vinda 2)

 

Familia 2)

SEKm

2015

2014

2013 3)

 

2015

2014

2013

1)

During 2015, SCA changed its principle for recognizing the balance sheets of subsidiaries with significant non-controlling interests after a clarification from IFRIC (IFRIC Update January 2015 - IFRS 12 Disclosure of Interest in Other Entities). These balance sheets have been recognized taking into consideration the recognition of Vinda and Familia in SCA’s consolidated financial statements, whereby consideration was given to adjustments for surplus values in connection with acquisitions and elimination of transactions in connection with intra-Group sales of companies from SCA to Vinda in a common control transaction.

2)

For more information about the companies, refer to the List of major subsidiaries.

3)

SCA was already a partner in Vinda, which was previously recognized as an associate. SCA acquired additional participations in Vinda at year-end 2013 and now holds 51.4% of the votes in the company.

Condensed income statement

 

 

 

 

 

 

 

Net sales

10,436

7,024

 

6,186

5,650

5,350

Operating profit

736

500

 

783

719

758

Profit for the period

155

189

 

311

247

264

Other comprehensive income for the period

119

857

 

–412

27

–165

Comprehensive income for the period attributable to SCA’s shareholders

274

1,046

 

–101

274

–99

 

 

 

 

 

 

 

 

Other comprehensive income attributable to non-controlling interests

222

693

 

24

266

141

Dividend to non-controlling interests

88

63

 

92

145

77

 

 

 

 

 

 

 

 

Condensed balance sheet

 

 

 

 

 

 

 

Non-current assets

13,587

12,535

9,210

 

2,917

3,344

3,282

Current assets

4,623

4,320

3,160

 

2,494

2,453

2,030

Total

18,210

16,855

12,370

 

5,411

5,797

5,312

 

 

 

 

 

 

 

 

Attributable to owners of the Parent

5,895

5,715

4,812

 

2,089

2,259

2,071

Non-controlling interests

3,570

3,437

2,868

 

1,510

1,583

1,454

Non-current liabilities

4,543

3,165

2,372

 

486

548

575

Current liabilities

4,202

4,538

2,318

 

1,326

1,407

1,212

Total

18,210

16,855

12,370

 

5,411

5,797

5,312

 

 

 

 

 

 

 

 

Cash flow from operating activities

810

739

 

440

767

365

Cash flow from investing activities

–1,322

–2,092

 

–135

–103

–87

Cash flow from financing activities

171

1,384

 

–249

–475

–197

Cash flow for the period

–341

31

 

56

189

81