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.
|
Vinda 2) |
|
Familia 2) |
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SEKm |
2015 |
2014 |
2013 3) |
|
2015 |
2014 |
2013 |
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|
|||||||||||||
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 |