F2. Jointly owned subsidiaries with significant non-controlling interests

Vinda

Vinda is one of China’s largest hygiene companies. SCA has been a shareholder in Vinda since 2007, became its majority shareholder in late 2013, and has consolidated Vinda financials since the first quarter of 2014. In 2014, SCA divested its hygiene business in China, Hong Kong and Macau for integration with Vinda. In 2016, SCA’s divestment of its business in Southeast Asia, Taiwan and South Korea for integration with Vinda was also approved by the company’s independent shareholders and the transaction was completed on April 1, 2016. Following this transaction and at the end of the reporting period SCA’s holding amounted to 54.6%. In 2017, Vinda is expected to acquire a property via a private placement that will dilute SCA’s holding to about 52.1%. Vinda’s market capitalization on the Hong Kong stock exchange was SEK 19,329m (16,533; 11,551) at the end of the period.

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 votes 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 disclosed below for both subsidiaries. Financial information has not been disclosed 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 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.

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

 

Vinda 1)

 

Familia 1)

SEKm

2016

2015

2014

 

2016

2015

2014

1)

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

Condensed income statement

 

 

 

 

 

 

 

Net sales

13,297

10,463

7,024

 

6,075

6,186

5,650

Operating profit

1,038

736

500

 

733

783

719

Profit for the period

685

302

368

 

236

607

499

- Of which attributable to owners of the Parent

374

155

189

 

115

311

247

Other comprehensive income for the period

–94

194

1,371

 

486

–684

41

- Of which attributable to owners of the Parent

–51

119

857

 

270

–412

27

Comprehensive income for the period

591

496

1739

 

722

–77

540

- Of which attributable to owners of the Parent

323

274

1,046

 

385

–101

274

- Of which attributable to non-controlling interests

268

222

693

 

337

24

266

Dividend to non-controlling interests

55

88

63

 

87

92

145

 

 

 

 

 

 

 

 

Condensed balance sheet

 

 

 

 

 

 

 

Non-current assets

17,327

13,587

12,535

 

3,250

2,917

3,344

Current assets

5,669

4,623

4,320

 

2,825

2,494

2,453

Total

22,996

18,210

16,855

 

6,075

5,411

5,797

 

 

 

 

 

 

 

 

Equity attributable to owners of the Parent

7,573

5,895

5,715

 

2,398

2,089

2,259

Equity attributable to non-controlling interests

4,503

3,570

3,437

 

1,764

1,510

1,583

Non-current liabilities

5,394

4,543

3,165

 

475

486

548

Current liabilities

5,526

4,202

4,538

 

1,438

1,326

1,407

Total

22,996

18,210

16,855

 

6,075

5,411

5,797

 

 

 

 

 

 

 

 

Cash flow from operating activities

2,439

810

739

 

569

440

767

Cash flow from investing activities

–1,129

–1,322

–2,092

 

–60

–135

–103

Cash flow from financing activities

583

171

1,384

 

–349

–249

–475

Cash flow for the period

1,893

–341

31

 

160

56

189