Financial position

Assets and capital employed

The Group’s total assets increased 9% compared with the preceding year, amounting to SEK 165,748m (152,372). Non-current assets rose SEK 13,503m compared with the preceding year to SEK 124,745m, of which property, plant and equipment increased SEK 8,303m to SEK 92,954m and intangible assets increased SEK 4,155m to SEK 27,007m. Current and strategic capital expenditures in property, plant and equipment amounted to SEK 9,798m and depreciation for the year to SEK 5,861m.

Current assets decreased SEK 127m to SEK 41,003m (41,130). Working capital amounted to SEK 6,883m (8,167). Capital employed was 9% higher and totaled SEK 114,880m (105,169). The distribution of capital employed per currency is shown in the table below.

The value denominated in SEK of the Group’s foreign net assets amounted to SEK 61,009m at year end. In 2015, the Group’s foreign net assets totaled SEK 62,196m.

Equity

The Group’s consolidated equity amounted to SEK 79,519m (75,691) at year end. Profit for the period increased equity by SEK 6,012m (7,452), while shareholder dividends reduced equity by SEK 4,228m (3,903). Equity was reduced due to the fair value measurement of pension assets, and an update of the assumptions and assessments that influence the valuation of pension obligations, net, by SEK 1,114m after tax. The measurement of financial instruments to fair value increased equity by SEK 564m after tax. Exchange rate movements, including the effect of hedges of net foreign investments, after tax, increased equity by SEK 2,312m. Equity increased as a result of a private placement to non-controlling interests in Vinda by SEK 431m and decreased due to the acquisition of non-controlling interests by SEK 156m. Other items increased equity by SEK 7m.

Financing

The Group’s interest-bearing gross debt amounted to SEK 36,716m (33,822) at year-end. The maturity period was 3.9 (3.4) years.

Net debt amounted to SEK 35,361m (29,478) at year-end. Net cash flow increased net debt by SEK 3,784m. Fair value measurement of pension assets and an update of the assumptions and assessments that influence the valuation of pension obligations, net, together with fair valuation of financial instruments, increased net debt by SEK 1,526m. The effect of fair value measurement is largely attributable to assumptions of a lower discount rate that increases pension liabilities. Exchange rate movements increased net debt by SEK 573m.

Key figures

The debt/equity ratio was 0.44 (0.39). Excluding pension liabilities, the debt/equity ratio was 0.39 (0.36). The visible equity/assets ratio was 44% (46). Adjusted return on capital employed and equity1) was 12.5% (12.0) and 11.0% (11.6) respectively. The capital turnover rate was 1.05 (1.06). At year-end, working capital amounted to 6% (7) of net sales.

1) Excluding items affecting comparability

Consolidated capital employed by currency, SEKm

 

2016

%

2015

%

2014

%

EUR

25,420

22

24,097

23

31,037

29

SEK

39,661

35

39,464

38

36,337

33

USD

14,419

13

7,124

7

7,192

7

GBP

4,783

4

4,879

5

5,452

5

Other

30,597

26

29,605

27

28,801

26

Total

114,880

100

105,169

100

108,819

100

Consolidated balance sheet

SEKm

2016

2015

2014

Intangible assets

27,007

22,852

23,680

Property, plant and equipment

62,184

54,532

56,345

Biological assets

30,770

30,119

29,685

Other non-current assets

4,784

3,739

5,775

Total non-current assets

124,745

111,242

115,485

Current assets

41,003

41,130

39,251

Total assets

165,748

152,372

154,736

Equity

79,519

75,691

72,872

Non-current liabilities

50,274

36,481

40,347

Current liabilities

35,955

40,200

41,517

Total equity and liabilities

165,748

152,372

154,736

Working capital

6,883

8,167

8,350

Capital employed

114,880

105,169

108,819

Net debt

35,361

29,478

35,947

Net debt, debt/equity ratio and debt payment capacity

Net debt, debt/equity ratio and debt payment capacity (bar and line chart)Net debt, debt/equity ratio and debt payment capacity (bar and line chart)

2012 and 2013 restated in accordance with IFRS 10 and 11.

Adjusted return on capital employed and equity1)

Adjusted return on capital employed and equity (line chart)Adjusted return on capital employed and equity (line chart)

1) Excluding items affecting comparability.
2012 and 2013 restated in accordance with IFRS 10 and 11.

Capital employed, share of Group

Capital employed, share of Group (pie chart)Capital employed, share of Group (pie chart)