Essity B 298 (+1.9 SEK) on 21-Nov-2024 17:29
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Consolidated income statement
SEKm 2023 20221) 20211) 2020 2019 2018 2017 2016 2015
Net sales 147,147 131,320 101,466 121,752 128,975 118,500 109,265 101,238 98,519
Cost of goods sold -102,627 -97,395 -72,176 -82,132 -90,876 -85,058 -76,899 -72,438 -71,898
Items affecting comparability - cost of goods sold -1,349 -1,899 -146 -181 -243 -1,437 -509 -532 -267
Gross profit 43,171 32,026 29,144 39,439 37,856 32,005 31,857 28,268 26,354
Sales, general and administration -25,662 -21,915 -17,897 -22,088 -22,319 -20,570 -19,130 -16,965 -16,216
Items affecting comparability - sales, general and administration 2) -942 -272 517 122 -470 62 -346 -2,113 -25
Share of profits of associates and joint ventures 39 38 59 94 60 63 169 157 198
Operating profit before amortization of acquisition-related intangible assets (EBITA) 16,607 9,876 11,822 17,567 15,127 11,560 12,550 9,347 10,311
Amortization of acquisition-related intangible assets -1,109 -1,111 -844 -809 -778 -732 -560 -159 -133
Items affecting comparability - acquisition-related intangible assets -350 -274 - - - -69 -85 -180 -494
Operating profit 15,148 8,491 10,978 16,758 14,349 10,759 11,905 9,008 9,684
Financial income 3) 412 141 81 108 106 91 158 202 312
Financial expenses -2,768 -1,461 -648 -1,066 -1,415 -1,248 -1,340 -1,037 -1,140
Profit before tax 12,792 7,171 10,411 15,800 13,040 9,602 10,723 8,173 8,856
Income taxes -3,275 -2,006 -2,398 -4,053 -2,828 -1,050 -1,938 -3,931 -2,278
Result for the period, continuing operations 9,517 5,165 8,013
Result for the period, discontinued operations 279 899 1,797
Profit for the period 9,796 6,064 9,810 11,747 10,212 8,552 8,785 4,242 6,578
Earnings attributable to:
Owners of the Parent company
Result for the period, continuing operations 9,440 5,110 7,695
Result for the period, discontinued operations 114 457 925
Result for the period, total operations 9,554 5,567 8,620 10,228 9,216 7,886 8,116 3,800 6,129
Non-controlling interests
Result for the period, continuing operations 77 55 318
Result for the period, discontinued operations 165 442 872
Result for the period, total operations 242 497 1,190 1,519 996 666 669 442 449
Earnings per share - owners of the Parent company
Earnings per share before and after dilution effects, SEK 4) 13.60 7.93 12.27 14.56 13.12 11.23 11.56 5.41 8.73
Earnings per share before and after dilution effects, continuing operations, SEK 13.44 7.28 10.96
Earnings per share before and after dilution effects, discontinued operations, SEK 0.16 0.65 1.32
Dividend per share, SEK 7.75 7.25 7.00 6.75 6.25 5.75 5.75
Average number of shares before and after dilution, million 4) 702.30 702.30 702.30 702.30 702.30 702.30 702.30 702.30 702.30
By operating segment (SEKm)
Net Sales
Health & Medical 5) 27,729 24,708 21,255 21,170 22,075
Consumer Goods 5) 79,912 72,241 55,821 75,146 76,169
Professional Hygiene 39,481 34,393 24,392 25,418 30,731
Other 25 -22 -2 18 -
Total 147,147 131,320 101,466 121,752 128,975 118,500 109,265 101,238 98,519
Adjusted EBITA 6)
Health & Medical 5) 4,037 2,904 3,800 3,668 3,734
Consumer Goods 5) 9,797 6,354 5,767 11,538 8,333
Professional Hygiene 6,288 3,843 2,673 3,317 4,463
Other -1,224 -1,054 -789 -897 -690 -591 -620 -577 -737
Total Adjusted EBITA 6) 18,898 12,047 11,451 17,626 15,840 12,935 13,405 11,992 10,603
1) Income statement has been restated as a result of Vinda's financial reporting being classified as discontinued operations as of the fourth quarter 2023
2) 2015 Includes the sale of securities SEK 970m
3) 2015 excludes the sale of securities SEK 970m
4) Indicative earnings per share on the assumption that the number of issued shares in Essity as of December 31, 2016 and 2015 corresponded to the number of issued shares in Essity on December 31, 2018 (702.3 million)
5) Essity has decided on new business areas which, as of January 1, 2022, consist of Health & Medical, Consumer Goods and Professional Hygiene. Comparative figures for the new Health & Medical and Consumer Goods business areas have been restated from 2019
6) Excluding items affecting comparability

Last updated: 3/22/2024 10:00 AM

Consolidated balance sheet
SEKm Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
ASSETS
Non-current assets
Goodwill 39,337 44,786 37,803 32,324 34,581 33,553 31,697 19,253 15,412
Other intangible assets 21,345 25,346 21,806 18,574 21,182 21,475 21,424 7,665 7,351
Property, plant and equipment 44,909 57,471 53,965 49,019 53,079 51,673 48,482 47,494 42,402
Right of use assets 3,934 5,427 4,953 4,612 3,821 - - - -
Participations in associates and joint ventures 294 291 239 847 865 777 1,062 1,096 1,041
Shares and participations 6 6 7 7 8 29 32 32 33
Surplus in funded pension plans 3,072 1,965 1,439 2,817 2,841 1,117 1,148 335 35
Non-current receivables, Group companies - - - - - - - - 39
Non-current financial receivables, Group companies - - - - - - - 3 3
Non-current financial assets 117 123 412 738 694 634 552 714 728
Deferred tax assets 2,343 2,545 2,012 1,823 2,539 2,158 2,232 1,457 1,056
Other non-current assets 745 1,620 1,411 768 704 705 469 241 149
Total non-current assets 116,102 139,580 124,047 111,529 120,314 112,121 107,098 78,290 68,249
Current assets
Inventories 17,546 28,888 19,339 16,383 15,764 15,234 13,739 10,944 11,229
Trade receivables 21,920 25,990 19,871 17,825 19,864 18,687 17,607 15,843 14,808
Current tax assets 1,289 1,152 952 760 745 2,126 769 740 868
Current receivables, Group companies - - - - - - - 57 166
Current financial receivables, Group companies - - - - - - - 1,433 12,207
Other current receivables 3,391 5,761 5,787 2,173 2,113 2,599 2,549 2,333 2,100
Current financial assets 5,259 4,941 1,150 993 525 422 1,105 244 776
Non-current assets held for sale - - - - 42 69 42 156 120
Cash and cash equivalents 5,159 4,288 3,904 4,982 2,928 3,008 4,107 4,244 4,828
Total current assets 54,564 71,020 51,003 43,116 41,981 42,145 39,918 35,994 47,102
Total assets continuing operations 170,666 - - - - - - - -
Assets held for sale 32,327 - - - - - - - -
Total assets total operations 202,993 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
EQUITY AND LIABILITIES
Equity
Owners of the Parent company
Share capital 2,350 2,350 2,350 2,350 2,350 2,350 2,350 - -
Reserves 9,421 11,477 6,416 581 6,284 5,003 3,154 4,061 1,501
Retained earnings 59,075 53,519 51,108 51,421 45,491 39,788 36,785 29,143 41,485
Equity attributable to owners of the Parent company 70,846 67,346 59,874 54,352 54,125 47,141 42,289 33,204 42,986
Non-controlling interests 8,559 1) 9,218 8,633 8,990 8,676 7,758 7,281 6,376 5,289
Total equity 79,405 76,564 68,507 63,342 62,801 54,899 49,570 39,580 48,275
Non-current liabilities
Non-current financial liabilities 45,336 58,242 47,443 38,202 43,079 43,500 47,637 31,299 21,463
Non-current liabilities, Group companies - - - - - - - 48 -
Provisions for pensions 2,587 2,671 4,149 5,328 5,866 5,258 4,541 5,273 2,919
Deferred tax liabilities 6,935 8,718 7,574 6,150 6,545 7,272 7,090 3,872 3,756
Other non-current provisions 466 491 396 445 541 1,694 1,481 1,407 886
Other non-current liabilities 1,073 1,196 86 105 183 71 79 72 146
Total non-current liabilities 56,397 71,318 59,648 50,230 56,214 57,795 60,828 41,971 29,170
Current liabilities
Current financial liabilities 15,648 13,273 10,746 8,688 8,983 10,827 7,201 5,089 12,402
Current liabilities, Group companies - - - - - - - 259 341
Current financial liabilities, Group companies - - - - - - - 485 852
Trade payables 15,119 25,644 18,030 14,791 15,802 15,911 14,748 12,972 11,869
Current tax liabilities 2,165 1,589 1,576 2,301 2,432 570 553 915 808
Current provisions 1,408 1,217 736 748 1,065 1,472 1,547 1,409 889
Other current liabilities 19,143 20,995 15,807 14,545 14,998 12,792 12,569 11,604 10,745
Total current liabilities 53,483 62,718 46,895 41,073 43,280 41,572 36,618 32,733 37,906
Total liabilities continuing operations 109,880 - - - - - - - -
Liabilities directly associated with assets held for sale 13,708 - - - - - - - -
Total equity and liabilities total operations 202,993 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
1) Of which attributable to discontinued operations 8,145
Contingent liabilities and pledged assets, see Note G3 in the Annual Report 2023

Last updated: 3/22/2024 10:00 AM

Consolidated operating cash flow statement
SEKm 2023 20221) 20211) 2020 2019 2018 2017 2016 2015
Net sales 147,147 131,320 101,466 121,752 128,975 118,500 109,265 101,238 98,519
Operating expenses -122,162 -113,542 -84,975 -97,555 -106,416 -100,165 -90,867 -84,498 -83,483
Operating surplus 24,985 17,778 16,491 24,197 22,559 18,335 18,398 16,740 15,036
Adjustment for non-cash items 584 623 496 456 373 235 67 19 15
Operating cash surplus 25,569 18,401 16,987 24,653 22,932 18,570 18,465 16,759 15,051
Change in
Inventories 2,505 -4,750 -1,578 -2,207 -194 -1,017 -1,703 1,059 -1,407
Operating receivables -19 -3,492 -2,171 53 -1,949 -344 1,522 -298 -1,029
Operating liabilities -1,401 4,018 2,777 1,344 2,502 390 -559 835 1,919
Change in working capital 1,085 -4,224 -972 -810 359 -971 -740 1,596 -517
Investments in non-current assets, net -6,819 -5,362 -5,182 -6,439 -5,707 -6,781 -6,012 -6,255 -5,472
Restructuring costs, etc. -1,542 -659 -697 -977 -1,494 -918 -1,091 -1,102 -801
Operating cash flow before investments in operating assets through leases 18,293 8,156 10,136 16,427 16,090 9,900 10,622 10,998 8,261
Investments in operating assets through leases -608 -476 -392 -409 -451 0 0 0 0
Operating cash flow 17,685 7,680 9,744 16,018 15,639 9,900 10,622 10,998 8,261
Financial items -2,356 -1,320 -567 -958 -1,309 -1,157 -1,182 -835 -828
Income taxes paid -3,615 -2,175 -3,147 -3,917 -1,130 -2,466 -2,971 -3,782 -2,194
Other -89 -97 -39 32 8 86 175 149 132
Cash flow from current operations 11,625 4,088 5,991 11,175 13,208 6,363 6,644 6,530 5,371
Acquisitions of Group companies and other operations -182 -4,955 -11,813 -747 -143 -694 -26,045 -6,540 -92
Divestments of Group companies and other operations 1,249 - 15 367 220 68 29 369 49
Cash flow from acquisitions and divestments 1,067 -4,955 -11,798 -380 77 -626 -26,016 -6,171 -43
Cash flow before transactions with shareholders 12,692 -867 -5,807 10,795 13,285 5,737 -19,372 359 5,328
Private placement to non-controlling interests - - - 64 4 5 28 435 0
Dividend to non-controlling interests -2 -21 -273 -423 -336 -397 -285 -190 -216
Dividend -5,092 -4,916 -4,741 -4,390 -4,038 -4,038 - - -
Transactions with shareholders - - - - - - 838 -14,571 -2,225
Net cash flow continuing operations 7,598 -5,804 -10,821
Net cash flow discontinued operations 866 952 628
Net cash flow total operations 8,464 -4,852 -10,193 6,046 8,915 1,307 -18,791 -13,967 2,887
Net debt, January 1 -62,869 -55,433 -42,688 -50,940 -54,404 -52,467 -35,173 -19,058 -25,066
Changed opening balance for net debt due to IFRS 16 Leases - - - - -3,786 - - - -
Net cash flow 8,464 -4,852 -10,193 6,046 8,915 1,307 -18,791 -13,967 2,887
Remeasurements to equity 1,339 2,281 -147 -199 488 -1,041 1,061 -1,570 1,281
Investments in non-operating assets through leases -491 -562 -385 -399 -434 - - - -
Translation differences -146 -4,303 -2,020 2,804 -1,719 -2,203 436 -578 1,840
Net debt, December 31 -53,703 -62,869 -55,433 -42,688 -50,940 -54,404 -52,467 -35,173 -19,058
1) Operating cash flow statement has been restated as a result of Vinda's financial reporting being classified as discontinued operations as of the fourth quarter 2023.

Last updated: 3/22/2024 10:00 AM

Multi-year summary
SEKm 2023 20221) 20211) 2020 2019 2018 2017 2016 2015
INCOME STATEMENT
Net sales 147,147 131,320 101,466 121,752 128,975 118,500 109,265 101,238 98,519
Adjusted EBITA 18,898 12,047 11,451 17,626 15,840 12,935 13,405 11,992 10,603
Health & Medical 4,037 2,904 3,800 3,668 3,734
Consumer Goods 9,797 6,354 5,767 11,538 8,333
Professional Hygiene 6,288 3,843 2,673 3,317 4,463
Other operations -1,224 -1,054 -789 -897 -690 -591 -620 -577 -737
Items affecting comparability -2,291 -2,171 371 -59 -713 -1,375 -855 -2,645 -292
EBITA2) 16,607 9,876 11,822 17,567 15,127 11,560 12,550 9,347 10,311
Amortization of acquisition-related intangible assets -1,109 -1,111 -844 -809 -778 -732 -560 -159 -133
Items affecting comparability -350 -274 - - - -69 -85 -180 -494
Operating profit 15,148 8,491 10,978 16,758 14,349 10,759 11,905 9,008 9,684
Financial income3) 412 141 81 108 106 91 158 202 312
Financial expenses -2,768 -1,461 -648 -1,066 -1,415 -1,248 -1,340 -1,037 -1,140
Profit before tax 12,792 7,171 10,411 15,800 13,040 9,602 10,723 8,173 8,856
Income taxes -3,275 -2,006 -2,398 -4,053 -2,828 -1,050 -1,938 -3,931 -2,278
Profit for the period 9,517 5,165 8,013 11,747 10,212 8,552 8,785 4,242 6,578
BALANCE SHEET
Non-current assets (excluding financial receivables) 112,913 137,492 122,196 107,974 116,779 110,370 105,398 77,238 67,483
Receivables and inventories 44,146 61,791 45,949 37,141 38,486 38,646 34,664 29,917 29,171
Non-current assets held for sale - - - - 42 69 42 156 120
Financial receivables 3,189 2,088 1,851 3,555 3,535 1,751 1,700 1,052 766
Current financial assets 5,259 4,941 1,150 993 525 422 1,105 1,677 12,983
Cash and cash equivalents 5,159 4,288 3,904 4,982 2,928 3,008 4,107 4,244 4,828
Assets held for sale, discontinued operations 32,327 - - - - - - - -
Total assets 202,993 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
Equity 70,846 67,346 59,874 54,352 54,125 47,141 42,289 33,204 42,986
Non-controlling interests 8,559 9,218 8,633 8,990 8,676 7,758 7,281 6,376 5,289
Provisions 11,396 13,097 12,855 12,671 14,017 15,696 14,659 11,961 8,450
Interest-bearing debt 60,984 71,515 58,189 46,890 52,062 54,327 54,838 36,873 34,717
Operating and other non-interest bearing liabilities 37,500 49,424 35,499 31,742 33,415 29,344 27,949 25,870 23,909
Liabilities directly associated with assets held for sale 13,708 - - - - - - - -
Total equity and liabilities 202,993 210,600 175,050 154,645 162,295 154,266 147,016 114,284 115,351
Average capital employed 4) 115,105 110,727 92,227 112,473 114,663 107,575 90,167 73,145 70,115
Net debt, including pension provisions 53,703 62,869 55,433 42,688 50,940 54,404 52,467 35,173 19,058
OPERATING CASH FLOW STATEMENT
Operating cash flow 17,685 7,680 9,744 16,018 15,639 9,900 10,622 10,998 8,261
Cash flow from current operations 11,625 4,088 5,991 11,175 13,208 6,363 6,644 6,530 5,371
Cash flow before transactions with shareholders 12,692 -867 -5,807 10,795 13,285 5,737 -19,372 359 5,328
Investments in non-current assets, net -6,819 -5,362 -5,182 -6,439 -5,707 -6,781 -6,012 -6,255 -5,472
Acquisitions of Group companies and other operations -182 -4,955 -11,813 -747 -143 -694 -26,045 -6,540 -92
Divestments of Group companies and other operations 1,249 - 15 367 220 68 29 369 49
Net cash flow 7,598 -5,804 -10,821 6,046 8,915 1,307 -18,791 -13,967 2,887
1) Income statement and Operating cash flow statement has been restated as a result of Vinda's financial reporting being classified as discontinued operations as of the fourth quarter 2023.
2) 2015 includes the sale of securities, SEK 970m.
3) 2015 does not include the sale of securities, SEK 970m.
4) Calculation of average capital employed is based on five measurements.

Last updated: 3/22/2024 10:00 AM

Key figures
2023 2022 2021 2020 2019 2018 2017 2016 2015
SEK SEK SEK SEK SEK SEK SEK SEK SEK
Equity/assets ratio, % 35 32 34 35 33 31 29 29 37
Interest coverage ratio 1) 6.4 6.4 19.4 17.5 11.0 9.3 10.1 10.8 11.7
Debt payment capacity, including pension liabilities, % 1) 34 24 26 46 38 25 26 29 65
Debt/equity ratio, including pension liabilities 0.68 0.82 0.81 0.67 0.81 0.99 1.06 0.89 0.39
Debt/equity ratio, excluding pension liabilities 0.68 0.81 0.77 0.63 0.76 0.92 0.99 0.76 0.34
Return on capital employed, % 1) 14.4 8.9 12.8 15.6 13.2 10.8 13.9 12.8 13.8
Adjusted return on capital employed, % 1) 16.4 10.9 12.4 15.7 13.8 12.0 14.9 16.4 15.1
Return on equity, % 12.5 8.1 15.0 18.2 17.4 16.1 19.8 9.3 13.9
EBITA margin, % 1) 11.3 7.5 11.7 14.4 11.7 9.8 11.5 9.2 10.5
Adjusted EBITA margin, % 1) 12.8 9.2 11.3 14.5 12.3 10.9 12.3 11.8 10.8
Operating margin, % 1) 10.3 6.5 10.8 13.8 11.1 9.1 10.9 8.9 9.8
Adjusted operating margin, % 1) 12.1 8.3 10.5 13.8 11.7 10.3 11.8 11.7 10.6
Net margin, % 1) 6.5 4.0 7.8 9.7 7.9 7.2 8.0 4.2 6.7
Capital turnover rate 1) 1.28 1.19 1.10 1.08 1.12 1.10 1.21 1.38 1.41
Cash flow from current operations per share, SEK 1) 16.55 5.82 8.53 15.91 18.81 9.06 9.46 9.30 7.65
Earnings per share, SEK 13.60 7.93 12.27 14.56 13.12 11.23 11.56 5.41 8.73
Dividend per share, SEK 7.75 7.25 7.00 6.75 6.25 5.75 5.75
1) Key figures has been restated for years 2021 and 2022, and pertain to continuing operations for the period 2021-2023.

Last updated: 3/22/2024 10:00 AM

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