Reconciliation of non-IFRS measures to IFRS          
Net sales and organic growth
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Net sales 21,516 16,207 18,503 18,274 14,044
Sales growth,% 33 -12 1 30 13
Organic growth,% 23 -10 -7 5 12
Currency translation,% -3 -2 5 3 0
M&A,% 13 0 3 22 1
EBITDA
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Operating profit (EBIT) 2,855 1,880 2,338 2,587 1,907
Depreciation and amortization 920 789 817 526 321
EBITDA 3,775 2,669 3,155 3,113 2,228
EBITDA Margin (EBITDA /Net sales) 17.5% 16.5% 17.1% 17.0% 15.9%
EBITDA before items affecting comparability (i.a.c.)
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
EBITDA 3,775 2,669 3,155 3,113 2,228
Items affecting comparability (i.a.c.) 123 59 97 92 -47
EBITDA before i.a.c. 3,899 2,728 3,252 3,205 2,181
EBITDA before i.a.c. Margin (EBITDA before i.a.c./Net sales) 18.1% 16.8% 17.6% 17.5% 15.5%
EBITA
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Operating profit (EBIT) 2,855 1,880 2,338 2,587 1,907
Amortization on acquisition-related intangible assets 369 296 303 219 76
EBITA 3,225 2,176 2,641 2,805 1,983
EBITA Margin (EBITA /Net sales) 15.0% 13.4% 14.3% 15.3% 14.1%
EBITA before items affecting comparability (i.a.c.)
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
EBITA 3,225 2,176 2,641 2,805 1,983
Items affecting comparability (i.a.c.) 123 59 97 92 -47
EBITA before i.a.c. 3,348 2,235 2,738 2,897 1,936
EBITA before i.a.c Margin (EBITA before i.a.c /Net sales) 15.6% 13.8% 14.8% 15.9% 13.8%
Operating profit (EBIT) before items affecting comparability (i.a.c.)
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Operating profit (EBIT) 2,855 1,880 2,338 2,587 1,907
Items affecting comparability (i.a.c.) 123 59 97 92 -47
Operating profit (EBIT) before items affecting comparability (i.a.c.) 2,979 1,939 2,434 2,679 1,860
EBIT before i.a.c.Margin (EBIT before i.a.c./Net sales) 13.8% 12.0% 13.2% 14.7% 13.2%
Profit (loss) for the period, adjusted
Amounts in SEK million (unless otherwise stated) 2021 2020 2019
Profit (loss) before tax, reported 2,357 1,348 1,830
A) Adjustment for amortization of acquisition-related intangible assets 369 296 303
B) Adjustment for items affecting comparability (i.a.c.) 123 59 97
Profit (loss) before tax, adjusted 2,849 1,703 2,230
Taxes, reported -630 -897 -505
Taxes, adjustment for A) and B) -129 -96 -116
 Profit (loss) for the period, adjusted 2,090 710 1,609
Core working capital
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Inventories 6,983 3,133 2,957 3,772 3,350
Trade receivables 2,686 1,839 1,695 1,705 1,485
Trade payables -3,193 -2,019 -1,414 -1,491 -1,459
= Core working capital 6,475 2,952 3,238 3,986 3,376
           
Operating cashflow
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Cashflow from operations 1,153 2,060 3,553 2,725 1,928
After Investments in fixed assets -413 -246 -361 -422 -306
Adjusted for Income tax paid 1,009 444 529 313 105
= Operating cashflow 1,749 2,258 3,721 2,616 1,727
 
           
Operating capital excluding goodwill and trademarks          
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Liabilities to credit institutions 16,099 13,456 12,288 11,610 10,543
Liabilities to related parties - - - - -
Provisions for pensions 704 797 821 739 687
Interest bearing debt 16,802 14,252 13,109 12,349 11,230
           
Equity 22,447 16,201 17,363 16,029 14,514
Cash and cash equivalents -4,408 -7,913 -4,289 -2,113 -1,159
Goodwill and trademarks -25,947 -17,204 -18,875 -18,203 -17,016
Operating capital excl. Goodwill and trademarks 8,894 5,336 7,308 8,062 7,569
Average Operating capital excl. Goodwill and trademarks (4 quarters) 7,744 6,978 8,248 8,484 5,780
           
           
RoOC - Return on Operating Capital (%)          
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Operating profit (EBIT) for the four previous quarters 2,855 1,880 2,338 2,587 1,907
divided by Average Operating capital (4 quarters) 7,744 6,978 8,248 8,484 5,780
RoOC - Return on Operating Capital (%) 36.9% 26.9% 28.3% 31% 33%
           
           
Leverage  
Amounts in SEK million (unless otherwise stated) 2021 2020 2019 2018 2017
Liabilities to credit institutions excluding amortized cost 16,160 13,521 12,349 11,670 10,601
Cash and cash equivalents -4,408 -7,913 -4,289 -2,113 -1,159
Cash deposits with Tax authorities 0 -146 -266 -246
Total Cash and cash equivalents -4,408 -8,059 -4,555 -2,359 -1,159
Net Debt 11,752 5,461 7,795 9,311 9,442
EBITDA before i.a.c. LTM 3,899 2,728 3,252 3,205 2,181
EBITDA Acquisitions proforma 572 0 0 84 694
EBITDA before i.a.c. incl acquisitions proforma 4,471 2,728 3,252 3,289 2,875
Leverage 2.6 2.0 2.4 2.8 3.3
           
Updated January 27, 2022