Profit and loss

SEKm Note 2016 2015
Total   13,989 13,014
1) Includes the sale of the securities, SEK 970m.
2) Excludes the sale of the securities, SEK 970m.
3) Board proposal.
4) Excluding items affecting comparability.
     
Group       
Net sales B1 117,314 115,316
Cost of goods sold B2 -85,721 -85,476
Items affecting comparability B2 -529 -323
Gross profit   31,064 29,517
Sales and administration expenses etc. B2 -17,756 -17,025
Items affecting comparability B2 -2,181 -1,7441)
Share of profits of associates and
joint ventures
  152 199
Operating profit   11,279 10,947
Financial income E7 132 2052)
Financial expenses E7 -1,051 -1,160
Profit before tax   10,360 9,992
Tax B4 -4,348 -2,540
Profit for the period   6,012 7,452
Earnings attributable to:      
Owners of the Parent   5,570 7,002
Non-controlling interests   442 450
Earnings per share      
Earnings per share, SEK - owners of the Parent      
    before dilution effects   7.93 9.97
    after dilution effects   7.93 9.97
Dividend per share, SEK   6.00 5.753)
Profit for the year attributable to
owners of the Parent
   5,570 7,002
Average number of shares before
dilution, million
  702.3 702.3
Average number of shares after dilution   702.3 702.3
By business area SEKm      
Net Sales      
Personal Care   33,651 34,344
Tissue   67,561  64,184 
Forest Products   16,587  17,279 
Other   26 -9
Intra-Group deliveries   -511 -482
Total   117,314 115,316
Operating Profit4)
     
Personal Care   4,255 3,990
Tissue   8,155 7,217
Forest Products   2,211 2,605
Other   -632 -798
Intra-Group deliveries   -

Balance sheet

Net debt   35,361 29,478
1) Accured interest costs has been reclassified
    from operating liability to current financial liability.
     
SEKm Note 2016 2015
Group      
Non-current assets      
Goodwill D1 19,257 15,412
Other intangible assets D1 7,750 7,440
Buildings, land, machinery and equipment D2 62,184 54,532
Biological assets D3 30,770 30,119
Participations in joint ventures and associates F3 1,123 1,078
Shares and participations F5 46 45
Surplus in funded pension plans C5 1,186 371
Non-current financial assets E2 722 1,032
Deferred tax assets B4 1,465 1,063
Other non-current assets   242 150
Total non-current assets   124,745 111,242
Current assets      
Inventories D4 14,347 14,661
Trade receivables E3 17,811 16,829
Current tax assets B4 741 872
Other current receivables D5 2,898 2,832
Current financial assets E2 568 774
Non-current assets held for sale G1 156 120
Cash and cash equivalents E2 4,482 5,042
Total current assets   41,003 41,130
Total assets   165,748 152,372
EQUITY AND LIABILITIES      
Equity E8    
Owners of the Parent      
Share capital   2,350 2,350
Other capital provided   6,830 6,830
Reserves   400 -2,242
Retained earnings   63,562 63,463
    73,142 70,401
Non-controlling interests   6,377 5,290
Total equity   79,519 75,691
Non-current liabilities      
Non-current financial liabilities E4 31,360 21,475 
Provisions for pensions C5 5,602 2,771
Deferred tax liabilities   B4 11,718 11,076
Other non-current provisions D7 1,413 901
Other non-current liabilities D6 181 258
Total non-current liabilities   50,274 36,481
Current liabilities      
Current financial liabilities E4 5 3571)
12 4521)
Trade payables   15,750 14,351
Current tax liabilities B4 935 827
Current provisions D7 1,447 990
Other current liabilities D6 12,466 11,580
Total current liabilities   35,955 27,748
Total liabilities   86,229 64,229
Total equity and liabilities   165,748 139,920
Contingent liabilities and pledged assets,
see Note G3 in Annual Report 2016.
     
Capital employed   114,880 105,169

Cash flow

Net debt, 31 December   -35,361 -29,478
1) Provision for payroll tax on defined benefit pension
    obligations was reclassified to net debt in
    accordance with IAS 19 at the beginning of 2013.
     
SEKm Note 2016 2015
Group      
Net sales   117,314 115,316
Operating expenses   -97,299 -96,539
Operating surplus   20,015 18,777
Adjustment for non-cash items   -672 -465
Operating cash surplus   19,343 18,312
Change in      
   Inventories   1,076 -1,390
   Operating receivables   -236 -1,129
   Operating liabilities   1,130 2,120
Change in working capital   1,970 -399
Current capital expenditures, net   -5,181 -4,162
Restructuring costs, etc.   -1,184 -830
Operating cash flow   14,948 12,921
Financial items E7 -919 -955
Income taxes paid B4 -3,799 -2,208
Other   152 132
Cash flow from current operations   10,382 9,890
Strategic capital expenditures,
restructuring costs and divestments
     
Acquisitions F6 -6,598 -93
Strategic capital expenditures in non-current assets   -4,264 -3,125
Total strategic capital expenditures   -10,862 -3,218
Divestments F6 489 329
Cash flow from strategic restructuring costs,
capital expenditures and divestments
  -10,373 -2,889
Cash flow before dividend   9 7,001
Private placement to non-controlling interests   435 -
Dividend to shareholders   -4,228 -3,903
Net cash flow   -3,784 3,098
Net debt, 1 January   -29,478 -35,947
Net cash flow   -3,784 3,098
Remeasurements to equity   -1,526 1,910
Exchange Rate Effects   -573 1,461
Effect of reclassification of operating liability to net
debt1)
  - -

Key ratios

Key ratios 1)
2016 2015
Dividend per share, SEK2)
6.00 5.75
1) See Definitions and key figures on page 144 in the Annual report 2016.
2) Dividend for 2016 relates to the proposed dividend. 
   
Equity/assets ratio, % 44 46
Interest coverage, multiple 12.3 11.5
Debt payment capacity incl. Pension liabilities, % 40 47
Debt/equity, incl. Pension liabilities 0.44 0.39
Debt/equity, excl. Pension liabilities 0.39 0.36
Return on capital employed, % 10 10
Return on capital employed, excluding items affecting comparability, % 13 12
Return on equity, % 8 10
Operating margin, % 10 9
Operating margin, excluding items
affecting comparability, %
12 11
Net margin, % 5 7
Capital turnover rate, multiple 1.05 1.06
Operating cash flow per share, SEK 14.78 14.08
Earning per share, SEK 7.93 9.97

Data per share

of wich treasury shares (millions) 2.8 2.8
1) See Definitions and key ratios on page 144 in the Annual Report 2016.
2) Board proposal.
3) Rolling five-year data.
4) Share price at year-end divided by ernings per share
    after full tax and dilution.
5) Market capitalization plus net debt plus non-controlling
    interests divided by operating profit. (EBIT = earnings
    before interest and taxes).
6) Share price volatility compared with the entire stock
    exchange (measured for rolling 48 months). 
7) 2012 and 2013 restated in accordance with IFRS 10 and 11.
   
All earings figures include items affecting
comparability unless otherwise indicated.
   
SEK per share unless otherwise indicated 2016 2015
Earnings per share after full tax:    
After dilution 7.93 9.97
After dilution, excluding items affecting
comparability7)
11.18 11.82
Before dilution 7.93 9.97
Market price for B share:    
Average price during the year 253.73 222.03
Closing price, 31 December 257.30 246.50
Cash flow from current operations1)7) 14.78 14.08
Cash flow from operating activities 22.15
19.92
Dividend 6,002) 5,75
Dividend growth, %3) 7 8
Dividend yield 2.30 2.30
P/E ratio4)
32 25
P/E ratio excluding items affecting comparability4)7) 23 21
Price/EBIT5)7) 19 19
Price/EBIT excluding items affecting comparability5)7) 15 16
Beta coefficient6) 0.70 0.70
Pay-out ratio (before dilution), % 76 58
Equity, after dilution7) 113 107
Equity, before dilution7) 113 107
Number of registered shares 31 December (millions) 705.1 705.1

Description of costs

SCA Group

Total raw materials and consumables 40
Total operating expenses1): 103 478 SEKm %
Sales, general and administration2) 17
Energy 5
Transport and distrubution expenses 11
Other costs of goods sold3) 27
Raw materials and consumables 40
Raw materials and consumables, of which  
Pulp 13
Recovered paper 4
Timber/chips 4
Super absorbents 2
Non-woven 2
Other4) 15

Forest Products

Total raw materials and consumables 33
1) Excluding items affecting comparability.
2) Sales, general and administration include
    costs for marketing (5 percentage points).
3) The two largest items in Other costs of goods
    sold comprise personnel (12 percentage points)
    and depreciation/amortization (5 percentage points).
4) The item Other in Raw materials and consumables
    includes costs for chemicals, packaging material
    and plastic material.
 
Total operating expenses1): 14,370 SEKm %
Sales, general and administration 4
Energy 3
Transport and distrubution expenses 19
Other costs of goods sold 41
Raw materials and consumables 33
Raw materials and consumables, of which  
Timber/chips 20
Other 13