Press release
Stockholm, March 10, 2014
Changes in SCA’s financial reporting for 2014 due to
new and amended reporting standards
As described in the year-end report 2013, effective January 1, 2014, SCA applies
the following new and amended reporting standards: IFRS 10 Consolidated
Financial Statements, IFRS 11 Joint Arrangements, IFRS 12 Disclosure of Interests
in Other Entities, IAS 27 Separate Financial Statements, and IAS 28 Investments in
Associates and Joint Ventures.
These standards are applied retrospectively, which entails that the cash flows, income
statements and balance sheets for 2012 and 2013 have been recalculated to reflect the
changes in the new and amended reporting standards. It is mainly IFRS 10 Consolidated
Financial Statements and IFRS 11 Joint Arrangements that have affected the
recalculations. The other standards are not judged to have any material impact on the
Group’s or parent company’s result or financial position.
For SCA, this entails that some joint ventures have been reclassified to subsidiaries. For
the joint ventures that have not been reclassified as subsidiaries the equity method is
applied. A few individual companies have been classified as joint operations for which
proportionate consolidation is applied.
Please find below recalculated cash flows, income statements and balance sheets for
2012 and 2013.
NB:
SCA discloses the information provided herein pursuant to the Securities Markets Act. Submitted for
publication on March 10, 2014, at 08.30 CET.
For further information, please contact:
Johan Karlsson, Vice President Investor Relations, +46 8 788 51 30
Boo Ehlin, Vice President Media Relations, +46 8 788 51 36
SCA is a leading global hygiene and forest products company. The Group develops and produces
sustainable personal care, tissue and forest products. Sales are conducted in about 100 countries under many
strong brands, including the leading global brands TENA and Tork, and regional brands, such as Libero,
Libresse, Lotus, Nosotras, Saba, Tempo and Vinda. As Europe’s largest private forest owner, SCA places
considerable emphasis on sustainable forest management. The Group has about 44,000 employees. Sales in
2013 amounted to approximately SEK 93bn (EUR 10.7bn). SCA was founded in 1929, has its headquarters in
Stockholm, Sweden, and is listed on NASDAQ OMX Stockholm. For more information, visit www.sca.com.
2
OPERATING CASH FLOW ANALYSIS
SEK m
Operating cash surplus
Change in working capital
Current capital expenditures, net
Restructuring costs, etc.
Operating cash flow
1312
14,004
-328
-3,489
-1,294
8,893
1212
13,068
1,119
-3,272
-988
9,927
Financial items
Income taxes paid
Other
Cash flow from current operations
-1,061
-1,741
161
6,252
-1,323
-1,265
102
7,441
Acquisitions
Strategic capital expenditures, fixed assets
Divestments
Cash flow before dividend
Dividend
Cash flow after dividend
Net cash flow from disposal group
Net cash flow
-5,488
-1,906
1,716
574
-3,303
-2,729
0
-2,729
-14,873
-1,971
17,682
8,279
-3,089
5,190
468
5,658
-33,063
-2,729
2,176
-117
-186
-33,919
-36,820*
5,658
-1,787
-114
0
-33,063
0.50
38
0.54
38
Net debt at the start of the period
Net cash flow
Remeasurement to equity
Currency effects
Effect of reclassification of operating liability**
Net debt at the end of the period
Debt/equity ratio
Debt payment capacity, %
* Including disposal group
** Provision for payroll tax has been reclassified to net debt under IAS 19.
3
STATEMENT OF PROFIT OR LOSS
SEK m
Net sales
Cost of goods sold 1
Gross profit
Sales, general and administration
1
Items affecting comparability 2
Share of profits of associates
Operating profit
Financial items
Profit before tax
Tax
Net profit for the period continued operations
Net profit for the period from disposal group
1312
1212
92,873
89,229
-69,585
-67,035
23,288
22,194
-13,122
-13,323
-1,239
-2,614
215
169
9,142
6,426
-1,061
-1,323
8,081
5,103
-2,220
-364
5,861
4,739
0
503
5,861
5,242
5,546
4,956
315
286
- before dilution effects
7.90
7.06
- after dilution effects
7.90
7.06
- before dilution effects
7.90
6.34
- after dilution effects
7.90
6.34
Net profit for the period
Earnings attributable to:
Owners of the parent
Non-controlling interests
Earnings per share, SEK - owners of the parent total operations
Earnings per share, SEK - owners of the parent continued operations
Calculation of earnings per share
1312
1212
Earnings attributable to owners of the parent
5,546
4,956
Average no. of shares before dilution, millions
702.3
702.3
Average no. of shares after dilution, millions
702.3
702.3
-5,005
-4,993
Cost of goods sold
-288
-300
Sales, general and administration
-740
-982
-211
-1,332
-1,239
-2,614
25.1
24.9
1
Of which, depreciation
2
Distribution of items affecting comparability
Distribution of restructuring costs, etc. per function
Impairment, etc.
Total items affecting comparability
Gross margin
Operating margin
Financial net margin
Profit margin
9.8
7.2
-1.1
-1.5
8.7
5.7
-2.4
-0.4
6.3
5.3
Excluding items affecting comparability:
1312
1212
Gross margin
25.1
24.9
Operating margin
11.2
10.1
Financial net margin
-1.1
-1.5
Profit margin
10.1
8.6
Tax
-2.8
-0.8
7.3
7.8
Tax
Net margin *
* Excluding Net profit for the period from disposal group
Net margin *
* Excluding Net profit for the period from disposal group
4
CONSOLIDATED BALANCE SHEET
December 31, 2013
December 31, 2012
Assets
Goodwill
Other intangible assets
Tangible assets
Shares and participations
Non-current financial assets
Other non-current receivables
Total non-current assets
13,785
8,136
81,544
1,072
3,190
1,819
109,546
12,349
5,580
75,274
2,317
3,577
996
100,093
Operating receivables and inventories
Current financial assets
Non-current assets held for sale
Cash and cash equivalents
Total current assets
Total assets
31,077
536
32
3,785
35,430
144,976
29,736
401
1,937
2,118
34,192
134,285
Equity
Owners of the parent
Non-controlling interests
Total equity
63,271
4,540
67,811
59,706
1,993
61,699
Liabilities
Provisions for pensions
Other provisions
Non-current financial liabilities
Other non-current liabilities
Total non-current liabilities
2,548
10,531
28,703
593
42,375
4,820
9,207
24,077
1,022
39,126
10,009
24,781
34,790
77,165
144,976
10,105
23,355
33,460
72,586
134,285
Debt/equity ratio
Visible equity/assets ratio
0.50
44%
0.54
44%
Return on capital employed
Return on equity
Excluding items affecting comparability:
Return on capital employed
Return on equity
10%
9%
8%
9%
11%
11%
10%
12%
96
101,730
7,740
88
94,762
7,125
Provisions for restructuring costs are included in the balance sheet as follows:
- Other provisions*
416
- Operating liabilities
786
*) of which, provision for tax risks
292
616
630
SEK m
Current financial liabilities1
Other current liabilities
Total current liabilities
Total liabilities
Total equity and liabilities
1
Committed credit lines amount to SEK 18 186m of which unutilized SEK 18 186m.
Equity per share, SEK
Capital employed
- of which working capital
Net debt
Total Equity
33,919
67,811
482
33,063
61,699
5
NET SALES
SEK m
Personal Care
Tissue
Forest Products
Other
Intra-group deliveries
Total net sales
1312
29,736
48,096
15,525
95
-579
92,873
1212
29,084
43,476
18,283
1,240
-2,854
89,229
2013:4
7,578
12,357
3,646
-4
-157
23,420
2013:3
7,382
11,910
3,843
-2
-131
23,002
2013:2
7,475
11,930
3,788
26
-100
23,119
2013:1
7,301
11,899
4,248
75
-191
23,332
1312
3,519
5,724
1,843
-705
10,381
-1,061
9,320
-2,639
0
6,681
1212
3,437
4,778
1,363
-538
9,040
-1,323
7,717
-737
503
7,483
2013:4
859
1,601
916
-213
3,163
-272
2,891
-933
0
1,958
2013:3
880
1,524
420
-199
2,625
-283
2,342
-656
0
1,686
2013:2
902
1,333
250
-207
2,278
-227
2,051
-524
0
1,527
2013:1
878
1,266
257
-86
2,315
-279
2,036
-526
0
1,510
-1,239
-2,614
-215
-233
-373
-418
-820
-2,241
-45
-172
-297
-306
583
91
455
7
0
121
1312
11.8
11.9
11.9
1212
11.8
11.0
7.5
2013:4
11.3
13.0
25.1
2013:3
11.9
12.8
10.9
2013:2
12.1
11.2
6.6
2013:1
12.0
10.6
6.0
OPERATING PROFIT
SEK m
Personal Care
Tissue
Forest Products3
Other
Total operating profit 1
Financial items
Profit before tax 1
Tax
Net profit for the period from disposal group
Net profit for the period 2
1
Excluding items affecting comparability before tax amounting to:
2
Excluding items affecting comparability after tax amounting to:
3
Including effects of forest swaps, Forest Porducts before tax
OPERATING MARGIN
%
Personal Care
Tissue
Forest Products
CONSOLIDATED INCOME STATEMENT
SEK m
Net sales
Cost of goods sold
Gross profit
Sales, general and administration
Items affecting comparability
Share of profits of associates
Operating profit
Financial items
Profit before tax
Taxes
Net profit for the period from disposal group
Net profit for the period
2013:4
23,420
-17,512
5,908
-2,831
-215
86
2,948
-272
2,676
-763
0
1,913
2013:3
23,002
-17,028
5,974
-3,424
-233
75
2,392
-283
2,109
-595
0
1,514
2013:2
23,119
-17,339
5,780
-3,540
-373
38
1,905
-227
1,678
-448
0
1,230
2013:1
23,332
-17,706
5,626
-3,327
-418
16
1,897
-279
1,618
-414
0
1,204