Interim Report Q1 2015


JANUARY 1–MARCH 31, 2015 (compared with same period a year ago)

  · Net sales rose 15% (6% excluding exchange rate effects) to SEK 27,958m
(24,234)
  · Organic sales growth, which excludes exchange rate effects, acquisitions and
divestments, was 6%
  · Operating profit, excluding items affecting comparability, rose 9% to SEK
2,872m (2,630)
  · The operating margin, excluding items affecting comparability, was 10.3%
(10.9)
  · Profit before tax, excluding items affecting comparability, rose 11% to SEK
2,602m (2,342)
  · Items affecting comparability totaled SEK -122m (-247)
  · Earnings per share were SEK 2.43 (2.12)
  · Return on capital employed, excluding items affecting comparability, was
11.2% (11.0)
  · Cash flow from current operations was SEK 1,246m (667)

(Table included in attached pdf)

CEO’S COMMENTS
We delivered good organic sales growth and a higher operating profit in all
business areas during the first quarter of 2015 compared with the same period a
year ago. Emerging markets have continued to show high growth, and sales in
Europe also developed well. We have invested and will continue to invest in
emerging markets, and in March this year we inaugurated our first manufacturing
facility in India. During the first quarter of 2015 we introduced 11 innovations
and product launches under the Edet, Nosotras, Plenty, Tork and Zewa brands. Our
efficiency work continues with undiminished strength, and focus is on improving
efficiency along the entire value chain.

Consolidated net sales for the first quarter of 2015 increased by 15% compared
with the same period a year ago. Organic sales growth was 6%, with growth in all
business areas. In emerging markets, net sales grew 11%. Operating profit,
excluding items affecting comparability, gains on forest swaps and currency
translation effects, rose 6%. The increase is mainly attributable to a better
price/mix, higher volumes and cost savings. Raw material costs increased by SEK
721m, mainly due to the stronger U.S. dollar. The operating margin, excluding
items affecting comparability and gains on forest swaps, increased by 0.1
percentage points to 10.3%. Operating cash flow increased by 37%.

Personal Care showed a higher operating profit for the first quarter of 2015
compared with the same period a year ago. Operating profit was favorably
affected by a better price/mix, higher volumes and cost savings. Higher raw
material costs as a result of higher pulp prices and the stronger U.S. dollar
had a negative impact on earnings. Tissue showed a higher operating profit owing
to a better price/mix, higher volumes and cost savings. Higher raw material
costs related to the stronger U.S. dollar had a negative impact on earnings. For
Forest Products, operating profit rose mainly as a result of higher prices
(including exchange rate effects) and cost savings.


For further information, please contact:
Johan Karlsson, Vice President Investor Relations, Group Function
Communications, +46 8 788 51 30
Linda Nyberg, Vice President Media Relations and Online Communications, Group
Function Communications, +46 8 788 51 58
Joséphine Edwall-Björklund, Senior Vice President, Group Function
Communications, +46 8 788 52 34
Fredrik Rystedt, CFO and Executive Vice President, +46 8 788 51 31


NB
SCA discloses the information provided herein pursuant to the Securities Markets
Act. This report has been prepared in both Swedish and English versions. In case
of variations in the content between the two versions, the Swedish version shall
govern. Submitted for publication on April 30, 2015, at 07.30 CET. This report
has not been reviewed by the company’s auditors.

Attachments

04305199.pdf