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. OPERATING CASH FLOW ANALYSIS SEK m 1312 1212 Operating cash surplus 14,004 13,068 Change in working capital -328 1,119 Current capital -3,489 -3,272 expenditures, net Restructuring costs, etc. -1,294 -988 Operating cash flow 8,893 9,927 Financial items -1,061 -1,323 Income taxes paid -1,741 -1,265 Other 161 102 Cash flow from current 6,252 7,441 operations Acquisitions -5,488 -14,873 Strategic capital -1,906 -1,971 expenditures, fixed assets Divestments 1,716 17,682 Cash flow before dividend 574 8,279 Dividend -3,303 -3,089 Cash flow after dividend -2,729 5,190 Net cash flow from 0 468 disposal group Net cash flow -2,729 5,658 Net debt at the start of -33,063 -36,820* the period Net cash flow -2,729 5,658 Remeasurement to equity 2,176 -1,787 Currency effects -117 -114 Effect of -186 0 reclassification of operating liability** Net debt at the end of -33,919 -33,063 the period Debt/equity ratio 0.50 0.54 Debt payment capacity, % 38 38 * Including disposal group ** Provision for payroll tax has been reclassified to net debt under IAS 19. STATEMENT OF PROFIT OR LOSS SEK m 1312 1212 Net sales 92,873 89,229 Cost of goods sold 1) -69,585 -67,035 Gross profit 23,288 22,194 Sales, general and -13,122 -13,323 administration 1) Items affecting -1,239 -2,614 comparability 2) Share of profits of 215 169 associates Operating profit 9,142 6,426 Financial items -1,061 -1,323 Profit before tax 8,081 5,103 Tax -2,220 -364 Net profit for the period 5,861 4,739 continued operations Net profit for the period 0 503 from disposal group Net profit for the period 5,861 5,242 Earnings attributable to: Owners of the parent 5,546 4,956 Non-controlling interests 315 286 Earnings per share, SEK - owners of the parent total operations - before dilution effects 7.90 7.06 - after dilution effects 7.90 7.06 Earnings per share, SEK - owners of the parent continued operations - before dilution effects 7.90 6.34 - after dilution effects 7.90 6.34 Calculation of earnings per 1312 1212 share Earnings attributable to 5,546 4,956 owners of the parent Average no. of shares before 702.3 702.3 dilution, millions Average no. of shares after 702.3 702.3 dilution, millions 1) Of which, depreciation -5,005 -4,993 2) Distribution of items affecting comparability Distribution of restructuring costs, etc. per function Cost of goods sold -288 -300 Sales, general and -740 -982 administration Impairment, etc. -211 -1,332 Total items affecting -1,239 -2,614 comparability Gross margin 25.1 24.9 Operating margin 9.8 7.2 Financial net margin -1.1 -1.5 Profit margin 8.7 5.7 Tax -2.4 -0.4 Net margin * 6.3 5.3 * Excluding Net profit for the period from disposal group Excluding items affecting 1312 1212 comparability: 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 Net margin * 7.3 7.8 * Excluding Net profit for the period from disposal group CONSOLIDATED BALANCE SHEET SEK m December 31, 2013 December 31, 2012 Assets Goodwill 13,785 12,349 Other intangible 8,136 5,580 assets Tangible assets 81,544 75,274 Shares and 1,072 2,317 participations Non-current 3,190 3,577 financial assets Other non-current 1,819 996 receivables Total non-current 109,546 100,093 assets Operating 31,077 29,736 receivables and inventories Current financial 536 401 assets Non-current assets 32 1,937 held for sale Cash and cash 3,785 2,118 equivalents Total current assets 35,430 34,192 Total assets 144,976 134,285 Equity Owners of the parent 63,271 59,706 Non-controlling 4,540 1,993 interests Total equity 67,811 61,699 Liabilities Provisions for 2,548 4,820 pensions Other provisions 10,531 9,207 Non-current 28,703 24,077 financial liabilities Other non-current 593 1,022 liabilities Total non-current 42,375 39,126 liabilities Current financial 10,009 10,105 liabilities1) Other current 24,781 23,355 liabilities Total current 34,790 33,460 liabilities Total liabilities 77,165 72,586 Total equity and 144,976 134,285 liabilities 1)Committed credit lines amount to SEK 18 186m of which unutilized SEK 18 186m. Debt/equity ratio 0.50 0.54 Visible 44% 44% equity/assets ratio Return on capital 10% 8% employed Return on equity 9% 9% Excluding items affecting comparability: Return on capital 11% 10% employed Return on equity 11% 12% Equity per share, 96 88 SEK Capital employed 101,730 94,762 - of which working 7,740 7,125 capital Provisions for restructuring costs are included in the balance sheet as follows: - Other provisions* 416 616 - Operating 786 630 liabilities *) of which, 292 482 provision for tax risks Net debt 33,919 33,063 Total Equity 67,811 61,699 NET SALES SEK m 1312 1212 2013:4 2013:3 2013:2 2013:1 Personal Care 29,736 29,084 7,578 7,382 7,475 7,301 Tissue 48,096 43,476 12,357 11,910 11,930 11,899 Forest Products 15,525 18,283 3,646 3,843 3,788 4,248 Other 95 1,240 -4 -2 26 75 Intra-group -579 -2,854 -157 -131 -100 -191 deliveries Total net sales 92,873 89,229 23,420 23,002 23,119 23,332 OPERATING PROFIT SEK m 1312 1212 2013:4 2013:3 2013:2 2013:1 Personal Care 3,519 3,437 859 880 902 878 Tissue 5,724 4,778 1,601 1,524 1,333 1,266 Forest 1,843 1,363 916 420 250 257 Products3) Other -705 -538 -213 -199 -207 -86 Total operating 10,381 9,040 3,163 2,625 2,278 2,315 profit 1) Financial items -1,061 -1,323 -272 -283 -227 -279 Profit before 9,320 7,717 2,891 2,342 2,051 2,036 tax 1) Tax -2,639 -737 -933 -656 -524 -526 Net profit for 0 503 0 0 0 0 the period from disposal group Net profit for 6,681 7,483 1,958 1,686 1,527 1,510 the period 2) 1) Excluding -1,239 -2,614 -215 -233 -373 -418 items affecting comparability before tax amounting to: 2) Excluding -820 -2,241 -45 -172 -297 -306 items affecting comparability after tax amounting to: 3) Including 583 91 455 7 0 121 effects of forest swaps, Forest Porducts before tax OPERATING MARGIN % 1312 1212 2013:4 2013:3 2013:2 2013:1 Personal Care 11.8 11.8 11.3 11.9 12.1 12.0 Tissue 11.9 11.0 13.0 12.8 11.2 10.6 Forest Products 11.9 7.5 25.1 10.9 6.6 6.0 CONSOLIDATED INCOME STATEMENT SEK m 2013:4 2013:3 2013:2 2013:1 Net sales 23,420 23,002 23,119 23,332 Cost of goods -17,512 -17,028 -17,339 -17,706 sold Gross profit 5,908 5,974 5,780 5,626 Sales, general -2,831 -3,424 -3,540 -3,327 and administration Items affecting -215 -233 -373 -418 comparability Share of profits 86 75 38 16 of associates Operating profit 2,948 2,392 1,905 1,897 Financial items -272 -283 -227 -279 Profit before 2,676 2,109 1,678 1,618 tax Taxes -763 -595 -448 -414 Net profit for 0 0 0 0 the period from disposal group Net profit for 1,913 1,514 1,230 1,204 the period
Changes in SCA’s financial reporting for 2014 due to new and amended reporting standards
| Source: Svenska Cellulosa AB SCA
Pièces jointes
