F2. Jointly owned subsidiaries with significant non-controlling interests
Vinda
Vinda is one of China’s largest hygiene companies. SCA has been a shareholder in Vinda since 2007, became its majority shareholder in late 2013, and has consolidated Vinda financials since the first quarter of 2014. In 2014, SCA divested its hygiene business in China, Hong Kong and Macau for integration with Vinda. In 2016, SCA’s divestment of its business in Southeast Asia, Taiwan and South Korea for integration with Vinda was also approved by the company’s independent shareholders and the transaction was completed on April 1, 2016. Following this transaction and at the end of the reporting period SCA’s holding amounted to 54.6%. In 2017, Vinda is expected to acquire a property via a private placement that will dilute SCA’s holding to about 52.1%. Vinda’s market capitalization on the Hong Kong stock exchange was SEK 19,329m (16,533; 11,551) at the end of the period.
Familia
Familia is 50% owned by SCA and 49.8% owned by the Gomez family. SCA is considered to have a controlling influence over Familia, despite the fact that SCA does not hold a majority of votes in the company. SCA is deemed to have a controlling influence since it has control over the activities with the most significant impact on Familia’s return. Familia operates in the South American market and sells tissue and personal care products.
Financial information
Financial information is disclosed below for both subsidiaries. Financial information has not been disclosed for other subsidiaries since no other individual subsidiary had a material impact on the Group’s earnings and position. These balance sheets have been recognized taking into consideration the recognition of Vinda and Familia in SCA’s consolidated financial statements, whereby consideration was given to adjustments for surplus values in connection with acquisitions.
|
Vinda 1) |
|
Familia 1) |
||||||
SEKm |
2016 |
2015 |
2014 |
|
2016 |
2015 |
2014 |
||
|
|||||||||
Condensed income statement |
|
|
|
|
|
|
|
||
Net sales |
13,297 |
10,463 |
7,024 |
|
6,075 |
6,186 |
5,650 |
||
Operating profit |
1,038 |
736 |
500 |
|
733 |
783 |
719 |
||
Profit for the period |
685 |
302 |
368 |
|
236 |
607 |
499 |
||
- Of which attributable to owners of the Parent |
374 |
155 |
189 |
|
115 |
311 |
247 |
||
Other comprehensive income for the period |
–94 |
194 |
1,371 |
|
486 |
–684 |
41 |
||
- Of which attributable to owners of the Parent |
–51 |
119 |
857 |
|
270 |
–412 |
27 |
||
Comprehensive income for the period |
591 |
496 |
1739 |
|
722 |
–77 |
540 |
||
- Of which attributable to owners of the Parent |
323 |
274 |
1,046 |
|
385 |
–101 |
274 |
||
- Of which attributable to non-controlling interests |
268 |
222 |
693 |
|
337 |
24 |
266 |
||
Dividend to non-controlling interests |
55 |
88 |
63 |
|
87 |
92 |
145 |
||
|
|
|
|
|
|
|
|
||
Condensed balance sheet |
|
|
|
|
|
|
|
||
Non-current assets |
17,327 |
13,587 |
12,535 |
|
3,250 |
2,917 |
3,344 |
||
Current assets |
5,669 |
4,623 |
4,320 |
|
2,825 |
2,494 |
2,453 |
||
Total |
22,996 |
18,210 |
16,855 |
|
6,075 |
5,411 |
5,797 |
||
|
|
|
|
|
|
|
|
||
Equity attributable to owners of the Parent |
7,573 |
5,895 |
5,715 |
|
2,398 |
2,089 |
2,259 |
||
Equity attributable to non-controlling interests |
4,503 |
3,570 |
3,437 |
|
1,764 |
1,510 |
1,583 |
||
Non-current liabilities |
5,394 |
4,543 |
3,165 |
|
475 |
486 |
548 |
||
Current liabilities |
5,526 |
4,202 |
4,538 |
|
1,438 |
1,326 |
1,407 |
||
Total |
22,996 |
18,210 |
16,855 |
|
6,075 |
5,411 |
5,797 |
||
|
|
|
|
|
|
|
|
||
Cash flow from operating activities |
2,439 |
810 |
739 |
|
569 |
440 |
767 |
||
Cash flow from investing activities |
–1,129 |
–1,322 |
–2,092 |
|
–60 |
–135 |
–103 |
||
Cash flow from financing activities |
583 |
171 |
1,384 |
|
–349 |
–249 |
–475 |
||
Cash flow for the period |
1,893 |
–341 |
31 |
|
160 |
56 |
189 |