成為亞洲 領先的衛生 用品公司

成為亞洲 領先的衛生 用品公司

目錄 2 公司資料 4 中期業績及財務摘要 6 管理層討論與分析 16 其他資料 27 中期財務資料審閱報告 中期財務資料 28 中期簡明合併資產負債表 30 中期簡明合併綜合收益表 31 中期簡明合併權益變動表 32 中期簡明合併現金流量表 33 簡明合併中期財務資料附註

Johann Christoph MICHALSKI Jan Christer JOHANSSON Carl Magnus GROTH Carl Fredrik Stenson RYSTEDT Gert Mikael SCHMIDT JOHANSSON GROTH Ulf Olof Lennart SODERSTROM RYSTEDT Carl Fredrik Stenson RYSTEDT Jan Christer JOHANSSON Jan Christer JOHANSSON Jan Christer JOHANSSON Johann Christoph MICHALSKI Carl Fredrik Stenson RYSTEDT Johann Christoph MICHALSKI Jan Christer JOHANSSON Johann Christoph MICHALSKI 2017 2

FCCA Royal Bank of Canada Trust Company (Cayman) Limited 4th Floor, Royal Bank House 24 Shedden Road, George Town Grand Cayman KY1-1110 Cayman Islands Cricket Square, Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 98 (852) 2366 9853 (852) 2366 5805 183 17 1712 1716 Skandinaviska Enskilda Banken AB Svenska Handelsbanken AB (publ) http://www.vinda.com 3331 3

(%) 1 6.8% 14.5% (%) 30.5% 31.3% (%) 14.2% 14.7% (%) 5.1% 5.7% 27.5 30.6 5.0 5.0 86 103 48 44 85 66 1.07 1.14 (%) 2 61.3% 82.9% (%) 3 50.0% 73.7% 1. 2. 3. 2017 4

20% 13% 80% 1H 2017 1H 2016 87% 20% 17% 40% 44% B2B 26% 28% 14% 11% 1H 2017 1H 2016 1H 2017 30.5% 1H 2017 30.6% 1H 2017 30.5% 1H 2016 31.5% 1H 2016 29.7% 1H 2016 31.3% 1 1H 2017 9.6% 1H 2017 6.9% 1H 2017 9.1% 1H 2016 11.1% 1H 2016 5.4% 1H 2016 10.4% 1. 5

11.3% 6,308 80%20% 1 6.8% 40% 26% 14% 20% 8.7% 1,926 30.6% 0.2 0.8 30.5% 2017 6

0.6 5.5% 1.2 17.3% 2 7.5%14.2% 1.1% 509 8.1% 3 59% 50% 22 1511 1411 1 21.3% 1.0 50% 321 55,000,000 27.5 30.6 5 5 7

5,073 1 7.2% 80% 87% 4 30.5% 9.6% Vinda 5 Vinda Emoji Tempo Vinda Deluxe 1,235 20% 13% 2 4 30.6% 6.9% 2017 8

Dr. P TENA 6 TENA Harley Davidson 9

VIA Libresse Libresse Let s Get Real Confidence On-The-Go 2017 10

Drypers 7 8 Drypers Wee Wee Dry Robocar Poli Libero 1,040,000 60,000 1,100,000 60,000 11

11,196 352 1,4242211 222 Drypers Share a Little Comfort 2017 12

20 1. 2. 3. 4. 1 2 Svenska Cellulosa Aktiebolaget Essity Aktiebolag (publ)essity Essity 3 4 5 6 7 8 13

914,714,961 1,015,254,2774,971,364,814 5,016,746,026 1,225,778,789 915,499,741 82.0% 75.6% 0.80% 9.80% 50% 59% 37 40 2017 14

744,376,686 770,104,565 0.05 0.05 1,194,132,37359,706,619 183 17 1712 1716 15

XV7 8352 (%) (3) 271,341,581 (2) 271,341,581 22.72 1,998,000 (1) 1,998,000 0.17 273,339,581 22.89 50,000 50,000 0.004 240,000 (1) 240,000 0.02 290,000 0.02 240,000 (1) 240,000 0.02 240,000 0.02 80,000 (1) 80,000 0.01 80,000 0.01 Johann Christoph MICHALSKI 39,000 39,000 0.003 220,000 (1) 220,000 0.02 259,000 0.02 140,000 (1) 140,000 0.01 140,000 0.01 140,000 (1) 140,000 0.01 140,000 0.01 2017 16

1. 2. XV 271,341,581 Sentential Holdings LimitedDaminos Management Limited74.21% 15.79% 10.00% Sentential Holdings Limited Daminos Management Limited 3. 1&2 (%) Johann Christoph MICHALSKI Essity Aktiebolag (publ) B 70 70 0.00001 Jan Christer JOHANSSON Essity Aktiebolag (publ) B 1,000 1,000 0.0001 Carl Magnus GROTH Essity Aktiebolag (publ) B 21,000 21,000 0.0030 Ulf Olof Lennart SODERSTROM Essity Aktiebolag (publ) B 12,000 12,000 0.0017 Carl Fredrik Stenson RYSTEDT Essity Aktiebolag (publ) B 10,000 10,000 0.0014 Gert Mikael SCHMIDT Essity Aktiebolag (publ) B 19,000 19,000 0.0027 1. Essity Aktiebolag (publ) 702,342,48964,593,939 A 637,748,550B 2. XV7 8 352 17

(i) (ii) (iii) 28 1.00 2017 18

30% 12 1% 12(i) 0.1%(ii)5,000,000 (10) 19

14.06 999,000 999,000 2 10.34 999,000 999,000 14.06 240,000 240,000 2 14.06 240,000 240,000 2 Johann Christoph MICHALSKI 8.648 80,000 80,000 14.06 140,000 140,000 2 14.06 80,000 80,000 2 Ulf Olof Lennart 8.648 80,000 (80,000) 15.60 SODERSTROM 14.06 140,000 (140,000) 2 15.60 14.06 140,000 140,000 2 14.06 140,000 140,000 2 2.98 460,000 460,000 1 8.648 1,230,000 1,230,000 14.06 6,195,000 (1,500,000) 4,695,000 2 15.22 10.34 120,000 120,000 3 11,283,000 (1,720,000) 9,563,000 2017 20

1 (i) 20% (ii) 30% (iii) 50% 2 (i) 5,313,000 (ii) 5,729,000 (iii) 5,729,000 (ii) (iii) 3 (i) 135,000 (ii) 225,000 XV2 3 336 21

/ (%) (1) SCA Group Holding BV 620,737,112 (2) 620,737,112 51.98 Essity Aktiebolag (publ) 620,737,112 (2) 620,737,112 51.98 271,341,581 (3) & (5) 271,341,581 22.72 Sentential Holdings Limited 271,341,581 (3) 271,341,581 22.72 Nordinvest AB 97,000,000 (4) 97,000,000 8.12 Floras Kulle AB 97,000,000 (4) 97,000,000 8.12 AB Industrivarden (publ) 97,000,000 (4) 97,000,000 8.12 1. 2. SCA Group Holding BV Essity Aktiebolag (publ) Essity Aktiebolag (publ)omx XVEssity Aktiebolag (publ) SCA Group Holding BV620,737,112 3. Sentential Holdings LimitedDaminos Management Limited 74.21% 15.79% 10.00% Sentential Holdings Limited Daminos Management Limited XVSentential Holdings Limited 271,341,581 4. Nordinvest AB Floras Kulle ABFloras Kulle AB AB Industrivarden (publ) XVFloras Kulle AB AB Industrivarden (publ) Nordinvest AB97,000,000 5. 271,341,581 2 2017 22

XV2 3 336 13.51B(1) (1) i. Ulf Olof Lennart SODERSTROMSODERSTROM ii. Carl Fredrik Stenson RYSTEDTRYSTEDTSODERSTROM iii. RYSTEDT iv. SODERSTROMRYSTEDT 23

(2) i. Johann Christoph MICHALSKIMICHALSKI ii. Jan Christer JOHANSSONMICHALSKI (3) Svenska Cellulosa Aktiebolaget Essity Aktiebolag (publ) Essity i. Carl Magnus GROTH Essity ii. RYSTEDTEssity iii. SODERSTROM Essity iv. Gert Mikael SCHMIDT Essity Carl Fredrik Stenson RYSTEDT 2017 24

Jan Christer JOHANSSON Jan Christer JOHANSSON Johann Christoph MICHALSKI Jan Christer JOHANSSON Carl Fredrik Stenson RYSTEDT Jan Christer JOHANSSON 25

Johann Christoph MICHALSKI Jan Christer JOHANSSON Johann Christoph MICHALSKI (a) (b) 2017 26

28 70 34 34 2410 34 27

7 8,048,078,234 7,281,873,804 7 1,035,243,391 432,130,671 7 2,833,638,973 2,796,001,162 303,855,476 268,225,330 7 7,705,555 4,859,059 12,228,521,629 10,783,090,026 2,405,557,300 1,785,142,568 8 1,939,121,810 1,938,829,069 24 36,743,008 106,197,276 914,714,961 1,015,254,277 5,296,137,079 4,845,423,190 17,524,658,708 15,628,513,216 9 119,413,237 113,741,237 9 4,345,020,254 3,498,754,174 3,642,393,514 3,167,068,811 8,106,827,005 6,779,564,222 2017 28

11 2,849,114,000 2,879,551,662 11,24 1,225,778,789 915,499,741 132,939,022 90,486,296 207,481,444 203,135,117 12 35,338,349 36,601,481 13 8,993,752 4,459,645,356 4,125,274,297 14 3,841,047,409 3,384,235,435 11 896,472,025 1,221,694,623 24 117,866,149 37,775,333 102,800,764 79,969,306 4,958,186,347 4,723,674,697 9,417,831,703 8,848,948,994 17,524,658,708 15,628,513,216 337,950,732 121,748,493 12,566,472,361 10,904,838,519 33 70 Johann Christoph MICHALSKI 29

6 6,307,520,020 5,666,328,422 (4,381,521,987) (3,893,849,634) 1,925,998,033 1,772,478,788 (1,088,809,774) (910,786,386) (344,913,429) (348,305,667) 16,526,405 1,197,747 15 508,801,235 514,584,482 16 (101,280,637) (100,939,368) 407,520,598 413,645,114 17 (86,806,053) (92,290,289) 320,714,545 321,354,825 306,518,763 (192,670,362) 627,233,308 128,684,463 18 0.275 0.306 18 0.275 0.306 33 70 2017 30

99,908,769 1,688,013,706 3,159,837,388 4,947,759,863 321,354,825 321,354,825 (192,670,362) (192,670,362) 128,684,463 128,684,463 9 10,589,703 1,358,735,030 1,369,324,733 9 3,163,965 436,627,214 439,791,179 19 (53,749,236) (53,749,236) 13,753,668 1,795,362,244 (53,749,236) 1,755,366,676 113,662,437 3,483,375,950 3,234,772,615 6,831,811,002 113,741,237 3,498,754,174 3,167,068,811 6,779,564,222 320,714,545 320,714,545 306,518,763 306,518,763 627,233,308 627,233,308 9 5,500,000 814,000,000 819,500,000 10 172,000 32,266,080 (8,687,840) 23,750,240 19 (143,220,765) (143,220,765) 5,672,000 846,266,080 (151,908,605) 700,029,475 119,413,237 4,345,020,254 3,642,393,514 8,106,827,005 33 70 31

857,417,846 726,364,899 (112,582,430) (82,019,490) 744,835,416 644,345,409 (565,520,651) (599,666,936) 22,23 (40,731,481) 317,264,006 (4,591,305) (11,729,877) (6,873,710) (77,862,227) 3,540,561 129,527 42,777,053 5,819,206 1,876,626 (565,580,327) (369,988,881) 19 (143,220,765) (53,749,236) 11 (2,604,206,448) (3,166,172,136) 11 2,084,700,582 3,458,208,262 11, 24 300,000,000 11, 24 (655,750,267) 9 23,750,240 390,252,992 (338,976,391) (27,210,385) (159,721,302) 247,146,143 1,015,254,277 393,247,986 59,181,986 (8,624,278) 914,714,961 631,769,851 22 23 33 70 2017 32

1 22 3 Svenska Cellulosa Aktiebolaget Essity Aktiebolag (publ)essity Essity Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands 2 34 2.1 33

3 3.1 (a) 7 (b) 12 12 2017 34

3 3.1 (c) 1 2 4 9 15 22 28 40 16 10 28 (i) (ii) (iii) (i) 9 9 9 35

3 3.1 (c) (i) 9 9 39 39 15 9 (ii) 15 15 18 11 2017 36

3 3.1 (c) (ii) 15 15 15 15 15 15 15 15 (iii) 16 16 152.4 16 91516 37

3 3.2 (a) SCA Hygiene Malaysia Sdn Bhd. SCA Hygiene Korea Co. Ltd. (b) (c) (i) 2017 38

3 3.2 (c) (ii) (iii) 4 5 5.1 39

5 5.2 1 1 2 2 5 (i) 1,042,938,051 1,970,680,320 998,026,239 4,011,644,610 (i) 42,067,744 1,256,293,936 1,298,361,680 2,174,929,467 2,174,929,467 554,312,971 554,312,971 (i) 1,343,842,152 1,839,719,042 1,154,503,107 4,338,064,301 (i) 30,147,341 30,147,341 920,954,241 981,248,923 5,589,715 5,589,715 1,570,545,171 1,570,545,171 670,687,368 670,687,368 (i) 5.3 2017 40

6 4,642,459,259 4,482,928,639 520,898,878 545,475,3111,144,161,883 637,924,472 8,636,853,236 7,225,031,254 1,056,291,138 1,131,212,210 2,231,521,779 2,158,621,232 303,855,476 268,225,330 12,228,521,629 10,783,090,026 41

6 5,072,589,596 1,234,930,424 6,307,520,020 488,541,859 84,725,158 573,267,017 (10,380,586) (27,710,346) (38,090,932) 478,161,273 57,014,812 535,176,085 16,526,405 (42,901,255) 508,801,235 (101,280,637) 407,520,598 (86,806,053) 320,714,545 (280,327,569) (47,399,579) (327,727,148) (17,499,952) (1,172,002) (18,671,954) 1,353,414,807 91,233,506 1,444,648,313 2017 42

6 4,922,671,291 743,657,131 5,666,328,422 546,690,688 40,095,054 586,785,742 (9,931,073) (15,488,214) (25,419,287) 536,759,615 24,606,840 561,366,455 1,197,747 (47,979,720) 514,584,482 (100,939,368) 413,645,114 (92,290,289) 321,354,825 (238,873,813) (38,377,708) (277,251,521) (11,280,507) (2,060,654) (13,341,161) 574,525,799 2,523,884,044 3,098,409,843 43

6 13,390,563,483 3,824,158,878 17,214,722,361 303,855,476 6,080,871 17,524,658,708 7,988,098,990 1,119,450,505 9,107,549,495 207,481,444 102,800,764 9,417,831,703 11,605,532,703 3,750,133,253 15,355,665,956 268,225,330 4,621,930 15,628,513,216 7,444,434,544 1,121,410,027 8,565,844,571 203,135,117 79,969,306 8,848,948,994 2017 44

7 6,261,216,698 387,818,653 1,306,968,419 22 743,301,199 1,705,833,995 559,682,545 77,862,227 11,729,877 (4,028,433) 15 (277,251,521) (4,848,203) (33,912,245) (135,334,377) (8,778,891) (62,343,090) 7,147,586,111 452,053,786 2,928,276,956 7,281,873,804 432,130,671 2,796,001,162 4,859,059 23 345,346,510 578,105,752 509,731,036 6,873,710 4,591,305 (5,316,315) (2,952,711) 2,952,711 15 (327,727,148) (8,342,371) (48,267,315) (153,200) 247,123,058 26,475,629 81,313,821 46,985 8,048,078,234 1,035,243,391 2,833,638,973 7,705,555 18,038,655 5,590,098 2.24% 2.84% 45

8 1,603,317,460 1,677,649,089 (a) 312,215,858 228,601,718 2,375,804 4,972,221 44,135,146 43,590,997 (22,922,458) (15,984,956) 1,939,121,810 1,938,829,069 (a) 6090 1,494,655,203 1,585,320,865 73,324,654 62,558,295 16,735,130 24,863,757 18,602,473 4,906,172 1,603,317,460 1,677,649,089 2017 46

9 80,000,000,000 999,087,686 99,908,769 1,688,013,706 80,000,000,000 999,087,686 99,908,769 1,688,013,706 (i) 105,897,034 10,589,703 1,358,735,030 (i) 31,639,653 3,163,965 436,627,214 80,000,000,000 1,136,624,373 113,662,437 3,483,375,950 80,000,000,000 1,137,412,373 113,741,237 3,498,754,174 10 1,720,000 172,000 32,266,080 (ii) 55,000,000 5,500,000 814,000,000 80,000,000,000 1,194,132,373 119,413,237 4,345,020,254 0.1 (i) 13.2530,000,000 30,000,000 397,500,000 13.257,247,008 12.9075,897,03431,639,653 SCA Group Holding BV 13.90 31,639,653 (ii) 14.9055,000,000 23 47

10 12.57 11,283,000 12.67 12,191,000 13.81 (1,720,000) 14.06 (90,000) 12.35 9,563,000 12.66 12,101,000 2.98 460,000 8.648 1,310,000 14.06 6,674,000 10.34 1,119,000 2017 48

11 2,849,114,000 2,879,551,662 24(c) 1,225,778,789 915,499,741 4,074,892,789 3,795,051,403 896,472,025 1,216,104,908 5,589,715 896,472,025 1,221,694,623 4,971,364,814 5,016,746,026 4,738,538,802 22 203,120,745 4,598,325,108 (3,821,922,403) (51,786,516) 5,666,275,736 5,016,746,026 23 47,572,933 2,384,700,582 (2,604,206,448) 126,551,721 4,971,364,814 49

12 17 762,315 304,524 254,833 116,056 1,017,148 420,580 51,261,064 47,712,823 (20,516,153) (15,406,829) 4,593,438 4,295,487 35,338,349 36,601,481 2017 50

13 (i) 8,993,752 (i) 6,840,000 15.3130 4.66 35%1.17% 1.40% 2 100% 13.77% 9.09% 1.14% 2.30% 35.0% 15.0% 51

14 2,174,929,467 1,570,545,171 157,832,765 143,880,249 659,418,235 847,517,458 848,866,942 822,292,557 3,841,047,409 3,384,235,435 3090 1,882,965,134 1,450,098,495 439,030,532 259,108,821 8,957,601 5,076,188 1,808,965 141,916 2,332,762,232 1,714,425,420 2017 52

15 (3,734,158) (1,877,816) 11,202,972 13,708,788 6,497,666 9,189,652 1,357,673 907,468 7 327,727,148 277,251,521 7 48,267,315 33,912,245 7 8,342,371 4,848,203 7 153,200 1,775,754 3,898,906 22 23 525,562 3,025,820 16 (95,845,750) (83,483,801) (i) (18,664,352) (11,254,093) (667,841) 5,819,206 1,876,626 (101,280,637) (100,939,368) (i) 53

17 25% 15% 50% 43,137,073 39,769,946 71,989,486 40,821,243 (28,320,506) 11,699,100 86,806,053 92,290,289 21.30% 22.31% 2017 54

18 (a) 320,714,545 321,354,825 1,166,070,672 1,048,472,966 0.275 0.306 (b) 320,714,545 321,354,825 1,166,070,672 1,048,472,966 1,881,358 984,118 1,167,952,030 1,049,457,084 0.275 0.306 55

19 0.0501,074,984,720 53,749,236 136,489,485 0.1201,193,506,375 143,220,765 0.05 0.05 1,194,132,373 59,706,619 56,831,219 20 (a) 744,376,686 770,104,565 2017 56

20. (b) 57,454,335 125,295,733 42,329,151 102,913,054 52,339,384 262,765,885 277,172 299,866,082 152,400,042 790,840,754 21 22 2,561,252,078100% 100% 100% 100% PT SCA Hygiene Indonesia 100% SCA Hygiene Singapore Pte Ltd. 100% SCA Hygiene Marketing (M) Sdn. Bhd. 100% SCA Hygiene (Thailand) Ltd. 100% 57

22 840,754,294 1,140,116,846 9 979,071,739 426,607,492 15,456,001 2,561,252,078 317,264,006 7 743,301,199 7 865,079,701 253,767,285 440,433,939 20,103,747 (563,554,095) (36,468,537) 11 (203,120,745) (116,308,716) 1,720,497,784 7 840,754,294 2,561,252,078 2017 58

22 3,025,820 567,625,993 16,396,527 6,245,041,089 333,954,319 23 924,275,889100% 14.90 55,000,000104,775,889 59

23 819,500,000 104,775,889 924,275,889 7 345,346,510 7 578,105,752 62,930,074 238,692 23,059,438 (1,244,866) (34,917,774) (1,669,004) 11 (47,572,933) 924,275,889 104,775,889 (23,059,438) (40,984,970) 40,731,481 525,562 2017 60

24 (a) Uni-Charm Mölnlycke KKUni-Charm Asaleo Care Australia Pty Ltd. Asaleo Care (Fiji) Limited SCA North America-Canada, Inc.SCA NAC SCA Yildiz Kagit ve KisiseSCA YKK Asaleo Care New Zealand Ltd. SCA Hygiene Products ABSCA HP SCA Hygiene Products India Pvt. Ltd.SCA HP India SCA Hygiene Products Hoogezand B.V. SCA HP Hoogezand B.V. SCA Hygiene Products Gennep B.V.SCA HP B.V. SCA Consumidor Mexico, S.A. de C.V. SCA Hygiene Sp. Z o.osca HP sp. Z o.o SCA Hygiene Products GmbHSCA GMBH SCA Hygiene Products GmbH Mainz Kostheim SCA Kostheim SCA Graphic Sundsvall ABSCA GS AB SCA Logistics AB SCA Hygiene Products GmbH Mannheim SCA Mannheim Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Svenska Cellulosa Aktiebolaget Svenska Cellulosa Aktiebolaget Essity Aktiebolag (publ) 61

24 (a) SCA Hygiene Products Slovakia, S.R.O. SCA HPS, S.R.O. SCA Hygiene Products GmbH NeussSCA HP Neuss SCA Tissue France SAS SCA Hygiene Products GmbH Wiesbaden SCA Wiesbaden SCA Tissue North America LLCSCA LLC SCA Hygiene Products SA-NV, Belgium SCA HP Belgium SCA Group Holding BVSCA BV SCA Personal Care Inc.SCA PC SCA GmbH AB SCA Finans (Publ)SCA Finans Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) Essity Aktiebolag (publ) 2017 62

24 (b) (1) Uni-Charm 48,678,821 26,716,322 Asaleo Care Australia Pty Ltd 12,077,701 6,734,742 Asaleo Care Fiji Ltd 3,787,769 1,490,944 SCA NAC 2,060,525 638,075 SCA YKK 1,810,642 397,501 Asaleo Care New Zealand Ltd 1,719,162 2,250,585 SCA HP 1,325,365 802,717 SCA HP India 1,168,052 8,920,952 SCA HP Hoogezand B.V. 611,090 SCA HP B.V. 345,668 651,895 (a) 563,193 191,280 (a) 77,707 12,871 73,239,127 49,794,452 (a) 100% 63

24 (b) (2) SCA HP sp. Z o.o 34,805,706 4,184,854 SCA HP 21,747,882 10,021,894 SCA HP B.V. 20,617,339 7,453,371 SCA HP Hoogezand B.V. 12,870,062 3,849,390 SCA GMBH 8,232,372 8,199,330 SCA Kostheim 6,021,255 SCA GS AB (b) 4,767,544 SCA Logistics AB (b) 4,630,345 1,747,873 SCA Mannheim 2,242,814 SCA HPS S.R.O. 591,276 SCA HP Neuss 529,129 158,721 SCA Tissue France SAS 432,030 194,466 SCA Wiesbaden 149,089 SCA LLC 4,982 (a) 3,881,580 (a) 1,500,759 922,544 SCA HP Belgium 14,329 117,641,825 42,129,111 (b) 2017 64

24 (b) (3) (c) 17,859,200 36,830,225 997,980 17,859,200 37,828,205 (c) 15 29,000,000 16,800,000 16,200,000 100% (4) SCA HP 8,864,165 3,633,145 65

24 (b) (5) SCA HP 6,216,454 6,690,046 (6) SCA Finans (d) 300,000,000 1,140,116,846 (7) SCA Finans (d) 19,486,742 26,630,736 SCA BV 1,218,703 19,486,742 27,849,439 2017 66

24 (b) (d) SCA Finans3,000,000,000 1,140,116,846 400,000,000 1,140,116,846 22 300,000,000 (8) 23,524,664 13,768,595 20,365,718 22,683,888 43,890,382 36,452,483 67

24 (c) (1) Uni-Charm 13,054,579 13,062,151 Asaleo Care Australia Pty Ltd 6,205,105 6,811,813 SCA HP India 5,139,236 21,050,527 SCA HP 4,721,974 7,000,002 SCA BV 3,175,904 3,811,325 Asaleo Care Fiji Ltd 1,244,167 769,060 SCA YKK 943,849 3,191 SCA NAC 917,105 273,373 Asaleo Care New Zealand Ltd 747,749 1,001,261 Essity 300,000 SCA HP Hoogezand B.V. 258,733 119,396 SCA PC 31,517 SCA GmbH 3,090 300,000 10,828 36,743,008 54,212,927 2017 68

24 (c) (2) 51,984,349 (3) 40,984,970 SCA HP sp. Z o.o 31,876,991 3,805,151 SCA HP 11,990,906 10,116,223 SCA HP B.V. 8,907,077 6,121,384 SCA HP Hoogezand B.V. 5,920,143 4,501,442 SCA Kostheim 5,325,649 2,507,492 SCA GMBH 4,238,921 837,646 SCA Mannheim 1,121,871 143,274 SCA HPS, S.R.O. 665,781 SCA Tissue France SAS 261,528 55,667 SCA HP Neuss 256,778 SCA GmbH 12,556 11,231 5,317 5,159 Essity 1,440 Uni-Charm 1,245 SCA LLC 1,375 SCA Logistics AB 607,060 111,571,173 28,713,104 69

24 (c) (4) SCA Finans (e) 1,225,778,789 915,499,741 (5) SCA Finans 6,294,976 9,062,229 (e) 300,000,000 880,116,846 4.21% 2017 70