SEKm
Sales
1469
1658
2567
3241
3747
4656
5244
5938
Sales growth (%)
-37.1
12.9
54.8
26.3
15.6
24.3
12.6
13.2
EBITDA
128
135
214
322
494
543
603
726
EBITDA margin (%)
8.7
8.2
8.3
9.9
13.2
11.7
11.5
12.2
EBIT adj
61
123
187
274
365
355
416
528
EBIT adj margin (%)
4.2
7.4
7.3
8.4
9.7
7.6
7.9
8.9
Pretax profit
37
107
193
267
318
308
376
513
EPS rep
-2.12
3.03
8.06
13.22
17.26
16.96
20.39
27.8
EPS growth (%)
31.6
242.8
165.9
63.9
30.6
-1.7
20.2
36.4
EPS adj
0.41
5.84
9.36
14.18
17.74
16.2
20.39
27.8
DPS
0
0
1.73
7.5
4.25
5
8
9
EV/EBITDA (x)
N/A
N/A
6.1
4.8
6
4.9
4
3
EV/EBIT adj (x)
N/A
N/A
7
5.6
8.1
7.4
5.8
4.1
P/E (x)
N/A
N/A
18.7
9.6
9.4
10.4
8.7
6.4
P/E adj (x)
N/A
N/A
16.1
9
9.2
10.9
8.7
6.4
EV/sales (x)
N/A
N/A
0.5
0.5
0.8
0.6
0.5
0.4
FCF yield (%)
N/A
N/A
8.9
6.8
-21.5
24.4
13
16.8
Dividend yield (%)
N/A
N/A
1.1
5.9
2.6
2.8
4.5
5.1
Net IB debt/EBITDA
-0.6
-1.3
-1.5
-0.9
1.2
0.1
-0.2
-0.6
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
SEKm
EBITA
86
114
187
274
358
366
416
528
Goodwill impairment charges
0
0
0
0
0
0
0
0
Other impairment and amortisation
-25
-10
0
0
0
0
0
0
EBIT
61
104
187
274
358
366
416
528
Other financial items
-8
1
-2
-5
12
-3
0
0
Net financial items
-24
3
6
-7
-39
-58
-40
-15
Associated income
0
0
0
0
0
0
0
0
Other EO items
0
0
0
0
0
0
0
0
Pretax profit
37
107
193
267
318
308
376
513
Tax
-8
-24
-42
-58
-68
-62
-80
-109
Net profit
29
84
151
209
251
246
296
404
Minority interest
-50
-53
-65
-17
0
0
0
0
Net profit discontinued
0
0
0
0
0
0
0
0
Net profit to shareholders
-21
30
87
192
251
246
296
404
EPS
-2.12
3.03
8.06
13.22
17.26
16.96
20.39
27.8
EPS Adj
0.41
5.84
9.36
14.18
17.74
16.2
20.39
27.8
Total extraordinary items after tax
0
-18.3
0
0
-7
11
0
0
Tax rate (%)
-22.2
-22.1
-21.6
-21.7
-21.2
-20
-21.2
-21.2
Gross margin (%)
22.7
22.1
19
19
20.7
18.1
19.1
19.7
EBITDA margin (%)
8.7
8.2
8.3
9.9
13.2
11.7
11.5
12.2
EBITA margin (%)
5.9
6.9
7.3
8.4
9.5
7.9
7.9
8.9
EBIT margin (%)
4.2
6.3
7.3
8.4
9.5
7.9
7.9
8.9
Pretax margin (%)
2.5
6.5
7.5
8.2
8.5
6.6
7.2
8.6
Net margin (%)
2
5
5.9
6.5
6.7
5.3
5.6
6.8
Growth rates Y/Y
2015
2016
2017
2018
2019
2020
2021
2022
Sales growth (%)
-37.1
12.9
54.8
26.3
15.6
24.3
12.6
13.2
EBITDA growth (%)
-25.3
5.5
58
50.4
53.6
9.9
11.1
20.4
EBIT growth (%)
-11.5
70.8
79.7
46.1
30.7
2.4
13.6
26.9
Net profit growth (%)
51.6
190.8
80.9
38.2
19.9
-1.7
20.2
36.4
EPS growth (%)
31.6
242.8
165.9
63.9
30.6
-1.7
20.2
36.4
Profitability
2015
2016
2017
2018
2019
2020
2021
2022
ROE (%)
-6.1
7.9
16.4
30.3
32.4
25.1
25
28
ROE Adj (%)
1.2
15.3
16.4
30.3
33.3
24
25
28
ROCE (%)
9.9
23.9
33
39.5
27.3
18
19.8
22.8
ROCE Adj(%)
14.6
30.3
33
39.5
27.8
17.5
19.8
22.8
ROIC (%)
13.1
31.8
51.5
65.2
30.4
22.1
28.3
35.4
ROIC Adj (%)
13.1
37.4
51.5
65.2
31
21.4
28.3
35.4
Adj earnings numbers
2015
2016
2017
2018
2019
2020
2021
2022
EBITDA Adj
128
154
214
322
501
532
603
726
EBITDA Adj margin (%)
8.7
9.3
8.3
9.9
13.4
11.4
11.5
12.2
EBITA Adj
86
132
187
274
365
355
416
528
EBITA Adj margin (%)
5.9
8
7.3
8.4
9.7
7.6
7.9
8.9
EBIT Adj
61
123
187
274
365
355
416
528
EBIT Adj margin (%)
4.2
7.4
7.3
8.4
9.7
7.6
7.9
8.9
Pretax profit Adj
62
136
193
267
325
297
376
513
Net profit Adj
54
112
151
209
258
235
296
404
Net profit to shareholders Adj
4
58
87
192
258
235
296
404
Net Adj margin (%)
3.7
6.7
5.9
6.5
6.9
5.1
5.6
6.8
Sales
1469
1658
2567
3241
3747
4656
5244
5938
COGS
-1136
-1292
-2079
-2627
-2972
-3812
-4244
-4766
Gross profit
333
366
488
614
775
844
1000
1173
Other operating items
-205
-231
-274
-293
-281
-301
-397
-447
EBITDA
128
135
214
322
494
543
603
726
Depreciation on tangibles
-42
-21
-26
-48
-108
-136
-145
-153
Depreciation on intangibles
0
0
0
0
0
0
0
0
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
SEKm
EBITDA
128
135
214
322
494
543
603
726
Net financial items
-24
3
6
-7
-39
-58
-40
-15
Paid tax
-8
-24
-42
-58
-68
-62
-80
-109
Non-cash items
16
9
-10
10
-20
0
0
0
Cash flow before change in WC
112
123
168
267
367
423
483
602
Change in WC
122
18
-20
-106
-698
289
-56
-64
Operating cash flow
234
141
148
161
-330
712
428
538
CAPEX tangible fixed assets
-5
-16
-16
-42
-160
-79
-89
-101
CAPEX intangible fixed assets
-2
-3
-5
-2
-4
-5
-4
-5
Acquisitions and disposals
15
14
18
10
-14
0
0
0
Free cash flow
242
136
144
126
-509
628
334
432
Dividend paid
-50
-53
-58
-30
-109
-62
-73
-116
Share issues and buybacks
0
0
120
-80
0
0
0
0
Other non cash items
-1
8
-68
-27
-248
0
0
0
Decrease in net IB debt
191
91
139
-9
-896
527
214
266
Balance Sheet (SEKm)
2015
2016
2017
2018
2019
2020
2021
2022
Goodwill
0
0
0
0
3
3
3
3
Indefinite intangible assets
0
0
0
0
0
0
0
0
Definite intangible assets
15
2
6
6
9
8
7
6
Tangible fixed assets
83
116
136
263
609
557
507
461
Other fixed assets
45
42
42
41
51
51
51
51
Fixed assets
143
160
184
310
763
711
665
623
Inventories
327
467
633
741
1290
1145
1316
1496
Receivables
162
206
246
320
405
488
518
584
Other current assets
0
0
0
0
0
0
0
0
Cash and liquid assets
175
199
352
357
519
884
1018
1284
Total assets
808
1033
1414
1727
2978
3228
3517
3987
Shareholders equity
322
442
611
656
890
1075
1299
1586
Minority
0
0
0
0
0
0
0
0
Total equity
322
442
611
656
890
1075
1299
1586
Long-term debt
0
0
0
0
205
240
160
160
Pension debt
0
0
0
0
0
0
0
0
Convertible debt
0
0
0
0
0
0
0
0
Deferred tax
0
0
1
1
7
7
7
7
Other long-term liabilities
0
0
0
2
7
7
7
7
Short-term debt
86
0
0
0
639
496
496
496
Accounts payable
384
547
737
982
917
1145
1290
1473
Other current liabilities
8
17
25
32
44
44
44
44
Total liabilities and equity
808
1033
1414
1727
2978
3228
3517
3987
Net IB debt
-81
-173
-312
-303
593
67
-147
-413
Net IB debt excl. pension debt
-81
-173
-312
-303
593
67
-147
-413
Capital invested
240
270
301
357
1497
1155
1165
1187
Working capital
97
110
117
47
734
445
500
564
EV breakdown
2015
2016
2017
2018
2019
2020
2021
2022
Market cap. diluted (m)
N/A
N/A
1615
1849
2369
2572
2572
2572
Net IB debt Adj
-81
-173
-312
-303
593
67
-147
-413
Market value of minority
0
0
0
0
0
0
0
0
Reversal of shares and participations
0
0
0
0
0
0
0
0
Reversal of conv. debt assumed equity
0
0
0
0
0
0
0
0
EV
N/A
N/A
1303
1546
2962
2639
2425
2159
Capital efficiency (%)
2015
2016
2017
2018
2019
2020
2021
2022
Total assets turnover (%)
148.3
180.2
209.8
206.3
159.3
150.1
155.5
158.3
Capital invested turnover (%)
403.8
650.1
900.1
986.5
404.3
351.1
452
504.9
Capital employed turnover (%)
273.5
375.1
458.5
476.2
276.3
231.2
250
256.7
Inventories / sales (%)
25.6
24
21.4
21.2
27.1
26.2
23.5
23.7
Customer advances / sales (%)
0.8
0.7
0.8
0.9
1
0.9
0.8
0.7
Payables / sales (%)
29.8
28.1
25
26.5
25.3
22.1
23.2
23.3
Working capital / sales (%)
9.6
6.2
4.4
2.5
10.4
12.7
9
9
Financial risk and debt service
2015
2016
2017
2018
2019
2020
2021
2022
Net debt / equity (%)
-25.3
-39.1
-51
-46.2
66.6
6.2
-11.3
-26.1
Net debt / market cap (%)
N/A
N/A
-17.5
-15.8
28.1
3.4
-5.7
-16.1
Equity ratio (%)
39.9
42.8
43.2
38
29.9
33.3
36.9
39.8
Net IB debt adj. / equity (%)
-25.3
-39.1
-51
-46.2
66.6
6.2
-11.3
-26.1
Current ratio (%)
137.8
151.8
157.7
136.3
130.5
142.7
149.3
160.8
EBITDA / net interest (%)
790.2
-7795
-2661.9
18024
955.5
984
1507.5
4838.4
Net IB debt / EBITDA (%)
-63.5
-127.7
-145.9
-94.2
120.1
12.3
-24.4
-56.9
Interest cover (%)
532.5
-6569.4
-2332.4
15341.4
691.8
664.1
1040
3518.4
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
SEKm
Shares outstanding adj.
10
10
11
15
15
15
15
15
Fully diluted shares Adj
10
10
11
15
15
15
15
15
EPS
-2.12
3.03
8.06
13.22
17.26
16.96
20.39
27.8
Dividend per share Adj
0
0
1.7
7.5
4.3
5
8
9
EPS Adj
0.41
5.84
9.36
14.18
17.74
16.2
20.39
27.8
BVPS
32.21
44.24
56.94
45.14
61.27
73.97
89.36
109.16
BVPS Adj
30.74
44.03
56.43
44.71
60.46
73.21
88.7
108.58
Net IB debt / share
-8.1
-17.3
-29.1
-20.8
40.8
4.6
-10.1
-28.4
Share price
N/A
N/A
165.77
131.47
145.09
133.1
177
177
Market cap. (m)
N/A
N/A
1779
1911
2109
1934
2572
2572
Valuation
2015
2016
2017
2018
2019
2020
2021
2022
P/E
N/A
N/A
18.7
9.6
9.4
10.4
8.7
6.4
EV/sales
N/A
N/A
0.51
0.48
0.79
0.57
0.46
0.36
EV/EBITDA
N/A
N/A
6.1
4.8
6
4.9
4
3
EV/EBITA
N/A
N/A
7
5.6
8.3
7.2
5.8
4.1
EV/EBIT
N/A
N/A
7
5.6
8.3
7.2
5.8
4.1
Dividend yield (%)
N/A
N/A
1.1
5.9
2.6
2.8
4.5
5.1
FCF yield (%)
N/A
N/A
8.9
6.8
-21.5
24.4
13
16.8
P/BVPS
N/A
N/A
2.64
2.82
2.66
2.39
1.98
1.62
P/BVPS Adj
N/A
N/A
2.67
2.84
2.7
2.42
2
1.63
P/E Adj
N/A
N/A
16.1
9
9.2
10.9
8.7
6.4
EV/EBITDA Adj
N/A
N/A
6.1
4.8
5.9
5
4
3
EV/EBITA Adj
N/A
N/A
7
5.6
8.1
7.4
5.8
4.1
EV/EBIT Adj
N/A
N/A
7
5.6
8.1
7.4
5.8
4.1
EV/cap. employed
N/A
N/A
2
2.2
1.5
1.3
1.1
0.9
Investment ratios
2015
2016
2017
2018
2019
2020
2021
2022
Capex / sales
0.5
1.2
0.8
1.4
4.4
1.8
1.8
1.8
Capex / depreciation
17.2
90.9
81
93.2
151.8
61.4
64.4
69.1
Capex tangibles / tangible fixed assets
6.4
14.2
11.9
16.1
26.3
14.2
17.6
21.9
Capex intangibles / definite intangibles
12.4
137.3
96
37.9
47.5
55.2
59.8
81.5
Depreciation on intangibles / definite intangibles
0
0
0
0
0
0
0
0
Depreciation on tangibles / tangibles
50.2
18.3
19.4
18.2
17.8
24.5
28.6
33.2
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Sales
Sales growth (%)
EBIT adj
EBIT adj margin (%)
EPS adj
DPS
Sales growth (%)
Sales
Net IB debt
Shares outstanding adj.
Sales
Sales growth (%)
EBIT adj
EBIT adj margin (%)
EPS adj
DPS
Sales growth (%)
Sales
Net IB debt
Shares outstanding adj.