Multi-year summary

(SEK M unless otherwise stated)	2010	2011	2012	2013	2014	2015
Earnings measurements
Sales	5,129	5,941	4,984	4,355	4,202	4,155
Gross profit/loss	733	768	622	547	527	524
Operating result (EBIT)	98	96	-74	-8	-17	-114
Loss for the year	29	20	-111	-51	-73	-169
Margin measurements
Gross margin (%)	14.3	12.9	12.5	12.6	12.5	12.6
Operating margin (%)	1.9	1.6	-1.5	-0.2	-0.4	-2.8
Cash flow
Cash flow from operating activities	-57	184	59	-30	-25	-93
Cash flow after investments	-110	76	0	-65	-30	-109
Cash flow for the year	-106	69	-37	-51	15	-38
Capital structure
Equity	787	805	673	627	715	785
Total assets	2,632	2,607	2,291	2,178	2,216	1,961
Net debt	842	773	779	851	754	609
Net debt/equity ratio (%)	107	96	116	136	105	78
Working capital (average)	528	525	451	404	439	505
Capital employed (average)	1,736	1,759	1,666	1,542	1,581	1,523
Operating capital (excluding intangible assets), average	893	879	829	793	835	844
Working capital tied-up (%)	10.3	8.8	9.0	9.3	10.4	12.2
Return
Return on capital employed (%)	6.0	5.8	-4.3	-0.5	-1.1	-7.5
Return on operating capital (excluding intangible assets) (%)	12.4	13.2	-6.8	1.1	0.8	-11.4
Return on equity (%)	3.7	2.5	-14.5	-7.9	-10.0	-21.3
Per share data
Earnings per share (SEK)	0.58	0.41	-2.25	-1.02	-1.07	-0.97
Earnings per share after dilution (SEK)	0.58	0.41	-2.25	-1.02	-1.07	-0.97
Equity per share (SEK)	15.90	16.31	13.63	12.68	9.64	3.02
Cash flow from operating activities per share (SEK)	-1.15	3.72	1.19	-0.61	-0.37	-0.36
Average number of shares outstanding (thousands)	49,656	49,546	49,404	49,433	68,005	173,625
Average number of shares outstanding after dilution (thousands)	49,704	49,564	49,429	49,450	68,016	173,625
Dividend paid (SEK)	–	–	0.25	–	–	–
Other
Average number of employees	909	943	907	853	782	768
Growth
Sales growth (%)	19	16	-16	-13	-4	-1
of which, organic tonnage growth (%)	17	12	-11	-6	-10	-1
of which, price and mix changes (%)	6	5	-3	-6	4	-2
of which, currency effects (%)	-5	-3	-2	-1	2	2
of which, acquisitions (%)	1	2	–	–	–	–
of which, divested operations (%)	0	–	–	–	–	–
Adjusted earnings measurements
Underlying operating result (uEBIT)	75	131	28	36	18	22
Underlying EBITA	87	151	46	52	42	40
Adjusted margin measurements
Underlying gross margin (%)	13.9	13.3	12.8	12.9	12.7	12.9
Underlying operating margin (%)	1.5	2.2	0.6	0.8	0.4	0.5
Underlying EBITA margin (%)	1.7	2.5	0.9	1.2	1.0	1.0
Adjusted return
Underlying return on operating capital (excluding intangible assets) (%)	9.8	17.1	5.5	6.6	5.0	4.8
Adjusted capital structure
Net debt/underlying EBITDA (multiple)	6.3	4.0	8.8	9.1	9.1	7.3
Other
Inventory gains and losses	23	-20	-20	-14	-6	-12
Shipped tonnage (thousands of tonnes)	489	546	485	455	411	406
Average sales prices (SEK/kg)	10.48	10.89	10.27	9.58	10.24	10.23