Multi-year summary

(SEK M unless otherwise stated) 2011 2012 2013 2014 2015 2016
Sales 5,941 4,984 4,355 4,202 4,155  3,870
Earnings measurements 
Gross profit/loss 768 622 547 527 524  561
Underlying gross profit/loss 787 640 561 533 536 536
Operating result (EBIT) 96 -74 -8 -17 -114  16
Underlying operating result (uEBIT) 131 28 36 18 22 33
Margin measurements            
Gross margin (%) 12.9 12.5 12.6 12.5 12.6 14.5
Underlying gross margin (%) 13.3 12.8 12.9 12.7 12.9 13.9
Operating margin (%) 1.6 -1.5 -0.2 -0.4 -2.8 0.4
Underlying operating margin (%) 2.2 0.6 0.8 0.4 0.5 0.9
Cash flow            
Cash flow from operating activities 184 59 -30 -25 -93 78
Capital structure            
Net debt 773 779 851 754 609 562
Net debt/equity ratio (%) 96 116 136 105 78 78
Working capital at end of period 430 368 388 426 525 506
Working capital (average) 525 451 404 439 505 488
Capital employed at end of period 1,726 1,563 1,537 1,542 1,427 1,361
Capital employed (average) 1,759 1,666 1,542 1,581 1,523 1,383
Working capital tied-up (%) 8.8 9.0 9.3 10.4 12.2 12.6
Return       
Return on capital employed (%) 5.8 -4.3 -0.5 -1.1 -7.5 1.2
Per share data 1)          
Earnings per share (SEK) 8.22 -44.92 -20.48 -21.49 -19.47 -1.56
Earnings per share after dilution (SEK) 8.22 -44.92 -20.48 -21.49 -19.47 -1.56
Equity per share (SEK) 326.27 272.52 253.64 192.78 60.44 59.41
Cash flow from operating activities per share (SEK) 74.36 23.82 -12.12 -7.46 -7.14 5.99
Average number of shares outstanding (thousands) 2,477 2,470 2,472 3,400 8,681 12,983
Average number of shares outstanding after dilution (thousands) 2,478 2,471 2,473 3,401 8,681 12,983
Growth       
Sales growth (%) 16 -16 -13 -4 -1 -7
of which, organic tonnage growth (%) 12 -11 -6 -10 -1 -8
of which, price and mix changes (%) 5 -3 -6 4 -2 0
of which, currency effects (%) -3 -2 -1 2 2 1
of which, acquisitions (%) 2
of which, divested operations (%)
Other       
Average number of employees 943 907 853 782 768 739
Inventory gains and losses -20 -20 -14 -6 -12 28
Shipped tonnage (thousands of tonnes) 546 485 455 411 406 374

1) A reverse share split 1:20 was carried out in May 2016. Comparable figures has therefore been restated.