Multi-year summary

(SEK M unless otherwise stated) 2012 2013 2014 2015 2016 2017
Sales 4,984 4,355 4,202 4,155 3,870 4,348
Earnings measurements 
Gross profit/loss 622 547 527 524 561 619
Underlying gross profit/loss 640 561 533 536 536 596
Operating result (EBIT) -74 -8 -17 -114 16 57
Underlying operating result (uEBIT) 28 36 18 22 33 82
Margin measurements            
Gross margin (%) 12.5 12.6 12.5 12.6 14.5 14.2
Underlying gross margin (%) 12.8 12.9 12.7 12.9 13.9 13.7
Operating margin (%) -1.5 -0.2 -0.4 -2.8 0.4 1.3
Underlying operating margin (%) 0.6 0.8 0.4 0.5 0.9 1.9
Cash flow            
Cash flow from operating activities 59 -30 -25 -93 78 95
Capital structure            
Net debt 779 851 754 609 562 478
Net debt/equity ratio (%) 116 136 105 78 73 60
Working capital at end of period 368 388 426 525 506 492
Working capital (average) 451 404 439 505 488 514
Capital employed at end of period 1,563 1,537 1,542 1,427 1,361 1,341
Capital employed (average) 1,666 1,542 1,581 1,523 1,383 1,373
Working capital tied-up (%) 9.4 9.3 10.4 12.2 12.6 11.8
Return       
Return on capital employed (%) -4.3 -0.5 -1.1 -7.5 1.2 4.2
Per share data 1)  
Earnings per share (SEK) -44.92 -20.48 -21.49 -19.47 -1.56 1.87
Earnings per share after dilution (SEK) -44.92 -20.48 -21.49 -19.47 -1.56 1.87
Equity per share (SEK) 272.52 253.64 192.78 60.44 59.41 61.77
Cash flow from operating activities per share (SEK) 23.82 -12.12 -7.46 -7.14 5.99 7.35
Average number of shares outstanding (thousands) 2,470 2,472 3,400 8,681 12,983 12,983
Average number of shares outstanding after dilution (thousands) 2,471 2,473 3,401 8,681 12,983 12,983
Growth       
Sales growth (%) -16 -13 -4 -1 -7 12
of which, organic tonnage growth (%) -11 -6 -10 -1 -8 -3
of which, price and mix changes (%) -3 -6 4 -2 0 14
of which, currency effects (%) -2 -1 2 2 1 1
of which, acquisitions (%)
of which, divested operations (%)
Other       
Average number of employees 907 853 782 768 739 700
Inventory gains and losses -20 -14 -6 -12 28 27
Shipped tonnage (thousands of tonnes) 485 455 411 406 374 363

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