cìää=óÉ~ê=êÉëìäíëI=OMMN jáÅÜ~Éä=qêÉëÅÜçïI mêÉëáÇÉåí=C=`bl
fåÇìëíêó=ëÜáéãÉåíë=~åÇ=Éëíáã~íÉÇ íêÉåÇ=áå=ÇÉã~åÇI=nQ=OMMN kçêíÜ=^ãÉêáÅ~ bìêçéÉ √ `çêÉ √ `çêÉ ^ëá~ ~ééäá~åÅÉë ~ééäá~åÅÉë PF √ `çêÉ √ s~Åììã √ ^áêJÅçåÇK ~ééäá~åÅÉë ÅäÉ~åÉêë √ s~Åììã √ mêçÑÉëëáçå~ä √ mêçÑÉëëáçå~ä ÅäÉ~åÉêë ~ééäá~åÅÉë ~ééäá~åÅÉë NF √ lìíÇççê √ lìíÇççê OF OF √ lìíÇççê NF éêçÇìÅíë éêçÇìÅíë = éêçÇìÅíë OF _ê~òáä ^ìëíê~äá~ √ tÜáíÉ ÖççÇë √ tÜáíÉ NF=`çåëìãÉê=éêçÇìÅíë ÖççÇë OF=mêçÑÉëëáçå~ä=éêçÇìÅíë PF=bñÅäìÇáåÖ=fåÇá~
`çêÉ=~ééäá~åÅÉëI=bìêçéÉ fåÇìëíêó=ìåáí=ëÜáéãÉåíë `Ü~åÖÉ=áå=B=îë=ë~ãÉ=éÉêáçÇ=éêÉîáçìë=óÉ~ê Z=cìää=óÉ~ê B 10 8 Western 6 Europe 4 2 0 -2 -4 Total Europe +3.8% +1.6% +3.5% -0.6% -6 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 NVVS NVVT NVVU NVVV OMMM OMMN
`çêÉ=~ééäá~åÅÉëI=tÉëíÉêå=bìêçéÉ fåÇìëíêó=ìåáí=ëÜáéãÉåíë nQ=OMMNLnQ=OMMM cìää=óÉ~ê=OMMNL=cìää=óÉ~ê=OMMM B 10 8 6 4 2 0 co d_ fq bp ab fb do ir mq ^q `e ki _b kl ah cf pb qçí~ä bìêçéÉ= -2 -4 -6
`çêÉ=~ééäá~åÅÉëI=rp^ fåÇìëíêó=ìåáí=ëÜáéãÉåíë `Ü~åÖÉ=áå=B=îë=ë~ãÉ=éÉêáçÇ=éêÉîáçìë=óÉ~ê Z=cìää=óÉ~ê B NR NM R M JR JNM N O P Q N O P Q N O P Q N O P Q N O P Q N O P Q NVVS NVVT NVVU NVVV OMMM OMMN
p~äÉë=~åÇ=É~êåáåÖë bñÅäK=áíÉãë=~ÑÑÉÅíáåÖ=Åçãé~ê~Äáäáíó cçìêíÜ=èì~êíÉê cìää=óÉ~ê pbhã `Ü~åÖÉ `Ü~åÖÉ OMMN OMMM OMMN OMMM Net sales 135,803 124,493 +9% 31,881 29,421 +8% Operating income 6,422 8,050 -20% 1,449 1,717 -16% Margin, % 4.7 6.5 4.5 5.8 Income after financial items 5,356 6,978 -23% 1,260 1,403 -10% Margin, % 3.9 5.6 4.0 4.8 Net income per share, SEK 11.10 13.25 -16% 2.80 3.05 -8% Value creation 262 2,423 -2,161 33 286 -253 Return on equity, % 12.9 18.2 - Return on net assets, % 14.6 20.0 - Net debt/equity ratio 0.37 0.63 -
tçêâáåÖ=Å~éáí~ä=~åÇ=Å~ëÜ=Ñäçï NVVT=J=OMMN NO=ãçåíÜë=ÑáÖìêÉë NS VIMMM UIMMM NQ tçêâáåÖ=Å~éáí~äLåÉíë~äÉëI=B tçêâáåÖ=Å~éáí~ä=L=åÉí=ë~äÉë TIMMM NO `~ëÜ=ÑäçïI=pbhã SIMMM NM RIMMM U QIMMM `~ëÜ=Ñäçï S PIMMM Q OIMMM O NIMMM M M nQ nN nO nP nQ nN nO nP nQ nN nO nP nQ nN nO nP nQ nN nO nP nQ NVVT NVVU OMMM NVVV OMMN `~ëÜ=ÑäçïW `~ëÜ=Ñäçï=Ñêçã=çéÉê~íáçåë=~åÇ=áåîÉëíãÉåíë=ÉñÅäK=áåîÉëíãÉåíë=~åÇ ÇáîÉëíãÉåíë=çÑ=çéÉê~íáçåë
qçí~ä=dêçìé T OMMM NVVV S hÉó=a~í~=cv=OMMN NVVU léÉê~íáåÖ=j~êÖáå=B R p~äÉëW pbh=NPRIUMPã OMMN HVB b_fqW pbh=SIQOOã Q NVVT JOM=B NVVS s~äìÉ=ÅêÉ~íáçåW P pbh=OSOã t^``=OMMN=Z=NQB=éêÉJí~ñ O N M MKPO MKPP MKPQ MKPR MKPS MKPT ^îÉê~ÖÉ=kÉí=^ëëÉíë=L=kÉí=p~äÉë
`çåëìãÉê=aìê~ÄäÉëI=bìêçéÉ T hÉó=Ç~í~=cv=OMMN p~äÉëW pbh=QTIOMMã S NVVV HNNB OMMN NVVU b_fqW pbh=OIROUã léÉê~íáåÖ=j~êÖáå=B OMMM R HNSB s~äìÉ=ÅêÉ~íáçåW Q pbh=NINTOã Hpbh=NUSã P O N M MKOP MKOQ MKOR MKOS ^îÉê~ÖÉ=kÉí=^ëëÉíë=L=kÉí=p~äÉë
eáÖÜÉê=çéÉê~íáåÖ=áåÅçãÉ=Ñçê `çåëìãÉê=aìê~ÄäÉëI=bìêçéÉ j~êÖáå jpbh NM NIMMM NVVV OMMM OMMN U UMM UKN j~êÖáå TKO S SMM RKV SKM RKR RKN RKM QKT QKU QMM Q QKN PKU QKN O OMM M M Nëí=níê OåÇ=níê PêÇ=níê QíÜ=níê pdC^=Ñçê=bäÉÅíêçäìñ=eçãÉ=mêçÇìÅíë Ççïå=íç=NTKRB=EOMMMW=NVKSBF
`çåëìãÉê=aìê~ÄäÉëI=kçêíÜ=^ãÉêáÅ~ 8 OMMM hÉó=Ç~í~=cv=OMMN NVVV 7 p~äÉëW pbh=QSIUNQã HMKRB 6 b_fqW pbh=NIUNQã léÉê~íáåÖ=j~êÖáå=B NVVU JQVB 5 s~äìÉ=ÅêÉ~íáçåW pbh=JOVTã 4 OMMN pbh=JNIVSSã 3 √ oÉÑêáÖÉê~íáçå 2 √ aÉëíçÅâáåÖ 1 0 MKPN MKPP MKPR MKPT MKPV ^îÉê~ÖÉ=kÉí=^ëëÉíë=L=kÉí=p~äÉë
mêçÇìÅíáçå=îçäìãÉI=ëÜáéãÉåíë ~åÇ=ÉãéäçóÉÉë mêçÇìÅíáçå ORMIMMM qçí~ä OMMM mêçÇìÅíáçå OMMIMMM OMMN NRMIMMM OMMM OIQRNIMMM NMMIMMM OMMN NIVSTIMMM g~å cÉÄ j~ê ^éê j~ó gìå gìä ^ìÖ pÉé lÅí kçî aÉÅ pÜáéãÉåíë UMMIMMM qçí~ä pÜáéãÉåíë SMMIMMM OMMM OIQMOIMMM QMMIMMM OMMN OIMRMIMMM OMMIMMM nN nO nP nQ bãéäçóÉÉë SIMMM bãéäçóÉÉë ^îÉê~ÖÉLóÉ~ê RIMMM OMMM PIVQM QIMMM OMMN QIRTM PIMMM nN nO nP nQ
`çåëìãÉê=aìê~ÄäÉëI=oÉëí=çÑ=íÜÉ=tçêäÇ NQ hÉó=Ç~í~=cv=OMMN NO p~äÉëW pbh=NQIVTSã HSPB NM b_fqW pbh=OUTã léÉê~íáåÖ=j~êÖáå=B √ ^ìëíê~äá~=çå=éä~å U √ _êÉ~âJÉîÉå=áå=`Üáå~ √ içïÉê=áåÅçãÉ=áå=fåÇá~ s~äìÉ=ÅêÉ~íáçåW S pbh=JNIMOPã Q pbh=HPPã OMMN O OMMM M JO NVVV JQ NVVU JS MKQM MKQO MKQQ MKQS MKQU MKRM MKRO ^î=kÉí=^ëëÉíë=L=kÉí=p~äÉë
p~äÉë=~åÇ=áåÅçãÉ=Ó=~ééäá~åÅÉëI oÉëí=çÑ=íÜÉ=ïçêäÇ j~êâÉí p~äÉë b_fq ^ìëíê~äá~ `Üáå~ ^pb^k fåÇá~ _ê~òáä
mêçÑÉëëáçå~ä=fåÇççê=mêçÇìÅíë NM OMMNG hÉó=Ç~í~=cv=OMMN NVVV V p~äÉëW pbh=NTIMTPã OMMM NVVU JPB U léÉê~íáåÖ=j~êÖáå=B b_fqW pbh=NIMTMã T JPOB OMMN S s~äìÉ=ÅêÉ~íáçåW pbh=ORMã R pbh=JQSPã Q P ê ç Ñ = É ã ç Å å O á = ê É ë í ï å ç É i å ç é ã ç Å N M MKPO MKPQ MKPS MKPT MKPU MKPV ^îÉê~ÖÉ=kÉí=^ëëÉíë=L=kÉí=p~äÉë OMMNGW=bñÅäK=ÅçãéçåÉåíë=éêçÇìÅí=äáåÉ
mêçÑÉëëáçå~ä=lìíÇççê=mêçÇìÅíë NS hÉó=Ç~í~=cv=OMMN NVVU OMMM OMMN p~äÉëW pbh=VIQROã NQ NVVV HNUB NO b_fqW pbh=NIPNPã léÉê~íáåÖ=j~êÖáå HNQB NM s~äìÉ=ÅêÉ~íáçåW pbh=VNQã U pbh=HNRUã S Q O M MKPR MKPS MKPT MKPU MKPV MKQM ^îÉê~ÖÉ=kÉí=^ëëÉíë=L=kÉí=p~äÉë
pìãã~êó=çÑ=OMMN kÉÖ~íáîÉë mçëáíáîÉë √ içïÉê=ÇÉã~åÇ √ qêÉåÇ=Ñçê=ã~àçê ~ééäá~åÅÉë=áå=bìêçéÉ √ oÉí~áä=ÇÉJëíçÅâáåÖ √ mêçÑÉëëáçå~ä=fåÇççêI √ mççê=ëÉ~ëçå=Ñçê ÉñÅäK=ÅçãéçåÉåíë çìíÇççê=~åÇ=~áê ÅçåÇáíáçåÉêë √ mêçÑÉëëáçå~ä=lìíÇççê √ pí~êíJìé=Åçëíë=áå=rp √ fãéêçîÉÇ=Å~ëÜ=Ñäçï √ aÉÅäáåÉ=áå=áåÅçãÉ √ píêçåÖ=Ä~ä~åÅÉ=ëÜÉÉí Ñçê=ÅçãéêÉëëçêë=~åÇ √ `çåíáåìÉÇ=ÑçÅìëáåÖ ~ééäá~åÅÉë=áå=fåÇá~ çå=ÅçêÉ=~êÉ~ë √ oÉëíêìÅíìêáåÖ ~ÅíáîáíáÉë
píêÉ~ãäáåáåÖ=~åÇ=ÖêçïáåÖ çìê=ÅçêÉ=ÄìëáåÉëë p~äÉëI=pbhã oÉëíêìÅíìêáåÖ NVVTJOMMN mêçÑÉëëáçå~ä NQMIMMM aáîÉëíãÉåí=çÑ= çìíÇççê HUVB √mÉêëçååÉä=ÅìíÄ~Åâë NU=çéÉê~íáçåë mêçÑÉëëáçå~ä HNNB NOMIMMM ==çÑ=ONIPMMI=áKÉK=OMB áåÇççê p~äÉëW √`äçëìêÉ=çÑ=PP=éä~åíëI pbh=OSKRÄå NMMIMMM `çåëìãÉê ===áKÉK=OOB aìê~ÄäÉë HRQB √`äçëìêÉ=çÑ=RM=ï~êÉJ UMIMMM ==ÜçìëÉëI=áKÉKNTB SMIMMM QMIMMM OMIMMM M NVVS OMMN
mêçîáëáçåë=Ñçê=êÉëíêìÅíìêáåÖI=OMMN √ OV=éêçàÉÅíë √ qçí~ä=éêçîáëáçåëW=pbh=PKP=Äáääáçå J^ééêçñKRMB=êÉÑÉêë=íç=ïêáíÉJÇçïå=çÑ=~ëëÉíëI=ã~áåäó=ÅçãéêÉëëçêë √ mÉêëçååÉä=ÅìíÄ~Åâë=çÑ=QIVMM=íÜêçìÖÜ=OMMP √ j~áåäó=`çãéçåÉåíë=~åÇ=^ééäá~åÅÉë=áå=bìêçéÉ mÉêëçååÉä p~îáåÖë p~îáåÖë mêçîáëáçåë=áå=OMMN mêçîáëáçå ÅìíÄ~Åâë OMMO OMMP pbhã j~àçê=~ééäá~åÅÉëI=bìêçéÉ VVT NIQPQ OMS RRO mêçîáëáçåI cäççê=Å~êÉ=éêçÇìÅíëI=bìêçéÉ NV PM V NT pbhã d~êÇÉå=ÉèìáéãÉåíI=bìêçéÉ NRT NUR RN VS j~àçê=~ééäá~åÅÉëI=kçêíÜ=^ãÉêáÅ~ NNQ POR NRT ONM j~àçê=~ééäá~åÅÉëI=oÉëí=çÑ=íÜÉ=ïçêäÇ QM TPU PU QT qçí~ä=`çåëìãÉê=aìê~ÄäÉë NIPOT OITNO QSN VOO cççÇJëÉêîáÅÉ=ÉèìáéãÉåí NSU PRP UV UV `çãéçåÉåíë NITNM NIUQN OTP PQP líÜÉê RS PN PP PS qçí~ä=OMMN PIOSN QIVPT URS NIPVM nQI=OMMM UUP NIUTT SQQ TRV
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