HEXPOL

Quarterly Report • Oct 21, 2022

Published on October 21, 2022

JULY – SEPTEMBER 2022

• o Sales increased by 44 percent and amounted to 5,921 MSEK (4,108).
• o EBIT amounted to 838 MSEK (1,105).
• o EBIT-margin amounted to 14.2 percent (26.9).
• o EBIT amounted to 838 MSEK and increased by 24 percent compared to adjusted EBIT (excl. nonrecurring items) of 677 MSEK previous year.
• o EBIT-margin amounted to 14.2 percent compared to adjusted EBIT-margin (excl. non-recurring items) of 16.5 percent previous year.
• o Profit after tax amounted to 615 MSEK (841).
• o Earnings per share amounted to 1.79 SEK (2.44).
• o Operating cash flow amounted to 702 MSEK (412).

JANUARY – SEPTEMBER 2022

• o Sales increased by 41 percent and amounted to 16,748 MSEK (11,920).
• o EBIT amounted to 2,449 MSEK (2,537).
• o EBIT-margin amounted to 14.6 percent (21.3).
• o EBIT amounted to 2,449 MSEK and increased by 16 percent compared to adjusted EBIT (excl. nonrecurring items) of 2,109 MSEK previous year.
• o EBIT-margin amounted to 14.6 percent compared to adjusted EBIT-margin (excl. non-recurring items) of 17.7 percent previous year.
• o Profit after tax amounted to 1,859 MSEK (1,912).
• o Earnings per share amounted to 5.40 SEK (5.55).
• o Operating cash flow amounted to 1,447 MSEK (1,435).

"Continued strong growth and further strengthened result" Georg Brunstam, President and CEO

ABOUT HEXPOL

HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets and Seals), and wheels made of polymer materials for truck and castor wheel applications (Wheels). Customers are primarily system suppliers to the global automotive and engineering industry, building and construction industry and within sectors as transportation, energy, oil/gas, consumer and cable industry and manufacturers of medical equipment, plate heat exchangers and forklifts. The Group is organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group's sales in 2021 amounted to 16,005 MSEK and the Group has approximately 5,100 employees in fourteen countries.

Continued strong growth and further strengthened result

Once again, we delivered a very strong quarter. EBIT amounted to 838 MSEK, in line with the previous quarter's record result and corresponds to an increase of 24 percent compared with the same quarter previous year. The sales growth was strong with 44 percent compared with the corresponding quarter last year, with good sales in all markets and all product areas. America showed continued strong development. Global sales to automotive-related customers still varies, but a certain improvement was seen at the end of the quarter, mainly in America. However, we see a great uncertainty in Europe towards the end of the quarter, mainly in the building and construction industry. Included in the positive sales development are effects from acquisitions, positive currency effects and increased sales prices.

The vehicle manufacturers' frequent stop and start of production due to component shortages had a clear negative impact on those of our customers who deliver to the automotive industry. We ourselves experienced again disruptions in the supply chain related to raw material where both the transport problems and raw material shortages had a negative impact. In addition to the challenges of uneven demand and supply issues, we have seen continued price increases for raw materials, albeit at a slower pace than before, as well as increased energy costs. Acquired companies continue to have lower margins than HEXPOL Group's total profitability margin. As previously communicated, we closed a production unit in Southern England during the quarter.

Strong execution of our solid business model with high customer focus combined with our ability to offer fast and stable deliveries, and the implementation of price adjustments are the key to our strong results. This together with our large geographical coverage with manufacturing close to our customers increases our delivery capacity.

Our acquisition strategy is set and we are very focused on it. almaak international GmbH, based in Germany, was consolidated into HEXPOL as of April 1, 2022. The company is a specialist in high quality recycled engineered polymer compounds and we see great interest from the automotive industry for projects with recycled materials.

The work on sustainability continues, not least with reducing our carbon footprint in order to achieve our goal of a reduction by 75 percent to 2025. During 2021 we reduced our carbon footprint by 20 percent so we are well on our way to achieving our goal. During the quarter, we also became partners in Polestars Zero Project to produce a completely climate neutral car.

We have today also appointed Gary Moore as new President HEXPOL Compounding Americas as the current manager Ken Bloom has chosen to retire. Gary Moore started at HEXPOL 2007 and most recently held the position as Chief Commercial Officer (CCO) within HEXPOL Compounding Americas. Gary has long experience from the polymer industry of which the last 16 years with HEXPOL in various global managerial positions within supply chain and sales. We thank Ken for his extraordinary efforts and are happy that Ken will remain as Senior Advisor for HEXPOL Compounding Americas until Q1-2023.

Sales 5,921 MSEK (4,108) +44%

EBIT 838 MSEK (677*) +24%

*Adjusted EBIT Q3 2021

The uncertainty is high with sharply rising inflation and interest rates, major disturbances in supply chains and Russia's invasion of Ukraine and the horrible situation it poses to all people. However, we believe that our strong customer focus in combination with our geographical closeness to our customers gives us continued opportunities to deal with the disruptions and further strengthen our market position. We are flexible and ready to meet the expected increase in vehicle production. The strong business model in combination with a clear M&A agenda and strong financial position give us good conditions for continued growth and acquisitions.

Georg Brunstam President and CEO

Group Summary

Key figures					Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Sales	5 921	4 108	16 748	11 920	16 005	20 833
EBITA, adjusted	865	695	2 521	2 161	2 812	3 172
EBITA-margin, adjusted, %	14,6	16,9	15,1	18,1	17,6	15,2
EBITA	865	1 123	2 521	2 589	3 149	3 081
EBITA-margin, %	14,6	27,3	15,1	21,7	19,7	14,8
EBIT, adjusted	838	677	2 449	2 109	2 737	3 077
EBIT-margin, adjusted, %	14,2	16,5	14,6	17,7	17,1	14,8
EBIT	838	1 105	2 449	2 537	3 074	2 986
EBIT-margin, %	14,2	26,9	14,6	21,3	19,2	14,3
Profit before tax	819	1 098	2 434	2 508	3 031	2 957
Profit after tax	615	841	1 859	1 912	2 358	2 305
Earnings per share, adjusted, SEK	1,79	1,51	5,40	4,62	6,09	6,87
Earnings per share after dilution, SEK	1,79	2,44	5,40	5,55	6,85	6,70
Equity/assets ratio, %			58	60	65
Return on capital employed, % R12			18,6	24,2	22,8
Operating cash flow	702	412	1 447	1 435	2 731	2 743

Group development July - September 2022

Sales

Or sales increased strongly during the third quarter 2022 compared to the corresponding quarter previous year. The HEXPOL Group's sales amounted to 5,921 MSEK (4,108) during the quarter, including positive currency effects of 709 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 21 percent and acquisition (almaak) with 6 percent.

The HEXPOL Compounding business area's sales increased by 45 percent during the quarter, compared to the corresponding quarter 2021. The sales amounted to 5,554 MSEK (3,826) including positive currency effects of 673 MSEK. Adjusted for these, the sales amounted to 4,881 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 21 percent and acquisition with 7 percent. Global sales to automotive-related customers still varies, but a certain improvement was seen at the end of the quarter, mainly in America. However, we see a great uncertainty in Europe towards the end of the quarter, mainly in the building and construction industry.

During the quarter, we saw continued price increases of raw materials, albeit at a lower rate than before and also continued high energy costs.

The HEXPOL Engineered Products sales also increased during the quarter, and amounted to 367 MSEK (282), an increase by 30 percent.

From a geographical perspective the sales increased in Europe by 41 percent compared to the corresponding quarter previous year. The sales in America increased at the same time by 48 percent and in Asia by 28 percent compared with the corresponding quarter previous year.

Earnings

EBITA amounted to 865 MSEK and increased by 24 percent compared to the adjusted EBITA (excl. non-recurring items) during the same period previous year (695). Which meant a corresponding EBITA margin of 14.6 percent (16.9).

EBIT amounted to 838 MSEK and increased by 24 percent compared to the adjusted EBIT (excl. non-recurring items) during the same period previous year (677). Positive currency effects of 112 MSEK are included. The corresponding operating margin amounted to 14,2 percent (16.5). The continued need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy continue to affect our gross margin negatively also during this quarter. In addition, as previously communicated, the acquired companies continue to have lower margin than HEXPOL Group's total profitability margin.

The Group's net financial items amounted to an expense 19 MSEK (expense 7). Profit before tax amounted to 819 MSEK (1,098), profit after tax amounted to 615 MSEK (841) and earnings per share 1.79 SEK (2.44).

Sales 5,921 MSEK

+44%

EBIT 838 MSEK

January - September 2022

Sales

Our organic sales increased during the period compared to the corresponding period previous year. The HEXPOL Group's sales amounted to 16,748 MSEK (11,920) during the period, including positive currency effects of 1.588 MSEK. Apart from the positive currency effects, the sales were positively affected by organic sales growth of 20 percent and acquisitions (VICOM, Unica and almaak) with 7 percent.

The HEXPOL Compounding business area's sales increased by 41 percent during the period, compared to the corresponding period 2021. The sales amounted to 15,686 MSEK (11,097) including positive currency effects of 1,503 MSEK. Adjusted for these, the sales amounted to 14,183 MSEK. Apart from the positive currency effects, the sales were positively affected by organic growth of 20 percent and acquisitions with 8 percent. We saw good underlying demand during the period, however, the outcome was negatively affected by the global disturbances regarding component- and raw material shortages as well as transport problems and frequent production stoppage mainly at automotive customers. At the end of the period we saw some improvement in sales to automotive-related customers, mainly in America. However, we see a great uncertainty in Europe towards the end of the period, mainly in the building and construction industry.

During the period, we also saw continued price increases of raw materials, albeit at a lower rate than before at the end of the period, and continued high energy costs.

The HEXPOL Engineered Products sales also increased during the period compared to the corresponding period 2021, and amounted to 1,062 MSEK (823), an increase by 29 percent.

From a geographical perspective the sales increased in Europe by 42 percent compared to the corresponding period previous year. The sales in America increased at the same time by 41 percent and in Asia by 26 percent compared to the corresponding period previous year.

Earnings

EBITA amounted to 2,521 MSEK and increased by 17 percent compared to the adjusted EBITA (excl. non-recurring items) during the same period previous year (2,161). Which meant a corresponding EBITA margin of 15.1 percent (18.1).

EBIT amounted to 2,449 MSEK and increased by 16 percent compared to the adjusted EBIT (excl. non-recurring items) during the same period previous year (2,109). Positive currency effects of 240 MSEK are included. The corresponding operating margin amounted to 14.6 percent (17.7). The need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy has affected our gross margin negatively during the period. The acquired VICOM, Unica and almaak have all a continued lower margin than the HEXPOL Group's.

The Group's net financial items amounted to an expense 15 MSEK (expense 29). Profit before tax amounted to 2,434 MSEK (2,508), profit after tax amounted to 1,859 MSEK (1,912) and earnings per share 5.40 SEK (5.55).

Sales 16,748 MSEK

EBIT 2,449 MSEK

Financial overview

Equity/assets ratio

The equity/assets ratio continued strong 58 percent (60). The Group's total assets amounted to 23,783 MSEK (18,200). Net debt amounted to 2,770 MSEK (2,126) whereof 415 MSEK (390) relates to financial leasing liabilities according to IFRS 16, which gives a net debt/EBITDA of 0.80 (0.59). The increase in net debt/EBITDA is temporarily affected by the decided extra dividend and the acquisition of almaak international GmbH during the second quarter.

The Group had the following major credit agreements with Nordic banks as per September 30:

• A credit agreement with a limit of 2,000 MSEK due in July 2023
• A credit agreement with a limit of 1,500 MSEK due in September 2023
• A credit agreement with a limit of 1,500 MSEK due in June 2025
• A credit agreement with a limit of 1,100 MSEK due in February 2025

The Group use commercial papers as part of the company's financing and as of September 30 they amounted to 1 540 MSEK. In accordance with IAS1, outstanding volumes are reported in the balance sheet as current liabilities, but since HEXPOL's bilateral credit agreements also function as back-up facilities for outstanding commercial papers, they are of a non-current nature.

Cash flow

The operating cash flow for the Group amounted to 702 MSEK (412) in the quarter, while cash flow from operating activities amounted to 547 MSEK (336). Operating cash flow for the period January-September was 1,447 MSEK (1,435), while cash flow from operating activities was 1,156 MSEK (1,150).

Investments, depreciation and amortisation

The Group's investments amounted to 142 MSEK (86) for the quarter. The increase is mainly explained by the acquisition of almaak and acquisition of a production building in USA. At the same time, depreciation, amortization and impairment amounted to 123 MSEK (123) whereof 21 MSEK (21) refers to leased assets according to IFRS 16. The investments amounted to 416 MSEK (190) for the period January-September, while depreciation, amortization and impairment amounted to 352 MSEK (365). Of these refers 63 MSEK (61) to leased assets according to IFRS 16.

Tax expenses

The Group's tax expenses amounted to 204 MSEK (257) during the third quarter, which corresponds to a tax rate of 24.9 percent (23.4). Tax expenses for the period January-September amounted to 575 MSEK (596), which corresponds to a tax rate of 23.6 percent (23.8).

Net debt/EBITDA 0.80

Profitability

The return on average capital employed, R12, amounted to 18.6 percent (24.2). The return on shareholders' equity, R12, amounted to 18.5 percent (23.7).

Parent Company

The Parent Company's profit after tax for the quarter amounted to negative 17 MSEK (negative 11). Profit after tax for the period January-September amounted to 156 MSEK (142). Shareholders' equity amounted to 4,336 MSEK (5,022).

HEXPOL Compounding

July - September 2022

The sales increased strongly during the third quarter 2022, compared to the corresponding quarter previous year. The sales amounted to 5,554 MSEK (3,826) including positive currency effects of 673 MSEK. Adjusted for these, the sales amounted to 4,881 MSEK. Apart from positive currency effects, the sales were positively affected by organic growth of 21 percent and acquisitions with 7 percent. Global sales to automotive-related customers still varies, but a certain improvement was seen at the end of the quarter, mainly in America. However, we see a great uncertainty in Europe towards the end of the quarter, mainly in the building and construction industry.

All regions and all product areas showed sales increases compared to the corresponding quarter previous year although Americas in particular showed strong development.

During the quarter, we saw continued price increases of raw materials, albeit at a lower rate compared to before, and also continued high energy costs.

EBIT amounted to 765 MSEK and increased compared to the adjusted EBIT (excl. non-recurring items) during the same period previous year (618). The corresponding operating margin amounted to 13.8 percent (16.2). The continued need to constant adapt production to rapidly changing demand from customers in combination with non-optimized recipes due to raw material shortages and price increases for raw materials and energy has affected our gross margin negatively during the quarter. In addition, as previously communicated, the acquired almaak continue to have a lower margin than the HEXPOL Group.

January - September 2022

The sales for HEXPOL Compounding increased by 41 percent to 15,686 MSEK (11,097), during the period. At the same time, the operating profit amounted to 2,245 MSEK which was an increase compared to the adjusted EBIT (excl. nonrecurring items) for the same period previous year (1,955). The corresponding operating margin amounted to 14.3 percent (17.6).

Share of the Group's sales

January - September 2022

About HEXPOL Compounding

The business area is one of the world's leading suppliers in development and manufacturing of advanced, high-quality polymer compounds for demanding applications and demanding end users. Customers are manufacturers of polymer products and components who impose rigorous demands on performance and global delivery capacity. The market is global and the largest end-customer segments are the automotive and engineering industries, followed by the building and construction sector. Other key segments are transportation sector, energy, oil and gas sector, consumer sector, cable industries and manufacturers of medical equipment.

Net debt/EBITDA

HEXPOL Compounding

	Jul-Sep				Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Sales	5 554	3 826	15 686	11 097	14 888	19 477
EBIT, adjusted	765	618	2 245	1 955	2 541	2 831
EBIT-margin, adjusted, %	13,8	16,2	14,3	17,6	17,1	14,5
EBIT	765	1 046	2 245	2 383	2 878	2 740
					Soliditet xx%

HEXPOL Engineered Products July – September 2022

The sales increased by 30 percent compared to the same quarter previous year and amounted to 367 MSEK (282). The increase include positive currency effects of 36 MSEK. Adjusted for these the sales amounted to 331 MSEK. EBIT amounted to 73 MSEK (59) which correspond to an operating margin of 19.9 percent (20.9).

All product areas increased their sales compared to the corresponding quarter previous year but where especially Wheels showed a strong development.

January – September 2022

The sales for HEXPOL Engineered products increased by 29 percent to 1,062 MSEK (823). At the same time, the operating profit increased to 204 MSEK (154) which corresponds to an operating margin of 19.2 percent (18.7).

Share of the Group's sales January - September 2022

About HEXPOL Engineered Products

The business area has operations in a number of niche areas with strong global positions in gaskets for plate heat exchangers (Gaskets and Seals) and wheels of polymer materials for forklifts and material handling (Wheels). The market for gaskets and wheels is global. Gaskets customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of forklifts and castor wheels.

Net debt/EBITDA

HEXPOL Engineered Products

	Jul-Sep			Jul-Sep Jan-Sep Jan-Sep Full Year		Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Sales	367	282	1 062	823	1 117	1 356
EBIT	73	59	204	154	196	246
EBIT-margin, %	19,9	20,9	19,2	18,7	17,5	18,1

After the end of the period

Significant events

New president HEXPOL Compounding Americas

We have today appointed Gary Moore as new President HEXPOL Compounding Americas as the current manager Ken Bloom has chosen to retire. Gary Moore started at HEXPOL 2007 and most recently held the position as Chief Commercial Officer (CCO) within HEXPOL Compounding Americas. Gary has long experience from the polymer industry of which the last 16 years with HEXPOL in various global managerial positions within supply chain and sales. We thank Ken for his extraordinary efforts and are happy that Ken will remain as Senior Advisor for HEXPOL Compounding Americas until Q1-2023.

Other information

Risk factors

The Group's and Parent Company's business risks, risk management and management of financial risks are described in detail in the 2021 Annual Report. The Covid-19 pandemic continue to have a major impact on the world and HEXPOL. In addition to this, Russia's invasion of Ukraine causes further impact and uncertainty for large parts of the world. At present, it is very difficult to estimate or quantify the risks related to this, but it is likely that the negative effect will continue to affect, both sales and earnings. The Board and management follows the development closely.

Accounting policies

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company's financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2, Reporting for Legal Entities. The accounting and measurement policies as well as the assessment bases, applied in the 2021 Annual Report have also been applied in this interim report. No new or revised IFRS that came into force 2022 have had any significant impact on the Group's financial reports.

Liabilities for put options are recognized as a financial liability measured at fair value with changes in value in profit or loss, and are valued in accordance with Level 3.

Alternative Performance Measures (APMs)

ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective from 2016. HEXPOL presents financial definitions and reconciliations of alternative performance measures in this report. HEXPOL presents alternative performance measures as these provide valuable additional information to investors and the company's management as they allow evaluation of the company's performance.

Personnel

The number of employees at the end of the period was 5,079 (4,697). The increase, compared to the corresponding period previous year, is mainly explained by the acquisition of almaak which happened in April 2022.

Ownership structure

HEXPOL AB (publ.) with Corporate Registration Number 556108-9631 is the Parent Company of the HEXPOL Group. HEXPOL's Class B shares are listed on Nasdaq Stockholm, Large Cap. HEXPOL AB had approximately 12,600 shareholders on September 30, 2022. The largest shareholder is Melker Schörling AB with 25 percent of the capital and 46 percent of the voting rights. The twenty largest shareholders own 70 percent of the capital and 78 percent of the voting rights.

Invitation to presentation of the report

A presentation of this report will be held through a webcasted conference call on October 21, 2022 at 02:00 p.m. CET. The presentation, as well as information concerning participations, is available at www.hexpol.com.

Number of employees 5,079

Financial calender

HEXPOL AB publish financial information on the following dates:

-	Year-end report 2022	January 27, 2023
-	Interim report January-March 2023	April 28, 2023
-	Annual General Meeting 2023	April 28, 2023
-	Half-year report 2023	July 19, 2023
-	Interim report January-September 2023	October 27, 2023

Financial information is also available in Swedish and English on HEXPOL AB's website – www.hexpol.com.

Malmö, Sweden October 21, 2022

HEXPOL AB (publ.)

Georg Brunstam President and CEO

kl.12:00.

For more information, please contact:

• Peter Rosén, Vice President and CFO Tel: +46 (0)40 25 46 60

Address:	Skeppsbron 3 SE-211 20 Malmö, Sweden
Corporate Registered Number:	556108–9631
Tel:	+46 40-25 46 60
Website:	www.hexpol.com

This report may contain forward-looking statements. When used in this report, words such as "anticipate", "believe", "estimate", "expect", "plan" and "project" are intended to identify forward-looking statements. Such statements could encompass risks and uncertainties pertaining to product demand, market acceptance, effects of economic conditions, impact of competitive products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of HEXPOL's management as of the date made with respect to future events but are subject to risks and uncertainties. While all of these forward-looking statements are based on estimates and assumptions made by HEXPOL's management and are believed to be reasonable, they are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements.

This information is information that HEXPOL AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 01:00 p.m. CET on October 21, 2022. This report has been prepared both in Swedish and English. In case of any divergence in the content of the two versions, the Swedish version shall have precedence.

Informationen är sådan information som HEXPOL AB (publ) är skyldig att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 23 oktober 2020

Review Report

HEXPOL AB (publ), corporate identity number 556108-9631

To the Board of Directors of HEXPOL AB (publ)

Introduction

We have reviewed the condensed interim report for HEXPOL AB (publ) as at September 30, 2022 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.

Malmö, Sweden October 21, 2022

Joakim Falck Karoline Tedevall Authorized Public Accountant Authorized Public Accountant

Summary financial information

Condensed consolidated income statement

					Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Sales	5 921	4 108	16 748	11 920	16 005	20 833
Cost of goods sold	-4 804	-3 280	-13 509	-9 269	-12 532	-16 772
Gross profit	1 117	828	3 239	2 651	3 473	4 061
Selling and administrative cost, etc.	-279	-182	-790	-573	-797	-1 014
Other income/insurance compensation and related costs Note 2	-	459	-	459	398	-61
Operating profit	838	1 105	2 449	2 537	3 074	2 986
Financial income and expenses	-19	-7	-15	-29	-43	-29
Profit before tax	819	1 098	2 434	2 508	3 031	2 957
Tax	-204	-257	-575	-596	-673	-652
Profit after tax	615	841	1 859	1 912	2 358	2 305
- of which, attributable to Parent Company shareholders	615	841	1 859	1 912	2 358	2 305
Earnings per share before dilution, SEK	1,79	2,44	5,40	5,55	6,85	6,70
Earnings per share after dilution, SEK	1,79	2,44	5,40	5,55	6,85	6,70
Shareholders' equity per share, SEK			39,73	31,66	33,82
Average number of shares, 000s	344 437	344 437	344 437	344 437	344 437	344 437
Depreciation, amortisation and impairment	-123	-123	-352	-365	-471	-458

Condensed statement of comprehensive income

					Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Profit after tax	615	841	1 859	1 912	2 358	2 305
Items that will not be reclassified to the income statement
Remeasurements of defined benefit pension plans	-	-	-	-	1	1
Items that may be reclassified to the income statement
Translation differences	1 000	282	2 242	652	950	2 540
Comprehensive income	1 615	1 123	4 101	2 564	3 309	4 846
- of which, attributable to Parent Company's shareholders	1 615	1 123	4 101	2 564	3 309	4 846

Condensed consolidated balance sheet

	Sep 30	Sep 30	Dec 31
MSEK	2022	2021	2021
Intangible fixed assets	11 826	9 502	9 724
Tangible fixed assets	3 131	2 385	2 430
Financial fixed assets	3	3	3
Deferred tax asset	113	51	79
Total fixed assets	15 073	11 941	12 236
Inventories	2 791	1 681	1 739
Accounts receivable	3 761	2 641	2 401
Other receivables	385	790	212
Prepaid expenses and accrued income	99	70	55
Cash and cash equivalents	1 674	1 077	1 320
Total current assets	8 710	6 259	5 727
Total assets	23 783	18 200	17 963
Equity attributable to Parent Company's shareholders	13 684	10 905	11 650
Total shareholders' equity	13 684	10 905	11 650
Interest-bearing liabilities	1 114	3 110	301
Other liabilities	295	57	58
Provision for deferred tax	705	662	602
Provision for pensions	71	66	66
Total non-current liabilities	2 185	3 895	1 027
Interest-bearing liabilities	3 333	96	1 921
Accounts payable	3 450	2 432	2 431
Other liabilities	354	302	334
Accrued expenses, prepaid income, provisions	777	570	600
Total current liabilities	7 914	3 400	5 286
Total shareholders' equity and liabilities	23 783	18 200	17 963

Condensed consolidated changes in shareholders' equity

	Sep 30, 2022		Sep 30, 2021		Dec 31, 2021
MSEK	Attributable to Parent Company shareholders	Total equity	Attributable to Parent Company shareholders	Total equity	Attributable to Parent Company shareholders	Total equity
Opening equity	11 650	11 650	9 133	9 133	9 133	9 133
Comprehensive income	4 101	4 101	2 564	2 564	3 309	3 309
Dividend	-2 067	-2 067	-792	-792	-792	-792
Closing equity	13 684	13 684	10 905	10 905	11 650	11 650

Changes in number of shares

	Total number of Class A shares	Total number of Class B shares	Total number of shares
Number of shares at January 1	14 765 620	329 671 226	344 436 846
Number of shares at the end of the period		14 765 620 329 671 226 344 436 846

Condensed consolidated cash-flow statement

					Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Cash flow from operating activities before changes in working capital	664	1 066	2 094	2 427	2 916	2 583
Changes in working capital	-117	-186	-938	-733	-510	-715
Changes in working capital - unpaid insurance Note 2 compensation	-	-544	-	-544	-	544
Cash flow from operating activities	547	336	1 156	1 150	2 406	2 412
Acquisitions Note 3	-15	-320	-386	-580	-558	-364
Cash flow from other investing activities	-142	-86	-416	-190	-304	-530
Cash flow from investing activities	-157	-406	-802	-770	-862	-894
Dividend	-	-	-2 067	-792	-792	-2 067
Cash flow from other financing activities	-397	370	2 225	410	-574	1 241
Cash flow from financing activities	-397	370	158	-382	-1 366	-826
Change in cash and cash equivalents	- 7	300	512	- 2	178	692
Cash and cash equivalents at January 1	1 550	886	1 320	1 200	1 200	1 077
Exchange-rate differences in cash and cash equivalents		-109	-158	-121	-58	-95
Cash and cash equivalents at the end of the period	1 674	1 077	1 674	1 077	1 320	1 674

Operating cash flow, Group

					Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
MSEK	2022	2021	2022	2021	2021	Sep 22
Operating profit	838	1 105	2 449	2 537	3 074	2 986
Depreciation/amortisation/impairment	123	123	352	365	471	458
Change in working capital	-117	-186	-938	-733	-510	-715
Change in working capital - unpaid insurance compensation	-	-544	-	-544	-	544
Sale of fixed assets	0	0	0	0	0	0
Investments	-142	-86	-416	-190	-304	-530
Operating Cash flow incl adjustment for unpaid insurance compensation	702	412	1 447	1 435	2 731	2 743
Operating Cash flow excl adjustment for unpaid insurance compensation	702	956	1 447	1 979	2 731	2 199

Other key figures, Group

	Jul-Sep				Jul-Sep Jan-Sep Jan-Sep Full Year	Oct 21-
	2022	2021	2022	2021	2021	Sep 22
Profit margin before tax, %	13,8	26,7	14,5	21,0	18,9	14,2
Return on shareholders' equity, % R12			18,5	23,7	22,2
Interest-coverage ratio, multiple			46	77	71	47
Net debt, MSEK			-2 770	-2 126	-899
Sales growth adjusted for currency effects, %	27	25	27	28	25
Sales growth adjusted for currency effects and acquisitions, %	21	19	20	24	21
Cash flow per share, SEK	1,59	0,98	3,36	3,34	6,99	7,01
Cash flow per share before change in working capital, SEK	1,93	3,09	6,08	7,05	8,47	7,50

Condensed income statement, Parent Company

MSEK	Jul-Sep 2022	Jul-Sep 2021	2022	2021	Jan-Sep Jan-Sep Full Year 2021	Oct 21- Sep 22
Sales	17	12	50	35	58	73
Administrative costs, etc.	-25	-23	-81	-74	-95	-102
Operating loss	- 8	-11	-31	-39	-37	-29
Financial income and expenses	-12	-2	180	174	1 428	1 434
Profit after financial items	-20	-13	149	135	1 391	1 405
Profit before tax	-20	-13	149	135	1 391	1 405
Tax	3	2	7	7	-25	-25
Profit after tax	-17	-11	156	142	1 366	1 380

Condensed balance sheet, Parent company

MSEK	Sep 30 2022	Sep 30 2021	Dec 31 2021
Fixed assets	10 705	9 980	10 000
Current assets	2 851	2 150	2 519
Total assets	13 556	12 130	12 519
Restricted shareholders' equity
Share capital	69	69	69
Total restricted shareholders' equity	69	69	69
Non-restricted shareholders' equity
Share premiun reserve	619	619	619
Accumulated earnings	3 492	4 192	4 192
Profit after tax	156	142	1 366
Total non-restricted shareholders' equity	4 267	4 953	6 177
Total shareholders' equity	4 336	5 022	6 246
Untaxed reserves	-	0	-
Non-current liabilities	800	2 815	-
Current liabilities	8 420	4 293	6 273
Total shareholders' equity and liabilities	13 556	12 130	12 519

Notes to the financial reports

Note 1 Financial instrument per category and measurement level

Sep 30, 2022	Financial assets/liabilities measured at:
MSEK	Amortized costs	Fair value through profit or loss	Measurem. level	Total
Assets in the balance sheet
Non-current financial assets	3	-		3
Accounts receivable	3 761	-	3 761
Cash and cash equivalents	1 674	-		1 674
Total	5 438	-		5 438
Liabilities in the balance sheet
Interest-bearing non-current liabilities	801	-		801
Interest-bearing non-current lease liabilities	313	-		313
Liabilities to minority shareholders*		220	3	220
Interest-bearing current liabilities	3 231	-		3 231
Interest-bearing current lease liabilities	102	-		102
Accounts payable	3 450	-		3 450
Other liabilities	354	-		354
Accrued expenses, prepaid income, provisions	777	-		777
Total	9 028	220		9 248

Sep 30, 2021	Financial assets/liabilities measured at:
MSEK	Amortized costs	Fair value through profit or loss	Measurem. level	Total
Assets in the balance sheet
Non-current financial assets	3	-		3
Accounts receivable	2 641 -
Cash and cash equivalents	1 077		1 077
Total	3 721	-		3 721
Liabilities in the balance sheet
Interest-bearing non-current liabilities	2 816	-		2 816
Interest-bearing non-current lease liabilities	294 -		294
Interest-bearing current liabilities	0	-		0
Interest-bearing current lease liabilities	96	-		96
Accounts payable	2 432	-		2 432
Other liabilities	302	-		302
Accrued expenses, prepaid income, provisions	570	-		570
Total	6 510	-		6 510

*Liabilities to minority shareholders are recogniced as other non-current liabilities.

				Note 2 Non-recurring items in the income statement

	Jul-Sep	Jul-Sep	Jan-Sep		Jan-Sep Full Year
MSEK	2022	2021	2022	2021	2021
Costs of goods sold	-	-31	-	-31	-31
Selling and administrative costs, etc.	-	-	-	-	-
Other operating income	-	544	-	628	628
Other operating expense	-	-85	-	-169	-260
Profit before tax	-	428	-	428	337
Tax	-	-106	-	-106	-78
Profit afer tax	-	322	-	322	259

The cost in the period Jan-Dec 2021, is mainly attributable to the fire that broke out January 7, 2021, in Jonesborough, TN, USA. The income in the same period is the insurance compensation for the fire, paid in October. In addition to the cost of the fire, there are for example, costs for planned restructuring of the English operations.

Note 3 Acquisition

Acquisition within TP Compounding 2022

HEXPOL has in April completed the acquisition of 70 percent of the shares in almaak international GmbH, a specialist in high quality recycled engineered compounds. almaaks turnover in 2021 amounted to 75 MEUR with a profitability level just below the HEXPOL Group. almaak operates two sites in Germany with some 190 employees. The main end user segment is the European automotive industry where the interest for recycled compounds is high. The acquisition price amounted to approximately 70 MEUR on a cash and debt free basis and was funded by a combination of cash and existing bank facilities. Pursuant to the agreement, HEXPOL has an option to acquire the remaining shares (from 2025 and thereafter annually during the period January 1 – March 31), and the sellers have the option to sell their remaining shares to HEXPOL (from 2025 and thereafter annually during the period January 1 – March 31). The business has been consolidated from April 1. The purchase price allocation is preliminary since some information is outstanding.

Below are details of net assets acquired and goodwill for the above acquisition;

MSEK
Puchase consideration	737
Fair value of acquired net assets	158
Goodwill	579

Goodwill is attributable to the strategic importance of the acquisition in terms of the increased breadth it adds to the HEXPOL Group's existing product offering. Through the acquisition, we strengthen our position in Europe, and give us a very good opportunity to continue our successful business strategy and philosophy around sustainability in connection with engineering compounds. The fair value of the acquired net assets includes 10 MSEK for the estimated value of acquired intangible assets.

The following assets and liabilities were included in the acquisition:

	Balance sheet at the time of	Adjust ment to	Fair
MSEK	acquisition	fair value	value
Cash and cash equivalents	131	-	131
Accounts receivable	13	-	13
Current assets	271	-	271
Tangible assets	237	-	237
Intagible assets	10	-	10
Deferred tax liabilities	-13	-	-13
Non-current liabilities	-1	-	-1
Accounts payables	-67	-	-67
Current liabilities	-423	-	-423
Acquired net assets	158	-	158
Purchase considerations			737
Liabilities to minority shareholders			-220

Transaction costs for the above acquisition amounted to 7 MSEK and has been reported in the operating profit.

Cash and cash equivalents in acquired operations 131 Change in Group's cash and cash equivalents 386

Segment reporting and distribution of revenues

Sales per business area
2022					2021 Full			Oct 21-	2020				Full
MSEK	Q1	Q2	Q3	Q1	Q2	Q3	Q4	Year	Sep 22	Q1	Q2	Q3	Q4	Year
HEXPOL Compounding				4 841 5 291 5 554 3 548 3 723 3 826 3 791				14 888		19 477 3 906 2 290 3 091 3 159				12 446
HEXPOL Engineered Products	332	363	367	262	279	282	294	1 117	1 356	262	236	237	243	978

Sales per geographic region		2022			2021				Oct 21-	2020				Full
MSEK	Q1	Q2	Q3	Q1	Q2	Q3	Q4	Full Year	Sep 22	Q1	Q2	Q3	Q4	Year
Europe			2 118 2 341 2 281 1 480 1 666 1 617 1 571					6 334		8 311 1 464		983 1 178 1 233		4 858
Americas			2 815 3 059 3 354 2 141 2 128 2 267 2 275					8 811		11 503 2 548 1 382 1 958 1 958				7 846
Asia	240	254	286	189	208	224	239	860	1 019	156	161	192	211	720
Group total								5 173 5 654 5 921 3 810 4 002 4 108 4 085 16 005	20 833 4 168 2 526 3 328 3 402					13 424

Group total 5 173 5 654 5 921 3 810 4 002 4 108 4 085 16 005 20 833 4 168 2 526 3 328 3 402 13 424

Sales per geographic region HEXPOL Compounding
		2022		2021				Full	Oct 21-	2020				Full
MSEK	Q1	Q2	Q3	Q1	Q2	Q3	Q4	Year	Sep 22	Q1	Q2	Q3	Q4	Year
Europe				1 963 2 168 2 123 1 351 1 525 1 485 1 427				5 788		7 681 1 334		866 1 068 1 115		4 383
Americas				2 715 2 950 3 237 2 067 2 056 2 188 2 196				8 507		11 098 2 466 1 321 1 893 1 892				7 572
Asia	163	173	194	130	142	153	168	593	698	106	103	130	152	491
Group total								4 841 5 291 5 554 3 548 3 723 3 826 3 791 14 888	19 477 3 906 2 290 3 091 3 159					12 446

Sales per geographic region HEXPOL Engineered Products

	2022			2021				Full	Oct 21-		2020	Full
MSEK	Q1	Q2	Q3	Q1	Q2	Q3	Q4	Year	Sep 22	Q1	Q2	Q3	Q4	Year
Europe	155	173	158	129	141	132	144	546	630	130	117	110	118	475
Americas	100	109	117	74	72	79	79	304	405	82	61	65	66	274
Asia	77	81	92	59	66	71	71	267	321	50	58	62	59	229
Group total	332	363	367	262	279	282	294	1 117	1 356	262	236	237	243	978

EBIT per business area

	2022			2021				Full Oct 21-			2020
MSEK	Q1	Q2	Q3	Q1	Q2	Q3*			Q4 Year * Sep 22					Q1 Q2 Q3 Q4 Year*
HEXPOL Compounding	721	759	765	658	679	618	586	2 541	2 831	554	178	552	580	1 864
HEXPOL Engineered Products	54	77	73	46	49	59	42	196	246	33	31	41	42	147
Group total	775	836	838	704	728	677	628	2 737	3 077	587	209	593	622	2 011

EBIT-margin per business area

	2022			2021			Full Oct 21-			2020	Full
%	Q1	Q2	Q3	Q1	Q2	Q3*			Q4 Year * Sep 22					Q1 Q2 Q3 Q4 Year*
HEXPOL Compounding	14,9	14,3	13,8	18,5	18,2	16,2	15,5	17,1	14,5	14,2	7,8	17,9	18,4	15,0
HEXPOL Engineered Products	16,3	21,2	19,9	17,6	17,6	20,9	14,3	17,5	18,1	12,6	13,1	17,3	17,3	15,0
Group total	15,0	14,8	14,2	18,5	18,2	16,5	15,4	17,1	14,8	14,1	8,3	17,8	18,3	15,0

*Adjusted EBIT for HEXPOL Compounding

**Adjusted EBIT

Reconciliation alternative performance measures

Sales

		2022		2021				Full			Full
MSEK	Q1	Q2	Q3	Q1	Q2	Q3	Q4	Year	Q1	Q2	Q3	Q4	Year
Sales	5 173	5 654	5 921	3 810	4 002	4 108		4 085 16 005	4 168	2 526	3 328	3 402	13 424
Currency effects	363	516	709	-412	-405	-55	58	-814	138	12	-202	-276	-328
Sales excluding currency effects	4 810	5 138	5 212	4 222	4 407	4 163		4 027 16 819	4 030	2 514	3 530		3 678 13 752
Acquisitions	242	400	249	33	109	210	217	569	580	279	-	-	859
Sales excluding currency effects and acquisitions	4 568	4 738	4 963	4 189	4 298	3 953		3 810 16 250	3 450	2 235	3 530		3 678 12 893

Full Year

Sales growth

%	2022	Jul-Sep Jul-Sep Jan-Sep Jan-Sep 2021	2022	2021	Full Year 2021
Sales growth excluding currency effects	27	25	27	28	25
Sales growth excluding currency effects and acquisitions	21	19	20	24	21

EBITA, adjusted, %

					Full
		Jul-Sep Jul-Sep Jan-Sep Jan-Sep				Year Oct 21-
MSEK	2022	2021	2022	2021		2021 Sep 22
Sales	5 921	4 108	16 748	11 920	16 005	20 833
Operating profit	838	1 105	2 449	2 537	3 074	2 986
Non-recurring items	-	-428	-	-428	-337	91
Amortisation and impairment of intangible assets	27	18	72	52	75	95
Total EBITA, adjusted	865	695	2 521	2 161	2 812	3 172
EBITA, adjusted, %	14,6	16,9	15,1	18,1	17,6	15,2

EBITA, %

					Full
		Jul-Sep Jul-Sep Jan-Sep Jan-Sep				Year Oct 21-
MSEK	2022	2021	2022	2021		2021 Sep 22
Sales	5 921	4 108	16 748	11 920	16 005	20 833
Operating profit	838	1 105	2 449	2 537	3 074	2 986
Amortisation and impairment of intangible assets	27	18	72	52	75	95
Total EBITA	865	1 123	2 521	2 589	3 149	3 081
EBITA%	14,6	27,3	15,1	21,7	19,7	14,8

Capital employed

		2022		2021			2020
MSEK	Mar 31	Jun 30		Sep 30 Mar 31	Jun 30				Sep 30 31 Dec Mar 31 Jun 30 Sep 30 Dec 31
Total assets	19 941	22 400	23 783	16 524	16 381	18 200		17 963 19 088	16 131	16 185	15 073
Provision for deferred tax	-612	-665	-705	-544	-531	-662	-602	-584	-543	-518	-521
Accounts payable	-3 073	-3 479	-3 450	-2 201	-2 320	-2 432		-2 431 -2 300	-1 257	-1 689	-1 796
Other liabilities	-457	-335	-354	-316	-293	-302	-334	-658	-604	-284	-221
Accrued expenses, prepaid income, provisions	-546	-651	-777	-494	-474	-570	-600	-543	-542	-586	-504
Total Group	15 253	17 270		18 497 12 969	12 763			14 234 13 996 15 003 13 185			13 108 12 031

Return on capital employed, R12

			Full
	Sep 30	Sep 30	Year
MSEK	2022	2021	2021
Average capital employed	16 254	12 999	13 491
Profit before tax	2 957	3 100	3 031
Interest expense	64	45	43
Total	3 021	3 145	3 074
Return on capital employed, %	18,6	24,2	22,8

Interest-coverage ratio, multiple

			Full
		Jan-Sep Jan-Sep	Year	Oct 21-
MSEK	2022	2021	2021	Sep 22
Profit before tax	2 434	2 508	3 031	2 957
Interest expense	54	33	43	64
Total	2 488	2 541	3 074	3 021
Interest-coverage ratio, multiple	46	77	71	47

Shareholders' equity

		2022	2021			2020
MSEK	Mar 31	Jun 30	Sep 30	Mar 31	Jun 30	Sep 30	Dec 31 Mar 31		Jun 30	Sep 30 Dec 31
Shareholders' equity	12 449	12 069	13 684	10 230	9 782	10 905	11 650	10 924	10 162	10 319	9 133

Return on equity, R12

			Full
	Sep 30	Sep 30	Year
MSEK	2022	2021	2021
Average shareholders' equity	12 463	10 013	10 642
Profit after tax	2 305	2 368	2 358
Return on equity, %	18,5	23,7	22,2

Net debt

			Full
	Sep 30	Sep 30	Year
MSEK	2022	2021	2021
Financial assets	3	3	3
Cash and cash equivalents	1 674	1 077	1 320
Non-current interest-bearing liabilities	-1 114	-3 110	-301
Current interest-bearing liabilities	-3 333	-96	-1 921
Net debt	-2 770	-2 126	-899

Net debt/EBITDA

	Sep 30	Sep 30	Full Year
MSEK	2022	2021	2021
Net debt	-2 770	-2 126	-899
EBITDA, R12	3 444	3 630	3 545
Net debt/EBITDA, multiple	-0,80	-0,59	-0,25

Equity/assets ratio

			Full
MSEK	Sep 30 2022	Sep 30 2021	Year 2021
Shareholders' equity	13 684	10 905	11 650
Total assets	23 783	18 200	17 963
Equity/assets ratio, %	58	60	65

Financial definitions

Average capital employed	Average of the last four quarters capital employed.
Average shareholders' equity	Average of the last four quarters shareholders' equity.
Capital employed	Total assets less deferred tax liabilities, accounts payable, other liabilities and accrued expenses, prepaid income and provisions.
Cash flow	Cash flow from operating activities.
Cash flow per share	Cash flow from operating activities in relation to the average number of shares outstanding.
Cash flow per share before	Cash flow from operating activities before changes in working capital in relation to the average number of
changes in working capital	shares outstanding.
Earnings per share	Profit after tax, in relation to the average number of shares outstanding.
Earnings per share after dilution	Profit after tax, in relation to the average number of shares outstanding adjusted for the dilution effect of warrants.
Earnings per share excl. adjusted	Profit after tax excluding non-recurring items, in relation to the average number of shares outstanding.
EBIT	Operating profit.
EBITA	Operating profit, excluding amortisation and impairment of intangible assets.
EBITA margin, %	Operating profit, excluding amortisation and impairment of intangible assets in relation to sales.
EBITA, adjusted	Operating profit excluding non-recurring items and amortisation and impairment of intangible assets.
EBITA margin, adjusted, %	Operating profit excluding non-recurring items and amortisation and impairment of intangible assets in relation to sales.
EBITDA	Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets.
Equity/assets ratio	Shareholders' equity in relation to total assets.
Interest-coverage ratio	Profit before tax plus interest expenses in relation to interest expenses.
Net debt/EBITDA	Non-current and current interest-bearing liabilities less cash and cash equivalents in relation to operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets.
Net debt, net cash	Non-current and current interest-bearing liabilities less cash and cash equivalents.
Non-recurring items	Refers to integration- and restructuring costs and other material non-recurring items.
Operating cash flow	Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets, less investments incl. new leasing agreements and plus sales of tangible and intangible assets, and after changes in working capital.
Operating margin, %	Operating profit in relation to the sales.
Operating margin, adjusted, %	Operating profit excluding non-recurring items, in relation to the sales.
Other investing activities	Investments and sales of intangible and tangible assets.
Operating profit, adjusted	Operating profit excluding non-recurring items.
Profit margin before tax	Profit before tax in relation to the sales.
Return on capital employed, R12	Twelve months profit before tax plus twelve months interest expenses in relation to average capital employed.
Return on equity, R12	Twelve months profit after tax in relation to average shareholders' equity.
R12	Rolling twelve months average.
Sales growth excluding currency effects	Sales excluding currency effects compared to the sales for the corresponding year-earlier period.
Sales growth excluding currency effects and acquisitions	Sales excluding currency effects and acquisitions compared to the sales for the corresponding year-earlier period.
Shareholders' equity per share	Shareholders' equity in relation to the number of shares outstanding at the end of the period.