HEXPOL

Quarterly Report • May 2, 2013

Interim report January – March 2013

Published on 2 May 2013

First quarter of 2013 – Another strong quarter – our best earnings to date

• Sales amounted to 2,014 MSEK (2,142).
• Operating profit rose 10 per cent to 298 MSEK (272).
• Operating margin improved to 14.8 per cent (12.7).
• Profit after tax rose 19 per cent to 216 MSEK (181).
• Earnings per share increased 19 per cent to 6.28 SEK (5.26).
• Operating cash flow amounted to 240 MSEK (240).
• The US rubber compounding company Robbins, which was acquired in November 2012, has been successfully integrated.

President's comments

"The first quarter of 2013 was once again a strong quarter for the HEXPOL Group. In terms of earnings, it was our best quarter to date. Our earnings per share improved strongly to 6.28 SEK (5.26), up 19 per cent. The operating margin improved further to 14.8 per cent (12.7) and our operating profit rose 10 per cent to 298 MSEK (272). Sales were negatively impacted by a weak European market, negative currency effects and fewer workdays. Sales during the first quarter of 2013 were although significantly stronger than during the fourth quarter of 2012. During the first quarter of 2013, we noted once again a price reduction for our principal raw materials. Operating cash flow remained strong and amounted to 240 MSEK (240). During the quarter, the US rubber compounding company Robbins was successfully integrated with significantly better earnings development than plan. Our balance sheet is strong and, with a net debt/equity multiple of 0.3 (0.5), we are well equipped for continued expansion."

Georg Brunstam, President and CEO

Key Figures	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Sales	2 014	2 142	8 007	7 879
Operating profit, EBIT	298	272	1 069	1 095
Operating margin, %	14,8	12,7	13,4	13,9
Profit before tax	289	264	1 047	1 072
Profit after tax	216	181	753	788
Earnings per share, SEK	6,28	5,26	21,88	22,90
Equity/assets ratio, %	49,6	45,8	49,2
Return on capital employed	24,5	25,3	24,0	24,0
Operating cash flow	240	240	1 209	1 209

Group summary

HEXPOL is a world-leading polymers group with strong global positions in advanced rubber compounds (Compounding), gaskets for plate heat exchangers (Gasket), and plastic and rubber materials for truck and castor wheel applications (Wheels). Customers are primarily OEM manufacturers of plate heat exchangers and trucks, systems suppliers to the global automotive and engineering industries, the energy sector and medical equipment manufacturers. The Group is organised in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group's sales in 2012 amounted to 8,007 MSEK. The HEXPOL Group has approximately 3,400 employees in ten countries. Further information is available at www.hexpol.com.

First quarter of 2013

The HEXPOL Group's sales for the first quarter of 2013 amounted to 2,014 MSEK (2,142). Currency effects had a negative impact of 85 MSEK on sales. Our most recent acquisition, Robbins (Nov. 2012), had a positive impact on sales.

Organic growth (adjusted for currency effects and acquisitions) was minus 7 per cent, including the effects of lower prices for our principal raw materials, fewer workdays and weak sales in Europe. Sales in NAFTA in local currency, including the acquired Robbins, were higher year-on-year. In NAFTA, sales remained strong to automotive-related customers, while sales to the mining industry and export-related customers were weak. However, sales in Mexico remained strong in all segments. In Europe, sales remained weak, particularly to automotive-related customers.

Despite lower sales, operating profit rose 10 per cent to 298 MSEK (272), entailing an improvement in the operating margin to 14.8 per cent (12.7). Operating profit improved thanks to the acquisition of Robbins, and to continued efficiency enhancements in the operations. Exchange-rate fluctuations had a negative impact of 19 MSEK on operating profit for the quarter.

The HEXPOL Compounding business area's sales during the quarter amounted to 1,831 MSEK (1,951), including the acquisition of Robbins. Sales in NAFTA, including Robbins, rose in local currency compared with the year-earlier period. Sales remained strong to the energy, oil and gas sector, and the automotive segment in NAFTA, while sales in Europe remained weak, particularly to automotive-related customers. The HEXPOL TPE Compounding product area continued its positive development. Operating profit for the business area rose 11 per cent to 282 MSEK (255). The operating margin improved to 15.4 per cent (13.1), thanks to continued higher efficiency in the operations.

Robbins, a leading US manufacturer of rubber compounds, was acquired in late November 2012. The integration of the operation has progressed more rapidly and in terms of earnings significantly better than plan.

The HEXPOL Engineered Products business area's sales for the quarter totalled 183 MSEK (191). Operating profit amounted to 16 MSEK (17), corresponding to an operating margin of 8.7 per cent (8.9).

In local currency, the HEXPOL Group's sales in NAFTA, including Robbins, increased compared with the year-earlier period. Sales remained strong to energy, oil, gas and automotive-related customers, while sales to the mining industry and export-related customers were weak. However, sales remained strong to all segments in Mexico.

The HEXPOL Group's sales in Europe remained weak, particularly to automotive-related customers.

In Asia, Group sales remained largely unchanged compared with the year-earlier period.

Prices for the Group's principal raw materials were once again lower in the quarter, compared with the previous quarter which meant lower sales prices compared to both previous quarter and corresponding quarter last year.

The Group's operating cash flow amounted to 240 MSEK (240).

The Group's net financial items amounted to an expense of 9 MSEK (expense: 8), including negative translation differences.

Profit before tax rose to 289 MSEK (264) and profit after tax increased to 216 MSEK (181). Earnings per share increased 19 per cent to 6.28 SEK (5.26).

Profitability

The return on average capital employed amounted to 24.5 per cent (25.3). The return on shareholders' equity was 28.8 per cent (28.6).

Financial position and liquidity

The equity/assets ratio increased to 49.6 per cent (45.8). The Group's total assets amounted to 6,223 MSEK (5,654). Net debt amounted to 1,013 MSEK (1,199) and the net debt/equity multiple decreased to 0.3 (0.5).

In May 2008, the Group signed a five-year credit agreement in an amount of 1.7 billion SEK with a number of Nordic banks. As part of the financing of the acquisition of Excel Polymers Group in November 2010, an additional five-year agreement was concluded with a Nordic bank in an amount of 100 MUSD, which falls due in October 2015. Since the five-year credit agreement signed in May 2008 will fall due in May 2013, HEXPOL signed bilateral loan agreements in early February 2013 with two Nordic banks. One of the loans is a five-year agreement with a limit of 125 MUSD and the second loan is a three-year agreement with a limit of 750 MSEK.

Cash flow

Operating cash flow amounted to 240 MSEK (240). Cash flow from operating activities amounted to 214 MSEK (238).

Investments, depreciation and amortisation

The Group's investments amounted to 21 MSEK (25) and were mainly attributable to maintenance. Depreciation and amortisation amounted to 38 MSEK (40).

Tax expenses

The Group's tax expenses amounted to 73 MSEK (83), corresponding to a tax rate of 25.3 per cent (31.4). The lower tax rate was among others due to effects of a changed legal structure following acquisitions in recent years.

Personnel

The number of employees at the end of the quarter was 3,357 (3,129). The number of employees increased through the acquisition of Robbins.

Business area HEXPOL Compounding

The HEXPOL Compounding business area is one of the world's leading supplier in the development and manufacture of advanced high-quality polymer compounds (Compounding). Customers are manufacturers of rubber products and components with stringent demands in terms of performance, quality and global delivery capacity. The market is global and the largest end customer segments are the automotive and engineering industries. Other key segments are the construction and infrastructure, energy, oil and gas sector, cable and water treatment industries, as well as medical equipment.

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Sales	1 831	1 951	7 270	7 150
Operating profit	282	255	996	1 023
Operating margin, %	15,4	13,1	13,7	14,3

HEXPOL Compounding's sales totalled 1,831 MSEK (1,951), including acquired Robbins. Operating profit rose 11 per cent to 282 MSEK (255). The operating margin improved to 15.4 per cent (13.1), thanks to continued efficiency improvements in the operation.

Prices for the business area's principal raw materials were once again lower in the quarter, compared with the previous quarter which meant lower sales prices compared to both previous quarter and corresponding quarter last year.

In local currency, sales in NAFTA, including Robbins, were higher than in the year-earlier period. Sales remained strong to energy, oil, gas and automotive-related customers while sales to mining industry and export related customer were weak. In Mexico, however sales remained strong to all segments. The approved investment in a third rubber compound line in Aguascalientes, Mexico, is progressing as planned and production start is scheduled for autumn 2013.

Sales in Europe remained weak, particularly to automotive-related customers.

The HEXPOL TPE Compounding product area continued its positive trend, with a favourable sales trend in consumer-related applications. Müller Kunststoffe, the company that was acquired in early 2012, continued to develop positively.

Sales in Asian markets were comparable to the year-earlier period. The customer project portfolio is strong and the capacity expansion for the rubber compounds in Qingdao, China, was commissioned as planned during the first quarter.

Robbins, a leading US manufacturer of rubber compounding and a global leader in molded envelopes and curing tubes for especially truck, heavy equipment and airplane tires, was acquired in late November 2012. The acquisition is an excellent complement to the business area and broadens its presence within rubber compounds in such end-customer segments as agriculture, mining, oil and gas. It will also result in a leading global position for molded envelopes and curing tubes to the tire industry. The company had three production units in the US: Muscle Shoals in Alabama, Findlay in Ohio and Tallapoosa in Georgia. Integration of the operation has progressed more rapidly and in terms of earnings better than plan. The facility in Tallapoosa was closed as planned and the volumes were relocated to the other facilities in NAFTA. However, the sales trend for Robbins was weaker than expected, primarily to mining-industry related customers.

0 500 1 000 1 500 2 000 Sales Operating profit and operating margin MSEK MSEK

Page 4 of 12

Business area HEXPOL Engineered Products

The HEXPOL Engineered Products business area is one of the world's leading supplier of advanced products, such as gaskets for plate heat exchangers (Gaskets) and wheels for truck and castor wheel applications (Wheels). The market for gaskets and wheels is global. Gasket customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of trucks and castors.

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Sales	183	191	737	729
Operating profit	16	17	73	72
Operating margin, %	8,7	8,9	9,9	9,9

HEXPOL Engineered Products reported sales of 183 MSEK (191). Operating profit totalled 16 MSEK (17), corresponding to an operating margin of 8.7 per cent (8.9).

Sales in the HEXPOL Gaskets product area were relatively stable, but weaker in Europe and to projectrelated operations. The market was generally characterised by pressure on prices and uncertainty in terms of demand. Sales from the operation in China increased and the expansion of moulding capacity implemented in late 2012 was deployed in the first quarter.

Sales in the HEXPOL Wheels product area were relatively stable in all markets. Production of polyurethane wheels for the Chinese market commenced in late 2012 and deliveries were made during the quarter. With this investment, HEXPOL Wheels will become a global partner for global OEM manufacturers of trucks. Sales and profit in the US operation continued to develop well. In early April, there was a fire at HEXPOL Wheels' facility in Laxå, Sweden, where a polyurethane line was damaged. No personal injuries were reported and the facility is fully insured.

Parent Company

The Parent Company reported a loss after tax of 6 MSEK (profit: 17). Shareholders' equity amounted to 3,075 MSEK (1,956).

Risk factors

The Group's and the Parent Company's business risks and risk management, as well as the management of financial risks, are described in detail in the 2012 Annual Report. No significant events have occurred during the year that could affect or change the aforementioned description of the Group's or Parent Company's risks and their management.

Accounting policies

The consolidated financial statements in this interim report have been prepared in compliance with International Financial Reporting Standards (IFRS), as adopted by the EU. The Parent Company's financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Financial Board's recommendation RFR 2, Reporting for Legal Entities. The interim report was prepared in accordance with IAS 34, Interim Financial Reporting. The accounting and assessment policies applied in the 2012 Annual Report have also been applied in this interim report. No new or revised IFRS that gained legal force in 2013 have any significant impact on the Group other that the statement below.

The revised IAS 19, Employee Benefits, has been applied since 1 January 2013 with retrospective application. The most significant change is the discontinuation of the option to postpone actuarial gains and losses according to the corridor method and these shall be recognised against other comprehensive income. Consequently, the pension liability has increased by approximately 3 MSEK and shareholders' equity reduced by approximately 2 MSEK during 2013. The 2012 impact was marginal and no adjustment has therefore been made.

Ownership structure

HEXPOL AB (publ), Corporate Registration Number 556108-9631, is the Parent Company of the HEXPOL Group. HEXPOL's Series B shares are listed on the Stockholm Mid-Cap industrial segment of the NASDAQ OMX Nordic. HEXPOL had 7,756 shareholders as of 31 March 2013. The largest shareholder is Melker Schörling AB, with 26 per cent of the capital and 47 per cent of the votes. The 20 largest owners own 64 per cent of the capital and 74 per cent of the votes.

Annual General Meeting, 2 May 2013

The Annual General Meeting will be held on 2 May 2013, at 3:00 p.m. CET in Malmö, Sweden (Börshuset, Skeppsbron 2). The 2012 Annual Report is available on HEXPOL's website and at the head office.

Proposal for dividend

As announced earlier, the Board proposes that the Annual General Meeting on 2 May approve a dividend of 6.00 SEK (5.00) per share, up 20 per cent.

Proposal from the Nomination Committee

The elected Nomination Committee, comprising Mikael Ekdahl (Melker Schörling AB), Åsa Nisell (Swedbank Robur Fonder), Henrik Didner (Didner & Gerge Fonder) and Anders Algotsson (AFA Försäkring), has the following proposal pertaining to the election of the Board of Directors: The reelection of Board members Melker Schörling, Alf Göransson, Jan-Anders Månsson, Malin Persson, Ulrik Svensson and Georg Brunstam.

Invitation to the presentation of the report

This report will be presented through a telephone conference on 2 May at 1:00 p.m. CET. The presentation, as well as information concerning participation, is available on www.hexpol.com.

Calendar for financial information

HEXPOL AB will publish financial information on the following dates:

	Annual General Meeting	2 May 2013
	Six-month report for 2013	18 July 2013
	Interim report, third quarter of 2013	24 October 2013

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

The interim report for January – March 2013 has not been audited by HEXPOL AB's auditors.

Malmö, 2 May 2013 HEXPOL AB (publ)

Georg Brunstam President and CEO

For more information, please contact:

• Georg Brunstam, President and CEO Tel: +46 708 55 12 51
• Karin Gunnarsson, Chief Financial Officer/Investor Relations Manager Tel: +46 705 55 47 32

Address:	Skeppsbron 3
	SE-211 20 Malmö
Corporate Registration Number:	556108–9631
Tel:	+46 40-25 46 60
Fax:	+46 40-25 46 89
Website:	www.hexpol.com

This report may contain forward-looking statements. When used in this report, words such as "anticipate", "believe", "estimate", "expect", "intend", "plan" and "project" are intended to identify forward-looking statements. They may involve risks and uncertainties, including product demand, market acceptance, the effect of economic conditions, the 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 and are subject to risks and uncertainties. All of these forward-looking statements are based on estimates and assumptions made by HEXPOL's management and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results or experience could differ materially from the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements.

The report consists of information that HEXPOL AB (publ) is obliged to disclose in accordance with the Swedish Securities Market Act and/or the Financial Trading Instruments Act. The information was submitted for publication on 2 May 2013 at 12:00 p.m. CET. 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.

Condensed consolidated income statement

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Sales	2 014	2 142	8 007	7 879
Cost of goods sold	-1 606	-1 757	-6 485	-6 334
Gross profit	408	385	1 522	1 545
Selling and administrative cost, etc.	-110	-113	-453	-450
Operating profit	298	272	1 069	1 095
Financial income and expenses	- 9	- 8	-22	-23
Profit before tax	289	264	1 047	1 072
Tax	-73	-83	-294	-284
Profit after tax	216	181	753	788
- of w hich, attributable to Parent Company shareholders	216	181	753	788
Earnings per share, SEK	6,28	5,26	21,88	22,90
Shareholders' equity per share, SEK	89,66	75,25	84,51
Average number of shares, 000s	34 420	34 420	34 420	34 420
Depreciation, amortisation and impairment	-38	-40	-152	-150

Condensed statement of comprehensive income

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Profit after tax	216	181	753	788
Items that will not be reclassified to the
income statement
Remeasurements of defined benefit pension plans	- 3	0	0	- 3
Income tax relating to items that w ill not be reclassified to the income statement	1	0	0	1
Items that may be reclassified to the income statement
Cash-flow hedges	0	0	0	0
Income tax relating to cash-flow hedges	0	0	0	0
Translation differences	-37	-64	-145	-118
Comprehensive income	177	117	608	668
- of w hich, attributable to Parent Company's shareholders	177	117	608	668

Condensed consolidated balance sheet

	Mar 31	Dec 31
MSEK	2013	2012	2012
Intangible fixed assets	2 673	2 443	2 718
Tangible fixed assets	1 211	1 088	1 227
Financial fixed assets	1	1	1
Deferred tax asset	28	7	25
Total fixed assets	3 913	3 539	3 971
Inventories	491	515	536
Accounts receivable	899	940	671
Other receivables	172	90	152
Prepaid expenses and accrued income	24	20	13
Cash and cash equivalents	724	550	564
Total current assets	2 310	2 115	1 936
Total assets	6 223	5 654	5 907
Attributable to Parent Company's shareholders	3 086	2 590	2 909
Total shareholders' equity	3 086	2 590	2 909
Interest-bearing liabilities	65	1 740	228
Provision for deferred tax	175	122	181
Provision for pensions	16	12	13
Total non-current liabilities	256	1 874	422
Interest-bearing liabilities	1 706	41	1 581
Accounts payable	772	834	665
Other liabilities	169	114	105
Accrued expenses, prepaid income, provisions	234	201	225
Total current liabilities	2 881	1 190	2 576
Total shareholders' equity and liabilities	6 223	5 654	5 907

Consolidated changes in shareholders' equity

	Mar 31 2013		Mar 31 2012		Dec 31 2012
	Attributable		Attributable		Attributable
	to Parent			to Parent to Parent
	Company		Company				Company
MSEK	shareholders	Total equity	shareholders	Total equity	shareholders	Total equity
Opening equity	2 909	2 909	2 473	2 473	2 473	2 473
Comprehensive income	177	177	117	117	608	608
Dividend	-	-	-	-	-172	-172
Closing Equity	3 086	3 086	2 590	2 590	2 909	2 909

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	1 476 562	32 943 566	34 420 128
Number of shares at the end of the period	1 476 562	32 943 566	34 420 128

Condensed consolidated cash-flow statement

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Cash flow from operating activities before changes in w orking capital	289	287	955	957
Non-recurring items	0	- 2	- 5	- 3
Changes in w orking capital	-75	-47	165	137
Cash flow from operating activities	214	238	1 115	1 091
Acquisitions	- 3	-344	-926	-585
Cash flow from other investing activities	-21	-25	-177	-173
Dividend	-	-	-172	-172
Cash flow from other financing activities	-28	142	205	35
Change in cash and cash equivalents	162	11	45	196
Cash and cash equivalents at January 1	564	557	557	550
Exchange-rate differences in cash and cash equivalents	- 2	-18	-38	-22
Cash and cash equivalents at the end of the period	724	550	564	724

Operating cash flow, Group

	Jan-Mar		Full Year	Apr 12-
MSEK	2013	2012	2012	Mar 13
Operating profit	298	272	1 069	1 095
Depreciation/amortisation	38	40	152	150
Change in w orking capital	-75	-47	165	137
Investments	-21	-25	-177	-173
Operating Cash flow	240	240	1 209	1 209

Other key figures, Group

	Jan-Mar		Full Year	Apr 12-
	2013	2012	2012	Mar 13
Profit margin before tax, %	14,3	12,3	13,1	13,6
Return on shareholders' equity, %	28,8	28,6	28,0	27,8
Interest-coverage ratio, multiple	58,8	38,7	44,6	49,7
Net debt, MSEK	1 013	1 199	1 215
Net debt ratio, multiple	0,3	0,5	0,4
Cash flow per share, SEK	6,22	6,91	32,39	31,70
Cash flow per share before change in w orking capital, SEK	8,40	8,34	27,75	27,81

Financial instruments recognized at fair value in the statement of financial position

	Mar 31
MSEK	2013
Other current receivables
Currency derivates	122
Other current liabilities
Currency derivates	132

Derivatives consist of currency derivate and are used primarily for hedging purposes and are measured at the level 2.

Quarterly data, Group

Sales per business area

	2013			2012		Full-	Apr 12-			2011		Full Full
MSEK	Q1	Q1	Q2	Q3		Q4 Year	Mar 13	Q1	Q2	Q3	Q4	Year
HEXPOL Compounding			1 831 1 951 1 931 1 801 1 587 7 270								7 150 1 598 1 586 1 652 1 614 6 450
HEXPOL Engineered Products	183	191	190	179	177	737	729	188	190	191	178	747
Group total			2 014 2 142 2 121 1 980 1 764 8 007								7 879 1 786 1 776 1 843 1 792 7 197

Sales per geographic area

	2013			2012		Full-	Apr 12-			2011		Full Full
MSEK	Q1	Q1	Q2	Q3	Q4	Year	Mar 13	Q1	Q2	Q3	Q4	Year
Europe	655	749	691	632		581 2 653	2 559	615	636	604		576 2 431
NAFTA		1 261 1 292 1 316 1 243 1 085 4 936						4 905 1 082 1 040 1 130 1 106 4 358
Asia	98	101	114	105	98	418	415	89	100	109	110	408
Group total		2 014 2 142 2 121 1 980 1 764 8 007						7 879 1 786 1 776 1 843 1 792 7 197

Operating profit per business area

	2013			2012		Full-	Apr 12-			2011		Full Full
MSEK	Q1	Q1	Q2	Q3	Q4	Year	Mar 13	Q1	Q2	Q3	Q4	Year
HEXPOL Compounding	282	255	267	261	213	996	1 023	196	211	213	203	823
HEXPOL Engineered Products	16	17	20	19	17	73	72	14	19	22	17	72
Group total	298	272	287	280		230 1 069	1 095	210	230	235	220	895

Operating margin per business area

	2013			2012		Full-	Apr 12-			2011		Full- Full
%	Q1	Q1	Q2	Q3	Q4	Year	Mar 13	Q1	Q2	Q3	Q4	Year
HEXPOL Compounding	15,4	13,1	13,8	14,5	13,4	13,7	14,3	12,3	13,3	12,9	12,6	12,8
HEXPOL Engineered Products	8,7	8,9	10,5	10,6	9,6	9,9	9,9	7,4	10,0	11,5	9,6	9,6
Group total	14,8	12,7	13,5	14,1	13,0	13,4	13,9	11,8	13,0	12,8	12,3	12,4

Condensed income statement, Parent Company

	Jan-Mar		Full Year
MSEK	2013	2012	2012
Sales	8	8	30
Administrative costs, etc.	-12	-10	-50
Operating loss	-4	-2	-20
Financial income and expenses	-4	25	1 349
Profit/loss after net financial items	-8	23	1 329
Appropriations	-	-	-8
Profit/loss before tax	-8	23	1 321
Tax	2	-6	-7
Profit/loss after tax	-6	17	1 314

Condensed balance sheet, Parent company

	Mar 31		Dec 31
MSEK	2013	2012	2012
Total fixed assets	4 923	3 545	5 010
Total current assets	1 198	1 066	960
Total assets	6 121	4 611	5 970
Total shareholders' equity	3 075	1 956	3 081
Total untaxed reserves	8	-	8
Total non-current liabilities	65	1 739	228
Total current liabilities	2 973	916	2 653
Total shareholders' equity and liabilities	6 121	4 611	5 970

Financial definitions

Return on equity	Net profit attributable to the Parent Company's shareholders as a percentage of average shareholders' equity, excluding minority interests.
Return on capital employed	Profit before tax, plus interest expenses, as a percentage of average capital employed.
EBITDA	Operating profit before depreciation, amortisation and impairment.
EBIT	Operating profit after depreciation, amortisation and impairment.
Shareholders' equity per share	Shareholders' equity attributable to Parent Company shareholders divided by the number of shares at the end of the period.
Investments	Purchases less sales of intangible and tangible fixed assets, excluding those included in acquisitions and divestments of subsidiaries.
Cash flow	Cash flow from operating activities after changes in working capital.
Cash flow per share	Cash flow from operating activities after changes in working capital divided by the average number of shares.
Net indebtedness	Interest-bearing liabilities less cash and cash equivalents and interest bearing assets.
Net debt/equity ratio	Interest-bearing liabilities less cash and cash equivalents and interest bearing assets divided by shareholders' equity.
Operating cash flow	Operating profit excluding items affecting comparability, less depreciation/amortisation and investments, and after changes in working capital.
Earnings per share	Profit after tax, attributable to Parent Company shareholders, divided by the average number of shares.
Operating margin	Operating profit as a percentage of sales for the period.
Interest-coverage ratio	Profit before tax plus interest expenses divided by interest expenses.
Equity/assets ratio	Shareholders' equity as a percentage of total assets.
Capital employed	Total assets less non-interest-bearing liabilities.
Profit margin before tax	Profit before tax as a percentage of sales for the period.