Bong — Interim / Quarterly Report 2022

Feb 9, 2023

Year-end Report Q4, January-December 2022

October – December 2022

• Net sales increased to SEK 601 million (507)
• Operating profit before depreciation increased to SEK 60 million (47)
• Operating profit increased to SEK 43 million (13)
• Earnings after tax amounted to SEK 22 million (5)
• Earnings per share amounted to SEK 0.11 (0.03)
• Cash flow after investing activities amounted to SEK 66 million (58)

January – December 2022

• Net sales increased to SEK 2,165 million (1,804)
• Operating profit before depreciation increased to SEK 165 million (128)
• Operating profit increased to SEK 98 million (46)
• Earnings after tax amounted to SEK 43 million (3)
• Earnings per share amounted to SEK 0.21 (0.02)
• Cash flow after investing activities amounted to SEK 72 million (60).

Key Ratios

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
MSEK	2022	2021	2022	2021
Net sales	601	507	2,165	1,804
EBITDA	60	47	165	128
EBIT	43	13	98	46
Non-recurring items, goodwill	-	-18	-	-18
Adjusted EBIT	43	31	98	64
Earnings after tax	22	5	43	3
Earning per share, SEK	0.11	0.03	0.21	0.02
Cash flow after investing activities	66	58	72	60
Equity/asset ratio, %	33.9%	30.5%	33.9%	30.5%

Net debt Cash flow after investing activities - Q4 Equity ratio Operating profit/loss - Q4 Net sales - Q4

Adjusted net debt

Pension liabilities

IFRS 16

Bong is one of the leading providers of envelope products in Europe that also offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are packaging within retail and e-commerce and the envelope market within Eastern Europe. The Group has annual sales of approximately SEK 2.1 billion and about 1,100 employees in 13 countries. Bong has strong market positions in most of the important markets in Europe and the Group sees interesting possibilities for continued development. Bong is a public limited company and its shares are listed on Nasdaq Stockholm (Small Cap).

Letter to the shareholders

In the 4th quarter Bong fully recovered its margins and improved profitability. This is the result of our team's successful work during recent years. Our new products in Light Packaging are very promising for the future and support our ongoing change process, says Bong's CEO Kai Steigleder.

MARKET AND INDUSTRY

Paper prices stabilized on an all-time high level in Q4 2022. Due to scarce production capacity and soaring raw material prices in the first three quarters 2022 customers were overstocking their warehouses.

European businesses and consumers are now feeling the very high energy prices and are more reluctant on spending. In combination with weaker general consumer demand in Europe those factors resulted in a reduced order intake in the Q4 2022.

The economic outlook for the 1st quarter 2023 remains uncertain at least until Summer. A lot depends on the further development of the war in Ukraine. The double-digit inflation together with a scarcity in skilled labor in most European countries is resulting in a strong upward pressure on wages and salaries.

In Q4 our supply chains were stabilizing further but are still not on the shortterm availability and service level we were used to before the current crisis started. Demand on transport capacity still exceeds supply and transportation costs remain high.

Our margins fully recovered and our profitability level improved in Q4. We will continue to work hard on keeping this profitable margin level.

Light Packaging

Total development of our Light Packaging sales was positive with an overall currency adjusted increase of +14,2% ytd December 2022.

Main growth drivers were Paper Carrier Bags with ytd +44,9% mainly due to our new range of high end carrier bags targeted to the more value driven segment of the market.

Our e-Green range targeted to replace plastic packaging in e-commerce was ytd +37,7%.

In the first quarter 2023 we will introduce a new range of purely ecologically paper based padded e-commerce mailers called AirPro Green targeted to complement our existing AirPro range that is a combination of paper and plastic. Those products are very promising for Bong and support our change process.

Envelope

Our price increases on envelopes were resulting in a +15,9% ytd 2022 currency adjusted growth in this segment. Volumes in 2022 were down following the long-term market trend which is replacing printed information by digital information.

Overstocking of distributors and wholesalers caused by fear of paper and envelop shortage enhanced the situation. But we achieved our target to regain profitability in the envelope segment. This helps us to finance future investments in Light Packaging.

OPERATING PROFIT

The Group's currency-adjusted sales increased by 15% compared with ytd Q4 2021 mainly because of price increases. Bong's gross margin has stabilized and is slightly higher compared to 2021. Operating profit increased to SEK 98 million (46). The operating profit in 2022 was affected negatively by restructuring cost of SEK -2 million (-1). Impairment of Goodwill had no impact on the operating profit in 2022 (-18).

IMPROVED CASH FLOW AND ADJUSTED NET DEBT / ADJUSTED EBITDA

Cash flow from operating activities amounted to SEK 111 million (67). Adjusted net debt / adjusted EBITDA according to Bong's Bond loan amounts to 0.71 (1.27).

FOCUS AND STRATEGY

Our main goals remain unchanged i.e. to keep profitability in envelopes and to grow in Light Packaging.

In order to keep track we need to further push a tough cost management and streamline our production sites.

Finally, I would like to thank our loyal and hardworking employees as well as our stakeholders and shareholders for their continuous support.

Kai Steigleder

Chief Executive Officer

Financial overview

Sales and profit

January – December 2022

Consolidated sales for the period reached SEK 2,165 million (1,804). Exchange rate fluctuations had a positive impact on sales of SEK 73 million (-45) compared with 2021.

Operating profit increased to SEK 98 million (46). The Group's gross margin has increased compared to last year. During the period operating profit was positively affected by capital gains of SEK 11 million (10) attributable to sales of machinery. Exchange rate fluctuations for the period had a positive impact on operating profit of SEK 3 million (-2).

Net financial items for the period amounted to SEK -36 million (-36).

Earnings before tax amounted to SEK 62 million (10) and reported earnings after tax were SEK 43 million (3).

Bong's total light packaging sales amounted to SEK 619 million (520). Currency fluctuations had a positive impact on light packaging sales of SEK 22 million (-14) compared with the corresponding period in 2021.

Bong's total envelope sales amounted to SEK 1,483 million (1,229). Currency fluctuations had a positive impact on envelope sales of SEK 51 million (-31) compared to same period 2021.

October – December 2022

Consolidated sales for the period reached SEK 601 million (507). Exchange rate fluctuations had a positive impact on sales of SEK 35 million (-13) compared with 2021.

Operating profit increased to SEK 43 million (13). The Group's gross margin in Q4 has increased, bringing back the year to date margin to normal levels. During the period operating profit was positively affected by capital gains of SEK 3 million (8) attributable to sales of machinery. Exchange rate fluctuations for the period had a positive impact on operating profit of SEK 2 million (-1).

Net financial items for the period amounted to SEK -10 million (-7).

Earnings before tax amounted to SEK 33 million (6) and reported earnings after tax were SEK 22 million (5).

Bong's total light packaging sales amounted to SEK 183 million (155). Currency fluctuations had a positive impact on light packaging sales of SEK 11 million (-4) compared with the corresponding period in 2021.

Bong's total envelope sales amounted to SEK 399 million (327). Currency fluctuations had a positive impact on envelope sales of SEK 23 million (-9) compared with the corresponding period in 2021.

Cash flow and investments

The cash flow after investing activities increased to SEK 72 million (60) compared to previous year. Cash flow from operating activities before changes in working capital amounted to SEK 111 million (79). Working capital had a positive impact on the cash flow of SEK 1 million (-12). Due to huge raw material price increases stock levels were increasing with a negative impact on our cash flow. In addition, we invested in further light packaging capacities.

Restructuring costs had a negative impact on the cash flow of SEK -1 million (-2). Net investments in the period had a negative impact amounting to SEK -39 million (-7).

Financial position

Cash and cash equivalents at 31 December 2022 amounted to SEK 145 million (SEK 135 million at 31 December 2021). The Group had unutilized credit facilities of SEK 8 million on the same date. Total available cash and cash equivalents thus amounted to SEK 153 million (SEK 144 million at 31 December 2021). Consolidated equity at the end of December 2022 was SEK 572 million (SEK 440 million at 31 December 2021).

Translation of the net asset value of foreign subsidiaries to Swedish Krona and changes in the fair value of pension debt and derivative instruments increased consolidated equity by SEK 89 million. The interest bearing net loan debt amounted to SEK 448 million, whereof pension debt amounts to SEK 163 million and IFRS 16 leasing contracts amount to SEK 202 million (SEK 440 million at 31 December 2021, whereof pension debt amounts to SEK 215 million and IFRS 16 Leasing contracts SEK 115 million).

Employees

The average number of employees during the period was 1,134 (1,141). The Group had 1,148 (1,129) employees at the end of December 2022. Bong has intensively worked on improving productivity and adjusting staff to meet current demand.

Parent Company

The Parent Company's business extends to management of operating subsidiaries and certain Group management functions. Sales were SEK 2.2 million (2.5) and earnings before tax for the period were SEK 28.5 million (1.3).

Events after the end of the period

No material events have occurred after the end of the period.

Risks and opportunities

Business risks for the Bong Group are primarily related to market development and various types of financial risks. There has not been any change to significant risks and uncertain positions since Bong's annual report for 2021 was released. For further information, please refer to Bong's annual report and website bong.com.

Accounting policies

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. Application was consistent with the accounting principles outlined in the 2021 annual report and the interim report should be read along with those principles. The figures in this interim report have not been rounded off, which is why notes and tables may not total correct amounts. The purpose is that each sub-row should correspond to its source of origin and therefore rounding differences can occur on the total sum.

The board of directors' proposal for dividend

Bong's current priority continues to be to reduce the debt and improve profitability. Therefore, the board proposes that no dividend will be paid to the shareholders of the parent company for 2022. No dividend was paid for 2021.

Annual General Meeting

The annual general meeting will be held on 10 May 2023 at 4 p.m. in Malmö or digitally. The January-March 2023 interim report will be published in connection with the AGM. The annual report will be available no later than 19 April 2023.

Kristianstad 9 February 2023

Kai Steigleder

Chief Executive Officer

This report has not been subject to examination by the company´s auditors.

Additional information

Kai Steigleder, CEO- & Carsten Grimmer, CFO for Bong AB. Tel +46 44-20 70 00 (switchboard)

Financial Calendar:

• Annual General Meeting, 10 May 2023, Malmö/Postal Voting
• Interim Report January-March 2023, 10 May 2023
• Interim Report January-June 2023, July 2023
• Interim Report January–September 2023, November 2023
• Year-End Report 2023, February 2024

Income statements in summary

		Oct–Dec	Oct–Dec	Jan-Dec	Jan–Dec
		2022	2021	2022	2021
MSEK Revenue	Note 1,2	3 month 600.9	3 month 507.0	12 month 2,164.7	12 month 1,804.0
Cost of goods sold		-485.6	-421.9	-1,779.9	-1,498.4
Gross profit		115.3	85.1	384.8	305.6
Selling expenses		-31.8	-39.6	-146.7	-151.6
Administrative expenses		-39.1	-45.6 1 )	-121.5	-122.0 1 )
Other operating income and expenses		-1.5	12.8	-18.3	13.9
Operating profit		42.9	12.7	98.3	45.9
Net financial items		-9.8	-7.1	-36.5	-35.8
Result before tax		33.1	5.6	61.8	10.1
Income tax		-11.3	-0.5	-19.1	-7.3
Net result 1) Including non-recurring items of SEK -18 million		21.8	5.1	42.7	2.8
Total comprehensive income attributable to:
Shareholders in Parent Company		22.6	5.7	44.1	4.4
Non-controlling interests		-0.8	-0.6	-1.4	-1.6
Earnings per share		0.11	0.03	0.21	0.02
Earnings per share, excluding non recurring items		0.11	0.11	0.21	0.11
Average number of shares		211,205,058	211,205,058	211,205,058	211,205,058
STATEMENT OF COMPREHENSIVE INCOME		Oct–Dec	Oct–Dec	Jan-Dec	Jan–Dec
MSEK		2022	2021	2022	2021
Net result		21.8	5.1	42.7	2.8
Other comprehensive income
Items that will not be reclassified to profit or loss:
Actuarial profit/loss on post employment benefit obligations		-5.5	6.1	51.0	17.5
		-5.5	6.1	51.0	17.5
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges	3	-0.1	0.3	-0.1	0.3
Translation differences		18.7	0.2	46.7	9.6
Income tax relating to components of other comprehensive income		2.4	-0.6	-8.5	-2.9
		21.0	-0.2	38.1	7.0
Other comprehensive income for the period. net of tax		15.5	5.9	89.1	24.6
Total comprehensive income		37.3	11.0	131.8	27.3
Total comprehensive income attributable to:
Shareholders in Parent Company		38.1	11.6	133.2	28.9
Non-controlling interests		-0.8	-0.6	-1.4	-1.6

Balance sheet in summary

		31 Dec	31 Dec
MSEK	Note	2022	2021
Assets
Intangible assets	4,5	489.7	455.9
Tangible assets		370.1	248.1
Other non-current assets	6	91.1	101.6
Inventories		284.7	210.8
Current receivables	7	305.5	292.9
Cash and cash equivalents	8	144.7	135.3
Total assets		1,685.8	1,444.6
Equity and liabilities
Equity		571.8	440.0
Non-current liabilities	9	536.1	522.8
Current liabilities	10	577.9	481.8
Total equity and liabilities		1,685.8	1,444.6

MSEK Note Oct-Dec 2022 3 month Oct-Dec 2021 3 month Jan-Dec 12 month Operating activities Operating profit/loss 42.9 12.7 98.3 45.9 Depreciation, amortisation, and impairment losses 17.4 34.4 66.3 81.6 Interest received 0.0 0.0 0.0 0.0 Interest paid -7.0 -6.9 -24.5 -27.4 Financial expenses -2.4 -1.5 -7.7 -5.8 Tax paid -1.8 -0.9 -7.0 -3.8 Other items not affecting liquidity 1.5 -5.5 -14.7 -11.6 Cash flow from operating activities before changes in working capital 50.6 32.3 110.7 78.9 Changes in working capital

Cash flow statement

CHANGES IN EQUITY

		Jan-Dec	Jan-Dec
MSEK	Note	2022	2021
Opening balance for the period		440.0	411.9
Capital Increase, minorities		-	0.8
Non-controlling interests		-1.4	-1.6
Total comprehensive income		133.2	28.9
Closing balance for the period		571.8	440.0

Current receivables	29.9	1.7	1.1	-7.0
Current operating liabilities	-21.9	20.4	57.3	17.7
Cash flow from operating activities	89.1	59.2	111.3	66.7
Cash flow from investing activities
Aquisition of intangible and tangible assets incl.
advanced payments to suppliers	-26.9	-11.7	-51.6	-21.5
Disposal of intangible and tangible assets	3.3	10.7	12.7	14.5
Cash flow from investing activities	-23.6	-1.0	-38.9	-7.0
Cash flow after investing activities	65.5	58.2	72.4	59.7
Cash flow from financing activities
Change in other long-term debt	-8.1	14.6	-26.3	2.3
IFRS-16 lease payment	-14.3	-10.4	-46.6	-39.7
Cash flow from financing activities	-22.4	4.2	-72.9	-37.4
Cash flow for the period	43.1	62.4	-0.5	22.3
Cash and cash equivalents at beginning of period	96.6	71.4	135.3	110.0
Exchange rate difference in cash and cash equivalents	5.0	1.5	9.9	3.0
Cash and cash equivalents at end of period	144.7	135.3	144.7	135.3

Inventories 30.5 4.8 -57.8 -22.9

2022

Jan-Dec 2021 12 month

Notes (MSEK)

Note 1 - Net sales and non-current asset by geographical area

		Oct-Dec 2022			Oct-Dec 2021			Jan-Dec 2022			Jan-Dec 2021
Net sales	Envelope	Light Pack.	IFRS Adj.	Envelope	Light Pack.	IFRS Adj.	Envelope	Light Pack.	IFRS Adj.	Envelope	Light Pack.	IFRS Adj.
Sweden	26	18	2	26	22	3	114	65	6	98	66	7
Nordic and Baltics	30	15	0	29	15	1	116	46	0	108	43	1
Central Europe	157	75	7	122	43	10	581	240	29	451	170	26
South Europe	102	30	9	83	44	9	349	112	23	306	121	15
UK	64	27	1	50	22	1	256	101	5	204	87	4
Other	20	18	0	17	9	1	67	55	0	65	30	2
Total	399	183	19	327	155	25	1,483	619	63	1,229	520	55

Note 1 - cont'd

Intangible and tangible assets	2022-12-31	2021-12-31
Sweden	118	119
Nordic and Baltics	3	3
Central Europe	438	344
South Europe	257	191
UK	43	40
Other	1	7
Total	860	704

Note 2 - Segment information

OPERATING SEGMENTS

Operating segments are reported in a manner consistent with the internal reports presented to the chief operating decision maker. The chief operating decision maker is the function responsible for the allocation of resources and the assessment of the operating

Net turnover and EBITDA before restructuring costs per segment

segments' earnings. For the Group, this function has been identified as the CEO. Segment reporting for the business units areas comprises operating EBITDA before restructuring costs.

SEGMENT INFORMATION

The definition of the segments are primarily related to geografical areas as disclosed below.

The segments apply the same accounting principles as the Group apart from the revenue recognition of sales of raw materials, sales of waste material and rental income. In the internal reporting these are reported as a reduction of cost while in the consolidated statements these are accounted for as revenue.

Central Europe

This segment includes the companies in Germany, Poland, Belgium, Romania and Switzerland.

South Europe and North Africa This segment includes the companies in France, Belgium, Italy, Spain and Tunisia.

Nordics

This segment includes the companies in Sweden, Norway, Denmark and Finland.

United Kingdom

This segment includes the companies in United Kingdom.

IFRS adjustments

IFRS adjustments contains revenue recognition of sales of raw materials, sales of waste material and rental income. In the internal reporting these are reported as a reduction of cost while in the consolidated statements these are accounted for as revenue.

			2022-12-31					2021-12-31
Segments	Revenue from external customers	IFRS Adjustments	Revenue from other segments	Total revenue	EBITDA	Revenue from external customers	IFRS Adjustments	Revenue from other segments	Total	EBITDA
Central Europe	848.3	24.9	95.6	968.8	94.4	651.9	22.6	80.6	755.1	63.5
South Europe and North Africa	605.5	14.6	35.4	655.5	38.3	531.0	15.0	35.5	581.5	29.6
Nordics	296.6	18.3	13.6	328.5	17.8	278.3	13.6	13.9	305.8	20.2
United Kingdom	352.1	4.4	0.6	357.1	12.5	287.7	3.9	0.8	292.4	8.2
Group transactions and eliminations	0.0	0.0	-145.2	-145.2	3.1	0.0	0.0	-130.8	-130.8	7.2
Total	2,102.5	62.2	0.0	2,164.7	166.1	1 748.9	55.1	0.0	1,804.0	128.7
Restructuring costs					-1.6					-1.2
Depreciations and amortisations					-66.3					-81.6
Financial income					0.9					0.0
Financial expenses					-37.3					-35.8
Result before tax					61.8					10.1
Income tax					-19.1					-7.3
Net result for the year					42.7					2.8

Note 3 - Financial assets and liabilities

The table below shows the Group's financial assets and liabilities in the form of derivatives measured at fair value. All financial derivatives measured at fair value are in Category 2. These include interest rate swaps and foreign exchange contracts and the valuation is based on the forward interest rates derived from observable yield curves.

2022-12-31	Assets	Liabilities
Currency forwards - cash flow hedges	0.0	0.0
Total	0.0	0.0
2021-12-31	Assets	Liabilities

Currency forwards - cash flow hedges	0.2	0.1
Total	0.2	0.1

For the above contracts the following amounts are found in the hedge reserve under Total comprehensive income; currency forwards - cash flow hedges SEK -0.1 million.

Other financial assets and liabilities

Fair value of the following financial assets and liabilities is estimated to be equal to book value:

• Trade receivables and other receivables
• Other current receivables
• Cash and cash equivalents
• Long-term and short-term loans
• Trade payables and other liabilities
• Other financial assets and liabilities

Information about netting of financial assets and liabilities

The Group does not apply net recognition for any of its other significant assets and liabilities and has no netting agreements with financial counterparties.

Note 4 - Intangible assets	2022-12-31	2021-12-31
Goodwill	488.0	454.5
Other intangible assets	1.7	1.4
Total	489.7	455.9
Note 5 - Goodwill	2022-12-31	2021-12-31
Opening costs	454.5	463.2
Purchase/acqusition	-	-
Write-down	-	-17.9
Exchange rate differences	33.5	9.2
Closing costs	488.0	454.5
Note 6 - Other non-current assets	2022-12-31	2021-12-31
Deferred tax assets	90.3	100.8
Other non-current receivables	0.8	0.8
Total	91.1	101.6

Note 7 - Current receivables	2021-12-31	2021-12-31
Receivables	192.2	208.3
Other current assets	113.3	84.6
Total	305.5	292.9

Note 8 - Cash and cash equivalent	2022-12-31	2021-12-31
Cash/Bank	144.6	135.2
Cash/Bank escrow account	0.1	0.1
Total	144.7	135.3
Note 9 - Non-current liabilities	2022-12-31	2021-12-31
Interest-bearing loans	196.9	215.1
Leasing contracts - IFRS 16	154.5	73.5
Pension debt	163.2	215.0
Deferred tax	11.0	8.6
Other liabilities	10.5	10.6
Total	536.1	522.8
Note 10 - Current liabilities	2022-12-31	2021-12-31
Interest-bearing loans	31.3	29.5
Leasing contracts - IFRS 16	47.0	41.6
Payables	196.6	181.4
Other liabilities	303.0	229.3
Total	577.9	481.8

The Bond loan 2021 is booked to amortised cost which means that the nominal value of the loan SEK 110 million has been reduced for related accrued expenses which will adjust the booked value of the loan at each end of the reporting period till the due date of the loan year 2024 when the booked value will be the same as the nominal value.

Note 11 - Adjusted interest bearing net loan debt/Adjusted EBITDA

Adjusted interest bearing net loan debt	2022-12-31	2021-12-31
Interest bearing loans, non-current liabilities	514.6	503.6
Interest bearing loans, current liabilities	78.4	71.1
Cash and cash equivalent	-144.7	-135.3
Net Debt	448.3	439.4
Pension debt	-163.2	-215.0
Leasing contracts - IFRS 16	-201.6	-115.1
Adjusted net debt	83.5	109.3
Adjusted EBITDA 12 month rolling	2022-12-31	2021-12-31
Profit	42.7	2.8
Financial charges	36.3	34.1
Tax	19.1	7.3
Depreciations	66.3	81.6
Restructuring cost	1.6	1.2
Transaction cost	0.2	1.7
Minority result	0.8	1.6
IFRS 16, lease payments	-49.2	-44.0
Adjusted EBITDA	117.8	86.4

Adjusted interest bearing net loan debt/Adjusted EBITDA 0.71 1.27

QUARTERLY DATA. GROUP

MSEK	4/2022	3/2022	2/2022	1/2022	4/2021	3/2021	2/2021	1/2021	4/2020	3/2020	2/2020	1/2020	4/2019	3/2019	2/2019	1/2019
Net Revenue	600.9	526.8	517.1	519.9	507.0	429.9	407.3	459.7	505.1	420.9	398.8	518.3	567.9	519.8	507.1	571.0
Operating expenses	-558.0	-496.3	-497.8	-514.4	-494.3	-421.0	-405.0	-437.5	-512.7	-417.9	-418.5	-513.0	-554.2	-513.3	-510.6	-555.7
Operating profit	42.9	30.5	19.3	5.5	12.7	8.9	2.3	22.2	-7.6	3.0	-19.7	5.3	13.7	6.5	-3.5	15.3
Net financial items	-9.8	-10.4	-8.0	-8.3	-7.1	-10.8	-9.4	-8.5	-9.3	-9.4	-10.2	-8.4	-7.8	-12.3	-11.2	-10.6
Profit before tax	33.1	20.1	11.3	-2.8	5.6	-1.9	-7.1	13.7	-16.9	-6.4	-30.0	-3.1	5.9	-5.8	-14.7	4.7

KEY RATIOS	Jan-Dec	Jan-Dec
Note	2022	2021
Operating margin, %	4.5	2.5
Return on equity, %*	8.71	5.23
Return on capital employed, %*	9.10	6.36
Equity/assets ratio, %*	33.9	30.5
Net debt/equity ratio times*	0.78	1.00
Net loan debt/EBITDA*	2.72	3.45
Adjusted interest bearing net loan
debt/adjusted EBITDA* 11	0.71	1.27
Capital employed, MSEK*	1,164.8	1,014.7
Interest-bearing net loan debt, MSEK*	448.3	439.4
Average capital employed, MSEK	1,089.7	1,003.7

For the key figures above, are those marked * considered to be APM (Alternative Performance Measures) and not follow IFRS. They are judged however by management to be important to show shareholders the Group's underlying performance, profitability and financial position. It should be noted that these measures, as defined, may not be comparable to similarly titled measures used by other companies. For definitions see page 13.

DATA PER SHARE	Jan-Dec 2022	Jan-Dec 2021
Earnings per share, SEK	0.21	0.02
Earnings per share, excluding non recurring items, SEK	0.21	0.11
Basic equity per share, SEK	2.36 2.71	2,08 2.08
Number of shares outstanding at end of period Number of shares, basic	211.205.058 211,205,058 211,205,058	211,205,058 211,205,058 211,205,058

Five-year summary

Key ratios	2022	2021	2020	2019	2018
Net sales, MSEK	2,165	1,804	1,843	2,166	2,220
Operating profit/loss, MSEK	98	46	-19	32	-52
Extraordinary items, MSEK	-	-18	-35	-	-103
Profit/loss after tax, MSEK	43	3	-66	-24	-148
Cash flow after investing activities, MSEK	72	60	31	78	-65
Operating margin, %	4.5	2.5	-1.0	1.5	-2.3
Return on equity, %	8.7	5.2	neg	neg	neg
Average capital employed, MSEK	1,090	1,004	1,064	983	991
Return on capital employed, %	9.1	6.4	neg	3.2	neg
Equity ratio, %	33.9	31	30	33	38
Net loan debt, MSEK	448	439	471	506	349
Net loan debt/equity, times	0.73	1.00	1.14	0.91	0.61
Net debt/EBITDA, times	2.5	3.4	4.9	4.2	5.0
Average number of employees	1,134	1,141	1,195	1,334	1,446
Number of shares
Basic number of shares outstanding at end of period	211,205,058	211,205,058	211,205,058	211,205,058	211,205,058
Diluted number of shares outstanding at end of period	211,205,058	211,205,058	211,205,058	211,205,058	211,205,058
Average basic number of shares	211,205,058	211,205,058	211,205,058	211,205,058	211,205,058
Average diluted number of shares	211,205,058	211,205,058	211,205,058	211,205,058	211,205,058
Earnings per share
Before dilution, SEK	0.21	0.02	-0.31	-0.11	-0.71
After dilution, SEK	0.21	0.02	-0.31	-0.11	-0.71
Earnings per share. before dilution, excluding non-recurring items, SEK	0.21	0.11	-0.14	-0.11	-0.22
Earnings per share. after dilution, excluding non-recurring items, SEK	0.21	0.11	-0.14	-0.11	-0.22
Equity per share
Before dilution, SEK	2.71	2.08	1.95	2.50	2.70
After dilution, SEK	2.71	2.08	1.95	2.50	2.70
Cash flow from operating activities per share
Before dilution, SEK	0.53	0.32	0.16	0.48	-0.28
After dilution, SEK	0.53	0.32	0.16	0.48	-0.28
Other data per share
Dividend, SEK	0.00	0.00	0.00	0.00	0.00
Quoted market price on the balance sheet date, SEK	1.1	0.85	0.6	0.7	1.0
P/E-ratio, times	5.4	41.3	neg	neg	neg
Adjusted P/E-ratio, times	0.0	8.06	neg	neg	neg
Price/Equity before dilution, %	41	41	30	29	35
Price/Equity after dilution, %	41	41	30	29	35

Definitions

This Report includes financial key data and ratios based on concepts defined in International Financial Reporting Standards (IFRS), Alternative Performance Measurements and company-specific ratios. Definitions are found below.

For historical values: http://www.bong.com/en/investors/reports/historical-values

ADJUSTED EARNINGS PER SHARE

Profit after tax, excluding items affecting comparability, divided by the average number of shares before and after dilution.

ADJUSTED P/E RATIO, TIMES Share price divided by adjusted earnings per share before and after dilution.

AVERAGE CAPITAL EMPLOYED

Capital employed at the beginning of year plus capital employed at year-end divided by two.

AVERAGE EQUITY

Shareholders' equity at beginning of year plus equity at year-end divided by two.

AVERAGE TOTAL ASSETS

Total assets at beginning of the year plus total assets at year-end divided by two.

CAPITAL EMPLOYED

Equity plus interest-bearing liabilities.

EARNINGS PER SHARE

Profit after tax, divided by the average number of shares, before and after dilution.

EBITDA

Operating income before depreciation and amortization.

EQUITY TO ASSETS RATIO, PER CENT

Shareholders' equity divided by total assets. This ratio is a measure of the Group's financial strength.

ITEMS AFFECTING COMPARABILITY

Items of infrequent nature with significant effects, which are relevant for understanding the financial performance when comparing the current period with previous periods. Such items may include but are not limited to results from divestments of property, charges attributable to close-down or restructuring of major units or activities, significant write-downs of tangible and intangible assets and other major non-recurring costs or income.

NET DEBT

Interest-bearing liabilities and provisions less liquid funds and interest-bearing receivables.

NET DEBT/EBITDA, TIMES

Net debt divided by EBITDA. Net debt/EBITDA is a measure of the Group's financial strength.

NET DEBT TO EQUITY, TIMES

Net debt divided by equity. This ratio is a measure of the Group's financial strength.

OPERATING MARGIN, PER CENT

Operating profit divided by net sales. Operating margin is a measure of profitability. It measures how much of revenues remains after operating expenses.

P/E RATIO, TIMES

Share price divided by earnings per share.

RETURN ON CAPITAL EMPLOYED, PER CENT

Earnings after financial income divided by average capital employed. This measure of profitability shows the return of the Group's total balance sheet, less non interest-bearing debt. It is a measure independent of indebtedness. It complements the measure return on equity.

RETURN ON EQUITY, PER CENT

Earnings after tax divided by average equity. This measure measures the return on shareholders' funds for the year and is useful in comparisons of other investments with the same risk profile.

SHARE PRICE/EQUITY, PER CENT

Price per share divided by equity per share.

Parent company

INCOME STATEMENT IN SUMMARY	Jan–Dec	Jan–Dec
MSEK	2022	2021
Revenue	2.2	2,5
Gross profit	2.2	2,5
Administrative expenses	-6.6	-9,5
Operating profit/loss	-4.4	-7,0
Net financial items	24.1	8.3
Result	19.7	1.3
Income tax	8.8	0
Net result	28.5	1.3

STATEMENT OF COMPREHENSIVE INCOME MSEK	Jan–Dec 2022	Jan–Dec 2021
Net Result for the year	28.5	1.3
Other comprehensive income
Net financial items reported directly in consolidated equity:
Cash flow hedges	-	-
Income tax relating to components of other comprehensive income	-	-
Net result, Other comprehensive income	-	-
Total comprehensive income	28.5	1.3

BALANCE SHEET IN SUMMARY	31 Dec	31 Dec
MSEK	2022	2021
Assets
Financial assets	646.5	603.7
Current receivables	4.0	3.0
Cash and cash equivalents	0.1	0.1
Total Assets	650.6	606.8
Equity and liabilities
Equity	391.6	363.1
Non-current liabilities	180.0	174.3
Current liabilities	79.0	69.4
Total equity and liabilities	650.6	606.8