Bong

Quarterly Report • May 14, 2020

Interim Report Q1, January-March 2020

January – March 2020

• Net sales decreased to SEK 518 million (571)
• Operating profit before depreciation decreased to SEK 32 million (37)
• Operating profit decreased to SEK 5 million (15)
• Earnings after tax amounted to SEK -7 million (2)
• Earnings per share amounted to SEK -0.04 (0.01)
• Cash flow after investing activities amounted to SEK 14 million (42)

Key Ratios	Jan-Mar	Jan-Mar	Apr 2019-	Jan-Dec
MSEK	2020	2019	Mar 2020	2019
Net sales	518	571	2,113	2,166
EBITDA	32	37	115	121
EBIT	5	15	22	32
Earnings before tax	-3	5	-18	-10
Earnings after tax	-7	2	-33	-24
Earning per share, SEK	-0.04	0.01	-0.16	-0.11
Cash flow after investing activities	14	42	50	78
Equity/asset ratio, %	34.6%	33.2%	34.6%	33.3%

Net debt Cash flow after investing activities - Q1 Equity ratio Operating profit/loss - Q1 Net sales - Q1

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 2.2 billion and about 1,300 employees in 14 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

Health and safety of our employees, customers and business partners have highest priority for us in this difficult situation. We have taken early action and measures to protect them while ensuring business continuity under these unprecedented conditions, says Bong's CEO Kai Steigleder.

MARKET AND INDUSTRY

Envelope

Bong's performance in the envelope segment in the first quarter of 2020 is already impacted by the effects of the Covid-19 pandemic. Until End of February the envelope segment was largely unaffected from Covid-19 and developed in line with the general market trend for envelopes.

Since Mid-March however the overall trend in terms of sales and earnings has clearly been negative because of the state mandated shutdown in most countries. Bong was confronted with very varying situations in the different countries.

Light Packaging

Bong's Light packaging development is also impacted by the effects of the Covid-19 pandemic. Nevertheless the positive trend continued during 2020 with an overall currency adjusted sales increase of 7,5% in the first quarter.

Especially the positive development of Paper Carrier Bags continued and sales has increased at a currency adjusted rate of 57%. The expected positive trend in Retail Gift Bags did not continue as a result of Covid-19 while other paper products such as All Board were developing at a good rate due to higher demand in e-commerce packaging.

The increasing need for e-commerce packaging will continue in 2020. We expect increased sales in this segment in 2020 with our new e-commerce packaging range, which is tailored to the needs of internet retailers and consumers.

OPERATING PROFIT

The Group's currency-adjusted sales decreased by 14% compared with previous year also due to the Covid-19 effect. Bong's gross margin has slightly improved compared to last year. Operating profit decreased to SEK 5 million (15). The operating profit in Q1 2020 was affected negatively by restructuring cost of SEK 2 million (0) and an impairment of Goodwill of SEK 4 million (0) related to the closure of the envelope production in Estonia.

CASH FLOW AND ADJUSTED NET DEBT / ADJUSTED EBITDA

Cash flow from operating activities amounted to SEK 18 million (44). Adjusted net debt/adjusted EBITDA according to Bong's Bond loan amounts to 1.66, note 10.

ORGANIZATIONAL CHANGES

The move of envelope production in Estonia to our production sites in Sweden, Poland and Germany will be finalized according to plan in Q2 2020.

COVID-19

Across all business units and functions, Bong is responding to the crisis triggered by the COVID-19 pandemic with specific measures. Nevertheless it is currently not possible to predict with sufficient reliability over what period and to what extent Bong will face further impacts in 2020.

Bong assumes responsibility for its 1,300 employees and their families. In order to secure jobs and the company's economic sustainability we are evaluating all possible options and take appropriate measures. This includes short-time work and other possibilities provided by governments in the different countries.

The past weeks have demonstrated that together we can and will succeed during this difficult time. I am particularly thanking all our hard working employees in production as well as in other departments who are ensuring our vital infrastructure and serve our customers.

Kai Steigleder

Chief Executive Officer

Financial overview

Sales and profit

January – March 2020

Consolidated sales for the period reached SEK 518 million (571). Exchange rate fluctuations had a positive impact on sales of SEK 12 million (20) compared with 2019.

Operating profit decreased to SEK 5 million (15). The Group's gross margin has stabilized and is on the same level as previous year. During the period operating profit was affected positively by a realized capital gain of SEK 3 million (1) attributable to the sale of machines. Operating profit was also affected negatively by restructuring costs of 2 MSEK and write-down of goodwill of SEK 4 million attributable to the closure of operations in Estonia. Exchange rate fluctuations for the period had a positive impact on operating profit of SEK 0.1 million (1).

Net financial items for the period amounted to SEK -8 million (-11).

Earnings before tax amounted to SEK -3 million (5) and reported earnings after tax were SEK -7 million (2).

Bong's total light packaging sales amounted to SEK 116 million (106). Currency fluctuations had a positive impact on light packaging sales of SEK 3 million (4) compared with the corresponding period in 2019.

Cash flow and investments

The cash flow after investing activities decreased to SEK 14 million (42) compared to previous year. Cash flow from operating activities before changes in working capital amounted to SEK 8 million (23). Working capital had a positive impact on the cash flow of SEK 10 million (21).

Restructuring programs had negative impact on the cash flow of SEK -6 million (-3). Net investments in the period had a negative impact amounting to SEK -4 million (-2).

Net investments include, for instance, machines for production of light packaging products which will be installed during the second quarter and then be transferred to leasing and have a positive impact on the cash flow of approximately SEK 5 million. Repurchase of bonds was made during the first quarter to the nominal value of SEK 10 million which had a negative impact on the cash flow of SEK 9 million.

Financial position

Cash and cash equivalents at 31 March 2020 amounted to SEK 94 million (SEK 101 million at 31 December 2019, including the escrow account of SEK 0 million). The Group had unutilized credit facilities of SEK 13 million on the same date. Total available cash and cash equivalents thus amounted to SEK 107 million (SEK 115 million at 31 December 2019). Consolidated equity at

the end of March 2020 was SEK 558 million (SEK 529 million at 31 December 2019).

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 36 million. The interest bearing net loan debt amounted to SEK 490 million, whereof pension debt amounts to SEK 235 million and IFRS 16 leasing contracts amount to SEK 152 million (SEK 506 million at 31 December 2019, whereof pension debt amounts to SEK 239 million).

Employees

The average number of employees during the period was 1,259 (1,377). The Group had 1,260 (1,376) employees at the end of March 2020. Bong has intensively worked on improving productivity and adjusting staff to meet current demand and the reduction is the result of the implemented restructuring measures.

Parent Company

The Parent Company's business extends to management of operating subsidiaries and certain Group management functions. Sales were SEK 0.9 million (0.8) and earnings before tax for the period were SEK -2 million (-3).

Events after the end of the period

COVID-19

A number of different measures have been taken at Bong to mitigate the short and long term effects of the corona virus, with health and safety for employees and customers as the highest priority. We follow the development carefully and adjust our measures according to local authorities' advice and regulations, while we strive to mitigate any disruptions to the Group's operations. Bong estimates that the risk of negative financial impact from the end of March has increased. During April the development in terms of sales and earnings especially in our operations in UK and France has been drastically negative caused by the Covid-19 pandemic. Bong will monitor the development to assess any effects on the valuation of goodwill or on non-financial assets or financial assets. It is currently not possible to predict with sufficient reliability over what period and to what extent Bong will face further impacts in 2020 and upcoming years including write-offs due to impairments of assets and goodwill.

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 2019 was released except for the Covid-19 pandemic. 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 2019 annual report and the interim report should be read along with those principles.

Kristianstad 14 May 2020

Kai Steigleder

Chief Executive Officer

Additional information

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

Financial Calendar:

• Interim Report January–June 2020, 15 July 2020
• Interim Report January–September 2020, 12 November 2020
• Year-End Report 2020, 11 February 2021
• Interim Report January–March 2021, May 2021
• Interim Report January–June 2021, July 2021

Income statements in summary

	Jan–Mar	Jan–Mar	Apr 2019-	Jan–Dec
	2020	2019	Mar 2020	2019
MSEK Note Revenue	3 month 1 518.3	3 month 571.0	12 month 2,113.1	12 month 2,165.8
Cost of goods sold	-422.2	-471.3	-1,752.6	-1,801.8
Gross profit	96.1	99.7	360.5	364.0
Selling expenses	-51.8	-50.3	-193.9	-192.5
Administrative expenses	-39.2 1 )	-35.6	-132.4 1 )	-128.7
Other operating income and expenses	0.2	1.5	-12.5	-11.1
Operating profit	5.3	15.3	21.7	31.7
Net financial items	-8.4	-10.6	-39.7	-41.9
Result before tax	-3.1	4.7	-18.0	-10.2
Income tax	-4.3	-2.8	-15.3	-13.9
Net result	-7.4	1.9	-33.3	-24.1
1) Including non-recurring items of SEK -4 million
Total comprehensive income attributable to:
Share holders in Parent Company	-7.4	1.9	-32.9	-23.6
Non-controlling interests	0.0	0.0	-0.4	-0.5
Earnings per share	-0.04	0.01	-0.16	-0.11
Earnings per share, excluding non recurring items	-0,02	-	-0.13	-0.11
Average number of shares	211,205,058	211,205,058	211,205,058	211,205,058
STATEMENT OF COMPREHENSIVE INCOME	Jan–Mar	Jan–Mar	Apr 2019-	Jan–Dec
MSEK	2020	2019	Mar 2020	2019
Net result for the year	-7.4	1.9	-33.3	-24.1
Other comprehensive income
Items that will not be reclassified to profit or loss:
Actuarial loss on post employment benefit obligations	8.9	-6.3	-9.4	-24.6
	8.9	-6.3	-9.4	-24.6
Items that may be reclassified subsequently to profit or loss:
Cash flow hedges	2 0.1	0.1	0.0	0.1
Impact of extended equity	-10.4	-2.6	-12.3	-4.5
Exchange rate differences	37.5	16.0	42.9	21.4
Income tax relating to components of other comprehensive income	0.1	2.0	5.2	7.1
	27.3	15.5	35.8	24.0
Other comprehensive income for the period. net of tax	36.2	9.2	26.4	-0.6
Total comprehensive income	28.8	11.1	-6.9	-24.7
Total comprehensive income attributable to:
Share holders in Parent Company	28.8	11.1	-6.5	-24.2
Non-controlling interests	0.0	0.0	-0.4	-0.5

Balance sheet in summary

		31 Mar	31 Mar	31 Dec
MSEK	Note	2020	2019	2019
Assets
Intangible assets	3,4	553.1	541.9	538.5
Tangible assets		312.7	339.0	314.8
Financial assets	5	112.2	118.6	114.6
Inventories		213.8	210.4	200.4
Current receivables	6	325.3	390.2	317.6
Cash and cash equivalents	7	93.9	103.0	99.7
Total assets		1,611.0	1,703.1	1,585.6
Equity and liabilities
Equity		557.5	564.6	528,7
Non-current liabilities	8	554.0	587.2	576.1
Current liabilities	9	499.5	551.3	480.8
Total equity and liabilities		1,611.0	1,703.1	1,585,6

CHANGES IN EQUITY
		Jan-Mar	Jan-Mar	Jan-Dec
MSEK	Note	2020	2019	2019
Opening balance for the period		528,7	569.6	569.6
Change in accounting pricipales- IFRS 16 Lease		-	-16.1	-16.2
Bond loan / Convertible loan		-	-	-
Non-controlling interests		-	-	-
Total comprehensive income		28.8	11.1	-24.7
Closing balance for the period		557,5	564.6	528.7

Cash flow statement

		Jan-Mar	Jan-Mar	Apr 2019-	Jan-Dec
		2020	2019	Mar 2020	2019
MSEK	Note	3 month	3 month	12 month	12 month
Operating activities
Operating profit/loss		5.3	15.3	21.7	31.7
Depreciation, amortisation, and impairment losses		26.4	21.7	93.5	88.8
Interest received		0.0	-	0.1	0.1
Interest paid		-7.2	-7.4	-29.7	-29.9
Financial expenses		-0.4	-1.0	-3.8	-4.4
Tax paid		-1.4	-0.8	4.0	4.5
Other items not affecting liquidity		-15.0	-5.0	-14.4	-4.4
Cash flow from operating activities before changes in
working capital		7,7	22.8	71.4	86.5
Changes in working capital
Inventories		-5.3	-11.2	5.8	-0.2
Current receivables		-6.1	-4.2	76.8	78.7
Current operating liabilities		21.8	36.9	-79.6	-64.6
Cash flow from operating activities		18.1	44.3	74.4	100.5
Cash flow from investing activities
Aquisition of intangible and tangible assets incl.
advanced payments to suppliers		-7.3	-4.3	-27.9	-24.9
Disposal of intangible and tangible assets		3.1	1.8	3.5	2.2
Cash flow from investing activities		-4.2	-2.5	-24.4	-22.7
Cash flow after investing activities		13.9	41.8	50.0	77.8
Cash flow from financing activities
Change in credit facilities		0.0	0.1	0.0	-0.1
Change in other long-term debt		-9.6	-0.2	-9.8	-0.4
IFRS-16 lease payment		-13.3	-12.4	-52.1	-51.2
Cash flow from financing activities		-22.9	-12.4	-61.9	-51.8
Cash flow for the period		-8.9	29.4	-11.9	26.0
Cash and cash equivalents at beginning of period		99.7	72.4	103.0	72,4
Exchange rate difference in cash and cash equivalents		3.1	1.2	2.8	1.3
Cash and cash equivalents at end of period		93.9	103.0	93.9	99.7

Notes (MSEK)

Note 1 - Net sales and asset by geographical area

		Jan-Mar 2020		Jan-Mar 2019		Apr 2019-Mar 2020		Jan-Dec 2019
Net sales	Envelope	Light Packaging	Envelope	Light packaging	Envelope	Light packaging	Envelope	Light packaging
Sweden	35	11	42	12	144	56	151	56
Nordic and Baltics	39	9	45	11	146	47	152	49
Central Europe	151	41	161	34	580	178	590	172
South Europe	90	30	108	24	380	113	398	108
UK	71	16	87	19	290	73	306	77
Other	15	9	22	5	73	33	79	29
Total	402	116	465	106	1,613	500	1,676	490

Note 1 - cont'd

Assets	2020-03-31	2019-03-31	2019-12-31
Sweden	169	187	174
Nordic and Baltics	55	61	57
Central Europe	260	260	253
South Europe	243	229	230
UK	139	143	138
Other	0	1	2
Total	866	881	853

Note 2 - 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.

2020-03-31	Assets	Liabilities
Interest rate swaps - cash flow hedges	0.0	0.0
Currency forwards - cash flow hedges	0.1	0.0
Currency forwards - held for trading	0.0	0.0
Total	0.0	0.0
2019-03-31	Assets	Liabilities
Interest rate swaps - cash flow hedges	0.0	0.0
Currency forwards - cash flow hedges	0.0	0.0
Currency forwards - held for trading	0.0	0.0
Total	0.0	0.0
2019-12-31	Assets	Liabilities
Interest rate swaps - cash flow hedges	0.0	0.0
Currency forwards - cash flow hedges	0.0	0.0
Currency forwards - held for trading	0.0	0.0
Total * For the above contracts. the following amounts are found in the hedge reserve under	0.0	0.0

Total comprehensive income; interest rate swaps - cash flow hedges SEK 0 million. currency forwards - cash flow hedges SEK 0 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 3 - Intangible assets	2020-03-31	2019-03-31	2019-12-31
Goodwill	547.8	527.2	529.9
Other intangible assets	5.3	14.7	8.6
Total	553.1	541.9	538.5
Note 4 - Goodwill	2020-03-31	2019-03-31	2019-12-31
Opening costs	529.9	518.4	518.4
Purchase/acqusition	-	-	-
Write-down	-3.8	-	-
Exchange rate differences	21.7	8.8	11.5
Closing costs	547.8	527.2	529.9

Note 5 - Financial assets	2020-03-31	2019-03-31	2019-12-31
Deferred tax	111.0	117.5	113.4
Other financial assets	1.2	1.1	1.2
Total	112.2	118.6	114.6

Note 6 - Current assets	2020-03-31	2019-03-31	2019-12-31
Receivables	220.8	288.9	223.2
Other current assets	104.5	101.3	94.4
Total	325.3	390.2	317.6
Note 7 - Cash and cash equivalent	2020-03-31	2019-03-31	2019-12-31
Cash/Bank	93.8	101.6	99.6
Cash/Bank escrow account	0.1	1.4	0.1
Total	93.9	103.0	99.7
Note 8 - Non-current liabilities	2020-03-31	2019-03-31	2019-12-31
Interest-bearing loans	196.9	204.8	206.4
Leasing contracts - IFRS 16	101.9	129.4	106.2
Pension debt	235.2	223.7	239.4
Deferred tax	9.1	13.9	10.1
Other liabilities	10.8	15.4	14.1
Total	554.0	587.2	576.1

The Bond loan 2018 is booked to amortised cost which means that the nominal value of the loan SEK 210 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 2021 when the booked value will be the same as the nominal value. Repurchase of Bonds was made during the first quarter to the nominal value of SEK 10 million.

Note 9 - Current liabilities	2020-03-31	2019-03-31	2019-12-31
Interest-bearing loans	-	0.3	-
Leasing contracts - IFRS 16	49.7	53.5	54.1
Payables	195.0	239.3	182.1
Other liabilities	254.8	258.2	244.5
Total	499.5	551.3	480.8

Note 10 - Adjusted interest bearing net loan debt/Adjusted EBITDA

Adjusted interest bearing net loan debt	2020-03-31	2019-12-31
Interest bearing loans, non-current liabilities	534.0	551.9
Interest bearing loans, current liabilities	49.7	54.1
Cash and cash equivalent	-93.9	-99.7
Net Debt	489.9	506.3
Pension debt	-235.2	-239.4
Leasing contracts - IFRS 16	-151.6	-160.3
Adjusted net debt	103.0	106.6
Adjusted EBITDA 12 month rolling	2020-03-31	2019-12-31
Profit	-33.3	-24.0
Financial charges	37.8	39.5
Tax	15.3	13.9
Depreciations	93.5	88.8
Restructuring cost	6.9	7.4
Transaction cost	1.9	2.3
Minority result	0.4	0.4
IFRS 16, lease payments	-60.4	-59.0
Adjusted EBITDA	62.1	69.5
Adjusted interest bearing net loan debt/Adjusted EBITDA	1.66	1.54

QUARTERLY DATA. GROUP

MSEK	1/2020	4/2019	3/2019	2/2019	1/2019	4/2018	3/2018	2/2018	1/2018	4/2017	3/2017	2/2017	1/2017	4/2016	3/2016	2/2016
Net Revenue	518.3	567.9	519.8	507.1	571.0	603.2	536.0	543.0	538.1	578.0	491.4	480.7	545.2	579.0	489.0	499.8
Operating expenses	-513.0	-555.1	-513.3	-510.6	-555.7	-689.5	-524.3	-533.2	-526.1	-560.9	-489.4	-473.3	-526.5	-564.2	-498.9	-507.3
Operating profit	5.3	12.8	6.5	-3.5	15.3	-86.3	11.7	9.8	12.0	17.1	2.0	7.4	18.6	14.8	-9.9	-7.5
Net financial items	-8.4	-7.1	-12.3	-11.2	-10,6	-11.6	-10.4	-22.6	-10.9	-10.7	-10.3	-11.6	-11.5	-14.6	-12.1	-10.2
Profit before tax	-3.1	5.8	-5.8	-14.7	4,7	-98.0	1.3	-12.8	1.1	6.4	-8.2	-4.2	7.2	0.2	-22.0	-17.7

KEY RATIOS		Jan-Mar	Jan-Mar	Apr 2019-	Jan-Dec
	Note	2020	2019	Mar 2020	2019
Operating margin, %		1.0	2.7	1.0	1.5
Return on equity, %*		-	-	neg	neg
Return on capital employed, %* 1 )		2.28	3.25	2.28	3.25
Equity/assets ratio, %*		34.6	33.2	34.6	33.3
Net debt/equity ratio times*		0.61	0.58	0.61	0.65
Net loan debt/EBITDA*		2.94	2.87	2.94	2.87
Adjusted interest bearing net loan
debt/adjusted EBITDA*	10	-	-	1,66	1.54
Capital employed, MSEK*		989.6	993.3	989.6	974.5
Interest-bearing net loan debt, MSEK*		338.4	327.1	338.4	346.2
1) Return on capital employed
Earnings after financial revenues		-	-	21.9	31.9
Average capital employed		-	-	991.5	982.9

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 12.

Jan-Mar	Jan-Mar	Apr 2019-	Jan-Dec 2019
-0.04	0.01	-0.16	-0.11
-0,02	-	-0.13	-0.11
2.64 2.64	2.67 2.67	2.64 2.64	2.50 2.50
211,205,058	211,205,058	211,205,058	211,205,058
			211,205,058
211,205,058	211,205,058	211,205,058	211,205,058
	2020 211,205,058	2019 211,205,058	Mar 2020 211,205,058

Five-year summary

Key ratios	2019	2018	2017	2016	2015
Net sales, MSEK	2,166	2,220	2,095	2,135	2,345
Operating profit/loss, MSEK	32	-52	45	9	-5
Extraordinary items, financial net. MSEK	-	-11	-	430	-
Profit/loss after tax, MSEK	-24	-148	-9	297	-64
Cash flow after investing activities, MSEK	78	-65	40	30	-75
Operating margin, %	1.5	-2.3	2.2	0.4	-0.2
Capital turnover rate, times	1.4	1.4	1.3	1.3	1.2
Return on equity, %	neg	neg	neg	neg	neg
Average capital employed, MSEK	983	1,042	1,095	1,159	1,343
Return on capital employed, %	3.2	neg	0.2	1.8	neg
Equity ratio, %	33	38	43	43	16
Net loan debt, MSEK	506	349	294	315	837
Net loan debt/equity, times	0.91	0.61	0.42	0.45	2.64
Net debt/EBITDA, times	4.2	5.0	3.2	5.2	11.9
Average number of employees	1,334	1,446	1,459	1,556	1,763
Number of shares
Basic number of shares outstanding at end of period	211,205,058	211,205,058	211,205,058	211,205,058	156,659,604
Diluted number of shares outstanding at end of period	211,205,058	211,205,308	251,205,058	251,205,058	183,932,331
Average basic number of shares	211,205,058	211,205,058	211,205,058	207,417,179	156,659,604
Average diluted number of shares	211,205,058	211,205,058	251,205,058	246,533,341	183,932,331
Earnings per share
Before dilution, SEK	-0.11	-0.71	-0.06	1.42	-0.41
After dilution, SEK	-0.11	-0.71	-0.06	1.42	-0.41
Earnings per share. before dilution, excluding non-recurring items	-0.11	-0.22	-0.06	-0.64	-
Earnings per share. after dilution, excluding non-recurring items	-0.11	-0.22	-0.06	-0.64	-
Equity per share
Before dilution, SEK	2.50	2.70	3.30	3.30	2.02
After dilution, SEK	2.50	2.70	3.30	3.30	1.95
Cash flow from operating activities per share
Before dilution, SEK	0.48	-0.28	0.25	0.26	-0.95
After dilution, SEK	0.48	-0.28	0.25	0.26	-0.81
Other data per share
Dividend, SEK 1)	0.00	0.00	0.00	0.00	0.00
Quoted market price on the balance sheet date, SEK	0.7	1.0	1.0	0.9	1.3
P/E-ratio, times	neg	neg	neg	0.6	neg
Adjusted P/E-ratio, times	neg	neg	neg	neg	-
Price/Equity before dilution, %	29	35	29	27	62
Price/Equity after dilution, %	29	35	29	27	65

1) Proposal by the board For definitions see page 12

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.

CAPITAL TURNOVER, TIMES

Net sales by average total assets. Capital turnover is a measure of how effectively the Group uses its assets.

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. For 2016 the extraordinary net financial item has been excluded. 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. For 2016 the extraordinary net financial item has been excluded. 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–Mar	Jan–Mar
MSEK	2020	2019
Revenue	0.9	0.8
Gross profit	0.9	0.8
Administrative expenses	-3.2	-5.1
Operating profit/loss	-2.4	-4.4
Net financial items	0.7	1.1
Result	-1.7	-3.2
Income tax	0	0
Net result	-1.7	-3.2

STATEMENT OF COMPREHENSIVE INCOME MSEK	Jan–Mar 2020	Jan–Mar 2019
Net Result for the year	-1.7	-3.2
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	-1.7	-3.2

BALANCE SHEET IN SUMMARY MSEK	31 Mar 2020	31 Dec 2019
Financial assets	847.6	968.7
Current receivables	2.9	3.0
Cash and cash equivalents	0.3	2.5
Total Assets	850.7	974.1
Equity and liabilities
Equity	416.8	541.5
Non-current liabilities	196.5	204.0
Current liabilities	237.3	228.6
Total equity and liabilities	850.7	974.1