Elanders

Quarterly Report • May 6, 2014

Press release from Elanders AB (publ) 2014-05-06

The first quarter

• Net sales increased by 72 % to MSEK 850 (493).
• The operating result increased to MSEK 37 (23), which is an improvement of 61 % over the same period last year.
• The result before tax increased to MSEK 28 (16), which is an improvement of 75 %.
• The net result amounted to MSEK 16 (10) or SEK 0.71 (0.46) per share.
• Operating cash flow was MSEK -273 (-30), of which acquisitions were MSEK -254 (-20).
• In January 2014 Elanders acquired Mentor Media Ltd, a supply chain company with a strong foothold in Asia. The acquisition will increase Elanders' annual net sales to around 3.5 billion Swedish kronor and the number of employees will rise from some 1,900 to 3,400.
• The previously announced and guaranteed new issue with preference for existing shareholders of some MSEK 125, which is part of the financing of the acquisition of Mentor Media, will be proposed today to the Annual General Meeting for a decision. The Board has proposed that the issue price be SEK 33 per share and that six existing shares give the right to subscribe to one new share.
• A considerable improvement in profit compared to 2013 continues to be forecasted for 2014.

COMMENTS BY THE CEO

Elanders has had a good start of the year. Our new product area, Supply Chain Solutions, whith the newly acquired Mentor Media, lived up and exceeded our expectations during the first quarter. This resulted in a significant rise in revenue and higher profits. The acquisition of Mentor Media has also provided Elanders with a secure foothold in Asia. During the period sales in Asia were 43 (8) % of Elanders' total sales. Corresponding sales in Europe and the Americas were 45 (78) % respectively 11 (14) %. In other words, Elanders' sales have shifted substantially from Europe to Asia, i.e. from a region riddled by low growth to a region characterized by high growth.

We have continued to consolidate our European production units in the product area Print & Packaging Solutions. Production in Sweden, Germany, Hungary and Poland all came under

the same management during the quarter. This allows us to better utilize existing production capacity and take advantage of further production and distribution synergies on a market that continues to suffer from overcapacity and price press. At the same time this reduces our total investment needs in the product area.

Our coordination in e-Commerce Solutions of fotokasten and myphotobook has progressed according to plan and we expect to be able to begin moving over myphotobook production volumes during the second quarter. Production has previously been performed by an external partner but taking it over ourselves is expected to further improve margins in this product area.

Magnus Nilsson President and Chief Executive Officer

Three year overview

MSEK	2014	First quarter 2013
Net sales	850	493	460
Operating expenses	-813	-470	-440
Operating result	37	23	20
Net financial items	-9	-7	-6
Result after financial items	28	16	14

MSEK	Full year 2013 2012
Net sales	2,096	1,924	1,839
Operating expenses	-1,965	-1,805	-1,729
Operating result	131	119	110
Net financial items	-29	-25	-30
Result after financial items	102	93	80

GROUP

Our Business

The Elanders Group offers global solutions in the product areas Supply Chain, Print & Packaging and e-Commerce. Elanders Group is acting as a strategic partner for its customers in their work to optimize and develop the processes critical to their business. Elanders AB's shares are listed on NASDAQ OMX Stockholm, Small Cap.

From 2014 Elanders Group has three product areas with a number of strong brands;

Supply Chain Solutions

Mentor Media, Elanders Group's brand in global Supply Chain Management, is one of the leading companies in the world in this field. The company takes responsibility for and optimizes their customers' material and information flows, everything from sourcing and procurement combined with warehousing to after sales service.

Print & Packaging Solutions

Elanders, the Group's brand in Print & Packaging, through its innovative force and global presence offers cost-effective solutions that can handle customer's local and global needs for printed material and packaging.

e-Commerce Solutions

fotokasten, myphotobook and d|o|m are the Group's brands in e-Commerce. Through the technical solutions for e-Commerce provided by d|o|m, fotokasten and myphotobook offer a broad range of photo products, primarily to consumers.

Net sales and result

Consolidated net sales increased by MSEK 357 to MSEK 850 (493), i.e. 72 % during the period compared to the same period last year. The newly acquired Media Mentor and myphotobook are almost solely responsible for the increase in revenue. Excluding acquisitions, i.e. Media Mentor and myphotobook, and using constant exchange rates no organic growth occurred during the first quarter.

The operating result increased to MSEK 37 (23), corresponding to an operating margin of 4.4 (4.6) %. The improved result is entirely due to Mentor Media.

Mentor Media Ltd. was acquired at the beginning of the quarter and consolidated as of 1 January 2014. Mentor Media is a supply chain company with a strong foothold in Asia and one of the leading companies in the world in global Supply Chain Management. The acquisition will increase Elanders' annual net sales to around 3.5 billion Swedish kronor and the number of employees will grow from some 1,900 to 3,400. The acquisition is expected to contribute to a considerable rise in profit already in 2014. The purchase was around MSEK 312 on a cash an debt-free basis. A guarantee from the sellers

amounting to MSEK 27, secured by restricted cash, has been actualized after the acquisition. As part of the financing of the acquisition Elanders' Board intends to propose a new issue with preference for existing shareholders of some MSEK 125 to the Annual General Meeting today for a decision. The entire new issue is guaranteed by Carl Bennet AB and is expected to be completed by the beginning of June 2014.

From 2010 to 2013 Elanders submitted claims for VAT refunds to the Swedish Tax Agency pertaining to 2004–2007. In the years 2011– 2013 the Swedish Tax Agency made consequential amendments regarding many of Elanders' customers who have then demanded compensation from Elanders. It is Elanders' position that the Swedish Tax Agency cannot make consequential amendments. Several judgments from the Court of Appeals in Stockholm, Gothenburg and Jönköping have supported Elanders' position. The Swedish Tax Agency has now appealed some of the decisions and sought reconsideration by the Supreme Administrative Court. The verdict was announced in February 2014 and was in favor of the Tax Agency. This verdict is not expected to have any significant effect on either Elanders' result or financial position. There is also a case in the Court of Appeals where a customer is claiming back VAT from the printing company which also may have an effect on the issue. A verdict from the Court of Appeals is expected within thre to six months.

On 7 July 2011 the Swedish Tax Agency presented its position regarding income tax for graphic companies that have claimed a refund of outgoing VAT. The Swedish Tax Agency's position is that the graphic companies that have made a claim for the refund of outgoing VAT must recognize this revenue in the year the claim is made to the Swedish Tax Agency and not, as Elanders has applied, the year the refund has been paid or at least when payment can be reliably expected. As a result the Swedish Tax Agency has raised Elanders' taxable income for the fiscal year of 2010 by MSEK 70. Elanders is in the opinion that Elanders is right in this matter and has contested this decision. Our total exposure is around MSEK 16, since we can only set off some of the refund against the loss carryforwards Elanders has. During the first quarter of 2013 the period of respite for these MSEK 16 ended and a payment for this amount was made. This did not have any effect on Group result since it is recompensed by an increase in loss carry-forwards. However, it did have a

negative effect on Elanders' cash flow and net debt for the period. The Court of Appeals is expected to make a decision in the case in the second quarter of 2014.

Personnel

The average number of employees during the period was 3,348 (1,809), of which 347 (404) were in Sweden. At the end of the period the Group had 3,372 (1,843) employees, of which 338 were in Sweden.

Investments and depreciation

Investments for the period totaled MSEK 270 (34), of which MSEK 254 (20) were acquisitions. Depreciation for the period was MSEK 29 (25).

Financial position, cash flow, equity ratio and financing

Net debt on 31 March 2014 amounted to MSEK 1,107 (745). The increase since last year is a result of the purchase prices for the acquisition of Mentor Media and myphotobook, which were financed by external credits. Operating cash flow in the period was MSEK -273 (-30), of which acquisitions were MSEK -254 (-20).

PARENT COMPANY

The parent company has provided joint Group services during the period. The average number of employees during the period was 7 (8) and at the end of the period 7 (8).

OTHER INFORMATION

Elanders' vision

Elanders' vision is to be one of the leading companies in the world in global solutions for supply chain, print & packaging and e-commerce. By leading we do not necessarily mean largest. We mean the company that best meets the customers' requirements on effectiveness and delivery capability.

Elanders' strategies to fulfill our vision and support our business concept are:

• Develop local customers with global needs into global customers.
• Optimize use of the Group's global production and delivery capacity.
• Create uniform and automated processes in the Group.
• Develop products for future needs that can be used in our current business.
• Broaden our customer base and product offer to lower sensitivity to fluctuations in the business cycle.

Quarterly report January-March 2014

Risks and uncertainties

Elanders divides risks into circumstantial risks (the future of printed matter and business cycle sensitivity), financial risks (currency, interest, financing and credit risks) as well as business risks (customer concentration, operational risks, risks in operating expenses as well as contracts and disputes). These risks, together with a sensitivity analysis, are described in detail in the Annual Report 2013. Circumstances in the world around us since the Annual Report was published are not believed to have caused any significant risks or influenced the way in which the Group works with these compared to the description in the Annual Report 2013.

Seasonal variations

The Group's net sales, and thereby income, are affected by seasonal variations. Elanders normally has a strong fourth quarter.

Events after the balance sheet date

No significant events have taken place after the balance sheet date up to the date of this report was signed.

Forecast

A significant improvement in profit compared to 2013 is forecasted for 2014.

Review and accounting principles

The quarterly report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting and for the parent company in accordance with the Annual Accounts Act. The company auditors have not reviewed this report.

The same accounting principles and calculation methods as those in the last Annual Report have been used.

Future reports from Elanders

Q2 2014	17 July 2014
Q3 2014	22 October 2014
Q4 2014	27 January 2015

Contact information

Further information can be found on Elanders' website www.elanders.com or requested via e-mail info@elanders.com.

Questions concerning this report can be made to:

Magnus Nilsson Andréas Wikner Elanders AB (publ) Phone +46 31 750 07 50 Phone +46 31 750 07 50 P.O. Box 137

President and CEO Chief Financial Officer (Company ID 556008-1621) 435 23 Mölnlycke, Sweden Phone +46 031 750 00 00

This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail

GROUP

Group - Income statements

	First quarter
MSEK	2014	2013
Net sales	850.5	493.4
Cost of products and services sold	-665.5	-383.4
Gross profit	184.9	110.0
Sales and administrative expenses	-157.8	-91.2
Other operating income	10.3	5.7
Other operating expenses	-	-1.9
Operating result	37.4	22.6
Net financial items	-9.3	-6.9
Result after financial items	28.1	15.7
Income tax	-11.8	-5.2
Result for the year	16.2	10.5
Result for the year attributable to:
- parent company shareholders	16.2	10.5
Earnings per share, SEK 1) 2)	0.71	0.46
Average number of shares, in thousands	22,730	22,730
Outstanding shares at the end of the year, in thousands	22,730	22,730

MSEK	Last 12 months	Full year 2013
Net sales	2,453.4	2,096.3
Cost of products and services sold	-1,873.5	-1,591.4
Gross profit	579.9	505.0
Sales and administrative expenses	-482.2	-415.6
Other operating income	54.9	50.3
Other operating expenses	-6.7	-8.7
Operating result	145.8	131.0
Net financial items	-31.9	-29.5
Result after financial items	113.9	101.5
Income tax	-38.2	-31.5
Result for the year	75.7	70.0
Result for the year attributable to:
- parent company shareholders	75.7	70.0
Earnings per share, SEK 1) 2)	3.33	3.08
Average number of shares, in thousands	22,730	22,730
Outstanding shares at the end of the year, in thousands	22,730	22,730

1) Earnings per share before and after dilution.

2) Earnings per share calculated by dividing the result for the year by the average number of outstanding shares during the year

Group - Statements of comprehensive income

	First quarter
MSEK	2014	2013
Result for the year	16.2	10.5
Translation differences, net after tax	-6.9	-21.9
Cash flow hedges, net after tax	1.7	-0.1
Hedging of net investment abroad, net after tax	3.6	1.7
Total items that may be reclassified to profit or loss	-1.7	-20.3
Other comprehensive income, net after tax	-1.7	-20.3
Total comprehensive income for the year	14.5	-9.8
Total comprehensive income attributable to: - parent company shareholders	14.5	-9.8

MSEK	Last 12 months	Full year 2013
Result for the year	75.7	70.0
Translation differences, net after tax	43.4	28.4
Cash flow hedges, net after tax	3.8	2.0
Hedging of net investment abroad, net after tax	-	-1.9
Total items that may be reclassified to profit or loss	47.2	28.5
Other comprehensive income, net after tax	47.2	28.5
Total comprehensive income for the year	122.8	98.5
Total comprehensive income attributable to: - parent company shareholders	122.8	98.5

Group - Statements of cash flow

	First quarter
MSEK	2014	2013
Result after financial items	28.1	15.7
Adjustments for items not included in cash flow	30.3	22.4
Paid tax	-23.7	-23.9
Changes in working capital	-71.0	-41.4
Cash flow from operating activities	-36.3	-27.3
Net investments in intangible and tangible assets	-16.5	-14.5
Acquisition of operations	-254.2	-19.9
Payments received regarding long-term holdings	0.5	0.9
Cash flow from investing activities	-270.1	-33.5
Changes in long- and short-term borrowing	365.4	5.4
Cash flow from financing activities	365.4	5.4
Cash flow for the period	59.0	-55.4
Liquid funds at the beginning of the period	215.3	168.0
Translation difference	-0.9	-1.3
Liquid funds at the end of the period	273.3	111.3
Net debt at the beginning of the period	738.9	688.3
Translation difference in net debt	1.9	-4.1
Net debt in acquired operations	-93.5	-6.8
Change in net debt	460.1	67.9
Net debt at the end of the period	1,107.4	745.3
Operating cash flow	-273.4	-29.9

	Last	Full year
MSEK	12 months	2013
Result after financial items	113.9	101.5
Adjustments for items not included in cash flow	88.5	80.6
Paid tax	-56.7	-56.9
Changes in working capital	-26.5	3.1
Cash flow from operating activities	119.2	128.3
Net investments in intangible and tangible assets	-68.3	-66.3
Acquisition and disposal of operations	-337.0	-102.7
Payments received regarding long-term holdings	4.4	4.8
Cash flow from investing activities	-400.8	-164.2
Changes in long- and short-term borrowing	450.8	90.8
Dividend to parent company shareholders	-13.6	-13.6
Cash flow from financing activities	437.2	77.2
Cash flow for the period	155.5	41.3
Liquid funds at the beginning of the period	111.3	168.0
Translation difference	6.5	6.1
Liquid funds at the end of the period	273.3	215.3
Net debt at the beginning of the period	745.3	688.3
Translation difference in net debt	5.7	-0.3
Net debt in acquired operations	-104.4	-17.7
Change in net debt	460.7	68.5
Net debt at the end of the period	1,107.3	738.9
Operating cash flow	-204.7	50.5

Group – Statements of financial position

MSEK	31 Mar. 2014	31 Mar. 2013	31 Dec. 2013
Assets
Intangible assets	1,225.3	1,037.9	1,156.4
Tangible assets	397.7	337.0	350.4
Other fixed assets	169.4	155.6	165.0
Total fixed assets	1,792.4	1,530.5	1,671.7
Inventories	204.8	117.6	107.2
Accounts receivable	685.4	397.8	387.4
Other current assets	160.1	70.1	82.3
Cash and cash equivalents	273.3	111.3	215.3
Total current assets	1,323.6	696.7	792.2
Total assets	3,116.1	2,227.2	2,463.9
Equity and liabilities
Equity	1,053.1	944.0	1,038.6
Liabilities
Non-interest-bearing long-term liabilities	81.0	60.0	69.1
Interest-bearing long-term liabilities	864.3	45.2	432.4
Total long-term liabilities	945.3	105.2	501.5
Non-interest-bearing current liabilities	601.2	366.5	402.1
Interest-bearing current liabilities	516.5	811.6	521.8
Total current liabilities	1,117.7	1,178.0	923.9
Total equity and liabilities	3,116.1	2,227.2	2,463.9

Group - Statements of changes in equity

MSEK	Equity attributable to parent company shareholders	Equity attributable to non controlling interests	Total equity
Opening balance on 1 Jan. 2013	953.8	-	953.8
Dividend to parent company shareholders	-13.6	-	-13.6
Total comprehensive income for the year	98.5	-	98.5
Closing balance on 31 Dec. 2013	1,038.6	-	1,038.6
Opening balance on 1 Jan. 2013	953.8	-	953.8
Total comprehensive income for the period	-9.8	-	-9.8
Closing balance on 31 Mar. 2013	944.0	-	944.0
Opening balance on 1 Jan. 2014	1,038.6	-	1,038.6
Total comprehensive income for the period	14.5	-	14.5
Closing balance on 31 Mar. 2014	1,053.1	-	1,053.1

Segment reporting

Group operations are reported as one reportable segment, since this is how the Group is governed. The units in each country or sometimes groups of countries are identified as operating segments. The operating segments have then been merged to create a single reportable segment, consisting of the entire Group, since the units have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes, customer types etc. The President has been identified as the highest executive decisionmaker. Regarding the financial information for the reportable segment please see the consolidated income statements and the statements of financial position along with related notes.

Financial assets and liabilities measured at fair value

The financial instruments recognized at fair value in the Group's report on financial position are derivatives identified as hedging instruments. The derivatives consist of forward exchange contracts and interest rate swaps and are used for hedging purposes. Valuation at fair value of forward exchange contracts is based on published forward rates on an active market. Valuation at fair value of interest rate swaps is based on forward interest rates derived from observable yield curves. All derivates are therefore included in level 2 in the fair value hierarchy. Since all the financial instruments recognized at fair value are included in level 2 there have been no transfers between valuation levels. The table below presents fair value respective booked value per class of financial assets and liabilities, which are recorded gross.

MSEK	31 Mar. 2014	31 Mar. 2013	31 Dec. 2013
Other current assets – Derivative instruments in hedge accounting relationships	1.4	-	0.1
Non-interest-bearing current liabilities – Derivative instruments in hedge accounting relationships	2.0	5.4	2.2

The fair value of other financial assets and liabilities valued at their amortized purchase price is estimated to be equivalent to their book value .

Note to the consolidated financial statements – Acquisition of operation in 2014

Specification of acquisitions

Company	Acquisition date	Country	Number of employees
Mentor Media Ltd	January 2014	Singapore	1,550

In January Elanders acquired all the shares in the Singapore based supply chain company Mentor Media Ltd. Mentor Media is specialized in the provision of value added services to companies in the electronics and computer industry with special focus on product and component flows with extremely short lead times and comprehensive statistics reporting to customers. Its operations are built up around sophisticated IT solutions and its range of services includes sourcing, procuring components, warehousing and logistics management, customized manufacturing, order management and fulfilment, distribution, reverse logistics and repair services and e-Commerce solutions. The purchase price is approximately MSEK 312 on a cash- and debt-free basis and will be financed through a combination of external debt and a new rights issue.

Assets and liabilities in acquisitions

MSEK	Recorded values in acquired operations	Adjustments to fair value	Recorded value in the Group
Fixed assets	57.0	34.9	91.9
Inventory	88.9	-	88.9
Accounts receivable	264.9	-	264.9
Other current assets	28.3	-	28.3
Cash and cash equivalents	141.5	-	141.5
Accounts payable	-129.5	-	-129.5
Other non-interest bearing liabilities	-69.1	-10.7	-79.8
Interest bearing liabilities	-48.0	-	-48.0
Identifiable net assets	334.0	24.2	358.2
Goodwill			37.5
Total			395.7
Less:
Cash and cash equivalents in acquisitions			141.5
Total deductible items			141.5
Negative effect on cash and cash equivalents for the Group			254.2

The total sum above includes compensation for net cash in acquired operation.

PARENT COMPANY

Parent company – Income statements

	First quarter
MSEK	2014	2013
Net sales	-	-
Cost of products and services sold	-	-
Gross profit	-	-
Operating expenses	-7.3	-6.7
Operating result	-7.3	-6.7
Net financial items	10.7	14.5
Result after net financial items	3.4	7.8
Income tax	0.9	1.7
Result for the period	4.3	9.5
	Last	Full year
MSEK	12 months	2013
Net sales	-	-
Cost of products and services sold	-	-
Gross profit	-	-
Operating expenses	-31.8	-31.2
Operating result	-31.8	-31.2
Net financial items	100.0	103.8
Result after net financial items	68.2	72.6
Income tax	-7.0	-6.2

Result for the period 61.2 66.4

Parent company - Statements of comprehensive income

	First quarter
MSEK	2014	2013
Result for the period	4.3	9.5
Other comprehensive income	0.4	0.7
Total comprehensive income for the period	4.7	10.2

MSEK	Last 12 months	Full year 2013
Result for the period	61.2	66.4
Other comprehensive income	0.9	1.2
Total comprehensive income for the period	62.1	67.6

Parent company - Balance sheets

MSEK	31 Mar. 2014	31 Mar. 2013	31 Dec. 2013
Assets
Fixed assets	1,927.1	1,437.0	1,444.6
Current assets	217.5	148.5	271.4
Total assets	2,144.6	1,585.5	1,716.0
Equity, provisions and liabilities
Equity	840.8	792.3	836.1
Provisions	2.9	6.4	2.9
Long-term liabilities	789.8	70.7	357.1
Current liabilities	511.1	716.1	519.8
Total equity and liabilities	2,144.6	1,585.5	1,716.0

Parent company - Statements of changes in equity

MSEK	Share capital	Statutory reserve	Retained earnings and result for the period	Total equity
Opening balance on 1 Jan. 2013	227.3	332.4	222.4	782.1
Dividend to shareholders	-	-	-13.6	-13.6
Total comprehensive income for the year	-	-	67.6	67.6
Closing balance on 31 Dec. 2013	227.3	332.4	276.4	836.1
Opening balance on 1 Jan. 2013	227.3	332.4	222.4	782.1
Total comprehensive income for the period	-	-	10.2	10.2
Closing balance on 31 Mar. 2013	227.3	332.4	232.6	792.3
Opening balance on 1 Jan. 2014 Total comprehensive income for the period	227.3 -	332.4 -	276.4 4.7	836.1 4.7
Closing balance on 31 Mar. 2014	227.3	332.4	281.1	840.8

QUARTERLY DATA

MSEK	2014 Q1	2013 Q4	2013 Q3	2013 Q2	2013 Q1	2012 Q4	2012 Q3	2012 Q2	2012 Q1
Net sales	850	598	493	512	493	527	456	481	460
Operating result	37	54	26	28	23	48	13	39	20
Operating margin, %	4.4	9.0	5.3	5.6	4.6	9.0	2.8	8.0	4.2
Result after financial items	28	46	19	21	16	41	7	32	14
Result after tax	16	35	13	12	11	8	4	22	10
Earnings per share, SEK 1)	0.71	1.53	0.57	0.51	0.46	0.36	0.19	1.03	0.50
Operating cash flow	-273	104	-58	34	-30	-21	18	42	27
Cash flow per share, SEK2)	-1.60	4.36	0.68	1.80	-1.20	5.58	1.01	1.59	1.57
Depreciation	29	24	24	25	25	23	23	23	22
Net investments	270	13	92	26	34	161	16	5	14
Goodwill	1,127	1,090	1,073	1,011	984	977	872	890	828
Total assets	3,116	2,464	2,359	2,266	2,227	2,261	2,086	2,049	1,979
Equity	1,053	1,039	975	975	944	954	936	964	882
Equity per share, SEK	46.33	45.69	42.91	42.90	41.53	41.96	41.19	42.42	45.15
Net debt	1,107	739	824	754	745	688	627	642	660
Capital employed	2,161	1,777	1,800	1,729	1,689	1,642	1,563	1,606	1,542
Return on total assets, % 3)	5.4	9.1	4.5	5.1	4.1	9.0	2.5	10.2	4.8
Return on equity, % 3)	6.2	13.8	5.3	4.9	4.4	3.5	1.8	9.7	4.4
Return on capital employed, % 3)	7.6	12.1	5.9	6.7	5.4	11.9	3.2	9.8	5.0
Debt/equity ratio	1.1	0.7	0.8	0.8	0.8	0.7	0.7	0.7	0.7
Equity ratio, %	33.8	42.2	41.3	43.0	42.4	42.2	44.9	47.1	44.6
Interest coverage ratio 4)	5.2	5.3	5.3	5.0	5.7	5.6	5.8	5.4	4.5
Number of employees at the end of	3,372	1,898	1,905	1,882	1,843	1,780	1,600	1,599	1,551
the period

1) There is no dilution.

2) Cash flow per share refers to cash flow from operating activities.

3) Return ratios have been annualized.

4) Interest coverage ratio calculation is based on a moving 12 month period.

FIVE YEAR OVERVIEW – FULL YEAR

	2013	2012	2011	2010	2009
Net sales, MSEK	2,096	1,924	1,839	1,706	1,757
Result after financial items, MSEK	102	93	80	-105	-96
Result after tax, MSEK	70	45	60	-84	-74
Earnings per share, SEK 1)	3.08	2.05	3.09	-6.79	-7.57
Cash flow from operating activities per share, SEK	5.64	9.92	4.32	-4.68	5.60
Equity per share, SEK	45.69	41.96	45.03	41.94	78.34
Dividends per share, SEK	2) 0.80,	0.60	0.50	0.00	0.00
Operating margin, %	6.2	6.2	6.0	-4.5	-3.4
Return on total assets, %	5.6	5.6	5.5	-3.2	-2.2
Return on equity, %	7.0	4.8	7.1	-10.6	-9.1
Return on capital employed, %	7.7	7.4	7.1	-4.8	-3.6
Debt/equity ratio	0.7	0.7	0.8	0.9	1.1
Equity ratio, %	42.2	42.2	43.9	40.7	36.2
Average number of shares, in thousands 3)	22,730	21,646	19,530	12,342	9,765

Key ratios correspond to those presented in the Annual Report for each year.

1) There is no dilution.

2) Propsed by the board.

3) No adjustment of the historic number of shares has been made since the new share issues in 2010 and 2012 did not entail any bonus issue element.

FIVE YEAR OVERVIEW – FIRST QUARTER

	2014 Q1	2013 Q1	2012 Q1	2011 Q1	2010 Q1
Net sales, MSEK Result after tax, MSEK	850 16	493 11	460 10	443 11	401 -19
Earnings per share, SEK 1)	0.71	0.46	0.50	0.58	-1.92
Cash flow from operating activities per share, SEK	-1.60	-1.20	1.57	1.15	-3.11
Equity per share, SEK	46.33	41.53	45.15	41.53	73.73
Return on equity, % 2)	6.2	4.4	4.4	5.5	-10.0
Return on capital employed, % 2)	7.6	5.4	5.0	4.9	-3.0
Operating margin, %	4.4	4.6	4.2	4.3	-3.0
Average number of shares, in thousands 3)	22,730	22,730	19,530	19,530	9,765

1) There is no dilution.

2) Return ratios have been annualized.

3) No adjustment of the historic number of shares has been made since the new share issue in 2010 and 2012 did not entail any bonus issue element.

DEFINITIONS

Cash flow from operating activities per share	Cash flow from operating activities for the year divided by average number of shares.
Capital employed	Total assets less cash and cash equivalents and non-interest bearing liabilities.
Debt/equity ratio	Interest-bearing liabilities less cash and cash equivalents in relation to reported equity, including non-controlling interests.
Equity per share	Equity divided by outstanding shares at the end of the year.
Equity ratio	Equity, including non-controlling interests, in relation to total assets.
Interest coverage ratio	Operating result plus interest income divided by interest costs.
Operating cash flow	Cash flow from operating activities and investing activities adjusted for paid taxes and net financial items.
Operating margin	Operating result in relation to net turnover.
Return on capital employed	Operating result in relation to average capital employed.
Return on equity	Result for the year in relation to average equity.
Return on total assets	Operating result plus financial income in relation to total assets.