Interim report January – March 2009 published on 5 May 2009

First quarter of 2009 – Lower volumes and major cost adjustments in a weak market

Net sales declined by 24 percent to 647 MSEK (852)
Operating profit, excluding items affecting comparability, amounted to 46 MSEK (83)
Operating profit amounted to a loss of 52 MSEK (profit: 83)
Operating margin, excluding items affecting comparability, amounted to 7.1 percent (9.7)
The operating margin was negative during the first quarter
Result after tax amounted to a loss of 55 MSEK (profit: 50)
Earnings per share, excluding items affecting comparability, amounted to 0.98 SEK (profit: 1.88)
Earnings per share amounted to a loss of 2.07 SEK (profit: 1.88)
Operating cash flow totalled 33 MSEK (91), excluding items affecting comparability
Previously announced restructuring costs amounted to 98 MSEK

President's comments

"As expected, the first quarter was extremely challenging, with a sharp decline in demand. We continued to adapt our costs quickly and comprehensively to new market conditions characterised by sharply lower volumes. Our sales declined by 24 percent but, as a result of rapid and comprehensive measures, our operating profit amounted to 46 MSEK (excluding previously announced restructuring costs related primarily to the closure of our compounding plant in Canada). This corresponds to an operating margin of 7.1 percent (9.7). We are also working actively to improve our market positions in a highly uncertain market climate."

Georg Brunstam, President and CEO

Group total

Key ratios		Jan.-Mar.	Full year	Apr. 08-
MSEK	2009	2008	2008	Mar. 09
Net sales	647	852	3 190	2 985
Operating profit, EBIT	-52	83	310	175
Operating margin, %	neg	9.7	9.7	5.9
Profit/loss before tax	-61	71	258	126
Profit/loss after tax	-55	50	183	78
Earnings per share, SEK	-2.07	1.88	6.89	2.94
Equity/assets ratio, %	36.1	35.7	36.1	-
Return on capital employed, %	neg	15.1	13.2	-

Key ratios excluding items affecting comparability	Jan.-Mar.		Full year	Apr. 08-
	2009	2008	2008	Mar. 09
Operating profit, EBIT, MSEK	46	83	310	273
Operating margin, %	7.1	9.7	9.7	9.1
Earnings per share, SEK	0.98	1.88	6.89	5.99
Return on capital employed, %	7.0	15.1	13.2	-
Operating cash flow, MSEK	33	91	411	353

HEXPOL is a world-leading polymers group with strong global positions in advanced rubber compounds (Compounding), gaskets for plate heat exchangers (Gaskets) and wheels made of plastic and rubber materials for truck and castor wheel applications (Wheels). Customers are primarily OEM manufacturers of plate heat exchangers and trucks, as well as global systems suppliers to the automotive industry. The Group is organised in two business areas, HEXPOL Compounding and HEXPOL Engineered Products, and has about 2,000 employees in nine countries. In 2008, HEXPOL had sales of about 3,200 MSEK. Read more at www.hexpol.com.

First quarter of 2009

Group sales declined 24 percent during the first quarter to 647 MSEK (852). Exchange-rate fluctuations had a positive impact of 108 MSEK on sales, primarily due to the weakening of the Swedish krona (SEK) against the US dollar and the euro.

The start of 2009 reflects weak demand, particularly from the automotive industry. As announced previously, the Group accelerated its programme of cost reductions during the quarter, including the restructuring of production units within HEXPOL Compounding. The programme includes additional notices of termination, layoffs and the closure of our rubber compounding plant in Canada. During the first six months, these measures generated annualised savings of 53 MSEK and incurred restructuring costs totalling 98 MSEK.

The operating result, accordingly, amounted to a loss of 52 MSEK (profit: 83). After adjustments for items affecting comparability, the operating profit amounted to 46 (83) MSEK, with an operating margin of 7.1 percent (9.7). The margin decline was due mainly to lower delivery volumes and a decrease in capacity utilisation. HEXPOL has gradually compensated for the decline through cost reductions in all segments of the Group. In addition, the first quarter of the preceding year was an exceptionally strong quarter with high delivery volumes, particularly within HEXPOL Engineered Products. The favourable impact on operating profit from the weaker Swedish krona (SEK) amounted to 2 MSEK.

M SEK

Considering the extremely weak market conditions, the business area HEXPOL Compounding showed a good development during the quarter as a result of reduced costs and the business area's strong position in the global market. Sales declined by 26 percent, however, to 481 MSEK (648), and operating profit decreased to 39 MSEK (55), excluding items affecting comparability, which corresponds to an operating margin of 8.1 percent (8.5). Despite weak delivery volumes and price pressure, the margin remained reasonably maintained as a result of strong efforts to adjust costs and capacity utilisation. Deliveries to the automotive industry were low, particularly to the business area's European customers.

Within business area HEXPOL Engineered Products, sales decreased by 19 percent to 166 MSEK (204), and the operating profit declined to 7 MSEK (28), excluding items affecting comparability, which corresponds to an operating margin of 4.2 percent (13.7). The lower level of earnings was due to lower volumes and, in turn, low capacity utilisation, but also to continued profitability problems in the Wheels product area, where management changes and profitability enhancement measures have

been implemented. During the quarter, low volumes were noted in all of the business area's product segments, and pressure on prices increased.

Demand in the European market was weak during the first quarter, and capacity utilisation was down compared with previous quarters. The largest decline in delivery volumes was noted in Eastern Europe, but volumes in the rest of Europe were also substantially lower compared with the corresponding period in the preceding year. Capacity adjustments to the lower volumes were implemented at all European production units during the first quarter.

Group delivery volumes within NAFTA were lower during the quarter. Volumes in Mexico increased, which offset some of the decline in the US and Canada. The trend of stable volumes in segments outside the automotive industry continued during the first quarter. The market for wheels was weak, and continued cutbacks were made to adapt capacity to market demand, primarily in the segment comprising polyurethane wheels. Capacity adjustments in the market for compounds were also made, and further reductions will take place.

In Asia, favourable volume growth was noted for the Group's production plants in China, where deliveries were higher than in the first quarter of 2008.

Reductions in the workforce continued during the first quarter, and comprehensive adjustments were made due to the lower volumes. Total cutbacks in the labour force affected 344 persons. New notices of job termination were also issued to 25 other employees, including 18 after the close of the period. The Group has also continued to use the government-subsidised layoff system that is offered in Belgium, Germany and the Czech Republic, whereby 96 employees have been temporarily laid off.

Raw material prices declined during the quarter as a result of lower prices in the world market. The Group's products are under price pressure and, as a result, the lower raw material prices did not have any impact on Group margins.

The Group's operating cash flow during the first quarter totalled 33 MSEK (91). Continued focused measures have resulted in lower inventory levels. Net financial items during the first quarter amounted to a deficit of 9 MSEK (deficit: 12). The decline was attributed to lower market interest rates for the Group's financing.

The financial result before tax amounted to a loss of 61 MSEK (profit: 71). The result after tax was a loss of 55 MSEK (profit: 50), corresponding to a loss per share of 2.07 SEK (profit: 1.88). After adjustments for items affecting comparability, the earnings per share amounted to 0.98 SEK (1.88).

Profitability

Return on average capital employed after adjustments for items affecting comparability amounted to 7.0 percent (15.1). Return on shareholders' equity after adjustments for items affecting comparability amounted to 9.1 percent (19.7).

Financial position and liquidity

The equity/assets ratio was 36.1 percent (35.7). The Group's total assets amounted to 3,151 MSEK (2,809). Consolidated net debt amounted to 1,230 MSEK (1,102*), and the net debt/equity ratio was a multiple of 1.1 (1.1). In May 2008, the Group entered a five-year credit agreement totalling 1.7 billion SEK with a number of Nordic banks.

* before recapitalization due to Hegaxon distribution of shares

Cash flow

Operating cash flow excluding items affecting comparability amounted to 33 MSEK (91). The operating cash flow includes positive effects from inventory reductions.

Investments, depreciation and amortisation

The Group's net investments during the period amounted to 11 MSEK (28). Investments during the period consisted mainly of concluding investments in ongoing projects in China and Mexico. Depreciation, amortisation and impairment loss amounted to 59 MSEK (23), of which 37 MSEK pertained to impairment loss.

Tax expenses

The Group's tax expenses during the period amounted to revenue of 6 MSEK (expense: 21). After adjustments for capitalisation of loss carry-forwards on restructuring costs, the tax expense amounts to 11 MSEK, corresponding to a tax rate of 29.5 percent (29.6). Tax expenses are impacted by a significant portion of profit being generated by subsidiaries in countries where tax rates differ from that in Sweden.

Personnel

The number of employees at the close of the period was 1,886 (2,337), compared with 2,230 at yearend 2008. The number of employees declined by 344 during the period, most of which pertained to operations in Sri Lanka, the US and Sweden, attributable to the previously announced restructuring programme. In addition, 96 employees were laid off temporarily and 25 were terminated, including 18 after the close of the period.

Business area HEXPOL Compounding

Business area HEXPOL Compounding is a world leader in the development and manufacture of high-quality advanced rubber compounds (Compounding). Customers are manufacturers of rubber products with stringent demands on performance and global delivery capacity. The largest market segment is the automotive industry, followed by the construction industry. Other key segments are the cabling, water treatment, pharmaceutical, energy and oil industries.

	Jan.-Mar.		Full year	Apr. 08-
MSEK	2009	2008	2008	Mar. 09
Net sales	481	648	2 425	2 258
Operating profit	-41	55	224	128
Operating margin, %	neg	8.5	9.2	5.7

excluding items affecting comparability
Operating profit	39	55	224	208
Operating margin, %	8.1	8.5	9.2	9.2

Sales during the first quarter declined 26 percent to 481 MSEK (648). Operating profit, excluding items affecting comparability, decreased to 39 MSEK (55), corresponding to an operating margin of 8.1 percent (8.5). The operating profit was impacted by the weak volume development during the quarter in both Europe and the US. The business area accelerated its cost-reduction programme during the quarter, which incurred items affecting comparability totalling 80 MSEK, and included the closure of the Canadian compounding plant and personnel cutbacks.

Demand in the European market was dramatically lower during the quarter, particularly within the automotive industry. The largest decline in deliveries was noted in Eastern Europe, but delivery volumes in the rest of Europe were also sharply lower, compared with the corresponding period in the preceding year. Capacity adjustments were implemented at all European production units during the quarter.

The business area's delivery volumes within NAFTA declined. Continued higher volumes were noted in Mexico, which offset some of the decline in the US and Canada. The trend of stable volumes in segments outside the automotive industry continued during the quarter. Gradual capacity adjustments implemented within NAFTA were accelerated by the closure of the Canadian plant. The process is expected to be completed after the summer.

In Asia, favourable volume growth was noted for the Group's production plant in China and deliveries were higher compared with the first quarter of the preceding year.

Raw material prices declined during the quarter as a result of lower world market prices. The business area's products are under price pressure due to lower market prices and overcapacity. Overall, accordingly, the lower raw material prices did not have any impact on the business area's margins.

Net sales Operating profit & operating margin

Business area HEXPOL Engineered Products

Business area HEXPOL Engineered Products, through its considerable expertise in polymers and the production of rubber, plastic and polyurethane products, has gained a world-leading position as a supplier of advanced products, such as gaskets for plate heat exchangers (Gaskets) and wheels for truck and castor wheel applications (Wheels).

	Jan.-Mar.		Full year
MSEK	2009	2008	2008	Mar. 09
Net sales	166	204	765	727
Operating profit	-11	28	86	47
Operating margin, %	neg	13.7	11.2	6.5

excluding items affecting comparability
Operating profit	7	28	86	65
Operating margin, %	4.2	13.7	11.2	8.9

Sales during the first quarter declined 19 percent to 166 MSEK (204), and operating profit excluding items affecting comparability declined to 7 MSEK (28), corresponding to an operating margin of 4.2 percent (13.7). The decline in profit was attributed to lower volumes and, in turn, low capacity utilisation, as well as continued profitability problems in the Wheels product area. Compared with the fourth quarter of 2008, the decline in volumes continued. Structural measures were taken in the business area during the quarter, and items affecting comparability amounted to 18 MSEK, including personnel cutbacks mainly in Sweden and the US.

Product area Gaskets noted weaker demand and reported lower sales during the first quarter. The market is generally weak, with fewer projectrelated orders and delayed call-offs, resulting in lower deliveries. Capacity was adjusted at the product area's plants in Gislaved, Sweden and in Bokundara, Sri Lanka, in addition to further reductions in the labour force. Production start-up at the new plant in China is proceeding according to plan, and deliveries of gaskets for plate heat exchangers are expected to begin during the second half of this year.

Markets for product area Wheels remained weak during the quarter, particularly in the US. Weaker demand, above all for polyurethane wheels from the OEM segment, resulted in lower volumes. The products area's weak performance has led to the implementation of management changes in Sweden and the US.

The business area operates in a market that is currently characterised by weak volume trends and price pressure.

Net sales Operating profit and operating margin

Parent Company

The Parent Company reported a loss after tax of 7 MSEK (loss: 8). Shareholders' equity amounted to 356 MSEK (573). Shareholders equity as of March 31 2008, is stated before recapitalization due to Hexagon distribution of shares.

Outlook

Given the major uncertainties currently prevailing in the global economy, HEXPOL is not providing an assessment of the outlook.

Risk factors

The Group's and Parent Company's business risks, risk management and management of financial risks are described in detail in the Annual Report for 2008. No events of significant importance occurred during the period that could affect or change these descriptions of the Group's or the Parent Company's risks and their management.

Accounting principles

This interim report was prepared in accordance with IAS 34 Interim Reporting. The accounting and valuation principles applied in the Annual Report have also been used in this interim report. The following, recently issued standards relative to HEXPOL's accounts have been used in the preparation of this interim report:

IFRS 8 Operating segments. The Group's previously reported primary segments coincide with the definitions of operating segments.
IFRS 1 Presentation of financial reports.

Owners and legal structure

HEXPOL AB (publ), corporate registration number 556108-9631, is the Parent Company of the HEXPOL Group. HEXPOL's class B shares are listed on the Stockholm Mid Cap industrial segment of the NASDAQ OMX Nordic exchange. HEXPOL had 8,797 shareholders on 31 March 2009. The largest owner is Melker Schörling AB, with 27 percent of the total capital and 48 percent of voting rights. The 20 largest shareholders own 77 percent of the capital and 84 percent of voting rights.

Annual General Meeting, 5 May 2009 at 3:00 p.m.

The Annual General Meeting will be held on 5 May 2009 at 3:00 p.m. in Malmö (Börshuset, Skeppsbron 2). The Annual Report for 2008 is available on HEXPOL's website and at the company's headquarters.

Dividend proposal

The Board of Directors has proposed that the Annual General Meeting on 5 May resolve that no dividend be distributed for 2008.

Proposal from the nomination committee

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

Invitation to presentation of report

This report will be presented at the office of Swedbank, at Regeringsgatan 13 in Stockholm, at 9:00 a.m. on 6 May. The presentation will also be available at www.hexpol.com.

Financial information

HEXPOL AB will publish financial information on the following dates:

Event Date

Annual General Meeting May 5, 2009
Interim report, January June 2009 July 23, 2009
Interim report, January September 2009 October 23, 2009
Year-end report 2009 February 2010

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

For additional information, contact:

Georg Brunstam, President and CEO
Tel: +46 708 55 12 51
Urban Ottosson, CFO and Investor Relations Tel: +46 767 85 51 44

The first-quarter report for 2009 was not subject to special review by the Company's auditors.

Malmö, 5 May 2009 HEXPOL AB (publ)

Georg Brunstam, President and CEO

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

This is the type of information that HEXPOL AB is obliged to disclose in accordance with the Swedish Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted to the media for publication at 2:00 p.m. on 5 May 2009.

Group's income statement

	Jan.-Mar.		Full year	Apr. 08-
MSEK	2009	2008	2008	Mar. 09
Net sales	647	852	3 190	2 985
Cost of goods sold 1)	-619	-714	-2 655	-2 560
Gross profit	28	138	535	425
Selling and administration costs, etc. 2)	-80	-55	-225	-250
Operating profit/loss	-52	83	310	175
Financial income and expenses	-9	-12	-52	-49
Profit/loss before tax	-61	71	258	126
Tax	6	-21	-75	-48
Net profit/loss for the period	-55	50	183	78
- of which attributable to Parent Company shareholders	-55	50	183	78
Earnings per share, SEK	-2.07	1.88	6.89	2.94
Earnings per share after dilution, SEK	-2.07	1.88	6.89	2.94
Earnings per share excluding items affecting comparability, SEK	0.98	1.88	6.89	5.99
Shareholders' equity per share, SEK	42.90	37.74	43.57	42.90
Average number of share, thousands	26 552	26 552	26 552	26 552
Average number of shares after dilution, thousands	26 552	26 552	26 552	26 552
Depreciation, amortisation and impairment included in an amount of	-59	-23	-93	-129
1) of which, items affecting comparability	-77	-	-	-77
2) of which, items affecting comparability	-21	-	-	-21

Group's reports of comprehensive income

	Jan.-Mar.		Full year	Apr. 08-
MSEK	2009	2008	2008	Mar. 09
Profit/loss for the period	-55	50	183	78
Cash flow hedging after tax	8	0	-19	-11
Currency translation differences	29	-73	151	253
Comprehensive income	-18	-23	315	320
- of which attributable to Parent Company shareholders	-18	-23	315	320

Group's balance sheet

	31 Mar.	31 Mar.	31 Dec.
MSEK	2009	2008	2008
Intangible fixed assets	1 312	1 091	1 279
Tangible fixed assets	827	710	843
Financial fixed assets	1	2	1
Deferred tax assets	45	0	44
Total fixed assets	2 185	1 803	2 167
Inventories	272	306	340
Accounts receivable	330	411	310
Other receivables	34	45	21
Prepaid expenses and accrued income	18	15	21
Cash and cash equivalents	312	229	342
Total current assets	966	1 006	1 034
Total assets	3 151	2 809	3 201
Attributable to Parent Company shareholders	1 139	1 002	1 157
Total shareholders' equity	1 139	1 002	1 157
Interest-bearing liabilities	1 369	1 229	1 372
Provision for deferred tax	28	18	27
Provision for pensions	11	9	11
Total non-current liabilities	1 408	1 256	1 410
Interest-bearing liabilities	173	102	163
Accounts payable	224	299	305
Other liabilities	40	43	33
Accrued expenses, prepaid income, provisions	167	107	133
Total current liabilities	604	551	634
Total shareholders' equity and liabilities	3 151	2 809	3 201

Group's changes in shareholders' equity

	31 Mar.	31 Mar.	31 Dec.
MSEK	2009	2008	2008
Opening shareholders' equity	1 157	1025	1025
Comprehensive income	-18	-23	315
Dividend	-	-	-181
Stock option payment	-	-	7
Expenses in conjunction with stock listing	-	-	-9
Closing shareholders' equity	1 139	1 002	1 157

Number of shares, trend

	Total number of Class A shares	Total number of Class B shares	Total number of shares
Number of shares at 1 January	1 181 250	25 370 727	26 551 977
Number of shares at close of period	1 181 250	25 370 727	26 551 977

Incentive programme 2008/2011

At the Extraordinary General Meeting on 18 August 2008, it was resolved to offer a warrant programme to senior executives totalling 1,325,000 warrants. Each warrant entitles the holder to subscribe for one share. The redemption period is 1 March 2011 to 1 September 2011. The redemption price is 65.70 SEK. During 2008, 933,250 warrants were subscribed by senior executives. The price for each warrant was 8 SEK.

Group's cash flow statement

		Jan.-Mar.
MSEK	2009	2008	2008

Cash flow from operations before change in working capital	38	71	280
Utilisation of structural reserves	-9	-	-
Change in working capital	-24	13	113
Cash flow from operations	5	84	393
Cash flow from investment activities	-11	-28	-105
Cash flow from financing activities	-30	-55	-194

Change in cash and cash equivalents	-36	1	94
Cash and cash equivalents at 1 January	342	228	228
Exchange-rate differences in cash and cash equivalents	6	0	20
Cash and cash equivalents at close of period under review	312	229	342

Operating cash flow, Group

	Jan.-Mar.		Full year
MSEK	2009	2008	2008
Operating profit excl. items affecting comparability	46	83	310
Depreciation/amortisation	22	23	93
Change in working capital	-24	13	113
Investments	-11	-28	-105
Operating cash flow	33	91	411

Other key figures

	Jan.-Mar.		Full year
	2009	2008	2008
Profit margin before tax, %	neg	8.3	8.1
Profit margin before tax, excl. items affecting comparability, %	5.7	8.3	8.1
Return on shareholders' equity, %	neg	19.7	16.8
Return on shareholders' equity, excl. items affecting comparability, %	9.1	19.7	16.8
Interest-coverage ratio, multiple	neg	4.9	4.2
Net debt, MSEK	1 230	1 102	1 193
Net debt ratio, multiple	1.1	1.1	1.0
Cash flow per share, SEK	0.19	3.16	14.80
Cash flow per share before change in working capital, SEK	1.43	2.67	10.55

Quarterly data, Group

Sales per business area	2009 2008
MSEK	Jan.- Mar.	Jan.- Mar.	Apr.- June	Jul.- Sep.	Oct.- Dec.	Full year	Apr. 08- Mar. 09
HEXPOL Compounding	481	648	648	609	520	2 425	2 258
HEXPOL Engineered Products	166	204	198	186	177	765	727
Group total	647	852	846	795	697	3 190	2 985

Sales per geographic area	2009			2008
MSEK	Jan.- Mar.	Jan.- Mar.	Apr.- June	Jul.- Sep.	Oct.- Dec.	Full year	Apr. 08- Mar. 09
Europe	317	535	531	449	349	1 864	1 646
NAFTA	297	284	276	309	318	1 187	1 200
Asia	33	33	39	37	30	139	139
Group total	647	852	846	795	697	3 190	2 985

Operating profit per business area	2009				2008
MSEK	Jan.- Mar.	Jan.- Mar.	Apr.- June	Jul.- Sep.	Oct.- Dec.	Full year	Apr. 08- Mar. 09
HEXPOL Compounding	-41	55	63	63	43	224	128
HEXPOL Engineered Products	-11	28	25	22	11	86	47
Group total	-52	83	88	85	54	310	175

Operating profit per business area	2009 2008
excluding items affecting comparability MSEK	Jan.- Mar.	Jan.- Mar.	Apr.- June	Jul.- Sep.	Oct.- Dec.	Full year	Apr. 08- Mar. 09
HEXPOL Compounding	39	55	63	63	43	224	208
HEXPOL Engineered Products	7	28	25	22	11	86	65
Group total	46	83	88	85	54	310	273

Operating margin per business area 2009 2008 excluding items affecting comparability

%	Jan.- Mar.	Jan.- Mar.	Apr.- June	Jul.- Sep.	Oct.- Dec.	Full year	Apr. 08- Mar. 09
HEXPOL Compounding	8.1	8.5	9.7	10.3	8.3	9.2	9.2
HEXPOL Engineered Products	4.2	13.7	12.6	11.8	6.2	11.2	8.9
Group total	7.1	9.7	10.4	10.7	7.7	9.7	9.1

Parent Company income statement

		Jan.-Mar.	Full year
MSEK	2009	2008	2008
Net sales	8	8	30
Sales and administration costs, etc.	-9	-9	-33
Operating loss	-1	-1	-3
Financial income and expenses	-8	-10	-54
Loss before tax	-9	-11	-57
Tax	2	3	8
Net loss for the period	-7	-8	-49

Parent Company balance sheet

	31 Mar.	31 Mar.	31 Dec.
MSEK	2009	2008	2008
Total fixed assets	1 482	1 482	1 480
Total current receivables	650	153	675
Total assets	2 132	1 635	2 155
Total shareholders' equity	356	573	363
Total non-current liabilities	1 224	0	1 254
Total current liabilities	552	1 062	538
Total shareholders' equity and liabilities	2 132	1 635	2 155

Financial definitions

Capital employed	Total assets less non-interest-bearing liabilities.
Cash flow	Cash flow from operating activities after change in working capital.
Cash flow per share	Cash flow from operating activities after change in working capital, divided by average number of shares.
Earnings per share	Net profit divided by average number of shares.
Equity/assets ratio	Shareholders' equity as a percentage of total assets.
Interest-coverage ratio	Profit before tax plus interest expenses divided by interest expenses.
Investments	Purchases less sales of tangible and intangible fixed assets, excluding those included in acquisitions and divestments of subsidiaries.
Net debt/equity ratio	Interest-bearing liabilities less cash and cash equivalents divided by shareholders' equity.
Operating margin	Operating profit as a percentage of net sales for the period.
Profit margin before tax	Profit before tax as a percentage of net sales for the period.
Return on capital employed	Profit before tax plus interest expenses as a percentage of average capital employed.
Return on equity	Net profit as a percentage of average shareholders' equity.
Shareholders' equity per share	Shareholders' equity divided by the number of shares at period end.