HEXPOL — Interim / Quarterly Report 2008

Feb 10, 2009

Year-end report 2008

Published on February 10, 2009

Fourth quarter of 2008 – Strong cash flow and healthy margins in a challenging market

• Net sales decreased by 6 percent to 697 MSEK (744)
• Operating profit amounted to 54 MSEK (68)
• Operating margin was 7.7 percent (9.1)
• Profit after tax amounted to 31 MSEK (45)
• Earnings per share amounted to 1.17 SEK (1.70)
• Operating cash flow was strong and totalled 187 MSEK (29)
• Low volumes from the automotive industry at the end of the quarter

Full-year 2008 – Profitable growth with strong margins

• Net sales increased by 17 percent to 3,190 MSEK (2,730)
• Operating profit amounted to 310 MSEK (305)
• Operating margin was 9.7 percent (11.2)
• Profit after tax amounted to 183 MSEK (186)
• Earnings per share amounted to 6.89 SEK (7.01)
• Operating cash flow was strong and totalled 288 MSEK (92)
• The Board of Directors proposes that no dividend be paid for 2008

President's comments

"Overall, 2008 was a favourable year for the HEXPOL Group. Our growth combined with favourable margins continued in the face of market conditions that gradually became more difficult. Net sales rose 17 percent and operating profit increased 2 percent. Our cash flow was very strong, and the operating margin amounted to 9.7 percent for full-year 2008. We feel that we are well positioned in a very challenging market. Earnings per share for 2008 amounted to 6.89 SEK (7.01).

Net sales declined during the fourth quarter due to weak demand and especially at the end of the quarter we had dramatically lower volumes from the automotive industry. Operating profit decreased to 54 MSEK (68), corresponding to an operating margin of 7.7 percent. The operating cash flow was very strong and amounted to 187 MSEK (29)."

Georg Brunstam, President and CEO

Group total

		Oct.-Dec.	Jan.-Dec.
MSEK	2008	2007	2008	2007
Net sales	697	744	3,190	2,730
Operating profit, EBIT	54	68	310	305
Operating margin, %	7.7	9.1	9.7	11.2
Profit before tax	43	53	258	255
Profit after tax	31	45	183	186
Earnings per share, SEK	1.17	1.70	6.89	7.01
Operating cash flow	187	29	288	92
Equity/assets ratio, %	-	-	36.1	36.7
Return on capital employed, %	-	-	13.2	15.1

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 organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products, and has about 2,200 employees in nine countries. In 2008, HEXPOL had sales of about 3,200 MSEK. Read more at www.hexpol.com.

Fourth quarter of 2008

Group sales declined during the fourth quarter by 6 percent to 697 MSEK (744). Exchange-rate fluctuations had a positive impact of 95 MSEK on sales, primarily due to the strengthening of the US dollar and the euro compared with the year-earlier period.

Operating profit amounted to 54 MSEK (68), corresponding to an operating margin of 7.7 percent (9.1). The deterioration in margin was due to lower profit in business area HEXPOL Engineered Products and to low volumes resulting in low capacity utilization in business area HEXPOL Compounding during the later part of the quarter. Profit was positively affected by exchange-rate fluctuations in an amount of slightly more than 7 MSEK.

Sales in business area HEXPOL Compounding declined by 5 percent to 520 MSEK (549), and operating profit decreased by 9 percent to 43 MSEK (47), corresponding to an operating margin of 8.3 percent (8.6). Toward the end of the fourth quarter, volumes were weak in both Europe and the US. The automotive industry in particular had very low volumes in December.

Within business area HEXPOL Engineered Products, sales decreased by 9 percent and amounted to 177 MSEK (195). Operating profit declined to 11 MSEK (21), corresponding to an operating margin of 6.2 percent (10.8). Low volumes in both wheels for trucks and gaskets for plate heat exchangers and greater pressure on prices, in combination with higher raw-material prices and the continued strength of the Sri Lankan Rupee (LKR), were the main reasons for the weak trend in the fourth quarter.

In Europe, overall demand for the Group's products was lower than in previous quarters, and capacity utilization in all plants declined during the quarter. In Eastern Europe, a clear decline in volumes was also noted in the fourth quarter.

Within NAFTA (Canada, the US and Mexico), we noted gradually lower volumes during the quarter. However, increasing volumes in Mexico offset some of the volume decline in the US. In segments outside the automotive industry, the trend was more stable. In the US plant for the production of polyurethane wheels in business area HEXPOL Engineered Products, a combination of low volumes, production problems and price pressure resulted in lower profit in the fourth quarter.

In Asia, volume growth in both of the Group's business areas was lower than expected in the plants in China.

As a result of the overall lower volumes within the Group in the fourth quarter, a rapid and significant reduction in the workforce in the Group was gradually implemented. The number of employees was reduced by 100 during the fourth quarter and by a total of 130 during the second half of the year. Employment termination notices were issued for a further 156 employees. Towards the end of the quarter, 203 employees were also temporarily laid off in Belgium, Canada, the Czech Republic and Germany within the framework of state-subsidized systems.

Raw-material prices continued to rise during the early part of the fourth quarter, although a declining price trend arose at the end of the quarter. In business area HEXPOL Engineered Products, increases in raw-material prices combined with greater price pressure from customers had a negative impact on margins.

The Group's operating cash flow was very strong in the fourth quarter and rose to 187 MSEK (29). Sharply focused measures resulted in significantly lower inventory levels and substantially lower working capital overall, resulting in a very strong cash flow. The Group's net interest expense for the fourth quarter amounted to 11 MSEK (expense: 15).

Profit before tax amounted to 43 MSEK (53). Profit after tax was 31 MSEK (45), corresponding to earnings per share of 1.17 SEK (1.70).

Full-year 2008

For the year, Group sales increased by 17 percent to 3,190 MSEK (2,730). Exchange-rate fluctuations had a positive impact of 38 MSEK, primarily due to a substantial strengthening of the euro and the US dollar during the fourth quarter. Operating profit rose to 310 MSEK (305), corresponding to an operating margin of 9.7 percent (11.2).

Within business area HEXPOL Compounding, sales increased by 24 percent to 2,425 MSEK (1,955) and operating profit rose by 15 percent to 224 MSEK (195), corresponding to an operating margin of 9.2 percent (10.0). Growth in the business area was strong in the first nine months of the year and then declined sharply during the final three months.

In Europe, demand was favourable, above all during the first six months of the year and particularly in Eastern Europe, where demand from customers in the automotive industry was strong throughout the first half of the year. At the end of the third quarter and above all in the fourth quarter, market conditions changed dramatically. Volumes in all units in Europe declined significantly as a result of cutbacks in the automotive industry.

Within NAFTA, volumes showed favourable development in the first three quarters of the year. Despite a declining economic trend with lower volumes in the US, overall volumes increased during the period. The primary reason was a significant rise in volumes at the newly established plant in Mexico. GoldKey, acquired in September 2007, contributed volumes in segments outside the automotive and construction sectors, and the trend in these segments was stable. During the final months of the year, however, gradually reduced volumes were also noted NAFTA.

In Asia, the newly established plant in Qingdao, China, gradually increased volumes, but growth was lower than expected.

Sales in business area HEXPOL Engineered Products amounted to 765 MSEK (775). Operating profit amounted to 86 MSEK (110), corresponding to an operating margin of 11.2 percent (14.2). During the

first half of the year, increasing volumes were noted for Gaskets for plate heat exchangers. However, lower activity in the market, fewer major projects and delayed call-offs resulted in lower volumes in the third and fourth quarters. Within the Wheel segment, low volumes and greater price pressure in combination with the negative effect of exchange-rate fluctuations in Sri Lanka resulted in gradually reduced profitability during the year.

The Group's operating cash flow increased during the year to 288 MSEK (92). The strong cash flow was achieved through sharp focus on working capital and a lower rate of investment. The Group's net financial items amounted to an expense of 52 MSEK (expense: 50) during the year.

Profit before tax increased to 258 MSEK (255). Profit was positively affected in an amount of 1 MSEK by exchange-rate fluctuations. Profit after tax amounted to 183 MSEK (186), corresponding to earnings per share of 6.89 SEK (7.01).

Profitability

Return on average capital employed amounted to 13.2 percent (15.1). The lower return was due to an increase in capital employed resulting from exchange-rate effects during the fourth quarter and the impact of the acquisition of GoldKey. Return on average shareholders' equity amounted to 16.8 percent (19.5).

Financial position and liquidity

The equity/assets ratio was 36.1 percent (36.7). The Group's total assets increased to 3,201 MSEK (2,795). The Group's net debt amounted to 1,193 MSEK (1,158), and the net debt/equity ratio was a multiple of 1.0 (1.1). The interest coverage ratio was a multiple of 4.2 (5.3). The group signed in May 2008 a five year loan agreement of 1.7 billion SEK with a number of Nordic banks.

Cash flow

During the period, cash flow from operations before changes in working capital increased by 5 percent to 280 MSEK (268). Cash flow from operations rose to 393 MSEK (265). Operating cash flow amounted to 288 MSEK (92).

Investments, depreciation and amortization

The Group's net investments, excluding company acquisitions/divestments, amounted to 105 MSEK (173) for the year. Investments during the year primarily comprised investments in new production facilities for gaskets for plate heat exchangers in Qingdao, China, and expanded production capacity at the rubber compounding plant in Mexico. Depreciation and amortization during the year amounted to 93 MSEK (70).

Tax expenses

The Group's tax expenses during the year amounted to 75 MSEK (69), corresponding to a tax rate of 29.1 percent (27.1). Tax expenses are affected by a significant portion of profit being generated in subsidiaries in countries where the tax rate differs from that in Sweden.

Personnel

The number of employees at the end of the year was 2,230 (2,327).

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 for performance and global delivery capacity. The largest market segments are the automotive industry, followed by the construction industry. Other key segments are the cabling, water treatment, pharmaceutical, energy and oil industries.

		Oct.-Dec.		Jan.-Dec.
MSEK	2008	2007	2008	2007
Net sales	520	549	2,425	1,955
Operating profit	43	47	224	195
Operating margin, %	8.3	8.6	9.2	10.0

During the fourth quarter, sales decreased by 5 percent to 520 MSEK (549). Operating profit declined by 9 percent to 43 MSEK (47), corresponding to an operating margin of 8.3 percent (8.6). Although operating profit was negatively affected by significantly lower volumes in both Europe and the US, substantial cost adjustments were implemented, primarily through personnel reductions, which offset some of the impact of the low volumes.

In Europe, the volume trend continued to be weaker than in previous quarters, particularly in December when demand from the automotive industry was very low. Many automotive manufacturers stopped production from early December until early January 2009. Significantly lower demand was also noted in Eastern Europe, where demand had previously been higher than in the rest of Europe.

Within NAFTA, the volume decline was somewhat less dramatic than it was in Europe. Volumes continued to increase at the newly established plant in Mexico, offsetting some of the low demand from the automotive and construction industries in the US. GoldKey, which was acquired in September 2007, contributed volumes in segments outside the automotive industry. A more stable trend was noted for these segments.

In Asia, volumes rose gradually, but at a lower rate than expected.

Raw-material prices continued to rise at the beginning of the fourth quarter, then declined towards the end of the quarter. The impact on profit of these price changes remained marginal during the quarter.

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).

		Oct.-Dec.		Jan.-Dec.
MSEK	2008	2007	2008	2007
Net sales	177	195	765	775
Operating profit	11	21	86	110
Operating margin, %	6.2	10.8	11.2	14.2

During the fourth quarter, sales declined by 9 percent to 177 MSEK (195). Operating profit declined to 11 MSEK (21), corresponding to an operating margin of 6.2 percent (10.8). The primary reasons for the decline in profit were continued lower volumes of gaskets for plate heat exchangers and polyurethane wheels for trucks, reduced capacity utilization, greater price pressure in the market and the strong LKR, which had a negative impact of about 4 MSEK.

Product area Gaskets reported a continued decline in sales during the quarter. Generally lower activity in the market, fewer major project-related orders and delayed call-offs resulted in lower production volumes in our plants during the quarter. During the fourth quarter, termination notices were served to a total of 68 employees at Gislaved Gummi AB, and staffing at the unit in Sri Lanka was also adapted to the lower demand. During the first half of 2009, we expect to start up production at our new plant in China for the production of gaskets for plate heat exchangers.

Product area Wheels showed a weak trend during the fourth quarter. Weaker demand, above all for polyurethane wheels for trucks, resulted in lower volumes in Sweden and the US. Difficulties in passing on increases in raw-material prices to customers and production disruptions also contributed to the lower profit during the quarter.

Within business area Engineered Products, raw-material prices continued to rise at the beginning of the quarter. Lower volumes, which resulted in capacity surpluses, led to greater price pressure on the market.

Parent Company

The Parent Company reported a loss after tax of 49 MSEK (loss: 13). Shareholders' equity amounted to 363 MSEK (581).

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 the Parent Company's business risks, risk management and management of financial risks are described in the prospectus for the listing of HEXPOL AB shares that was published on 5 June 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 year-end report was prepared in accordance with IAS 34 Interim Reporting and the Annual Accounts Act. The accounting and valuation principles applied in the prospectus for the listing of HEXPOL AB shares were also applied in this year-end report.

Ownership and legal structure

HEXPOL AB (publ), Swedish corporate identity number 556108-9631, is the Parent Company of the HEXPOL Group. HEXPOL:s B shares are listed on the NASDAQ OMX Nordic Exchange under the Stockholm Mid Cap index, where the shares are included in the industrials sector. HEXPOL had 8 864 shareholders as at December 31, 2008. The largest shareholder was Melker Schörling AB with 27 percent of the share capital and 46 percent of the votes. The twenty largest shareholders hold 81 percent of the share capital and 86 percent of the votes

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 will be distributed to shareholders no later than during the week beginning 13 April and will also be made available on HEXPOL's website and at the company's headquarters. Shareholders who wish to participate in the Annual General Meeting must be included in the shareholders' register maintained by the Swedish Securities Register Centre (VPC) by 28 April 2009 at the latest and must report their participation to HEXPOL's head office no later than noon on 28 April. Trustee-registered shareholders must temporarily register their shares in their own names before 28 April to be entitled to participate in the Meeting.

Dividend proposal

The Board of Directors has proposed that the Annual General Meeting on 5 May decide 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 Sund Kommunikation's office at Birger Jarlsgatan 58, at 9:00 a.m. on 10 February. The presentation will also be available at www.hexpol.com.

Financial information

HEXPOL AB will publish financial information on the following dates: Event Date

• Publication of Annual Report April 2009
• Interim report January March 2009 5 May 2009
• Annual General Meeting 5 May 2009
• Half year report, January June 2009 23 July 2009
• Interim report, January September 2009 23 October 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 further information, contact:

• Georg Brunstam, President and CEO Tel: +46 708 55 12 51
• Anders Lyrheden, CFO Tel: +46 703 20 96 95

The year-end report for 2008 was not subject to special review by the Company's auditors.

Malmö, February 10, 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 8:00 a.m. on February 10, 2009.

Group's income statement

	Oct.-Dec.		Jan.-Dec.
MSEK	2008	2007	2008	2007
Net sales	697	744	3 190	2 730
Cost of goods sold	-580	-615	-2 655	-2 238
Gross profit	117	129	535	492
Selling and administration costs, etc.	-63	-61	-225	-187
Operating profit	54	68	310	305
Financial income and expenses	-11	-15	-52	-50
Profit before tax	43	53	258	255
Tax	-12	-8	-75	-69
Net profit for the period	31	45	183	186
- of which attributable to the Parent Company's shareholders	31	45	183	186
Earnings per share, SEK	1.17	1.70	6.89	7.01
Earnings per share after dilution, SEK	1.17	1.70	6.89	7.01
Shareholders' equity per share, SEK			43.57	38.60
CB number of shares, thousands	26 552	26 552	26 552	26 552
Average number of shares, thousands 1)	26 552	26 552	26 552	26 552
Average number of shares after dilution, thousands 1)	26 552	26 552	26 552	26 552
Depreciation, amortization and impairment included in an amount of	-24	-19	-93	-70

1) number of shares after exchange listing

Group's balance sheet

	31 Dec.	31 Dec.
MSEK	2008	2007
Intangible fixed assets	1 279	1 134
Tangible fixed assets	843	735
Financial fixed assets	45	2
Total fixed assets	2 167	1 871
Inventories	340	308
Accounts receivable	310	344
Other receivables	21	26
Prepaid expenses and accrued income	21	18
Total current receivables	352	388
Cash and cash equivalents	342	228
Total current assets	1 034	924
Total assets	3 201	2 795
Attributable to the Parent Company's shareholders	1 157	1 025
Total shareholders' equity	1 157	1 025
Pension provisions	11	10
Deferred tax liabilities	27	20
Interest-bearing liabilities	1 372	1 294
Total non-current liabilities	1 410	1 324
Interest-bearing liabilities	163	92
Accounts payable	305	252
Other liabilities	33	13
Accrued expenses and deferred income	133	89
Total current liabilities	634	446
Total shareholders' equity and liabilities	3 201	2 795

Group's changes in shareholders' equity

	31 Dec.	31 Dec.
MSEK	2008	2007
Opening shareholders' equity	1 025	883
Translation difference	151	49
Exchange-rate differences in hedging instruments	-19	-
Net profit for the period	183	186
Total changes in net asset value, excluding transactions involving company shareholders	315	235
Dividend	-181	-
Stock option payment	7	-
Expenses in conjunction with stock listing	-9	-
Group contributions	0	-93
Closing shareholders' equity	1 157	1 025

Number of shares, trend

	Total number of Class A shares	Total number of Class B shares	Total number of shares
Number of shares at January 1		100	100
Split 500:1		50 000	50 000
Bonus issue	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 March 2011 to 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

	January-December
MSEK	2008	2007
Cash flow from operations before change in working capital	280	268
Change in working capital	113	-3
Cash flow from operations	393	265
Net investments in ordinary operations	-105	-173
Operating cash flow	288	92
Acquisition of subsidiaries	-	-350
Cash flow from financing activities	-194	370
Change in cash and cash equivalents	94	112
Cash and cash equivalents at January 1	228	116
Exchange-rate differences in cash and cash equivalents	20
Cash and cash equivalents at December 31	342	228

Key figures

		Oct.-Dec.		Jan.-Dec.
	2008	2007	2008	2007
Operating margin, %	7.7	9.1	9.7	11.2
Profit margin before tax, %	6.2	7.1	8.1	9.3
Return on shareholders' equity, %	-	-	16.8	19.5
Return on capital employed, %	-	-	13.2	15.1
Equity/assets ratio, %	-	-	36.1	36.7
Interest-coverage ratio, multiple	-	-	4.2	5.3
Average number of shares, thousands	26 552	26 552	26 552	26 552
Earnings per share, SEK	1.17	1.70	6.89	7.01
Cash flow per share, SEK	7.95	2.75	14.80	9.98
Cash flow per share before change in working capital, SEK	2.23	2.78	10.55	10.09

Quarterly data, Group

Sales per business area			2008					2007
MSEK	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year
HEXPOL Compounding	648	648	609	520	2 425	460	451	495	549	1 955
HEXPOL Engineered Products	204	198	186	177	765	196	199	185	195	775
Group total	852	846	795	697	3 190	656	650	680	744	2 730
Sales per geographic area			2008					2007
MSEK	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year
Europe	535	531	449	349	1 864	473	459	447	451	1 830
NAFTA	284	276	309	318	1 187	159	166	211	272	808
Asia	33	39	37	30	139	24	25	22	21	92
Group total	852	846	795	697	3 190	656	650	680	744	2 730
Operating profit per business area			2008					2007
MSEK	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year	Jan.- Mar.	Apr.- Jun.	Jul.- Sep.	Oct.- Dec.	Full Year
HEXPOL Compounding	55	63	63	43	224	43	50	55	47	195
HEXPOL Engineered Products	28	25	22	11	86	26	32	31	21	110
Group total	83	88	85	54	310	69	82	86	68	305

Parent Company income statement

		Oct.-Dec.		Jan.-Dec.
MSEK	2008	2007	2008	2007
Net sales	8	5	30	22
Selling and administration costs, etc.	-7	-10	-33	-26
Operating profit	1	-5	-3	-4
Financial income and expenses	-15	-6	-54	-14
Loss before tax	-14	-11	-57	-18
Tax	-4	3	8	5
Net loss for the period	-18	-8	-49	-13

Parent Company balance sheet

	31 Dec.	31 Dec.
MSEK	2008	2007
Total fixed assets	1 480	1 342
Total current receivables	529	152
Cash and cash equivalents	146	0
Total current assets	675	152
Total assets	2 155	1 494
Total shareholders' equity	363	581
Total non-current liabilities	1 254	0
Total current liabilities	538	913
Total shareholders' equity and liabilities	2 155	1 494

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.