Financial data

Demand for ventilation solutions continues to expand globally, driven by economic growth and clear international trends. With a strong market position and sales to more than 130 countries around the world, Systemair can benefit from this growing market.

Full year Quarters Year to date 12 months rolling

SEK million	2022/21	2021/20	2020/19	2019/18	2018/17	2017/16	2016/15	2015/14
Summary
Net sales	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5	5,882.2
Growth, %
Profit	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Operating margin, %	8.0	7.9	7.0	6.3	4.8	6.4	5.6	6.4
Profit after financial items	741.7	564.0	543.7	458.0	333.2	410.2	307.3	380.4
Profit margin, %	7.7	6.6	6.1	5.5	4.6	6.0	5.0	6.5
Earnings per share, SEK	2.61	1.95	1.83	1.54	1.42	1.42	3.98	5.96
Earnings per share after full dilution, SEK	2.61	1.95	1.83	1.54	1.42	1.42	3.98	5.96
Income statements
Net sales	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5	5,882.2
Cost of goods sold	-6,315.6	-5,559.5	-5,831.3	-5,597.7	-4,887.2	-4,502.4	-4,010.4	-3,857.6
Gross profit	3,318.9	2,959.7	3,083.6	2,728.8	2,414.0	2,361.2	2,102.1	2,024.6
Other operating income	233.5	196.1	168.3	169.6	116.9	119.6	80.3	92.7
Selling expenses	-2,077.5	-1,861.3	-1,987.5	-1,826.9	-1,652.7	-1,548.1	-1,399.8	-1,352.7
Administrative expenses	-437.6	-427.8	-424.4	-389.2	-360.7	-365.1	-337.1	-313.9
Other operating expenses	-267.5	-190.0	-214.3	-154.2	-167.9	-128.6	-101.4	-73.9
Net profit on monetary items
Operating profit	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Net financial items	-28.1	-112.7	-82.0	-70.1	-16.4	-28.8	-36.8	3.6
Profit before tax	741.7	564.0	543.7	458.0	333.2	410.2	307.3	380.4
Tax	-197.4	-153.4	-158.4	-136.8	-103.1	-116.0	-100.1	-70.6
Profit for the period	544.3	410.6	385.3	321.2	230.1	294.2	207.2	309.8
Profit attributable to minority interests	0.4	4.4	3.8	-1.1	-0.4	0.0	0.0	0.0
Profit attributable to Parent Company's shareholders	543.9	406.2	381.5	322.3	230.5	294.2	207.2	309.8
Basic earning per share, SEK	2.6	1.9	1.8	1.6	1.1	1.4	4.0	6.0
Diluted earnings per share, SEK	2.6	1.9	1.8	1.6	1.1	1.4	4.0	6.0
Average number of shares during period, basic (thousand)	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Average number of shares during period, diluted (thousand)	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Balance sheets
Non-current assets
Goodwill	888.9	735.6	819.9	846.8	759.1	691.4	621.8	613.7
Other intangible assets	216.1	210.7	247.7	265.1	216.9	193.3	189.3	225.8
Tangible non-current assets	2,325.6	2,118.1	1,988.1	1,769.4	1,722.2	1,413.4	1,273.6	1,288.3
Financial non-current assets	193.6	237.5	254.9	267.6	240.4	200.6	180.5	180.0
Total non-current assets	3,624.2	3,301.9	3,310.6	3,148.9	2,938.6	2,498.7	2,265.2	2,307.8
Current Assets
Inventories	2,224.9	1,436.9	1,571.5	1,509.4	1,399.4	1,170.4	1,105.1	1,029.2
Current receivables	2,287.4	1,897.6	1,839.6	1,902.1	1,644.2	1,450.3	1,275.5	1,165.4
Cash & cash equivalents	335.9	319.1	378.2	250.4	212.8	241.8	176.9	187.8
Total current assets	4,848.2	3,653.6	3,789.3	3,661.9	3,256.4	2,862.5	2,557.5	2,382.4
Assets held for sale
Total assets	8,472.4	6,955.5	7,099.9	6,810.8	6,195.0	5,361.2	4,822.7	4,690.2
Equity and liabilities
Equity	3,853.5	3,330.1	3,084.7	2,839.2	2,620.3	2,381.3	2,108.2	2,082.2
Non-interst-bearing long-term liabilities	275.7	259.9	271.9	288.6	275.5	259.1	238.7	261.0
Interest-bearing long-term liabilities	1,230.8	1,051.5	1,119.8	1,070.0	690.7	319.3	196.7	245.4
Interest-bearing current liabilities	1,148.0	735.6	1,154.0	1,175.9	1,283.2	1,236.1	1,309.0	1,140.3
Non-interest-bearing current liabilities	1,964.4	1,578.4	1,469.5	1,437.1	1,325.3	1,165.4	949.8	961.3
Liabilities attritutable to available-for-sale assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total equity and liabilities	8,472.4	6,955.5	7,099.9	6,810.8	6,195.0	5,361.2	4,802.4	4,690.2
Cash flow statements in summary
Operating profit	769.8	676.7	625.7	528.1	349.6	439.0	344.1	376.8
Adjustments for non-cash items	354.5	391.5	349.9	193.1	220.4	158.4	143.8	199.5
Financial items	-27.6	-27.5	-38.3	-32.3	-23.9	-22.4	-18.9	-20.7
Income tax paid	-147.4	-182.7	-149.8	-152.9	-147.4	-128.7	-138.8	-121.5
Cash flow from operating activities before changes in working capital	949.3	858.0	787.5	536.0	398.7	446.3	330.2	434.1
Changes in working capital	-714.1	135.9	56.8	-149.5	-174.4	18.2	-161.3	-192.8
Cash flow from operating activities	235.2	993.9	844.3	386.5	224.3	464.5	168.9	241.3
Cash flow from investing activities	-515.9	-448.3	-235.4	-320.9	-481.9	-281.3	-212.1	-297.0
Cash flow from financing activities	274.9	-557.2	-461.1	161.8	218.8	-134.5	53.5	110.2
Cash flow for the period	-5.8	-11.6	147.8	227.4	-38.8	48.7	10.3	54.5
Cash & cash equivalents at start of period	319.1	378.2	250.4	213.3	241.8	176.9	187.8	123.3
Translation differences in cash	22.6	-47.5	-20.0	4.2	9.8	16.2	-21.2	10.0
Cash & cash equivalents held for sale
Cash & cash equivalents at the end of period	335.9	319.1	378.2	444.9	212.8	241.8	176.9	187.8
Key ratios/Alternative performance measures
Number of employees
The number of employees at the end of the accounting period. New employees, appointments terminated, part-time employees and paid overtime are converted into full-time equivalents.
Number of employees	6,660	6,380	6,197	5,222	5,465	5,222
Return on equity
Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average equity excluding non-controlling interest.
Profit after tax before minority share, rolling 12 month	544.3	410.6	385.3	321.2	230.1	294.2
Average equity	3,598.2	3,166.3	3,065.1	2,710.7	2,479.9	2,333.0
Return on equity, %	15.1	13.0	12.6	11.9	9.3	12.6
Return on capital employed, %
Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed.
Profit after financial income, rolling 12	835.6	673.7	639.8	557.4	390.4	464.7
Average capital employed	5,754.5	5,134.9	5,493.3	4,934.6	4,290.6	3,887.1
Return on capital employed, %	14.5	13.1	11.6	11.3	9.1	12.0
EBITDA
Operating profit before depreciation and amortization
Operating profit	769.8	676.7	625.7	528.1	349.6	439.0
Depreciation and amortization	408.4	399.8	405.4	233.3	219.6	186.7
EBITDA	1,178.2	1,076.5	1,031.1	761.4	569.2	625.7
Equity per share
Equity divided by the number of shares at the end of the period
Equity	3,815.1	3,305.0	3,064.8	2,839.2	2,620.3	2,381.3
Number of shares, thousand	208,000	52,000	52,000	52,000	52,000	52,000
Equity per share, SEK	18.3	63.6	58.9	54.6	50.4	45.8
Cash conversion
Operating profit before depreciation and amortization, rolling 12 months (TTM)	1,178.2	1,076.5	1,031.1	761.4	569.2	625.7
Non-cash provisions in working capital, rolling 12 months (TTM)	8.1	1.2	2.6	-8.0	-17.5	-14.1
Change in working capital, rolling 12 months (TTM)	-714.1	135.9	56.7	-149.5	-173.9	18.2
Investments in machinery and equipment, rolling 12 months (TTM)	-326.4	-432.9	-204.7	-226.3	-403.7	-182.7
Total	145.8	780.7	885.7	377.6	-25.9	447.1
Operating profit, rolling 12 months (TTM)	769.8	676.7	625.7	528.1	349.6	439.0
Cash conversion, %	18.9	115.4	141.6	71.5	-7.4	101.8
Net indebtedness
Interest-bearing liabilities + provision pensions reduced by cash and cash equivalents and short-term investments
Interest-bearing liabilities	2,378.9	1,787.1	2,273.7	2,245.8	1,978.5	1,583.9
Provisions for pensions	78.7	74.9	88.6	86.2	74.7	61.9
Cash and cash equivalents and short-term investments	339.3	321.7	381.6	251.4	215.5	245.0
Net indebtedness	2,118.4	1,540.3	1,980.7	2,080.6	1,837.7	1,400.8
Operating cash flow per share
Cash flow for the period from operating activities divided by the average number of shares during the period.
Cash flow for the period from operating activities	235.2	993.9	844.3	386.6	224.8	464.5
Number of shares, thousand	208,000	52,000	52,000	52,000	52,000	52,000
Operating cash flow per share, SEK	1.1	19.1	16.2	7.4	4.3	8.9
Organic growth
Change in sales by comparable units, adjusted for acquisitions and foreign currency effects.
Net sales for comparable units	9,599.8	9,101.0	8,428.3	7,853.1	7,107.6	6,580.4
Net sales previous year	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5
Organic growth, %	12.7	2.1	1.2	7.6	3.6	7.7
Profit per share
Profit for the period attributable to the Parent Company's shareholders divided by the average number of shares during the period.
Profit attributable to the Parent Company's shareholders	543.9	406.2	381.5	322.3	230.5	294.2
Number of shares, thousand	208,000	52,000	52,000	52,000	52,000	52,000
Profit per share, SEK	2.6	7.8	7.3	6.2	4.4	5.7
Operating margin
Operating profit divided by net sales.
Operating profit	769.8	676.7	625.7	528.1	349.6	439.0
Net sales	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6
Operating margin, %	8.0	7.9	7.0	6.3	4.8	6.4
Operating profit (EBIT)
Earnings before financial items and tax	769.8	676.7	625.7	528.1	349.6	439.0
Equity/assets ratio
Adjusted equity divided by total assets
Adjusted equity	3,853.5	3,330.1	3,084.7	2,839.2	2,620.3	2,381.3
Total assets	8,472.4	6,955.5	7,099.9	6,810.8	6,161.4	5,338.0
Equity/assets ratio, %	45.5	47.9	43.4	41.7	42.5	44.6
Capital employed
Total assets less non interest-bearing liabilities
Total assets	8,472.4	6,955.5	7,099.9	6,810.8	6,161.4	5,338.0
Non interest-bearing liabilities	2,197.5	1,795.6	1,710.4	1,682.6	1,524.9	1,372.8
Capital employed	6,274.9	5,159.9	5,389.5	5,128.2	4,636.5	3,965.2
Growth
Growth is defined as the change in net sales, relative to net sales for the preceding period
Net sales	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.8
Net sales previous year	8,519.2	8,914.9	8,326.5	7,301.2	6,863.6	6,112.5
Growth, %	13.1	-4.4	7.1	14.0	6.4	12.3
Profit margin
Profit after financial items divided by net sales
Profit after financial items	741.7	564.0	543.7	458.0	333.2	410.2
Net sales	9,634.5	8,519.2	8,914.9	8,326.5	7,301.2	6,863.8
Profit margin, %	7.7	6.6	6.1	5.5	4.6	6.0

SEK million	Q3 2023/22	Q2 2023/22	Q1 2023/22	Q4 2022/21	Q3 2022/21	Q2 2022/21	Q1 2022/21	Q4 2021/20	Q3 2021/20	Q2 2021/20	Q1 2021/20	Q4 2020/19	Q3 2020/19	Q2 2020/19	Q1 2020/19	Q4 2019/18	Q3 2019/18	Q2 2019/18	Q1 2019/18	Q4 2018/17	Q3 2018/17	Q2 2018/17	Q1 2018/17	Q4 2017/16	Q3 2017/16	Q2 2017/16	Q1 2017/16	Q4 2016/15	Q3 2016/15	Q2 2016/15	Q1 2016/15	Q4 2015/14	Q3 2015/14	Q2 2015/14	Q1 2015/14
Summary
Net sales	3,043.5	3,036.7	2,848.9	2,661.6	2,278.1	2,404.2	2,290.5	2,208.5	2,003.9	2,206.7	2,100.0	2,031.0	2,146.7	2,483.1	2,254.0	2,143.8	2,018.5	2,151.4	2,012.7	1,827.1	1,773.3	1,863.7	1,837.2	1,733.2	1,715.4	1,769.2	1,645.9	1,508.7	1,416.3	1,624.4	1,563.1	1,502.4	1,431.6	1,554.5	1,393.8
Growth, %	33.6	26.3	24.4	20.5	13.7	8.9	9.1	8.7	-6.7	-11.1	-6.8	-5.3	6.4	15.4	12.0	17.3	13.8	15.4	9.6	5.4	3.4	5.3	11.6	14.9	21.1	8.9	5.3	0.4	-1.1	4.5	12.1	19.4	10.3	9.9	5.2
Profit	277.5	119.8	269.6	191.4	131.3	237.5	209.6	173.1	108.0	213.5	182.1	56.3	112.6	283.9	173.0	114.1	80.1	188.9	144.9	5.2	67.7	143.9	132.9	47.7	105.1	153.2	133.0	62.2	30.1	134.3	117.5	55.1	54.1	156.3	111.4
Operating margin, %	9.1	3.9	9.5	7.2	5.8	9.9	9.2	7.8	5.4	9.7	8.7	2.8	5.2	11.4	7.7	5.3	4.0	8.8	7.2	0.3	3.8	7.7	7.2	2.8	6.1	8.7	8.1	4.1	2.1	8.3	7.5	3.7	3.8	10.1	8.0
Profit after financial items	218.4	109.5	265.8	196.8	129.0	209.6	206.2	158.0	100.7	189.8	115.5	9.7	93.1	263.9	177.0	96.4	74.3	177.8	109.5	30.7	52.8	143.7	106.0	43.2	75.2	156.4	135.3	51.8	25.4	118.7	111.5	50.7	60.5	156.6	112.7
Profit margin, %	7.2	3.6	9.3	7.4	5.7	8.7	9.0	7.2	5.0	8.6	5.5	0.5	4.3	10.6	7.9	4.5	3.7	8.3	5.4	1.7	3.0	7.7	5.8	2.5	4.4	8.8	8.2	3.4	1.8	7.3	7.1	3.4	4.2	10.1	8.1
Earnings per share, SEK	0.79	0.21	1.04	0.66	0.47	0.74	0.75	0.55	0.33	0.68	0.39	-0.01	0.30	0.93	0.61	0.38	0.21	0.61	0.35	0.06	0.20	0.49	0.36	0.14	0.25	0.56	0.48	0.13	0.06	0.41	0.39	0.56	0.84	2.24	2.31
Earnings per share after full dilution, SEK	0.79	0.21	1.04	0.66	0.47	0.74	0.75	0.55	0.33	0.68	0.39	-0.01	0.30	0.93	0.61	0.38	0.21	0.61	0.35	0.06	0.20	0.49	0.36	0.14	0.25	0.56	0.48	0.13	0.06	0.41	0.39	0.56	0.84	2.24	2.31
Income statements
Net sales	3,043.5	3,036.7	2,848.9	2,661.6	2,278.1	2,404.2	2,290.5	2,208.5	2,003.9	2,206.7	2,100.0	2,031.0	2,146.7	2,483.1	2,254.0	2,143.8	2,018.5	2,151.4	2,012.7	1,827.1	1,773.3	1,863.7	1,837.2	1,733.2	1,715.4	1,769.2	1,645.9	1,508.7	1,416.3	1,624.4	1,563.1	1,502.4	1,431.6	1,554.5	1,393.8
Cost of goods sold	-2,001.3	-2,026.7	-1,863.1	-1,753.8	-1,519.3	-1,548.5	-1,493.7	-1,421.1	-1,331.2	-1,413.8	-1,393.4	-1,329.1	-1,421.8	-1,593.4	-1,486.9	-1,440.9	-1,375.2	-1,419.8	-1,361.7	-1,236.8	-1,187.9	-1,232.3	-1,230.2	-1,147.0	-1,137.0	-1,145.8	-1,072.7	-994.9	-938.6	-1,050.1	-1,026.9	-998.8	-950.8	-985.8	-922.2
Gross profit	1,042.2	1,010.0	985.8	907.8	758.8	855.7	796.8	787.4	672.7	792.9	706.6	701.9	724.9	889.7	767.1	702.9	643.3	731.6	651.0	590.3	585.4	631.4	607.0	586.2	578.4	623.4	573.2	513.8	477.7	574.3	536.2	503.6	480.8	568.7	471.6
Other operating income	43.4	81.6	52.1	67.3	91.5	48.0	26.6	40.2	44.4	35.7	75.9	64.4	31.2	46.1	26.8	38.2	34.1	56.9	40.3	30.7	34.3	23.0	28.8	34.0	39.5	24.7	21.4	24.0	17.4	20.8	18.1	37.1	25.1	5.8	24.7
Selling expenses	-632.3	-613.8	-570.0	-561.3	-528.0	-505.1	-483.1	-475.2	-465.7	-463.0	-457.4	-498.3	-503.9	-509.0	-476.4	-490.0	-458.6	-449.3	-429.1	-453.5	-420.7	-392.1	-386.4	-430.9	-401.8	-372.6	-342.9	-364.1	-352.6	-348.4	-334.7	-387.9	-335.9	-325.3	-303.6
Administrative expenses	-153.2	-135.5	-132.9	-121.0	-111.9	-105.5	-99.2	-114.8	-104.6	-102.5	-105.9	-106.8	-111.9	-102.6	-103.2	-106.1	-104.5	-91.4	-87.2	-96.4	-98.6	-82.9	-82.7	-101.2	-95.0	-86.7	-82.3	-87.4	-87.4	-82.9	-79.4	-85.1	-85.0	-77.3	-66.5
Other operating expenses	-40.6	-256.2	-65.4	-101.4	-79.1	-55.6	-31.5	-64.5	-38.8	-49.6	-37.1	-104.9	-27.7	-40.3	-41.3	-30.9	-34.2	-58.9	-30.1	-65.9	-32.7	-35.5	-33.8	-40.4	-16.0	-35.6	-36.4	-24.1	-25.0	-29.5	-22.7	-12.6	-30.9	-15.6	-14.8
Net profit on monetary items	18.0	33.7
Operating profit	277.5	119.8	269.6	191.4	131.3	237.5	209.6	173.1	108.0	213.5	182.1	56.3	112.6	283.9	173.0	114.1	80.1	188.9	144.9	5.2	67.7	143.9	132.9	47.7	105.1	153.2	133.0	62.2	30.1	134.3	117.5	55.1	54.1	156.3	111.4
Net financial items	-59.1	-10.3	-3.8	5.4	-2.3	-27.9	-3.4	-15.1	-7.3	-23.7	-66.6	-46.6	-19.5	-20.0	4.0	-17.7	-5.8	-11.1	-35.4	25.5	-14.9	-0.2	-26.9	-4.5	-29.9	3.2	2.3	-10.4	-4.7	-15.6	-6.0	-4.4	6.4	0.3	1.3
Profit before tax	218.4	109.5	265.8	196.8	129.0	209.6	206.2	158.0	100.7	189.8	115.5	9.7	93.1	263.9	177.0	96.4	74.3	177.8	109.5	30.7	52.8	143.7	106.0	43.2	75.2	156.4	135.3	51.8	25.4	118.7	111.5	50.7	60.5	156.6	112.7
Tax	-48.2	-70.1	-48.7	-57.9	-34.2	-55.8	-49.4	-41.7	-29.8	-48.4	-33.5	-11.6	-28.6	-69.6	-48.5	-18.3	-29.5	-51.5	-37.5	-19.2	-11.2	-42.3	-30.4	-14.5	-24.4	-41.2	-35.8	-24.1	-12.4	-33.0	-30.8	-21.5	-16.8	-40.0	7.5
Profit for the period	170.2	39.4	217.1	138.9	94.8	153.8	156.8	116.3	70.9	141.4	82.0	-1.9	64.5	194.3	128.5	78.1	44.8	126.3	72.0	11.5	41.6	101.4	75.6	28.7	50.8	115.2	99.5	27.7	13.0	85.7	80.7	29.2	43.7	116.6	120.2
Profit attributable to minority interests	6.1	-3.8	0.7	1.1	-2.9	0.4	1.7	1.0	2.3	0.8	0.3	-0.8	1.9	0.9	1.8	-1.4	0.5	0.4	-0.5	-0.4
Profit attributable to Parent Company's shareholders	164.1	43.2	216.4	137.8	97.7	153.4	155.1	115.3	68.6	140.6	81.7	-1.1	62.6	193.4	126.7	79.5	44.3	125.9	72.5	11.9	41.6	101.4	75.6	28.7	50.8	115.2	99.5	27.7	13.0	85.7	80.7	29.2	43.7	116.6	120.2
Basic earning per share, SEK	0.8	0.2	1.0	0.7	0.5	0.7	0.8	0.6	0.3	0.7	0.4	0.0	0.3	0.9	0.6	0.4	0.2	0.6	0.3	0.1	0.2	0.5	0.4	0.1	0.2	0.6	0.5	0.1	0.1	0.4	0.4	0.1	0.2	0.6	0.6
Diluted earnings per share, SEK	0.8	0.2	1.0	0.7	0.5	0.7	0.8	0.6	0.3	0.7	0.4	0.0	0.3	0.9	0.6	0.4	0.2	0.6	0.3	0.1	0.2	0.5	0.4	0.1	0.2	0.6	0.5	0.1	0.1	0.4	0.4	0.1	0.2	0.6	0.6
Average number of shares during period, basic (thousand)	208,000	208,000	208,000	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Average number of shares during period, diluted (thousand)	208,096	208,000	208,000	208,000	208,000	208,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000	52,000
Balance sheets
Non-current assets
Goodwill	945.1	924.3	972.7	888.9	802.5	761.9	765.3	735.6	767.6	766.9	774.1	819.9	873.0	874.3	856.4	846.8	847.3	753.9	737.7	759.1	724.4	728.0	708.9	691.4	676.4	723.6	645.7	621.8	624.8	642.2	619.7	613.7	589.2	586.1	553.4
Other intangible assets	289.7	296.1	310.9	216.1	191.4	195.1	209.7	210.7	223.7	214.9	225.3	247.7	238.6	252.7	252.6	265.1	238.6	208.1	190.0	216.9	185.1	200.3	204.9	193.3	196.1	192.7	188.4	189.3	194.4	205.5	221.8	225.8	231.0	241.7	249.7
Tangible non-current assets	2,491.7	2,476.7	2,516.4	2,325.6	2,334.6	2,238.9	2,164.8	2,118.1	2,024.1	1,979.9	1,949.6	1,988.1	2,065.0	2,109.2	2,087.5	1,769.4	1,745.3	1,732.6	1,730.0	1,722.2	1,601.4	1,538.4	1,462.3	1,413.4	1,377.8	1,395.2	1,306.5	1,273.6	1,284.2	1,294.1	1,291.6	1,288.3	1,226.3	1,189.3	1,141.8
Financial non-current assets	213.7	211.2	206.8	193.6	234.5	223.3	221.2	237.5	264.3	263.7	257.9	254.9	244.5	228.0	257.9	267.6	253.1	257.2	253.7	240.4	222.1	201.9	201.9	200.6	202.1	199.8	174.7	180.5	182.1	175.2	179.1	180.0	169.7	162.4	166.9
Total non-current assets	3,940.2	3,908.3	4,006.8	3,624.2	3,563.0	3,419.2	3,361.0	3,301.9	3,279.7	3,225.4	3,206.9	3,310.6	3,421.1	3,464.2	3,454.4	3,148.9	3,084.3	2,951.8	2,911.4	2,938.6	2,733.0	2,668.6	2,578.0	2,498.7	2,452.4	2,511.3	2,315.3	2,265.2	2,285.5	2,317.0	2,312.2	2,307.8	2,216.2	2,179.5	2,111.8
Current Assets
Inventories	2,490.4	2,527.5	2,543.9	2,224.9	1,968.9	1,744.9	1,634.7	1,436.9	1,357.5	1,378.1	1,430.9	1,571.5	1,489.2	1,544.9	1,544.7	1,509.4	1,473.4	1,437.7	1,414.1	1,399.4	1,241.4	1,181.5	1,138.9	1,170.4	1,132.3	1,150.1	1,132.8	1,105.1	1,049.4	1,030.5	1,030.4	1,029.2	980.6	965.1	930.0
Current receivables	2,526.7	2,610.5	2,613.1	2,287.4	2,009.2	2,031.8	1,896.7	1,897.6	1,757.8	1,953.3	1,821.8	1,839.6	1,919.3	2,201.7	1,958.1	1,902.1	1,746.6	1,897.6	1,663.1	1,644.2	1,439.9	1,582.2	1,473.8	1,450.3	1,283.8	1,499.8	1,387.1	1,255.2	1,204.9	1,323.5	1,256.8	1,165.4	1,084.5	1,224.6	1,014.3
Cash & cash equivalents	334.4	332.2	311.3	335.9	327.7	359.3	348.0	319.1	324.0	344.1	307.9	378.2	328.0	321.0	301.4	250.4	256.2	431.9	234.3	212.8	194.9	208.3	270.0	241.8	212.9	229.3	236.6	176.9	198.6	242.3	214.6	187.8	158.8	188.7	179.0
Total current assets	5,351.5	5,470.2	5,468.3	4,848.2	4,305.8	4,136.0	3,879.4	3,653.6	3,439.3	3,675.5	3,560.6	3,789.3	3,736.5	4,067.6	3,804.2	3,661.9	3,476.2	3,767.2	3,311.5	3,256.4	2,876.2	2,972.0	2,882.7	2,862.5	2,629.0	2,879.2	2,756.5	2,537.2	2,452.9	2,596.3	2,501.8	2,382.4	2,223.9	2,378.4	2,123.3
Assets held for sale	865.4	832.9				7.0
Total assets	10,157.1	10,211.4	9,475.1	8,472.4	7,868.8	7,562.2	7,240.4	6,955.5	6,719.0	6,900.9	6,767.5	7,099.9	7,157.6	7,531.8	7,258.6	6,810.8	6,560.5	6,719.0	6,222.9	6,195.0	5,609.2	5,640.6	5,460.7	5,361.2	5,081.4	5,390.5	5,071.8	4,802.4	4,738.4	4,913.3	4,814.0	4,690.2	4,440.1	4,557.9	4,235.1
Equity and liabilities
Equity	4,724.9	4,467.8	4,167.4	3,853.5	3,717.7	3,458.8	3,501.1	3,330.1	3,205.5	3,193.7	3,024.1	3,084.7	3,151.4	3,092.6	2,986.7	2,839.2	2,709.6	2,664.9	2,629.0	2,620.3	2,461.9	2,434.2	2,403.2	2,381.3	2,312.1	2,358.2	2,280.4	2,108.2	2,066.3	2,101.1	2,163.7	2,082.2	2,061.5	2,010.4	2,047.3
Non-interst-bearing long-term liabilities	314.0	299.9	329.4	275.7	269.7	272.7	256.3	259.9	259.1	263.2	257.8	271.9	300.4	296.9	277.8	288.6	260.8	268.9	269.0	275.5	230.1	232.7	224.3	259.1	235.2	242.0	222.0	238.7	252.3	252.6	242.1	261.0	216.8	211.2	197.1
Interest-bearing long-term liabilities	1,446.6	1,640.9	1,532.7	1,230.8	1,073.4	1,046.0	1,053.4	1,051.5	1,044.0	1,063.3	1,062.9	1,119.8	1,179.7	1,257.1	1,148.5	1,070.0	1,090.3	847.1	764.5	690.7	389.2	368.2	379.4	319.3	372.1	416.3	268.3	196.7	229.5	251.9	280.6	245.4	270.2	262.2	315.8
Interest-bearing current liabilities	1,408.5	1,378.0	1,317.0	1,148.0	1,029.1	975.2	747.6	735.6	803.2	883.7	998.4	1,154.0	1,048.1	1,251.4	1,348.7	1,175.9	1,117.3	1,468.7	1,212.6	1,283.2	1,394.8	1,391.3	1,304.1	1,236.1	1,086.0	1,231.7	1,258.1	1,309.0	1,245.9	1,262.8	1,154.5	1,140.3	976.4	1,027.8	818.5
Non-interest-bearing current liabilities	2,042.6	2,197.3	2,128.6	1,964.4	1,778.9	1,802.5	1,682.0	1,578.4	1,407.2	1,497.0	1,424.3	1,469.5	1,478.0	1,633.8	1,496.9	1,437.1	1,382.5	1,469.4	1,347.8	1,325.3	1,133.2	1,214.2	1,149.7	1,165.4	1,076.0	1,142.3	1,043.0	949.8	944.4	1,044.8	973.1	961.3	915.2	1,046.3	856.4
Liabilities attritutable to available-for-sale assets	220.5	227.5				7.0
Total equity and liabilities	10,157.1	10,211.4	9,475.1	8,472.4	7,868.8	7,562.2	7,240.4	6,955.5	6,719.0	6,900.9	6,767.5	7,099.9	7,157.6	7,531.8	7,258.6	6,810.8	6,560.5	6,719.0	6,222.9	6,195.0	5,609.2	5,640.6	5,460.7	5,361.2	5,081.4	5,390.5	5,071.8	4,802.4	4,738.4	4,913.2	4,814.0	4,690.2	4,440.1	4,557.9	4,235.1
Cash flow statements in summary
Operating profit	277.5	119.8	269.6	191.4	131.3	237.5	209.6	173.1	108.0	213.5	182.1	56.3	112.6	283.8	173.0	114.1	80.1	189.0	144.9	5.1	67.7	143.9	132.9	47.7	105.1	153.2	133.0	62.3	30.1	134.2	117.5	55.0	54.1	156.3	111.4
Adjustments for non-cash items	90.6	222.0	106.2	67.5	81.1	117.2	88.7	138.8	83.3	98.0	71.4	83.3	77.0	111.3	78.3	75.6	49.0	50.8	17.7	96.1	45.5	62.8	16.0	44.3	1.5	66.3	46.3	25.9	48.4	30.0	39.5	31.5	60.7	74.9	32.4
Financial items	-21.3	-18.3	-11.3	-9.4	-6.5	-3.7	-8.0	-6.8	-6.4	-6.1	-8.2	-8.2	-9.4	-12.7	-8.0	-9.9	-8.4	-7.4	-6.6	-7.6	-6.7	-3.9	-5.7	-6.8	-4.3	-5.7	-5.6	-4.7	-4.5	-5.0	-4.7	-5.6	-5.0	-5.2	-4.9
Income tax paid	-72.2	-48.4	-55.5	-1.5	-63.6	-41.8	-40.5	-32.7	-45.5	-56.7	-47.8	-37.2	-31.3	-36.3	-45.0	-37.8	-43.2	-36.1	-35.8	-48.0	-56.9	-10.8	-31.7	-34.4	-23.5	-47.2	-23.6	-39.2	-53.7	-23.8	-22.1	-55.8	-37.8	-25.9	-2.0
Cash flow from operating activities before changes in working capital	274.6	275.1	309.0	248.0	142.3	309.2	249.8	272.4	139.4	248.7	197.5	94.2	148.9	346.1	198.3	142.0	77.5	196.3	120.2	45.6	49.6	192.0	111.5	50.8	78.8	166.6	150.1	44.3	20.3	135.4	130.2	25.1	72.0	200.1	136.9
Changes in working capital	4.1	-72.0	-373.8	-279.6	-115.6	-227.7	-91.2	-43.1	105.1	36.0	37.9	-54.0	163.9	-23.7	-29.4	-106.5	111.6	-109.5	-45.1	-60.8	16.9	-92.3	-37.7	-76.3	129.7	0.8	-36.0	-84.3	18.1	-13.6	-81.5	-38.0	5.4	-111.2	-49.0
Cash flow from operating activities	278.7	203.1	-64.8	-31.6	26.7	81.5	158.6	229.3	244.5	284.7	235.4	40.2	312.8	322.4	168.9	35.5	189.1	86.8	75.1	-15.2	66.5	99.7	73.8	-25.5	208.5	167.4	114.1	-40.0	38.4	121.8	48.7	-12.9	77.4	88.9	87.9
Cash flow from investing activities	-33.8	-92.6	-407.4	-247.7	-44.4	-115.9	-107.9	-124.6	-153.2	-77.5	-93.0	-35.5	-37.3	-107.2	-55.4	-52.4	-257.0	-104.4	-101.6	-89.7	-112.8	-118.0	-161.4	-35.1	-87.5	-132.5	-26.2	-40.2	-45.9	-82.2	-43.8	-123.1	-26.9	-61.1	-85.9
Cash flow from financing activities	-246.2	-114.4	429.9	286.6	-43.8	56.7	-24.6	-113.5	-100.7	-161.8	-181.2	68.0	-265.8	-195.6	-67.7	0.1	-106.9	212.5	56.1	104.1	35.5	-50.2	129.4	81.3	-122.7	-55.5	-37.6	52.8	-24.6	-3.3	28.6	150.2	-73.6	-14.6	48.2
Cash flow for the period	-1.3	-3.9	-42.3	7.3	-61.5	22.3	26.1	-8.8	-9.4	45.4	-38.8	72.7	9.7	19.6	45.8	-16.8	-174.8	194.9	29.6	-0.8	-10.8	-68.5	41.8	20.7	-1.7	-20.6	50.3	-27.4	-32.1	36.3	33.5	14.2	-23.1	13.2	50.2
Cash & cash equivalents at start of period	337.9	311.3	335.9	327.7	361.4	348.0	319.1	324.0	344.1	307.9	378.2	328.0	321.0	301.4	250.4	256.2	431.9	234.3	213.3	194.9	208.3	270.0	241.8	212.9	229.3	236.6	176.9	198.6	242.3	214.6	187.8	123.3	123.3	123.3	123.3
Translation differences in cash	13.1	30.5	17.7	0.9	27.8	-8.9	2.8	3.9	-10.7	-9.2	-31.5	-22.5	-2.7	0.0	5.2	11.0	-0.9	2.7	-8.6	19.2	-2.6	6.8	-13.6	8.2	-14.7	13.3	9.4	5.7	-11.6	-8.6	-6.7	14.8	-6.8	-3.5	5.5
Cash & cash equivalents held for sale	-15.3	-5.7	0.0	0.0	0.0	-2.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash & cash equivalents at the end of period	334.4	332.2	311.3	335.9	327.7	359.3	348.0	319.1	324.0	344.1	307.9	378.2	328.0	321.0	301.4	250.4	256.2	431.9	234.3	213.3	194.9	208.3	270.0	241.8	212.9	229.3	236.6	176.9	198.6	242.3	214.6	187.8	158.8	188.7	179.0
Key ratios/Alternative performance measures
Number of employees
The number of employees at the end of the accounting period. New employees, appointments terminated, part-time employees and paid overtime are converted into full-time equivalents.
Number of employees
Return on equity
Profit after tax before non-controlling interest, for the trailing 12 months (TTM), divided by average equity excluding non-controlling interest.
Profit after tax before minority share, rolling 12 month
Average equity
Return on equity, %	13.3	12.2	16.1	15.1	15.0	14.9	14.8	13.0	9.4	9.2	11.0	12.6	15.5	15.4	13.5	11.9	9.6	9.7	8.9	9.3	10.2	10.8	11.4	12.6	12.9	11.6	10.6	9.8	9.9	11.4	13.0	15.1	27.4	27.2	26.8
Return on capital employed, %
Profit after financial income, for the trailing 12 months (TTM), divided by average capital employed.
Profit after financial income, rolling 12
Average capital employed
Return on capital employed, %	13.3	12.2	14.7	14.5	14.9	14.2	14.3	13.1	10.2	10.1	11.2	11.6	12.6	12.6	11.1	11.3	8.8	8.8	8.2	9.1	9.3	10.4	10.8	12.0	11.9	10.5	10.1	10.2	9.3	10.5	12.4	12.5	19.8	18.9	18.1
EBITDA
Operating profit before depreciation and amortization
Operating profit	277.5	119.8	269.6	191.4	131.3	237.5	209.6	173.1	108.0	213.5	182.1	56.3	112.6	283.9	173.0	114.1	80.1	188.9	144.9	5.2	67.7	143.9	132.9	47.7	105.1	153.2	133.0	62.2	30.1	134.3	117.5	55.1	54.1	156.3	111.4
Depreciation and amortization	96.2	273.5	103.2	134.5	92.8	91.0	90.0	124.8	88.6	97.4	89.1	130.7	90.5	89.0	85.4	62.8	57.6	57.2	55.6	54.7	52.2	48.8	48.8	49.0	47.8	45.8	44.0	46.3	43.3	44.6	44.0	46.2	43.1	41.8	39.9
EBITDA
Equity per share
Equity divided by the number of shares at the end of the period
Equity
Number of shares, thousand	208,000	208,000	208,000	208,000	208,000	208,000	52,000	52,000	52,000	52,000