Quarter January-June Full year
SEKm 2-16  1-16  2-15 2016 2015 2015 
Net sales 3 937 3 828 4 139 7 765 8 293 16 014
Operating profit
excl. items affecting comparability		 483 580 435 1 063 831 1 700
Operating profit 483 348 435 831 831 769
Profit after tax
excl. items affecting comparability		 364 450 322 815 620 1 323
Profit after tax 364 222 322 587 620 559
Return on capital employed, %* 7.7 9.1 6.4 8.4 6.2 6.4
Return on equity, % 7.1 4.3 6.1 5.7 5.8 2.6
Earnings per share, SEK 4.3 2.6 3.8 7.0 7.4 6.7
Cash flow before investments 569 542 574 1 111 1 097 2 526
Debt/equity ratio 0.22 0.21 0.29 0.22 0.29 0.23

* Excluding items affecting comparability, which are included in operating profit at SEK -232 million in the first quarter of 2016 and SEK -931 million in the fourth quarter of 2015.

  • Operating profit excluding items affecting comparability for the first half-year of 2016 increased by SEK 232 million to SEK 1 063 million as a result of higher profits in paper.
  • Compared with the first quarter, operating profit for the second quarter decreased by SEK 97 million to SEK 483 million as a result of running in the rebuilt board machine, seasonally lower hydro power production and earnings from timber trading returning to normal levels.
  • Profit after tax for January–June amounted to SEK 587 million (620), which corresponds to earnings per share of SEK 7.0 (7.4). Excluding items affecting comparability, profit after tax amounted to SEK 815 million (620) and earnings per share to SEK 9.7 (7.4).
  • Sale of the newsprint mill in Madrid was completed in the second quarter. The sale represents a decisive step towards concentrating the paper business into magazine paper and speciality products. The rebuilt board machine in Workington reached full capacity towards the end of the quarter, while a further stage in the expansion of pulp production at Iggesund Mill was completed. At mid-year, forest and hydro power accounted for two thirds of the Group’s operating capital.

 For further information please contact:  
Henrik Sjölund, President and CEO, tel. +46 8 666 21 05  
Anders Jernhall, EVP and CFO, tel.  +46 8 666 21 22  
Ingela Carlsson, Communications Director, tel.  +46 70 212 97 12

This is information that Holmen AB is obliged to disclose under the Swedish Securities Market Act and the Swedish Financial Instruments Trading Act. The information was submitted for publication on 17 August 2016 at 12.20 CET.