Quarter  January–June Full Year 
    SEKm  2-17  1-17  2-16  2017 2016 2016 
Net sales  4 148 4 131  3 937 8 278 7 765 15 513 
Operating profit excl.
items affecting comparability 		 525 627  483 1 152 1 063 2 162 
Operating   profit  525 627  483 1 152 831 1 930 
Profit after   tax  394 485  364 880 587 1 424 
Earnings per   share, SEK  4.7 5.8  4.3 10.5 7.0 16.9 
Operating   margin, % *  12.7 15.2  12.3 13.9 13.7 13.9 
Return on   capital employed, % *  8.5 10.2  7.7 9.4 8.4 8.6 
Return on   equity, %  7.5 9.2  7.1 8.4 5.7 6.9 
Cash flow   before investments
and working capital 		 482 742  478 1 224 1 232 2 320 
Debt/equity   ratio  0.19 0.16  0.22 0.19 0.22 0.19 

*Excluding items affecting comparability of SEK -232 million in 2016. See also page 15.

  • Operating profit for January–June 2017 was SEK 1 152 million (January–June 2016: SEK 1 063 million, excluding items affecting comparability). The improvement in earnings was due to higher wood product prices, better earnings from forests and the divestiture of the newsprint mill in Madrid.
  • Compared with the first quarter, operating profit decreased by SEK 102 million to SEK 525 million as a result of a maintenance shutdown within paperboard and seasonally lower hydro power production.
  • Profit after tax for January–June amounted to SEK 880 million (587), which corresponds to earnings per share of SEK 10.5 (7.0). 
  •  Return on capital employed increased to 9.4 (8.4) per cent.
  • Production of paperboard, paper and wood products has been established at a higher level than previous years and the sales mix has developed well. Cash flow was strong and largely covered the SEK 1 billion dividend that was paid in April.

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
Stina Sandell, Director of Sustainability and Communications, tel +46 739 86 51 12

This information is information that Holmen AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, on 17 August 2017 at 12.45 CET.