Quarter  Full year 
SEKm  4-18  3-18  4-17  2018  2017 
Net sales  3 948  3 844  3 908  16 055 16 133 
Operating profit excl. items affecting comparability 613  591 421 2 476 2 166
Operating profit   519  591  421  2 382 2 166 
Profit after tax  543  458  332  2 268 1 668 
Earnings per share, SEK  3.2  2.7  2.0  13.5 9.9 
Operating margin, %*  15.5  15.4  10.8  15.4 13.4 
Return on capital employed, %*  9.4  9.2  6.7  9.7 8.7 
Return on equity, %  9.4  8.1  6.1  10.1 7.8 
Cash flow before investments and working capital  671  581  588  2 500 2 310 
Debt/equity ratio  0.12  0.13  0.13  0.12 0.13 

*Excluding an item affecting comparability of SEK -94 million in the fourth quarter of 2018

  • Operating profit excluding items affecting comparability for 2018 increased by SEK 310 million to SEK 2 476 million as a result of higher profits from forests and wood products. In the fourth quarter of 2018, SEK 94 million was recognised as an item affecting comparability regarding costs for a savings programme in paperboard. Operating profit including items affecting comparability amounted to SEK 2 382 million (2 166). 
  • Compared with the third quarter, operating profit excluding items affecting comparability increased by SEK 22 million to SEK 613 million. 
  • Profit after tax for 2018 was SEK 2 268 million (1 668), which corresponds to earnings per share of SEK 13.5 (9.9). 
  • Return on capital employed increased to 9.7 per cent (8.7). 
  • The Board proposes a dividend of SEK 6.75 (6.50) per share.

For further information please contact:
Henrik Sjölund, President and CEO, tel. +46 8 666 21 05 
Anders Jernhall, Executive Vice President and CFO, tel. +46 8 666 21 22 
Stina Sandell, Senior Vice President Sustainability and Communications, tel. +46 73 986 51 12

This information is information that Holmen AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on Thursday 31 January 2019 at 12.15.