Quarter Full year
SEKm 4-19 3-19 4-18 2019 2018
Net sales 4 194 4 144 3 948 16 959 16 055
Operating profit excl. items affecting comparability 587 541 613 2 345 2 476
Operating profit 9 357 541 519 11 115 2 382
Profit after tax 7 368 409 543 8 731 2 268
Earnings per share, SEK 45.5 2.5 3.2 52.6 13.5
Operating margin, %* 14.0 13.0 15.5 13.8 15.4
Return on capital employed, %* 9.0 8.3 9.4 8.9 9.7
Return on equity, %* 7.6 7.2 10.7 7.8 10.4
Cash flow before investments and change in working capital 665 522 671 2 727 2 500
Debt/equity ratio, % 9 18 12 9 12

*Excluding items affecting comparability, see further on page 17.

  • Operating profit for 2019 was SEK 11 115 million (2 382), including items affecting comparability of SEK 8 770 million, which mainly relates to a change in the accounting of forest assets. Excluding items affecting comparability, operating profit was SEK 2 345 million (2 476). Earnings were positively affected by higher selling prices, but were negatively impacted by increased wood costs and more extensive maintenance shutdowns. 
  • Operating profit for the fourth quarter excluding items affecting comparability was SEK 587 million, compared with SEK 541 million in the third quarter. Costs increased from a seasonally low level. Profit for the previous quarter was impacted by SEK 130 million relating to a significant maintenance shutdown. 
  • Profit after tax was SEK 8 731 million (2 268). Items affecting comparability had an impact of SEK 6 943 million on profit after tax.
  • At year-end, the book value of forest assets rose by SEK 22 134 million to SEK 41 345 million as a result of the assets being recognised based on transactions in those areas where Holmen owns land. Of this increase, SEK 
  • 9 079 million is recognised in operating profit as an item affecting comparability and SEK 13 055 million in other comprehensive income. The change has increased the recognised deferred tax liability by SEK 4 560 million and equity by SEK 17 574 million.
  • As a result of the material increase in equity due to the change in the accounting of forest assets, the Board has decided that net financial debt should not exceed 25 per cent of equity, compared with 50 per cent previously. At year-end the figure was 9 per cent.
  • The Board proposes a dividend of SEK 7 (6.75) 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 such 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, at 12.20 CET on Thursday, 30 January 2020.