EURm
Sales
0
0
0
0
0
0
0
253
280
346
547
585
620
N/A
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,7
23,4
58
7
6
-100
EBITDA
0
0
0
0
0
0
0
30
21
30
39
46
49
N/A
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
12
7,6
8,8
7,2
7,9
7,9
N/A
EBIT adj.
0
0
0
0
0
0
0
27
18
26
34
40
43
0
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,6
6,3
7,6
6,2
6,9
6,9
N/A
Pretax profit
0
0
0
0
0
0
0
25
12
22
29
36
40
0
EPS
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,02
0,03
0,04
0,05
N/A
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,03
0,04
0,04
0,05
N/A
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-63,5
29,2
64,1
21,8
-100
N/A
DPS
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
0,01
0,01
0,01
0,02
0,02
N/A
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,1
19,9
13,6
10,8
8,9
8,1
N/A
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11,5
23,9
15,7
12,6
10,2
9,3
N/A
P/E (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
14,4
39,4
24,9
18,2
14,6
13,1
N/A
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
13,8
32,6
23,7
17,3
13,9
12,6
N/A
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,21
1,51
1,2
0,78
0,71
0,64
N/A
FCF yield (%)
0
0
0
0
0
0
0
2,4
5,2
5,2
-0,8
6,1
6,9
0
Le. adj. FCF yld. (%)
0
0
0
0
0
0
0
2,4
5
5
-1,1
5,9
6,7
0
Dividend yield (%)
0
0
0
0
0
0
0
0,2
2,1
2,3
1,7
2,7
3,4
0
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,2
-0,3
-0,5
-0,1
-0,4
-0,7
N/A
Le. adj. ND/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
-0,4
-0,7
-0,2
-0,5
-0,8
N/A
EURm
Sales
0
0
0
0
0
0
0
253
280
346
547
585
620
N/A
COGS
0
0
0
0
0
0
0
-204
-220
-265
-428
-450
-477
N/A
Gross profit
0
0
0
0
0
0
0
50
60
81
119
135
143
0
Other operating items
0
0
0
0
0
0
0
-19
-39
-51
-79
-89
-94
0
EBITDA
0
0
0
0
0
0
0
30
21
30
39
46
49
N/A
Depreciation and amortisation
0
0
0
0
0
0
0
-4
-4
-4
-6
-6
-6
0
of which leasing depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
EBITA
0
0
0
0
0
0
0
27
18
26
34
40
43
N/A
EO Items
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Impairment and PPA amortisation
0
0
0
0
0
0
0
-1
-3
-1
-2
-2
-2
0
EBIT
0
0
0
0
0
0
0
26
15
25
32
39
41
N/A
Net financial items
0
0
0
0
0
0
0
0
-3
-4
-3
-3
-1
N/A
Pretax profit
0
0
0
0
0
0
0
25
12
22
29
36
40
0
Tax
0
0
0
0
0
0
0
-2
-2
-4
-6
-6
-7
N/A
Net profit
0
0
0
0
0
0
0
23
11
18
24
30
33
0
Minority interest
0
0
0
0
0
0
0
-2
0
0
0
0
0
N/A
Net profit discontinued
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Net profit to shareholders
0
0
0
0
0
0
0
21
11
17
24
30
33
0
EPS
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,02
0,03
0,04
0,05
N/A
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,03
0,04
0,04
0,05
N/A
Total extraordinary items after tax
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Leasing payments
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Tax rate (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
7,7
13,1
19
19,4
17,4
17,4
N/A
Gross margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
19,6
21,5
23,4
21,7
23,1
23,1
N/A
EBITDA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
12
7,6
8,8
7,2
7,9
7,9
N/A
EBITA margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,6
6,3
7,6
6,2
6,9
6,9
N/A
EBIT margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,2
5,4
7,3
5,9
6,6
6,6
N/A
Pre-tax margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10
4,4
6,3
5,4
6,1
6,4
N/A
Net margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
9,2
3,9
5,1
4,3
5,1
5,3
N/A
Growth Rates y-o-y
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Sales growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,7
23,4
58
7
6
-100
EBITDA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-29,7
41,9
30
17,3
6
-100
EBITA growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-33,5
48,3
28,6
19
6
-100
EBIT growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-41
66,9
27,6
19,9
6,2
-100
Net profit growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-53,6
61,8
34,8
25,1
11,2
-100
Profitability
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EPS growth (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
-63,5
29,2
64,1
21,8
-100
N/A
ROE (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
23,4
6
9,1
11,7
13,5
13,9
0
ROE adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
24,5
7,4
9,7
12,5
14,2
14,5
0
ROCE (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26,1
7,8
12,6
15
16,2
16,5
0
ROCE adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
27,1
9,1
13,1
15,7
16,9
17,2
0
ROIC (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26,3
8,4
12
14,2
15,9
16,6
N/A
ROIC adj. (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
26,3
8,4
12
14,2
15,9
16,6
N/A
Adj. earnings numbers
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EBITDA adj.
0
0
0
0
0
0
0
30
21
30
39
46
49
0
EBITDA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
12
7,6
8,8
7,2
7,9
7,9
N/A
EBITDA lease adj.
0
0
0
0
0
0
0
30
21
30
39
46
49
N/A
EBITDA lease adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
12
7,6
8,8
7,2
7,9
7,9
N/A
EBITA adj.
0
0
0
0
0
0
0
27
18
26
34
40
43
0
EBITA adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,6
6,3
7,6
6,2
6,9
6,9
N/A
EBIT adj.
0
0
0
0
0
0
0
27
18
26
34
40
43
0
EBIT adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,6
6,3
7,6
6,2
6,9
6,9
N/A
Pretax profit Adj.
0
0
0
0
0
0
0
26
15
23
31
37
41
0
Net profit Adj.
0
0
0
0
0
0
0
24
13
19
25
31
34
0
Net profit to shareholders adj.
0
0
0
0
0
0
0
22
14
18
25
31
34
0
Net adj. margin (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
9,6
4,8
5,4
4,6
5,3
5,6
N/A
EURm
EBITDA
0
0
0
0
0
0
0
30
21
30
39
46
49
N/A
Goodwill
0
0
0
0
0
0
0
121
121
122
139
139
139
N/A
Net financial items
0
0
0
0
0
0
0
0
-3
-4
-3
-3
-1
N/A
Other intangible assets
0
0
0
0
0
0
0
4
2
1
10
10
11
0
Paid tax
0
0
0
0
0
0
0
0
-3
-2
-3
0
0
N/A
Tangible fixed assets
0
0
0
0
0
0
0
14
13
14
15
15
16
N/A
Non-cash items
0
0
0
0
0
0
0
-19
1
0
-4
-6
-7
N/A
Right-of-use asset
0
0
0
0
0
0
0
3
3
4
6
6
6
N/A
Cash flow before change in WC
0
0
0
0
0
0
0
11
16
25
30
37
41
0
Total other fixed assets
0
0
0
0
0
0
0
17
19
20
19
19
19
0
Change in working capital
0
0
0
0
0
0
0
1
8
3
1
-2
-2
0
Fixed assets
0
0
0
0
0
0
0
160
158
161
187
189
190
0
Operating cash flow
0
0
0
0
0
0
0
12
24
28
31
35
39
N/A
Inventories
0
0
0
0
0
0
0
2
1
11
15
16
17
N/A
Capex tangible fixed assets
0
0
0
0
0
0
0
-4
-2
-4
-5
-9
-9
N/A
Receivables
0
0
0
0
0
0
0
83
84
82
108
116
123
N/A
Capex intangible fixed assets
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Other current assets
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Acquisitions and Disposals
0
0
0
0
0
0
0
0
0
-1
-29
0
0
0
Cash and liquid assets
0
0
0
0
0
0
0
14
23
31
28
33
43
N/A
Free cash flow
0
0
0
0
0
0
0
7
22
23
-3
26
30
0
Total assets
0
0
0
0
0
0
0
259
266
285
339
353
373
0
Dividend paid
0
0
0
0
0
0
0
-1
-9
-10
-7
-12
-15
N/A
Shareholders equity
0
0
0
0
0
0
0
180
185
193
210
228
246
0
Share issues and buybacks
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Minority
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Leasing liability amortisation
0
0
0
0
0
0
0
0
-1
-1
-1
-1
-1
N/A
Total equity
0
0
0
0
0
0
0
180
185
193
210
228
246
0
Other non-cash items
0
0
0
0
0
0
0
-18
1
-1
-4
1
1
-26
Long-term debt
0
0
0
0
0
0
0
10
9
1
10
0
0
N/A
Pension debt
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Convertible debt
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Leasing liability
0
0
0
0
0
0
0
3
3
4
6
6
6
0
Total other long-term liabilities
0
0
0
0
0
0
0
5
4
5
6
6
6
0
Short-term debt
0
0
0
0
0
0
0
7
4
9
10
10
5
N/A
Accounts payable
0
0
0
0
0
0
0
53
60
73
96
103
109
N/A
Other current liabilities
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total liabilities and equity
0
0
0
0
0
0
0
259
266
285
339
353
373
0
Net IB debt
0
0
0
0
0
0
0
7
-6
-17
-2
-17
-32
0
Net IB debt excl. pension debt
0
0
0
0
0
0
0
7
-6
-17
-2
-17
-32
0
Net IB debt excl. leasing
0
0
0
0
0
0
0
4
-9
-21
-8
-23
-38
0
Capital employed
0
0
0
0
0
0
0
201
202
207
236
244
257
0
Capital invested
0
0
0
0
0
0
0
187
180
177
208
211
214
0
Working capital
0
0
0
0
0
0
0
32
26
20
26
28
30
0
Market cap. diluted (m)
0
0
0
0
0
0
0
303
430
430
430
430
430
0
Net IB debt adj.
0
0
0
0
0
0
0
4
-6
-17
-2
-17
-32
N/A
Market value of minority
0
0
0
0
0
0
0
0
0
0
0
0
0
N/A
Reversal of shares and participations
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Reversal of conv. debt assumed equity
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
EV
0
0
0
0
0
0
0
307
424
413
428
413
398
0
Total assets turnover (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
195,5
106,8
125,5
175,2
169,1
170,9
0
Working capital/sales (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
6,3
10,3
6,6
4,3
4,7
4,7
N/A
Financial risk and debt service
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Net debt/equity (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3,9
-3
-8,6
-1,1
-7,4
-13
N/A
Net debt / market cap (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2,3
-1,3
-3,9
-0,5
-3,9
-7,4
N/A
Equity ratio (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
69,6
69,6
67,7
62
64,5
66
N/A
Net IB debt adj. / equity (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
2,1
-3
-8,6
-1,1
-7,4
-13
N/A
Current ratio
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,64
1,69
1,51
1,42
1,45
1,59
N/A
EBITDA/net interest
N/A
N/A
N/A
N/A
N/A
N/A
N/A
69,1
7,8
8,2
13,1
15,4
34,5
N/A
Net IB debt/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,2
-0,3
-0,5
-0,1
-0,4
-0,7
N/A
Net IB debt/EBITDA lease adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
-0,4
-0,7
-0,2
-0,5
-0,8
N/A
Interest coverage
N/A
N/A
N/A
N/A
N/A
N/A
N/A
27,2
5,7
6,4
8,7
12,5
25,7
N/A
EURm
Shares outstanding adj.
0
0
0
0
0
0
0
498
707
707
707
707
707
N/A
Diluted shares adj.
0
0
0
0
0
0
0
498
707
707
707
707
707
0
EPS
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,02
0,03
0,04
0,05
N/A
Dividend per share
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
0,01
0,01
0,01
0,02
0,02
N/A
EPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,04
0,02
0,03
0,04
0,04
0,05
N/A
BVPS
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,36
0,26
0,27
0,3
0,32
0,35
N/A
BVPS adj.
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,11
0,09
0,1
0,09
0,11
0,14
N/A
Net IB debt/share
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0,01
-0,01
-0,02
0
-0,02
-0,05
N/A
Share price
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
6,79
Market cap. (m)
0
0
0
0
0
0
0
303
430
430
430
430
430
0
P/E (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
14,4
39,4
24,9
18,2
14,6
13,1
N/A
EV/sales (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,2
1,5
1,2
0,8
0,7
0,6
N/A
EV/EBITDA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,1
19,9
13,6
10,8
8,9
8,1
N/A
EV/EBITA (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11,5
23,9
15,7
12,6
10,2
9,3
N/A
EV/EBIT (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11,9
27,9
16,3
13,2
10,7
9,7
N/A
Dividend yield (%)
0
0
0
0
0
0
0
0,2
2,1
2,3
1,7
2,7
3,4
0
FCF yield (%)
0
0
0
0
0
0
0
2,4
5,2
5,2
-0,8
6,1
6,9
0
Le. adj. FCF yld. (%)
0
0
0
0
0
0
0
2,4
5
5
-1,1
5,9
6,7
0
P/BVPS (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,68
2,32
2,23
2,05
1,89
1,75
N/A
P/BVPS adj. (x)
0,61
0,61
0,61
0,61
0,61
0,61
0,61
5,11
6,71
6,07
6,02
4,82
4,01
0,61
P/E adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
13,8
32,6
23,7
17,3
13,9
12,6
N/A
EV/EBITDA adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
10,1
19,9
13,6
10,8
8,9
8,1
N/A
EV/EBITA adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11,5
23,9
15,7
12,6
10,2
9,3
N/A
EV/EBIT adj. (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
11,5
23,9
15,7
12,6
10,2
9,3
N/A
EV/CE (x)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,5
2,1
2
1,8
1,7
1,5
N/A
Investment ratios
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Capex/sales (%)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,6
0,6
1,3
1
1,5
1,5
N/A
Capex/depreciation
N/A
N/A
N/A
N/A
N/A
N/A
N/A
1,1
0,5
1,1
1
1,5
1,5
N/A
Capex tangibles / tangible fixed assets
N/A
N/A
N/A
N/A
N/A
N/A
N/A
28,1
14
30,7
37,5
58,3
59,1
N/A
Capex intangibles / definite intangibles
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Depreciation on intang / def. intang
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Depreciation on tangibles / tangibles
N/A
N/A
N/A
N/A
N/A
N/A
N/A
25,4
27,7
27,7
38,1
39,2
39,8
N/A
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.
Sales
Sales growth (%)
EBIT adj.
EBIT adj. margin (%)
EPS adj.
DPS
Net IB debt
Equity ratio (%)
Shares outstanding adj.