Financial information

Net sales during 2009 amounted to SEK 7,019 m (9,840), which is an decrease of 29 percent compared with the previous year. The operating profit (EBIT) excluding one-off items amounted to SEK 301 m (1,279), a decrease of 76 % compared with the previous year.

Lindab’s net sales, profit and various key figures are shown in the table below.

Year in briefKey figuresSales Cash flowCapital Data per share

RESULT	Year 2009	Year 2008	Year 2007	Year 2006	Year 2005
Net sales	7,019	9,840	9,280	7,609	6,214
Growth, %	-29	6	22	22	13
Growth, of which:
Organic, %	-33	2	14	10	8
Acquired/divested, %	1	3	8	13	3
Currency effect, %	3	1	0	-1	2
Operating profit (EBITDA)	479	1,388	1,512	1,103	751
Operating profit (EBITA)	265	1,172	1,318	942²	553²
Operating profit (EBIT), excl. one-off items¹	301	1,279	1,309	933	550
Profit after financial items (EBT)	119	990	1,175	797	484
Profit for the year	34	723	901	585	351
Cash flow from operating activities	719	673	875	778	730
Operating margin (EBITA), %	3.8	11.9	14.2	12.4²	8.9²
Operating margin (EBIT), % excl. one-off items¹	4.3	13.0	14.1	12.3	8.9
Equity	3,003	3,346	2,969	2,190	2,853
Net debt	2,422	2,774	2,238	2,602	1,846
Return on equity, %	1.1	23.4	35.9	25.1	13.7
Return on capital employed, %	4.3	20.0	24.5	18.2	11.9
Net debt-equity ratio, times	0.8	0,8	0,8	1,2	0,7
Average no. of employees	4,586	5,389	5,013	4,689	4,135
Fixed assets (gross)	182	301	195	146	218

1 ) One-off items for

– 2009, totalling SEK –47 m, consisting of SEK 45 m in costs relating to the cost reduction programme, a SEK 10 m income from sale of Folke Perforering’s operations, plus SEK 12 m in costs relating to the closure of Lindab Plåt in Edsvära.

– 2008, totalling SEK –116 m, consisting of SEK 117 m for the cost reduction programme, a SEK 18 m write-down in stock, a SEK 14 capital gain on the sale of property as well as a SEK 18 m capital gain from the divestment of company holdings and SEK 13 m in costs to replace the CEO.

– 2006, totalling SEK –39 m consisting of restructuring costs of SEK 41 m, SEK 25 m in costs in connection with flotation on the stock exchange and a capital gain of SEK 27 m from the sale of property.

– 2005, totalling SEK 7 m, consisting of SEK 40 m in restructuring costs and a capital gain of SEK 47 m on the sale of property.

For Lindab, one-off items are considered to exist in the case of events that are not among regular business transactions and when each individual amount is of a non-negligible size, and could therefore have an effect on the profit and key ratios.

2 ) The operating profit (EBITA) is reported excluding one-off items, as reported originally.

Key figures	Year 2009	Year 2008	Year 2007	Year 2006	Year 2005
Operating margin (EBITDA), %	6.8	14.1	16.3	14.5	12.1
Operating margin (EBITA), %	3.8	11.9	14.2	12.4¹	8.9¹
Operating margin (EBIT), %	3.6	11.8	14.1	11.7	9.0
Operating margin (EBIT), excl. one-off items, %	4.3	13.0	14.1	12.3	8.9
Profit margin (EBT), %	1.7	10.1	12.7	10.5	7.8
Return on capital employed, %	4.3	20.0	24.5	18.2	11.9
Return on operating capital, %	4.3	20.7	25.4	19.1	12.2
Return on operating capital, excl. one-off items, %	5.1	22.8	25.4	19.9	11.8
Return on equity, %	1.1	23.4	35.9	25.1	13.7
Return on (total) assets, %	3.3	14.3	17.4	13.3	9.4
Equity/assets ratio, %	40	39	39	31	44
Net debt-equity ratio, times	0.8	0.8	0.8	1.2	0.7
Interest coverage ratio, times	1.8	6.1	8.6	8.4	6.9

1 ) The operating profit (EBITA) is reported excluding one-off items, as reported originally.

Of the total net sales by geographical market, the Nordic region accounted for 42 percent (39), W. Europe for 32 percent (28), CEE/CIS for 21 percent (30) and other 5 (3).

Net sales and profit	Year 2009	Year 2008	Year 2007	Year 2006	Year 2005
Net sales	7,019	9,840	9,280	7,609	6,214
Growth, %	-29	6	22	22	13
Net sales abroad, %	81	82	82	80	77
Operating profit (EBITDA)	479	1,388	1,512	1,103	751
Depreciation/amortisation	225	225	203	209	194
Operating profit (EBITA)	265	1,172	1,318	942¹	553¹
Operating profit (EBIT)	254	1,163	1,309	894	557
One-off items²	-47	-116	-	-39	7
Operating profi t (EBIT), excluding one-off items	301	1,279	1,309	933	550
Profit after financial items (EBT)	119	990	1,175	797	484
Profit for the year	34	723	901	585	351
Total profit for the year	-142	1,124	1,035	439	485

1 ) The operating profit (EBITA) is reported excluding one-off items, as reported originally.

2 ) One-off items for

– 2009, totalling SEK –47 m, consisting of SEK 45 m in costs relating to the cost reduction programme, a SEK 10 m income from sale of Folke Perforering’s operations, plus SEK 12 m in costs relating to the closure of Lindab Plåt in Edsvära.

– 2008, totalling SEK –116 m, consisting of SEK 117 m for the cost reduction programme, a SEK 18 m write-down in stock, a SEK 14 capital gain on the sale of property as well as a SEK 18 m capital gain from the divestment of company holdings and SEK 13 m in costs to replace the CEO.

– 2006, totalling SEK –39 m consisting of restructuring costs of SEK 41 m, SEK 25 m in costs in connection with flotation on the stock exchange and a capital gain of SEK 27 m from the sale of property.

– 2005, totalling SEK 7 m, consisting of SEK 40 m in restructuring costs and a capital gain of SEK 47 m on the sale of property.

For Lindab, one-off items are considered to exist in the case of events that are not among regular business transactions and when each individual amount is of a non-negligible size, and could therefore have an effect on the profit and key ratios.

Cash flow	Year 2009	Year 2008	Year 2007	Year 2006	Year 2005
Cash flow from operating activities	719	673	875	778	730
Cash flow from investing activities	-188	-418	-225	-424	-667
Cash flow from financing activities	-541	-396	-487	-395	58
Cash flow for the year	-10	-141	163	-40	121
Operating cash flow	731	931	985	821	659

Data per share, SEK	Year 2009	Year 2008	Year 2007	Year 2006	Year 2005
Undiluted average number of shares¹	74,772	77,548	78,708	90,702	120,000
Diluted average number of shares^¹	74,772	77,548	78,708	93,062	122,940
Undiluted no. of shares at year end	74,772	74,772	78,708	78,708	120,000
Diluted no. of shares at year end	74,772	74,772	78,708	78,708	122,940
Undiluted earnings per share	0.45	9.32	11.45	6.45	2.93
Diluted earnings per share (EPS)	0.45	9.32	11.45	6.29	2.86
Earnings per share, current number	0.45	9.67	11.45	7.43	2.93
Undiluted equity per share	40.16	44.75	37.72	27.82	23.77
Diluted equity per share	40.16	44.75	37.72	27.82	23.21
Cash flow from operating activities per share	9.62	8.68	11.12	9.89	5.94
Dividend per share (for 2009 according to the Board’s proposal)	-	2.75	5.25	3.25	-
P/E ratio	163.3	5.2	12.9	20.7	N/A
Quoted price at year end, LIAB	73.5	48.50	147.25	130.25	N/A
Market capitalisation at year end	5,496	3,626	11,590	10,252	N/A

1) The average number of shares has been adjusted for 2006 with respect to the 8:1 and 15:1 splits.

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