Financial information

Net sales during 2008 amounted to SEK 9,840 m (9,280), which is an increase of 6 percent compared with the previous year. The operating profit (EBIT) excluding one-off items amounted to SEK 1,279 m (1,309), a decrease of 2 % 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 2008	Year 2007	Year 2006	Year 2005	Year 2004
Net sales	9,840	9,280	7,609	6,214	5,477
Growth, %	6	22	22	13	3
Growth, of which:
Organic, %	2	14	10	8	6
Acquired/divested, %	3	8	13	3	-2
Currency effect, %	1	0	-1	2	-1
Operating profit (EBITDA)	1,388	1,512	1,103	751	569
Operating profit (EBITA)	1,172	1,318	942²	553²	384
Operating profit (EBIT), excl. one-off items	1,279¹	1,309	933	550	384
Profit after financial items (EBT)	990	1,175	797	484	297
Profit for the year	723	901	585	351	203
Cash flow from operating activities	673	875	778	730	426
Operating margin (EBITA), %	11.9	14.2	12.4²	8.9²	7.0
Operating margin (EBIT), % excl. one-off items	13.0	14.1	12.3	8.9	7.0
Equity	3,346	2,969	2,190	2,853	2,369
Net debt	2,774	2,238	2,602	1,846	1,858
Return on equity, %	23.4	35.9	25.1	13.7	9.0
Return on capital employed, %	20.0	24.5	18.2	11.9	10.7
Net debt-equity ratio, times	0,8	0,8	1,2	0,7	0,8
Average no. of employees	5,389	5,013	4,689	4,135	4,138

1 ) One-off items consists of SEK 117 m for the cost reduction programme, SEK 18 m write-down of stock, a capital gain of SEK 14 m from the sale of property, as well as a capital gain of SEK 18 m from the sale of the participating interest in the ventilation company Øland A/S, and SEK 13 m costs to replace the CEO.

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

Key figures	Year 2008	Year 2007	Year 2006	Year 2005	Year 2004
Operating margin (EBITDA), %	14.1	16.3	14.5	12.1	10.4
Operating margin (EBITA), %	11.9	14.2	12.4¹	8.9¹	7.0
Operating margin (EBIT), %	11.8	14.1	11.7	9.0	7.0
Operating margin (EBIT), excl. one-off items, %	13.0	14.1	12.3	8.9	7.0
Profit margin (EBT), %	10.1	12.7	10.5	7.8	5.4
Return on capital employed, %	20.0	24.5	18.2	11.9	10.7
Return on operating capital, %	20.7	25.4	19.1	12.2	9.4
Return on operating capital, excl. one-off items, %	22.8	25.4	19.9	11.8	9.4
Return on equity, %	23.4	35.9	25.1	13.7	9.0
Return on (total) assets, %	14.3	17.4	13.3	9.4	8.5
Equity/assets ratio, %	39	39	31	44	43
Net debt-equity ratio, times	0.8	0.8	1.2	0.7	0.8
Interest coverage ratio, times	6.1	8.6	8.4	6.9	4.1

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 39 percent (40), W. Europe for 28 percent (28) and CEE/CIS for 30 percent (28).

Net sales and profit	Year 2008	Year 2007	Year 2006	Year 2005	Year 2004
Net sales	9,840	9,280	7,609	6,214	5,477
Growth, %	6	22	22	13	3
Net sales abroad, %	82	82	80	77	75
Operating profit (EBITDA)	1,388	1,512	1,103	751	569
Depreciation/amortisation	225	203	209	194	185
Operating profit (EBITA)	1,172	1,318	942¹	553¹	384
Operating profit (EBIT)	1,163	1,309	894	557	384
One-off items	116²	-	39³	-7⁴	-
Operating profi t (EBIT), excluding one-off items	1,279	1,309	933	550	384
Profit after financial items (EBT)	990	1,175	797	484	297
Profit for the year	723	901	585	351	203

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

2 ) Consisting of SEK 117 m for the cost reduction programme, SEK 18 m write-down of stock, a capital gain on the sale of property of SEK 14 m, as well as a SEK 18 m capital gain on the divestment of company holdings, and SEK 13 m costs to replace the CEO. Total SEK 116 m.

3 ) Comprising restructuring costs of SEK 41 m, costs in connection with flotation on the Stock Exchange of SEK 25 m and a capital gain of SEK 27 m from the sale of property.

4 ) Consists of restructuring costs of SEK 40 and a capital gain of SEK 47 m from the sale of property.

Cash flow	Year 2008	Year 2007	Year 2006	Year 2005	Year 2004
Cash flow from operating activities	673	875	778	730	426
Cash flow from investing activities	-418	-225	-424	-667	-159
Cash flow from financing activities	-396	-487	-395	58	-370
Cash flow for the year	-141	163	-40	121	-103
Operating cash flow	931	985	821	659	-

Data per share, SEK	Year 2008	Year 2007	Year 2006	Year 2005	Year 2004
Undiluted average number of shares¹	77,548	78,708	90,702	120,000	120,000
Diluted average number of shares^¹	77,548	78,708	93,062	122,940	122,736
Undiluted no. of shares at year end	74,772	78,708	78,708	120,000	120,000
Diluted no. of shares at year end	74,772	78,708	78,708	122,940	122,736
Undiluted earnings per share	9.32	11.45	6.45	2.93	1.69
Diluted earnings per share (EPS)	9.32	11.45	6.29	2.86	1.65
Earnings per share, current number	9.67	11.45	7.43	2.93	1.69
Undiluted equity per share	44.75	37.72	27.82	23.77	19.74
Diluted equity per share	44.75	37.72	27.82	23.21	19.3
Cash flow from operating activities per share	8.68	11.12	9.89	5.94	3.47
Dividend per share (for 2008 according to the Board’s proposal)	2.75	5.25	3.25	-	-
P/E ratio	5.2	12.9	20.7	N/A	N/A
Quoted price at year end, LIAB	48.50	147.25	130.25	N/A	N/A
Market capitalisation at year end	3.626	11.590	10.252	N/A	N/A

1) The average number of shares has been adjusted for the repurchase of shares made 2008 and for 2006 with respect to the 8:1 split and the 15:1 split.

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