Annual Review    Financial Statements    Sustainability Report  
Shares and Shareholders
Risks and Risk Management
Board of Directors' Report
Consolidated Statements of Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Changes in Shareholders' Equity
Notes to Consolidated Financial Statements
Parent Company Statement of Income
Parent Company Balance Sheet
Parent Company Statement of Changes in Shareholders' Equity
Financial Indicators 1999-2003
Formulas for Calculation of Indicators
Auditors' Report
Quarterly Information
Exchange Rates Used

Formulas for Calculation of Indicators

Gearing, %:
Net interest bearing liabilities  x 100
Shareholders' equity + minority interests
Return on equity (ROE), %:
Profit before extraordinary items and income taxes - taxes  x 100
Shareholders' equity + minority interests (average for period)
Return on capital employed (ROCE), %:
Profit before extraordinary items and income taxes + interest and other financial expenses  x 100
Balance sheet total - non-interest bearing liabilities (average for period)
Equity to assets ratio, %:
Shareholders' equity + minority interests  x 100
Balance sheet total - advances received
Formulas for calculation of share-related indicators
Earnings/share:
Profit before extraordinary items and income taxes
- taxes +/- minority interests
Average number of shares during period
Equity/share:
Shareholders' equity
Number of shares at end of period
Dividend/share:
Dividend distribution
Number of shares at end of period
Dividend/earnings, %:
Dividend per share  x 100
Earnings per share
Effective dividend yield, %:
Dividend per share  x 100
Weighted average share price on Dec. 31
P/E ratio:
Weighted average share price on Dec. 31
Earnings per share
Average share price:
Total value of shares traded in euro
Number of shares traded during period
Market capitalization:
Total number of shares x share price at end of period


Exchange rates used
       Average rates        Year-end rates
  2003 2002 2001 2003 2002 2001 2000 1999
USD (US dollar) 1.1309 0.9449 0.8957 1.2630 1.0487 0.8813 0.9305 1.0046
SEK (Swedish krona) 9.1244 9.1591 9.2557 9.0800 9.1528 9.3012 8.8313 8.5625
GBP (Pound sterling) 0.6919 0.6288 0.6219 0.7048 0.6505 0.6085 0.6241 0.6217
CAD (Canadian dollar) 1.5821 1.4828 1.3867 1.6234 1.6550 1.4077 1.3965 1.4608