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Quarterly data
Q U A R T E R LY D A T A
Condensed consolidated income statement                
  2005 2006
MSEK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Net sales 2,967 3,384 3,461 3,500 2,951 3,242 3,261 3,457
Gross profit 1,338 1,542 1,612 1,540 1,495 1,584 1,586 1,581
Pension curtailment gain – – – – – 148 – –
Income from sale
of real estate		 – – 206 – – – – –
Operating profit 538 647 962 678 721 920 796 799
Net finance cost –20 –33 –40 –36 –25 –40 –57 54
Profit before income tax 518 614 922 642 696 880 739 853
Profit for the year
attributable to equity
holders of the Parent		 347 405 569 456 487 616 626 602
EBITDA excluding
larger one time items		 651 763 873 791 831 883 910 910
                 
Key figures                
  2005 2006
  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Operating margin, %1) 18.1 19.1 21.9 19.4 24.4 23.8 24.4 23.1
Net debt/equity ratio, % 5.9 57.3 24.2 13.3 52.8 183.5 264.7 223.8
Equity/assets ratio, % 36.2 28.2 31.4 30.2 28.4 14.4 11.9 14.5
Investments in property, plant and equipment, MSEK 103 100 68 57 60 64 65 115
Earnings per share, basic, SEK 1.06 1.27 1.81 1.47 1.62 2.09 2.22 2.18
1) Excluding larger one time items                
                 
Net sales by product area                
  2005 2006
MSEK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Snuff 703 800 809 819 785 831 785 963
Cigars 734 841 874 834 759 888 903 857
Chewing tobacco 242 267 290 280 273 277 273 240
Pipe tobacco and Accessories 216 218 241 245 238 218 217 226
Lights 437 524 454 521 387 368 360 388
Other operations 635 734 792 800 510 659 723 784
Total 2,967 3,384 3,461 3,500 2,951 3,242 3,261 3,457
                 
Operating profit by product area                
  2005 2006  
MSEK Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Snuff 324 388 401 392 380 381 383 460
Cigars 136 112 188 176 158 202 225 163
Chewing tobacco 69 83 94 100 83 78 92 73
Pipe tobacco and Accessories 60 56 62 60 75 57 67 62
Lights –4 45 47 –31 62 71 63 50
Other operations –47 –37 –37 –20 –38 –17 –35 -9
Subtotal 538 647 756 678 721 772 796 799
Pension curtailment gain – – – – – 148 – –
Income from sale of real estate – – 206 – – – – –
Total 538 647 962 678 721 920 796 799
                 
Operating margin by product area                
  2005 2006    
Percent Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Snuff 46.0 48.5 49.5 47.8 48.5 45.9 48.8 47.8
Cigars 18.6 13.3 21.5 21.1 20.8 22.7 24.9 19.0
Chewing tobacco 28.6 31.2 32.5 35.6 30.5 28.3 33.6 30.5
Pipe tobacco and Accessories 27.6 25.6 25.7 24.4 31.3 26.0 31.0 27.5
Lights –1.0 8.7 10.5 –5.9 16.1 19.4 17.5 13.0
Group* 18.1 19.1 21.9 19.4 24.4 23.8 24.4 23.1
* Excluding larger one time items.
D E F I N I T I O N S
Definitions
Return on shareholders’ equity (%) 100 x Profit for the year attributable to equity holders of the Parent
Average equity attributable to equity holders of the Parent
     
Return on operating capital (%) 100 x Operating profit
Average operating capital
     
Direct return (%) 100 x Dividend
Share price at year-end
     
EBITA   Earnings excluding larger one time items, net finance cost, tax, amortization and impairments of intangible assets
     
EBIT multiple   Market value at year-end + net debt + minority interest
Operating profit
     
EBITA interest coverage ratio   EBITA
Net interest expense
     
    Earnings excluding larger one time items,
EBITDA   net finance cost, tax, depreciation, amortization and impairments of tangible and intangible assets
     
Equity per share   Equity attributable to equity holders of the Parent
Number of shares outstanding at year-end 1)
     
    Opening + closing equity attributable to
Average shareholders’ equity   the equity holders of the Parent
2
     
Average operating capital   Opening + closing operating capital
2
     
Net debt   Interest-bearing liabilities2) less cash and cash equivalents
including other current investments
     
Debt/equity ratio 100 x Net debt
Total equity
     
    Current operating assets + intangible assets, property, plant and equipment
Operating capital   + other non-current operating assets less current and non-current
    operating liabilities
     
P/E ratio after tax   Share price at year-end
Earnings per share
     
Operating margin (%) 100 x Operating profit
Net sales
     
Equity/assets ratio (%) 100 x Total equity
Total assets
     
    (Share price at year-end – share price at preceding year-end)
Total return (%) 100 x + (dividend paid + return on reinvested dividend)
Share price at preceding year-end
   
     
Earnings per share   Profit for the year attributable to equity holders of the Parent
Average number of shares outstanding 1)
1) Number of shares outstanding relates to shares outstanding excluding treasury shares.
2) Pension liabilities are not included in interest-bearing liabilities.