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HOLMEN Holmen Interim Report January - March 2021 Quarter 4-20 1-20 Full year 2020 SEKM Net sales Operating profit Profit after tax 1-21 4 703 4 249 4 499 16 327 849 595 628 2479 675 512 491 1979 Earnings per share , SEK 4.2 3.2 3.0 12.2 Operating margin , % 18 14 14 15 Return on capital employed , % 6 6 7 6 Return on equity , % 5 5 6 5 Cash flow before investments and change in working capital Debt / equity ratio , % 672 369 615 2 411 9 10 9 10 • Operating profit for January - March was SEK 849 million ( January - March 2020 : 628 ) . The increase in earnings can be attributed to higher prices and volumes for wood products , as well as lower production costs in paperboard . • Compared with the fourth quarter , operating profit increased by SEK 254 million due to rising prices for wood products and seasonally higher earnings from hydro power , as well as the negative impact on the previous quarter of a major maintenance shutdown in paperboard . Profit after tax for January - March amounted to SEK 675 million ( 491 ) , which corresponds to earnings per share of SEK 4.2 ( 3.0 ) . SEKM % SEK 1000 25 5 800 20 4 600 400 200 0 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Operating profit * Operating margin * * Excl . items affecting comparability Interim report January - March 2021 15 3 10 2 5 1 0 0 Q1-19 Q2-19 Q3-19 04-19 Q1-20 Q2-20 Q3-20 Q4-20 Q1-21 Earnings per share * * Excl . items affecting comparability 1/18