YEAR END REPORT 2019

Kai Wärn, President and CEO:“The seasonally small fourth quarter was characterized by a mixed market development. In Europe, sales developed positively, whereas in the US, sales were negatively impacted by trade partners continuing to reduce their inventories. In total, net sales decreased by 2% adjusted for currency effects and the exited Consumer Brands business. Operating income in the fourth quarter amounted to SEK -310m (-282), excluding items affecting comparability. The result was primarily impacted by significantly decreased manufacturing levels, which resulted in under absorption,