Measures not defined by IFRS

The company presents certain financial measures in the interim report that are not defined according to IFRS. The company is of the opinion that these measures provide valuable additional information for investors and the company’s management, as they facilitate an evaluation of the company’s presentation. Since not all companies calculate financial measures in the same way, these measures are not always comparable to those used by other companies. Consequently, these financial measures should not be regarded as a substitute for the measures defined according to IFRS. The tables below present the measures not defined according to IFRS and a reconciliation of the two sets of measures.

EBITDA and Adjusted EBITDA

The company has chosen to report the key financial measure EBITDA, since it shows the underlying result adjusted for the effect of depreciation/amortisation, which provides a more comparable profit measure over time, since depreciation/amortisation refers to historical investments. The company has also chosen to report the key financial measure Adjusted EBITDA to show the underlying result adjusted for the nonrecurring expenses that arose in connection with the preparations for the IPO. Expenses related to IPO preparations include expenses for the transition to IFRS reporting, internal risk projects, IR expenses and additional examination expenses from auditors, the exchange auditors’ examination expenses, attorneys’ expenses to qualify the company for a stock market listing, Nasdaq expenses, recruiting expenses for IR and new board members.

2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2016
Jan-Mar Apr-Jun Jan-Mar Apr-Jun Jul-Sep Okt-Dec Jan-Dec Jan-Mar apr-jun jul-sep okt-dec Jan-Dec
(Amounts in SEK million) Q1 Q2 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
EBITDA bridge
Operating profit -11.5 -15.2 13.0 -12.9 6.0 5.8 11.8 10.6 -3.9 2.4 10.0 19.1
Amortisation of capitalised development expenses -2.7 -2.8 -1.9 -2.1 -2.3 -2.3 -8.5 -1.3 -1.8 -1.6 -1.9 -6.6
Other depreciation -0.7 -0.7 -0.8 -0.9 -0.7 -0.9 -3.4 -0.8 -0.7 -0.8 -1.0 -3.3
EBITDA -8.1 -11.7 15.7 -9.9 9.0 9.0 23.7 12.7 -1.4 4.8 12.9 29.0
EBITDA margin (%) -16.7% -23.4% 22.8% 24.6% 15.1% 13.0% 10.0% 19.9% -2.7% 9.2% 15.2% 11.5
Items affecting comparability
IPO-related expenses  1.5  3.3  2.5  7.9 15.2
Adjusted EBITDA -8.1 -11.7  15.7 -9.9 9.0 9.0 23.7  14.2  1.9  7.3  20.8 44.2
Adjusted EBITDA margin (%) -16.7% -23.4% 22.8% 24.6% 15.1% 13.0% 10.0% 22.2% 3.8% 13.9% 24.5% 17.5%

Operating profit (EBIT) and Adjusted EBIT

The company has chosen to report the key performance measure Adjusted EBIT, since it shows the underlying result adjusted for the nonrecurring expenses that arose in connection with the preparations for the IPO, which provides a more comparable profit measure over time. Expenses related to IPO preparations include expenses for the transition to IFRS reporting, internal risk projects, IR expenses and additional examination expenses from auditors, the exchange auditors’ examination expenses, attorneys’ expenses to qualify the company for a stock market listing, Nasdaq expenses, recruiting expenses for IR and new board members.

2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2016
Jan-Mar Apr-Jun Jan-Mar Apr-Jun Jul-Sep Okt-Dec Jan-Dec Jan-Mar apr-jun jul-sep okt-dec Jan-Dec
(Amounts in SEK million) Q1 Q2 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
EBIT bridge
Operating income -11.5 -15.2 13.0 -12.9 6.0 5.8 11.8 10.6 -3.9 2.4 10.0 19.1
Items affecting comparability
Expenses related to IPO preparations  1.5  3.3  2.5  7.9 15.2
Adjusted EBIT -11.5 -11.7  13.0 -12.9 6.0 5.8 11.8  12.2  -0.6  4.9  17.9 34.3
Adjusted EBIT margin (%) -23.7% -23.4% 18.9% -32.1% 10.0% 8.4% 5.0% 19.1% -1.2% 9.3% 24.5% 13.6%

Equity/assets ratio

The company has chosen to report the key performance measure Adjusted equity/assets ratio, since it shows the company’s long-term solvency.

2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2016
Jan-Mar Apr-Jun Jan-Mar Apr-Jun Jul-Sep Okt-Dec Jan-Dec Jan-Mar apr-jun jul-sep okt-dec Jan-Dec
(Amounts in SEK million) Q1 Q2 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Total assets 290.4 286.3 311.9 296.9 296.2 311.7 311.7 146.2 133.5 138.7 309.9 309.9
Equity 234.6 224.3 244.4 236.0 240.6 244.7 244.7 87.1 86.3 89.4 234.1 234.1
Equity/assets ratio (%) 80.8% 78.4% 78.4% 79.5% 81.2% 78.5% 78.5% 59.5% 64.7% 64.5% 75.5% 75.5%

Return on equity (ROE)

The company has chosen to report the key performance measure Return on equity (ROE), since it shows how effectively the company uses its assets to generate profits.

2018 2018 2017 2017 2017 2017 2017 2016 2016 2016 2016 2016
Jan-Mar Apr-Jun Jan-Mar Apr-Jun Jul-Sep Okt-Dec Jan-Dec Jan-Mar apr-jun jul-sep okt-dec Jan-Dec
(Amounts in SEK million) Q1 Q2 Q1 Q2 Q3 Q4 Full year Q1 Q2 Q3 Q4 Full year
Equity 234.6 224.3 244.4 236.0 240.6 244.7 244.7 87.1 86.3 89.5 234.1 234.1
Average adjusted equity 239.7 229.4 239.3 240.2 238.3 242.6 239.4 77.7 86.7 87.9 161.8 151.2
Profit for the period -9.2% -11.2 10.3 -10.2 4.0 3.3 7.5 8.3 -2.2 2.2 7.4 15.7
Return on equity (ROE) -4.0% -4.9% 4.3% -4.2% 1.7% 1.3% 3.1% 10.7% -2.5% 2.5% 4.6% 10.4%