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FINANCIALS

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  2014 2015 2016 LTM<sup>1/</sup> 2017
Net Sales (SEKm) 41.0 61.8 104.6 129.3 129.3
Sales growth 29% 51% 69% 24% 24%
Gross margin 84.4% 84.6% 84.4% 87% 87%
Operating result -39.3 -53.9 -88.7 -99.3 -99.3
           
<sup>1/</sup>LTM refers to Latest Twelve Months (January 2017-December 2017)
Segment information North America                  
(SEKm) 2016   Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4 2017
Net Sales 68868   15426 16342 17922 19178 20502 23473 21600 12552
Operating costs -46348   -8112 -10420 -13741 -14075 -11704 -16501 -15044 -16070
Contribution 22520   7314 5922 4181 5103 8798 6972 6556 -3518
Other operating items                    
Operating result 22520   7314 5922 4181 5103 8798 6972 6556 -3518
Net financial items                    
Result before taxes 22520   7314 5922 4181 5103 8798 6972 6556 -3518
                     
Segment information Europe and Rest of World                  
(SEKm) 2016   Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4 2017
Net Sales 35731   7824 8826 8626 10455 11952 13658 11077 14487
Operating costs -47929   -10125 -11670 -12737 -13397 -13937 -16477 -14646 -13715
Contribution -12198   -2301 -2844 -4111 -2942 -1985 -2819 -3569 772
Other operating items                    
Operating result -12198   -2301 -2844 -4111 -2942 -1985 -2819 -3569 772
Net financial items                    
Result before taxes -12198   -2301 -2301 -2844 -4111 -2942 -2819 -3569 772
                     
Segment information Others                  
(SEKm) 2016   Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4 2017
Net Sales                    
Operating costs -40034     -10390 -14932 -6098        
Contribution -40034     -10390 -14932 -6098        
Other operating items -59033   -18673 -13515 -10999 -24460 -34245 -22513 -23100 -30634
Operating result -99067   -18673 -23905 -25931 -30558 -34245 -22513 -23100 -30634
Net financial items -20820   -3612 -2406 -9128 -5674 -3654 -5181 -2373 -17369
Result before taxes -119987   -22285 -26311 -35059 -36232 -37899 -27694 -25473 -48003
                     
TOTAL                    
(SEKm) 2016   Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4 2017
Net Sales 104599   23250 25168 26548 29633 32454 37131 32677 27039
Operating costs -134311   -18237 -32480 -41410 -33570 -25641 -32978 -29690 -29785
Contribution -29712   5013 -7312 -14862 -3937 6813 4153 2987 -2746
Other operating items -59033   -18673 -13515 -10999 -24460   -22513 -23100 -30634
Operating result -88745   -13660 -20827 -25861 -28397 -27432 -18360 -20113 -33380
Net financial items -20820   -3612 -2406 -9128 -5674 -3654 -5181 -2373 -17369
Result before taxes -109665   -17272 -23233 -34989 -34071 -32043 -23541 -22486 -50749
                     
The segments are North America (“NA”) and Europe & RoW (“EURW”). Others include Eliminations and others, where the main part relates to Head office functions.
Contribution per segment is calculated as Total revenues minus costs that are directly attributable to the segment. Such costs are directly related Cost of sales, Selling expenses and R&D expenses There is no allocation to segments for Groups assets or liabilities as the control of these is only done at the total Group level by management and the Board.
                     
Cash Flow (SEKm) 2012 2013 2014 2015 2016 2017 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017  
Operating loss -86040 -48054 -39303 -53906 -88745 -99285 -13660 -20826 -25861 -28398 -27432 -18360 -20113 -33380  
Non-cash adjustments 22978 9306 424 4878 17593 16707 4104 3937 -3854 13406 4578 4052 3553 4524  
Interests received 665 315 1 1 4 3     1 3       3  
Interests paid -97 -384 -4675 -6303 -11644 -11740 -2631 -1537 -3260 -4216 -3171 -3055 -2809 -2705  
Other paid financial costs         -9868         -9868          
Income tax paid -50 -45 -62 -49 -109 -737 -213 -6 169 -59 -45 -494 13 -211  
Net Operating CF before changes in WC -62544 -38862 -43615 -55379 -92769 -95052 -12400 -18432 -32805 -29132 -26070 -17857 -19356 -31769  
                               
Changes in working capital 10530 -6585 -2308 -9913 10836 -12482 950 7735 3536 -1385 -6040 3939 -16461 6080  
Net Operating CF -52014 -45447 -45923 -65292 -81933 -107534 -11450 -10697 -29269 -30517 -32110 -13918 -35817 -25689  
                               
Net CF from investing activities -1357 -866 -640 -932 -1374 -4688 -331 -106 -162 -775 -596 -315 -2415 -1362  
Net CF from financing activities 68744 25537 34996 116421 155125 504833 -3946 -3924 63608 99387 -5029 469459 47860 -7457  
CF for the period 15373 -20776 -11567 50197 71818 392611 -15727 -14727 34177 68095 -37735 455226 9628 -34508  
                               
Cash at the beginning of the period 33111 48386 27658 18386 68881 141501 68881 52859 38931 72813 141501 103292 558288 567637  
Net foreign exchange difference -98 48 2295 298 802 -745 -295 799 -295 593 -474 -230 -279 238  
Cash at the end of the period 48386 27658 18386 68881 141501 533367 52859 38931 72813 141501 103292 558288 567637 533367  
Balance sheet (SEKm) 31-Dec-12 31-Dec-13 31-Dec-14 31-Dec-15 31-Dec-16   31-Mar-16 30-Jun-16 30-Sep-16 31-Dec-16 31-Mar-17 30-Jun-17 30-Sep-17 31-Dec-17
ASSETS                            
Intangible assets 5660 5487 5091 4934 4469   4826 4719 4562 4469 4558 4609 4661 5244
Tangible fixed assets 686 434 382 588 442   557 514 492 442 642 634 2749 3099
Financial fixed assets 336 305 283 370 180   504 399 206 180 204 208 168 248
Total fixed assets 6682 6226 5756 5892 5091   5887 5632 5260 5091 5404 5451 7578 8591
                             
Inventories 6138 6544 9295 15032 14489   14582 15030 13727 14489 15047 16195 19458 22079
Trade receivables 3277 6146 9005 17260 20242   16036 13309 19361 20242 26607 25509 33493 20678
Other operating receivables 2540 3470 3179 4568 7486   4426 6874 5730 7486 6835 8327 9506 11969
Cash and cash equivalents 48386 27658 18386 68881 141501   52859 38931 72813 141501 103292 558288 567637 533367
Total current assets 60341 43818 39865 105741 183718   87903 74144 111631 183718 151781 608319 630094 588093
                             
TOTAL ASSETS 67023 50044 45621 111633 188809   93790 79776 116891 188809 157185 613770 637672 596684
                             
EQUITY AND LIABILITIES                            
Equity 43166 4582 -43516 20328 34304   6427 -12721 -43189 34304 9100 464805 499722 450786
                             
Non-current borrowings - 25128 62593   84599       90850 84599 77761 69458 61462  
Provisions - - - - 164   - - - 164 164 164 164 173
                             
Current borrowings - - 4203 62887 25103   60320 57634 27142 25103 25832 29334 29895 98620
Trade payables 3101 3075 3815 4698 11811   2923 5510 11310 11811 7814 13166 8681 11553
Other operating liabilities 20756 17259 18526 23720 32828   24120 29353 30778 32828 36514 36843 37748 35552
Total current liabilities 23857 20334 26544 91305 69742   87363 92497 69230 69742 70160 79343 76324 145725
                             
TOTAL EQUITY AND LIABILITIES 67023 50,044 45,621 111,633 188,809   93,790 79,776 116,891 188,809 157,185 613,770 637,672 596684
Profit & Loss statement (SEKm) 2012 2013 2014 2015 2016 2017 Q1-2016 Q2-2016 Q3-2016 Q4-2016 Q1-2017 Q2-2017 Q3-2017 Q4-2017    
Net Sales 8275 31814 40961 61755 104599 129301 23250 25168 26548 29633 32454 37131 32677 27039    
Cost of Sales -6717 -6448 -6374 -9507 -16312 -16871 -3669 -3504 -5521 -3618 -3621 -4748 -3989 -4513    
Gross profit 1558 25366 34587 52248 88287 112430 19581 21664 21027 26015 28833 32383 28688 22526    
Gross margin 18.8% 79.7% 84.4% 84.6% 84.4% 87.0% 84.2% 86.1% 79.2% 87.8 88.8% 88% 87.7% 83.3%    
                                 
Selling expenses -29308 -28219 -37420 -56161 -79766 -92858 -17686 -22414 -24977 -14689 -24771 -22231 -24368 -21488    
R&D expenses -21221 -16286 -17020 -18999 -38233 -60636 -5496 -6561 -10912 -15264 -9368 -18686 -12834 -19748    
Administration expenses -35650 -28430 -23508 -31696 -60671 -57478 -9141 -11412 -25002 -21690 -21690 -9160 -11149 -15479    
Other operating income 2110 1510 5039 3293 7349 7349 698 2585 1110 2956 825 1338 1007 2112    
Other operating expenses -3529 -1995 -981 -2591 -5711 5711 -1616 -984 -697 -2414 -1261 -2004 -1457 -1303    
Operating result -86040 -48054 -39303 -53906 -88745 -99285 -13660 -20826 -25861 -28398 -27432 -18360 -20113 -33380    
                                 
Net financial items 568 340 -11770 -5509 -20820 -28577 -3612 -2406 -9128 -5674 -3654 -5181 -2373 -17.369    
Result after financial items -85472 -47714 -51073 -59415 -109565 -127862 -17272 -23232 -34989 -34072 -31086 -23541 -22486 -50749    
                                 
Income tax -1055 -53 8 -140 -625 -1007 -178 -40 169 -576 -2 -3 -401 -601    
                                 
Net result -86527 -47767 -51065 -59555 -110190 -128869 -17450 -23272 -34820 -34648 -31088 -23544 -22887 -51350    
KPIs 2012 2013 2014 2015 2016 LTM<sup>1/<sup> 2017 Q1-2017 Q2-2017 Q3-2017 Q4 2017
Net Sales 8.3 31.8 41 61.8 104.6 129.3 129.3 32.5 37.1 32.7 27.0
Sales growth % -28.5% 284.5% 29% 51% 69.4% 23.6% 23.6% 40% 47.5% 23.1% -8.8%
Gross margin % 18.8% 79.7% 84.4% 84.6% 84.4% 87% 87% 88.8% 87.2% 87.8% 83.3%
Operating result -86 -48.1 -39.3 -53.9 -88.7 -99.3 -99.3 -27.4 -18.36 -25.9 -33.4
Net result -86.5 -47.8 -51.1 -59.6 -110.2 -128.9 -128.9 -31.1 -23.5 -22.5 -51.4
                       
Equity at period end 43.2 4.6 -43.5 20.3 34.3 450.8 450.8 9.1 464.8 502.2 450.8
Net debt at period end -48.4 -2.6 48.4 -6 -31.8 -434.7 -434.7 0.3 -459.5 -476.3 -434.7
Cash at period end 48.4 27.7 18.4 68.9 141.5 533.4 533.4 103.3 558.3 567.6 533.4
                       
Earnings per share<sup>2/</sup> -8.69 -5.79 -30.3 -2.53 -4.26 -3.24 -3.24 -1.07 -1.82 -0.24 -1.03
                       
<sup>1/</sup>LTM refers to Latest Twelve Months (January 2017-December 2017)