Green Bond Investor Presentation

14 Improved Cash Flow Without Compromising Our Future MSEK 3 500 3 000 2 500 2000 1 500 1 000 500 0 -500 855 Cash Flow from Operations 1 432 1 356 1 252 1070 2 297 MSEK Capital Expenditures 3 000 2 895 -1000 -180 124 2011 2012 2013 Green Bond Investor Presentation Includes IFRS16 effects of about 500 MSEK in 2019 and 2020 2014 2015 -603 2016 2017 2018 2019 2020 2 500 2000 1 500 1 431 1 292 1 043 1000 500 1 087 1 256 2 593 2 333 2 201 1 825 1 795 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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