Elekta

Quarterly Report • Feb 27, 2014

Interim report May – January 2013/14

• Order bookings amounted to SEK 8,352 M (8,080), equivalent to an increase of 8* percent. In the third quarter order bookings increased 15* percent.
• Net sales increased 7* percent to SEK 6,740 M (6,608).
• EBITA amounted to SEK 895 M (1,053) before non-recurring items of SEK -61 M (-24). The decline is mainly related to lower than expected delivery volumes of Leksell Gamma Knife® and currency effects amounting to SEK -140 M. In the third quarter EBITA amounted to SEK 340 M (454) before non-recurring items.
• Net income amounted to SEK 333 M (504). Earnings per share amounted to SEK 0.87 (1.31) before dilution and SEK 0.87 (1.30) after dilution.
• Cash flow after continuous investments amounted to SEK -550 M (335). In the third quarter cash flow after continuous investments was SEK -27 M (112). A strong cash flow is expected in the fourth quarter.
• Due to lower-than-expected delivery volumes of Leksell Gamma Knife® and delays in expected deliveries to emerging markets, the outlook for the full-year has been revised.
• o In fiscal year 2013/14, net sales is expected to grow by approximately 7 percent in local currency compared to last year.
• o EBITA is expected to grow by approximately 3 percent in local currency compared with last year. Exchange rate movements are expected to have a negative impact of about approximately 5 percentage points on EBITA growth.

The prior outlook, published in the Q2 report, expected net sales to grow by more than 10 percent in local currency. EBITA was expected to grow by approximately 10 percent in local currency. Exchange rate movements were expected to have a negative impact of approximately 5 percentage points on EBITA growth.

Group summary	3 months	3 months	9 months	9 months
	Nov - Jan	Nov - Jan	May - Jan	May - Jan	Change
SEK M	2013/14	2012/13	2013/14	2012/13
Order bookings	3,224	2,856	8,352	8,080	8%*
Net sales	2,385	2,428	6,740	6,608	7%*
EBITA before non-recurring items	340	454	895	1,053	-15%
Operating result	260	386	610	849	-28%
Net income	150	231	333	504	-34%
Cash flow after continuous investments	-27	112	-550	335	―
Earnings per share after dilution, SEK	0.39	0.60	0.87	1.30	-33%

* Compared to last fiscal year based on constant exchange rates.

This report includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are described further in the section "Risks and uncertainties". Elekta undertakes no obligation to publicly update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.

President and CEO comments

Strong order bookings

Overall market development continues to be good and we are very pleased with our order booking trend. Order bookings rose 15* percent in the third quarter, and 8* percent during the first nine months. In North and South America, order bookings rose 40* percent in the quarter. In the US, we see a consolidation of private cancer care with a market that is moving toward more long-term strategic partnerships and larger orders. The strong growth in Europe, Middle East and Africa continued, with order bookings rising 15* percent in the quarter. Our growth in China continued, with order bookings growth during the quarter exceeding the market average. In Asia Pacific, as a whole, quarterly order bookings declined 9* percent in relation to high order bookings last year. Weak currencies in some emerging markets have also affected order growth due to delayed investments.

Weak deliveries in the third quarter affected EBITA

Net sales rose 1* percent during the third quarter and 7* percent during the first nine months. Our third quarter was significantly impacted by lower-than-expected delivery volumes of Leksell Gamma Knife®, primarily in North and South America and Asia Pacific. In addition, weaker currencies, particularly in some emerging markets, have affected volumes. EBITA before non-recurring items for the third quarter amounted to 340 (454) and to SEK 895 M (1,053) for the first nine months. Currency effects in the period amounted to SEK -140 M.

We are not satisfied with our third quarter results and particular not with our Leksell Gamma Knife® business. We have analyzed the prospects for the full year and initiated a number of corrective actions to ensure improved performance. Our long term prospects remains and we are confident that Leksell Gamma Knife® will be back on track with volumes starting to recover in the fourth quarter. At the same time we continue to invest in product development to further enhance our offering.

Cash flow from operating activities was SEK 153 M (258); cash flow after continuous investments was SEK -27 M in the third quarter. Compared with the second quarter, we have increased inventory by some SEK 250 M ahead of planned deliveries in the fourth quarter. We expect a strong cash flow in the fourth quarter.

Favorable trend for Versa HD

Our most advanced linear accelerator, Versa HD™, was launched one year ago. Sales has exceeded our expectations and Versa HD™ now accounts for over 60 percent of our system sales in applicable markets in the US and Europe.

Strategic partnerships for better cancer care

During the quarter, we secured a long-term partnership agreement with a US health network, McLaren Health Care. This type of comprehensive partnership will become increasingly important in our business. In addition to our leading hardware and software solutions, we will support and facilitate the development of more efficient and higher quality cancer care throughout McLaren's network.

Adjusted outlook for the year

Lower-than-expected volumes of Leksell Gamma Knife® and delays in expected deliveries to emerging markets have led to a revised outlook for the full-year. Net sales growth has been adjusted from more than 10 percent to approximately 7 percent in local currency, and EBITA is expected to grow by approximately 3 percent in local currency, adjusted from 10 percent.

Our long-term strategy and objectives remain unchanged, as does the continued growing need and demand for Elekta's superior clinical solutions. Based on the company's unique market position, we will continue to pursue our commitment to the development of modern cancer care.

Tomas Puusepp, President and CEO

^* Compared with last fiscal year, based on constant exchange rates.

Presented amounts refer to the nine-month period and amounts within parentheses indicate comparative values for the equivalent period last fiscal year unless otherwise stated.

In this report, details on balance sheet, working capital and cash flow have been added and will be disclosed going forward.

Order bookings and order backlog

Order bookings (net) increased 3 percent to SEK 8,352 M (8,080) and 8 percent based on constant exchange rates. Order bookings during the third quarter amounted to SEK 3,224 M (2,856), an increase of 15 percent based on constant exchange rates.

Order backlog was SEK 13,490 M, compared to SEK 11,942 M on April 30, 2013. Order backlog is converted at closing exchange rates. The translation of the backlog at exchange rates on January 31, 2014 compared to exchange rates on April 30, 2013 resulted in a positive translation difference of SEK 79 M.

Order bookings	3 months	3 months		9 months	9 months		12 months		12 months
	Nov - Jan	Nov - Jan	Change	May - Jan	May - Jan	Change	rolling	Change	May - Apr
SEK M	2013/14	2012/13		2013/14	2012/13		2013/14		2012/13
North and South America	1,269	929	37%	2,948	2,849	3%	4,569	5%	4,470
Europe, Middle East and Africa	1,154	984	17%	3,081	2,547	21%	4,412	22%	3,878
Asia Pacific	801	943	-15%	2,323	2,684	-13%	3,408	-9%	3,769
Group	3,224	2,856	13%	8,352	8,080	3%	12,389	6%	12,117

Market development

North and South America

Order bookings rose 3 percent during the period, and 8 percent based on constant exchange rates. In the third quarter order bookings increased 40 percent based on constant exchange rates.

The North American market was robust and Elekta's order bookings were strong in the quarter with several large orders being won. Hospital consolidation continues in the health care industry across the US and is driving the market toward larger orders and more comprehensive solutions. Elekta's oncology treatment and management solutions support the demand for higher clinical efficiency and productivity across large integrated health care systems. A strategic partnership was signed with McLaren Health Care in the US, in which the integration of cancer care systems will be enhanced by Elekta's software and hardware in order to improve quality and efficiency of care.

Demand for Versa HD™ was strong and exceeded expectations. Versa HD™ accounted for 80 percent of Elekta's linear accelerators sold in the US during the third quarter. Volumes of Leksell Gamma Knife® were lower than anticipated but will to start to recover in the fourth quarter.

Market development in Latin America was weak. Following the major procurement process in Brazil last autumn volumes to the public sector have been limited. The private sector was impacted by a weaker currency, which resulted in delayed orders and deliveries. The long-term growth outlook remains positive and demand is expected to be driven by the shortage of treatment capacity combined with a need for improved solutions for cancer care.

The contribution margin for the region was 30 percent (33). The decline is mainly attributable to product mix and lower net sales.

Europe, Middle East and Africa

Order bookings rose 21 percent during the period, and 22 percent based on constant exchange rates. In the third quarter order bookings increased 15 percent based on constant exchange rates.

Markets in Europe developed very well. Elekta's growth was strong during the period, particularly in Southern and Central Europe. The growing demand for advanced cancer care in established markets is driving the need to upgrade existing systems as well as the need for additional capacity.

The Middle East and Africa also showed strengthened growth. A structural expansion of radiation therapy capacity is taking place in emerging markets; examples of this are major orders that Elekta secured in Algeria and Iraq during the nine-month period.

Sales of Versa HD™ performed strongly in the third quarter and accounted for 40 percent of Elekta's linear accelerators sold on applicable markets in the region.

The contribution margin for the region amounted to 33 percent (32). The increase is attributable to higher net sales.

Asia Pacific

Order bookings declined 13 percent during the period, and 3 percent based on constant exchange rates. In the third quarter order bookings decreased 9 percent based on constant exchange rates.

Conditions in the Asian markets were mixed. Elekta is the market leader in China, where the company's performance was good. A tender valued at USD 28 M was awarded from the People's Liberation Army during the quarter. For the remainder of the year the outlook for China is favorable.

Demand in Japan primarily comprises replacement investments as older linear accelerators are gradually replaced. The market is essentially unchanged, although Elekta has reported growth. Only 25-30 percent of cancer patients in Japan receive radiation therapy, compared with more than 60 percent in the US. There are favorable long-term prospects for a growing proportion of radiation therapy in cancer care.

Sales in India was weak, a result of private care providers postponing investments due to the weak currency. Versa HD™ has not yet received full regulatory approvals in China and Japan, but the interest from customers is strong. Approval in China and Japan is expected later in 2014. In the third quarter, volumes of Leksell Gamma Knife® were low in the region.

A continued focus on improving cancer care in the region provides good prospects for achieving long-term growth.

The contribution margin for the region was 22 percent (30). The decline is attributable to currency effects and product mix.

Net sales

Net sales increased 2 percent to SEK 6,740 M (6,608), and 7 percent based on constant exchange rates. In the third quarter net sales increased 1 percent based on constant exchange rates. In Europe, Middle East and Africa, net sales grew with 18 percent, based on constant exchange rates and in Asia Pacific the growth was 8 percent. North and South America reported a decline of 4 percent, related to low deliveries of Leksell Gamma Knife® and weak performance in South America.

Net sales	3 months	3 months		9 months	9 months			12 months		12 months
	Nov - Jan	Nov - Jan	Change	May - Jan	May - Jan		Change Change *	rolling	Change	May - Apr
SEK M	2013/14	2012/13		2013/14	2012/13			2013/14		2012/13
North and South America	724	887	-18%	2,196	2,372	-7%	-4%	3,345	-1%	3,521
Europe, Middle East and Africa	918	781	18%	2,498	2,125	18%	18%	3,934	21%	3,561
Asia Pacific	743	760	-2%	2,046	2,111	-3%	8%	3,192	3%	3,257
Group	2,385	2,428	-2%	6,740	6,608	2%	7%	10,471	8%	10,339

* Compared to last fiscal year based on constant exchange rates.

Earnings

Gross margin was 42 percent (45) and approximately half of the decrease in gross margin is related to currency effects. In addition, low delivery volumes of Leksell Gamma Knife®, primarily related to North and South America and Asia Pacific, affected gross margin negatively.

Research and development expenditures, before capitalization of development costs, have increased according to plan and amounted to SEK 905 M (679) equal to 13 percent (10) of net sales. Capitalization and amortization of development costs in the R&D function amounted to a net of SEK 240 M (104).

The EBITA effect from changes in exchange rates was negative by approximately SEK 140 M, including hedges.

EBITA before non-recurring items amounted to SEK 895 M (1,053) for the first nine months. Operating result before non-recurring items was SEK 671 M (873). Operating margin, before non-recurring items, amounted to 10 percent (13). Non-recurring items amounted to SEK -61 M (-24) during the period and mainly consist of legal costs. Net financial items amounted to SEK -172 M (-159). The financial net was affected by participations in associates amounting to SEK -12 M (-23).

Profit before tax amounted to SEK 438 M (690). Tax amounted to SEK -105 M (-186). Net income amounted to SEK 333 M (504). Earnings per share amounted to SEK 0.87 (1.31) before dilution and SEK 0.87 (1.30) after dilution. Return on shareholders' equity amounted to 22 percent (22) and return on capital employed amounted to 18 percent (18).

Investments and depreciation

Continuous investments amounted to SEK 594 M (360) whereof investments in intangible assets amounted to SEK 359 M (213). The increase in continuous investments is related to the R&D function, and the establishment of new advanced education and training centers. Amortization of intangible assets and depreciation of tangible fixed assets amounted to a total of SEK 310 M (259). Capitalization and amortization of development costs are presented in the table below.

Capitalized development costs					3 months 3 months 9 months 9 months 12 months 12 months
	Nov - Jan	Nov - Jan	May - Jan	May - Jan	rolling	May - Apr
SEK M	2013/14	2012/13	2013/14	2012/13	2013/14	2012/13
Capitalization of development costs	134	69	357	210	467	320
of which R&D	131	61	353	184	455	286
Amortization of capitalized development costs	-48	-27	-131	-80	-160	-109
of which R&D	-42	-27	-113	-80	-140	-107
Capitalized development costs, net	86	42	226	130	307	211
of which R&D	89	34	240	104	315	179

Cash flow and net debt

Cash flow after continuous investments amounted to SEK -550 M (335). The cash flow was affected by a lower operating result, higher continuous investments of SEK 594 M (360) and an increase in working capital, mainly inventories, of SEK 377 M (decrease SEK 30 M). Following the seasonal pattern Elekta expects a strong cash flow for the fourth quarter.

Cash flow (extract)	3 months	3 months	9 months		9 months 12 months 12 months
	Nov - Jan	Nov - Jan	May - Jan	May - Jan	rolling	May - Apr
SEK M	2013/14	2012/13	2013/14	2012/13	2013/14	2012/13
Operating cash flow	254	399	421	665	1,650	1,894
Change in working capital	-101	-141	-377	30	-431	-24
Cash flow from operating activities	153	258	44	695	1,219	1,870
Continuous investments	-180	-146	-594	-360	-812	-578
Cashflow after continuous investments	-27	112	-550	335	407	1,292
Cash conversion*	-10%	35%	-86%	44%	26%	76%

* Cash conversion is calculated as cash flow after continuous investments divided by net income adjusted by depreciations and amortizations.

Financial position

Cash and cash equivalents amounted to SEK 1,199 M (2,567 on April 30, 2013) and interest-bearing liabilities amounted to SEK 4,499 M (4,552 on April 30, 2013). Thus, net debt amounted to SEK 3,300 M (1,985 on April 30, 2013). Net debt/equity ratio was 0.62 (0.36 on April 30, 2013).

The change in unrealized exchange rate effects from cash flow hedges amounted to SEK 62 M (58) and is reported in other comprehensive income. Closing balance of unrealized exchange rate effects from cash flow hedges in shareholders' equity was SEK 130 M (68 on April 30, 2013) exclusive of tax.

Working Capital

Net working capital amounted to SEK 1,520 M (1,451 in the previous quarter) corresponding to 15 (14) percent of net sales. The increase compared with the previous quarter is mainly related to higher inventories related to planned deliveries in the fourth quarter.

Working Capital	Jan 31,	Oct 31,	Apr 30,	Jan 31,
SEK M	2014	2013	2013	2013
Working capital assets
Inventories	1,368	1,097	850	940
Accounts receivable	3,241	3,253	3,192	2,810
Accrued income	1,454	1,568	1,861	1,460
Other operating receivables	697	613	461	665
Sum working capital assets	6,760	6,531	6,364	5,875
Working capital liabilities
Accounts payable	1,098	1,132	1,217	721
Customer advances	1,391	1,363	1,292	1,363
Prepaid income	1,117	962	1,034	951
Accrued expenses	1,333	1,327	1,404	1,355
Other operating liabilities	301	296	250	316
Sum working capital liabilities	5,240	5,080	5,197	4,706
Net working capital	1,520	1,451	1,167	1,169
% of 12 months rolling net sales	15%	14%	11%	12%

Significant events during the nine-month period

Lawsuit with Varian Medical Systems resolved

The lawsuit with Varian Medical Systems, announced in August 2012, has been resolved by mutual agreement by the parties.

Acquisition of shares in BMEI

Elekta has acquired the remaining 20 percent of shares in the Chinese subsidiary BMEI, and owns thereafter 100 percent. BMEI develops and manufactures the Elekta CompactTM linear accelerator, among other products.

Niklas Savander appointed as new President and CEO for Elekta

Niklas Savander has been appointed as Elekta's next President and Chief Executive Officer, effective May 1, 2014. Niklas Savander will succeed Tomas Puusepp, who will continue within Elekta as a member of its Board of Directors.

Employees

The average number of employees was 3,592 (3,292). The increase is mainly related to expansion of product development. The average number of employees in the Parent Company was 27 (25). The number of employees on January 31, 2014 totaled 3,731. On April 30, 2013, the number of employees in Elekta totaled 3,488.

Shares

During the period 4,343 new B-shares were subscribed through conversion of convertibles. Total number of registered shares on January 31, 2014 was 382,828,359 divided between 14,250,000 A-shares and 368,578,359 B-shares. Fully diluted shares amount to 400,696,012. The effect is related to the Elekta 2012/17 convertible bond.

Outlook for fiscal year 2013/14

Due to lower-than-expected delivery volumes of Leksell Gamma Knife® and delays in expected deliveries to emerging markets, the outlook for the full-year has been revised.

• In fiscal year 2013/14, net sales is expected to grow by approximately 7 percent in local currency compared to last year.
• EBITA is expected to grow by approximately 3 percent in local currency compared with last year. Exchange rate movements are expected to have a negative impact of about approximately 5 percentage points on EBITA growth.

The prior outlook, published in the Q2 report, expected net sales to grow by more than 10 percent in local currency. EBITA was expected to grow by approximately 10 percent in local currency. Exchange rate movements were expected to have a negative impact of approximately 5 percentage points on EBITA growth.

Risks and uncertainties

Elekta's presence in a large number of geographical markets exposes the Group to political and economic risks on a global scale or in individual countries.

The competitive landscape for Elekta is continuously changing. The medical equipment industry is characterized by rapid technological developments and continuous improvements of industrial know-how, resulting in companies launching new products and improved methods for treatment. Elekta strives to be the leader in innovation and offer the most competitive product portfolio, developed in close collaboration with key research leaders in the field. To secure the proceeds of research investments, it is of importance that such new products and technology are protected from the risk of improper use by competitors. When possible and deemed appropriate, Elekta protects its intellectual property rights by way of patents, copyrights and trademark registrations.

Elekta sells solutions through its direct sales force and through an external network of agents and distributors. The Company's continued success is dependent on the ability to establish and maintain successful relationships with customers. Elekta is continuously evaluating how to enter new markets considering both the opportunities and the risks involved. There are regulatory registration requirements with each new market that potentially could delay product introductions and certifications. The stability of the political system in certain countries and the security situation for employees traveling to exposed areas are constantly evaluated. Corruption is a risk and an obstacle for development and growth in some countries. Elekta has implemented a specific anti-corruption policy to guide the business by aiming to be in line with national and international regulations and best practices against corruption.

Elekta's operations comprise several markets that expose the Group to a vast number of laws, regulations, policies and guidelines regarding, for example, health, security, environmental matters, trade restrictions, competition and delivery of products. Elekta's quality systems describes these requirements, which are reviewed and certified by external supervisory bodies and are regularly inspected by authorities in applicable countries, for example the US FDA. Non-compliance of, for example, safety regulations can

result in delayed or stopped deliveries of products. Changes in regulations and rules might also increase Elekta's costs and delay the development and introduction of new products.

Elekta depends also on the capability of producing advanced medical equipment, which requires highly qualified personnel. The Company's ability to attract and retain qualified personnel and management has a significant impact on the future success of the Group.

Weak economic development and high levels of public debt might, in some markets, mean less availability of financing for private customers and reduced future health care spending by governments. Political decisions that could impact the healthcare reimbursement systems also constitute a risk factor. Elekta's ability to commercialize products is dependent on the reimbursement level that hospitals and clinics can obtain for different types of treatments. Alterations in the existing reimbursement systems related to medical products, or implementation of new regulations, might impact future product mix in specific markets.

Elekta's ability to deliver treatment equipment relies largely on customers' readiness to receive the delivery at site. Depending on contractual payment terms a delay can result in postponed invoicing and also affect timing of revenue recognition. The Group's credit risks are normally limited since customer operations are, to a large extent, financed either directly or indirectly by public funds.

Elekta's production sites depend on a number of suppliers for components. There is a risk that those suppliers might change their terms, or that delivery difficulties might occur due to circumstances beyond the Company's control. Critical suppliers are regularly followed up regarding delivery precision and quality of components.

In its operations, Elekta is subject to a number of financial risks primarily related to exchange rate fluctuations. In the short-term, the effect of currency movements is reduced through forward contracts. Hedging is conducted on the basis of expected net sales over a period of up to 24 months. The scope of the hedging is determined by the Company's assessment of currency risks. Risk management is regulated through a financial policy established by the Board of Directors. Overall responsibility for handling the Group's financial risks, and developing methods and guidelines for dealing with financial risks, rests with executive management and the finance function. For more detailed information regarding these risks, please see Note 2 in the annual report 2012/13.

Stockholm, February 27, 2014

Tomas Puusepp President and CEO This report has not been reviewed by the Company's auditors.

Conference call

Elekta will host a telephone conference at 10:00 – 11:00 CET on February 27, with President and CEO Tomas Puusepp and CFO Håkan Bergström.

To take part in the conference call, please dial in about 5-10 minutes in advance and use the access code 941615.

Swedish dial-in number: +46 (0)8 5052 0110, UK dial-in number: +44 (0)20 7162 0077, US dial-in number: + 1 877 491 0064.

The telephone conference will also be broadcasted over the internet (listen only). Please use the link: http://webeventservices.reg.meeting-stream.com/84836\_elekta/

Financial information

Year-end report May – April 2013/14 May 28, 2014 Interim report May – July 2014/15 August 28, 2014 Annual General Meeting 2014 August 28, 2014 Interim report May – October 2014/15 November 27, 2014

For further information, please contact:

Håkan Bergström, CFO, Elekta AB (publ) +46 8 587 25 547, hakan.bergstrom@elekta.com

Johan Andersson, Director Investor Relations, Elekta AB (publ) +46 702 100 451, johan.andersson@elekta.com

Elekta AB (publ)

Corporate registration number 556170-4015 Kungstensgatan 18, Box 7593, SE 103 93 Stockholm, Sweden

The above information is such that Elekta AB (publ) shall make public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 07:30 CET on February 27, 2014.

Accounting principles

This interim report is prepared, with regard to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regard to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied correspond to those presented in Note 1 of the Annual Report 2012/13 except effects from new/revised IFRS applied from 1 May, 2013:

IAS 1 Presentation of Financial Statements

The amendments to the standard require the items in other comprehensive income to be split into two categories: items that will not be reclassified to the income statement and items that subsequently may be reclassified to the income statement. Taxes are disclosed for each category.

IAS 19 Employee Benefits

The amendments to the standard mean, for Elekta, that revaluation of the net debt related to defined benefit pension plans is reported in other comprehensive income instead of in the income statement. Furthermore, interest expenses and expected return on plan assets are replaced by a net interest based on the discount rate and the net deficit or net surplus related to a defined-benefit plan.

Other changes

IFRS 13 Fair Value Measurement has brought about certain disclosures on financial instruments in the interim reports. Other amended standards, which are effective and applied from the fiscal year 2013/14, have been assessed as not having any material impact on the financial reports.

Exchange rates

Country	Currency		Average rate			Closing rate
		May - Jan	May - Jan	Change	Jan 31,	Apr 30,	Change
		2013/14	2012/13		2014	2013
Euroland	1 EUR	8.746	8.637	1%	8.847	8.575	3%
Great Britain	1 GBP	10.343	10.736	-4%	10.749	10.162	6%
Japan	1 JPY	0.065	0.084	-22%	0.064	0.067	-5%
United States	1 USD	6.541	6.758	-3%	6.526	6.560	-1%

Regarding foreign group companies, order bookings and income statement are translated at average exchange rates for the reporting period while order backlog and balance sheet are translated at closing exchange rates.

	CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

SEK M	3 months	3 months	9 months	9 months	12 months	12 months
	Nov - Jan	Nov - Jan	May - Jan	May - Jan	rolling	May - Apr
INCOME STATEMENT	2013/14	2012/13	2013/14	2012/13	2013/14	2012/13
Net sales	2,385	2,428	6,740	6,608	10,471	10,339
Cost of products sold	-1,445	-1,341	-3,932	-3,624	-5,865	-5,557
Gross income	940	1,087	2,808	2,984	4,606	4,782
Selling expenses	-255	-284	-792	-882	-1,057	-1,147
Administrative expenses	-227	-227	-692	-663	-907	-878
R&D expenses	-225	-198	-665	-575	-805	-715
Exchange rate differences	27	15	12	9	19	16
Operating result before non-recurring items	260	393	671	873	1,856	2,058
Transaction and restructuring costs	―	0	―	0	0	0
Other non-recurring items	―	- 7	-61	-24	-83	-46
Operating result	260	386	610	849	1,773	2,012
Result from participations in associates	- 5	-15	-12	-23	-18	-29
Interest income	7	8	18	24	26	32
Interest expenses and similar items	-62	-63	-172	-159	-236	-223
Exchange rate differences	- 3	0	- 6	- 1	3	8
Profit before tax	197	316	438	690	1,548	1,800
Income taxes	-47	-85	-105	-186	-368	-449
Net income	150	231	333	504	1,180	1,351
Net income attributable to:
Parent Company shareholders	147	230	330	497	1,173	1,340
Non-controlling interests	3	1	3	7	7	11
Earnings per share before dilution, SEK	0.39	0.61	0.87	1.31	3.08	3.52
Earnings per share after dilution, SEK	0.39	0.60	0.87	1.30	3.09	3.52
STATEMENT OF COMPREHENSIVE INCOME
Net income	150	231	333	504	1,180	1,351
Other comprehensive income:
Items that subsequently may be reclassified to the statement of income
Revaluation of cash flow hedges	25	19	62	62	34	34
Translation differences from foreign operations	84	- 172	164	- 353	164	- 353
Tax	- 5	- 2	- 14	- 13	- 6	- 5
Total items that subsequently may be reclassified to the statement of income	104	-155	212	-304	192	-324
Other comprehensive income for the period	104	-155	212	-304	192	-324
Comprehensive income for the period	254	7 6	545	200	1,372	1,027
Comprehensive income attributable to:
Parent Company shareholders	252	75	545	193	1,368	1,016
Non-controlling interests	2	1	0	7	4	11
RESULT OVERVIEW	3 months	3 months	9 months	9 months	12 months	12 months

	Nov - Jan	Nov - Jan	May - Jan	May - Jan	rolling	May - Apr
SEK M	2013/14	2012/13	2013/14	2012/13	2013/14	2012/13
Operating result/EBIT before non-recurring items	260	393	671	873	1,856	2,058
Amortization:
capitalized development costs	48	27	131	80	160	109
acquisitions	32	34	93	100	123	130
EBITA before non-recurring items	340	454	895	1,053	2,139	2,297
Depreciation	29	27	86	79	117	110
EBITDA before non-recurring items	369	481	981	1,132	2,256	2,407

CASH FLOW	3 months	3 months	9 months		9 months 12 months 12 months
	Nov -Jan	Nov - Jan	May - Jan	May - Jan	rolling	May - Apr
SEK M	2013/14	2012/13	2013/14	2012/13	2013/14	2012/13
Profit before tax	197	316	438	690	1,548	1,800
Amortization & Depreciation	108	88	310	259	400	349
Interest net	48	45	133	108	184	159
Other non-cash items	12	65	30	2	94	66
Interest received and paid	-35	-32	-141	-95	-188	-142
Income taxes paid	-76	-83	-349	-299	-388	-338
Operating cash flow	254	399	421	665	1,650	1,894
Increase (-)/decrease (+) in inventories	-246	-69	-490	-249	-384	-143
Increase (-)/decrease (+) in operating receivables	68	-359	114	-53	-506	-673
Increase (-)/decrease (+) in operating liabilities	77	287	- 1	332	459	792
Change in working capital	- 101	- 141	- 377	30	-431	- 24
Cash flow from operating activities	153	258	44	695	1,219	1,870
Investments intangible assets	-134	-70	-359	-213	-471	-325
Investments other assets	-46	-76	-235	-147	-341	-253
Continuous investments	- 180	- 146	- 594	- 360	-812	- 578
Cash flow after continuous investments	-27	112	-550	335	407	1,292
Business combinations and investments in associates	0	0	0	-77	- 7	-84
Cash flow after investments	-26	112	-550	258	400	1,208
Cash flow from financing activities	31	-60	-859	-481	-758	-380
Cash flow for the period	5	52	-1,409	-223	-358	828
Exchange rate differences	21	-86	41	-117	2	-156
Change in cash and cash equivalents for the period	26	-34	-1,368	-340	-356	672

CHANGES IN EQUITY	9 months	9 months	12 months
	May - Jan	May - Jan	May - Apr
SEK M	2013/14	2012/13	2012/13
Attributable to Elekta's owners
Opening balance	5,547	4,999	4,999
Comprehensive income for the period	545	193	1,016
Incentive programs including deferred tax	―	-21	-45
Exercise of warrants	―	53	51
Conversion of convertible loan	0	―	2
Acquisition of non-controlling interest	-33	―	―
Dividend	-763	-476	-476
Total	5,297	4,748	5,547
Attributable to non-controlling interests
Opening balance	13	11	11
Comprehensive income for the period	0	7	11
Acquisition of non-controlling interest	0	―	―
Dividend	-7	-10	-9
Total	5	8	13
Closing balance	5,302	4,756	5,560

CONSOLIDATED BALANCE SHEET

SEK M	Jan 31,	Oct 31,	Apr 30,	Jan 31,
Non-current assets	2014	2013	2013	2013
Intangible assets	6,662	6,552	6,424	6,334
Tangible fixed assets	590	564	487	440
Financial assets	350	328	236	211
Deferred tax assets	102	100	92	114
Total non-current assets	7,705	7,544	7,239	7,099
Current assets
Inventories	1,368	1,097	850	940
Accounts receivable	3,241	3,253	3,192	2,810
Accrued income	1,454	1,568	1,861	1,460
Current tax assets	101	72	21	54
Derivative financial instruments	113	97	116	129
Other current receivables	697	613	461	665
Cash and cash equivalents	1,199	1,173	2,567	1,554
Total current assets	8,173	7,873	9,068	7,612
Total assets	15,878	15,417	16,307	14,711
Elekta's owners' equity	5,297	5,045	5,547	4,748
Non-controlling interests	5	11	13	8
Total equity	5,302	5,056	5,560	4,756
Non-current liabilities
Long-term interest-bearing liabilities	4,341	4,302	4,340	4,267
Deferred tax liabilities	660	625	582	568
Other long-term liabilities	130	136	148	149
Total non-current liabilities	5,131	5,063	5,070	4,984
Current liabilities
Short-term interest-bearing liabilities	158	117	212	109
Accounts payable	1,098	1,132	1,217	721
Advances from customers	1,391	1,363	1,292	1,363
Prepaid income	1,117	962	1,034	951
Accrued expenses	1,333	1,327	1,404	1,355
Current tax liabilities	44	67	240	98
Derivative financial instruments	3	34	28	58
Other current liabilities	301	296	250	316
Total current liabilities	5,445	5,298	5,677	4,971
Total equity and liabilities	15,878	15,417	16,307	14,711
Assets pledged	10	3	3	4
Contingent liabilities	153	136	178	70

Financial instruments

The table below shows the Group's financial instruments for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value.

	Jan 31, 2014		Apr 30, 2013
	Carrying	Fair	Carrying	Fair
SEK M	amount	value	amount	value
Long-term interest-bearing liabilities		4,341 4,488	4,340	4,557

The table below shows how the Group's financial assets and financial liabilities, which have been measured at fair value, have been categorized in the fair value hierarchy. The different levels are defined as follows:

• Level 1: Quoted prices on an active market for identical assets or liabilities
• Level 2: Other observable data than quoted prices included in Level 1, either directly (that is, price quotations) or indirectly (that is, obtained from price quotations)
• Level 3: Data not based on observable market data

Distribution by level when measured at fair value	Jan 31, 2014				Apr 30, 2013
SEK M	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss:
Derivative financial instruments – non-hedging	–	15	–	15	–	23	–	23
Derivatives used for hedging purposes:
Derivative financial instruments – hedging	–	134	–	134	–	93	–	93
Total financial assets	–	149	–	149	–	116	–	116
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss:
Derivative financial instruments – non-hedging	–	1	–	1	–	4	–	4
Derivatives used for hedging purposes:
Derivative financial instruments – hedging	–	3	–	3	–	24	–	24
Total financial liabilities	–	4	–	4	–	28	–	28

KEY FIGURES	12 months May - Apr	12 months May - Apr	12 months May - Apr	12 months May - Apr	12 months May -Apr	9 months May - Jan	9 months May - Jan
	2008/09	2009/10	2010/11	2011/12	2012/13	2012/13	2013/14
Order bookings, SEK M Net sales, SEK M	7,656 6,689	8,757 7,392	9,061 7,904	10,815 9,048	12,117 10,339	8,080 6,608	8,352 6,740
Operating result, SEK M	830	1,232	1,502	1,849	2,012	849	610
Operating margin before non
recurring items, %	12	17	19	20	20	13	10
Operating margin, %	12	17	19	20	19	13	9
Profit margin, %	12	16	19	19	17	10	6
Shareholders' equity, SEK M	2,555	3,244	3,833	5,010	5,560	4,756	5,302
Capital employed, SEK M	4,182	4,283	4,714	9,540	10,112	9,132	9,801
Equity/assets ratio, %	32	38	43	33	34	32	33
Net debt/equity ratio	0.31	-0.04	-0.13	0.53	0.36	0.59	0.62
Return on shareholders' equity, %	27	30	30	29	27	22	22
Return on capital employed, %	24	30	35	28	21	18	18

DATA PER SHARE	12 months	12 months	12 months	12 months	12 months	9 months	9 months
	May - Apr	May - Apr	May - Apr	May - Apr	May -Apr	May - Jan	May - Jan
	2008/09	2009/10	2010/11	2011/12	2012/13	2012/13	2013/14
Earnings per share
before dilution, SEK	1.50	2.27	2.76	3.26	3.52	1.31	0.87
after dilution, SEK	1.50	2.25	2.73	3.23	3.52	1.30	0.87
Cash flow per share
before dilution, SEK	1.58	2.63	1.31	-7.07	3.17	0.68	-1.44
after dilution, SEK	1.58	2.60	1.30	-7.01	3.17	0.68	-1.37
Shareholders' equity per share
before dilution, SEK	6.92	8.74	10.22	13.19	14.55	12.45	13.89
after dilution, SEK	6.92	9.38	10.61	13.31	14.55	12.42	17.94
Average number of shares
before dilution, 000s	368,114	368,832	373,364	376,431	380,672	380,443	381,273
after dilution, 000s	368,114	371,780	378,028	380,125	380,672	381,435	400,682
Number of shares at closing
before dilution, 000s	368,498	371,181	374,951 *)	378,991 *)	381,270 *)	381,237 *)	381,287 *)
after dilution, 000s	368,498	383,580	383,618	384,284	381,270	382,229	400,696

In September 2012 a 4:1 share split was conducted. The data per share and number of shares has been restated pro forma. *) Number of registered shares at closing excluding treasury shares (1,541,368 per January 31, 2014).

Data per quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK M									2011/12 2011/12 2011/12 2011/12 2012/13 2012/13 2012/13 2012/13 2013/14 2013/14 2013/14
Order bookings	1,700	2,702	2,784	3,629	2,252	2,972	2,856	4,037	2,027	3,101	3,224
Net sales	1,428	1,936	2,565	3,119	1,695	2,485	2,428	3,731	1,912	2,443	2,385
EBITA before non-recurring items	133	302	682	925	131	468	453	1,244	148	407	340
Operating result	92	385	597	775	63	400	386	1,163	46	304	260
Cash flow from
operating activities	215	154	315	251	-88	525	258	1,175	-391	282	153
Order bookings growth based on
unchanged exchange rates	Q1	Q2 *)	Q3 *)	Q4 *)	Q1 *)	Q2 *)	Q3	Q4	Q1	Q2	Q3
		2011/12 2011/12 2011/12 2011/12 2012/13 2012/13 2012/13 2012/13 2013/14								2013/14	2013/14
North and South America, %	9	8	1	20	28	13	-11	9	-26	8	40
Europe, Middle East and Africa, %	-24	31	34	-8	-3	4	-5	29	18	32	15
Asia Pacific, %	38	6	-4	19	11	17	53	9	8	-7	-9
Group, %	2	14	11	11	13	11	6	15	-2	10	15

*) excluding Brachytherapy

Segment reporting

Elekta applies geographical segmentation. Order bookings, net sales and contribution margin for respective region are reported to Elekta's CFO and CEO (chief operating decision makers). In the regions' operating expenses cost of products sold and expenses are directly attributable to the respective region reported. Global costs for R&D, marketing, management of product supply centers and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centers. The majority of exchange differences in operations are reported in global costs.

Segment reporting

May - Jan 2013/14		Europe,
	North and	Middle East			% of
SEK M	South America	and Africa	Asia Pacific	Group total	net sales
Net sales	2,196	2,498	2,046	6,740
Operating expenses	-1,540	-1,685	-1,601	-4,826	72%
Contribution margin	656	813	445	1,914	28%
Contribution margin, %	30%	33%	22%
Global costs				-1,243	18%
Operating result before non-recurring items				671	10%
Non-recurring items				-61
Operating result				610	9%
Net financial items				-172
Income before tax				438
May - Jan 2012/13		Europe,
	North and	Middle East			% of
SEK M	South America	and Africa	Asia Pacific	Group total	net sales
Net sales	2,372	2,125	2,111	6,608
Operating expenses	-1,578	-1,451	-1,482	-4,511	68%
Contribution margin	794	674	629	2,097	32%
Contribution margin, %	33%	32%	30%
Global costs				-1,224	19%
Operating result before non-recurring items				873	13%
Non-recurring items				-24
Operating result				849	13%
Net financial items				-159
Income before tax				690
May - Apr 2012/13		Europe,
	North and	Middle East			% of
SEK M	South America	and Africa	Asia Pacific	Group total	net sales
Net sales	3,521	3,561	3,257	10,339
Operating expenses	-2,277	-2,266	-2,210	-6,753	65%
Contribution margin	1,244	1,295	1,047	3,586	35%
Contribution margin, %	35%	36%	32%
Global costs				-1,528	15%
Operating result before non-recurring items				2,058	20%
Non-recurring items				-46
Operating result Net financial items				2,012 -212	19%
Income before tax				1,800
Rolling 12 months Feb - Jan 2013/14		Europe,
SEK M	North and South America	Middle East and Africa	Asia Pacific	Group total	% of net sales
Net sales	3,345	3,934	3,192	10,471
Operating expenses	-2,239	-2,500	-2,329	-7,068	68%
Contribution margin	1,106	1,434	863	3,403	32%
Contribution margin, %	33%	36%	27%
Global costs				-1,547	15%

Operating result 1,773 17% Net financial items -225

Income before tax 1,548

Elekta's operations are characterized by significant quarterly variations in delivery volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments as is the impact of currency fluctuations between the years.

Operating result before non-recurring items 1,856 18%

Non-recurring items -83

PARENT COMPANY

INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

	9 months	9 months
	May - Jan	May - Jan
SEK M	2013/14	2012/13
Operating expenses	-90	-108
Financial items	-31	-5
Income after financial items	-121	-113
Tax	27	30
Net income	-94	-83
Statement of comprehensive income
Net income	-94	-83
Other comprehensive income	4	-6
Total comprehensive income	-90	-89

BALANCE SHEET

	Jan 31,	Apr 30,
SEK M	2014	2013
Non-current assets
Shares in subsidiaries	1,877	1,837
Receivables from subsidaries	2,752	2,744
Other financial assets	74	64
Deferred tax assets	42	15
Total non-current assets	4,745	4,660
Current assets
Receivables from subsidaries	3,021	2,804
Other current receivables	26	27
Cash and cash equivalents	942	2,125
Total current assets	3,989	4,956
Total assets	8,734	9,616
Shareholders' equity	1,735	2,586
Untaxed reserves	27	27
Non-current liabilities
Long-term interest-bearing liabilities	4,341	4,336
Long-term liabilities to Group companies	38	38
Long-term provisions	32	26
Total non-current liabilities	4,411	4,400
Current liabilities
Short-term liabilities to Group companies	2,464	2,483
Accounts payable	6	9
Other current liabilities	91	111
Total current liabilities	2,561	2,603
Total shareholders' equity and liabilities	8,734	9,616
Assets pledged	―	―
Contingent liabilities	845	956