Byggmax Group

Quarterly Report • Oct 26, 2012

Interim report January - September 2012

During the third quarter, Byggmax increased EBIT by SEK 4.9 M

July 1 - September 30

• Net sales amounted to SEK 1,093.1 (1,100.0) M declined 0.6 percent
• Net sales for comparable stores declined 5.7 (declined 5.3) percent
• Gross margin was 30.6 (30.4) percent
• EBIT totaled SEK 161.5 (156.6) M
• EBIT margin was 14.8 (14.2) percent
• Profit after tax amounted to SEK 113.5 (111.5) M
• Earnings per share totaled SEK 1.9 (1.8)

Significant events during the quarter

• During the quarter, two (five) new stores opened: one in Sweden and one in Finland.
• Daniel Juhlin took up his position as the new Marketing and IT Manager

January 1 - September 30

• Net sales amounted to SEK 2,502.5 (2,368.7) M up 5.6 percent
• Net sales for comparable stores declined 1.0 (declined 1.9) percent
• Gross margin was 29.6 (29.7) percent
• EBIT totaled SEK 216.4 (227.2) M
• EBIT margin was 8.6 (9.6) percent
• Profit after tax amounted to SEK 143.5 (148.8) M
• Earnings per share totaled SEK 2.4 (2.4)

Significant events during the first nine months

• During the first nine month, eight (thirteen) new stores opened: four in Sweden, three in Norway and one in Finland.

Earnings overview	July - September			January - September	12 months	Full year
	2012	2011	2012	2011	Oct 1, 2011- Sep 30, 2012	2011
Net sales, SEK M	1,093.1	1,100.0	2,502.5	2,368.7	3,120.8	2,987.1
Gross margin, percent	30.6	30.4	29.6	29.7	30.0	30.1
EBIT, SEK M	161.5	156.6	216.4	227.2	266.8	277.5
EBIT margin, percent	14.8	14.2	8.6	9.6	8.5	9.3
Profit after tax, SEK M	113.5	111.5	143.5	148.8	176.9	182.2
Earnings per share, SEK	1.9	1.8	2.4	2.4	2.9	3.0
Return on equity, percent	13.8	14.8	16.7	19.1	21.0	22.9
Cash flow operating activities per share, SEK	-0.9	0.6	5.8	5.2	2.2	1.5
Shareholders´equity per share,SEK	14.4	13.4	14.4	13.4	14.4	13.9
Numbers of stores at the en of the period	94	86	94	86	94	86
New stores opened during the period	2	5	8	13	8	13

President's comments on results

Total sales remained unchanged compared with the year-earlier period. New stores made a positive contribution to growth in parallel with a decline in sales at existing stores. As in the preceding quarter, our assessment is that consumers' propensity to consume has declined compared with the first and second quarter. Compared with the year-earlier period, colder and wetter weather during the quarter had a negative impact on sales. Sales were more robust at the start of the quarter.

To the best of our knowledge, we have come out on top in all the price surveys in which we were included. Furthermore, Byggmax parquet flooring was rated "Best in test" in the quality survey performed by the independent Swedish test and research company Testfakta in August 2012. Byggmax placed third in the 2011 Listed Company of the Year awards, a competition that evaluates companies' financial communication. Byggmax also increased its points total more than any other participant since last year's competition.

The gross margin was higher during the quarter than in the year-earlier period. During the quarter, overheads decreased despite the increase in the number of stores. Given the prevailing market conditions we are working with adapting the costs in a corresponding manner. We have brought forward marketing efforts during the year, which means that marketing costs declined in the third quarter compared with the year-earlier period. We are also working on adjusting our inventory levels to more normal levels.

Strategic business decisions

Byggmax opened two stores in the third quarter of 2012. This means that we have opened eight stores in 2012 and no store openings are planned for the fourth quarter. We are opening fewer than expected stores in 2012 due to drawn out permit processes.

Byggmax is increasing the store product range - Byggmax 2.0 The investment in our distribution hub means that store inventory levels have decreased and will further decline in the future. The potential represented by the space thus created means that Byggmax can increase the product range of stores and thereby increase income per store. During the next fiscal year, Byggmax will start the transition to Byggmax 2.0 with tests on stores in Sweden ahead of the roll-out in all Byggmax markets. Byggmax 2.0 comprises a key component for reaching our growth goal.

Outlook

Uncertainty with regard to the economic trend in Byggmax's

markets has increased. The economic trend in Europe and the uncertainty it engenders are the prime negative influence on consumers, but the inertia of the housing market comprises another contributory factor. We continuously strive to adapt staffing levels and costs to the prevailing market conditions. During the first nine months, we increased sales by 6 percent. This sales trend and our continued capture of market shares confirm the strength of the Byggmax concept. Through an expanded store network, we reach an increasing number of consumers in Sweden, Norway and Finland and through a high degree of cost awareness we continue our alliance with customers through offering an attractive range at extremely low prices.

Magnus Agervald President, Byggmax Group AB (publ)

BYGGmax in brief

Business concept

Byggmax's business concept is to sell high-quality building supplies at the lowest price possible.

Business model and key factors for success

Byggmax offers affordable high-quality products for the most common maintenance and DIY projects. Since the start in 1993, the organization has been characterized by the so called "Byggmax concept" which has been decisive for the company's development. The concept is built on a limited product range, a resource efficient administration, strong company culture and competitive and effective pricing strategy as well as the stores distinguished shape and design.

Goals and strategies

Byggmax has determined it's long term goals for the Group as follows:

• organic growth to exceed 15 percent per year in net sales through expansion of the chain of stores and increased sales in comparable stores
• attain an EBIT margin in relation to net sales that exceeds 11 percent

Byggmax's strategy for achieving its financial goals is to expand the chain of stores in existing markets, to improve operating activities and to maintain continuous focus on business development.

Consolidated sales and earnings

July 1 - September 30

Revenues

The operation's net sales totaled SEK 1,093.1 M (1,100.0), declined 0.6 percent. Operating revenue was SEK 1,095.6 M (1,101.5), declined 0.5 percent. Net sales for comparable stores1 declined 5.7 percent in local currency. Net sales amounted to SEK 799.1 (822.6) in Sweden and SEK 294.0 M (277.4) in the other Nordic markets.

The sales decline of 0.5 percent was divided according to the following:
Comparable stores, local currency, percent	-5.7
Non-comparable units, percent	6.2
Exchange rate effects, percent	-1.1
Total, percent	-0.5

The Group opened two (five) new stores during the quarter. Accordingly, the total number of stores in the Group at September 30, 2012 was 94 (86).

EBIT

EBIT amounted to SEK 161.5 M (156.6) and the EBIT margin was 14.8 percent (14.2). The gross margin amounted to 30.6 percent compared with 30.4 percent in the year-earlier period.

Personnel costs and other external expenses increased a total of SEK 5.9 M compared with the year-earlier period. This increase was principally attributable to an expense of SEK 12.1 M for new stores opened after the third quarter 2011 and a decrease of SEK 14.3 M in marketing costs compared with the year-earlier period. Marketing costs were lower since marketing efforts were brought forward in 2012 compared with the year-earlier period.

Profit before tax

The profit before tax was SEK 157.2 M (154.4). The loss arising from net financial items amounted to SEK 4.3 M (loss: 2.2). Net financial items was impacted by currency effects.

January 1 - September 30

Revenues

The operation's net sales totaled SEK 2,502.5 M (2,368.7), up 5.6 percent. Operating revenue was SEK 2,507.8 M (2,372.7), up 5.7 percent. Net sales for comparable stores1 declined 1.0 percent in local currency. Net sales amounted to SEK 1,841.4 M (1,824.3) in Sweden and SEK 661.0 M (544.5) in the other Nordic markets.

The sales increase of 5.7 percent was divided according to the following:
Comparable stores, local currency, percent	-1.0
Non-comparable units, percent	6.8
Exchange rate effects, percent	-0.2
Total, percent	5.7

The Group opened eight (thirteen) new stores during the three first quarters. Accordingly, the total number of stores in the Group at September 30, 2012 was 94 (86).

EBIT

EBIT amounted to SEK 216.4 M (227.2) and the EBIT margin was 8.6 percent (9.6). The gross margin was 29.6 percent compared with 29.7 percent for the year-earlier period. Swedish Customs decided to levy an additional charge on Byggmax with respect to customs and anti-dumping duties for 2008 and 2009. The total sum was SEK 10.3 M. Byggmax has appealed the decision of Swedish Customs to the Administrative Court. These additional charges are cost neutral for Byggmax, since the company has agreed compensation in a corresponding amount with the supplier.

Personnel costs and other external expenses increased by a total of SEK 43.5 M. This increase was principally attributable to an expense of SEK 40.3 M for new stores opened after the third quarter of 2011.

Profit before tax

The profit before tax was SEK 199.4 M (205.9). The loss arising from net financial items amounted to SEK 17.0 M (loss: 21.3). Net financial items was impacted by currency effects.

Cash flow and financial position

Cash flow from operating activities for the July to September period amounted to negative SEK 57.0 M (pos: 35.8), down SEK 92.8 M compared with the year-earlier period. At the end of the period, inventory amounted to SEK 491.1 M (417.8). Compared with the end of the year-earlier period, eight new stores and associated inventory amounted to SEK 33.8 M. Distribution inventory was SEK 50.9 M higher than in the year-earlier period, due to more products being distributed through the distribution hub. Accounts payable are lower than in the previous year due to lower purchases in the third quarter and due to that credit days for purchases of goods, primarily from Asia, are shorter than Byggmax's average credit days. The decline in tax paid for the first nine months compared with the year-earlier period was attributable to higher debited preliminary taxes in 2011.

Consolidated shareholders' equity amounted to SEK 876.5 M (810.9) on September 30, 2012. The net debt of the Group was SEK 301.3 M (252.0), up SEK 49.3 M compared to the preceding year. The equity/assets ratio amounted to 46.2 percent (45.7). Unutilized credit facilities totaled SEK 246.0 M (296.5).

Investments (excluding financial leasing) during the third quarter amounted to SEK 14.9 M (12.3), of which SEK 1.6 M (3.8) comprised investments in new stores and SEK 2.0 M (2.6) related to IT equipment. Investments (excluding financial leasing) during the first nine months amounted to SEK 56.6 M (27.5) of which SEK 22.1 M (10.5) comprised investments in new stores and SEK 10.2 M (9.0) related to IT equipment. The higher degree of investment compared with the preceding year was principally attributable to the Group's reduced use of leasing facilities for equipment and increased use of internal financing. New leasing fell from SEK 44.3 M for the first nine months of 2011 to SEK 2.5 M for the corresponding period of 2012. Byggmax has elected to follow this course since it is more cost-efficient.

Acquisitions and establishments

During the period January to September 2012, eight new stores were opened: four in Sweden, three in Norway and one in Finland.

The Byggmax workforce

The number of employees (converted to full-time equivalents) rose to 984 (911) at the end of the period.

Value drivers – short-term factors

• Trends in cost prices – cost prices impact Byggmax's margins. Historically, the market has passed on adjustments in cost prices to the end consumer.

• Competitors' pricing – Byggmax prices products based on the prices of the competition with the objective of always being the cheapest. Therefore, the pricing of competitors affects margins. • Short-term trends in the DIY market – Byggmax operates in the DIY market and, accordingly, its trends impact the company.

• Weather – Byggmax sells many items for outdoor use and, accordingly, sales are impacted by the weather. Seasonal variations are clearly visible and the company has significantly higher turnover in spring, summer and early autumn.

• Availability of attractive store locations – The establishment of new stores is a key element of Byggmax's strategy in both the long and the short-term, thus making attractive store locations of key importance.

Value drivers – long-term factors

• The ability to maintain the strong corporate culture – The Byggmax culture plays a key role in the company's success and its retention is a key factor for continued success.

• The ability to execute the Group's strategy and business concept – Maintaining stringency levels in the product range and pricing as well as continuing to trim the organization through continuous improvements comprise a few of the key elements for success.

• The ability to renew the concept and strategies when needed – The Byggmax concept has remained much the same since it was founded in 1993. However, the concept has developed over time and new ideas have been tested and incorporated or discarded.

• Long-term development of the DIY market – Byggmax operates in the DIY market and its long-term trend is important.

• Trends in the attractiveness of the low-price segment in the DIY market – Byggmax's strategy is to become the largest operator in the low-price segment in the Nordic region. Long-term trends are therefore important.

• The competition's strategies and their execution – Byggmax operates in a competitive market and the actions of the competition affect the Group.

Risks and uncertainties

A number of factors can impact Byggmax's earnings and operations. Most of these factors can be managed through internal procedures, while certain factors are largely governed by external circumstances. For a more detailed description of the Group's risks and risk management, refer to the Annual Report for 2011. Byggmax has updated its currency policy, currency positions exceeding SEK 100 M are now hedged on a 12 month basis and this is performed quarterly with 50 percent for the coming six-month period and an additional 25 percent for the coming quarter. Apart from the risks described in the Annual Report, no material risks arose during the period.

Seasonal fluctutations

The company´s operations are affected by strong seasonal variations controlled by consumer demand for basic building supplies. Due to the weather´s impact on demand, Byggmax's sales and cash flow are generally higher in the second and third quarters, when about two thirds of the company´s sales are generated, while these usually decline in the fourth and first quarters. Although seasonal variations do not normally affect Byggmax's earnings and cash flow from year to year, earnings and cash flow may be impacted during the year by unusually harsh or mild weather conditions, or by excessive or insufficient precipitation. Byggmax endeavors to balance the seasonal effects by launching new products that are not as susceptible to seasonal variations.

Parent Company

The Parent Company is a holding company. Parent Company sales for the third quarter amounted to SEK 0.1 M (0.1) and SEK 0.2 M (0.2) for the first nine months. The Parent Company reported a loss after financial items of SEK 3.3 M (loss: 2.6) for the third quarter and a loss of SEK 11.1 M (loss: 10.8) for the first nine months.

Events after the close of the reporting period

In October, a company containing a property in Karlskoga was acquired for SEK 5.6 M.

Ownership structure

Ownership	Number of shares	Holding (%)
ALTOR 2003 Sarl	21,720,908	35.76
Lannebo fonder	6,035,227	9.94
ZAMGATE INVESTMENTS (Stig Notlöv)	3,078,042	5.07
Schroder Investment Management North America, Inc.	2,497,084	4.11
Handelsbanken fonder	2,434,396	4.01
JARTON MANAGEMENT (Göran Peter son)	2,381,296	3.92
ÖRESUND, INVESTMENT AB	1,912,914	3.15
Norges Bank Investment Management	1,742,210	2.87
ULSLANE HOLDNINGS (Lars Lindberg)	1,715,000	2.82
T. Rowe Price International Ltd	1,089,764	1.79
Total of the ten major shareholders	44,606,841	73.44
Total other shareholders	16,130,204	26.56
Total at September 30, 2012	60,737,045	100

Accounting policies

Byggmax Group AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for Groups.

The Parent Company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities. The same accounting policies were applied for the Parent Company as for the Group, except in the cases stated under Parent Company accounting policies in Note 2.22 of the Annual Report for 2011.

Those standards that entered effect as of January 1, 2012 have no material impact on the Group.

For a more detailed description of the accounting policies applied for the Group and the Parent Company in this interim report, refer to Notes 1-4 of the Annual Report for the 2011 fiscal year.

All of the figures listed above and below in parentheses refer to the corresponding period or date in the preceding year.

Stockholm, Ocotber 25, 2012

Magnus Agervald Presedent of Byggmax Group AB (publ)

Report of Review of Interim Financial Information

Introduction

We have reviewed this report for the period 1 January - 30 September 2012 for Byggmax Group AB (publ). The board of directors and the CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of Review

We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.

Stockholm, October 25, 2012

Öhrling PricewaterhouseCoopers

Anna-Carin Bjelkeby

Authorised Public Accountant

Financial calender

Year-end report 2012 January 23, 2013

Annual General Meeting The 2012 Annual General Meeting will be held on May 15, 2013 in Stockholm.

Contacts

For further information, please contact the following individuals by telephone at + 46-8-514 930 60 or by calling the direct numbers listed below:

Magnus Agervald, President Tel: +46 (0)76-11 90 020 E-mail: magnus.agervald@byggmax.se

Pernilla Valfridsson, CFO Tel: +46 (0)76 11 90 040 E-mail: pernilla.walfridsson@byggmax.se

Background information about Byggmax and press photos are available at www.byggmax.com

Byggmax Group AB (publ) Box 6063, SE-171 06 Solna Sweden Visiting address: Armégatan 40 Tel: +46 (0)8 514 930 60, fax: +46 (0)8 514 930 79, e-mail: info@ byggmax.se Corporate Registration Number: 556656-3531 Registered office: Solna

Consolidated summary of comprehensive income

Amount in SEK M	Jul - Sep	Jul - Sep	Jan - Sep	Jan - Sep	12 months	Jan - Dec
Note	2012	2011	2012	2011	Oct 2011- Sep 2012	2011
Operating income
Net Sales 1	1,093.1	1,100.0	2,502.5	2,368.7	3.120,8	2,987.1
Other operating income	2.5	1.5	5.3	3.9	6.4	5.0
Total operating income	1,095.6	1,101.5	2,507.8	2,372.7	3,127.2	2,992.1
Operating expenses
Goods for sale	-758.6	-765.3	-1,761.2	-1,664.9	-2,184.3	-2,088.0
Other external costs and operating expenses	-87.2	-98.8	-287.2	-262.6	-358.4	-333.9
Personnel costs	-74.4	-68.8	-204.2	-185.2	-266.1	-247.1
Depreciation and amortization of tangible and
intangible fixed assets	-13.8	-12.1	-38.8	-32.8	-51.6	-45.6
Total operating expenses	-934.1	-945.0	-2,291.3	-2,145.5	-2,860.4	-2,714.6
EBIT	161.5	156.6	216.4	227.2	266.8	277.5
Loss from financial items	-4.3	-2.2	-17.0	-21.3	-21.6	-25.8
Profit/loss before tax	157.2	154.4	199.4	205.9	245.1	251.6
Income tax	-43.7	-42.9	-55.9	-57.1	-68.2	-69.5
Profit/loss for the period	113.5	111.5	143.5	148.8	176.9	182.2
Other comprehensive income for the period
Translation differences	-1.3	-0.4	-2.1	0.8	-2.0	0.9
Total other comprehensive income for the period	-1.3	-0.4	-2.1	0.8	-2.0	0.9
Total comprehensive income for the period	112.2	111.1	141.4	149.6	174.9	183.1
Earnings per share, SEK	1.9	1.8	2.4	2.4	2.9	3.0
Average number of shares, (thousand)	60,737	60,737	60,737	60,737	60,737	60,737
Number of shares at the end of the period,
(thousand)	60,737	60,737	60,737	60,737	60,737	60,737

Consolidated summary of statement of financial position

Amounts in SEK M Note	Sep 2012	Sep 2011	Dec 2011
ASSETS
Fixed assets
Intangible fixed assets	1,077.7	1,069.9	1,072.6
Tangible fixed assets	153.1	143.0	140.5
Financial fixed assets	5.5	18.4	5.1
Total fixed assets	1,236.3	1,231.2	1,218.2
Current assets
Inventories	491.1	417.8	424.9
Derivatives	0.0	0.0	0.6
Current receivables	99.3	87.1	99.1
Cash and cash equivalents	69.5	39.7	22.8
Total current assets	659.9	544.6	547.5
TOTAL ASSETS	1,896.2	1,755.8	1,765.8
Amounts in SEK M Note	Sep 2012	Sep 2011	Dec 2011
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	876.5	810.9	844.4
LIABILITIES
Borrowing from credit institutions	21.1	168.3	166.3
Deferred tax liabilities	64.8	53.6	64.5
Long-term liabilities	85.9	221.9	230.8
Borrowing from credit institutions	349.7	123.3	344.0
Accounts payable	454.4	492.0	268.9
Current tax liabilities	17.9	27.1	4.5
Derivative instruments	0.8	2.2	0.0
Other liabilities	43.8	38.4	12.6
Accrued expenses and prepaid income	67.3	60.0	60.6
Current liabilities	933.8	743.0	690.6
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1,896.2	1,775.8	1,765.8
Pledged assets - Shares in subsidiaries	995.2	820.0	845.6
Pledged assets - Chattel mortgages	120.0	120.0	120.0
Pledged assets - Blocked funds	12.3	3.8	12.3
Contingent liabilities	None	None	None

Consolidated statement of changes in shareholders' equity

Amounts in SEK M	Note	Sep 2012	Sep 2011	Dec 2011
Opening balance at the beginning of the period		844.4	748.5	748.5
Comprehensive income
Translation differences		-2.1	0.8	0.9
Profit/loss for the period		143.5	148.8	182.2
Total comprehensive income		141.4	149.6	183.1
Transactions with shareholders
Dividend to shareholders		-109.3	-91.1	-91,1
New share issue/share premium reserve		0.0	3.8	3.8
Total transactions with shareholders		-109.3	-87.3	-87.3
Shareholders' equity at the end of the period		876.5	810.9	844.4

Consolidated cash flow statement

Amounts in SEK M	Jul - Sep	Jul - Sep	Jan - Sep	Jan - Sep	12 months	Jan - Dec
	2012	2011	2012	2011	Oct 2011- Sep 2012	2011
Cash flow from operating activities
EBIT	161.5	156.6	216.4	227.2	266.8	277.5
Non-cash items
- Depreciation/amortization of tangible and intangible
fixed assets	13.8	12.1	38.4	32.8	51.1	45.6
- Other non-cash items	-1.0	0.3	-0.7	1.4	0.2	2.3
Interest received	2.7	1.2	7.0	4.9	8.1	6.0
Interest paid	-7.9	-7.8	-22.6	-25.4	-30.9	-33.7
Tax paid	-25.7	-11.6	-42.7	-73.6	-53.6	-84.5
Cash flow from operating activities before changes in
working capital	143.4	150.7	195.8	167.3	241.6	213.1
Changes in working capital
Increase/decrease in inventories and work in process	35.2	37.9	-67.9	-87.6	-73.3	-93.0
Increase/decrease in other current receivables	8.5	-12.7	1.6	-29.7	-12.1	-43.4
Increase/decrease in other current liabilities	-244.1	-140.1	223.4	264.1	-24.9	15.8
Cash flow from operating activities	-57.0	35.8	352.8	314.0	131.3	92.5
Cash flow from investing activities
Investment in intangible fixed assets	-2.1	-2.8	-10.9	-9.4	-15.2	-13.7
Investment in tangible fixed assets	-12.8	-6.8	-45.7	-18.6	-50.1	-23.0
Divestment of tangible fixed assets	0.0	0.0	-0.1	-0.1	-0.1	-0.1
Investment in other financial fixed assets	0.1	3.0	0.0	9.4	8.5	0.9
Investment in subsidiaries	0.0	0.0	0.0	0.0	-0.2	-0.2
Proceeds from sale of subsidiaries	0.0	26.8	0.0	26.8	0.0	26.8
Cash flow from investing activities	-14.9	20.2	-56.7	8.2	-74.1	-9.2
Cash flow from financing activities
New share issue/share premium reserve	0.0	0.0	0.0	3.8	0.0	3.8
Change in overdraft facilities	254.8	25.2	50.2	-121.2	270.5	99.1
Dividend to shareholders	0.0	0.0	-109.3	-91.1	-109.3	-91.1
Amortization of loans	-176.1	-86.4	-190.3	-98.8	-197.0	-105.5
Cash flow from financing activities	78.7	-61.2	-249.4	-307.2	-35.9	-93.7
Cash flow for the period	6.9	-5.1	46.7	15.0	21.3	-10.4
Cash and cash equivalents at the beginning of the period2	50.3	40.9	10.5	20.9	35.8	20.9
Cash and cash equivalents at the end of the period2	57.2	35.8	57.2	35.8	57.2	10.5

2 Note that cash and cash equivalents in the cash flow are adjusted for restricted bank funds

Parent Company income statement

Amounts in SEK M	Jul - Sep	Jul - Sep	Jan - Sep	Jan - Sep	12 months	Jan - Dec
					Oct 2011-
Note	2012	2011	2012	2011	Sep 2012	2011
Operating income
Operating income	0.1	0.1	0.2	0.2	0.3	0.3
Total operating income	0.1	0.1	0.2	0.2	0.3	0.3
Operating expenses
Other external expenses	-1.3	-1.3	-3.2	-3.1	-4.2	-4.1
Personnel costs	-0.1	-0.1	-0.3	-0.3	-0.4	-0.4
Total operating expenses	-1.4	-1.4	-3.5	-3.4	-4.6	-4.5
EBIT	-1.4	-1.4	-3.3	-3.1	-4.3	-4.2
Profit from financial items	-2.0	-1.2	-7.8	-7.7	0.3	4.2
Profit/loss before tax	-3.3	-2.6	-11.1	-10.8	-4.0	0.0
Tax on profit/loss	0.9	0.7	2.9	2.8	3.8	0.0
Profit for the period	-2.5	-1.9	-8.2	-8.0	-0.2	0.0

The profit for the period corresponds with the comprehensive income for the period

Parent Company balance sheet

Amounts in SEK M Note	Sep 2012	Sep 2011	Dec 2011
ASSETS
Fixed assets
Financial fixed assets	712.1	712.1	712.1
Total fixed assets	712.1	712.1	712.1
Current assets	5.4	1.8	15.2
Total current assets	5.4	1.8	15.2
TOTAL ASSETS	717.5	713.9	727.3
Amounts in SEK M Note	Sep 2012	Sep 2011	Dec 2011
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	239.3	348.8	356.8
Provisions	0.0	0.0	0.0
Total long-term liabilities	0.0	170.0	130.0
Current liabilities	478.2	195.0	240.5
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	717.5	713.9	727.3
Pledge assets	320.1	358.0	358.0
Contingent liabilities	None	None	None

Notes to the interim report

Note 1 Segments

Amounts in SEK M	Jul - Sep	Jul - Sep	Jan - Sep	Jan - Sep	12 months	Jan - Dec
					Oct 2011-
Net sales	2012	2011	2012	2011	Sep 2012	2011
Nordic region	1,093.1	1,100.0	2,502.5	2,368.7	3,120.8	2,987.1

The Group has only one identified operating segment, which is the Nordic segment.

Note 2 Disclosures about transactions with related parties

Related parties to Byggmax comprise Senzum AB and Dustin Financial Services AB. Transactions carried out during the period did not amount to any significant amounts. The transactions were conducted on market-based terms.

Note 3 Income per quarter

	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3
	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012
Net Sales, SEK M	324.5	856.2	1,043.2	549.1	369.5	899.3	1,100.0	618.3	451.4	958.0	1,093.1
Gross margin, percent	29.7	29.1	30.3	29.7	29.1	29.1	30.4	31.6	29.3	28.7	30.6
EBIT, SEK M	-11.1	82.6	165.4	37.9	-13.1	83.7	156.6	50.3	-9.6	64.6	161.5
EBIT margin, percent	-3.4	9.6	15.9	6.9	-3.5	9.3	14.2	8.1	-2.1	6.7	14.8
Working capital, SEK M	66.1	-200.7	-148.9	41.1	87.7	-192.7	-112.5	177.4	74.5	-175.5	7.0
Return on equity, percent	-4.3	11.7	16.5	2.7	-2.0	7.3	14.8	4.0	-1.6	5.4	13.8
Cashflow from operating activities per share, SEK	-0.8	5.5	1.1	-2.4	-1.0	5.6	0.6	-3.6	1.7	5.0	-0.9
Shareholders' equity per
share3 , SEK	6.0	10.2	12.0	12.3	12.1	11.5	13.4	13.9	13.7	12.6	14.4
Number of stores	63	68	73	73	76	81	86	86	88	92	94

³Comparative figures have been adjusted for the share split 1:3 carried out on June 2, 2010.

Definition of key ratios and figures

• Shareholders' equity per share: Shareholders' equity divided by the number of shares on the balance-sheet date
• Cash flow from operating activities per share: cash flow from operations divided by the number of shares at the balance-sheet date
• Earnings per share: profit after tax in relation to the number of shares outstanding at the end of the accounting period
• Return on equity: earnings after tax divided by average equity
• Working capital: working capital assets (inventories, current receivables) less working capital liabilities (accounts payable, current tax liabilities, other liabilities, accrued expenses and prepaid income)
• EBIT margin: EBIT/net sales
• Equity/assets ratio: shareholders' equity/total assets

Definition of market specific ratios and figures

• Gross margin: (Net sales less goods for sale) in relation to net sales
• Comparable stores: a store is classified as comparable as of the second year-end after the store was opened. Stores that are relo cated to new premises in existing locations are handled in the same manner.

The information contained in this interim report is disclosed by Byggmax in compliance with the Swedish Securities Market Act (2007:528). The information was released for publication at 8.00 (CET) on October 26, 2012.