Elekta

Earnings Release • Mar 8, 2011

Nine-month interim report May – January 2010/11

Order bookings increased 10* percent to SEK 6,041 M (5,705).

Net sales rose 14* percent to SEK 5,328 M (4,835).

Operating profit increased to SEK 751 M (553).

Net income rose to SEK 500 M (358).

Earnings per share after dilution improved to SEK 5.30 (3.91).

Cash flow from operating activities amounted to SEK 460 M (589). Cash flow after investments was SEK 142 M (527), including acquisitions of SEK -255 M (0).

For fiscal year 2010/11, net sales is expected to grow by 12-14 percent in local currency. Operating profit in SEK is expected to grow by 16-20 percent.

Group summary	Nov. - Jan.	Nov. - Jan.	May - Jan.	May - Jan.	Change
SEK M	2010/11	2009/10	2010/11	2009/10
Order bookings	1,914	1,897	6,041	5,705	10%*
Net sales	1,822	1,704	5,328	4,835	14%*
Operating profit	296	232	751	553	36%
Net income	195	147	500	358	40%
Cash flow from operating activities	256	439	460	589	-22%
Earnings per share after dilution, SEK	2.06	1.59	5.30	3.91	36%

* Compared to last fiscal year at unchanged exchange rates.

President and CEO Tomas Puusepp comments

I am very pleased with Elekta's solid performance in the first nine months of fiscal year 2010/11. Order bookings increased by 10 percent based on unchanged exchange rates. Operating profit rose by 36 percent to SEK 751 M (553) with an operating margin improvement to 14 percent (11).

Order intake for the nine-month period was particularly strong in Region North and South America, helped by a strong third quarter in the North American market and a positive development in Brazil. In the Asia Pacific region, China, India and Australia represented the strongest growth markets. Demand in Europe, Middle East and Africa showed a mixed picture. Eastern Europe, Russia and Italy reported continued solid growth while activity was lower in the UK and in the Nordic countries.

There may be quarterly fluctuations in demand in the respective regions. However, we expect sustainable growth rates for region Europe, Middle East and Africa as well as for North America at mid to high single digit levels, and double digit growth rates for the Asia Pacific region.

The need for cancer care is growing world wide. Elekta is market leader in emerging markets, where the demand for clinical solutions like Elekta's is particularly strong. We continue to make cancer care available to more people around the world through geographical expansion. Key success factors are our long term customer relations, our innovative capabilities and our commitment to the highest level of service and customer care.

Elekta provides world leading solutions in image-guided radiation therapy, stereotactic radiosurgery and oncology software in collaboration with the foremost universities and hospitals worldwide. There is an increasing interest for stereotactic radiosurgery and stereotactic radiotherapy for the treatment of cancer and multiple metastatic tumors.

With good visibility for the remainder of the fiscal year, Elekta's financial outlook for the fiscal year 2010/11 has been changed. Net sales is expected to grow by 12-14 percent in local currency. Operating profit in SEK is expected to grow by 16-20 percent.

Tomas Puusepp President and CEO

Order bookings and order backlog

Order bookings rose 6 percent to SEK 6,041 (5,705). Based on unchanged exchange rates, order bookings increased 10 percent. Order bookings during the third quarter amounted to SEK 1,914 M (1,897). Rolling 12 months order bookings rose 2 percent and based on unchanged exchange rates 8 percent.

Order backlog on January 31, 2011 was SEK 8,152 M, compared to SEK 8,093 M on April 30, 2010. Order backlog is converted at closing exchange rates, which resulted in a negative translation difference of SEK 629 M on the order backlog.

Order bookings				Nov. - Jan. Nov. - Jan. Change May - Jan. May - Jan. Change			12 months Change		May-April
SEK M	2010/11	2009/10		2010/11	2009/10		rolling		2009/10
North and South America	839	487	72%	2,321	1,898	22%	3,838	16%	3,415
Europe, Middle East, Africa	606	906	-33%	2,059	2,411	-15%	2,890	-16%	3,242
Asia Pacific	469	504	-7%	1,661	1,396	19%	2,365	11%	2,100
Group	1,914	1,897	1%	6,041	5,705	6%	9,093	2%	8,757

Market development

North and South America

The North American market is primarily driven by rising cancer incidence in an increasing and aging population, an emphasis on early detection, competition among providers, and relatively more rapid acceptance of new and refined radiation treatment technology.

In the US, market recovery accelerated towards the end of the nine month period, following the financial crisis and economic downturn. The full effect of the healthcare reform in the US is yet to be seen. However, it is intended to extend healthcare insurance to 32 million more Americans. This is likely to be beneficial for Elekta and users of our products and clinical solutions. A greater portion of the US population should be able to better afford and gain access to services that can lead to earlier detection of cancer and treatment. Reimbursement remains on a favorable level for radiotherapy as well as for stereotactic radiosurgery. The sustainable growth rate for North America is expected at mid to high single digit levels.

The South American market is driven by a large unmet demand for treatment of cancer and brain disorders. Recent improvements in reimbursement levels for radiation therapy in Brazil, coupled with our increased presence in selected countries, support Elekta's longterm growth in the region.

Order bookings for region North and South America increased with 24 percent based on unchanged exchange rates compared to the first nine months of previous year. Growth was underpinned by accelerating growth in North America and a positive development in Brazil.

In the quarter Elekta signed an extensive agreement with Wake Forest University Baptist Medical Center. The agreement includes acquisition of multiple radiation-therapy treatment systems, software systems and services.

The contribution margin for the region amounted to 33 percent (32).

Europe including Middle East and Africa

Demand in Europe including Middle East and Africa showed a mixed picture in the first nine months. Order growth was strong in Eastern Europe, Russia and Italy, while activity was lower in the UK market and in the Nordic countries.

Due to the financial crisis there is an uncertainty concerning future government healthcare spending in certain countries, such as Portugal, Ireland, Spain and Greece. A growing trend in Western Europe is the emergence of private cancer-care providers that exclusively focus on radiation therapy. These companies will likely achieve a greater role in the expansion of capital intense equipment, and they are currently found in the UK, Germany, France and Spain. Most have selected equipment from Elekta.

In Eastern Europe, Russia, Middle East and Africa, there is a large unmet need for cancer care and treatment of brain disorders. As in most emerging markets the primary issue is a lack of capacity for early diagnoses, which means that many people do not receive treatment until at a late stage of their disease. These factors are the key drivers of demand, while demand and requirements for advanced cancer care are also growing in pace with rising prosperity.

Order bookings for region Europe including Middle East and Africa decreased 5 percent based on unchanged exchange rates in the nine month period compared to a very strong order growth in the corresponding period of last year. The sustainable growth rate for the region is expected at mid to high single digit levels.

The contribution margin for the region amounted to 30 percent (35). The decrease was mainly attributable to negative impact from currency movements and unfavorable market mix.

Asia Pacific region

The Asia Pacific region is generally characterized by major shortage of care capacity in the areas of oncology and neurosurgery, although countries such as Australia, Japan and Taiwan, as well as Hong Kong and Singapore have well-established healthcare systems. Healthcare investments in this region primarily pertain to establishing new care capacity. Elekta is well positioned to support healthcare providers in their efforts to develop and improve cancer care.

In China in particular, investments will continue to increase. In 2009 China adopted a comprehensive healthcare reform, and there are plans to double the number of linear accelerators in the next five years. Elekta is the market leader in advanced radiation therapy in this market.

The prospects for increased radiation therapy in cancer care in Japan are also favorable. Elekta has a strong presence within neuroscience and software and is well placed to increase its market share in the area of oncology. Elekta recently signed a sales and marketing agreement with Toshiba Medical Systems Corporation (TMSC) in Japan. The partnership creates significant opportunities for Elekta to strengthen its position in the Japanese oncology market.

Order bookings in the region increased by 18 percent, based on unchanged exchange rates, in the first nine months compared to the previous year. China, India and Australia accounted for the strongest growth. The sustainable growth rate for the region is expected to remain at double digit levels.

The contribution margin for the region amounted to 31 percent (24).

Net sales

Net sales rose 10 percent to SEK 5,328 M (4,835). Based on unchanged exchange rates, net sales increased 14 percent.

Net sales				Nov. - Jan. Nov. - Jan. Change May - Jan. May - Jan. Change			12 months Change		May-April
SEK M	2010/11	2009/10		2010/11	2009/10		rolling		2009/10
North and South America	617	607	2%	1,997	1,899	5%	2,890	4%	2,792
Europe, Middle East, Africa	657	675	-3%	1,882	1,817	4%	2,800	-2%	2,735
Asia Pacific	548	422	30%	1,449	1,119	29%	2,195	27%	1,865
Group	1,822	1,704	7%	5,328	4,835	10%	7,885	7%	7,392

Earnings

Operating profit rose 36 percent to SEK 751 M (553), positively impacted by higher sales volume and efficiency improvements. There is no effect from changes in exchange rates over the previous year.

Gross margin amounted to 45 percent (45). Operating margin increased to 14 percent (11).

Research and development expenditures before capitalization of development rose 13 percent to SEK 476 M (421) equal to 9 percent (9) of net sales.

Costs for Elekta's ongoing incentive programs amounted to SEK 36 M (32).

Exchange rate gains from forward contracts affected operating profit by SEK 46 M (49). The change in unrealized exchange rate effects from cash flow hedges amounted to SEK 44 M (123) and are reported in other comprehensive income. Closing balance of unrealized exchange rate effects from cash flow hedges in shareholders' equity was SEK 110 M (79). According to Elekta's currency hedging policy, anticipated sales in foreign currency may be hedged up to 24 months.

Net financial items amounted to an expense of SEK 37 M (expense 27).

Income before tax amounted to SEK 714 M (526). Tax expense amounted to SEK 214 M (168) or 30 percent (32). Net income amounted to SEK 500 M (358).

Earnings per share amounted to SEK 5.37 (3.92) before dilution and SEK 5.30 (3.91) after dilution.

Return on shareholders' equity amounted to 30 percent (28) and return on capital employed amounted to 34 percent (28).

Investments and depreciation

Capitalization of development costs and amortization of capitalized development costs amounted to net SEK 74 M (31). Capitalization amounted to SEK 119 M (70) and amortization to SEK 45 M (39).

Investments in intangible and tangible fixed assets amounted to SEK 193 M (141). Amortization of intangible and depreciation of tangible fixed assets amounted to SEK 182 M (168).

Liquidity and financial position

Strong earnings resulted in positive cash flow from operating activities of SEK 460 M (589). Cash flow after investments amounted to SEK 142 M (527), acquisitions were included with SEK -255 (0) M.

Cash conversion was 58 percent (100) for the period. For the third quarter cash conversion was 89 percent compared to a very strong cash conversion of 207 percent for the third quarter of last fiscal year.

Liquid funds amounted to SEK 1,065 M compared to SEK 1,174 M on April 30, 2010. Interest bearing liabilities amounted to SEK 956 M compared to SEK 1,039 M on April 30, 2010. Net cash amounted to SEK 109 M on January 31, 2011, compared to SEK 135 M on April 30, 2010. Net debt/equity ratio was -0.03 (0.13).

Shares

During the period 1,408,216 new Series B shares were subscribed through exercise of warrants distributed within the framework of the established option programs.

Total number of registered shares on January 31, 2011 was 94,203,460 divided between 3,562,500 A-shares and 90,640,960 B-shares.

The Board of Directors decided on June 16, 2010 to exercise the mandate given to them by the Annual General Meeting 2009, by authorizing the executive management to initiate the repurchase of shares in an amount of SEK 100 M and not more than 650,000 shares, corresponding to 0.7 percent of the total number of outstanding shares in the company.

Share purchases were made on NASDAQ OMX Stockholm, June 16-22, 2010. The number of repurchased shares on January 31, 2011, totaled 502,000 B-shares to the average rate of SEK 198.85.

Employees

The average number of employees was 2,612 (2,468). The average number of employees in the Parent Company was 25 (23).

The number of employees on January 31, 2011 totaled 2,708 whereof Resonant Medical Inc., had 33 employees. On April 30, 2010, the number of employees in Elekta totaled 2,549.

Risks and uncertainties

The weak economic development and high public debt levels may mean less availability of financing for private customers and reduced future health care spending by the governments for some markets. Elekta's ability to deliver treatment equipment is to a large extent dependent on customers' readiness to receive the delivery and pay within the agreed timeframe. This results in a risk of delayed deliveries and corresponding delayed 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.

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.

Product safety and the regulatory approval processes in various countries constitute risks since they could delay the ability of introducing products into the countries concerned.

A description of the generic risks and uncertainties in Elekta's business can be found in the Annual Report 2009/10 on page 45 and in note 2.

Acquisition

On May 31, Elekta acquired 100 percent of the shares as well as votes in Resonant Medical Inc. (RMI), Montreal, Canada. The company develops systems for enhanced image guidance of soft tissues for radiation therapy based on latest generation 3-D ultrasound technology. The acquisition cost amounted to CAD 30 M. Elekta consolidated RMI from June 1, 2010. Goodwill and identifiable intangible assets, which mainly derives from technology,

amounted to approximately CAD 23 M. During the period June 2010 to January 2011 operating result was negative CAD 4 M. Transaction costs related to the acquisition have been expensed when incurred and amount to SEK 5 M. The transaction is forecasted to have a minor dilutive effect on reported earnings per share during fiscal year 2010/11 and be mildly accretive for the following fiscal year.

On July 31, Elekta Limited, South Korea, acquired the assets and liabilities from Elekta Korea Ltd (distribution partnership), South Korea. The acquisition cost amounted to KRW 2,519 M (SEK 15 M). Goodwill amounted to approximately KRW 1,505 M (SEK 9 M).

Significant events after the nine-month period

On February 15, Elekta sold its 49 percent shares in Motala Verkstad AB. The profit from Elekta's sale of the shares is approximately SEK 5 M for the Group.

Outlook for fiscal year 2010/11

For the fiscal year 2010/11, Elekta's net sales is expected to grow by 12-14 percent in local currency. Operating profit in SEK is expected to grow by 16-20 percent.

According to the previous outlook, net sales was expected to grow by more than 10 percent in local currency and operating profit in SEK was expected to grow by more than 15 percent.

Stockholm, March 8, 2011

Tomas Puusepp President and CEO

This report has not been reviewed by the company's auditors.

Financial information

Fiscal year-end report 2010/11 June 9, 2011 Three-month interim report 2011/12 September 13, 2011

For further information, please contact:

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

Stina Thorman, Vice President Corporate Communications, Elekta AB (publ) Tel: +46 8 587 25 437, e-mail: stina.thorman@elekta.com

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 7.30 CET on March 8, 2011.

Elekta AB (publ) Corporate registration number 556170-4015 Box 7593, SE 103 93 Stockholm, Sweden

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 the Annual Report 2009/10 with exceptions related to revised standards and new interpretations applied from the fiscal year 2010/11. The revised IFRS 3 Business Combinations effective July 1, 2009 will be applied for fiscal year starting from this date. The amendments affect amongst other things how to account for transaction costs, possible contingent considerations and step acquisitions. Other new and revised standards and IFRIC interpretations not yet applied by Elekta May 1, 2010, have been assessed to have no material impact on the financial reports for the nine-month period.

Exchange rates			Average rate		Closing rate
			May - Jan. May - Jan.	Change	Jan. 31	Apr. 30,	Change
Country	Currency	2010/11	2009/10		2011	2010
Euro	1 EUR	9.331	10.440	-11%	8.898	9.609	-7%
Great Britain	1 GBP	11.039	11.823	-7%	10.368	11.1100	-7%
Japan	1 JPY	0.084	0.079	6%	0.080	0.077	4%
United States	1 USD	7.154	7.282	-2%	6.538	7.225	-10%

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.	Feb. - Jan.	May - Apr.
Income statement	2010/11	2009/10	2010/11	2009/10	2010/11	2009/10
Net sales Cost of products sold	1,822 -989	1,704 -930	5,328 -2,905	4,835 -2,672	7,885 -4,219	7,392 -3,986
Gross income	833	774	2,423	2,163	3,666	3,406
Selling expenses	-232	-224	-714	-698	-986	-970
Administrative expenses	-180	-173	-560	-519	-749	-708
R&D expenses Exchange rate differences	-132 7	-140 -5	-412 14	-390 -3	-557 56	-535 39
Operating result	296	232	751	553	1,430	1,232
Result from participations in associates	-6	1	-9	9	-16	2
Interest income	4	1	17	4	19	6
Interest expenses and similar items Exchange rate differences	-13 -2	-11 -7	-41 -4	-38 -2	-53 0	-50 2
Income before tax	279	216	714	526	1,380	1,192
Income taxes	-84	-69	-214	-168	-405	-359
Net income	195	147	500	358	975	833
Net income attributable to:
Parent Company shareholders	195	148	500	362	976	838
Non-controlling interests	0	-1	0	- 4	-1	-5
Earnings per share before dilution, SEK	2.09	1.60	5.37	3.92	10.54	9.09
Earnings per share after dilution, SEK	2.06	1.59	5.30	3.91	10.40	9.01
Statement of comprehensive income
Net income	195	147	500	358	975	833
Other comprehensive income: Cost of incentive programs	4	-2	18	12	25	19
Revaluation of cash flow hedges	50	-47	44	123	32	111
Translation differences from foreign operations	-97	56	-206	- 82	-303	-179
Hedge of net investment Income tax relating to components of	-3	5	-6	5	-6	5
other comprehensive income	-9	31	0	- 17	14	-3
Other comprehensive income for the period	-55	43	-150	41	-238	-47
Comprehensive income for the period	140	190	350	399	737	786
Comprehensive income attributable to:
Parent Company shareholders Non-controlling interests	140 0	190 0	351 -1	403 - 4	739 -2	791 -5
CASH FLOW
SEK M
Operating cash flow	211	184	470	410	1,104	1,044
Change in working capital	45	255	-10	179	-177	12
Cash flow from operating activities	256	439	460	589	927	1,056
Cash flow from investing activities	-43	-16	-318	-62	-344	-88
Cash flow after investments	213	423	142	527	583	968
Cash flow from financing activities	26	-226	-199	-541	-229	-571
Cash flow for the period	239	197	-57	-14	354	397
Exchange rate differences	-42	-2	-52	-27	-76	-51
Change in cash and cash equivalents for the period	197	195	-109	-41	278	346

CONSOLIDATED BALANCE SHEET

SEK M	Jan. 31, 2011	Jan. 31, 2010	April 30, 2010
Non-current assets
Intangible assets Tangible fixed assets Financial assets Deferred tax assets	2,832 240 53 239	2,939 250 67 80	2,880 247 60 128
Total non-current assets	3,364	3,336	3,315
Current assets Inventories Accounts receivable Other current receivables Cash and cash equivalents	646 2,142 1,408 1,065	699 1,881 1,279 787	592 2,223 1,211 1,174
Total current assets	5,261	4,646	5,200
Total assets	8,625	7,982	8,515
Elekta's owners' equity Non-controlling interests	3,390 0	2,783 2	3,243 1
Total equity	3,390	2,785	3,244
Non-current liabilities
Long-term interest-bearing liabilities Deferred tax liabilities Other long-term liabilities	851 328 109	1,049 222 111	937 240 94
Total non-current liabilities	1,288	1,382	1,271
Current liabilities Short-term interest-bearing liabilities Accounts payable Advances from customers Other current liabilities	105 415 1,434 1,993	98 475 1,304 1,938	102 569 1,153 2,176
Total current liabilities	3,947	3,815	4,000
Total equity and liabilities	8,625	7,982	8,515
Assets pledged Contingent liabilities	4 37	2 42	2 28

CHANGES IN EQUITY

SEK M	Jan. 31,	Jan. 31,	April 30,
	2011	2010	2010
Attributable to Elekta's owners
Opening balance	3,243	2,549	2,549
Comprehensive income for the period	350	403	791
Exercise of warrants	177	15	87
Repurchase of own shares	-100	–	–
Dividend	-280	-184	-184
Total	3,390	2,783	3,243
Attributable to non-controlling interests
Opening balance	1	6	6
Comprehensive income for the period	-1	-4	-5
Total	0	2	1
Closing balance	3,390	2,785	3,244

KEY FIGURES	12 months May - Apr. 2005/06	12 months May - Apr. 2006/07	12 months May - Apr. 2007/08	12 months May - Apr. 2008/09	12 months May - Apr. 2009/10	9 months May - Jan. 2009/10	9 months May - Jan. 2010/11
Order bookings, SEK M	4,705	5,102	5,882	7,656	8,757	5,705	6,041
Net sales, SEK M	4,421	4,525	5,081	6,689	7,392	4,835	5,328
Operating result, SEK M	453	509	650	830	1,232	553	751
Operating margin	10%	11%	13%	12%	17%	11%	14%
Profit margin	10%	11%	12%	12%	16%	11%	13%
Shareholders' equity, SEK M	1,868	1,863	1,813	2,555	3,244	2,785	3,390
Capital employed, SEK M	2,959	2,850	3,262	4,182	4,283	3,932	4,346
Equity/assets ratio	35%	35%	29%	32%	38%	35%	39%
Net debt/equity ratio	0.06	0.27	0.58	0.31	-0.04	0.13	-0.03
Return on shareholders' equity	17%	19%	23%	27%	30%	28%	30%
Return on capital employed	18%	20%	24%	24%	30%	28%	34%

DATA PER SHARE	12 months	12 months	12 months	12 months	12 months	9 months	9 months
	May - Apr. 2005/06	May - Apr. 2006/07	May - Apr. 2007/08	May - Apr. 2008/09	May - Apr. 2009/10	May - Jan. 2009/10	May - Jan. 2010/11
Earnings per share
before dilution, SEK	3.23	3.72	4.46	6.00	9.09	3.92	5.37
after dilution, SEK	3.21	3.70	4.44	6.00	9.01	3.91	5.30
Cash flow per share
before dilution, SEK	1.68	-1.14	-3.04	6.30	10.50	5.72	1.53
after dilution, SEK	1.67	-1.14	-3.03	6.30	10.41	5.70	1.51
Shareholders' equity per share
before dilution, SEK	19.80	19.96	19.70	27.67	34.95	30.17	36.17
after dilution, SEK	20.45	20.46	20.03	27.67	37.50	33.68	37.85
Average number of shares
before dilution, 000s	94,136	93,698	92,199	92,029	92,208	92,153	93,224
after dilution, 000s	94,785	94,249	92,479	92,029	92,945	92,402	94,399
Number of shares at closing
before dilution, 000s	94,332	93,036	91,570	92,125	92,795	92,250	93,701
after dilution, 000s	95,703	94,072	92,245	92,125	95,895	96,274	95,905

Dilution 2005/06 – 2007/08 refers to warrants program 2004/2008. Dilution 2009/10 and 2010/11 refers to warrants programs 2007/2012 and 2008/2012 and share program 2009/2012 and 2010/2013. All historical data have been restated for split 3:1 October 2005.

Data per quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
SEK M		2008/09 2008/09 2008/09 2008/09 2009/10				2009/10	2009/10	2009/10	2010/11	2010/11	2010/11
Order bookings	1,151	1,672	1,661	3,172	1,658	2,150	1,897	3,052	1,889	2,238	1,914
Net sales	1,025	1,467	1,664	2,533	1,440	1,691	1,704	2,557	1,627	1,879	1,822
Operating profit	13	105	191	521	89	232	232	679	153	302	296
Cash flow from
operating activities	-163	68	2	833	-138	288	439	467	-30	234	256

Segment reporting

Elekta applies geographical segmentation. Order bookings, net sales and contribution margin for respective region are reported to Elekta's CEO and CFO (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-January 2010/11

	North and	Europe, Africa	Asia Pacific	Total	% of
SEK M	South America	and Middle East			net sales
Net sales	1,997	1,882	1,449	5,328
Operating expenses	-1,346	-1,316	-1,004	-3,666	69%
Contribution margin	651	566	445	1,662	31%
Global costs				-911	17%
Operating result				751	14%
Contribution margin	33%	30%	31%
May-January 2009/10
	North and	Europe, Africa	Asia Pacific	Total	% of
SEK M	South America	and Middle East			net sales
Net sales	1,899	1,817	1,119	4,835
Operating expenses	-1,288	-1,186	-851	-3,325	69%
Contribution margin	611	631	268	1,510	31%
Global costs				-957	20%
Operating result				553	11%
Contribution margin	32%	35%	24%
May-April 2009/10
	North and	Europe, Africa	Asia Pacific	Total	% of
SEK M	South America	and Middle East			net sales
Net sales	2,792	2,735	1,865	7,392
Operating expenses	-1,804	-1,775	-1,345	-4,925	67%
Contribution margin	988	960	520	2,467	33%
Global costs				-1,235	17%
Operating result				1,232	17%
Contribution margin	35%	35%	28%

Segment reporting rolling 12 months February- January 2010/11

SEK M	North and South America	Europe, Africa and Middle East	Asia Pacific	Total	% of net sales
Net sales	2,890	2,800	2,195	7,885
Operating expenses	-1,862	-1,905	-1,498	-5,266	67%
Contribution margin	1,028	895	697	2,619	33%
Global costs				-1,189	15%
Operating result				1,430	18%
Contribution margin	36%	32%	32%

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.

INCOME STATEMENT PARENT COMPANY

	May - Jan.	May - Jan.
SEK M	2010/11	2009/10
Operating expenses	-81	-68
Financial items	11	54
Income after financial items	-70	-14
Taxes	27	21
Net income	-44	7

BALANCE SHEET PARENT COMPANY

	Jan 31,	April 30,
SEK M	2011	2010
Non-current assets
Financial fixed assets	1,826	1,533
Deferred tax assets	42	14
Total non-current assets	1,867	1,547
Current assets
Receivabels from subsidaries	977	1,242
Other current receivables	47	42
Cash and cash eqivalents	698	678
Total current assets	1,723	1,962
Total assets	3,590	3,509
Shareholders' equity	1,581	1,834
Untaxed reserve	39	39
Non-current liabilities
Long-term interest-bearing liabilities	851	935
Long-term liabilities to Group companies	35
Other long-term liabilities	20	18
Total non-current liabilities	906	953
Current liabilities
Liabilities to Group companies	1,026	645
Accounts payable	2	4
Ohter current liabilities	36	34
Total current liabilities	1,064	683
Total shareholders' equity and liabilities	3,590	3,509
Assets pledged	-	-
Contingent liabilities	761	758