Fagerhult

Quarterly Report • Oct 20, 2010

Interim report, January – September 2010

• Net sales MSEK 1,797 (1,841), adjusted for exchange rate differences, sales have increased by 1%
• Operating profit MSEK 96.7 (69.0*))
• Income after taxes MSEK 69.1 (47.7*))
• Earnings per share SEK 5.48 (3.78*))
• Order intake MSEK 1,810 (1,923), adjusted for exchange rate differences, order intake has decreased by 2.6%

Comments by CEO Johan Hjertonsson:

• A strong result in the third quarter which was better than the results in the previous year
• The strengthening of the Swedish krona has impacted profits negatively, by MSEK 25, of which MSEK 10 in the third quarter
• Global shortage of electronic components negatively impacts the Group's productivity
• New reporting structure implemented

THE GROUP

JANUARY – SEPTEMBER

The year started with weak demand in the majority of the geographic markets. The increased activity in the construction sector in the Nordic countries is now affecting operations positively. However, as lighting is a later component of the construction process, the full impact of this has not yet been felt.

The Group's net sales amounted to MSEK 1,797 Mkr (1,841), a decrease of 2.4%. Translated on the basis of unchanged currency exchange rates, sales have increased by 1%. Sales outside Sweden amounted to MSK 1,265 (1,309), which constitutes 70 (71)% of the Group's net sales.

The Group's order intake amounted to MSEK 1,810 (1,923). Adjusted for exchange rate differences, order intake amounts to MSEK 1,873.

Operating profit increased by MSEK 27.7 compared to the previous year. After adjustments for restructuring provisions totalling MSEK 35, regarding the closing-down of two factories, operating profit decreased by MSEK 7.3. The strengthening of the Swedish krona has resulted in a decrease of approximately MSEK 15 in profits for ongoing operations. The Swedish currency's significant weakening during 2009 and the strengthening that occurred in 2010 have, in addition, affected the comparison of operating profit between the years by MSEK 10, due to the revaluation of balance sheet items from the beginning of the respective years. In total, the strengthening of the Swedish krona has had a negative impact on profit of MSEK 25.

In connection with a new strategy for the Fagerhult Group, it was determined that a new operative management structure be adopted. Fagerhult has chosen to divide operations into five business areas based on geographic regions:

• Northern and Central Europe
• UK, Ireland and the United Arab Emirates
• Western Europe
• Asia and the Pacific
• Other

In accordance with IFRS 8, external reporting has been adapted in order that the segment accounting can mirror the Group's operative management structure. The accounting will continue to contain information about developments in the previous business areas of Professional Lighting, Retail Lighting and Outdoor Lighting.

Operating profit in North and Central Europe decreased by MSEK 9.5. Adjusted for exchange rate differences, operating profit would have improved by close to MSEK 25, as production takes place in Sweden, yet is, for the most part, exported. Operating profit has also decreased in the regions Great Britain and related markets, as well as in Western Europe, whilst Asia and Australia show significant improvement in operating profit.

Sales for Professional Lighting have decreased by MSEK 77, a reduction of 5%, which is an improvement compared with the first half-year, when the decrease was 7%. Retail Lighting continues to improve and sales in this area have increased by 15%, while Outdoor Lighting, after a sluggish start to the year, has decreased by 4%.

The global shortage of electronic components included in electrical ballasts, which are included in the Group's product range, continues, which negatively impacts productivity. We estimate that this shortage will prevail up to the second quarter of 2011.

THE THIRD QUARTER

Net sales for the period amounted to MSEK 632 (608), an improvement of 4%. Adjusted for exchange rate differences, sales increased by 7%.

Operating profit amounted to MSEK 56.3, in comparison with MSEK 9.8 for 2009 (MSEK 44.8 before restructuring costs of MSEK 35). The improvement in operating profit is primarily due to improved volumes, but also to decreased fixed costs. The cost-cutting measures carried out are now coming into effect. The exchange rate effect on operating profit during the period is MSEK -10. Operating margins amounted to 8.9% during the quarter. Adjusted for exchange rate differences, operating margin amounted to 10.5 (7.4)%.

Order intake amounted to MSEK 553 (567). Order intake adjusted for exchange rate differences amounts to MSEK 571. Some of the important orders during the period which can be noted include the possibility of providing lighting for a large number of Nike retail spaces, and also for the main office of DnB Nor, which is one of the largest construction projects in Norway to take place next year.

BUSINESS AREAS

NET SALES AND OPERATING PROFIT PER BUSINESS AREA
	Net sales			Operating profit				Operating margin, %
		Q 3		Q 1-3	Q 3		Q 1-3		Q 3		Q 1-3
	2010	2009	2010	2009	2010	2009	2010	2009	2010	2009	2010	2009
Northern and Central Europe UK, Ireland and the United	401.1	392.6	1 184.8	1 201.1	34.1	-10.8	40.0	14.5	8.5	-	3.4	1.2
Arab Emirates	182.5	181.0	496.1	528.7	20.0	22.3	46.6	52.0	11.0	12.3	9.4	9.8
Western Europe	61.7	64.6	191.0	219.4	-0.7	2.5	4.1	9.2	-	3.9	2.1	4.2
Asia and the Pacific	73.3	41.7	154.5	101.4	10.4	0.9	19.6	4.7	14.2	2.2	12.7	4.6
Other	-	-	-	-	-4.4	-4.8	-14.3	-14.0	-	-	-	-
Elimination	-87.1	-71.5	-229.1	-209.4	-3.1	-0.3	0.7	2.6	-	-	-	-
Total	631.5	608.4	1 797.3	1 841.2	56.3	9.8	96.7	69.0	8.9	1.6	5.4	3.7
Financial items					1.5	1.8	1.1	0.0
Profit before tax					57.8	11.6	97.8	69.0

NORTHERN AND CENTRAL EUROPE

The business area comprises of our units and companies in the Nordic countries, the Baltic area, Russia, Germany, Poland and Austria. This area also includes the factory in China with production and purchases. Development, production and sales are carried out in Sweden, whereas operations in the other countries, apart from China, consist of solely sales.

Net sales during the third quarter amounted to MSEK 401, in comparison to MSEK 393 in the previous year. Operating profit for the same period amounted to MSEK 34.1 (-10.8) and the operating, margin to 8.5%. Sales for the period January – September amounted to MSEK 1,185 (1,201), which, when adjusted for exchange rate differences, is an increase of 0.8% compared to 2009.

Market share is increasing in the Nordic markets. Fagerhult's relatively new markets of Poland and Austria are showing improvements in sales and profits.

	NORTHERN AND CENTRAL EUROPE
		Q 3	Q 1-3		Rolling	Full year
	2010	2009	2010	2009	12 months	2009
Net Sales	401.1	392.6	1 184.8	1 201.1	1 583.2	1 599.5
(of which to group companies)	(84.8)	(70.9)	(224.5)	(207.8)	(293.6)	(276.9)
Operating profit	34.1	-10.8	40.0	14.5	62.9	37.4
Operating margin, %	8.5	-	3.4	1.2	4.0	2.3
Sales growth, %	2.2	-13.9	-1.4	-16.0	-1.0	-14.6
Sales growth, adjusted for exchange rate	5.0	-14.8	0.8	-18.3	0.3	-16.6
Growth in Operating profit, %	-	-	175.9	-91.2	68.2	-80.1
Sales per segment
Professional Lighting	276.6	284.0	869.7	917.2	1 157.8	1 205.3
Retail Lighting	78.7	71.6	208.8	175.9	269.9	237.0
Outdoor Lighting	45.8	37.0	106.3	108.0	155.5	157.2
	401.1	392.6	1 184.8	1 201.1	1 583.2	1 599.5

UK, IRELAND AND THE UNITED ARAB EMIRATES

The business area comprises of our companies in England and Ireland and operation in the United Arab Emirates. The largest operation is Whitecroft Lighting, which carries out development, production and sales of lighting systems. Other entities carry out sales activites.

Net sales during the third period amounted to MSEK 182, which is at the same level as 2009. Operating profit for the same period amounted to MSEK 20 (22.3) and operating margin to 11%. Sales for the period January – September amounted to MSEK 496 (528), which, when adjusted for exchange rate differences, is the same amount as in the previous year.

	UK, IRELAND AND THE UNITED ARAB EMIRATES
		Q 3		Q 1-3		Full year
	2010	2009	2010	2009	12 months	2009
Net Sales	182.5	181.0	496.1	528.7	649.1	681.7
(of which to group companies)	(2.2)	(0.6)	(4.5)	(1.2)	(5.1)	(1.8)
Operating profit	20.0	22.3	46.6	52.0	55.7	61.1
Operating margin, %	11.0	12.3	9.4	9.8	8.6	9.0
Sales growth, %	0.8	-20.5	-6.2	-8.1	-4.8	-8.5
Sales growth, adjusted for exchange rate	7.1	-21.2	0.8	-9.4	2.6	-7.6
Growth in Operating profit, %	-10.3	-39.6	-10.4	-31.3	-8.8	-26.4
Sales per segment
Professional Lighting	154.3	163.5	448.1	501.2	593.8	646.9
Retail Lighting	28.1	17.1	47.6	26.9	54.9	34.2
Outdoor Lighting	0.1	0.4	0.4	0.6	0.4	0.6
	182.5	181.0	496.1	528.7	649.1	681.7

WESTERN EUROPE

The business area comprises of sales companies in Holland, France and Spain.

Net sales during the third quarter amounted to MSEK 62, in comparison to MSEK 65 in the previous year. Operating profit for the same period amounted to MSEK -0.7 (2.5). Sales for the period January – September amounted to MSEK 191 (219), which, when adjusted for exchange rate differences, represents a decrease of 3.7% compared to 2009.

	WESTERN EUROPE
	Q 3		Q 1-3		Rolling	Full year
	2010	2009	2010	2009	12 months	2009
Net Sales	61.7	64.6	191.0	219.4	261.2	289.6
(of which to group companies)	(0.1)	(0.0)	(0.1)	(0.5)	(0.3)	(0.7)
Operating profit	-0.7	2.5	4.1	9.2	0.9	6.0
Operating margin, %	-	3.9	2.1	4.2	0.3	2.1
Sales growth, %	-4.5	-7.3	-12.9	5.5	-9.8	4.5
Sales growth, adjusted for exchange rate	6.0	-15.6	-3.7	-7.2	-3.1	-5.3
Growth in Operating profit, %	-	-56.9	-55.4	-31.9	-85.0	-65.1
Sales per segment
Professional Lighting	34.9	39.1	110.0	133.4	154.3	177.7
Retail Lighting	24.2	22.5	70.0	73.0	91.5	94.5
Outdoor Lighting	2.6	3.0	11.0	13.0	15.4	17.4
	61.7	64.6	191.0	219.4	261.2	289.6

ASIA AND THE PACIFIC

The business area comprises mainly of operations in Australia, where, other than sales, certain production is also carried out. Australia is the market which has shown the most positive development of all the markets in which Fagerhult operates. Operations in China refer to sales in the Chinese market.

Net sales during the third quarter amounted to MSEK 73, in comparison with MSEK 42 in the previous year. Operating profit for the same period amounted to MSEK 10.4 (0.9) and the operating margin to 14.2%. Sales for the period January – September amounted to MSEK 155 (101), which, when adjusted for exchange rate differences, is an increase of 36% compared to 2009.

	ASIA AND THE PACIFIC
	Q 3			Q 1-3	Rolling	Full year
	2010	2009	2010	2009	12 months	2009
Net Sales	73.3	41.7	154.5	101.4	198.0	144.9
(of which to group companies)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)
Operating profit	10.4	0.9	19.6	4.7	25.0	10.1
Operating margin, %	14.2	2.2	12.7	4.6	12.6	7.0
Sales growth, %	75.8	-0.2	52.4	-3.6	36.6	3.7
Sales growth adjusted for exchange rate	61.4	-6.9	36.4	-7.1	20.4	-4.2
Growth in Operating profit, %	1 055.6	-87.3	317.0	-68.2	147.5	-43.9
Sales per segment
Professional Lighting	71.1	41.7	152.3	101.4	195.8	144.9
Retail Lighting	2.2	0.0	2.2	0.0	2.2	0.0
Outdoor Lighting	0.0	0.0	0.0	0.0	0.0	0.0
	73.3	41.7	154.5	101.4	198.0	144.9

OTHER

The business area comprises mainly of common Group functions and the Parent Company, AB Fagerhult.

FINANCIAL POSITION

The Group's equity/assets ratio is 38 (39)%. Cash and bank balances at the end of the period amounted to MSEK 158 (157) and consolidated equity was MSEK 700 (679). Net indebtness amounted to MSEK 436.

Exposure to exchange rate fluctuations as regards the Group's net foreign assets outside Sweden has increased in recent years: previously, this exposure primarily impacted sales companies, but currently, also impacts manufacturing units. The translation of net foreign assets at the closing rate of exchange has reduced equity by MSEK 48.8.

Cash flow from operating activities was MSEK -20 (127). Working capital has risen by MSEK 141 since the beginning of the year, of which MSEK 127 refers to an increase in accounts receivable, as well as MSEK 44 in stock, primarily in Australia due to increased sales, and also in China where the rate of production has increased significantly.

Pledged assets and contingent liabilities amounted to MSEK 4.7 (5.0) and MSEK 3.1 (5.9) respectively.

INVESTMENTS

The Group's gross investments in fixed assets amounted to MSEK 62 (72), primarily referring to machinery and equipment.

PERSONNEL

Average number of employees during the period was 1,853 (1,899).

PARENT COMPANY

Operations in AB Fagerhult comprise the management of the Group, financing and coordination of marketing, production and business development. The Company reported no sales during the period. Profit after financial items amounted to MSEK 40.9 (9.4).

The number of employees during the period was 6 (6).

ACCOUNTING PRINCIPLES

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting.

The Parent Company's interim report has been established in accordance with the Swedish Annual Accounts Act and Swedish Financial Accounting Standards Council's recommendation RFR 2.2. the accounting principles remain unchanged compared with the previous year.

For further information regarding the accounting principles applied in the reporting, please refer to AB Fagerhult's website, under the heading Financial Information.

RISKS AND UNCERTAINTIES

The material risk and uncertainty factors for the Group consist primarily of business risks and financial risks regarding currencies and interest rates. Due to our international operations, the Fagerhult Group is subject to financial exposure arising from exchange rate fluctuations. The most prominent of these are currency risks associated with export sales and the import of raw materials and components. This exposure is reduced through the hedging of flows in sensitive currencies, on the basis of individual assessment. Currency risks also exist in the translation of foreign net assets and earnings. Further information on the Company's risks can be found in the Annual Report for 2009. Apart from the risks described in the Company's Annual Report, no further material risks are deemed to have arisen.

NOMINATION COMMITTEE

At the annual general meeting, Gustaf Douglas (Chairman), Jan Svensson and Björn Karlsson were appointed to the Nomination Committee. The Committee has now been expanded to include Göran Espelund, Lannebo Fonder.

PROSPECTS FOR 2010

In recent years, the Group has experienced a positive net sales and earnings trend due to favourable organic growth, but also as the result of a series of acquisitions. This strategy remains in effect and the Group will continue on its course of continued investments and increased internationalisation.

The financial uncertainty has significantly impacted net sales and Profit. The structural measures executed, including, amongst other things, the closing-down of two factories, imply that we have adapted our operations to the current market situation.

Habo, 20 October 2010

AB Fagerhult (publ)

Johan Hjertonsson CEO

The annual accounts and related press release will be presented on 8 February 2011. Interim reports for 2011 will be presented on 28 April 2011, 23 August 2011 and 27 October 2011. The annual general meeting will be held on 28 April 2011.

Disclosures can be provided by Johan Hjertonsson, CEO or Ulf Karlsson, CFO, telephone + 46 (0) 36-10 85 00.

AB Fagerhult (publ)

Corporate Identity Number 556110-6203 566 80 Habo Tel +46 (0) 36-10 85 00 headoffice@fagerhult.se www.fagerhult.se

AUDITOR'S REVIEW REPORT

We have conducted a review of the interim financial statements for AB Fagerhult (publ) for the period 1 January to 30 September 2010. The Board of Directors and Managing Director are responsible for the preparation and presentaiton of this financial interim information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express an opinion regarding this financial interim information based upon our review.

We conducted our review in accordance with the Swedish Standard on Review Engagements (SÖG) 2410 "Review of interim financial information conducted by the company's appointed auditor". A review consists of making inquiries, primarily to individuals responsible for financial and accounting matters, as well as performing analytical procedures and undertaking other review measures. A review has a different focus and is significantly less in scope than an audit according to RS Auditing Standards and Sweden and generally accepted auditing practice. The review procedures undertaken in a review do not engable us to obtain a level of assurance where we would be aware of all important circumstances that would have been identified had an audit been conducted. Therefore, a conclusion reported on the basis of a review does not provide the level of assurance of a conclusion reported on the basis of an audit.

Based on our review, no circumstances have come to our attention that would give us reason to believe that the interim financial statements have not been prepared, in all material aspects, in accordance with IAS 34 on behalf of the Group, and in accordance with the Annual Accounts Act on behalf of the Parent Company.

Habo, 20 October 2010

PricewaterhouseCoopers

Bo Karlsson Martin Odqvist Authorised Public Accountant Authorised Public Accountant Auditor-in-Charge

8(12)

THE GROUP

	2010	2009	2010	2009	2009/10	2009
INCOME STATEMENT	Jul-Sep 3 months	Jul-Sep 3 months	Jan-Sep 9 months	Jan-Sep 9 months	Oct-Sep 12 months	Jan-Dec 12 months
Net sales	631.5	608.4	1 797.3	1 841.2	2 392.4	2 436.3
(of which outside Sweden)	(443.0)	(436.8)	(1 265.4)	(1 309.3)	(1 690.9)	(1 734.8)
Cost of goods sold	-443.3	-453.0	-1 263.8	-1 293.0	-1 643.0	-1 672.2
Gross profit	188.2	155.4	533.5	548.2	749.4	764.1
Selling expenses	-103.3	-108.2	-332.0	-362.2	-467.5	-497.7
Administrative expenses	-30.9	-40.0	-113.4	-124.1	-161.3	-172.0
Other operating income	2.3	2.6	8.6	7.1	11.3	9.8
Operating profit/loss	56.3	9.8	96.7	69.0	131.9	104.2
Financial items	1.5	1.8	1.1	0.0	1.6	0.5
Profit after financial items	57.8	11.6	97.8	69.0	133.5	104.7
Tax	-16.9	-4.4	-28.7	-21.3	-38.1	-30.7
Net profit for the period	40.9	7.2	69.1	47.7	95.4	74.0
Profit attributed to owners of the parent company	40.9	7.2	69.1	47.7	95.4	74.0
Earnings per share, calculated on profit attributed to owners of the parent company:
Earnings per share before dilution, SEK	3.24	0.57	5.48	3.78	7.56	5.87
Earnings per share after dilution, SEK	3.18	0.56	5.38	3.71	7.42	5.76
Average no. of outstanding shares before dilution	12 612	12 612	12 612	12 612	12 612	12 612
Average no. of outstanding shares after dilution	12 850	12 850	12 850	12 850	12 850	12 850
No. of outstanding shares, thousands	12 612	12 612	12 612	12 612	12 612	12 612
Report of the comprehensive income for the period
Net profit for the period	40.9	7.2	69.1	47.7	95.4	74.0
Other comprehensive income:
Exchange differences on translation foreign operations	-39.3	-58.0	-48.8	-5.4	-36.6	6.8
Other comprehensive income for the period, net of tax	-39.3	-58.0	-48.8	-5.4	-36.6	6.8
Total comprehensive profit for the period	1.6	-50.8	20.3	42.3	58.8	80.8
Total comprehensive profit for the period attributed to the owners of the parent company	1.6	-50.8	20.3	42.3	58.8	80.8

BALANCE SHEET	30 sep 2010	30 Sep 2009	31 Dec 2009
Intangible fixed assets	443.1	469.0	474.5
Tangible fixed assets	311.4	309.4	319.9
Financial fixed assets	21.4	22.9	18.8
Inventories, etc.	357.5	308.8	301.7
Accounts receivable - trade	490.2	420.0	363.5
Other non interest-bearing current assets	58.5	44.1	40.2
Liquid funds	157.7	156.7	197.4
Total assets	1 839.8	1 730.9	1 716.0
Equity	699.9	678.9	717.4
Long-term interest-bearing liabilities	496.8	449.9	500.8
Long-term non interest-bearing liabilities	59.8	75.7	63.7
Short-term interest-bearing liabilities	97.2	69.4	1.8
Short-term non interest-bearing liabilities	486.1	457.0	432.3
Total equity and liabilities	1 839.8	1 730.9	1 716.0

	2010	2009	2010	2009	2009/10	2009
CASH FLOW STATEMENT	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
	3 months	3 months	9 months	9 months	12 months	12 months
Operating profit	56.3	9.8	96.7	69.0	131.9	104.2
Adjustment for items not included in the cash flow	27.9	15.0	64.3	56.2	86.2	78.1
Financial items	-2.2	-1.8	-5.7	-9.8	-6.2	-10.3
Paid tax	-18.4	-15.5	-34.6	-53.2	-54.9	-73.5
Cash flow generated by operations	63.6	7.5	120.7	62.2	157.0	98.5
Changes in working capital	-67.7	51.7	-141.0	65.2	-89.6	116.6
Cash flow from continuing operations	-4.1	59.2	-20.3	127.4	67.4	215.1
Cash flow from investing activities	-27.0	-32.5	-54.6	-95.8	-86.1	-127.3
Cash flow from financing activities	91.9	-15.5	51.3	-71.4	32.5	-90.2
Cash flow for the period	60.8	11.2	-23.6	-39.8	13.8	-2.4
Liquid funds at the beginning of the period	109.5	157.3	197.4	200.3	156.7	200.3
Translation differences in liquid funds	-12.6	-11.8	-16.1	-3.8	-12.8	-0.5
Liquid funds at the end of the period	157.7	156.7	157.7	156.7	157.7	197.4

	2010	2009	2010	2009	2009/10	2009
KEY RATIOS AND DATA PER SHARE	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
	3 months	3 months	9 months	9 months	12 months	12 months
Sales growth, %	3.8	-15.8	-2.4	-13.4	-1.8	-12.1
Growth in operating income, %	474.5	-89.8	40.1	-70.7	26.6	-61.7
Growth in profit after taxes net financial income, %	398.3	-86.7	41.7	-68.7	27.5	-59.7
Operating margin, %	8.9	1.6	5.4	3.7	5.5	4.3
Profit margin, %	9.2	1.9	5.4	3.7	5.6	4.3
Liquid ratio, %			27	30	27	45
Debt/equity ratio			0.8	0.8	0.8	0.7
Equity/assets ratio, %			38	39	38	42
Capital employed, MSEK			1 294	1 198	1 294	1 220
Return on capital employed, %			11.7	9.0	11.9	9.8
Return on equity, %			13.0	9.2	13.8	10.4
Net liability, MSEK			436	363	436	305
Gross investments in fixed assets, MSEK	12.9	21.6	62.1	71.9	80.5	90.3
Net investments in fixed assets, MSEK	12.9	21.6	61.5	71.9	79.9	90.3
Depreciation of fixed assets, MSEK	21.3	19.4	61.0	55.3	80.5	74.8
Number of employees			1 853	1 899	1 855	1 881
Equity per share, SEK			55.49	53.83	55.49	56.88

No. of outstanding shares, thousands 12 612 12 612 12 612 12 612

CHANGE IN EQUITY Attributed to the owners of the parent company

		Other
		contributed	Difference on	Profit carried
	Share capital	capital	translation	forward	Total equity
Equity as at 1 January 2009	65.5	159.4	-22.8	503.9	706.0
Change in differences on translation			-5.4		-5.4
Net profit for the period				47.7	47.7
Total comprehensive profit for the period			-5.4	47.7	42.3
Dividend paid, SEK 5.50 per share				-69.4	-69.4
Equity as at 30 September 2009	65.5	159.4	-28.2	482.2	678.9
Equity as at 1 January 2010	65.5	159.4	-16.0	508.5	717.4
Change in differences on translation			-48.8		-48.8
Net profit for the period				69.1	69.1
Total comprehensive profit for the period			-48.8	69.1	20.3
Dividend paid, SEK 3.00 per share				-37.8	-37.8
Equity as at 30 September 2010	65.5	159.4	-64.8	539.8	699.9

PARENT COMPANY

	2010	2009	2010	2009	2009/10	2009
INCOME STATEMENT	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Oct-Sep	Jan-Dec
	3 months	3 months	9 months	9 months	12 months	12 months
Net sales	-	-	0.1	-	6.0	5.9
Selling expenses	-0.3	-0.4	-0.8	-1.1	-1.2	-1.5
Administrative expenses	-4.2	-4.5	-13.6	-12.9	-20.8	-20.1
Operating profit	-4.5	-4.9	-14.3	-14.0	-16	-15.7
Income from shares in subsidiaries	-	-	56.6	29.1	113.6	86.1
Financial items	3.0	6.2	-1.4	-4.7	-3.9	-7.2
Profit after financial items	-1.5	1.3	40.9	10.4	93.7	63.2
Changes in tax allocation reserve	-	-	-	-	25.1	25.1
Tax	-	-	-	-	-9.5	-9.5
Net profit	-1.5	1.3	40.9	10.4	109.3	78.8

BALANCE SHEET	30 Jun 2010	30 Jun 2009	31 Dec 2009
Financial fixed assets	877.8	906.5	877.1
Other non interest-bearing current assets	20.4	9.2	6.2
Cash and bank balances	-	-	4.7
Total assets	898.2	915.7	888.0
Equity	377.0	305.5	373.9
Untaxed reserves	31.4	56.5	31.4
Long-term interest-bearing liabilities	455.0	407.3	458.7
Short-term interest-bearing liabilities	30.1	141.9	17.2
Short-term non interest-bearing liabilities	4.7	4.5	6.8
Total equity and liabilities	898.2	915.7	888.0

CHANGE IN EQUITY		Statutory	Profit brought
	Share capital	reserve	forward	Total equity
Equity as at 1 January 2009	65.5	159.4	139.6	364.5
Net profit for the period			78.8	78.8
Dividend paid, SEK 5.50 per share			-69.4	-69.4
Equity as at 31 December 2009	65.5	159.4	149.0	373.9
Net profit for the period			40.9	40.9
Dividend paid, SEK 3.00 per share			-37.8	-37.8
Equity as at 30 September 2010	65.5	159.4	152.1	377.0