Bong

Quarterly Report • May 14, 2009

Interim report January - March 2009

Interim report January-March 2009

"The market downturn had a negative impact on volumes and profi t for the fi rst quarter, particularly in the Euroland countries, and we are taking continued steps to reduce our costs," says Bong's President and CEO Anders Davidsson. "In spite of a tough market, we delivered a strong cash fl ow and sustained growth in our ProPac segment."

First quarter: January-March 2009

• Net sales SEK 520 milion (526)
• ProPac sales SEK 60 million (52)
• Operating profi t SEK 13 MSEK (28)
• Profi t after tax SEK 3 million (12)
• Basic earnings per share of SEK 0,22 (0,90)
• Cash fl ow after investing activities SEK 41 million (51)
• New ProPac acquisition completed: 45% of UK-based Packaging First

Bong is a leading European provider of specialised packaging and envelope products and offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Two important growth areas in the Group are the new ProPac packaging concept and Russia. The Group has annual sales of approximately SEK 2 billion and some 1,200 employees in around 13 countries. Bong has a strong market position, particularly in Northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company and its shares are quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).

MARKET AND INDUSTRY

Demand for envelopes in Western Europe continued to decline in the fi rst quarter as an effect of economic slowing and inventory reduction among the distributors. The European Envelope Manufacturers Association's (FEPE) volume statistics for the fi rst quarter were not yet available at the time of this report, but Bong's own assessment is that the market shrank by 15-20% compared to the fi rst quarter of 2008. The DM segment was harder hit by the market downturn than traditional administrative envelopes. Russia and Eastern Europe have a falling demand, after several years of strong growth. The Russian market contracted by an estimated 10% during the fi rst quarter, and the Baltic market by around 20%.

In response to lower demand, the industry has continued to scale down both production and capacity. For example, Mayer has closed a factory in England and Intermail has announced an upcoming relocation of envelope manufacturing from Denmark to its factory in Sweden. Furthermore, several manufacturers are taking steps to decrease their staffi ng and the number of machines. One typical measure is reduced working hours.

The packaging market, in which Bong is active with its ProPac range, is much larger than the envelope market, and signifi cantly more multifaceted. As a result, it is virtually impossible to fi nd relevant market statistics for the niches where Bong operates. Packages that are used in e-commerce, mail order and the retail trade have most likely been impacted by the market recession to a certain degree, but are expected to have major growth potential in a longer perspective.

SALES AND PROFIT JANUARY- MARCH 2009

Consolidated sales for the fi rst quarter reached SEK 520 million (526). Foreign exchange effects and the consolidation of Lober had a positive impact and helped Bong to maintain sales at a stable level compared to previous year. In an otherwise tough market, ProPac grew by 15%.

Operating profi t was SEK 13 million (27) and net fi nancial items totalled SEK -9 million (-12). Profi t before tax amounted to SEK 4 million (16) and profi t after tax was SEK 3 million (12).

The drop in profi t compared to the previous year is mainly attributable to shrinking volumes, which resulted in a lower contribution to cover fi xed costs. Much of the increase in selling and administrative expenses for the quarter is explained by weakening of the Swedish krona against the euro and costs for the consolidation of Lober. Reduction of fi nished goods inventories as part of the Group's efforts to free up working capital had an effect of SEK -0.3 million on profi t for the quarter.

COST-CUTTING MEASURES

In response to lower demand, Bong is working intensively with several different measures aimed at minimising the Group's costs. Staff cuts have been made on both the direct and indirect side in several countries, contracts for purchasing of freight and energy have been renegotiated and unused space is in the process of being leased to other companies. In addition, several of Bong's factories have reduced their working hours, stopped all overtime work and use of contract staff and decided to implement an earlier and extended summer holiday. All in all, these steps are expected to yield cost savings of SEK 20-25 million on an annual basis.

Bong is preparing a further reduction in working hours, temporary redundancies, etc., as a means for offsetting a continued downturn in the economy. In a fi rst step, these measures can reduce costs by an additional SEK 10-15 annually.

CASH FLOW

Cash fl ow after investing activities was SEK 41 million (51). In the fi rst quarter of 2009, working capital decreased by SEK 21 million at the same time that the sale of an unused manufacturing property in Germany generated a positive cash fl ow of SEK 14 million.

FINANCIAL POSITION

Cash and cash equivalents at 31 March 2009 totalled SEK 119 million (SEK 99 million at 31 December 2008). The sum of cash and cash equivalents and granted but unutilised credits was SEK 316 million (SEK 378 million at 31 December 2008).

Consolidated equity at 31 March 2009 amounted to SEK 628 million (SEK 629 million at 31 December 2008). Translation of the net assets of foreign subsidiaries to Swedish kronor increased consolidated equity by SEK 21 million.

In the fi rst quarter the interest-bearing net loan debt decreased by SEK 39 million to SEK 706 million (SEK 745 million at 31 December 2008). The net loan debt was reduced by SEK 41 million through a positive cash fl ow and increased by SEK 2 million as a result of exchange rate movements.

Net loan debt, SEK million

INVESTMENTS

The period's net expenditure on property, plant and equipment amounted to SEK 1 million (9), at the same time that the sale of a property in Germany generated a positive cash fl ow of SEK 14 million. The result was a disinvestment of SEK 13 million during the quarter.

EMPLOYEES

The average number of employees during the quarter was 1 233 (1 270). The number of employees at 31 March 2009 was 1 223 (1 244).

MANAGEMENT SHARE ACQUISITION

In January 2009 the members of Bong's executive management team acquired 540,000 shares, equal to 4.1% of the company. Following the transaction Bong's executive management team holds 617,700 shares, equal to 4.6% of the total share capital. After the transaction, Bong's President and CEO Anders Davidsson has a total holding of 182,600 shares in the company.

PARENT COMPANY

The activities of the Parent Company include administration of operating subsidiaries and Group management functions. Net sales are reported at SEK 0 million (0) and the period's loss before tax was SEK 26 million (10).

No capital expenditure was incurred during the period (0). The sum of cash and cash equivalents and granted but unutilised credits was SEK 316 million (SEK 378 million at 31 December 2008).

SUBSEQUENT EVENTS

ProPac acquisition in England

As announced in a separate press release dated 4 May 2009, Bong has acquired 45% of the UK-based packaging wholesaler Packaging First Limited as part of its strategy for growth in various packaging solutions. Bong has an option to acquire an additional 40% of the company within a period of three years. The acquisition

is expected to make a positive contribution to Bong's profi t starting in the second quarter of 2009. Packaging First was established around ten years ago and currently has annual sales of approximately SEK 25 million (GBP 2.2 million).

OPPORTUNITIES AND RISKS

The risks arising in Bong's operations are related primarily to market development and different types of fi nancial risk. For further information about the Group's opportunities and risks, see Bong's annual report and website www.bongljungdahl.se.

ACCOUNTING POLICIES

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. For a description of the new amendments, revisions, interpretations and standards effective for periods beginning on or after 1 January 2009, see Bong's annual report for 2008.

One of these changes, the revised IAS 1 Presentation of Financial Statements, has mainly involved changes in presentation of the income statement and statement of changes in equity. The applied accounting policies correspond to those used in the most recently published annual report.

OUTLOOK

In view of the unpredictable situation in the global economy, Bong has chosen not to make any forecast for the full year 2009.

Kristianstad, 14 May 2009 BONG LJUNGDAHL AB

Anders Davidsson President and CEO

This interim report has not been subject to special review by the company's independent auditors.

Presentation of the report

The interim report will be presented in a telephone conference starting at 9:00 a.m. on 15 May 2009. The number to the telephone conference is +46 (0)8 5052 0110. By 8:00 a.m. at the latest, pictures will be available on our website www.bongljungdahl.se.

Additional information

For additional information contact Anders Davidsson, President and CEO of Bong Ljungdahl AB. Telephone (switchboard) +46 (0)44 20 70 00, (direct) +46 (0)44 20 70 80, (mobile) +46 (0)70 545 70 80.

Financial calender:

• Interim report January-June, Augusti 21, 2009 •
• Interim report January-September, 13 november 2009•
• Year-end-report 2009, February 2010 •

INTERIM REPORT JANUARY-MARCH 2009

CO NS OL IDA TE D P RO FIT AN D	Jan -Ma r	Jan -Ma r	Ap r 20 08-	Ja n-D ec
SS AC CO TS SU LO UN IN MM AR Y	200 9	200 8	Ma r 20 09	200 8
( SE K M )
Net les sa	520 ,1	525 ,5	1 9 31, 7	1 9 37, 1
Co f go ods ld st o so	-40 3,7	-40 8,8	-1 5 44, 6	-1 5 49, 8
Gro fit ss pro	116 ,4	116 ,7	387 ,0	387 ,3
Sel ling ex pen ses	-56 ,6	-49 ,5	-19 1,0	-18 3,8
Ad min istr ativ e e xpe nse s	-45 ,9	-39 ,5	-15 0,9	-14 4,5
Oth atin inco d e er o per g me an xpe nse s	-0,7	-0,2	14, 7	15, 3
Op ting fit era pro	13, 1	27, 5	59, 9	74, 3
Net fin ial item anc s	-8,9	-11 ,8	-51 ,3	-54 ,2
Pro fit b efo re t ax	4,2	15, 7	8,6	20, 1
Inc e ta om x	-1,3	-3,7	-7,2	-9,6
fit a fter Pro tax	2,9	12, 0	1,5	10, 5
Pro fit f he iod ribu tab le t ino rity inte or t att t per o m res	1,0	-0, 1	1,1	0,0
Bas ic e ing har e, S EK arn s p er s	0,2 2	0,9 0	0,1 2	0,8 0
Dilu ted rnin sh , SE K ea gs per are	0,2 2	0,8 8	0,1 2	0,7 8
Ave ber of sha , ba sic rag e n um res	13 128 22 7	13 128 22 7	13 128 22	7 1 3 1 28 227
of Ave ber sha , di lute d rag e n um res	13 332 22 7	13 428 22 7	13 332 22	7 1 3 3 32 227

CO NS OL IDA TE D B AL AN CE SH EE TS		31 Ma r	31 Ma r	31 Dec
IN SU MM AR Y ( SE K M )		200 9	200 8	200 8
As set s
Inta ible set ng as s	1)	433 ,0	351 ,8	428 ,7
Tan ible set g as s		608 ,9	598 ,8	642 ,8
Fin ial ets anc ass		107 ,2	146 ,0	99, 0
Inv orie ent s		257 ,7	269 ,1	258 ,9
Cu cei vab les t re rren		357 ,5	365 ,7	345 ,0
Ca sh and sh iva len t ca equ		119 ,3	44, 0	99, 1
Tot al a ts sse		1 8 83, 7	75, 1 7 4	1 8 73, 4
Eq uity d li abi litie an s
Equ ity	2)	627 ,5	574 ,7	629 ,0
Lon lia bilit ies term g-	3)	755 ,5	724 ,2	747 ,9
Cu t lia bilit ies rren	4)	500 ,6	476 ,5	496 ,5
Tot al e ity and lia bili ties qu		1 8 83, 7	75, 1 7 4	1 8 73, 4
Of 1) wh ich odw ill , go		430 ,2	348 ,9	426 ,2
2) Of wh ich ino rity int st , m ere		2,9	0,2	1,6
3) Of wh ich inte t be arin res g		726 ,8	657 ,0	725 ,5
4) Of wh ich inte t be arin res g		98, 1	158 ,2	118 ,3

CO MP RE HE NS IVE IN CO ME	Jan -Ma r	Jan -Ma r	Ap r 20 08-	Ja n-D ec
( SE K M )	200 9	200 8	Ma r 20 09	200 8
Pro fit a fter tax	2,9	12, 0	1,5	10, 5
Oth hen siv e in er c om pre com e
Ca sh flow he dge s	-18 ,6	-	-32 ,3	-13 ,7
Hed ing of inv net est nts g me	-10 ,1	-0,7	-25 ,0	-15 ,6
Tra nsla tion dif fere nce s	20, 6	-8,8	97, 2	67, 8
Rev alu atio uis itio of s har in s ubs idia ries nre ser ve on acq ns es			3,3	3,3
Inc lati f ot her reh ive inco e ta to c ent om x re ng om pon s o co mp ens me	3,7	0,6	21, 3	18, 2
Oth hen siv e in fte r ta er c om pre com e a x	-4,4	-8,9	64, 5	60, 0
TO TA L P RO FIT	-1,5	3,1	65, 9	70, 5
Tot al p rof it a ssi ble to gna :
Sha reh old in ent ers par co mp any	-2,8	3,0	63, 8	69, 6
Min orit inte t y res	1,3	0,1	2,1	0,9

CH AN GE S I N C ON SO LID AT ED	Jan -Ma r	Jan -Ma r	Jan -De c
EQ UIT Y ( SE K M )	200 9	200 8	200 8
Op eni bal e fo r th erio d ng anc e p	629 ,0	57 1,6	57 1,6
Div ide nds id pa	- -		-13 ,1
Tot al p rofi t	-1, 5	3,1	70 ,5
Clo sin bal e fo r th eri od g anc e p	627 5 ,	574 7 ,	629 0 ,

CO NS OL IDA TE D C AS H F LO W ST AT EM EN TS	Jan -Ma r	Jan -Ma r	Ap r 20 08-	Jan -De c
( MS EK )	200 9	20 08	Ma r 20 09	20 08
Op tin ctiv itie era g a s
Op ting ofit era pr	13 1 ,	27 5 ,	59 9 ,	74 3 ,
De cia tion ort isa tion d im irm ent pre , am an pa	24 3 ,	22 6 ,	96 4 ,	94 7 ,
Fin ial item anc s	-8, 9	-11 8 ,	-51 3 ,	-54 2 ,
Pa id t ax	-1, 3	-2, 2	-13 3 ,	-14 3 ,
Oth sh item er non -ca s	-19 5 ,	10 0 ,	-37 8 ,	-8, 3
Ca flow fro sh atin ctiv itie m o per g a s
bef ch in w ork ing ital ore ang es ca p	7, 7	46 1 ,	53 9 ,	92 3 ,
Ch in w ork ing ital ang es ca p	20 7 ,	13 9 ,	11 5, 0	10 8, 2
Ca sh flo w f tin ctiv itie rom op era g a s	28 4 ,	60 0 ,	16 8, 9	20 0, 5
Ca sh flow fro m i stin ctiv itie nve g a s	12 9 ,	-9, 1	-34 2 ,	-56 2 ,
Ca sh flo fte r in tin ctiv itie w a ves g a s	41 3 ,	50 9 ,	134 7 ,	144 3 ,
Ca sh flow fro m f ina nci ivit ies act ng	-22 2 ,	-30 8 ,	-63 7 ,	-72 3 ,
Ca sh flo w f the rio d or pe	19 1 ,	20 1 ,	71 0 ,	71 9 ,
Ca sh and sh iva len t be inn ing of iod ts a ca equ g per	99 1 ,	24 2 ,	44 0 ,	24 3 ,
Exc han dif fer e in sh and sh iva len rate t ge enc ca ca equ	1, 2	-0, 3	4, 3	2, 9
Ca sh d c ash uiv ale nts at d o f p eri od an eq en	119 3 ,	44 0 ,	119 3 ,	99 1 ,

KE Y R AT IOS		Jan -Ma r 200 9	Jan -Ma r 200 8	Ap r 20 08- Ma r 20 09	J De an- c 200 8
Op ting in, % era ma rg fit m Pro in, % arg		2,5 0,8	5,2 3,0	3,1 0,5	3,8 1,0
Ret uity , % urn on eq Ret ital loy ed, % urn on ca p em p		- -	- -	0,3 2,8	1,8 5,6
Equ ity /as tio, set % s ra Net de bt/e ity rati ime o, t qu s Net de bt l /EB ITD A oan		33, 3 1,1 2 -	32, 4 1,3 4 -	33, 3 1,1 2 4,5	33, 6 1,1 8 4,4
Ca ital loy ed, SE K M p em p Inte t be arin et l de bt, SE K M res g n oan		1 4 52, 4 705 ,6	1 3 89, 9 1,2 77	1 4 52, 4 705 ,6	1 4 72, 7 744 ,7
DA TA PE R S HA RE		Jan -Ma r 200 9	Jan -Ma r 200 8	Ap r 20 08- Ma r 20 09	J De an- c 200 8
Bas ic e ing har SE K arn s p er s e, Dilu ted rnin sh SE K ea gs per are ,	1)	0,2 2 0,2 2	0,9 0 0,8 8	0,1 2 0,1 2	0,8 0 0,7 8
SE Equ ity sh be fore dil utio K per are n, SE Dilu ted uity r sh K eq pe are ,		47, 80 48, 11	43, 78 44, 21	47, 80 47, 77	47, 91 48, 22
of of p Bas ic n ber sha tsta ndi at e nd erio d um res ou ng f sh f pe Dilu ted mb uts tan din t en d o riod nu er o are s o g a Ave f sh s, b asi rag e n um er o are c Ave f sh s, d ilut ed rag e n um er o are		13 128 22 7 1 13 332 22 7 1 13 128 22 7 1 13 332 22 7 1	3 1 28 227 3 4 28 227 3 1 28 227 3 4 28 227	13 128 22 7 1 13 332 22 7 1 13 128 22 7 1 13 332 22 7 1	3 1 28 227 3 3 32 227 3 1 28 227 3 3 32 227

1) The dilution effect is not taken into account when it leads to a better result

FINANCIAL OVERVIEW

	200 8	200 7	200 6	200 5	200 4
Net les SE K M sa ,	193 7	199 1	198 5	178 2	180 7
Op ting fit, SE K M era pro	74	60	40	71	1) 52
Pro fit b efo SE K M re t ax,	10	16	-1	23	1) 7
Ca flow aft sh er i stin ctiv ities nve g a	144	1	-7	105	77
Op ting in, % era ma rg	3,8	3,0	2,0	4,0	1) 2,9
Pro fit m in, % arg	1,0	0,6	0,1	1,9	1) 0,6
Ca ital of r, ti rate turn p ove me s	1,1	1,1	1,2	1,1	1,0
Ret uity , % urn on eq	1,8	2,8	neg	4,3	1) 1,4
Ret ital loy ed, % urn on ca p em p	5,6	4,9	3,1	5,3	1) 4,0
Equ ity /as tio, % set s ra	34	33	31	34	30
Net loa n d ebt SE K M ,	745	829	807	706	775
Net de bt/e ity rati ime o, t qu s	1,1 8	1,4 5	1,5 0	1,2 6	1,5 2
/EB Net loa n d ebt ITD A, t ime s	4,4	5,4	5,7	4,1	1) 5,1
A/f et f EB ITD inn ina nci al i tem s, t ime s	3,1	3,2	3,8	4,6	1) 3,6
Ave ber of loy rag e n um em p ees	124 1	134 6	137 9	128 0	139 1
Dat har a p er s e
Nu mb f sh er o are s
Bas ic n ber of sha ndi nd of p erio d tsta at e um res ou ng	13 128 22 7	13 128 22 7	13 017 29 8	13 004 98 6	13 004 98 6
Dilu ted mb f sh din d o f pe riod uts tan t en nu er o are s o g a	13 332 22 7	13 428 22 7	13 651 18 0	13 651 18 0	13 351 18 0
of fore Ave ber sha be dil utio rag e n um res n	13 128 22 7	13 079 42 5	13 006 00 0	13 004 98 6	13 004 98 6
of aft Ave ber sha er d ilut ion rag e n um res	13 332 22 7	13 379 42 5	13 651 18 0	13 511 18 0	13 351 18 0
Ear nin sh gs per are
Bef dil utio SE K ore n,	0,8 0	1,1 9	-0,0 4	1,7 9	4,0 3
Aft er d ilut ion SE K ,	0,7 8	1,1 7	-0,0 4	1,7 4	3,9 5
Eq uity r sh pe are
Bef dil utio SE K ore n,	47, 91	43, 54	41, 31	43, 17	39, 23
Aft er d ilut ion SE K ,	48, 22	43, 98	42, 30	44, 09	39, 79
Oth er d ata r sh pe are
SE Div ide nd, K	2) 1,0 0	1,0 0	1,0 0	0,0 0	0,0 0
Qu SE ate d m ark et p rice the ba lan she et d ate K on ce ,	12	42	68	64	35
P/E io, tim -rat es	15	36	neg	37	9
Pric e/b ook lue be fore dil utio n, % va	25	96	165	148	89
Pric e/b ook lue aft er d ilut ion , % va	25	96	160	145	88

1) Excluding the settlement of a legal dispute

2) Proposal from the Board

Ad jus ted ofi t b efo tax pr re	4, 2	4, 7	-2, 3	2, 0	15 7 ,	14 8 ,	1, 7	-8, 4	12 5 ,	13 7 ,	12 2 ,	10 6 ,	15 0 ,
Ad jus ted tin rof it op era g p	13 1 ,	20 1 ,	10 0 ,	16 7 ,	27 5 ,	25 0 ,	16 3 ,	3, 1	24 0 ,	23 1 ,	21 7 ,	19 7 ,	24 6 ,
								-8, 3		-4, 6		-45 0 ,
Re str uct urin har g c ges								-21 0 ,		-20 5 ,		-45 0 ,
Ca ital in, sal f P PE p ga e o								12, 7		15 9 ,
Pro fit bef ta ore x	4, 2	4, 7	-2, 3	2, 0	15 7 ,	14 8 ,	1, 7	-16 7 ,	12 5 ,	9, 1	12 2 ,	-34 4 ,	15 0 ,
Ne t fin ial item anc s	-8, 9	-15 4 ,	-12 3 ,	-14 7 ,	-11 8 ,	-10 2 ,	-14 6 ,	-11 5 ,	-11 5 ,	-9, 4	-9, 5	-9, 1	-9, 6
Op tin rof it era g p	13 1 ,	20 1 ,	10 0 ,	16 7 ,	27 5 ,	25 0 ,	16 3 ,	-5, 2	24 0 ,	18 5 ,	21 7 ,	-25 3 ,	24 6 ,
Op ting era ex pen ses	-50 7, 0	-48 7, 8	-43 0, 7	-44 6, 3	-49 8, 0	-49 2, 6	-44 4, 7	-47 7, 6	-51 6, 4	-50 4, 0	-40 9, 4	-49 9, 8	-53 1, 8
Ne les t sa	52 0, 1	50 7, 8	44 0, 7	46 3, 0	52 5, 5	51 7, 6	46 1, 0	47 2, 4	54 0, 4	52 2, 5	43 1, 1	47 4, 5	55 6, 4
QU AR TE RL Y D AT A GR OU P ( SE K M )	1/2 009	4/2 008	3/2 008	2/2 008	1/2 008	4/2 007	3/2 007	2/2 007	1/2 007	4/2 006	3/2 006	2/2 006	1/2 006

PA RE NT CO MP AN Y P RO FIT A ND	Ja n-M ar	Ja n-M ar	PA RE NT CO MP AN Y B AL AN CE	31 M ar	31 De c
LO SS AC CO UN TS IN SU MM AR Y	20 09	20 08	SH EE TS IN SU MM AR Y	20 09	20 08
SE ( K M )			SE ( K M )
Ne ale t s s	0, 0	0, 0	As ts se
Co f g st o ds ld oo so	0, 0	0, 0	Ta ible set ng as s	2, 9	3, 5
Gr ofit oss pr	0, 0	0, 0	Fin cia l as set an s	1 2 84 3 ,	1 2 45 2 ,
			Cu eiv ab les nt rre rec	10 0, 0	11 0, 5
Ad min istr ativ e e xp en ses	-8, 6	-9, 3	Ca sh d c h e iva len ts an as qu	21 0 ,	0, 0
Ot he ing in d e rat r o pe co me an xp en ses	1, 2	-1, 1	To tal ts as se	1 4 08 2 ,	1 3 59 2 ,
Op tin fit era g pro	4 -7,	-10 4 ,
			Eq uit d l iab ilit ies y an
Ne t fi nci al item na s	-22 0 ,	0, 4	Eq uity	54 6, 4	57 0, 9
Pro fit bef iati nd tax ore ap pro pr on s a	-29 4 ,	-10 0 ,	Un ed tax re se rve s	0, 9	0, 9
			Pro vis ion s	12 2 ,	12 3 ,
Inc e t om ax	-	-	No t lia bili tie n-c urr en s	59 3, 2	59 6, 5
Pro fit aft tax er	-29 4 ,	-10 0 ,	Cu liab iliti nt rre es	25 5, 5	17 8, 6

Ja n-M ar	Ja n-M ar	CO CE PA RE NT MP AN Y B AL AN	31 M ar	31 De c
20 09	20 08	SH EE TS IN SU MM AR Y	20 09	20 08
		Cu eiv ab les nt rre rec	10 0, 0	11 0, 5
		Eq uit d l iab ilit ies y an
		Pro vis ion s	12 2 ,	12 3 ,
		To tal uit d l iab ilit ies eq y an	1 4 08 2 ,	1 3 59 2 ,