Indutrade

Quarterly Report • Feb 13, 2009

INDUTRADE YEAR-END REPORT JANUARY-DECEMBER 2008

YEAR-END REPORT 1 JANUARY– 31 DECEMBER 2008

1 JANUARY–31 DECEMBER 2008 (COMPARED WITH SAME PERIOD A YEAR AGO)

• Net sales rose 19% during the period, to SEK 6,778 million (5,673). For comparable units the increase was 5%.
• Operating profit before amortisation of intangible assets (EBITA) rose 26% to SEK 820 million (650), and the EBITA margin was 12.1% (11.5%).
• Profit after tax rose 22% to SEK 510 million (419).
• Earnings per share were SEK 12.75 (10.48) for the period.
• The return on operating capital for the last 12 months was 36.7% (39.7%).
• The Board proposes a dividend of SEK 6.40 per share (5.25).

FOURTH QUARTER 2008 (COMPARED WITH SAME PERIOD A YEAR AGO)

• Net sales rose 18% during the fourth quarter, to SEK 1,829 million (1,549). For comparable units the increase was 6%.
• Operating profit before amortisation of intangible assets (EBITA) rose 14% to SEK 193 million (169), and the EBITA margin was 10.6% (10.9%).
• Profit after tax rose 9% to SEK 119 million (109).
• Earnings per share were SEK 2.98(2.73) for the quarter.

FINANCIAL DEVELOPMENT

	2008	2007		2008	2007
SEK million	Oct-Dec	Oct-Dec	Change	Jan-Dec	Jan-Dec	Change
Net Sales	1,829	1,549	18,1%	6,778	5,673	19,5%
EBITA *) EBITA margin, %	193 10.6	169 10.9	14,2%	820 12.1	650 11.5	26,2%
Profit after financial items	155	148	4,7%	692	578	19,7%
Net profit	119	109	9,2%	510	419	21,7%
Earnings per share, SEK	2.98	2.73	9,2%	12.75	10.48	21,7%
Return on operating capital, % (12 months)	36.7	39.7		36.7	39.7

*) Operating profit before amortization of intangible assets

ORDER INTAKE

SEK million

NET SALES

SEK million

Net Sales Net Sales moving 12 months

SALES GROWTH

Group performance

ORDER INTAKE AND NET SALES

Order intake

Order intake for the period January–December amounted to SEK 6,911 million (5,771), an increase of 20%. For comparable units, order intake rose 6%, while acquired growth was 12%. Currency movements affected order intake favourably by 2%.

Order intake for the final quarter of the year increased by a total of 7% to SEK 1,605 million (1,499). For comparable units, order intake during the quarter decreased by 4%, while acquired growth was 10% and currency movements amounted to 1%.

Net sales

Net sales grew 19% for the year, to SEK 6,778 million (5,673). For comparable units, net sales rose 5%, while acquired growth was 12%. The positive currency effect was 2%. Net sales during the fourth quarter rose 18% to SEK 1,829 million (1,549). For comparable units, net sales rose 6%, while acquired growth was 10%. Currency movements increased net sales during the quarter by 2%.

All business areas showed favourable growth for the year. Special Products and Flow Technology were the business areas with the strongest growth, with increases in net sales of 37% and 16%, respectively, mainly as an effect of acquired growth, but also as a result of stable organic growth.

EBITA

EBITA-MARGIN

RETURN

EARNINGS AND RETURN

Earnings

The gross margin for the year increased by 0.7 percentage points, to 33.3%. During the fourth quarter, the gross margin was 33.0%, an increase of 0.2 percentage points. The improved gross margin is mainly attributable to a greater share of product sales with a higher gross margin.

Operating profit before amortisation of intangible assets (EBITA) was SEK 820 million (650) for the year, an increase of 26%. The operating margin before amortisation of intangible assets (the EBITA margin) increased to 12.1% (11.5). The improved EBITA margin for the year is mainly attributale to an improved gross margin and strong volume development.

Net financial items for the full year totalled SEK -68 million (-31). Net financial items were primarily affected by an increase in borrowings, partly as a result of completed acquisitions, and partly as a result of a need for greater working capital associated with the growth in net sales. Tax on profit for the year is estimated at SEK -182 million (-159). Profit after tax rose 22% to SEK 510 million (419). Earnings per share were SEK 12.75 (10.48).

Operating profit before amortisation of intangible assets (EBITA) was SEK 193 million (169) for the fourth quarter, an increase of 14%, while the operating margin before amortisation of intangible assets (the EBITA margin) was 10.6% (10.9).

Net financial items for the fourth quarter totalled SEK -22 million (-7). The increase in net financial items was affected in part by borrowings to finance completed acquisitions, and in part by a greater need for working capital. The tax expense was SEK -36 million (-39). Profit after tax rose 9% to SEK 119 million (109). Earnings per share for the fourth quarter were SEK 2.98 (2.73).

Return

The return on operating capital for the last 12 months was 36.7% (39.7). The return was affected by capital tied up in acquisitions carried out during the year, which consisted mainly of manufacturing companies.

BUSINESS AREAS

Engineering & Equipment

Engineering & Equipment offers customised niche products, design solutions, aftermarket service and special processing. The main product areas are hydraulics and pneumatics, industrial equipment, flow products and transmission products.

	2008	2007*
SEK million	Jan-Dec	Jan-Dec
Net sales	1,900	1,689
EBITA	189	176
EBITA-margin, %	9.9%	10.4%
*Comparison figures for 2007 have been changed, since two businesses were transferred to the Industiral Components business area as

from 1 January 2008.

Net sales for the year rose 12% to SEK 1,900 million (1,689). For comparable units, net sales rose 1%, while acquired growth was 7%. Currency movements had a positive effect of 4% on net sales. EBITA for the year was SEK 189 million (176), corresponding to an EBITA margin of 9.9% (10.4%). A gradually improved EBITA margin during the year was hurt during the fourth quarter by low growth in net sales and a slightly higher level of overheads.

The company KG Enterprise was acquired during the year.

Flow Technology

Flow Technology offers components and systems for the management, control and supervision of flows. The main product areas are valves, pipe systems, pumps, and measuring and analysis instruments.

	2008	2007
SEK million	Jan-Dec	Jan-Dec
Net sales	1,712	1,474
EBITA	185	145
EBITA-margin, %	10.8%	9.8%

Net sales for the full year amounted to SEK 1,712 million (1,474), an increase of 16%. For comparable units, net sales rose 5%, while acquired growth was 10%. Currency movements affected net sales favourably by 1%.

EBITA for the year was SEK 185 million (145), and the EBITA margin was 10.8% (9.8%). The increase in the EBITA margin is mainly attributable to a shift in net sales towards products with higher gross margins.

Industrial Components

Industrial Components offers a wide range of technically advanced components and systems for production and maintenance. The main product areas are cutting tools, adhesives and chemical technology, fasteners, automation and filters and process technology.

	2008	2007*
SEK million	Jan-Dec	Jan-Dec
Net sales	1,401	1,219
EBITA	150	131
EBITA-margin, %	10.7%	10.7%

*Comparison figures for 2007 have been changed, since two businesses were transferred to the Industiral Components business area as from 1 January 2008.

Net sales during for the year rose 15% to SEK 1,401 million (1,219). For comparable units, net sales rose 6%, while acquired growth was 8%. Currency movements had a positive effect of 1%.

EBITA for the year was SEK 150 million (131), corresponding to an EBITA margin of 10.7% (10.7%). The companies EssMed, Kabetex and Brinch were acquired during the year.

Special Products

Special Products offers specially manufactured niche products, design solutions, aftermarket service and assembly, and special processing. The main product areas are valves, measuring technology, filters and process technology, and hydraulic couplings.

	2008	2007
SEK million	Jan-Dec	Jan-Dec
Net sales	1,812	1,322
EBITA	337	234
EBITA-margin, %	18,6%	17.7%

Net sales for the year rose 37% to SEK 1,812 million (1,322). For comparable units, net sales rose 10%, while acquired growth was 25%. Currency movements affected the increase in net sales by 2%.

EBITA for the year was SEK 337 million (234), and the EBITA margin was 18.6% (17.7%). The margin improvement in 2008 is attributable to a greater share of products with higher gross margins.

The companies Ammertech, Precision Products, Douwes International, Flintec Group and Inkal Industrikalibreringar were acquired during the year.

Other financial information

FINANCIAL POSITION

Shareholders' equity amounted to SEK 1,597 million (1,189), and the equity ratio was 36% (36).

Cash and cash equivalents amounted to SEK 223 million (203). In addition, the company has SEK 767 million (275) in unutilised credit facilities. Interest-bearing net debt amounted to SEK 972 million (650).

The net debt/equity ratio at year-end was 61% (55). The increases in net debt and in the debt/equity ratio are mainly attributable to completed acquisitions and a greater need for working capital as an effect of increased growth in net sales.

CASH FLOW

Cash flow from operating activities was SEK 490 million (399). The positive change is attributable to an improved operating surplus. Cash flow after net capital expenditures in property, plant and equipment (excluding company acquisitions) was SEK 360 million (332).

CAPITAL EXPENDITURES AND DEPRECIATION

The Group's net capital expenditures (excluding company acquisitions) amounted to SEK 130 million (67). Depreciation of property, plant and equipment totalled SEK 78 million (63), while amortisation of intangible assets amounted to SEK 60 million (41). Capital expenditures in company acquisitions amounted to SEK 276 million (307).

EMPLOYEES

The number of employees was 3,269 (2,083) at year-end. Approximately 1,119 were added through acquired companies, including approximately 900 in Flintec's production plants in Sri Lanka.

ACQUISITIONS

The Group has completed the following company acquisitions, which are being consolidated in 2008 for the first time.

Month
acquired	Acquisition	Business area		Sales/SEK million No. of employees
January	Ammertech BV	Special Products	60	25
	Precision Products Ltd	Special Products	70	56
February	Douwes International BV	Special Products	34	14
March	KG Enterprise Oy	Engineering&Equipment	8	2
	EssMed AB	Industrial Components	60	10
July	Flintec Group AB	Special Products	275	1,000
September	Kabetex Kullager &
	Transmission AB	Industrial Components	20	8
October	Inkal Industrikalibreringar AB	Special Products	3	1
November	Brinch AS	Industrial Components	15	3
			545	1 119

*Estimated annual sales and number of employees at the time of acquisition.

Further information on completed company acquisitions can be found on page 12 of this year-end report.

PARENT COMPANY

The main function of Indutrade AB is to take responsibility for business development, acquisitions, financing, business control and analysis. The Parent Company's sales, which consist exclusively of inter-company invoicing of services, amounted to SEK 1 million (1) in 2008. The Parent Company's capital expenditures in financial assets, consisting of acquisitions of and capital contributions to subsidiaries, amounted to SEK 539 million (182). Capital expenditures in intangible non-current assets amounted to SEK 1 million (-), and capital expenditures in property, plant and equipment totalled SEK 0 million (0). The number of employees on 31 December was 7 (8).

RISKS AND UNCERTAINTIES

The Indutrade Group conducts business in 12 countries in northern Europe, the USA and Sri Lanka, through some 100 companies. A large number of customers and products in different market segments entails a relatively limited risk exposure. In addition to the risks and uncertainties that are described in Indutrade's 2007 Annual Report, no significant risks or uncertainties are judged to have emerged or been eliminated. Since the Parent Company is responsible for the Group's financing, it is subject to interest rate and financing risk. The Parent Company's other activities are not subject to risks other than indirectly via subsidiaries. For a more detailed report on risks that affect the Group and Parent Company, please see the 2007 Annual Report.

RELATED-PARTY TRANSACTIONS

No transactions between Indutrade and related parties, which have significantly affected the Company's position and earnings, took place during the year.

ACCOUNTING PRINCIPLES

Indutrade reports in accordance with International Financial Reporting Standards (IFRS). This interim report has been prepared in accordance with IAS 34 and RFR 1.1. The Parent Company applies RFR 2.1. The same accounting principles and calculation methods are used in this report as those used in Indutrade's 2007 Annual Report and described under the section "Accounting principles and notes".

Indutrade has not begun applying any new IFRS recommendations in 2008. Nor have the new IFRIC 11 and IFRIC 14 interpretations had any impact on Indutrade's result of operations or financial position. IFRIC 12 and 13 are not relevant for Indutrade.

DIVIDEND

The Board proposes a dividend of SEK 6.40 per share (5.25), for a total dividend payout of SEK 256 million. The proposed dividend is in line with Indutrade's dividend policy to pay, over time, a dividend equivalent to at least 50% of profit after tax.

FINANCIAL CALENDAR

The 2008 Annual Report will be published in early April 2009. It will be available on Indutrade's website starting on the same date as publication of the printed report.

The Annual General Meeting will be held in Stockholm on 4 May 2009.

The interim report for the period 1 January–31 March 2009 will be published on 4 May 2009.

The interim report for the period 1 January–30 June 2009 will be published on 4 August 2009.

The interim report for the period 1 January–30 September 2009 will be published on 3 November 2009.

Stockholm, 13 February 2009 Indutrade AB (publ)

Johnny Alvarsson President and CEO

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

Further information

For further information, please contact: Johnny Alvarsson, President and CEO, phone +46 8 703 03 00 or +46 70 589 17 95.

NOTE

The information provided herein is such that Indutrade AB (publ) is obligated to disclose pursuant to the Securities and Clearing Operations Act (SFS 1992:543) and/or the Financial Instruments Trading Act (SFS 1991:980). Submitted for publication at 8 a.m. on 13 February 2009.

INDUTRADE CONSOLIDATED INCOME STATEMENT

- CONDENSED

	2008	2007	2008	2007
SEK million	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net Sales	1,829	1,549	6,778	5,673
Cost of goods sold	-1,226	-1,041	-4,520	-3,826
Gross profit	603	508	2,258	1,847
Development costs	-12	-6	-32	-20
Selling costs	-324	-282	-1,169	-972
Administrative expenses	-86	-69	-299	-250
Other operating income and expenses	-4	4	2	4
Operting profit	177	155	760	609
Net financial items	-22	-7	-68	-31
Profit after financial items	155	148	692	578
Income Tax	-36	-39	-182	-159
Net profit for the period attributable to
equity holders of the parent company	119	109	510	419
Operating profit includes:
Amortisation of intangible assets	-16	-14	-60	-41
Depreciation of property,
plant and equipment	-22	-18	-78	-63
Operating profit before amortisation/
impairment of intangible assets (EBITA)	193	169	820	650
Earnings per share for the period 1)	2.98	2.73	12.75	10.48

1) Earnings for the period divided by 40,000,000 shares. There is no dilutive effect.

Income and expenses reported
directly against equity
Actuarial gains/losses Exchange rate differences	-1	-1	-1	6
on foreign operations	82	15	109	24
Tax on items reproted
directly against equity	0	0	0	-2
Total income and expenses reported
directly against equity	81	14	108	28
Profit for the period	119	109	510	419
Total reported income and expenses
for the period	200	123	618	447

BUSINESS AREA PERFORMANCE

	2008	2007*	2008	2007*
Net sales, SEK million	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Engineering & Equipment	475	463	1,900	1,689
Flow Technology	454	437	1,712	1,474
Industrial Components	362	324	1,401	1,219
Special Products	545	337	1,812	1,322
Parent company and Group items	-7	-12	-47	-31
	1,829	1,549	6,778	5,673

	2008	2007*	2008	2007*
EBITA, SEK million	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Engineering & Equipment	33	40	189	176
Flow Technology	43	43	185	145
Industrial Components	29	32	150	131
Special Products	98	61	337	234
Parent company and Group items	-10	-7	-41	-36
	193	169	820	650

	2008	2007*	2008	2007*
EBITA margin, %	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Engineering & Equipment	6.9%	8.6%	9.9%	10.4%
Flow Technology	9.5%	9.8%	10.8%	9.8%
Industrial Components	8.0%	9.9%	10.7%	10.7%
Special Products	18.0%	18.1%	18.6%	17.7%
	10.6%	10.9%	12.1%	11.5%

*Comparison figures for Engineering & Equipment and Industrial Components have been changed. Two businesses which earlier were accounted for in Engineering & Equipment are part of Industrial Components as from 1 January 2008.

INDUTRADE CONSOLIDATED BALANCE SHEET

- CONDENSED

	2008	2007
SEK million	31 Dec	31 Dec
Goodwill	575	378
Other intangible assets	598	364
Property, plant and equipment	554	388
Financial assets	52	43
Inventories	1,207	936
Accounts receivable, trade	1,102	859
Other receivables	100	100
Cash and cash equivalents	223	203
Total assets	4,411	3,271
Equity	1,597	1,189
Long-term borrowings and pension liabilites	705	470
Other non-current liabilities	373	198
Short-term borrowings	490	383
Accounts payable, trade	584	470
Other current liabilities	662	561
Total equity and liabilities	4,411	3,271

CHANGE IN GROUP EQUITY

	2008	2007
SEK million	Jan-Dec	Jan-Dec
Opening equity	1,189	892
Translation effects	109	24
Actuarial pension effects	-1	6
Tax effect on actuarial pension effects	0	-2
Net profit for the period	510	419
Dividend	-2101)	-1501)
Closing equity	1,597	1,189

1) SEK 5.25 (3.75) per share

INDUTRADE CONSOLIDATED CASH FLOW STATEMENT

- CONDENSED

	2008	2007
SEK million	Jan-Dec	Jan-Dec
Cash flow from operating activites
before change in working capital	619	526
Change in working capital	-129	-127
Cash flow from operating activites	490	399
Net capital expenditures in non-current assets	-130	-67
Company acquisitions and divestments	-276	-307
Change in other financial assets	0	1
Cash flow from investing activities	-406	-373
Net borrowings	131	203
Dividend paid out	-210	-150
Cash flow from financing activities	-79	53
Cash flow for the period	5	79
Cash and cash equivalents at start of period	203	119
Exchange rate differences	15	5
Cash and cash equivalents at end of period	223	203

KEY DATA

	2008	2008	2008	2008	2008	2007
	Jan-March April-June		Jul-Sep	Oct-Dec	Jan-Dec	Jan-Dec
Net sales, SEK million	1,525	1,733	1,691	1,829	6,778	5,673
Sales growth, %	18.6	18.1	23.3	18.1	19.5	25.6
EBITA, SEK million	175	232	220	193	820	650
EBITA margin, %	11.5	13.4	13.0	10.6	12.1	11.5
Operating capital, SEK million	2,090	2,182	2,486	2,569	2,569	1,839
Return on operating capital, %
(12 months)	38.5	38.8	38.4	36.7	36.7	39.7
Interest-bearing net debt, SEK million	812	958	1,089	972	972	650
Net debt/equity ratio, %	63.5	78.3	78.0	60.9	60.9	54.7
Equity ratio, %	36.4	33.7	32.0	36.2	36.2	36.3
Key ratios per share 1)
Earnigns per share, SEK	2.73	3.75	3.30	2.98	12.75	10.48
Equity per share, SEK	31.95	30.60	34.93	39.93	39.93	29.73
Cash flow from operating activites
per share, SEK	-0.28	2.58	3.25	6.70	12.25	9.98

1) Based on 40,000,000 shares which corresponds to the number

of shares outstanding during all periods in the table. There is no dilutive effect.

ACQUISITIONS

Acquisitions January–September 2008

All of the shares were acquired in Ammertech BV and Douwes International BV (the Netherlands), in Precision Products Ltd (UK), in KG Enterprise Oy (Finland), in EssMed AB, Flintec Group AB, Kabetex Kullager & Transmission AB, Inkal Industrikalibreringar AB (Sweden) and Brinch AS (Norway).

Engineering & Equipment

KG Enterprise, with annual sales of approximately SEK 8 million, is a supplier of raw material and semifinished products to the composite industry. The company is consolidated in the Group as from 1 March 2008.

Industrial Components

EssMed markets ophthalmology products and technical service in Sweden and Finland. The company has annual sales of approximately SEK 60 million and is consolidated in the Group as from 1 March 2008. The Norwegian company Brinch AS, in the same type of business as EssMed, has annual sales of approximately SEK 15 million. The company is consolidated in the Group as from 1 November 2008. Kabetex specialises in customised transmission solutions, with annual sales of approximately SEK 20 million. The company is consolidated in the Group as from 1 September 2008.

Special Products

Ammertech is a leading technology sales company in the Benelux market in the area of bearings and transmissions, with annual sales of approximately SEK 60 million. Douwes International is a technology sales company with products and specialist know-how in fasteners and assembly tools, with annual sales of approximately SEK 34 million. Precision Products is a well-established manufacturer of piston rings and a supplier to the international marine diesel engine industry as well as of products for other industrial applications in 48 countries. Annual sales amount to approximately SEK 70 million.

The Flintec Group has annual sales of approximately SEK 275 million and roughly 1,000 employees, of whom most (approx. 900) work at Flintec's two manufacturing units in Sri Lanka. In addition, the company has sales and design companies in the USA and the UK, and sales companies in Sweden and Germany. Flintec manufactures and markets measuring technology products.

Ammertech and Precision Products are consolidated in the Group as from 1 January 2008, Douwes as from 1 February 2008, and the Flintec Group as from 1 July 2008. Inkal Industrikalibreringar AB is a calibration laboratory with temperature as its core business. Annual sales amount to approximately SEK 3 million. The company is consolidated in the Group as from 1 October 2008.

Acquired assets in Ammertech BV, Douwes International BV, Precision Products Ltd., KG Enterprise Oy, EssMed AB, Flintec Group AB, Kabetex Kullager & Transmission AB, Inkal Industrikalibreringar AB and Brinch AS.

Preliminary purchase price allocation

SEK million

Purchase price, incl. earn-out payment 553

	Book	Fair value
Acquired assets	value	adjustment	Fair value
Goodwill	-	162	162
Agencies, trademarks, customer relations, licences, etc.	16	257	273
Property, plant and equipment	106	-	106
Financial assets	7	-	7
Inventories	97	-	97
Other current assets	110	-	110
Cash and cash equivalents	24	-	24
Deferred tax liability	-4	-39	-43
Interest-bearing loans and pension liabilities	-113	-	-113
Other operating liabilities	-70	-	-70
	173	380	553

Agencies, customer relations, licences etc. will be amortised over a 10-year period. The acquisition of the Flintec Group accounts for 70 percent of goodwill and other intangibel assets.

Cash flow impact

Total cash flow impact	276
Earn-out payments pertaining to previous years' acquitions	10
Cash and cash equipment in acquired companies	-24
Purchase price not paid out	-263
Purchase price, incl. earn-out payment	553

Effect of completed acquisitions 2008 and 2007

SEK million			Net sales	EBITA
Company	Business area	Oct-Dec	Jan-Dec	Oct-Dec Jan-Dec
Labkotec Oy, Elra AS, Recair Oy and
KG Enterprise Oy	Engineering & Equipment	10	123	1	24
Axelvalves AB, SAV-Danmark Trading A/S,
Sigurd Sørum AS, MWS Ventil Service AB,
Palmstierna Svenska AB and
International Plastic System Ltd.	Flow Technology	0	149	0	29
AluFlex System AB, EssMed AB, Kabetex
Kullager & Transmission AB and
Brinch AS	Industrial Components	33	98	2	10
Carrab Industri AB, Ammertech BV,
Douwes International BV, Precision
Products Ltd., Flintec Group AB and Inkal
Industrikalibreringar AB	Special Products	118	326	14	45
Effect on Group		161	696	17	108
Acquisitions carried out in 2007		8	303	1	56
Acquisitions carried out in 2008		153	393	16	52
Effect on Group		161	696	17	108

If the acquired units had been consolidated as from 1 January 2008, net sales for the year 2008 would have amounted to SEK 6,952 million, and EBITA would have been SEK 844 million.

PARENT COMPANY INCOME STATEMENT

- CONDENSED

	2008	2007	2008	2007
SEK million	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Net sales	1	1	1	1
Gross profit	1	1	1	1
Administrative expenses	-9	-10	-39	-39
Other income and expenses	-1	1	-2	1
Operating profit	-9	-8	-40	-37
Financial income/expenses	-9	-1	-22	-3
Profit from participation
in Group companies	292	279	453	427
Profit after financial items	274	270	391	387
Appropriations	-14	0	-14	0
Income Tax	-74	-78	-62	-69
Net profit for the period	186	192	315	318
Depreciation of property,
plant and equipment	-1	-1	-1	-1

PARENT COMPANY BALANCE SHEET

- CONDENSED

	2008	2007
SEK million	31 Dec	31 Dec
Intangible assets	1	-
Property, plant and equipment	2	2
Financial assets	1,514	959
Current receivables	615	567
Cash and cash equivalent	18	9
Total assets	2,150	1,537
Equity	848	743
Untaxed reserves	14	0
Non-current liabilities	495	296
Non-current provisions	199	34
Current provisions	87	4
Current interest-bearing liabilities	396	378
Current noninterest-bearing liabilities	111	82
Total equity and liabilities	2,150	1,537

DEFINITIONER

Earnings per share	Net profit for the period divided by the average number of shares outstanding.
EBITA	Operating profit before amortisation of intangible assets.
EBITA margin	EBITA as a percentage of net sales for the period.
Equity ratio	Shareholders' equity as a percentage of total assets.
Gross margin	Gross profit divided by net sales.
Intangible assets	Goodwill, agencies, trademarks, customer lists, licences and leaseholds.
Interest-bearing net debt	Interest-bearing liabilities, incl. pension liability less cash and cash equivalents.
Net capital expenditures	Purchases less sales of intangible assets, and of property, plant and equipment, excluding those included in acquisitions and divestments of subsidiaries and operations.
Net debt/equity ratio	Interest-bearing net debt divided by shareholders' equity.
Operating capital	Interest-bearing net debt and shareholders' equity.
Property, plant and equipment	Buildings, land, machinery and equipment.
Return on operating capital	EBITA as a percentage of average operating capital per quarter.

This report will be presented as follows:

• at the following links: http://www.indutrade.se http://www.stockontv.se/start.aspx

Indutrade in brief

Indutrade markets and sells components, systems and services with a high-tech content to industrial customers in selected niches. The Group creates value for its customers by structuring the value chain and increasing the efficiency of its customers' use of technological components and systems. For the Group's suppliers, value is created through the offering of an efficient sales organisation with high technical expertise and solidly developed customer relations.

Indutrade's business is distinguished by the following factors, among others:

• High-tech products for recurring needs
• Growth through a structured and tried-and-tested acquisition strategy
• A decentralised organisation characterised by an entrepreneurial spirit

The Group is structured into four business areas: Engineering & Equipment, Flow Technology, Industrial Components and Special Products.

The Group's financial targets are to grow 10%, reach an 8% EBITA margin and return on operating capital of 25% across a business cycle.

Indutrade is listed on the OMX Nordic Exchange Stockholm.