MEKO

Quarterly Report • Nov 4, 2008

4 November, 2008 Interim report January – September 2008

1 July – 30 Septem ber

• R evenues increased by 5 per cent to SE K 658 M (626). T aking into account positive currency effects and m ore w orkdays during the quarter, revenues increased by 3 percent.
• E B IT am ounted to SE K 79 M (78) and the E B IT m argin to 12 percent(12).
• Profit after financialitem s am ounted to SE K 81 M (215). Incom e after financialitem s in the preceding year included capitalgains ofSE K 133 M from the sale ofthe G roup's property portfolio.
• Profit after tax am ounted to SE K 58 M (187) and earnings per share before and after dilution am ounted to SE K 1.79 (5.94). Adjusted for the property transaction, profit after tax am ounted to SE K 56 M in the preceding year.
• A new store conceptw as launched. Itis estim ated thatprojectexpenses ofSE K 14 M w illbe charged against the operating profit per quarter from the fourth quarter 2008 through 2009. A positive earnings effect is expected from 2010, w ith tw o years' repaym ent.

1 January – 30 Septem ber

• R evenues increased by 5 per cent to SE K 1,999 M (1,897). T aking into accountpositive currency effects and the num berofw orking days, revenues increased by 4 percent.
• E B IT am ounted to SE K 205 M (207) and the E B IT m argin to 10 percent(11).
• Profit after financialitem s am ounted to SE K 212 M (350). Adjusted for the property transaction, profit after financialitem s am ounted to SE K 217 M in the preceding year.
• Profit after tax am ounted to SE K 153 M (283). Adjusted for the property transaction, profit am ounted to SE K 152 M in the preceding year.
• E arnings pershare before and afterdilution am ounted to SE K 4.71 (8.90).

SU MMARY O F TH E G RO U P'S EARNING S TREND		July – Sep tember			January – Sep tember		12 months	Full-year
	2008	2007	C hang e %	2008	2007	C hang e %	O ct - Sep	2007
Revenues, SEK M	658	626	5	1 999	1 897	5	2 651	2 550
EBIT, SEK M	79	78	1	205	207	-1	248	250
Profitafterfinancialitems, SEK M	81	215*	-62	212	350**	-39	280	418
Profitaftertax, SEK M	58	187*	-69	153	283**	-46	218	348
Earnings pershare, SEK	1,79	5,94*	-70	4.71	8,90**	-47	6,84	11.03
EBIT margin, %	12	12		10	11		9	10

*)excluding the property transaction:Profitafterfinancialitems SEK 82 M , Profitaftertax SEK 56 M, Earnings pershare SEK 1,70. **)excluding the property transaction:Profitafterfinancialitems SEK 217 M, Profitaftertax SEK 152 M, Earnings pershare SEK 4,66.

C EO 's comments

R evenues increased by 5 per cent to SE K 658 M (626), during the third quarter of 2008 com pared w ith the preceding year, and the increase w as 5 per cent to SE K 1,999 M (1,897) for the nine-m onth period. T he increase signifies a strong m arketposition and higherm arketshares in allm arkets, in a declining overallm arket.

E B IT am ounted to SE K 79 M (78) forthe quarterand to SE K 205 M (207) forthe nine-m onth period.

T he launch of a new store concept has started w ithin the group. T he goalis to optim ise the utilisation of store space, stock-keeping and staffing. Mekonom en Service Centres w ill establish in connection to the stores. Approxim ately 60 stores w illbe affected. Itis estim ated thatthe projectw illcontinue until2009 and SE K 14 M is expected to be charged against E B IT for each quarter starting w ith the fourth quarter of 2008. A positive earnings effectis expected from 2010, w ith tw o years' repaym ent.

Mekonom en Service Centre and MekoPartner reported a positive trend and the interest to be a part of our concepts rem ains stable. As oftoday's date, 1,022 w orkshops are affiliated to one ofour w orkshop chains. From the beginning ofthe year, 62 new Mekonom en Service Centres and 182 new MekoPartner establishm ents have joined the affiliation.

T he flow of custom ers to affiliated w orkshops is increasing as custom ers perceive our concepts as a strong alternative to the brand-based w orkshops, w ith the effect that 21 brand-based w orkshops now is affiliated to Mekonom en. H ow ever, the "other w orkshop" segm ent, m eaning w orkshops not affiliated to any of our chains, reported a w eak perform ance. A contributory factor to the positive trend for our chains is Mekonom en's strong offerw hich has been explained through an offensive m arketing. T his has also resulted in a positive trend forour consum erbusiness in Sw eden, in an otherw ise w eak m arketforconsum erdiscretionary.

My assessm ent is that the m arket in allcountries w illrem ain w eak, but the m arket for w orkshop services w ill gradually stabilise. T he sale ofnew vehicles is decreasing and as vehicle fleets becom e older, the need for repairs and service w illincrease, w hich w illbenefit Mekonom en in the long-term . Mekonom en is w ellequipped and w illcontinue to be a w innerin the m arket.

Håkan Lundstedt Presidentand CE O

C onsolidated sales and earnings

REV EN U ES

1 July – 30 Septem ber

R evenues increased by 5 per cent to SE K 658 M (626). Adjusted for currency effects, revenues increased by 4 percent. Calculated on com parable w orkdays, revenues increased by 3 percent, and adjusted forcurrency effects, the increase w as 3 per cent. T he num ber of w orkdays w as an average of one day m ore com pared w ith the yearearlierperiod.

1 January – 30 Septem ber

R evenues increased by 5 per centto SE K 1,999 M (1,897). Adjusted for currency effects, revenues increased by 4 per cent. Calculated on com parable w orkdays, revenues increased by 5 per cent, and adjusted for currency effects the increase w as 4 per cent. T he num ber ofw orkdays w as an average ofone day m ore com pared w ith the year-earlierperiod.

EB IT, SEK M 1 July – 30 Septem ber

E B IT am ounted to SE K 79 M (78) and the E B IT m argin to 12 per cent (12). Costs for planned grow th m easures w ere charged againstE B IT for allcountries. An efficiency-enhancem entprojectw as started during the quarterto stream line operations and utilise store space m ore efficiently. Costs are expected to am ountto SE K 14 M from the fourth quarter of2008 and untilthe fourth quarter of2009. T he projecthas a repaym entperiod of approxim ately tw o years from 2010.

1 January – 30 Septem ber

E B IT am ounted to SE K 205 M (207) and the E B IT m argin to 10 per cent (11). As a result of property divestm ent during the third quarter of 2007, leasing expenses increased by SE K 14 M during the nine-m onth period, com pared w ith the year-earlier period. Costs for planned grow th m easures w ere charged against E B IT forallcountries.

PR O FIT A FTER FIN A N C IA L ITEM S

Profitafter financialitem s am ounted to SE K 81 M (215) for the third quarter and to SE K 212 M (350) for the period. N etinterestincom e for the third quarter am ounted to SE K 1 M (1) and other financialitem s am ounted to SE K 1 M (136). N et interest incom e for the period am ounted to SE K 4 M (expense:3) and other financial item s am ounted to SE K 3 M (146). Financial item s for the period included capital gains of SE K 2 M (133) pertaining to the divestm entofproperties and currency effects ofSE K 1 M (13).

Financialposition

Cash flow from operating activities am ounted to SE K 35 M (36) forthe third quarterand to SE K 73 M (212) forthe period. T he difference betw een the years is due prim arily to tax paid and an increase in accounts payable during 2007. Cash and cash equivalents and short-term investm ents on 30 Septem ber, 2008 am ounted to SE K 51 M, com pared w ith SE K 290 M on 31 D ecem ber2007. T he equity/assets ratio w as 58 percent(64). Interestbearing liabilities am ounted to SE K 85 M (5) and atthe end ofthe period the netindebtedness am ounted to SE K 34 M, com pared w ith a netcash balance ofSE K 284 M on 31 D ecem ber2007, w here the decrease in the netcash balance w as prim arily due to dividends ofSE K 347 M paid to shareholders.

Investments

D uring the third quarter, investm ents in fixed assets am ounted to SE K 9 M (11). For the nine-m onth period, these investm ents am ounted to SE K 35 M (28). Com pany and business acquisitions am ounted to SE K 10 M (12) during the third quarterand forthe nine-m onth period to SE K 29 M (22). Acquired assets totalled SE K 13 M and acquired liabilities SE K 2 M. B esides goodw ill, w hich am ounted to SE K 17 M, no intangible surplus values have been identified in connection w ith the acquisitions.

Acquisitions and start-ups

D uring the third quarter, one store w as acquired in L idköping and one in B jörkelangen, N orw ay. In addition, m inority shares w ere acquired in Sw edish stores.

D uring the firstsix m onths, one store w as acquired in G othenburg and one w as opened in U ppsala. T w o stores, Sätra and Ö stberga in Sw eden, w ere closed in conjunction w ith the opening of the new w orkshop centre in Stockholm . In D enm ark, one store w as acquired in K olding and in conjunction w ith this acquisition, the existing store in K olding w as discontinued. In N orw ay, one store w as acquired in K ongsvinger and a new store w as opened in Sandnes. In addition, m inority shares w ere acquired in Sw edish stores.

T he totalnum ber ofstores in the chain atthe end ofthe period w as 198 (192), ofw hich 162 (154) w ere w holly ow ned stores. T he num berofaffiliated w orkshops increased to 987 (761), ofw hich Mekonom en Service Centres increased to 825 (761) and MekoPartnerto 162 (0).

H uman resources

T he num ber of em ployees at the end of the period w as 1,371 (1,287) and the average num ber of em ployees during the period w as 1,348 (1,263). T he rise w as prim arily due to an increase in the sales organisation in all countries.

SW ED EN
EARNING S TREND	July – Sep temb er				January – Sep tember	12 months	Full-year
	2008	2007	C hang e %	2008	2007	C hang e %	O ct - Sep	2007
Netsales (external), SEK M	316	314	1	957	942	2	1 285	1 270
EBIT, SEK M	60	57	5	157	165	-5	208	216
EBIT margin, %	18	18		16	17		16	17
Numberofstores/ofw hich
w holly ow ned				115/95	112/91	-	-	114/93
NumberofMekonomen Service
C entres				349	337	-	-	337
NumberofMekoPartner				60	-	-	-	-

Performance by geographic market

In Sw eden, the num ber of w orkdays w as one m ore in the third quarter com pared w ith the year-earlier period, corresponding to estim ated sales ofapproxim ately SE K 5 M. T he underlying netsales decreased by 1 percent. For the nine-m onth period, the num ber of w orkdays w as tw o m ore than in the year-earlier period and the underlying netsales increased by 1 percent.

As a result of property divestm ent during the third quarter of 2007, leasing expenses increased by SE K 8 M during the nine-m onth period, com pared w ith the year-earlierperiod.

EARNING S TREND	July – Sep temb er				January – Sep tember	12 months	Full-year
	2008	2007	C hang e %	2008	2008	2007	O ct - Sep	2007
Netsales (external), SEK M	156	146	7	475	434	9	625	584
EBIT, SEK M	22	25	-12	63	64	-2	80	81
EBIT margin, %	14	17		13	15		13	14
Numberofstores/ofw hich w holly ow ned				44/28	42/24	-	-	42/25
NumberofMekonomen Service
C entres				321	302	-	-	305
NumberofMekoPartner				35	-	-	-	-

N O RW A Y

In N orw ay, the num ber of w orkdays w as one m ore in the third quarter com pared w ith the year-earlier period, corresponding to estim ated sales ofapproxim ately SE K 3 M. Currency effects w ere positive. T he underlying net sales increased by 5 per cent. For the nine-m onth period, the num ber of w orking days w as tw o m ore than the year-earlierperiod. Currency effects w ere positive and the underlying netsales increased by 6 percent.

D EN M A RK

EARNING S TREND	July – Sep temb er				January – Sep tember		12	Full-year
	2008	2007	C hang e %	2008	2008	C hang e %	months O ct - Sep	2007
Netsales (external), SEK M	162	162	0	523	495	6	689	661
EBIT, SEK M	3	0	-	5	-1	600	-16	-22
EBIT margin, %	2	0		1	0		-2	-3
Numberofstores/ofw hich
w holly ow ned				39/39	39/39	-	-	38/38
NumberofMekonomen Service
C entres				155	122	-	-	136
NumberofMekoPartner				67	-	-	-	-

In D enm ark, the num ber of w orkdays w as one m ore in the third quarter com pared w ith the year-earlier period, corresponding to estim ated sales ofapproxim ately SE K 3 M. Currency effects w ere positive. T he underlying net sales decreased by 4 per cent. For the nine-m onth period, the num ber ofw orking days w as one few er than the year-earlierperiod. Currency effects w ere positive and the underlying netsales increased by 4 percent.

As a result of property divestm ent during the third quarter of 2007, leasing expenses increased by SE K 6 M during the nine-m onth period, com pared w ith the year-earlierperiod.

		Q 1		Q 2			Q 3			Q 4			Full-year
	2009	2008	2007	2009	2008	2007	2009	2008	2007	2009	2008	2007	2009	2008	2007
SW ED EN	62	62	64	60	62	59	66	66	65	63	62	62	251	252	250
NO RW AY	63	61	64	59	63	59	66	66	65	63	62	62	251	252	250
D ENMARK	63	61	65	58	61	59	66	66	65	63	62	61	250	250	250

Numberofw orkdays perquarterand country

Significantrisks and uncertainties

T he com pany conducted a review and assessm entofoperating and financialrisks and uncertainties in accordance w ith the description provided in the 2007 AnnualR eportand found thatno significantrisks have changed since then. R isk factors and exposures forthe ParentCom pany and the G roup in the im m ediate future prim arily involve logistics and delivery rate and changing the business system s in the G roup, a process thatw as initiated in Sw eden during 2008 and w illbe im plem ented in the restofthe G roup during 2009. R eferto the 2007 Annual R eportfora com plete reporton the risks thataffectthe G roup.

ParentC ompany

T he Parent Com pany's operations com prise G roup m anagem ent and G roup-w ide functions, as w ellas finance m anagem ent. After net financial item s, the Parent Com pany reported earnings of SE K 16 M (10) for the quarter and of SE K 0 M (14) for the nine-m onth period, excluding dividends from subsidiaries. T he average num ber ofem ployees forthe period w as 60 (49). D uring the nine-m onth period, Mekonom en AB sold products and services to G roup com panies fora totalofSE K 53 M (46).

Events afterthe end ofthe period

N o significantevents occurred afterthe end ofthe reporting period.

Accounting principles

Mekonom en applies the InternationalFinancialR eporting Standards (IFR S) as adopted by the E U . T his interim reportw as prepared in accordance w ith the AnnualAccounts Actand IAS 34 Interim Financial R eporting. T he new orrevised IFR S standards orIFR IC interpretations thatbecam e effective on 1 January 2008 have nothad any m aterialeffecton the G roup's incom e statem entorbalance sheets. T he accounting principles are unchanged from the preceding yearand are described in the 2007 AnnualR eport. T he ParentCom pany prepares its accounts in accordance w ith the AnnualAccounts Actand R FR 2.1 and applies the sam e accounting principles and valuation m ethods as in the m ostrecentAnnualR eport.

Forthcoming financialreporting dates

IN FO RM A TIO N	PER IO D	D A TE
Y ear-end report	January – D ecem ber2008	18 February, 2009
Interim report	January – March 2009	14 May, 2009
Interim report	January – June 2009	26 August, 2009
Interim report	January – Septem ber2009	10 N ovem ber, 2009
Y ear-end report	January – D ecem ber2009	February 2010

AnnualG eneralMeeting

T he 2008 AnnualG eneralMeeting w illbe held on 22 April2009 in Stockholm . T he AnnualR eportw illbe available through publication on Mekonom en's w ebsite on 8 April2009.

Nomination C ommittee

In accordance w ith a resolution atthe AnnualG eneralMeeting on 4 April2008, Mekonom en has established a N om ination Com m ittee. T he N om ination Com m ittee shallprepare and subm itproposals to the Annual G eneralMeeting on 22 April2009 forthe election ofthe Chairm an ofthe G eneralMeeting, election ofthe Chairm an ofthe B oard ofD irectors and otherm em bers ofthe B oard, B oard fees and possible rem uneration for com m ittee w ork and, w here applicable, the election ofand fees forthe auditors.

T he N om ination Com m ittee, priorto the 2009 AnnualG eneralMeeting, consists ofG öran E nnerfelt, representing the AxelJohnson AB G roup, MajCharlotte W allin, representing AFA Försäkring, Ing-Marie Fraim Sefastsson, representing ow n shareholdings and E va Fraim Påhlm an, representing ow n shareholdings. T he N om ination Com m ittee has elected G öran E nnerfeltas its Chairm an.

Stockholm , 4 N ovem ber, 2008. Mekonom en AB (publ), Corp. O rg. N o:556392-1971

H åkan L undstedt Presidentand CE O

T his reporthas been subjectto review by the Com pany's auditors. T he review reportis on Page 8.

Forfurtherinform ation, please contact: H åkan L undstedt, Presidentand CE O Mekonom en AB , T el:+46 (0)8-464 00 00 G unilla Spongh, CFO Mekonom en AB , T el:+46 (0)8-464 00 00 B oelSundvall, H ead ofcom m unications Mekonom en AB , T el:+46 (0)8-464 00 00

Mekonom en AB (publ), Corp. O rg. N o:556392-1971 B ox 6077 SE -141 06 K ungens K urva T el:+46 (0)8-464 00 00, Fax:+46 (0)8-464 00 66

Mekonom en w ants to m ake CarL ife sim pler, through a broad and easily accessible offering of inexpensive and innovative solutions and products forconsum ers and com panies. Mekonom en is Scandinavia's leading autom otive spare parts chain w ith proprietary w holesale operations, approxim ately 200 stores and m ore than 1,000 w orkshops operating underthe Mekonom en brand. w w w .m ekonom en.se

Aud itors'review

IN TR O D U C TIO N

W e have conducted a review ofthe interim reportforMekonom en AB (publ) forthe period 1 January 2008 to 30 Septem ber2008. T he B oard ofD irectors and the Presidentare responsible forpreparing this interim report in accordance w ith IAS 34 and the AnnualAccounts Act. O urresponsibility is to express an opinion on this interim reportbased on ourreview .

FO C U S A N D SC O PE O F TH E REV IEW

W e have conducted ourreview in accordance w ith the Standard on R eview E ngagem ents SÖ G 2410, R eview of Interim FinancialInform ation Perform ed by the IndependentAuditorofthe E ntity. A review consists of m aking inquiries, prim arily ofpersons responsible forfinancialand accounting m atters, and applying analytical and otherreview procedures. A review has a differentdirection and is substantially m ore lim ited in scope than an auditconducted in accordance w ith Sw edish G AAP and othergenerally accepted auditing practices. T he procedures perform ed in a review do notenable us to obtain a levelofassurance thatw ould m ake us aw are ofall significantm atters thatm ightbe identified in an audit. T herefore, the opinion expressed based on a review does notgive the sam e levelofassurance as a conclusion expressed based on an audit.

C O N C LU SIO N

B ased on ourreview , nothing has com e to ourattention thatcauses us to believe that, in allm aterialrespects, the accom panying interim reportforthe G roup has notbeen prepared in accordance w ith IAS 34 and the Annual Accounts Act, and the interim reportforthe ParentCom pany has notbeen prepared in accordance w ith the AnnualAccounts Act.

Stockholm , 4 N ovem ber, 2008

D eloitte AB

L ars Svantem ark Authorised Public Accountant

C	onsolidated	financialreports

	2008			2007				2006
	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3
NET SALES (EXTERNAL), SEK M
SW ED EN	316	347	294	328	314	330	299	322	311
NO RW AY	156	178	142	150	146	154	134	133	133
D ENMARK	162	184	178	166	162	170	163	162	158
G roup-w ide and eliminations	3	3	3	5	4	3	3	6	3
G RO U P	637	712	617	649	626	657	599	623	605
EBIT, SEK M
SW ED EN	60	60	38	51	57	55	53	58	57
NO RW AY	22	26	16	17	25	20	20	7	20
D ENMARK	3	2	0	-21	0	1	-1	9	1
G roup-w ide and eliminations	-6	-9	-6	-4	-3	1	-18	0	-7
G RO U P	79	79	48	43	78	76	53	74	71
INVESTMENTS, SEK M
SW ED EN	3	6	5	4	3	3	2	7	2
NO RW AY	0	1	1	0	1	1	1	1	1
D ENMARK	3	1	4	4	2	5	3	7	1
G roup-w ide and eliminations	3	3	5	7	5	1	1	0	1
G RO U P	9	11	15	15	11	11	6	15	5
EBIT MARG IN, %
SW ED EN	18	17	13	15	18	16	18	18	18
NO RW AY	14	14	11	11	17	13	15	5	15
D ENMARK	2	1	0	-13	0	1	-1	6	1
G RO U P	12	11	8	7	12	11	9	12	12

CONDENSED INCOME STATEMENT (SEK M)		July - September			January - September		12 months	Full- year
	2008	2007	%	2008	2007	%	Oct - Sep	2007
Net sales	637	626	$\overline{2}$	1 966	1881	5	2614	2 5 3 0
Other operating revenue	21	$\mathbf 0$	$\overline{\phantom{a}}$	33	16	106	37	20
TOTAL REVENUES	658	626	5	1 9 9 9	1897	5	2651	2 5 5 0
OPERATING EXPENSES
Goods for resale	$-309$	$-306$	$\mathbf{1}$	$-982$	$-965$	$\overline{2}$	$-1311$	$-1294$
Other external costs	$-117$	$-105$	11	$-327$	$-295$	11	$-440$	$-410$
Personnel expenses	$-146$	$-129$	13	$-461$	$-405$	14	$-616$	$-560$
Depreciation of tangible assets	$-7$	$-8$	$-13$	$-24$	$-25$	$-4$	$-36$	$-37$
Impairment of intangible assets	$\overline{0}$	$\mathbf 0$	$\overline{\phantom{a}}$	$\overline{0}$	$\mathbf 0$	$\overline{\phantom{a}}$	$\Omega$	$\mathbf{0}$
EBIT	79	78	$\mathbf{1}$	205	207	$-1$	248	250
Interest income	$\overline{4}$	2	100	10	5	100	15	10
Interest expense	$-3$	$-1$	200	$-6$	$-8$	$-25$	$-7$	$-9$
Other financial items	$\mathbf{1}$	136	$-99$	3	147	$-98$	24	167
PROFIT AFTER FINANCIAL ITEMS	81	215	$-62$	212	350	$-39$	280	418
Tax	$-23$	$-29$	$-21$	$-59$	$-67$	$-12$	$-62$	$-70$
NET PROFIT FOR THE PERIOD	58	187	$-69$	153	283	$-46$	218	348
NET PROFIT FOR THE PERIOD SPECIFIED AS
Parent Company's shareholders	55	183	$-70$	146	275	$-47$	211	341
Minority owners	3	3	0	$\overline{7}$	8	$-13$	$\overline{7}$	$\overline{7}$
Earnings per share before dilution, SEK *	1.79	5.94	$-70$	4.71	8.90	$-47$	6.84	11.03

*) No dilution is applicable

CONDENSED BALANCE SHEET (SEK M)	30 September 2008	30 September 2007	31 December 2007
ASSETS
Intangible assets	232	197	206
Tangible fixed assets	104	98	97
Financial fixed assets	10	8	10
Deferred tax assets	1	4	2
Inventories	591	579	554
Current receivables	379	334	300
Cash and cash equivalents and short-term investments	51	203	290
Properties held for sale	8	22	22
TOTAL ASSETS	1,376	1,445	1,481
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	805	926	996
Long-term liabilities	44	65	44
Current liabilities	527	455	441
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	1,376	1,445	1,481

		July – Septem ber		January – Septem ber	12 m onths	Full-year
C O ND ENSED C ASH -FLO W STATEMENT (SEK M)	2008	2007	2008	2007	O ct - Sep	2007
C ash flow from operating activities before changes in
w orking capital	94	86	151	194	212	255
C ash flow from changes in w orking capital	-59	-51	-78	18	-31	65
C ASH FLO W FRO M O PERATING AC TIVITIES	35	35	73	212	181	320
C ash flow from investing activities	-13	490	-45	469	-66	448
C ash flow from financing activities	-31	-409	-266	-574	-266	-574
C ASH FLO W FO R TH E PERIO D	-9	116	-238	107	-151	194

C H ANG E IN SH AREH O LD ERS'EQ U ITY (SEK M)	January— Septem ber
	2008	2007
SH AREH O LD ERS'EQ U ITY AT TH E BEG INNING O F TH E PERIO D	996	953
D ividends	-347	-318
C urrency effects	3	8
Acquired minority shares, net	0	0
Netprofitforthe period, SEK M	153	283
SH AREH O LD ERS'EQ U ITY AT TH E END O F TH E PERIO D	805	926
O F W H IC H , MINO RITY SH ARE	18	18

		2008			2007		2006
Q U ARTERLY D ATA	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3
Totalrevenues, SEK M	658	715	626	653	626	666	606	630	608
EBIT, SEK M	79	79	48	43	78	76	53	74	71
Profitafterfinancialitems, SEK M	81	78	53	68	216	73	61	66	65
Netprofitforthe period, SEK M	58	56	39	65	187	52	44	46	46
EBIT MARG IN, %	12	11	8	7	12	11	9	12	12
Earnings pershare, SEK	1.79	1.72	1.20	2.13	5.94	1.62	1.34	1.53	1.34

	July – Septem ber		January – Septem ber		12 m onths	Full-year
K EY RATIO S	2008	2007	2008	2007	O ct - Sep	2007
Return on equity, %	-	-	23.9	25.7	23.9	35.6
Return on totalcapital, %	-	-	20.4	28.0	20.4	27.3
Return on capitalemployed, %	-	-	31.7	26.4	31.7	38.7
Equity/assets ratio, %	-	-	58.5	64.1	58.5	67.3
G ross margin,%	51.6	51.0	50.1	48.7	49.8	48.9
EBIT MARG IN, %	12.0	12.5	10.3	10.9	9.3	9.8
Earnings pershare, SEK	1.79	5.94	4.71	8.90	6.84	11.03
Netassetvalue pershare, SEK			25.5	29.4	25.5	31.7
Numberofshares atthe end ofthe period	30,868,822	30,868,822	30,868,822	30,868,822	30,868,822	30,868,822
Average numberofshares during the period	30,868,822	30,868,822	30,868,822	30,868,822	30,868,822	30,868,822
Numberofstores in Sw eden/ofw hich w holly
ow ned	-	-	115/95	112/91	-	114/93
Numberofstores in Norw ay/ofw hich w holly ow ned	-	-	44/28	41/24	-	42/25
Numberofstores in D enmark/ofw hich w holly
ow ned	-	-	39/39	39/39	-	38/38

*) Key ratios for returns on equity/capital employed/total capital are calculated on a rolling 12-month basis for the period January – September.

	January – Septem ber	Full-year
AVERAG E NU MBER O F EMPLO YEES	2008	2007	2007
SW ED EN	661	634	637
NO RW AY	233	199	202
D ENMARK	394	381	382
ParentC ompany	60	49	50
G R O U P	1,348	1,263	1,271

Financialreports, ParentC ompany

C O ND ENSED INC O ME STATEMENT (SEK M)	July – Septem ber		January – Septem ber		Full-year
	2008	2007	2008	2007	2007
TO TAL REVENU ES	33	25	83	88	80
O PERATING EXPENSES	-25	-17	-94	-76	-104
EB IT	8	8	-11	12	-23
Netfinancialitems	84	162	311	302	317
Profitafterfinancialitems	92	170	300	314	294
N ET PR O FIT FO R TH E PER IO D	92	167	300	310	265

C O ND ENSED BALANC E SH EET (SEK M)	30 Septem ber 2008	30 Septem ber 2007	31 D ecem ber 2007
A SSETS
Long-term receivables in G roup companies	0	0	0
Fixed assets	276	263	268
C urrentreceivables in G roup companies	1	136	188
O thercurrentreceivables	86	48	48
C ash and cash equivalents and short-term
investments	337	177	312
TO TA L A SSETS	701	624	816
SH A REH O LD ERS'EQ U ITY A N D LIA B ILITIES
Shareholders'equity	597	548	637
Provisions	3	0	3
U ntaxed reserves	86	41	86
C urrentliabilities in G roup companies	0	1	50
O thercurrentliabilities	15	34	41
TO TA L SH A REH O LD ERS'EQ U ITY A N D
LIA BILITIES	701	624	816

D efinitions ofkey ratios

R eturn on equity

N et profit for the period, excluding m inority shares, as a percentage of average shareholders'equity, excluding m inority interest.

R eturn on totalcapital

Profit after financialitem s plus financialexpenses as a percentage ofaverage totalassets

C apitalem ployed

Totalassets less non-interest-bearing liabilities and provisions including deferred tax.

R eturn on capitalem ployed

Profitafterfinancialitems p lus interestexpenses as a percentage ofaverage capitalemployed.

Equity/assets ratio

Shareholders'equity includ ing minority shares as a percentage oftotalassets.

G ross m argin

Netsales less costs ofgoods forresale as a percentage ofsales.

EB IT M A R G IN

EBIT afterdepreciation and amortization as a percentage ofsales.

N et asset value per share

Shareholders'equity excluding minority shares, in relation to the numberofshares atthe end ofthe period.

Earnings per share

Netprofitforthe period , excluding minority shares, in relation to the average numberofshares.

U nderlying net sales

Sales adjusted forthe numberofcomparable w orking days and currency effects.