Lindab International

Quarterly Report • Jul 17, 2007

Second quarter 2007

• • Net sales increased by 21% to SEK 2,329 m (1,918)
• • Operating profi t (EBIT) increased by 42% to SEK 330 m (233)
• • Operating margin (EBIT) increased to 14.2% (12.1)
• • After-tax profi t increased to SEK 221 m (158)
• • Diluted earnings per share amounted to SEK 2.81 (1.29)

January - June 2007

• • Net sales increased by 26% to SEK 4,301 m (3,412)
• • Operating profi t (EBIT) increased by 63% to SEK 515 m (315)

®

1

We simplify construction

• • Operating margin (EBIT) increased to 12.0% (9.2)
• • After-tax profi t increased to SEK 333 m (209)
• • Diluted earnings per share amounted to SEK 4.23 (2.10)

Lindab simplifi es construction

This is Lindab

Lindab develops, manufactures, markets and distributes products and system solutions in sheet metal for simplified construction and improved indoor climate.

The Company is divided into two business areas, Ventilation and Profile. Its products are distinguished by their high quality, ease of assembly energy efficiency and environmentally-friendly design and are delivered with high levels of service. Altogether, this increases the value for customers.

The Group had net sales of SEK 7,609 m in 2006, is established in 29 countries and has about 5,000 employees.

The key market is commercial construction, representing 80 percent of sales, while residential construction amounts to 20 percent of sales. During 2006 the Nordic market accounted for 42 percent of sales; the growth market Central and Eastern Europe

represented 28 percent, and Western Europe accounted for 24 percent. Other markets made up the remaining 6 percent.

The Ventilation business area focuses on the ventilation sector with components and system solutions. It conducts operations within two divisions, Air Duct Systems and Comfort. The Profile business area operates in the construction sector with building systems and building components. It conducts operations within two divisions, Building Systems and Building Components.

The Lindab share is listed on the Stockholm Stock Exchange Nordic list, Large Cap, under the ticker symbol LIAB. The principle shareholders are Ratos, Sjätte AP-fonden and Skandia Liv.

Pre-engineered building systems Building components Ventilation duct systems Products that enhance

Building systems

The Building Systems division specialises in pre-engineered systems for the construction of steel buildings. These are marketed and sold by associated building contractors.

Building components

The Building Components division comprises a highly advanced system of components for roof drainage, roof and wall cladding as well as for wall construction.

Duct systems

The Air Duct Systems division focuses on complete duct systems for ventilation. These provide optimum flow and good energy efficiency.

the indoor climate

Indoor climate products

The Comfort division comprises components that help to distribute and treat ventilating air to create improved indoor climates.

Second quarter and half-year in fi gures

Sales and market

Net sales during the second quarter totalled SEK 2,329 m, which is a 21 percent improvement compared with the same period last year. The increase in sales for comparable units was 12 percent. Fluctuations in the currency exchange rate had a marginal influence on sales during the period. Price increases made a positive contribution to the increase in net sales. During the quarter, the Building System division, within the Profile business area, dispatched fewer orders than planned due to external factors, however the order book has grown considerably. These orders will be dispatched during the second half of 2007.

Demand has continued to be strong during the second quarter throughout all regions. Euroconstruct, a European industry organisation that provides forecasts for the building industry, has in its report, which is published twice a year, revised its forecast upwards for 2007 and for following years.

Sales in the Nordic countries, have grown by 16 percent during this quarter.The net sales increase in Central and Eastern Europe amounted to 6 percent. The lower growth rate is mainly explained by the postponed dispatches from Building Systems. Sales in Western Europe continued to develop well, and net sales rose by 50 percent. Excluding the acquisitions of CCL in the UK and Airbat in France, the increase was 12 percent.

Net sales for the period January-June amounted to SEK 4,301 m, which is a 26 percent improvement on the same period last

Net sales, SEK m

year. The increase in sales for comparable units was 16 percent. When adjusted for currency effects the increase was 17 percent.

Profi t

The operating profit (EBIT) for the second quarter amounted to SEK 330 m, which is an increase of 42 percent on the previous year's SEK 233 m. This improvement is attributable to a strong upward trend in volumes, implemented price increases and effective cost control. Last year's acquisition of CCL Veloduct Ltd has also contributed towards the improved profit.

The operating margin (EBIT) during the period amounted to 14.2 percent, an improvement of 2.1 percentage points compared with the previous year. The profit after financial items rose to SEK 299 m (205). After-tax profit totalled SEK 221 m (158).

Diluted earnings per share, amounted to 2.81 SEK (1.29).

During the period January-June, the operating profit (EBIT) amounted to SEK 515 m, which is an increase of 63 percent compared with the previous year's profit of SEK 315 m. The operating margin (EBIT) for the period January-June amounted to 12.0 percent (9.2). At the close of the second quarter, the rolling twelve-month profit, adjusted for one-off items amounted to SEK 1,135 m corresponding to a increased margin of 13.4 percent.

The result after financial items improved to SEK 452 m (272).

Operating profi t, (EBIT) SEK m

0 50 100 150 200 250 300 350 400 600 675 750 825 900 975 1 050 1 125 1 200 Jul-Sep Oct-Dec Jan-Mar Apr-Jun 2005 Rolling 12 months 2006 2007 0 quarter rolling Adjusted for one-off itmes

The profit after tax totalled SEK 333 m (209). Diluted earnings per share, amounted to 4.23 SEK (2.10).

Investments

Net investment during the quarter, including acquisitions and divestments totalled SEK 30 m (101).

The investment in Building System's new production unit in Russia has begun, groundwork have been somewhat delayed.

The final acquisition analysis for Airbat S.A has been approved, resulting in the acquisition price and goodwill being reduced by SEK 2 m.

Adjusted for acquisitions and divestments, net investment amounted to SEK 32 m (32), which was predominantly expansion investment.

Net investment for the half-year, including acquisitions and divestments totalled SEK 70 m (119). When adjusted for acquisitions and divestments, investment amounted to SEK 63 m (56).

During the half-year (first quarter) the final acquisition analysis for CCL Veloduct Ltd (2006) was approved, which led to a payout of SEK 5 m and thereby increased goodwill. Furthermore, an additional SEK 4 m earn-out payment was made for the earlier acquisition of Lindab Butler Kft. (2005).

These adjustments are reported from the acquisition date, which means that the comparative figures as at 31 December 2006 have been adjusted by corresponding amounts.

Cash fl ow

Operating cash flow for the quarter amounted to SEK 193 m compared with SEK 311 m the previous year. Lindab normally has a stronger cash flow during the second quarter compared with the first quarter. The stock build-up, which took place during the first quarter in preparation for the peak season later in the year, normally becomes stock reduction during the second quarter following an increase in sales.

The weaker cash flow can be explained by a higher operating capital, with higher stock levels in particular. The rise in stock was partly due to higher steel prices and partly due to increased volume. The launch of the

new Lindab Safe Click duct system has been initiated during the second quarter. This has also led to having higher stocks of finished goods. Another explanation for the increased stock level is that steel purchases from Asia continue to increase.

The investing activities amounted to SEK –30 m (–101) including acquisitions and divestments. When adjusted for these, investment totalled SEK –32 m (–32). Of this, the new production unit in Russia constitutes SEK –11 m.

Operating cash flow for the half-year amounted to SEK 36 m (269). The cash flow from investing activities amounted to SEK –70 m (–119), adjusted for acquisitions and divestments SEK –63 m (–56).

Financing activities amounted to SEK 124 m (-88), the biggest single items were the dividend to shareholders of SEK 256 m (-), net borrowing of SEK 380 m (1,105), and a share redemption the previous year of SEK 1,196 m.

Financial position

The net debt was SEK 2,903 m (2,860) at 30 June 2007. During the second quarter a dividend payment of SEK 256 m was made.

As at 30 June, the equity ratio was 30 percent (26) and the net debt-equity ratio stood at 1.23 (1.65).

Net financials for the quarter amounted to SEK –31 m (–28). During the first half of the year net financials amounted to SEK –63 m (–43). The reason for the lessened net financials was partly due to higher market rates of interest and partly due to higher indebtedness. Available funds including unused credit facilities amounted to SEK 1,014 m (1,565).

Company acquisitions

The integration of CCL and Airbat, the companies acquired during the fourth quarter of 2006, is going according to the acquisition plan. The company expects to achieve the anticipated synergy benefits as planned.

Depreciation/amortisation

Depreciation and amortisation for the quarter totalled SEK 52 m (52), of which SEK 2 m (2) related to consolidated amortisation of surplus value on intangible assets.

Depreciation and amortisation for the halfyear totalled SEK 104 m (104), of which SEK 5 m (5) related to consolidated amortisation of surplus value on intangible assets.

Tax

Taxation expenses in the quarter amounted

to SEK 78 m (47). The tax rate for the quarter was 26 percent (23). The tax rate has increased by 3 percentage points against the same period last year. However, the tax rate is in line with the rate for the full year 2006, when it was 27 percent. The low tax rate during the same quarter last year was partly due to profits generated in low-tax countries and the fact that deferred tax was capitalised on previous loss carry-forwards. Taxation expense for the half-year amounted to SEK 119 m (63), which corresponds to a tax rate of 26 percent (23).

Noteworthy risks and uncertainties that Lindab faces

Lindab reported in its annual report for the operating year 2006 (note 3 pp 58-61) the general risks that exist or can be considered to exist for the parent company and the Group. During the period no circumstances have emerged that lead to a changed assessment of the mentioned risks. This assessment also applies to those disputes described in the aforementioned note as ongoing.

Commitments and contingent liabilities

At the end of the period shares and floating charges, which constituted security for Lindab International's credit agreement of SEK 3,700 m have been released. The pledged value of the shares amounted to SEK 4,208 m and the company liabilities to SEK 308 m. Remaining commitments for other credit agreements amounted to SEK 133 m.

The Parent Company

The Parent Company had no net sales during the quarter. The profit after-tax for the period amounted to SEK –18 m (–11), which mainly refers to interest expenses and to a certain extent salaries and benefits. Corresponding figures for the six-month period were SEK –32 m (–17). Assets amounted to SEK 3,479 m and equity was SEK 1,161 m. During the quarter a dividend to the shareholders of SEK 256 m was paid which decreased equity by the same amount.

Annual General Meeting 2007

Lindab International AB's Annual General Meeting on 25 April 2007 agreed the following:

• That shareholders would receive a dividend of 3.25 SEK per share, altogether SEK 255,800,415, with a reconciliation date of 30 April and payment on 4 May 2007

• Svend Holst-Nielsen, Anders C Karlsson, Stig Karlsson, Hans-Olov Olsson, Annette

Sadolin and Kjell Åkesson were elected as members of the board for the period until the end of the Annual General Meeting 2008. Svend Holst-Nielsen was elected Chaiman of the Board for the same period

• The Board's fees shall amount to SEK 1,540,000 to be distributed as SEK 500,000 to the Chairman and SEK 250,000 to each Board Member, excluding Kjell Åkesson, and SEK 20,000 to regular Employee Representatives

• A fee of SEK 100,000 for work in the Auditing Committee shall be paid, consisting of SEK 30,000 to the Chairman and SEK 20,000 to Board Members not employed by the Lindab Group

• The Chariman of the board was tasked, in consultation with the company's biggest shareholders, to appoint a nomination committee consisting of at least four board members, to include the Chairman of the Board

• The principles for remuneration of senior management

Accounting policies

The Group prepares its financial statements in accordance with the International Financial Reporting Standards (IFRS).

This Interim Report has been prepared for the Group in accordance with IAS 34, Interim Financial Reporting. The Group has applied the same accounting principles this year as last.

Unless otherwise specified in this Interim Report all statements refer to the Group. Figures in parentheses indicate the outcome for the corresponding period in the preceding year.

Lindab on the stock exchange

Lindab's shares are listed on the Stockholm Stock Exchange under the trading symbol "LIAB". Since 1 July Lindab's shares moved from the "Mid Cap" to the "Large Cap" list for large companies. Lindab's Market Capitalisation at 30 June totalled SEK 15,663 m. Companies with a Market Cap exceeding EUR 1,000 m are listed on the "Large Cap" list. The sale price per share was SEK 110 per share, and the closing price at 30 June was SEK 199. The highest price paid for Lindab shares during the period January-June was SEK 200 per share and the lowest was 125 SEK. The average daily trading volume of Lindab shares has been 130,000 shares per day during 2007.

Lindab Group

Net sales per market

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
SEK m	2007	2006	2007	2006	2006
The Nordic region	929	800	1 742	1 490	3 222
Western Europe	668	445	1 283	852	1 854
Central- and Eastern Europe	604	570	1 062	847	2 139
Other	128	103	214	223	394
Total	2 329	1 918	4 301	3 412	7 609

Operating profi t per business area (EBIT)

SEK m	Apr-Jun 2007	Apr-Jun 2006	Jan-Jun 2007	Jan-Jun 2006	Jan-Dec 2006
Ventilation	134	85	241	156	364
Profi le	219	165	316	193	638
Other activities	–23	–17	–42	–34	–69
One-off items	-	-	-	-	–39
Total	330	233	515	315	894

Key fi gures

	Jan-Jun	Jan-Jun	Jan-Dec
SEK m otherwise specifi ed	2007	2006	2006
Operating profi t, (EBITDA) 1)	619	419	1 103
Operating profi t, (EBITA) 2)	520	320	903
Operating profi t, (EBIT)3)	515	315	894
Operating margin (EBITA), % 4)	12.1	9.4	11.9
Operating margin (EBIT), % 5)	12.0	9.2	11.7
Undiluted average number of shares	78 707 820	97 583 925	90 701 895
Diluted average number of shares 6)	78 707 820	99 537 660	93 061 875
Undiluted number of shares	78 707 820	75 167 850	78 707 820
Diluted number of shares	78 707 820	78 707 820	78 707 820
Undiluted earnings per share, SEK 7)	4.23	2.14	6.45
Diluted earnings per share, SEK 8)	4.23	2.10	6.29
Cash fl ow from operating activities	36	269	778
Net debt 9)	2 903	2 860	2 602
Net debt/equity ratio, times 10)	1.23	1.65	1.19
Undiluted equity per share 11)	29.92	23.04	27.82
Diluted equity per share 12)	29.92	22.00	27.82
Equity/assets ratio, % 13)	29.9	25.5	30.9
Interest coverage ratio, times 14)	7.37	6.79	8.38
Return on equity, % 15)	29.41	16.66	26.81
Return on capital employed, % 16)	19.81	12.76	18.19
Return on operating capital, % 17)	20.50	13.76	18.84
Number of employees at close of period	5 069	4 656	4 942

Definitions

• 1) Operating profit (EBITDA) comprises results before planned depreciation, including consolidated amortisation of surplus value on intangible assets.
• 2) Operating profit (EBITA) comprises results after planned depreciation excluding consolidated amortisation of surplus value on intangible assets.
• 3) Operating profit (EBIT) comprises results before financial items and tax.
• 4) The operating margin (EBITA) has been calculated as operating profit (EBITA) expressed as a percentage of net sales during the period.
• 5) The operating margin (EBIT) has been calculated as operating profit (EBIT) expressed as a percentage of net sales during the period. 6) Calculation of the dilution from warrants issued by the Company up until 14
• November 2006 in accordance with IAS 33.
• 7) Net profit in relation to the undiluted average number of outstanding shares. 8) Net profit in relation to the diluted average number of outstanding shares.
• 9) The net debt consists of interest-bearing liabilities, assets and cash and bank.
• 10) The net debt/equity ratio is expressed as the net loan debt in relation to sharehold-
• ers' equity. 11) Shareholders' equity in relation to the undiluted number of shares at the end of the period.
• 12) Shareholders' equity in relation to the diluted number of shares at the end of the period.
• 13) The equity ratio has been calculated as shareholders' equity in relation to total assets as per the balance sheet.
• 14) Profit/loss after net financial income plus financial expenses in relation to financial expenses.
• 15) Net profit/loss, i.e. profit/loss after tax as a percentage of weighted average shareholders' equity, excluding minority interests. 16) Profit/loss after net financial income plus financial expenses as a
• percentage of average capital employed. Capital employed refers to total assets less non-interest-bearing provisions and liabilities.
• 17) Operating profit (EBIT) as a percentage of average operating capital. Operating capital refers to the total net debt and shareholders' equity.

The 15 for 1 stock split, decided on 13 October 2006 at the Extraordinary General Meeting, was taken into account for last year when calculating the number of shares. 5

Net sales per market

Rolling 12 months, SEK m

Operating profi t (EBIT)

Rolling 12 months, SEK m

Cash fl ow, from operating activities, SEK m

Ventilation business area

• During the quarter, net sales totalled SEK 1,131 m (859), which was a 32 percent increase, 14 percent for comparable units. •
• The operating profit (EBIT) rose by 58 percent to SEK 134 m (85) •
• The introduction of the new duct system, Lindab Safe Click, has been well received by the market •

Net sales per market Rolling 12 months, SEK m

Sales and market

Net sales in the second quarter rose by 32 percent to SEK 1,131 m (859). When adjusted for completed acquisitions, sales rose by 12 percent. Currency effects during the period reduced sales by 2 percentage points.

During the first six months of the year, net sales amounted to SEK 2,220 m (1,691), which is an increase of 31 percent. When adjusted for acquisitions and currency effects, the increase amounted to 13 percent. Currency fluctuations reduced sales by 2 percentage points.

The launch of the new Lindab Safe Click duct system has started, and has been very positively received. The launch in Europe will be implemented in stages during 2007.

Profi t

During the second quarter, the operating profit (EBIT) rose to SEK 134 m, which is a 58 percent increase compared with the previous year. The margin was improved by 1.9 percentage points, which can be mainly explained by healthy developments in the sale of core products - circular duct systems, implemented price increases and the acquisition of CCL.

The start-up of the new Russian production unit, as well as the launch of the new duct system, has reduced profit for the quarter by SEK 10 m.

Key fi gures Ventilation

	Apr-Jun 2007	Apr-Jun 2006	Jan-Jun 2007	Jan-Jun 2006	Jan-Dec 2006
Net sales, SEK m	1 131	859	2 220	1 691	3 568
Operating profit (EBIT), SEK m	134	85	241	156	1) 364
Operating margin, %	11.8	9.9	10.9	9.2	10.2
Number of employees			2 804	2 550	2 243

1) Excluding SEK 41 m in restructuring costs.

Net sales per quarter, SEK m

Shares of net sales per product area

Profi le business area

• During the quarter, net sales totalled SEK 1,184 m, which was a 14 percent increase. When adjusted for exchange rate movements, sales increased by 13 percent. •
• The operating profit (EBIT) rose to SEK 219 m (165) •
• Building Systems dispatched fewer orders than planned, but the order book has grown considerably. •

Sales and market

Net sales during the second quarter increased by 14 percent to SEK 1,184 m. Currency effects increased sales by 1 percentage point. Net sales for the half-year increased to SEK 2,052 m (1,681), an increase of 22 percent. Currency effects have had a marginal effect during the first half of the year.

Developments within the Building Components division have been very encouraging during the second quarter with strong demand throughout all regions. The Building System division has a substantially increased order book. Some of their dispatches, mostly to Central and Eastern Europe, have been postponed due to external factors, these dispatches are deferred to the second half of 2007.

Profi t

The operating profit (EBIT) for the period amounted to SEK 219 m (165). The profit margin was improved by 2.6 percentage points. The second quarter has been very strong for Building Components mainly due to a good upward trend in volume within core product groups Rainline and Construline. The profit margin within the Building Systems has been further reinforced during the quarter.

Key fi gures Profi le

	Apr-Jun 2007	Apr-Jun 2006	Jan-Jun 2007	Jan-Jun 2006	Jan-Dec 2006
Net sales, SEK m	1 184	1 039	2 052	1 681	3 979
Operating profi t (EBIT), SEK m	219	165	316	193	638
Operating margin, %	18.5	15.9	15.4	11.5	16.0
Number of employees			2 121	2 014	1 826

Net sales per market Rolling 12 months, SEK m

Net sales per quarter, SEK m

Shares of net sales per product area

Building Components

Consolidated Income Statement

Group Amounts in SEK m	Apr-Jun 2007	Apr-Jun 2006	Jan-Jun 2007	Jan-Jun 2006	Jan-Dec 2006
Net sales	2 329	1 918	4 301	3 412	7 609
Cost of goods sold	–1 607	–1 333	–3 000	–2 405	–5 251
Gross profi t	722	585	1 301	1 007	2 358
Other operating income	19	7	36	11	77
Selling expenses	–245	–209	–494	–414	–857
Administration expenses	–138	–128	–275	–249	–525
R & D costs	–10	–10	–24	–22	–43
Other operating expenses	–18	–12	–29	–18	–116
Operating profi t	330	233	515	315	894
Interest income	4	0	7	4	11
Interest expenses	–36	–26	–71	–44	–107
Other fi nancial income and expenses	1	–2	1	–3	–1
Profi t after fi nancial items	299	205	452	272	797
Tax on profi t for the period	–78	–47	–119	–63	–212
Profi t for the period	221	158	333	209	585
Attributable to
Parent Company shareholders	221	158	333	209	585
Profi t for the period	221	158	333	209	585
Undiluted earnings per share, SEK	2.81	1.32	4.23	2.14	6.45
Diluted earnings per share, SEK	2.81	1.29	4.23	2.10	6.29
Undiluted average number of shares	78 707 820	120 000 000	78 707 820	97 583 925	90 701 895
Diluted average number of shares	78 707 820	122 940 000	78 707 820	99 537 660	93 061 875
Undiluted number of shares	78 707 820	120 000 000	78 707 820	75 167 850	78 707 820
Diluted number of shares	78 707 820	122 940 000	78 707 820	78 707 820	78 707 820

When calculating the number of shares for last year the 15 for 1 stock split decided on 13 October 2006 at the Extraodinary General Meeting was taken into account.

Sales and growth in 2007
	Apr-Jun	Jan-Jun
Net sales, SEK (m)	2 329	4 301
Change, SEK (m)	411	889
Change %	21	26
Of which
Volumes and prices, %	12	17
Acquisitions/divestments, %	9	10
Currency impact, %	0	–1

Consolidated Balance Sheet

Group	30 June	30 June	31 December
Amounts in SEK m	2007	2006	2006
Assets
Goodwill	2 669	2 371	2 621
Intangible fi xed assets	65	73	74
Tangible fi xed assets	1 387	1 447	1 391
Financial fi xed assets	5	19	9
Financial fi xed assets, interest-bearing	6	18	6
Other long-term receivables	324	337	306
Total fi xed assets	4 456	4 265	4 407
Stock	1 324	961	1 083
Other receivables	1 801	1 258	1 392
Other receivables, interest-bearing	2	8	1
Cash and bank	295	296	199
Total current assets	3 422	2 523	2 675
TOTAL ASSETS	7 878	6 788	7 082
Shareholders' equity and liabilities
Shareholders' equity	2 355	1 732	2 190
Long-term liabilities
Interest-bearing provisions	107	114	106
Interest-bearing liabilities	2 774	2 705	2 239
Non-interest-bearing provisions	371	1) 352	357
Non-interest-bearing liabilities	7	8	8
Total long-term liabilities	3 259	3 179	2 710
Current liabilities
Interest-bearing liabilities	325	363	463
Non-interest-bearing provisions	68	1) 36	82
Non-interest-bearing liabilities	1 871	1 478	1 637
Total current liabilities	2 264	1 877	2 182
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	7 878	6 788	7 082

1) Compared with previously published reports a total of SEK 36 m has been transferred from long term non-interest-bearing provisions to short-term non-interest-bearing provisions.

9

Consolidated Cash Flow Statement

Group	Apr-jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Amounts in SEK m	2007	2006	2007	2006	2006
Operating activities
Operating profi t	330	233	515	315	894
Reversal of depreciation/amortisation	52	51	104	103	209
Provisions, not affecting cash fl ow	–7	3	–15	1	54
Adjustment for other items not affecting cash fl ow	3	33	–3	1	–18
Total	378	320	601	420	1 139
Interest received	5	0	6	0	10
Interest paid	–40	–27	–66	–53	–125
Tax paid	–52	–54	–164	–67	–141
Cash fl ow from operating activities before change in
working capital	291	239	377	300	883
Change in working capital
Stock (increase – /decrease +)	–131	–29	–220	–113	–170
Operating receivables (increase – /decrease +)	–202	–157	–312	–190	–154
Operating liabilities (increase + /decrease –)	235	258	191	272	220
Total change in working capital	–98	72	–341	–31	–104
Cash fl ow from operating activities	193	311	36	269	778
Investing activities
Acquisition of Group companies	2	–69	–7	–73	–384
Divestment of Group companies	-	-	-	10	10
Investments in intangible fi xed assets	–3	–6	–4	–6	–15
Investments in tangible fi xed assets	–34	–31	–73	–58	–131
Increase/investments in fi nancial fi xed assets	0	–7	2	–8	12
Sale/disposal of intangible fi xed assets	0	11	1	15	-
Sale/disposal of tangible fi xed assets	5	1	11	1	84
Cash fl ow from investing activities	–30	–101	–70	–119	–424
Financing activities
Loans raised	251	3 011	612	3 257	3 326
Amortisation of debt	–74	–1 971	–232	–2 152	–2 619
Exercised options	-	-	-	-	91
Redemption of shares	-	–1 196	-	– 1 196	– 1 196
Issue of new shares	-	0	-	0	0
Dividend	–256	-	–256	-	-
Option premiums	-	3	-	3	3
Cash fl ow from investing activities	–79	–153	124	–88	–395
Cash fl ow for the year	84	57	90	62	–41
Cash and cash equivalents at start of year	211	249	199	244	244
Effect of exchange rate changes on cash and cash equivalents	0	–10	6	–10	–4
Cash and cash equivalents at end of the period	295	296	295	296	199

Consolidated Equity Capital

Changes in Consolidated Equity

Group
Amounts in SEK m	Apr-June 2007	Apr-Jun 2006	Jan-Jun 2007	Jan-Jun 2006	Full year 2006
Opening balance	2 398	2 866	2 190	2 853	2 853
Premium for management options	-	-	-	-	3
Issue of new shares	-	-	-	-	0
Redemption of shares	-	–1 196	-	–1 196	–1 196
Exercised options	-	3	-	3	91
Dividend	–256	-	–256	-	-
Translation differences	–8	–99	88	–137	–146
Profi t for the period	221	158	333	209	585
Closing balance	2 355	1 732	2 355	1 732	2 190

Dividend to shareholders for 2006 activity

The Annual General Meeting on 25 April 2007 voted to make a dividend payment to shareholders. The dividend payment amounted to SEK 3.25 per share, totalling SEK 255,800,415, the remaining SEK 405,786,585 was to be carried forward.

Outstanding shares

The share capital on 30 June 2007 was SEK 78,707,820 split between 78,707,820 class A shares only. All shares have a face value of SEK 1.00 each.

Options

There are no outstanding options.

The Board and the Directors give their assurance that the half-year report gives an accurate summary of the companies and the Group's activities, position and results and describes the signifi cant risks and uncertainties facing the Group and the companies within the Group.

Båstad, Sweden 17 July 2007

Svend Holst-Nielsen Chairman of the Board	Kjell Åkesson CEO and President	Annette Sadolin
Stig Karlsson	Anders C. Karlsson	Hans-Olov Olsson
Pontus Andersson	Markku Rantala
This report has not been audited by Lindab's auditors.

2007/2008 fi nancial reporting dates

Interim Report January-September, Q3	25 October 2007
Year End Report	12 February 2008

For further information please contact:

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The information here is that which Lindab International AB has willingly chosen to make public or that which it is obliged to make public according to the laws for Stock Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released to the media for publication on 17 July 2007 at 07.30 (CET).

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