Bilia — Interim / Quarterly Report 2008

May 6, 2008

6 May 2008

Report for the first quarter of 2008

First quarter

• Net turnover amounted to SEK 3,798 M (3,309).
• Operating loss amounted to SEK 10 M (profit: 41).
• Net loss amounted to SEK 15 M (profit: 31) and loss per share to SEK 0.75 (EPS: 1.45).
• Cash flow after net investments amounted to SEK 54 M (-108).

In a comment on the first quarter, Bilia's Managing Director Jan Pettersson says:

"The combination of excessively large used car stocks and falling prices had a very negative effect on earnings, as did a weak service market in Denmark. Stocks have declined and are approaching normal levels. An ambitious action programme has been launched in Denmark including closure of several facilities and staff reductions. Conditions for the Group are better during the second quarter."

		First quarter	April 07 -	Full year
Group	2008	2007	March 08	2007
Net turnover, SEK M	3,798	3,309	15,891	15,402
Operating profit/loss excl. items affecting comparability, SEK M 1)	-11	43	123	177
Operating margin excl. items affecting comparability, %	-0.3	1.3	0.8	1.2
Operating profit/loss, SEK M	-10	41	118	169
Operating margin, %	-0.3	1.2	0.7	1.1
Profit/loss before tax, excl. items affecting comparability, SEK M 1)	-28	44	86	158
Profit/loss before tax, SEK M	-27	42	81	150
Net profit/loss for the period from continuing operations, SEK M	-16	32	58	106
Profit/loss from discontinued operation, net after tax, SEK M	1	-1	-4	-6
Net profit/loss, SEK M	-15	31	54	100
Earnings/loss per share, SEK 2)	-0.75	1.45	2.55	4.75

1) Items affecting comparability are shown on page 3.

2) The number of shares used in the calculation is shown in the table on page 11.

Notable events during 2008

• Bilia sold a property in Västerås to Aspholmen Fastigheter AB. The capital gain after tax was SEK 6 M, which is included in the final accounts for the first quarter of 2008. Total assets declined by SEK 50 M.
• Bilia concluded an agreement with Bilforum Holding AS on the acquisition of all shares in Bilforum AS and Bilforum Finans AS, which represent Volvo, Renault and Land Rover in the Stavanger area. Bilforum is a member of the Bilia Group as from 1 January 2008.
• On 20 February, Bilia's subsidiary Säfveån won a longstanding dispute in the District Court of Gothenburg. Säfveån was awarded compensation for litigation costs amounting to SEK 14 M. The opposite party, Pacta, appealed the judgement on 11 March to the Court of Appeal for Western Sweden.
• Bilia concluded an agreement on the sale of properties in Sweden to a subsidiary of Corem Property Group. The price of the properties was SEK 380 M and the capital gain after tax is estimated at about SEK 60 M. Corem will take possession of the properties on 7 May 2008.
• Bilia has acquired the real estate company A/S Selandia Ejendomsselskab, which owns real estate holdings in Copenhagen at which Bilia runs operations. At the same time, an agreement has been reached to divest one piece of this real estate, Lyngby, to take effect on 1 August 2008. The book value of these real estate holdings is approximately SEK 300 M, of which the property in Lyngby accounts for around SEK 30 M. The sale of the real estate in Lyngby is expected to result in a profit before tax of approximately SEK 10 M. The sales process relating to the remainder of the real estate is in progress.

First quarter 2008

Demand for cars was at a lower level compared with the same period last year. Demand for service in Sweden and Norway was at the same level as last year, while it decreased in Denmark.

Net turnover amounted to SEK 3,798 M (3,309). Adjusted for exchange rate changes and comparable operations, net turnover decreased by SEK 79 M or 2 per cent. The decrease is mainly attributable to lower sales of cars and service in Denmark.

Operating loss amounted to SEK 10 M (profit: 41). Items affecting comparability reduced the loss by SEK 1 M (profit reduction: 2). The poorer result compared with last year is mainly attributable to lower margins in used cars sales, lower demand for service in Denmark and fewer work days in the quarter due to the fact that Easter fell in March.

Items affecting comparability (see table on page 3) amounted to a net of SEK 1 M during the quarter (-2) and consist of a gain of SEK 6 M (-) from the sale of a property in Västerås, SEK 1 M (1) in costs for disputes and SEK 4 M (-) in severance cost for the former Managing Director in Norway.

Net financial items amounted to SEK -17 M (1). This includes a profit share of SEK 5 M (5) from the indirect shareholding in Volvofinans. The decrease is due to higher net debt and a higher interest rate level during the quarter compared with last year.

Tax amounted to SEK +11 M (-10) corresponding to +41 per cent (24). The result includes non-taxable income amounting to SEK 11 M.

Net loss amounted to SEK 15 M (profit: 31) and loss per share to SEK 0.75 (EPS: 1.45). Exchange rate changes only affected the profit marginally.

Total assets decreased during the quarter by SEK 603 M to SEK 6,440 M. The decrease is mainly attributable to fewer new and used cars in stock and lower trade receivables.

Equity decreased during the quarter by SEK 18 M, amounting to SEK 1,489 M at the end of the quarter. The equity/assets ratio amounted to 23 per cent (31).

Investments and disposals amounted to SEK -6 M (-87). Replacement investments represented SEK 12 M (4), expansion investments SEK 13 M (5), environmental investments SEK 1 M

(1) and investments in new construction and additions to properties SEK 4 M (2). Net investments in leased vehicles and finance leases amounted to SEK -36 M (-99).

Cash flow after net investments amounted to SEK 54 M (-108). Net debt decreased by SEK 198 M during the quarter to SEK 1,024 M.

The number of employees amounted to 3,918 (3,443).

Changes in equity

		First quarter	Full year
Group, SEK M	2008	2007	2007
Opening balance	1,507	1,684	1,684
Cash dividend to shareholders	-	-	-172
Buy-back of shares 1)	-	-	-115
Translation difference, etc.	-3	7	10
Net profit/loss	-15	31	100
Closing balance	1,489	1,722	1,507

1) At the end of the first quarter of 2008, the holding of own shares amounted to 1,000,000 (1,669,900). The weighted average number of own shares during 2008 amounted to 1,000,000 (1,669,900).

Items affecting comparability

	First quarter		April 07 -	Full year
Group, SEK M	2008	2007	March 08	2007
Operating profit/loss excl. items affecting comparability	-11	43	123	177
Items affecting comparability
- Gain from property sales	6	-	6	-
- Structural costs etc.	-4	-1	-21	-18
- Changed pension plan in Norway	-	-	22	22
- Disputes	-1	-1	-12	-12
Operating profit/loss	-10	41	118	169
Profit/loss before tax excl. items affecting comparability Items affecting comparability	-28	44	86	158
- Gain from property sales	6	-	6	-
- Structural costs etc.	-4	-1	-21	-18
- Changed pension plan in Norway	-	-	22	22
- Disputes	-1	-1	-12	-12
Profit/loss before tax	-27	42	81	150

		Deliveries			Order backlog
No. of new		First quarter	April 07 -	Full year		31 March
cars 1)	2008		2007 March 08	2007	2008	2007
Sweden 2)	4,980	4,557	23,759	23,336	2,961	3,664
Norway 3)	1,387	1,523	6,323	6,459	1,278	731
Denmark	997	1,355	6,361	6,719	949	989
Total	7,364	7,435	36,443	36,514	5,188	5,384

1) As from the second quarter of 2007, transport vehicles are included in the reported number of units. The comparative figures have also been adjusted for transport vehicles.

2) Region Mälardalen is included in deliveries for 2008 in the amount of 614 and in the order backlog in the amount of 332. Bilgruppen is included in deliveries for 2008 in the amount of 111 and in the order backlog in the amount of 68.

3) Bilforum is included in deliveries for 2008 in the amount of 103 and in the order backlog in the amount of 96.

	Net turnover				Operating profit/loss, operating margin
		First quarter	April 07 -	Full year		First quarter			April 07 -	Full year
SEK M	2008		2007 March 08	2007	2008	%	2007	%	March 08	2007
Sweden		2,433 2,031	10,176	9,774	28	1.2	49	2.4	199	220
Norway	965	811	3,702	3,548	-6	-0.6	13	1.6	-4	15
Denmark	396	467	1,994	2,065	-19	-4.8	-2	-0.4	-24	-7
Total		3,794 3,309	15,872	15,387	3	0.1	60	1.8	171	228

• Lower margin on used cars

• Action plan in Denmark

The market for new cars decreased during the quarter in Sweden by 10 per cent, in Norway by 11 per cent and in Denmark by 1 per cent.

Net turnover during the quarter amounted to SEK 3,794 M (3,309). Adjusted for exchange rate changes and comparable operations, net turnover decreased by SEK 83 M or 3 per cent. The decrease is primarily attributable to Denmark.

Operating profit for Cars amounted to SEK 3 M (60). The Car Business reported a loss of SEK 42 M, which was SEK 27 M worse than the first quarter of last year. A lower margin in used car sales and value adjustments of used cars in stock at the end of the quarter affected earnings adversely. Earnings in the Service Business totalled SEK 45 M (75). The decrease is mainly attributable to lower demand for service in Denmark and the fact that Easter fell during the quarter as opposed to the second quarter in 2007.

The operation in Sweden reported an operating profit of SEK 28 M (49). The difference compared with last year is mainly attributable to the used car business. An effort was made during the quarter to reduce the stocks of used cars, which, together with considerably lower demand for petrol-powered cars in particular, has affected the margin negatively. The stocks of used cars, which were at too high a level at year-end, were reduced during the quarter by about 720 cars but are still not at a satisfactory level.

The operating loss in Bilia's Norwegian operation amounted to SEK 6 M (profit: 13). A lower margin in car sales and higher costs had a negative impact on earnings in the Car Business. Earnings in the Service Business did not reach up to last year's good level but were at an acceptable level, considering that Easter fell during the quarter. The business has been reorganised into four regions with separate regional managements with full profit responsibility and common support according to the same model as in Sweden. Sten Forsberg, former head of Din Bil in Sweden, has been hired as the new manager in Norway and will assume his post on 1 June 2008.

The Danish operation reported an operating loss of SEK 19 M (loss: 2). Demand for service declined dramatically during the quarter, which greatly affected earnings. Demand has increased slightly during April, but service appointment times are still short. The previous plan for changes in the facility structure has been expanded and will also be implemented at a more rapid pace. Today's eleven facilities in Copenhagen will be reduced to seven, of which three will only offer service. The workforce will be reduced by more than 10 per cent. The whole action plan is expected to boost annual earnings by about SEK 40 M, with full effect as from 2010. The estimated cost of the above changes is about SEK 20 M and will be reported during the second quarter of 2008.

		Net turnover 2)					Operating profit/loss 3)
		First quarter	April 07 -	Full year	First quarter		April 07 -	Full year
SEK M	2008	2007	March 08	2007	2008	2007	March 08	2007
Service Business 1)	1,245	1,116	4,921	4,792	45	75	204	234
- margin, %					3.6	6.7	4.1	4.9
Car Business 1)	2,741	2,361	11,768	11,388	-42	-15	-33	-6
- margin, %					-1.5	-0.6	-0.3	-0.1

Cars - divided into Service and Car Businesses

1) Service includes workshop services, spare parts, accessories and petrol in the car operation. The Car Business includes sales of new and used cars

and customer financing. 2) Net turnover does not include eliminations for internal sales.

3) Starting with the report for the first six months of 2007, the contribution has been replaced by an estimated operating profit/loss for the Service Business and the Car Business. Joint costs and acquisition costs have been divided between the Service Business and Car Business. All comparative figures have been adjusted.

• Lower demand

• Lower margins in the Car Business

The Service Business's sales for comparable operations declined during the quarter by about 7 per cent. Denmark declined by 10 per cent, Sweden by 6 per cent and Norway by 5 per cent. Operating profit decreased by SEK 30 M due mainly to lower demand for service in Denmark and to the fact that Easter fell during the quarter. Measures are being adopted in Denmark to adjust the cost level to the lower demand for service.

The Car Business's deliveries of new cars declined by 12 per cent during the quarter for comparable operations. The order backlog increased by about 350 cars from the start of the year due to the fact that order bookings were slightly higher compared with deliveries during the quarter. Car turnover decreased by 1 per cent for comparable operations. The operating loss deteriorated during the quarter by SEK 27 M to SEK 42 M, and the operating margin decreased by 0.9 percentage point to -1.5 per cent. The difference is attributable to a lower margin in sales of new and above all used cars and higher relative costs. The trend of deteriorating operating earnings in the Car Business was the same in all of Bilia's markets, even though the impact was greatest in Sweden and Norway.

Stocks of new and used cars have declined during the quarter and are at a satisfactory level overall. Stocks of used cars declined during the quarter, but the level is still too high.

Discontinued operation, Properties

During the fourth quarter 2007 Bilia's Board of Directors decided to begin a sales process of the real estate in Sweden and Denmark. As of 2008 the real estates are accounted as Discontinued operation.

Profit/loss from discontinued operation
		First quarter	Full year
SEK M	2008	2007	2007
Net turnover	5	-	9
Administrative expenses	1	1	11
Financial expenses	2	0	6
Profit/loss before tax	2	-1	-8
Tax	-1	0	2
Profit/loss from discontinued operation, net after tax	1	-1	-6
Earnings/loss per share, SEK	0.05	-0.05	-0.30

Effects of discontinued operation on individual assets and liabilities in the Group

		First quarter	Full year
SEK M	2008	2007	2007
Intangible assets	32	-	-
Property, plant and equipment	190	-	-
Long-term investments	0	-	-
Other receivables	13	-	-
Interest-bearing liabilities	158	-	-
Other liabilities	43	-	-
Disposal of assets and liabilities, net	34	-	-

Acquisition of operation 2008

Bilforum AS and Bilforum Finans AS

Bilforum in Norway was acquired as of 1 January 2008 for SEK 65 M, which was paid in cash. Bilforum represents Volvo, Renault and Land Rover in the Stavanger area.

Effects of the acquisition

The acquisition has the following effects on the Group's assets and liabilities.

The acquiree's net assets at the date of acquisition:

	Carrying amounts in		Fair	Fair value
	Bilforum		value	recognised in
SEK M	before acquisition		adjustment	Group
Intangible assets	-		48	48
Property, plant and equipment	31		-	31
Long-term investments	5		-	5
Inventories	64		2	66
Trade receivables and other receivables	22		1	23
Cash and cash equivalents	1		-	1
Interest-bearing liabilities	39		-	39
Trade payables and other liabilities	53		17	70
Net identifiable assets and liabilities	31		34	65
Consolidated goodwill				-
Purchase consideration paid, cash				65
Cash, acquired				1
Net cash outflow				64

Acquired customer relations totalling SEK 48 M are recognised as intangible assets.

These customer relations will be amortised over 10 years.

Acquisition of operation 2007

Hans Persson Bil AB

In May 2007, Bilia acquired all the trading subsidiaries of Hans Persson Bil AB for SEK 329 M, which was paid in cash. These

Effects of the acquisition

The acquisition has the following effects on the Group's assets and liabilities.

The acquiree's net assets at the date of acquisition:

	Carrying amounts in Hans Persson Bil AB	Fair value	Fair value recognised in
SEK M	before acquisition	adjustment	Group
Intangible assets	-	40	40
Property, plant and equipment	334	148	482
Long-term investments	10	31	41
Inventories	155	2	157
Trade receivables and other receivables	104	0	104
Cash and cash equivalents	6	-	6
Interest-bearing liabilities	304	11	315
Trade payables and other liabilities	153	58	211
Net identifiable assets and liabilities	152	152	304
Consolidated goodwill			25
Purchase consideration paid, cash			329
Cash, acquired			6
Net cash outflow			323

Goodwill totalling SEK 25 M was generated by the acquisition. Acquired customer relations totalling SEK 37 M are recognised as intangible assets.

These customer relations will be amortised over 10 years.

companies are dealers for Volvo, Renault and Ford.

Bilgruppen i Enköping Sala AB and Bilgruppen i Kungsängen AB

In June 2007, Bilia acquired the business in Bilgruppen i Enköping Sala AB and Bilgruppen i Kungsängen AB, which are Ford dealers in Sweden, for SEK 28 M, which was paid in cash.

Effects of the acquisition

The acquisition has the following effects on the Group's assets and liabilities.

The acquiree's net assets at the date of acquisition:

	Carrying amounts in Bilgruppen	Fair value	Fair value recognised in
SEK M	before acquisition	adjustment	Group
Intangible assets	-	12	12
Property, plant and equipment	13	-	13
Inventories	11	-	11
Trade receivables and other receivables	-	1	1
Trade payables and other liabilities	12	-	12
Net identifiable assets and liabilities	12	13	25
Consolidated goodwill			3
Purchase consideration paid, cash			28
Cash, acquired			-
Net cash outflow			28

Goodwill totalling SEK 3 M was generated by the acquisition of the business in Bilgruppen. Acquired customer relations totalling SEK 12 M are recognised as intangible assets and will be amortised over 5 years.

Parent Company

Bilia AB is responsible for the Group's management, strategic planning, financing, public relations and business development. Furthermore, Bilia AB conducts training and IT activities, mainly for companies in the Group.

The Parent Company's operating loss amounted to SEK 14 M (loss: 17).

Annual General Meeting in April

The dividend was set at SEK 8.00 per share. The Board of Directors was authorised to buy back the company's own shares, provided that the holding never exceeds 10 per cent of the total number of shares in the company.

Risks and uncertainties

As a result of its operations, the Bilia Group is exposed to both operating risks and financial risks. The operating risks include:

• The market for new cars which has been fairly stable during the past few years, while historically it has exhibited sharp fluctuations.
• Change in the demand for cars can affect the value of stock in hand and repurchase values. During the first quarter of 2008, the decrease in the demand for petrol-powered cars in Sweden resulted in value adjustments of used cars in stock.
• Increased competition in the markets where Bilia is active.
• The ability of suppliers to offer competitive products.
• Legal disputes. At present the Group is involved in legal proceedings relating to illegal price collusion and the Parent Company's right to deduct certain costs when calculating income tax and VAT. Bilia won the dispute in the District Court of Gothenburg regarding claims for damages relating to previous business operations. The opposite party has appealed to the Court of Appeal.
• Regulatory decisions that lead to changes in taxes and charges on the products Bilia sells can influence both demand for and the valuation of

Göteborg, 6 May 2008

Bilia AB (publ) Board of Directors cars in stock and cars sold with guaranteed residual values.

The financial risks include liquidity risks, interest rate risks, credit risks and currency risks.

• The recent turbulence on financial markets has resulted in an increase in the cost of risk, which can affect the Bilia Group's borrowing cost.

Bilia works continuously with risk identification and risk assessment. For further information about the risks that affect the Group, please refer to the 2007 Annual Report.

Accounting principles

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The same accounting principles and calculation methods are applied as in the most recent annual report.

An interpretation from IFRIC, IFRIC 11, will be applied from financial year 2008. The interpretation will not have any effect on Bilia's Consolidated Income Statement, Balance Sheet, Cash Flow Statement or equity. Three interpretations from IFRIC – IFRIC 12, 13 and 14 – have been issued but have not yet been approved by the EU and are therefore not applied.

Parent Company

The same accounting principles and calculation methods are applied as in the most recent annual report. The Parent Company complies with the Swedish Annual Reports Act and the Swedish Financial Reporting Board's recommendation RFR 2:1 Accounting for Legal Entities. Under RFR 2.1, the Parent Company shall, in preparing the annual accounts for the legal entity, apply all IFRSs and statements approved by the EU whenever this is possible within the framework of the Annual Reports Act and the Act on Safeguarding of Pension Obligations, while taking account of the relationship between accounting and taxation.

Audit

This report has not been subjected to special examination by the auditors.

Next report

A report for the second quarter of 2008 will be published on 30 July 2008.

For further information, please contact Jan Pettersson, Managing Director and CEO, or Gunnar Blomkvist, CFO, telephone +46 31 709 55 00.

Bilia AB (publ) Box 9003, SE-400 91 Göteborg Street address: Norra Långebergsgatan 3, Västra Frölunda Telephone: +46 31 709 55 00 www.bilia.com Corporate ID No: 556112-5690

INFORMATION ON BUSINESS SEGMENTS

First quarter

	Ca rs		Ot	1) he r		t C Pa ren om pa ny		Eli mi tio na ns		To tal
SE K M	20 08	20 07	20 08	20 07	20 08	20 07	20 08	20 07	20 08	20 07
NE T T UR NO VE R
Ex l ne ter t tu na rno ve r	3, 79 4	3, 30 9	0	0	4	0
Int al t tu ern ne rno ve r	-	0	-	-	6	3	-6	-3
To tal t tu ne rno ve r	3, 79 4	3, 30 9	0	0	10	3	-6	-3	3, 79 8	3, 30 9
PR OF IT/ LO S S
Op fit/ tin los s b bu sin nt era g pro y ess se g me	3	60	1	-2	-14	-17	0	0	-10	41
Ne t fi ial ite by bu sin nt na nc ms ess se g me	-30	-10	7	5	4	6	2	-	-17	1
2) Ta x e xp en se									11	-10
Pro fit/ los s f di al of dis nti ed bu sin fte nt, t a r ta rom sp os co nu ess se g me ne x									1	-1
Ne rof it/lo t p ss									-15	31
OT IS CL O SU S HE R D RE
As n-i t-b rin set nte s, no res ea g	5, 70 4	5, 03 6	13	17	61	54			5, 77 8	5, 107
As inte t-b rin set s, res ea g	42 3	40 8	76 1	60 3	1, 09 0	73 5			2, 27 4	1, 74 6
As s h eld fo ale set r s									23 5	-
Eli mi tio na ns							-1, 84 7	-1, 28 9	-1, 84 7	-1, 28 9
To tal ets ass									6, 44 0	5, 56 4
Lia bili tie n-i t-b rin nte s, no res ea g	3, 26 5	3, 21 2	15	4	56	39			3, 33 6	3, 25 5
Lia bili tie inte t-b rin s, res ea g	2, 22 3	1, 56 3	3	3	1, 14 0	27 3			3, 36 6	1, 83 9
Lia bili tie ttri bu tab le t he ld f le ts s a o a sse or sa									20 1	-
Eli mi tio na ns							-46 3	47 0	-46 3	47 0
To tal uity d l iab iliti eq an es									6, 44 0	5, 56 4
Inv est nts et me , n	-8	-90	1	-	1	3
De cia tio n/a rtis ati pre mo on	76	63	1	0	1	1
To tal de cia tio n/a rtis ati pre mo on									78	64
3) /am Ex s b d d iat ion isa tio tch ed by di sb ort ot ts pe nse ey on ep rec n n ma urs em en	12	8	-	-	0	0

INFORMATION ON GEOGRAPHICAL SEGMENTS

F irs t q rte ua r
	Ne t tu	rno ver	As	set s	Inv	est nts me
SE K M	20 08	20 07	20 08	20 07	20 08	20 07
Sw ede n	2, 433	2, 03 1	3, 262	2, 742	58	52
No rwa y	965	81 1	2, 154	2, 018	-68	-14 5
De ark nm	39 6	46 7	71 1	684	2	3
Oth er	0	0	774	620	1	-
Pa t C ren om pan y	10	3	1, 151	78 9	1	3
As s h eld fo le set r sa	-	-	235	-	-	-
Elim ina tion s	-6	-3	-1, 847	-1, 28 9	-	-
To tal Bili a G rou p	3, 798	3, 309	6, 440	5, 564	-6	-87

1) Other companies and items affecting comparability. Operating profit includes items affecting comparability of SEK 1 M (-2).

2) Pertains to unallocated tax

• expenses. 3) Items not affecting cash.

Consolidated Income Statement

SEK M	2008	First quarter 2007	April 07 - March 08	Full year 2007
Continuing operations
Net turnover	3,798	3,309	15,891	15,402
Costs of goods sold	3,219	2,752	13,493	13,026
Gross profit	579	557	2,398	2,376
Other operating income	6	0	29	23
Selling expenses	472	410	1,828	1,766
Administrative expenses	119	106	455	442
Other operating expenses	4	0	26	22
Operating profit/loss 1)	-10	41	118	169
Financial income	17	43	71	97
Financial expenses	39	47	130	138
Shares in the earnings of associated companies	5	5	22	22
Net financial items	-17	1	-37	-19
Profit/loss before tax	-27	42	81	150
Tax	11	-10	-23	-44
Profit from continuing operations	-16	32	58	106
Profit/loss from discontinued operation, net after tax	1	-1	-4	-6
Net profit/loss	-15	31	54	100
Earnings/loss per share, SEK	-0.75	1.45	2.70	4.90
Number of shares at end of period, '000	20,459	21,459	20,459	20,459
Earnings/loss per share, SEK	-0.75	1.45	2.55	4.75
Weighted average number of shares, '000	20,459	21,459	20,816	21,064
1) Amortisation/depreciation acc. to plan by asset class - Intellectual property - Land and buildings - Equipment, tools, fixtures and fittings - Leased vehicles Total	7 1 22 48 78	4 1 19 40 64	23 4 82 188 297	20 4 79 180 283

Operating profit/loss by business segment

		First quarter	April 07 -	Full year
SEK M	2008	2007	March 08	2007
Cars	3	60	171	228
Parent Company	-14	-17	-47	-50
Other, eliminations	1	-2	-5	-8
Operating profit/loss	-10	41	119	170

Consolidated Balance Sheet

SEK M	31.03.08	31.12.07	31.03.07
Assets
Non-current assets
Intangible assets
Intellectual property	165	133	87
Goodwill	99	124	92
	264	257	179
Property, plant and equipment
Land and buildings	62	315	55
Construction in progress	7	15	1
Equipment, tools, fixtures and fittings	387	357	296
Leased vehicles 1)	1,732	1,811	1,822
	2,188	2,498	2,174
Long-term investments
Financial investments	253	248	200
Other long-term receivables 2)	33	32	30
Deferred tax assets	94	92	79
	380	372	309
Total non-current assets	2,832	3,127	2,662
Current assets
Inventories, merchandise	2,396	2,529	1,926
Current receivables
Interest-bearing receivables 2)	41	99	97
Other receivables	894	1,191	805
Cash and cash equivalents 2)	42	97	74
Assets held for sale	235	-	-
Total current assets	3,608	3,916	2,902
Total assets	6,440	7,043	5,564
Equity and liabilities
Equity
Share capital	215	215	231
Reserves	1	4	1
Retained earnings including net profit/loss for the year	1,273	1,288	1,490
Total equity	1,489	1,507	1,722
Non-current liabilities
Interest-bearing liabilities 3)	675	717	88
Other liabilities and provisions 4)	1,411	1,437	1,606
	2,086	2,154	1,694
Current liabilities
Interest-bearing liabilities 3)
	405	669	210
Other liabilities and provisions	2,259	2,713	1,938
Liabilities attributable to assets held for sale	201	-	-
	2,865	3,382	2,148
Total equity and liabilities	6,440	7,043	5,564
Assets
1) Of which interest-bearing	246	233	235
2) Interest-bearing	116	228	201
Liabilities 3) Interest-bearing	1,080	1,386	298
4) Of which interest-bearing	306	297	252

Consolidated Cash Flow Statement

	First quarter		April 07 -	Full year
SEK M	2008	2007	March 08	2007
OPERATIONS
Operating activities
Profit/loss before tax from continuing operations Profit/loss before tax from discontinued	-27	42	81	150
operations	2	-1	-5	-8
Depreciation/amortisation and impairment losses	78	64	309	295
Other items not affecting cash	-2	11	5	18
Tax paid	-33	-27	-39	-33
Change in inventories	184	113	-222	-293
Change in operating receivables	332	296	37	1
Change in operating liabilities	-465	-692	-208	-435
Cash flow from operating activities	69	-194	-42	-305
Investing activities
Investments and disposals in non-current assets	6	87	-17	64
Interest-bearing receivables	0	-1	4	3
Business combinations	-64	-	-416	-352
Disposals	43	-	43	-
Cash flow from investing activities	-15	86	-386	-285
Remaining after net investments	54	-108	-428	-590
Financing activities
Change in bank loans and other loans	-164	9	929	802
Dividend to shareholders and share buy-back	-	-	-287	-287
Cash flow from financing activities	-164	9	642	515
Change in cash and cash equivalents, excl.
translation differences	-110	-99	214	-75
Exchange difference in cash and cash
equivalents	-1	5	-2	4
Change in cash and cash equivalents	-111	-94	212	-71
Cash and cash equivalents at start of period	187	258	164	258
Cash and cash equivalents at end of period	76	164	376	187

Quarterly review

Group	2/06		3/06		4/06		1/07		2/07		3/07		4/07	1/08
Net turnover, SEK M	3,883		3,116		3,861		3,309		3,854		3,721		4,518	3,798
Operating profit, excluding items affecting comparability, SEK M	29		32		62		43		28		35		71	-11
Operating margin, excluding items affecting comparability, %	0.8		1.0		1.6		1.3		0.7		1.0		1.6	-0.3
Operating profit/loss, SEK M	21		21		61		41		48		32		48	-10
Operating margin, %	0.5		0.7		1.6		1.2		1.2		0.9		1.1	-0.3
Profit/loss before tax, SEK M	20		20		69		42		45		24		39	-27
Profit/loss from continuing operations, SEK M	16		13		54		32		34		18		22	-16
Profit/loss from discontinued operation, net after tax, SEK M	-		-		-		-1		0		-2		-3	1
Net profit/loss, SEK M	16		13		54		31		34		16		19	-15
Rate of capital turnover, times 1)	2.35		2.42		2.43		2.49		2.45		2.44		2.40	2.45
Return on capital employed, % 1)	6.0		5.8		6.2		8.0		9.3		9.4		7.8	5.7
Return on equity, % 1)	10.8		7.6		6.3		7.1		7.9		8.3		6.3	3.4
Net debt/equity, times	0.04		-0.01		-0.02		0.07		0.44		0.66		0.81	0.69
Equity/assets ratio, %	32		32		28		31		24		22		21	23
Data per share (SEK) 2)
Net profit	0.70	3)	0.55	5)	2.45	7)	1.45	8)	1.55	8)	0.80	9)	0.95	-0.75
Equity	77	4)	76	6)	78	8)	80	8)	74	8)	73		74	73

Q u a r t e r

1) Rolling 12 months.

2) Based on number of shares outstanding, 20,459,255.

3) Based on weighted average number of shares outstanding during second quarter, 23,002,924.

4) Based on number of shares outstanding at 30 June 2006, 22,632,600.

5) Based on weighted average number of shares outstanding during third quarter, 22,188,763.

6) Based on number of shares outstanding at 30 September 2006, 21,649,755.

7) Based on weighted average number of shares outstanding during fourth quarter, 21,546,647.

8) Based on number of shares outstanding at 31 December 2006, 31 March 2007 and 30 June 2007, 21,459,255.

9) Based on weighted average number of shares outstanding during third quarter, 20,889,145.

Income Statement for Parent Company

		First quarter	April 07 -	Full year
SEK M	2008	2007	March 08	2007
Net turnover	10	3	37	30
Administrative expenses	24	20	84	80
Operating loss 1)	-14	-17	-47	-50
Result from financial items
Result from interests in Group companies	-	-	203	203
Interest income Group companies	29	14	95	80
Other interest income and similar line items	15	39	63	87
Interest expenses to Group companies	7	5	22	20
Interest expenses and similar line items	33	42	116	125
Profit/loss after financial items	-10	-11	176	175
Appropriations	-	-	-36	-36
Profit/loss before tax	-10	-11	140	139
Tax	0	1	-30	-29
Net profit/loss	-10	-10	110	110
1) Amortisation/depreciation acc. to plan by asset class - Intellectual property - Equipment, tools, fixtures and fittings	1 0	1 0	2 1	2 1
Total	1	1	3	3

Balance Sheet for Parent Company

SEK M	31.03.08	31.12.07	31.03.07
Assets
Non-current assets
Intangible assets
Intellectual property	18	18	8
Property, plant and equipment	18	18	8
Equipment, tools, fixtures and fittings	3	2	3
	3	2	3
Long-term investments
Interests in Group companies	1,233	943	909
Other securities held as non-current assets	0	0	0
Deferred tax asset	16	16	16
	1,249	959	925
Total non-current assets	1,270	979	936
Current assets
Current receivables
Receivables from Group companies	179	2,116	175
Other receivables	24	9	27
Cash and bank balances	1,090	60	735
Total current assets	1,293	2,185	937
Total assets	2,563	3,164	1,873
Equity and liabilities
Equity
Restricted equity
Share capital	215	215	231
Statutory reserve	47	47	47
	262	262	278
Non-restricted equity
Retained earnings	886	776	1,094
Net profit/loss for the year	-10	110	-10
	876	886	1,084
Total equity	1,138	1,148	1,362
Untaxed reserves	70	70	34
Provisions
Provisions for pensions and similar obligations	15	15	14
	15	15	14
Non-current liabilities Liabilities to credit institutes	657	698	70
Liabilities to Group companies	20	20	20
Other liabilities	5	5	5
	682	723	95
Current liabilities
Liabilities to credit institutes	272	589	-
Liabilities to Group companies	350	573	339
Other liabilities	36	46	29
	658	1,208	368
Total equity and liabilities	2,563	3,164	1,873