Bilia — Interim / Quarterly Report 2012

May 4, 2012

4 May 2012

Report for the first quarter of 2012

First quarter

• Net turnover amounted to SEK 4,562 M (4,344).
• Operating profit was SEK 74 M (98).
• Profit for the period was SEK 49 M (69) and earnings per share SEK 2.00 (2.75).
• Operating cash flow amounted to SEK 355 M (172).

In a comment on the first quarter, Bilia's Managing Director Per Avander says:

"Demand for new cars decreased as expected, and earnings did not reach last year's level. Demand in the Service Business was weaker than expected, which is partly attributable to the mild winter. We reported strong cash flow, and the trend in Norway continued to be positive. The acquisition of Stenshagen Bil was completed, and the business will be integrated with Bilia's Norwegian operation during the second quarter. We project that demand for new cars and service during the second quarter will be at a lower level than last year."

		First quarter	April 11 -	Full year
Group	2012	2011	March 12	2011
Net turnover, SEK M	4,562	4,344	18,378	18,160
Operating profit excl. items affecting comparability, SEK M 1)	74	98	474	498
Operating margin excl. items affecting comparability, %	1.6	2.3	2.6	2.7
Operating profit, SEK M	74	98	465	489
Operating margin, %	1.6	2.3	2.5	2.7
Profit before tax, excl. items affecting comparability, SEK M 1)	71	92	450	471
Profit before tax, SEK M	71	92	441	462
Profit for the period, SEK M	49	69	400	420
Earnings per share, SEK 2)	2.00	2.75	16.10	16.85

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 2012

• During the year up to and including the 30th of April, 23,034 warrants were exercised to subscribe for new shares, resulting in a new issue of SEK 0.5 M. The number of outstanding warrants at 30 April was 356,193.
• Bilia acquired all the shares in Stenshagen Bil Oslo AS and Stenshagen Bil Kongsvinger AS. The companies have an annual turnover of about SEK 1.0 bn, and 2011 operating profit amounted to about SEK 45 M. The purchase consideration amounted to SEK 237 M, of which SEK 63 M was paid with repurchased 515,000 Bilia shares and the remaining SEK 174 M was paid in cash. The operation has been a part of Bilia since 1 January 2012.
• Bilia continued its expansion in the Service Business by acquiring all the shares in Blombergs Bilservice i Lidingö AB. The company has operated a BMW workshop on Lidingö outside Stockholm for 30 years. The preliminary purchase consideration is SEK 8 M.

Further information on the above events and other press information is available at www.bilia.com.

First quarter 2012

Demand for new cars and service decreased during the quarter and was at a lower level compared with the same period last year.

Net turnover amounted to SEK 4,562 M (4,344). For comparable operations and adjusted for exchange rate changes, net turnover decreased by about SEK 115 M or 3 per cent. The decrease is mainly attributable to lower sales of new cars and service.

Operating profit amounted to SEK 74 M (98). The decrease is mainly attributable to lower demand in the Service Business. Earnings in Denmark declined by SEK 17 M, mainly due to lower demand for service during the quarter. Earnings from sales of both new and used cars were on a level with last year. The acquisition of Stenshagen Bil is included with an operating profit after acquisition costs of SEK 4 M. The underlying costs increased by nearly 1 per cent, and were 0.1 percentage points higher in relation to net turnover than last year.

Net financial items amounted to SEK -3 M (-6). The improvement is mainly attributable to lower net debt and a lower interest rate level. The figure includes a profit share of SEK 5 M (4) from the indirect shareholding in Volvofinans Bank AB.

Tax for the period amounted to SEK -22 M (-23), which is equivalent to a tax rate of 31 per cent (25). The year's high tax rate is attributable to the fact that no tax asset has been recognised on the deficit for the period in Denmark.

Profit for the period amounted to SEK 49 M (69) and earnings per share to SEK 2.00 (2.75). Exchange rate changes affected the profit by SEK 1 M.

Total assets increased during the quarter by SEK 307 M to SEK 5,813 M. The increase is attributable to the acquisition of Stenshagen Bil.

Equity increased during the quarter by SEK 114 M, amounting to SEK 1,927 M. The use of repurchased Bilia shares to pay for the acquisition of Stenshagen Bil increased owner equity by SEK 63 M. The equity/assets ratio amounted to 33 per cent (35).

Investments and disposals amounted to a net of SEK 45 M (16). Replacement investments represented SEK 11 M (8), expansion investments SEK 4 M (5), environmental investments SEK 0 M (0), investments in new construction and additions to properties SEK 29 M (1), and finance leases SEK 1 M (2).

Operating cash flow amounted to SEK 355 M (172). Car stocks and other working capital were reduced by a net of SEK 221 M (24) during the quarter. After acquisitions of operations and net investments, cash flow amounted to SEK 159 M (103). Net debt decreased by SEK 184 M during the quarter, amounting to SEK 139 M.

Liquidity was strengthened during the quarter, and the net balance with the banks at the end of March was SEK 97 M. The combined credit limit with Nordea and DNB amounts to SEK 900 M.

The number of employees increased during the year by 53, amounting to 3,514. Acquisitions of operations have increased the number of employees by 118.

Items affecting comparability

	First quarter		April 11 -	Full year
Group, SEK M	2012	2011	March 12	2011
Operating profit excl. items affecting comparability Items affecting comparability	74	98	474	498
- Structural costs etc.	-	-	-9	-9
Operating profit	74	98	465	489
Profit before tax excl. items affecting comparability Items affecting comparability	71	92	450	471
- Structural costs etc.	-	-	-9	-9
Profit before tax	71	92	441	462

Group

		Deliveries	Order backlog
No. of new		First quarter		April 11 - Full year	31 March
cars	2012	2011	March 12	2011	2012	2011
Sweden	5,990	7,002	28,758	29,770	3,933	5,629
Norway 1)	2,010	1,622	7,264	6,876	1,421	1,553
Denmark	708	746	4,313	4,351	537	852
Total	8,708	9,370	40,335	40,997	5,891	8,034

1) Stenshagen Bil is included in deliveries during the quarter in the amount of 389 (-) and in the order backlog in the amount of 276 (-).

		Net turnover					Operating profit/loss, operating margin
		First quarter	April 11 -	Full year			First quarter		April 11 -	Full year
SEK M	2012	2011	March 12	2011	201	%	2011	%	March 12	2011	%
Sweden	2,813	2,959	12,083	12,229	2 61	2.2	76	2.6	399	414	3.4
Norway	1,456	1,062	4,907	4,513	37	2.5	30	2.9	135	128	2.8
Denmark	292	324	1,389	1,421	-14	-5.0	3	0.8	-18	-1	0.0
Total Cars	4,561	4,345	18,379	18,163	84	1.8	109	2.5	516	541	3.0
Parent Company, other	1	-1	-1	-3	-10	-	-11	-	-51	-52	-
Total	4,562	4,344	18,378	18,160	74	1.6	98	2.3	465	489	2.7

Weak earnings in Denmark

Order backlog increased during the quarter

The market for new cars shrank during the quarter by 3 per cent in Sweden and increased by 3 per cent in Norway, while it remained unchanged in Denmark.

Net turnover amounted to SEK 4,562 M, compared with last year's SEK 4,344 M. For comparable operations and adjusted for exchange rate changes, net turnover decreased by about SEK 115 M or 3 per cent. The decrease is mainly attributable to lower sales of new cars and service.

Cars reported an operating profit of SEK 84 M (109) and an operating margin of 1.8 per cent (2.5). The poorer results are mainly attributable to lower demand in the Service Business. The Car Business reported earnings on a level with last year. The order backlog increased by 811 cars during the quarter, 276 of which were attributable to the acquisition of Stenshagen Bil.

The operation in Sweden reported an operating profit of SEK 61 M (76). The lower profit is mainly attributable to lower deliveries of new cars, lower turnover in the Service Business and extensive training activities in the concept of personal service technicians. The Service Business reported earnings that were SEK 8 M lower compared with last year.

Operating profit in Bilia's Norwegian operation amounted to SEK 37 M (30). The acquisition of Stenshagen Bil is included with an operating profit after acquisition costs of SEK 4 M. The improvement is mainly attributable to a higher gross profit margin on sales of used cars. Demand for service has been at a slightly lower level in Norway as well. The introduction of the concept of personal service technicians, which has been so successful in Sweden, began during the quarter, incurring costs that were charged to earnings in the Service Business. Earnings in the Car Business, not including acquisitions, increased by SEK 10 M, while the earnings decreased by SEK 7 M in the Service Business.

The Danish operation reported an operating loss of SEK 14 M (profit: 3). Demand for service remained at a low level, and turnover declined by 12 per cent. Most of the earnings decrease is attributable to the Service Business. A change in the law governing the system of charges for new cars was made at the end of February, which had a negative impact on sales and gross profit margin in March. The change will probably depress the market during the second quarter as well. Savings and action programmes will be implemented during the second quarter.

			Net turnover 1)		Operating profit
		First quarter	April 11 -	Full year	First quarter		April 11 -	Full year
SEK M	2012	2011	March 12	2011	2012	2011	March 12	2011
Service Business	1,030	1,010	4,084	4,064	62	85	380	403
- margin, %					6.0	8.4	9.3	9.9
Car Business	3,435	3,260	13,854	13,679	19	21	121	123
- margin, %					0.5	0.6	0.9	0.9
Fuel Business	288	275	1,203	1,190	3	3	15	15
- margin, %					1.1	1.3	1.2	1.3

Cars - divided into Service, Vehicle and Fuel businesses

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

1) Net turnover does not include eliminations for internal sales.

Lower demand in the Service Business

Profit in used car business

The Service Business's sales for comparable operations and adjusted for exchange rate changes decreased by about 3 per cent. Sales in Sweden declined by 3 per cent, in Norway by 1 per cent and in Denmark by 12 per cent. The frequency of auto body repairs was at a much lower level compared with last year due to the mild winter. We believe that private persons also postponed service and other repair work during March, which is otherwise a strong month. Operating profit decreased by SEK 23 M, amounting to SEK 62 M. Profit was charged with training costs in the concept of personal service technicians.

The Car Business's deliveries of new cars declined during the quarter for comparable operations by 11 per cent and used cars by 4 per cent. Orders received were at a much lower level than last year, -19 per cent, but higher compared with the quarter's deliveries. The order backlog increased for comparable operations during the quarter by 535 cars. Demand for used cars was better compared with the last quarter and on a level with last year. The gross profit margin was strengthened during the quarter, and the used car business reported a lower profit that was on a level with last year.

Stocks of new unsold cars and used cars decreased during the quarter and are at good levels. The turnover rate for used cars remains at a high level, amounting to nearly 10 times per year.

The Fuel Business is concentrated to Sweden and developed slightly better in volume than the rest of the Swedish market,: -2 per cent compared to the total market: -4 per cent.

All values in the above charts pertain to isolated

Acquisitions of operations 2012

Stenshagen Bil Oslo AS and Stenshagen Bil Kongsvinger AS

On 29 February 2012, Bilia acquired all the shares in Stenshagen Bil Oslo AS and Stenshagen Bil Kongsvinger AS, with financial effect from 1 January 2012. The companies, which are major BMW and Volvo dealers in Norway, have an annual turnover of about SEK 1.0 bn, with an operating margin of about 4 per cent. The number of cars sold annually is around 2,500. The purchase consideration amounted to SEK 237 M, of which SEK 63 M was paid with repurchased Bilia shares (515,000 shares) and the remaining SEK 174 M was paid in cash. There is no contingent purchase consideration.

The business is concentrated to the Oslo area. The acquisitions strengthen the operation in Norway and provide an opportunity to achieve considerable synergies. As a result of the acquisitions, it will be possible to restructure Bilia's operation in Oslo to efficient stand-alone dealerships for both BMW and Volvo.

The goodwill item is mainly attributable to synergies in new car sales to corporate customers and cost savings in purchasing and administration.

Acquisition-related expenses amount to SEK 0.2 M and consist of fees to consultants for due diligence. These expenses have been recognised as "Other operating expenses" in the Statement of Comprehensive Income.

Effects of the acquisitions

The acquisitions have the following effects on the Group's assets and liabilities.

The acquirees' net assets at the date of acquisition:

	Carrying amounts in Stenshagen's dealership	Fair value	Fair value recognised in
SEK M	operation	adjustment	Group
Intangible assets	-	74	74
Property, plant and equipment	4	176	180
Long-term investments	0	-	0
Deferred tax asset	0	-	0
Inventories	155	2	157
Trade receivables and other receivables	54	0	54
Cash and cash equivalents	46	-	46
Interest-bearing liabilities	4	-	4
Trade payables and other liabilities	185	190	375
Deferred tax liability	0	17	17
Net identifiable assets and liabilities	70	45	115
Consolidated goodwill			122
Purchase consideration paid, Bilia shares			63
Purchase consideration paid, cash Less: Cash and cash equivalents in acquired operation			174 46
Net effect on cash and cash equivalents			191

Acquired customer relations totalling SEK 74 M are recognised as intangible assets.

These customer relations will be amortised over 10 years.

Acquisition of operation 2012

Blombergs Bilservice i Lidingö AB

On 1 February 2012, Bilia acquired all the shares in Blombergs Bilservice i Lidingö AB. The company runs a BMW workshop on Lidingö. The business is run from premises that are owned as a unit in a housing cooperative. Blombergs Bilservice i Lidingö AB has an annual turnover of about SEK 10 M with an operating margin of about 3 per cent. The preliminary purchase consideration is SEK 8 M. The entire purchase consideration is being paid in cash, of which SEK 7 M was paid on taking possession and the remainder will be paid when the company's annual report has been approved. There is no contingent purchase consideration.

The acquisition will enable Bilia to offer workshop services to BMW customers on Lidingö, as a complement to the existing Volvo workshop.

There are no external transaction costs or acquisition-related expenses attributable to the acquisition.

Effects of the acquisition

The acquisition has the following effects on the Group's assets and liabilities. Since the company has not yet adopted the annual accounts for 2011, the acquired net assets and purchase consideration specified below are preliminary.

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

SEK M	Carrying amounts in Blombergs Bilservice i Lidingö AB	Fair value adjustment	Fair value recognised in Group
Intangible assets	-	1	1
Property, plant and equipment	0	-	0
Long-term investments	0	8	8
Inventories	1	-	1
Trade receivables and other receivables	1	-	1
Cash and cash equivalents	0	-	0
Interest-bearing liabilities	0	-	0
Trade payables and other liabilities	1	-	1
Deferred tax liability	-	2	2
Net identifiable assets and liabilities	1	7	8
Consolidated goodwill			-
Purchase consideration paid, cash			8
Seller note Less: Cash and cash equivalents in acquired			1
operation Net effect on cash and cash equivalents			0 7

Acquired customer relations totalling SEK 1 M are recognised as intangible assets.

These customer relations will be amortised over 10 years.

Acquisition of operation 2011

Bilcentralen i Stockholm AB

On 3 January 2011, Bilia acquired all the shares in the BMW dealer Bilcentralen i Stockholm AB, with operations in Segeltorp and Nacka. Bilcentralen i Stockholm AB reported a turnover of SEK 742 M in 2011. Operating profit including acquisition costs amounted to SEK 28 M.

The purchase consideration amounted to SEK 138 M and was paid in cash. There is no contingent purchase consideration.

The operation is housed in two well-situated facilities in Segeltorp and Nacka. The acquisition is a part of Bilia's investment in BMW, which started in Norway in 2006 and continued with the acquisition of the BMW operation in Gothenburg in 2009.

The goodwill item is mainly attributable to synergies in new car sales to corporate customers and cost savings in purchasing and administration.

There are no external transaction costs or acquisition-related expenses attributable to the acquisition.

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:

SEK M	Carrying amounts in BMW's dealership operation	Fair value adjustment	Fair value recognised in Group
Intangible assets	-	46	46
Property, plant and equipment	5	84	89
Inventories	68	1	69
Trade receivables and other receivables	56	1	57
Cash and cash equivalents	17	-	17
Trade payables and other liabilities	98	100	198
Net identifiable assets and liabilities	48	32	80
Consolidated goodwill			58
Purchase consideration Less: Cash and cash equivalents in acquired			138
operation			17
Net effect on cash and cash equivalents			121

Acquired customer relations totalling SEK 46 M are recognised as intangible assets.

These customer relations will be amortised over 10 years.

Parent Company

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

The Parent Company's operating loss for the first quarter amounted to SEK 10 M (loss: 11).

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:

• Development of the market for new cars. The economic turbulence in the world may reduce demand for new cars.
• Diminished demand for cars can also affect the value of stock in hand and guaranteed residual values.
• Increased competition in the markets where Bilia is active.
• The ability of suppliers to offer competitive products.
• Regulatory decisions that lead to changes in taxes and charges on the products Bilia sells can influence both demand for and the valuation of cars in stock and cars sold with guaranteed residual values.

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

Bilia works continuously with risk identification and risk assessment. For further information about the risks that affect the Group, please refer to the 2011 Annual Report.

Operating segments

As from 1 January 2012, the Fuel Business has been separated from the Service Business. The purpose of this change is to further clarify how turnover and earnings are divided between service and fuel. Fuel is now reported as a separate segment and is followed up for the Group as a whole, not by country. Fuel was previously included in the Service Business.

The Parent Company and eliminations are reported under segment reconciliation.

Accounting principles

This interim report in summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Reports. The same accounting policies and calculation methods have been applied for the Group and the Parent Company as in the most recent annual report. The changes that have entered into force and apply for financial year 2012 have not had any effect on the Consolidated or Parent Company financial statements.

Audit

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

Next report

The interim report for the second quarter of 2012 will be published on 26 July 2012.

Gothenburg, 4 May 2012 Bilia AB (publ) Board of Directors

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

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

This report is being published by Bilia AB in compliance with the Securities Market Act. Information. The information was submitted for publication on 4 May 2012 at 10:50 a.m.

				Bervice					Cars						Tetal			Segment
		Bweden.		Norway		Denmark		Bweden	Nerway			Denmark	Puel		Can		reconciliation		Greue
BEK M	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	20 10	2011	2010	2011	2010
Het turnever
External sales	552	992	211	170		췍 销	1.979	음, 14의	1.299	878	229	242	288	270	4,511	4,340		-1	4.592	4,344
Internationles	-94		117 77		42	21 21									192	200	$-192$	-200
Total net tumover	462	670	288	237		102 sal	1.979	3,14회	1.239	avel	223	24의	288	270	4,753	4,545	-491	$-201$	4,592	4,344
Deare slatic n/amerisation	16		10					gg							90	-92			93	80
Operating profit/less	壁		GO 44	л												109	-10	$-11$	74	98
I marest income
I marest expenses																			-11	12
Shares in profits of associated companies
Frofit/less before tax:																			71	32
Tax expense for the period																			æ	-41
Net profit/loss for the period																				69
Meterial items of income and supense
of a non-recurring nature recognized
In the income Blatement:
tions affecting conservaility
Hams of non-requirring nature
Material items not affecting cash
besides depreciaton/amortisation:
-Other															-11	- 12			-11	-12
Total							m								$-11$	$-12$			-11	-12
Assets
Interests in essesiated companies							-947	200							-917	308			317	308
Deferred tax assets																			Ŧ9	ē9
Other assets																			5.424	4,82
Total assets							317	sosi							317	300			5,813	5,231
Investments in non-current assets			11				-10	20	17	- 14	-11	-10			10				14
Liabilities
Equity:																			1,927	1,800
Llabilities																			3.899	3,428
Total liabilities and equity																			5,813	5,221

		Revenue from
	external customers.		222215
DEK M	2011	2010	2011	2010
Geographical segments
Bweden	2.814	2,989	2,715	2,724
Narway	1.459	1,088	661	188
Denmark	292	324	Ħ	110
Seomentre cancillation		۰ı	-742	$-747$
Tetal	4,542	4,344	2,620	2,201

Consolidated Statement of Comprehensive Income

		First quarter	April 11 -	Full year
SEK M	2012	2011	March 12	2011
Net turnover	4,562	4,344	18,378	18,160
Cost of goods sold	3,874	3,667	15,571	15,364
Gross profit	688	677	2,807	2,796
Other operating income	2	1	9	8
Selling expenses	510	486	1,950	1,926
Administrative expenses	104	93	386	375
Other operating expenses	2	1	15	14
Operating profit 1)	74	98	465	489
Financial income	3	2	11	10
Financial expenses	11	12	53	54
Shares in profits of associated companies	5	4	18	17
Net financial items	-3	-6	-24	-27
Profit before tax	71	92	441	462
Tax	-22	-23	-41	-42
Profit for the period	49	69	400	420
Other comprehensive income/loss
Translation differences for the period on translation of foreign financial statements	2	-6	9	1
Comprehensive income for the period	51	63	409	421
Profit for the period attributable to:
Parent Company's shareholders	49	69	400	420
Comprehensive income for the period attributable to:
Parent Company's shareholders	51	63	409	421
Number of shares at end of period, '000:
– before dilution	25,089	25,017	25,089	24,565
– after dilution	25,459	25,459	25,459	24,944
Basic earnings per share, SEK	1.95	2.75	16.30	17.10
Diluted earnings per share, SEK	1.95	2.70	16.10	16.85
Number of own shares at end of period, '000	-	-	-	515
Weighted average number of shares, '000:
– before dilution	24,750	24,954	24,823	24,874
– after dilution	25,125	25,459	25,210	25,292
Basic earnings per share, SEK	2.00	2.75	16.10	16.85
Diluted earnings per share, SEK	1.95	2.70	15.85	16.60
Weighted average number of own shares, '000	334	-	250	167
1) Straight-line amortisation/depreciation by asset class - Intellectual property - Land and buildings - Equipment, tools, fixtures and fittings - Leased vehicles	9 2 19 63	6 2 19 58	30 9 76 242	27 9 76 237
Total	93	85	357	349

Consolidated Statement of Financial Position, Summary

SEK M	31/03 2012	31/12 2011	31/03 2011
Assets
Non-current assets
Intangible assets
Intellectual property	209	139	140
Goodwill	269	149	148
	478	288	288
Property, plant and equipment
Land and buildings	125	102	98
Construction in progress	1	1	0
Equipment, tools, fixtures and fittings	285	284	302
Leased vehicles 1)	1,353	1,271	1,192
Long-term investments	1,764	1,658	1,592
Financial investments	331	317	311
Non-current receivables 2)	47	50	60
	378	367	371
Deferred tax assets	70	67	89
Total non-current assets	2,690	2,380	2,340
Current assets
Inventories, merchandise	2,109	2,128	1,869
Current receivables
Other receivables 1)	831	901	832
Cash and cash equivalents 2)	183	97	190
Total current assets	3,123	3,126	2,891
Total assets	5,813	5,506	5,231
Equity and liabilities
Equity
Share capital	251	251	250
Other contributed capital	46	46	46
Reserves	-22	-24	-31
Retained earnings including net profit for the year	1,652	1,540	1,540
Total equity	1,927	1,813	1,805
Non-current liabilities
Debenture loan 3)	28	28	100
Interest-bearing liabilities 3)	108	110	87
Other liabilities and provisions 4)	1,274	1,122	990
	1,410	1,260	1,177
Current liabilities
Interest-bearing liabilities 3)	93	227	246
Other liabilities and provisions	2,383	2,206	2,003
Total equity and liabilities	2,476 5,813	2,433 5,506	2,249 5,231
Assets 1)
Of which interest-bearing	220	242	239
2) Interest-bearing	230	147	250
Liabilities 3) Interest-bearing	229	365	433
4) Of which interest-bearing	360	347	348

Statement of Changes in Group Equity, Summary

SEK M	31/03 2012	31/12 2011	31/03 2011
Opening balance	1,813	1,739	1,739
Cash dividend to shareholders	-	-301	-
Exercised warrants	0	4	3
Acquisitions with own shares	63	-	-
Buy-back of own shares	-	-50	-
Comprehensive income for the period	51	421	63
Closing balance	1,927	1,813	1,805

Consolidated Statement of Cash Flows

	First quarter		April 11 -	Full year
SEK M	2012	2011	March 12	2011
Operating activities
Profit before tax	71	92	441	462
Depreciation/amortisation and impairment losses	93	85	360	352
Other items not affecting cash	-8	14	4	26
Tax paid	-6	-38	-8	-40
Change in inventories	176	10	-75	-241
Change in operating receivables	109	173	53	117
Change in operating liabilities	-64	-159	237	142
Cash flow from operating activities	371	177	1,012	818
Investing activities
Acquisitions and disposals of non-current assets Acquisitions and disposals of leased vehicles	-45 29	-16 11	-112 -232	-83 -250
Operating cash flow	355	172	668	485
Interest-bearing receivables incl. short-term investments, net	2	4	12	14
Acquisition of subsidiary/operation, net	-198	-73	-246	-121
Cash flow after net investments	159	103	434	378
Financing activities
Change in bank loans and other loans	-141	16	-159	-2
Exercised warrants	0	3	1	4
Acquisitions with own shares	63	-	63	-
Buy-back of own shares	-	-	-50	-50
Dividend paid to Parent Company's shareholders	-	-	-301	-301
Cash flow from financing activities	-78	19	-446	-349
Change in cash and cash equivalents, excl. translation differences	81	122	-12	29
Exchange difference in cash and cash equivalents	5	0	5	0
Change in cash and cash equivalents	86	122	-7	29
Cash and cash equivalents at start of period	97	68	190	68
Cash and cash equivalents at end of period	183	190	183	97

Quarterly review

Q u a r t e r

Group	2/10	3/10		4/10		1/11		2/11		3/11		4/11		1/12
Net turnover, SEK M Operating profit, excluding	4,158	3,737		4,620		4,344		4,857		4,179		4,780		4,562
items affecting comparability, SEK M Operating margin, excluding	129	105		166		98		141		105		154		74
items affecting comparability, %	3.1	2.8		3.6		2.3		2.9		2.5		3.2		1.6
Operating profit, SEK M	129	105		180		98		141		96		154		74
Operating margin, %	3.1	2.8		3.9		2.3		2.9		2.3		3.2		1.6
Profit before tax, SEK M	126	104		179		92		133		91		146		71
Profit for the period, SEK M Rate of capital turnover, times	94	78		176		69		184		68		99		49
1)	3.21	3.31		3.39		3.44		3.48		3.49		3.41		3.36
Return on capital employed, % 1)	17.6	20.5		23.9		23.5		22.9		21.8		20.3		19.3
Return on equity, % 1)	19.1	21.8		25.7		25.8		30.5		29.1		23.6		22.3
Net debt/equity, times	0.17	0.16		0.17		0.16		0.32		0.19		0.18		0.07
Equity/assets ratio, %	31	33		34		35		31		32		33		33
Interest coverage ratio, times 1)	8.0	9.6		12.7		12.6		11.8		10.9		9.4		9.2
Data per share (SEK)
Profit for the period	3.85	2) 3.10	4)	7.15	6)	2.75	8)	7.35	10)	2.75	12)	4.00	14)	2.00	16)
Equity	60	3) 63	5)	70	7)	72	9)	68	11)	70	13)	74	15)	77	17)

1) Rolling 12 months.

• 2) Based on weighted average number of shares during second quarter, 24,755,541.
• 3) Based on number of shares outstanding at 30 June 2010, 24,778,207.
• 4) Based on weighted average number of shares during third quarter, 24,842,574.
• 5) Based on number of shares outstanding at 30 September 2010, 24,862,931.
• 6) Based on weighted average number of shares during fourth quarter, 24,877,525.
• 7) Based on number of shares outstanding at 31 December 2010, 24,883,946.
• 8) Based on weighted average number of shares during first quarter, 24,954,181.
• 9) Based on number of shares outstanding at 31 March 2011, 25,016,869.
• 10) Based on weighted average number of shares during second quarter, 25,057,224.
• 11) Based on number of shares outstanding at 30 June 2011, 25,067,346.
• 12) Based on weighted average number of shares during third quarter, 24,924,440.
• 13) Based on number of shares outstanding at 30 September 2011, 24,559,147.
• 14) Based on weighted average number of shares during fourth quarter, 24,563,301.
• 15) Based on number of shares outstanding at 31 December 2011, 24,565,028.
• 16) Based on weighted average number of shares during first quarter, 24,749,835.
• 17) Based on number of shares outstanding at 31 March 2012, 25,089,165.

Income Statement for Parent Company

		First quarter	April 11 -	Full year
SEK M	2012	2011	March 12	2011
Net turnover	99	29	196	126
Administrative expenses	109	40	240	171
Operating loss 1)	-10	-11	-44	-45
Income from financial items
Income from interests in Group companies	-	-	366	366
Interest income from Group companies	10	11	34	35
Other interest income and similar line items	1	0	5	4
Interest expenses to Group companies	2	0	3	1
Interest expenses and similar line items	2	4	19	21
Profit/loss after financial items	-3	-4	339	338
Appropriations	-	-	-9	-9
Profit/loss before tax	-3	-4	330	329
Tax	-	1	-2	-1
Profit/loss for the period	-3	-3	328	328
1) Straight-line amortisation/depreciation by asset class

- Intellectual property	3	2	9	8
- Equipment, tools, fixtures and fittings	0	0	1	1
Total	3	2	10	9

Balance Sheet for Parent Company, Summary

SEK M	31/03 2012	31/12 2011	31/03 2011
Assets
Non-current assets
Intangible assets
Intellectual property	41	39	29
Property, plant and equipment	41	39	29
Buildings	2	2	-
Equipment, tools, fixtures and fittings	5	4	2
	7	6	2
Long-term investments
Interests in Group companies	743	743	747
Other securities held as non-current assets	0	0	0
Other non-current receivables	33	33	37
Deferred tax asset	22	22	19
	798	798	803
Total non-current assets	846	843	834
Current assets
Current receivables
Receivables from Group companies	391	842	82
Other receivables	71	73	28
Cash and bank balances	315	0	662
Total current assets	777	915	772
Total assets	1,623	1,758	1,606
Equity and liabilities
Equity
Restricted equity
Share capital	251	251	250
Statutory reserve	47	47	47
Non-restricted equity	298	298	297
Share premium reserve	46	46	46
Retained earnings including net profit for the year	930	870	888
	976	916	934
Total equity	1,274	1,214	1,231
Untaxed reserves	179	179	170
Provisions Provisions for pensions and similar obligations	15	15	13
Deferred tax liability	1	1	-
	16	16	13
Non-current liabilities
Debenture loan	28	28	100
Other liabilities	5	5	5
	33	33	105
Current liabilities
Liabilities to Group companies	-	76	0
Other liabilities	121	240	87
	121	316	87
Total equity and liabilities	1,623	1,758	1,606
Pledged assets and cont. liabilities for Parent Company
Pledged assets	447	447	410
Contingent liabilities	1,019	1,033	1,085