Bilia — Interim / Quarterly Report 2011

Feb 3, 2012

3 February 2012

Fourth Quarter and Year-End Report 2011

Year-End 2011

• Net turnover amounted to SEK 18,160 M (16,257).
• Net profit for the year was SEK 420 M (407) and earnings per share SEK 16.85 (16.50).
• Cash flow after net investments amounted to SEK 378 M (-134).
• A regular dividend is proposed in the amount of SEK 9.50 (8.00) 1).

Fourth quarter

• Net turnover amounted to SEK 4,780 M (4,620).
• Operating profit excl. items affecting comparability amounted to SEK 154 M (166).
• Profit for the period was SEK 99 M (176) and earnings per share SEK 4.00 (7.15).

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

"It is gratifying to be able to wind up a successful year with a strong quarterly report. The operation in Norway continued to develop positively and reported strong fourthquarter results. The Service Business continued to grow, the latest acquisition being a BMW workshop on Lidingö outside of Stockholm. As expected, demand for new cars diminished slightly during the quarter. Trade organisations forecast a slightly worse market situation for new cars in 2012, but this merely entail a return to a normal market situation."

		Fourth quarter		Full year
Group	2011	2010	2011	2010
Net turnover, SEK M	4,780	4,620	18,160	16,257
Operating profit excl. items affecting comparability, SEK M 2)	154	166	498	483
Operating margin excl. items affecting comparability, %	3.2	3.6	2.7	3.0
Operating profit, SEK M	154	180	489	497
Operating margin, %	3.2	3.9	2.7	3.1
Profit before tax, excl. items affecting comparability, SEK M 2)	146	165	471	473
Profit before tax, SEK M	146	179	462	487
Net profit for the period/year, SEK M	99	176	420	407
Earnings per share, SEK 3)	4.00	7.15	16.85	16.50

1) Last year a regular dividend of SEK 8 was paid, plus an extra dividend of SEK 4, for a total of SEK 12.

2) Items affecting comparability are shown on page 4.

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

Notable events during 2011

• During the year, 196,082 warrants were exercised to subscribe for new shares, resulting in a new issue of SEK 4 M. The number of outstanding warrants at 31 December was 379,227.
• Bilia continued its expansion within the Service Business by acquiring the remaining shares in a part-owned auto paint shop in Västerås. Bilia's existing facility in Kungsbacka will be expanded with space for body repairs and service for BMW and space for tyre storage. A paint shop in Nacka with an annual turnover of about SEK 10 M was taken over by Bilia.

Events during previous quarters

• Three-year financing agreements were signed on 25 October with Nordea and DNB. The agreements expand Bilia's credit facilities by SEK 300 M to SEK 900 M.
• The Board of Directors of Bilia AB resolved on 9 August to initiate buy-back of own shares within the framework of the authorisation obtained at the AGM. As of 31 December 2011, 515,000 shares have been repurchased for a total of SEK 50 M.
• Bilia is expanding its Service Business in Sweden by investments in Jägersro, Limhamn, Lidingö and Hisingen. The total investment for the projects is estimated to be about SEK 100 M, most of which will be financed by the property owners.
• The Administrative Court in Gothenburg issued a judgement in March 2011 that Bilia's Swedish subsidiary Sevonia AB was entitled to a tax deduction for a group contribution paid of SEK 313.6 M. A positive tax of SEK 82 M was reported in the final accounts for the second quarter.
• An agreement was signed with Opus Prodox AB giving Opus the right of first refusal to establish vehicle inspection at Bilia's dealerships in Sweden.
• Bilia signed an agreement to acquire a workshop in Lerum.
• Bilia's Board of Directors appointed Per Avander as Managing Director and CEO of Bilia starting 4 May 2011.

Events after the balance sheet date

• Bilia has acquired all shares in Blombergs Bilservice i Lidingö AB, which has operated a BMW workshop on Lidingö outside Stockholm for more than 30 years. The company, which runs the business from its own premises in a housing cooperative, has seven employees and an annual turnover of about SEK 10 M. The purchase consideration amounts to SEK 8 M.

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

Fourth quarter 2011

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

Net turnover amounted to SEK 4,780 M (4,620). For comparable operations and adjusted for exchange rate changes, net turnover decreased by about SEK 50 M or 1 per cent. The decrease is mainly attributable to lower sales of new cars.

Operating profit amounted to SEK 154 M (180). Last year's profit includes items affecting comparability of net SEK 14 M. The Service Business continued to develop positively and reported strong earnings during the quarter. Earnings within the Vehicle Business declined by SEK 10 M due to a lower margin in sales of used cars. The underlying costs decreased by nearly 2 per cent, but were 0.5 percentage point lower in relation to net turnover than last year.

Items affecting comparability amounted to SEK 14 M last year and consist of a change in the pension plan in Norway (SEK +7 M), the sale of a property (SEK +16 M) and impairment of land (SEK -9 M).

Net financial items amounted to SEK -8 M (-1). The poorer result is mainly attributable to a lower profit share of SEK 5 M (6) from the indirect shareholding in Volvofinans Bank AB and the repurchase of debenture loans at a premium SEK -3 M.

Tax for the period amounted to SEK -47 M (-3). Revaluation of tax-loss carryforwards resulted in an increase in the tax expense by SEK -6 M (39).

Profit for the period was SEK 99 M (176) and earnings per share SEK 4.00 (7.15). Exchange rate changes increased the profit by SEK 2 M.

Total assets increased during the quarter by SEK 144 M to SEK 5,506 M. The increase is mainly attributable to stocks of new and used cars.

Equity increased by SEK 90 M, amounting to SEK 1,813 M. The equity/assets ratio amounted to 33 per cent (34).

Investments and disposals amounted to a net of SEK 32 M (39). Replacement investments represented SEK 10 M (9), expansion investments SEK 15 M (10), environmental investments SEK 1 M (0), investments in new construction and additions to properties SEK 7 M (17), and finance leases SEK -1 M (3).

Cash flow after net investments amounted to SEK 23 M (-185). Net debt decreased by SEK 7 M during the quarter to SEK 323 M.

Full year 2011

Demand for new cars and service was at a higher level than in 2010.

Net turnover amounted to SEK 18,160 M (16,257). For comparable operations and adjusted for exchange rate changes, net turnover increased by about SEK 1,380 M or 8 per cent. The increase is mainly attributable to higher sales of new cars.

Operating profit amounted to SEK 489 M (497). Items affecting comparability reduced the profit by SEK 9 M (increase: 14). If items affecting comparability are excluded, operating profit amounted to SEK 498 M (483). The earnings improvement is mainly attributable to increased sales of new cars and service. An increased supply of used cars depressed the price level, resulting in a lower gross profit margin. The used car business reported a slim profit, which was about SEK 64 M lower than last year. Underlying costs increased by about SEK 30 M or 1 per cent, but were 1.2 percentage points lower in relation to net turnover than last year.

Items affecting comparability (see table on page 4) amounted to SEK -9 M (14) and consist of the cost of premature termination of the lease for a facility in Norway.

Net financial items amounted to SEK -27 M (-10). The figure includes a profit share of SEK 17 M (23) from the indirect shareholding in Volvofinans Bank AB. Repurchase of debenture loans at a premium reduced net financial items by SEK 3 M. The rest of the decrease is primarily attributable to higher average net debt.

Tax for the year amounted to SEK -42 M (-80). During the year, Bilia won a dispute with the Swedish National Tax Board concerning the deductibility of a group contribution paid to a foreign subsidiary, which reduced the tax expense by SEK 82 M. Furthermore, a revaluation of taxloss carryforwards increased the tax expense by SEK -6 M (39).

Net profit for the year amounted to SEK 420 M (407) and earnings per share to SEK 16.85 (16.50). Exchange rate changes reduced the profit by SEK 1 M.

Total assets increased during the year by SEK 428 M to SEK 5,506 M. The increase is mainly attributable to the acquisition of the BMW operation in Stockholm and to higher stocks of new cars.

Equity increased by SEK 74 M, amounting to SEK 1,813 M. Dividends were paid to shareholders in the amount of SEK 301 M. The equity/assets ratio amounted to 33 per cent (34).

Investments and disposals amounted to a net of SEK 83 M (102). Replacement investments represented SEK 31 M (24), expansion investments SEK 32 M (24), environmental investments SEK 1 M (1), investments in new construction and additions to properties SEK 14 M (37), and finance leases SEK 5 M (16).

Cash flow after net investments amounted to SEK 378 M (-134). The acquisition of the BMW operation in Stockholm reduced the cash flow by SEK 121 M. Net debt increased from the beginning of the year by SEK 26 M to SEK 323 M.

The number of employees increased during the year by 182, amounting to 3,461. Acquired operations are included with 73 persons.

Breakdown of operating profit

		Fourth quarter		Full year
SEK M	2011	2010	2011	2010
Cars	166	176	541	525
Parent Company	-12	-10	-45	-42
Other, eliminations	0	14	-7	14
Operating profit	154	180	489	497

Items affecting comparability

		Fourth quarter		Full year
Group, SEK M	2011	2010	2011	2010
Operating profit excl. items
affecting comparability	154	166	498	483
Items affecting comparability
- Gain from sale of properties	-	16	-	16
- Change of pension plan in Norway	-	7	-	7
- Structural costs etc.	-	-	-9	-
- Impairment of land in Denmark	-	-9	-	-9
Operating profit	154	180	489	497
Profit before tax excl. items
affecting comparability	146	165	471	473
Items affecting comparability
- Profit from sale of property	-	16	-	16
- Change of pension plan in Norway	-	7	-	7
- Structural costs etc.	-	-	-9	-
- Impairment of land in Denmark	-	-9	-	-9
Profit before tax	146	179	462	487

Cars

		Deliveries			Order backlog
No. of new		Fourth quarter		Full year	31 December
vehicles	2011	2010	2011	2010	2011	2010
Sweden1)	7,786	8,028	29,770	25,112	3,592	4,496
Norway	1,890	1,622	6,876	5,683	1,111	1,258
Denmark	1,385	1,733	4,351	4,384	377	308
Total	11,061	11,383	40,997	35,179	5,080	6,062

1) The BMW operation in Stockholm is included in deliveries during the quarter in the amount of 489 (-), and during 2011 in the amount of 1,860 (-).

	Net turnover					Operating profit/loss, operating margin
		Fourth quarter		Full year			Fourth quarter				Full year
SEK M	2011	2010	2011	2010	2011	%	2010	%	2011	%	2010	%
Sweden	3,166	3,039	12,229	10,456	132	4.2	143	4.7	414	3.4	401	3.8
Norway	1,190	1,091	4,513	4,281	37	3.1	25	2.3	128	2.8	110	2.6
Denmark	424	490	1,421	1,523	-3	-0.7	8	1.6	-1	0.0	14	1.0
Total	4,780	4,620	18,163	16,260	166	3.5	176	3.8	541	3.0	525	3.2

• Strong earnings in Norway

• Order bookings down by 10 per cent

The market for new cars increased during the quarter in Norway and Denmark by 8 per cent, while it decreased in Sweden by 7 per cent.

Net turnover amounted to SEK 4,780 M, compared with last year's SEK 4,620 M. Adjusted for exchange rate changes, net turnover decreased by about SEK 50 M or 1 per cent. The decrease is mainly attributable to lower sales of new cars.

Cars once again reported a strong operating profit of SEK 166 M (176) and an operating margin of 3.5 per cent (3.8). The profit in the Service Business equalled last year's excellent result of SEK 142 M. The Vehicle Business reported a profit of SEK 24 M (34). The decrease is attributable to lower sales of used cars. Orders received were lower than deliveries, resulting in a reduction in the order backlog by 2,480 cars during the quarter.

The operation in Sweden reported an operating profit of SEK 132 M (143). The decrease is mainly attributable to a lower margin in used car sales. The Service Business finished the year with yet another strong profit, which was slightly better than last year.

Operating profit in Bilia's Norwegian operation amounted to SEK 37 M (25) and the operating margin to 3.1 per cent (2.3). The increase is mainly attributable to increased sales of new cars and a higher gross profit margin on sales of used cars. The Service Business reported slightly better earnings than last year. Costs were both relatively and nominally lower compared with last year.

The Danish operation reported an operating loss of SEK 3 M (profit: 8). The operation had a very strong finish last year, driven by high deliveries of cars with high sales of accessories and workshop services. Turnover declined by 13 per cent in the Service Business, which had a negative impact on earnings. Demand for service has been weak for most of the year. Earnings in the Vehicle Business also declined due to lower turnover and a slightly lower gross profit margin.

			Net turnover 2)		Operating profit
		Fourth quarter		Full year		Fourth quarter	Full year
SEK M	2011	2010	2011	2010	2011	2010	2011	2010
Service Business 1)	1,428	1,380	5,254	5,066	142	142	418	383
- margin, %					9.9	10.3	8.0	7.6
Vehicle Business 1)	3,587	3,471	13,679	11,902	24	34	123	142
- margin, %					0.7	1.0	0.9	1.2

Cars - divided into Service and Vehicle businesses

1) Service includes workshop services, spare parts, accessories and fuel in the car operation. The Vehicle Business includes sales of new and used vehicles and customer financing. 2) Net turnover does not include eliminations for internal sales.

• Strong earnings in the Service Business

• Loss in the used car business

The Service Business's sales for comparable operations and adjusted for exchange rate changes increased by about nearly 1 per cent. Sweden's sales increased by 2 per cent and Norway's by 4 per cent, while Denmark's decreased by 13 per cent. The operating profit equalled last year's strong result. Demand has diminished somewhat compared with last year due to the lack of snow and cold in our market areas. At the same time, costs for snow clearance and electricity have been much more modest.

The Vehicle Business's deliveries of vehicles decreased during the quarter for comparable operations by 7 per cent for new vehicles and 2 per cent for used vehicles. Order bookings were at a lower level compared with last year as well as compared with last quarter, as a result of which the

Service Business, Net Turnover, SEK M 0 300 600 900 1200 1500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0 1000 2000 3000 4000 5000 6000 Isolated quarters Rolling 12 months 2010

order backlog declined by 2,480 cars during the quarter. The order backlog normally increases

during the year, only to decline during the fourth quarter. Last year's decrease amounted to 1,839 cars. Vehicle turnover decreased by 2 per cent for comparable operations and adjusted for exchange rate changes. Operating profit decreased by SEK 10 M, amounting to SEK 24 M. The loss is attributable to a lower gross profit margin in used car sales. The used car business reported a loss of SEK 10 M, which was SEK 15 M worse than last year. The operation has prioritised a high turnover rate and keeping stock levels low, which has had a negative impact on the gross profit margin.

Stocks of new unsold cars and used cars increased during the quarter but are at acceptable levels. The turnover rate for used cars decreased slightly during the quarter, amounting at the end of the quarter to just under 10 times per year.

Vehicle Business, Operating Profit, SEK M

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 has an annual turnover of about SEK 600 M with an operating margin of about 4 per cent. The number of cars sold annually is around 1,300. The purchase consideration was SEK 138 M. The entire purchase consideration 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			138
Less: Cash and cash equivalents in acquired 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, accounting, public relations and business development. Furthermore, Bilia AB conducts training, purchasing and IT activities, mainly for companies in the Group.

The Parent Company's operating loss for the fourth quarter amounted to SEK 12 M (loss: 10), while the loss for the whole year amounted to SEK 45 M (loss: 42).

Dividend

The Board of Directors proposes a regular dividend of SEK 9.50. Last year a regular dividend of SEK 8.00 was paid, plus an extra dividend of SEK 4.00, for a total of SEK 12.00 per share.

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 2010 Annual Report.

Accounting policies

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 2011 have not had any effect on the Consolidated or Parent Company financial statements.

IAS 19 - Pensions

Information on changed assumptions regarding life expectancy

PRI ideell förening has decided to update its life expectancy assumptions with regard to the calculation of pension liability according to ITP 2 as of 30 June 2011. PRI Pensionsgaranti has estimated that the ITP 2 liability measured according to IAS 19 will generally increase by about 8 per cent as an effect of the changed life expectancy assumptions. The changed life expectancy assumptions are classified as an actuarial loss.

Bilia handles actuarial gain/loss over the socalled corridor, which means that the change will not affect net profit for the year.

More information is available on PRI Pensionsgaranti's website: pripensionsgaranti.se.

Audit

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

Annual General Meeting 2012

The Annual General Meeting will be held on 4 May at 11 a.m. at Bilia's facility at Haga Norra, Frösundaleden 4, in Stockholm. Shareholders who wish to have a matter on the agenda at the AGM should contact Bilia no later than 16 March 2012 in order for the

matter to be included in the notice of the meeting.

The Annual Report for 2011 will be published on Bilia's website on 23 March 2012.

Next report

The interim report for the first quarter of 2012 will be published on 4 May 2012.

Gothenburg, 3 February 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. The information was submitted for publication on 3 February 2012 at 12:30 p.m.

Group's operating segments

Full year

			Se	rvic e					Ve hic	les				Tot al		cilia tion	Seg	nt me
	Sw	ede n	No	rwa y	De nm	ark	Sw	ede n	No	rwa y	De	ark nm	Ca	rs	Par Co ent	mp any	rec onc	iliat ion	Gro	up
SE K M	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0	201 1	201 0
Net tu rno ver
Ext al s ale ern s	3, 411	3,2 39	745	752	328	367	8, 818	7,2 17	3, 768	3,5 29	1, 093	1,1 56	18, 163	16, 260	2	1	-5	-4	18, 160	16, 257
Inte l sa les rna	424	350	254	253	92	105							770	708	124	104	-89 4	-81 2	-	-
To tal net tu rno ver	3, 835	3,5 89	999	1,0 05	420	472	8, 818	7,2 17	3, 768	3,5 29	1, 093	1,1 56	18, 933	16, 968	126	105	-89 9	-81 6	18, 160	16, 257
De cia tion /am orti ion sat	58	46	7	9	6	7	244	212	18	28	5	5	338	307	9	9	2	0	349	316
pre fit/l	324	286	80	74	14	23	90	115	48	36	-15	-9	541	525	-45	-42	-7	14	489	497
Op ting era pro oss
Inte t in res com e																			10	7
Inte t ex res pen ses																			54	40
Sha in fits of oci d c ies ate res pro ass om pan							17	23					17	23					17	23
Pro fit/l be fore tax oss																			462	487
Tax for the riod ex pen se pe																			-42	-80
Net ofit /lo for th eri od pr ss e p																			420	407
Ma ter ial item f in nd s o com e a exp ens e
f a rrin ise d atu o no n-r ecu g n re r eco gn
in th e In e S tate nt: com me
Item ffec bili
ting ty s a co mp ara
-Ga in f le o f pr rtie rom sa ope s																19		-3		16
-St l co tura sts etc ruc			-2						-7				-9						-9
-Im irm los ent pa ses						-1						-1		-2				-7		-9
-Ch ed sio lan in No ang pen n p rwa y				5						2				7						7
Item f n rin atu s o on -re cur g n re	-	-	-2	5	-	-1	-	-	-7	2	-	-1	-9	5	-	19	-	-10	-9	14
Ma ial item ffe ctin ash ter ot a s n g c
b esi des de cia /am isa tion ton ort pre :
-Ot her	-12	-7	-5	-2	-7	-1	-16	-4	-4	-2	1	-5	-43	-21	-2	-2			-45	-23
To tal	-12	-7	-5	-2	-7	-1	-16	-4	-4	-2	1	-5	-43	-21	-2	-2	-	-	-45	-23
As set s
Inte ts i cia ted ani res n a sso co							312	302					312	302					312	302
mp es
Def ed tax set err as s																			67	87
Oth ts er a sse																			5, 127	4,6 89
To tal ets ass							312	302					312	302					5, 506	5,0 78
Inv est nts in t as set me non -cu rren s	28	29	7	7	2	4	283	372	-1	-20 2	-13	30	306	240	25	11	2	2	333	253
Lia bili ties
Equ ity																			1, 813	1,7 39
Lia bilit ies																			3, 693	3,3 39
To tal liab iliti and uity es eq																			5, 506	5,0 78

	Rev enu	e fr om	No nt n-c urre
	al c ext ern	ust om ers	ass	ets
SE K M	201 1	201 0	201 1	201 0
hic Ge al s ent og rap egm s
Sw ede n	12, 231	10, 457	2, 787	2,4 39
No rwa y	4, 513	4,2 81	157	176
De ark nm	1, 421	1,5 23	111	134
Seg nt r nci liat ion me eco	-5	-4	-74 2	-60 9
To tal	18, 160	16, 257	2, 313	2,1 40

Consolidated Statement of Comprehensive Income

	Fourth quarter			Full year
SEK M	2011	2010	2011	2010
Net turnover	4,780	4,620	18,160	16,257
Cost of goods sold	4,030	3,866	15,364	13,532
Gross profit	750	754	2,796	2,725
Other operating income	3	27	8	30
Selling expenses	506	498	1,926	1,847
Administrative expenses	91	89	375	394
Other operating expenses	2	14	14	17
Operating profit 1)	154	180	489	497
Financial income	2	3	10	7
Financial expenses	15	10	54	40
Shares in profits of associated companies	5	6	17	23
Net financial items	-8	-1	-27	-10
Profit before tax	146	179	462	487
Tax	-47	-3	-42	-80
Net profit for the year	99	176	420	407
Other comprehensive income/loss
Translation differences for the period on translation of foreign financial statements	-9	-1	1	-30
Comprehensive income for the year	90	175	421	377
Net profit for the year attributable to:
Parent Company's shareholders	99	176	420	407
Comprehensive income for the year attributable to:
Parent Company's shareholders	90	175	421	377
Number of shares at end of period, '000:
– before dilution	24,565	24,884	24,565	24,884
– after dilution	24,944	25,459	24,944	25,459
Basic earnings per share, SEK	4.05	7.05	17.10	16.35
Diluted earnings per share, SEK	4.00	6.90	16.85	16.00
Number of own shares at end of period, '000	515	-	515	-
Weighted average number of shares, '000:
– before dilution	24,563	24,878	24,874	24,698
– after dilution	24,944	25,459	25,292	25,459
Basic earnings per share, SEK	4.00	7.15	16.85	16.50
Diluted earnings per share, SEK	4.00	6.90	16.60	16.00
Weighted average number of own shares, '000	515	-	167	567
1) Straight-line amortisation/depreciation by asset class
- Intellectual property	7	7	27	27
- Land and buildings - Equipment, tools, fixtures and fittings	3 19	0 21	9 76	7 82
- Leased vehicles	66	53	237	200
Total	95	81	349	316

Consolidated Statement of Financial Position, Summary

SEK M	31/12 2011	31/12 2010
Assets
Non-current assets
Intangible assets
Intellectual property	139	97
Goodwill	149	90
	288	187
Property, plant and equipment
Land and buildings	102	102
Construction in progress	1	0
Equipment, tools, fixtures and fittings	284	303
Leased vehicles 1)	1,271	1,178
	1,658	1,583
Long-term investments
Financial investments	317	307
Non-current receivables 2)	50	63
Deferred tax assets	67	87
	434	457
Total non-current assets	2,380	2,227
Current assets
Inventories, merchandise	2,128	1,822
Current receivables Other receivables 1)
Cash and cash equivalents 2)	901 97	961
		68
Total current assets	3,126	2,851
Total assets	5,506	5,078
Equity and liabilities
Equity
Share capital Other contributed capital	251 46	249 44
Reserves	-24	-25
Retained earnings including net profit for the year	1,540	1,471
Total equity	1,813	1,739
Non-current liabilities
Debenture loan 3)	28	100
Interest-bearing liabilities 3)	110	110
Other liabilities and provisions 4)	1,122	899
	1,260	1,109
Current liabilities
Interest-bearing liabilities 3)	227	161
Other liabilities and provisions	2,206	2,069
Total equity and liabilities	2,433 5,506	2,230 5,078
Assets
1) Of which interest-bearing	242	285
2) Interest-bearing	147	131
Liabilities 3) Interest-bearing	365	371
4) Of which interest-bearing	347	342

Statement of Changes in Group Equity, Summary

SEK M	31/12 2011	31/12 2010
Opening balance	1,739	1,425
Cash dividend to shareholders	-301	-74
Exercised warrants	4	11
Buy-back of own shares	-50	-
Comprehensive income for the year	421	377
Closing balance	1,813	1,739

Consolidated Statement of Cash Flows

		Fourth quarter		Full year
SEK M	2011	2010	2011	2010
Operating activities
Profit before tax	146	179	462	487
Depreciation, amortisation and impairment losses	98	93	352	328
Other items not affecting cash	-4	-36	26	8
Tax paid	4	-5	-40	-58
Change in inventories	-336	-290	-241	-543
Change in operating receivables	-11	-165	117	-162
Change in operating liabilities	191	200	142	38
Cash flow from operating activities	88	-24	818	98
Investing activities
Acquisitions and disposals of non-current assets	-32	-39	-83	-102
Acquisitions and disposals of leased vehicles	-37	-140	-250	-151
Acquisitions and disposals of financial assets	4	-1	14	2
Acquisition of subsidiary/operation, net	-	-	-121	-
Disposal of subsidiary/operation, net	-	19	-	19
Cash flow from investing activities	-65	-161	-440	-232
Remaining after net investments	23	-185	378	-134
Financing activities
Change in bank loans and other loans	-58	162	-2	136
Exercised warrants	0	0	4	11
Buy-back of own shares	-	-	-50	-
Dividend paid to Parent Company's shareholders	-	-	-301	-74
Cash flow from financing activities	-58	162	-349	73
Change in cash and cash equivalents, excl. translation differences	-35	-23	29	-61
Exchange difference in cash and cash equivalents	-2	0	0	-1
Change in cash and cash equivalents	-37	-23	29	-62
Cash and cash equivalents at start of period	134	91	68	130
Cash and cash equivalents at end of period	97	68	97	68

Quarterly review

		Q u a r t e r
Group	1/10	2/10	3/10		4/10		1/11		2/11		3/11		4/11
Net turnover, SEK M	3,742	4,158	3,737		4,620		4,344		4,857		4,179		4,780
Operating profit, excl. items affecting comparability, SEK M	83	129	105		166		98		141		105		154
Operating margin, excl. items affecting comparability, %	2.2	3.1	2.8		3.6		2.3		2.9		2.5		3.2
Operating profit, SEK M	83	129	105		180		98		141		96		154
Operating margin, %	2.2	3.1	2.8		3.9		2.3		2.9		2.3		3.2
Profit before tax, SEK M	78	126	104		179		92		133		91		146
Profit for the period, SEK M	59	94	78		176		69		184		68		99
Rate of capital turnover, times 1)	3.09	3.21	3.31		3.39		3.44		3.48		3.49		3.41
Return on capital employed, % 1)	13.1	17.6	20.5		23.9		23.5		22.9		21.8		20.3
Return on equity, % 1)	14.6	19.1	21.8		25.7		25.8		30.5		29.1		23.6
Net debt/equity, times	0.11	0.17	0.16		0.17		0.16		0.32		0.19		0.18
Equity/assets ratio, %	31	31	33		34		35		31		32		33
Interest coverage ratio, times 1)	5.7	8.0	9.6		12.7		12.6		11.8		10.9		9.4
Data per share (SEK)
Profit for the period	2.40	2) 3.85	4) 3.10	6)	7.15	8)	2.75	10)	7.35	12)	2.75	14)	4.00	16)
Equity	60	3) 60	5) 63	7)	70	9)	72	11)	68	13)	70	15)	74	17)

1) Rolling 12 months. 2) Based on weighted average number of shares during first quarter, 24,308,938.

3) Based on number of shares outstanding at 31 March 2010, 24,711,042.

4) Based on weighted average number of shares during second quarter, 24,755,541.

5) Based on number of shares outstanding at 30 June 2010, 24,778,207.

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

Income Statement for Parent Company

	Fourth quarter		Full year
SEK M	2011	2010	2011	2010
Net turnover	31	25	126	105
Administrative expenses	43	35	171	147
Operating loss 1)	-12	-10	-45	-42
Income from financial items
Income from interests in Group companies	366	463	366	463
Interest income from Group companies	7	6	35	24
Other interest income and similar line items	1	1	4	3
Interest expenses to Group companies	0	0	1	1
Interest expenses and similar line items	5	3	21	15
Profit after financial items	357	457	338	432
Appropriations	-9	-88	-9	-88
Profit before tax	348	369	329	344
Tax	0	-69	-1	-67
Net profit for the year	348	300	328	277
1) Straight-line amortisation/depreciation by asset class - Intellectual property - Equipment, tools, fixtures and fittings	2 0	2 0	8 1	8 1
Total	2	2	9	9

Balance Sheet for Parent Company, Summary

SEK M	31/12 2011	31/12 2010
Assets
Non-current assets
Intangible assets
Intellectual property	39	27
	39	27
Property, plant and equipment
Buildings	2 4	-
Equipment, tools, fixtures and fittings	6	2 2
Long-term investments
Interests in Group companies	743	609
Other securities held as non-current assets	0	0
Other non-current receivables	33	37
Deferred tax asset	22	18
	798	664
Total non-current assets	843	693
Current assets Current receivables
Receivables from Group companies	842	908
Other receivables	73	7
Cash and bank balances	0	13
Total current assets	915	928
Total assets	1,758	1,621
Equity and liabilities
Equity
Restricted equity
Share capital	251	249
Statutory reserve	47	47
	298	296
Non-restricted equity
Share premium reserve	46	44
Retained earnings including net profit for the year	870	892
	916	936
Total equity	1,214	1,232
Untaxed reserves	179	170
Provisions
Provisions for pensions and similar obligations	15	13
	15	13
Non-current liabilities
Debenture loan	28	100
Other liabilities	5	4
	33	104
Current liabilities
Liabilities to credit institutes	122	-
Liabilities to Group companies	76	30
Other liabilities	119	72
	317	102
Total equity and liabilities	1,758	1,621
Pledged assets and cont. liabilities for Parent Company
Pledged assets	447	410
Contingent liabilities	1,033	1,265