Bilia — Interim / Quarterly Report 2013

May 3, 2013

Everything to do with our finances. And then some.

Report for the first quarter of 2013

Report for the first quarter of 2013

First quarter

• Net turnover amounted to SEK 4,048 M (4,562).
• Operating profit amounted to SEK 45 M (77).
• Net profit for the period was SEK 44 M (50) and earnings per share SEK 1.80 (2.05).
• Operating cash flow amounted to SEK 90 M (355).
• The order backlog increased by 34 per cent during the quarter.

In a comment on the first says:

Demand for new cars and service was on a level with the situation during the fourth quarter. The lower profit compared with last year is attributable to the Car Business and fewer vehicle deliveries. Orders received was, however, on a level with last year, and the order backlog increased during the quarter. The Service Business showed strength by reporting earnings that were slightly better than last year, despite fewer working days during the quarter. We reported a good cash flow, and the Group s financial position is still strong. We believe that demand for cars during the second quarter of 2013 will be on a par with, or slightly better than, the level during the same quarter last year. Demand for service is expected to be better than last year.

	First quarter		April 12 -	Full year
Group	2013		2012 March 13	2012
Net turnover, SEK M	4,048	4,562	17,148	17,662
Operating profit excl. items affecting
comparability, SEK M 1 )	45	77	299	331
Operating margin excl. items affecting
comparability, %	1.1	1.7	1.7	1.9
Operating profit, SEK M	45	77	238	270
Operating margin, %	1.1	1.7	1.4	1.5
Profit before tax excl. items affecting
comparability, SEK M 1 )	54	73	295	314
Profit before tax, SEK M	54	73	234	253
Net profit for the period / year, SEK M	44	50	150	156
Earnings/loss per share, SEK 2)	1.80	2.05	6.05	6.30

1 ) Items affecting comparability are shown in the table on page 3.

2 ) The number of shares used in the calculation is shown in the table on page 10.

Notable events during 2013

• During the year up to and including the 30th of April, 12,970 warrants were exercised to subscribe for new shares, resulting in a new issue of SEK 0.3 M. The number of outstanding warrants at 30 April was 332,186.
• Bilia in Norway acquired Kverneland s operation in Drammen. At the same time, Kverneland acquired Bilia s operation in Bryne. The net purchase consideration amounted to around SEK 15 M. Kverneland s operation in Drammen reported a turnover of about SEK 225 M in 2012, while the turnover in Bilia s operation in Bryne amounted to about SEK 115 M. The deal was consummated on the 1st of April.

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

First quarter 2013

Demand for cars and service was on a level with both the same quarter last year and with the fourth quarter.

Net turnover amounted to SEK 4,048 (4,562). For comparable operations and adjusted for exchange rate changes, net turnover decreased by about SEK 480 M or 11 per cent. The decrease is mainly attributable to lower sales of new cars.

Operating profit amounted to SEK 45 M (77). The decrease is mainly attributable to fewer deliveries of new cars. Orders received for new cars was on a par with last year and higher compared with deliveries, resulting in an increase in the order backlog during the quarter. The Service Business reported slightly better earnings compared with last year, despite the fact that the quarter contained fewer working days. Underlying overheads decreased by 2 per cent compared with last year and amounted to 14.7 per cent of net turnover, which was 1.3 percentage points higher compared with last year.

Net financial items amounted to SEK 9 M (-4). The improvement is attributable to higher earnings from associated companies, SEK 19 M (5). A change in the Swedish income tax rate to 22 per cent explains the higher earnings from associated companies.

Tax for the period amounted to SEK -10 M (-23). The tax corresponds to a tax rate of 29 per cent (34) if the tax-free portion of the earnings of the associated companies is excluded. No tax asset has been recognised for the year s deficit in Denmark.

Profit for the period was SEK 44 M (50) and earnings per share SEK 1.80 (2.05). Exchange rate changes affected the profit marginally.

Total assets decreased during the quarter by SEK 410 M to SEK 5,432 M. The decrease is mainly attributable to lower stocks of new and used cars and lower trade receivables.

Equity increased during the quarter by SEK 29 M, amounting to SEK 1,615 M. Translation differences attributable to foreign operations reduced equity by SEK 15 M (increase: 2). The equity/assets ratio amounted to 30 per cent (30).

Acquisition of non-current assets amounted to SEK 33 M (46). Replacement investments represented SEK 12 M (11), expansion investments SEK 6 M (4), environmental investments SEK 0 M (0) and investments in new construction and additions to properties SEK 11 M (29), while finance leases amounted to SEK 4 M (2).

Operating cash flow amounted to SEK 90 M (355). After acquisition of operations and change in interest-bearing receivables, cash flow amounted to SEK 99 M (159). Net debt decreased by SEK 88 M during the quarter, amounting to SEK 482 M.

Liquidity remains good, and at the end of March a positive bank balance of SEK 34 M was reported. The combined credit limit with Nordea and DNB amounts to SEK 900 M.

The number of employees declined by 17 during the quarter to 3,414 persons.

Items affecting comparability

	First quarter		April 12 -	Full year
Group, SEK M	2013	2012	March 13	2012
Operating profit excl. items affecting
comparability	45	77	299	331
Items affecting comparability
- Gain from sale of operation, other	0	0	24	24
- Structural costs etc.	0	0	-85	-85
Operating profit	45	77	238	270
Profit before tax excl. items affecting
comparability	54	73	295	314
Items affecting comparability
- Gain from sale of operation, other	0	0	24	24
- Structural costs etc.	0	0	-85	-85
Profit before tax	54	73	234	253

Group

		Order backlog
No. of new	First quarter		April 12 -	Full year	31 March
cars	2013	2012	March 13	2012	2013	2012
Sweden	5,209	5,990	22,948	23,729	4,460	3,933
Norway	1,527	2,010	7,127	7,610	1,439	1,421
Denmark	705	708	3,214	3,217	668	537
Total	7,441	8,708	33,289	34,556	6,567	5,891

			Net turnover							Operating profit/loss excl. items affecting comparability , operating margin
	First quarter			April 12 - Full year		First quarter			April 12 -	Full year
SEK M	2013		2012 March 13	2012	2013	%	2012	%	March 13	2012	%
Sweden	2,683	2,813	11,006	11,136	52	1.9	62	2.2	283	293	2.6
Norway	1,171	1,456	5,118	5,403	14	1.2	39	2.7	99	124	2.3
Denmark	193	292	1,022	1,121	-8	-3.8	-14	-5.0	-41	-47	-4.2
Total Cars	4,047	4,561	17,146	17,660	58	1.4	87	1.9	341	370	2.1
Parent Company, other	1	1	2	2	-13	-	-10	-	-42	-39	-
Total	4,048	4,562	17,148	17,662	45	1.1	77	1.7	299	331	1.9

• Weak earnings in Norway
• Order backlog increased during the quarter

The market for new cars shrank during the quarter by 18 per cent in Sweden and 3 per cent in Norway, while it increased by 6 per cent in Denmark.

The Group reported an operating profit, excluding items affecting comparability, of SEK 45 M (77) and an operating margin of 1.1 percent (1.7). The earnings decrease is attributable to fewer deliveries of new cars. The Car Business reported a loss of SEK 13 M, which was SEK 33 M worse than last year. The order backlog increased by 1,684 cars during the quarter, amounting to 6,567 cars at the end of March.

The operation in Sweden reported an operating profit of SEK 52 M (62). The Car Business reported a profit that was SEK 13 M worse than last year. The poorer profit is attributable to fewer deliveries of new cars. The Service Business reported unchanged earnings compared with last year, despite the fact that the quarter contained two fewer working days than the same quarter last year.

Operating profit in Bilia s Norwegian operation amounted to SEK 14 M (39). The Car Business reported a profit that was SEK 20 M worse than last year. The poorer profit is attributable to fewer deliveries of new cars, and turnover declined by all of 33 per cent compared with last year. The Service Business reported a profit that was SEK 5 M worse than last year, due to the fact that the quarter contained fewer working days.

The Danish operation reported an operating loss of SEK 8 M (loss: 14). The improvement compared with last year is attributable to the Service Business. Demands for workshop services continued to be weak, and turnover declined by 23 per cent while overheads were reduced by 33 per cent. The Car Business reported unchanged earnings compared with last year. Altogether, overheads in the Danish operation decreased by SEK 15 M or 24 per cent compared with last year.

		Net turnover	1 )		Operating profit, operating margin
	First quarter		April 12 -	Full year	First quarter		April 12 -	Full year
SEK M	2013		2012 March 13	2012	2013		2012 March 13	2012
Service Business	984	1,030	3,914	3,960	65	64	269	268
- margin, %					6.6	6.2	6.9	6.8
Car Business	2,979	3,435	12,777	13,233	-13	20	56	89
- margin, %					-0.4	0.6	0.4	0.7
Fuel Business	265	288	1,162	1,185	6	3	16	13
- margin, %					2.3	1.1	1.4	1.1

Cars divided into Service, Car 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.

• Better earnings in the Service Business
• Fewer deliveries affected the Car Business

The Service Business s sales for comparable operations and adjusted for exchange rate changes decreased by about 4 per cent. Sales in Norway declined by 6 per cent and in Denmark by 23 per cent, while turnover in Sweden was unchanged. The quarter contained two fewer working days in Sweden and four fewer in Norway and Denmark. This calendar effect accounts for a decline in turnover of about 4 per cent. Adjusted for this, the Group s turnover was unchanged compared with last year.

Despite the lower turnover, the profit was slightly better compared with last year due to lower overheads.

The Car Business s deliveries of new cars declined during the quarter for comparable operations by 15 per cent and deliveries of used cars by 3 per cent. Orders received for new cars was also at a slightly lower level than last year, -1 per cent, but considerably higher compared with the quarter s deliveries. The order backlog increased by 1,684 cars during the quarter, amounting to 6,567 cars at the end of March (5,891). The used car business reported a profit for the quarter that was marginally better compared 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, nearly 10 times per year.

The Fuel Business is concentrated to Sweden, and earnings improved by SEK 3 M to SEK 6 M. The improvement is attributable to a higher gross profit margin.

Parent Company

public relations and business development. Furthermore, Bilia AB conducts training, real estate and IT activities, mainly for companies in the Group.

first quarter amounted to SEK 15 M (loss: 10). The increase in loss is mainly attributable to higher provisions for special payroll tax linked to value increases on endowment policies. The figure also includes a cost of SEK 1 M attributable to the sale of the Danish properties in 2008. No cost arose in the Group, since the amount had been set aside.

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.
• Reduced demand for service and repairs.
• Increased competition in the markets where Bilia is active.
• The ability of suppliers to offer competitive products.
• Automotive suppliers become insolvent or terminate retailer agreements with Bilia.
• 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 2012 Annual Report.

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, with the following exceptions.

The revised IAS 19 Employee benefits applies as from 1 January 2013. As a result of the change, the corridor method is no longer applied. Actuarial gains and losses are recognised in Other comprehensive income with cumulative effect in equity. Return on plan assets is based on the discount rate used to calculate the pension liability and is included in the net profit for the year. The difference between real and calculated return on plan assets is recognised in other comprehensive income. This change entails a change in accounting policy for Bilia. Changes in accounting policies are applied retrospectively, which means that the 2012 figures have been recalculated in the report for the first quarter of 2013.

Interest-bearing liabilities for the full year 2012 have increased by SEK 175 M, and the effect on equity of previously unrecognised actuarial losses, after special payroll tax and deferred tax have been taken into account, amounts to SEK 167 M, consisting of a reduction in the opening value as of 1 January 2012 by SEK 177 M and a positive earnings effect of SEK 10 M.

Events after the end of the report period

No significant events have occurred after the end of the report period.

Audit

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

Next report

The interim report for the second quarter of 2013 will be published on 25 July 2013 at 8:30 a.m..

Gothenburg, 3 May 2013 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 May 2013 at 11:00.

First quarter
	Service			Car		Fuel		Total		Segment		Group
								Cars		reconciliation
SEK M	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Net turnover
External sales	803	838	2,979	3,435	265	288	4,047	4,561	1	1	4,048	4,562
Internal sales	181	192	0	0			181	192	-181	-192	-	-
Total net turnover	984	1,030	2,979	3,435	265	288	4,228	4,753	-180	-191	4,048	4,562
Depreciation/amortisation	17	20	62	69	1	1	80	90	4	3	84	93
Operating profit/loss	65	64	-13	20	6	3	58	87	-13	-10	45	77
Interest income											3	3
Interest expenses											13	12
Shares in profits of associated companies			19	5			19	5			19	5
Profit before tax											54	73
Tax expense for the period											-10	-23
Net profit for the period											44	50
Material items of income and expense of a non-re
curring nature recognised in the Income Statement:
Items affecting comparability
Items of non-recurring nature	-	-	-	-	-	-	-	-	-	-	-	-
Material items not affecting cash besides
depreciation/amortisation:
- Other	-10	-5	-23	-6	0	0	-33	-11	-1		-34	-11
Total	-10	-5	-23	-6	0	0	-33	-11	-1	-	-34	-11
Assets
Interests in associated companies			336	317			336	317			336	317
Deferred tax assets											74	133
Other assets											5,022	5,426
Total assets			336	317			336	317			5,432	5,876
Investments in non-current assets	16	15	6	-4	0	0	22	11	12	6	34	17
Liabilities
Equity											1,615	1,751
Liabilities											3,817	4,125
Total liabilities and equity											5,432	5,876

	external customers	Revenue from		Non-current assets
SEK M	2013	2012	2013	2012
Geographical segments
Sweden	2,684	2,814	2,681	2,715
Norway	1,171	1,456	555	551
Denmark	193	292	69	96
Segment reconciliation	0	0	-724	-742
Total	4,048	4,562	2,581	2,620

Group's operating segments con'd.

First quarter

				Service						Car
	Sweden			Norway		Denmark		Sweden		Norway	Denmark
SEK M	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012	2013	2012
Net turnover
External sales	557	558	195	211	51	69	1,872	1,979	965	1,233	142	223
Internal sales	107	94	58	77	16	21
Total net turnover	664	652	253	288	67	90	1,872	1,979	965	1,233	142	223
Depreciation/amortisation	14	15	2	3	1	2	55	63	6	5	1	1
Operating profit/loss	53	53	12	17	0	-6	-7	6	2	22	-8	-8
Shares in profits of associated companies							19	5
Material items of income and expense of a non-re curring nature recognised in the Income Statement: Items affecting comparability
Items of non-recurring nature	-	-	-	-	-	-	-	-	-	-	-	-
Material items not affecting cash besides depreciation/amortisation: - Other	-10	-5	0	0	0	0	-10	-5	-1	0	-12	-1
Total	-10	-5	0	0	0	0	-10	-5	-1	0	-12	-1
Assets Interests in associated companies							336	317
Investments in non-current assets	9	4	7	11	0	0	11	-10	-3	17	-2	-11

Consolidated Statement of Comprehensive Income and Other Comprehensive Income

	First quarter		April 12 -	Full year
SEK M	2013		2012 March 13	2012
Net turnover	4,048	4,562	17,148	17,662
Costs of goods sold	3,413	3,874	14,488	14,949
Gross profit	635	688	2,660	2,713
Other operating income	4	2	34	32
Selling expenses	482	508	1,938	1,964
Administrative expenses	111	103	430	422
Other operating expenses	1	2	88	89
Operating profit 1) Financial income	45 3	77 3	238 11	270 11
Financial expenses	13	12	48	47
Shares in profits of associated companies	19	5	33	19
Net financial items	9	-4	-4	-17
Profit before tax	54	73	234	253
Tax	-10	-23	-84	-97
Net profit for the period	44	50	150	156
Other comprehensive income/loss
Items that cannot be reclassified to profit or loss
Revaluation of defined-benefit pension plans	0	0	7	7
Tax attributable to items that cannot be reclassified
to profit or loss	0	0	-1	-1
	0	0	6	6
Items that can be reclassified to profit or loss
Translation differences attributable to foreign
operations	-15	2	-15	2
Tax attributable to items that have been or may be
reclassified to profit or loss	0	0	0	0
Other comprehensive income/loss after tax	-15 -15	2 2	-15 -9	2 8
Comprehensive income for the period	29	52	141	164
Net profit for the year attributable to:
Parent Company's shareholders	44	50	150	156
Comprehensive income for the year
attributable to:
Parent Company's shareholders	29	52	141	164
Number of shares at end of period, '000:
- before dilution	24,667	25,089	24,667	24,658
- after dilution	25,003	25,459	25,003	25,003
Basic earnings/loss per share, SEK	1.80	2.05	6.05	6.30
Diluted earnings/loss per share, SEK	1.80	2.00	6.05	6.25
Number of own shares at end of period, '000	456	-	456	456
Weighted average number of shares, '000: - before dilution	24,663	24,750	24,726	24,748
- after dilution	25,003	25,125	25,075	25,106
Basic earnings/loss per share, SEK	1.80	2.05	6.05	6.30
Diluted earnings/loss per share, SEK	1.80	2.05	5.95	6.20
Weighted average number of own shares, '000	456	334	384	354
1) Straight-line amortisation/depreciation by asset class:
- Intellectual property	10	9	38	37
- Land and buildings	2	2	10	10
- Equipment, tools, fixtures and fittings	17	19	70	72
- Leased vehicles	55	63	241	249
Total	84	93	359	368

Consolidated Statement of Financial Position, Summary

SEK M	31/3 2013	31/12 2012	31/3 2012
Assets
Non-current assets
Intangible assets
Intellectual property	208	214	209
Goodwill	275	281	269
	483	495	478
Property, plant and equipment	114	119	125
Land and buildings Construction in progress	9	2	1
Equipment, tools, fixtures and fittings	308	308	285
Leased vehicles 1)	1,275	1,339	1,353
	1,706	1,768	1,764
Long-term investments
Financial investments	349	331	331
Non-current receivables 2)	43	52	47
	392	383	378
Deferred tax assets	74	81	133
Total non-current assets	2,655	2,727	2,753
Current assets
Inventories, merchandise	1,844	2,084	2,109
Current receivables
Other receivables 1)	841	969	831
Cash and cash equivalents 2)	92	62	183
Total current assets	2,777	3,115	3,123
Total assets	5,432	5,842	5,876
Equity and liabilities
Equity
Share capital	251	251	251
Other contributed capital	47	47	46
Reserves	-37	-22	-22
Retained earnings including net profit for the year	1,354	1,310	1,476
Total equity	1,615	1,586	1,751
Non-current liabilities
Debenture loan 3)	28	28	28
Interest-bearing liabilities 3)	81	97	108
Other liabilities and provisions 4)	1,365	1,390	1,513
	1,474	1,515	1,649
Current liabilities
Interest-bearing liabilities 3)	130	199	93
Other liabilities and provisions	2,213	2,542	2,383
	2,343 5,432	2,741 5,842	2,476 5,876
Total equity and liabilities
Assets
1) Of which interest-bearing	184	196	220
2) Interest-bearing	135	114	230
Liabilities
3) Interest-bearing	239	324	229
4) Of which interest-bearing	562	556	553

Statement of Changes in Group Equity, Summary

SEK M	31/3 2013	31/12 2012	31/3 2012
Opening balance	1,586	1,813	1,813
Effect of change of accounting policy, IAS 19	-	-177	-177
Adjusted opening balance	1,586	1,636	1,636
Cash dividend to shareholders	-	-238	-
Exercised warrants	0	1	0
Acquisitions with own shares	-	73	63
Buy-back of own shares	-	-50	-
Comprehensive income for the period	29	164	52
Closing balance	1,615	1,586	1,751

Consolidated Statement of Cash Flows

	First quarter		April 12 -	Full year
SEK M	2013		2012 March 13	2012
Operating activities
Profit before tax	54	73	234	253
Depreciation/amortisation and impairment losses	84	93	359	368
Other items not affecting cash	-33	-10	77	100
Tax paid	10	-6	-68	-84
Change in inventories	204	176	253	225
Change in operating receivables	106	109	29	32
Change in operating liabilities	-301	-64	-415	-178
Cash flow from operating activities	124	371	469	716
Investing activities
Acquisitions of non-current assets (intangible and property,
plant and equipment)	-33	-46	-142	-155
Disposal of non-current assets (intangible and property,
plant and equipment)	0	1	25	26
Acquisitions and disposals of leased vehicles	-1	29	-171	-141
Operating cash flow	90	355	181	446
Acquisition of financial assets	0	0	-8	-8
Disposal of financial assets	9	2	14	7
Acquisition of subsidiary/operation, net	0	-198	-22	-220
Disposal of subsidiary/operation, net	0	0	28	28
Cash flow after net investments	99	159	193	253
Financing activities
Borrowings	0	0	375	375
Repayment of loans	0	0	-375	-375
Change in overdraft facility	-68	-141	-5	-78
Exercised warrants	0	0	1	1
Acquisitions with own shares	0	63	10	73
Buy-back of own shares	0	0	-50	-50
Dividend paid to Parent Company's shareholders	0	0	-238	-238
Cash flow from financing activities	-68	-78	-282	-292
Change in cash and cash equivalents, excl. translation
differences	31 -1	81 5	-89 -2	-39 4
Exchange difference in cash and cash equivalents Change in cash and cash equivalents	30	86	-91	-35
Cash and cash equivalents at start of period	62	97	183	97
Cash and cash equivalents at end of period	92	183	92	62

Fair value of financial instruments

The carrying amount of financial instruments corresponds to the fair value, with the exception of debenture loans. The fair value of debenture loans amounts to SEK 29 M.

Fair value is determined on the basis of the following three levels:

• Level 1: according to prices quoted on an active market for the same instrument.
• Level 2: based on directly or indirectly observable market inputs other than those included in level 1.
• Level 3: according to inputs not based on observable market data.

Currency derivatives that belong to financial assets measured at fair value through profit or loss amounting to SEK 3 M, and those that belong to financial liabilities measured at fair value through profit or loss amounting to SEK 1 M, belong to valuation level 2.

Calculation of fair value

The fair value of currency derivatives is determined on the basis of market rates. If such rates are not available, the fair value is calculated by discounting the difference between the contracted forward rate and the forward rate that can be obtained on the balance sheet date for the remaining contract period.

Quarterly review

Group	2/11	3/11	4/11	1/12	2/12	3/12	3/12	1/13
Net turnover, SEK M	4,857	4,179	4,780	4,562	4,742	3,824	4,534	4,048
Operating profit excl. items affecting
comparability, SEK M	141	105	154	77	62	54	138	45
Operating margin excl. items affecting
comparability, %	2.9	2.5	3.2	1.7	1.3	1.4	3.0	1.1
Operating profit, SEK M	141	96	154	77	59	23	111	45
Operating margin, %	2.9	2.3	3.2	1.7	1.3	0.6	2.5	1.1
Profit before tax, SEK M	133	91	146	73	54	18	108	54
Profit/loss for the period, SEK M	184	68	99	50	38	-8	76	44
Rate of capital turnover, times 1)	3.48	3.49	3.41	3.35	3.28	3.22	3.12	3.04
Return on capital employed, % 1)	22.9	21.8	20.3	19.4	16.5	13.9	12.3	11.6
Return on equity, % 1)	30.5	29.1	23.6	22.8	15.0	10.8	9.1	9.4
Net debt/equity, times	0.32	0.19	0.18	0.19	0.36	0.34	0.36	0.30
Equity/assets ratio, %	31	32	33	30	27	28	27	30
Interest coverage ratio, times 1)	11.8	10.9	9.4	9.1	8.1	6.8	6.4	5.9
Data per share (SEK)
Earnings/loss for the period	7.35 2 )	2.75 4 )	4.00 6 )	2.05 8 )	1.50 10)	-0.35 12)	3.10 14)	1.80 16)
Equity	68 3 )	70 5 )	74 7 )	70 9 )	61 11)	61 13)	64 15)	65 17)
Operating cash flow	0.80 2 )	10.90 4 )	0.95 6 )	14.35 8 )	3.20 10)	1.25 12)	-0.75 14)	3.65 16)

1 ) Rolling 12 months.

2 ) Based on weighted average number of shares outstanding during second quarter, 25,057,224.

3 ) Based on number of shares outstanding at 30 June 2011, 25,067,346.

4 ) Based on weighted average number of shares outstanding during third quarter, 24,924,440.

5 ) Based on number of shares outstanding at 30 September 2011, 24,559,147.

6 ) Based on weighted average number of shares outstanding during fourth quarter, 24,563,301.

7 ) Based on number of shares outstanding at 31 December 2011, 24,565,028.

• 8 ) Based on weighted average number of shares outstanding during first quarter, 24,749,835.
• 9 ) Based on number of shares outstanding at 31 March 2012, 25,089,165.
• 10) Based on weighted average number of shares outstanding during second quarter, 25,013,960.
• 11) Based on number of shares outstanding at 30 June 2012, 24,752,901.

12) Based on weighted average number of shares outstanding during third quarter, 24,663,161.

13) Based on number of shares outstanding at 30 September 2012, 24,546,644.

• 14) Based on weighted average number of shares outstanding during fourth quarter, 24,566,868.
• 15) Based on number of shares outstanding at 31 December 2012, 24,657,606.
• 16) Based on weighted average number of shares outstanding during first quarter, 24,662,698.
• 17) Based on number of shares outstanding at 31 March 2013, 24,667,096.

Income Statement for Parent Company

	First quarter		April 12 -	Full year
SEK M	2013		2012 March 13	2012
Net turnover	99	99	381	381
Administrative expenses	114	109	427	422
Operating loss 1)	-15	-10	-46	-41
Result from financial items
Income from interests in Group companies	0	0	231	231
Interest income from Group companies	7	10	29	32
Other interest income and similar line items	2	1	6	5
Interest expenses to Group companies	0	2	0	2
Interest expenses and similar line items	5	2	12	9
Profit after financial items	-11	-3	208	216
Appropriations	0	0	-48	-48
Profit before tax	-11	-3	160	168
Tax	2	0	-55	-57
Net profit for the period	-9	-3	105	111
1) Straight-line amortisation/depreciation by asset class:
- Intellectual property	4	3	13	12
- Equipment, tools, fixtures and fittings	0	0	1	1
Total	4	3	14	13

Balance Sheet for Parent Company, Summary

SEK M	31/3 2013	31/12 2012	31/3 2012
Assets
Non-current assets
Intangible assets
Intellectual property	45	43	41
	45	43	41
Property, plant and equipment
Buildings	3	3	2
Construction in progress Equipment, tools, fixtures and fittings	8 8	2 8	- 5
	19	13	7
Long-term investments
Interests in Group companies	724	724	743
Other securities held as non-current assets	0	0	0
Other non-current receivables	29	25	33
Deferred tax asset	22	20	22
	775	769	798
Total non-current assets	839	825	846
Current assets
Current receivables
Receivables from Group companies Other receivables	101 86	716 95	391 71
Cash and bank balances	480	0	315
Total current assets	667	811	777
Total assets	1,506	1,636	1,623
Equity and liabilities Equity Restricted equity
Share capital	251	251	251
Statutory reserve	47	47	47
	298	298	298
Non-restricted equity
Share premium reserve	47	47	46
Retained earnings including net profit for the year	756	765	930
	803	812	976
Total equity	1,101	1,110	1,274
Untaxed reserves	227	227	179
Provisions
Provisions for pensions and similar obligations	18	17	15
Deferred tax liability	0	0	1
	18	17	16
Non-current liabilities
Debenture loan	28	28	28
Other liabilities	5	5	5
	33	33	33
Current liabilities
Liabilities to credit institutes	54	55	-
Liabilities to Group companies	-	29 -
Other liabilities	73 127	165 249	121 121
Total equity and liabilities	1,506	1,636	1,623
Pledged assets and contingent liabilities for Parent Company
Pledged assets	447	447	447
Contingent liabilities	1,051	1,153	1,019