Bong

Quarterly Report • Nov 13, 2009

Interim report January - September 2009

Interim report January-September 2009

"The new agreement with DuPont will be a boost for the entire organisation and we are now working full force to increase sales and manufacturing of Tyvek products," says Bong's President and CEO Anders Davidsson. "Although the recession had a negative impact on sales and pro fi t, our cash fl ow for the quarter was once again very strong."

July-September 2009

• Net sales SEK 424 million (441)
• ProPac sales SEK 54 million (55)
• Operating profi t SEK 8 million (10)
• Profi t after tax SEK 0 million (-2)
• Cash fl ow after investing activities SEK 58 million (16)
• New exclusive Tyvek-agreement with DuPont

January-September 2009

• Net sales SEK 1402 million (1429)
• ProPac sales SEK 164 million (157)
• Operating profi t SEK 35 million (54)
• Profi t after tax SEK 7 million (12)
• Basic earnings per share of SEK 0,36 (0,93)
• Cash fl ow after investing activities SEK 117 million (57)

Bong is a leading European provider of specialised packaging and envelope products and offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Two important growth areas in the Group are the new ProPac packaging concept and Russia. The Group has annual sales of approximately SEK 2 billion and some 1,200 employees in around 12 countries. Bong has a strong market position, particularly in Northern Europe, and the Group sees attractive opportunities for further expansion and development. Bong is a public limited company and its shares are quoted on the NASDAQ OMX Nordic Stock Exchange Stockholm (Small Cap).

MARKET AND INDUSTRY

Demand for envelopes in Western Europe remained low in the third quarter as an effect of economic slowing. The European Envelope Manufacturers Association's (FEPE) volume statistics for January-September indicate a decrease of 15% compared to 2008. For the third quarter, demand was down by 13%. The DM segment has been harder hit by the recession than traditional administrative envelopes. In Russia and Eastern Europe, several years of strong growth have been replaced by falling demand. The Russian market has contracted by an estimated 15-20% during the year and the Baltic market by around 20%.

In response to lower demand, the industry has continued to scale down both production and capacity. For example, Mayer has closed a factory in England and Intermail is in the process of relocating its manufacturing in Denmark to Sweden. All major manufacturers are taking steps to decrease their staffi ng and the number of machines, and several are now applying reduced working hours. Two small envelope companies in England declared bankruptcy during the summer and Curtis 1000 of Germany initiated a corporate reconstruction two weeks ago.

The packaging market, in which Bong is active with its ProPac range, is signifi cantly larger and more multifaceted than the envelope market. Market statistics for the niches where Bong is active are unavailable or diffi cult to obtain. Packages that are used in e-commerce, mail order and the retail trade have most likely been impacted by the market downturn to a certain degree, but are expected to have major growth potential in a longer perspective.

SALES AND PROFIT, JANUARY-SEPTEMBER 2009

Consolidated sales for the nine-month period reached SEK 1,402 million (1,429). Foreign exchange effects and the consolidation of Lober had a positive impact and helped Bong to maintain sales at a stable level compared to the prior year. In an otherwise tough market, ProPac grew by 5%. Operating profi t was SEK 35 million (54). Net fi nancial items totalled

SEK -25 million (-39). Profi t before tax amounted to SEK 10 million (15) and reported profi t after tax was SEK 7 million (12).

The drop in profi t compared to the previous year is mainly attributable to a combination of lower volumes and price pressure in the market, particularly in the Euroland region. As a result of this, the contribution margin to cover fi xed costs was lower. The increase in selling and administrative expenses is explained by weakening of the Swedish krona against the euro and the consolidation of Lober. Reduction of fi nished goods inventories as part of the Group's efforts to free up working capital had an effect of SEK -3 million on profi t for the nine-month period.

SALES AND PROFIT, JULY-SEPTEMBER 2009

Consolidated sales for the third quarter amounted to SEK 424 million (441). Operating profi t was SEK 8 million (10). Net fi nancial items totalled SEK -8 million (-12). Profi t before tax amounted to SEK 0 million (-2) and reported profi t after tax was SEK 0 million (-2).

The Group's measures to quickly adapt its costs to lower volumes, coupled with lower net fi nancial items, led to an improvement in pre-tax profi t compared to the same period of 2008. Cost-cutting measures have included shorter working hours in a number of factories and downsizing of the workforce in several of the Group's units. All in all, these steps are expected to generate cost savings of around SEK 35 million annually. Reduction of fi nished goods inventories as part of the Group's efforts to free up working capital had an effect of SEK -2 million on profi t for the quarter.

CASH FLOW

Cash fl ow after investing activities for the nine-month period was SEK 117 million (57). Operating profi t fell by SEK 74 million as a result of determined efforts to reduce inventories and improve payment terms for customers and from suppliers. Furthermore, the sale of an unused manufacturing property in Germany contributed a positive cash fl ow of SEK 14 million.

FINANCIAL POSITION

Cash and cash equivalents at 30 September 2009 totalled SEK 85 million (SEK 99 million at 31 December 2008). Unutilised credits at 30 September 2009 amounted to SEK 269 million. Total available cash and cash equivalents thus amounted to SEK 354 million.

Consolidated equity at 30 September 2009 amounted to SEK 582 million (SEK 629 million at 31 December 2008). Translation of the net assets of foreign subsidiaries to Swedish kronor reduced consolidated equity by SEK 41 million.

The interest-bearing net loan debt decreased during the period by SEK 106 million to SEK 639 million (SEK 745 million at 31 December 2008), of which SEK 130 million refers to the pension liability and SEK 509 million to the net loan debt to banks and other fi nancial institutions.

CAPITAL EXPENDITURE

The period's net expenditure on property, plant and equipment amounted to SEK 17 million (50), at the same time that the sale of a property in Germany generated a positive cash fl ow of SEK 14 million. The result was a net investment of SEK 3 million during the quarter. This amount includes the acquisition of a 45% holding in the UK-based Packaging First Ltd and DM Qvert AB in Sweden.

EMPLOYEES

The average number of employees during the quarter was 1,217 (1,270). The number of employees at 30 September 2009 was 1,210 (1,234). As of 2009, employees in Lober are also included in the total.

MANAGEMENT SHARE ACQUISITION

In January 2009 the members of Bong's executive management team acquired 540,000 shares, equal to 4.1% of the company. Following the transaction Bong's executive management team holds 617,700 shares, equal to 4.6% of the total share capital. After the transaction, Bong's President and CEO Anders Davidsson holds a total of 182,600 shares in the company.

PARENT COMPANY

The activities of the Parent Company include administration of operating subsidiaries and Group management functions. Net sales are reported at SEK 0 million (0) and the period's loss before tax was SEK 5 million (-29).

No capital expenditure was incurred during the period (0). Unutilised credits at 30 September 2009 amounted to SEK 269 million.

NEW EXCLUSIVE TYVEK AGREEMENT

As announced in a separate press release dated 1 September 2009, Bong has entered into an exclusive agreement with DuPont for purchasing, conversion and sales of Tyvek®, a unique polyethylene material developed and produced by DuPont. The material is lightweight, thin and fl exible but also extremely tough and durable. For example, Tyvek® is both tear and water resistant and therefore highly suitable for use in protective envelopes and postal packaging solutions. It is also easy to recycle. Sales of Tyvek® products under the agreement will grow rapidly from now on, and Bong's annual sales are expected to gradually increase by approximately SEK 100 million starting from the second half of 2010.

PROPAC ACQUISITION IN ENGLAND

As announced in a separate press release dated 4 May 2009, Bong acquired 45% of the UK-based packaging wholesaler Packaging First Limited in the second quarter as part of its strategy for growth in various packaging solutions. Packaging First Limited is reported as an associated company in the Bong Group. Bong has an option to acquire an additional 40% of the company within a period of three years.

Packaging First was established around ten years ago and currently has annual sales of approximately SEK 25 million (GBP 2.2 million). The acquisition has made a positive contribution to Bong's profi t starting in the second quarter of 2009.

ACQISITION OF DM QVERT

As announced in a separate press release dated 18 August, Bong has acquired 50% of the envelope company DM Qvert in Lerum outside Gothenburg. The company posted annual sales of around SEK 25 million in 2008 and is an ideal complement to Bong's own sales organisation and printing operations in Gothenburg and Stockholm. Bong has an option to acquire an additional 35% of the company within three years. The acquisition of DM Qvert is expected to make a positive contribution to Bong's earnings starting in the fourth quarter of 2009. DM Qvert is reported as an associated company in the Group.

OPPORTUNITIES AND RISKS

The risks arising in Bong's operations are related primarily to market development and different types of fi nancial risk. For further information about the Group's opportunities and risks, see Bong's annual report and website www.bongljungdahl.se.

ACCOUNTING POLICIES

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. For a description of the new amendments, revisions, interpretations and standards effective for periods beginning on or after

1 January 2009, see Bong's annual report for 2008. One of these changes, the revised IAS 1 Presentation of Financial Statements, has mainly involved changes in presentation of the income statement and statement of changes in equity. The applied accounting policies correspond to those used in the most recently published annual report.

FUTURE OUTLOOK

In view of the unpredictable situation in the global economy, Bong chooses not to make any forecast for the full year 2009.

Kristianstad, 13 November 2009 BONG LJUNGDAHL AB

Anders DavidssonPresident and CEO

Presentation of the report

The interim report will be presented in a telephone conference starting at 10:00 a.m. on 13 November 2009. The number to the telephone conference is +46 (0)8 5052 0110. By 9:00 a.m. at the latest, pictures will be available on our website www.bongljungdahl.com

Additional information

For additional information contact Anders Davidsson, President and CEO of Bong Ljungdahl AB. Telephone (switchboard) +46 (0)44 20 70 00, (direct) +46 (0)44 20 70 80, (mobile) +46 (0)70 545 70 80.

Financial calendar:

• Year-End report 2009, February 19, 2010 •
• Interim report January-March 2010, May 18, 2010 •
• Interim report January-June, August 2010 •
• Interim report January-September, November 2010•

INTERIM REPORT JANUARY-SEPTEMBER 2009

CON SOL IDA TED PR OFI T A ND	Sep Jul-	Sep Jul-	-Se Jan p	-Se Jan p	Oct 200 8-	Ja n - D ec
LOS S A CCO S IN SU (SE ) UNT MM ARY K M	200 9	200 8	200 9	200 8	Sep 200 9	200 8
Net sale s	424 ,5	440 ,6	1 40 1,8	1 42 9,3	1 90 9,7	1 93 7,1
Cos t of ds s old goo	-34 1,9	-362 ,5	-1 1 16,5	-1 1 41,9	-1 5 24,4	-1 5 49,8
Gro rofit ss p	82,6	78,1	285 ,4	287 ,4	385 ,3	387 ,3
Sell ing exp ens es	-44 ,0	-40 ,0	-14 1,0	-138 ,5	-186 ,3	-183 ,8
Adm inist rativ e ex pen ses	-29 ,8	-33 ,5	-114 ,2	-104 ,5	-154 ,2	-144 ,5
Oth ting inc and er o pera ome exp ens es	-0,7	5,4	4,4	9,7	9,9	15,3
Ope ratin ofit g pr	8,1	10,0	34,6	54,2	54,7	74,3
Net fina ncia l ite ms	-8,1	-12 ,3	-24 ,6	-38 ,8	-39 ,9	-54 ,2
Prof it be fore tax	0,0	-2,3	10,0	15,4	14,8	20,1
Inco tax me	0,0	0,4	-3,0	-3,2	-9,4	-9,6
Prof it af ter t ax	0,0	-1,9	7,0	12,2	5,3	10,5
Prof it fo r the iod attri buta ble inor ity in to m tere st per	0,3	0,0	2,3	0,1	2,3	0,0
Bas ic ea rnin hare , SE K gs p er s	-0,0 2	-0,1 5	0,36	0,93	0,23	0,80
Dilu ted ings sha re, S EK earn per	-0,0 2	-0,1 5	0,36	0,91	0,23	0,78
Ave ber of s hare s, b asic rage num	13 1 28 2 27	13 1 28 2 27	13 1 28 2 27	13 1 28 2 27	13 1 28 2 27	13 1 28 2 27
Ave ber of s hare s, d ilute d rage num	13 2 30 2 27	13 3 32 2 27	13 2 30 2 27	13 3 32 2 27	13 2 30 2 27	13 3 32 2 27
COM SIV COM PRE HEN E IN E	Sep Jul-	Sep Jul-	-Se Jan p	-Se Jan p	Oct 200 8-	Ja n - D ec
(SE ) K M	200 9	200 8	200 9	200 8	Sep 200 9	200 8
Prof it af ter t ax	0,0	-1,9	7,0	12,2	5,3	10,5
Oth rehe nsiv e in er c omp com e
Cas h flo w h edg es	18,6	-4,7	-1,1	0,0	-14 ,8	-13 ,7
of n Hed ging et in tme nts ves	6,6	-13 ,7	22,6	-11 ,3	18,3	-15 ,6
Tra nsla tion diff eren ces	-66, 2	32,9	-64 ,2	22,0	-18 ,4	67,8
Rev alua tion isitio f sh in s ubs idia ries rese rve on a cqu ns o ares	0,0	0,0	0,0	0,0	3,3	3,3
Inco tax rela ting to c nts of o ther preh ive inco me omp one com ens me	5,5	1,8	1,3	1,5	18,0	18,2
Oth rehe nsiv e in e af ter tax er c omp com	-35, 6	16,2	-41 ,4	12,2	6,4	60,0
TOT AL PRO FIT	-35, 5	14,3	-34 ,4	24,4	11,7	70,5
Tot al p rofi t as sign able to:
Sha reho lder s in nt c pare omp any	-35 ,5	14,3	-36 ,6	24,4	8,7	69,6
Min ority inte rest	0,0	0,0	2,2	0,0	3,0	0,9

CON SOL CE SHE IDA TED BA LAN ET		30 S ep	30 S ep	31 D ec
IN S (SE ) UM MA RY K M		200 9	200 8	200 8
Ass ets
Inta ngib le a sset s	1)	409 ,4	366 ,3	428 ,7
Tan gibl sets e as		544 ,2	609 ,8	642 ,8
Fina ncia l ass ets		125 ,7	155 ,8	99,0
Inve ntor ies		230 ,3	274 ,5	258 ,9
Cur eiva bles rent rec		303 ,9	372 ,5	345 ,0
Cas h an d ca sh e quiv alen t		84,8	104 ,4	99,1
Tot al a ts sse		1 69 8,3	1 88 3,3	1 87 3,4
Equ ity a nd l iabi litie s
Equ ity	2)	581 ,5	583 ,0	629 ,0
Lon g-te rm l iabi lities	3)	657 ,8	784 ,6	747 ,9
Cur liab ilitie rent s	4)	459 ,0	515 ,7	496 ,5
Tot al e quit d lia bilit ies y an		1 69 8,3	1 88 3,3	1 87 3,4
1) O f wh ich, dwil l goo		406 ,7	363 ,5	426 ,2
2) O f wh ich, min ority inte rest		3,9	0,1	1,6
3) O f wh ich, inte bea ring rest		643 ,4	717 ,3	725 ,5
4) O f wh ich, inte bea ring rest		79,9	187 ,4	118 ,3

CH AN GE S IN CO NS OL IDA TE D	Jan -Se p	Jan -Se p	Jan -De c
EQ UIT Y ( SE K M )	200 9	200 8	200 8
Op eni bala for the riod ng nce pe	629 ,0	571 ,6	571 ,6
Div ide nds id pa	-13 ,1	-13 ,1	-13 ,1
Tot al p rofi t	-34 ,4	24, 4	70, 5
Clo sin g b ala for the riod nce pe	581 ,5	582 ,9	629 ,0

CO NS OL IDA TE D C AH FL OW ST AT EM EN TS	Jul -Se p	Jul -Se p	Jan - S ep	Jan - S ep	Oc t 20 08-	Jan - D ec
( SE K M )	200 9	200 8	200 9	200 8	Se 200 9 p	200 8
Op tin ctiv itie era g a s
Op ting fit era pro	8,1	10, 0	34, 7	54, 2	54, 8	74, 3
De cia tion orti sat ion d im irm ent pre , am an pa	22, 2	23, 0	68, 9	68, 3	95, 3	94, 7
Fin ial item anc s	-8, 1	-12 ,3	-24 ,6	-38 ,8	-40 ,0	-54 ,2
Pai d ta x	-7,5	-1,0	-9,2	-4,8	-18 ,6	-14 ,3
Oth h it er n on- cas em s	4,5	-4, 1	-23 ,6	8,1	-40 ,0	-8,3
Ca sh flow fro atin ctiv ities m o per g a
bef ch in w ork ing ital ore ang es ca p	19, 1	15, 6	46, 2	87, 0	51, 5	92, 3
Ch in w ork ing ital ang es ca p	42, 0	9,1	74, 5	20, 2	162 ,5	108 ,2
Ca sh flow fro atin ctiv itie m o per g a s	61, 1	24, 7	120 ,7	107 ,2	214 ,0	200 5 ,
Ca flow fro sh m i stin ctiv ities nve g a	-3,0	-9,0	-3,2	-49 ,9	-9, 5	-56 ,2
Ca sh flow aft inv est ing tivi ties er ac	58, 1	15, 7	117 ,6	57, 3	204 5 ,	144 ,3
Ca sh flow fro m f ina nci iviti act ng es	-35 ,1	33, 4	-12 9,1	22, 9	-22 4,3	-72 ,3
Ca h fl fo r th erio d ow e p	23, 0	49, 1	-11 5 ,	80, 2	-19 ,8	71, 9
Ca sh and sh iva len t be inn ing of iod ts a ca equ g per	66, 0	55, 3	99, 1	24, 2	104 ,4	24, 3
Exc han dif fere in h a nd h e iva len rate t ge nce cas cas qu	-4,2	0,0	-2,7	0,0	0,2	2,9
Ca iva f pe riod sh and sh len t at d o ca equ en	84, 8	104 ,4	84, 8	104 ,4	84, 8	99, 1

IOS KE Y R AT		- S Jan ep 200 9	- S Jan ep 200 8	Oc t 20 08- Se 200 9 p	J - D an ec 200 8
Op ofit ting % era pr , Pro fit m in, % arg		2,5 0, 6	3, 8 1, 1	2, 9 0,7	3, 8 1, 0
Re ity, tur % n o n e qu Re ital loy ed, % tur n o n c ap em p		- -	- -	0,5 1 7,	1, 8 6 5,
Eq uity /as tio, set % s ra Ne t de bt/e ity rati ime o, t qu s Ne t lo deb t/E BIT DA an		34 2 , 1, 10 -	31 0 , 1, 37 -	34 2 , 1, 10 4, 26	33 6 , 1, 18 4, 40
Ca ital loy ed, SE K M p em p Inte t be arin et l de bt, SE K M res g n oan		1 3 05, 6 639 3 ,	1 4 87, 7 800 3 ,	1 3 05, 6 639 3 ,	1 4 72, 7 744 ,7
DA TA PE R S HA RE		Jan - S ep 200 9	Jan - S ep 200 8	Oc t 20 08- Se 200 9 p	J - D an ec 200 8
SE Bas ic e ing har K arn s p er s e, SE Dilu ted rnin sh K ea gs per are ,	1)	0, 36 0, 36	0, 93 0, 91	0, 23 0, 23	0, 80 0,7 8
Eq uity r sh be for e d ilut ion SE K pe are , Dilu ted uity r sh SE K eq pe are ,		44, 30 44, 52	44 41 , 44 ,77	44 30 , 44 2 ,5	47 91 , 48 22 ,
Bas ic n ber of sha ndi nd of p erio d tsta at e um res ou ng Dilu ted mb f sh din d o f pe riod uts tan t en nu er o are s o g a Av ber of sha bas ic era ge num res , of Av ber sha dilu tes era ge num res ,		13 128 22 7 13 230 22 7 13 128 22 7 13 230 22 7	13 128 22 7 13 332 22 7 13 128 22 7 13 332 22 7	13 128 22 7 1 13 230 22 7 1 13 128 22 7 1 13 230 22 7 1	3 1 28 227 3 3 32 227 3 1 28 227 3 3 32 227

FINANCIAL OVERVIEW

	200 8	20 07	20 06	20 05	20 04
SE Ne t sa les K M ,	19 37	19 91	19 85	17 82	18 07
Op ting ofit SE K M era pr ,	74	60	40	71	1) 52
Pro fit b efo SE K M re t ax,	10	16	-1	23	1) 7
Ca sh flow aft inv ing tivi ties est er ac	14 4	1	-7	10 5	77
Op ting in, % era ma rg	3, 8	3, 0	2, 0	4, 0	1) 2, 9
Pro fit m in, % arg	1, 0	0, 6	0, 1	1, 9	1) 0, 6
Ca ital ime te t r, t p ra urn ove s	1, 1	1, 1	1, 2	1, 1	1, 0
Re ity, tur % n o n e qu	1, 8	2, 8	ne g	4, 3	1) 1, 4
Re ital loy ed % tur n o n c ap em p ,	5, 6	4, 9	3, 1	5, 3	1) 4, 0
Eq uity /as tio, % set s ra	34	33	31	34	30
SE Ne t lo deb t, K M an	74 5	82 9	80 7	70 6	77 5
Ne t de bt/e ity io, tim rat qu es	1, 18	1, 45	1, 50	1, 26	1, 52
t/E Ne t lo deb BIT DA , t ime an s	4, 4	5, 4	5, 7	4, 1	1) 5, 1
EB ITD A/n et f ina nci al i tim tme ns, es	3, 1	3, 2	3, 8	4, 6	1) 3, 6
of Av ber loy era ge num em p ees	124 1	13 46	13 79	12 80	13 91
Da ha ta pe r s re
Nu mb of sh er are s
Ba sic mb of s har ndi nd of p erio d out sta at e nu er es ng	13 128 22 7	13 128 22 7	13 017 29 8	13 004 98 6	13 004 98 6
Dilu ted mb of s har ndi nd of p erio d out sta at e nu er es ng	13 332 22 7	13 428 22 7	13 65 1 1 80	13 65 1 1 80	13 35 1 1 80
Av ber of sha be for e d ilut ion era ge num res	13 128 22 7	13 079 42 5	13 006 00 0	13 004 98 6	13 004 98 6
Av ber of sha aft dilu tion era ge num res er	13 332 22 7	13 379 42 5	13 65 1 1 80	13 51 1 1 80	13 35 1 1 80
rni Ea sh ng s p er are
Be for e d ilut ion SE K ,	0, 80	1, 19	-0, 04	1, 79	4, 03
Aft dilu tion SE K er ,	0, 78	1, 17	-0, 04	1, 74	3, 95
Eq uit sh y p er are
Be for e d ilut ion SE K ,	47 91 ,	43 54 ,	41 31 ,	43 17 ,	39 23 ,
Aft SE dilu tion K er ,	48 22 ,	43 98 ,	42 30 ,	44 09 ,	39 79 ,
Oth dat sh er a p er are
Div ide nd, SE K	1, 00	1, 00	1, 00	0, 00	0, 00
Qu d m ark rice the ba lan she et d SE K ate et p ate on ce ,	12	42	68	64	35
P/E tio, tim -ra es	15	36	ne g	37	9
ce/ efo Pri boo k v alu e b re d ilut ion % ,	25	96	16 5	14 8	89
Pri ce/ boo k v alu fte r d ilut ion e a	25	96	16 0	14 5	88

1) Excluding the settlement of a legal dispute

Q U A R T E R L Y D A T A
G R O U P ( S E K M )	3 / 2 0 0 9	2 / 2 0 0 9	1 / 2 0 0 9	4 / 2 0 0 8	3 / 2 0 0 8	2 / 2 0 0 8	1 / 2 0 0 8	4 / 2 0 0 7	3 / 2 0 0 7	2 / 2 0 0 7	1 / 2 0 0 7
Ne les t s a	4 2 4, 5	45 7, 3	5 2 0, 1	5 0 7, 8	4 4 0, 7	4 6 3, 0	5 25 5 ,	5 17 6 ,	4 6 1, 0	47 2, 4	5 4 0, 4
Op ing t era ex p en se s	4 1 6, 4 -	4 4 3, 9 -	0 0 -5 7,	4 8 8 7, -	4 3 0, 7 -	4 4 6, 3 -	4 9 8, 0 -	4 9 2, 6 -	4 4 4, 7 -	47 6 7, -	1 6, 4 -5
Op ing f it t era p ro	8, 1	1 3, 4	1 3, 1	2 0, 1	1 0, 0	1 6, 7	2 7, 5	2 5, 0	1 6, 3	5, 2 -	2 4, 0
Ne f ina ia l ite t nc ms	8, 1 -	-7 6 ,	8, 9 -	15 4 - ,	1 2, 3 -	1 4, 7 -	1 1, 8 -	1 0, 2 -	1 4, 6 -	1 1, 5 -	1 1, 5 -
Pr f it be fo tax o re	0, 0	5, 8	4, 2	4, 7	2, 3 -	2, 0	5, 1 7	1 4, 8	1, 7	1 6, 7 -	5 1 2,
Ca ita l g in, le f P P E p a sa o										1 2, 7
Re ing ha str tur uc c rg es										-2 1, 0
										-8, 3
A d j te d o t ing f it us p era p ro	8, 1	1 3, 4	1 3, 1	2 0, 1	1 0, 0	1 6, 7	2 7, 5	2 5, 0	1 6, 3	3, 1	2 4, 0
A d j d p f it be fo te tax us ro re	0, 0	5, 8	4, 2	4, 7	2, 3 -	2, 0	1 5, 7	1 4, 8	1, 7	8, 4 -	1 2, 5

P A R E N T C O M P A N Y P R O F I T A N D	Ja Se n - p	Ja Se n - p	P A R E N T C O M P A N Y B A L A N C E	3 0 Se p	3 1 De c
S S C C S S S L O A O U N T I N U M M A R Y ( E K M )	20 0 9	20 0 8	S S S H E E T I N U M M A R Y ( E K M )	20 0 9	20 0 8
Ne les t s a	0, 0	0, 0	As ts se
Co f g ds l d st o oo so	0, 0	0, 0	Ta i b le ts ng as se	2, 9	3, 5
Gr f it os s p ro	0, 0	0, 0	F ina ia l a ets nc ss	1 2 49 2 ,	1 2 45 2 ,
			Cu iva b les nt rre rec e	17 3 ,	11 0, 5
A dm in ist ive rat ex p en se s	-27 4 ,	-23 4 ,	Ca h a d c h e iva len ts s n as q u	16 0 ,	0, 0
Ot he ing inc d e t r o p era om e a n xp en se s	1, 7	0, 0	To ta l a ets ss	1 2 8 5, 4	1 3 5 9, 2
Op ing f it t era p ro	-25 7 ,	-23 4 ,
			Eq ity d l ia b i l it ies u an
Ne f ina ia l ite t nc ms	20 3 ,	-6 0 ,	Eq ity u	5 6 3, 0	5 70 9 ,
Pro f it be for iat ion d t e a p p rop r s a n ax	4 -5 ,	-29 4 ,	Un d r tax e es erv es	0, 9	0, 9
			Pro is ion v s	11 9 ,	12 3 ,
Inc e t om ax	-	0, 6	No l ia b i l it ies t n-c urr en	5 15 0 ,	5 9 6, 5
Pr f it a fte r ta o x	5, 4 -	2 8, 8 -	Cu l ia b i l it ies nt rre	19 4, 6	17 8, 6

	Se Ja n - p	Se Ja n - p	P A R E N T C O M P A N Y B A L A N C E	3 0 Se p	3 1 De c
Y ( S E K M )	20 0 9	20 0 8	S H E E T I N S U M M A R Y ( S E K M )	20 0 9	20 0 8
	0, 0	0, 0	Ta i b le ts ng as se	2, 9	3, 5
	0, 0	0, 0	F ina ia l a ets nc ss	1 2 49 2 ,	1 2 45 2 ,
			Cu iva b les nt rre rec e	17 3 ,	11 0, 5
en se s	1, 7	0, 0	To l a ta ets ss	1 2 8 5, 4	1 3 5 9, 2
			ity ia i it ies Eq d l b l u an
	20 3 ,	-6 0 ,	Eq ity u	6 3, 0 5	70 9 5 ,
ax	-5 4 ,	-29 4 ,	Un d r tax e es erv es	0, 9	0, 9
			Pro is ion v s	11 9 ,	12 3 ,
	-	0, 6	No l ia b i l it ies t n-c urr en	15 0 5 ,	9 6, 5 5
	5, 4 -	2 8, 8 -	Cu l ia b i l it ies nt rre	19 4, 6	17 8, 6
			To l e ity d l ia b i l it ies ta q u an	1 2 8 5, 4	1 3 5 9, 2