Interim report May – October 2008/09

Order bookings rose 16* percent. Order backlog at an all time high level of SEK 6,392 M.
Net sales amounted to SEK 2,492 M, an increase by 16* percent.
Operating profit amounted to SEK 118 M (195).
Profit after taxes amounted to SEK 59 M (126).
Earnings per share after dilution was SEK 0.67 (1.38).
Cash flow from operating activities was negative SEK 95 M (pos. 140). In the second quarter cash flow was positive SEK 68 M.
New guidance: For the full year 2008/09, Elekta's net sales are expected to grow by more than 15 percent in local currency. The operating profit is expected to grow by 20-25 percent. The previous outlook on operating profit was a growth of more than 15 percent.

Summary		Aug. - Oct. Aug. - Oct.	May-Oct.	May-Oct.	Change	Nov. - Oct.	May-April
SEK M	2008/09	2007/08	2008/09	2007/08		2007/08	2007/08
Order bookings	1,672	1,336	2,823	2,472	16%*	6,233	5,882
Net sales	1,467	1,213	2,492	2,188	16%*	5,385	5,081
Operating profit	105	159	118	195	-39%	573	650
Net profit	58	106	59	126	-53%	339	406
Cash flow from operating
activities	68	168	-95	140		84	319

* Compared to the same period last fiscal year at unchanged exchange rates.

President Tomas Puusepp comments

Demand for Elekta's clinical solutions, products and services remains strong. Elekta continues to strengthen its market share and the product portfolio is more competitive than ever before. In the US the newly decided reimbursement rules for 2009 support further investments in advanced cancer care, especially in IMRT where Elekta has excellent solutions.

Order bookings on a rolling twelve-month basis increased by 18 percent. From the beginning of this fiscal year, the order backlog has increased by 26 percent, reflecting solid business growth as well as favorable currency movements.

The introduction of Elekta VMAT has been successful and this technology is quite rapidly becoming the new standard of care in radiation oncology. This is a growth area, particularly with our large installed base. We are also expanding geographically into new markets. A growth driver for emerging markets is our highly competitive linear accelerator platform Elekta Compact™.

The demand for Leksell Gamma Knife® Perfexion™ remains high and we see an increased interest from oncology centers, besides the traditional neurosurgeons. The order intake from Japan, where we received regulatory approval in May, is proceeding according to plan.

Elekta had a strong presence at this year's large scientific meetings, ESTRO, ASTRO and CNS, and for the first time we showed our entire product portfolio under one common brand. It was clear to all attendants that Elekta today is a technology leader and comprehensive provider of treatment solutions for cancer and brain disorders, and that our latest acquisition, CMS, is now integrated in our offering.

The currency movements during the past months will be positive for Elekta's financial performance. We have secured the present fiscal year with hedging on favorable currency rates and in accordance with our policy we have also hedged into next fiscal year.

The financial crisis has so far had a limited effect on investments in cancer care. Looking beyond the present fiscal year, we can however not exclude that a worldwide recession might also affect cancer care. However, substantial capacity shortage prevails in large parts of the world and treatment of life threatening diseases such as cancer is among the last health care investments to be cut down on.

The six months result was negatively affected by product mix, higher costs originated from geographical expansion and strengthened marketing activities and to some extent by postponed shipments. I am confident that we will deliver according to our new outlook for 2008/09 since approximately SEK 50 M of the cost increase was related to one-off cost in the first half of the year and a substantial part of the order backlog will be delivered during this fiscal year.

We expect 2008/09 operating profit to grow by 20-25 percent. The earlier outlook on operating profit was a growth of more than 15 percent. Our outlook on Elekta's net sales for 2008/09 remains.

Tomas Puusepp President and CEO

The Group

Order bookings and order backlog

Order bookings for the first six months rose 14 percent to SEK 2,823 M (2,472). CMS, acquired in March 2008, contributed SEK 206 M. Order bookings increased by 16 percent, based on unchanged exchange rates.

Order bookings for the second quarter amounted to SEK 1,672 M (1,336).

On a rolling twelve-month basis, order bookings rose 18 percent to SEK 6,233 M.

Order backlog on October 31, 2008 was at an all time high level of SEK 6,392 M, compared to SEK 5,069 M in April 30. Order backlog is always converted at closing exchange rates and this resulted in a positive translation difference of SEK 991 M.

Order bookings	Quarter 2	Quarter 2 Change		May - Oct.	May - Oct. Change		Rolling Change		May-April
SEK M	2008/09	2007/08		2008/09	2007/08		12 months		2007/08
North and South America	700	548	28%	1,178	1,104	7%	2,768	18%	2,694
Europe, Middle East, Africa	535	467	15%	936	849	10%	2,287	12%	2,200
Asia	437	321	36%	709	519	37%	1,178	34%	988
Group	1,672	1,336	25%	2,823	2,472	14%	6,233	18%	5,882

Net sales

Net sales for the first six months increased by 14 percent to SEK 2,492 M (2,188). CMS is included with SEK 173 M. Net sales rose 16 percent, based on unchanged exchange rates.

Net sales for the second quarter amounted to SEK 1,467 M (1,213).

On a rolling twelve-month basis, net sales rose 15 percent to SEK 5,385 M.

Net sales	Quarter 2	Quarter 2 Change		May - Oct.	May - Oct. Change			Rolling Change	May-April
SEK M	2008/09	2007/08		2008/09	2007/08		12 months		2007/08
North and South America	678	535	27%	1,098	943	16%	2,253	12%	2,098
Europe, Middle East, Africa	549	474	16%	901	850	6%	2,071	9%	2,020
Asia	240	204	18%	493	395	25%	1,061	36%	963
Group	1,467	1,213	21%	2,492	2,188	14%	5,385	15%	5,081

Earnings

Operating profit for the first six months amounted to SEK 118 M (195) and was compared with the same period previous year negatively impacted mainly by higher sales expenses and the product mix.

Gross margin amounted to 41 percent (42) and operating margin was 5 percent (9).

For comparable business units, operating cost excluding material increased by 12 percent in local currency compared to the first six months previous year. The cost increase originates from Elekta's geographical expansion and strengthened marketing activities, including presence at three scientific meetings that all fell into the second quarter. A substantial part of the increase was related to one-off cost, why expenses in local currency for the third and fourth quarter are expected to be lower than during the second quarter. Newly acquired CMS had an operating cost of SEK 156 M.

Operating profit for the second quarter amounted to SEK 105 (159) and operating margin was 7 percent (13). On a rolling twelve-month basis, operating margin was 11 percent.

Investments in research and development rose 14 percent to SEK 228 M (199) equal to 9 percent (9) of net sales. Capitalization of development costs and amortization of capitalized development costs affected earnings positively by SEK 15 M (7). Capitalization amounted to SEK 28 M (18) and amortization to SEK 13 M (11).

Compared with the previous year the total effect of exchange rate fluctuations affected the operating profit positively by approximately SEK 40 M.

Exchange rate movements affected operating profit before recorded exchange differences positively by SEK 30 M.
Recorded exchange gains in operations amounted to SEK 25 M.
The preceding year recorded exchange gains in operations was SEK 15 M.

Exchange rate losses from forward contracts in operating profit was SEK 54 M (gains 18). Unrealized exchange rate losses from cash flow hedges amounted to SEK 120 M and are reported in shareholders' equity taking into account the tax impact.

Elekta's currency hedging policy is based on anticipated sales in foreign currency up to 24 months. More than half of the currency exposure for the fiscal year 2009/10 is hedged at favorable levels.

Calculated IFRS 2 costs for Elekta's outstanding option program amounted to SEK 13 M (9).

Net financial items amounted to an expense of SEK 31 M (expense 9). Net interest expenses increased to SEK 43 M (expense 18) due to a higher net debt position and interest rate increases. Financial exchange gains amounted to SEK 11 M (6) primarily affected by a realized portion of net investment hedge.

Profit after financial items amounted to SEK 87 M (186). Tax expense amounted to SEK 28 M or 32 percent. Profit after taxes amounted to SEK 59 M (126).

Earnings per share amounted to SEK 0.67 (1.38) before dilution and SEK 0.67 (1.38) after dilution.

Market development

Region North and South America

The North American market continues to show sustainable growth, primarily driven by the rising cancer incidence and the rapid acceptance of new and refined treatment methods. Software systems that support the entire treatment process are normally an integrated part of the delivery of treatment systems in this region, which results in larger average order values.

South America is expected to become an important growth market for Elekta. In May 2008, Elekta opened up its regional office with own local resources for sales, marketing and service in this region to strengthen and support its network of distributors.

Order bookings for Region North and South America rose based on unchanged exchange rates 13 percent compared to the same period last year.

On a rolling twelve-month basis, order bookings for the region increased by 18 percent to SEK 2,768 M.

Net sales for North and South America increased by 16 percent, positively impacted by CMS. On a rolling twelve-month basis, net sales for North and South America increased by 12 percent to SEK 2,253 M.

Elekta had a strong presence at ASTRO 2008 (American Society for Therapeutic Radiology and Oncology) where new product offerings from the Elekta Group were presented. Topping the list of innovations was Elekta Infinity™, the new advanced linear accelerator that increases speed and precision in delivering Elekta VMAT (Volumetric Modulated Arc Therapy). In addition to the presence at ASTRO, a full product preview was provided to Elekta's customers at the User's Meeting that drew more than 1,200 attendees.

At CNS 2008 (Congress of Neurological Surgeons), Elekta presented Elekta Axesse™, an integrated imaged guided system for stereotactic radiosurgery and radiation therapy (SRS/SRT) and announced the EXTEND frameless fixation system for Leksell Gamma Knife® surgery. With its support for fractionated treatments, the EXTEND program provides the ability to treat large or critically located targets in the head and neck with Gamma Knife surgery. The result is a crossover solution for neuro-oncology that combines Elekta's recognized excellence in stereotaxy with its proven expertise in radiation medicine.

Europe including Middle East and Africa

The market development in Europe is to a large extent driven by national and regional initiatives to remedy the lack of radiation treatment capacity. Elekta's ability to provide comprehensive and integrated solutions, based on industry standards and open connectivity, makes the company an attractive partner in tenders involving long-term commitments. There is substantial demand in Europe for information systems for cancer care, particularly for the purpose of improving productivity and multi-site connectivity.

Order bookings for Region Europe including Middle East and Africa increased based on unchanged exchange rates by 9 percent compared to the same period last year.

On a rolling twelve-month basis, order bookings increased by 12 percent to SEK 2,287 M.

Net sales for Europe including Middle East and Africa increased by 6 percent, positively impacted by CMS. On a rolling twelve month basis, net sales for Europe including Middle East and Africa increased by 9 percent to SEK 2,071 M.

At ESTRO 2008 (European Society for Therapeutic Radiology and Oncology), customers met a very visible Elekta, for the first time under one common brand, with a comprehensive offering of cancer and brain disorder treatment solutions. Among the solutions Elekta showcased were Four-dimensional IGRT (4D Image Guided Radiation Therapy) on the Elekta Synergy® platform, Monaco VMAT planning, the next-generation inverse treatment planning system developed by CMS, and Leksell Gamma Knife® Perfexion™ with a focus on the new extended capabilities of fractionated treatments.

In Scandinavia, Odense University Hospital in Denmark became the first cancer centre to order Elekta VMAT and Haukeland University Hospital in Norway the first hospital to purchase the latest technology for non-invasive treatment of brain disorders – Leksell Gamma Knife® Perfexion™.

Elekta received a combined order for Elekta Synergy®, Elekta Synergy platform and MOSAIQ® to the Bank of Cyprus Oncology Center that is serving the entire Cypriot population. This was Elekta's first order to Cyprus.

Asia

There is a solid rationale for a continued long-term market growth in Asia. The number of linear accelerators per capita is low by international comparison. Elekta is well positioned to meet strong demand in the region and to support health care providers in these countries in their quest to develop cancer care. Elekta is the market leader in China in the segment for advanced radiation therapy solutions and the launch of Elekta Compact™ is expected to further strengthen Elekta's position. In Japan, Elekta has a large installed base of Leksell Gamma Knife® and software solutions from CMS.

Order bookings for Region Asia increased based on unchanged exchange rates by 35 percent.

On a rolling twelve month basis, order bookings rose 34 percent to SEK 1,178 M.

Net sales for Asia rose 25 percent, positively affected by CMS. On a rolling twelve-month basis, net sales for Asia increased by 36 percent to SEK 1,061 M.

Market outlook

The total market for Elekta's clinical solutions, IT systems and services is expected to grow by 5-10 percent annually. However, the high value of individual orders and the particularities of the healthcare industry market often lead to significant quarterly variations in business volume, product mix and geographical mix.

Market development is driven by the shortage of radiation treatment capacity that prevails in most countries and by the increase in number of cancer cases, as a result of an aging population and better diagnostics. New advanced, more precise and accurate methods are expected to increase the role of radiation therapy in the future. The rapid development of new technology is resulting in higher average order values. An increasing number of customers are requesting more comprehensive and long-term relationships with suppliers.

In virtually all countries, health care systems are under strong pressure to improve efficiency and at the same time slow down cost expansion. Therefore, software systems for higher efficiency, in patient throughput as well as information management and administration, are becoming more critical for operations.

Revised outlook for the fiscal year 2008/09

For 2008/09, Elekta's net sales are expected to grow by more than 15 percent in local currency. Elekta's operating profit for 2008/09 is expected to grow by 20-25 percent. Earlier communicated outlook for operating profit was a growth of more than 15 percent.

Other information

Investments and depreciation

Investment in intangible and tangible fixed assets amounted to SEK 58 M (48). Amortization of intangible and depreciation of tangible fixed assets amounted to SEK 96 M (88).

Liquidity and financial position

Due to lower operating flow and the build-up of inventory for deliveries in the second half of the fiscal year the cash flow from operating activities was negative SEK 95 M (pos. 140). Cash flow for the second quarter was positive SEK 68 M. Cash flow after investments was negative SEK 180 M (pos. 22). Acquisitions were included with SEK 52 (95) M. Part of previous years recorded liabilities for additional purchase price for Medical Intelligence and 3D Line were paid during the first six months.

Liquid funds decreased to SEK 265 M on October 31, 2008 compared to SEK 402 M on April 30, 2008 mainly due to the dividend payment in October. Of total bank balances SEK 1 M were pledged, primarily for commercial guarantees.

Elekta has secured its long term financing to 2013-2014 and has undrawn committed credit facilities of approximately SEK 950 M.

Interest-bearing liabilities totaled SEK 1,807 M on October 31, compared with SEK 1,449 M on April 30, 2008. Net debt amounted to SEK 1,542 M on October 31, compared with SEK 1,047 M on April 30, 2008.

Net debt/equity ratio was 0.78 and equity/assets ratio was 28 percent.

Exercise of warrants and repurchased shares

During May-October 2008/09, 554,202 new Series B shares were subscribed through exercise of warrants distributed within the framework of the established option programs.

Elekta's current holding of own shares amounts to 951,300 B shares, which Elekta's Annual General Meeting has decided to be cancelled and the cancellation procedure has started.

Total number of shares on November 30, 2008 was 93,075,863 divided between 3,562,500 A shares and 89,513,363 B shares.

Employees

The average number of employees was 2,387 (2,054), of which new entities accounted for 300 (-). The average number of employees in the parent company was 21 (21).

The number of employees on October 31, 2008 totaled 2,435 compared with 2,406 on April 30, 2008.

Annual General Meeting

At Elekta's Annual General Meeting on September 18, 2008, the Board's proposal to increase the dividend to 1.75 (1.00) SEK per share was approved. Authorization to the Board was given for repurchases of Elekta's own shares for up to 10 percent of the total number of shares in the company. The Annual General Meeting decided to re-elect Board members Akbar Seddigh, Carl G. Palmstierna, Tommy H Karlsson, Laurent Leksell, Hans Barella and Birgitta Stymne Göransson and to elect Luciano Cattani and Vera Kallmeyer as new Board members. The Annual General Meeting also adopted the proposal on the issue of employee stock options, and in conjunction with this, the issue of new shares.

Risks and uncertainties

Elekta's ability to deliver treatment equipment is, to a large extent, dependent on customers being able to accept delivery in the agreed timeframe, which results in a risk of delayed deliveries and corresponding delayed revenue recognition. In its operations, Elekta is subject to a number of financial risks, primarily related to exchange rate fluctuations.

Description of risks and uncertainties in Elekta's business can be found in the annual report 2007/08 on page 39 and in note 2. Nothing essential has happened to change the risks described therein.

Stockholm, December 4, 2008

The Board of Directors and the CEO certify that the half-yearly financial report gives a fair review of the performance of the business, position and profit or loss of the Company and the Group, and describes the principal risks and uncertainties that the Company and the companies in the Group face.

Akbar Seddigh Chairman of the Board	Hans Barella	Luciano Cattani
Birgitta Stymne Göransson	Vera Kallmeyer	Tommy H Karlsson
Laurent Leksell	Carl G. Palmstierna	Tomas Puusepp President and CEO

Auditors' review report for the interim report

Introduction

We have reviewed the interim report for Elekta AB (publ) for the period May 1, 2008 to October 31, 2008. The Board of Directors and the President and CEO are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of the review

We conducted our review in accordance with the Standard on Review Engagements SÖG 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with the Standards on Auditing in Sweden (RS) and other generally accepted auditing practices in Sweden. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company, in accordance with the Annual Accounts Act.

Stockholm, December 4, 2008

Deloitte AB

Jan Berntsson Authorized Public Accountant

Financial information

Nine month Interim report May-January 2008/09 March 5, 2009 Fiscal year-end report 2008/09 June 9, 2009

For further information, please contact:

Tomas Puusepp, President and CEO, Elekta AB (publ) Tel: +46 8 587 25 520, e-mail: [email protected]

Håkan Bergström, CFO, Elekta AB (publ) Tel: +46 8 587 25 547, e-mail: [email protected]

Lena Schattauer, Investor Relations, Elekta AB (publ) Tel: +46 8 587 25 722, e-mail: [email protected]

ELEKTA AB (publ) Corporate organization number 556170-4015 Kungstensgatan 18 – Box 7593 – SE 103 93 Stockholm

CONSOLIDATED INCOME STATEMENT

	3 months Aug. - Oct.	3 months Aug. - Oct.	6 months May - Oct.	6 months May - Oct.	12 months Nov. - Oct.	12 months May - Apr.
SEK M	2008/09	2007/08	2008/09	2007/08	2007/08	2007/08
Net sales Cost of products sold	1,467 -871	1,213 -693	2,492 -1,458	2,188 -1,260	5,385 -3,097	5,081 -2,899
Gross income	596	520	1,034	928	2,288	2,182
Selling expenses Administrative expenses R&D expenses Exchange differences in operations	-243 -148 -114 14	-163 -113 -94 9	-440 -288 -213 25	-322 -235 -191 15	-797 -551 -405 38	-679 -498 -383 28
Operating profit	105	159	118	195	573	650
Result from participations in associated companies Interest income Interest expenses Financial exchange differences	3 5 - 30 2	3 9 - 20 6	1 10 -53 11	3 20 -38 6	8 22 -91 13	10 32 -76 8
Income after financial items Taxes	85 - 27	157 - 51	87 -28	186 -60	525 -186	624 -218
Net income	58	106	59	126	339	406
Attributable to Parent Company shareholders Minority shareholders Earnings per share before dilution Earnings per share after dilution	59 - 1 0.65 0.65	107 - 1 1.16 1.16	61 - 2 0.67 0.67	128 - 2 1.38 1.38	344 - 5 3.75 3.73	411 - 5 4.46 4.44
CASH FLOW
Operating cash flow Change in working capital	46 22	146 22	28 -123	193 -53	470 -386	635 -316
Cash flow from operating activities	68	168	-95	140	84	319
Investments and disposals	-27	-1	-85	-118	-566	-599
Cash flow after investments	41	167	-180	22	-482	-280
External financing	-19	-26	-4	-156	351	199
Change in liquid funds	68	132	-137	-140	-79	-82

CONSOLIDATED BALANCE SHEET

SEK M	Oct. 31, 2008	Oct. 31, 2007	April 30, 2008
Intangible assets	3,139	2,234	2,659
Tangible fixed assets	257	234	226
Shares and long-term receivables	49	35	37
Deferred tax assets	17	14	14
Inventories	675	492	529
Receivables	2,703	1,946	2,455
Liquid funds	265	344	402
Total assets	7,105	5,299	6,322
Shareholders' equity	1,980	1,764	1,813
Interest-bearing liabilities	1,807	1,009	1,449
Interest-free liabilities	3,318	2,526	3,060
Total shareholders' equity and liabilities	7,105	5,299	6,322
Assets pledged	1	9	2
Contingent liabilities	77	89	64

CHANGES IN SHAREHOLDERS' EQUITY

	Oct. 31,	Oct. 31,	April 30,
SEK M	2008	2007	2008
Opening balance	1,813	1,863	1,863
IFRS 2 cost and deferred tax	6	9	17
IAS 39 unrealized cash flow hedges	-90	18	-8
Translation differences	319	-74	-203
Net income	59	126	406
Option premiums and warrants exercised	34	6	22
Repurchase of shares		-100	-200
Dividend	-161	-92	-92
Minority's capital contribution		8	8
Closing balance	1,980	1,764	1,813

Accounting principles

This interim report is prepared according to IAS 34 and recommendation RFR 1.1 of the Swedish Financial Reporting Board, and with regard to the Parent company, also according to RFR 1.2. The accounting principles applied correspond to those presented in the 2007/08 Annual Report.

Exchange rates			Average rate		Closing rate
		May-Oct.	May-Oct. Change		Oct. 31,	Apr. 30, Change
Country	Currency	2008/09	2007/08		2008	2008
Euro	1 EUR	9.492	9.252	3%	9.874	9.367	5%
Great Britain	1 GBP	11.976	13.564	-12%	12.583	11.815	7%
Japan	100 JPY	6.065	5.683	7%	8.030	5.780	39%
United States	1 USD	6.390	6.744	-5%	7.785	6.008	30%

Order intake and net sales are accounted at average exchange rate for the reporting period, while order backlog and balance sheet items are accounted at closing exchange rates

KEY FIGURES	12 months	12 months	12 months	12 months	6 months	6 months
	May - Apr.	May - Apr.	May - Apr.	May - Apr.	May - Oct.	May - Oct.
	2004/05*	2005/06	2006/07	2007/08	2007/08	2008/09

Order bookings, SEK M	3,558	4,705	5,102	5,882	2,472	2,823
Net sales, SEK M	3,152	4,421	4,525	5,081	2,188	2,492
Operating result, SEK M	364	453	509	650	195	118
Operating margin	12%	10%	11%	13%	9%	5%
Profit margin	12%	10%	11%	12%	9%	3%
Shareholders' equity, SEK M	1,694	1,868	1,863	1,813	1,764	1,980
Capital employed, SEK M	2,527	2,959	2,850	3,262	2,773	3,787
Equity/assets ratio	38%	35%	35%	29%	33%	28%
Net debt/equity ratio	0.05	0.06	0.27	0,58	0,38	0,78
Return on shareholders' equity**	16%	17%	19%	23%	20%	19%
Return on capital employed**	21%	18%	20%	24%	22%	20%

* Restated according to IFRS.

** Based on rolling 12 months.

DATA PER SHARE	12 months	12 months	12 months	12 months	6 months	6 months
	May - Apr.	May - Apr.	May - Apr.	May - Apr.	May - Oct.	May - Oct.
	2004/05*	2005/06	2006/07	2007/08	2007/08	2008/09

Earnings per share
before dilution, SEK	2.69	3.23	3.72	4.46	1.38	0.67
after dilution, SEK	2.69	3.21	3.70	4.44	1.38	0.67
Cash flow per share
before dilution, SEK	-11.09	1.68	-1.14	-3.04	0.24	-2.40
after dilution, SEK	-11.06	1.67	-1.14	-3.03	0.24	-2.40
Shareholders' equity per share
before dilution, SEK	18.02	19.80	19.96	19.70	18.99	21.40
after dilution, SEK	18.84	20.45	20.46	20.03	19.45	21.40
Average number of shares
before dilution, 000s	93,991	94,136	93,698	92,199	92,523	91,934
after dilution, 000s	94,182	94,785	94,249	92,479	92,930	91,934
Number of shares at closing
before dilution, 000s	94,028	94,332	93,036	91,570	92,262	92,125
after dilution, 000s	95,703	95,703	94,072	92,245	93,196	92,125