Elekta

Earnings Release • Sep 3, 2013

Interim report May – July 2013/14

• Order bookings decreased 2* percent to SEK 2,027 M (2,252).
• Net sales increased 21* percent to SEK 1,912 M (1,695).
• EBITA amounted to SEK 148 M (131) before non-recurring items of SEK -34 M (-7). Operating result amounted to SEK 46 M (63).
• Net income amounted to SEK -8 M (15). Earnings per share amounted to SEK -0.01 (0.03) before dilution and SEK -0.01 (0.03) after dilution.
• Cash flow after continuous investments was SEK -584 M (-175).
• Exchange rate movements compared to fiscal year 2012/13 are expected to have a negative impact of about 5 percentage points on EBITA growth (changed from about 3 percentage points).
• The outlook in local currency is unchanged. In fiscal year 2013/14, net sales are expected to grow by more than 10 percent in local currency. The majority of the growth is expected to come from emerging markets. Investments in product development will increase by more than 20 percent during the year and EBITA is expected to grow by approximately 10 percent in local currency.

Group summary	3 months	3 months
	May-Jul	May-Jul	Change
SEK M	2013/14	2012/13
Order bookings	2,027	2,252	-2%*
Net sales	1,912	1,695	21%*
EBITA before non-recurring items	148	131	13%
Operating result	46	63	-27%
Net income	-8	15	-
Cash flow after continuous investments	-584	-175	-
Earnings per share after dilution, SEK	-0.01	0.03	-

* Compared to last fiscal year based on constant exchange rates.

This report includes forward-looking statements including, but not limited to, statements relating to operational and financial performance, market conditions, and other similar matters. These forward-looking statements are based on current expectations about future events. Although the expectations described in these statements are assumed to be reasonable, there is no guarantee that such forward-looking statements will materialize or are accurate. Since these statements involve assumptions and estimates that are subject to risks and uncertainties, results could differ materially from those set out in the statement. Some of these risks and uncertainties are described further in the section "Risks and uncertainties". Elekta undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or stock exchange regulations.

President and CEO comments

During the first quarter, demand in Elekta's markets developed in line with expectations. Region Europe, the Middle East and Africa performed favorably and order bookings rose 18* percent. The increase was particularly strong in Eastern Europe and the Middle East. In Asia, we noted continued good growth, for instance in China and Japan. Order bookings rose 8* percent in the region. In North and South America, order bookings for the quarter declined, but this should be viewed in light of the very sharp increase noted in the corresponding quarter of the preceding year. The market fundamentals are unchanged and good in all our markets. In addition, we expect large orders to contribute to order bookings this year. However, no major order was booked in the first quarter.

Our new Versa HDTM linear accelerator has been on the market for six months now and interest from our customers has exceeded expectations. A number of systems are already in clinical operation. Versa HDTM features a unique combination of high dose rates, exceptional resolution, speed and low radiation leakage, all key elements for improving cancer care.

Deliveries in the first quarter were strong and net sales rose 21* percent. EBITA, before non-recurring items, amounted to SEK 148 M (131). The increase in earnings is mainly related to higher sales volumes. Exchange-rate effects had a substantial negative effect and amounted to about SEK -65 M. The Japanese yen, US dollar and Australian dollar accounted for the majority of the negative effect.

Cash flow after continuous investments was SEK -584 M (-175) in the quarter. The cash flow was mainly affected by seasonal factors such as a high proportion of the annual tax payments and an increase in operational working capital. Following the seasonal pattern we expect a significantly stronger cash flow for the remainder of the year.

Elekta is the pioneer in modern cancer care and treatment of neurological disorders and, in order to further strengthen our leading position, we will continue to increase investments in research and development; this year by more than 20 percent. We have a comprehensive product development program in such areas as software solutions, brachytherapy and image-guided radiation therapy. We are looking forward to the ASTRO meeting at the end of September, where we plan to exhibit new products in the portfolio and also highlight our training and education initiatives. The project aimed at enabling treatment combined with advanced magnetic resonance imaging (MRI) is progressing well and, during the quarter, we announced a fifth member of the clinical development consortium, Froedtert & Medical College of Wisconsin Clinical Cancer Center.

Elekta sees considerable potential for continued growth, primarily through expansion in emerging markets, but also by improving our market position in established markets. Exchange rate movements compared to fiscal year 2012/13 are expected to have a negative impact of about five percentage points on EBITA growth.

The outlook in local currency is unchanged. In fiscal year 2013/14, net sales are expected to grow by more than 10 percent in local currency. Most of the growth is expected to come from emerging markets. Investments in product development will increase by more than 20 percent and EBITA is expected to grow by approximately 10 percent in local currency.

Tomas Puusepp, President and CEO

^* Compared to last fiscal year based on constant exchange rates.

Presented amounts refer to the quarter unless otherwise stated. Amounts within parentheses indicate comparative values for the equivalent period last fiscal year.

Order bookings and order backlog

Order bookings decreased 10 percent to SEK 2,027 M (2,252) and decreased 2 percent based on constant exchange rates. Based on constant exchange rates the regions Europe, Middle East and Africa and Asia Pacific contributed to increased order bookings. In the region North and South America order bookings decreased.

Order backlog was SEK 12,013 M, compared to SEK 11,942 M on April 30, 2013. Order backlog is converted at closing exchange rates. The translation of the backlog at exchange rates on July 31, 2013 compared to exchange rates on April 30, 2013 resulted in a negative translation difference of SEK 65 M.

Order bookings	3 months	3 months		12 months		12 months
	May - Jul	May - Jul	Change	rolling	Change	May-Apr
SEK M	2013/14	2012/13				2012/13
North and South America	623	895	-30%	4,198	-4%	4,470
Europe, Middle East and Africa	712	624	14%	3,966	6%	3,878
Asia Pacific	692	733	-6%	3,728	14%	3,769
Group	2,027	2,252	-10%	11,892	5%	12,117

Market development

North and South America

Order bookings decreased 30 percent. Based on unchanged exchange rates order bookings decreased by 26 percent. The contribution margin for the region was 34 percent (31).

In the North and South America region, order bookings for the quarter declined, but this should be viewed in light of the very sharp increase of 28 percent noted in the corresponding quarter of the preceding year. The US market has been affected by uncertainty regarding reimbursement levels for radiation therapy and healthcare reforms. Proposals for new reimbursement levels were announced in July and indicate a general increase. The trend for reimbursement to the hospital segment has been positive for some years. This has resulted in a growing share of larger orders in the market. For treatment with Leksell Gamma Knife®, an increase in reimbursement from the current level has been proposed.

In Canada, demand for Elekta's solutions for cancer therapy was good. The underlying growth in demand in the region is expected to continue, primarily due to an aging and growing population.

As with other emerging markets, the South American market is driven by a substantial shortage of treatment capacity and an intensified focus on improving cancer care. When combined with Elekta's increasing presence in selected countries, this level of progress supports the Company's growth prospects on the continent. An extensive procurement program for radiation treatment equipment is currently taking place in Brazil. The process was scheduled to be completed during the summer, however it is still ongoing.

Region Europe, Middle East and Africa

Order bookings rose 14 percent. Based on unchanged exchange rates, order bookings rose 18 percent. The contribution margin for the region was 28 percent (29).

The market trend in Europe was positive. Elekta achieved good growth in established markets and it was particularly strong in Northern Europe. Development was also strong in Eastern Europe and the Middle East. Demand is being driven by investments in new radiation treatment capacity as well as the replacement of the existing installed base of linear accelerators.

Region Asia Pacific

Order bookings decreased by 6 percent. Based on unchanged exchange rates, order bookings rose 8 percent. The contribution margin for the region was 21 percent (25).

Elekta is the market leader in the region and growth is high in such markets as China and India. China is now Elekta's second largest market. By maintaining a focus on growth, the company is well positioned to support care providers in these countries in their endeavor to advance and enhance cancer care.

The positive demand trend in Japan continued during the quarter. Elekta has a strong presence in neurosurgery and software in the country, and is expected to increase its market share in oncology.

Net sales

Net sales increased 13 percent to SEK 1,912 M (1,695). Based on constant exchange rates, net sales grew by 21 percent. The growth was good in all regions.

Net sales	3 months	3 months		12 months		12 months
	May - Jul	May - Jul	Change	rolling	Change	May-Apr
SEK M	2013/14	2012/13				2012/13
North and South America	770	708	9%	3,583	10%	3,521
Europe, Middle East and Africa	582	484	20%	3,659	14%	3,561
Asia Pacific	560	503	11%	3,314	16%	3,257
Group	1,912	1,695	13%	10,556	13%	10,339

Earnings

Gross income amounted to SEK 806 M (745) representing a margin of 42 percent (44). The lower gross margin is mainly related to negative currency effects and product mix during the quarter.

EBITA before non-recurring items was 148 M (131). Operating result before non-recurring items increased 14 percent to SEK 80 M (70). Operating margin, before non-recurring items amounted to 4 percent (4). Non-recurring items amounted to SEK -34 M (-7) and mainly consist of legal costs.

Research and development expenditures, before capitalization of development costs, are increasing according to plan and amounted to SEK 286 M (217) equal to 15 percent (13) of net sales. The increase is mainly related to the MR/Linac project.

The effect from changes in exchange rates was negative by approximately SEK 65 M, including hedges. Japanese yen, US dollar and Australian dollar accounted for the majority of the negative effect.

The change in unrealized exchange rate effects from cash flow hedges amounted to SEK -35 M (12) and is reported in other comprehensive income. Closing balance of unrealized exchange rate effects from cash flow hedges in shareholders' equity was SEK 33 M (68 on April 30, 2013) exclusive of tax.

Net financial items amounted to SEK -57 M (-42). Financial net was negatively affected by participations in associates with SEK -3 M (-10).

Income before tax amounted to SEK -11 M (21). Tax amounted to SEK 3 M (-6). Net income amounted to SEK -8 M (15).

Earnings per share amounted to SEK -0.01 (0.03) before dilution and SEK -0.01 (0.03) after dilution.

Return on shareholders' equity amounted to 26 percent (27) and return on capital employed amounted to 21 percent (23).

Investments and depreciation

Continuous investments amounted to SEK 193 M (87). Amortization of intangible assets and depreciation of tangible fixed assets amounted to a total of SEK 96 M (87). Capitalization and amortization of development costs are presented in the table below. The growth in capitalization of development costs is mainly related to the MR/Linac project.

Capitalized development costs	3 months	3 months	12 months	12 months
	May-Jul	May-Jul	rolling	May - Apr
SEK M	2013/14	2012/13	2012/13	2012/13
Capitalization of development costs	97	58	359	320
of which R&D	97	49	334	286
Amortization of capitalized development costs	-37	-31	-115	-109
of which R&D	-31	-31	- 107	-107
Capitalized development costs, net	60	27	244	211
of which R&D	66	18	227	179

Liquidity and financial position

Cash flow after continuous investments was SEK -584 M (-175) during the quarter, which is also seasonally the weakest. The cash flow was affected by increased tax payments, SEK -194 M (-140), higher continuous investments, SEK -193 M (-87) and increased working capital, SEK -333 M (-78). Continuous investments include increased investments within R&D and establishment of new education and training centers. Following the seasonal pattern Elekta expects a significantly stronger cash flow for the remainder of the year.

Cash and cash equivalents amounted to SEK 1,826 M (2,567 on April 30, 2013) and interest-bearing liabilities amounted to SEK 4,459 M (4,552 on April 30, 2013). Thus, net debt amounted to SEK 2,633 M (1,985 on April 30, 2013). Net debt/equity ratio was 0.48 (0.36 on April 30, 2013).

Significant events after the balance sheet date

Lawsuit with Varian Medical Systems resolved

The lawsuit with Varian Medical Systems, announced in August 2012, has been resolved by mutual agreement by the parties.

Acquisition of shares in BMEI

Elekta has acquired the remaining 20 percent of shares in the Chinese subsidiary BMEI, and owns thereafter 100 percent. China is Elekta's second largest market and BMEI develops and manufactures the Elekta CompactTM linear accelerator, among other products.

Employees

The average number of employees was 3,489 (3,304). The average number of employees in the Parent Company was 25 (23). The number of employees on July 31, 2013 totaled 3,573. On April 30, 2013, the number of employees in Elekta totaled 3,488.

Shares

During the period 116 new B-shares were subscribed through conversion of convertibles. Total number of registered shares on July 31, 2013 was 382,824,132 divided between 14,250,000 A-shares and 368,574,132 B-shares. Fully diluted shares amount to 400,683,092. The effect is related to the Elekta 2012/17 convertible bond.

Outlook for fiscal year 2013/14

Exchange rate movements compared to fiscal year 2012/13 are expected to have a negative impact of about 5 percentage points on EBITA growth (changed from about 3 percentage points).

The outlook in local currency is unchanged. In fiscal year 2013/14, net sales are expected to grow by more than 10 percent in local currency. The majority of the growth is expected to come from emerging markets. Investments in product development will increase by more than 20 percent during the year and EBITA is expected to grow by approximately 10 percent in local currency.

Risks and uncertainties

Elekta's presence in a large number of geographical markets exposes the Group to political and economic risks on a global scale or in individual countries.

The competitive landscape for Elekta is continuously changing. The medical equipment industry is characterized by rapid technological developments and continuous improvements of industrial knowhow, resulting in companies launching new products and improved methods for treatment. Elekta strives to be the leader in innovation and offer the most competitive product portfolio, developed in close collaboration with key research leaders in the field. To secure the proceeds of research investments, it is of importance that such new products and technology are protected from the risk of improper use by competitors. When possible and deemed appropriate, Elekta protects its intellectual property rights by way of patents, copyrights and trademark registrations.

Elekta sells solutions through its direct sales force and through an external network of agents and distributors. The Company's continued success is dependent on the ability to establish and maintain successful relationships with customers. Elekta is continuously evaluating how to enter new markets considering both the opportunities and the risks involved. There are regulatory registration requirements with each new market that potentially could delay product introductions and certifications. The stability of the political system in certain countries and the security situation for employees traveling to exposed areas are constantly evaluated. Corruption is a risk and an obstacle for development and growth in some countries. Elekta has implemented a specific anti-corruption policy to guide the business by aiming to be in line with national and international regulations and best practices against corruption.

Elekta's operations comprise several markets that expose the Group to a vast number of laws, regulations, policies and guidelines regarding, for example, health, security, environmental matters, trade restrictions, competition and delivery of products. Elekta's quality systems describes these requirements, which are reviewed and certified by external supervisory bodies and are regularly inspected by authorities in applicable countries, for example the US FDA. Non-compliance of, for example, safety regulations can result in delayed or stopped deliveries of products. Changes in regulations and rules might also increase Elekta's costs and delay the development and introduction of new products.

Elekta depends also on the capability of producing advanced medical equipment, which requires highly qualified personnel. The Company's ability to attract and retain qualified personnel and management has a significant impact on the future success of the group.

Weak economic development and high levels of public debt might, in some markets, mean less availability of financing for private customers and reduced future health care spending by governments. Political decisions that could impact the healthcare reimbursement systems also constitute a risk factor. Elekta's ability to commercialize products is dependent on the reimbursement level that hospitals and clinics can obtain for different types of treatments. Alterations in the existing reimbursement systems related to medical products, or implementation of new regulations, might impact future product mix in specific markets.

Elekta's ability to deliver treatment equipment relies largely on customers' readiness to receive the delivery at site. Depending on contractual payment terms a delay can result in postponed invoicing and also affect timing of revenue recognition. The Group's credit risks are normally limited since customer operations are, to a large extent, financed either directly or indirectly by public funds.

Elekta's production sites depend on a number of suppliers for components. There is a risk that those suppliers might change their terms, or that delivery difficulties might occur due to circumstances beyond the Company's control. Critical suppliers are regularly followed up regarding delivery precision and quality of components.

In its operations, Elekta is subject to a number of financial risks primarily related to exchange rate fluctuations. In the short-term, the effect of currency movements is reduced through forward contracts. Hedging is conducted on the basis of expected net sales over a period of up to 24 months. The scope of the hedging is determined by the Company's assessment of currency risks. Risk management is regulated through a financial policy established by the Board of Directors. Overall responsibility for handling the Group's financial risks, and developing methods and guidelines for dealing with financial risks, rests with executive management and the finance function. For more detailed information regarding these risks, please see Note 2 in the annual report 2012/13.

Stockholm, September 3, 2013

Tomas Puusepp President and CEO This report has not been reviewed by the Company's auditors.

Conference call

Elekta will host a telephone conference at 13:45 – 14:30 CET on September 3, with President and CEO Tomas Puusepp and CFO Håkan Bergström.

To take part in the conference call, please dial in about 5-10 minutes in advance and use the access code 935720.

Swedish dial-in number: +46 (0)8 5052 0110, UK dial-in number: +44 (0)20 7162 0077, US dial-in number: + 1 334 323 6201.

The telephone conference will also be broadcasted over the internet (listen only). Please use the link: http://webeventservices.reg.meeting-stream.com/81070\_elekta

Financial information

Interim report May – October 2013/14 December 4, 2013 Interim report May– January 2013/14 February 27, 2014 Year-end report May – April 2013/14 May 29, 2014

For further information, please contact:

Håkan Bergström, CFO, Elekta AB (publ) +46 8 587 25 547, hakan.bergstrom@elekta.com

Johan Andersson, Director Investor Relations, Elekta AB (publ) +46 8 587 25 415, johan.anderssonmelbi@elekta.com

Elekta AB (publ)

Corporate registration number 556170-4015 Kungstensgatan 18 – Box 7593 – SE 103 93 Stockholm, Sweden

The above information is such that Elekta AB (publ) shall make public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 13:00 CET on September 3, 2013.

Accounting principles

This interim report is prepared, with regard to the Group, according to IAS 34 and the Swedish Annual Accounts Act and, with regard to the Parent Company, according to the Swedish Annual Accounts Act and RFR 2. The accounting principles applied correspond to those presented in Note 1 of the Annual Report 2012/13 except effects from new/revised IFRS applied from 1 May, 2013:

IAS 1 Presentation of Financial Statements

The amendments to the standard require the items in other comprehensive income to be split into two categories: items that will not be reclassified to the income statement and items that subsequently may be reclassified to the income statement. Taxes are disclosed for each category.

IAS 19 Employee Benefits

The amendments to the standard mean, for Elekta, that revaluation of the net debt related to defined benefit pension plans is reported in other comprehensive income instead of in the income statement. Furthermore, interest expenses and expected return on plan assets are replaced by a net interest based on the discount rate and the net deficit or net surplus related to a defined-benefit plan.

Other changes

IFRS 13 Fair Value Measurement has brought about certain disclosures on financial instruments in the interim reports. Other amended standards, which are effective and applied from the fiscal year 2013/14, have been assessed as not having any material impact on the financial reports.

Country	Currency		Average rate			Closing rate
		May - Jul	May - Jul	Change	Jul 31,	Apr 30,	Change
		2013/14	2012/13		2013	2013
Euroland	1 EUR	8.640	8.810	-2%	8.711	8.575	2%
Great Britain	1 GBP	10.115	11.012	-8%	9.993	10.162	-2%
Japan	1 JPY	0.067	0.089	-25%	0.067	0.067	0%
United States	1 USD	6.605	7.020	-6%	6.570	6.560	0%

Exchange rates

Regarding foreign group companies, order bookings and income statement are translated at average exchange rates for the reporting period while order backlog and balance sheet are translated at closing exchange rates.

CONSOLIDATED INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

SEK M	3 months	3 months	12 months	12 months
	May-Jul	May-Jul	rolling	May - Apr
INCOME STATEMENT	2013/14	2012/13	2012/13	2012/13
Net sales	1,912	1,695	10,556	10,339
Cost of products sold	-1,106	-950	-5,713	-5,557
Gross income	806	745	4,843	4,782
Selling expenses	-258	-288	-1,117	-1,147
Administrative expenses	-230	-206	-902	-878
R&D expenses	-220	-199	-736	-715
Exchange rate differences	-18	18	-20	16
Operating result before non-recurring items	80	70	2,068	2,058
Transaction and restructuring costs	―	0	0	0
Other non-recurring items	-34	- 7	-73	-46
Operating result	46	63	1,995	2,012
Result from participations in associates	- 3	-10	-22	-29
Interest income	5	10	27	32
Interest expenses and similar items	-56	-41	-238	-223
Exchange rate differences	- 3	- 1	6	8
Profit before tax	-11	21	1,768	1,800
Income taxes	3	- 6	-440	-449
Net income	- 8	15	1,328	1,351
Net income attributable to:
Parent Company shareholders	- 6	12	1,322	1,340
Non-controlling interests	- 2	3	6	11
Earnings per share before dilution, SEK	-0.01	0.03	3.48	3.52
Earnings per share after dilution, SEK	-0.01	0.03	3.48	3.52
STATEMENT OF COMPREHENSIVE INCOME
Net income	- 8	15	1,328	1,351
Other comprehensive income:
Items that subsequently may be reclassified to the statement of income
Revaluation of cash flow hedges	- 35	12	- 13	34
Translation differences from foreign operations	10	- 246	- 97	- 353
Tax	8	- 1	4	- 5
Total items that subsequently may be reclassified to the statement of income	-17	-235	-106	-324
Other comprehensive income for the period	-17	-235	-106	-324
Comprehensive income for the period	-25	-220	1,222	1,027
Comprehensive income attributable to:
Parent Company shareholders	-22	-223	1,217	1,016
Non-controlling interests	- 3	3	5	11

RESULT OVERVIEW	3 months	3 months	12 months	12 months
	May-Jul	May-Jul	rolling	May - Apr
SEK M	2013/14	2012/13	2012/13	2012/13
Operating result/EBIT before non-recurring items	80	70	2,068	2,058
Amortization:
capitalized development costs	37	31	115	109
acquisitions	31	30	131	130
EBITA before non-recurring items	148	131	2,314	2,297
Depreciation	28	26	112	110
EBITDA before non-recurring items	176	157	2,426	2,407

CASH FLOW	3 months	3 months	12 months	12 months
	May-Jul	May-Jul	rolling	May - Apr
SEK M	2013/14	2012/13	2012/13	2012/13
Income before tax	-11	21	1,768	1,800
Amortization & Depreciation	96	87	358	349
Interest net	44	24	179	159
Other non-cash items	46	22	90	66
Interest received and paid	-39	-24	-157	-142
Income taxes paid	-194	-140	-392	-338
Operating cash flow	-58	-10	1,846	1,894
Increase (-)/decrease (+) in inventories	-157	-185	-115	-143
Increase (-)/decrease (+) in operating receivables	88	309	-894	-673
Increase (-)/decrease (+) in operating liabilities	-264	-202	730	792
Change in working capital	- 333	- 78	- 279	- 24
Cash flow from operating activities	-391	-88	1,567	1,870
Continuous investments	- 193	-87	- 684	- 578
Cash flow after continuous investments	-584	-175	883	1,292
Business combinations and investments in associates	0	-79	- 5	-84
Cash flow after investments	-585	-254	877	1,208
Cash flow from financing activities	- 133	25	- 538	-380
Cash flow for the period	-718	-229	339	828
Exchange rate differences	- 17	- 24	- 149	- 156
Change in cash and cash equivalents for the period	-735	-253	190	672

A policy change was applied for the cash flow in Q2 2012/13. Investments in capitalized development costs, which were previously reported as operating cash flow, are reported as continuous investments. Previous periods have been restated pro forma to enable comparability.

CHANGES IN EQUITY	Jul 31,	Jul 31,	Apr 30,
SEK M	2013	2012	2013
Attributable to Elekta's owners
Opening balance	5,547	4,999	4,999
Comprehensive income for the period	-22	-223	1,016
Incentive programs including deferred tax	―	-17	-45
Exercise of warrants	―	51	51
Conversion of convertible loan	0	―	2
Dividend	―	7	-476
Total	5,525	4,817	5,547
Attributable to non-controlling interests
Opening balance	13	11	11
Dividend	―	- 7	- 9
Comprehensive income for the period	-3	3	11
Total	10	7	13
Closing balance	5,535	4,824	5,560

CONSOLIDATED BALANCE SHEET

SEK M	Jul 31,	Jul 31,	Apr 30,
	2013	2012	2013
Non-current assets
Intangible assets	6,498	6,349	6,424
Tangible fixed assets	492	393	487
Financial assets	329	164	236
Deferred tax assets	92	298	92
Total non-current assets	7,411	7,204	7,239
Current assets
Inventories	1,000	917	850
Accounts receivable	2,908	2,543	3,192
Other current receivables	2,596	2,354	2,459
Cash and cash equivalents	1,826	1,642	2,567
Total current assets	8,330	7,456	9,068
Total assets	15,741	14,660	16,307
Elekta's owners' equity	5,525	4,817	5,547
Non-controlling interests	10	7	13
Total equity	5,535	4,824	5,560
Non-current liabilities
Long-term interest-bearing liabilities	4,346	4,431	4,340
Deferred tax liabilities	587	753	582
Other long-term liabilities	145	171	148
Total non-current liabilities	5,078	5,355	5,070
Current liabilities
Short-term interest-bearing liabilities	113	114	212
Accounts payable	921	541	1,217
Advances from customers	1,336	1,272	1,292
Other current liabilities	2,758	2,554	2,956
Total current liabilities	5,128	4,481	5,677
Total equity and liabilities	15,741	14,660	16,307
Assets pledged	4	6	3
Contingent liabilities	138	57	178

Financial instruments

The table below shows the Group's financial instruments for which fair value is different than carrying value. The fair value of all other financial instruments is assumed to correspond to the carrying value.

	July 31, 2013		April 30, 2013
	Carrying	Fair	Carrying	Fair
SEK M	amount	value	amount	value
Long-term interest-bearing liabilities	4,346	4,489	4,340	4,557

The table below shows how the Group's financial assets and financial liabilities, which have been measured at fair value, have been categorized in the fair value hierarchy. The different levels are defined as follows:

• Level 1: Quoted prices on an active market for identical assets or liabilities
• Level 2: Other observable data than quoted prices included in Level 1, either directly (that is, price quotations) or indirectly (that is, obtained from price quotations)
• Level 3: Data not based on observable market data

Distribution by level when measured at fair value		July 31, 2013				April 30, 2013
SEK M	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
FINANCIAL ASSETS
Financial assets measured at fair value through profit or loss:
Derivative financial instruments – non-hedging	–	5	–	5	–	23	–	23
Derivatives used for hedging purposes:
Derivative financial instruments – hedging	–	73	–	73	–	93	–	93
Total financial assets	–	78	–	78	–	116	–	116
FINANCIAL LIABILITIES
Financial liabilities at fair value through profit or loss:
Derivative financial instruments – non-hedging	–	23	–	23	–	4	–	4
Derivatives used for hedging purposes:
Derivative financial instruments – hedging	–	40	–	40	–	24	–	24
Total financial liabilities	–	63	–	63	–	28	–	28

KEY FIGURES	12 months	12 months	12 months	12 months	12 months	3 months	3 months
	May - Apr	May - Apr	May - Apr	May - Apr	May -Apr	May-Jul	May-Jul
	2008/09	2009/10	2010/11	2011/12	2012/13	2012/13	2013/14
Order bookings, SEK M	7,656	8,757	9,061	10,815	12,117	2,252	2,027
Net sales, SEK M	6,689	7,392	7,904	9,048	10,339	1,695	1,912
Operating result, SEK M	830	1,232	1,502	1,849	2,012	63	46
Operating margin before non
recurring items, %	12	17	19	20	20	4	4
Operating margin, %	12	17	19	20	19	4	2
Profit margin, %	12	16	19	19	17	1	-1
Shareholders' equity, SEK M	2,555	3,244	3,833	5,010	5,560	4,824	5,535
Capital employed, SEK M	4,182	4,283	4,714	9,540	10,112	9,369	9,994
Equity/assets ratio, %	32	38	43	33	34	33	35
Net debt/equity ratio	0.31	-0.04	-0.13	0.53	0.36	0.60	0.48
Return on shareholders' equity, %	27	30	30	29	27	27	26
Return on capital employed, %	24	30	35	28	21	23	21

DATA PER SHARE	12 months	12 months	12 months	12 months	12 months	3 months	3 months
	May - Apr	May - Apr	May - Apr	May - Apr	May -Apr	May-Jul	May-Jul
	2008/09	2009/10	2010/11	2011/12	2012/13	2012/13	2013/14
Earnings per share
before dilution, SEK	1.50	2.27	2.76	3.26	3.52	0.03	-0.01
after dilution, SEK	1.50	2.25	2.73	3.23	3.52	0.03	-0.01
Cash flow per share
before dilution, SEK	1.58	2.63	1.31	-7.07	3.17	-0.67	-1.53
after dilution, SEK	1.58	2.60	1.30	-7.01	3.17	-0.67	-1.46
Shareholders' equity per share
before dilution, SEK	6.92	8.74	10.22	13.19	14.55	12.65	14.49
after dilution, SEK	6.92	9.38	10.61	13.31	14.55	12.61	18.51
Average number of shares
before dilution, 000s	368,114	368,832	373,364	376,431	380,672	379,886	381,270
after dilution, 000s	368,114	371,780	378,028	380,125	380,672	381,279	400,683
Number of shares at closing
before dilution, 000s	368,498	371,181	374,951 *)	378,991 *)	381,270 *)	380,799 *)	381,270 *)
after dilution, 000s	368,498	383,580	383,618	384,284	381,270	382,191	400,683

In September 2012 a 4:1 share split was conducted. The data per share and number of shares has been restated pro forma. *) Number of registered shares at closing exluding treasury shares (1,554,288 per July 31, 2013).

Data per quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1
SEK M	2011/12	2011/12	2011/12	2011/12	2012/13	2012/13	2012/13	2012/13	2013/14
Order bookings	1,700	2,702	2,784	3,629	2,252	2,972	2,856	4,037	2,027
Net sales	1,428	1,936	2,565	3,119	1,695	2,485	2,428	3,731	1,912
EBITA before non-recurring items	133	302	682	925	131	468	453	1,244	148
Operating result	92	385	597	775	63	400	386	1,163	46
Cash flow from
operating activities	215	154	315	251	-88	525	258	1,175	-391

Order bookings growth based on
unchanged exchange rates	Q1	Q2 *)	Q3 *)	Q4 *)	Q1 *)	Q2 *)	Q3	Q4	Q1
	2011/12	2011/12	2011/12	2011/12	2012/13	2012/13	2012/13		2012/13 2013/14
North and South America, %	9	8	1	20	28	13	-11	9	-26
Europe, Middle East and Africa, %	-24	31	34	-8	-3	4	-5	29	18
Asia Pacific, %	38	6	-4	19	11	17	53	9	8
Group, %	2	14	11	11	13	11	6	15	-2

*) excluding Brachytherapy

Segment reporting

Elekta applies geographical segmentation. Order bookings, net sales and contribution margin for respective region are reported to Elekta's CFO and CEO (chief operating decision makers). In the regions' operating expenses cost of products sold and expenses are directly attributable to the respective region reported. Global costs for R&D, marketing, management of product supply centers and Parent Company are not allocated per region. Currency exposure is concentrated to product supply centers. The majority of exchange differences in operations are reported in global costs.

Segment reporting
May-Jul 2013/14		Europe,
	North and	Middle East	Asia Pacific	Group total	% of
SEK M	South America	and Africa			net sales
Net sales	770	582	560	1,912
Operating expenses	-505	-417	-441	-1,363	71%
Contribution margin	265	165	119	549	29%
Contribution margin, %	34%	28%	21%
Global costs				-469	25%
Operating result before non-recurring items				80	4%
Non-recurring items				-34
Operating result				46	2%
Net financial items				-57
Income before tax				-11
May-Jul 2012/13
	North and	Europe, Africa	Asia Pacific	Total	% of
SEK M	South America	and Middle East			net sales
Net sales	708	484	503	1,695
Operating expenses	-487	-346	-379	-1,212	72%
Contribution margin	221	138	124	483	28%
Contribution margin, %	31%	29%	25%
Global costs				-413	24%
Operating result before non-recurring items				70	4%
Non-recurring items				-7
Operating result				63	4%
Net financial items				-42
Income before tax				21
May-Apr 2012/13		Europe,
	North and	Middle East	Asia Pacific	Group total	% of
SEK M	South America	and Africa			net sales
Net sales	3,521	3,561	3,257	10,339
Operating expenses	-2,277	-2,266	-2,210	-6,753	65%
Contribution margin	1,244	1,295	1,047	3,586	35%
Contribution margin, %	35%	36%	32%
Global costs				-1,528	15%
Operating result before non-recurring items				2,058	20%
Non-recurring items				-46
Operating result				2,012	19%
Net financial items				-212
Income before tax				1,800
Rolling 12 months Aug-Jul 2012/13
	North and	Middle East	Asia Pacific	Group total	% of
SEK M	South America	and Africa			net sales
Net sales	3,583	3,659	3,314	10,556
Operating expenses	-2,295	-2,337	-2,272	-6,904	65%
Contribution margin	1,288	1,322	1,042	3,652	35%
Contribution margin, %	36%	36%	31%
Global costs				-1,584	15%
Operating result before non-recurring items				2,068	20%
Non-recurring items				-73
Operating result				1,995	19%
Net financial items				-227
Income before tax				1,768

Elekta's operations are characterized by significant quarterly variations in delivery volumes and product mix, which have a direct impact on net sales and profits. This is accentuated when the operation is split into segments as is the impact of currency fluctuations between the years.

PARENT COMPANY

INCOME STATEMENT AND STATEMENT OF COMPREHENSIVE INCOME

	3 months	3 months
	May - July	May - July
SEK M	2013/14	2012/13
Operating expenses	-30	-38
Financial items	-12	6
Income after financial items	-42	-32
Tax	9	8
Net income	-33	-24
Statement of comprehensive income
Net income	-33	-24
Other comprehensive income	-1	7
Total comprehensive income	-34	-17

BALANCE SHEET

	Jul 31,	Apr 30,
SEK M	2013	2013
Non-current assets
Shares in subsidiaries	1,837	1,837
Receivables from subsidaries	2,744	2,744
Other financial assets	108	64
Deferred tax assets	25	15
Total non-current assets	4,714	4,660
Current assets
Receivables from subsidaries	2,843	2,804
Other current receivables	35	27
Cash and cash equivalents	1,500	2,125
Total current assets	4,378	4,956
Total assets	9,092	9,616
Shareholders' equity	2,553	2,586
Untaxed reserves	27	27
Non-current liabilities
Long-term interest-bearing liabilities	4,344	4,336
Long-term liabilities to Group companies	38	38
Long-term provisions	32	26
Total non-current liabilities	4,414	4,400
Current liabilities
Short-term liabilities to Group companies	1,960	2,483
Accounts payable	20	9
Other current liabilities	118	111
Total current liabilities	2,098	2,603
Total shareholders' equity and liabilities	9,092	9,616
Assets pledged	―	―
Contingent liabilities	966	956