Loomis — Interim / Quarterly Report 2009

Apr 21, 2009

Interim report January–March 2009

Cover image: One of Loomis' cash transport vehicles in front of the Tower of London.

Interim Report for January–March 2009

• Revenue increased during the period to MSEK 3,187 (2,647), of which organic growth comprised –1 percent (2).
• Operating income (EBITA)1) amounted to MSEK 185 (141), including exchange rate effects of MSEK 36, and the operating margin was 5.8 percent (5.3).
• Income before taxes amounted to MSEK 150 (101) and net income after taxes was MSEK 105 (68).
• Earnings per share were SEK 1.44 (0.93).2)
• Cash flow from operating activities amounted to MSEK 95 (–283), which equals 51 percent of operating income (EBITA).
• The USA operations were restructured and Jarl Dahlfors was appointed as new Country President.

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

2) During 2008, the share structure of Loomis AB was changed as the result of a reverse split (1:5). Earnings per share have been adjusted to reflect this change.

Comments by the President and CEO

Loomis' revenue during the first quarter of 2009 amounted to MSEK 3,187, which after adjustment for exchange rates and acquisitions represents a decline of less than 1 percent compared with the same period in 2008. Growth continues to be strongest in the USA, amounting to 2 percent during the first quarter of 2009, in spite of the fact that the decrease in price supplements for more expensive fuel has negatively impacted growth by 1 percent.

In Europe revenues decreased by 2 percent adjusted for acquisitions and exchange rate effects, compared with the equivalent period in the previous year. The reason for this is the effect of the loss of a number of larger contracts during the first half of 2008, primarily in the UK, and, to a certain degree, in Denmark. A marginal decline in the market in certain parts of Europe, as an effect of the global economic downturn, has also impacted revenue.

The Group's operating income for the period was improved by MSEK 44 compared with the corresponding period in the previous year, including exchange rate effects of MSEK 36, and the operating margin improved from 5.3 percent to 5.8 percent. The primary reason for the higher operating margin is the improved results in our operations in the USA, where the continued work with improving the margins on loss-making branch offices and the elimination of indirect costs has been successful. At the

end of the quarter the next step was taken in the restructuring of the USA operations in that the three geographical regions were eliminated, implying that one managerial level was eliminated.

The operating margins in the European operations also improved compared with the first quarter of the previous year, in spite of a continued weak earnings trend in the UK.

Loomis' goal to achieve an operating margin of at least 8 percent by 2010 at latest, remains.

During February, 77 senior executives invested more than MSEK 20 in Loomis AB via the purchase of subscription warrants in the Company on market terms. This investment provides Management and other key executives the possibility of becoming long-term owners in Loomis AB.

In March 2009, we initiated new operations in Slovakia and the goal is to become one of the country's two largest providers within cash handling. We expect to achieve this through a combination of organic growth and acquisitions. This establishment is a part of Loomis' strategy to expand into Eastern Europe in pace with those countries' transition to the Euro.

Lars Blecko President and CEO

Loomis offers safe and effective solutions for the distribution, handling and recycling of cash for banks, retailers and other commercial companies via an international network consisting of more than 370 centers of operation in 12 European countries and in the USA. The Group has approximately 20,000 employees. Loomis is a mid-cap listed company on the NASDAQ OMX Stockholm.

The Group in brief

The Group in brief (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Change (%)	Full year 2008
Revenue	3 187	2 647	20	11 258
Organic growth, %	–1	2		3
Operating income (EBITA )1)	185	141	32	748
Operating margin, %	5,8	5,3		6,6
Earnings per share, SEK2)	1,44	0,93	55	5,80
Cash flow from operating activities as % of operating income (EBITA)	51	n/a		59

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

2) During 2008, the share structure of Loomis AB was changed as the result of a reverse split (1:5). Earnings per share have been adjusted to reflect this change.

Revenue and Operating income January–March 2009

Revenue increased by 20 percent to MSEK 3,187 (2,647). Organic growth in revenue (adjusted for exchange rate effects, acquisitions and divestitures) amounted to –1 percent, as a result of lower volumes due to the loss of contracts and the number of invoicing days, and a certain impact from the declining economic climate. Declining fuel prices have resulted in a decrease in the levels of fuel surcharges which Loomis passes on to its customers. However, general price increases have been made in the majority of the markets which has compensated the decrease in volume arising due to contract losses and the deteriorated economic climate.

Operating income (EBITA) increased to MSEK 185 (141), which includes exchange rate effects of MSEK 36. The operating margin amounted to 5.8 percent (5.3). The improved operating margin compared with 2008 can, primarily, be attributed to current activities which aim at increasing the efficiency of the operations. In spite of these improvements, the overall level of the operating margin is still unsatisfactory.

Operating income (EBIT) increased to MSEK 181 (136). Financial income and expenses amounted to MSEK –31, to be compared with MSEK –36 in the first quarter of 2008. The change is primarily a result of lower interest rates and exchange rate effects.

Income before taxes amounted to MSEK 150 (101) whilst net income after tax increased to MSEK 105 (68). Loomis' tax rate of 30 percent (33) is impacted by a reduced tax rate in Sweden, from 28 percent to 26.3 percent, and a certain shift of income to countries with a lower tax rate.

Cash Flow

January–March 2009

Cash flow from operating activities of MSEK 95 (–283) amounted to 51 percent of operating income (EBITA). A lower level of accounts receivable has contributed to an improved cash flow. The decrease in accounts receivable is a result of a seasonal decrease in revenue and a certain impact from the deteriorated business climate. The number of customer credit days is unchanged compared with December 2008.

Cash flow from operations amounted to MSEK 184 (–203) and from investing activities, MSEK –168 (–119). The cash flow from financing activities amounted to MSEK –190 (295) and cash flow for the period was MSEK –174 (–27).

The cash flow effect from items affecting comparability and acquisition-related restructuring costs amounted to MSEK –2 (–7).

Net investments in fixed assets for the period amounted to MSEK 168 (119), which can be compared with the depreciation of fixed assets of MSEK 198 (157). Of total net investments, investments in vehicles and security equipment amount to MSEK 74 (72).

The improved cash flow is partly an effect of measures taken with the aim of achieving a better balance between the cash flow and seasonal variations in revenue.

Capital Employed

Capital employed amounted to MSEK 5,607 (5,351 per December 31, 2008). The change in capital employed is affected by a weakening of the SEK. The return on capital employed amounted to 14 percent (14 per December 31, 2008).

Shareholders' equity and financing

Shareholders' equity amounted to MSEK 3,159 (2,976 per December 31, 2008). The return on equity was 15 percent (14 per December 31, 2008). The equity ratio was 34 percent (33 per December 31, 2008). Net debt amounted to MSEK 2,448 (2,375 per December 31, 2008).

Significant events during the period

Loomis' USA operations will be restructured from March 31, 2009 to a flatter organization as the regional structure was eliminated whilst, at the same time, the current "Areas" have been combined into 12 districts. The work with restructuring in the USA is expected to continue for a period of time as the operating margin is still not satisfactory. The work in improving profitability is undertaken with a focus on three major areas: Price, Branch and Risk. In conjunction with this restructuring, Jarl Dahlfors, current Group CFO, has been appointed to serve as the new Country President as of July 1, 2009. Recruitment of a successor is currently underway.

In March 2009, a subsidiary was established in Slovakia. The operations, which are under development, currently employ approximately ten personnel.

During the quarter, 77 senior executives invested in Loomis AB via the purchase of subscription warrants on market terms (SEK 8.50). The subscription warrants entitle to the right to the subscription of 2,555,000 new Class B shares during the period March 1–May 31, 2013 at a subscription rate of SEK 72.50.

The Board of Directors of Loomis considers that the options program granting senior executives and key

employees the opportunity to share in the increase in value of the Company will entail that interest in the Company's development – and the development of the Company's share price – will be strengthened and that increased loyalty to the Company will be stimulated in the forthcoming years. An essential reason is also to create an opportunity for executives and key employees to become long-term shareholders.

Patrik Högberg has been appointed new Country President for the Swedish subsidiary. He assumes this position no later than July 1, 2009.

Events after the end of the reporting period

Loomis has entered into an exclusive cooperation agreement with Tidel Engineering, L.P. which is world-leading within cash handling systems and robbery prevention products. This agreement implies that Tidel will provide products and services for Loomis' product line, Safepoint®.

Loomis will continue to offer service to SafePoint® customers with equipment from manufacturers other than Tidel and will also have the exclusive right as the sole CIT company to deploy Tidel's electronic safe Sentinel™, for cash handling on the US market.

Other significant events

For critical estimates and assessments and contingent liabilities, refer to pages 48 and 73 in the annual report for 2008. As no material changes have taken place compared with the information presented in the annual report, no further comments regarding such matters have been presented in this quarterly report.

Average Number of Employees

The average number of employees during 2008 was 19,361. No significant changes have taken place during the first quarter 2009. The trend from 2008, with a decreasing level of employee turnover, has continued during 2009.

Market and Position

Market

The potential global market for cash handling services has an estimated value of SEK 170 billion. Europe accounts for approximately SEK 60 billion of this and North America for approximately SEK 45 billion. Loomis' available market has an estimated value of approximately SEK 35 billion and is expected to grow in line with GDP, plus additional growth from an increasing degree of outsourcing from banks and the retail trade. This is expected to create opportunities for strong future growth, particularly in the USA. Loomis' share of the outsourced market, i.e. the available market, is estimated at approximately 30 percent in the European countries in which Loomis operates and at nearly 25 percent in the USA. In Europe, the largest countries in terms of revenue are the UK, France and Spain, while market share is highest in Sweden and France.

Trends

Demand for cash handling services in Western Europe and the USA, i.e. where Loomis conducts the majority of its operations, is stable and will change only marginally in the short-term. The long-term global trend towards an increased flow of cash in society remains, which favours Loomis' business.

The market for cash in transit, cash management services and technical cash management solutions is continually developing and steadily growing. New, more efficient and more qualified solutions and services are being developed in line with new requirements and new demand from the market. New technology may change conditions on the market and, consequently, it is important to continually assess the need to change and adapt the range of services offered.

This range of new services is, in turn, motivating retailers, banks and central banks to increase the extent to which their cash handling requirements are outsourced.

However, the outsourcing of cash handling has achieved varying levels of penetration in different countries. This

implies that substantial growth potential remains in countries that are relatively undeveloped in this respect. To drive the trend towards increased outsourcing, Loomis and the rest of the industry must be able to successfully demonstrate the customer benefit of outsourced cash handling in these markets.

Even in markets in which professional providers have long taken care of significant parts of cash handling, there are still considerable growth opportunities. Offering comprehensive solutions for complete cash logistics provides good prospects for the industry to play a growing part in society's handling of the overall flow of cash.

Competition

In the markets in which Loomis operates, the largest three companies have a market share of approximately 65 percent. In addition, there are approximately ten operators with market shares of between 1 and 5 percent. Approximately 15 percent of the market is held by companies with market shares of less than 1 percent. The industry thus remains open to further consolidation.

Services and position

Loomis' cash handling services are divided into three areas: Cash in Transit, Cash Management Services and Technical Services. Cash in Transit remains the largest source of revenue, even though revenue from Cash Management is growing faster. In Europe, Cash in Transit represented 66 percent of revenue, while Cash Management Services represented 31 percent and Technical Services represented 3 percent in 2008. In the USA, Cash in Transit represented 82 percent, while Cash Management Services and Technical Services represented 17 and 1 percent, respectively, during 2008.

Loomis' customers are primarily comprised of banks and retailers. Loomis' ambition is to be the number one or number two company in each geographical market in which it operates.

Segments

Europe

Revenue and Operating Income January–March 2009

Revenue amounted to MSEK 1,932 (1,761), which is equivalent to an increase of 10 percent. Organic growth (adjusted for exchange rate effects, acquisitions and divestitures) amounted to –2 percent as a result of lower volumes due to the loss of contracts and the number of invoicing days, as well as due to a certain impact from the downturn in the economy. These factors were partially counter-balanced by price increases.

Operating income (EBITA) amounted to MSEK 147 (131). The operating margin for the period was 7.6 percent, an improvement of 0.2 percentage points compared with the previous year.

Efficiency measures are underway in a number of countries as a part of the Company's work to achieve the established operating margin targets. The reorganization implemented in Sweden during 2008, entailing the elimination of the regional structure, has positively impacted the margin.

Loomis Europe (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Change (%)	Full year 2008
Revenue	1,932	1,761	10	7,320
Organic growth, %	–2	1		2
Operating income (EBITA )1)	147	131	12	644
Operating margin, %	7.6	7.4		8.8

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

USA

Revenue and Operating Income

January–March 2009

Compared with the same period in the previous year, revenue in the USA increased by 42 percent to MSEK 1,255 (885) during the period January–March. The stronger USD had a positive effect on revenue calculated in SEK. Organic growth, adjusted for exchange rate changes, was 2 percent net, mainly due to increased prices. During the period the fuel surcharges passed on to customers, with the aim of compensating, through price, for changes in fuel costs, have been adjusted downwards in pace with declining fuel prices, which has impacted revenue by –1 percent.

Operating income (EBITA) increased by 113 percent to MSEK 67 (31), while the operating margin for the period was 5.3 percent (3.5). Compared with the previous year, the operating margin, thus, improved by 1.8 percentage points. The main reason behind the improvement is the restructuring process which was initiated in the previous year, aiming at increasing efficiency and decreasing indirect costs. The previous year's work has, during the quarter, been followed up by additional measures. As of March 31, 2009, the USA operations will be restructured to a flatter organization, by elimination of the regional structure at the same time as the present "Areas" are joined into 12 districts. In conjunction with the restructuring, Jarl Dahlfors, current Group CFO, has been appointed to serve as the new Country President as of July 1, 2009.

Another contributing factor to the improvement is that the positive trend from 2008, when the employee turnover decreased from 40 percent to 30 percent, has continued during the first quarter of 2009.

Loomis USA (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Change (%)	Full year 2008
Revenue	1,255	885	42	3,938
Organic growth, %	2	4		6
Operating income (EBITA )1)	67	31	113	197
Operating margin, %	5.3	3.5		5.0

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

Parent Company

The Parent Company of the Group does not engage in operating activities but is comprised of the Group management and central functions.

The number of employees at the head office amounted to 14 during the first quarter.

The Parent Company's revenue refers, primarily, to franchise fees and other revenues from subsidiaries. The change in income is primarily related to improved financial income and to the fact that the previous year was negatively impacted by costs attributable to the divestment of the LCM operations.

The Parent Company's fixed assets are comprised primarily of shares in subsidiaries and loan receivables with subsidiaries. Liabilities are primarily comprised of interest-bearing liabilities.

Summary Statement of Income (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Full year 2008
Gross income	66	61	179
Operating income (EBIT)	44	25	–294
Income after financial items	78	27	–122
Net income for the period	58	25	–153

Summary Balance Sheet (MSEK)	Mar 31, 2009	Mar 31, 2008	Dec 31, 2008
Fixed assets	7,220	4,650	7,042
Current assets	480	1,737	496
Total assets	7,699	6,387	7,538
Shareholders' equity	4,554	3,491	4,420
Liabilities	3,145	2,896	3,117
Total shareholders' equity and liabilities	7,699	6,387	7,538

Risks and Uncertainties

Operational risks

Operational risks are risks associated with the day-to-day operations and the services offered by the Company to its customers. These risks can result in negative consequences when services performed do not meet the established requirements and result in loss of property, damage to property or personal injury.

Loomis' strategy for operational risk management is based on two fundamental principles:

• No loss of life.
• Balance between profitability and risk of theft and robbery.

Although the risk of robbery is unavoidable in cash handling, Loomis continually endeavours to minimize this risk. The most vulnerable situations are at the roadside, in the vehicle and during counting.

Loomis' operations are insured and the maximum amount of potential loss in conjunction with each theft or robbery incident is limited to the deductible amount as stipulated in the insurance cover.

The Parent Company, Loomis AB, is not deemed to have any material operational risks, as the company does not engage in operations, other than the conventional control of subsidiaries and the management of certain Group matters.

The main risks deemed to apply to the Parent Company relate to fluctuations in exchange rates, particularly as regards USD and EUR, increased interest rates and the risk of possible write-down requirements concerning investments.

Uncertainties

Specific uncertainties for 2009 relate to the effects of the restructuring of the Group and the possible effects of the current economic recession.

The economic trend during the first quarter has had only limited impact on the operations but it cannot be ruled out that revenue and income for 2009 may be further impacted.

An economic slowdown may have both positive and negative effects on the market for cash handling services. Potential positive effects include an increase in the proportion of cash purchases compared with credit card purchases, lower rates of employee turnover and increased outsourcing as a consequence of a need by banks to focus on their core business. An increase in the proportion of cash purchases and lower rates of employee turnover are the most visible effects so far. Potential negative effects include increased risk of robbery, reduced consumption and a possible increased risk of bad debt losses. Among the potential negative effects, an increased risk of robbery and reduced consumption are the most notable.

The management of Loomis closely monitors market development to be able to rapidly adapt the business in the event of a change in market conditions.

Seasonal variations

The Company's earnings vary across the different seasons of the year, which should be taken into consideration when making assessments on the basis of interim financial information. The primary reason for these seasonal variations is that the need for cash handling services increases during the vacation period of July/August and during the Christmas shopping period, i.e. in November/ December.

Accounting principles

The Group's financial reports are prepared in accordance with International Financial Reporting Standards (IAS/ IFRS, as adopted by the European Union), issued by the International Accounting Standards Board, and Standard Interpretations (SIC), issued by the International Financial Reporting Interpretations Committee (IFRIC). The financial statements for 2006 are "combined statements". Combined financial statements imply financial statements in which acquired companies under joint control are consolidated with effect from January 1, 2006.

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The main accounting principles according to IFRS, which represent the accounting standards for the preparation of this interim report, can be found in Note 2 on pages 40–47 of the 2008 Annual Report.

From 2008 onwards, the Group's segments have been reported in accordance with IFRS 8, instead of in accordance with IAS 14. The assessment has been made that, under the new principle, the segments will continue to be comprised of Europe and the USA.

The amended IAS 1 Presentation of Financial Statements is applied from January 1, 2009. The change has affected the Company's accounting retroactively from December 31, 2007. The change entails, among other things, that revenues and costs which were previously reported directly in equity, are now reported in a separate report called "Statement of comprehensive income".

The Parent Company's financial reports have been prepared in accordance with the Swedish Annual Accounts Act and Recommendation RFR 2.1, Accounting for Legal Entities. The main accounting principles for the Parent Company can be found in Note 37 on page 80 of the 2008 Annual Report.

Outlook for 2009

The Company does not provide forecast information for 2009.

Stockholm, April 21, 2009

Lars Blecko President and CEO

This report has not been reviewed by the Company's auditors.

Statement of income (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Change (%)	Full year 2008	Full year 2007
Revenue, continuing operations	3,160	2,500	26	10,899	11,107
Revenue, acquired business	28	147		360	290
Total revenue	3,187	2,647	20	11,258	11,397
Organic growth, %	–1	2		3	1
Production expenses	–2,507	–2,086		–8,800	–8,948
Gross income	681	560	21	2,459	2,449
Selling and administrative expenses	–495	–420		–1,711	–2,190
Operating income before amortization (EBITA) 1)	185	141	32	748	259
Operating margin before amortization, %	5.8	5.3		6.6	2.3
Amortization of acquisition related intangible assets	–4	–4		–15	–18
Acquisition-related restructuring costs	–	–		–	–37
Items affecting comparability 2)	–	–		–	–640
Operating income (EBIT)	181	136	33	733	–437
Net financial items	–31	–36		–164	–128
Income before taxes	150	101	49	569	–565
Income tax	–45	–33		–145	–316
Net income for the period3)	105	68	55	424	–881
Net margin, %	3.3	2.6		3.8	–7.7

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

2) For further information on items affecting comparability, see the annual report for 2007.

3) Net income for the period is attributable in its entirety to the Parent Company's shareholders.

Per share data (SEK)1)	Jan–Mar 2009	Jan–Mar 2008	Full year 2008	Full year 2007
Earnings per share adjusted for items affecting comparability (before and after dilution)	1.44	0.93	5.80	0.09
Earnings per share (before and after dilution)	1.44	0.93	5.80	–12.06
Earnings per share, fully diluted2)	1.39	n/a	n/a	n/a
Dividend	–	3.35	3.35	3.42
Number of outstanding shares (millions)	73.0	73.0	73.0	73.0
Average number of outstanding shares (millions)	73.0	73.0	73.0	73.0

1) During 2008, the share structure of Loomis AB was changed as the result of a reverse split (1:5). Earnings per share have been adjusted to reflect this change.

2) Earnings per share, fully diluted, show the earnings per share as if all outstanding warrants had been converted into shares. At a full dilution, the number of outstanding shares would amount to 75.6 millions. The share price on March 31, 2009 was below the subscription price of SEK 72.50 and, therefore, there is no actual dilution.

Jan–Mar 2009	Jan–Mar 2008	Full year 2008	Full year 2007
105	68	424	–881
–44	30	44	34
103	–78	348	–23
–3	–	–	–
56	–48	392	11
161	20	816	–870

1) The comprehensive income for the period is attributable in its entirety to the Parent Company's shareholders.

Balance Sheet (MSEK)	Mar 31, 2009	Mar 31, 2008	Dec 31, 2008	Dec 31, 2007
ASSETS
Fixed assets
Goodwill	3,100	2,392	2,965	2,533
Acquisition-related intangible assets	76	70	79	75
Other intangible assets	46	41	49	40
Tangible fixed assets	3,026	2,388	2,967	2,519
Non-interest-bearing financial fixed assets	340	266	319	261
Interest-bearing financial fixed assets	51	150	60	152
Total fixed assets	6,638	5,307	6,439	5,580
Current assets
Non-interest-bearing current assets	2,139	1,988	1,851	1,879
Interest-bearing financial current assets	112	369	355	698
Liquid funds1)	352	166	268	203
Total current assets	2,603	2,522	2,474	2,780
TOTAL ASSETS	9,241	7,830	8,913	8,360
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity2)	3,159	1,280	2,976	1,505
Equity ratio, %	34	16	33	18
Long-term liabilities
Non-interest-bearing long-term liabilities	–	–	–	–
Interest-bearing long-term liabilities	64	91	72	113
Non-interest-bearing provisions	864	671	808	726
Total long-term liabilities	929	761	880	839
Current liabilities
Income tax liabilities	235	99	209	129
Non-interest-bearing current liabilities	2,020	2,153	1,860	2,596
Interest-bearing current liabilities	2,899	3,537	2,987	3,291
Total current liabilities	5,154	5,789	5,057	6,016
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	9,241	7,830	8,913	8,360

1) Liquid funds include cash pools as of December 2008. Cash pools previously formed a portion of internal financing from Securitas and were therefore netted against other internal financing.

2) Shareholders' equity is entirely attributable to the Parent Company's shareholders.

Intangible	Mar 31, 2009				Mar 31, 2008			Dec 31, 2008
assets	Goodwill	Acquisi tion related	Other intangible assets	Goodwill	Acquisi tion related	Other intangible assets	Goodwill	Acquisi tion related	Other intangible assets
Opening balance	2,965	79	49	2,533	75	40	2,533	75	40
Acquisitions/ investments	–	_	3	–	–	5	–	8	25
Amortization/ impairment	–	–4	–5	–	–4	–4	–	–15	–17
Divestitures	–	–	–	–	–	–	–	–	–
Translation difference	134	1	0	-141	-1	0	432	11	2
Reclassification	–	–	–0	–	–	–	–	–	-2
Closing balance	3,100	76	46	2,392	70	41	2,965	79	49

Statement of Cash Flows (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Full year 2008	Full year 2007
Income before taxes	150	101	569	-565
Items not affecting cash flow, items affecting comparability and acquisition-related restructur ing costs	232	190	396	607
Financial items received/paid	–38	–36	–168	–125
Income tax paid	–39	4	–6	–207
Change in accounts receivable	15	–77	79	–52
Change in other operating capital employed	–135	–385	–231	168
Cash flow from operations	184	–203	640	–174
Cash flow from investing activities	–168	–119	–879	–761
Cash flow from financing activities	–190	295	641	1,020
Cash flow for the period	–174	–27	402	85
Liquid funds at beginning of the period	623	203	203	124
Translation differences in liquid funds	15	–10	19	–6
Liquid funds at end of period1)	465	166	623	203

1) Liquid funds include cash pools as of December 2008. Cash pools previously formed a portion of internal financing from Securitas and were therefore netted against other internal financing.

Statement of Cash Flows (MSEK) Additional information	Jan–mar 2009	Jan–mar 2008	Full year 2008	Full year 2007
Operating income before amortization (EBITA)1)	185	141	748	259
Depreciation	198	157	675	672
Change in accounts receivable	15	–77	79	–52
Change in other operating capital employed	–135	–385	–231	168
Cash flow from operating activities before investments	263	–164	1,271	1,046
Investments in fixed assets, net	–168	–119	–829	–737
Cash flow from operating activities	95	–283	442	309
Cash flow from operating activities as a percentage of operating income before amortization (EBITA	51	n/a	59	120
Financial items received/paid	–38	–36	–168	–125
Income tax paid	–39	4	–6	–207
Free cash flow	18	–315	268	–22
Cash flow effect of items affecting comparability and acquisition-related restructuring costs	–2	–7	–457	–888
Sale of fixed assets (LCM)	–	–	–	257
Divestiture of operations	–	–	1	–
Acquisition of operations	–	–	–52	–281
Dividend paid	–	–245	–245	–250
Group contributions paid	–	–182	–182	–
Group contributions received	–	–	–	9
Shareholders' contribution received	–	–	900	–
Repayments of leasing liabilities	–8	–22	–43	–27
Change in interest-bearing net debt excluding liquid funds	–183	743	210	1,289
Cash flow for the period	–174	–27	402	85

Change in Shareholders' Equity (MSEK)	Jan–Mar 2009	Jan–Mar 2008	Full year 2008	Full year 2007
Opening shareholders' equity	2,976	1,505	1,505	2,755
Actuarial gains and losses after tax	–44	30	44	34
Translation differences	103	–78	348	–23
Cash flow hedges after tax	–3	–	–	–
Total income/expenses reported directly in shareholders' equity	56	–48	392	11
Net income for the period	105	68	424	–881
Comprehensive income for the period	161	20	816	–870
Shareholders' contribution received	–	–	900	–
Group contributions paid, net after tax	–	–	–	–131
Dividend paid to Parent Company's shareholders	–	–245	–245	–250
Issue of warrants	22	–	–	–
Closing shareholders' equity	3,159	1,280	2,976	1,505

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

Segment Overview (MSEK)	Jan-Mar 2009	Jan-Mar 2008	Full year 2008	Full year 2007
Europe
Revenue	1,932	1,761	7,320	7,665
Organic growth, %	–2	1	2	–1
Operating income before amortization (EBITA )1)	147	131	644	462
Operating margin before amortization, %	7.6	7.4	8.8	6.0
USA
Revenue	1,255	885	3,938	3,732
Organic growth, %	2	4	6	3
Operating income before amortization (EBITA )1)	67	31	197	217
Operating margin before amortization, %	5.3	3.5	5.0	5.8
Other2)
Revenue	–	–	–	–
Operating income before amortization (EBITA )1)	–29	–22	–93	–420
Group, total
Revenue	3,187	2,647	11,258	11,397
Organic growth, %	–1	2	3	1
Operating income before amortization (EBITA )1)	185	141	748	259
Operating margin before amortization, %	5.8	5.3	6.6	2.3

Segment Overview – By Quarter (MSEK)	Jan– Mar 2009	Oct– Dec 2008	Jul– Sep 2008	Apr– Jun 2008	Jan– Mar 2008	Oct– Dec 2007	Jul– Sep 2007	Apr– Jun 2007	Jan– Mar 2007
Europe
Revenue	1,932	1,931	1,855	1,773	1,761	1,936	2,025	1,852	1,852
Operating income before amortization (EBITA )1)	147	199	175	139	131	94	122	117	129
USA
Revenue	1,255	1,176	981	896	885	914	931	937	951
Operating income 1) before amortization (EBITA )	67	66	52	48	31	48	47	66	56
Other 2)
Revenue	–	–	–	–	–	–	–	–	–
Operating income before amortization (EBITA ) 1)	–29	–26	–22	–24	–22	–184	–122	–51	–63
Group, total
Revenue	3,187	3,107	2,836	2,669	2,647	2,850	2,956	2,789	2,802
Operating income before amortization (EBITA ) 1)	185	239	205	163	141	–42	47	133	121

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

2) The category Other consists of the Parent Company's costs and certain other Group items. In 2007, income was charged with LCM-related expenses.

Quarterly data (MSEK)	Jan– Mar 2009	Oct– Dec 2008	Jul– Sep 2008	Apr– Jun 2008	Jan– Mar 2008	Oct– Dec 2007	Jul– Sep 2007	Apr– Jun 2007	Jan– Mar 2007
Statement of Income
Revenue	3,187	3,107	2,836	2,669	2,647	2,850	2,956	2,789	2,802
Gross income	681	673	647	579	560	590	622	614	623
Operating income before amortization (EBITA )1)	185	239	205	163	141	–42	47	133	122
Operating margin before amortization, %	5,8	7,7	7,2	6,1	5,3	–1,5	1,6	4,8	4,3
Operating income after amorti zation, before items affecting comparability and acquisition related restructuring costs	181	235	202	159	136	–50	43	129	118
Cash flow
Current operations	184	428	517	–102	–203	280	–619	145	21
Investing activities	–168	–292	–205	–263	–119	–76	–445	–130	–110
Financing activities	–190	301	–329	374	295	–101	1 082	8	32
Cash flow for the period	–174	436	–17	9	–27	103	18	22	–58
Capital employed and financing
Operating capital employed	2,480	2,353	2,091	2,037	2,069	1,796	2,417	2,515	2,456
Operating capital employed as % of revenue	21	21	19	18	18	16	21	22	22
Goodwill	3,100	2,965	2,666	2,416	2,392	2,533	2,580	2,512	2,560
Acquisition-related intangible assets	76	79	74	67	70	75	20	12	12
Other capital employed	–49	–45	76	170	–308	–549	–292	–1,389	–945
Capital employed	5,607	5,351	4,907	4,690	4,222	3,855	4,725	3,650	4,082
Capital employed as % of revenue	48	48	45	42	38	34	41	32	36
Net debt	2,448	2,375	2,399	3,333	2,942	2,350	2,659	1,400	1,453
Shareholders' equity	3,159	2,976	2,508	1,357	1,280	1,505	2,066	2,250	2,629

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

Statement of Income – By Quarter (MSEK)	Jan– Mar 2009	Oct– Dec 2008	Jul– Sep 2008	Apr– Jun 2008	Jan– Mar 2008	Oct– Dec 2007	Jul– Sep 2007	Apr– Jun 2007	Jan– Mar 2007
Revenue, continuing operations	3,160	3,081	2,796	2,521	2,500	2,699	2,818	2,787	2,802
Revenue, acquisitions	28	26	40	148	147	150	138	2	–
Total revenue	3,187	3,107	2,836	2,669	2,647	2,850	2,956	2,789	2,802
Organic growth, %	–1	2	4	4	2	1	–0	–0	2
Production expenses	–2,507	–2,434	–2,189	–2,090	–2,086	–2,260	–2,334	–2,176	–2,180
Gross income	681	673	647	579	560	590	622	614	623
Selling and administrative expenses	–495	–433	–441	–416	–420	–632	–575	–481	–501
Operating income before amortisation (EBITA)1)	185	239	205	163	141	–42	47	133	122
Operating margin before amortisation, %	5.8	7.7	7.2	6.1	5.3	–1.5	1.6	4.8	4.3
Amortisation of acquisition related intangible assets	–4	–4	–3	–3	–4	–8	–4	–3	–3
Acquisition-related restructur ing costs	–	–	–	–	–	–21	–16	–	–
Items affecting comparability	–	–	–	–	–	–391	–4	–219	–26
Operating income ( EBIT)	181	235	202	159	136	–462	23	–90	92
Net financial items	–31	–43	–45	–40	–36	–40	–38	–24	–26
Income before taxes	150	192	157	119	101	–502	–15	–114	66
Income tax	–45	–78	–73	38	–33	24	–33	–283	–23
Net income for the period 2)	105	115	84	157	68	–478	–48	–397	43
Net margin, %	3.3	3.7	3.0	5.9	2.6	–16.8	–1.6	–14.2	1.5

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

2) Income for the period is entirely attributable to the Parent Company's shareholders.

Balance Sheet – By Quarter (MSEK)	Mar 31, 2009	Dec 31, 2008	Sept 30, 2008	Jun 30, 2008	Mar 31, 2008	Dec 31, 2007	Sept 30, 2007	Jun 30, 2007	Mar 31, 2007
ASSETS
Fixed assets
Goodwill	3,100	2,965	2,666	2,416	2,392	2,533	2,580	2,512	2,560
Acquisition-related intangible assets	76	79	74	67	70	75	20	12	12
Other intangible assets	46	49	45	44	41	40	29	17	15
Tangible fixed assets	3,026	2,967	2,674	2,501	2,388	2,519	2,404	2,674	2,730
Non-interest-bearing financial fixed assets	340	319	322	339	266	261	228	252	479
Interest-bearing financial fixed assets	51	60	60	152	150	152	4	4	4
Total fixed assets	6,638	6,439	5,840	5,518	5,307	5,580	5,266	5,469	5,799
Current assets
Non-interest-bearing current assets	2,139	1,851	2,030	2,007	1,988	1,879	1,904	1,926	1,890
Interest-bearing financial current assets	112	355	1,068	–	369	698	818	1,193	1,145
Liquid funds1)	352	268	174	177	166	203	104	91	70
Total current assets	2,603	2,474	3,271	2,183	2,522	2,780	2,826	3,210	3,105
Assets attributable to disposal group2)	–	–	–	–	–	–	460	–	–
TOTAL ASSETS	9,241	8,913	9,112	7,701	7,830	8,360	8,552	8,680	8,904
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity3)	3,159	2,976	2,508	1,357	1,280	1,505	2,066	2,250	2,629
Equity ratio, %	34	33	28	18	16	18	25	26	30
Long-term liabilities
Non-interest-bearing long-term liabilities	–	–	–	–	–	–	1	1	1
Interest-bearing long-term liabilities	64	72	69	79	91	113	97	90	105
Non-interest-bearing provisions	864	808	852	770	671	726	917	1,627	1,474
Total long-term liabilities	929	880	921	849	761	839	1,015	1,718	1,580
Current liabilities
Tax liabilities	235	209	170	134	99	129	108	80	95
Non-interest-bearing current liabilities	2,020	1,860	1,882	1,779	2,153	2,596	1,825	2,034	2,034
Interest-bearing current liabilities	2,899	2 987	3,632	3,583	3,537	3,291	3,488	2,598	2,567
Total current liabilities	5,154	5,057	5,683	5,496	5,789	6,016	5,421	4,712	4,696
Liabilities attributable to disposal group2)	–	–	–	–	–	–	51	–	–
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	9,241	8,913	9,112	7,701	7,830	8,360	8,552	8,680	8,904

1) Liquid funds include cash pools as of December 2008. Cash pools previously formed a portion of internal financing from Securitas and were, therefore, netted against other internal financing.

2) Refers to assets and liabilities respectively as at September 30, 2007, attributable to Loomis Cash Management Ltd., which was divested on November 24, 2007.

3) Shareholders' equity is entirely attributable to the Parent Company's shareholders.

Cash flows – By quarter (MSEK)	Jan– Mar	Oct– Dec	Jul– Sep	Apr– Jun	Jan– Mar	Oct– Dec	Jul– Sep	Apr– Jun	Jan– Mar
Additional information	2009	2008	2008	2008	2008	2007	2007	2007	2007
Operating income before amortization (EBITA)1)	185	239	205	163	141	–42	47	133	122
Depreciation	198	187	169	162	157	171	171	162	168
Change in
accounts receivable	15	172	17	–33	–77	111	–141	–71	49
Change in other operat ing capital employed	–135	–84	175	64	–385	302	46	70	–250
Cash flow from operat ing activities before investments	263	514	566	355	–164	542	122	293	90
Investments in fixed assets, net	–168	–292	–196	–222	–119	–333	–164	–130	–110
Cash flow from operating activities	95	222	370	133	–283	210	–42	163	–21
Cash flow from operat ing activities as % of operating income before amortization (EBITA)	51	93	180	82	n/a	n/a	n/a	123	n/a
Financial items received/ paid	–38	–45	–45	–42	–36	–37	–38	–24	–26
Income tax paid	–39	–16	12	–6	4	–35	–38	–92	–42
Free cash flow	18	161	337	85	–315	138	–118	47	–89
Cash flow effect of items affecting comparability and acquisition-related restructuring costs	–2	–25	–15	–410	–7	–191	–665	–32	–0
Sale of fixed assets (LCM)	–	–	–	–	–	257	–	–	–
Divestiture of operations	–	–	1	–	–	–	–	–	–
Acquisition of operations	–	–	–11	–41	–	–	–281	–	–
Dividend paid	–	–	–	–	–245	–	–250	–	–
Group contributions paid	–	–	–	–	–182	–	–	–	–
Group contributions received	–	–	–	–	–	–	–	–	9
Shareholders' contribu tion received	–	500	400	–	–	–	–	–	–
Repayments of leasing liabilities	–8	–1	–8	–12	–22	–27	–	–	–
Change in interest-bear ing net debt excluding liquid funds	–183	–199	–720	386	743	–73	1,331	8	23
Cash flow for the period	–174	436	–17	9	–27	103	18	22	–58

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets. The item also excludes acquisition-related restructuring costs and other items affecting comparability.

Key ratios	Jan–Mar 2009	Jan–Mar 2008	Full year 2008	Full year 2007
Operating margin before amortization, %	5.8	5.3	6.6	2.3
Cash flow from operating activities as % of operating income before amortiza tion (EBITA)	51	n/a	59	120
Return on capital employed, %	14	7	14	7
Organic growth, %	–1	2	3	1
Total growth, %	20	–6	–1	–1
Earnings per share	1.44	0.93	5.80	–12.06
Equity ratio, %	34	16	33	18
Net debt	2,448	2,942	2,375	2,350

Definitions

Cash flow from operating activities as % of operating income before amortization (EBITA)

Cash flow for the period before financial items, income tax, items affecting comparability, acquisitions and divestitures of operations and financing activities, as a percentage of operating income before amortization (EBITA). Calculation for Jan–Mar 2009: 95 / 185 = 51%

Return on capital employed, %

Operating income before amortization (EBITA) (rolling 12 months) as a percentage of the closing balance of capital employed.

Calculation for Jan–Mar 2009: 793 / 5,607 = 14%

Organic growth, %

Increase in revenue for the period, adjusted for acquisitions/divestitures and changes in exchange rates, as a percentage of the previous year's revenue adjusted for divestitures.

Calculation for Jan–Mar 2009: (3,187 - 2,647 - 27 - 531) / 2,647 = –1%

Total Growth, %

Increase in revenue for the period as a percentage of the previous year's revenue. Calculation for Jan–Mar 2009: 3,187 / 2,647 –1 = 20%

Earnings per share

Net income for the period in relation to the number of shares outstanding at the end of the period. Calculation for Jan–Mar 2009: 105 / 73,011,780 x 1,000,000 = 1.44

Operating income before amortization (EBITA)

Earnings before interest, taxes and amortization of acquisition-related intangible fixed assets, acquisition-related restructuring costs and other items affecting comparability.

Operating margin before amortization

Earnings before interest, taxes and amortization on acquisition-related intangible fixed assets, acquisition-related restructuring costs and other items affecting comparability, as a percentage of revenue.

Operating income after amortization (EBIT) Earnings before interest and taxes.

Return on equity

Net income for the period (rolling 12 months) as a percentage of the closing balance of shareholders' equity. Calculation Jan–Mar 2009: 461 / 3,159 = 15%

Net margin

Net income for the period after taxes as a percentage of total revenue. Calculation Jan–Mar 2009: 105 / 3,187 = 3.3%

Information Meeting

An information meeting will be held on April 22, 2009 (09:00 a.m. CET) The meeting will be held at Hallvarsson & Halvarsson, Sveavägen 20, Stockholm.

To listen to the meeting by telephone (and to participate in the question and answer session) please register in advance by using this link: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=589833&Conf=165884 and follow the instructions or call +46 (0)8 505 201 10 or +44 (0)20 716 200 77

The meeting can also be watched on the internet on: www.loomis.com

A recording of the webcast will be available from the Loomis website after the information meeting, and a telephone recording of the meeting will be available until midnight on May 6 at: +46 (0)8 505 203 33 and +44 (0)20 7031 4064, code: 832397.

Future reporting and meetings

January–June	July 31, 2009
January–September	October 29, 2009
January–December	February 9, 2010

Loomis AB discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act This information was submitted for publication on Tuesday, April 21, 2009 at 1 p.m. CET.

For further information

Lars Blecko, President and CEO +46 (0)8 522 920 00, e-mail: lars.blecko@loomis.com Jarl Dahlfors. CFO +46 (0)8 522 920 00, e-mail: jarl.dahlfors@loomis.com

Questions can also be sent to: ir@loomis.com. Refer also to the Loomis website: www.loomis.com

Loomis AB (publ.) Corporate Identity Number 556620-8095, Box 902, SE-170 09 Solna Telephone: +46 8-522 920 00, Fax: +46 8-522 920 10 www.loomis.com