Loomis — Interim / Quarterly Report 2011

May 11, 2011

Interim report

January–March 2011

Managing cash in society.

Continued margin improvement

• Revenue during the period amounted to MSEK 2,526 (2,771). Organic growth was 0 percent (– 3).
• Operating income (EBITA)1) amounted to MSEK 179 (181), of which exchange rate effects comprised MSEK –23, and the operating margin was 7.1 percent (6.5).
• Income before taxes amounted to MSEK 152 (149) and net income after tax was MSEK 103 (104).
• Earnings per share before dilution were SEK 1.41 (1.43), and Earnings per share after dilution were SEK 1.36 (1.38).
• Cash flow from operating activities amounted to MSEK 77 (159), which is equivalent to 43 percent (88) of operating income (EBITA).

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

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 of more than 370 centers of operation in 14 European countries and in the USA. The Group has approximately 20,000 employees and annual revenues of SEK 11 billion. Loomis is a Mid-Cap listed Company on the NASDAQ OMX Stockholm.

Comments by the President and CEO

»During the quarter, we have delivered on the

promises made in autumn; a continued positive

development of the operating margin and a large,

strategically important acquisition.«

The first quarter of 2011 was successful for Loomis. Operating income amounted to MSEK 179 which, including exchange rate effects of MSEK –23, is an improvement of MSEK 21 compared with the corresponding period during 2010. The important operating margin improved in both Europe and the USA, resulting in the margin for the Group as a whole increasing by 0.6 percentage points to 7.1 percent, compared with 6.5 percent during the first quarter of the previous year.

The organic growth of the Group has stabilized during the quarter and amounted to 0 percent, compared with –3 percent one year ago. The organic growth in Europe amounted to 0 percent compared with –1 percent during the corresponding period in the previous year. The majority of the European countries had a positive organic growth during the period but the growth for the segment as a whole was negatively impacted by the ongoing structural changes taking place in the Spanish banking sector. As a result of the structural changes, a large number of bank offices which were previously included among our customers were closed during 2010 and the beginning of 2011, which has resulted in decreased revenue, due to the number of stops being reduced.

In the USA, where the organic growth for the period amounted to –1 percent, compared with –6 percent during the corresponding period in 2010, revenue has been impacted by the termination of several customer contracts with low profitability.

As a result of the acquisitions carried out during 2010, real growth for the quarter amounted to 1 percent.

At the conclusion of the first quarter, we published our largest acquisition thus far, the takeover of cash handling operations from the American company, Pendum. The cash handling operations have annual revenue of approximately MUSD 100 and have approximately 1,500 employees. The majority of the acquired operations will be incorporated into our existing organization and structure, entailing that a large number of our branches in the USA will show efficiency improvements. The acquisition will contribute to our long-term margin target, an operating margin of 10 percent by 2014 at the latest, and is expected to provide a positive effect on earnings per share by as early as 2011. Through this acquisition, we have expanded our base for an increased focus on comprehensive solutions for cash handling services in the USA.

The acquisition is an important part of our new strategy which we published in autumn 2010. In the new strategy, an increased rate of acquisitions in both existing and in new markets as well as a transition from offering purely transport services to comprehensive solutions, constitute important components.

During the quarter, we signed a new five year loan facility agreement. The new loan facility, which matures in 2016, replaces the existing facility which was raised in conjunction with the listing on the stock market in 2008.

All in all, I can state that we have, during the quarter, delivered on the promises made in autumn; a continued positive development of the operating margin and a large, strategically important acquisition.

Lars Blecko President and CEO

The Group in Brief

	2011	2010	2010	R12
MSEK	Jan–Mar	Jan–Mar	Full year
Revenue	2,526	2,771	11,033	10,788
Operating income (EBITA)1)	179	181	882	880
Earnings per share before dilution, SEK	1.41	1.43	6.80	6.78
Earnings per share after dilution, SEK	1.36	1.38	6.57	6.55
Key ratios
Real growth, %	1	–3	–1	0
Organic growth, %	0	–3	–1	0
Operating margin, %	7.1	6.5	8.0	8.2
Cash flow from operating activities as % of operating income (EBITA)	43	88	106	97

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

Operating margin (EBITA)

Operating margin (EBITA) per quarter

Operating margin (EBITA) rolling 12 months

Revenue and operating income

January – March 2011

Revenue in the first quarter amounted to MSEK 2,526 (2,771). Organic growth in revenue (adjusted for exchange rate effects, acquisitions and divestitures) amounted to 0 percent. The positive organic growth seen in the majority of the European countries was offset by a negative organic growth both in the Spanish market and in the USA. The Spanish market is impacted by the ongoing structural changes within the banking sector. As a result of the structural changes a large number of bank offices, which were previously included among Loomis' customers, were closed during 2010 and the beginning of 2011 resulting in decreased revenue due to the number of stops being reduced.

The negative development in the USA can mainly be attributed to the effect of previously lost contracts, now being terminated, and the prevailing recession. The lost contracts are, to a great extent, a consequence of Loomis' strategy to prioritize price and profitability over volume. The weak economic climate has, amongst other things, resulted in certain customers reducing the number of stops, as well as in a decrease in the private consumption and, therefore, volumes. The fuel surcharges which Loomis passes on to its customers have had a marginal impact on the Group's organic growth in the first quarter. Price increases in line with wage increases have been undertaken during the quarter.

Operating income (EBITA) amounted to MSEK 179 compared with MSEK 181 during the first quarter of 2010. The deviation includes exchange rate effects of MSEK –23. The operating margin amounted to 7.1 percent (6.5). The continuous work to reduce costs and improve efficiency has improved the margin also during this quarter. Furthermore, the margin has been positively impacted by the fact that the restructuring work in France, initiated during the first quarter of 2010 and continuing during 2011, is now beginning to provide positive results.

Staff turnover during the first quarter has remained at an acceptable level.

Operating income (EBIT) amounted to MSEK 168 (177).

Financial net amounted to MSEK –16, compared to MSEK –27 during the first quarter of 2010. The improvement is primarily a result of a lower average net debt, as well as, to a certain degree, the more beneficial conditions of the new loan facility, which was signed during the first quarter of 2011.

Income before taxes amounted to MSEK 152 (149), whilst net income after taxes was MSEK 103 (104). The tax rate for the period was 32 percent (30). The positive earnings development in the USA has resulted in a larger proportion of the Group's earnings having been generated in the USA, which negatively affects the tax rate as the tax rate in the USA is higher than the Group's overall tax rate.

Cash flow

January–March 2011

Cash flow from operating activities of MSEK 77 (159) corresponded to 43 percent (88) of operating income (EBITA). Cash flow for the quarter has been affected by lower accounts payable compared with the opening balance for the year, as well as by the settlement of a VAT liability attributable to the operations of LCM, which were liquidated during 2008. For further information regarding this matter, see below. Furthermore, a marginal increase in the number of customer credit days in comparison with the previous quarter had a negative impact on cash flow.

Cash flow from operations amounted to MSEK 60 (212) and from investing activities amounted to MSEK –123 (–126). Cash flow from financing activities amounted to MSEK 45 (37).

The cash flow has been negatively impacted by the settlement of the VAT and income tax liabilities, amounting to MSEK 18 and MSEK 55 respectively, attributable to the liquidation of the operations of LCM, in accordance with the ruling of the County Administrative Court. Provisions had previously been made for the amounts paid to the Swedish Tax Agency and, therefore, the payment has not impacted earnings for the first quarter. These cases are described in the Annual Report for 2010.

The cash flow effect from items affecting comparability amounted to MSEK –0 (–4).

Net investments in fixed assets for the period amounted to MSEK 116 (116), which can be compared with the depreciation of fixed assets of MSEK 162 (178). Investments in vehicles and security equipment, which comprise the two major categories of recurring maintenance investments, amounted to MSEK 38 (63).

Capital employed

Capital employed amounted to MSEK 4,567 (4,555 per December 31, 2010). The return on capital employed amounted to 19 percent (19 per December 31, 2010).

Shareholders' equity and financing

Shareholders' equity amounted to MSEK 3,149 (3,123 per December 31, 2010). The return on shareholders' equity was 16 percent (16 per December 31, 2010). The equity ratio was 42 percent (41 per December 31, 2010). Net debt amounted to MSEK 1,418 (1,432 per December 31, 2010).

Significant events during the period

Acquisitions

In March 2011, Loomis' subsidiary in the USA, Loomis Armored US, LLC, reached an agreement regarding the acquisition of assets and customer contracts attributable to the cash handling operations of the American company, Pendum LCC. The acquired operations are comprised of the replenishment and management of approximately 43,000 ATMs across the USA. Maintenance service of the ATMs will remain with Pendum. The acquisition will provide annual revenue of approximately MUSD 100 and Loomis takes on approximately 1,500 employees. Loomis took position over the operations on April 30, 2011, and the operations are consolidated as of the same date.

Other significant events during the period

In February 2011, Loomis AB signed a new five-year loan facility. The new loan matures in 2016 and is for MUSD 150 and MSEK 1,000. The new loan replaces the existing facility which was raised in conjunction with the listing on the stock market in 2008.

Events after the end of the reporting period

As a part of Loomis' environmental work, Loomis' Danish subsidiary, Loomis Danmark A/S, will use electrically powered Cash in Transit vehicles in a pilot project. Loomis' ambition is for all Cash in Transit to retailers in the Copenhagen region to be carried out with electrically powered vehicles. If the project proves to be a success, Loomis intends to purchase more electrically powered vehicles, for operations both in Denmark and in other countries in which the Group operates. The pilot project means that Loomis will be the world's first Cash Handling Services company to make full scale use of electric vehicles for Cash in Transit.

In April, the Board of Directors of Loomis AB determined, on the basis of the authorization resolved upon by the Annual General Meeting in 2010, to repurchase the Company's own Class B shares on the NASDAQ OMX Stockholm. This authorization refers to the incentive scheme adopted by the Annual General Meeting on April 29, 2010 (Incentive Scheme 2010) and covers the number of the Company's own Class B shares which might be transferred to participants in the Incentive Scheme 2010. During the period April 18, 2011 to April 21, 2011, Loomis AB repurchased 119,494 Class B shares. As this repurchase took place after the end of the first quarter, it has had no impact on the reporting for the first quarter of 2011.

The Board of Directors of Loomis AB has, in April 2011, resolved to propose the introduction of an incentive scheme (Incentive Scheme 2011) to the Annual General Meeting in 2011, which corresponds to the scheme adopted by the Annual General Meeting in 2010. In accordance with the existing incentive scheme, the proposed incentive scheme entails that two thirds of the variable remuneration are being paid out in cash during the year after the bonus was earned. For the remaining third, Loomis AB repurchases shares that will be allotted to the employees on June 30, 2013 at the latest. In May 2011, Loomis AB acquired 60 percent of the Turkish cash handling company, Erk Armored. Erk Armored covers large parts of Turkey and has annual revenue of approximately MSEK 60. Loomis takes on approximately 220 employees. As part of the acquisition, Loomis has in the future, the possibility to acquire the remaining 40 percent of the company. The acquired operations will be consolidated by Loomis from July 1, 2011.

Number of full-time employees

The average number of full-time employees during 2010 was 18,466 and, for the rolling twelve month period, the number of full-time employees was 18,368. Ongoing cost saving programs have, primarily, reduced the number of overtime hours and extra employees, but have also included a reduction in the number of regular employees.

Segment –Europe

Loomis europe

	2011	2010	2010	R12
MSEK	Jan–Mar	Jan–Mar	Full year
Revenue	1,630	1,765	7,024	6,889
Real growth, %	1	–1	0	1
Organic growth, %	0	–1	0	1
Operating income EBITA)1)	141	135	689	695
Operating margin, %	8.7	7.6	9.8	10.1

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

Revenue and operating income

January–March

Revenue during the first quarter amounted to MSEK 1,630 compared to MSEK 1,765 during the corresponding period for the previous year. Organic growth (adjusted for exchange rate effects, acquisitions and divestitures) amounted to 0 percent (–1). The recession effect which were observed during the first quarter of 2010 has now decreased. The majority of European countries showed an organic growth during the first quarter of 2011. The market situation in Spain remains, however, challenging, primarily as a result of the ongoing structural changes within the banking sector. During 2010 and the beginning of 2011 a large number of bank offices has been closed which has resulted in decreased revenue due to the number of stops being reduced. The continuous work with price increases in line with wage increases has continued successfully during the quarter.

Operating income (EBITA) amounted to MSEK 141 (135) and the operating margin was 8.7 percent (7.6). The improvement of 1.1 percentage points is primarily attributable to the positive development of earnings within a number of larger markets, including France where the restructuring work, initiated during the first quarter of 2010 and continuing during 2011, is now beginning to provide positive results.

Segment –USA

Loomis USA

	2011	2010	2010	R12
MSEK	Jan–Mar	Jan–Mar	Full year
Revenue	896	1,006	4,009	3,899
Real growth, %	1	–6	–3	–1
Organic growth, %	–1	–6	–3	–2
Operating income EBITA)1)	63	70	296	289
Operating margin, %	7.1	7.0	7.4	7.4

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

Revenue and operating income

January–March

Revenue during the first quarter amounted to MSEK 896, compared to MSEK 1,006 during the corresponding period for the previous year. Organic growth (adjusted for exchange rate effects, acquisitions and divestitures) amounted to –1 percent (–6). The significant negative development prevailing during the first quarter of 2010 has now declined, and the market has essentially stabilized at the lower volumes. The negative organic growth is primarily attributable to previously lost contracts now being terminated and the prevailing downturn in the economy. Price increases which have been carried out have, to some degree, compensated for the negative effects. Fuel surcharges had a positive impact on organic growth of 1 percent during the period.

Operating income (EBITA) decreased to MSEK 63 (70) and the operating margin for the period was 7.1 percent (7.0). The continued margin improvement is predominantly a result of the cost savings and efficiency improvements undertaken in 2009 and 2010. The work with cost savings and efficiency improvements will continue during 2011.

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 the 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 endeavors to minimize this risk. The most vulnerable situations are at the roadside, in the vehicles and during counting.

Loomis' operations are insured, implying that the maximum cost of each theft or robbery incident is limited to the deductible amount, as stipulated in the insurance cover.

The Parent Company, Loomis AB, is deemed not to have any significant 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 major risks deemed to apply to the Parent Company refer to fluctuations in exchange rates, particularly as regards USD and EUR, increased interest rates and the risk of possible write-down requirements as regards investments.

Factors of uncertainty

Specific factors of uncertainty for 2011 are the effects of the efficiency improvement work which continues in the French operations, the structural changes within the Spanish banking sector and the integration of the Cash Handling operations acquired in the USA in April 2011.

The economic trend during 2010 impacted certain countries and geographic markets negatively, and it cannot be ruled out that revenue and income for 2011 may be further impacted.

An economic downturn has both positive and negative effects on the market for cash handling services. Positive effects include an increase in the proportion of cash purchases compared with credit card purchases, and lower rates of employee turnover. Negative effects include the increased risk of robbery, reduced consumption and an increased risk of bad debt losses. Among the negative effects, an increased risk of robbery and reduced consumption are the most notable.

Seasonal Variations

The Company's earnings fluctuate across the seasons, 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, July – August, and during holidays at the end of the year, i.e. in November – December.

Parent Company

SUMMARY STATEMENT OF INCOME

	2011	2010	2010
MSEK	Jan–Mar	Jan–Mar	Full year
Gross income	59	61	222
Operating income (EBIT)	31	40	138
Income after financial items	43	56	427
Net income for the period	32	41	321

SUMMARY BALANCE SHEET

	2011	2010	2010
MSEK	Mar 31	Mar 31	Dec 31
Fixed assets	6,451	6,731	6,438
Current assets	706	1,000	963
Total assets	7,156	7,731	7,401
Shareholders' equity	4,704	4,662	4,718
Liabilities	2,452	3,069	2,683
Total shareholders' equity and liabilities	7,156	7,731	7,401

The Parent Company of the Group does not conduct operating activities, but is comprised of the Group management and central functions. The number of employees at the head office during the first quarter was 16.

The Parent Company's revenue refers, primarily, to franchise fees and other revenues from subsidiaries. The change in results refers primarily to expenses for non-performed acquisitions and a reduction in net financial items.

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.

The Swedish Tax Agency has rejected a number of deductions related to Loomis AB's costs for the LCM operations. The Tax Agency's decision was appealed at the County Administrative Court, which, in January 2011, rejected the appeal. This ruling by the County Administrative Court has been appealed during the first quarter. These cases are described in the Annual Report for 2010. The negative outcome in these matters has not impacted earnings during the first quarter but has had a cash flow effect on the Parent Company and the Group, as the extension period for the payment of the additional tax expired in conjunction with the ruling of the County Administrative Court.

Other significant events

For critical estimates and assessments and contingent liabilities, refer to pages 49 and 76 in the annual report for 2010. As no other 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 interim report.

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 statements issued by the International Financial Reporting Interpretations Committee (IFRIC).

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The main accounting principles according to IFRS, which comprise the accounting standards for the preparation of this interim report, can be found in Note 2 on pages 43 – 48 of the Annual Report for 2010.

As from January 1, 2011, Loomis AB reports acquisitionrelated costs attributable to transaction expenses, revaluation of contingent consideration, restructuring and/or integration of acquired operations in the Group as a separate item in the income statement. Restructuring costs are expenses reported in accordance with the specific criteria for provisions for restructuring. Provisions for restructuring are made when a detailed formal plan of action is in place and a wellfounded expectation has been created by the parties concerned. No provisions are made for future operating losses. Restructuring costs may be expenses for various activities necessary in the preparation for the integration of the acquired operations within the Group, for example, severance pay, provisions for leased premises which will not be utilized or leased at a loss, as well as other lease agreements which cannot be cancelled and will not be utilized. Integration costs normally consist of activities which cannot be reported as provisions. Such activities may include a change of brand name (new logo on buildings, vehicles, uniforms, etc.) but may also be personnel costs related to, for example, training, recruitment, relocation and travel, certain customerrelated costs and other costs related to the adaptation of the acquired operations to Loomis' format. The criteria listed below must also be fulfilled for costs to be classified as integration costs: i) The cost must not have been applicable had the acquisition not taken place, and ii) The cost is attributable to a project which Company management have identified and monitored, either as a stage in the integration program implemented in conjunction with the acquisition or as a direct result of an immediate review after the acquisition

The Parent Company's financial reports have been prepared in accordance with the Swedish Annual Accounts Act and Recommendation RFR 2 Accounting for Legal Entities. The main accounting principles for the Parent Company can be found in Note 36 on page 82 of the Annual Report for 2010.

Outlook for 2011

The Company does not provide forecast information for 2011.

Stockholm, May 11, 2011

Lars Blecko President and CEO

This report has not been subject to review by the Company's auditors.

Income Statement

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Revenue, continuing operations	2,489	2,771	10,990	11,934	10,709
Revenue, acquisitions	37	0	43	55	79
Total revenue	2,526	2,771	11,033	11,989	10,788
Production expenses	–1,991	–2,150	–8,516	–9,374	–8,357
Gross income	535	621	2,516	2,615	2,430
Selling and administration expenses	–357	–440	–1,634	–1,778	–1,550
Operating income before amortization (EBITA)1)	179	181	882	837	880
Amortization of acquisition-related intangible assets	–4	–4	–17	–17	–16
Acquisition-related costs2)	–7	0	0	n/a	–7
Operating income (EBIT)	168	177	866	821	857
Net financial items	–16	–27	–107	–115	–96
Income before taxes	152	149	759	706	761
Income tax	–49	–45	–262	–206	–266
Net income for the period3)	103	104	496	500	495
Key ratios
Real growth, %	1	–3	–1	–2	0
Organic growth, %	0	–3	–1	–3	0
Gross margin, %	21.2	22.4	22.8	21.8	22.5
Selling and administration expenses as % of total revenue	–14.1	–15.9	–14.8	–14.8	–14.4
Operating margin before amortization, %	7.1	6.5	8.0	7.0	8.2
Net margin, %	4.1	3.8	4.5	4.2	4.6

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

2) Acquisition-related costs are reported as a separate item as from 2011 and refer to transaction costs of MSEK 7 (0, n/a) as well as restructuring costs and integration costs of MSEK 0 (0, n/a). 3) Net income for the period is entirely attributable to the Parent Company's shareholders.

Statement of comprehensive income

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Net income for the period	103	104	496	500	495
Actuarial gains and losses after tax	22	–40	–94	–49	–32
Exchange rate differences	–101	–49	–224	–150	–276
Cash flow hedges after tax	2	–4	–1	–6	5
Other comprehensive income and expenses for the period, net after tax	–76	–94	–320	–205	–302
Total comprehensive income for the period1)	27	11	177	295	193

1) Comprehensive income for the period is entirely attributable to the Parent Company's shareholders.

Data per share

	2011	2010	2010	2009	R12
SEK	Jan–Mar	Jan–Mar	Full year	Full year
Earnings per share before dilution	1.41	1.43	6.80	6.85	6.78
Earnings per share after dilution1)	1.36	1.38	6.57	6.85	6.55
Earnings per share, fully diluted2)	1.36	1.38	6.57	6.62	6.55
Dividend	–	–	2.65	2.25	2.65
Number of outstanding shares (millions)	73.0	73.0	73.0	73.0	73.0
Average number of outstanding shares (millions)	73.0	73.0	73.0	73.0	73.0

1) The average price per share during the first quarter of 2011 amounted to SEK 95.68 and for the rolling 12 month period the corresponding figure was SEK 85.67.

2) Earnings per share, fully diluted, show the earnings per share as if all outstanding warrants had been converted into shares. At full dilution, the number of outstanding shares would amount to 75.6 million.

Balance Sheet

	2011	2010	2010	2009
MSEK	Mar 31	Mar 31	Dec 31	Dec 31
ASSETS
Fixed assets
Goodwill	2,465	2,739	2,582	2,760
Acquisition-related intangible assets	81	73	87	65
Other intangible assets	68	36	66	41
Tangible fixed assets	2,490	2,738	2,610	2,878
Non-interest-bearing financial fixed assets	342	367	345	343
Interest-bearing financial fixed assets	78	45	29	46
Total fixed assets	5,525	5,999	5,719	6,132
Current assets
Non-interest-bearing current assets	1,677	1,931	1,585	1,631
Interest-bearing financial current assets	9	3	19	3
Liquid funds	234	500	259	387
Total current assets	1,920	2,433	1,863	2,020
TOTAL ASSETS	7,444	8,432	7,582	8,153
SHAREHOL DERS' EQUITY AND LIA BILITIE S
Shareholders' equity1)	3,149	3,140	3,123	3,129
Long-term liabilities
Interest-bearing long-term liabilities	1,644	1,276	629	1,480
Non-interest-bearing provisions	799	857	879	820
Total long-term liabilities	2,444	2,133	1,507	2,299
Current liabilities
Tax liabilities	89	191	166	171
Non-interest-bearing current liabilities	1,668	1,920	1,675	1,699
Interest-bearing current liabilities	95	1,048	1,110	855
Total current liabilities	1,851	3,159	2,951	2,725
TOTAL SHAREHOL DERS' EQUITY AND LIA BILITIE S	7,444	8,432	7,582	8,153
Key ratios
Equity ratio, %	42	37	41	38

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

Additional information intangible assets

		Mar 31, 2011		Mar 31, 2010		Dec 31, 2010
MSEK	Goodwill	Acquisition related	Other	Goodwill	Acquisition related	Other	Goodwill	Acquisition related	Other
Opening balance	2,582	87	66	2,760	65	41	2,760	65	41
Acquisitions/Investments	–	–	3	–	15	2	35	45	18
Amortization/Impairment	–	–4	–4	–	–4	–4	–	–17	–17
Divestitures	–	–	–	–	–	–	–	–	–0
Translation difference	–117	–2	–1	–21	–3	–2	–213	–6	–4
Reclassifications	–	–	4	–	–	–0	–	–	29
Closing balance	2,465	81	68	2,739	73	36	2,582	87	66

Change in shareholders' equity

	2011	2010	2010	R12
MSEK	Jan–Mar	Jan–Mar	Full year
Opening balance	3,123	3,129	3,129	3,140
Actuarial gains and losses after tax	22	–40	–94	–32
Exchange rate differences	–101	–49	–224	–276
Cash flow hedges after tax	2	–4	–1	5
Total other comprehensive income	–76	–94	–320	–302
Net income for the period	103	104	496	495
Total comprehensive income	27	11	177	193
Dividend paid to Parent Company's shareholders	–	–	–193	–193
Share-related remuneration1)	–2	–	11	10
Closing balance	3,149	3,140	3,123	3,149

1) Including re-purchase of warrants. As at March 31, 2011 Loomis had 118,649 warrants in own custody.

Statement of cash flows

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Income before taxes	152	149	759	706	761
Items not affecting cash flow, items affecting comparability and acquisition-related costs	188	206	805	880	787
Financial items paid and received	–25	–31	–107	–109	–101
Income tax paid	–108	–27	–261	–147	–342
Change in accounts receivable	–20	–63	–39	85	5
Change in other operating capital employed	–128	–21	115	–82	8
Cash flow from operations	60	212	1,271	1,333	1,119
Cash flow from investment activities	–123	–126	–790	–813	–787
Cash flow from financing activities	45	37	–586	–747	–578
Cash flow for the period	–19	123	–104	–226	–246
Liquid funds at beginning of the period	259	387	387	623	500
Translation differences in liquid funds	–7	–10	–23	–10	–20
Liquid funds at end of period	234	500	259	387	234

Statement of cash flows, Additional information

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Operating income before amortization (EBITA)1)	179	181	882	837	880
Depreciation	162	178	687	752	671
Change in accounts receivable	–20	–63	–39	85	5
Change in other operating capital employed	–128	–21	115	–82	8
Cash flow from operating activities before investments	193	275	1,645	1,592	1,564
Investments in fixed assets, net	–116	–116	–708	–803	–708
Cash flow from operating activities	77	159	938	789	856
Financial items paid and received	–25	–31	–107	–109	–101
Income tax paid	–108	–27	–261	–147	–342
Free cash flow	–56	100	569	533	413
Cash flow effect of items affecting comparability	–0	–4	–6	–3	–2
Acquisition of operations2)	–7	–10	–82	–9	–79
Dividend paid	–	–	–193	–164	–193
Repayments of leasing liabilities	–4	–2	–17	–38	–18
Change in interest-bearing net debt excluding liquid funds	49	39	–375	–545	–366
Cash flow for the period	–19	123	–104	–226	–246
Key ratios
Cash flow from operating activities as % of operating income before amortization (EBITA)	43	88	106	94	97
Investments in relation to depreciation	0.7	0.7	1.0	1.1	1.1
Investments in % of total revenue	4.6	4.2	6.4	6.7	6.6

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

2) As from January 1, 2011, Acquisition of operations include the cash flow effect of acquisiton-related costs.

Segment overview

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Europe
Revenue	1,630	1,765	7,024	7,618	6,889
Real growth, %	1	–1	0	–2	1
Organic growth, %	0	–1	0	–2	1
Operating income before amortization (EBITA)1)	141	135	689	691	695
Operating margin before amortization, %	8.7	7.6	9.8	9.1	10.1
USA
Revenue	896	1,006	4,009	4,372	3,899
Real growth, %	1	–6	–3	–4	–1
Organic growth, %	–1	–6	–3	–4	–2
Operating income before amortization (EBITA)1)	63	70	296	251	289
Operating margin before amortization, %	7.1	7.0	7.4	5.7	7.4
Other 2)
Revenue	–	–	–	–	–
Operating income before amortization (EBITA)1)	–26	–24	–102	–104	–104
Group total
Revenue	2,526	2,771	11,033	11,989	10,788
Real growth, %	1	–3	–1	–2	0
Organic growth, %	0	–3	–1	–3	0
Operating income before amortization (EBITA)1)	179	181	882	837	880
Operating margin before amortization, %	7.1	6.5	8.0	7.0	8.2

Segment overview – By quarter

	2011		2010				2009
MSEK		Jan–Mar Oct–Dec			Jul–Sep Apr–Jun Jan–Mar Oct–Dec			Jul–Sep Apr–Jun Jan–Mar
Europe
Revenue	1,630	1,733	1,777	1,749	1,765	1,892	1,891	1,902	1,932
Real growth, %	1	1	1	0	–1	–1	–2	–3	–1
Organic growth, %	0	0	1	0	–1	–1	–2	–4	–2
Operating income before amortization (EBITA)1)	141	198	215	142	135	186	203	154	147
Operating margin before amortization, %	8.7	11.4	12.1	8.1	7.6	9.8	10.7	8.1	7.6
USA
Revenue	896	958	987	1,057	1,006	988	1,013	1,115	1,255
Real growth, %	1	0	–2	–3	–6	–6	–7	–4	3
Organic growth, %	–1	–1	–3	–3	–6	–6	–7	–4	2
Operating income before amortization (EBITA)1)	63	67	78	80	70	71	55	58	67
Operating margin before amortization, %	7.1	7.0	7.9	7.6	7.0	7.1	5.4	5.2	5.3
Other 2)
Revenue	–	–	–	–	–	–	–	–	–
Operating income before amortization (EBITA)1)	–26	–33	–21	–24	–24	–20	–25	–30	–29
Group total
Revenue	2,526	2,691	2,765	2,806	2,771	2,880	2,904	3,018	3,187
Real growth, %	1	0	0	–1	–3	–3	–4	–3	0
Organic growth, %	0	0	0	–1	–3	–3	–4	–4	–1
Operating income before amortization (EBITA)1)	179	232	271	198	181	237	233	183	185
Operating margin before amortization, %	7.1	8.6	9.8	7.0	6.5	8.2	8.0	6.1	5.8

1) Earnings Before Interest, Tax, Amortization of acquisitions-related intangible fixed assets and Acquisition-related costs.

2) The category Other consists of the Parent Company's costs and certain other Group items.

Quarterly data

	2011		2010
MSEK		Jan–Mar Oct–Dec			Jul–Sep Apr–Jun Jan–Mar Oct–Dec			Jul–Sep Apr–Jun Jan–Mar
Income Statement
Revenue	2,526	2,691	2,765	2,806	2,771	2,880	2,904	3,018	3,187
Gross income	535	631	644	620	621	643	648	643	681
Operating income before amortization (EBITA)1)	179	232	271	198	181	237	233	183	185
Operating income (EBIT)	168	229	267	193	177	233	229	179	181
Key ratios
Operating margin before amortization, %	7.1	8.6	9.8	7.0	6.5	8.2	8.0	6.1	5.8
Cash flow
Current activities	60	328	323	407	212	537	306	306	184
Investment activities	–123	–323	–163	–177	–126	–274	–153	–218	–168
Financing activities	45	–121	–71	–430	37	–296	–4	–257	–190
Cash flow for the period	–19	–116	89	–200	123	–32	149	–169	–174
Capital employed and financing
Operating capital employed	1,975	1,929	1,829	2,026	2,150	2,231	2,319	2,358	2,480
Goodwill	2,465	2,582	2,565	2,883	2,739	2,760	2,713	2,959	3,100
Acquisition-related intangible assets	81	87	70	69	73	65	68	77	76
Other operating capital	46	–43	–40	–63	–46	–27	1	45	–49
Operating capital	4,567	4,555	4,424	4,915	4,916	5,028	5,101	5,439	5,607
Key ratios
Operating capital employed as % of revenue	18	17	16	18	19	19	19	19	21
Capital employed as a %
of revenue	42	41	39	43	42	42	42	45	48
Net debt	1,418	1,432	1,454	1,826	1,776	1,899	2,131	2,447	2,448
Shareholders' equity	3,149	3,123	2,970	3,089	3,140	3,129	2,970	2,992	3,159

1) Earnings Before Interest, Tax, Amortization of acquisitions-related intangible fixed assets and Acquisition-related costs.

Statement of income – by quarter

	2011		2010			2009
MSEK		Jan–Mar Oct–Dec		Jul–Sep Apr–Jun Jan–Mar Oct–Dec			Jul–Sep		Apr–Jun Jan–Mar
Revenue, continuing operations	2,489	2,656	2,759	2,804	2,771	2,879	2,901	2,994	3,160
Revenue, acquisitions	37	35	6	2	0	1	3	23	28
Total revenue	2,526	2,691	2,765	2,806	2,771	2,880	2,904	3,018	3,187
Production expenses	–1,991	–2,060	–2,120	–2,186	–2,150	–2,237	–2,256	–2,375	–2,507
Gross income	535	631	644	620	621	643	648	643	681
Selling and administration
expenses	–357	–399	–373	–422	–440	–407	–415	–460	–495
Operating income before amortization (EBITA)1)	179	232	271	198	181	237	233	183	185
Amortization of acquisition-related
intangible assets	–4	–4	–4	–5	–4	–4	–4	–4	–4
Acquisition-related costs2)	–7	0	0	0	0	n/a	n/a	n/a	n/a
Operating income (EBIT)	168	229	267	193	177	233	229	179	181
Net financial items	–16	–30	–23	–26	–27	–26	–26	–31	–31
Income before taxes	152	199	244	167	149	206	202	148	150
Income tax	–49	–66	–87	–64	–45	–56	–61	–44	–45
Net income for the period2)	103	133	157	103	104	150	142	103	105
Key ratios
Real growth, %	1	0	0	–1	–3	–3	–4	–3	0
Organic growth, %	0	0	0	–1	–3	–3	–4	–4	–1
Gross margin, %	21.2	23.5	23.3	22.1	22.4	22.3	22.3	21.3	21.4
Selling and administration expenses
as % of total revenue	–14.1	–14.8	–13.5	–15.0	–15.9	–14.1	–14.3	–15.3	–15.5
Operating margin before amortization, %	7.1	8.6	9.8	7.0	6.5	8.2	8.0	6.1	5.8
Net margin, %	4.1	4.9	5.7	3.7	3.8	5.2	4.9	3.4	3.3
Earnings per share before dilution (SEK)	1.41	1.82	2.14	1.41	1.43	2.06	1.94	1.42	1.44

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

2) Acquisition-related costs are reported as a separate item as from 2011 and refer to transaction costs of MSEK 7 (0, n/a) as well as restructuring costs and integration costs of MSEK 0 (0, n/a).

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

Balance Sheet – by quarter

	2011		2010			2009
MSEK	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
ASSETS
Fixed assets
Goodwill	2,465	2,582	2,565	2,883	2,739	2,760	2,713	2,959	3,100
Acquisition-related intangible assets	81	87	70	69	73	65	68	77	76
Other intangible assets	68	66	60	67	36	41	39	47	46
Tangible fixed assets	2,490	2,610	2,550	2,768	2,738	2,878	2,754	2,995	3,026
Non interest-bearing financial fixed assets	342	345	428	416	367	343	323	371	340
Interest-bearing financial fixed assets	78	29	28	53	45	46	86	83	51
Total fixed assets	5,525	5,719	5,701	6,256	5,999	6,132	5,983	6,532	6,638
Current assets
Non interest-bearing current assets	1,677	1,585	1,613	1,858	1,931	1,631	1,843	2,030	2,139
Interest-bearing financial current assets	9	19	7	3	3	3	1	11	112
Liquid funds	234	259	379	311	500	387	414	305	352
Total current assets	1,920	1,863	1,998	2,171	2,433	2,020	2,259	2,346	2,603
TOTAL ASSETS	7,444	7,582	7,699	8,428	8,432	8,153	8,242	8,878	9,241
SHAREHOL DERS' EQUITY AND LIA BILITIE S
Shareholders' equity1)	3,149	3,123	2,970	3,089	3,140	3,129	2,970	2,992	3,159
Long-term liabilities
Interest-bearing long-term liabilities	1,644	629	1,307	1,349	1,276	1,480	1,450	1,563	64
Non interest-bearing provisions	799	879	981	988	857	820	720	864	864
Total long-term liabilities	2,444	1,507	2,288	2,337	2,133	2,299	2,170	2,427	929
Current liabilities
Tax liabilities	89	166	213	248	191	171	162	162	235
Non interest-bearing current liabilities	1,668	1,675	1,666	1,910	1,920	1,699	1,757	2,014	2,020
Interest-bearing current liabilities	95	1,110	562	844	1,048	855	1,183	1,283	2,899
Total current liabilities	1,851	2,951	2,441	3,002	3,159	2,724	3,102	3,459	5,154
TOTAL SHAREHOL DERS' EQUITY AND LIA BILITIE S	7,444	7,582	7,699	8,428	8,432	8,153	8,242	8,878	9,241
Key ratios
Equity ratio, %	42	41	39	37	37	38	36	34	34

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

Cash flow – By quarter

	2011		2010			2009
MSEK	Jan–Mar Oct–Dec				Jul–Sep Apr–Jun Jan–Mar Oct–Dec			Jul–Sep Apr–Jun Jan–Mar
Additional information
Operating income before amortization (EBITA)1)	179	232	271	198	181	237	233	183	185
Depreciation	162	163	169	177	178	175	184	196	198
Change in accounts receivable	–20	21	–48	52	–63	132	–62	–0	15
Change in other operating capital employed	–128	44	27	65	–21	15	13	24	–135
Cash flow from operating activities before investments	193	460	420	490	275	559	368	402	263
Investments in fixed assets, net	–116	–263	–161	–168	–116	–274	–153	–209	–168
Cash flow from operating activities	77	198	259	323	159	286	215	193	95
Financial items paid and received	–25	–25	–28	–23	–31	–25	–31	–15	–38
Income tax paid	–108	–107	–68	–58	–27	3	–31	–81	–39
Free cash flow	–56	66	162	241	100	264	154	98	18
Cash flow effect of items affecting comparability	–0	–0	–0	–1	–4	–0	–0	–1	–2
Acquisition of operations2)	–7	–61	–2	–10	–10	–	–	–9	–
Dividend paid	–	–	–	–193	–	–	–	–164	–
Repayments of leasing liabilities	–4	–2	–8	–5	–2	–6	–12	–12	–8
Change in interest-bearing net debt excl liquid funds	49	–119	–64	–232	39	–290	8	–80	–183
Cash flow for the period	–19	–116	89	–200	123	–32	149	–169	–174
Key ratios
Cash flow from operating activities as % of operating income before amortization (EBITA)	43	85	95	163	88	121	93	106	51

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

2) As from January 1, 2011, Acquisition of operations include the cash flow effect of acquisiton-related costs.

Key ratios

	2011	2010	2010	2009	R12
MSEK	Jan–Mar	Jan–Mar	Full year	Full year
Operating margin before amortization, %	7.1	6.5	8.0	7.0	8.2
Cash flow from operating activities as % of operating income before amortization (EBITA)	43	88	106	94	97
Return on capital employed, %	19	17	19	17	19
Real growth, %	1	–3	–1	–2	0
Organic growth, %	0	–3	–1	–3	0
Total growth, %	–9	–13	–8	6	–7
Earnings per share before dilution, SEK	1.41	1.43	6.80	6.85	6.78
Equity ratio, %	42	37	41	38	42
Net debt, MSEK	1,418	1,776	1,432	1,899	1,418

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).

Return on capital employed, %

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

Real growth, %

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

Organic growth, %

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

Total growth, %

Increase in revenue for the period as a percentage of the previous year's revenue.

Earnings per share before dilution

Net income for the period in relation to the number of shares outstanding at the end of the period. Calculation for: Jan –Mar 2011: 103/73,011,780 x 1,000,000 = 1.41

Earnings per share after dilution

Calculation for: Jan –Mar 2011: 103/75,566,780 x 1,000,000 = 1.36

Earnings per share fully dilutied

Calculation for: Jan –Mar 2011: 103/75,566,780 x 1,000,000 = 1.36

Operating income before amortization (EBITA)

Earnings before interest, taxes, amortization of acquisition-related intangible fixed assets and acquisitionrelated costs.

Operating margin before amortization

Earnings before interest, taxes, amortization of acquisitionrelated intangible fixed assets and acquisition-related costs, as a percentage of revenue.

Operating income after amortization (EBIT)

Earnings before interest and tax.

R12

Rolling 12-months period (April 2010 up to and including March 2011).

Return on equity

Net income for the period (rolling 12 months) as a percentage of the closing balance of shareholders' equity.

Net margin

Net income for the period after tax as a percentage of total revenue.

Other

Amounts in tables and other combined amounts have been rounded off on an individual basis. Minor differences due to this rounding-off, may, therefore, appear in the totals.

Information meeting

An information meeting will be held on May 12, 2011 (09:30 a.m. CET). This meeting will be held at Hallvarsson & Halvarsson, Sveavägen 20, Stockholm.

To listen to the meeting proceedings by telephone (and to participate in the question and answer session), please register in advance by using the following link: https://eventreg2.conferencing.com/webportal3/reg.html?Acc=007175&Conf=204512 and follow the instructions, or by calling +46 (0)8 505 201 14 or +44 (0)207 1620 177. The meeting can also be viewed online at www.loomis.com/webcasts.

A recording of the webcast will be available at www.loomis.com/webcasts after the information meeting, and a telephone recording of the meeting will be available until midnight on May 26, 2011 on telephone number +46(0)8 505 203 33 and +44 (0)20 7031 4064, code 894616.

Future reporting

Interim report January – June July 29, 2011

Interim report January – September November 8, 2011 Full year report January – December February 2, 2012

For further information

Lars Blecko, CEO +46 (0)70 641 49 10, e-mail: lars.blecko@loomis.com Questions can also be sent to: ir@loomis.com. Refer also to the Loomis website: www.loomis.com

Loomis AB discloses information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. This information was submitted for publication on Wednesday, May 11, 2011 at 14:00 (CET).

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