Continued measures realise new strategy

JANUARY-JUNE

Sales amounted to SEK 896.5 (895.2) m.
Operating profit was SEK 29.9 (55.3) m. Profit was reduced by non-recurring costs of SEK 20 m for the ongoing restructuring package.
The operating margin amounted to 3.3% (6.2%)
Profit after financial items was SEK 24.0 (51.5) m
Profit after tax was SEK 15.7 (38.4) m, or SEK 1.63 (3.99) per share.
Cash flow was SEK 29.4 (73.4) m, or SEK 3.05 (7.63) per share.

SIGNIFICANT EVENTS IN THE PERIOD

Strategic change process continues —measures implemented to transfer labour-intensive production and sourcing services to cost-efficient countries, downsizing headcount in Sweden by 200 staff, or just over 25% in the year.
UK acquisition —new Nearsourcing Centre for long-term sales growth started in the UK.
Swedish mechanical engineering services acquisition —valuable mechanical engineering knowhow added close to customers to develop advanced prototypes and for shorter production runs.
New share-related incentive scheme —50 senior executives subscribed for the scheme.

APRIL-JUNE

Sales amounted to SEK 469.2 (470.2) m.
Operating profit was SEK 16.2 (30.5) m. Profit was reduced by non-recurring costs of SEK 10 m for the ongoing restructuring package.
The operating margin amounted to 3.4% (6.5%)
Profit after financial items was SEK 12.5 (28.5) m.
Profit after tax was SEK 8.2 (22.4) m.
Cash flow was SEK 5.4 (27.8) m.

CEO's comments

NOTE is a company on the offensive. After appointing our new Board last spring, we are now in the midst of major initiatives to realise our new strategy.

NEW, UNIQUE BUSINESS MODEL

Our new, unique business model, Nearsourcing is intended to increase sales growth and profitability while simultaneously reducing the risks of our operations.

This model has three elements—starting up Nearsourcing Centres close to our customers, the NOTEfied preferred parts database to support sourcing and development processes, and efficient production close to the customer or in cost-efficient countries—all three intended to satisfy our customers' specific needs.

The primary preconditions are now in place, and accordingly, we can start to build more Nearsourcing Centres close to our customers. We have invested and built up our central sourcing function in Poland. With the support of NOTEfied, our preferred parts database, we can now manage the vital sourcing processes efficiently for all group companies. Last autumn, we enhanced our production capacity by start-ups of joint venture plants in China and Poland, and can now lift sales and offer costefficient production in central Europe and Asia.

ACCELERATED RATE OF CHANGE IN Q2

We resolutely drove the realignment of NOTE throughout the first half-year. In practical terms, this means us modifying our organisational resources, primarily in Sweden, as we transfer labour-intensive production and sourcing services to our units where our cost profile benefits us and our customers. This means we cut our costs while also alleviating our business risks and cyclicality.

Apart from the cost of material, personnel expenses are completely dominant in our sector. So far this year, we have issued redundancy notices to 200 employees in Sweden, so we have scaled up this process by 50 employees, a decision we reached in the second quarter. Through the measures we have taken so far, we expect the employee headcount in Sweden to reduce by just over 25% in the current year. The majority of these redundancies will take place in the second half-year. Thus, at around year-end, we will have a far better cost structure than as of 1 January.

Our re-alignment of NOTE is creating good prospects for profitable sales growth on our current markets. Additionally—and completely consistent with our strategy—we are rolling out Nearsourcing on new markets. We started up

our first Nearsourcing Centre from scratch by acquiring a small CAD enterprise in Oslo in 2006—and we're now really starting to win market share in Norway. Our second Nearsourcing Centre was started up in the first quarter this year with the acquisition of the operations of Proqual, outside Bristol, UK. We now have the right preconditions to get sales growth underway far faster in the UK. In Sweden, we also added a mechanical engineering services enterprise in Järfälla, near Stockholm, to our close-to-market Swedish units in the second quarter.

PROGRESS IN 2008

Our restructuring actions have exerted shortterm downward pressure on our margins, particularly in the first half-year. Year to date, profits have been subject to costs of SEK 20 m to implement this change process. Mainly for this reason, our operating margin is down on the first half-year of last year. We have also felt increasing price pressure, particularly from international USD-dependent customers, and somewhat weaker demand, primarily from customers in the engineering sector. However, our recent acquisitions have resulted in sales remaining above previous-year levels.

OUR FUTURE

We are now just over half way through a year featuring extensive change and challenges to our organisation. We're building a new NOTE, which even by this year-end, will be far stronger than it was at the beginning.

Despite market conditions deteriorating somewhat in the second quarter, we are seeing continued corroboration of our previous judgment that overall this year, there are prospects of exceeding the previous year's sales.

In the second quarter, we took a decision to accelerate and extend our headcount downsizing in Sweden. Even if we have already expensed the absolute majority of the costs of this change process, our margins will remain under pressure during the third quarter.

The effect of the rationalisation package will appear progressively through the autumn. But as a result of somewhat weaker market conditions and extending our rationalisation package we expect full-year profits to be below the previous year's level.

We also expect to make more acquisitions of Nearsourcing Centres through the autumn, to increase our sales.

Arne Forslund President and CEO

Sales and profits

SALES, JANUARY-JUNE

Sales were SEK 896.5 (895.2) m in the first half-year. Sales in the recently acquired operations in the UK, China and Järfälla, near Stockholm, progressed as planned, and amounted to SEK 25.9 m. Thus, in like-for-like terms, sales decreased by nearly 3%.

Demand levelled off in NOTE's largest business segment, Industrial, mainly from Swedish engineering customers. Thus, in likefor-like terms, sales in the Industrial segment were down by over 6% on the first half of the previous year.

Demand from customers in the Telecom business segment is inherently more unstable over time than some other segments. For example, there was a significant fall in sales to Telecom customers in the fourth quarter last year. However, in the first half of this year, Telecom sales were brisk, exceeding last year's comparative figure by 5%.

Order backlog, which is largely made up of industrial products, was somewhat lower at the end of the period in year-on-year terms, but still remained healthy.

PROFIT, JANUARY-JUNE

Despite sales being on an unchanged overall level compared to last year, gross margins contracted to 10.1% (12.8%).

Gross profit for the first half-year includes actual costs for NOTE's continuing realignment. These costs are largely comprised of headcount downsizing, costs relating to surplus capacity in new acquisitions—mainly in cost-efficient countries—and a temporary increase to project management capacity for change initiatives.

These additional costs amounted to SEK 20 m in the first half-year.

To attain a high tempo in change initiatives and ensure lower costs for these measures overall, costs for continued restructuring are expensed in the Income Statement as they arise.

Adjusted for the extra costs for the change process, gross margins were 12.3% (12.8%). Thus, rationalisation and cost-cutting on electronics components and production materials in the first half-year did not fully offset increasing price pressure from international customers, and an altered product mix—an increased share of Telecom, with comparatively lower gross margins than industrial products.

As part of the ongoing initiative to expand and enhance the skills of our sales resources, sales costs increased year on year. However, overall, and including newly acquired operations, costs for the period were approximately unchanged compared to last year.

Mainly as a result of the costs of the change package and altered product mix, operating profit reduced to SEK 29.9 (55.3) m, corresponding to an operating margin of 3.3% (6.2%).

Higher interest rates and slightly increased net debt, largely relating to businesses acquired in the last six months, resulted in a net financial income/expense of SEK -5.9 (-3.8) m. Profit after financial items was SEK 24.0 (51.5) m, equivalent to a profit margin of 2.7% (5.8%).

Profit after tax was SEK 15.7 (38.4) m, or SEK 1.63 (3.99) per share.

SALES AND PROFIT, APRIL-JUNE

Sales in the second quarter were SEK 469.2 (470.2) m. Adjusted for the newly acquired operations in the UK, China and Järfälla, likefor-like sales reduced by 4%.

Demand in the Industrial business segment continued to level off, mainly from Swedish engineering customers. Demand from customers in the telecom business segment remained high—albeit somewhat below last year's record level.

Gross margins saw a seasonal increase of 0.7 percentage points quarter on quarter, to 10.4% (13.0%). In the second quarter, costs for the change package amounted to some SEK 10 m, exerting a negative 2.1 percentage point impact on gross margins.

Efforts to enhance and upgrade our sales resources meant that sales costs increased year on year. However, excluding newly acquired operations, overheads in the period were somewhat lower than the previous year.

Mainly as a result of lower volumes and costs for the change package, operating profit reduced to SEK 16.2 (30.5) m, equivalent to an operating margin of 3.4% (6.5%). Profit after financial items was SEK 12.5 (28.5) m, equivalent to a profit margin of 2.7% (6.1%). Profit after tax was SEK 8.2 (22.4) m.

Financial position, cash flow and investments

CASH FLOW

NOTE is focusing sharply on progressively improving consolidated cash flow from operating activities. The primary aim is to enhance efficiency and balance business risks in operations.

Cash flow after investments in the first halfyear was SEK 29.4 (73.4) m, or SEK 3.05 (7.63) per share.

Like other medium-sized EMS companies, NOTE is facing a big challenge in the continued development of its business models, in terms of stock control and logistics. This challenge is particularly clear in rapid demand fluctuations and is mainly associated with the complexity of electronics production and the long lead-times for electronics components.

In the first quarter this year, working capital reduced by 10%. Progress in the second quarter was more stable, with a 3% increase, mainly due to higher sales.

At the end of the period, total inventories were just over 5% higher than at the previous yearend but about 1% down on the mid-point of the previous year. In like-for-like terms, this means a reduction of 4% year on year.

Accounts receivable at the end of the period were up 4% on the previous year-end, and 9% higher than at the midpoint of the previous year. Despite increased market demand for extended credit terms, the average number of outstanding days of credit was largely unchanged since year-end and the end of the first quarter.

Following large-scale inventory reduction conducted late last year, accounts payabletrade have gradually moved to more normal levels. Accordingly, accounts payable—trade have increased by 36% since year-end.

EQUITY TO ASSETS RATIO

The equity to assets ratio was 32.2% (31.8%) at the end of the period, a reduction of 2.3 percentage points since year-end.

The dividends of SEK 26.5 m paid in the second quarter reduced the equity to assets ratio at the end of the period by 2.7 percentage points.

LIQUIDITY

Liquidity was healthy at the end of the period. Available cash equivalents, including unutilised overdraft facilities, were SEK 87.3 (123.9) m.

INVESTMENTS

As a result of NOTE's aggressive focus on Nearsourcing, the rate of investment has increased in the most recent 12-month period.

Total investments amounted to SEK 28.8 (9.8) m in the first half-year, corresponding to 3.2% (1.1%) of sales. Investments related largely to an additional purchase price for the IONOTE plant in China (based on achieved profit), the acquisition of the Nearsourcing Centres in the UK and Järfälla, and new IT systems for production and logistics.

Investments in tangible fixed assets were SEK 15.2 (10.8) m. These investments were mainly intended to increase production capacity at the plant in Estonia. Depreciation and amortisation was SEK 15.8 (13.7) m.

Significant events in the period

STRATEGIC CHANGE CONTINUES

As part of realising NOTE's new Nearsourcing strategy, production capacity in cost-efficient countries was increased by starting up joint venture plants in China and Poland last autumn. Thus NOTE has accumulated the skills and capacity for sustained growth, and to transfer more labour-intensive production and sourcing services to cost-efficient countries.

Against this background, 200 staff in Sweden were issued with redundancy notices in the first half-year.

The notices affected staff at NOTE's operations at Skellefteå, Norrtälje, Skänninge and Lund. Negotiations with trade union organisations were completed in the second quarter. As a result of the measures, employee headcount in Sweden is expected to reduce progressively by over 25% through the current year, with the majority occurring in the autumn. These measures are part of enhancing efficiency, while simultaneously alleviating the risks and cyclicality of the Swedish operation.

AN ACQUISITION FOR GROWTH IN THE UK

NOTE acquired the operations of Proqual located near Bristol, Gloucestershire in January. The acquisition brought technically skilled, flexible organisational resources focused on services early in product lifecycles. Sales total SEK 45 m and the company had 40 staff. By bringing in additional know-how, NOTE started its first Nearsourcing Centre in the UK. Its integration into NOTE is progressing as planned, and the customer base this company has accumulated offers healthy growth potential on the UK market.

ACQUISITION OF SWEDISH MECHANICAL ENGINEERING SERVICES COMPANY

NOTE acquired all the shares of a mechanical engineering production services company in Järfälla outside Stockholm at the end of March. The company has advanced technology equipment and specialist knowhow in cutting machining. Its products and associated services are supplied to sectors including the nuclear and telecom industries. This acquisition is a step in improving NOTE's offering to customers by reducing their time to market further. Annualised sales are some SEK 25 m and there are 20 employees. The company's name has been changed to NOTE Components Järfälla AB.

AGM 2008

The Annual General Meeting (AGM) of April 2008 authorised the Board of Directors to take decisions on non-cash and set-off issues of shares and the acquisition and transfer of treasury shares, subject to certain conditions. The purpose is to facilitate funding of acquisitions coincident with rolling out the Nearsourcing business model on new markets.

The AGM's other resolutions included appointing Öhrlings PricewaterhouseCoopers as NOTE's auditor.

MANAGEMENT SKILLS ENHANCEMENT

NOTE's Board and management has largely been replaced in recent years. In tandem with the current restructuring, NOTE has reviewed its current senior executives. As a result, new Presidents have been appointed to subsidiaries in NOTE's Swedish operations at Nyköping-Skänninge, Lund and Skellefteå and at Tauragé, Lithuania. A new management team has also been appointed for the groupwide sourcing entity NOTE Gdansk. To tailor this business to market conditions further and clarify its role, the corporate name of this operation has been changed to NOTE Components Gdansk.

NEW SHARE-BASED INCENTIVE SCHEME

In November last year, in consultation with the Board of Directors, NOTE's main shareholder Catella Kapitalförvaltning decided to issue a maximum of 500,000 call options as part of a new incentive scheme. 50 senior executives are eligible for the scheme. The valuation and sale of these call options is on market terms. Because the scheme is based on currently outstanding shares, the scheme does not imply any dilution of the number of shares. The options have a term of just over three years until August 2011 and the exercise price is SEK 125 per share. Subscription and payment was according to plan early in the year.

DISPUTE IN ARBITRATION

As previously reported, NOTE has been conducting extended discussions with a customer of one of its Swedish subsidiaries regarding the processing of input components in this customer's product. With the backing of several external advisers, NOTE has contested all the claims in this case. However, in late-2007, the customer invoked arbitration of this dispute at the Stockholm Chamber of Commerce Arbitration Institute.

NOTE considers that all costs associated with this case are correctly reflected in its financial statements. Although the process of arbitration has begun, no settlement is expected until year-end at the earliest.

Parent company

Parent company NOTE AB (publ) is primarily focused on the management, coordination and development of the group. In the first halfyear, revenue was SEK 24.5 (18.5) m and primarily related to intra-group services.The loss after financial items was SEK -11.7 (-6.5) m.

TRANSACTIONS WITH RELATED PARTIES

Mainly, transactions with related parties consisted of intra-group sales of services to subsidiaries.

Significant operational risks

NOTE is a services company active in production and logistics relating to electronics products. NOTE's role involves it serving as a collaboration partner to its customers, although not a product owner.

The electronics manufacturing services (EMS) market is relatively young and usually considered fairly cyclical. Very few, if any, of the major EMS corporations has succeeded in maintaining good profitability over a business cycle, a fact that has played an important role

in NOTE's choice of future strategy. NOTE's forward-looking emphasis on Nearsourcing, intended to promote the combination of sales growth with low investment costs and overheads in high-cost countries, is one way of reducing its operational risks.

For a more detailed review of the risks in NOTE's operations, the reader is referred to the Report of the Directors in NOTE's Annual Report for 2007.

Assurance

This Interim Report gives a true and accurate view of the parent company's and group's operations, position and profit, and reviews the significant risks and uncertainty factors facing the company and group companies.

Arne Forslund, Board member, CEO Kjell-Åke Andersson, Board member

Håkan Gellerstedt, Board member Hans Johansson, Board member

Per-Arne Sandström, Board member

The Board of Directors, NOTE AB (publ)

Danderyd, Sweden, 17 July 2008

Bruce Grant, Chairman Göran Jansson, Deputy Chairman

FOR MORE INFORMATION, PLEASE CONTACT Arne Forslund, CEO & President,

tel. +46 (0)70 547 7477

Henrik Nygren, CFO,

tel. +46 (0)70 977 0686

FORTHCOMING FINANCIAL REPORTS

The Interim Report January—September will be published on 24 October 2008

AUDIT REVIEW

As in previous years, this Interim Report has not been subject to review by the company's auditors.

NOTE in brief

NOTE is one of the Nordic region's leaders in manufacturing and logistics services for electronics-based products and is active on the EMS (electronics manufacturing services) market.

NOTE offers electronics production services right through the value chain, from design to after-sales. Its customers are mainly in Scandinavia and the UK.

NOTE has developed a unique business model, Nearsourcing, intended to increase sales growth and profitability simultaneous with reducing the risks of operations. The model has three parts—start-ups of Nearsourcing Centres close to customers, the NOTEfied preferred parts database that supports sourcing and development processes and volume production in cost-efficient countries.

Cost-efficient development work is conducted close to the customer geographically at Nearsourcing Centres, reducing time to market—the time from idea to the product reaching the final market. The NOTEfied preferred parts database is used in sourcing and development processes, and has

ACCOUNTING AND VALUATION PRINCIPLES

This Report has been presented in accordance IFRS by applying with IAS 34 Interim Reporting. The parent company reports in accordance with RFR's (the Swedish Financial Reporting Board) recommendations and statements. The report utilises the same accounting principles and calculation methods as in NOTE's Annual Report for 2007.

All amounts in SEK m (millions of Swedish kronor) unless otherwise indicated.

This is the translated version of the Swedish original Interim Report for January–June 2008.

functionality including direct links to customers' design systems.

NOTEfied has technical and commercial data, helping increase efficiency and cut product development lead-times. Because the materials share is often more than 60% of product costs, it is vital that NOTE can offer attractive materials and component pricing.

The group's sourcing company, NOTE Components, with sourcing centres in Poland and China, is responsible for strategic sourcing work and purchasing production material at competitive prices.

NOTE has production plants in Sweden, Norway, Finland, the UK, Estonia, Lithuania Poland and China. Participation in the multinational ems-ALLIANCE enables NOTE to offer its customers other alternatives for cost-efficient production close to the market.

NOTE has a total of some 1,200 employees and sales of some SEK 1.7 bn.

The NOTE share is listed on NASDAQ/OMX Nordic Exchange Stockholm in the Small Cap segment and Information Technology sector.

Consolidated Income Statement

	2008 Q2	2007 Q2	2008 Q1-Q2	2007 Q1-Q2	Rolling 12 mth.	2007 Full yr.
SALES COST OF GOODS AND SERVICES SOLD	469.2 -420.3	470.2 -409.2	896.5 -806.1	895.2 -780.9	1,745.1 -1,544.4	1,743.8 -1,519.2
GROSS PROFIT	48.9	61.0	90.4	114.3	200.7	224.6
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	-14.5 -18.1 -0.1	-12.2 -18.0 -0.3	-26.4 -34.5 0.4	-22.4 -36.2 -0.4	-46.6 -68.0 0.4	-42.5 -69.7 -0.5
OPERATING PROFIT	16.2	30.5	29.9	55.3	86.5	111.9
NET FINANCIAL INCOME/EXPENSE	-3.7	-2.0	-5.9	-3.8	-10.2	-8.1
PROFIT AFTER FINANCIAL ITEMS	12.5	28.5	24.0	51.5	76.3	103.8
TAX	-4.3	-6.1	-8.3	-13.1	-20.7	-25.6
PROFIT AFTER TAX	8.2	22.4	15.7	38.4	55.6	78.2

Consolidated key ratios

	2008 Q2	2007 Q2	2008 Q1-Q2	2007 Q1-Q2	Rolling 12 mth.	2007 Full yr.
DATA PER SHARE* NUMBER OF OUTSTANDING SHARES (000) EARNINGS PER SHARE AFTER FULL TAX, SEK EQUITY PER SHARE, SEK CASH FLOW PER SHARE, SEK	9,624 0.85 32.91 0.56	9,624 2.32 29.70 2.89	9,624 1.63 32.91 3.05	9,624 3.99 29.70 7.63	9,624 5.77 32.91 -4.62	9,624 8.13 34.02 -0.05
OTHER KEY RATIOS GROSS MARGIN OPERATING MARGIN PROFIT MARGIN RETURN ON OPERATING CAPITAL RETURN ON EQUITY EQUITY TO ASSETS RATIO, END OF PERIOD AVERAGE NUMBER OF EMPLOYEES SALES PER EMPLOYEE, SEK 000	10.4% 3.4% 2.7% - - 32.2% 1,219 385	13.0% 6.5% 6.1% - - 31.8% 1,199 392	10.1% 3.3% 2.7% - - 32.2% 1,208 742	12.8% 6.2% 5.8% - - 31.8% 1,189 753	11.5% 5.0% 4.4% 17.4% 18.5% 32.2% 1,195 1,461	12.9% 6.4% 6.0% 21.4% 26.3% 34.5% 1,171 1,489

* DATA PER SHARE IS CALCULATED ON THE BASIS OF THE ACTUAL NUMBER OF OUTSTANDING SHARES. THE AGM 2006 RESOLVED ON THE ISSUE OF WARRANTS CORRESPONDING TO 200,000 SHARES, IMPLYING A MAXIMUM DILUTION EFFECT OF 2%. THE EXERCISE PRICE OF THE OPTIONS IS SEK 92.89 PER SHARE.

Consolidated quarterly summary

	2008 Q2	2008 Q1	2007 Q4	2007 Q3	2007 Q2	2007 Q1	2006 Q4	2006 Q3
SALES	469.2	427.3	458.6	389.9	470.2	425.0	488.5	421.4
GROSS PROFIT	48.9	41.6	59.0	51.4	61.0	53.3	62.7	51.9
OPERATING PROFIT	16.2	13.8	28.5	28.1	30.5	24.8	33.8	26.8
PROFIT AFTER FINANCIAL ITEMS	12.5	11.5	26.6	25.7	28.5	23.0	32.4	25.1
PROFIT AFTER TAX	8.2	7.5	21.0	18.9	22.4	16.0	22.7	18.0
CASH FLOW	5.4	24.0	-34.8	-39.1	27.8	45.6	41.4	-24.9
EARNINGS PER SHARE, SEK	0.85	0.78	2.18	1.96	2.32	1.66	2.36	1.87
CASH FLOW PER SHARE, SEK	0.56	2.49	-3.61	-4.06	2.89	4.74	4.30	-2.59
PROFIT MARGIN	2.7%	2.7%	5.8%	6.6%	6.1%	5.4%	6.6%	6.0%
EQUITY TO ASSETS RATIO	32.2%	35.2%	34.5%	33.2%	31.8%	32.7%	30.2%	27.2%

Consolidated Balance Sheet

	2008 30 June	2007 30 June	2007 31 Dec
ASSETS GOODWILL OTHER INTANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS DEFERRED TAX ASSET OTHER FINANCIAL FIXED ASSETS	65.3 7.8 127.4 6.0 1.4	49.1 2.3 112.4 3.9 0.4	57.7 2.8 131.2 7.4 1.5
FIXED ASSETS	207.9	168.1	200.6
STOCK ACCOUNTS RECEIVABLE OTHER CURRENT RECEIVABLES CASH EQUIVALENTS	341.4 362.5 49.1 22.3	345.3 331.5 26.0 29.3	324.6 347.0 37.4 38.5
CURRENT ASSETS	775.3	732.1	747.5
TOTAL ASSETS	983.2	900.2	948.1
EQUITY AND LIABILITIES EQUITY LONG-TERM INTEREST-BEARING LIABILITIES DEFERRED TAX LIABILITY OTHER LONG-TERM PROVISIONS	316.7 106.0 20.0 12.6	285.9 115.5 13.3 12.4	327.4 108.4 20.0 11.7
LONG-TERM LIABILITIES	138.6	141.2	140.1
CURRENT INTEREST-BEARING LIABILITIES ACCOUNTS PAYABLE—TRADE OTHER CURRENT LIABILITIES SHORT-TERM PROVISIONS	147.9 253.2 120.3 6.5	75.7 275.6 117.4 4.4	165.4 186.0 116.9 12.3
CURRENT LIABILITIES	527.9	473.1	480.6
TOTAL EQUITY AND LIABILITIES	983.2	900.2	948.1

Consolidated change in equity

	2008 Q2	2007 Q2	2008 Q1-Q2	2007 Q1-Q2	Rolling 12 mth.	2007 Full yr.
OPENING EQUITY	333.9	284.6	327.4	268.1	285.9	268.1
PROFIT AFTER TAX FOR THE PERIOD	8.2	22.4	15.7	38.4	55.6	78.2
TRANSLATION DIFFERENCE	1.1	0.3	0.1	1.0	1.7	2.7
DIVIDENDS PAID	-26.5	-21.7	-26.5	-21.7	-26.5	-21.7
PAYMENT, WARRANTS	-	0.3	-	0.1	-	0.1
CLOSING EQUITY	316.7	285.9	316.7	285.9	316.7	327.4

Consolidated cash flow

	2008	2007	2008	2007	Rolling	2007
	Q2	Q2	Q1-Q2	Q1-Q2	12 mth.	Full yr.
PROFIT AFTER FINANCIAL ITEMS	12.5	28.5	24.0	51.5	76.3	103.8
REVERSED DEPRECIATION AND AMORTISATION	8.0	7.2	15.8	13.7	29.8	27.7
OTHER NON-CASH ITEMS	-5.6	3.4	1.6	0.7	4.8	3.9
TAX PAID	-6.3	-1.2	-19.0	-8.1	-35.2	-24.3
CHANGE IN WORKING CAPITAL	4.0	-8.6	35.8	25.4	-52.4	-62.8
INVESTMENT BUSINESS	-7.2	-1.5	-28.8	-9.8	-67.8	-48.8
CASH FLOW	5.4	27.8	29.4	73.4	-44.5	-0.5
CASH EQUIVALENTS AT THE START OF THE PERIOD CASH FLOW FINANCING ACTIVITIES EXCHANGE RATE DIFFERENCE IN CASH EQUIVALENTS	33.8 5.4 -17.9 1.0	24.7 27.8 -22.8 -0.4	38.5 29.4 -46.5 0.9	18.8 73.4 -62.7 -0.2	29.3 -44.5 36.0 1.5	18.8 -0.5 19.8 0.4
CASH EQUIVALENTS AT END OF PERIOD	22.3	29.3	22.3	29.3	22.3	38.5
UNUSED CREDITS	65.0	94.6	65.0	94.6	65.0	55.9
AVAILABLE CASH EQUIVALENTS	87.3	123.9	87.3	123.9	87.3	94.4

Consolidated six-year summary

	Rolling 12 mth.	2007	2006	2005	2004	2003
SALES	1,745.1	1,743.8	1,741.5	1,504.1	1,103.1	859.2
GROSS PROFIT	200.7	224.6	206.5	54.2	126.0	94.1
OPERATING PROFIT	86.5	111.9	103.6	-64.3	29.3	74.4
PROFIT AFTER FINANCIAL ITEMS	76.3	103.8	96.2	-73.1	19.5	63.0
PROFIT AFTER TAX	55.6	78.2	68.6	-55.7	13.6	44.2
CASH FLOW	-44.5	-0.5	24.8	-9.7	-14.4	-63.6
EARNINGS PER SHARE, SEK	5.77	8.13	7.13	-5.78	1.50	5.41
CASH FLOW PER SHARE, SEK	-4.62	-0.05	2.58	-1.01	-1.60	-7.79
PROFIT MARGIN	4.4%	6.0%	5.5%	-4.9%	1.8%	7.3%
RETURN ON OPERATING CAPITAL	17.4%	21.4%	22.5%	-14.3%	6.6%	21.0%
RETURN ON EQUITY	18.5%	26.3%	29.0%	-23.7%	6.6%	37.0%
EQUITY TO ASSETS RATIO	32.2%	34.5%	30.2%	25.3%	36.1%	22.0%
AVERAGE NUMBER EMPLOYEES	1,195	1,171	1,127	1,097	887	681

2004-2008 ACCORDING TO IFRS; 2003 ACCORDING TO SWEDISH GAAP.

	2008 Q2	2007 Q2	2008 Q1-Q2	2007 Q1-Q2	Rolling 12 mth.	2007 Full yr.
NET SALES	12.0	9.2	24.5	18.5	40.8	34.9
COST OF GOODS SOLD	-6.5	-3.2	-11.7	-5.8	-16.3	-10.4
GROSS PROFIT	5.5	6.0	12.8	12.7	24.5	24.5
SALES COSTS	-5.5	-5.1	-10.9	-9.3	-20.7	-19.1
ADMINISTRATIVE COSTS	-7.1	-5.8	-12.2	-12.6	-22.5	-22.9
OTHER OPERATING INCOME/COSTS	0.0	-0.9	0.0	0.0	0.0	-0.1
OPERATING PROFIT	-7.1	-5.8	-10.3	-9.2	-18.7	-17.6
INTEREST INCOME ETC.	2.3	2.0	4.6	3.5	7.6	6.5
INTEREST COSTS ETC.	-3.2	-0.5	-6.0	-0.8	-8.0	-2.7
PROFIT AFTER NET FINANCIAL ITEMS	-8.0	-4.3	-11.7	-6.5	-19.1	-13.8
APPROPRIATIONS	-	-	-	-	-22.4	-22.4
PROFIT BEFORE TAX	-8.0	-4.3	-11.7	-6.5	-41.5	-36.2
TAX	2.3	1.2	3.3	1.8	11.5	9.9
PROFIT AFTER TAX	-5.7	-3.1	-8.4	-4.7	-30.0	-26.3

Parent Company Balance Sheet

	2008 30 June	2007 30 June	2007 31 Dec
ASSETS	4.4	-	-
INTANGIBLE FIXED ASSETS	1.6	0.2	0.2
TANGIBLE FIXED ASSETS PARTICIPATIONS IN GROUP COMPANIES	175.3	164.5	174.3
PARTICIPATIONS IN JOINT VENTURES	28.0	-	18.6
RECEIVABLES FROM GROUP COMPANIES	146.6	101.5	188.6
RECEIVABLES FROM JOINT VENTURES	2.2	-	2.5
OTHER FINANCIAL FIXED ASSETS	-	0.1	-
FIXED ASSETS	358.1	266.3	384.2
ACCOUNTS RECEIVABLE	0.0	0.1	0.0
RECEIVABLES ON GROUP COMPANIES	140.5	34.5	177.0
OTHER CURRENT RECEIVABLES	9.9	7.3	7.7
PREPAID EXPENSES AND ACCRUED INCOME	2.9	1.7	2.6
CASH EQUIVALENTS	7.7	8.8	7.6
CURRENT ASSETS	161.0	52.4	194.9
TOTAL ASSETS	519.1	318.7	579.1
EQUITY AND LIABILITIES
SHARE CAPITAL	4.8	4.8	4.8
STATUTORY RESERVE	148.2	148.2	148.2
ACCUMULATED PROFIT	69.3	47.3	122.1
PROFIT FOR THE PERIOD	-8.4	-4.7	-26.3
EQUITY	213.9	195.6	248.8
UNTAXED RESERVES	32.6	10.2	32.6
LIABILITIES TO CREDIT INSTITUTIONS	82.3	13.5	82.3
LIABILITIES TO GROUP COMPANIES	6.8	25.7	6.9
OTHER LONG-TERM PROVISIONS	-	0.9	-
LONG-TERM LIABILITIES	89.1	40.1	89.2
LIABILITIES TO CREDIT INSTITUTIONS	121.4	3.9	140.9
ACCOUNTS PAYABLE	3.3	2.5	1.1
LIABILITIES TO GROUP COMPANIES	51.3	52.0	34.6
TAX LIABILITIES	-	3.7	17.0
OTHER CURRENT LIABILITIES	1.4	0.8	0.6
ACCRUED EXPENSES AND DEFERRED INCOME	6.1	9.9	6.3
OTHER SHORT-TERM PROVISIONS	-	-	8.0
CURRENT LIABILITIES	183.5	72.8	208.5
TOTAL EQUITY AND LIABILITIES	519.1	318.7	579.1