Resolutely adapting to our future

FINANCIAL PERFORMANCE, JANUARY-MARCH

Sales amounted to SEK 329.1 (427.3) m.
Operating loss of SEK -8.6 (13.8) m.
The operating margin amounted to -2.6% (3.2%).
The loss after financial items was SEK -11.1 (11.5) m.
The loss after tax was SEK -8.4 (7.5) m, or SEK -0.88 (0.78) per share.
Cash flow after investments was SEK -15.3 (24.0) m, or SEK -1.59 (2.49) per share.

SIGNIFICANT EVENTS IN JANUARY-MARCH

Continued strategic realignment measures implemented to transfer labourintensive production and sourcing services to the group's units in cost-efficient countries. Staffing in Sweden reduced by 91 people, or 16%, in the period.
New funding facility—new funding facility arranged with NOTE's bank connection.
Acquisition in Norway—start-up of Nearsourcing centre for additional sales growth on the Norwegian market.
Market breakthrough for Nearsourcing—building on its collaboration with the Nearsourcing centre in Oslo, Kongsberg Defence & Aerospace of Norway decided to utilise the NOTEfied preferred parts database when developing new products.
Nearsourcing secures new customers new collaboration agreements signed with companies including OTRUM, Telespor and Tour & Andersson.

CEO's comments

ADAPTING TO OUR FUTURE

We are now in the final phase of our methodical efforts to realign NOTE—from a traditional contract electronics manufacturer to a unique services provider on the EMS market.

Our new business model has been tailored to customer needs to get to the market quickly. With Nearsourcing, we are now seeing clear evidence of how we help cut customers' time to market by over 50%.

With our new preferred parts database NOTEfied and the associated PLM (Product Lifecycle Management) tool, we are ensuring effective sourcing and cost control right through product lifecycles, and as a result, we succeeded in securing several new customer contracts in a short period.

Due to the rapid and severe downturn in the manufacturing cycle, we also took resolute measures to adapt our costs at our Nearsourcing centres and Industrial Plants to deteriorated market conditions.

PROGRESS IN THE FIRST QUARTER

Low demand from the end of last year persisted right through the period. In the short term, the weak business cycle has a negative effect on ongoing deliveries. Accordingly, first-quarter sales were down 23% year on year. However, there is a wide variation between sectors.

What is more pleasing is that with our new business model, we are achieving successes with new customers and markets. When Kongsberg Defence & Aerospace recently chose to use our unique database NOTEfied for developing new products, we viewed this as a market breakthrough for Nearsourcing.

As a result of our new way of addressing the market, we also signed several keynote collaboration agreements with new customers including OTRUM, Tour & Andersson and Telespor. These new deals are very significant to our future, but will not feed through to our Income Statement until late in the year.

Consistent with our new business model, we have coordinated and centralised our sourcing operations on Gdansk, Poland, which reduced our purchasing costs significantly.

The transfer of labour-intensive production to our plants in cost-efficient countries is another

important component of NOTE's realignment. In the past five quarters, we took decisions to reduce our staffing, mainly in Sweden, by some 400 people, or over 50%. Last year, we laid off 130 staff, followed by 91 in the first quarter. These measures have major implications for our cost structure. Accordingly, in like-for-like terms, our production costs reduced by over 16% year on year.

Continued rationalization and firm cost control enabled us to cut our other overheads by 15% year on year.

The realignment of NOTE is extensive, and our countermeasures to the recession have been consistent and resolute. Despite our significant cost savings, reduced volumes on the market have exerted downward pressure on margins. Thus, profit performance this year has been weak but in line with our internal plans. Normally the first quarter is the year's weakest in volume and profit terms.

A deteriorated manufacturing cycle has also raised a major challenge to balance our stock levels to match reduced customer demand. While our stocks remain high, late in the quarter, we saw a clear trend-break, resulting in a reduction of our stock.

Considering that challenging conditions also extend to the credit market, we were also pleased to arrange a new funding facility with our bank connection.

OUR FUTURE

In the short term, we have a sharp focus on strengthening our cash flow, and primarily, we expect to be able to achieve this by continuing to reduce our stock.

We have now adapted our costs, so we could cope with a potential volume downturn in the range of 30% while remaining profitable. We are continuing to monitor progress on the market closely and are prepared to take further action if necessary.

Arne Forslund President and CEO

Sales and profits

SALES, JANUARY-MARCH

Sales in the period reduced by 23% to SEK 329.1 (427.3) m. Extra sales from newly acquired units were SEK 25.1 m, or 8% of sales for the period. Thus in like-for-like terms, sales fell by 29%. Essentially, the reduction relates to the rapid deterioration of the manufacturing cycle, and in some cases, continued de-stocking by customers.

Sales in NOTE's largest customer group Industrial, reduced significantly, with contributors including the sharp demand downturn in investment-intensive sectors like the infrastructure and raw materials industries. In likefor-like terms, sales in Industrial fell by 23% year on year.

Demand from customers in the Telecom business segment is inherently more volatile than some other segments. For example, in the first three quarters of 2008, sales to Telecom customers performed strongly, but then slowed significantly in the fourth quarter. Demand from customers in Telecom in the period remained low, down some 42% year on year.

PROFIT, JANUARY-MARCH

In seasonal terms, first-quarter sales and profits are normally weaker than other quarters.

After methodically building the group-wide sourcing function in Gdansk, the coordination of our sourcing operations has significantly improved. This completed strategic initiative helped cut the costs of NOTE's sourcing operation and reduce the costs of electronic components and other production materials.

The transfer of labour-intensive production services that began back in the first half-year last year achieved the planned positive results. Since year-end, the number of employees in the Swedish operation has reduced by 91 people, and is now 163 (26%) lower than at the same time of the previous year. Mainly as a result of this, like-for-like production costs were down over 16% year on year. Against the background of the sharp demand downturn, in December 2008, NOTE decided on further rationalization and savings measures to adapt its cost structure. As a consequence, staffing, mainly in Sweden, is expected to reduce by another 150-plus (30%) over the coming quarters. Only a marginal portion of the restructuring provision, created during the fourth quarter last year for this purpose, was utilised in the period.

Despite significant cost savings in purchasing and production, the volume contraction meant that gross margins reduced to 5.7% (9.7%).

Continued rationalization and firm cost control meant that like-for-like sales and administration costs reduced by 15%. In total, and including newly acquired companies, overheads reduced by SEK 2.9 m (10%).

Against the backdrop of an increasing share of value-added being generated in foreign units, and that sourcing electronic components and other production materials is largely denominated in foreign currencies (EUR/USD), NOTE has fairly extensive currency management. With the aim of limiting its currency risk, trading is conducted using currency forwards and options. NOTE has applied hedge accounting pursuant to IAS 39 since the fourth quarter of the previous year, with implications including the market-valued currency forward contracts of forecast cash flows being reported directly to equity.

Exchange rate fluctuations of the EUR and USD were significant in the second half-year last year. Progress in the period was more stable. Other operating income includes negative currency effects of over SEK 2 m.

Mainly due to lower sales, operating profit became a deficit of SEK -8.6 (13.8) m, equating to an operating margin of -2.6% (3.2%).

The net financial income/expense for the period was positively affected by generally lower market interest rates. Mainly due to increased net debt relating to new operations, the net financial income/expense was SEK -2.5 (-2.3) m. The loss after financial items was SEK -11.1 (11.5) m, equating to a profit margin of -3.4% (2.7%).

The loss after tax was SEK -8.4 (7.5) m, or SEK - 0.88 (0.78) per share.

Operating segments

In the Nearsourcing business model, operations are conducted as an integrated process through Nearsourcing centres that are responsible for customers in each local market. Increasingly, volume production is being transferred to foreign Industrial Plants. Development, management and coordination of operations is conducted in the parent company, and sourcing operations in NOTE Components AB.

segments are stated in the following table, pursuant to IFRS 8. Essentially, these consist of Nearsourcing centres and Industrial Plants. Nearsourcing centres involves the selling units in Sweden, Finland, Norway and the UK, where development-oriented work is conducted close to customers. Industrial Plants are the production units in Estonia, Lithuania, Poland and China. Other units are business-supporting, group-wide operations.

Significant key ratios for NOTE's business

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
NEARSOURCING CENTRES
EXTERNAL SALES	317.0	419.8	1.559.9	1.662.7
MANUFACTURING, SELLING AND ADMINISTRATIVE EXPENSES	-107.3	-121.0	-497.7	-511.4
OPERATING PROFIT/LOSS	-4.3	17.2	12.8	34.4
TANGIBLE FIXED ASSETS	70.3	68.8	70.3	74.2
STOCK	219.3	281.0	219.3	250.4
TOTAL ASSETS	683.3	745.9	683.3	709.8
AVERAGE NUMBER OF EMPLOYEES	566	672	632	659
INDUSTRIAL PLANTS
EXTERNAL SALES	5.9	7.5	29.5	31.2
MANUFACTURING, SELLING AND ADMINISTRATIVE EXPENSES	-28.8	-21.3	-110.4	-103.0
OPERATING PROFIT/LOSS	-0.8	-3.6	-7.8	-10.6
TANGIBLE FIXED ASSETS	68.0	58.0	68.0	62.8
STOCK	99.5	51.0	99.5	92.3
TOTAL ASSETS	245.5	163.3	245.5	235.1
AVERAGE NUMBER OF EMPLOYEES	533	496	526	516
OTHER UNITS AND ELIMINATIONS
EXTERNAL SALES	6.2	-	21.8	15.6
MANUFACTURING, SELLING AND ADMINISTRATIVE EXPENSES	-1.6	-2.6	-26.3	-27.2
OPERATING PROFIT/LOSS	-3.5	0.2	-31.2	-27.6
TANGIBLE FIXED ASSETS	4.7	1.2	4.7	4.9
STOCK	0.1	1.3	0.1	0.2
TOTAL ASSETS	22.4	40.7	-22.4	3.4
AVERAGE NUMBER OF EMPLOYEES	22	29	24	26

Financial position, cash flow and investments

CASH FLOW

Like other medium-sized companies on the EMS market, NOTE is facing a big challenge in developing 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.

The sharp decline in demand since the end of the previous year entailed extensive efforts alongside customers to adapt stock to a lower sales level. In addition, ongoing production transfers to NOTE's units in cost-efficient countries have

raised additional challenges for capital tied-up, mainly in the form of buffer stocks to ensure high delivery capacity during the ongoing transfer process.

Thus early in the year, stock increased slightly, to be 8% lower at the end of the period than at the previous year-end and 5% lower than the corresponding date of the previous year. NOTE perceives good prospects to continue reducing stock during the second quarter.

Accounts receivable—trade fell by 5% in the first quarter, and due to lower sales, were down 21% year on year. Thus NOTE was able to maintain credit terms at an unchanged level compared to year-end, and in year-on-year terms.

Accounts payable—trade, which relate mainly to sourcing electronic components and production materials, were down 21% on year-end and down 27% on the end of the corresponding period of the previous year.

For the first quarter, cash flow after investments was SEK -15.3 (24.0) m, or SEK -1.59 (2.49) per share.

EQUITY TO ASSETS RATIO

The equity to assets ratio was 31.4% (35.2%) at the end of the period, up 0.3 percentage points since year-end.

LIQUIDITY

Liquidity was healthy at the end of the period. Available cash and cash equivalents, including unutilised overdraft facilities, were SEK 61.3 (113.6) m.

NOTE arranged a new funding facility with its bank connection in the first quarter. Future funding will be a combination of debt factoring and traditional overdraft facilities. This new solution will become effective in the second quarter this year, and result in the gradual accumulation of factoring credit. Thus funding will be linked to volumes more than previously. Calculated on debt factoring already accumulated, available cash and cash equivalents including unutilised overdraft facilities would be over SEK 10 m higher with the new funding facility than with the former facility.

INVESTMENTS

NOTE's realignment over the past two years has resulted in relatively high investments, for initiatives including starting up new Nearsourcing centres and expanding production capacity in foreign Industrial Plants. Investments this year are expected to be at a lower level.

Total investments in the period were SEK 10.5 (21.6) m, corresponding to 3.2% (5.1%) of sales. Essentially, investments are associated with completing the joint venture plant NOTEFideltronik in Krakow, Poland and new production equipment to the plant in China. Depreciation and amortisation was SEK 9.5 (7.8) m.

Significant events in the period

STRATEGIC CHANGE CONTINUES

NOTE is now in the final phase of its methodical realignment—from the traditional role of a contract electronics manufacturer to a unique services provider on the EMS market.

Expanding production capacity in cost-efficient countries, conducted in 2007 by acquiring electronics plants in Poland and China, and building a joint, centralised sourcing operation in Gdansk, Poland, were important pre-conditions for this process. This created the possibility of focusing on sophisticated, development-oriented services close to the customer, while transferring labour-intensive production and sourcing services to units whose cost base benefits customers and NOTE. Accordingly, back in the first half-year 2008, NOTE started downsizing the staff in its Swedish operation.

Against a background of declining demand, in the fourth quarter last year, NOTE took a decision on further resolute restructuring measures, which are fully consistent with the new Nearsourcing business model and mean that staffing, mainly in

the Swedish operation, will reduce by some 400 people. In like-for-like terms, the number of employees in Sweden reduced by 130 people (20%) last year. There were 91 lay-offs in the first quarter of this year. The remaining lay-offs will mainly occur during the coming quarters of this year.

A MARKET BREAKTHROUGH FOR NEARSOURCING

Kongsberg Defence & Aerospace of Norway, building on its collaboration with the Nearsourcing centre in Oslo, decided to utilise NOTE's unique NOTEfied preferred parts database for developing new products.

In the period, new collaboration agreements were signed with customers including the following:

OTRUM: development and volume production of electronics for a new generation of hotel TV systems
Telespor: volume production of sophisticated tracking technology based on GSM and GPS technology

Tour & Andersson: developing and producing balancing valves for waterborne heating and cooling systems.

NEW FUNDING FACILITY

Early in the year, NOTE arranged a new funding facility with its bank connection. The previous funding facility was a combination of long-and short-term borrowings. From 1 April 2009, this will be progressively replaced by a combination of traditional borrowings (overdraft facilities) and debt factoring. As a result of the new funding facility, the majority of interest-bearing liabilities will also be reported as current liabilities.

Parent company

Parent company NOTE AB (publ) is primarily focused on the management, coordination and development of the group. In the period, revenue was SEK 12.7 (12.5) m and mainly related to intra-group services.

Compared to the previous arrangement, in future, the overall credit facility will be more closely linked to volumes.

ACQUISITION FOR MORE GROWTH IN NORWAY

NOTE acquired all the shares of Norwegian electronics producer Norteam Electronics AS at year-end. This company focuses on services early in product lifecycles like producing prototypes and small-scale electronics production. Sales are some SEK 60 m and the company has 40 staff. The company has been integrated into the group, and has been run in close collaboration with the Oslo Nearsourcing centre since year-end.

The loss after tax was SEK -1.4 (-2.7) m.

TRANSACTIONS WITH RELATED PARTIES

Transactions with related parties were mainly 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 somewhat larger traditional EMS corporations have succeeded in maintaining good profitability over a business cycle, a fact that was an important for

The Board of Directors NOTE AB (publ)

Danderyd, Sweden, 20 April 2009

FOR MORE INFORMATION, PLEASE CONTACT Arne Forslund, CEO & President +46 (0)70 547 7477 Henrik Nygren, CFO +46 (0)70 977 0686

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 2008.

FORTHCOMING FINANCIAL REPORTS

The Interim Report for January–June will be published on 17 July 2009. The Interim Report for January–September will be published on 20 October 2009.

AUDIT REVIEW

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

ACCOUNTING AND VALUATION PRINCIPLES

NOTE adopts International Financial Reporting Standards (IFRS) as endorsed by the European Union. Significant accounting and valuation principles are stated on pages 38-41 of the Annual Report for 2008. The group's Interim Report has been prepared pursuant to IAS 34,

NOTE in brief

NOTE is one of the Nordic region's leaders in manufacturing and logistics services for electronics-based products. NOTE is active on the EMS (electronics manufacturing services) market and offers electronics production services right through the value chain, from development and production to after-sales. Its customers are mainly in the Nordic region and the UK.

ACYCLICAL GROWTH

NOTE has worked methodically to realign its business—from the traditional role of a contract electronics manufacturer to a unique services provider on the EMS market. Its new unique business model—Nearsourcing—was developed and tailored to meet customer needs to get their products on the market fast. The aim is to increase growth and profitability while reducing the risks of operations. Customers are now offered the model's three building-blocks:

Nearsourcing centres close to customers, where cost-efficient development work is conducted close to the customer geographically, reducing time to market, the time from idea to the product reaching the final market.
Cost control through product lifecycles, including:

NOTEfied—an extensive preferred parts database that supports development

Interim Financial Reporting and the Swedish Annual Accounts Act. The parent company observes RFR 2.1 issued by the Swedish Financial Reporting Board.

At year-end, the group adopted reporting pursuant to IFRS 8 Operating Segments. The group's reported operating segments are Nearsourcing centres, Industrial Plants and Other Units.

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

processes and has functionality including direct links to customers' design systems. The database has technical and commercial data, helping increase efficiency and cut product development lead-times.

A PLM (Product Lifecycle Management) tool for effective global documentation and version management, and support for sourcing processes. This tool acquires updated information on component useful lives from the NOTEfied preferred parts database. Several players involved in the production process—internal and external—can access the system.
Sourcing functions in northern Europe, Central Europe and Asia, that source components at competitive prices.
Cost-efficient production. Production is located where it is optimal for the customer depending on factors including product lifecycle, volume and geographical final market. NOTE offers a range of alternatives for volume production in costefficient countries in Europe and Asia. For shorter runs with greater demands on flexibility, the most cost-efficient option may be production at a local Nearsourcing centre.

Consolidated Income Statement

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
REVENUES COST OF GOODS AND SERVICES SOLD	329.1 -310.4	427.3 -385.7	1,611.2 -1,511.1	1,709.5 -1,586.5
GROSS PROFIT/LOSS	18.7	41.6	100.1	123.0
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	-10.6 -14.8 -1.9	-11.9 -16.4 0.5	-55.6 -74.1 3.4	-56.8 -75.7 5.7
OPERATING PROFIT/LOSS	-8.6	13.8	-26.2	-3.8
NET FINANCIAL INCOME/EXPENSE	-2.5	-2.3	-10.8	-10.6
PROFIT/LOSS AFTER FINANCIAL ITEMS	-11.1	11.5	-37.0	-14.4
INCOME TAX	2.7	-4.0	7.9	1.3
PROFIT/LOSS AFTER TAX FOR THE PERIOD	-8.4	7.5	-29.1	-13.1

Earnings per share

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
NUMBER OF OUTSTANDING SHARES (000)	9,624	9,624	9,624	9,624
EARNINGS PER SHARE, SEK	-0.88	0.78	-3.02	-1.36

* 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 statement of total recognised gains and losses

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
NET PROFIT/LOSS	-8.4	7.5	-29.1	-13.1
OTHER TOTAL GAINS AND LOSSES EXCHANGE RATE DIFFERENCES CASH FLOW HEDGES OTHER TRANSACTIONS REPORTED DIRECT TO EQUITY	-1.5 -0.2 -	-1.0 - -	6.5 0.1 -0.1	6.9 0.3 -0.1
OTHER TOTAL GAINS AND LOSSES FOR THE PERIOD	-1.7	-1.0	6.5	7.1
TOTAL GAINS AND LOSSES FOR THE PERIOD	-10.1	6.5	-22.6	-6.0

Consolidated Balance Sheet

	2009 31 Mar	2008 31 Mar	2008 31 Dec
ASSETS GOODWILL OTHER INTANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS DEFERRED TAX ASSET OTHER FINANCIAL FIXED ASSETS	67.2 9.8 143.0 28.3 5.2	62.2 6.8 128.0 6.6 11.1	67.1 9.2 141.9 24.0 4.9
FIXED ASSETS	253.5	214.7	247.1
STOCK ACCOUNTS RECEIVABLE—TRADE OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	318.9 258.4 44.8 30.8	333.3 327.5 40.6 33.8	342.9 272.7 49.7 35.9
CURRENT ASSETS	652.9	735.2	701.2
TOTAL ASSETS	906.4	949.9	948.3
EQUITY AND LIABILITIES EQUITY	284.8	333.9	294.9
LONG-TERM INTEREST-BEARING LIABILITIES DEFERRED TAX LIABILITY OTHER LONG-TERM PROVISIONS OTHER LONG-TERM LIABILITIES	56.4 19.4 12.3 4.9	108.0 20.0 12.3 -	62.1 19.6 12.1 4.6
LONG-TERM LIABILITIES	93.0	140.3	98.4
CURRENT INTEREST-BEARING LIABILITIES ACCOUNTS PAYABLE—TRADE OTHER CURRENT LIABILITIES SHORT-TERM PROVISIONS	226.1 164.3 100.9 37.3	137.1 224.2 103.7 10.7	209.0 208.6 96.2 41.2
CURRENT LIABILITIES	528.6	475.7	555.0
TOTAL EQUITY AND LIABILITIES	906.4	949.9	948.3

Consolidated change in equity

	2009	2008	APR 2008	2008
	Q1	Q1	-MAR 2009	JAN-DEC
OPENING EQUITY	294.9	327.4	333.9	327.4
TOTAL GAINS AND LOSSES AFTER TAX FOR THE PERIOD	-10.1	6.5	-22.6	-6.0
DIVIDENDS PAID	-	-	-26.5	-26.5
CLOSING EQUITY	284.8	333.9	284.8	294.9

Consolidated cash flow

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
PROFIT/LOSS AFTER FINANCIAL ITEMS REVERSED DEPRECIATION AND AMORTISATION OTHER NON-CASH ITEMS TAX PAID CHANGE IN WORKING CAPITAL	-11.1 9.5 -3.3 -5.8 5.9	11.5 7.8 7.2 -12.7 31.8	-37.0 34.0 25.2 -18.9 29.5	-14.4 32.3 35.7 -25.8 55.4
CASH FLOW FROM OPERATING ACTIVITIES	-4.8	45.6	32.8	83.2
CASH FLOW FROM INVESTING ACTIVITIES	-10.5	-21.6	-47.0	-58.1
CASH FLOW FROM FINANCING ACTIVITIES	10.3	-28.6	8.8	-30.1
CHANGE IN CASH AND CASH EQUIVALENTS	-5.0	-4.6	-5.4	-5.0
CASH AND CASH EQUIVALENTS AT START OF PERIOD CASH FLOW BEFORE FINANCING ACTIVITIES FINANCING ACTIVITIES EXCHANGE RATE DIFFERENCE IN CASH AND CASH EQUIVALENTS	35.9 -15.3 10.3 -0.1	38.5 24.0 -28.6 -0.1	33.8 -14.2 8.8 2.4	38.5 25.1 -30.1 2.4
CASH AND CASH EQUIVALENTS AT END OF PERIOD	30.8	33.8	30.8	35.9
UN-UTILISED CREDITS	30.5	79.8	30.5	48.7
AVAILABLE CASH AND CASH EQUIVALENTS	61.3	113.6	61.3	84.6

Consolidated six-year summary

	APR 2008 -MAR 2009	2008	2007	2006	2005	2004
SALES	1,611.2	1,709.5	1,743.8	1,741.5	1,504.1	1,103.1
GROSS MARGIN	6.2%	7.2%	12.9%	11.9%	3.6%	11.4%
OPERATING MARGIN	-1.6%	-0.2%	6.4%	5.9%	-4.3%	2.7%
PROFIT MARGIN	-2.3%	-0.8%	6.0%	5.5%	-4.9%	6.6%
CASH FLOW BEFORE FINANCING ACTIVITIES	-14.2	25.1	-0.5	24.8	-9.7	-14.4
EQUITY PER SHARE, SEK	29.59	30.64	34.02	27.86	21.31	27.61
CASH FLOW PER SHARE, SEK	-1.48	2.61	-0.05	2.58	-1.01	-1.60
RETURN ON OPERATING CAPITAL	-4.8%	-0.7%	21.4%	22.5%	-14.3%	6.6%
RETURN ON EQUITY	-9.4%	-4.2%	26.3%	29.0%	-23.7%	6.6%
EQUITY TO ASSETS RATIO	31.4%	31.1%	34.5%	30.2%	25.3%	36.1%
AVERAGE NUMBER OF EMPLOYEES	1,182	1,201	1,171	1,127	1,097	887
SALES PER EMPLOYEE, SEK 000	1,363	1,423	1,489	1,545	1,371	1,239

Consolidated quarterly summary

	Q1 2009	Q4 2008	Q3 2008	Q2 2008	Q1 2008	Q4 2007	Q3 2007	Q2 2007
SALES	329.1	414.5	398.5	469.2	427.3	458.6	389.9	470.2
GROSS MARGIN	5.7%	-2.8%	11.1%	10.4%	9.7%	12.9%	13.2%	13.0%
OPERATING MARGIN	-2.6%	-11.6%	3.6%	3.4%	3.2%	6.2%	7.2%	6.5%
PROFIT MARGIN	-3.4%	-12.2%	3.0%	2.7%	2.7%	5.8%	6.6%	6.1%
CASH FLOW BEFORE FINANCING ACTIVITIES	-15.3	-6.2	1.9	5.4	24.0	-34.8	-39.1	27.8
EQUITY PER SHARE, SEK	29.59	30.64	34.04	32.91	34.69	34.02	31.67	29.70
CASH FLOW PER SHARE, SEK	-1.59	-0.64	0.20	0.56	2.49	-3.61	-4.06	2.89
EQUITY TO ASSETS RATIO	31.4%	31.1%	33.7%	32.2%	35.2%	34.5%	33.2%	31.8%
AVERAGE NUMBER OF EMPLOYEES	1,121	1,185	1,203	1,219	1,197	1,188	1,199	1,199
SALES PER EMPLOYEE, SEK 000	294	350	331	385	357	386	325	392

Parent Company Income Statement

	2009 Q1	2008 Q1	APR 2008 -MAR 2009	2008 JAN-DEC
NET SALES COST OF GOODS SOLD	12.7 -9.7	12.5 -5.1	65.1 -35.5	64.9 -30.9
GROSS PROFIT/LOSS	3.0	7.4	29.6	34.0
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	-3.8 -3.5 1.4	-5.4 -5.2 0.0	-21.3 -24.8 2.6	-22.9 -26.5 1.2
OPERATING PROFIT/LOSS	-2.9	-3.2	-13.9	-14.2
FINANCIAL INCOME/EXPENSE	0.9	-0.6	10.0	8.5
PROFIT/LOSS AFTER NET FINANCIAL ITEMS	-2.0	-3.8	-3.9	-5.7
APPROPRIATIONS	-	-	-15.5	-15.5
PROFIT/LOSS BEFORE TAX	-2.0	-3.8	-19.4	-21.2
INCOME TAX	0.6	1.1	6.4	7.0
PROFIT/LOSS AFTER TAX	-1.4	-2.7	-13.0	-14.2

Parent Company Balance Sheet

	2009 31 Mar	2008 31 Mar	2008 31 Dec
ASSETS INTANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS FINANCIAL FIXED ASSETS	2.3 2.4 300.5	- 0.2 394.4	3.8 2.6 293.0
FIXED ASSETS	305.2	394.6	299.4
RECEIVABLES FROM GROUP COMPANIES & JOINT VENTURES OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	247.0 9.0 10.5	155.5 12.5 23.5	276.5 2.7 13.0
CURRENT ASSETS	266.5	191.5	292.2
TOTAL ASSETS	571.7	586.1	591.6
EQUITY AND LIABILITIES EQUITY	258.5	246.1	260.0
UNTAXED RESERVES	48.1	32.6	48.1
LIABILITIES TO CREDIT INSTITUTIONS LIABILITIES TO GROUP COMPANIES & JOINT VENTURES	33.3 6.8	82.4 6.9	35.0 6.5
LONG-TERM LIABILITIES	40.1	89.3	41.5
LIABILITIES TO CREDIT INSTITUTIONS LIABILITIES TO GROUP COMPANIES & JOINT VENTURES OTHER CURRENT LIABILITIES	199.5 12.9 12.6	114.7 94.2 9.2	179.1 48.8 14.1
CURRENT LIABILITIES	225.0	218.1	242.0
TOTAL EQUITY AND LIABILITIES	571.7	586.1	591.6