NOTE — Interim / Quarterly Report 2013

Jul 16, 2013

Interim Report January---June 2013

Q2 Interim Report January-June

FINANCIAL PERFORMANCE IN JANUARY-JUNE

• Sales were SEK 450.9 (554.8) million.
• Operating profit was SEK 3.9 (20.9) million.
• The operating margin was 0.9% (3.8%).
• Profit after financial items was SEK 1.3 (17.6) million.
• Profit after tax was SEK 0.9 (13.9) million, corresponding to SEK 0.03 (0.48) per share.
• Cash flow after investments was SEK -6.0 (49.3) million, or SEK -0.21 (1.71) per share.

FINANCIAL PERFORMANCE IN APRIL-JUNE

• Sales were SEK 236.1 (280.1) million.
• Operating profit was SEK 3.6 (10.0) million.
• The operating margin was 1.5% (3.6%).
• Profit after financial items was SEK 2.6 (8.9) million.
• Profit after tax was SEK 2.0 (6.8) million, corresponding to SEK 0.07 (0.23) per share.
• Cash flow after investments was SEK 2.0 (13.0) million, or SEK 0.07 (0.45) per share.

SIGNIFICANT EVENTS DURING THE PERIOD

New customer collaborations NOTE has extended and deepened its manufacturing partnerships with Powernet, Finland, and Bravida Fire & Security, Sweden.

NOTE has also secured two attractive new business deals on advanced communications, one in Sweden with high potential, and one for its Industrial Plant in Estonia.

Provision for bad debt in Q4 2012 In the fourth quarter previous year, a provision for bad debt of SEK 12.6 million before tax was made. This provision corresponds to just over 50% of the relevant risk exposure. During this period the parent company of NOTE's customer has filed for bankruptcy. So far this year, no deliveries have been made but a continued process to resume production exists. The situation is serious but NOTE's risk assessment remains unchanged from the one conducted at year-end.

CEO's comment

FIRST HALF-YEAR 2013

Since I took over as NOTE's CEO three years ago, we've been working hard, following our clear strategic agenda. We initially executed a fairly extensive restructuring program, which combined with our sharp focus on rationalisation in the cost and working capital segments, laid the foundation for a significant improvement to NOTE's financial situation.

Simultaneously, we've been working methodically on enhancing our customer offering as a manufacturing and logistics partner of electronics-based products. We have a particular focus on improving the quality of our products and services, and on improving delivery precision, where the development of effective, customer-specific logistics solutions are important. These areas are crucial to our customers' total cost, and our competitiveness. We now consider us having achieved sector-leading standards in these areas.

Largely, our business is based on long-term partnerships and customer relations. For some time now, our main mission however has been to further extend our customer base, and thus increase sales and capacity utilisation at our plants. Last year, we succeeded in securing 40 new customer collaborations – mostly with SMEs, who we initially produced prototypes and pilot batches for. We're satisfied to see how several of these collaborations have now resulted in batch production. Furthermore, we see an increased interest in our prototype services, and in line with last year the number of new customer collaborations continued to develop positively. We previously reported that we've extended and deepened our collaboration with existing customers. In addition, we've secured attractive new business deals in the communications segment, one project in Sweden offering high potential, and one for our Industrial Plant in Estonia.

Even if there is cause for disappointment regarding the progress of our volumes year to date, I think we're heading in the right direction. We've created the right prospects and focus that will result in profitable sales growth for NOTE. Our Nearsourcing business model is strong, and tailored for the high mix/low volume market segment. It is based on developing business at our Nearsourcing Centres in Sweden, Norway, Finland and the UK in close collaboration with prototype-intensive customers. Usually, we conduct labour-intensive volume production at our Industrial Plants in Estonia and China.

Previous year, we reported on several occasions that one of our customers was in financial difficulty. Developments for this customer compelled us to make a provision for doubtful debt of SEK 12.6 million before tax in the fourth quarter. This provision corresponds to just over 50% of the relevant risk exposure. No deliveries have been made so far this year, but we participate actively in the process that exists in order to resume production. The situation is serious, but our risk assessment remains unchanged from the one we conducted at year-end.

PROGRESS IN JANUARY-JUNE

Market conditions were challenging in the first halfyear. We witnessed continued poor demand on several of our geographical markets. Our sales, which in the short perspective are strongly linked to the progress of volumes in ongoing customer assignments, reduced by 19% to SEK 450.9 million. Approximately 6 percentage points of this decrease related to financial difficulties for customers. Just over 4 percentage points consisted of lower volumes to Swedish and UK customers with project-oriented sales, while sales performance in Finland and Norway was more stable. Direct sales from Industrial Plants in Estonia and China, which are mainly to customers in Europe, increased, representing 20% (15%) of total sales.

We reduced our costs by 5% in the period. Mainly as a result of reduced manufacturing and sales volumes, our operating profit decreased to SEK 3.9 (20.9) million. Operating margin in the second quarter amounted to 1.5% (3.6%).

We are focusing on actions that rationalise our working capital utilisation. However starting up new projects does require fairly significant working capital, mainly stock. In addition, we've invested in rationalisation and quality-enhancing projects in manufacturing. Accordingly, cash flow (after capital expenditures) was fairly weak. In the second quarter, our cash flow was SEK 2.0 (13.0) million, and for the full period, SEK -6.0 (49.3) million.

FUTURE

As in the previous year, we continue to win new business. The potential of several of our new customer collaborations is substantial. We're confident as we now start up batch production on these newly secured projects, simultaneous we maintain humility regarding our customers' future plans.

Our business model is strong, and we still see good prospects of developing our business.

Peter Laveson

Sales and results of operations

SALES, JANUARY-JUNE

The first half-year featured continued poor demand on several of NOTE's domestic markets. Uncertainty on several final markets caused delays to deals and stock redimensioning by several NOTE customers. As a consequence, volumes on several ongoing customer assignments reduced. Sales in the period were SEK 450.9 (554.8) million, corresponding to a 19% decrease.

Demand in the first half-year was lower than anticipated. No deliveries were shipped to the customer that had the provision for doubtful debt made in the final quarter of the previous year. Approximately 6 percentage points of the decrease in sales were related to financial difficulties for customers. Just over 4 percentage points consisted of lower volumes to Swedish and UK customers with project-oriented sales, while sales performance in Finland and Norway was more stable.

In autumn 2012, NOTE reported that a relatively high number of new business deals were secured. Usually, starting up new products is fairly time and resource intensive, and essentially, went according to plan.

NOTE sells to a large customer base, primarily active in the engineering and communication industries in the Nordics and UK. NOTE endeavours to secure long-term customer relations, and its 15 largest customers in sales terms in the period represented 58% (59%) of the group's sales. As in the first half of the previous year, no single customer (or group) represented more than some 9% of sales for the period.

Direct sales from Industrial Plants in Estonia and China continued to grow. These sales, essentially to customers in Europe, continued to perform positively, representing 20% (15%) of total sales in the first halfyear.

As in the previous year, the situation on the global market for electronic components can be considered relatively stable.

RESULTS OF OPERATIONS, JANUARY-JUNE

The fairly extensive restructuring program completed at year-end 2010 was fundamental to NOTE's improved financial situation. Electronics production was then concentrated on fewer units in Sweden and internationally. Unprofitable operations were sold off or closed down and central costs adapted to the prevailing market conditions. Parts of electronics production were relocated to other NOTE units. In this way, the group's capacity utilisation was increased simultaneous with costs being reduced.

NOTE is conducting continuous and methodical improvement work at all its units. This work is conducted locally at each unit and through a number of group-wide projects. The intention is to create the prospects to further enhance NOTE's customer offering.

As a result of improvement work, combined with volume adaptations to staffing, costs reduced by 5% compared to the first half-year of previous year. But decreased production and sales volumes resulted in the gross margin contracting by 1.9 percentage points to 8.2% (10.1%).

Sales and administration overheads reduced by 3% and were 7.4% (6.2%) of sales.

Other operating expenses/income, primarily consisting of revaluations of foreign currency assets and liabilities, were SEK 0.2 (-1.1) million.

Mainly as a result of lower volumes, operating profit decreased to SEK 3.9 (20.9) million, corresponding to an operating margin of 0.9% (3.8%).

Against the background of NOTE's strong cash flow in the previous year, net financial income/expense improved by SEK 0.7 million to SEK -2.6 (-3.3) million.

Profit after financial items was SEK 1.3 (17.6) million, corresponding to an operating margin of 0.3% (3.2%).

Profit after tax was SEK 0.9 (13.9) million, or SEK 0.03 (0.48) per share. The reported tax cost for the period equated to 31% (21%) of profit before tax.

SALES AND RESULTS OF OPERATIONS, APRIL-JUNE

Sales in the second quarter were down by 16% to SEK 236.1 (280.1) million. Essentially, the decrease relates to the combination of continued poor market conditions with delays to projects, which negatively affected volumes on ongoing customer assignments. Compared to the first quarter of the year, normally somewhat weaker in seasonal terms, sales increased by 10% (2%). Sales from Industrial Plants in Estonia and China were 22% (18%) of sales for the period.

Manufacturing costs decreased by 4% in the second quarter. Some SEK 0.9 (0.0) million of costs in the period were of a non-recurring nature. But lower manufacturing and sales volumes meant that gross margins deteriorated by 0.9 percentage points to 8.9% (9.8%).

Sales and administration overheads reduced by just over 2%, comprising 7.0% (6.0%) of sales in the quarter.

Other operating expenses/income, primarily consisting of revaluations of foreign currency assets and liabilities, were SEK -0.7 (-0.5) million.

The operating profit for the period was SEK 3.6 (10.0) million, corresponding to an operating margin of 1.5% (3.6%). Profit after financial items was SEK 2.6 (8.9) million.

PROVISION FOR BAD DEBT IN Q4 2012

NOTE has been reporting on the financial difficulties facing one of its customers since the first quarter of 2012. This customer conducted extensive restructuring and other measures last year to strengthen its financial position. NOTE has maintained a very close dialogue on deliveries, payments, risks and opportunities. Against the background of this customer's

financial position deteriorating, in the fourth quarter last year, NOTE made a provision for doubtful debt of SEK 12.6 million before tax. This provision corresponds to just over 50% of the relevant risk exposure, mainly in accounts receivable-trade.

During this period the parent company of NOTE's customer has filed for bankruptcy. So far this year, no deliveries have been made but a continued process to resume production exists. The situation is serious but NOTE's risk assessment remains unchanged from the one conducted at year-end.

Operating segments

NOTE is a specialist manufacturing and logistics partner for producing electronics-based products that require high technology competence and flexibility.

As part of NOTE's Nearsourcing business model, operations are conducted as an integrated process. NOTE's Nearsourcing Centres provide development and production engineering services in close partnership with customers, such as selecting components, production of prototypes, batch production and testing. Essentially, NOTE's Industrial Plants provide cost efficient volume production in both Europe and Asia. Development, management and co-ordination of operations are conducted in the parent company, and sourcing operations in NOTE Components.

Significant key ratios for NOTE's business segments are stated in the following table, in accordance with IFRS 8. Essentially, these consist of Nearsourcing Centres and Industrial Plants.

Nearsourcing Centres include selling units in Sweden, Norway, Finland and the UK, where there is a close partnership with customers to develop new and existing business. Essentially, Industrial Plants are the production units in Estonia and China. Other units are business support, group-wide operations.

Essentially, the provision for bad debt made in the fourth quarter 2012 affected the profitability of Industrial Plants.

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
NEARSOURCING CENTRES
EXTERNAL SALES	183.6	229.1	362.2	471.7	750.2	859.7
INTERNAL SALES	1.2	1.0	2.0	3.0	3.4	4.4
DEPRECIATION AND AMORTISATION	-1.3	-2.4	-2.9	-4.9	-6.9	-8.9
OPERATING PROFIT	5.1	8.9	8.0	16.3	27.6	35.9
PROPERTY, PLANT AND EQUIPMENT	26.2	28.1	26.2	28.1	26.2	25.1
STOCK	78.7	85.0	78.7	85.0	78.7	83.8
TOTAL ASSETS	378.6	418.6	378.6	418.6	378.6	420.8
AVERAGE NUMBER OF EMPLOYEES	367	388	369	392	373	385
INDUSTRIAL PLANTS
EXTERNAL SALES	52.5	51.0	88.7	83.1	175.1	169.5
INTERNAL SALES	37.8	54.6	78.5	122.1	184.1	227.7
DEPRECIATION AND AMORTISATION	-1.3	-1.7	-2.8	-3.6	-6.3	-7.1
OPERATING PROFIT	-1.1	0.6	-3.8	3.6	-16.5	-9.1
PROPERTY, PLANT AND EQUIPMENT	19.2	22.6	19.2	22.6	19.2	20.7
STOCK	82.6	81.4	82.6	81.4	82.6	75.7
TOTAL ASSETS	190.4	200.9	190.4	200.9	190.4	187.7
AVERAGE NUMBER OF EMPLOYEES	457	491	463	479	476	484
OTHER UNITS AND ELIMINATIONS
EXTERNAL SALES	0.0	0.0	0.0	0.0	0.0	0.0
INTERNAL SALES	-39.0	-55.6	-80.5	-125.1	-187.5	-232.1
DEPRECIATION AND AMORTISATION	0.0	0.0	0.0	0.0	0.0	0.0
OPERATING PROFIT	-0.4	0.5	-0.3	1.0	-2.1	-0.8
PROPERTY, PLANT AND EQUIPMENT	0.0	0.0	0.0	0.0	0.0	0.0
STOCK	-	-	-	-	-	-
TOTAL ASSETS	-11.6	-22.1	-11.6	-22.1	-11.6	-32.5
AVERAGE NUMBER OF EMPLOYEES	15	16	15	16	15	15

Financial position, cash flow and investments

CASH FLOW

Competing successfully in the high mix/low volume market segment sets high standards on good supply of materials and effective logistics solutions. Accordingly, NOTE faces a major challenge in continuously improving its working methods and internal processes in these segments. This challenge is especially apparent in rapid cyclical demand upturns and downturns, and relates mainly to the complexity of materials supply and changing lead-times of electronic components.

As in the previous year, the global market for electronic components was fairly stable in the first halfyear with good access to components. This benefits NOTE's materials planning and logistics. Against this, the final market for several of NOTE's customers remained poor, translating into continued caution by several customers in terms of making longer orders and forecasts. Overall, this meant fairly inconsistent utilisation of the group's production units - shorter batches and re-planning of materials sourcing and production. In addition, starting up new customer assignments requires initial working capital, mainly stock. As a result of this, stock has slightly increased since the beginning of the year. However through continued focused efforts and the introduction of new logistics solutions, stock was some 3% lower compared to the midpoint of the previous year.

Mainly as a result of lower volumes, at the end of the quarter, accounts receivable-trade were down 14% on the corresponding point of the previous year but 5% higher than at year-end. As a result of a changed mix of customer assignments, the number of days of credit was somewhat higher than in the previous year.

Accounts payable-trade, which mainly relate to sourced electronic components and other production materials, were at approximately the same level as

the previous year, and the year-end. NOTE is continuing its initiative to extend the number of days of credit to suppliers and concentrate sourcing on fewer, qualityassured suppliers.

Cash flow (after investments) for the period was SEK -6.0 (49.3) million, corresponding to SEK -0.21 (1.71) per share.

EQUITY TO ASSETS RATIO

The equity to assets ratio at the end of the period was 43.2% (44.1%). The dividend decided and paid in the second quarter, of SEK 0.75 per share reduced the equity to assets ratio at the end of the period by some 3.9 percentage points.

LIQUIDITY

NOTE is maintaining a sharp focus on measures to further improve the group's liquidity and cash flow.

The group's available cash and cash equivalents, including un-utilised overdraft facilities, were SEK 99.3 (81.2) million at the end of the period. Pledged accounts receivable-trade were some SEK 132 (144) million.

INVESTMENTS

Capital expenditures in property, plant and equipment amounted to SEK 7.5 (2.5) million, corresponding to 1.7% (0.5%) of sales.

Capital expenditures primarily consisted of rationalisation and quality-improving projects in electronics manufacture.

Depreciation and amortisation according to plan was SEK 5.7 (8.5) million.

Parent company

Parent company NOTE AB (publ) is primarily focused on the management, co-ordination and development of the group. In the first half-year, revenue was SEK 19.4 (19.6) million, and mainly related to intra-group services. The profit after tax was SEK 0.4 (1.6) million.

As part of the restructuring program conducted in 2010, NOTE sold 90% of the former CAD-operation and its 50% holding in NOTEFideltronik. The remaining 10% holding in the CAD-operation was sold in

Significant operational risks

NOTE is a northern European manufacturing and logistics leader in electronics production. NOTE has especially strong market positioning in the high mix/low volume market segment, i.e. for products in short to medium-sized batches that require high technology competence and flexibility. NOTE produces PCBAs, sub-assemblies and box build products. NOTE's offering covers the complete product lifecycle, from design to after-sales.

NOTE's focus on Nearsourcing, targeting increased sales growth in combination with reduced overheads and investment costs in high-cost countries, is a way of reducing the risks of operations.

the second quarter. Coincident with this, NOTE received full payment for the previously outstanding advances and interest-bearing receivables, which amounted to a total of approximately SEK 5 million at year-end 2012.

TRANSACTIONS WITH RELATED PARTIES

As in the previous year, transactions with related parties were at a negligible level.

For a more detailed review of the group's operational and financial risks, refer to the Risks section on page 16, the Report of the Directors on pages 34-35 and note 23 Financial risks and finance policy on page 51 of NOTE's Annual Report for 2012.

NOTE's operations set fairly high demands on working capital funding. Accordingly, NOTE has a sharp focus on managing liquidity risk.

Certification

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

Danderyd; Sweden, 15 July 2013

The Board of Directors of NOTE AB (publ)

Stefan Charette Kjell-Åke Andersson Bruce Grant ChairmanBoard memberBoard member

Stefan Johansson Henry Klotz Christoffer Skogh Board memberBoard memberMember/Employee representative

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 40-42 of the Annual Report for 2012. The group's Interim Report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting. The parent company observes RFR 2. Due to the cessation of UFR 2, from 2011 onwards, the parent company is reporting group contributions in net financial income/expense, instead of as previously, directly against equity.

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

DISCREPANCIES BETWEEN REPORTS

Swedish and English-language versions of this Report have been produced. In the event of any discrepancy between the two, the Swedish version shall apply.

FOR MORE INFORMATION, PLEASE CONTACT

Peter Laveson, President & CEO +46 (0)8 568 99006, +46 (0)70 433 9999 Henrik Nygren, CFO

+46 (0)8 568 99003, +46 (0)70 977 0686

AUDIT REVIEW

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

FORTHCOMING FINANCIAL REPORS

21 October 2013 Interim Report January-September

Consolidated Income Statement

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
NET SALES COST OF GOODS AND SERVICES SOLD	236.1 -215.2	280.1 -252.7	450.9 -414.0	554.8 -498.6	925.3 -852.0	1,029.2 -936.6
GROSS PROFIT	20.9	27.4	36.9	56.2	73.3	92.6
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	-9.0 -7.6 -0.7	-8.9 -8.0 -0.5	-17.9 -15.3 0.2	-18.3 -15.9 -1.1	-33.3 -30.7 -0.4	-33.6 -31.3 -1.7
OPERATING PROFIT	3.6	10.0	3.9	20.9	8.9	26.0
NET FINANCIAL INCOME/EXPENSE	-1.0	-1.1	-2.6	-3.3	-6.1	-6.9
PROFIT AFTER FINANCIAL ITEMS	2.6	8.9	1.3	17.6	2.8	19.1
INCOME TAX	-0.6	-2.1	-0.4	-3.7	-3.2	-6.5
PROFIT AFTER TAX	2.0	6.8	0.9	13.9	-0.4	12.6

Earnings per share

	2013	2012	2013	2012	Rolling	2012
	Q2	Q2	Q1-Q2	Q1-Q2	12 mth.	Full yr.
NUMBER OF SHARES AT END OF PERIOD (000)	28,873	28,873	28,873	28,873	28,873	28,873
WEIGHTED AVERAGE NUMBER OF SHARES (000)	28,873	28,873	28,873	28,873	28,873	28,873
EARNINGS PER SHARE, SEK	0.07	0.23	0.03	0.48	-0.01	0.44

Consolidated Statement of Other Comprehensive Income

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
NET PROFIT	2.0	6.8	0.9	13.9	-0.4	12.6
OTHER COMPREHENSIVE INCOME ITEMS THAT CAN BE SUBSEQUENTLY REVERSED IN THE INCOME STATEMENT: EXCHANGE RATE DIFFERENCES CASH FLOW HEDGES TAX ON CASH FLOW HEDGES/CURRENCY DIFFERENCES	4.6 0.1 -0.7	1.1 0.0 0.0	1.4 0.1 -0.3	-1.4 0.1 0.0	-0.8 0.1 0.4	-3.6 0.1 0.7
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX	4.0	1.1	1.2	-1.3	-0.3	-2.8
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	6.0	7.9	2.1	12.6	-0.7	9.8

Consolidated Balance Sheet

	2013 30 Jun	2012 30 Jun	2012 31 Dec
ASSETS GOODWILL OTHER INTANGIBLE ASSETS PROPERTY, PLANT AND EQUIPMENT DEFERRED TAX ASSETS OTHER FINANCIAL ASSETS	70.3 4.0 45.4 15.7 0.4	70.6 0.1 50.7 15.6 3.5	70.5 1.6 45.8 15.7 1.2
FIXED ASSETS	135.8	140.5	134.8
CURRENT INTEREST-BEARING RECEIVABLES STOCK ACCOUNTS RECEIVABLE - TRADE OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	- 161.3 196.8 21.6 41.9	1.3 166.4 229.1 26.2 33.9	2.4 159.5 186.9 21.7 70.7
CURRENT ASSETS	421.6	456.9	441.2
TOTAL ASSETS	557.4	597.4	576.0
EQUITY AND LIABILITIES EQUITY	240.9	263.3	260.5
NON-CURRENT INTEREST-BEARING LIABILITIES DEFERRED TAX LIABILITIES OTHER LONG-TERM PROVISIONS	4.7 3.9 -	1.4 3.3 -	3.1 3.9 -
NON-CURRENT LIABILITIES	8.6	4.7	7.0
CURRENT INTEREST-BEARING LIABILITIES ACCOUNTS PAYABLE - TRADE OTHER CURRENT LIABILITIES SHORT-TERM PROVISIONS	94.3 142.1 71.5 -	107.8 144.2 76.9 0.5	98.2 144.7 65.6 -
CURRENT LIABILITIES	307.9	329.4	308.5
TOTAL EQUITY AND LIABILITIES	557.4	597.4	576.0

Consolidated change in equity

	2013	2012	2013	2012	Rolling	2012
	Q2	Q2	Q1-Q2	Q1-Q2	12 mth.	Full yr.
OPENING EQUITY	256.6	264.1	260.5	259.4	263.3	259.4
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	6.0	7.9	2.1	12.6	-0.7	9.8
DIVIDEND	-21.7	-8.7	-21.7	--8.7	-21.7	-8.7
CLOSING EQUITY	240.9	263.3	240.9	263.3	240.9	260.5

Consolidated Cash Flow Statement

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
PROFIT AFTER FINANCIAL ITEMS	2.6	8.9	1.3	17.6	2.8	19.1
REVERSED DEPRECIATION AND AMORTISATION	2.6	4.1	5.7	8.5	13.2	16.0
OTHER NON-CASH ITEMS	-1.1	-2.5	-1.9	-2.4	20.0	19.6
TAX PAID CHANGE IN WORKING CAPITAL	-0.6 -2.4	-2.8 5.8	-2.7 -6.6	-4.2 30.6	-3.0 10.8	-4.6 48.0
CASH FLOW FROM OPERATING ACTIVITIES	1.1	13.5	-4.2	50.1	43.8	98.1
CASH FLOW FROM INVESTING ACTIVITIES	0.9	-0.5	-1.8	-0.8	-2.1	-1.1
CASH FLOW FROM FINANCING ACTIVITIES	-21.5	-16.3	-23.4	-44.6	-33.7	-54.9
CHANGE IN CASH AND CASH EQUIVALENTS	-19.5	-3.3	-29.4	4.7	8.0	42.1
CASH AND CASH EQUIVALENTS
AT BEGINNING OF PERIOD	60.0	36.9	70.7	29.3	33.9	29.3
CASH FLOW AFTER INVESTING ACTIVITIES	2.0	13.0	-6.0	49.3	41.7	97.0
FINANCING ACTIVITIES	-21.5	-16.3	-23.4	-44.6	-33.7	-54.9
EXCHANGE RATE DIFFERENCE IN CASH AND CASH EQUIVALENTS	1.4	0.3	0.6	-0.1	0.0	-0.7
CASH AND CASH EQUIVALENTS AT END OF
PERIOD	41.9	33.9	41.9	33.9	41.9	70.7
UN-UTILISED CREDITS	57.4	47.3	57.4	47.3	57.4	57.3
AVAILABLE CASH AND CASH EQUIVALENTS	99.3	81.2	99.3	81.2	99.3	128.0

Consolidated six-year summary

	Rolling 12 mth.	2012	2011	2010	2009	2008
SALES	925.3	1,029.2	1,208.8	1,210.7	1,200.0	1,709.5
GROSS MARGIN	7.9%	9.0%	11.0%	5.0%	2.2%	7.2%
OPERATING MARGIN	1.0%	2.5%	5.3%	-4.0%	-7.6%	-0.2%
PROFIT MARGIN	0.3%	1.9%	4.7%	-4.9%	-8.2%	-0.8%
CASH FLOW AFTER INVESTING ACTIVITIES	41.7	97.0	56.5	-13.6	23.9	25.1
EQUITY PER SHARE, SEK	8.34	9.02	8.98	7.52	21.81	30.64
CASH FLOW PER SHARE, SEK	1.44	3.36	1.96	-0.56	1.52	1.59
RETURN ON OPERATING CAPITAL	2.8%	7.9%	17.7%	-12.1%	-18.8%	-0.7%
RETURN ON EQUITY	-0.2%	4.9%	16.5%	-29.1%	-32.1%	-4.2%
EQUITY TO ASSETS RATIO	43.2%	45.2%	41.0%	31.3%	27.9%	31.1%
AVERAGE NUMBER OF EMPLOYEES	864	884	939	1,000	977	1,201
SALES PER EMPLOYEE, SEK 000	1,071	1,164	1,287	1,211	1,228	1,423

Consolidated quarterly summary

	2013 Q2	2013 Q1	2012 Q4	2012 Q3	2012 Q2	2012 Q1	2011 Q4	2011 Q3
SALES	236.1	214.8	240.4	234.0	280.1	274.7	297.7	272.5
GROSS MARGIN	8.9%	7.4%	4.7%	10.7%	9.8%	10.5%	11.2%	11.2%
OPERATING MARGIN	1.5%	0.1%	-2.3%	4.5%	3.6%	4.0%	5.1%	4.9%
PROFIT MARGIN	1.1%	-0.6%	-2.8%	3.5%	3.2%	3.2%	4.4%	4.6%
CASH FLOW AFTER INVESTING ACTIVITIES	2.0	-8.0	26.1	21.7	13.0	36.3	10.9	22.1
EQUITY PER SHARE, SEK	8.34	8.89	9.02	9.24	9.12	9.15	8.98	8.71
CASH FLOW PER SHARE, SEK	0.07	-0.28	0.90	0.75	0.45	1.26	0.38	0.77
EQUITY TO ASSETS RATIO	43.2%	44.9%	45.2%	46.1%	44.1%	43.3%	41.0%	38.5%
AVERAGE NUMBER OF EMPLOYEES	839	854	861	901	895	879	905	949
SALES PER EMPLOYEE, SEK 000	281	252	279	260	313	312	329	287

Parent Company Income Statement

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
NET SALES COST OF SERVICES SOLD	9.7 -6.3	9.8 -6.1	19.4 -12.5	19.6 -12.3	36.4 -24.2	36.7 -24.1
GROSS PROFIT	3.4	3.7	6.9	7.3	12.2	12.6
SALES COSTS ADMINISTRATIVE COSTS OTHER OPERATING INCOME/COSTS	-1.3 -2.6 0.0	-1.1 -2.6 0.0	-2.7 -4.8 0.0	-2.2 -5.1 0.0	-4.6 -9.9 0.0	-4.1 -10.2 0.0
OPERATING PROFIT	-0.5	0.0	-0.6	0.0	-2.3	-1.7
NET FINANCIAL INCOME/EXPENSE	0.8	1.4	1.1	1.6	28.7	29.1
PROFIT AFTER FINANCIAL ITEMS	0.3	1.4	0.5	1.6	26.4	27.4
APPROPRIATIONS	-	-	-	-	-4.5	-4.5
PROFIT BEFORE TAX	0.3	1.4	0.5	1.6	21.9	22.9
INCOME TAX	-0.1	-0.5	-0.1	0.0	-4.3	-4.2
PROFIT AFTER TAX	0.2	0.9	0.4	1.6	17.6	18.7

Parent Company Statement of Other Comprehensive Income

	2013 Q2	2012 Q2	2013 Q1-Q2	2012 Q1-Q2	Rolling 12 mth.	2012 Full yr.
NET PROFIT	0.2	0.9	0.4	1.6	17.6	18.7
OTHER COMPREHENSIVE INCOME ITEMS THAT CAN BE SUBSEQUENTLY REVERSED IN THE INCOME STATEMENT: FAIR VALUE RESERVE TAX ON FAIR VALUE RESERVE	3.2 -0.6	0.4 0.0	0.9 -0.2	-1.3 0.0	-0.4 0.5	-2.6 0.7
OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX	2.6	0.4	0.7	-1.3	0.1	-1.9
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	2.8	1.3	1.1	0.3	17.7	16.8

Parent Company Balance Sheet

	2013 30 Jun	2012 30 Jun	2012 31 Dec
ASSETS INTANGIBLE ASSETS LONG-TERM RECEIVABLES FROM GROUP COMPANIES FINANCIAL NON-CURRENT ASSETS	2.0 84.9 245.2	- 86.4 248.2	- 83.9 246.0
NON-CURRENT ASSETS	332.1	334.6	329.9
CURRENT INTEREST-BEARING RECEIVABLES RECEIVABLES FROM GROUP COMPANIES OTHER CURRENT RECEIVABLES CASH AND CASH EQUIVALENTS	- 27.6 1.3 16.8	1.3 30.3 3.1 7.5	2.5 51.1 3.2 36.5
CURRENT ASSETS	45.7	42.2	93.3
TOTAL ASSETS	377.8	376.8	423.2
EQUITY AND LIABILITIES EQUITY	249.0	253.0	269.5
UNTAXED RESERVES	5.5	1.1	5.5
NON-CURRENT LIABILITIES	-	-	-
LIABILITIES TO CREDIT INSTITUTIONS LIABILITIES TO GROUP COMPANIES OTHER CURRENT LIABILITIES & PROVISIONS	- 112.5 10.8	9.9 103.7 9.1	- 134.1 14.1
CURRENT LIABILITIES	123.3	122.7	148.2
TOTAL EQUITY AND LIABILITIES	377.8	376.8	423.2