OEM International

Quarterly Report • Feb 21, 2012

FINANCIAL STATEMENT Full year 2011

FOURTH QUARTER 2011

• Two companies, Svenska Batteripoolen AB and Flexitron AB, were acquired.
• Incoming orders were SEK 391 million (390)
• Net sales rose 6% to SEK 416 million (392)
• Profit before tax rose 20% to SEK 43 million (36)

FULL YEAR 2011

• Incoming orders were up 7% to SEK 1,573 million (1,468)
• Net sales rose 11% to SEK 1,590 million (1,430)
• Profit before tax rose 26% to SEK 172 million (136)
• Profit after tax rose 26% to SEK 126 million (100)
• Earnings per share were SEK 5.52 (4.12)*
• The Board proposes a dividend of SEK 3 per share (3.00)

*Including discontinued operations

OEM International AB , Org. no. 556184-6691. Norrabyvägen 6B, Box 1009, SE-573 28 Tranås, Sweden. Tel. +46 (0)75 242 40 00 www.oem.se

Managing Director REVIEW

Strong close to record year

OEM International's sales increased by 6 % to SEK 416 million for the fourth quarter. Excluding the impact of foreign currency, growth rate was about 12 %. Profit before tax rose 20 % to SEK 43 million as a result of increased sales and improved gross margin.

Sales, earnings and operating margin have thus improved every quarter throughout 2011 compared with 2010. Demand has been strong from most of the markets and the majority of the companies reported record sales and earnings.

Two acquisitions completed this quarter

Svenska Batteripoolen i Borlänge AB has been acquired. The company markets batteries in Sweden with sales of about SEK 17 million annually. The acquisition means that OEM strengthens its position in batteries on the Swedish market. This quarter we also acquired Flexitron AB, a company located in Täby. The company markets electronic and automation components and has an annual sales turnover of approximately SEK 26 million. This is the fifth acquisition this year and our target of acquiring an annual turnover of at least SEK 100 million has thus been achieved.

Range expansion

Throughout the year, the company has been working intensively on expanding the product range. OEM is constantly evolving its portfolio of products by developing its partnerships with existing and new suppliers, by geographically extending its collaborative activities in more markets and also by launching new products. Ongoing development of our existing supplier relationships is a strategically important part of OEM's business concept.

OEM looking stronger

Operating activities in 2011 generated a positive cash flow of SEK 108 million and dividends of SEK 70 million have been paid. The equity/assets ratio was 63% which means we remain in a strong financial position from which to continue developing our business.

Total sales improved by 11% over the year and the operating profit rose 26%. This has been the OEM Group's best year ever in terms of earnings.

Efficiency has improved throughout the year and a series of product launches has enhanced our offerings portfolio. OEM moves into 2012 with a good foundation for continued growth with profitability through new acquisitions and organic expansion.

Jörgen Zahlin, Managing Director and Chief Executive Officer

THE GROUP

INCOMING ORDERS (SEK million)

Incoming orders in the fourth quarter were on the same level as last year and amounted to SEK 391 million (390).

• During the period, incoming orders were 6% lower than net sales.
• In total, incoming orders in 2011 exceeded the previous year by 7%.

On 31 December 2011, the order book had decreased by 5% over the previous year to SEK 229 million (241).

NET SALES (SEK million)

Net sales increased during the fourth quarter by 6% to SEK 416 million (392) compared with the previous year.

Net sales in 2011 exceeded the previous year by 11% to 1590 MSEK (1430). Net sales increased by about 16% excluding the impact of currency translation. The effect of acquired businesses increased net sales by SEK 65 million in 2011.

Percentage sales growth was strongest in the companies in the UK, the Czech Republic, Poland and Elektro Elco and OEM Electronics in Sweden.

SALES BY REGION (SEK million)

Small changes between the regions, mainly based on currency fluctuations and completed acquisitions.

Even in terms of volume, the development through acquisitions has been somewhat better in Sweden compared to other regions.

OPERATING PROFIT (SEK million)

Operating profit increased during the fourth quarter by 19% over the previous year, amounting to SEK 43 million (36).

The operating profit for 2011 exceeded the previous year by 26%.

The increase is due to net sales growth and margin improvement.

Note: Q1 2008 sale of property + SEK 5.4 million

OPERATING MARGIN (%)

The operating margin increased to 10.4 % (9.3) in the fourth quarter.

The operating margin for 2011 increased to 10.9 % (9.7).

RETURN ON EQUITY (%)

The return on equity increased to 5.2 % (4.6) in the fourth quarter.

The return on equity for 2011 was 21 % (17).

Shareholders' equity amounted to SEK 648 million (594) with an equity/assets ratio of 63% (64) at 31 December 2011.

THE REGIONS

SWEDEN

Sales are conducted under the company names of OEM Automatic, OEM Motor, OEM Electronics, Internordic Bearings, Telfa, Elektro Elco, Svenska Helag, Svenska Batteripoolen and Flexitron.

	Full year	Full year
MSEK	2011	2010
Incoming orders	1 025	923
Net sales	1 103	905
Operating profit	139	113
Operating margin (%)	13	13

Net sales rose by 22% in 2011. The increase in volume was approximately 26%. The effect of acquired businesses increased net sales by SEK 56 million for the year.

During the year, incoming orders were 7% lower than net sales.

The net sales and margin improvement resulted in a 23% increase in the operating profit.

FINLAND AND THE BALTIC STATES

Sales are conducted under the company names of OEM Automatic, OEM Electronics and Internordic Bearings.

	Full year	Full year
MSEK	2011	2010
Incoming orders	224	224
Net sales	231	215
Operating profit	22	20
Division Production Technology Operating margin (%)	10	9

Net sales rose by 8% in 2011. Net sales increased by approximately 13% in local currency.

Incoming orders were 3% lower than net sales.

The net sales and margin improvement resulted in a 12% increase in the operating profit.

DENMARK, NORWAY, UK AND CENTRAL EASTERN EUROPE

Sales are conducted under the company names of OEM Automatic, OEM Automatic Klitsö and OEM Electronics.

	Full year	Full year
MSEK	2011	2010
Incoming orders	324	321
Net sales	327	310
Operating profit	22	18
Operating margin (%)	7	6

Net sales rose by 6% in 2011.

Net sales increased by approximately 12% in local currency.

The effect of acquired businesses increased net sales by SEK 8 million in 2011.

During the year, incoming orders were slightly below net sales.

The net sales improvement resulted in a 21% increase in the operating profit.

OTHER FINANCIAL INFORMATION

Cash flow

Cash flow from operating activities during the year was SEK 108 million (116). Cash flow totalled SEK -11 million (13) during the year and was affected by investing activities of SEK -57 million (-20) and dividends of SEK -70 million.

Investments

The Group's net investments in property, plant and equipment totalled SEK 66 million (24). Property, machinery and equipment accounted for SEK 29 million of this total, and business combinations for SEK 37 million. SEK 0.1 million (12.5) of this amount can be attributed to foreign exchange adjustment.

Cash and cash equivalents

Cash and cash equivalents, comprising cash and bank balances, amounted to SEK 162 million (173). Together with committed but undrawn credit facilities, cash and cash equivalents amounted to SEK 397 million (403) on 31 December 2011.

Intangible assets

Amortisation of intangible assets totalling SEK 13 million (11) has been charged to the income statement. The value recognised on the statement of financial position on 31 December 2011 was SEK 138 million (107).

Equity/assets ratio

The equity/assets ratio on 31 December 2011 was 63% (64).

Employees

The Group's average number of employees for the period was 570 (504). At the end of the period, the number of employees was 587. 23 people have joined the company following acquisitions.

Share repurchase

The company has repurchased 61,847 shares during the period at an average price of SEK 53.26. The company's total shareholding was 61,847 shares on 31 December 2011, which is equivalent to 0.3% of the total number of shares. The Annual General Meeting is authorised to repurchase up to 10% of the shares, which is the equivalent of 2,316,930 shares.

Acquisitions in 2011

All shares in Echobeach Ltd, Svenska Helag AB, Svenska Batteripoolen i Borlänge AB and in Flexitron AB have been acquired. In addition, OEM Electronics AB has acquired Scapro AB's components sales business.

Echobeach Ltd. reports sales of approximately SEK 12 million and markets electrical components in the United Kingdom. The company was merged with OEM Automatic Ltd. during the spring of 2011. On the 1 March 2011, the company became part of the Denmark, Norway, UK and Central Eastern Europe region. The consideration for the acquired business was SEK 4.7 million and a contingent consideration, based on the performance of the business throughout 2011, amounted to SEK 2.2 million. The acquisition had a marginal positive impact on OEM's profit in 2011.

Svenska Helag, based in the Swedish town of Borås, produces and markets connection technology components for electrical systems and electronics. The company reported sales of SEK 21 million in 2010. This acquisition will strengthen OEM's range of products within connection technology. The take-over date was 1 April 2011. The consideration is SEK 10 million and a contingent consideration based on how the company develops during 2011 and 2012 is estimated at approximately SEK 4 million. The acquisition had a marginal positive impact on OEM's profit in 2011.

OEM Electronics AB has acquired Scapro AB's components sales business. The annual turnover is approximately SEK 30 million and the product range consists of keyboards, capacitors and ferrites. The acquisition is an asset deal where OEM acquires stock of goods, equipment, customer and supplier deals as well as intellectual property. The take-over date was 1 June 2011. The consideration is approximately SEK 2.7 million plus a contingent consideration based on how the business develops during 2011. The acquisition had a marginal positive impact on OEM's profit for 2011.

Svenska Batteripoolen i Borlänge AB markets batteries in Sweden and reports annual sales of approximately SEK 17 million. The acquisition strengthens OEM's position in the Swedish battery market. The take-over date was 1 October 2011. The consideration is SEK 4 million and a contingent consideration based on how the company develops during 2012 and 2013 is estimated at approximately SEK 2.4 million. The acquisition had a marginal impact on OEM's profit in 2011.

Flexitron AB i Täby markets electronic and automation components and reports annual sales of approximately SEK 26 million. Through this acquisition, the Group expands its range with complementary products. The take-over date was 1 December 2011. The consideration is SEK 11 million. The acquisition had a marginal positive impact on OEM's profit in 2011.

The acquired companies' net assets at the time of acquisition	Company carrying values	adjustment	Group fair value
Intangible assets	-	27.0	27.0
Other non-current assets	0.5	-	0.5
Inventories	14.3	-	14.3
Other current assets	13.9	-	13.9
Other liabilities, including deferred tax liability	-16.7	-8.0	-24.7
Net identifiable assets/liabilities	12.0	19.0	31.0
Consolidated
goodwill	-	9.8	9.8
Purchase price			40.8

Acquisition cost analysis

As a result of the acquisitions, other intangible assets have increased by SEK 27.0 million. The amount relates to customer relationships at SEK 19.7 million and supplier relationships at SEK 7.3 million. The useful life of these are deemed to a 5-year period.

OEM normally uses an acquisition structure with a base consideration and contingent consideration. The contingent consideration is initially valued at the present value of the probable earnings, which amounts to SEK 8.4 million for the acquisitions this year. The period for contingent considerations is two years and the earnings may amount to a maximum of SEK 11.6 million.

Transaction expenses for the acquisitions completed during 2011 amount to SEK 0.2 million and are included in the operating costs.

The effect of the above acquisition on consolidated sales during 2011 is approximately SEK 45 million and on profit before tax approximately SEK 2.7 million.

Developments in previously implemented acquisitions have resulted in revaluation of contingent considerations that have decreased by SEK 0.3 million. This amount had a positive impact on profit for the year.

Accounting policies

This condensed consolidated interim report has been prepared in compliance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in compliance with the Swedish Annual Accounts Act. The Group and the Parent Company have applied the same accounting policies and basis of preparation as in the latest annual report. The Group's operations are divided into operating segments based on the business areas for which the company's chief operating decision maker, the Group management, monitors the profit, returns and cash flows that the Group's various segments generate. From January 2011, the Group has undergone a reorganisation and is primarily managed as three market regions, i.e. Sweden, Finland and the Baltic States, and Denmark, Norway, the UK and Central Eastern Europe. The purpose of the new organisation is to consolidate OEM's long-term competitive edge and increase growth outside of Sweden. Before 2011, OEM was a matrix organisation with product and country lines, grouped into three divisions: Automation, Components and Production Technology. The Production Technology Division was discontinued in 2010. The focus was moved from the product organisation to the market regions. Each operating segment in the form of a market region has one manager, except for Sweden which has two managers who are responsible for the day-to-day operations and who provide the Group management with regular reports on the performance of the segment and resource requirements. The Group's internal reporting system is designed to allow the Group management to monitor the performance and results of each of the market regions. The Group's segments have been identified using data from this internal reporting system, through a process of assessing the different areas in order to merge segments that are similar. This means that segments have been merged if they share similar economic properties, such as long-term gross margins and have similar product areas, customer categories and methods of distribution, and operate in an environment that has similar sets of rules and regulations.

Risks and uncertainties

The OEM Group is exposed to both business-related risks and financial risks through its activities. Business-related risks include competition and operational risks, and financial risks include liquidity risk, interest rate risk and currency risk. The OEM Group's financial activities and management of financial risks are conducted primarily by the Parent Company. Frameworks for risk management procedures and risk mitigation are in place. These systems are characterised by a low risk level. The basis is the structured and efficient management of the financial risks that arise in the business. For a complete report on the risks affecting the Group, please refer to page 7 and pages 46-48 of the 2010 annual report. No changes have occurred during the period.

Estimates and assessments

Preparation of the interim report requires company management to make estimates, assessments and assumptions that affect the application of the accounting policies and the reported amounts for assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and assessments, The critical assessments and sources of uncertainty in the estimates are the same as in the latest annual report page 51.

Transactions with associated parties

No transactions between OEM and associated parties that significantly affect the Group's and Parent Company's position and income have occurred in the period, addition to the dividend to shareholders.

Parent Company

Net turnover was SEK 41 million (37) and profit after financial items was SEK 134 million (108).

Events after the close of the reporting period

There are no significant events from after the close of the reporting period to report.

Nomination Committee

The Nomination Committee for the Annual General Meeting on 26 April 2012, is composed of: Lars-Åke Rydh (Chairman) Jerker Löfgren, Orvaus AB Hans Franzén Agne Svenberg Bengt Stilleström, AB Traction The Nomination Committee can be contacted through Lars-Åke Rydh, tel. 0705-92 45 70 or via e-mail lasse@lasserydh.se

Proposed dividends

The Board proposes a dividend of SEK 3.50 per share (3.00). The prposed dividen amounts to 81 MSEK (70)

Annual Report

The 2011 Annual Report will be distributed at the end of March 2012 and will be available at Head Office and on the Company's website from week 12.

Annual General Meeting

The Annual General Meeting will be held at 4 p.m. on 26 April 2012, at Hotell Statt in Tranås.

Financial information

OEM provides financial information on the following occasions:
Annual General Meeting 2012	26 April, 2012
Interim report, first quarter 2012	26 April, 2012
Interim report, second quarter 2012	16 July, 2012
Interim report, third quarter 2012	22 October, 2012

Tranås, 21 February 2012

Jörgen Zahlin Managing Director and Chief Executive Officer

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

For further information, please contac MD Jörgen Zahlin on +46 (0)75-242 40 22 or Finance Director Jan Cnattingius on +46 (0) 75 242 40 03.

The information in this report is of such a nature that its disclosure by OEM International AB (publ.) is required under the Swedish Securities Market Act. The information was released to the media for publication on 21 February 2012 at 2 p.m.

REGIONS' SALES AND INCOME

SALES & EARNINGS BY REGION *

Net sales (SEK million) *

Jan-	Jan-	Q4	Q3	Q2	Q1	Q4
Dec	Dec	2011	2011	2011	2011	2010
2011	2010
1 037	905	278	244	270	245	260
66	60	19	17	15	15	15
229	215	57	57	58	57	56
2,4	2,8	0,8	0,4	0,6	0,7	0,8
324	310	81	80	80	82	76
3,7	1,1	0,2	0,3	3,0	0,2	0,3
-72	-63	-20	-17	-19	-15	-16
1 590	1 430	416	382	408	384	392

Operating profit (SEK million) *

	Jan-	Jan-	Q4	Q3	Q2	Q1	Q4
	Dec	Dec	2011	2011	2011	2011	2010
	2011	2010
Sweden	139	113	32	37	39	32	31
Finland and the Baltic States	22	20	4,4	6,7	5,2	5,8	4,8
Denmark, Norway, UK and
Central Eastern Europe	22	18	3,7	7,0	4,9	6,3	3,2
	183	151	40	51	49	44	39

Consolidated profit/loss (SEK million) *

	Jan-	Jan-	Q4	Q3	Q2	Q1	Q4
	Dec	Dec	2011	2011	2011	2011	2010
	2011	2010
Operating profit segment above	183	151	40	51	49	44	39
Group functions	-9,6	-12	3,3	-4,4	-5,3	-3,1	-3,4
Net financial items	-1,4	-1,8	0,2	0,1	-0,8	-0,9	0,1
Profit/loss before tax	172	136	43	47	43	40	36

Other disclosures (SEK million) *

	Jan-	Jan-	Q4	Q3	Q2	Q1	Q4
	Dec	Dec	2011	2011	2011	2011	2010
	2011	2010
Sweden
Assets	538	443	538	477	460	452	443
Liabilities	300	227	300	161	179	220	227
Finland and the Baltic States
Assets	87	85	87	88	88	88	85
Liabilities	38	39	38	36	42	38	39
Denmark, Norway, UK and Central Eastern Europe
Assets	153	144	153	167	162	170	144
Liabilities	68	61	68	67	72	81	61

* Continuing operation

THE GROUP'S PERFORMANCE AND FINANCIAL POSITION

CONDENSED CONSOLIDATED COMPREHENSIVE INCOME STATEMENT (SEK MILLION)

	Jan- Dec 2011	Jan- Dec 2010	Q4 2011	Q3 2011	Q2 2011	Q1 2011	Q4 2010
Continuing operations
Net sales	1 590	1 430	416	382	408	384	392
Operating costs	-1 388	-1 265	-365	-328	-358	-337	-349
Intangible asset amortisation	-13	-11	-3,6	-3,2	-3,2	-3,0	-3,0
Depreciation of property, plant and equipment	-15	-17	-3,8	-3,9	-3,9	-3,8	-4,4
Operating profit	174	138	43	47	43	41	36
Net financial income/expense	-1,4	-1,8	0,2	0,1	-0,8	-0,9	0,1
Profit/loss before tax	172	136	43	47	43	40	36
Tax	-47	-37	-11	-13	-12	-11	-8,4
Profit/loss for the period from continuing operations	126	100	32	34	31	29	28
Discontinued operations Profit/loss for the period from discontinued operations, net after tax	2,2	-4,5	2,3	0,1	-0,1	-0,1	0,6
Profit/loss for the period	128	95	34	34	31	29	28
Other comprehensive income Exchange differences for the period arising on translation of foreign operations	-1,2	-20	-5,9	2,2	3,9	-1,4	-2,8
Other comprehensive income for the period	-1,2	-20	-5,9	2,2	3,9	-1,4	-2,8
Total comprehensive income for the period	127	76	29	36	35	27	25
Earning per outstanding share, SEK* Earning per outstanding share	5,52	4,12	1,49	1,48	1,31	1,24	1,21
for continuing operations, SEK*	5,43	4,32	1,39	1,48	1,32	1,24	1,19
Earning per total number of share, SEK* Earning per total number of share,	5,52	4,12	1,49	1,48	1,31	1,24	1,21
for continuing operations, SEK*	5,42	4,32	1,38	1,48	1,32	1,24	1,19

* Results attributable to shareholders of the parent.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SEK MILLION)

	2011-12-31	2010-12-31
Goodwill	64	55
Other intangible assets	74	52
Property, plant and equipment	188	182
Financial assets	0,6	4,6
Deferred tax assets	2,2	3,9
Total non-current assets	330	298
Inventories	269	220
Current receivables	262	241
Cash and cash equivalents	162	173
Total current assets	693	634
Total assets	1 023	932
Shareholders' equity	648	594
Interest-bearing non-current liabilities	21	17
Provisions for pensions	0,5	0,2
Non-interest-bearing non-current liabilities	7,4	-
Deferred tax liabilities	65	50
Total non-current liabilities	94	68
Interest-bearing current liabilities	65	65
Non-interest-bearing current liabilities	216	205
Total current liabilities	281	270
Total equity and liabilities	1 023	932

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (SEK MILLION)

	2011-12-31	2010-12-31
At beginning of period	594	565
Total comprehensive income for the period	127	76
Repurchase of company's shares	-3,3	-
Dividends paid	-70	-46
At end of period	648	594

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (SEK MILLION)

	Jan- Dec	Jan-	Q4	Q3	Q2	Q1	Q4
		Dec	2011	2011	2011	2011	2010
	2011	2010
Cash flows from operating activities
before changes in working capital	166	134	51	46	34	36	50
Changes in working capital	-58	-18	-9,1	-21	-7,0	-21	6,9
Cash flows from
operating activities	108	116	41	24	27	16	57
Cash flows from investing activities	-57	-20	-23	-6,8	-13	-14	-6,7
Cash flows after
investing activities	51	95	18	18	14	1,3	50
Cash flows from
financing activities
- Change in liabilities	10	-36	-2,8	-9,9	6,5	17	-8,1
- Dividends paid	-70	-46	0,0	0,0	-70	0,0	0,0
- Repurchase of company's shares	-3,3	0,0	-3,3	0,0	0,0	0,0	0,0
Cash flows for the period	-11	13	12	7,8	-49	18	42
Cash and cash equivalents at beginning of period	173	165	151	143	191	173	132
Exchange rate differences	-0,3	-4,6	-1,7	0,4	1,2	-0,2	-0,8
Cash and cash equivalents at end of period	162	173	162	151	143	191	173

KEY PERFORMANCE INDICATORS

	Jan- Dec	Jan-	Q4	Q3	Q2	Q1	Q4
		Dec	2011	2011	2011	2011	2010
	2011	2010
Return on equity, %	20,6	16,5	5,2	5,4	5,2	4,8	4,6
Return on capital employed, % *	25,3	21,0	6,1	6,7	6,7	5,8	5,5
Return on total capital % *	18,3	15,5	4,2	5,0	4,8	4,3	4,0
Equity/assets ratio, %	63,3	63,8
Earning per outstanding share, SEK	5,52	4,12	1,49	1,48	1,31	1,24	1,21
Earning per outstanding share
for continuing operations, SEK*	5,43	4,32	1,39	1,48	1,32	1,24	1,19
Earning per total number of share, SEK	5,52	4,12	1,49	1,48	1,31	1,24	1,21
Earning per total number of share,
for continuing operations, SEK*	5,42	4,32	1,38	1,48	1,32	1,24	1,19
Equity per share, SEK	27,95	25,63
Average number of shares
(thousands)	23 164	23 169	23 147	23 169	23 169	23 169	23 169
Average number of diluted shares
(thousands)	23 169	23 169	23 169	23 169	23 169	23 169	23 169
Operating margin, % *	10,9	9,7	10,4	12,3	10,6	10,6	9,3

* Under IFRS 5, Division Production Technology operations are recognised as discontinued operations. Marked KPIs apply to continuing operations. Comparative figures have been restated. Other KPIs apply for the total operations (incl. the Production Technology operations) when the balance sheet for the comparison periods, in compliance with IFRS 5, is not restated.

THE PARENT COMPANY'S PERFORMANCE AND FINANCIAL POSITION

CONDENSED INCOME STATEMENT OF THE PARENT COMPANY (SEK MILLION)

	Jan-	Jan-	Q4	Q3	Q2	Q1	Q4
	Dec	Dec	2011	2011	2011	2011	2010
	2011	2010
Net sales	41	37	28	4,4	4,9	4,3	24
Operating costs	-38	-37	-8,3	-9,2	-11	-8,9	-8,9
Depreciation	-3,2	-2,6	-0,9	-0,8	-0,8	-0,7	-1,0
Operating profit	0,2	-2,5	18	-5,5	-7,3	-5,3	14
Income from shares
in Group companies	132	109	119	0,0	12	0,0	78
Net financial income/expense	2,1	1,1	0,5	0,5	0,6	0,4	0,4
Profit/loss after
financial items	134	108	138	-5,0	5,4	-4,9	92
Appropriations	-32	-12	-32	0,0	0,0	0,0	-12
Profit/loss before tax	102	95	106	-5,0	5,4	-4,9	80
Tax	-25	-20	-29	1,2	1,8	1,3	-24
Profit/loss for the period	76	75	76	-3,8	7,2	-3,6	56

CONDENSED PARENT COMPANY BALANCE SHEET (SEK MILLION)

Assets	2011-12-31	2010-12-31
Intangible assets	10	3,9
Property, plant and equipment	22	20
Financial assets	307	304
Total non-current assets	339	328
Current receivables	223	203
Cash and bank balances	102	122
Total current assets	325	325
Total assets	664	653
Equity and liabilities
Shareholders' equity	363	359
Untaxed reserves	130	98
Deferred tax liabilities	2,0	1,9
Non-interest-bearing non-current liabilities	7,4	0,0
Total non-current liabilities	7,4	0,0
Interest-bearing current liabilities Non-interest-bearing current liabilities	0,0 162	0,0 194
Total current liabilities	162	194
Total equity and liabilities	664	653
Pledged assets	7,5	7,5
Contingent liabilities	212	196

OEM is one of Europe's leading technology trading companies and consists of 24 operating units in 14 countries.