OEM International

Quarterly Report • Oct 17, 2013

OEM INTERNATIONAL

INTERIM REPORT Q3 2013

THIRD QUARTER 2013

• Incoming orders were up 16 % to SEK 390 million (336)
• Net sales rose 8 % to SEK 389 million (361)
• Profit before tax rose 25 % to SEK 44 million (35)
• Profit after tax rose 25 % to SEK 33 million (27)
• Earnings per share were SEK 1.44 (1.14)

JANUARY - SEPTEMBER 2013

• Incoming orders were SEK 1 229 million (1 232)
• Net sales rose 1 % to SEK 1 241 million (1 224)
• Profit before tax amounted to SEK 118 million (130)
• Profit after tax amounted to SEK 89 million (96)
• Earnings per share were SEK 3.85 (4.14)

CHIEF EXECUTIVE'S REVIEW

Positive development in the third quarter

The demand in the third quarter, adjusted for the holiday effect, is at the same level as previous quarter but rose to SEK 389 million, 8% increases on the year-ago quarter. The strong Swedish krona had a negative 1% impact on sales and acquired businesses during 2012 had a positive 3% impact on sales.

The sales turnover has had a positive trend in Sweden, Poland and the UK while we see a weakening trend in Finland.

Incoming orders marginally exceeded sales and amounted to SEK 390 million.

Operating profit increased by 21% to SEK 45 million compared to the year-ago quarter, which is the strongest quarter since the second quarter 2012. This is largely due to the increase in sales and streamlining measures that have been implemented.

Summary January-September 2013

In the nine-month period, January to September, sales turnover increased by 1% to SEK 1,241 million. Excluding acquisitions and the impact of foreign currency exchange rate fluctuations, the group turnover has decreased with 1% compared to the same period in 2012.

Demand continues to vary greatly from month to month and from operation to operation, which gives an unclear picture of the market. Our daily billing had however improved during the year and is on a clearly higher level than the second half of last year. Incoming orders for the first nine months were 1% lower level than invoicing. However, the good news is that incoming orders have moved closer to invoicing each month and were stronger than invoicing at the close of the period.

The operating profit has gradually improved from the weak second half of 2012 and is SEK 120 million. This is, however, 10% down compared to the same period last year, which was due to weaker sales in the first two quarters of the year.

Strong financial position

The past 12 months have generated a positive operating cash flow of SEK 122 million to give a 64% equity/assets ratio at the end of the period. This gives us a strong financial position for continuing to invest in our operations and pursue further acquisitions.

Jörgen Zahlin Managing Director and Chief Executive Officer

THE GROUP

TTM INCOMING ORDERS (SEK MILLION)

Incoming orders increased during the third quarter by 16% to SEK 390 million (336) compared to last year.

Total incoming orders for January - September 2013 amounted to SEK 1,229 million (1,232).

Incoming orders in the January - September period were 1% lower than net sales.

On 30 September 2013, the order book had decreased 7% to SEK 223 million (240) compared to the same period last year.

NET SALES (SEK MILLION)

Third quarter net sales were SEK 389 million (361), up 8% on the same period last year. Net sales in the January - September 2013 period increased by 1% to SEK 1,241 million (1,224).

Excluding acquisitions and the impact of foreign currency exchange rate fluctuations, net sales decreased by 1%.

The operations in Poland, the UK and the Baltic States have continued to report positive growth while the operations in Sweden and Finland have noted weaker demand. Other operations report sales on a par with last year.

The small percentage changes across the regions, compared to the year-ago period. The changes are due to business acquisitions during 2012 and market developments.

Operating profit increased during the third quarter by 21% to SEK 45 million (37) compared to the year-ago quarter.

In the January - September period, operating profit was down 10% to SEK 120 million (134).

This is largely attributable to the drop in sales and increased operating costs in the first six months.

Operating profit for the trailing twelve months was SEK 148 million (177).

OPERATING MARGIN (%)

The third quarter operating margin was 11.4% (10.4%).

The operating margin was 9.6% (10.9%) for the January - September period.

The operating margin for the trailing twelve months was 9.0% (10.8%).

RETURN ON EQUITY (%)

The return on equity in the third quarter was 4.6% compared with 4.1% for the year-ago quarter.

The trailing-twelve-month return on equity was 17% (20%), which is below the 20% target.

Shareholders' equity amounted to SEK 689 million (655) with an equity/assets ratio of 64.2% (64.5) on 30 September 2013.

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, Flexitron, TemFlow Control, Vanlid Transmission, Ronson Transmission and Fenix Transmission.

	Q1-	Q1-
	Q3	Q3	Full year	Trailing
SEK Million	2013	2012	2012	12
Incoming orders	781	788	1 048	1 041
Net sales	797	780	1 045	1 061
Operating profit	104	104	128	128
Operating margin (%)	13%	13%	12%	12%

Net sales were up 2% in the January - September 2013 period compared to the year-ago period. The effect of acquired businesses increased net sales by approximately SEK 26 million compared with last year, which represents 3%.

Although demand showed a slight improvement over the later half of 2012, it varies considerably from month to month and from operation to operation.

Operating profit remains unchanged compared with last year.

FINLAND and THE BALTIC STATES

Sales are conducted under the company names of OEM Automatic, OEM Electronics, Internordic Bearings and Akkupojat. The operations in China are also included in this region.

SEK Million	Q1- Q3 2013	Q1- Q3 2012	Full year 2012	Trailing 12
Incoming orders	185	180	238	243
Net sales	185	177	235	243
Operating profit	11	15	16	13
Operating margin (%)	6%	8%	7%	5%

Net sales were up 5% in the January - September 2013 period compared to the year-ago period. Growth was 6% in local currency.

Completed acquisitions and the business operations in the Baltic States and China are responsible for the improved performance.

The effect of acquired businesses increased net sales by approximately SEK 7 million compared with last year, which represents 4%. Demand in Finland has clearly slowed in the third

quarter.

Operating profit decreased by 22% in the January - September 2013 period compared to the same period last year. This is due to the higher cost base associated with implemented acquisitions and market investments.

DENMARK, NORWAY, UK AND CENTRAL EASTERN EUROPE

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

SEK Million	Q1- Q3 2013	Q1- Q3 2012	Full year 2012	Trailing 12
Incoming orders	263	264	344	343
Net sales	258	266	352	344
Operating profit	17	23	30	23
Operating margin (%)	6%	9%	8%	7%

Net sales dropped 3% in the January - September 2013 period compared to the year-ago period. The effect of acquired businesses increased net sales by approximately SEK 10 million compared with last year, which represents 4%.

Demand increased in Poland and Hungary, while other markets saw a decline in demand.

As a result of implemented market investment and the drop in net sales, operating profit is down 28% on the year-ago period.

OTHER FINANCIAL INFORMATION

Cash flow

Cash flow from operating activities during the January - September period was SEK 75 million (79). Total cash flow was SEK -36 million (-25) for the same period and was affected by investing activities of SEK -32 million (-42) and dividends of SEK -87 million (-81).

Investments

The Group's investments in property, plant and equipment totalled SEK 27 million (43). Property, machinery and equipment accounted for SEK 23 million (29), other intangible assets for SEK 4 million (9) and business combinations for SEK 0 million (5).

Cash and cash equivalents

Cash and cash equivalents, comprising cash and bank balances, amounted to SEK 144 million (135). Cash and cash equivalents, together with committed undrawn credit facilities, amounted to SEK 346 million (361) on 30 September 2013.

Intangible assets

Amortisation of intangible assets totalling SEK 14 million (11) has been charged to the income statement. The value recognised in the Statement of Financial Position on 30 September, 2013, was SEK 146 million (140).

Equity/assets ratio

The equity/assets ratio was 64% (64%) on 30 September, 2013.

Employees

The Group's average number of employees for the period was 628 (605). At the end of the period, the number of employees was 627 (613). 15 of these employees come from acquired companies.

Share repurchase

The company has not repurchased any shares during the period. The company's total shareholding was 61,847 shares on 30 September, 2013, which is equivalent to 0.3% of the aggregate 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.

Remeasurement of contingent considerations

Developments in previously implemented acquisitions have resulted in revaluation of contingent considerations recognised as liability that have decreased by SEK 1.1 million. This had a SEK 1.1 million impact on operating profit in the January - September period. No new companies acquired during 2013.

Accounting policies

This condensed consolidated interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and in compliance with relevant provisions from the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in compliance with the Swedish Annual Accounts Act, Chapter 9, Interim Report and the Securities Market Act. The Group and the Parent Company have applied the same accounting policies and basis of preparation as in the latest annual report, with the exception of IAS 19 Employee benefits and IAS 1 Presentation of Financial Statements which are effective retroactively from 1 January 2013. These have not had any significant effect on the financial statements of the Group.

Risks and uncertainties

The OEM Group is exposed to both business-related risks and financial risks through its activities. Business-related risks include competition risks, structural changes and operational risks, and financial risks include liquidity risk, interest rate risk and currency risk. The financial operations of the OEM Group and management of financial risks are mainly handled by the Parent Company. Frameworks for risk management procedures and risk mitigation are in place. These frameworks 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 47-49 of the 2012 annual report. Still there is a lack of a clear picture of the market for the Group's three regions.

Contingent liabilities

The ongoing dispute under legal hearing, described at page 46 in the annual report for 2012, will not be decided in court of general jurisdiction during 2013, but is preliminary scheduled to February 2014.

Related party transactions

No related party transactions have been entered into that materially affected the financial position or the performance of the Group and Parent Company during the period, except for inter-company dividend payments.

Parent Company

Net sales were SEK 16 million (14) and profit after financial items was SEK 12 million (16). Net sales relate entirely to inter-company transactions. The foregoing risks and uncertainties specified for the Group also apply indirectly to the Parent Company.

Events after the close of the reporting period

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

Nomination Committee

The Nomination Committee for the Annual General Meeting on 29 April 2014 is composed of: Lars-Åke Rydh (Chairman) Hans Franzén Jerker Löfgren, Orvaus AB Agne Svenberg Bengt Stillström, AB Traction The Nomination Committee can be contacted through Lars-Åke Rydh, tel. +46 (0)705-924570 or via email lasse@lasserydh.se

Date of next report

The report for the whole of 2013 will be published on 19 February 2014.

Tranås, Sweden, 17 October 2013

Jörgen Zahlin Managing Director and Chief Executive Officer

For further information, please contact Managing Director 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 17 October 2013 at 2 p.m.

Auditor's report

To the Board of Directors of OEM International AB (publ)

Corporate Identity Number 556184-6691

Introduction

We have carried out a review of the condensed financial statement for the interim period (interim report) for OEM International AB (publ) as per 30 September 2013 and the nine-month period closing that date. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

The objectives and scope of the review

We have conducted our review in accordance with the Swedish Standard on Review Engagements (SÖG) 2410 Review of Financial Statement for the interim period performed by the company's elected auditors. A review consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical procedures to financial data and taking other review measures. A review has a different focus and is of significantly smaller scope than the objectives and scope of an audit conducted in accordance with the International Standards on Auditing (ISA) and other generally accepted auditing practices. The measures undertaken during a review allow us to be certain that we are aware of all the important factors that it would have been possible to identify had an audit been carried out. Therefore, the conclusion expressed based on a review does not have the same certainty as a conclusion expressed based on an audit.

Conclusion

Based on our review, no factors have come to light that give us reason to believe that the interim report has not, in all significant respects, been prepared for the Group in accordance with IAS 34 and the Swedish Annual Accounts Act, and, for the Parent Company, in accordance with the Swedish Annual Accounts Act.

Tranås, Sweden, 17 October 2013

KPMG AB

Kjell Bidenäs Chartered Accountant

REGIONS' SALES AND EARNINGS

SALES & EARNINGS BY REGION *

Net sales (SEK million) *

	Jan-	Jan-	Q3	Q2	Q1	Q4		Q3 Trailing	Full year
	Sept	Sept	2013	2013	2013	2012	2012	12 mth	2012
	2013	2012
Sweden, external income	797	780	244	282	271	264	226	1 061	1 045
Sweden, income from other segments	60	62	21	19	19	18	19	78	81
Finland and the Baltic States, external income	185	177	58	65	63	57	54	243	235
Finland and the Baltic States, income from other segments	2,6	3,7	1,0	0,7	0,8	0,7	0,6	3,3	4,4
Denmark, Norway, the United Kingdom and
Central Eastern Europe, external income	258	266	88	88	83	86	81	344	352
Denmark, Norway, the United Kingdom and
Central Eastern Europe, income from other segments	0,5	0,7	0,2	0,2	0,2	0,3	0,3	0,9	1,1
Other operating segments/elimination	-63	-67	-22	-20	-20	-19	-20	-82	-86
	1 241	1 224	389	434	417	408	361	1 649	1 631
Operating profit (SEK million) *
	Jan-	Jan-	Q3	Q2	Q1	Q4		Q3 Trailing	Full year
	Sept	Sept	2013	2013	2013	2012	2012	12 mth	2012
	2013	2012
Sweden	104	104	36	33	35	24	27	128	128
Finland and the Baltic States	11	15	3,5	3,5	4,3	1,6	4,4	13	16
Denmark, Norway, the United Kingdom and
Central Eastern Europe	17	23	7,3	4,5	4,9	6,5	6,3	23	30
	132	142	47	41	44	32	37	164	174
Consolidated profit/loss (SEK million) *
	Jan-	Jan-	Q3	Q2	Q1	Q4		Q3 Trailing	Full year
	Sept	Sept	2013	2013	2013	2012	2012	12 mth	2012
	2013	2012
Operating profit segment above	132	142	47	41	44	32	37	164	174
Group functions	-12	-8,0	-1,8	-5,3	-5,2	-4,1	0,2	-16	-11
Net financial items	-1,5	-3,3	-1,0	0,1	-0,6	-0,3	-2,0	-2,1	-3,8
Pre-tax profit/(loss)	118	130	44	36	38	27	35	146	159

* Continuing operations

THE GROUP'S PERFORMANCE AND FINANCIAL POSITION

CONDENSED CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (SEK MILLION)

	Jan- Sept 2013	Jan- Sept 2012	Q3 2013	Q2 2013	Q1 2013	Q4 2012	2012	Q3 Trailing 12 mth	Full year 2012
Continuing operations
Net sales	1 241	1 224	389	434	417	408	361	1 649	1 631
Other operating income	1,1	2,4	0,7	0,4	0,0	0,7	2,2	1,8	3,1
Operating costs	-1 092	-1 068	-334	-389	-369	-372	-318	-1464	-1 439
Depreciation of fixed assets	-29	-24	-11	-9,7	-9,0	-9,3	-8,2	-39	-33
Operating profit	120	134	45	36	39	28	37	148	162
Net financial income/expense	-1,5	-3,3	-1,0	0,1	-0,6	-0,3	-2,0	-1,9	-3,8
Pre-tax profit/(loss)	118	130	44	36	38	27	35	146	159
Tax	-29	-35	-11	-8,9	-9,5	2,9	-8,7	-26	-32
Profit/loss for the period from
continuing operations	89	96	33	27	29	30	27	120	126
Discontinued operations Profit/loss for the period from discontinued operations,
net after tax	0,0	0,0	0,0	0,0	0,0	-0,1	0,0	-0,1	-0,1
Profit/loss for the period	89	96	33	27	29	30	27	119	126
Other comprehensive income
Items that have been transferred or may
recycled to net income
Exchange differences for the period on
translation of overseas operations	-0,8	-7,3	-0,7	7,0	-7,1	3,2	-5,6	2,3	-4,2
Items that can not be recycled to
net profit
Revaluation of defined
benefit pension plans	-1,6	1,0	-1,7	0,2	0,0	0,1	0,3	-1,4	1,1
Other comprehensive income for the period	-2,4	-6,4	-2,4	7,2	-7,1	3,3	-5,3	0,9	-3,1
Comprehensive income for the period	87	89	31	34	22	34	21	120	123
Earnings per outstanding share, SEK*	3,86	4,15	1,45	1,17	1,24	1,32	1,15	5,18	5,47
Earnings per outstanding share
from continuing operations, SEK*	3,86	4,14	1,45	1,17	1,24	1,33	1,15	5,19	5,47
Earnings per total shares, SEK*	3,85	4,14	1,44	1,17	1,24	1,32	1,15	5,17	5,46
Earnings per total shares
from continuing operations, SEK*	3,85	4,13	1,44	1,17	1,24	1,33	1,14	5,18	5,46

* Attributable to shareholders of the parent company. There are no dilution effects.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (SEK MILLION)

	2013-09-30	2012-09-30	2012-12-31
Fixed assets
Goodwill	66	65	66
Other intangible assets	80	75	91
Total intangible assets	146	140	157
Property, plant and equipment	209	201	202
Total property, plant and equipment	209	201	202
Financial assets	0,3	0,1	0,1
Total financial assets	0,3	0,1	0,1
Total fixed assets	355	341	359
Deferred tax assets	1,9	2,2	1,5
Current assets
Inventories	288	265	295
Current receivables	285	274	264
Cash and cash equivalents	144	135	181
Total current assets	716	674	740
Total assets	1 074	1 017	1 101
Equity	689	655	689
Non-current interest-bearing liabilities	24	19	22
Provisions for pensions	3,0	0,5	0,9
Non-current non-interest-bearing liabilities	0,0	3,2	0,7
Deferred tax liabilities	61	63	63
Total non-current liabilities	87	86	86
Current interest-bearing liabilities	105	84	98
Current non-interest-bearing liabilities	193	191	228
Total current liabilities	298	275	326
Total equity and liabilities	1 074	1 017	1 101

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (SEK MILLION)

	2013-09-30	2012-09-30	2012-12-31
At beginning of year	689	646	646
Comprehensive income for the period
Profit/loss for the period	89	96	126
Other comprehensive income for the period	-2,4	-6,4	-3,1
Comprehensive income for the period	87	89	123
Dividends paid	-87	-81	-81
At the end of the period	689	655	689

CONDENSED CONSOLIDATED CASH FLOW STATEMENT (SEK MILLION)

	Jan- Sept 2013	Jan- Sept 2012	Q3 2013	Q2 2013	Q1 2013	Q4 2012	2012	Q3 Trailing 12 mth	Full year 2012
Operating cash flows
before movements in working capital	111	118	43	34	34	36	34	147	154
Movements in working capital	-36	-40	-14	-3,7	-19	12	-13	-25	-28
Operating cash
flows	75	79	30	30	15	47	21	122	126
Investing cash flows	-32	-42	-12	-5,6	-15	-18	-10	-50	-60
Cash flows after
investing activities	43	37	18	25	0,2	29	11	72	66
Financing cash
flows
- Change in financial liabilities	7,9	19	-11	11	8,3	16	-7,2	24	35
- Dividends paid	-87	-81	0,0	-87	0,0	0,0	0,0	-87	-81
Financing cash flow	-79	-62	-11	-76	8,3	16	-7,2	-63	-46
Cash flow for the period	-36	-25	6,8	-51	8,5	45	3,6	9,0	20
Cash and cash equivalents at the beginning of the period	181	162	138	188	181	135	133	316	162
Exchange rate difference	-1,0	-1,2	-0,4	0,8	-1,4	0,5	-1,0	-0,4	-0,7
Cash and cash equivalents at the end of the period	144	135	144	138	188	181	135	325	181

KEY PERFORMANCE INDICATORS

	Jan- Sept	Jan-	Q3	Q2	Q1	Q4		Q3 Trailing	Full year
		Sept	2013	2013	2013	2012	2012	12 mth	2012
	2013	2012
Return on equity, %	12,9	14,7	4,6	4,2	4,1	4,1	4,1	17,0	18,9
Return on capital employed, % *	15,5	18,0	5,7	4,8	5,0	3,4	5,1	18,9	21,8
Return on total capital % *	11,6	13,2	4,4	3,5	3,7	2,5	3,7	14,1	15,8
Equity/assets ratio, %	64,2	64,5							62,6
Earnings per outstanding share, SEK	3,86	4,15	1,45	1,17	1,24	1,32	1,15	5,18	5,47
Earnings per outstanding share
from continuing operations, SEK*	3,86	4,14	1,45	1,17	1,24	1,33	1,15	5,19	5,47
Earnings per total shares, SEK	3,85	4,14	1,44	1,17	1,24	1,32	1,15	5,17	5,46
Earnings per total shares
from continuing operations, SEK*	3,85	4,13	1,44	1,17	1,24	1,33	1,14	5,18	5,46
Equity per total shares, SEK	29,73	28,28							29,74
Average number of outstanding shares (thousands)	23 107		23 107 23 107	23 107	23 107	23 107	23 107	23 107	23 107
Average total shares (thousands)	23 169		23 169 23 169	23 169	23 169	23 169	23 169	23 169	23 169
Operating margin, % *	9,6	10,9	11,4	8,3	9,3	6,8	10,4	9,0	9,9

* Marked KPIs apply to continuing operations. Comparative figures do not include discontinued operations.

Other KPIs apply for the total operations (including discontinued operations) when the Statement of Financial Position for

the comparison periods, in accordance with IFRS 5, is not recalculated.

THE PARENT COMPANY'S PERFORMANCE AND FINANCIAL POSITION

CONDENSED INCOME STATEMENT OF THE PARENT COMPANY (SEK MILLION)

	Jan-	Jan-	Q3	Q2	Q1	Q4		Q3 Trailing	Full year
	Sept	Sept	2013	2013	2013	2012	2012	12 mth	2012
	2013	2012
Net sales	16	14	5,5	5,6	4,9	27	4,9	43	41
Operating costs	-32	-28	-9,0	-12	-11	-10	-7,7	-42	-38
Depreciation	-4,2	-2,5	-1,4	-1,4	-1,3	-1,7	-1,0	-5,9	-4,2
Operating profit	-20	-16	-4,9	-7,8	-7,0	15	-3,8	-4,5	-0,7
Income from investments
in Group companies	30	31	0,0	30	0,0	120	0,0	150	151
Net financial income/expense	1,2	1,1	0,5	0,0	0,7	0,2	0,2	1,4	1,3
Profit/loss after
financial items	12	16	-4,5	23	-6,3	136	-3,6	147	151
Year-end appropriations	0,0	0,0	0,0	0,0	0,0	-23	0,0	-23	-23
Pre-tax profit/(loss)	12	16	-4,5	23	-6,3	113	-3,6	124	129
Tax	4,0	3,9	1,0	1,7	1,4	-30	0,9	-26	-26
Profit/loss for the period	16	20	-3,5	24	-4,9	83	-2,6	98	103

CONDENSED BALANCE SHEET OF THE PARENT COMPANY (SEK MILLION)

Assets	2013-09-30	2012-09-30	2012-12-31
Intangible fixed assets	22	18	21
Property, plant and equipment	20	21	21
Financial assets	329	314	326
Total fixed assets	371	353	368
Current receivables	133	149	226
Cash on hand and demand deposits	108	101	124
Total current assets	242	250	350
Total assets	613	603	718
Equity and liabilities
Equity	314	302	385
Untaxed reserves	153	130	153
Deferred tax liabilities	1,8	2,1	1,7
Non-current non-interest-bearing liabilities	0,0	3,2	0,7
Total non-current liabilities	0,0	3,2	0,7
Current interest-bearing liabilities	0,0	0,0	0,0
Current non-interest-bearing liabilities	144	166	178
Total current liabilities	144	166	178
Total equity and liabilities	613	603	718
Pledged assets	7,5	7,5	7,5
Contingent liabilities	189	179	182

OEM is one of Europe's leading technology trading companies and consists of 28 operating units in 14 countries.