Proact IT Group — Interim / Quarterly Report 2012

May 3, 2012

INTERIM REPORT January – March 2012

Strong growth and improved profits

The first quarter in brief

• Net sales increased by 63 % to SEK 644 (396) million
• EBITDA increased by 100 % to SEK 35.0 (17.5) million.
• Profit before tax increased to SEK 16.0 (3.3) million.
• Profit after tax increased to SEK 11.0 (2.5) million.
• Profit per share increased to SEK 0.91 (0.16).
• Return on equity over the last 12 months amounted to 18.3 (26.4) %. Return on equity as of the 31st of December 2011 amounted to 14.7%.

Report by Olof Sand, Managing Director of Proact

Proact has seen a good start to the year, with strong growth. Net sales increased to more than SEK 644 million, representing an increase of 63 % compared to the same period last year. Operating profit (EBITDA) amounted to SEK 35 million, which is twice as much as for the same period last year. Profit before tax amounted to SEK 16 million, which is equivalent to a margin before tax of 2.5 per cent. The businesses in North, West and East in particular, have undergone positive development over the period.

Over the first quarter, Proact has continued to focus on integrating the companies acquired in 2011. This integration work aims to create synergies by means of optimal utilisation of resources and offerings to clients. The acquisitions made in 2011 have, on average, lower profitability than Proact in general but have the same focus and position on their respective markets. The emphasis is on improving efficiency within the acquired businesses to bring them up to the same level as the rest of Proact. The short-term target is to achieve a margin before tax of 5 %, the level historically reported by Proact. In the long term, the target is to achieve a 7 % margin before tax.

Proact has identified a niche in the field of IT infrastructure, storage and archiving. Proact is now the biggest specialist in this niche in Europe, with operations in 13 countries. The company's long-term ambition is to create a company operating on the most important markets in Europe. According to analysis company Gartner, the amount of information stored is expected to increase by more than 40 % in 2012, with underlying economic growth amounting to around 5 %.

The contracted income is an important element in Proact's stability and accounts for around one-third of total income. This includes financing, support and cloud services, most of them with an agreed maturity of three years. One important element of efforts to improve profitability is to increase the amount of contracted income within the units acquired and throughout the Group as a whole.

About Proact

Proact specialises in storing, securing and archiving large volumes of mission-critical information. As an independent integrator, Proact provides consultancy services, operating services, support and systems in its primary field of storage and archiving.

The Proact Group has more than 650 employees and conducts business in Belgium, Denmark, Estonia, Finland, Latvia, Lithuania, the Netherlands, Norway, Slovakia, Spain, the United Kingdom, Sweden and the Czech Republic. Proact was founded in 1994. Proact IT Group AB (publ), its Parent Company, has been listed on the Nasdaq OMX Stockholm since 1999 under the symbol PACT.

For further information about Proact's activities please visit us at www.proact.se

Market review

According to surveys carried out by Gartner, 60-70 % of IT budgets are currently being spent on maintaining and renewing existing IT infrastructure. In the future, companies and authorities will need to redistribute their resources to investments in new solutions and services so as to meet future needs in costeffective ways.

Ongoing enormous growth in volumes of stored information, alongside more stringent demands from users, is creating new conditions for IT departments. There will be a massive increase in users' demands for information – such as documents and e-mail – to be readily accessible no matter where they are. If response times are too long or services are too complicated, users will simply disregard their internal IT departments and look for external alternatives. These alternatives may not meet the security requirements specified for internal company information. There have already been documented cases where confidential information has leaked out, and information leakage is expected to become a focus area over the next few years.

Proact has a long history of working with various change and consolidation projects in Europe and has a leading offering in respect of cloud services. This places the company in a good position to be able to help its clients to deal flexibly with their needs. The company can also perceive interesting opportunities related to the above market trends.

Financial overview

Over the first quarter of 2012, net sales amounted to SEK 644 (396) million, representing an increase of 63 %; or 60 % adjusted for currency effects. Organic growth amounted to 15 %, or 12 % adjusted for currency effects.

The growth in net sales is derived mainly from the consolidation of the acquired operations in the UK, public sector clients, trade & services and banking & finance. Proact has a good distribution among the various client segments.

Future contracted cash flows from Proact Finance amount to SEK 91 (63) million, representing an increase of 44 % compared with the corresponding period in the previous year.

Revenues per Business Unit	Jan-Mar 2012	Jan-Mar 2011
West	272	70
North	261	228
Benelux and Spain	89	77
East	32	23
Proact Finance	13	6
Groupwide/elim.	-23	-8
Sales	644	396

Of the total turnover for the first three months of the year, system sales amounted to SEK 460 (260) million, representing an increase of 77 %.

Turnover for service operations amounted to SEK 183 (135) million over the quarter, representing an increase of 36 % compared with the previous year.

Turnover	Jan-Mar	Jan-Mar
per operating segment	2012	2011
System sales	460	260
Service operations	183	135
Other revenue	1	1
Sales	644	396

Major deals in the first quarter

A number of major deals have been agreed with companies such as Alm. Brand and GN Resound in Denmark, Karl Fazer and Elisa in Finland, the Estonian Ministry of Justice in Estonia, Sveriges Television, Nationalmuseum, Svenska Kraftnät, Volvo Car Corporation, SAAB and Atos Medical in Sweden, Statoil and Voss Energy in Norway, Canon/Oce, Espria and Rijnstate Hospital in the Benelux countries, the city of Vlašim in the Czech Republic and RIU Hotels and HP 3PAR in Spain.

Important events during the quarter

Manasco selects NetApp storage from Proact

Manasco is part of the Belgian industrial group Etex Group that specialises in the production and marketing of construction materials. Manasco develops and maintains the Etex infrastructure and is responsible for supplying applications to Etex users. Given increasing digitisation and growth in data volumes, the accessibility and flexibility of its storage infrastructure are crucial. The new storage solution will improve its performance, capacity and flexibility in the storage environment, placing Manasco in a better position to meet the company's existing and future storage requirements.

NAK selects NetApp storage from Proact

NAK, the Dutch Department of Agriculture, selected a new storage infrastructure from Proact. The new storage solution improves performance, capacity and flexibility in the storage environment, so placing NAK in a better position to meet the organisation's existing and future storage requirements. The new storage solution is also more cost-effective than the earlier one. This agreement also includes implementation of the new storage environment and Proact Premium Support.

City of Vlašim relies on a solution from Proact

The city of Vlašim in the Czech Republic opted for a storage solution from Proact. The solution relates to server virtualisation based on VMware, as well as storage infrastructure based on SAN technology. The new virtual server environment and new storage infrastructure have allowed the city of Vlašim to reduce its number of physical servers and to derive financial benefits and benefits in terms of capacity and performance. This agreement also includes implementation of the new storage environment and Proact Premium Support.

EMC award for significant growth to Proact in Norway

After having delivered 300 % growth in 2011 in respect of EMC's backup and recovery products, Proact was named this year's partner in the segment. The award was given to honour a commitment which EMC describes as extraordinary and formidable. Proact has since its inception in 1994 operated closely with EMC, and holds the highest level of certification within the various product fields.

Proact to virtualise and secure Ballingslöv IT environment

Kitchen and bathroom manufacturer Ballingslöv AB is commissioning Proact to implement a new storage infrastructure and virtualise the company's Swedish IT environment. Disaster recovery is also being implemented to enhance the security of the organisation, so minimising the risk of production downtime. This new storage infrastructure means that Ballingslöv is reducing its number of servers, from 55 physical servers to just six virtual servers. This project began in December 2011 and was completed in March 2012.

Care group Espria consolidates data storage with assistance of Proact

At the end of the quarter, Espria in the Netherlands entered into a four-year contract with Proact for the supply of storage infrastructure, as well as consultancy and support services. This contract will constitute the foundation for further consolidation of the IT infrastructure at Esperia. The new storage infrastructure will give Espria high uptime, performance and scalability, which in turn will make it possible for Esperia staff to offer optimal care to their patients.

Proact to modernise BTG's data storage environment

BTG in Sweden has selected Proact as its partner to help modernise the company's data storage environment. This new storage solution will increase performance, capacity and flexibility in the storage environment, so placing BTG in a better position to meet the organisation's existing and future storage requirements. This agreement also includes implementation of the new storage environment and Proact Premium Support. This project began in December 2011 and was completed in early 2012.

Proact introduces Probox

Proact is launching Probox, a secure new, user-friendly service for file sharing in the cloud. Probox combines a number of tools which allow end users to access data anywhere and at any time. This service supports both Windows and Mac computers, various browsers and almost all mobile devices. Probox also gives IT departments full control over authentication, encryption and information protection. Probox is a professional service for companies and authorities with stringent demands for security and flexibility.

Income for the period

Operating profit, EBITDA, amounted to SEK 35.0 (17.5) million in the first quarter of 2012. During the same period, profit before tax amounted to SEK 16.0 (3.3) million.

North is seeing stable profits thanks to good results in both Norway and Sweden. Finland's profits are weaker than anticipated.

Operations in the United Kingdom have developed well over the first quarter, which has had a major impact on West in terms of both system and service operations.

Integration work in the Czech Republic has started to take effect. This, together with the fact that Estonia and Latvia have both seen positive development over the quarter, has led to profits for East.

Investment in additional sales resources in Belgium has had an effect on profits in the Benelux countries and Spain over the first quarter. However, this investment is expected to result in positive effects in the second six months of 2012.

Profit before tax per Business Unit	Jan-Mar 2012	Jan-Mar 2011
North	11.8	9.3
West	10.5	-0.5
East	0.8	-3.0
Proact Finance	0.1	-0.1
Benelux and Spain	-1.6	0.6
Groupwide/elim.	-5.6	-3.0
Profit before tax	16.0	3.3

Balance sheet and cash flow

Cash and equivalents amounted to SEK 29.1 million on 31 March 2012.

Of total bank overdraft facilities of SEK 139 million, SEK 8 million has been utilised. Bank loans amount to SEK 177 million, of which

SEK 153 million relates to the acquisition of B2net in the United Kingdom. This loan is associated with the usual lending terms and will be repaid in five to seven years. Contract borrowing is being used to finance Proact's finance company.

Financial position	31 Mar 2012	31 Dec 2011	31 Mar 2011	31 Dec 2010
Cash and cash equivalents	29	70	46	73
Interest-bearing loans	-177	-185	-19	-4
Bank overdraft facili	-8	-3	-65	-
ties
Contract borrowing	-25	-21	-4	-
Net cash/net liability	-181	-139	-42	69
Unutilised bank over draft facilities Total bank overdraft	131	137	48	45
facilities	139	140	113	45

Cash flow amounted to SEK -40.8 million over the first quarter, of which SEK 10.5 million was from operating activities. Payment of the balances on purchase prices relating to acquisitions taking place in 2011 have had an adverse impact on cash flow of SEK 43.4 million for the quarter. Investments in tangible fixed assets amount to SEK 14.2 (9.5) million over the quarter, attributable mainly to Proact Finance and operations.

The Group's equity ratio at the end of the period was 15 (19) %. This reduction is due largely to acquisitions taking place in 2011, increasing the balance sheet total while at the same time affecting profit due to acquisition costs.

Buy-back of own shares

At the Annual General Meeting held on 04 May 2011, the Board of Directors was authorised to acquire up to 10 % of the company's shares by the next Annual General Meeting. Up to and including 31 March 2012, no shares have been bought back under this authorisation.

Within the previous authorisation from the Annual General Meeting which took place on 18 May 2010, 154 300 shares, or 1.7 % of the total number of shares, have been acquired at an average price of SEK 91.

Following the use of its own shares as partpayment in connection with the acquisitions of Databasement in the Netherlands and B2net in the United Kingdom,

the company holds 23 618 of its own shares as at 31 March.

Employees

The average number of employees in the first quarter stood at 638 (423).

On 31 March, the company employed 653 (431) people.

The parent company in brief

The parent company's net turnover for the first quarter amounted to SEK 16.3 (12.1) million. Profit before tax for the period amounted to SEK -2.3 (-5.2) million.

The parent company's liabilities in a joint group currency account amounted to SEK -169.4 (- 71.2) million as at 31 March.

At the end of the period, the number of persons employed by the parent company totalled 12 (8).

The Parent Company's operations have remained unchanged over the period. There have been no significant transactions with related parties.

Other information

No closely related transactions, risks or uncertainty factors have altered over the first quarter of the year, by comparison with those commented upon in the last Annual Report issued.

This interim report has not been audited.

Annual General Meeting

The Annual General Meeting will take place at 6 pm on 7 May 2012 at Scandic Victoria Tower, Arne Beurlings torg 3, Kista.

The Nomination Committee's proposals to the Annual General Meeting, along with other information on the meeting, are published on the company's website at www.proact.se

Forthcoming reports

13 July 2012	Half-yearly report 2012
23 Oct 2012	Interim report, Q3 2012
14 Feb 2013	Year-end report 2012

For further information, please contact:

Olof Sand, Managing Director	Telephone: +46 (0) 8 410 666 82, e-mail: olof.sand@proact.eu
Mikael Suvero, IR	Telephone: +46 (0) 8 410 666 55, e-mail: mikael.suvero@proact.eu
Jonas Persson, CFO	Telephone: +46 (0) 8 410 666 90, e-mail: jonas.persson@proact.eu

The information in this interim report is such information as Proact IT Group (Publ) shall publish in accordance with lagen om värdepappersmarknad, the Securities Market Act, and/or lagen om handel med finansiella instrument, the Act on Trading in Financial Instruments. This information was submitted for publication at 12:00 (CET) on the 3rd of May 2012.

Kista, 3rd of May 2012

Proact IT Group AB (publ)

Olof Sand CEO

Financial reports (SEK m)

Consolidated statement of comprehensive income	Note	3 mths Jan-Mar 2012	3 mths Jan-Mar 2011	12 mths Apr-Mar 2011/2012	12 mths Jan-Dec 2011
System income Service income		460.6 182.8	259.6 135.4	1,655.7 819.8	1,454.7 772.4
Other revenue		0.8	1.0	4.5	4.7
Total income	3	644.2	396.0	2,480.0	2,231.8
Cost of goods and services sold		-498.5	-297.0	-1,918.6	-1,717.1
Gross profit		145.7	99.0	561.4	514.7
Sales and marketing expenses		-89.3	-60.4	-325.2	-296.3
Administration expenses		-39.4	-34.0	-169.2	-163.8
Operating profit/loss, EBIT	4	17.0	4.6	67.0	54.6
Net financial items		-1.0	-1.3	-12.4	-12.7
Profit before tax		16.0	3.3	54.6	41.9
Income tax	5	-5.0	-0.8	-16.7	-12.5
Income for the period	6	11.0	2.5	37.9	29.4
Other comprehensive income	2
Hedging of net investment in foreign operations		0.0	-	-0.4	-0.4
Tax effect of hedging of net investment in		0.0	-	0.1	0.1
foreign operations Translation differences		-1.5	-1.9	-0.4	-0.8
Total comprehensive income for the period		9.5	0.6	37.2	28.3
Profit for the period attributable to:
Parent company's shareholders Holdings without a controlling influence		8.5 2.5	1.8 0.7	31.5 6.4	24.8 4.6
Total comprehensive income for the period attributable to:
Parent company's shareholders		7.0	0.1	30.7	23.7
Holdings without a controlling influence		2.5	0.5	6.5	4.6
Data per share		3 mths	3 mths	12 mths	12 mths
		Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
		2012	2011	2011/2012	2011
Profit per share for the period pertaining to the Parent Com pany's shareholders, SEK		0.91	0.16	3.45	2.69
Equity per share, SEK		23.28	19.89	23.28	22.11
Cash flow from current opera tions per share, SEK		1.13	-1.82	20.70	17.81
Number of shares at the end of the period excluding bought back shares, units		9 310 268	9 179 586	9 310 268	9 281 090
Weighted average number of shares excluding bought-back shares, units		9 300 542	9 179 586	9 247 694	9 217 455

Proact has not issued any share options or conversion rights which could give rise to dilution.

Key ratios and figures	3 mths Jan-Mar 2012	3 mths Jan-Mar 2011	12 mths Apr-Mar 2011/2012	12 mths Jan-Dec 2011
Total income, SEK m	644	396	2,480	2,232
EBITDA, SEK m	35.0	17.5	139.0	121.5
EBITDA margin, %	5.4	4.4	5.6	5.4
EBITA, SEK m	22.4	8.1	89.0	74.6
EBITA margin, %	3.5	2.0	3.6	3.3
EBIT, SEK m	17.0	4.6	67.0	54.6
EBIT margin, %	2.6	1.2	2.7	2.4
Profit before tax, SEK m	16.0	3.3	54.6	41.9
Net margin, %	2.5	0.8	2.2	1.9
Profit after tax, SEK m	11.0	2.5	37.9	29.4
Profit margin, %	1.7	0.6	1.5	1.3
Equity ratio, %	15.3	18.7	15.3	14.3
Capital turnover rate, times	0.4	0.4	2.0	1.9
Return on equity, %	5.0	1.3	18.3	14.7
Return on capital employed, %	4.0	2.1	19.5	18.4
Investments in property, plant and equipment, SEK m	14.2	9.5	77.8	73.1
Profit before tax per employee, SEK thousands	25	8	98	74
Average number of employees on annual basis	638	423	556	568

For a five-year review, see Note 8. Definitions of key ratios and figures are set out in the Annual Report for 2011 and Note 9.

Consolidated balance sheet	Note	2012 31 Mar	2011 31 Dec	2011 31 Mar
ASSETS Fixed assets
Goodwill		255.6	256.7	143.0
Other intangible non-current assets	4	155.1	161.2	102.7
Tangible fixed assets	4	116.4	119.3	87.8
Other long-term receivables		36.6	39.3	15.4
Deferred tax receivables	5	30.4	28.7	30.0
Current assets
Inventories		35.0	36.9	18.0
Trade and other receivables		831.8	793.4	556.3
Cash and cash equivalents		29.1	70.4	46.1
Total assets		1,490.0	1,505.9	999.3
EQUITY AND LIABILITIES
Equity pertaining to the Parent Company's sharehold ers		216.7	205.2	183.1
Equity pertaining to holdings without a controlling influence		12.0	9.6	4.0
Equity, total		228.7	214.8	187.1
Long-term liabilities
Provisions		1.2	1.2	0.7
Long term, interest-bearing liabilities		169.7	171.2	84.1
Long term, non-interest bearing liabilities		31.9	31.9	46.9
Deferred tax liabilities	5	41.6	43.2	26.7
Current liabilities
Short term, interest bearing liabilities		40.1	38.3	3.9
Short term, non-interest bearing liabilities		976.8	1,005.3	649.9
Total equity and liabilities		1,490.0	1,505.9	999.3

Consolidated cash flow statement (summary)	3 mths Jan-Mar 2012	3 mths Jan-Mar 2011	12 mths Apr-Mar 2011/2012	12 mths Jan-Dec 2011
Income for the period	11.0	2.5	37.9	29.4
Adjustment for items not included in cash flow:
Depreciations and write-downs, fixed assets	18.0	12.9	72.1	67.0
Other adjustments	-0.9	-4.5	5.1	1.5
Cash flow before changes in working capital	28.1	10.9	115.1	97.9
Change in working capital	-17.6	-26.9	75.6	66.3
Cash flow from current operations	10.5	-16.0	190.7	164.2
Acquisition of businesses	-43.4	-39.2	-203.6	-199.4
Capital expenditure on tangible fixed assets	-14.2	-9.5	-77.8	-73.1
Other cash flow from investment activities	4.5	-	5.3	0.8
Cash flow from investment activities	-53.1	-48.7	-276.1	-271.7
Dividends	-	-	-13.8	-13.8
Dividends to holdings without a controlling influence	-	-	-0.8	-0.8
Change in bank overdraft facilities	5.0	42.7	-57.8	-20.1
Contract borrowing	3.6	-0.7	20.7	16.4
Loans taken/repaid	-6.8	-3.5	120.4	123.7
Cash flow from financing activities	1.8	38.5	68.7	105.4
Change in cash and equivalents	-40.8	-26.2	-16.7	-2.1
Cash and equivalents at beginning of the period	70.4	73.0	46.1	73.0
Exchange rate differences in cash and cash equiva lents	-0.5	-0.7	-0.3	-0.5
Cash and equivalents at end of the period	29.1	46.1	29.1	70.4

Consolidated statement of changes in equity

			Attributable to the parent company's shareholders				Attributable to holdings without a controlling influence	Total share holders' equity
	Share capital	Other capital contribu tions	Translation of foreign subsidiar ies	Hedging reserve	Loss brought forward incl. year's total result	Total
1 January 2012	10.6	297.9	-6.5	-0.3	-96.5	205.3	9.5	214.8
Total comprehensive income for the period			-1.5	0.0	8.5	7.0	2.5	9.5
Financial liability to holdings without a controlling influence					0.0	0.0		0.0
Profit attributable to holdings without a controlling influence					-0.3	-0.3	0.3	-
Translation of profit attributa ble to holdings without a controlling influence					0.3	0.3	-0.3	-
Utilisation of shares from own keeping					4.4	4.4		4.4
31 March 2012	10.6	297.9	-8.0	-0.3	-83.6	216.7	12.0	228.7

Holdings without a controlling influence: Proact Latvia Ltd, Latvia 15 %, Proact Lietuva UAB, Lithuania 26.14 %, Proact Netherlands B.V. 18 %, Proact Estonia AS, Estonia 30 % and Proact IT UK Ltd 25 %.

					Attributable to the parent company's shareholders		Attributable to holdings without a controlling influence	Total share holders' equity
	Share capital	Other capital contribu tions	Translation of foreign subsidiar ies	Hedging reserve	Loss brought forward incl. year's total result	Total
1 January 2011	10.6	297.9	-5.7	-	-119.9	183.0	3.5	186.5
Total comprehensive income for the period			-1.6	-	1.7	0.1	0.5	0.6
31 March 2011	10.6	297.9	-7.3	-	-118.2	183.1	4.0	187.1

Holdings without a controlling influence: Proact Latvia Ltd, Latvia 15 %, Proact Lietuva UAB, Lithuania 26.14 %, Proact Netherlands B.V. 49 %, Proact Estonia AS, Estonia 30 % and Proact Czech Republic Ltd, Czech Republic 20 %.

Income statement for parent company	3 mths Jan-Mar 2012	3 mths Jan-Mar 2011	12 mths Apr/Mar 2011/2012	12 mths Jan-Dec 2011
Revenues	16.3	12.1	61.5	57.3
Cost of goods and services sold	-	-	-	-
Gross profit	16.3	12.1	61.5	57.3
Administration expenses	-17.8	-16.8	-59.5	-58.5
Operating profit	-1.5	-4.7	2.0	-1.2
Net financial items	-0.8	-0.5	29.3	29.6
Profit before tax	-2.3	-5.2	31.3	28.4
Income tax	0.6	1.4	1.7	2.5
Income for the period	-1.7	-3.8	33.0	30.9

Balance sheet for parent company	2012 31 Mar	2011 31 Dec	2011 31 Mar
ASSETS
Fixed assets	476.7	464.2	306.6
Current assets	87.0	50.3	43.0
Total assets	563.7	514.5	349.6
EQUITY AND LIABILITIES
Equity	144.1	141.5	107.5
Long-term liabilities	171.2	178.3	73.4
Current liabilities	248.4	194.7	168.7
Total liabilities	419.6	373.0	242.1
Total equity and liabilities	563.7	514.5	349.6

Explanatory information

Note 1. General information

Proact IT Group AB (publ) (co. reg. no. 556494-3446) has its registered office in the municipality of Stockholm. Since July 1999, the Company has been listed on Nasdaq OMX Stockholm and the Small Cap list under the PACT symbol.

Note 2. Accounting policies

The consolidated accounts for the interim report, like the annual report for 2011, have been compiled in accordance with International Financial Reporting Standards (IFRS) as endorsed by the EU, and the Swedish Annual Accounts Act. The Parent Company's accounts have been compiled in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 (Accounting for Legal Entities).

The present interim report has been prepared in accordance with IAS 34, Interim reporting, and the Swedish Company Accounts Act. The term "IFRS" in this document includes the application of IAS and IFRS, as well as the interpretations of these standards as published by the IASB's Standards Interpretation Committee (SIC) and Internal Reporting Interpretations Committee (IFRIC). The Group applies the same accounting principles as those described in the annual report for 2011.

Note 3. Revenues by business area	3 mths	3 mths	12 mths	12 mths
	Jan-Mar	Jan-Mar	Apr-Mar	Jan-Dec
	2012	2011	2011/2012	2011
Retail and wholesale trade and services	136	114	626	604
Public sector	169	84	531	446
Telecoms	83	62	295	274
Banking, finance	62	17	291	246
Manufacturing industry	61	53	289	281
Oil, energy	53	43	237	227
Media	23	9	78	64
Other	57	14	133	90
Total	644	396	2,480	2,232

Note 4. Depreciation and write-down of fixed as sets	3 mths Jan-Mar 2012	3 mths Jan-Mar 2011	12 mths Apr-Mar 2011/2012	12 mths Jan-Dec 2011
Depreciation of tangible fixed assets	-12.6	-9.4	-50.2	-47.0
Depreciation of intangible fixed assets	-5.4	-3.5	-21.9	-20.0
Total	-18.0	-12.9	-72.1	-67.0

Note 5. Income tax

The Group's tax expense includes total current tax and deferred tax calculated on the basis of applicable tax rates in the respective countries. The revised tax cost over the period amounts to SEK 5.0 (0.8) million. Taxes paid over the period amount to SEK 6.8 (3.2) million.

The Group's total deductions for losses amount to SEK 95.9 million. It has been assessed that SEK 95.9 million of this can be made use of against future taxable profits and the tax effect has been recorded as a deferred tax claim.

Note 6. Operating segments

North:	Finland, Norway and northern Sweden
Benelux and Spain:	Netherlands, Belgium and Spain
West:	Denmark, the United Kingdom and Southern Sweden
East:	Estonia, Latvia, Lithuania, Czech Republic and Slovakia
Proact Finance:	Proact's finance company under its own auspices is reported sepa rately as this company supports all geographical regions.

Jan-Mar 2012	North	Benelux /Spain	West	East	Proact Finance	Elim.	Group
Total income Profit before tax	261 11.8	89 -1.6	272 10.5	32 0.8	13 0.1	-23 -5.6	644 16.0
Tax Income for the period							-5.0 11.0

Jan-Mar 2011	North	Benelux /Spain	West	East	Proact Finance	Elim.	Group
Total income Profit before tax	228 9.3	77 0.6	70 -0.5	23 -3.0	6 -0.1	-8 -3.0	396 3.3
Tax Income for the period							-0.8 2.5

Note 7. Ten biggest shareholders

Stake in % according to Euroclear Sweden AB	31 Mar 2012	31 Dec 2011
Skandia Liv	12.9	12.4
IGC Industrial Growth Co. AB	8.8	9.3
Swedbank Robur Småbolagsfonder	7.5	8.6
Skagen Fonder	6.6	7.2
Creades AB	5.3	5.3
SEB Fonder	5.1	4.6
Handelsbanken Fonder	4.0	3.5
AFA Sjukförsäkrings AB	3.3	-
Key	3.0	2.6
Lannebo Micro Cap.	2.2	-
Other	41.3	46.5
Total	100.0	100.0

Note 8. Five-year summary	Apr-Mar 2011/2012	Jan-Dec 2011	Jan-Dec 2010	Jan-Dec 2009	Jan-Dec 2008
Total income, SEK m	2,480	2,232	1,387	1,253	1,044
EBITDA, SEK m	139.0	121.5	94.9	76.7	59.6
EBITDA margin, %	5.6	5.4	6.8	6.1	5.7
EBITA, SEK m	89.0	74.6	76.9	65.3	51.5
EBITA margin, %	3.6	3.3	5.5	5.2	4.9
EBIT, million	67.0	54.6	72.1	60.0	46.8
EBIT margin, %	2.7	2.4	5.2	4.8	4.5
Profit before tax, SEK m	54.6	41.9	70.1	60.1	50.1
Net margin, %	2.2	1.9	5.1	4.8	4.8
Profit after tax, SEK m	37.9	29.4	52.5	52.4	38.7
Profit margin, %	1.5	1.3	3.8	4.2	3.7
Equity ratio, %	15.3	14.3	21.4	24.1	24.8
Capital turnover rate, times	2.0	1.9	1.7	1.8	1.8
Return on equity, %	18.3	14.7	28.6	30.7	24.4
Return on capital employed, %	19.5	18.4	38.8	35.4	32.4
Investments in property, plant and equipment, SEK m	77.8	73.1	39.8	22.5	11.5
Profit before tax per employee, SEK thousands	98	74	216	191	168
Average number of employees on annual basis	556	568	325	315	299
Earnings per share for the period, SEK *)	3.45	2.69	5.43	5.22	3.68

*) Proact has not issued any share options or conversion rights which could give rise to dilution. The number of shares is calculated excluding bought-back shares.

Note 9. Definitions

EBITDA	Profit before depreciation (tangible and intangible assets), net finan cial items and tax
EBITDA margin EBITA	EBITDA expressed as a percentage of net sales Profit after depreciation of tangible fixed assets but before deprecia tion of intangible assets, net financial items and tax
EBITA margin EBIT	EBITA expressed as a percentage of net sales Operating profit before net financial items and tax
EBIT margin	Operating income expressed as a percentage of net sales
Net margin	Profit or loss before tax expressed as a percentage of net sales
Profit margin	Profit or loss after tax for the period expressed as a percentage of net sales
Equity ratio	Equity including minority interests as a percentage of balance sheet total
Capital turnover rate, times	Turnover expressed as a percentage of the average balance sheet total
Return on equity	Profit or loss after tax, expressed as a percentage of average equity
Capital employed	Ratio of the balance sheet total minus non interest-bearing liabilities inclusive of
	deferred tax liabilities
Return on capital employed	Income after net financial items plus financial expense, as a percent age of average capital employed
Profit or loss per employee	Profit/loss before tax divided by the average number of annual em ployees

Proact IT Group AB [publ]
Box 1205	Tel.: +46 8 410 666 00	Co. reg. no.: 556494-3446
Kistagången 2	Fax: +46 8 410 668 80	Headquarters: Stockholm
SE-164 28 KISTA	E-mail: itgroup@proact.se	www.proact.se