Railcare Group — Earnings Release 2022

Feb 16, 2023

Year-end report 2022

Volumes remain high but operating margin has decreased

This report is also available in Swedish at www.railcare.se

Fourth quarter

• Consolidated net sales decreased by 2.8 percent to SEK 128.0 million (131.8).
• Operating profit (EBIT) decreased to SEK 6.7 million (24.7).
• Earnings per share before and after dilution amounted to SEK 0.14 (0.75).

Full year, January-December 2022

• Consolidated net sales increased by 13.5 percent to SEK 497.0 million (438.0).
• Operating profit (EBIT) decreased to SEK 52.4 million (56.2).
• Earnings per share before and after dilution amounted to SEK 1.52 (1.68).
• The Board of Directors intends to propose that the Annual General Meeting approve a dividend of SEK 0.60 (0.60) per share for the 2022 financial year.

Significant events in the fourth quarter

• Railcare is reorganising its contracting operations. As a result of this, costs corresponding to approximately SEK 3 million were recognised in profit and loss.

Financial overview

Amounts in SEK million, unless otherwise stated	Oct-Dec 2022	Oct-Dec 2021	Full-year 2022	Full-year 2021
Net sales	128.0	131.8	497.0	438.0
Operating profit/loss (EBIT)	6.7	24.7	52.4	56.2
Operating margin, %	5.2	18.8	10.5	12.8
Net profit/loss for the period	3.3	18.2	36.8	40.5
Equity/assets ratio, %	41.2	39.6	41.2	39.6
Earnings per share after dilution, SEK	0.14	0.75	1.52	1.68

For definitions, see page 27.

CEO's comments

Net sales for the last quarter of the year were SEK 128.0 million (131.8) and operating profit was SEK 6.7 million (24.7). This corresponded to an operating margin of 5.2 percent.

• During the fourth quarter, volumes remained high but operating margin was negatively impacted by rapidly rising inflation. Moreover, we are expanding and making changes to our organisation to meet increased demand in the future.

Volumes in the Contracting Sweden segment increased during the fourth quarter compared to the previous year, and accumulated for the full year, the volumes and profit were both significantly higher than the previous year. The increase during the quarter is attributable to the relining operations, where demand and utilisation continue to be high. As earlier in the year, most of the work in the relining operations was carried out on Dalabanan. In contracting operations, most of the preparatory work ahead of track

replacements was completed earlier in the year. The snow clearing project started in mid-November as planned.

The contracting operations in the UK had lower year-on-year volumes during the fourth quarter. Demand for railway maintenance remains high in the UK. For this reason, we are reorganising our UK operations in order to better communicate the Company's offering, both inside and outside the framework agreement with Network Rail. In future, the work will be carried out in collaboration with railway partners in the UK. To create even more favourable conditions for the Group's contracting operations, all operators in our UK and Swedish contracting operations have been merged in a single company. The aim is to create a more efficient organisation with improved resource use, which can be adapted to the current needs of customers in the UK and Sweden.

Transport Scandinavia continues to report high volumes, although not as high as the previous year's record levels. Transports for Kaunis Iron and LKAB proceeded as planned during the quarter. The contract with LKAB expired at the end of the year, but we hope it will be renewed during the coming year. The volume of contract transports was lower than the previous year's record volumes, due to a lower total number of track replacements this year and the fact that most of the track replacements carried out took place earlier in the year.

Utilisation in the locomotive workshop in Långsele remained high in the fourth quarter. The large projects for Nordic Re-Finance and Infranord are progressing according to plan. These projects involve installation of on-board equipment and adaptation of Traxx and TMe locomotives for the Nordics. For Infranord, two diesel locomotives are being upgraded with better engines that produce lower emissions, a new European Train Control System (ETCS) and a modernised driver environment.

In the Machines and Technology segment, construction of a new, further improved MPVe is under way. The installation of a pantograph allows for charging from the overhead line. This facilitates charging and reduces the need for charging infrastructure alongside railways.

When I joined Railcare two years ago, the pandemic was in full swing with enormous impacts on people, society and businesses. Since the Russian invasion and war in Ukraine began a year ago, we have seen the highest inflation since the early 1990s, resulting in soaring interest rates. Despite the worry and uncertainty surrounding us, we at Railcare are standing stronger than ever. With our steady growth and a strong financial position, I have great confidence in the future. In recent years we have gained an excellent position in the railway industry, where we are driving innovation and a transition to more efficient, sustainable railways. I am deeply impressed and proud of my fantastic co-workers who are developing and driving the company towards a brighter future. We are well equipped for the new financial targets, adopted by the Board of Directors.

Mattias Remahl, CEO

New financial targets

The Board of Directors has adopted new financial targets for the period up until the end of 2027. The aim is to increase sales by 60 percent and to maintain a high operating margin:

• Sales SEK 800 million
• EBIT 10 percent

Major investments are being made in transport infrastructure as a key part of society's climate transition, both nationally and internationally. Furthermore, in Sweden freight and passenger transport is forecastto increase by 50 percent by the year 2040, and a brand new green industry is being established in northern Sweden. At the same time, the Swedish Transport Administration is announcing more stringent demands for all operators who work with and on the railways; their operations must be emission-free by 2040.

Railcare's offering is already an excellent match with this development. Not only today, but also many years into the future. The contracting operations maintain the railway infrastructure using our proprietary battery technology. The transport operations provide efficient freight and contract transport while our locomotive workshop plays an important role in enabling the vehicle's transition to sustainable alternatives.

Financial summary – Railcare Group

Net sales

Net sales for the fourth quarter of 2022 decreased by 2.9 percent to SEK 128.0 million, compared to SEK 131.8 million for the corresponding period last year. Net sales decreased in Transport Scandinavia and Contracting Abroad. The decrease in these segments was not fully offset by the growth in the Contracting Sweden and Machines and Technology segments.

For the full year 2022, net sales increased by 13.5 percent to SEK 497.0 million, compared to SEK 438.0 million for the previous year. This increase is primarily attributable to Contracting Sweden, as this segment had relatively low volumes last year but this year reported higher volumes than it has for many years. For relining operations, the annual sales figure was the highest ever and growth remains high.

Operating expenses

Operating expenses in the fourth quarter of 2022 amounted to SEK 126.4 million, an increase of SEK 15.0 million, or 13.5 percent compared with the fourth quarter of 2021 when operating expenses amounted to SEK 111.4 million. The increased costs were affected by rapidly rising inflation during the year, which resulted in higher costs for subcontractors, raw materials and consumables. The number of employees increased by 16 compared to the corresponding period in the previous year to meet the rising demand in our transport operations. During the quarter, costs of SEK 3 million for a reorganisation of our contracting operations were recognised in profit and loss.

New targets

Railcare's new target is to achieve sales of SEK 800 million by 2027.

+13.5%

Net sales in 2022 were the highest ever at SEK 497 million, corresponding to a 13.5 percent increase on the same period in the previous year.

Operating expenses for the full year 2022 amounted to SEK 459.9 million, as compared to SEK 396.4 million for the corresponding period in the previous year. This rise is attributable to higher costs for subcontractors, raw materials and maintenance as well as an expanded workforce to meet increased demand. The lower depreciation was due to changes in locomotive rental conditions which means that the cost is instead recognised under raw materials and consumables.

Operating profit

Operating profit (EBIT) for the fourth quarter 2022 decreased slightly to SEK 6.7 million, compared to the fourth quarter in the previous year when profit amounted to SEK 24.7 million. The operating margin was 5.2 percent (18.8).

Operating profit (EBIT) for the full year 2022 was SEK 52.4 million. This is a decrease on the previous year, when operating profit totalled SEK 56.2 million. Operating profit (EBIT) mainly improved in Contracting Sweden, while operating profit decreased in Contracting Abroad and Transport Scandinavia. Operating margin for the full year 2022 decreased to 10.5% compared to 12.8% in the previous year.

The rapid rise in inflation had a short-term negative impact on profit as cost increases take place on an ongoing basis while the income under long-term contracts is adjusted once per year. A similar effect is seen with fixed-price contracts such as the locomotive workshop in Långsele.

Net profit/loss for the period

Profit for the fourth quarter 2022 amounted to SEK 3.3 million, compared to SEK 18.2 million for the corresponding period in 2021.

For the full year 2022, profit for the period decreased to SEK 36.8 million compared with SEK 40.5 million for the previous year, a decrease of SEK 3.7 million.

Cash flow

Cash flow in the fourth quarter of the year generated a positive cash flow of SEK 17.7 million, compared to SEK 33.4 million in the corresponding quarter of the previous year. The decreased cash flow is primarily due to lower operating profit and higher investment in the fourth quarter of the year compared to the corresponding period in the previous year.

Cash flow from investing activities was SEK -17.4 MSEK (-5.4) in the fourth quarter of 2022. Investments were primarily made in the development of the upgraded and battery-powered MPVe and the upgrade and adaptation of locomotives for our operations.

Cash flow from financing activities totalled SEK -0.1 million (-8.5) in the fourth quarter. During the period, cash flow was positively impacted by new loans amounting to SEK 9.2 million. Amortisation of lease liabilities in the forth quarter was in line with the previous year.

SEK 52.4 M

Operating profit for the full year 2022 amounted to SEK 52.4 million.

Cash flow was negative for the full year, amounting to SEK -7.0 MSEK (+13.5). The decrease is mainly explained by higher operating receivables relating to work in the locomotive workshop completed but not yet invoiced.

Investing and financing activities generated an outflow of SEK 53.2 million (38.9) and SEK 21.2 million (47.9), respectively. Investments in property, plant and equipment amounted to SEK 53.1 million (42.2) and is primarily attributable to investment in a new, upgraded MPVe. Amortisation of lease liabilities decreased by half, due to changes in rental agreements which led to the cost being recognised under operating activities this year whereas in the previous year it was recognised under financing activities.

Equity/Asset ratio

Railcare's financial targets state a minimum equity/assets ratio of 25 percent. At the end of the period, the equity/assets ratio was 41.2 percent, compared to 39.6 percent at the end of 2021.

Employees

As of 31 December 2022, Railcare had 157 employees, compared to 141 on 31 December 2021. This represents an increase of 16 people, and primarily relates to locomotive drivers who were hired to meet the increased demand in Transport Scandinavia. This primarily regards the project involving the last three standby locomotives which began on 1 January 2023.

The number of employees increased by 16 compared to the corresponding period in 2021.

Financial summary – Business segment

The segments' net sales also include sales between segments. See Note 3 for sales between segments.

Contracting Sweden

Net sales in the Contracting Sweden segment in the fourth quarter of 2022 amounted to SEK 48.4 million (40.0), which is an increase of 21.0 percent on the corresponding period in the previous year.

Despite an increase in net sales, profit after financial items was lower than the preceding year and amounted to SEK 4.8 million (6.5).

The volume of construction work in preparation for the upcoming year's track replacements was slightly lower in the fourth quarter than the same quarter of the previous year since most of the work was completed earlier in the year. The soaring inflation and higher maintenance costs resulted in a lower margin in the fourth quarter than the corresponding quarter of the previous year, although the volume and margin were both significantly higher for the full year.

The relining operations enjoyed strong growth, while net sales in the fourth quarter were on a par with the figure for the whole of the previous year. Continued high customer focus on drainage explains the significant rise in volumes, both with regard to culvert inspections and culvert renovations.

Key performance indicators – Contracting Sweden

Strong development

The relining operations developed strongly and net sales in the fourth quarter were on a par with the figure for the whole of the previous year.

Amounts in SEK 000, unless otherwise stated	Oct-Dec 2022	Oct-Dec 2021	Change, %	Full-year 2022	Full-year 2021	Change, %
Net sales	48,368	39,971	21.0	186,211	130,556	42.6
Profit/loss after financial items	4,751	6,513	-27.1	21,306	7,575	181.3
Net margin, %	9.8	16.3	-6.5	11.4	5.8	5.6

Contracting Abroad

Net sales in Contracting Abroad decreased by 29 percent in the fourth quarter of 2022 compared with the corresponding quarter in the preceding year, and amounted to SEK 9.6 million (13.5).

Profit after financial items decreased to SEK -3.3 million (4.9). In the fourth quarter of the previous year, the now divested operations in Denmark contributed SEK 2.6 million in profit ascribable to the sale of a locomotive. The operations in Denmark contributed the equivalent of SEK 5.8 MSEK during the previous full year, primarily through intra-Group rental of locomotives. The locomotives rented within the Group are now owned by Machines and Technology.

A reorganisation of our operations in the UK took place in the fourth quarter. The former Business Area Manager for Contracting Abroad, Daniel Öholm, has left the

Reorganisation

The UK operations are being reorganised to better market the Company's offerings and rationalise resource management.

Railcare Group. In order to better communicate the Company's offering, both inside and outside the framework agreement with Network Rail, the work will be carried out in collaboration with railway partners in the UK.

All operators in our UK and Swedish contracting operations have been merged in a single company. The aim of the changes is to create a more efficient organisation with improved resource management based on customer needs.

As a result of the reorganisation, costs equivalent to SEK 3 million were recognised in the profit and loss in the fourth quarter.

Amounts in SEK 000, unless otherwise stated	Oct-Dec 2022	Oct-Dec 2021	Change, %	Full-year 2022	Full-year 2021	Change, %
Net sales	9,622	13,454	-28.5	35,870	47,954	-25.2
Profit/loss after financial items	-3,308	4,933	-167.1	-9,080	3,797	-339.2
Net margin, %	-34.4	36.7	-71.0	-25.3	7.9	-33.2

Key performance indicators – Contracting Abroad

Transport Scandinavia

Net sales in Segment Transport Scandinavia decreased in the fourth quarter of 2022 compared with the corresponding quarter last year, and amounted to SEK 75.1 million (84.6).

Profit after financial items decreased to SEK 3.7 million (13.8). The rapid rise in inflation had a short-term negative impact on profit, as cost increases take place on an ongoing basis while the income under the long-term contract with Kaunis Iron is adjusted once per year.

The volume of contract transports was lower in the third quarter of the year compared to the previous year's record volumes. This was due to a lower total number of track replacements in 2022 than in the previous year. Railcare's assignment to provide standby locomotives to the Swedish Transport Administration started on 1 August in Långsele. For the other new locations (Boden, Vännäs and Kiruna), the assignments started on 1 January 2023 as planned.

Transports for Kaunis Iron and LKAB proceeded as planned and in line with the same quarter of the previous year. The contract with LKAB expired at the turn of the year.

The locomotive workshop in Långsele reported a strong fourth quarter. Order intake was strong throughout the year and volume increased year-on-year.

SEK 75.1 M

Net sales in Transport Scandinavia amounted to SEK 75.1 million in the fourth quarter.

The ongoing projects for Nordic Re-Finance are progressing according to plan. One of the projects comprises installation of ATC and a Nordics adaptation of six Traxx locomotives, and the other comprises installation of ETCS and a Nordics adaptation of TMe locomotives. The conversion of two TB locomotives for Infranord is also progressing as planned.

Key performance indicators – Transport Scandinavia

Amounts in SEK 000, unless otherwise stated	Oct-Dec 2022	Oct-Dec 2021	Change, %	Full-year 2022	Full-year 2021	Change, %
Net sales	75,122	84,574	-11.2	279,294	273,888	2.0
Profit/loss after financial items	3,697	13,803	-73.2	28,051	39,472	-28.9
Net margin, %	4.9	16.3	-11.5	10.0	14.4	-4.5

Machines and Technology (previously Machine Sales)

Net sales in the Machines and Technology segment increased significantly in the fourth quarter of 2022 compared to the corresponding quarter of last year, and amounted to SEK 19.1 million (6.5).

Profit after financial items amounted to SEK 0.5 million (-0.9).

No major deliveries of machines took place in the four quarter. The volume increase is mainly ascribable to intra-Group rental of locomotives to Transport Scandinavia.

The ongoing construction of a new, enhanced MPVe is on schedule, and the machine is expected to be completed in the second half of 2023.

Key performance indicators – Machines and Technology

MPVe

The improved Multi Purpose Vehicle with a pantograph is expected to be completed in the second half of 2023.

Amounts in SEK 000, unless otherwise stated	Oct-Dec 2022	Oct-Dec 2021	Change, %	Full-year 2022	Full-year 2021	Change, %
Net sales	19,125	6,537	192.6	88,120	37,197	136.9
Profit/loss after financial items	463	-860	153.8	7,570	763	891.5
Net margin, %	2.4	-13.2	15.7	8.6	2.1	6.5

Parent Company

Railcare Group AB (publ), Corp. ID no. 556730–7813 is a Parent Company registered in Sweden with its registered office in Skellefteå. Railcare Group AB is listed on Nasdaq Stockholm Small Cap under the ticker RAIL.

The Parent Company's net sales for the full year 2022 amounted to SEK 36.7 million (35.4) and primarily comprised Group-wide services. Operating profit amounted to SEK 0.5 million (1.2). The value of the shares in the Danish subsidiary was impaired by SEK 4.4 million. This impacts the Parent Company's profit but has no impact on the Group. In the previous year, the Parent Company's profit/loss after financial items was impacted by dividend of SEK 2.4 million from the Danish subsidiary and by an anticipated dividend from subsidiaries of SEK 21 million.

Targets

Financial targets

The Board of Directors has adopted new financial targets for the period up until the end of 2027. The aim is to increase sales by 60 percent and to maintain a high operating margin:

• Sales SEK 800 million
• EBIT 10 percent

The Company's aim is to be the leading specialist on the Scandinavian market for innovative solutions for railway contracting and transport.

Sustainability

• Reduce consumption of fossil fuel emissions from proprietary locomotives and machinery by 40% by 2025.

Railcare has set clear goals as part of its ongoing sustainability work. Railcare has concluded that the biggest difference can be achieved by reducing fossil fuel emissions from fuel used in the contracting and transport operations.

Dividend

The Company's dividend policy is to distribute 30-40 percent of profit after tax, up to the Company's required equity/assets ratio of 25 percent after dividends.

The Board of Directors intends to propose that the 2023 Annual General Meeting approve a dividend of SEK 0.60 (0.60) per share, totalling SEK 14,474,500 (14,474,500), for the 2022 financial year.

Events after the end of the period

No significant events, other than ordinary activities, have occurred since the end of the reporting period.

RAIL

Ticker for Railcare Group AB's share, which has been traded on Nasdaq Stockholm since April 2018.

(ISIN SE0010441139)

Annual General Meeting 2023

Railcare's Annual General Meeting 2023 will take place on Thursday 4 May 2023 at 11:00 a.m. CET at the Company's premises at Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden.

The Annual Report and other documents will be available on Railcare's website, www.railcare.se.

Nomination Committee for Railcare Group AB's Annual General Meeting 2023

In consultation with the largest shareholders, the Chairman of the Board of Railcare Group AB has established a Nomination Committee in preparation for the Annual General Meeting 2023. The Nomination Committee comprises Anders Westermark, Chairman of the Board, Lina Ådin, appointed by TREAC AB, and Jonas Holmqvist, appointed by Norra Västerbotten Fastighets AB. The Nomination Committee appointed Lina Ådin as Chairman. Combined, the members of the Nomination Committee represent 39.5 per cent of the total number of shares and votes in the company (as of 30 September 2022).

The Nomination Committee is tasked with submitting a proposal to the Annual General Meeting regarding the Chairman of the Board and other members of the Board of Directors, and regarding fees and other compensation to each of the Board members for their Board assignments. The Nomination Committee shall also submit a proposal regarding the election and remuneration of auditors. In addition, the Nomination Committee shall submit a proposal regarding the process for appointing a Nomination Committee in preparation for the Annual General Meeting 2024.

Shareholders wishing to submit proposals to the Nomination Committee may do so by sending an e-mail to ir@railcare.se.

Shareholder structure

Ten largest shareholders	Number of	Proportion of share
31 December 2022	shares	capital and votes (%)
Norra Västerbotten Fastighets AB	7,121,395	29.5
TREAC Aktiebolag	2,390,000	9.9
Ålandsbanken AB	1,236,162	5.1
Avanza Pension insurance company	868,103	3.6
Bernt Larsson	750,987	3.1
HSBC Bank PLC	600,000	2.5
Mikael Gunnarsson	485,000	2.0
Nordnet Pensionsförsäkring AB	406,139	1.7
Harry Markku Sjöblom	268,697	1.1
Torsten Germund Dahlquist	267,341	1.1
Ten largest shareholders	14,393,824	59.7
Other shareholders	9,730,343	40.3
Total	24,124,167	100.0

4 May

Railcare's Annual General Meeting will be held on Thursday 4 May 2023 in Skelleftehamn.

4,261

Number of shareholders in Railcare Group AB as of 31 December 2022.

Source: Euroclear

Source: Euroclear

Significant risks and uncertainties

A description of significant risks and uncertainties can be found in Railcare's Annual Report for 2021, which can be downloaded at www.railcare.se

There have been no material changes to significant risks and uncertainties since the publication of the Annual Report.

Railcare continues to see no significant long term impact on its operations in light of the Russian invasion of Ukraine, although potential long-term consequences are difficult to predict.

Transactions with related parties

During the year, there were no significant changes to the Group or the Parent Company's relations or transactions with related parties, compared to the information provided in the 2021 Annual Report.

Skelleftehamn, Sweden 16 February 2022 Railcare Group AB (publ) Board of Directors

This report has not been subject to review by the Company's auditors.

Financial reports

Consolidated statement of comprehensive income in summary

	Oct-Dec	Oct-Dec	Full-year	Full-year
Amounts in SEK 000 Note	2022	2021	2022	2021
Net sales 3	128,013	131,768	497,035	437,946
Capitalised work on own account	4,839	1,566	12,130	8,341
Other operating income	184	2,775	3,104	6,359
Total	133,036	136,108	512,269	452,646
Raw materials and consumables	-55,431	-46,998	-193,141	-140,987
Other external costs	-19,424	-17,664	-75,762	-62,858
Personnel costs	-40,346	-35,170	-146,341	-138,950
Depreciation and impairment of property,	-10,677	-10,951	-42,811	-52,096
plant and equipment and intangible assets
Other operating expenses	-506	-605	-1,849	-1,536
Total operating expenses	-126,385	-111,388	-459,904	-396,426
Operating profit/loss (EBIT)	6,652	24,721	52,365	56,219
Financial income	16	- -1,206	21	57
Financial expenses	-1,896		-5,478	-4,427
Net financial income/expense	-1,880	-1,205	-5,457	-4,370
Share of profit after tax from associated companies
4 reported according to the equity method	-	-358	-	-182
Profit/loss before tax	4,772	23,157	46,907	51,667
Income tax	-1,509	-4,945	-10,125	-11,152
Net profit/loss for the period	3,262	18,212	36,783	40,514
Other comprehensive income:
Items that may be reclassified to profit/loss for the period
Exchange rate differences from the translation of
foreign operations	118	56	637	250
Other comprehensive income for the period, net of	118	56	637	250
tax
Total comprehensive income for the period	3,380	18,268	37,420	40,764
	Oct-Dec	Oct-Dec	Full-year	Full-year
Amounts in SEK	2022	2021	2022	2021
Profit/loss per share1	0.14	0.75	1.52	1.68
Average number of shares	24,124,167	24,124,167	24,124,167	24,124,167
Number of shares outstanding on the reporting date	24,124,167	24,124,167	24,124,167	24,124,167

1 Due to no shares instruments in issue, there is no dilution effect.

Consolidated statement of financial position in summary

Amounts in SEK 000 Note		31 Dec 2022	31 Dec 2021
ASSETS
Non-current assets
Intangible assets
Capitalised development costs		538	967
Patents		188	263
Goodwill		6,300	7,293
Transportation licence		1,186	1,441
Total intangible assets		8,212	9,964
Property, plant and equipment	5
Buildings and land		35,170	35,975
Locomotives and wagons		134,772	132,579
Mobile machinery		179,959	145,762
Vehicles		3,996	5,761
Equipment, tools, fixtures and fittings		5,445	6,092
Construction in progress		78,779	92,151
Total property, plant and equipment		438,123	418,319
Financial non-current assets
Deferred tax assets		681	725
Other non-current receivables		3,954	3,954
Total financial non-current assets		4,635	4,679
Total non-current assets		450,970	432,962
Current assets
Inventories
Raw materials and consumables		16,233	14,414
Work in progress		16,013	13,555
Total inventories		32,245	27,968
Current receivables
Accounts receivable		40,936	46,543
Current tax receivables		1	1,030
Other current receivables		24,644	1,597
Prepaid expenses and accrued income		12,101	9,306
Total current receivables		77,682	58,475
Cash and cash equivalents		31,976	38,560
Total current assets		141,903	125,003
TOTAL ASSETS		592,873	557,965

Consolidated statement of financial position in summary, cont.

Amounts in SEK 000 Note	31 Dec 2022	31 Dec 2021
EQUITY
Share capital	9,891	9,891
Other capital provided	19,830	19,830
Reserves	2,167	1,530
Retained earnings (comprehensive income for the	212,207	189,899
period included)
Total equity attributable to Parent Company	244,095	221,150
shareholders
LIABILITIES
Non-current liabilities
Deferred tax liabilities	54,756	48,158
Liabilities to credit institutions	100,833	97,041
Lease liability	42,646	48,062
Total non-current liabilities	198,235	193,261
Current liabilities
Lease liability	10,658	10,945
Liabilities to credit institutions	63,927	61,668
Accounts payable	34,359	26,057
Prepayments from customers	2,398	9,382
Current tax liabilities	933	356
Other liabilities	5,011	7,046
Accrued expenses and deferred income	33,257	28,101
Total current liabilities	150,543	143,554
TOTAL EQUITY AND LIABILITIES	592,873	557,965

Consolidated statement of changes in equity in summary

			Other		Retained earnings
Amounts in SEK 000	Note	Share capital	capital provided	Reserves	(incl. profit for the period)	Total equity
Opening balance as of 1 January 2021		9,891	36,565	1,280	147,126	194,862
Transfer in shareholders' equity due to dividend paid in previous years		-	-16,735	-	16,735	0
Net profit/loss for the period		-	-	-	40,514	40,514
Other comprehensive income		-	-	250	-	250
Total comprehensive income		-	-	250	40,514	40,764
Transactions with shareholders
Dividend		-	-	-	-14,475	-14,475
Closing balance as per 31 December 2021		9,891	19,830	1,530	189,899	221,150
Opening balance as of 1 January 2022		9,891	19,830	1,530	189,899	221,150
Net profit/loss for the period		-	-	-	36,783	36,783
Other comprehensive income		-	-	637	-	637
Total comprehensive income		-	-	637	36,783	37,420
Transactions with shareholders
Dividend		-	-	-	-14,475	-14,475
Closing balance as per 31 December 2022		9,891	19,830	2,167	212,207	244,095

The Group's equity is attributable in its entirety to the Parent Company's shareholders.

Consolidated cash flow statement in summary

	Oct-Dec	Oct-Dec	Full-year	Full-year
Amounts in SEK 000 Note	2022	2021	2022	2021
Cash flow from operating activities
Operating profit	6,652	24,721	52,365	56,219
Adjustment for	10,714	8,296	42,894	49,371
non-cash items
Interest paid	-1,895	-1,206	-5,478	-4,427
Interest received	15	-	21	57
Income tax paid	1,475	1,757	-2,024	-1,782
Cash flow from operating activities before changes	16,961	33,568	87,778	99,438
in working capital
Cash flow from changes in working capital
Increase/decrease in inventories	-458	224	-4,693	-8,597
Increase/decrease in operating receivables	16,723	24,083	-20,098	502
Increase/decrease in operating liabilities	1,988	-10,477	4,410	8,894
Total changes in working capital	18,253	13,830	-20,381	799
Cash flow from operating activities	35,214	47,398	67,397	100,237
Cash flow from investing activities
Investments in intangible assets	-164	-6	-164	-957
Investments in property, plant and equipment	-17,229	-9,438	-53,109	-42,220
Dividends from associated companies	-	-	-	200
Divestment of associated companies	-	450	-	450
Divestment of property, plant and equipment	-	3,575	109	3,645
Cash flow from investing activities	-17,393	-5,419	-53,164	-38,882
Cash flow from financing activities
Loans raised	9,159	-	32,398	19,200
Amortisation of loans	-6,033	-5,453	-26,346	-27,645
Amortisation of lease liabilities	-3,210	-3,082	-12,790	-24,982
Dividend paid	-	-	-14,475	-14,475
Cash flow from financing activities	-84	-8,535	-21,213	-47,902
Cash flow for the period	17,737	33,444	-6,980	13,453
Cash and cash equivalents at the beginning of the		5,073
period	14,156		38,559	24,785
Exchange rate difference in cash and cash
equivalents	83	42	397	321
Cash and cash equivalents at the end of the period	31,976	38,559	31,976	38,559

Parent Company income statement in summary

	Oct-Dec	Oct-Dec	Full-year	Full-year
Amounts in SEK 000 Note	2022	2021	2022	2021
Net sales	7,147	7,291	36,745	35,447
Other operating income	-	46	19	240
Total operating income	7,147	7,337	36,764	35,687
Operating expenses
Raw materials and consumables	-7	-7	-7,699	-3,939
Other external costs	-4,517	-3,651	-16,703	-12,871
Personnel costs	-3,261	-4,345	-11,430	-17,733
Depreciation and impairment of property, plant and
equipment and intangible assets	-108	-97	-409	-396
Other operating expenses	-7	-5	-32	-28
Total operating expenses	-7,900	-8,107	-36,273	-34,967
Profit from participations in associated companies 4	-	246	-	446
and jointly controlled companies
Operating profit	-753	-524	491	1,166
Profit/loss from financial items
Profit from participations in Group companies	-	21,000	-4,334	23,404
Other interest income and similar profit/loss items	15	-	41	-
Interest expenses and similar profit/loss items	-14	-13	-96	-83
Total profit/loss from financial items	0	20,987	-4,389	23,321
Profit/loss after financial items	-753	20,463	-3,898	24,487
Appropriations	9,300	-1,200	9,300	-1,200
Tax on net profit/loss for the period	-1,818	340	-2,089	3
Net profit/loss for the period	6,729	19,604	3,312	23,291

Parent Company balance sheet in summary

Amounts in SEK 000	Note	31 Dec 2022	31 Dec 2021
ASSETS
Intangible assets
Capitalised development expenses		49	-
Patents		188	263
Total intangible assets		237	263
Property, plant and equipment
Buildings		4,073	4,088
Equipment, tools, fixtures and fittings		710	435
Total property, plant and equipment		4,783	4,524
Financial non-current assets
Participations in Group companies		33,887	38,336
Participations in associated companies	4	-	-
Deferred tax receivables		52	3
Total financial non-current assets		33,939	38,340
Total non-current assets		38,959	43,127
Current assets
Current receivables
Accounts receivable		39	13
Receivables from Group companies		94,161	67,649
Other receivables		155	1
Prepaid expenses and accrued income		1,706	1,297
Total current receivables		96,060	68,959
Cash and cash equivalent		26,419	30,802
Total current assets		122,479	99,761
TOTAL ASSETS		161,438	142,888

Parent Company balance sheet in summary, cont.

Amounts in SEK 000 Note	31 Dec 2022	31 Dec 2021
EQUITY AND LIABILITIES
Equity
Restricted equity
Share capital	9,891	9,891
Total restricted equity	9,891	9,891
Non-restricted equity
Share premium reserve	17,446	17,446
Retained earnings	8,816	-
Net profit/loss for the period	3,312	23,291
Total non-restricted equity	29,575	40,737
Total equity	39,466	50,628
Provisions
Deferred tax liabilities	49	-
Total provisions	49	-
Current liabilities
Accounts payable	1,614	1,960
Current tax liabilities	2,154	649
Liabilities to Group companies	115,831	86,264
Other liabilities	371	720
Accrued expenses and deferred income	1,953	2,668
Total current liabilities	121,923	92,260
TOTAL EQUITY AND LIABILITIES	161,438	142,888

Note

Note 1 General information

Railcare Group AB (publ) ('"Railcare'), Corp. ID no. 556730–7813 is a Parent Company registered in Sweden with its registered office in Skellefteå, at the address Näsuddsvägen 10, SE-932 32 Skelleftehamn, Sweden.

Unless otherwise stated, all amounts are given in SEK thousands (SEK 000). Figures in brackets refer to the corresponding period in the previous year.

Note 2 Basis for preparation of statements

Railcare's consolidated accounts for have been prepared in accordance with the Annual Accounts Act, recommendation RFR 1 Supplementary Accounting Rules for Groups from the Swedish Financial Reporting Board, International Financial Reporting Standards (IFRS) and the interpretations of the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act.

The accounts of the Parent Company have been prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2 Accounting for legal entities. The Interim Report for the Parent Company has been prepared in accordance with the Annual Accounts Act.

The accounting principles applied are consistent with those described in the Railcare Group's Annual Report 2021.

The fair value of financial assets and liabilities is estimated to correspond to book value.

Note 3 Segment information

Description of segments and principal activities:

Railcare's Group Management is the highest executive decision-making body in the Railcare Group and evaluates the Group's financial position and earnings and makes strategic decisions. Company management has determined the operating segments based on the data processed by Group Management,which is used as a basis for allocating resources and evaluating results of operations.

Group Management has identified four reportable segments in the Group's operations:

Contracting Sweden

Railway contracting work involving machinery and personnel and culvert renovation of fibreglass-lined culverts beneath railways, roads and industrial areas in Sweden.

Contracting Abroad

Railway contracting work involving machinery and personnel in countries other than Sweden, currently predominantly in the UK.

Transport Scandinavia

Special transports involving locomotives, wagons and personnel in Scandinavia, as well as repair and upgrading services for locomotives and wagons performed in workshops.

Machines and Technology

Technology development, construction, selling new machines and expansion and re-development of existing machines to a national and international market.

The 'Group-wide' item is used for reconciliation purposes and includes Group Management and other Groupwide services.

Income

Sales between segments are conducted on market terms. Income from external customers reported to Group Management is valued in line with the Consolidated Statement of Comprehensive Income. The Group's customers are private and public operators in the railway industry and vary according to area of operations. The Group's customers are largely repeat customers based on long-term relationships.

		Oct-Dec			Oct-Dec
		2022			2021
			Income			Income
		Sales	from		Sales	from
	Income	between	external	Segment	between	external
	Segment	segments	customers	income	segments	customers
Contracting Sweden	48,368	3,394	44,974	39,971	3,445	36,526
Contracting Abroad	9,622	373	9,250	13,454	1,708	11,746
Transport Scandinavia	75,122	5,565	69,557	84,574	4,976	79,598
Machines and Technology	19,125	15,078	4,047	6,537	3,242	3,295
Group-wide	7,147	6,961	186	7,291	6,687	604
Total	159,384	31,371	128,013	151,827	20,059	131,768

	Full-year				Full-year
		2022			2021
			Income from			Income from
	Segment	Sales between	external	Segment	Sales between	external
	income	segments	customers	income	segments	customers
Contracting Sweden	186,211	9,479	176,732	130,556	15,720	114,836
Contracting Abroad	35,870	2,748	33,123	47,954	5,657	42,296
Transport Scandinavia	279,294	16,256	263,038	273,888	14,280	259,608
Machines and Technology	88,120	65,216	22,904	37,197	17,790	19,407
Group-wide	36,745	35,507	1,238	35,447	33,648	1,798
Total	626,241	129,206	497,035	525,041	87,096	437,946

Profit/loss after financial items

Group Management primarily uses profit after financial items to assess consolidated profit.

	Oct-Dec	Oct-Dec	Full-year	Full-year
	2022	2021	2022	2021
Contracting Sweden	4,751	6,513	21,306	7,575
Contracting Abroad	-3,308	4,933	-9,080	3,797
Transport Scandinavia	3,697	13,803	28,051	39,472
Machines and Technology	463	-860	7,570	763
Group-wide	-830	-873	-940	242
Total	4,772	23,515	46,907	51,849

Profit/loss after financial items for the Group's operating segments is reconciled with

Profit/loss before tax	4,772	23,157	46,907	51,667
Share of profit after tax from associated companies reported according to the equity method	-	-358	-	-182
Profit/loss after financial items	4,772	23,515	46,907	51,849
Group profit/loss before tax as follows:

Sales comprise Income from services, Sales of goods and Leasing. A breakdown of income is provided below.

	Income from services			Sales of goods				Total
	Oct-Dec 2022	Oct-Dec 2021	Oct-Dec 2022	Oct-Dec 2021	Oct-Dec 2022	Oct-Dec 2021	Oct-Dec 2022	Oct-Dec 2021
Contracting Sweden	44,974	36,526	-	-	-	-	44,974	36,526
Contracting Abroad	9,237	11,815	12	-	-	-69	9,250	11,746
Transport Scandinavia	68,369	77,001	530	309	658	2,288	69,557	79,598
Machines and Technology	1,615	1,113	2,431	2,182	-	-	4,047	3,295
Group-wide	186	604	-	-	-	-	186	604
Total	124,381	127,059	2,974	2,491	658	2,219	128,013	131,767

	Income from services			Sales of goods			Leasing
	Full-year	Full-year	Full-year	Full-year	Full-year	Full-year	Full-year	Full-year
	2022	2021	2022	2021	2022	2021	2022	2021
Contracting Sweden	176,732	114,836	-	-	-	-	176,732	114,836
Contracting Abroad	33,074	41,729	49	22	-	545	33,123	42,296
Transport Scandinavia	251,953	242,710	3,833	6,573	7,252	10,325	263,038	259,608
Machines and Technology	5,323	3,500	17,581	15,907	-	-	22,904	19,407
Group-wide	1,238	1,798	-	-	-	-	1,238	1,798
Total	468,320	404,573	21,463	22,502	7,252		10,871 497,035	437,946

Note 4 Participations in associated companies

Divestment of shares

In October 2021, Railcare divested its entire holding (40%) in associated company Atumo AB for SEK 450,000. The Group reported a value of the holding of SEK 808,000 and the Parent Company recognised the cost at SEK 204,000.

In the Consolidated Statement of Comprehensive Income in summary, the item Proportion of profit after tax from associated companies recognised according to equity method in the previous year comprises proceeds from the sale of shares of SEK -358,000 and profit share relating to the period prior to the divestment of SEK 176,000.

In the Parent Company Income Statement in summary, the item Profit from shares in associated companies and jointly controlled companies in the previous year comprises proceeds from the sale of shares of SEK 246,000 and dividends received earlier in the year of SEK 200,000.

Note 5 Non-current assets

	Locomotiv				Equipment, Construction
	Buildings and	es and Mobile			tools, fixtures	in pro
	land	wagons	machinery	Vehicles	and fittings	gress	Total
31 December 2021
Opening carrying amount	33,257	135,316	155,562	6,521	5,898	66,907	403,461
Exchange rate differences	101	29	58	7	27	-	222
Purchases/capitalised expenses for the year	10,129	13,632	-	4,425	419	40,171	68,776
Reclassifications	-	10,661	3,362	-	1,058	-14,927	153
Disposals and scrappings	-51	-863		-2,317	-66	-	-3,297
Depreciation	-7,462	-26,195	-13,221	-2,875	-1,243	-	-50,996
Closing carrying amount 31 December 2021	35,975	132,579	145,762	5,761	6,092	92,151	418,319
Of which right-of-use assets	25,403	27,895	1,927	5,675	-	-	60,900
31 December 2022
Opening carrying amount	35,975	132,579	145,762	5,761	6,092	92,151	418,319
Exchange rate differences	29	13	30	6	82	-	160
Purchases/capitalised expenses for the
year	6,339	-	1,731	1,299	1,706	49,471	60,548
Reclassifications	-	16,395	48,000	-	-1,185	-62,843	366
Disposals and scrappings	-29	-61	-	-308	-32	-	-430
Depreciation	-7,143	-14,153	-15,564	-2,763	-1,218	-	-40,841
Closing carrying amount 31 December 2022	35,170	134,772	179,959	3,996	5,445	78,779	438,123
Of which right-of-use assets	24,785	24,556	1,678	3,936	-	-	54,954

Key performance indicators, Railcare Group in summary

Amounts in SEK 000,	Oct-Dec	Oct-Dec	Full-year	Full-year
unless otherwise stated	2022	2021	2022	2021
Net sales	128,013	131,768	497,035	437,946
Sales growth, %	-2.8	37.9	13.5	9.1
Operating profit/loss (EBIT)	6,652	24,721	52,365	56,219
Operating margin, %	5.2	18.8	10.5	12.8
Net profit/loss for the period	3,262	18,212	36,783	40,514
Net financial income/expense	-1,880	-1,205	-5,457	-4,370
Total assets	592,873	557,965	592,873	557,965
Equity/assets ratio, %	41.2	39.6	41.2	39.6
Key performance indicators per share, SEK
Earnings per share before and after dilution	0.14	0.75	1.52	1.68
Equity per share	10.12	9.17	10.12	9.17
Dividend per share, SEK	-	-	0.6	0.6

Quarterly data, Railcare Group Summary

Amounts in SEK million	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021	Q4 2020
Net sales	128.0	146.5	127.2	95.3	131.8	126.2	91.0	88.9	95.6
Capitalised work on own account	4.8	1.2	3.2	2.9	1.6	1.9	3.5	1.4	11.3
Other operating income	0.2	0.2	0.8	1.9	2.8	1.2	1.3	1.0	0.2
Total	133.0	147.9	131.2	100.2	136.1	129.3	95.8	91.4	107.2
Raw materials and consumables	-55.4	-56.4	-48.8	-32.5	-47.0	-39.9	-33.7	-20.3	-31.7
Other external costs	-19.4	-21.9	-19.1	-15.4	-17.7	-16.7	-15.7	-12.8	-13.9
Personnel costs	-40.3	-33.8	-39.5	-32.7	-35.2	-33.4	-34.9	-35.5	-32.7
Depreciation and impairment		-11.7	-10.7	-9.7	-11.0	-13.7	-13.8	-13.7	-13.6
of property, plant and equipment	-10.7
Other operating expenses	-0.5	-0.2	-0.1	-1.0	-0.6	-0.3	-0.2	-0.4	-1.0
Total operating expenses	-126.4	-124.0	-118.2	-91.3	-111.4	-104.0	-98.3	-82.7	-92.9
Operating profit/loss (EBIT)	6.7	23.9	13.0	8.8	24.7	25.3	-2.5	8.7	14.3
Financial income	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Financial expenses	-1.9	-1.5	-1.1	-1.0	-1.2	-1.1	-1.0	-1.1	-1.2
Net financial income/expense	-1.9	-1.5	-1.1	-1.0	-1.2	-1.1	-1.0	-1.1	-1.2
Share of profit after tax from associated	0.0	0.0	0.0	0.0	-0.4	0.0	0.1	0.1	0.2
companies reported according to the
equity method
Profit/loss before tax	4.8	22.4	11.9	7.8	23.2	24.2	-3.4	7.7	13.2
Tax	-1.5	-4.6	-2.3	-1.8	-4.9	-5.2	0.4	-1.5	-2.0
Net profit/loss for the period	3.3	17.9	9.6	6.0	18.2	19.1	-3.0	6.2	11.2
Equity/assets ratio, %	41.2	41.6	39.3	40.2	39.6	37.5	36.7	39.5	37.4

Definitions

General Alternative key performance indicators	All amounts in the tables are in SEK 000 unless otherwise stated. All values in brackets are comparative figures for the corresponding period in the preceding year unless otherwise stated. Amounts in tables and other summaries have been rounded individually. Accordingly, minor rounding differences can be found in totals. This Interim Report refers to a number of financial measures not defined in accordance with IFRS, known as alternative key performance indicators. Railcare uses these key performance indicators to monitor and analyse the financial outcome of the Group's operations and its financial position. These alternative key performance indicators are intended to supplement, not replace, the financial measures presented in accordance with IFRS. See
	definitions and further information below.
Key performance indicators	Definition/calculation	Purpose
Operating profit/loss (EBIT)	Calculated as net profit/loss for the period before tax, participations in the earnings of associated companies and financial items.	This key performance indicator illustrates the Company's profit/loss generated by operating activities.
Net financial income/expense	Net financial items are calculated as financial income less financial expenses.	This key performance indicator illustrates the net amount resulting from the Company's financial activities.
Net margin	The net margin is calculated as income after financial items divided by net sales.	This performance indicator illustrates how much of the Company's earnings remain after all expenses, excluding corporation tax, have been deducted.
Total assets	Calculated as the total of the Company's assets at the end of the period.
Equity per share, SEK	Calculated as equity divided by the number of shares outstanding at the end of the period.	This key performance indicator illustrates the Company's net worth per share.
Sales growth, %	Calculated as the difference between net sales for the period and net sales for the preceding period, divided by net sales for the preceding period.	This key performance indicator illustrates the Company's growth and historical performance, contributing to an understanding of the Company's development.
Operating margin, %	Calculated as operating income divided by net sales.	This key performance indicator illustrates how much of the Company's profit/loss is generated by its operating activities.
Equity/assets ratio, %	Calculated as equity divided by total assets.	This key performance indicator illustrates the Company's financial position and long-term payment ability.
Dividend per share, SEK	Dividend per share approved by a General Meeting at which the Annual Report for the specified financial year is adopted.
Earnings per share before dilution, SEK	Calculated as profit/loss attributable to the Parent Company's shareholders divided by the weighted average number of shares outstanding in the period.	This key performance indicator illustrates the Company's earnings per share, excluding any dilution effect from outstanding convertibles.

Earnings per share after	To calculate earnings per share after dilution, the	This key performance indicator
dilution, SEK	weighted average number of outstanding shares	illustrates the Company's earnings per
	is adjusted for the dilution effect of all potential	share, excluding any dilution effect from
	shares. The Parent Company has a category of	outstanding convertibles.
	potential common shares with a dilution effect:
	convertible debentures. The convertible
	debentures are assumed to have been converted
	into shares and net profit is adjusted to eliminate
	interest expenses less tax effect. Convertible
	debentures do not give rise to a dilution effect
	when the interest per share that may be received
	upon conversion exceeds earnings per share
	before dilution.

Glossary

Standby locomotive

A clearance locomotive with personnel available around the clock to urgently clear or remove vehicles involved in stoppages and quickly get the track open for traffic again. Railcare is under contract to provide standby locomotives in five locations.

Relining operations

Includes relining of culverts beneath railways, roads and industrial sites using a fibreglass lining adapted to the existing culvert, which makes renovations more effective than when conventional culvert renovation or culvert replacement methods are used.

MPVe

Railcare's newest maintenance machine, Multi Purpose Vehicle, which is batterypowered. The machine is equipped with its own power source, vacuum pumps, hydraulics and operator cabs, which allows it to be used as a complement to Railcare's railway vacuum cleaner and snow melter, and to function as a towing vehicle for macadam wagons during track works.

On-board equipment

The technical equipment installed on board a locomotive to communicate with the train protection system in the track.

Network Rail

Network Rail has overall responsibility for installation and maintenance of large parts of the British rail network.

Culvert inspections

Inspections and documentation of the condition and potential maintenance need for culverts under railways and roads.

Culvert renovations

Relining of culverts beneath railways, roads and industrial sites using fibreglass lining. The installation equipment used is not track-bound, which minimises traffic disruption.

Press releases in the fourth quarter 2022

• 16 November Railcare carries out extensive projects for Nordic Re-Finance
• 3 November Interim Report January-September 2022
• 1 November Nomination Committee for Railcare Group AB's Annual General Meeting 2023
• 24 October 800 health and care workers treated to ice hockey

Financial calendar

• 3 May 2023 Interim Report January-March 2023 is published
• 4 May 2023 The 2023 Annual General Meeting will be held at Railcare's headquarters in Skelleftehamn, Sweden
• 17 August 2023 Interim Report January-June 2023 is published
• 9 November 2023 Interim Report January-September 2023 is published
• 15 February 2024 Year-end Report 2023 is published

For further information, please contact

Mattias Remahl, CEO

Telephone: +46 (0)70–271 33 46 E-mail: mattias.remahl@railcare.se

Lisa Borgs, IR and Accounting Manager

Telephone: +46 (0)70–622 50 01 E-mail: lisa.borgs@railcare.se

This information is such as Railcare Group AB (publ) is required to disclose under the EU Market Abuse Regulation. This information was submitted to the market, through the agency of these contacts, for publication on 16 February 2023 at 07:30 a.m. CET.

This document is essentially a translation of Swedish language original thereof. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct.

About Railcare Group AB (publ)

The railway specialist Railcare offers innovative products and services for the railway; for example, railway maintenance with selfdeveloped machines, a locomotive workshop, special transport and machine sales projects. Our market is mainly in Scandinavia and the United Kingdom. The railway industry is in a positive development with increasing traffic volumes, extensive investment programs, developing cost-effective freight and passenger transport, and rising environmental awareness. Railcare delivers both sustainable and efficient solutions that contribute to the railway, so it can be used for the maximum number of years to come. The shares of Railcare Group AB (publ) are listed on the Small Cap list of the Nasdaq Stockholm exchange. The Group has some 160 employees and annual sales of approximately SEK 500 million. The company's registered office is located in Skellefteå, Sweden.

Railcare Group AB (publ) | Corp. ID no. 556730–7813 Page 29 of 29

Näsuddsvägen 10, SE–932 32 Skelleftehamn, Sweden Tel. +46 (0)910–43 88 00 www.railcare.se