Sectra — Earnings Release 2014

Mar 4, 2014

Interim Num and m report M mber On increas ay 2013 – ne for c sed pro January 2 custom ofit for S 2014: er satis Sectra sfaction n

	The quarter				The nine-month period		12 months
SEK million	Q 3	Q 3	Change	$Q1-3$	$Q1-3$	Change	Rolling	2012/2013	Change
	2013/2014	2012/2013	%	2013/2014	2012/2013	%			%
Order bookings	256.5	232.9	10.1	661.1	566.1	16.8	1,011.0	916.0	10.4
Net sales	209.6	205.2	2.1	583.2	568.9	2.5	831.3	817.0	1.8
Operating profit (EBIT)	30.6	21.1	45.0	73.9	48.2	53.3	111.6	85.9	29.9
Operating margin, %	14.6	10.3		12.7	8.5		13.4	10.5
Profit before tax (EBT)	38.3	20.3	88.7	85.4	45.4	88.1	126.6	86.6	46.2
Profit margin, %	18.3	9.9		14.6	8.0		15.2	10.6
Profit after tax	28.8	17.8	61.8	65.7	34.9	88.3	93.0	62.2	49.5
Earnings per share, SEK 1	0.78	0.48	62.5	1.77	0.94	88.3	2.51	1.68	49.4
Cash flow $2$	54.1	59.7	$-9.4$	104.3	127.6	$-18.3$	167.9	191.2	$-12.2$
Number of employees 3	538	543		538	543		538	528

Prior to o dilution. ² Op perations after ch hanges in workin ng capital. ³ At e end of period.

CEO'S S COMME ENTS

1

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In summ from sat mary, we feel tisfied custom confident in o mers and incre our future pros ased order bo spects, having okings. g been bolstere ed by praise

Torbjör rn Kronander, President an d CEO

TELE CONFERE ENCE

with P resident To orbjörn Kro nander and d CFO Simo o Pykälistö

March 4 Sweden The pre http://m 4, 2014 at 9:30 n: +46 8 505 5 sentation will media.fronto.co 0 a.m. To part 64 87 UK: +4 be held in En om/cloud/sectr ticipate, call: 44 207 660 20 nglish and can ra/140304/ 78 US: +1 85 n also be follow 5 716 1592 wed online vi a:

Sec tra AB (publ) )

Tekn SE-5 Tel: + info@ www VAT SE55 nikringen 20 583 30 Linköping +46 (0)13 23 52 @sectra.se w.sectra.se Reg. No. 56064830401 g 2 00

THE PERIOD IN BRIEF

Nine-month period

• The Sectra Group's order bookings amounted to SEK 661.1 million (566.1), up 16.8% compared with the year-earlier period.
• Sectra's net sales increased 2.5% to SEK 583.2 million (568.9).
• Sectra's operating profit rose 53.3% to SEK 73.9 million (48.2), corresponding to an operating margin of 12.7% (8.5).
• Cash flow after changes in working capital amounted to SEK 104.3 million (127.6).

Third quarter

• Order bookings amounted to SEK 256.5 million (232.9), up 10.1% compared with the year-earlier period.
• Net sales increased 2.1% to SEK 209.6 million (205.2).
• Operating profit rose 45.0% to SEK 30.6 million (21.1), corresponding to an operating margin of 14.6% (10.3).

Events during the quarter

• US healthcare providers awarded Sectra's system for managing and archiving radiology images, Sectra PACS, the top ranking in the category "Acute care PACS" in the "2013 Best in KLAS: Software and Services" customer satisfaction survey performed by KLAS.
• King Faisal Specialist Hospital in Saudi Arabia, one of the most renowned hospitals in both the country and the region, ordered Sectra's IT system for the management of medical images.
• Sectra brought its visualization table for medical education to the US through a partnership with the US company Touch of Life Technologies.
• EU approval was obtained for Panthon 3, Sectra's smartphone app for secure calls and text messaging.

OUTLOOK

The world needs more efficient healthcare and more reliable communications. Both of these markets offer considerable scope for expansion. Sectra plays a key role in satisfying these needs by offering products and services in the areas of medical IT and secure communications.

There is a growing need for greater efficiency in healthcare in order to provide care for more patients, due to the demographic trend of an aging population that is living longer while birth rates are declining. Sectra develops and sells systems and services for medical diagnostic imaging, which help to develop the healthcare sector while making it more efficient. Society also needs to improve the care provided to patients with age-related diseases. Sectra has several products and services that can contribute to more efficient healthcare and treatment of some of the most costly age-related diseases.

In terms of security, government agencies, defense organizations and the private sector are increasingly being exposed to security risks and eavesdropping attempts. Heightened awareness of eavesdropping may contribute to greater interest in the type of security products offered by Sectra. Sectra is trusted to deliver products that protect classified information at the very highest levels and our encrypted products are approved by the EU, NATO and several national security agencies.

Imaging IT Solutions accounts for 80% of the Group's sales

GROU UP

Order bookings, s sales and ea arnings

Results i n SEK million exc cluding non-recurr ring items bars – p per quarter Line and circle – rollin g 12 months

Nine-mo onth period

The Gro the year business operatio booking on grow partners oup's order bo r-earlier period s area, Imagin ons in Scandin gs during the p wth in countrie s in selected g ookings amou d. While this ng IT Solution navia and the U period. This w es where the c growth market unted to SEK 6 increase was p ns, Secure Com UK accounted was in line wit company has a ts. 661.1 million, primarily attri mmunications d for the large h Sectra's stra an existing ma , up 16.8% com ibutable to Se s also reported est increases in ategy of focus arket presence mpared with ctra's largest d growth. The n order sing primarily e and through y%

Net sale to SEK Commu restructu the impa es increased 2 73.9 million, unications bus uring that took act of delays b .5% to SEK 5 correspondin siness area red k place at the by its main Sw 583.2 million. g to an operat duced its fixed end of the pre wedish custom The Group's ting margin of d operating exp eceding fiscal mer. operating pro f 12.7% (8.5). penses follow year, but con ofit rose 53.3% The Secure wing the ntinued to feel

The Gro changes items. P margin oup's net finan s had a positiv Profit before ta of 14.6% (8.0 ncial items ro ve impact of S ax amounted t 0). se to SEK 11. SEK 4.9 millio to SEK 85.4 m 5 million (neg on (neg: 5.8) o million (45.4), g: 2.9). Excha on the Group's , correspondin ange-rate s financial ng to a profit

Third qu uarter

The Gro Both Im booking oup's order bo maging IT Solu gs compared w ookings amou utions and Sec with the year-e unted to SEK 2 cure Commun earlier period. 256.5 million, nications repor , up 10.1% ye rted increased ar-on-year. d order

Net sales rose 2.1% to SEK 209.6 million. This increase was primarily attributable to the UK and the Netherlands. The Group's operating profit rose 45.0% to SEK 30.6 million, corresponding to an operating margin of 14.6% (10.3). The earnings improvement was mainly due to greater efficiency in the Imaging IT Solutions business area.

Net financial items amounted to SEK 7.7 million (expense: 0.8). Exchange-rate changes had a positive impact of SEK 3.9 million (neg: 2.6) on the Group's financial items. Profit before tax amounted to SEK 38.3 million (20.3), corresponding to a profit margin of 18.3% (9.9).

Seasonal variations

Sectra is affected by seasonal variations, whereby most invoicing and earnings are traditionally generated at the end of the fiscal year. However, seasonal variations have fallen slightly in recent years due to an increasing proportion of sales being generated by long-term agreements with payment per month or per use. The varying order volumes in terms of individual quarters can be substantial, since Sectra has many major customers that sign extensive, long-term agreements with the company for medical IT projects, for example, or the development of encryption systems.

Financial position

Sectra has a strong cash balance and balance sheet. At the end of the period, the equity/assets ratio was 57.9% and liquidity amounted to a multiple of 2.5. After adjustment for exchange-rate differences, the Group's cash and cash equivalents amounted to SEK 443.5 million. At the close of the period, the Group's interest-bearing liabilities amounted to SEK 43.5 million and pertained to convertible debentures from employees and Board members.

The Group's cash flow from operations after changes in working capital amounted to SEK 104.3 million (127.6) for the period. The completion date for customer projects has a major impact on cash flow and the variation between individual quarters is substantial. Cash flow from investing activities amounted to negative SEK 32.8 million (neg: 58.1) for the period. The comparative figure for the period includes negative SEK 46.8 million for the acquisition of the Burnbank companies in the UK. Cash flow from financing activities amounted to negative SEK 157.2 million (neg: 182.7). During the period, Sectra distributed SEK 166.9 million (185.5) to shareholders through a redemption program. The Group's total cash flow for the period amounted to negative SEK 85.7 million (neg: 113.2).

Investments and depreciation/amortization

Group investments during the period amounted to SEK 32.8 million (58.1), of which SEK 3.2 million (4.3) was attributable to the third quarter. Investments pertained primarily to customer projects in the Group's financing activities and capitalized development costs. The comparative figure for the period includes the acquisition of the Burnbank companies. Depreciation/amortization during the period amounted to SEK 34.2 million (34.9), of which SEK 11.9 million (12.6) was attributable to the third quarter. Of the total depreciation/amortization for the period, SEK 13.4 million (11.6) was attributable to capitalized development projects.

As a result of new, extensive managed service agreements with customers in the healthcare sector, investments in Group-financed customer projects during the period increased to SEK 19.7 million (2.7), of which SEK 3.2 million (0.7) pertained to the third quarter. At the end of the period, the Group's carrying amount for Group-financed customer projects totaled SEK 35.2 million (29.1).

During the period, capitalization of development costs increased to SEK 14.1 million (8.1), of which SEK 1.3 million (3.5) was attributable to the third quarter. At the close

of the period, capitalized development costs totaled SEK 53.5 million (52.3) and primarily pertained to development projects in Imaging IT Solutions.

Sectra's financial targets

Sectra's Group-wide targets and strategies are aimed at building financially sound operations that provide Sectra with opportunities to create customer value and thereby contribute to long-term growth in shareholder value. In connection with a review of the Group's financial targets during the first quarter of the 2013/2014 fiscal year, the Board of Directors decided to change the growth target and establish priorities for the targets. The new targets are (in order of priority):

• 1. Stability: The equity/assets ratio must be a minimum of 30% (unchanged)
• 1. Profitability: The operating margin (EBIT) must be a minimum of 15% (unchanged)
• 1. Growth: Operating profit (EBIT) per share must increase, on average, 10% per year over a five-year period (changed growth target, the previous target was that Sectra's sales would increase, on average, by a minimum of 15% over a seven-year period)

Sectra has posted a negative average annual growth in EBIT per share over the past five-year period, but this negative trend was broken two years ago. For the past two years, EBIT per share has grown by more than 8%. This is a result of Sectra's long-term efforts to achieve greater cost-efficiency while increasing the proportion of products with higher margins, such as software licenses.

For information about the background to the revision of Sectra's financial targets, see Sectra's 2012/2013 Annual Report.

IMAGING IT SOLUTIONS

	Q3 Nov 2013 –Jan 2014	Q3 Nov 2012 –Jan 2013	Q1-3 May 2013 –Jan 2014	Q1-3 May 2012 –Jan 2013	Rolling 12 months	Full-year May–April 2012/2013
Net sales, SEK million	185.8	172.9	542.6	485.5	766.3	709.2
Operating profit, SEK
million	36.5	28.8	100.2	55.0	148.4	103.2
Operating margin, %	19.6	16.7	18.5	11.3	19.4	14.6
Number of employees at end of period	412	398	412	398	412	387

Sales and earnings

Imaging IT Solutions' sales for the period increased 11.8% to SEK 542.6 million. Operating profit rose 82.2% to SEK 100.2 million, corresponding to an operating margin of 18.5% (11.3). Higher sales and a more efficient organization contributed to the earnings improvement.

Market

The market for medical IT systems and services continues to grow due to the major need for systems that enhance efficiency and the increased use of medical images in healthcare. Scandinavia, North America and the UK are Sectra's largest markets. In the domestic market in Scandinavia, Sectra is by far the largest provider of IT systems for efficient and secure communications, and the management of radiology images (PACS) and patient information (RIS). In the US, Sectra has chosen to focus on software sales with strong margins and thus deliberately refrains from hardware sales with lower margins. Although this contributed to a lack of growth in the US operations during the period, the strategy has had a positive impact on the gross margin.

Equity/assets ratio 57.9%

Operating margin, rolling 12 months 13.4%

Average growth for operating profit per share, five-year period

–3.8%

At the end of the period including nonrecurring item

"Best in KLAS" – Sectra receives top ranking from US customers

During the third quarter, Sectra was named "Best in KLAS" for Sectra PACS after US healthcare providers awarded its system for managing and archiving radiology images the top ranking in the category "Acute care PACS" in the "2013 Best in KLAS: Software and Services" report compiled by the analyst company KLAS. This category included major hospitals with more than 200 beds. This distinction confirms that Sectra understands the needs of its customers and what they require to ensure that their own customers – the units referring patients to radiology clinics – are satisfied. It also shows that the products released by Sectra in recent years reflect the requirements of the healthcare industry in terms of efficiency and innovation. Given that healthcare providers in the US and many other countries refer to these types of surveys when purchasing medical systems, this distinction is also significant for Sectra's expansion opportunities in the US and other markets.

In many countries, the uncertain prospects for economic growth and extensive austerity programs have dampened growth, particularly in southern Europe. Sectra's long-term assessment is that demand will recover, since the growing need for greater efficiency and lower costs in the healthcare sector will continue.

Focus 2013/2014

• Growth in regions in which Sectra has an established customer base.
• Retain existing customers and broaden the product portfolio with systems and services that contribute to further efficiency enhancements for customers.
• Continued growth in selected growth markets through partners.

Imaging IT Solutions increased both its order bookings and sales compared with the year-earlier period through several long-term service agreements for IT systems, for example, that contribute to greater efficiency in the healthcare sector. Sales successes during the third quarter pertained primarily to Saudi Arabia, where Sectra conducts sales through various partners, as well as the UK and Scandinavia, where Sectra signed multiyear service and maintenance agreements with several existing customers.

The healthcare industry in the Middle East is undergoing a modernization and the area is now an attractive growth region for Sectra. The business area achieved a major success when the renowned King Faisal Hospital & Research Center in Saudi Arabia selected Sectra's IT solution for the management of radiology images and patient information.

	Q3 Nov 2013	Q3 Nov 2012	Q1-3 May 2013	Q1-3 May 2012	Rolling 12	Full-year May–April
	–Jan	–Jan	–Jan	–Jan	months	2012/2013
	2014	2013	2014	2013
Net sales, SEK million	21.9	27.6	57.5	77.3	79.2	99.0
Operating profit, SEK
million	-0.9	2.8	-4.1	8.4	-11.1	1.4
Operating margin, %	-4.1	10.1	-7.1	10.9	-14.0	1.4
Number of employees at	53	68	53	68	53	66
end of period

SECURE COMMUNICATIONS

Sluggish performance in Sweden, but more positive in other parts of Europe.

Success in Saudi Arabia

Sales and earnings

Secure Communications' sales for the period amounted to SEK 57.5 million, down 25.6% compared with the corresponding period in the preceding fiscal year. The operation reported a loss of SEK 4.1 million for the period. The business area has reduced its fixed operating expenses by about 10% following the restructuring that took place at the end of the preceding fiscal year, but continues to feel the impact of delays in procurements and

the implementation of planned projects in Sweden. Operating profit was also impacted by delays in major, ongoing product development projects due to changes in Swedish regulatory requirements for the handling of classified information. The scenario is more positive in the Netherlands and other parts of Europe, and Sectra has commenced deliveries of Tiger 7401 and Panthon 3 to both new and existing customers.

Market

The market is driven by the fact that it is easier than ever to eavesdrop on telecommunications, by changes to various regulatory frameworks for the handling of classified information, and by the growing number of authorities that want to protect their confidential, although not classified, information. Due to greater collaboration between governments in European countries, customer requests for products that support cross-border cooperation have increased. Sectra offers products that are approved by the EU, NATO and several national security agencies. Sweden and the Netherlands comprise Sectra's largest markets for secure communication systems. The major focus on eavesdropping in recent months may, in the future, lead to greater demand for security products from non-US companies.

Focus 2013/2014

• Restore profit levels.
• Develop the business area's operations in Sweden and the Netherlands, as well as other countries in which Sectra has an established customer base.

The Secure Communications operations were restructured at the end of the preceding fiscal year and are now focused on completing ongoing development projects and obtaining approval from national security agencies and the EU for the new security products Tiger 7401, Panthon 3 and Ternety, in order to commence deliveries.

During the third quarter, Sectra's Panton 3 smartphone app received EU approval, which means that EU agencies and officials will receive access to secure telephony and text messaging for communicating classified information up to the EU RESTRICTED security level. Sectra Panthon is delivered as a service and requires no additional investments in infrastructure or maintenance of encryption keys. The app has already been approved for use at the RESTRICTED level by the Netherlands and NATO.

BUSINESS INNOVATION

	Q3	Q3	Q1-3	Q1-3	Rolling	Full-year
	Nov	Nov	May 2013	May	12	May–April
	2013–Jan	2012–Jan	–Jan	2012–Jan	months	2012/2013
	2014	2013	2014	2013
Net sales, SEK million	6.1	4.5	17.0	12.2	22.5	17.7
Operating profit, SEK million	-0.2	-2.7	-0.3	-7.1	-0.2	-7.0
Operating margin, %	-3.3	-60.0	-1.6	-58.2	-0.9	-39.5
Number of employees at end	19	22	19	22	19	19
of period

Business Innovation includes projects and smaller operations with future potential. This segment includes services and products that contribute to more efficient and effective care for osteoporosis and IT systems for planning and following up orthopaedic surgery and research projects.

Sales and earnings

Sectra's future projects and smaller business lines are making continuous progress. During the period, sales in Business Innovation rose 39.3% to SEK 17.0 million. The operating segment reported an operating loss of SEK 0.3 million (loss: 7.1).

Focus on restoring Secure Communications' profit levels.

OTHER OPERATIONS

	Q3 Nov 2013–Jan 2014	Q3 Nov 2012–Jan 2013	Q1-3 May 2013–Jan 2014	Q1-3 May 2012–Jan 2013	Rolling 12 months	Full-year May–April 2012/2013
Net sales, SEK million	24.0	16.8	69.9	47.1	90.8	68.0
Operating profit, SEK million	-1.8	-6.6	-3.4	-8.6	-0.8	-6.0
Operating margin, %	-7.5	-39.3	-4.9	-18.3	-0.9	-8.8
Number of employees at end of period	54	55	54	55	54	53

Other operations pertain to Sectra's operations for the financing of customer projects, asset management, and shared functions for administration, Group finances, market communication, IT, regulatory issues and investor relations activities.

Sales and earnings

During the period, sales from other operations increased 48.4% to SEK 69.9 million. The increase was attributable to Sectra's operations for the financing of customer projects. Other operations reported an operating loss of SEK 3.4 million (loss: 8.6) for the period.

THE PARENT COMPANY SECTRA AB

The Parent Company includes the head office's functions for Group finances, market communication, IT, regulatory issues and investor relations activities, as well as the Business Innovation operating segment. The Parent Company's income statement and balance sheet are reported on page 17.

During the period, sales in the Parent Company amounted to SEK 51.2 million (15.0), of which SEK 16.7 million (5.0) was attributable to the third quarter. Sales increased due to the new organizational structure that was introduced in May, mainly as a result of increased invoicing of internal services. The operating loss for the period was SEK 8.2 million (loss: 13.1), of which a loss of SEK 3.8 million (loss: 6.9) was attributable to the third quarter. Profit after net financial items for the period amounted to SEK 7.0 million (loss: 9.0), of which SEK 2.6 million (loss: 7.4) was attributable to the third quarter. Exchange-rate changes had an impact of SEK 2.5 million (neg: 4.1) on financial items for the period.

THE SHARE

Sectra's share redemption program 2013

During July and August 2013, Sectra carried out a share redemption program, whereby SEK 4.50 per share, a total of SEK 166.9 million, was distributed to shareholders through a 2:1 share split, combined with a mandatory redemption process and a bonus issue to restore the share capital. Payment was made on August 5, 2013.

In Sweden, the redemption of Sectra's redemption shares 2013 (designated SECT IL B) is declared as sales of shares on Form K4 for the 2014 tax assessment. According to the Swedish Tax Agency's general recommendations, SKV A 2013:18, which was published on October 11, 2013, 92% of the acquisition fee for an original Series A or B share in Sectra AB should be assigned to a remaining share and 8% to the redemption share.

For further information and examples, refer to Sectra's website: http://www.sectra.com/corporate/investor/sectra_share/redemption.html

Increased sales pertaining to internally financed managed service agreements with customers.

The Swedish Tax Agency's general recommendation for the declaration of Sectra's redemption shares

Share-related incentive programs

In the second quarter, due to Sectra's share redemption program 2013, the Board of Directors resolved on a recalculation of outstanding convertibles and employee stock options. The recalculation means that the financial compensation to the holders of convertibles in relation to the shareholders is reasonable. For dilution effects and current conversion prices after the recalculation, please refer to the information on Sectra's website under the Investors/Sectra share heading. Since this recalculation, Sectra has settled 77,000 employee stock options 2010/2013, totaling SEK 2.2 million, issued to employees in North America through a cash settlement.

The 2013 AGM resolved to issue new convertibles to the Group's employees and external Board members. The convertibles were subscribed during the period from September 23 to October 4, 2013. In total, employees and Board members subscribed convertibles at a nominal amount of SEK 16.9 million, corresponding to 224,730 Series B shares. The dilution effect of both convertible programs amounts to 0.6% of the share capital and 0.4% of the votes. The conversion price for convertibles to employees is SEK 74.60, and the duration is November 1, 2013 to November 30, 2016. Conversion is permitted from November 7 to November 10, 2016. The conversion price for convertibles to external Board members is SEK 79.60 and the duration is November 1, 2013 to November 30, 2017. Conversion is permitted from November 6 to November 9, 2017.

The 2013 AGM also authorized the Board of Directors to issue not more than 100,000 call options to the Group's employees in North America and to make decisions regarding the issue of not more than 100,000 warrants carrying rights to subscription of not more than 100,000 Series B shares in the company in order to guarantee the performance of option commitments to employees. At the time of publication of this interim report, the Board had not utilized this possibility.

Authorization

The 2013 AGM authorized the Board, for the period until the next AGM, to decide on the new issue of not more than 3,700,000 Series B shares for consideration in the form of cash payment, offsetting of debt or contribution in kind whereby offsetting of debt and contribution in kind may deviate from shareholders' preferential rights. If the authorization is fully exercised, the dilution effect will be approximately 10% of the share capital and approximately 6% of the voting rights.

The AGM also resolved to authorize the Board, on one or more occasions, during the period until the next AGM, to make decisions on the acquisition and transfer of Series B treasury shares. A condition for the authorization is that the company's holding of treasury shares at no time exceeds 10% of all shares in the company.

At the time of publication of this interim report, the Board had not utilized these possibilities.

Nomination Committee

The 2013 AGM resolved to appoint a Nomination Committee comprising four members, of whom the Chairman of the Board and three members are to represent the largest shareholders in the company. The composition of the Nomination Committee is based on known shareholdings in the company as of September 30, 2013. In accordance with the resolution of the AGM, the following Nomination Committee was appointed:

• Carl-Erik Ridderstråle (Chairman of the Board)
• Torbjörn Kronander (largest shareholder and CEO)
• Jan-Olof Brüer (second-largest shareholder and Board member)
• Ricard Wennerklint (representing IF, the fourth-largest shareholder)

Jan-Olof Brüer, who is the company's second-largest shareholder in terms of votes, has been appointed Chairman of the Nomination Committee. Torbjörn Kronander, the company's largest shareholder in terms of votes, has decided to abstain from the chairmanship due to his role as CEO of Sectra AB.

The Nomination Committee's proposals will be presented in the notice of the Annual General Meeting and be available on the company's website. The Nomination Committee will prepare and submit proposals regarding the:

• Election of, and fees to be paid to, the Chairman of the Board and other Board members
• Election of, and fees to be paid to, auditors and deputy auditors
• Resolution on principles governing the composition of the Nomination Committee
• Chairman of the General Meeting

AGM in Linköping September 8, 2014 The AGM is scheduled for September 8, 2014 in Linköping, Sweden. Shareholders who wish to submit proposals may do so in writing to the Nomination Committee by e-mail: info.investor@sectra.com, or by mail to: Sectra AB, Teknikringen 20, SE-583 30 Linköping, Sweden.

FINANCIAL STATEMENTS

Accounting policies

This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Markets Act. The consolidated accounts were prepared in accordance with the International Financial Reporting Standards (IFRS) and statements from the International Financial Reporting Interpretations Committee (IFRIC) as approved by the EU Commission for application within the EU. The accounting policies and calculation methods are unchanged compared with those applied in the 2012/2013 Annual Report. New policies and amendments that have come into effect as of the 2013/2014 fiscal year have had no material impact on the financial statements.

Risks and uncertainties

Through its operations, Sectra is exposed to such business risks as dependence on major customers and partners, the effect of exchange rates on pricing in the markets in which the Group is active, and property and liability risks. Sectra is also exposed to various types of financial risks such as currency, interest-rate, credit and liquidity risks.

A detailed description of the risks and uncertainties, as well as Sectra's strategies and tactics for minimizing risk exposure and limiting adverse effects, is provided in the Group's Annual Report for the 2012/2013 fiscal year, Note 31, page 48. No significant events have occurred that would alter the conditions reported therein.

SIGNIFICANT EVENTS AFTER THE ENG OF THE REPORTING PERIOD

• The healthcare region in Scandinavia signed a four-year agreement encompassing development, maintenance and support for the customer's region-wide IT solution for managing medical images. The order value amounted to SEK 32 million.
• The Czech security authorities approved Panthon, Sectra's smartphone app for secure calls and text messaging.
• Finnish women are to receive support against osteoporosis using the Sectra OneScreen service. The private care provider Suomen Radiologikeskus Oy is to offer women the opportunity to combine mammography screening with an assessment of the risk of future fractures at nine clinics.

FOR FURTHER INFORMATION

Contact Sectra's CEO Torbjörn Kronander, Tel: +46 (0)13 23 52 27

Presentation of the interim report

A teleconference will be held with Torbjörn Kronander, CEO and President of Sectra AB, and Simo Pykälistö, CFO and Executive Vice President of Sectra AB, on March 4, 2014 at 9:30 a.m. (CET). The presentation will be held in English. To participate, call one of the following numbers five to ten minutes before the conference begins:

Sweden: +46 8 505 564 87 UK: +44 207 660 2078 US: +1 855 716 1592

A presentation will be given during the teleconference. The presentation can be followed online via: http://media.fronto.com/cloud/sectra/140304/

The presentation will also be available as a PDF about 15 minutes prior to the teleconference via the following link: http://www.sectra.com/corporate/investor/financial_information/financial_hearings.html

The recorded presentation will be made available on Sectra's website.

Financial calendar

Year-end report May 27, 2014 2014 Annual General Meeting September 8, 2014 in Linköping

ASSURANCE

The Board of Directors and the President of Sectra AB (publ) hereby assure that the interim report for the period May 2013 – January 2014 provides a true and fair view of the Parent Company's and Group's operations, financial position and earnings and describes the significant risks and uncertainties facing the Parent Company and other companies in the Group.

Linköping, March 3, 2014

Sectra AB (publ)

and Board member

President and CEO Chairman Board member

Torbjörn Kronander Carl-Erik Ridderstråle Erika Söderberg Johnson

Board member Board member Board member

Anders Persson Christer Nilsson Jakob Svärdström

Jan-Olof Brüer Per Elmhester Fredrik Häll Board member Board member Board member Employee representative Employee representative

Auditor's review

Introduction

We have reviewed the interim report of Sectra AB (publ), corporate registration number 556064-8304, as of January 31, 2014 and for the nine-month period then ended. The Board of Directors and the President are responsible for the preparation and fair presentation of this interim financial information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.

Scope and focus of review

We conducted our review in accordance with the Standard on Review Engagements (SÖG) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially more limited in scope than an audit conducted in accordance with the International Standards on Auditing (ISA) and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for the Group and in accordance with the Annual Accounts Act for the Parent Company.

Linköping, March 3, 2014

Grant Thornton Sweden AB Peter Bodin Authorized Public Accountant

The information in this report is such that Sectra AB (publ) is obligated to disclose in compliance with the Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. This information was released to the media for public disclosure on March 4, 2014, at 8:00 a.m. (CET).

Sectra AB (publ) Sectra AB (publ)

Teknikringen 20 SE 583 30 Linköping Tel: +46 (0)13 23 52 00 info@sectra.se www.sectra.se VAT Reg. No. SE-583 Linköping Teknikringen 20 SE-583 30 Linköping Tel: +46 (0)13 23 52 00 info@sectra.se www.sectra.se VAT reg. no. SE556064830401

13 (19)

Consolidated income statements

	3 months	3 months	9 months	9 months	12 months	Full-year
SEK thousands	Nov 2013 –	Nov 2012 -	May 2013 –	May 2012 -	Feb 2013 -	May-Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	Jan 2014	2012/2013
Net sales	209,577	205,207	583,197	568,856	831,295	816,954
Capitalized work for own use	1,297	3,456	14,112	8,076	18,246	12,210
Goods for resale	-23,671	-25,688	-80,809	-71,583	-136,059	-126,833
Personnel,costs	-106,839	-106,911	-304,952	-308,777	-412,358	-416,183
Other,external,costs	-37,825	-42,402	-103,452	-113,434	-144,345	-154,327
Depreciation/amortization	-11,948	-12,556	-34,161	-34,890	-45,226	-45,955
Operating profit	30,591	21,106	73,935	48,248	111,553	85,866
Net financial items	7,670	-838	11,509	-2,883	15,080	688
Profit after net financial	38,261	20,268	85,444	45,356	126,633	86,554
items
Taxes	-9,505	-2,468	-19,729	-10,491	-33,546	-24,308
Earnings for the period	28,756	17,800	65,715	34,874	93,087	62,246
Earnings/loss for the
period attributable to:
Parent Company owners	28,756	17,800	65,715	34,874	93,087	62,246
Non-controlling interest	0	0	0	0	0	0
Earnings per share
Before dilution, SEK	0.78	0.48	1.77	0.94	2.51	1.68
After dilution, SEK	0.75	0.47	1.73	0.92	2.45	1.64
No. of shares
Before dilution	37,094,978	37,094,978	37,094,978	37,094,978	37,094,978	37,094,978
After dilution 2)	38,124,018	37,909,395	38,124,018	37,909,395	38,124,018	37,951,746
Average, before dilution	37,094,978	37,094,978	37,094,978	37,038,780	37,094,978	37,052,830
Average, after dilution 2)	38,124,018	37,842,728	38,034,705	37,796,443	38,013,965	37,852,915

1) Dilution of the number of shares is based on the convertible debentures programs issued in 2010/2011 (176,052), 2011/2012 (272,363), 2012/2013 (155,895) and 2013/2014 (224,730) and on employee stock options issued in 2011/2012 (100,000), and 2012/2013 (100,000). On full conversion/exercise of convertible debentures and employee stock options, the number of shares will rise by 1,029,040.

Consolidated Statement of Comprehensive Income

	3 months	3 months	9 months	9 months	12 months	Full-year
SEK thousands	Nov 2013 –	Nov 2012 -	May 2013 –	May 2012 -	Feb 2013 -	May-Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	Jan 2014	2012/2013
Earnings for the period	28,756	17,800	65,715	34,874	93,087	62,246
Items that will be reclassified to profit and loss
Change in translation differences from	3,935	-11,067	3,948	-13,212	5,969	-11,191
translating foreign subsidiaries
Total other comprehensive income	3,935	-11,067	3,948	-13,212	5,969	-11,191
for the period
Total comprehensive income for the	32,691	6,733	69,663	21,662	99,056	51,055
period

Consolidated Balance Sheets

SEK thousands	Jan 31,	Jan 31,	Apr 30,
	2014	2013	2013
Assets
Intangible assets	125,032	123,044	123,157
Tangible assets	53,562	41,133	48,670
Financial assets	1,766	3,628	4,204
Deferred tax assets	14,353	5,753	5,593
Total fixed assets	194,713	173,558	181,624
Other current assets	341,055	330,707	365,642
Cash and cash equivalents	443,538	492,005	536,291
Total current assets	784,593	822,712	901,933
Total assets	979,306	996,270	1,083,557
Equity and liabilities
Equity (including total comprehensive income for the period)	567,248	635,491	665,300
Provisions	18,446	22,446	17,575
Deferred tax liabilities	31,832	27,019	27,067
Long-term liabilities	37,397	26,503	26,503
Current liabilities	324,383	284,811	347,112
Total equity and liabilities	979,306	996,270	1,083,557

No changes have occurred in pledged assets and contingent liabilities since the 2012/2013 Annual Report.

Consolidated Statement of Changes in Equity

	9 months	9 months	Full-year
SEK thousands	May 2013 -	May 2012 -	May - Apr
	Jan 2014	Jan 2013	2012/2013
Equity at start of period	665,300	787,392	787,392
Comprehensive income for the period	69,663	21,662	51,055
Share-related payments	1,429	1,063	1,479
Redemption of shares	-166,927	-185,475	-185,475
Settlement of share-related payments	-2,217	10,849	10,849
Equity at the end of the period	567,248	635,491	665,300

Consolidated Cash-flow Statements

	9 months	9 months	Full-year
SEK thousands	May 2013 -	May 2012 -	May - Apr
	Jan 2014	Jan 2013	2012/2013
Cash flow from operations before changes in working capital	96,371	88,894	133,634
Cash flow from operations after changes in working capital	104,313	127,596	191,216
Investing activities	-32,828	-58,088	-76,206
Financing activities	-157,219	-182,697	-182,697
Cash flow for the period	-85,734	-113,189	-67,687
Change in cash and cash equivalents
Cash and cash equivalents, opening balance	536,291	605,757	605,757
Exchange-rate difference in cash and cash equivalents	-7,019	-563	-1,779
Cash and cash equivalents, closing balance	443,538	492,005	536,291
Unutilized credit facilities	15,000	15,000	15,000

Key figures

	9 months	9 months	12 months	Full-year
	Jan 31,	Jan 31,	Jan 31,	Apr 30,
	2014	2013	2014	2013
Order bookings, SEK M	661.1	566.1	1,011.0	916.0
Operating margin, %	12.7	8.5	13.4	10.5
Profit margin, %	14.6	8.0	15.2	10.6
Average number of employees	523	526	523	527
Cash flow per share, SEK	2.60	2.40	3.80	3.60
Cash flow per share after full dilution, SEK	2.53	2.34	3.70	3.52
Value added, SEK M	378.9	357.0	523.9	502.1
P/E ratio, multiple	n/a	n/a	31.5	31.5
Share price at end of period, SEK	79.0	48.2	79.0	53.0
Return on equity, %	10.7	4.9	15.5	8.6
Return on capital employed, %	13.2	6.2	20.0	11.6
Return on total capital, %	8.4	4.3	12.9	7.9
Equity/assets ratio, %	57.9	63.8	57.9	61.4
Liquidity, multiple	2.5	2.9	2.5	2.6
Equity per share, SEK	15.29	17.13	15.29	17.94
Equity per share after full dilution, SEK	14.88	16.76	14.88	17.53

Quarterly consolidated income statement and key figures

			2013/2014				2012/2013			2011/2012
SEK Million	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2 1)
Net sales	209.6	198.3	175.3	248.1	205.2	192.7	171.0	238.5	196.1	219.2
Capitalized work for own use	1.3	6.4	6.4	4.1	3.5	4.4	0.3	1.6	2.6	5.7
Operating expenses	-168.4	-162.9	-158.0	-203.5	-175.0	-163.1	-155.9	-181.6	-182.4	-169.4
Depreciation/amortization	-11.9	-12.4	-9.8	-11.1	-12.6	-11.0	-11.3	-11.7	-10.9	-10.6
Operating profit	30.6	29.4	13.9	37.6	21.1	23.0	4.1	46.8	5.4	44.9
Net financial items	7.7	2.7	1.1	3.6	-0.8	1.8	-3.8	3.5	6.9	4.2
Earnings after net financial
items	38.3	32.1	15.0	41.2	20.3	24.8	0.3	50.3	12.3	49.1
Tax on earnings for the period	-9.5	-7.0	-3.2	-13.8	-2.5	-7.9	-0.1	-13.4	-3.3	-14.0
Earnings for the period from
remaining operations	28.8	25.1	11.8	27.4	17.8	16.9	0.2	36.8	9.0	35.1
Profit/loss from discontinued operations		0	0	0	0	0	0	0	0	310.0
Earnings for the period	28.8	25.1	11.8	27.4	17.8	16.9	0.2	36.8	9.0	345.1
Order bookings, SEK M	256.5	156.9	247.7	350.0	232.9	217.0	116.2	188.2	131.5	190.6
Operating margin, %	14.6	14.8	7.9	15.2	10.3	11.9	2.4	19.6	2.8	20.5
Cash flow per share, SEK	1.19	0.93	0.48	1.20	1.23	0.65	0.52	1.38	0.97	1.48
Cash flow per share after full
dilution, SEK	1.16	0.90	0.47	1.18	1.19	0.64	0.51	1.34	0.94	1.44
Earnings per share, SEK	0.78	0.68	0.32	0.74	0.48	0.46	0.01	1.00	0.24	0.95
Return on equity, %	4.7	4.2	1.8	4.2	2.8	2.4	0.0	5.8	1.1	46.3
Return on capital employed, %	5.9	5.1	2.2	6.1	3.2	3.4	0.1	6.3	1.5	47.8
Equity/assets ratio, %	57.9	59.4	65.2	61.4	63.8	64.7	71.2	69.4	68.2	75.0
Cash flow per share, SEK	1.19	0.93	0.48	1.20	1.23	0.65	0.52	1.25	0.97	1.25
Equity per share, SEK	15.29	14.40	18.23	17.94	17.13	16.94	21.54	21.37	20.34	24.94

1) Including discontinued operations.

Five-year summary

	2012/2013	2011/2012	2010/2011	2009/2010	2008/2009
Order bookings. SEK M	916.0	701.1	631.0	766.7	1 080.6
Net sales. SEK M	817.0	823.1	783.7	753.9	777.0
Operating profit. SEK M	85.9	103.5	72.5	115.7	120.4
Earnings after net financial items. SEK M	86.6	127.9	70.2	113.0	200.0
Earnings after tax from remaining operations. SEK M	62.2	92.8	48.3	84.0	143.9
Operating margin. %	10.5	12.6	9.3	15.3	15.5
Profit margin. %	10.6	15.5	9.0	15.0	25.7
Earnings per share before dilution. SEK	1.68	2.52	1.31	2.28	3.90
Earnings per share after dilution. SEK	1.64	2.46	1.29	2.24	3.84
Dividend per share. SEK	4.50	5.00	5.00	0.00	0.00
Share price at year end. SEK	53.0	43.0	34.0	37.3	38.8
P/E ratio. multiple	31.5	17.1	26.0	16.4	9.9
Including discontinued operations:
Earnings for the period. SEK M	62.2	385.8	-9.6	17.2	50.5
Return on equity. %	8.6	58.0	-1.6	2.9	8.7
Return on capital employed. %	11.6	59.7	-1.1	3.9	11.6
Return on total capital. %	7.9	40.8	-0.7	2.5	7.4
Equity per share before dilution. SEK	17.94	21.37	15.46	16.36	16.26
Equity per share after dilution. SEK	17.53	20.77	15.13	16.11	16.06
Equity/assets ratio. %	61.4	69.4	61.0	62.2	59.4

OPERATING SEGMENTS

Nets sales by segment

(MSEK)	3 months	3 months	9 months	9 months	12 months	Full-year
	Nov 2013 –	Nov 2012 –	May 2013 -	May 2012 -	Feb 2013	May - Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	- Jan 2014	2012/2013
Imaging IT Solutions	185.8	172.9	542.6	485.5	766.3	709.2
Secure Communications	21.9	27.6	57.5	77.3	79.2	99.0
Business Innovation	6.1	4.5	17.0	12.2	22.5	17.7
Other operations 1	24.0	16.8	69.9	47.1	90.9	68.1
Eliminations	-28.2	-16.6	-103.8	-53.2	-127.6	-77.0
Group total	209.6	205.2	583.2	568.9	831.3	817.0

Operating earnings by segment

(MSEK)	3 months	3 months	9 months	9 months	12 months	Full-year
	Nov 2013 –	Nov 2012 –	May 2013 -	May 2012 -	Feb 2013	May - Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	- Jan 2014	2012/2013
Imaging IT Solutions	36.5	28.8	100.2	55.0	148.4	103.2
Secure Communications	-0.9	2.8	-4.1	8.4	-11.1	1.4
Business Innovation	-0.2	-2.7	-0.3	-7.1	-0.2	-7.0
Other operations 1	-1.8	-6.6	-3.4	-8.6	-0.8	-6.0
Eliminations	-3.0	-1.2	-18.5	0.5	-24.7	-5.7
Group total	30.6	21.1	73.9	48.2	111.6	85.9

Net sales by geography

(MSEK)	3 months	3 months	9 months	9 months	12 months	Full-year
	Nov 2013 –	Nov 2012 –	May 2013	May 2012	Feb 2013	May - Apr
	Jan 2014	Jan 2013	- Jan 2014	- Jan 2013	- Jan 2014	2012/2013
Sweden	73.5	69.1	190.9	196.2	259.5	264.8
US	34.3	41.0	107.5	118.4	163.3	174.2
UK	37.8	27.0	100.6	74.8	130.8	105.0
Rest of Europe	54.1	52.1	151.0	132.2	230.5	211.7
Rest of world	9.9	16.1	33.2	47.3	47.2	61.3
Group total	209.6	205.2	583.2	568.9	831.3	817.0

1 Other operations pertain to Sectra's operations for the financing of customer projects, asset management, shared functions for administration, Group finances, market communication, IT, regulatory issues and investor relations activities.

PARENT COMPANY

Parent Company Income Statements

	3 months	3 months	9 months	9 months	12 months	Full-year
SEK thousands	Nov 2013 –	Nov 2012 –	May 2013 -	May 2012 -	Feb 2013	May - Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	- Jan 2014	2012/2013
Net sales	16,691	4,969	51,168	14,976	56,398	20,206
Capitalized work for own use	264	0	264	0	264	0
Personnel costs	-9,941	-3,341	-30,148	-9,038	-31,930	-10,820
Operating expenses	-10,722	-8,537	-29,199	-18,904	-31,591	-21,296
Depreciation/amortization	-98	-39	-275	-145	-296	-166
Operating loss	-3,806	-6,948	-8,190	-13,111	-7,155	-12,076
Net financial items	6,450	-477	15,153	4,093	85,227	74,167
Profit after net financial items	2,644	-7,425	6,963	-9,018	78,072	62,091
Appropriations	0	0	0	0	-1,975	-1,975
Profit before tax	2,644	-7,425	6,963	-9,018	76,097	60,116
Tax on earnings for the period	-651	1,953	-1,601	2,372	-20,097	-16,124
Earnings for the period	1,993	-5,472	5,362	-6,646	56,000	43,992

Parent Company Statement of Comprehensive Income

	3 months	3 months	9 months	9 months	12 months	Full-year
SEK thousands	Nov 2013 –	Nov 2012 –	May 2013 -	May 2012 -	Feb 2013	May - Apr
	Jan 2014	Jan 2013	Jan 2014	Jan 2013	- Jan 2014	2012/2013
Earnings for the period	1,993	-5,472	5,362	6,646	56,000	43,992
Other comprehensive income
Fund for fair value	728	-3,682	-1,162	-4,947	1,060	-2,725
Total other comprehensive income	728	-3,682	-1,162	-4,947	1,060	-2,725
for the period
Total comprehensive income for the period	2,721	-9,154	4,200	-11,593	57,060	41,267

Parent Company Balance Sheets

SEK thousands	Jan 31.	Jan 31.	Apr 30.
	2014	2013	2013
Assets
Intangible assets	264	0	0
Tangible assets	1,042	260	238
Financial assets	77,797	103,476	106,492
Total fixed assets	79,103	103,736	106,730
Other current assets	119,103	106,218	168,667
Cash and cash equivalents	335,842	419,422	424,712
Total current assets	454,945	525,640	593,379
Total assets	534,048	629,376	700,109
Equity and liabilities
Equity (including earnings for the period)	354,879	466,965	519,825
Deferred tax liabilities	112,165	110,191	112,166
Long-term liabilities	37,397	27,880	26,503
Current liabilities	29,607	24,340	41,615
Total equity and liabilities	534,048	629,376	700,109

Pledged assets and contingent liabilities

SEK thousands	Jan 31.	Jan 31.	Apr 30.
	2014	2013	2013
Pledged. assets	11,000	11,000	11,000
Total pledged assets		11,000	11,000
Guarantees on behalf of group companies	254,993	235,265	283,943
Total contingent liabilities	254,993	235,265	283,943

Definition of key figures

Adjusted equity	Reported shareholders' equity increased by 78% of untaxed reserves.
Capital employed	Total assets reduced by non-interest-bearing liabilities.
Cash flow per share	Cash flow divided by the number of shares at the end of the period.
Earnings per share	Profit/loss after tax divided by the average number of shares.
Equity/assets ratio	Adjusted equity as a percentage of total assets.
Equity per share	Adjusted equity divided by the number of shares at the end of the period.
Liquidity	Current assets divided by current liabilities.
P/E ratio per share	Share price at the end of the period in relation to the 12-month period's earnings
Profit margin	Profit after net financial items as a percentage of net sales.
Return on equity	Profit after tax as a percentage of average adjusted equity.
	Return on capital employed (ROCE) Profit before tax plus financial expenses as a percentage of average capital
employed.
Return on total capital	Profit after net financial items plus financial expenses as a percentage of average
total assets.
Value added	Operating profit plus labor costs.

ABOUT SECTRA

The world needs more efficient healthcare and more reliable communication. Sectra plays a key role in satisfying these needs by offering products and services in the areas of medical IT and secure communication.

Sectra has its roots in research at Linköping University and ties with the research community remain strong. The company has grown from a small group of researchers and postgraduate students in 1978 to an international company with more than 500 employees in 12 countries. The company's success is based on close collaboration with customers, employees' dedication to solving customers' problems and the ability to develop technological and commercial innovations that can improve everyday life for our customers. The Group's operations currently comprise the following niche areas:

Imaging IT Solutions helps healthcare providers care for more patients, while retaining the same, or a higher level of quality though efficient image management. Increased use of medical images and ageing populations that are living longer pose huge challenges to the healthcare sector. Sectra's IT solutions and services enable greater efficiency throughout the entire care chain and contribute to healthcare advancements. Sectra has more than 1,400 installations of medical IT systems, and customers include some of the largest healthcare providers in the world. The main area today is radiology, but there is also rapidly rising interest from other diagnostic imaging areas in the healthcare sector.

Secure Communications helps authorities, companies and defense organizations in Europe to communicate securely. Eavesdropping on phone calls and messages is relatively easy, and represents a security threat for many organizations. Sectra's solutions and services protect the most sensitive and confidential information that is handled by customers. The products are approved by the EU, NATO and several national security authorities.

Business Innovation in which Sectra gathers smaller operations and future projects which may lead to major growth in Sectra's main areas or related niches. This area includes methods and products that contribute to more efficient and effective care for osteoporosis and the effects of osteoarthritis, which are some of society's most costly diseases.

Sectra's niche areas offer major scope for expansion. Conditions for the company's continued growth are:

• Established positions in the medical image-based IT and secure communication niches, where trust is a key factor for success.
• Close and long-term customer relationships, since most the Group's revenues are generated by multi-year agreements.
• Large customer base that continues to generate new business.
• Global reach with customers in more than 50 countries, through partnerships and own offices in 12 countries.
• Sustainable investments in future projects that are currently small, but that hold major international growth potential if they are successful.
• Loyal and experienced employees who are dedicated and qualified to solve customers' challenges.
• Financial strength that facilitates acquisitions, flexible payment models and investments in research and development that will enable Sectra to generate value for customers and thereby contribute to long-term growth in shareholder value.

For further information about Sectra's operations, refer to Sectra's 2012/2013 Annual Report.

Sectra AB (publ)

Teknikringen 20 SE 583 30 Linköping Tel: +46 (0)13 23 52 00 info@sectra.se www.sectra.se VAT Reg. No. SE556064830401