Semcon — Interim / Quarterly Report 2008

Jul 17, 2008

GOOD earnings trenq2 d continues INTERIM REPORT janUARY-JUNE 2008

SECOND QUARTER

• Operating income rose 51% to SEK 902 million (598). Organic growth was 9%
• The operating profit after depreciation climbed SEK 77 million and amounted to SEK 71 million (-6), giving an operating margin of 7.9% (-1.1)
• The profit after tax was SEK 46 million (-1)
• Earnings per share (EPS) after dilution were SEK 2.54 (-0.19)

JANUARY - JUNE

• Operating income rose 81% to SEK 1 783 million (987). Organic growth was 10%
• The operating profit after depreciation climbed SEK 116 million and amounted to SEK 145 million (29), giving an operating margin of 8.2% (2.9)
• The profit after tax was SEK 92 million (31)
• Earnings per share (EPS) after dilution were SEK 5.11 (1.43)

THE NEW SEMCON

Two major acquisitions and one divestment of a branch of the business took place in 2007. IVM Automotive in Germany was acquired on 1 April and Caran was acquired on 31 August. The Zpider business area's companies were sold on 31 December. Pro forma sales for the Group in 2007 amounted to SEK 3.3 billion with a headcount of around 3,600. The new Group is active in the areas of product development and technical information and is one of the world's largest suppliers of technical development services to the automotive industry, both for cars and trucks. The acquisition of Caran also means supplying a greater range of services to the engineering industry where we have become one of the largest in Northern Europe.

INCOME AND RESULTS

SECOND QUARTER

Operating income rose by SEK 304 million over the quarter amounting to SEK 902 million (598). Organic growth was 9%. During the quarter the operating profit after depreciation climbed SEK 77 million amounting to SEK 71 million (-6), giving an operating margin of 7.9% (-1.1). Last year's results were burdened with SEK 26 million in one-off costs. The improvement in the operating profit also includes the positive effects of the Caran acquisition, the cost savings scheme carried out in 2007, and lower pension costs due to a premium discount from Alecta of SEK 8 million.

The savings that Volvo Cars announced in Q2 will mean a reduction in business volumes in the autumn. The range of the savings scheme will probably not be clear before the end of Q3. Over the year Volvo Car's share of Group sales has declined from 21% to 17%.

The German business also saw a weak but positive operating profit in Q2. Two major customers have introduced cost savings schemes and postponed starting projects

which had a negative impact on the businesses in Munich and Rhein-Main. Other units in Germany reported profit improvements. Excluding the German business, the operating margin for the Group was 10.1% (-0.4).

The profit after net financial items was SEK 66 million (-12). Net financial items amounted to SEK -4 million (-5). The profit after tax was SEK 46 million (-1). The EPS after dilution was SEK 2.54 (-0.19)

JANUAY – JUNE

Operating income for the first six months climbed by SEK 796 million and amounted to SEK 1 783 million (987). Organic growth was 10%. During the period the operating profit after depreciation rose SEK 116 million amounting to SEK 145 million (29) giving an operating margin of 8.2% (2.9). Last year's results were burdened with SEK 27 million in one-off costs. A pensions premium discount from Alecta amounted to SEK 14 million.

Excluding the German business, the operating margin for the Group for the first six months was 10.5% (4.4).

The profit after net financial items was SEK 131 million (23). Net financial items amounted to SEK -14 million (-5). The profit after tax was SEK 92 million (31). The EPS after dilution was SEK 5.11 (1.43)

EVENTS DURING THE YEAR

* An extraordinary general meeting on 7 February 2008 decided to:

– appoint Hans-Erik Andersson as Chairman of the Board;

– introduce a long-term share savings scheme for the Group's employees;

– introduce a convertible-based incentive scheme for a maximum 165 key people at the Semcon Group and in conjunction with this decided to take up a convertible debenture loan of a maximum SEK 50 million.

* With effect from 8 February 2008, Kjell Nilsson is the new president and CEO. .

* Semcon signed an agreement to acquire the brand name Projektema.

* At the AGM on 24 April Marianne Brismar, Jorma Halonen and Håkan Larsson were elected as new board members.

DISTRIBUTION OF EARNINGS, JAN-JUNE 2008

GROUP SALES PER INDUSTRY, JAN-JUNE 2008

AUTOMOTIVE R&D

		APR-JUNE	JAN-JUNE	FULL YEAR
KEY FIGURES	2008	2007	2008	2007	2007
Sales, (SEK m)	563.3	378.3	1,113.4	535.5	1,512.7
Operating profit after depreciation (SEK m)	24.8	5.1	51.4	15.7	63.0
Operating margin, %	4.4	1.3	4.6	2.9	4.2
Number of employees, period end	2,369	1,633	2,369	1,633	2,401

Following the acquisition last year of IVM Automotive and Caran, the Group has continued to focus on integrating these activities into the business areas. Activities in Sweden and the UK progressed well during the first half of the year. A high level of utilisation and the effects of cost-savings completed in 2007 contributed to the positive development.

In terms of sales, the business area reported organic growth of 8% during the first half of the year. There are major opportunities for further expansion in the UK, Russia and Brazil, among other count-ries. The new Group is a prioritised supplier of development services to all of our key customers in the vehicle industry. The demand for engineers remains generally strong.

In Sweden, investment has been made in a new test and concept centre in Göteborg, covering around 2 100 square metres.

During the year, Volvo Cars' share of Group sales fell from 21% to 17%. Semcon's strong position in the global vehicle industry and generally high demand within other industries provide greater opportunities for handling any probable cutbacks at Volvo Cars.

During the period, two major customers in Germany introduced cost savings programmes and delayed project starts, which affected activities in Munich and Rhein-Main negatively. The focus is on utilising competence from these sites with other

customers and projects in order to compensate for the cutbacks. Projects for Russian customers, for example, are mainly carried out in Munich. Other units in Germany are reporting higher profits. The operating margin, excluding activities in Germany, was 7.4% (5,8) during the first half of the year.

The business area's strategic focus on Russia has resulted in increased orders. During the period the business area signed contracts for commercial vehicles worth a combined total of around SEK 45 million. The vehicles market in Russia is growing strongly. Both sales of new vehicles and domestic investment in technology and production are increasing swiftly and the Russian market for vehicles this year is expected to be the largest in Europe with sales of around 4 million cars per year.

Automotive R&D provides services to customers in the global automotive industry. Its range includes focusing on design, construction, testing and simulations. Semcon is a complete supplier and the services provided by the business area complement the automotive manufacturers' own resources. Items for manufacture and delivery are adapted according to customer requirements, from participating in customers' teams to development projects in-house. The business area's activities are in Sweden, Germany, the UK, Brazil, India, Spain and Russia.

Many of the world's largest car manufacturers are Automotive R&D's customers. These include: Audi, BMW, Daimler, GM -Opel, Saab Automobile, Porsche, Scania, Saab AB, Volvo Cars, AB Volvo and Volkswagen.

DESIGN & DEVELOPMENT

		APR-JUNE		JAN-JUNE	FULL YEAR
KEY FIGURES	2008	2007	2008	2007	2007
Sales.,(SEK m)	235.3	123.7	460.7	260.4	620.5
Operating profit after depreciation (SEK m)	30.1	1.5	63.3	15.6	52.4
Operating margin, %	12.8	1.2	13.7	6.0	8.4
Number of employees, period end	889	574	889	574	906

The business area has progressed very well both in terms of sales and earnings. Integration with Caran has added competence and complemented the customer base. Organic growth during the first six months of the year amounted to 15%. The positive earnings trend stems from the acquisition of Caran, strong demand and associated high utilisation, the effects of last year's savings programme, and the measures carried out in 2007 to refine the activities of the business area.

The business area is experiencing continued strong demand from customers in all prioritised branches and sees good prospects for continued expansion. All activities within the business area have developed well.

The strong progress in 2007 for Medical LifeScience and Semcon Project Management has continued in the first half of 2008 with expansion in the Öresund region, for example. Embedded Intelligent Solutions (EIS by Semcon) has an urgent need to recruit new staff.

Product Development, the largest activity within the business area, also reports very good sales and earnings trends. During the period, Product Development has consolidated its position in the production technology field through the acquisition of Projektema, a highly reputable brand. The production technology area of competence is expected to grow by over 20 employees within a couple of years.

design & Development works with industrial design, product development, production development and project management. Design & Development provides, expertise, experience and commitment to achieve quicker, improved product development. The range includes requirement studies, ideas and innovation, concepts and design to construction, testing, prototyping and verification, project management and production development. Customers are mainly found in manufacturing, telecoms, medi-tech and the automotive industry. The business area has activities in Sweden and Malaysia.

Our customers include: ABB, Alstom, Bombardier, Fortum, General Electric, Husqvarna and Saab AB in the energy and engineering industries, AstraZeneca and Pfizer in the pharmaceutical industry and companies in the telecoms industry.

INFORMATIC

			APR-JUNE		JAN-JUNE	FULL YEAR
12 %	KEY FIGURES	2008	2007	2008	2007	2007
	Sales, (SEK m)	103.7	96.0	208.7	191.1	364.2
	Operating profit after depreciation (SEK m)	15.9	13.1	30.7	24.5	35.0
	Operating margin, %	15.3	13.6	14.7	12.8	9.6
	Number of employees, period end	404	329	404	329	341

Informatic continues to report good sales growth and a strong earnings trend within the market and after-market segments. Activities in Sweden and the UK progressed especially well.

In Sweden the business area started up an office in Linköping during the first half of the year. Activities are being restructured in Trollhättan in connection with long-term contracts with General Motors and Saab Automobile coming to an end during Q3.

The business area continues to expand within the Telecom segment.

In the UK, business with Jaguar and Land Rover is developing well and new commitments and projects have been started. The change in ownership of Jaguar and Land Rover, from Ford to the Tata Group of India, should not affect this business.

The start-ups in China and in Hungary continue to develop according to plan. At present more than 50 people are involved in both of these activities.

Production volumes in terms of sales vary among the quarters according to customers' annual production plans. The savings programme presented by Volvo Cars means that the production situation for Volvo is difficult to assess over coming quarters. Overall we see continued opportunities for continued expansion of the business area in all existing markets.

informatic supports customers' products with information solutions throughout the entire product lifecycle – from sales and marketing to installation, maintenance and repair. The offer includes solutions in interactive market communication and complete information solutions in the aftermarket sector. End users are both consumers as well as professionals. Customers are mainly from the automotive, telecoms and manufacturing industries. The business area currently has activities in Sweden, the UK, Hungary and China.

Customers in the automotive sector include Volvo Cars, Jaguar and Land Rover, General Motors and AB Volvo. Other customers include Bombardier, Kockums and companies in the telecoms sector.

STAFF AND ORGANISATION

The headcount at the period's end was 3 662 (2 536), of which 2 462 in Sweden and 1 200 abroad. The average number of employees was 3 692 (2 057). The number of employees in the business areas at the period's end was: Automotive R&D 2 369 (1 633), Design & Development 889 (574) and Informatic 404 (329).

FINANCIAL POSITION

Shareholders' equity at the period's end was SEK 593 million (297 m), the equity/ assets ratio was 32% (21) and the debt/ equity ratio was 0.8 times (1.8). Net borrowing stood at SEK 478 million (SEK 778 m at year-end). The operation's cash flow from current activities was SEK -3 million (-78). The Group's liquid assets stood at SEK 55 million (44). Investments in hardware, licences and office supplies and equipment totalled SEK 14 million (19 m). During Q2 a new credit agreement was signed, which will mean lower financing costs.

INCENTIVE SCHEME

Semcon AB's EGM on 7 February 2008 voted to introduce a long-term share saving scheme and a convertible-based incentive scheme.

The share saving scheme is open to all employees of the Swedish and German companies, with the saving period running from May 2008 to April 2009. For each savings share still owned after three years, participants will receive a matching share, provided they are still employed by the company. The number of matching shares is restricted to 250,000 shares. The total of 330,000 shares required for the scheme (250,000 matching shares plus 80,000 shares which may be sold to cover

costs) represents around 1.9% of the total

number of outstanding shares. Around 500 people signed up for the scheme at the first subscription opportunity. The convertible-based incentive scheme has raised SEK 37 million from existing managers, representing 441 701 shares, or around 2.5% of the total number of outstanding shares. The remaining SEK 13 million will be made available to future managers to subscribe for. Conversion may take place from 28 February 2010 to 28 February 2011 at a conversion price of SEK 84.20.

OWNERSHIP STRUCTURE

As of 30 June, the JCE Group owned 29.9% of Semcon's shares, Skandia Liv held 12.7%, Swedbank Roburs Fonder held 8.1% and Handelsbankens Fonder held 3.4%. Foreign ownership was 23.1% (23.7) and the number of shareholders was 3 357 (3 886). The total number of shares at the end of the period was 17 782 534 (17 742 266). Semcon is listed on the Nasdaq OMX Nordic Exchange Stockholm's list of Small-Cap companies under the SEMC ticker and has a share class with equal voting rights for ordinary shares.

SALES AND ACQUISITIONS

The Group did not acquire or sell any businesses during the first six months of 2008. Both acquisitions and sales took place in 2007 that significantly affected the Group. More information about these transactions is available on page 71 of the Group's annual report for 2007.

EVENTS AFTER THE END OF THE PERIOD

On 2 July 2008 the share capital of Semcon AB was increased by SEK 330 000 through the issue of 330 000 new C shares intended for use in the share savings scheme. Following this increase, the overall share capital in Semcon AB is SEK 18.1 million and the number of shares is 18 112 534, of which 17 782 534 are ordinary shares and 330 000

are C shares, all of which have a nominal value of SEK 1. Unlike ordinary shares, C shares do not provide an entitlement to dividends and one C share provides only one tenth of a vote.

RISKS AND INSTABILITY FACTORS

The Group's and parent company's significant risks and instability factors include business risks in the form of high exposure towards a single industry or customer. In general terms the acquisition of businesses involved increased risks. This also includes financial risks mainly concerning interests and currency risks. In addition to the risk described in Semcon's Annual Report 2007 (see pages 44 and 58 for an extensive description of the Group's and parent company's exposure and risk management), no other significant risks exist.

OUTLOOK

The savings announced by Volvo Cars during the second quarter will mean reduced business volumes in the autumn. Otherwise demand is expected to remain strong and there is a generally large need for recruitment.

ACCOUNTING PRINCIPLES

Semcon follows the IFRS standards and interpretations thereof as adopted by the EU (IFRIC). This report has been produced in accordance with IAS 34. The same accounting principles have been applied in this report as in the latest annual report. The new interpretations issued by IASB and that came into effect on 1 January 2008 do not affect the Group's financial reports.

The Board and CEO certify that the financial report provides an accurate picture of the parent company's and Group's activities, positions and earnings, and describes the significant risks and uncertainties facing the parent company and Group companies.

Göteborg 17 july 2008

SEMCON AB (PUBL) 417 80 Göteborg Co. Reg. No. 556539-9549

Hans-Erik Andersson Chairmane

Håkan Larsson Board member Stefan Novakovoc Employee representative

Kjell Nilsson President and CEO Marianne Brismar Board member

Jorma Halonen Board member

Gunvor Engström Board member

Roland Kristiansson Employee representative

Christer Eriksson Employee representative

financial reporting

Q3 report: 21 October Financial statement for 2008: 5 February 2009

For more information, please contact: Kjell Nilsson, CEO Semcon AB, +46 (0)702 60 01 21 Björn Strömberg, CFO Semcon AB, +46 (0)708 35 44 80 Anders Atterling, IR manager Semcon AB, +46 (0)704 47 28 19

Head office: Semcon AB, 417 80 Göteborg, Sweden, Phone: +46 (0)31 721 00 00 Fax: +46 (0)31 721 03 33 Visiting address: Theres Svenssons gata 15 www.semcon.se

This report has not been subject to review by the company's auditors. Semcon discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. This information was submitted for publication at 11 a.m. on 17 July 2008 Semcon AB.

Consolidated financial, Summary

income statement

		APRIL-JUNE	JAN-JUNE	JAN-DEC
SEK m	2008	2007	2008	2007	2007
Operating income	902.3	598.0	1,782.8	987.0	2,497.4
Purchase of goods and services	-191.8	-141.9	-396.2	-226.0	-594.2
Other external operating expenses*	-81.1	-67.3	-159.9	-104.8	-250.7
Staff costs	-549.9	-387.6	-1,064.2	-617.3	-1,524.0
Operating profit before depreciation	79.5	1.2	162.5	38.9	128.5
Depreciation of tangible assets	-6.8	-5.6	-13.5	-8.2	-21.6
Depreciation of intangible assets	-1.9	-1.9	-3.6	-1.9	-5.8
Write down of goodwill	-	-	-	-	-112.2
Operating profit/loss after depreciation and amortisation	70.8	-6.3	145.4	28.8	-11.1
Net financial items	-4.3	-5.3	-14.1	-5.4	-24.4
Profit/loss after net financial items	66.5	-11.6	131.3	23.4	-35.5
Tax	-20.3	1.2	-39.1	-9.6	-20.7
Profit/loss after tax. remaining business	46.2	-10.4	92.2	13.8	-56.2
Profit/loss after tax. sold business (Note 1)	-	9.6	-	16.8	284.2
Profit after tax **	46.2	-0.8	92.2	30.6	228.0
Average number of shares	17,782,534	17,742,266	17,782,534	17,742,266	17,762,400
Average number of convertibles (shares) ***	440,701	42,372	244,834	42,372	21,186
EPS. SEK	2.60	-0.19	5.18	1.43	12.84
EFP after dilution. SEK	2.54	-0.19	5.11	1.43	12.82
No. of days in period	61	58	122	122	249
Of which share in associated company´s profit/loss * Of which parent company shareholders Of which minority interests	- 46.2 -	-0.1 -3.3 2.5	- 92.2 -	-0.6 25.4 5.2	0.3 228.0 -

*** Convertibles are recalculated to the number of underlying shares

Note 1 See page 13. Profit/loss after tax. sold business.

QUARTERLY INFORMATION BY BUSINESS AREA

			2006		2007			2008
	Q 1	Q 2	Q 3	Q 4	Q 1	Q 2	Q 3	Q 4	Q 1	Q2
Sales (SEK m)
Automotive R&D	132.1	133.6	114.9	149.4	157.2	378.3	407.6	569.6	550.1	563.3
Design & Development	121.7	124.4	107.1	137.4	136.7	123.7	130.9	229.2	225.4	235.3
Informatic	92.9	103.1	68.3	76.5	95.1	96.0	76.0	97.1	105.0	103.7
Total	346.7	361.1	290.3	363.3	389.0	598.0	614.5	895.9	880.5	902.3
Operating profit/loss (SEK m)
Automotive R&D	10.7	2.5	4.2	9.8	10.6	5.1	12.2	35.1	26.6	24.8
Design & Development	6.9	1.6	0.6	6.7	14.1	1.5	11.6	25.2	33.2	30.1
Informatic	14.0	15.6	4.6	5.3	11.4	13.1	1.8	8.7	14.8	15.9
Total before one-off costs	31.6	19.7	9.4	21.8	36.1	19.7	25.6	69.0	74.6	70.8
One-off costs	-	-5.9	-	-24.9	-1.0	-26.0	-7.1	-127.4	-	-
Total	31.6	13.8	9.4	-3.1	35.1	-6.3	18.5	-58.4	74.6	70.8
Operating margin (%)
Automotive R&D	8.1	1.9	3.7	6.6	6.7	1.3	3.0	6.2	4.8	4.4
Design & Development	5.7	1.3	0.6	4.9	10.3	1.2	8.9	11.0	14.7	12.8
Informatic	15,1	15,1	6,7	6,9	12,0	13,6	2,4	9,0	14,1	15,3
Total before one-off costs	9,1	5,5	3,2	6,0	9,3	3,3	4,2	7,7	8,5	7,9
Total	9,1	3,8	3,2	-0,9	9,0	-1,1	3,0	-6,5	8,5	7,9
Number of employees
Automotive R&D	599	602	610	615	622	1,633	2,450	2,401	2,419	2,369
Design & Development	635	621	609	606	607	574	908	906	907	889
Informatic	289	288	283	301	332	329	343	341	396	404
Total	1,523	1,511	1,502	1,522	1,561	2,536	3,701	3,648	3,722	3,662
Number of days in the period	64	58	65	63	64	58	65	62	61	61

BALANCE SHEET	30 JUNE	30 JUNE*	31 DEC
SEK m	2008	2007	2007
ASSETS
Intangible assets. goodwill	516.9	357.4	516.6
Other intangible assets	21.3	16.5	18.9
Tangible fixed assets	84.5	75.9	92.3
Financial assets	21.3	21.1	21.3
Other long-term receivables	61.1	49.5	62.3
Current assets	1,059.6	801.2	1,275.3
Cash and bank balances	55.6	47.2	117.1
Total assets	1,820.3	1,368.8	2,103.8
shareholders equity and liabilities
Shareholders equity	592.9	293.4	494.0
Pension obligations	65.3	59.3	63.7
Other long-term allocations	51.0	39.0	53.7
Interest-bearing long-term liabilities	404.5	400.0	404.0
Interest-bearing current liabilities	63.7	69.2	427.7
Non interest-bearing current liabilities	642.9	507.9	660.7
Total shareholders equity and liabilities	1,820.3	1,368.8	2,103.8
Minority share of shareholders equity at start of the period Minority share of subsidiaries sold during the period Profit/loss of the period attributable to minority shareholdings Minority share of shareholders equity at the end of period * Including assets and liabilities concerning sold business during 2007	- - - -	2.3 - 5.2 7.5	2.3 -2.3 - -
CHANGE IN SHAREHOLDERS EQUITY	30 JUNE	30 JUNE	31 DEC
SEK m	2008	2007	2007
Shareholders equity at start of period	494.0	265.1	265.1
Translation difference	-0.3	-3.7	-0.5
Change in hedge reserves	5.2	-	-

Convertible subordinated loan	1.9	-	-
New share issue	-0.1	1.4	1.4
Earnings for the period attributable to parent company shareholders	92.2	25.4	228.0
Shareholders equity before minority participations	592.9	288.2	494.0
Earning for the period attributable to minority interests	-	5.2	-
Shareholders equity at end of the period	592.9	293.4	494.0

CASH FLOW STATEMENT

		APRIL-JUNE	JAN-JUNE	FULL YEAR
SEK m	2008	2007	2008	2007	2007
Cash flow from current activities before change in working capital	67.8	-13.1	126.1	9.9	28.1
Change in working capital	-46.8	-80.8	-129.1	-88.1	-4.3
Cash flow from current activities	21.0	-93.9	-3.0	-78.2	23.8
Net investments	-7.9	-15.7	-14.0	-19.3	-36.9
Acquisation of subsidiaries/associated companies	-	-326.9	-	-326.9	-651.0
Sale of subsidiaries/associated companies	-	4.3	311.0	4.3	-
Sale of fixed assets	8.0	0.4	8.0	0.4	0.4
Cash flow from investment activities	0.1	-337.9	305.0	-341.5	-687.5
Change in interest-bearing receivables and liabilities	-22.3	434.8	-363.5	438.0	751.9
Cash flow from financing activities	-22.3	434.8	-363.5	438.0	751.9
Cash flow of remaining activities	-1.2	3.0	-61.5	18.3	88.2
Cash flow of sold activities (Note 2)	-	-	-	-	-
Cash flow for the period	-1.2	3.0	-61.5	18.3	88.2
Cash and bank at start of the period	56.8	44.2	117.1	28.9	28.9
Cash and bank at the end of the period	55.6	47.2	55.6	47.2	117.1

Note 2 See page 13. Cash flow statement for sold activities

KEY FIGURES * EXCLUDING ONE-OFF COSTS		JAN-JUNE	JAN-DEC
	2008	2007	2007
Operating margin (%)	8.2	5.9	6.0
Profit margin (%)	7.4	5.1	5.0
Return on shareholders equity (%)	33.9	35.9	37.3
Return on average capital employed (%)	26.8	20.1	22.8

KEY FIGURES * INCLUDING ONE-OFF COSTS		JAN-JUNE	JAN-DEC
	2008	2007	2007
Growth in sales (%)	80.6	39.4	83.4
Organic growth in sales (%)	10.1	20.9	14.8
Operating margin before depreciation/amortization (%)	9.1	3.9	5.1
Operating margin (%)	8.2	2.9	-0.4
Profit margin (%)	7.4	2.4	-1.4
Return on average shareholders equity (%)	33.9	21.9	60.2
Return on capital employed (%)	26.8	10.5	-1.2
Equity/assets ratio (%)	32.6	21.4	23.5
Dept/equity ratio (times)	0.8	1.8	1.6
Interest coverage ratio (times)	9.1	4.7	-0.3
Average number of employees	3,692	2,057	2,672
Sales per employee (SEK 000)	483	480	935
Value added per employee (SEK 000)	323	316	555
Profit after net financial items per employee (SEK 000)	35.6	11.4	-13.3
Investments in fixed assets (SEK m)	14.0	19.3	36.6

KEY FIGURES * FOR SHARES		JAN-JUNE	JAN-DEC
	2008	2007	2007
EPS after tax (SEK)	5.18	1.43	12.84
EPS after dilution (SEK)	5.11	1.43	12.82
Shareholders equity before dilution (SEK)	33.25	16.24	27.78
Shareholders equity after dilution (SEK)	32.45	16.20	27.78
Shareholders equity per share (times)	1.77	3.91	2.91
Cash flow per share (SEK)	-3.46	1.03	6.39
Share price at end of the period (SEK)	59.00	63.50	80.75
Market price at end of the period (SEK m)	1,049	1,127	1,436
Number of shares at end of the period. Quotient value SEK 1 (000)	17,783	17,742	17,783
Average number of shares (000)	17,783	17,742	17,762
Number of outstanding convertibles/shares at end of period (000) **	441	42	-
Average number of convertibles/shares (000) **	245	42	21

* Definitions of key figures appear on page 85 of the Annual Report for 2007

** Convertibles are recalculated to the number of underlying shares

LARGEST HOLDINGS ON 30 JUNE 2008

.

Name	Number of shares	%
JCE Group	5,318,178	29.91
Skandia liv	2,252,100	12.66
Swedbank robur fonder	1,435,713	8.07
Handelsbanken fonder	609,424	3.43
Kaupthing bank	502,500	2.83
Mellom Omnibus	499,848	2.81
Glitnir bank Ltd	409,490	2.30
SIS Segaintersettle	381,102	2.14
Morgan Stanley	273,731	1.54
Andra AP-fonden	182,880	1.03
Total	11,864,857	66.72
Other	5,917,677	33.28
Total	17,782,534	100.0

OWNERSHIP STATISTICS, 31 marCH 2008

Total	3,357	17,782,534	100.0	1,049,170
100 001 -	20	12,509,120	70.3	738,038
10 001-100 000	89	2,954,080	16.7	174,291
1 001-10 000	461	1,444,595	8.1	85,231
501-1 000	524	448,619	2.5	26,469
1-500	2,263	426,120	2.4	25,141
	No. of shareholders	No. of shares	Pro- portion %	MarketvalueSEK 30/6. (000)

NoteS

notE 1; INCOME STATEMENT OF SOLD ACTIVITIES

	APRIL-JUNE		JAN-JUNE		FULL YEAR
SEK m	2008	2007	2008	2007	2007
Operating income	-	86.3	-	167.1	338.7
Operating expenses	-	-75.7	-	-146.1	-295.9
Profit before depreciation	-	10.6	-	21.0	42.8
Depreciation	-	-0.2	-	-0.5	-1.2
Profit after depreciation	-	10.4	-	20.5	41.6
Financial items *	-	0.1	-	-	255.8
Profit before tax	-	10.5	-	20.5	297.4
Tax	-	-0.9	-	-3.7	-13.2
Profit after tax	-	9.6	-	16.8	284.2
* Includes a tax-free capital gain from the sale of the Zpider business area	-	-	-	-	257.3

not E 2; CASH FLOW STATEMENT OF SOLD ACTIVITIES
SEK m	APRIL-JUNE		JAN-JUNE		FULL YEAR
	2008	2007	2008	2007	2007
Cash flow from current activities	-	5.4	-	9.4	39.2
Cash flow from investment activities	-	-	-	-1.0	-21.3
Cash flow from financing activities	-	-5.4	-	-8.4	-17.9
Cash flow for the period	-	-	-	-	-

Parent company SUMMARY, FINANCIAL STATEMENT

INCOME STATEMENT

SEK m	APRIL-JUNE		JAN-JUNE		FULL YEAR
	2008	2007	2008	2007	2007
Operating income	7.8	18.5	15.5	26.4	36.8
Other external expenses	-6.2	-3.3	-11.1	-7.9	-17.3
Staff costs	-4.7	-10.5	-9.3	-13.3	-21.8
Operating loss before depreciation	-3.1	4.7	-4.9	5.2	-2.3
Depreciation of tangible assets	-	-	-	-	-
Operating profit/loss after depreciation	-3.1	4.7	-4.9	5.2	-2.3
Net financial items *	-6.3	-5.0	-9.0	-5.2	214.5
Profit/loss after net financial items	-9.4	-0.3	-13.9	-	212.2
Appropriations	-	-	-	-	-2.1
Profit/loss before tax	-9.4	-0.3	-13.9	-	210.1
Tax	2.6	0.1	3.9	-	-8.7
Profit/loss for the period	-6.8	-0.2	-10.0	-	201.4
* Of which; tax-free capital gain from the sale of the Zpider business area's write-down of shares in the subsidiaries	- -	- -	- -	- -	257.3 -120.0
BALANCE SHEET			30 JUNI	30 JUNI	31 DEC
SEK m			2008	2007	2007
ASSETS
Financial fixed assets			386.5	54.7	386.5
Fixed assets			499.2	652.2	917.9
Total assets			885.7	706.8	1,304.4
SHAREHOLDERS EQUITY AND LIABILITIES
Shareholders equity			389.5	211.4	403.4
Untaxed reserves			13.2	11.1	13.2
Interest-bearing long-term liabilities			450.4	400.0	400.4
Interest-bearing current liabilities			28.5	69.2	378.3
Non interest-bearing current liabilities			4.1	15.1	109.1
Total shareholders equity and liabilities			885.7	706.8	1,304.4