Semcon — Interim / Quarterly Report 2009

Feb 10, 2010

Positive cash flow despite negative results

Financial statement 2009

Fourth quarter

• • Operating income was SEK 539 million (820)
• • The operating loss was SEK 91 million (-36), giving an operating margin of -16.9 % (-4.4)
• • One-off items affected earnings by SEK -101 million (-90), of which the write-down of goodwill and shares in associated companies was SEK 78 million (-)
• • The loss after tax was SEK -90 million (-26)
• • Earnings per share (EPS) was SEK -4.97 (-1.45)
• • The operating cash flow from current activities was SEK 3 million (33)

January - December

• • Operating income was SEK 2,281 million (3,299)
• • The operating loss was SEK 241 million (150), giving an operating margin of -10.6 % (4.5)
• • One-off items affected earnings by SEK -171 million (-66), of which the write-down of goodwill and shares in associated companies was SEK 78 million (-)
• • The loss after tax was SEK 209 million (92)
• • Earnings per share (EPS) was SEK -11.52 (5.14)
• • The operating cash flow from current activities was SEK 107 million (138)
• • The equity/assets ratio was 30.5% (33.6)

"2009 was a year where the recession hit the company very hard, resulting in significantly lower business volumes, a low utilization ratio and greater price pressure. The cash flow was positive however as a result of less tied up working capital and the Group's equity/assets ratio is in line with the financial objectives. Orders are expected to steadily improve throughout 2010, with increased market activity and more offer enquiries from the automotive, energy and industry sectors."

Kjell Nilsson, President & CEO

Semcon is a global company active in the areas of engineering services and product information. The Group has around 2,600 employees with extensive experience from many different industries. Semcon develops products, plants and information solutions along the entire product development chain and also provides many other services including quality control, training and methodology development. Semcon boost customers' sales and competitive strength by providing them with innovative and solid engineering solutions. The Group has sales of SEK 2.3 billion with activities at more than 40 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain, Malaysia and Russia.

Income and results

Fourth quarter

Operating income in the fourth quarter fell by SEK 281 million to SEK 539 million (820) and organic growth of -34%. Income from Swedish automotive customers fell by SEK 205 million.

The operating loss was SEK 91 million (-36), giving an operating margin of -16.9% (-4.4). Continued reduced business volumes with a low utilization ratio, price pressure and costs for measures taken, had a negative impact on results. The lower business volumes meant that staff cuts were necessary in the fourth quarter, affecting 65 people in Sweden and 10 in Germany. In addition, 70 employees in Brazil were employed by a customer. The operating loss includes costs of SEK 23 million for staff cuts, SEK 72 million for write-down of goodwill and SEK 6 million for write-down of shares in associated companies. The results in total were affected by one-off items of SEK 101 million (-90). The operating loss, excluding these items was SEK 10 million (54), giving an operating margin of 1.9% (6.6).

Net financial items amounted to SEK -5 million (-5). The loss before tax was SEK 96 million (-41) with the loss after tax of SEK 90 million (-26). EPS was SEK -4.97 (-1.45).

January - December

The operating income over the year was SEK 2,281 million (3,299) with an organic growth of -33%. The fall in sales was due to a reduction in business volumes as a result of the recession, of which revenues from Swedish automotive customers alone fell by SEK 710 million. The headcount fell by 708 over the year, compared with 2008, meaning cost cuts by around SEK 400 million per year.

The operating loss was SEK 241 million (150),

giving an operating margin of -10.6% (4.5). Around 520 people have been made redundant, of which 440 in Sweden, 10 in Germany and 70 in Brazil, which had a negative impact of SEK 82 million on earnings. The operating loss was also negatively affected by SEK 11 million for the reserve for bad debts and the depreciation of inventories, by SEK 72 million for the write-down of goodwill and by SEK 6 million for the writedown of shares in associated companies. The operating loss, excluding one-off items, was SEK 70 million (216), giving an operating margin of -3.1% (6.5).

Net financial items amounted to SEK -16 million (-22). The loss before tax was SEK 257 million (128). The tax revenue for the year was SEK 48 million, equivalent to 19% of the loss before tax. Non-deductible write-downs of goodwill and shares in associated companies of SEK 78 million affected the effective tax rate. The loss after tax was SEK 209 million (92) and the EPS was SEK -11.52 (5.14).

Events during the year so far

• • The number of Semcon AB's ordinary shares increased on 12 January by 330,000 through the conversion of the company's class C shares. After the conversion there are 18,112,534 ordinary shares.
• • Semcon streamlined the business and made 440 employees redundant in Sweden, 10 in Germany and 70 in Brazil.
• Semcon Project Management acquired a small German company in the spring of 2009 and strengthened its range of project management services in Europe.
• • JCE Group announced on 5 March 2009 that following the acquisition of 115,583 shares in Semcon, it now has a share capital in Semcon equivalent to 30.0% and that the limit for the Mandatory Bid Rule had been passed. JCE was willing to pay

SEK 14 in cash for each of the Semcon shares. A total of 92,510 shares were acquired under the offer and JCE now owns 30.5% of the shares in Semcon.

• • Semcon is investing in the offshore industry and opened a new office in Lidköping. Fifteen specialists have been employed with extensive experience of international offshore projects and expertise in developing accommodation modules on oilrigs.
• Semcon has signed an order worth SEK 50 million for a German concept car with extreme requirements.
• Semcon is working closely with Volvo Cars, Vattenfall, ETC and the Swedish Energy agency to develop plug-in hybrids.

Distribution of earnings Jan-Dec 2009

Group sales per industry Jan-Dec 2009

Automotive R&D

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Key figures	2009	2008	2009	2008
Operating income, SEK m	276.2	503.2	1,276.9	2,058.3
Operating profit/loss, SEK m	-107.7	-82.8	-245.5	-20.8
Operating margin, %	-39.0	-16.5	-19.2	-1.0
Operating profit/loss excl. one-off items, SEK m	-16.7	13.0	-99.0	64.2
Operating margin excl. one-off items, %	-6.1	2.6	-7.8	3.1
Number of employees at period's end	1,468	2,025	1,468	2,025

Share of Semcon's total sales

The global downturn, with a dramatic drop in demand in the automotive sector, meant general caution in 2009 in starting new development projects, resulting in major pricing pressure and a drop in business volumes with a low utilization ratio. Product development remains a prioritized area however for automotive suppliers.

The drop in business volumes, with major redundancies and the extensive price pressure has affected results even though there are variations on the different markets.

Many of the business area's offices in Germany showed an operating profit and general improvement in Q4 with a number of new deals and enquiries, which are expected to bear fruit in 2010. Activities in the UK continued to show an operating profit despite a drop in business volumes.

In Brazil, 70 individuals were employed by a customer in Q4. The business area is continuing investing in BRIC countries where the expected growth in the automotive industry is greatest. 70 per cent of the business area's invoicing is to companies outside Sweden compared to 54 per cent in 2008.

A major percentage of the business area's drop in sales is due to Swedish automotive customers. The uncertain ownership situation for Volvo Cars, Saab Automobile and Opel in Germany, had a dramatic negative impact. Around 370 people were made redundant during the year, of which 290 in Sweden, 10 in Germany and 70 in Brazil. The redundancies had a negative impact on results of around SEK 65 million. The depreciation of goodwill for the Swedish activities negatively affected the results by SEK 72 million and the operating loss was also impacted by SEK 110 million for a depreciation of inventories and reserves for bad debts.

The business area continues to have good business relationships with its customers and holds a strong position as a business partner. We're seeing signs that 2010 will see a gradual market recovery, especially in Germany, providing opportunities for new business, mainly in the environment, hybrid technology and whole vehicle projects, of which Semcon has extensive experience and expertise.

The business area's 1,500 or so employees provide services to customers in the global automotive industry. Its offer includes focusing on concepts, design, calculation, construction, prototyping, testing, simulations and production. Semcon is a complete supplier and the services supplied by the business area complement automotive manufacturers' own resources. Implementation and delivery are adapted according to customers' requirements, from participating in customers' teams to in-house development projects. Business activities are in Sweden, Germany, Brazil, the UK, India, Spain and Russia. Customers include some of the world's largest car manufacturers such as Audi, BMW, Daimler, Opel, Porsche, Saab Automobile, Scania, Volvo Cars, Volvo Trucks and VW.

Design & Development

Key figures	Oct-Dec 2009	Oct-Dec 2008	Jan-Dec 2009	Jan-Dec 2008
Operating income, SEK m	180.0	221.6	688.1	851.7
Operating profit/loss, SEK m	4.1	29.9	-15.6	114.4
Operating margin, %	2.3	13.5	-2.3	13.4
Operating profit/loss excl. one-off items, SEK m	14.8	26.2	4.4	101.5
Operating margin excl. one-off items, %	8.2	11.8	0.6	11.9
Number of employees at period's end	784	869	784	869

Share of Semcon's total sales

Many customers' decline in sales volumes has meant delays in project starts with fewer investments being made in product development. This has meant lower business volumes and price pressure that's resulted in poor results. As a consequence, around 110 redundancies were made over the year, which had a negative impact on results of SEK 14 million. Write-down of shares in associated companies of SEK 6 million were also made. Excluding these costs the business area has shown positive operating profit.

Development of the Product Development division, which is the business area's biggest, has varied at different sites. Activities at some sites have weathered the recession well, while market uncertainty at other sites has meant a fall in demand resulting in redundancies. We estimate that measures taken will mean that the division will break

even for 2009 given the current market situation. The business opportunities in the energy and offshore sectors are steadily increasing domestically and internationally.

The Medical Life Science division is continuing to develop well and in the past year complemented its range of services to include research and development, with cutting-edge skills in pre-clinical pharmaceutical development. Medical Life Science has boosted its project business. Apart form strong positions in the pharmaceutical, medtech and bio-tech industries, the number of deals in other strictly regulated industries is continuing to increase.

The Product Lifecycle Management (PLM) division continued to show positive development in Q4, both in terms of sales and results. PLM continues to see growth potential for all of Semcon's prioritized industries,

of which the greatest expansion opportunities are expected in the energy sector.

Embedded Intelligent Solutions (EIS) had poor business volumes in 2009, meaning an adjustment of the business was necessary. The division extended its range of services over the year to strengthen business in line with the market turning.

Semcon Project Management had a tough year with a low utilization ratio due to customers' wait-and-see attitude. Investments were made over the year to develop a new Semcon version of PROPS project methodology. This new version of the project methodology will be launched in March 2010, which will open up opportunities for new business.

We see many opportunities for the entire business area in 2010 on the Swedish market, with the amount of business outside Sweden also expected to continue to grow.

The business area has around 800 employees working with industrial design, product development and production development. The business area provides expertise and experience to achieve quicker, improved product development. The services includes requirement and concept studies, design, construction, embedded systems, testing, prototyping, verification, project management and production development. The business area carries out projects throughout the world from offices in Sweden, Germany and Malaysia. The business mainly focuses on the industrial, energy, telecoms and Life Science sectors. Customers include ABB, Alstom, AstraZeneca, Bombardier, Fortum, General Electric, Husqvarna, Pfizer, Saab AB and companies in the telecom industry.

Informatic

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Key figures	2009	2008	2009	2008
Operating income, SEK m	82.3	95.6	316.1	388.8
Operating profit/loss, SEK m	12.6	16.7	19.9	56.3
Operating margin, %	15.3	17.5	6.3	14.5
Operating profit/loss excl. one-off items, SEK m	12.0	14.8	24.2	50.4
Operating margin excl. one-off items, %	14.6	15.5	7.7	13.0
Number of employees at period's end	350	416	350	416

Share of Semcon's total sales

The business area is experiencing positive growth with the need for technical information services continuing to grow. Positive project completion in Q4 had a positive effect on results.

The international part of the business continues to show a positive trend. The international share of activities rose by 10 per cent, amounting to 39 per cent (29).

In Sweden, the business area is still being affected by a drop in business volumes and price pressure from customers, mainly from the automotive industry. Other customer segments are also showing general caution. The lower business volumes meant that around 40 employees were made redundant in the first half of the year. The operating profit has been impacted by one-off costs of around SEK 4 million to cover these measures.

In the short-term there is still major uncertainty in the automotive industry in Sweden. In the medium to long-term we see continued opportunities on all markets where the business area is currently active.

The business area's 350 or so employees provide complete information solutions for the aftermarket and interactive market communication. Informatic supports customers' products throughout the entire product lifecycle, from sales and marketing to installation, maintenance and repair. The business area currently has offices in Sweden, the UK, Hungary and China. Customers are mainly in the automotive, telecoms and manufacturing industries and include ABB, AB Volvo, Bombardier, Jaguar Land Rover, Saab Automobile, and Volvo Cars.

Financial position

The operation's cash flow from current activities was SEK 107 million (138). From Q1, receivables from one of the company's largest customers are being sold, which reduced tied up capital by around SEK 50 million as of 31 December 2009. The Group's liquid assets stood at SEK 68 million (118). In addition, unutilized credit guarantees amounted to SEK 237 million.

Investments in hardware, licences, office supplies and equipment for the year amounted to SEK 19 million (40).

The Group's goodwill was written down by SEK 72 million and shares in associated companies by SEK 6 million on 31 December. Shareholders' equity was SEK 385 million (596) and the equity/assets ratio was 30.5% (33.6), which is in line with the Group's financial objectives.

The net borrowing fell by SEK 112 million to SEK 316 million (428) and the debt/equity ratio was 0.8 times (0.7). The bank credit agreement was extended in Q2. Credit guarantees comprise a bank overdraft facility of SEK 100 million and a loan agreement worth EUR 42.8 million that runs to June 2010. The company has an option to restructure the credit to a three-year loan prior to the due date.

Incentive scheme

In total, participants in the share savings scheme from 2008 have acquired the maximum number of savings shares. These savings shares provide the individuals still employed by the company between August 2011 and March 2012, a free share per savings share held (matching share). Individuals who participated in the scheme, but who lost their jobs in the redundancy program, are entitled to a premature matching of shares. A total of 31,430 shares were matched for these individuals in the first nine months of the year.

Qwnership structure

As of 31 December, the JCE Group owned 30.5% (29.9) of Semcon's shares, Skandia Liv 13.1% (13.6), Swedbank Robur Fonder 9.4% (8.8) and Andra AP-fonden 3.2% (0.9). Foreign ownership was 11.1% (20.0) and the

number of shareholders was 4,430 (3,939). The number of ordinary shares at the end of the period was 18,112,534 (17,782,534 ordinary shares and 330,000 class C-shares in 2008) all with a quotient value of SEK 1 and with equal voting rights. On 31 December Semcon owned 298,570 shares in the company. These shares will be used in conjunction with matching of savings shares to cover social costs in accordance with the share savings scheme. Semcon is listed on the NASDAQ OMX Nordic Exchange Stockholm under the SEMC ticker.

Staff and organization

The headcount on 31 December was 2,602 (3,310) of whom 1,523 (2,050) in Sweden and 1,079 (1,260) abroad. The number of employees in work was 2,441 (3,113). The average number of employees was 2,791 (3,630). The number of employees in the respective business areas was: Automotive R&D 1,468 (2,025), Design & Development 784 (869) and Informatic 350 (416).

Acquisitions and divestment of companies

During the first quarter Semcon Project Management carried out a minor acquisition of assets and liabilities of the German company Triple-Constraint and is thereby strengthening the range of services in the field of project management in Europe.

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. The general economic downturn and disruptions to financial markets can badly affect demand for the Group's services. In general terms the acquisition of businesses involved increased risk. This also includes financial risks mainly concerning interests and currency risks. Semcon's Annual Report 2008, pages 34-35 and 54-55, includes a detailed description of the Group and parent company's risk exposure and risk management.

Accounting principles

Semcon follows the IFRS standards and principles as adopted by the EU (IFRIC). This report has been produced in accordance with IAS 34. Semcon will adopt IFRS 8 Operating Segments from 2009 onwards when reporting business segments. This has not affected the number of reported segments or their presentation. The segment information follows the internal reporting and the same accounting principles are applied as for the Group. From 1 January 2009 the company will also apply IAS 1 Amendment Presentation of Financial Statements, which means a report of the total results is necessary. In all, the same accounting principles have been applied in this report as in the latest annual report.

Share dividend

In accordance with Semcon's dividend policy, consideration is given to the company's financial position and capital requirements for continued expansion.Due to the major instability currently affecting the market the Board proposes that no dividend be paid for 2009 (0).

Outlook

The long-term trend where the market's demand to produce more products, models and versions at an ever-increasing rate is continuing, meaning increasing business opportunities for the Group. Order numbers are expected to gradually improve throughout 2010 as we see increased activity on the market with the number of enquiries steadily climbing from the automotive, energy and industry sectors.

Annual Report

The Annual Report for 2009 is expected to be available at the end of March 2010 and will be sent to all shareholders who have signed up to receive a printed copy from Semcon. The annual report will also be available on Semcon's website: www.semcon.com and at Semcon's head office on Theres Svenssons gata 15 in Göteborg. It can also be ordered by phone: +46 (0)31 721 00 00, fax +46 (0)31 721 03 33 or via email: info@semcon.se.

Nominations committee

Questions to the nominations committee, consisting of J.Christer Ericsson, representing the JCE Group; Erik Sjöström, representing Skandia Liv, Kerstin Stenberg, representing Swedbank Robur Fonder and the Chairman of the Board Hans-Erik Andersson, can be submitted via email to: valberedning@semcon.se.

AGM

Semcon's AGM will take place at 3 p.m. on 29 April 2010 at Semcon's head office in Göteborg. The record day is 23 April. The Q1 report will be published on 29 April.

The Board of directors and CEO confirm that the financial statement for 2009 provides a fair overview of the parent company's and Group's business, position and results while presenting the key risks and uncertainties that the parent company and Group companies are facing.

Göteborg, 10 February 2010

The Board of Directors SEMCON AB (PUBL) Co. Reg. No. 556539-9549

Hans-Erik Andersson Chairman

Kjell Nilsson President & CEO

Stefan Novakovic Staff representative

Financial reporting

Annual report: End of March 2010 Q1 report: 29 April 2010 Q2 report: 16 July 2010 Q3 report: 22 October 2010 AGM: 29 April 2010

For more information please contact:

Kjell Nilsson, CEO Semcon AB, +46 31 721 03 11 Björn Strömberg, CFO Semcon AB, +46 708 35 44 80 Anders Atterling, IR manager Semcon AB, +46 704 47 28 19

Head office: Semcon AB SE-417 80 Göteborg Phone +46 31 721 00 00 Fax: +46 31 721 03 33 Visiting address:Theres Svenssons gata 15 www.semcon.com

Håkan Larsson Board member

Marianne Brismar Board member

Roland Kristiansson Staff representative Jorma Halonen Board member

Gunvor Engström Board member

Christer Eriksson Staff representative

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 12.15 p.m. on 10 February 2010.

Consolidated Financial, summary

Income statement

		2009	2008	2009	2008
SEK m	Note	OCT-DEC	OCT-DEC	JAN-DEC	JAN-DEC
Operating income		538.5	820.4	2,281.1	3,298.8
Purchase of goods and services		-70.8	-168.0	-377.9	-717.2
Other external operating expenses	1	-90.2	-133.2	-321.3	-365.4
Staff costs	1	-383.1	-545.4	-1,704.7	-2,030.7
Operating profit/loss before depreciation		-5.6	-26.2	-122.8	185.5
Depreciation and impairment of tangible fixed assets		-4.9	-7.9	-29.6	-28.1
Write-down of goodwill		-72.0	-	-72.0	-
Depriciation of intangible assets		-2.3	-2.1	-10.6	-7.5
Write-down of shares in associated companies		-6.2	-	-6.2	-
Operating profit/loss		-91.0	-36.2	-241.2	149.9
Net financial items		-4.7	-4.5	-15.5	-22.0
Profit/loss before tax		-95.7	-40.7	-256.7	127.9
Tax		5.7	14.4	48.1	-35.7
Profit/loss after tax *		-90.0	-26.3	-208.6	92.2
EPS per share, SEK		-4.97	-1.45	-11.52	5.14
EPS after dilution, SEK		-4.97	-1.45	-11.52	5.14
Average number of shares		18,112,534	18,112,534	18,112,534	17,947,534
No. of days in period		63	62	250	251
* Of which parent company shareholders		-90.0	-26.3	-208.6	92.2

Note 1 One-off items (see page 13)

Statement of comprehensive income

	2009	2008	2009	2008
SEK m	OCT-DEC	OCT-DEC	JAN-DEC	JAN-DEC
Profit/loss after tax	-90.0	-26.3	-208.6	92.2
Translation differences including hedging effects for foreign
Group companies.	-3.4	-11.2	4.8	-8.8
Tax referring to effects of hedging	2.2	14.6	-7.5	18.2
Total comprehensive income for the period **	-91,2	-22,9	-211,3	101.6
** Of which parent company shareholders	-91.2	-22.9	-211.3	101.6

Quartely information by business area

	2007	2007	2007	2007	2008	2008	2008	2008	2009	2009	2009	2009
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Operating income (SEK m)
Automotive R&D	157.2	378.3	407.6	569.6	550.1	563.3	441.7	503.2	390.9	336.5	273.3	276.2
Design & Development	136.7	123.7	130.9	229.2	225.4	235.3	169.4	221.6	188.9	187.3	131.9	180.0
Informatic	95.1	96.0	76.0	97.1	105.0	103.7	84.5	95.6	82.8	78.5	72.5	82.3
Total	389.0	598.0	614.5	895.9	880.5	902.3	695.6	820.4	662.6	602.3	477.7	538.5
Operating profit/loss (SEK m) *
Automotive R&D	10.6	5.1	12.2	35.1	23.8	21.1	6.3	13.0	-36.3	-29.5	-16.5	-16.7
Design & Development	14.1	1.5	11.6	25.2	31.0	27.1	17.2	26.2	0.1	0.9	-11.4	14.8
Informatic	11.4	13.1	1.8	8.7	13.8	14.6	7.2	14.8	4.0	4.6	3.6	12.0
Total excl. one-off items	36.1	19.7	25.6	69.0	68.6	62.8	30.7	54.0	-32.2	-24.0	-24.-3	10.1
Write down of goodwill and of
shares in associated companies	-	-	-	-112.2	-	-	-	-	-	-	-	-78.2
One off items **	-1.0	-26.0	-7.1	-15.2	6.0	8.0	10.0	-90.2	-9.6	-39.3	-20.8	-22.9
Total incl. one-off items	35.1	-6.3	18.5	-58.4	74.6	70.8	40.7	-36.2	-41.8	-63.3	-45.1	-91.0
Operating margin (%)
Automotive R&D	6.7	1.3	3.0	6.2	4.3	3.7	1.4	2.6	-9.3	-8.8	-6.0	-6.1
Design & Development	10.3	1.2	8.9	11.0	13.8	11.5	10.2	11.8	0.1	0.5	-8.6	8.2
Informatic	12.0	13.6	2.4	9.0	13.1	14.1	8.5	15.5	4.8	5.8	5.0	14.6
Total excl. one-off items	9.3	3.3	4.2	7.7	7.8	7.0	4.4	6.6	-4.9	-4.0	-5.1	1.9
Total incl. one-off items	9.0	-1.1	3.0	-6.5	8.5	7.9	5.9	-4.4	-6.3	-10.5	-9.4	-16.9
Number of employees
Automotive R&D	622	1,633	2,450	2,401	2,419	2,369	2,331	2,025	1,911	1,670	1,600	1,468
Design & Development	607	574	908	906	907	889	882	869	859	838	791	784
Informatic	332	329	343	341	396	404	404	416	396	363	350	350
Total	1,561	2,536	3,701	3,648	3,722	3,662	3,617	3,310	3,166	2,871	2,741	2,602

* Operating profit/loss per business area excluding one-off items

** One-off items (See Note 1, page 13)

Balance sheet	2009	2008
SEK m	31 DEC	31 DEC
Assets
Intangible assets, goodwill	475.2	564.3
Other intangible assets	28.5	30.0
Tangible fixed assets	60.6	82.2
Financial assets	17.2	23.0
Deferred tax recoverable	89.0	87.2
Accounts receiveable	324.2	658.1
Accrued non-invoice income	108.2	134.5
Current assets	93,7	79.3
Cash and bank balances	67,7	117.6
Total assets	1,264.3	1,776.2
Shareholders equity and liabilities
Shareholders equity	385.4	596.2
Pension obligations	73.0	75.4
Deferred tax recoverable	-	45.6
Interest-bearing long-term liabilities	310.6	468.2
Interest-bearing current liabilities	0.4	2.5
Accounts payable-trade	77.2	93.9
Non interest-bearing current liabilities	417.7	494.4

Change in shareholders equity

Shareholders equity at end of the period	385.4	596.2
New share issue	-	-0.1
Share saving program	0,5	0.7
Total comprehensive income	-211.3	101.6
Shareholders equity at start of period	596.2	494.0
SEK m	31 DEC	31 DEC
	2009	2008

Total shareholders equity and liabilities 1,264.3 1,776.2

Cash flow statement

	2009	2008	2009	2008
SEK m	OCT-DEC	OCT-DEC	JAN-DEC	JAN-DEC
Cash flow from current activities before change in working capital	-5.7	-22.6	-152.0	140.8
Change in working capital	8.4	55.3	259.2	-3.0
Cash flow from current activities	2.7	32.7	107.2	137.8
Net investments	-1.6	-13.9	-18.6	-39.7
Acquisition of group company	-	-	-1.3	-
Sale of group company	-	-	-	311.0
Sale of fixed assets	0.3	-0.2	0.6	11.4
Cash flow from investments activities	-1.3	-14.1	-19.3	282.7
Change in interest-bearing liabilities	-3.5	-33.6	-136,4	-425.2
Cash flow from financing activities	-3.5	-33.6	-136,4	-425.2
Cash flow for the period	-2.1	-15.0	-48.5	-4.7
Cash and bank at the start of the period	69.1	129.0	117.6	117.1
Translation difference	0.7	3.6	-1.4	5.2
Cash and bank at the end of the period	67.7	117.6	67.7	117.6

Key figures excluding one-off items	2009	2008
	JAN-DEC	JAN-DEC
Operating margin (%)	-3.1	6.6
Profit margin (%)	-3.8	5.9
Return on average shareholders equity (%)	-11.2	24.5
Return on average capital employed (%)	-3.6	20.0
Key figures including one off items	2009	2008
	JAN-DEC	JAN-DEC
Growth in sales (%)	-30.8	32.1
Organic growth in sales (%)	-33.1	1.2
Operating margin before depreciation/amortization (%)	-5.4	5.6
Operating margin (%)	-10.6	4.5
Profit margin (%)	-11.3	3.9
Return on average shareholders equity (%)	-42.5	16.9
Return on average capital employed (%)	-21.3	14.1
Equity/asset ratio (%)	30.5	33.6
Dept/equity ration (times)	0.8	0.7
Interest coverage ratio (times)	-3.9	5.5
Average number of employees	2,791	3,631
Sales per employee (SEK 000)	817	909
Value added per employee (SEK 000)	524	592
Profit/loss before tax per employee (SEK 000)	-92.0	35.1
Investments in fixed assets (SEK m)	18.6	39.7

Key figures for shares	2009	2008
	JAN-DEC	JAN-DEC
EPS after tax (SEK)	-11.52	5.14
EPS after dilution (SEK)	-11.52	5.14
Shareholders equity before dilution (SEK)	21.28	32.92
Shareholders equity after dilution (SEK)	21.28	32.92
Share price / Shareholders equity per share (times)	1.34	0.35
Cash flow from current activities per share (SEK)	5.92	7.68
Share price at the end of the period (SEK)	28.50	11.60
Market price at end of the period (SEK m)	516	206
Number of shares at end of period. Quotient value SEK 1 (000)	18,113	18,113
Average number of shares (000)	18,113	17,948

Definitions of key figures appear on page 73 of the Annual Report for 2008

Largest holdings on, 31 Dec 2009

Name	Number of shares	Votes, %
JCE Group	5,526,271	30.51
Skandia liv	2,377,748	13.13
Swedbank Robur Fonder	1,696,420	9.37
Andra AP-fonden	571,103	3.15
FIM Bank	455,860	2.52
SIX SIS AG	284,100	1.57
Avanza Pension	248,832	1.37
Nordnet Pensionsförsäkring	198,904	1.10
SEB Private Bank	164,765	0.91
Tanglin	154,966	0.86
Total	11,678,969	64.49
Own shares	298,570	1.65
Other	6,134,995	33.86
Total	18,112,534	100.0

Ownership structure, 31 Dec 2009

	No. of shareholders	No. of shares		Pro- Market value portion, % 31/12, SEK 000
1-500	2,749	573,352	3.2	16,341
501-1,000	854	709,027	3.9	20,207
1,001-10,000	736	2,158,187	11.9	61,508
10,001-100,000	72	1,963,017	10.8	55,946
100,001 -	18	12,410,381	68.6	353,696
Own shares	1	298,570	1.6	8,509
Total	4,430	18,112,534	100.0	516,207

Source: Euroclear Sweden AB (VPC) register of shareholders on 31 Dec 2009

Source: Euroclear Sweden AB (VPC) register of shareholders on 31 Dec 2009

Price trend

Notes

Note 1 One-off items

	2009	2008	2009	2008
SEK m	OCT-DEC	OCT-DEC	JAN-DEC	JAN-DEC
Rebated Alecta premium	-	10.0	-	34.0
Structural changes in Sweden *	-17.9	-39.7	-82.2	-39.7
Structural changes abroad *	-5.0	-40.1	-5.0	-40.1
Reserv doubtful debts	-	-20.4	-5.4	-20.4
Writedown of goodwill	-72.0	-	-72.0	-
Writedown of shares in associated companies	-6.2	-	-6.2	-
Total	-101.1	-90.2	-170.8	-66.2
Specification of items in the income statement
Other external expenses	-	-44.3	-10.6	-44.3
Staff costs	-22.9	-45.9	-82.0	-21.9
Writedown of goodwill	-72.0	-	-72.0	-
Writedown of shares in associated companies	-6.2	-	-6.2	-
Total	-101.1	-90.2	-170.8	-66.2
Dividend per business area
Automotive R&D	-91.0	-95.8	-146.5	-85.0
Design & Development	-10.7	3.7	-20.0	12.9
Informatic	0.6	1.9	-4.3	5.9
Total	-101.1	-90.2	-170.8	-66.2

* Staff cuts, reduction of working space and depreciation of inventories.

Parent company Financial, summary

Income statement

	2009	2008	2009	2008
SEK m	OCT-DEC	OCT-DEC	JAN-DEC	JAN-DEC
Operating income	1.0	11.4	25.4	32.6
Other external expenses	-7.0	-8.5	-21.1	-26.2
Staff costs	-5.1	-5.6	-23.0	-20.1
Operating profit/loss before depreciation	-11.1	-2.7	-18.7	-13.7
Depreciation of tangible assets	-	-	-0.1	-
Operating profit/loss after depriciation	-11.1	-2.7	-18.7	-13.7
Net financial items *	-103.5	165.8	-129.1	152.4
Profit/loss after net financial items	-114.6	163.1	-147.9	138.7
Appropriations	43.8	-31.0	43.8	-31.0
Profit/loss after tax	-70.8	132.1	-104.1	107.7
Tax	-9.1	-36.0	-0.4	-29.2
Profit/loss after tax	-79.9	96.1	-104.5	78.5
* Of which Group contribution received	6.3	175.8	6.3	175.8
Of which exchange rate differences Of which writedown of participations in associated companies	-1.7 -103.0	-5.6 -	-15.4 -103.0	-5.8 -

Balance sheet

Total assets	810.4	982.8
Cash and bank	14.6	45.8
Current assets	349.7	519.6
Financial fixed assets	444.5	417.4
Tangible fixed assets	1.6	-
Assets
SEK m	31 DEC	31 DEC
	2009	2008

Shareholders equity and liabilities

Total shareholders equity and liabilities	810.4	982.8
Non interest-bearing current liabilities	217.1	64.2
Interest-bearing long-term liabilities	286.4	400.4
Untaxed reserves	0.4	44.1
Shareholders equity	306.5	474.1