Semcon

Quarterly Report • Oct 25, 2012

Interim report January-September 2012

Continued sales growth and improved results

Third quarter

• The operating income was SEK 573 million (568) and organic growth was 5%
• The operating profit was SEK 35 million (24) giving an operating margin of 6.1% (4.3)
• The profit after tax was SEK 23 million (16)
• Earnings per share (EPS) after dilution was SEK 1.30 (0.88)

January-September

• The operating income was SEK 1,900 million (1,773) and organic growth was 8%
• The operating profit was SEK 138 million (54) giving an operating margin of 7.3% (3.1)
• The profit after tax was SEK 94 million (33)
• Earnings per share (EPS) after dilution was SEK 5.21 (1.85)
• The equity/assets ratio was 44% (35)
• Return on average equity excluding one-off items was 27.4% (20.6)
• Return on average capital employed excluding one-off items was 26.6% (16.9)

Comment from CEO Markus Granlund

"The company continued to show sales growth and improved results for Q3. Our focus towards more markets and more profitable business models is continuing to pay off, both for our customers and Semcon. We are pleased to announce that we signed yet another major order in Q3 worth around EUR 15 million, with a German auto manufacturer. We also extended our offer on the German market through the acquisition of the product information company Comet, at the beginning of October."

Income and operating profit

The result of each quarter is for four consecutive quarters excluding one-off items.

Semcon is a global company active in the areas of engineering services and product information. The Group has over 3,000 employees with extensive experience from many different industries. We develop technologies, products, plants and information solutions along the entire development chain and also provide many services including quality control, training and methodology development. Semcon boosts customers' sales and competitive strength by providing them with innovative solutions, design and solid engineering solutions. The Group had sales of SEK 2.5 billion in 2011 and activities at more than 45 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain and Russia.

Income and results

Q3

Operating income rose by SEK 5 million compared with last year and amounted to SEK 573 million (568). Sales in local currencies increased overall by 5%. Demand for Design & Development in some areas fell somewhat over the quarter compared with last year. The quarter also had one less working day than the same period last year.

The operating profit improved by SEK 11 million amounting to SEK 35 million (24) giving an operating margin of 6.1% (4.3). The improvement is mainly attributable to increased sales with improved margins.

Net financial items totalled SEK -2 million (-2) giving a profit before tax of SEK 33 million (22). Tax costs for the quarter stood at SEK 10 million (6). The profit after tax was SEK 23 million (16) and EPS after dilution was SEK 1.30 (0.88).

January-September

Operating income rose by SEK 127 million compared to last year and amounted to SEK 1,900 million (1,773). Sales in local currencies rose by 8%.

The operating profit improved by SEK 84 million amounting to SEK 138 million (54) giving an operating margin of 7.3% (3.1). The improvement is mainly attributable to increased sales with improved margins. In Q1 there was revenue recognition of SEK 5 million taken up as income, from a major project in the Automotive R&D business area. Last year, the period was burdened with one-off costs of SEK 31 million for a reserve for Saab Automobile AB.

The business areas showed the following operating margins excluding one-off costs: Automotive R&D 5.7% (2.1), Design & Development 7.9% (7.3) and Informatic 11.5% (9.5).

Net financial items totalled SEK -5 million (-8) giving a profit before tax of SEK 133 million (46). Tax costs for the quarter stood at SEK 39 million (13). The profit after tax was SEK 94 million (33) and EPS after dilution was SEK 5.21 (1.85).

Group sales per industry Jan-Sept 2012

Financial position

The operating cash flow from current activities was SEK 78 million (14). The Group's cash and bank balances amounted to SEK 49 million (36) with additional non-utilized credit of SEK 270 million (162) as at 30 September. The Group's credit agreements have been extended and consist of an overdraft facility of SEK 150 million (150) and a revolving credit facility of EUR 32.8 million (32.8), which run until July 2013. There is an option available for the company to extend the revolving credit to a three-year loan before the due date.

Investments in hardware, licences, office supplies and equipment, amounted to SEK 16 million (12). Shareholders' equity amounted to SEK 528 million (406) and the equity/ assets ratio was 44% (35). The Group's net debt fell by SEK 153 million to SEK 158 million (311) and the debt/equity ratio was 0.3 times (0.8). Interest cover ratio was 21.8 times (7.2).

Equity/assets ratio (%)

Automotive R&D

The business area reported continued sales growth and improved results compared with 2011. Total sales in local currencies for the January-September period rose by 11% to reach SEK 1,057 million (965).

The operating profit improved by SEK 57 million and amounted to SEK 60 million (3). The improved results are mainly attributable to increased sales. There was also positive one-off revenue recognition of SEK 5 million taken up as income in Q1 from a major project. The operating margin was 5.7% (0.3).

The business area's largest market, Germany, saw a continued good performance, showing a strong improvement in earnings. Customers such as Audi, BMW, Daimler and VW are all investing heavily in product development. Germany accounts for 58% of the business area's sales. Semcon signed an order with an auto manufacturer in Germany in Q3 worth around EUR 15 million (around SEK 130 million) for developing a version of its existing coupé model. The business area has performed extremely well in Sweden over the year. The major powertrain business that started in September 2011 concluded in August instead of December, as previously announced. To clarify and strengthen its offer in embedded systems and electronics towards the auto industry 26 employees transferred from Design & Development on 1 July. The business area is increasingly focusing on delivering services from Sweden mainly to customers in Germany. Sweden accounts for 29% of the business area's sales.

In Brazil, sales have fallen over the year due to the largest customer cutting back on orders of development services.

In the UK, sales to the automotive industry remained stable, with the number of local customers increasing.

In India, the business is continuing to achieve improved sales growth and earnings, although from a low starting level. The business plays an important role as back office to other Semcon offices.

The change towards taking on more complete vehicle projects and larger sub-projects in recent years is paying off and the business area sees good opportunities to increase sales in the global automotive market.

Share of Semcon's total sales, %

		July-Sept		Jan-Sept
Key figures Automotive R&D	2012	2011	2012	2011	2011
Operating income, SEK m	329.8	325.2	1,057.1	965.1	1,338.3
Operating profit/loss, SEK m	17.7	11.8	60.5	3.3	24.4
Operating margin, %	5.4	3.6	5.7	0.3	1.8
Operating profit/loss excl. one-off items *	17.7	11.8	60.5	20.2	41.4
Operating margin excl. one-off items, %	5.4	3.6	5.7	2.1	3.1
Number of employees at period's end	** 1,767	1,644	** 1,767	1,644	1,683

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

** 26 people transferred to Automotive R&D from Design & Development on 1 July 2012

About Automotive R&D

The business area's more than 1,750 employees provide services to customers in the global automotive industry. Its offer includes focusing in 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, Russia and China. Customers include some of the world's largest car manufacturers such as Audi, BMW, Daimler, Opel/GM, Porsche, Scania, Volvo Trucks, Volvo Cars and VW.

Design & Development

Sales for the January-September period amounted to SEK 539 million (535). The operating profit rose by SEK 5 million and amounted to SEK 43 million (38), giving an operating margin of 7.9% (7.1). The business area, which is mainly active in Sweden, noticed a market downturn in Q3.

The business area was reorganized on 1 July to better utilize the synergies of regional division. The Product development, Embedded Intelligent Solutions (EIS) and Product Lifecycle Management (PLM) divisions have been merged and split into two regional divisions, North and South. These, along with the PEAQ (Project, Engineering and Quality) division now form the business area's three divisions. In conjunction with the organisational change 26 employees transferred from EIS to the Automotive R&D business area, effective from 1 July.

Both the North and South divisions reported stable growth in Q1 and Q2 but reported a market downturn in Q3 at some sites. The North division accounted for 36% and the South division accounted for 41% of the business area's sales.

The PEAQ division has also seen a low utilization ratio since the end of the holiday period. The division accounted for 23% of the business area's sales.

Market instability has meant that some customers are delaying investing, which over the short-term will negatively affect the utilization ratio. It is estimated however that customers' development needs will remain high.

Share of Semcon's total sales, %

		July-Sept			Jan-Dec
Key figures Design & Development	2012	2011	2012	2011	2011
Operating income, SEK m	141.8	152.8	539.3	535.0	739.5
Operating profit/loss, SEK m	3.3	5.5	42.7	38.1	57.3
Operating margin, %	2.3	3.6	7.9	7.1	7.7
Operating profit/loss excl. one-off items *	3.3	5.5	42.7	38.9	58.1
Operating margin excl. one-off items, %	2.3	3.6	7.9	7.3	7.9
Number of employees at period's end	** 744	805	** 744	805	781

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

** 26 people transferred to Automotive R&D on 1 July 2012

About Design & Development

The business area has nearly 750 employees working with industrial and product development, production development and plant design. The business area provides expertise and experience to achieve quicker, improved product development. Services include requirement and concept studies, design, construction, embedded systems, testing, prototyping, validation, project management and production development. The business area carries out projects around the world from offices in Sweden and Germany. The business mainly focuses on the industrial, energy, telecoms and life science sectors. Customers include ABB, Alstom, Astra-Zeneca, Bombardier, Fortum, General Electric, Husqvarna, Pfizer, Rolls-Royce Marine, Saab, Siemens and Vattenfall.

Informatic

The business area continued to see good growth. In total the business area's sales for the period January-September in local currencies rose by 10% to SEK 304 million (273). The operating profit improved by SEK 22 million to SEK 35 million (13). The operating margin amounted to 11.5% (4.7).

The business in Sweden continued to report good sales growth and higher earnings, even though developments have been somewhat weaker for the industrial area.

Of the business area's total sales about 48% are outside Sweden. The UK's activities are progressing very well in line with the business with Jaguar Land Rover and other customers being added.

The partnership with the Chinese automaker Qoros is developing as planned. The number of employees is gradually increasing in projects in both Europe and China, with an expected fifty or so employees involved by the end of the year. Activities in Shanghai moved to new, bigger premises in Q3.

The front office/back office delivery model is an increasingly important part of the business area's offer, with an increasing number of customers understanding the advantages of using this model. The Hungarian business has a central role in the business area's back office offer and during the period the number of deliveries from Hungary further increased.

Semcon acquired the business Group Comet in Germany on 1 October, with its activities in product information. The acquisition will allow Semcon to expand its offer on the German market to include product information solutions and services. Comet has more than 25 years' experience of technical documentation and training, and will become a platform for rapid growth in Germany. Comet currently employs 40 people and had sales of EUR 2.4 million in 2011.

The business area continues to see significant opportunities to expand in all markets where it currently operates.

Share of Semcon's total sales, %

		July-Sept			Jan-Dec
Key figures Informatic	2012	2011	2012	2011	2011
Operating income, SEK m	101.3	89.8	303.6	272.7	374.1
Operating profit/loss, SEK m	14.1	7.1	35.0	12.9	29.5
Operating margin, %	13.9	7.9	11.5	4.7	7.9
Operating profit/loss excl. one-off items *	14.1	7.1	35.0	25.9	42.4
Operating margin excl. one-off items, %	13.9	7.9	11.5	9.5	11.3
Number of employees at period's end	499	423	499	423	430

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

About Informatic

Informatics' 500 employees provide complete information solutions in interactive marketing and aftermarket information. The business area supports customers' products throughout the product lifecycle, from sales and marketing to installation, maintenance, training and repairs. Informatic has offices in Sweden, the UK, Hungary and China. Customers are mainly in the automotive, telecoms, energy, med-tech, marine/offshore and manufacturing sectors. Customers include ABB, AB Volvo, Atlet, Bombardier, Gambro, Jaguar Land Rover, Qoros Auto, Rolls-Royce Marine, Saab, Siemens and Volvo Cars.

Staff and organization

The headcount on 30 September was 3,010 (2,872). The number of employees in active service was 2,895 (2,786). Compared with 31 December 2011, the total number of employees has risen by 116. In the business areas the headcount is as follows: Automotive R&D* 1,767 (1,644), Design & Development* 744 (805) and Informatic 499 (423).

* 26 employees transferred from Design & Development to Automotive R&D on 1 July.

Number of employees

Number of employees at period's end

Ownership structure

As of 30 September, the JCE Group owned 30.5% (30.5) of Semcon's shares, Swedbank Robur fonder 8.4% (8.2), Skandia Liv 7.4% (12.1) and Andra AP-fonden 4.7% (3.0). Foreign ownership was 13.6% (11.8) and the number of shareholders was 4,097 (4,435). The number of ordinary shares at the end of the period was 18,112,534 (18,112,534), all with a quotient value of SEK 1 and equal voting rights. Semcon owned 142,718 (268,643) shares in the company. Semcon's share savings scheme from 2008 has closed and the last matching share was on 27 March. In total 187,282 shares have been allocated to participants in the scheme, of which 84,243 in 2012. Semcon in listed as a small company on the NASDAQ OMX Stockholm under the SEMC ticker.

Important events during the period

• Semcon's board elected Markus Granlund as President and CEO as of 26 April 2012.
• Semcon signed an order with an auto manufacturer in Germany worth around EUR 15 million (around SEK 130 million) for developing a new car model.

Acquisitions and divestments

No acquisitions or disposals of activities were carried out during the period.

Events after the end of the period

Semcon acquired the product information group Comet in Germany on 1 October 2012. This acquisition allows Semcon to expand its offer on the German market to include product information solutions and services. The acquisition is expected to have a marginal affect on EPS in 2012 and 2013. No other significant events have taken place after the end of the period in addition to this acquisition.

Risks and instability factors

The Group and parent company's significant risks and instability factors include business risks in the form of high exposure towards a single industry or customer.

An economic downturn or disruptions to financial markets can have a negative effect on the Group's services. In general terms acquisitions and divestments incur increased risks. This also includes financial risks mainly concerning interest rate and currency risks. Semcon's Annual Report 2011, pages 48-49 and 62-62, include a detailed description of the Group and parent company's risk exposure and risk management.

Semcon's 10 largest customers

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. In accordance with the statements given in the Annual Report 2011, Note 2, concerning new accounting principles for 2012, a number of new standards and IFRIC statements have been included from 1 January 2012. None of these have had an affect on the Group's accounts during the period. Otherwise, the same accounting principles and calculation methods have been applied in this report as in the latest annual report.

Nominations committee

It was decided at Semcon's AGM on 26 April 2012, that the chairman must convene a nominations committee, consisting of one representative for each of the three largest shareholders in the company as of 31 August 2012. The nominations committee will consist, until the next AGM, of: Gabriel Berg, nominations committee chairman, JCE Group, Evert Carlsson, Swedbank Robur fonder, Sven Zetterqvist, Skandia Liv and Kjell Nilsson, Chairman of the Board of Semcon AB.

Outlook

Semcon has seen something of a drop in demand from some customers since the summer, mainly in the Design & Development business area. The company is, however, looking positively at developments ahead, even though the economic outlook is uncertain.

Göteborg, 25 October 2012

Markus Granlund President and CEO

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

Auditors' review report

We have reviewed this report for Semcon AB (556539- 9549) for the period 1 January 2012 to 30 September 2012. The board of directors and the CEO are responsible for the preparation and presentation of this interim report 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.

Review report's emphasis and scope

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 consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden, RS, 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 Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company.

Göteborg, 25 October 2012

DELOITTE AB

Hans Warén Authorized public accountant

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 12:00 noon on 25 October 2012.

Reporting:

Financial statement 2012: 7 February 2013 AGM 2012: 26 April 2013 Interim report Jan-March 2013: 26 April 2013 Interim report Jan-June 2013: 12 July 2013 Interim report Jan-Sept 2013: 25 October 2013 Financial statement 2013: 6 February 2014

For more information, please contact:

Markus Granlund, CEO Semcon AB, +46 31 721 03 11 Björn Strömberg, CFO Semcon AB, +46 31 721 03 05 Anders Atterling, IR Manager Semcon AB, +46 704 47 28 19

Head office:

Semcon AB, 417 80 Göteborg Visiting address: Theres Svenssons gata 15 Phone: +46 31 721 00 00, fax: +46 31 721 03 33 semcon.com

Consolidated Financial, summary

Income statements

			July-Sept		Jan-Sept	Jan-Dec
SEK m	Note	2012	2011	2012	2011	2011
Operating income		572.9	567.8	1,900.0	1,772.8	2,451.9
Purchase of goods and services		-110.9	-112.6	-349.1	-324.4	-459.2
Other external operating expenses	1	-57.1	-68.3	-170.6	-220.7	-288.2
Staff costs	1	-363.8	-356.0	-1,224.4	-1,153.5	-1,567.1
Operating profit/loss before depreciation		41.1	30.9	155.9	74,2	137.4
Depreciation of tangible fixed assets		-4.4	-4.4	-12.9	-14.1	-18.7
Depriciation of intangible assets		-1.6	-2.1	-4.8	-5.8	-7.5
Operating profit/loss		35.1	24,4	138.2	54.3	111.2
Net financial items		-2.0	-2.3	-5.2	-7.8	-10.8
Profit/loss before tax		33.1	22.1	133.0	46.5	100.4
Tax		-9.6	-6.2	-38.6	-13.0	-31.0
Profit/loss after tax*		23.5	15.9	94.4	33.5	69.4
EPS per share, SEK		1.32	0.89	5.26	1.88	3.89
EPS per share after dilution, SEK		1.30	0.88	5.21	1.85	3.83
* Of which parent company shareholders Note 1 One-off items ( See note 1, page 13)		23.5	15.9	94.4	33.5	69.4
Number of days in period		65	66	187	188	252

Statement of comprehensive income

	July-Sept		Jan-Sept		Jan-Dec
SEK m	2012	2011	2012	2011	2011
Profit/loss after tax	23.5	15.9	94.4	33.5	69.4
Comprehensive income
Translation differencies for the period	-12.9	4.1	-19.9	7.3	-3.7
Hedging of net investments	8.4	-4.4	13.8	-9.3	2.2
Cash flow hedging	-	-0.5	1.0	-0.5	2.2
Tax referrring to effects of hedging	-2.2	1.3	-3.9	2.6	-1.2
Other comprehensive income	-6.7	0.5	-9.0	0.1	-0.5
Total comprehensive income for the period**	16.8	16.4	85.4	33.6	68.9
** Of which parent company shareholders	16.8	16.4	85.4	33.6	68.9

Quarterly information by business area

	2010			2011				2012
	Q1	Q2	Q3	Q4	2010	Q1	Q2	Q3	Q4	2011	Q1	Q2	Q3
Operating income (SEK m)
Automotive R&D	263.3	256.7	263.7	307.3	1,091.0	317.2	322.7	325.2	373.2	1,338.3	377.2	350.1	329.8
Design & Development	179.9	171.0	133.7	185.6	670.2	188.0	194.2	152.8	204.5	739.5	206.9	190.6	141.8
Informatic	77.5	88.2	74.1	89.9	329.7	91.1	91.8	89.8	101.4	374.1	101.4	100.9	101.3
Total	520.7	515.9	471.5	582.8	2,090.9	596.3	608.7	567.8	679.1	2,451.9	685.5	641.6	572.9
Operating profit/loss (SEK m) *
Automotive R&D	-14.8	-26.9	-7.8	14.5	-35.0	8.4	-	11.8	21.2	41.4	30.5	12.3	17.7
Design & Development	5.9	4.0	2.1	11.4	23.4	21.0	12.4	5.5	19.2	58.1	30.2	9.2	3.3
Informatic	4.4	6.3	5.8	13.0	29.5	12.3	6.5	7.1	16.5	42.4	11.5	9.4	14.1
Total excl. one-off items	-4.5	-16.6	0.1	38.9	17.9	41.7	18.9	24.4	56.9	141.9	72.2	30.9	35.0
One-off items **	-	-8.1	-2.8	-4.0	-14.9	-	-30.7	-	-	-30.7	-	-	-
Total incl. one-off items	-4.5	-24.7	-2.7	34.9	3.0	41.7	-11.8	24.4	56.9	111.2	72.2	30.9	5.4
Operating margin (%)
Automotive R&D	-5.6	-10.5	-3.0	4.7	-3.2	2.6	-0,3	3.6	5.7	3.1	8.1	3.5	5.4
Design & Development	3.3	2.3	1.6	6.1	3.5	11.2	6.4	3.6	9.4	7.9	14.6	4.8	2.3
Informatic	5.7	7.1	7.8	14.5	8.9	13.5	7.1	7.9	16.3	11.3	11.3	9.3	13.9
Total excl. one-off items	-0.9	-3.2	0.0	6.7	0.9	7.0	3.1	4.3	8.4	5.8	10.5	4.8	6.1
Total incl. one-off items	-0.9	-4.8	-0.6	6.0	0.1	7.0	-1.9	4.3	8.4	4.5	10.5	4.8	6.1
Number of employees
Automotive R&D	1,467	1,463	1,516	1,565	1,565	1,578	1,592	1,644	1,683	1,683	1,725	1,742	1,767 ***
Design & Development	803	760	736	753	753	783	793	805	781	781	780	777	744 ***
Informatic	356	363	371	385	385	397	419	423	430	430	448	468	499
Total	2,626	2,586	2,623	2,703	2,703	2,758	2,804	2,872	2,894	2,894	2,953	2,987	3,010
No of working days	62	59	66	64	251	63	59	66	64	252	64	58	65

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

** One off items (See note 1, page 13)

*** 26 people transferred to Automotive R&D from Design & Development on 1 July 2012

Balance sheet
		30 Sept	31 Dec
SEK m	2012	2011	2011
Assets
Intangible assets, goodwill	425.3	442.8	436.0
Other intangible assets	18.6	22.2	21.1
Tangible fixed assets	34.0	37.3	36.2
Financial fixed assets	18.7	18.6	19.0
Deferred tax recoverable	48.1	68.1	64.7
Accounts receivable	308.7	282.9	372.6
Accrued non-invoice income	230.7	209.4	121.7
Current assets	65.6	59.9	41.3
Cash and bank assets	49.4	35.9	39.7
Total assets	1,199.1	1,177.1	1,152.3
Shareholders equity and liabilities
Shareholders equity	527.6	406.4	442.0
Pensions obligations	46.9	50.7	49.0
Deferred tax liabilities	46.0	4.6	18.2
Interest-bearing long-term liabilities	126.6	278.1	223.6
Interest-bearing current liabilities	34.1	17.9	0.2
Accounts payable	74.6	64.0	85.1
Non interest bearing current liabilities	343.3	355.4	334.3
Total shareholders equity and liabilities	1,199.1	1,177.1	1,152.3

Change in shareholders equity

Shareholders equity at period's end	527.6	406.4	442.0
Share savings program	0.2	0.2	0.5
Total comprehensive income	85.4	33.6	68.9
Shareholders equity and liabilities	442.0	372.6	372.6
SEK m	2012	2011	2011
		30 Sept

Cash flow statement

		July-Sept		Jan-Sept	Jan-Dec
SEK m		2011	2012	2011	2011
Cash flow from current activities before change in working capital	35.8	29.0	149.2	61.3	121.6
Change in working capital	-16.6	-22.9	-70.8	-47.7	-34.0
Cash flow from current liabilities	19.2	6.1	78.4	13.6	87.6
Net Investments	-6.6	-3.8	-16.0	-12.4	-17.4
Sales of fixed assets	0.6	-	0.6	0.2	0.2
Cash flow from investment activities	-6.0	-3.8	-15.4	-12.2	-17.2
Amortization of interest-bearing liabilities	-7.9	-0.6	-50.2	-9.0	-73.3
Cash flow from financing activities	-7.9	-0.6	-50.2	-9.0	-73.3
Cash flow for the period	5.3	1.7	12.8	-7.6	-2.9
Cash and bank at the start of the period	46.4	32.6	39.7	42.5	42.5
Translation difference	-2.3	1.6	-3.1	1.0	0.1
Cash and bank at the end of the period	49.4	35.9	49.4	35.9	39.7

Key figures excluding one-off items		Jan-Sept
	2012	2011	2011
Operating margin (%)	7.3	4.8	5.8
Profit margin (%)	7.0	4.4	5.3
Return on average shareholders equity (%) *	27.4	20.6	22.0
Return on average capital employed (%) *	26.6	16.9	19.7

Key figures		Jan-Sept	Jan-Dec
	2012	2011	2011
Growth in sales (%)	7.2	17.6	17.6
Organic growth in sales (%)	8.3	21.8	20.3
Operating margin before depreciation/amortization (%)	8.2	4.2	5.6
Operating margin (%)	7.3	3.1	4.5
Profit margin (%)	7.0	2.6	4.1
Return on average shareholders equity (%) *	27.4	14.6	17.3
Return on average capital employed (%) *	26.6	12.5	15.5
Equity/asset ratio (%)	44.0	34.5	38.4
Dept/equity ratio (times)	0.3	0.8	0.5
Interest cover ratio (times) *	21.8	7.2	8.7
Number of employees at year's end	3,010	2,872	2,894
Investments in fixed assets (SEK m)	16.0	12.4	17.4

Key figures for shares		Jan-Sept	Jan-dec
	2012	2011	2011
EPS after tax (SEK)	5.26	1.88	3.89
EPS per share after dilution (SEK)	5.21	1.85	3.83
Shareholders equity before dilution (SEK)	29.36	22.78	24.71
Shareholders equity after dilution (SEK)	29.13	22.44	24.40
Share price / shareholders equity per share (times)	1.40	1.06	0.98
Cash flow from current activities (SEK)	4.33	0.75	4.84
Share price at the end of the period (SEK)	41.00	23.80	24.00
Market price at the end of the period (SEK m)	743	431	435
Number of shares at the end of the period (000)	18,113	18,113	18,113
Number of own shares at the end of the period (000)	143	269	227
Average number of shares (000)	18,113	18,113	18,113
Average number of own shares (000)	181	284	273

* Rolling 12 months

Definitions

Capital employed

The balance sheet total minus non interest-bearing provisions and liabilities.

Cash flow per share

Cash flow for the year divided by the weighted average number of outstand- ing shares over the year adjusted for the dilution effect on potential shares.

Debt/equity ratio

Net borrowings divided by shareholders' equity including minority interests.

EPS before dilution

Profit/loss after tax attributable to the parent company's owners divided by the average number of outstanding ordinary shares excluding bought back shares held as own shares by the parent company.

EPS after dilution

Profit/loss after tax attributable to the parent company's owners divided by the average number of outstanding shares adjusted for the dilution effect of potential shares.

Equity/assets ratio

Shareholders' equity as a percentage of the balance sheet total.

Interest cover ratio Profit before tax plus interest costs divided by interest costs.

Net borrowings

Interest-bearing provisions and liabili- ties with deductions for liquid assets and interest-bearing receivables.

Operating margin Operating profit as a percentage of net sales.

Profit margin Profit before tax as a percentage of net sales.

Return on average shareholders' equity

Profit for the year after tax divided by the average shareholders' equity.

Return on average capital employed

Profit before tax plus financial costs divided by the average capital employed.

Shareholders' equity per share before dilution Shareholders' equity divided by the number of shares at year-end, excluding shares bought back held as own shares by the parent company.

Shareholders' equity per share after dilution Shareholders' equity divided by the number of shares at year-end adjusted for the dilution effect on potential shares.

Largest holdings, 30 sept 2012

Name	No. of shares	Votes, %
JCE Group	5,526,271	30.5
Swedbank Robur fonder	1,521,764	8.4
Skandia Liv	1,337,445	7.4
Andra AP fonden	846,559	4.7
Avanza Pension	753,358	4.2
FIM Bank	513,924	2.8
Handelsbanken fonder	401,464	2.2
SIX SIS AG	256,000	1.4
Nordnet Pensionsförsäkring	242,731	1.3
Mellon Omnibus	215,210	1.2
Total	11,614,726	64.1
Own shares	142,718	0.8
Other	6,355,090	35.1
Total	18,112,534	100.0

Ownership structure, 30 Sept 2012

	No. of shareholders	No. of shares	portion, %	Pro- Market value SEK 000
1-500	2,595	516,768	2.9	21,187
501-1 000	667	563,473	3.1	23,102
1 001-10 000	737	2,083,265	11.5	85,414
10 001-100 000	79	2,047,055	11,3	83,929
100 001 -	18	12,759,255	70,4	523,129
Own shares	1	142,718	0.8	5,851
Total	4,097	18,112,534	100.0	742,613

Source: Euroclear Sweden AB register of shareholders on 30 Sept 2012.

Source: Euroclear Sweden AB register of shareholders on 30 Sept 2012.

Notes

Note 1 One-off items

	July-Sept		Jan-Sept		Jan-Dec
SEK m	2012	2011	2012	* 2011	* 2011
Structural changes in Sweden	-	-	-	-1.8	-1.8
Provision for doubtful receivables	-	-	-	-28.9	-28.9
Total	-	-	-	-30.7	-30.7
Specification of items in the income statement
Other external expenses	-	-	-	-28.9	-28.9
Staff costs	-	-	-	-1.8	-1.8
Total	-	-	-	-30.7	-30.7
Dividend per business area
Automotive R&D	-	-	-	-16.9	-16.9
Design & Development	-	-	-	-0.8	-0.8
Informatic	-	-	-	-13.0	-13.0
Total	-	-	-	-30.7	-30.7

* A reserve of SEK 30.7 million was made for Saab Automobile AB in Q2 2011.

Parent company Financial, summary

Income statements

SEK m		July-Sept		Jan-Sept	Jan-Dec
	2012	2011	2012	2011	2011
Operating income	5.0	4.9	16.2	15.4	21.4
Other external operating expenses	-5.3	-4.4	14.9	-14.5	-20.5
Staff costs	-4.7	-5.9	-17.1	-19.8	-33.0
Operating profit/loss before depreciation	-5.0	-5.4	-15.8	-18.9	-32.1
Depreciation of tangible fixed assets	-0.1	-0.1	-0.3	-0.3	-0.3
Operating profit/loss after depreciation	-5.1	-5.5	-16.1	-19.2	-32.4
Net financial items*	7.9	1.4	19.6	3.0	76.7
Profit/loss after net financial items	2.8	-4.1	3.5	-16.2	44.3
Appropriations	-	-	-	-	-10.0
Profit/loss after tax	2.8	-4.1	3.5	-16.2	34.3
Tax	-0.7	1.1	-0.9	4.3	-11.0
Profit/loss after tax	2.1	-3.0	2.6	-11.9	23.3
* Of which translation differencies Of which Group contribution received Of which Group contribution paid	5.7 - -	0.5 - -	12.3 - -	-0.8 - -	6.3 64.5 -10.0

Statement of comprehensive income

		July-Sept		Jan-Sept	Jan-Dec
SEK m	2012	2011	2012	2011	2011
Profit/loss for the period	2.1	-3.0	2.6	-11.9	-23.3
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	2.1	-3.0	2.6	-11.9	-23.3

Balance sheets

	30 Sept	31 Dec
SEK m	2012	2011	2011
Assets
Tangible fixed assets	0.6	1.0	0.9
Financial fixed assets	486.6	512.6	495.7
Current assets	166.4	169.1	170.7
Cash and bank	-	-	10.8
Total assets	653.6	682.7	678.1
Shareholder equity and liabilities
Shareholders equity	320.4	282.6	317.8
Untaxed reserves	0.2	0.2	0.2
Interest-bearing long-term liabilities	153.6	283.7	238.9
Interest-bearing current liabilities	33.9	17.5	-
Non interest-bearing current liabilities	145.5	98.7	121.2
Total shareholders equity and liabilities	653.6	682.7	678.1