Semcon

Quarterly Report • Jul 13, 2012

Interim report January-June 2012

Significantly improved results for the first half-year

Second quarter	January-June
• The operating income was SEK 642 million (609) and organic growth was 5% • The operating profit was SEK 31 million (-12) giving an operating margin of 4.8% (-2.0) • The profit after tax was SEK 21 million (-10) • Earnings per share (EPS) after dilution was SEK 1.14 (-0.58)	• The operating income was SEK 1,327 million (1,205) and organic growth was 10% • The operating profit was SEK 103 million (30) giving an operating margin of 7.8% (2.5) • The profit after tax was SEK 71 million (18) • EPS after dilution was SEK 3.92 (0.97) • The equity/assets ratio was 41% (33) • Return on average equity was 27.4% (9.7).

Comment from CEO Markus Granlund

"The positive trend we saw in the first quarter continued in the second quarter resulting in improved results compared to last year. Our focus on more markets and more profitable business models is giving results for Semcon and our customers. We continue to look positively at developments in 2012 even though the economic outlook is uncertain."

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 nearly 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 has sales of SEK 2.5 billion and activities at more than 45 sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain and Russia.

Income and results

Q2

Operating income rose by SEK 33 million compared to last year and amounted to SEK 642 million (609). Demand has continued to be good and sales in local currencies rose by 5%. The quarter included one working day less than the same period last year and six fewer than Q1, 2012.

The operating profit improved by SEK 43 million amounting to SEK 31 million (-12) giving an operating margin of 4.8% (-2.0). The improvement is mainly attributable to increased sales and a good utilization rate. Last year, the quarter was burdened with one-off items of SEK -31 million in respect of provisions for Saab Automobile AB.

Net financial items totalled SEK -2 million (-3) giving a profit before tax of SEK 29 million (-15). Tax costs for the quarter stood at SEK -8 million (4). The profit after tax was SEK 21 million (-10) and EPS after dilution was SEK 1.14 (-0.58).

January-June

Operating income rose by SEK 122 million over the period compared to last year and amounted to SEK 1,327 million (1,205). Sales in local currencies rose by 10%.

The operating profit improved by SEK 73 million amounting to SEK 103 million (30) giving an operating margin of 7.8% (2.5). The improvement is mainly attributable to increased sales and a good utilization rate. In Q1 there was a 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 items of SEK -31 million.

The business areas showed the following operating margins excl. one-off items: Automotive R&D 5.9% (1.3), Design & Development 9.9% (8.7) and Informatic 10.3% (10.3).

Net financial items totalled SEK -3 million (-5) giving a profit before tax of SEK 100 million (24). Tax costs for the period stood at SEK -29 million (-7). The profit after tax was SEK 71 million (18) and EPS after dilution was SEK 3.92 (0.97).

Earnings per market Jan-June 2012

Group sales per industry Jan-June 2012

Financial position

The operating cash flow from current activities was SEK 59 million (8). The Group's cash and bank balances amounted to SEK 46 million (33) with additional non-utilized credit of SEK 265 million (140) as of 30 June. The Group's credit agreement has been extended by one year and consists of an overdraft facility of SEK 150 million (150) and a revolving credit facility of EUR 32.8 million (32.8), which runs until July 2013. There is an option available for the company, before the due date, to extend the revolving credit to a three-year loan.

Investments in hardware, licences, office inventory and equipment, amounted to SEK 9 million (9). Shareholders' equity amounted to SEK 511 million (390) and the equity/ assets ratio was 41% (33). The Group's net debt fell by SEK 135 million to SEK 178 million (313) and the debt/equity ratio was 0.3 times (0.8).

Equity/assets ratio (%)

Equity/asset ratio (%) at period's end

Automotive R&D

The business area reported continued sales growth and improved profits compared with 2011. Total sales in local currencies rose by 14% to reach SEK 727 million (640).

The operating profit improved by SEK 51 million and amounted to SEK 43 million (–8). A reserve of SEK 17 million was set up in Q2 2011 to cover uncertain receivables from Saab Automobile AB. The operating margin excluding one-off items was 5.9% (1.3). The better results are largely due to higher sales and the positive effects from the major projects launched in autumn 2011. There was also a positive one-off effect in Q1 of SEK 5 million from a major project.

The business area's largest market, Germany, saw a good performance over the period, showing a strong improvement in earnings. Customers such as Audi, BMW, Daimler and VW have all reported good sales growth and announced major investments. Consequently, the business area views the coming quarter positively. Germany accounts for 58% of the business area's sales.

In Sweden, the business developed well during the first half of the year. The major powertrain business that started in September last year will be concluded in August instead of December, as previously announced. The business has an increased focus in delivering services from Sweden mainly to customers in Germany. Sweden accounts for 30% of the business area's sales.

In the UK, sales to the automotive industry remained good. The recently established business in the energy sector is still in its start-up phase with low volumes.

In Brazil, demand from Semcon's largest customer has fallen, although there are still opportunities to expand the business with new and existing customers.

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

The change towards taking on more complete car projects and larger projects has produced good results in recent years and the business area sees good opportunities to increase sales in the global automotive market.

Share of Semcon's total sales, %

		April-June		Jan-June	Jan-Dec
Key figures Automotive R&D	2012	2011	2012	2011	2011
Operating income, SEK m	350.1	322.7	727.3	639.9	1,338.3
Operating profit/loss, SEK m	12.3	-16.9	42.8	-8.5	24.4
Operating margin, %	3.5	-5.2	5.9	-1.3	1.8
Operating profit/loss excl. one-off items	12.3	0.0	42.8	8.4	41.4
Operating margin excl. one-off items, %	3.5	0.0	5.9	1.3	3.1
Number of employees at period's end	1,742	1,592	1,742	1,592	1,714

About Automotive R&D

The business area's nearly 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

The business area's sales grew by 4% to reach SEK 397 million (382). The operating profit rose by SEK 6 million and amounted to SEK 39 million (33), giving an operating margin excluding one-off items of 9.9% (8.7). The improvement is mainly due to a higher utilization rate.

The Product Development division reported a continued high utilization rate over the period, resulting in a good sales growth and strong operating profit. Product Development is the business area's largest division, accounting for 50% of the business area's sales.

The PEAQ (Project, Engineering and Quality) division experienced good demand with higher sales and earnings. The division accounted for 23% of the business area's sales.

The Product Lifecycle Management (PLM) division reported improvements in both sales and earnings. Embedded Intelligent Solutions (EIS) had a weak performance during the first half of the year. These two divisions account for 10% and 17% respectively of total sales by the business area.

From 1 July a new organization has been implemented which means a change in the division structure and that 26 employees at EIS will be relocated to Automotive R&D. This change is being made to strengthen the business offer geographically and to gather competence in embedded systems and electronics in order to serve the auto industry in Sweden.

The demand for the business area's services remains strong, which means good potential for growth in all divisions.

Share of Semcon's total sales, %

		April-June	Jan-June		Jan-Dec
Key figures Design & Development	2012	2011	2012	2011	2011
Operating income, SEK m	190.6	194.2	397.5	382.2	739.5
Operating profit/loss, SEK m	9.2	11.6	38.4	32.6	57.3
Operating margin, %	4.8	6.0	9.9	8.5	7.7
Operating profit/loss excl. one-off items	9.2	12.4	39.4	33.4	58.1
Operating margin excl. one-off items, %	4.8	6.4	9.9	8.7	7.9
Number of employees at period's end	777	793	777	793	781

About Design & Development

The business area has nearly 800 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 in local currencies rose by 9% to SEK 202 million (183). For the third quarter in a row the business area reported sales above SEK 100 million. A reserve of SEK 13 million was set up in Q2 2011 regarding Saab Automobile AB. Business with Saab Automobile has been fully replaced by business from other customers. The operating margin excluding one-off items was 10.3% (10.3) in the first half of the year.

The business in Sweden continued to report good sales growth and higher earnings.

Of the business area's total sales about 40% are outside Sweden. The UK's activities progressed very well during the period and the business with Jaguar Land Rover has been expanded.

The partnership with the Chinese automaker Qoros Auto has developed as planned. At the end of the year it is expected that fifty employees will be involved in the undertaking in Europe and China.

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

The business area continues to see significant opportunities to

expand in all markets where it currently operates.

Share of Semcon's total sales, %

		April-June			Jan-Dec
Key figures Informatic	2012	2011	2012	2011	2011
Operating income, SEK m	100.9	91.8	202.3	182.9	374.1
Operating profit/loss, SEK m	9.4	-6.5	20.9	5.8	29.5
Operating margin, %	9.3	-7.1	10.3	3.2	7.9
Operating profit/loss excl. one-off items	9.4	6.5	20.9	18.8	42.4
Operating margin excl. one-off items, %	9.3	7.1	10.3	10.3	11.3
Number of employees at period's end	468	419	468	419	430

About Informatic

Informatics' nearly 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.

New President and CEO

Semcon's board has decided to appoint Markus Granlund as president and CEO with effect from 26 April 2012.

Staff and organization

The headcount on 30 June was 2,987 (2,804). The number of employees in active service was 2,883 (2,719). Compared with 31 December 2011, the total number of employees has increased by 62. In the business areas the headcount is as follows: Automotive R&D 1,742 (1,592), Design & Development 777 (793) and Informatic 468 (419).

Number of employees

Number of employees at period's end

Ownership structure

As of 30 June, the JCE Group owned 30.5% (30.5) of Semcon's shares, Swedbank Robur fonder 8.2% (8.2), Skandia Liv 7.4% (12.2) and Andra AP-fonden 4.7% (3.0). Foreign ownership was 13.7% (13.6) and the number of shareholders was 4,233 (4,257). 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. On 30 June, Semcon owned 142,718 (287,883) shares in the company. Semcon's share saving scheme has closed and the last matching was on 27 March. Semcon is listed on the NASDAQ OMX Stockholm under the SEMC ticker.

Acquisitions and divestments

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

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 62-63, 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.

Events after the end of the period

No significant events have been reported after the period's end.

Outlook

The first half of the year has started well with improved results compared with last year. The company is looking positively at developments in 2012 even though the economic outlook is uncertain.

The Board and CEO certify that the interim 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 13 July 2012

SEMCON AB (PUBL) Org.nr. 556539-9549

Markus Granlund President & CEO

Kjell Nilsson Chairman

Håkan Larsson Board member

Joakim Olsson Board member

Christer Eriksson Staff representative Roland Kristiansson

Staff representative

Marianne Brismar Board member

Gunvor Engström Board member

Ronny Lundberg 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 11:30 a.m on 13 July 2012.

Reporting:

Interim report Jan-Sept 2012: 25 October 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

			April-June		Jan-June	Jan-Dec
SEK m	Note	2012	2011	2012	2011	2011
Operating income		641.6	608.7	1,327.1	1.205.0	2,451.9
Purchase of goods and services		-114.9	-112.6	-238.2	-211.8	-459.2
Other external operating expenses	1	-55.2	-90.5	-113.5	-152.4	-288.2
Staff costs	1	-434.9	-410.6	-860.6	-797.5	-1,567.1
Operating profit/loss before depreciation		36.6	-5.0	114.8	43.3	137.4
Depreciation of tangible fixed assets		-4.1	-5.0	-8.5	-9.7	-18.7
Depriciation of intangible assets		-1.6	-1.8	-3.2	-3.7	-7.5
Operating profit/loss		30.9	-11.8	103.1	29.9	111.2
Net financial items		-1.7	-2.7	-3.2	-5.5	-10.8
Profit/loss before tax		29.2	-14.5	99.9	24.4	100.4
Tax		-8.5	4.1	-29.0	-6.8	-31.0
Profit/loss after tax*		20.7	-10.4	70.9	17.6	69.4
EPS per share, SEK		1.16	-0.58	3.97	0.99	3.89
EPS per share after dilution, SEK		1.14	-0.58	3.92	0.97	3.83
* Of which parent company shareholders		20.7	-10.4	70.9	17.6	69.4
Number of days in period		58	59	122	122	252

Note 1 One-off items ( Se note 1, page 13)

Statement of comprehensive income

	April-June		Jan-June		Jan-Dec
SEK m	2012	2011	2012	2011	2011
Profit/loss after tax	20.7	-10.4	70.9	17.6	69.4
Comprehensive income
Translation differencies for the period	-3.3	6.7	-7.0	3.2	-3.7
Hedging of net investments	2.1	-7.2	5.4	-4.9	2.2
Cash flow hedging	0.2	-	1.0	-	2.2
Tax referrring to effects of hedging	-0.6	1.9	-1.7	1.3	-1.2
Other comprehensive income	-1.6	1.4	-2.3	-0.4	-0.5
Total comprehensive income for the period**	19.1	-9.0	68.6	17.2	68.9
** Of which parent company shareholders	19.1	-9.0	68.6	17.2	68.9

Quarterly information by business area

			2010				2011				2012
	Q1	Q2	Q3	Q4	2010	Q1	Q2	Q3	Q4	2011	Q1	Q2
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
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
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
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
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
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
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
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
Write down of goodwill and of shares
in associated companies	-	-	-	-	-	-	-	-	-	-	-	-
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
Operating margin (%)
Automotive R&D	-5.6	-10.5	-3.0	4.7	-3.2	2.6	-	3.6	5.7	3.1	8.1	3.5
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
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
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
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
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
Design & Development	803	760	736	753	753	783	793	805	781	781	780	777
Informatic	356	363	371	385	385	397	419	423	430	430	448	468
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
No of working days	62	59	66	64	251	63	59	66	64	252	64	58

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

** One off items (See note 1, page 12)

Balance sheet
		30 June
SEK m	2012	2011	2011
Assets
Intangible assets, goodwill	432.2	440.2	436.0
Other intangible assets	20.2	23.9	21.1
Tangible fixed assets	33.4	39.2	36.2
Financial fixed assets	19.5	19.0	19.0
Deferred tax recoverable	55.2	72.0	64.7
Accounts receivable	365.9	316.0	372.6
Accrued non-invoice income	208.6	186.7	121.7
Current assets	59.1	59.2	41.3
Cash and bank assets	46.4	32.6	39.7
Total assets	1,240.5	1,188,8	1,152.3
Shareholders equity and liabilities
Shareholders equity	510.7	390.0	442.0
Pensions obligations	48.6	49.6	49.0
Deferred tax liabilities	39.7	5.1	18.2
Interest-bearing long-term liabilities	175.3	274.4	223.6
Interest-bearing current liabilities	0.9	21.5	0.2
Accounts payable	73.5	72.5	85.1
Non interest bearing current liabilities	391.8	375.7	334.3

Change in shareholders equity

Change in shareholders equity
	30 June	31 Dec
SEK m	2012	2011	2011
Shareholders equity and liabilities	442.0	372.6	372.6
Total comprehensive income	68.6	17.2	68.9
Share savings program	0.1	0.2	0.5
Shareholders equity at period's end	510.7	390.0	442.0

Total shareholders equity and liabilities 1,240.5 1,188.8 1,152.3

Cash flow statement

		April-June		Jan-June
SEK m	2012	2011	2012	2011	2011
Cash flow from current activities before change in working capital	36.0	-12.4	113.4	32.3	121.6
Change in working capital	-8.6	24.3	-54.2	-24.8	-34.0
Cash flow from current liabilities	27.4	11.9	59.2	7.5	87.6
Net Investments	-4.0	-3.0	-9.4	-8.6	-17.4
Sales of fixed assets	-	0.1	-	0.2	0.2
Cash flow from investment activities	-4.0	-2.9	-9.4	-8.4	-17.2
Change in interest-bearing liabilities	-23.0	-6.0	-42.3	-8.4	-73.3
Cash flow from financing activities	-23.0	-6.0	-42.3	-8.4	-73.3
Cash flow for the period	0.4	3.0	7.5	-9.3	-2.9
Cash and bank at the start of the period	46.0	29.1	39.7	42.5	42.5
Translation difference	-	0.5	-0.8	-0.6	0.1
Cash and bank at the end of the period	46.4	32.6	46.4	32.6	39.7

Key figures excluding one-off items		Jan-June
	2012	2011	2011
Operating margin (%)	7.8	5.0	5.8
Profit margin (%)	7.5	4.6	5.3
Return on average shareholders equity (%) *	27.4	16.6	22.0
Return on average capital employed (%) *	25.4	13.7	19.7

Key figures		Jan-June	Jan-Dec
	2012	2011	2011
Growth in sales (%)	10.1	16.2	17.3
Organic growth in sales (%)	10.0	21.2	20.3
Operating margin before depreciation/amortization (%)	8.7	3.6	5.6
Operating margin (%)	7.8	2.5	4.5
Profit margin (%)	7.5	2.0	4.1
Return on average shareholders equity (%) *	27.4	9.7	17.3
Return on average capital employed (%) *	25.4	8.7	15.5
Equity/asset ratio (%)	41.2	32.8	38.4
Dept/equity ratio (times)	0.3	0.8	0.5
Interest cover ratio (times)	17.0	5.3	8.7
Number of employees at year's end	2,987	2,804	2,894
Investments in fixed assets (SEK m)	9.4	8.6	17.4

Key figures for shares		Jan-June	jan-dec
	2012	2011	2011
EPS after tax (SEK)	3.97	0.99	3.89
EPS per share after dilution (SEK)	3.92	0.97	3.83
Shareholders equity before dilution (SEK)	28.42	21.88	24.71
Shareholders equity after dilution (SEK)	28.19	21.53	24.40
Share price / shareholders equity per share (times)	1.56	2.02	0.98
Cash flow from current activities	3.27	0.41	4.84
Share price at the end of the period (SEK)	44.30	43.60	24.00
Market price at the end of the period (SEK m)	802	790	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	288	227
Average number of shares (000)	18,113	18,113	18,113
Average number if own shares (000)	215	288	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 June 2012

Name	No. of shares	Votes, %
JCE Group	5,526,271	30.5
Swedbank Robur fonder	1,484,802	8.2
Skandia Liv	1,337,445	7.4
Andra AP fonden	846,559	4.7
Avanza Pension	751,867	4.2
FIM Bank	513,924	2.8
Handelsbanken fonder	436,598	2.4
SIX SIS AG	256,000	1.4
Nordnet Pensionsförsäkring	241,27 1	1.3
Mellon Omnibus	209,500	1.2
Total	11,604,237	64.1
Own shares	142,718	0.8
Other	6,365,579	35.1
Total	18,112,534	100.0

Ownership structure, 30 June 2012

	No. of shareholders	No. of shares	portion, %	Pro- Market value SEK 000
1-500	2,697	530,056	2.9	23,481
501-1 000	678	568,082	3.1	25,166
1 001-10 000	754	2,150,588	11.9	95,271
10 001-100 000	86	2,284,378	12.6	101,198
100 001 -	17	12,436,712	68.7	550,946
Own shares	1	142,718	0.8	6,322
Total	4,233	18,112,534	100.0	802,384

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

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

Notes

Note 1 One-off items

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

Parent company Financial, summary

Income statements

SEK m		April-June		Jan-June	Jan-Dec
	2012	2011	2012	2011	2011
Operating income	5.8	5.4	11.2	10.5	21.4
Other external operating expenses	-5.8	-5.6	-9.6	-10.1	-20.5
Staff costs	-5.9	-7.4	-12.4	-13.9	-33.0
Operating profit/loss before depreciation	-5.9	-7.6	-10.8	-13.5	-32.1
Depreciation of tangible fixed assets	-0.1	-0.1	-0.2	-0.2	-0.3
Operating profit/loss after depreciation	-6.0	-7.7	-11.0	-13.7	-32.4
Net financial items*	5.1	2.8	11.7	1.6	76.7
Profit/loss after net financial items	-0.9	-4.9	0.7	-12.1	44.3
Appropriations	-	-	-	-	-10.0
Profit/loss after tax	-0.9	-4.9	0.7	-12.1	34.3
Tax	0.2	1.3	-0.2	3.2	-11.0
Profit/loss after tax	-0.7	-3.6	0.5	-8.9	23.3
* Of which translation differencies Of which Group contribution received Of which Group contribution paid	2.5 - -	-1.6 - -	6.6 - -	-1.3 - -	6.3 64.5 -10.0

Statement of comprehensive income

		April-June		Jan-June	Jan-Dec
SEK m	2012	2011	2012	2011	2011
Profit/loss for the period	-0.7	-3.6	0.5	-8.9	-23.3
Other comprehensive income	-	-	-	-	-
Total comprehensive income for the period	-0.7	-3.6	0.5	-8.9	-23.3

Balance sheets

		30 June	31 Dec
SEK m	2011	2010	2010
Assets
Tangible fixed assets	0.7	1.1	0.9
Financial fixed assets	487.3	506.7	495.7
Current assets	184.2	183.3	170.7
Cash and bank	-	-	10.8
Total assets	672.2	691.1	678.1
Shareholder equity and liabilities
Shareholders equity	318.3	285.6	317.8
Untaxed reserves	0.2	0.2	0.2
Interest-bearing long-term liabilities	194.7	283.7	238.9
Interest-bearing current liabilities	1.7	20.2	-
Non interest-bearing current liabilities	157.3	101.4	121.2
Total shareholders equity and liabilities	672.2	691.1	678.1