Semcon

Quarterly Report • Apr 26, 2017

INTERIM REPORT JANUARY-MARCH 2017

• The operating income amounted to SEK 475 Million (434) and the organic growth was 11 per cent
• The operating profit amounted to SEK 40 Million (20), yielding an operating margin of 8.5 per cent (4.7)
• The profit after tax amounted to SEK 30 Million (16)
• Earnings per share (EPS) after dilution amounted to SEK 1.67 (0.89)
• • The equity/assets ratio amounted to 56 per cent (49)

Comment from CEO Markus Granlund:

The divestment of the German engineering business was completed on February 28. Against this background, we introduced a new organisational structure whereby Semcon's business areas within engineering services were merged into one business area, Engineering Services. This means that Business Area Engineering Services International, with operations in Brazil, India and the UK, formed a new business area together with Engineering Services Nordic. By merging Semcon's engineering services into one business area, we create an efficient organisation that will result in even closer collaboration and knowledge sharing between our markets and divisions, something that will benefit our customers.

In the first quarter, we reported healthy organic growth of 11 per cent and an operating profit that has doubled compared with last year. Both Engineering Services and Product Information reported significant improvements in earnings. Following the divestment of the German engineering business, the financial position is very good and the net cash amounted to SEK 142 million at the end of the quarter. We can see good prospects for organic growth, but are also evaluating potential acquisitions that can complement our offering.

We continue to demonstrate our technical expertise and creativity with the launch of new and innovative products developed by us, such as PAW (Proactive Wipers). This software registers at an early stage when windscreen wipers need to be activated and are expected to be highly useful in autonomous vehicles.

In 2016, Semcon took an important step towards becoming an equal-opportunities company with the launch of our equal-opportunities objectives. The overall aim is to be an equal-opportunities company by 2022 (40/60 gender balance). Work continued in the first quarter to get more girls in upper secondary school to choose technology programmes at university. We therefore started a mentoring program together with some thirty upper secondary schools across Sweden, whereby female employees at Semcon act as mentors.

Demand is expected to remain good in the second quarter. Normally, the second quarter is the weakest in terms of results and this year will also be negatively impacted by three fewer working days compared with the same quarter last year.

With a stronger financial position and a more efficient organisational structure, we are in a good position to grow and to continue improving our profitability.

Income and result

Operating income amounted to SEK 475 million (434). Adjusted for currency effects, acquisitions and divestments, income increased 11%. The quarter had three more working days compared with last year, which accounted for about 5% of the increase. Operating profit amounted to SEK 40 million (20), yielding an operating margin of 8.5 per cent (4.7). Both Engineering Services and Product Information reported improvements in earnings, in part due to increased income resulting from more working days in the quarter.

Net financial items amounted to SEK - million (-), yielding profit before tax of SEK 40 million (20). The tax expense for the quarter amounted to SEK -10 million (-4). Profit after tax amounted to SEK 30 million (16) and earnings per share after dilution was SEK 1.67 (0.89).

Financial position

Operating cash flow from current activities was SEK 49 million (-16). Investments in hardware, licenses, office supplies and equipment amounted to SEK 4 million (22). The Group's cash and cash equivalents amounted to SEK 173 million (44). In addition, the Group had non-utilised credit of SEK 342 million (271) as of March 31. Shareholders' equity amounted to SEK 560 million (619) and the equity/assets ratio was 56 per cent (49). The Group's net cash (net debt) amounted to SEK 142 million (-119).

Important events during the quarter

• Semcon divested its German engineering business, which formed the Business Area Engineering Services Germany, to Valmet Automotive on February 28. The business had 775 employees and income in 2016 amounted to SEK 863 million (901) with an operating loss of SEK -51 million (-49). Operations are recognised in this report as discontinued operations. For further information, see Note 1.

• The engineering services business areas, Engineering Services Nordic and Engineering Services International, were merged into one business area, Engineering Services. • Semcon is taking part in the ESPLANADE research project together with players in the Swedish automotive industry to jointly collaborate and create common safety methods for autonomous vehicles.

• Semcon's proprietary innovation, PAW (Proactive Wipers), software that identifies at an early stage when windscreen wipers need to be activated, was launched. PAW is patent pending and there is also a significant potential in solutions for use in autonomous vehicles.

Employees

The head count on March 31 was 2,077 (1,987) and the number of employees in active service was 1,978 (1,912). In the respective business areas the head count is as follows: Engineering Services 1,465 (1,433) and Product Information 612 (554).

Ownership structure

As of March 31, JCE Group owned 25.8% (22.2) of Semcon's shares, Nordea Investment Funds 8.2% (6.0), Ålandsbanken 5.1% (5.2), BNYM RE Regents 3.4% (-) and DnB Carlson Fonder 3.3% (1.6). Foreign ownership was 34.3% (28.1) and the number of shareholders was 4,702 (4,504). The number of ordinary shares at the end of the period was 18,112,534 (18,112,534), all with the quotient value of SEK 1 and equal voting rights. Semcon owned 242,718 (242,718) of the company's share on March 31. Semcon is listed on Nasdaq Stockholm, small cap under the SEMC ticker. For more information about Semcon's ownership structure and share price movements visit www.semcon.com.

Acquistions and divestments

Semcon divested its German engineering business, which formed the Business Area Engineering Services Germany, on February 28. For further information, see Note 1.

Parent company

Operating income for the parent company amounted to SEK 6 million (6) and pertains to compensation for intra-Group services. The profit before tax totalled SEK -5 million (-10).

Change in Operating income Jan-March 2017 Jan-Dec

Currency effects Organic growth	-2%	-2%
Total	11% 9%	5% 6%

2016

Risk 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 2016, pages 38-40 and 57-58, include a detailed description of the Group and parent company's risk exposure and risk management.

Accounting principles

Semcon follows the IFRS standards adopted by the EU and its interpretations of these (IFRIC). This Interim report has been drawn up in accordance with IAS 34. From 2017, a number of new standards and IFRIC statements were introduced on January 1, 2017. None of these have had any effect on the Group's accounts over the period. In general, the same accounting policies and methods of calculation have been used in this Interim report as in the latest Annual Report.

Events after the end of the period

Olof Christensson, President Business area Engineering Services, has decided to leave the company for a position outside the industry. CEO Markus Granlund is appointed acting President Business area Engineering Services.

BUSINESS AREAS

Engineering Services

The business area's income amounted to SEK 359 million (328) and organic growth was 11%. Sales to the automotive industry remained favourable. Operating profit amounted to SEK 27 million (7), yielding an operating margin of 7.6 per cent (2.2). The Swedish market accounts for a large share of the improvement in earnings, in part due to increased demand and more

working days in the quarter compared with last year. The business area is continuing its efforts to develop its range to become more value-based. This change and associated measures are expected to lead to further improved growth and profitability moving forward.

	Jan-March		Jan–Dec
	2017	2016	2016
Operating income, mSEK	359.3	328.4	1,344.2
Operating profit, mSEK	27.3	7.2	65.6
Operating margin, %	7.6	2.2	4.9
No. of employees	1,465	1,433	1,453

About Engineering Services

The business area's around 1,500 employees provide services in areas such as product development, plant engineering and production development. The offer is aimed at requirement and concept studies, design, calculations, construction, embedded systems, testing, simulation, quality control, project management, production and process development and expertise in lean production. Engineering Services has offices in Sweden, Norway, the UK, India and Brazil. Business activities mainly focus on automotive, industry, energy and life science sectors. Customers includes ABB, AB Volvo, Alstom, Aston Martin, AstraZeneca, Autoliv, Bombardier, CEVT, Geely, Fortum, General Electric, Getinge, Husqvarna, Jaguar Land Rover, MAN, McLaren, Metso, Rolls-Royce Marine, Saab, Scania, Siemens, Vattenfall and Volvo Cars.

Product Information

The business area's income amounted to SEK 124 million (126), which adjusted for currency effects represented largely unchanged income compared with the same quarter last year. New business in sectors such as telecom in combination with a high level of demand and growth at a few existing customers compensated for the reduced scope of the partnership with Jaguar Land Rover.

Operating profit amounted to SEK 18 million (13), yielding an operating margin of 14.2% (10.2).

Part of the business area's strategy is

focused on a high proportion of Managed Service business and a high level of resource efficiency through deliveries involving networking teams. In the second quarter 2016, two larger agreements were signed with China Euro Vehicle Technology (CEVT) and The London Taxi Company (LTC). Today, the development and production for both of these customers is carried out in networking teams that include employees from four countries. The rate of production for these customers is currently relatively high, driven by product launches in the near future.

		Jan-March	Jan–Dec
	2017	2016	2016
Operating income, mSEK	124.3	126.4	489.8
Operating profit. mSEK	17.6	12.9	49.2
Operating margin, %	14.2	10.2	10.0
No. of employees	612	554	591

Jan–March, 2017 26% (28)

Share of Semcon's total income

About Product Information

The business area's around 600 employees provide complete information solutions with the primary focus on customers' aftermarket business. The business area's offer supports products throughout the product life cycle: from sales and marketing to installation, maintenance, diagnostics, repairs as well as training service staff. Product Information has offices in Sweden, the UK, Hungary, Germany, China and Norway. Customers are mainly in the automotive, telecom and IT, engineering, medtech and the energy sectors. These include: ABB, AB Volvo, Baxter, Bombardier, CEVT/Lynk & Co, ESAB, Jaguar Land Rover, Saab, Siemens, The London Taxi Company, UniCarriers and Volvo Cars.

Göteborg April 26, 2017

SEMCON AB (PUBL) Co.reg.no. 556539-9549

Markus Granlund

CEO and President

This Interim report has not been subject to review by the company's auditors. This information is information that Semcon AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication at 12.15 CET on April 26, 2017.

Consolidated FINANCIAL, SUMMARY

Income statements

		Jan-March
mSEK	2017	2016	2016
Continuing operations
Operating income	474.9	433.6	1,755.9
Purchase of goods and services	-89.3	-91.1	-365.4
Other external operating expenses	-36.6	-33.6	-137.7
Staff costs	-306.0	-285.7	-1,146.0
Operating profit before depreciation	43.0	23.2	106.8
Depreciation of tangible fixed assets	-2.0	-2.0	-8.4
Depreciation of intangible assets	-0.7	-0.8	-3.3
Operating profit	40.3	20.4	95.1
Net financial items	-0.3	-0.5	-0.2
Profit before tax	40.0	19.9	94.9
Tax	-9.7	-3.7	-26.9
Profit after tax from continuing operations	30.3	16.2	68.0
Resultat from discontinued operations (Note 1)	0.1	0.4	-116.3
Total profit after tax	30.4	16.6	-48.3
Profit attributable to:
Parent company's shareholders	30.4	16.6	-48.3
Non-controlling interests	-	-	-
Total profit after tax	30.4	16.6	-48.3
Earnings per share before dilution (SEK)	1.70	0.93	-2.70
- of which continuing operations	1.70	0.91	3.81
Earnings per share after dilution (SEK)	1.68	0.92	-2.67
- of which continuing operations	1.67	0.89	3.75

No, of working days in period 64 61 252

Statement of comprehensive income

	Jan-March		Jan-Dec
mSEK	2017	2016	2016
Profit after tax	30.4	16.6	-48.3
Items that cannot be reclassified as profit or loss
Actuarial profits or losses	-	-	-10.0
Tax	-	-	2.9
Total	-	-	-7.1
Items that can be reclassified as profit or loss
Translation differences for the period	0.6	0.6	14.8
Hedging of net investments	-	-3.3	-15.9
Cash flow hedging	-	0.1	-
Tax attributable to hedging effects of net investments	-	0.7	3.5
Total	0.6	-1.9	2.4
Other comprehensive income	0.6	-1.9	-4.7
Other comprehensive income for the period	31.0	14.7	-53.0
Comprehensive income attributable to:
Parent company's shareholders	31.0	14.7	-53.0
Non-controlling interests	-	-	-
Total	31.0	14.7	-53.0

Total comprehensive income for the period attributable to parent company's shareholders has occured from:

	Jan-March		Jan-Dec
mSEK	2017	2016	2016
Continuing operations	31.0	14.6	68.4
Discontinued operations	-	0.1	-121.4
Total	31,0	14.7	-53.0

Balance sheets

	March 31		Dec 31
mSEK	2017	2016	2016
Assets
Intangible assets, goodwill	274.7	468.1	274.7
Other intangible assets	14.4	18.3	14.7
Tangible fixed assets	33.1	68.4	33.0
Deferred tax recoverable	3.4	59.5	4.2
Accounts receivable	254.2	313.8	278.9
Accrued non-invoiced income	200.6	214.5	133.7
Other current assets	39.4	75.0	30.4
Cash and cash equivalents	173.2	43.6	39.9
Assets held for sale (Note 1)	-	-	379.9
Total assets	993.0	1,261.2	1,189.4
Shareholders' equity and liabilities
Shareholders' equity	560.5	619.3	529.4
Pensions obligations	3.4	69.7	3.5
Deferred tax liabilities	45.6	30.6	36.8
Interest-bearing short-term liabilities	27.4	92.5	131.3
Accounts payable	47.4	54.6	45.8
Non-accrued invoiced income	23.5	31.4	11.9
Other non interest-bearing current liabilities	284.9	363.1	250.7
Liabilities held for sale (Note 1)	-	-	180.0
Total shareholders' equity and liabilities	993.0	1,261.2	1,189.4

Change in shareholders' equity

	March 31		Dec 31
mSEK	2017	2016	2016
Shareholders' equity at the start of the period	529.4	604.5	604.5
Total comprehensive income	31.0	14.7	-53.0
Share-based remuneration	0.1	0.1	0.2
Shareholder dividend	-	-	-22.3
Shareholders' equity at the end of the period	560.5	619.3	529.4

Capital employed

		March 31	Dec 31
mSEK	2017	2016	2016
Total assets	993.0	1,261.2	1,189.4
Deferred tax liabilities	-45.6	-30.6	-36.8
Accounts payable	-47.7	-54.6	-45.8
Other non interest-bearing liabilities	-308.4	-394.5	-442.6
Total capital employed	591.3	781.5	664.2
Average capital employed	686.4	818.9	736.6

Cash flow statements*

	Jan-March		Jan–Dec
mSEK	2017	2016	2016
Cash flow from current activities
before change in working capital	40.9	25.1	116.3
Change in working capital	8.6	-41.2	-82.9
Cash flow from current activities	49.5	-16.1	33.4
Investments	-3.9	-22.5	-34.0
Acquisition and divestments of subsidiaries	164.3	-	-
Sales of fixed assets	-	-	0.4
Cash flow from investment activities	160.4	-22.5	-33.6
Change in interest-bearing liabilities	-125.7	-45.0	-18.5
Shareholder dividend	-	-	-22.3
Cash flow from financing activities	-125.7	-45.0	-40.8
Cash flow from the period	84.2	-83.6	-41.0
Cash and cash equivalents at the start of the period	87.8	126.1	126.1
Translation differences	1.2	1.1	2.7
Cash and cash equivalents at the end of the period	173.2	43.6	87.8

* Including discontinued operations. Cash flow from discontinued operations, Note 1.

Change in net cash/net debt (-)

		Jan-March	Jan–Dec
mSEK	2017	2016	2016
Opening balance	-126.7	-78.4	-78.4
Cash flow from current activities	49.5	-16.1	33.4
Investments	-3.9	-22.5	-33.6
Acquisitions and divestments of subsidiaries	216.6	-	-
Shareholder dividend	-	-	-22.3
Other	6.9	-1.6	-25.8
Closing balance	142.2	-118.6	-126.7

Net cash/net debt (-)

March 31			Dec 31
mSEK	2017	2016	2016
Interst-bearing short-term liabilities	-27.4	-92.5	-131.3
Pensions obligations	-3.4	-69.7	-83.2
Cash and cash equivalents	173.2	43.6	87.8
Total Net cash/net debt	142.4	-118.6	-126.7

Key figures

		Jan-March
	2017	2016	2016
Growth in sales (%)	9.3	0.2	6.0
Organic growth in sales (%)	11.1	-1.4	4.8
Operating margin before depreciation (%)	9.1	5.4	6.1
Operating margin (%)	8.5	4.7	5.4
Profit margin (%)	8.4	4.6	5.4
Return on shareholders' equity (%)*	13.8	5.8	12.0
Return on capital employed (%)*	17.0	6.2	13.2
Equity/assets ratio (%)	56.4	49.1	44.5
Debt/equity ratio (multiple)	-	0.2	0.2
Number of employees at the end of the period	2,077	1,987	2,044

Key figures for the Semcon share

Jan–March		Jan-Dec
2017	2016	2016
1.70	0.91	3.81
1.67	0.89	3.75
31.37	34.66	29.63
30.95	34.19	29.23
1.86	1.14	1.57
2.73	-0.89	1.84
57.50	38.90	46.00
1,041	705	833
18,113	18,113	18,113
243	243	243
18,113	18,113	18,113

* Rolling 12 months.

Definitions

Capital employed

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

Cash flow per share

Cash flow from current activities divided by the weighted average number of outstanding shares over the period adjusted for the dilution effect on potential shares.

Debt/equity ratio

Net debt divided by shareholders' equity.

Earnings per share (EPS) before dilution

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

Earnings per share (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.

Net debt

Interest-bearing provisions and liabilities with deductions for cash and cash equivalents and interest-bearing receivables.

Organic growth

Year-on-year increase in income adjusted for currency effects, acquisitions and divestments.

Operating margin

Operating profit as a percentage of operating income.

Operating margin before depreciation Operating profit before depreciation as a percentage of operating income.

Profit margin

Profit before tax as a percentage of operating income.

Return on shareholders' equity

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

Return on 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 end of the period excluding shares held as own shares by the parent company.

Shareholders' equity per share after dilution

Shareholders' equity divided by the number of shares at end of the period adjusted for the dilution effect on potential shares.

Quarterly information by Business Area

	2015				2016				2017
	Q1	Q2	Q3	Q4	2015	Q1	Q2	Q3	Q4	2016	Q1
Operating income (mSEK)
Engineering Services	320.4	317.0	255.3	316.8	1,209.5	328.4	361.6	287.4	366.8	1,344.2	359.3
Product Information	134.7	124.1	128.5	116.4	503.7	126.4	132.4	109.9	121.1	489.8	124.3
Group items/eliminations	-22.5	-24.1	-6.3	-3.7	-56.6	-21.2	-20.9	-14.6	-21.4	-78.1	-8.7
Total	432.6	417.0	377.5	429.5	1,656.6	433.6	473.1	382.7	466.5	1,755.9	474.9
Operating profit (mSEK)
Engineering Services	15.8	5.2	5.1	10.9	37.0	7.2	18.4	10.2	29.8	65.6	27.3
Product Information	12.6	6.7	3.0	6.1	28.4	12.9	15.1	8.7	12.5	49.2	17.6
Group items/eliminiations	1.1	-0.2	-0.4	-7.7	-7.2	0.3	-7.0	-2.7	-10.3	-19.7	-4.6
Total	29.5	11.7	7.7	9.3	58.2	20.4	26.5	16.2	32.0	95.1	40.3
Operating margin (%)
Engineering Services	4.9	1.6	2.0	3.4	3.1	2.2	5.1	3.5	8.1	4.9	7.6
Product Information	9.4	5.4	2.3	5.2	5.6	10.2	11.4	7.9	10.3	10.0	14.2
Total	6.8	2.8	2.0	2.2	3.5	4.7	5.6	4.2	6.9	5.4	8.5
Number of employees
Engineering Services	1,361	1,334	1,356	1,450	1,450	1,433	1,434	1,455	1,453	1,453	1,465
Product Information	562	555	528	529	529	554	589	581	591	591	612
Total	1,923	1,889	1,884	1,979	1,979	1,987	2,023	2,036	2,044	2,044	2,077
Number of working days	62	59	66	63	250	61	61	66	64	252	64

Parent company FINANCIAL, SUMMARY

Income statements

		Jan-March	Jan-Dec
mSEK	2017	2016	2016
Operating income	6.1	6.3	26.3
Other external operating expenses	-7.4	-6.5	-32.0
Staff costs	-7.7	-7.1	-30.2
Operating profit/loss	-9.0	-7.3	-35.9
Net financial items*	4.0	-2.2	56.5
Profit/loss after net financial items	-5.0	-9.5	20.6
Appropriations**	-	-	-6.6
Profit/loss before tax	-5.0	-9.5	14.0
Tax	1.1	2.7	-3.6
Profit/loss for the period	-3.9	-6.8	10.4
* of which translation differences	2.9	-2.4	-14.9
of which group contribution received	-	-	69.7
** of which group contribution paid	-	-	-1.4

Statements of comprehensive income

	Jan-March	Jan-Dec
mSEK	2017	2016	2016
Profit/loss for the period	-3.9	-6.8	10.4
Other comprehensive income	-	-	-
Total comprehensive income for the period	-3.9	-6.8	10.4

Balance sheets

		March 31
mSEK	2017	2016	2016
Assets
Financial fixed assets	470.8	456.6	469.7
Current assets	65.5	102.4	130.7
Cash and cash equivalents	137.8	-	-
Total assets	674.1	559.0	600.4
Shareholders' equity and liabilities
Shareholders' equity	299.6	308.7	303.5
Untaxed reserves	12.3	7.1	12.3
Interest-bearing current liabilities	-	92.3	130.5
Non interest-bearing current liabilities	362.2	150.9	154.1
Total shareholders' equity and liabilities	674.1	559.0	600.4

Note 1 DISCONTINUED OPERATIONS

The engineering operations in Germany were divested to Valmet Automotive on February 28, 2017. Operations are recognised in this report as discontinued operations. Financial information regarding the divested business for the period up until the date of divestment is presented below.

Analysis of earnings

	Jan-March		Jan-Dec
mSEK	2017	2016	2016
Income	111.1	232.5	863.2
Costs	-125.8	-227.1	-837.2
Operating profit/loss before depreciation	-14.7	5.4	26.0
Depreciation	-1.6	-2.8	-11.0
Write-downs	-	-	-66.0
Operating profit/loss	-16.3	2.6	-51.0
Net financial items	-0.2	-0.4	-3.5
Profit/loss before tax	-16.5	2.2	-54.5
Tax	-0.4	-1.8	-61.8
Earnings from discontinued operations	-16.9	0.4	-116.3
Profit/loss from divestment after tax (see below)	17.0	-	-
Profit/loss from discontinued operations	0.1	0.4	-116.3

Details about divestment of operations

	Jan-March		Jan-Dec
mSEK	2017	2016	2016
Purchase price received after deduction of divestment costs	161.2	-	-
Carrying amount for divested net assets	-146.4	-	-
Profit before tax and currency translation differences	14.7	-	-
Currency translation differences	2.3	-	-
Tax	-	-	-
Profit from divestment after tax	17.0	-	-

Analysis of cash flows

	Jan-March		Jan-Dec
mSEK	2017	2016	2016
Cash flow from current activities	9.0	-6.4	-15.2
Investments	-1.2	-1.7	-9.9

Assets and liabilities held for sale

	March 31	Dec 31
mSEK	2017	2016
Assets held for sale
Intangible assets, goodwill	-	134.9
Other intangible assets	-	0.5
Tangible fixed assets	-	34.6
Accounts receivable	-	135.2
Other current assets	-	26.8
Cash and cash equivalents	-	47.9
Total assets held for sale	-	379.9
Liabilities held for sale
Pensions obligations	-	79.7
Accounts payable	-	16.7
Non-accrued invoiced income	-	8.0

Non-interest bearing current liabilities - 75.6 Total liabilities held for sale - 180.0

FINANCIAL CALENDAR

Interim report January–June 2017 July 19, 2017 Interim report January–September 2017 October 27, 2017 Year-end report 2017 February 8, 2018

CONTACT INFORMATION

Contact persons

Markus Granlund, CEO Semcon AB, +46 31-721 03 06 Björn Strömberg, CFO Semcon AB, +46 31-721 03 06

Contact information

Semcon AB (publ) 417 80 Göteborg, Sweden Visiting address: Lindholmsallén 2 417 80 Göteborg, Sweden Phone: +46 31-721 00 00 www.semcon.com

Semcon is an international technology company that develops products based on human needs and behaviours. We strengthen our customers' competitiveness by always starting from the end user, because the person who knows most about the user's needs creates the best products and the clearest benefits to humans. Semcon collaborates mainly with companies in the automotive, industry, energy, life science and telecom sectors. With more than 2,000 specialised employees, Semcon has the ability to take care of the entire product development cycle, from strategy and technology development to design and product information. Semcon was founded in Sweden in 1980 and has offices in over 30 locations in eight different countries. In 2016, the Group reported annual sales of SEK 1.8 billion. Read more on semcon.com.