TradeDoubler

Quarterly Report • Aug 18, 2009

Implemented cost-saving measures have full effect in the end of the quarter

January – June 2009

• Revenue amounted to SEK 1 578.3 million (1,853.9).
• Gross profit amounted to SEK 374.3 million (371.2).
• Operating profit (EBIT) amounted to SEK 60.2 million (93.2).
• Net profit amounted to SEK 53.3 million (56.0).
• Earnings per share after dilution amounted to SEK 1.87 (1.96).

April – June 2009

• Revenue amounted to SEK 734.0 million (866.9).
• Gross profit amounted to SEK 187.4 million (180.4) and gross margin amounted to 25.5 (20.8) per cent.
• Operating profit (EBIT) amounted to SEK 33.5 million (40.7) and EBIT-margin amounted to 4.6 (4.7) per cent.
• Net profit increased amounted to SEK 33.4 million (17.2).
• Earnings per share after dilution amounted to SEK 1.17 (0.6).
• The transaction margin for the quarter was 21.3 (22.9) per cent and the margin for Search was 8.6 per cent (6.3). .
• Costs for previously announced staff reduction had a negative effect on operating profit of SEK 13.6 million.
• Currency effects net had a positive effect on operating profit of SEK 10.0 million.
• Cash flow from operating activities was SEK -39.4 million (-70.7).
• Consolidated net debt was amounted to SEK 153.6 million (339.5).

Overview

	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Full year
SEK 000s	2009	2009	2008	2008	2008	2008	2008
Total rev enue	734 036	844 222	814 239	788 527	866 910	987 020	3 456 696
Total gross profit	187 440	186 820	195 033	180 805	180 386	190 861	747 085
Total operating profit	33 489	26 704	8 757	47 985	40 699	52 500	149 941
Total profit before tax	46 875	27 564	3 517	46 934	28 934	49 592	128 976
Total net profit	33 407	19 920	3 680	34 745	17 175	38 805	94 404

CEO's comments

"The economic climate impacts us, but as a leading player we are well positioned with geographic presence on 19 markets, long experience, unique competence and an extensive product portfolio. Our offering of performance-based digital marketing is the right one for these times. As media consumption becomes increasingly digital, so an ever greater proportion of advertising investments will be made online.

During the quarter our previously announced cost-saving measures started their full impact, and we now have an adjusted cost base. We are focusing heavily on intensified and integrated sales initiatives, both locally and internationally. Among other things, during the quarter we won new international accounts for Disneyland and Nokia. The UK market continues to be weak. We are therefore making management changes and have injected additional central resources exploiting potential synergies and efficiency.

My strategic priorities for 2009 remain firm: ensuring continued good margins, leveraging the potential inherent in the acquisition of the IMW Group and establishing a solutions-oriented sales model. TradeDoubler shall continue to offer international and local clients products and services within digital marketing that create measurable sales results."

Örjan Frid, President and CEO

Europe's leading partner within performance-based digital marketing –

TradeDoubler AB (publ), Sveavägen 20, SE-111 57 Stockholm, Sweden Telephone +46 8 40 50 800, ir@tradedoubler.com, www.tradedoubler.com, Corp. reg. no. 556575-7423. Registered offices in Stockholm Municipality. TradeDoubler Q2 2009 - 1 (11)

Earnings by region

SEK 000s	Apr-Jun	Apr-Jun	Q2 vs Q2	Jan-Jun	Jan-Jun	Full year
Gross profit	2009	2008	%	2009	2008	2008
Central Europe	38 037	32 186	18.18	75 194	63 460	134 516
Northern and Easter Europe + Japan	25 737	27 449	-6.24	51 861	50 112	97 270
UK and Ireland	42 661	55 442	-23.05	87 438	129 523	251 483
Southern Europe	81 005	65 309	24.03	159 767	128 152	263 816
Total	187 440	180 386	3.91	374 259	371 247	747 085
Operating profit
Central Europe	20 226	16 222	24.69	41 834	34 766	76 408
Northern and Easter Europe + Japan	12 793	14 036	-8.85	26 126	23 189	43 597
UK and Ireland	17 461	27 186	-35.77	42 326	63 557	122 180
Southern Europe	48 852	42 753	14.27	103 831	84 803	174 122
Parent Company and eliminations	-65 844	-59 498	10.67	-153 925	-113 115	-266 366
Total	33 489	40 699	-17.72	60 193	93 199	149 941

Consolidated revenue and earnings

Consolidated revenue for the second quarter amounted to SEK 734.0 million (866.9), a decline of 15.3 per cent compared with the same quarter in 2008.

Gross profit amounted to SEK 187.4 million (180.4), an increase of 3.9 per cent. The gross margin improved by 4.7 percentage points to 25.5 (20.8) per cent.

Depreciation totaled SEK -9.5 million (-8.2), of which SEK -6.2 million (-5.2)related to intangible assets and SEK-3.3 million (-3.0) to tangible assets.

Costs for previously announced staff reductions had a negative effect on operating profit of SEK 13.6 million. The remaining reserve for these cost savings was SEK 8.6 million as of June 30 2009.

A reserve was dissolved when closing the quarter as it was no longer regarded necessary. This had a positive effect on gross profit by SEK 5 million.

Operating profit amounted to SEK 33.5 million (40.7). EBIT-margin amounted to 4.6 (4.7) per cent and the EBIT/GP margin was thus 17.9 per cent (22.6). Operating profit excluding nonrecurring costs of staff cuts and dissolving of the reserve amounted to SEK 42.1 million (40.7).

Currency effects, mainly due to fluctuations in the exchange rate between the Swedish krona and the euro and the British pound, had a positive effect of SEK 18.7 million on consolidated gross profit. At the same

Europe's leading partner within performance-based digital marketing –

TradeDoubler AB (publ), Sveavägen 20, SE-111 57 Stockholm, Sweden Telephone +46 8 40 50 800, ir@tradedoubler.com, www.tradedoubler.com, Corp. reg. no. 556575-7423. Registered offices in Stockholm Municipality. TradeDoubler Q2 2009 - 2 (11)

time, the Group's cost base increased for the same reasons by SEK 8.7 million. The net effect on operating profit was an increase of SEK 10.0 million.

Consolidated net financial items contributed income of SEK 13.4 million (-11.8) to earnings, mainly due to exchange gains. Profit before tax increased thus by 62.0 per cent to SEK 46.9 million (28.9). Net profit increased by 94.5 per cent to SEK 33.4 million (17.2), resulting in a net margin of 4.6 per cent (2.0). The recognized tax rate for the Group was 28.7 per cent (40.6).

Regional trends

TradeDoubler's operations in Central Europe continue to have a good development. The German market is performing well, with new clients being added and expanded contracts with existing clients. Denmark develops not as good as expected and is the country in the region where the economic downturn has had the greatest effect on the market. The EBIT/GP margin in Central Europe was 53.2 per cent (50.4).

In Northern and Eastern Europe as well as in Japan the td Affiliate has noticed a decrease in the number of ecommerce sales and the average amount per sale has fallen. Both these factors effected gross profit in the quarter, but this was lessened by strong figures from the td Campaign product. The Swedish market continues to report stable figures and is the largest market in the region.

The growth markets of Japan and Russia are continuing to perform according to plan as regards both gross and operating profits, but to date these countries have made only a marginal contribution to the region's result. The EBIT/GP margin was 49.7 per cent (51.1).

The weak economy and the advertising market in the UK and Ireland had a negative effect on TradeDoubler's sales. Gross profit for the region fell by 23.0 per cent to SEK 42.7 million (55.4). The EBIT/GP margin was 40.9 per cent (49.0).

The Group's largest region, Southern Europe, continues to perform well, but with somewhat slower growth due to the economic climate and seasonal variations. The Italian market delivered good results in all product areas during the quarter. France had a weaker development compared to previous quarters. The region reports the highest EBIT/GP margin of the Group at 60.3 per cent (65.5).

Consolidated cash flow and financing

On June 30, 2009, cash and cash equivalents amounted to SEK 73.9 million (52.7).

Cash flow before changes in working capital amounted to SEK 8.6 million (9.6). The change in working capital for the quarter was SEK -48.0 million (- 80.3). Working capital is subject to seasonal variation as a result of lower sales, and is also affected by the rollout of Search in Europe. The Group has also noted a clear lengthening of payment periods, particularly in the final weeks of the quarter and from key accounts in continental Europe.

The quarter's net investments in tangible assets amounted to SEK 7.2 million (4.8) and related mainly to office equipment, as well as network and server equipment. Net investment in intangible assets amounted to SEK - 0.9 million (10.6).

Cash flow from the financing activities amounted to SEK - 30.0 (-56.2) million. The reduction in liquidity during the quarter of SEK 77.7 (142.3) million is mainly due to repayments on interest-bearing liabilities to banks (SEK 30 million) and to the payment of income taxes. The Group's net debt amounted to SEK 153.6 million (339.5) as of June 30, 2009.

Currency and foreign exchange rates

Consolidated net financial items amounted to SEK 13.4 million (-11.8) and were positively affected by exchange rate effects corresponding to income of SEK 17.5 million (-4.5). Net interest expense amounted to SEK -4.1 million (-7.3), the company's lower debt partially offsetting the higher costs of the subordinated loan.

Europe's leading partner within performance-based digital marketing –

TradeDoubler AB (publ), Sveavägen 20, SE-111 57 Stockholm, Sweden Telephone +46 8 40 50 800, ir@tradedoubler.com, www.tradedoubler.com, Corp. reg. no. 556575-7423. Registered offices in Stockholm Municipality. TradeDoubler Q2 2009 - 3 (11)

Of the Group's currency exposure in gross profit, EUR accounted for 45.9 (56.1) per cent, while GBP accounted for 40.2 million (25.4) per cent.

TradeDoubler policy is to only hedge confirmed cash flows for currency fluctuations against a third party.

Advertisers and publishers

TradeDoubler's advertisers are primarily found in the travel, retail and finance sectors. At the end of the quarter, the company had 1,773 (1,664) advertisers.

The number of active publishers totaled 129,843 (127,605). TradeDoubler actively recruits new publishers. Quality, a high conversion rate and clear return requirements on traffic are prioritized above brand and ad hoc-based advertising.

The 25 largest advertisers generated 29.9 per cent (26.5) of the quarter's gross profit. The company's 25 largest publishers accounted for 17.4 per cent (13.9) of the company's gross profit in the quarter.

Market

Estimates for investments in internet marketing and Ecommerce show a continued long-term growth. During economic down-turn the demand for cost-effective and measurable marketing activities increase which TradeDoubler's offering can meet up to very well.

TradeDoubler is a leading player with presence in 18 European countries and in Japan. The combination of geographical presence, long experience, competence and a broad product portfolio create good prerequisites for continued development of markets as well as services.

Employees

At the end of the period TradeDoubler had 582 (644) employees. 36.6 per cent (35.9) were women. During the quarter, the average number of employees was 589 (631).

Three strategic priorities during 2009

The strategic priorities for 2009 remain in place:

- Ensure continued good margins

During the quarter the cost-saving measures implemented had full impact during the quarter, and work on continued good cost control is continuing throughout the Group.

As communicated previously, staff cuts have been implemented. At the end of the quarter the Group employed 582 people, compared with 602 at the end of quarter 1, 2009.

- Leverage the potential in the IMW Group acquisition

Sales of td Search and td Searchware have been integrated into TradeDoubler's client offering, and during the quarter the coordination of sales work was developed further. Nordea is one of the new clients for Search. France and the UK sell td Search (SEM and SEO) separately under the brand 'The Search Works'/TSW, but work on coordination is also in progress in these countries. Management changes are being implemented in the UK and central resources have been injected with a view to strengthening and exploiting potential synergies. In the coming quarter more activities will be implemented to improve efficiency and offer customers complete solutions.

- Establish a solutions-oriented model in the market

The Group currently has a strong customer base and a virtually complete portfolio of products and services in digital marketing. During the quarter, sales work continued to be developed. There was a strong focus on increased add-on sales to existing clients by offering the full range of TradeDoubler's products and services. The country managers and TradeDoubler's international sales organization cooperate closely, and this cooperation is being continually developed and streamlined.

The TradeDoubler share

On June 30, 2009, TradeDoubler had a share capital of SEK 11.4 million distributed among 28,581,633 shares, each with a par value of SEK 0.40. The average number of shares after dilution was 28,581,633 during the quarter, resulting in earnings per share after dilution of SEK 1.17 (0.60).

Parent Company TradeDoubler AB (publ)

The Parent Company's revenue during the quarter declined by 23.0 per cent to SEK 67.5 million (87.7). Sales consist primarily of license revenue from subsidiaries. Profit after tax for the quarter amounted to SEK 25.9 million (0.9). The Parent Company had an average of 84 (95) employees during the quarter. The Parent Company's receivables from subsidiaries amounted to SEK 989.7 million (1 113.4) and included financing in conjunction with the purchase of the IMW Group. The Parent Company's liabilities to subsidiaries amounted to SEK 482.1 million (494.6).

Transactions between Group companies

Transactions between companies within the TradeDoubler Group consist primarily of license fees and delivery of central services. Transactions with related parties are priced based on commercial terms.

Europe's leading partner within performance-based digital marketing –

New Board of Directors

At the Annual General Meeting on May 6 a new Board of Directors was appointed, with Mats Sundström as its new Chairman. Kristofer Arwin, Martin Henricson, Nick Hynes and Lars Stugemo were re-elected to the Board. Mats Sundström, Heléne Bergquist, Eva Brådhe and Caroline Sundewall were elected as new Board members.

Events after the end of the period

CFO Casper Seifert has left TradeDoubler. The new CFO Thord Norberg took up his post on August 10, 2009.

Review of interim report

This interim report has been reviewed by the company's auditors.

Significant risks and uncertainties

TradeDoubler divides risks into market-related risks and operative and financial risks. These risks, together with sensitivity analyses, are described in detail in the 2008 Annual Report pages 42-43. As a complement to these descriptions under the headline Operational risks are: it security risks in the Group's systems and actual value of intangible assets. And under financial risks are the Group's cash position and financing and client's payment times. Apart from these risks, no other significant risks or uncertainties are deemed to have arisen.

Accounting principles

TradeDoubler applies the International Financial Reporting Standards as adopted by the EU. This interim report was prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. A large number of amendments of existing standards, new interpretations and a new standard (IFRS 8) took effect on January 1, 2009. As far as TradeDoubler is concerned, only IFRS 8 Operating Segments and the amendments to IAS 1 Preparation of Financial Statements were deemed relevant. The application of IFRS 8 did not result in any changes in the Group's reporting segments, and the accounting principles applied to segment reporting thus agree with those described in the 2008 Annual Report. The amendment of IAS 1 resulted in a change in how financial statements are presented. In accordance with IAS 1, TradeDoubler elected to present the Group's comprehensive income divided into two reports, an income statement and a statement of other comprehensive income. During the first quarter of 2009, TradeDoubler reviewed its lending to subsidiaries and thus established that portions of this lending were to be considered net investments in accordance with IAS 21 item 15. Currency effects of these net investments are

recognized in equity. In other respects, the same accounting principles and calculation methods were applied as in the most recent annual report. This report was prepared in both a Swedish and an English version. In cases of variation between the two, the Swedish version shall apply.

Publication of the interim report

This information is such that TradeDoubler must publish it pursuant to the Securities Market Act. The information was published on August 18, 2009 at 08:00 CET.

Presentation of the interim report

A meeting for analysts and the media will be held at 10:00 CET on August 18 in TradeDoubler's offices at Sveavägen 20, Stockholm. Registration is done by emailing ir@tradedoubler.com. The presentation can also be followed by telephone.

Call +46 (0)8 5051 3793 or +44 (0)20 7806 1968. Presentation material will be published simultaneously with the interim report and made available on the Investors section of TradeDoubler's website.

Forthcoming reporting dates

Interim report, January – September 2009 - November 3, 2009 Year-end report 2009 – February 9, 2010 2009 Annual Report – April 2010

Contact information:

Örjan Frid, President and CEO Tel. +46 8 405 08 00 orjan.frid@tradedoubler.com

Thord Norberg, CFO Tel. +46 8 405 08 27 thord.norberg@tradedoubler.com

Address

TradeDoubler AB (publ), Sveavägen 20, SE-111 57 Stockholm, Sweden. Telephone +46 8 405 08 00. ir@tradedoubler.com, www.tradedoubler.com Corp. reg. no. 556575-7423 Registered offices in Stockholm Municipality

The Board of Directors and the CEO give an assurance that this interim report for the period January-June 2009 provides a true and fair overview of the Parent Company's and the Group's operations, financial position and results, and that it describes the significant risks and uncertainties faced by the Parent Company and the companies in the Group.

Stockholm, August 18, 2009

Mats Sundström Kristofer Arwin Chairman of the Board Member of the Board

Heléne Bergquist Eva Brådhe

Martin Henricson Nick Hynes

Member of the Board Member of the Board

Member of the Board Member of the Board

Lars Stugemo Caroline Sundewall Member of the Board Member of the Board

Örjan Frid President and CEO

REVIEW REPORT

We have reviewed the summary financial information in the interim report (Interim report) of TradeDoubler AB (publ), corporate registration number 556575-7423, as of June 30, 2009 and for the six month period then ended. The Board of Directors and the President are responsible for the preparation and presentation of this financial information in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion concerning this financial information based on our review.

Scope of Review

We conducted our review in accordance with the Swedish Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different orientation and is substantially less in scope than an audit conducted in accordance with Standards on Auditing in Sweden (RS) and other generally accepted auditing standards, and consequently does not enable us to obtain assurance that we would become 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, in all material aspects, was not prepared in accordance with IAS 34 and the Swedish Annual Accounts Act in the case of the Group and in accordance with the Annual Accounts Act in the case of the Parent Company.

Stockholm, August 18, 2009

Ernst & Young AB

Thomas Forslund Authorized Public Accountant

Financial Accounts

Consolidated income statement

Consolidated income statement
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK 000s	2009	2008	2009	2008	2008
Rev enue	734 036	866 910	1 578 258	1 853 930	3 456 696
Cost of goods sold	-546 596	-686 524	-1 203 998	-1 482 683	-2 709 611
Gross profit	187 440	180 386	374 260	371 247	747 085
Selling expenses	-89 507	-98 108	-191 368	-194 562	-420 315
Administrativ e expenses	-54 459	-26 494	-99 481	-57 360	-122 278
Dev elopment expenses	-9 984	-15 085	-23 217	-26 126	-54 551
Operating profit	33 489	40 699	60 193	93 199	149 941
Net financial items	13 386	-11 765	14 245	-14 673	-20 965
Profit before tax	46 875	28 934	74 439	78 526	128 976
Tax	-13 468	-11 759	-21 112	-22 545	-34 572
Net profit	33 407	17 175	53 326	55 981	94 404
Profit after tax attributable to:
Equity holders of the Parent Company	33 407	17 175	53 326	55 981	94 404

Statement over comprehensive income

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK 000s	2009	2008	2009	2008	2008
Profit for the period, after tax	33 407	17 175	53 326	55 981	94 404
Other comprehensive income
Exchange-rate differences	30 236	27 439	51 860	-37 473	-62 550
Total comprehensive income for the period, after tax	63 643	44 614	105 186	18 508	31 854
Comprehensive income attributable to
Parent company shareholders	63 643	44 614	105 186	18 508	31 854

Profit per share

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK	2009	2008	2009	2008	2008
Profit per share	1.17	0.60	1.87	1.96	3.31
Profit per share after dilution	1.17	0.60	1.87	1.96	3.31
Number of Shares
Weighted av erage before dilution	28 581 633	28 563 062	28 581 633	28 572 347	28 532 275
Weighted av erage after dilution	28 581 633	28 563 062	28 581 633	28 572 347	28 532 275

Key data - Group

Key data - Group
	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Full year
	2009	2009	2008	2008	2008	2008
Gross profit (GP) / rev enue (%)	25.5	22.1	24.0	22.9	20.8	21.6
Operating profit (EBIT ) / rev enue (%)	4.6	3.2	1.1	6.1	4.7	4.3
Operating profit (EBIT) / gross profit (GP) (%)	17.9	14.3	4.5	26.5	22.6	20.1
Net profit/gross profit (GP) (%)	17.8	10.7	1.9	19.2	9.5	12.6
Equity/assets ratio (%)	25.1	20.5	18.8	20.2	17.6	18.8
Return on equity (%)	26.3	22.4	30.9	44.1	47.4	28.9
Av erage number of employees	589	618	640	642	631	624
Margin td Affiliate + td Campaign
(Transaction margin) (%) *	21.3	24.0	22.3	23.0	22.9	22.4
Margin td Search (Search margin) (%) *	8.6	11.0	10.1	9.8	6.3	7.8

* From Q2 2009 new method of calculation, excluding fixed and setup fees

Consolidated balance sheet

	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
SEK 000s	2009	2009	2008	2008	2008	2008
Assets
Intangible fixed assets	706 120	657 664	631 657	691 894	678 807	664 460
Tangible fixed assets	26 790	22 212	22 675	20 437	21 204	19 746
Financial fixed assets	3 483	2 410	1 475	967	955	951
Deferred tax assets	62 832	52 761	45 829	55 679	45 935	46 033
Total fixed assets	799 224	735 047	701 636	768 977	746 902	731 190
Accounts receiv ables	667 930	677 264	673 948	671 836	780 237	746 126
Other current receiv ables	42 738	60 288	42 312	54 571	66 512	138 114
Cash & cash equiv alents	73 891	151 088	133 389	82 605	52 719	188 653
Total current assets	784 559	888 640	849 650	809 012	899 468	1 072 893
Total assets	1 583 784	1 623 687	1 551 286	1 577 989	1 646 370	1 804 083
Shareholders' equity and liabilities
Shareholders' equity	397 550	333 907	291 914	319 312	300 166	339 905
Subordinated loan	50 000	50 000	-	-	-	-
Deferred tax liabilities	16 268	16 578	17 232	19 995	28 165	28 492
Other prov isions	-	-	-	44	121	1 121
Total long-term liabilities	66 268	66 578	17 232	20 039	28 286	29 613
Current interest-bearing liabilities	177 500	207 500	286 827	324 769	392 198	362 500
Current liabilities to publishers	399 252	425 221	396 707	343 279	350 044	348 212
Tax liabilities	18 912	48 589	24 497	34 818	25 729	46 358
Accounts payable	117 401	189 382	186 698	364 888	456 379	391 348
Other current liabilities	406 901	352 510	347 411	170 883	93 567	286 147
Total current liabilities	1 119 966	1 223 202	1 242 140	1 238 638	1 317 918	1 434 565
Total shareholder´s equity and liabilities	1 583 784	1 623 687	1 551 286	1 577 989	1 646 370	1 804 083

Reconciliation of shareholders' equity

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK 000s	2009	2008	2009	2008	2008
Opening balance	333 907	339 905	291 914	361 308	361 308
Comprehensiv e income for the period	63 643	44 614	105 186	18 507	31 854
Share-related compensation settled
with equity instruments	-	1 558	450	6 261	-11 628
Repurchase of shares	-	-7 312	-	-7 312	-11 070
New share issues	-	-	-	-	49
Div idend	-	-78 599	-	-78 599	-78 599
Total shareholders equity	397 550	300 165	397 550	300 165	291 914

Consolidated cash-flow statement

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK 000s	2009	2008	2009	2008	2008
Operating activities
Profit before tax	46 875	28 933	74 439	78 525	128 976
Adjustments for items not included in cash flow	9 489	9 784	19 320	23 033	21 699
Income taxes paid	-47 774	-29 069	-45 450	-46 522	-48 786
Cash flow from operating activities before change in
working capital	8 590	9 648	48 309	55 036	101 889
Cash flow from changes in working capital
Changes in working capital	-47 953	-80 324	-37 618	-27 453	116 090
Cash flow from operating activities	-39 363	-70 676	10 691	27 583	217 979
Investment activities
Net inv estments in intangible assets	851	-10 620	-	-11 819	-10 106
Net inv estments in tangible assets	-7 190	-4 844	-9 534	-3 748	-13 555
Net inv estments in financial assets	-2 009	-	-2 009	-	-
Cash flow from investment activities	-8 348	-15 464	-11 543	-15 567	-23 661
Financing activities
New share issues	-	-	-	-	49
Purchase own shares	-	-7 312	-	-7 312	-11 070
External loan	-	29 698	50 000	429 698	1 877 485
Amortisation	-30 000	-	-109 327	-524 722	-1 077 880
Div idend paid to parent company's shareholders	-	-78 599	-	-78 599	-78 599
Cash flow from financing activities	-30 000	-56 213	-59 327	-180 935	-290 015
Cash flow for the period	-77 711	-142 353	-60 179	-168 919	-95 697
Cash and cash equivalents
On the opening date	151 088	188 653	133 389	224 157	224 157
Translation difference in cash and cash equiv alents	514	6 419	681	-2 519	4 929
Cash and cash equivalens on the closing date	73 891	52 719	73 891	52 719	133 389
Adjustments for non-cash items
Depreciation	9 489	8 226	18 870	16 772	33 327
Expenses related to share-related compensation	-	1 558	450	6 261	-11 628
Total non-cash items	9 489	9 784	19 320	23 033	21 699

¹ Including a short-term investment of SEK 477 million

Income statement - Parent company

	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Full year
SEK 000s	2009	2008	2009	2008	2008
Rev enue	67 525	87 702	138 344	162 867	270 100
Cost of goods sold	-2 756	-2 047	-6 272	-4 518	-10 246
Gross Profit	64 768	85 655	132 072	158 349	259 854
Selling expenses	-1 855	-2 758	-2 958	-9 514	-16 794
Administrativ e expenses	-33 086	-20 842	-55 918	-44 222	-98 327
Dev elopment expenses	-7 059	-8 368	-16 012	-19 409	-46 170
Operating profit	22 768	53 687	57 184	85 204	98 563
Net financial items	10 664	-42 804	9 801	-33 786	-5 682
Profit before tax	33 433	10 883	66 985	51 418	92 881
Tax	-7 575	-9 944	-15 948	-14 522	-25 292
Net profit	25 857	939	51 037	36 896	67 589
Profit after tax attributable to:
Equity holders of the Parent Company	25 857	939	51 037	36 896	67 589

Parent company balance sheet

	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
SEK 000s	2009	2009	2008	2008	2008	2008
Assets
Intangible fixed assets	-	-	-	-	7 519	-
Tangible fixed assets	14 750	8 962	8 181	6 362	6 995	7 246
Financial fixed assets	52 545	52 663	53 323	49 690	58 798	58 798
Total fixed assets	67 296	61 625	61 504	56 052	73 312	66 044
Accounts receiv ables	2 886	3 470	2 936	2 453	4 835	3 700
Receiv ables from Group companies	989 667	959 640	588 892	643 723	1 113 362	854 607
Other current receiv ables	6 402	39 199	11 924	1 445	3 236	19 644
Cash & cash equiv alents	-	24 763	2 612	6 965		15 131
Total current assets	998 954	1 027 072	606 364	654 587	1 121 433	893 082
Total assets	1 066 250	1 088 697	667 868	710 640	1 194 745	959 126

Shareholders equity 193 434 149 490 114 921 185 043 172 027	Shareholders' equity and liabilities
				201 036
Subordinated loan 50 000 50 000 - - -				-

Subordinated loan	50 000	50 000	-	-	-	-
Total long-term liabilities	50 000	50 000	-	-	-	-
Current interest-bearing liabilities	177 711	207 500	286 827	324 769	392 198	362 500
Accounts payable	5 436	12 801	15 070	7 705	49 238	7 157
Liabilities to Group companies	482 136	514 341	140 690	75 347	494 567	284 432
Tax liabilities	11 986	27 001	3 132	38 908	14 332	21 829
Other liabilities	145 548	127 564	107 227	78 867	72 383	82 172
Total current liabilities	822 816	889 207	552 947	525 596	1 022 718	758 090
Total shareholder´s equity and liabilities	1 066 250	1 088 697	667 868	710 640	1 194 745	959 126

Pledged assets and contingent liabilities - Parent company

	30 Jun	31 Mar	31 Dec	30 Sep	30 Jun	31 Mar
SEK 000s	2009	2009	2008	2008	2008	2008
Pledged assets *	23 565	23 565	5 073	4 647	11 647	11 647
Contingent liabilities	9 249	7 815	13 440	24 042	24 042	24 042

*Pledged assets refers to shares in subsidiaries