Interim Report July 1 - September 30, 2003

Alfa Laval AB (publ) Interim report July 1 - September 30, 2003 "Orders received have shown a positive development during the third quarter. This is valid especially for the Equipment Division, while the Process Technology Division is still on the same level as during the first six months. In addition, it is gratifying that the operating margin has further improved." Sigge Haraldsson, President and CEO, Alfa Laval Summary of the third quarter 2003: - Order intake, excluding exchange rate variations, increased by 5.6 percent to SEK 3,463 million. - Net sales, excluding exchange rate variations, increased by 4.7 percent to SEK 3,426 million. - Adjusted EBITA increased to SEK 430 (414) million, including adverse foreign exchange effects of SEK 37 million. - Adjusted EBITA-margin increased to 12.6 percent (11.8). - Result after financial items was SEK 191 (219) million. - Cash flow from operating activities was SEK 374 (406) million. Summary of the first nine months 2003: - Order intake, excluding exchange rate variations, increased by 1.4 percent to SEK 10,395 million. - Net sales, excluding exchange rate variations, increased by 2.5 percent to SEK 9,823 million. - Adjusted EBITA was SEK 1,164 (1,220) million, including adverse foreign exchange effects of SEK 152 million. - Adjusted EBITA-margin increased to 11.8 percent (11.7). - Result after financial items increased to SEK 542 (26) million. - Result after tax increased to SEK 413 (-176) million. - Earnings per share increased to SEK 3.70 (-2.30). - Cash flow from operating activities was SEK 1,024 (1,344) million. Outlook 2003 Alfa Laval is expecting orders received during 2003 to show a limited increase compared to 2002 excluding translation differences. The major part of this increase is expected through acquired activities together with a marginal organic growth during the latter part of 2003. The restructuring programme "Beyond Expectations" is ahead of plan and is already after the third quarter on the level expected at the end of 2003. Additional savings initiatives were introduced during the second quarter to reduce the negative impact from foreign exchange. Profit before tax will show a major improvement. Earlier published outlook (August 14, 2003): Alfa Laval is expecting the orders received during 2003 to show a limited increase compared to 2002 excluding translation differences. The major part of this increase is expected through acquired activities together with a marginal organic growth during the latter part of 2003. The restructuring programme "Beyond Expectations", that is to be completed by the end of 2003 will give continued savings during the year. Additional savings initiatives are implemented to reduce the negative impact from foreign exchange. Profit before tax will show a major improvement. The interim report has been issued on October 28, 2003 by the President and Chief Executive Officer Sigge Haraldsson by proxy. The interim report has not been subject to review by the company's auditors. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/28/20031027BIT01220/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/10/28/20031027BIT01220/wkr0002.pdf The full report

About Us

Alfa Laval is a leading global provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling. The company’s equipment, systems and services are dedicated to assisting customers in optimizing the performance of their processes. The solutions help them to heat, cool, separate and transport products in industries that produce food and beverages, chemicals and petrochemicals, pharmaceuticals, starch, sugar and ethanol. Alfa Laval’s products are also used in power plants, aboard ships, oil and gas exploration, in the mechanical engineering industry, in the mining industry and for wastewater treatment, as well as for comfort climate and refrigeration applications. Alfa Laval’s worldwide organization works closely with customers in nearly 100 countries to help them stay ahead in the global arena. Alfa Laval is listed on Nasdaq OMX, and, in 2016, posted annual sales of about SEK 35.6 billion (approx. 3.77 billion Euros). The company has about 17 000 employees.

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