Maintained turnover and strong financial position

INTERIM REPORT 1 January – 30 June 2009

First half-year 2009 compared with same period 2008 • Net sales amounted to SEK 792m (833), a reduction of 5 percent compared to previous year. • Operating profit, excluding restructuring costs, was SEK 59m (76), a decrease of 22 percent. Restructuring costs, regarding termination of personnel from the office in Gothenburg, amounts to SEK 20m. Operating profit, including restructuring costs, was SEK 39m (76), a decrease of 49 percent. • Profit after tax was SEK 38m (89), a reduction of 57 percent. • Cash flow from operating activities was SEK 34m (108), a reduction of 68 percent. • The Group's cash and cash equivalents, including investments in securities, amounted to SEK 153m (138) as of 30 June 2009, an increase of 11 percent compared to 30 June 2008. • Earnings per share, including restructuring costs, after dilution amounted to SEK 0.49 (1.13), a reduction of 57 percent. Second quarter 2009 compared with same period 2008 • Net sales amounted to SEK 383m (424), a decrease of 10 percent. • Operating profit was SEK 17m (38), a decrease of 55 percent. • Profit after tax was SEK 17m (38), a decrease of 55 percent. • Earnings per share after dilution amounted to SEK 0.22 (0.49), a decrease of 55 percent. CEOs COMMENTS Acando’s broad customer base, and the co-operation between consultants from different geographical markets and offerings, has sustained the same level of resource utilisation as during the first quarter 2009. The price levels have been stable, even though some effects have been noted because of re-negotiated frame agreements. In addition, some reduction in the demand has also been noted, which results in an increased competition for new assignments. The first half-year was represented by a combination of new shorter assignments with short pay-off times for the customers and an increased demand for comprehensive engagements. However, the decision processes regarding the latter is somewhat extended compared to other kind of assignments, which results in an extended lead-time when consultants go from one project to the other. This, in its turn, affects the utilisation rate, which is somewhat reduced compared to the first half-year 2008. In combination with the reduction in personnel, which has been executed according to plan in some segments to adjust to a change in demand, the net sales and operating profit has been affected negatively, compared to the same period previous year. The second quarter consisted of three working days less compared to the same period previous year. This affected both the revenues and the operating profit for the second quarter with approximately SEK 15m. However, the first half-year 2009 has the same number of working days as previous year. “My experience of Acando is that every colleague is focused on creating sustainable customer value in each and every assignment. In addition, when talking to customers, I hear that Acando and its personnel have a focus on delivery and are sensitive to customer needs. All in all, we have a very strong position to continue develop from” says Carl-Magnus Månsson, who commenced as CEO of the Acando Group as of 1 June 2009. Acando adjusts continuously to the current and changing market conditions through an adjustment of the organisation and improved efficiency. At the same time Acando secures its position for future growth by developing its offerings and a portfolio of re-useable solutions components. Acando’s broad customer base and geographical presence strengthens the possibility to act in an uncertain market environment. For full report see attached pdf.