Aspiro AB (publ): Interim Report, January - March 2005

• Aspiro acquired Norwegian mobile content services provider Schibsted Mobile (Inpoc) in the period, which has been consolidated from 1 March 2005 onwards. • First-quarter net sales were SEK 70.5 m (SEK 8.5 m), of which Schibsted Mobile generated SEK 16.9 m. First-quarter sales grew by SEK 1.6 m quarter on quarter, excluding acquisitions in the period. • Operative earnings* were SEK 4.8 m (SEK -3.6 m) for the first quarter. Profit after tax for the same period was SEK 1.1 m (SEK -5.8 m) and earnings per share were SEK 0.01 (SEK -0.19). • Pro forma net sales (including Schibsted Mobile from 1 January 2005) were SEK 102.2 m in the first quarter and the corresponding operative earnings* were SEK 8.1 m. • The integration between Aspiro and Schibsted Mobile is proceeding according to plan, with net profit/loss for the period reduced by SEK 3.8 m of restructuring expenses. Total restructuring expenses are estimated at some SEK 6 m, with the remainder expected to reduce second-quarter profit/loss. The total annualized estimated savings from restructuring are expected to generate cost synergies of some SEK 9 m, with the full effect from the fourth quarter 2005. In addition, the acquisition is expected to generate significant revenue synergies. • Consolidated liquid funds were SEK 84.5 m (SEK 35.1 m) at the end of the period, and deducting for liabilities to Schibsted ASA, consolidated liquid assets were SEK 78.4 m. • An EGM (Extraordinary General Meeting) on 22 March approved the acquisition of Schibsted Mobile, and elected Sverre Munck, Christian Ruth and Mats Eriksson to the Board. After the acquisition, the Schibsted group is Aspiro’s largest stockholder with an equity holding of 44.5%. After a consummated non-cash issue, there are 186,572,120 shares. Figures in brackets are for the corresponding period of the previous year. * Earnings excluding items affecting comparability.