Axel Johnson AB - 2003 Year-end Report

Axel Johnson AB - 2003 Year-end Report ·Continued improvement in earnings - for the third consecutive year, earnings after net financial items showed positive growth, rising 12 percent to SEK 742 M. Wholly owned Åhléns and jointly owned Axfood posted record earnings. ·Strong financial position - The equity/assets ratio rose by 5 percentage points to 66 percent and the debt/equity ratio remained unchanged at 0. ·Weak markets - The Group's markets showed weak growth during the year. Despite the unfavorable conditions, consolidated sales rose by 3 percent to SEK 8,874 M. ·Development and efficiency enhancement - All operations were characterized by a focus on cost savings and efficiency enhancement. At the same time, Åhléns established a number of new units and Axfood opened new Willys stores and modernized a large number of Hemköp stores. Servera acquired 91 percent of Fällmans Kött, and NovAx acquired 47 percent of Designtorget. For further information, please contact: Göran Ennerfelt, President and Chief Executive Officer, tel: +46-8-701 61 00 (-6160) Fredrik Persson, Chief Financial Officer, tel: +46-8-701 61 00 (-6159) ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/27/20040227BIT00050/wkr0001.doc The full year-end report http://www.waymaker.net/bitonline/2004/02/27/20040227BIT00050/wkr0002.pdf The full year-end report