INTERIM REPORT January-March 2004

* Net sales increased by 5% to SEK 303.9 M (290.1). Consolidated organic growth – excluding impact from foreign exchange effects – was 7% and in Scandinavia 11%
* Net income for the period increased by 14% to SEK 11.5 M (10.1). Excluding reservations related to the finalization of the restructuring program in the British subsidiary (SEK 5 M), net income for the period was SEK 15.0 M
* Earning per share was SEK 1.07 (0.94). Excluding reservations in the British subsidiary, earnings per share was SEK 1.40
* Operating income before amortization of goodwill was SEK 27.1 M (28.9) corresponding to an operating margin before goodwill amortization of 8.9% (10.0). Excluding reservations in the British subsidiary operating income before amortization of goodwill was SEK 32.1 M corresponding to an operating margin before goodwill amortization of 10.6%
* Cash flow from operations declined to SEK -8.4 M (0.2)
* Acquisition of Svane Køkkenet including, brand, franchise concept and immaterial rights Svane is among top three brands (sales and recognition) in the Danish marketplace

For additional information, please contact Nils-Erik Danielsson phone +46 (0)451-46101 mobile +46 (0)708-946101