Interim report January - September 2006

Restructuring and sustained earnings growth

• Net sales for the first nine months of 2006 rose by 11 per cent to SEK 1,462 (1,312) million, of which acquired units contributed 10 per cent. Third quarter sales were up by 5 per cent to SEK 431 (412) million, of which acquired units contributed 8 per cent.

• Adjusted profit before tax continued to improve, reaching SEK 38 (28) million for the first nine months of the year. Profit before tax was SEK -7 (19) million. For the third quarter, profit before tax was SEK 12 (2) million.

• Earnings per share after dilution were SEK 1.78 (1.51).

• The underlying cash flow remains strong and amounted to SEK 50 (44) million for the nine-month period. After acquisitions for a total of SEK 38 million and restructuring charges of SEK 52 million, cash flow after financing activities was SEK -40 (69) million.

• Operating margin, calculated on adjusted profit for the first nine months, improved to 4.5 per cent (4,3).

• The previously announced restructuring measures in Germany, Finland and Belgium are proceeding according to plan and will result in a reduction of 125 positions over a two-year period. Upon completion, the annual savings are estimated at SEK 48 million.

• As previously announced, Bong acquired 60 per cent of the Netherlands-based packaging wholesaler VOET International on 1 October.