Interim report January-March 2008

“The year got off to a good start and we are now beginning to see the positive earnings effects of our restructuring programmes and price increases” says Bong’s President and CEO Anders Davidsson. “I am most satisfied with the strong cash flow, but efforts to reduce working capital have borne fruit fast.”

• Net sales for the first quarter amounted to SEK 526 million (540), of which the now discontinued Bong Polska accounted for SEK 0 million (10).

• Bong’s ProPac packaging venture showed continued rapid growth and made up approximately 11 per cent of the Group’s total sales for the quarter (9).

• Operating profit improved to SEK 28 million (24) and profit after tax totalled SEK 12 million (9). Earnings per share after dilution were SEK 0.88 (0.65).

• Cash flow after investing activities was SEK 51 million (-79). The Group’s working capital was further reduced.

• The envelope factory in Tampere was closed according to plan during the first quarter.