Observer AB (publ) Year-end report January-December 2004

Continued strong growth in the US and improved market conditions in Sweden - Nonrecurring costs in the fourth quarter affected the result

• The group’s operating revenue amounted to SEK 1,613.6 million (1,544.1). Exchange rate effects from the translation to Swedish kronor affected revenue negatively by SEK 35 million compared with the previous year. Organic growth in local currency was 0 percent (-4). • Operating profit before goodwill amortization and items affecting comparability, EBITA, amounted to SEK 195.7 million (223.6). Exchange rate effects impacted profit negatively by SEK 8 million compared with the year-on-year period. The operating margin was 12.1 percent (14.5). Nonrecurring costs in the fourth quarter affected the result by approximately SEK 8 million. • The loss per share was SEK -0.45 (-0.39). Profit per share after dilution, excluding goodwill amortization and items affecting comparability, amounted to SEK 1.87 (2.12). The loss after financial items amounted to SEK -12.7 million (5.6) and the net loss was SEK -31.8 million (-26.6). • Operating cash flow amounted to SEK 209.8 million (254.2). • The proposed dividend is SEK 0.45 (0.45) per share. • At year-end Observer acquired Delahaye, one of the leading media evaluation firms in the US and UK. During the year Observer continued to acquire US radio and television monitoring companies, thanks to which it now monitors all the country’s major broadcast media markets, including New York, Chicago and Los Angeles. An acquisition in Canada further strengthened the group’s position in French-speaking Quebec. • In connection with the introduction of the new International Financial Reporting Standards (IFRS), Observer has conducted a review of the company’s financial objectives. The long term financial objective is to achieve annual organic growth of at least 10 percent and an operating marginal (EBIT) of 20 percent. The estimation is that within two years Observer will reach organic growth of 6-8 percent and an operating margin of 16-17 percent (EBIT). Comment by Observer CEO Robert Lundberg: “Order bookings in Sweden have increased significantly and the signs of an improved market in Sweden we saw during the second and third quarters grew stronger late in the year. Our offering in North America continues to be received positively, and we are achieving our targets in terms of growth and operating margin. The introduction of new digital services in the UK is proceeding according to plan, and growth improved as expected in Germany at the end of the year. As a whole, we reported slightly positive growth at the end of the year, while our operating margin fell. Although the lower margin in the fourth quarter was due in large part to nonrecurring costs, we continue to trim costs in the Nordic region and the rest of Europe. In the US, we will maintain the cost controls that to date have contributed to a significant improvement in margins. We anticipate that our market in the US will remain good and that market conditions in the UK, Germany and Sweden will gradually improve. The continued development of our integrated services and high level of sales activity, together with further productivity improvements and cost consciousness, will ensure a good operating margin, strong cash flows and growth moving forward. The estimation is that within two years Observer will reach organic growth of 6-8 percent and an operating margin of 16-17 percent (EBIT). ” Financial report schedule: April 28, 2005 Interim report January-March 2005 August 5, 2005 Interim report January-June 2005 November 1, 2005 Interim report January-September 2005 For further information, please contact: Anders Lundmark, Chief Financial Officer, telephone: +46 70 333 29 77, +46 8 507 417 23, e- mail: Per Blixt, Senior VP Corporate Communications/Investor Relations, telephone: +46 70 549 28 08, +46 8 507 410 12, e- mail: Robert Lundberg, President and CEO, telephone: +46 8 507 410 10, e-mail: Further comments on the interim report will be provided at a telephone conference with Observers AB’s management at 11:00 (CET) on February 8. To participate, please phone +44 (0) 207 162 0180. Use code: Observer

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