Mandator: Interim report for the period January-March 2004

• Improved earnings compared with the first quarter of last year
* Sales for the first quarter: SEK 95 (112) million
* EBITA: SEK -4 (-17) million
* Profit/loss after tax: SEK -11 (-36) million
* Earnings per share: SEK -0.20 (-0.19)

• Continued improvements in all key ratios
* Compared with the first quarter of the previous year:
- Sales per employee increased by 11%
- Utilisation rate increased by six percentage points to 69%
- Parent company costs more than halved

• Better market prospects and new important agreements
* The market prospects for 2004 are better than the situation one year ago. Within the company's prioritised sectors, good development is noted within manufacturing industries. Within the telecom sector, willingness to invest among operators is good, and is starting to increase among manufacturers too.
* Mandator's Estonian subsidiary has been awarded an important project which in the initial phase is valued at EUR 1.9 million. On behalf of the EU, the company will develop an integrated administration and control system intended to optimise Estonian agriculture. Furthermore, during the quarter Mandator signed new general agreements with, among others, the Swedish Defence Materiel Administration, Vodafone Sweden and Getinge.

• Good leverage in utilisation rate
* A single percentage point increase in the utilisation rate increases earnings by SEK 4-5 million per year. A continued positive earnings trend will be achieved through increased volumes from existing customers, continued specialisation and productification of the offering and an intensification of partnerships. The company's measures to reduce central and administrative costs will be completed during the second quarter. In the future, the focus will be on benefiting from an increased utilisation rate.

• Capitalisation continues according to plan
* As previously announced, a decision has been made concerning new share issues in Mandator. This capitalisation, which is fully underwritten through subscription commitments and guarantees, is progressing according to plan and will provide the company with more than SEK 100 million after issue costs.


The full report including tables can be downloaded from the following link:
Stockholm, 28 April 2004

Mandator AB (publ)
Niklas Flyborg, CEO

Questions regarding this report may be addressed to:
Niklas Flyborg, CEO, Tel: +46 705 949 678, niklas.flyborg@mandator.com
Robert Karlsson, CFO, Tel: +46 709 56 51 41, robert.karlsson@mandator.com


Mandator AB
Maria Skolgata 81
Box 17540
SE-118 91 Stockholm
SWEDEN
Tel: 08-402 31 00
Fax: 08-402 31 38
www.mandator.com