Year end report 1998 Continued good growth

Year end report 1998 Continued good growth Revenues amounted to 18,734 MSEK (19,490), an increase by 25% for present structure incl. acquisitions. Earnings after financial items amounted to SEK 4,991 M (13,890), incl. non-recurring items of SEK 4,179 M (12,949). Continued expansion and good growth for Renal Care Services. Good growth for Renal Care Products and Blood Component Technology. Stable development in Cardiovascular Care. In total a weaker earnings/margin development. Strategic streamlining into medical technology and healthcare completed during 1998. Agreement on divestiture of the Cardiovascular Care operations. The Board of Directors proposes a dividend of SEK 1.00 (2.00), a change in accordance with the new dividend policy which complies with the new orientation of the group. January 1999: Major restructuring and efficiency improvement program launched. For further information please contact: Bengt Modéer, Senior Vice President, Corporate Communications, +46-8-613 65 00, +46-70-513 65 33 Lars Granlöf, Vice President, Corporate Control, +46-8-613 65 00 Anna Augustson, European Investor Relations Manager, +46-8-613 65 00 Tim Schoenberg, Vice President, US Investor Relations Manager, +1-949- 425-2185 YEAR END REPORT 1998 Revenues amounted to SEK 18,734 M (19,490). Revenues for Gambro's present structure, including acquisitions, rose 25% compared to the preceding year. Operating earnings before depreciation (EBITDA) amounted to SEK 7,452 M (16,011). Operating earnings after depreciation (EBIT) amounted to SEK 5,374 M (14,135). Earnings after financial items amounted to SEK 4,991 M (13,890), including non-recurring items totaling SEK 4,179 M (12,949) and dividends amounting to SEK 259 M (0) on shareholdings now sold by the company. Earnings per share amounted to SEK 6.70 (33.70), of which SEK 6.25 (32.65) is attributable to non- recurring items. The Board proposes a dividend per share of SEK 1.00 (2.00 after the split). During 1998 the strategic streamlining into a medical technology and healthcare group was completed. This included the sales of major shareholdings and subsidiaries. On July 1, 1998 the former Incentive and Gambro were brought together in a new corporation under the Gambro name. As per the same date a new group organization and group management was established. In November an agreement was reached covering the divestiture of the Cardiovascular Care business. Group key ratios SEK M 1998 1997 Revenues 18,734 19,490 Operating earnings (EBIT) 5,374 14,135 Operating margin, % 28.7 72.5 Earnings after financial 4,991 13,890 items Net debt 2,242 7,786 Return on shareholders' 10.7 57.6 equity, % 1) Return on total assets, % 14.6 35.3 Earnings per share, SEK 1) 6.70 33.70 Shareholders' equity per 51.79 74.25 share, SEK Solidity (equity/assets 54 52 ratio), % 1) After full tax STREAMLINING COMPLETED During 1998 the streamlining of the group into medical technology and healthcare was completed. This includes the divestiture of the subsidiary TAC and 60% of the wholly owned subsidiary MacGREGOR. It also includes divestitures of major shareholdings in the companies Munters and Electrolux. During the third quarter more than 113 million shares in ABB AB were sold to Gambro's shareholders at a discount. Through this transaction value corresponding to SEK 14 per Gambro share was transferred to the shareholders. BUSINESS AREAS Renal Care Products Revenues increased to SEK 7,976 M (7,435), an increase of 7%, adjusted for foreign exchange effects. Sales in the main markets Europe and the US remained strong during the year, while the development in Asia, mainly Japan, was weaker. For the fourth quarter the positive sales development continued but included a somewhat higher proportion of sales on low margin markets. For dialysis machines sales and deliveries continued to develop favorably in Europe and the US and has followed growth in the markets. In December an Algerian three year contract was signed covering the sale of 300 dialysis machines and related equipment. Also the dialysis machine Prisma, used to treat acute kidney failure, has continued to show a good sales development. In the field of disposable products, continued favorable growth is reported for the BiCart bicarbonate cartridge. Sales and deliveries of blood tubing products have shown a good development despite the production problems and subsequent product recalls in the US during the second quarter. Corrective actions were quickly implemented to offset these problems. As previously announced, problems arose in one dialyzer production facility which did not meet the stringent internal quality requirements introduced. Thus the internal supply of dialyzers to own clinics in the US has been delayed. During the second half of 1998 a review of structural and efficiency considerations primarily for the Renal Care Products area has been performed. The related action program was presented and initiated in January 1999 (see page 5). Renal Care Services Revenues increased to SEK 9,087 M (5,716), an increase of 54%, adjusted for foreign exchange effects. Excluding the acquisition of Vivra, the increase in revenues amounted to 22%. The total number of patients in clinics owned, operated or managed by Gambro is about 40,000 world-wide. In the US Gambro serves about 33,500 patients across 33 states and the District of Columbia. During the course of 1998 the number of patients has increased by almost 6,500 through organic growth, acquisitions or establishment of de novo clinics. The fourth quarter 1998 included further important expansion of the renal care services operations. In the US dialysis clinics with about 700 patients were acquired. In Argentina an 80% stake was acquired in a renal care clinic specializing in kidney transplants. This clinic accounts for 13% of the Argentinian transplants market. Overall, operations of the Renal Care Services business area were characterized by continued favorable development and growth. However, during the fourth quarter the non-dialysis operations of the clinic in Marseille, France showed an unsatisfactory performance. Considerable efforts and resources have been spent on the continued integration of the clinics operation of the former Vivra organization, which has proceeded according to plan. In November 1998 the integration was concluded including the complete linkage to Gambro's medical and administrative information system. This system will serve as a powerful base for clinical and financial planning and follow-up using the extensive database that has been created. In the US clinics special emphasis is put on a number of quality indicators for all dialysis patients including adequate dialysis, blood deficiencies, nutrition and mortality. Single use dialyzers are used by 25% of own US clinics as a means of increasing quality. During the year revenues from laboratory services have decreased. As earlier reported, billing records in the laboratory service operations are under review by Medicare. Blood Component Technology The Blood Component Technology business area continued to show favorable development. Adjusted for foreign exchange effects, revenues grew by 10% to SEK 1,212 M (1,076) with particularly favorable development in the European and US markets. Development in Japan and China were weaker than the preceding year. Overall, the business area during 1998 strengthened its position on the market for products and systems for separation and handling of blood components. Sales of the COBE Spectra blood component separation system, and related disposable products remained strong. The new COBE Trima automated blood collection system received approval from the US FDA to sell at the end of the year, and sales began immediately. The COBE Trima system is the first device to allow blood centers to collect combinations of red blood cells, platelets, and plasma from a single donation. In August an important agreement was signed with HemaSure Inc. that provides the business area with a competitive red blood cell filter. This will enable the business area to enter the important red blood cell filtration market and also provide a needed component for the COBE Trima system. In November the distribution agreement with Aastrom Biosciences, relating to stem cell therapy systems, was terminated. Cardiopulmonary Care Revenues for the Cardiopulmonary Care business area amounted to SEK 1,152 M (1,182), a decrease of 6.5% adjusted for currency effects. The development on the US market remained relatively stable. In the European market trends have continued to be weak and subject to growing price pressure and negative impact on profitability. During the year a new hollow fibre oxygenator and a biocompatible blood line system have been introduced. The business area has been comprehensively reorganized in order to adjust to the changing and much tougher market conditions. Margins have been affected by the continued price pressure. In November an agreement was reached covering the divestiture of the business area to the Italian company Sorin Biomedica. The sale is at a price of SEK 2.1 billion and will generate a capital gain before tax of approx. SEK 950 M. It will be concluded after approval of the authorities. THE FOURTH QUARTER 1998 For present structure revenues during the fourth quarter of 1998 rose to SEK 5,077 M (4,478). Operating earnings before depreciation (EBITDA) amounted to SEK 787 M (881), and earnings after depreciation (EBIT) totaled SEK 314 M (492), with corresponding margins of 15.5% (19.7) and 6.2% (11.0), respectively. The fourth quarter included a continued good revenue growth in the Renal Care Services and Products areas as well as in the Blood Component Technology area. Revenues rose by 13% (compared with fourth quarter 1997), however this combined with a decrease in earnings and margins. A few major factors lie behind this development. In the Renal Care Products area the problems in one dialyzer production line has resulted in under- absorption of costs as well as costs for closing the line. The Renal Care Services area has been affected by the insufficient internal supply of dialyzers as well as by the unsatisfactory performance in a French non-dialysis clinic. Within the Cardiopulmonary Care area considerable internal efforts have been spent on preparing for the sale of the business area. The fourth quarter also includes relatively high IT systems costs for the group including the Y2K project. INVESTMENTS Group investments during the period amounted to SEK 1,587 M (1,258). ACQUISITIONS Group acquisitions during the period amounted to SEK 1,204 M (14,151). For 1997 the acquisition of Vivra is included with SEK 12,349 M. FINANCIAL POSITION Net debt (loans and accruals for pension less cash and short-term investments) amounted to SEK 2,242 M at year end. The equity/assets ratio at the close of the period was 54%, and the Group's liquid assets amounted to SEK 1,169 M (881). Financial items, net SEK -383 M (-245), include interest net amounting to SEK -665 M (-791), which gives an average interest rate of 9.7% based on the average net debt 1998 of SEK 6.9 billion. The high interest rate is mainly explained by the fact that funds generated in the parent company from divestitures of group companies and shares have been lent to the US for funding of the group's operations there. To avoid currency exposure in the parent company, the funds have been swapped from SEK to USD, resulting in an interest expense of SEK 100 M (representing the interest differential between USD and SEK) in 1998. Changes in generally accepted accounting principles in Sweden in 1999 will make it possible to reduce the need for swapping funds with less negative impact from a structural and tax point-of-view. PERSONNEL The number of employees in the Gambro group decreased by 380 during the period. The total number of employees by year end was 17,796. SHARES, SHARE CAPITAL A 5-for-1 split of the Company's shares was effected on June 2, 1998. The sale of shares in ABB AB to Gambro's shareholders during the third quarter 1998 included a share redemption transaction and a special issue of new shares totaling SEK 342 M. The share capital has increased, amounting to approximately SEK 689 M. The total number of shares after the new issue is 344,653,288, distributed among 250,574,090 series A shares and 94,079,198 series B shares. PROPOSED DIVIDEND The Board of Directors proposes a dividend of SEK 1.00 (2.00 after split) per share, to which SEK 345 M (684) is allocated. The change is proposed in accordance with the new dividend policy which complies with the new orientation of the group, in which value creation to a greater extent is based on growth. This means that more value is generated by reinvesting a higher proportion of the cash flow generated. ANNUAL GENERAL MEETING Gambro's Annual General Meeting will be held at 5.00 p.m. on March 24, 1999 at the Globen Annex, Stockholm. AFTER THE CLOSING OF THE PERIOD Competitiveness to be sharpened Mid January 1999 a global restructuring and efficiency improvement program was launched. This mainly covers the Renal Care products area with the aim of sharpening the competitiveness of the group. Its objectives are to reinforce Gambro's commitment to quality renal care, secure continued good growth, improve profitability and to restore group operating (EBITDA) margins which, at the close of the initial 24 month period of the program, should reach 20%. Beyond this initial period the program will continue to have substantial positive effects on the competitiveness and form the basis for a continued profitable growth. The program's key elements are · A further expansion of Gambro's strong global market position by leveraging on existing successful brands - Gambro and Hospal. · A strengthened and focused sales, service and market organization supported by streamlined administrative functions. · A significant reduction of the product line to eliminate duplications and the simultaneous creation of modular and platform-based product families which will improve efficiency and flexibility in production. · The creation of a more streamlined and effective manufacturing and logistics structure including - an acceleration of the manufacturing restructuring and concentration including site consolidation. - a further reduction of warehouses and a concentration on a few logistics centers. The restructuring and efficiency improvement program will involve a reduction of more than 1,000 employees. The program is expected to involve costs of approx. SEK 1,100 M which entirely has been charged as a provision against operating income for the fourth quarter 1998. Restructuring initiated Mid January 1999 decisions were taken to relocate and consolidate US based manufacturing of renal care products. Manufacturing and development of dialysis machines located in Lakewood, Colorado will be transferred and consolidated with existing units in Europe. This will affect about 250 employees and will be completed within a 24 month period. Manufacturing of disposables located in Newport News, Virginia will be transferred and consolidated with existing units in Europe and Mexico. This will affect about 200 employees. Thus manufacturing of blood lines will be transferred to corresponding manufacturing units in Tijuana, Mexico and Mirandola, Italy. Manufacturing of the bicarbonate cartridge, BiCart will be consolidated with the unit in Lund, Sweden. The program for relocation of the Newport News based manufacturing, expected to be completed by the end of this year, has been accelerated and will be finished by mid 1999. In February 1999 an agreement was reached covering the divestment of an Oklahoma based manufacturing unit for recirculating dialysate systems including machines, sorbent cartridges and chemicals. The unit has a turnover of SEK 50 M and about 30 employees. A new, more efficient organization As of January 1999 a more efficient organization has been established covering the two business areas within renal care - products and services. The previous product organization in Europe also included a joint responsibility for services. The business area Renal Care Services now includes service operations worldwide under the responsibility of Mats Wahlström, Executive Vice President. Correspondingly the business area Renal Care Products includes products operations worldwide under the responsibility of Sören Mellstig, Executive Vice President. US clinics acquisitions In renal care services the strategic expansion is driven by organic growth and acquisitions. In January 1999 three dialysis clinics and one acute dialysis program was acquired in the state of California, US. The clinics serve about 170 patients. Stockholm, February 24, 1999 Mikael Lilius President This report has not been subject to examination by the Company's auditors. For further information: Bengt Modéer, Senior Vice President, Corporate Communications, +46-8-613 65 00, +46-70-513 65 33 Lars Granlöf, Vice President, Corporate Control, +46-8-613 65 00 Anna Augustson, European Investor Relations Manager, +46-8-613 65 00 Tim Schoenberg, Vice President, US Investor Relations Manager, +1-949- 425-2185 Gambro's financial information is also available on the Internet: http://www.gambro.com Reports to be issued during 1999 are: Three month report January-March: April 23 Six month report January-June: July 21 (changed from July 22) Nine month report January-September: October 21 Annual Report for 1998 to be distributed March 8. The President's Address to the Annual General Meeting will be published March 24. Revenues by business area 1) Change 2) SEK M 1998 1997 1) % Renal Care Products 7,976 7,435 7 Renal Care Services 9,087 5,716 54 Intra-Group -693 -376 Total, Renal Care 16,370 12,775 26 Blood Component 1,212 1,076 10 Technology Cardiopulmonary Care 1,152 1,182 -6 Total, present 18,734 15,033 22 structure Divestments 4,363 Intra-Group 94 Total 18,734 19,490 1) For present structure 2) Corrected for exchange effects Revenues by market 1) SEK M 1998 1997 +/- % Europe 6,375 5,962 +7 Americas 10,711 7,562 +42 Asia, Pacific, RoW 1,648 1,509 +9 Total 18,734 15,033 +25 1) For present structure Operating earnings 1) Januari - Mars SEK M 1998 % 2) 1997 3) % 2) Operating earnings 1,509 8.1 1,721 11.4 (EBIT) Divestments - 91 Group: Depreciation and -293 -590 amortization Other -21 -36 Non-recurring items 4,179 12,949 Total 5,374 28.7 14,135 72.5 1) After depreciation 2) Operating margin 3) For present structure GAMBRO GROUP INCOME STATEMENT SEK M 1998 1997 Revenues 18,734 19,490 Operating expenses 1), 2) -13,360 -5,355 Operating earnings (EBIT) 5,374 14,135 Financial items, net 3) -383 -245 Earnings after financial 4,991 13,890 items (EBT) Taxes -2,635 -2,342 Minority interest -48 -28 Net income 2,308 11,520 1) Earnings before 7,452 16,011 depreciation and amortization (EBITDA) 2) Of which, non- 4,179 12,949 recurring items amortization, -1,077 -1,061 goodwill depreciation, other -1,001 -815 assets 3) Of which earnings 84 237 in companies divested during the year Of which earnings in 259** 355* associated companies * (Jan-March 1997), and dividends ** (April-June 1998) QUARTERLY DATA (Present Group structure) 199 199 8 7 SEK M Q 1 Q 2 Q 3 Q 4 Tota Q 1 Q 2 Q 3 Q 4 Tota l l Operations Revenues 4,4 4,5 4,6 5,07 18,7 2,9 3,43 4,2 4,4 15,0 47 60 50 7 34 04 7 14 78 33 Operating earnings 858 823 826 787 3.29 532 694 837 881 2.94 - before depr. 4 4 (EBITDA) (EBITDA) Operating 19. 18. 17. 15.5 17.6 18. 20.2 19. 19. 19.6 margin % 3 0 8 3 9 7 Operating earnings 431 387 377 314 1.50 345 431 453 492 1.72 - after depr. 9 1 (EBIT) Do. margin % 9.7 8.5 8.1 6.2 8.1 11. 12.5 10. 11. 11.4 9 7 0 Group Overhead costs 19 -40 - - -21 -27 2 -9 -2 -36 Non-recurring 274 601 4,4 - 4,17 435 10,6 0 1,8 12,9 04 1,10 9 66 48 49 0 Depreciation - - - - -293 - -147 - - -590 146 147 146 147 150 Financial net Associated companies/ - 259 - 259 355 - - - 355 /dividends Income in divested - - 84 84 - 33 - 204 237 companies Interest net - - - -111 -665 - -179 - - -791 162 199 193 183 209 220 Other -19 -14 -1 -27 -61 -22 -19 -11 6 -46 financial items Financial net - 46 - -138 -383 150 -165 - -10 -245 181 110 220 GAMBRO GROUP BALANCE SHEET SEK M Dec 31, Dec 31, 98 97 ASSETS Fixed assets Intangible assets 15,593 25,570 Property, plant and equipment 5,340 4,439 Shares and participations 244 2,749 Long-term receivables 638 334 Total fixed assets 21,815 33,092 Current assets Inventories 2,282 2,757 Trade receivables, etc. 8,140 13,151 Liquid assets 1,169 881 Total current assets 11,591 16,789 TOTAL ASSETS 33,406 49,881 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders' equity 1) 17,850 25,385 Minority interests 149 98 Accruals 3,681 698 Long-term liabilities 1,182 10,064 Current liabilities 10,544 13,636 TOTAL SHAREHOLDERS' EQUITY 33,406 AND LIABILITIES 49,881 NET DEBT 2,242 7,786 1) Total number of shares outstanding 344,653,288 (of which, Series A: 250,574,090, Series B: 94,079,198) STATEMENT OF CHANGES IN FINANCIAL POSITION SEK M 1998 1997 Earnings after financial items 4,991 13,535 (excl. associated companies) Depreciation according to plan 2,078 1,876 Change in operating working -1,254 -668 capital Investments in fixed assets -1,587 -1,258 Cash flow from operations 4,228 13,485 Acquisitions -1,204 -14,151 Cash flow from operations after 3,024 -666 acquisitions SEVEN YEAR SUMMARY Group SEK M 1998 1997 1996 1995 1994 1993 1992 Income statement Revenues 18,7 19,4 20,2 24,3 18,3 12,2 11,7 34 90 20 24 89 71 71 Earnings after 5,37 14,1 4,05 3,23 2,67 417 557 depreciation 4 35 0 9 7 Earnings after financial items excl. associated 4,99 13,5 3,44 2,62 2,07 291 388 companies 1 35 2 4 8 incl. associated 4,99 13,8 5,22 4,65 3,83 966 1,21 companies 1 90 8 3 2 6 Net income 2,30 11,5 2,88 2,43 2,18 462 388 8 20 4 1 6 Balance sheet Total assets 33,4 49,8 34,6 32,0 35,7 18,9 19,0 06 81 96 35 03 09 10 Net debt 2,24 7,78 11,1 7,82 11,4 2,21 2,31 2 6 63 3 29 3 8 Shareholders' equity 17,8 25,3 14,5 12,2 10,9 9,92 9,50 50 85 81 46 76 2 0 Cash flow analysis Cash flow from 4,22 13,4 2,86 1,37 3,04 256 963 operations 8 85 2 4 8 Investments in fixed - - - - - -533 -597 assets 1,58 1,25 1,25 1,55 1,02 7 8 8 0 9 Change in net debt 5,54 3,37 - 3,60 - 105 1,74 4 7 3,34 6 9,21 5 0 6 Key figures 5) Earnings per share, SEK 6.70 33.7 8.44 7.11 6.40 1.35 1.13 4) 0 Shareholders' equity per 52 74 43 36 32 29 28 share, SEK 4) Net asset value per 52 101 70 58 51 51 28 share, SEK 2) Dividend per share, SEK 1.00 2.00 2.00 1.80 1.60 1.40 1.20 4) 1) 3) 6) Gambro share, total - 46.9 73.8 24.7 -5.2 50.0 - return, % 29.3 Return on shareholders' 10.7 57.6 21.5 20.8 21.0 4.8 4.2 equity, % 4) Return on total capital, 14.6 35.3 19.1 18.1 18.7 7.5 8.7 % Return on capital 19.7 44.5 24.8 21.4 21.8 9.7 22.6 employed, % Interest coverage ratio 5.4 14.7 4.6 4.0 3.9 2.2 2.2 Solidity (equity/assets 54 52 44 52 43 61 57 ratio), % Statistical data Average number of 17,3 16,1 17,1 18,5 19,1 12,0 13,0 employees 32 08 45 73 06 86 24 Wages, salaries and remuneration, 5,78 5,36 5,42 6,14 5,98 3,66 3,58 Incl social costs 2 4 3 5 2 2 3 1) Proposed 2) Shareholders' equity/share adjusted for surplus value in associated companies 3) In addition, SEK 1.35/share in Orrefors subscription rights 4) After full tax 5) All figures per share are proforma after split (June 1998) 6) In addition value transferred in the sale of ABB shares DATES FOR FINANCIAL REPORTS, ETC. 1999 March 8 Annual Report for 1998 to be distributed. March 12 Last day for temporary listing in VPC's register of shares, registered in the name of trustees, to be eligible for participation in the Annual General Meeting. March 19 Last day to notify participation in the Annual General Meeting. March 24 Annual General Meeting at 5.00 p.m. in the Globen Annex in Stockholm March 24 Last day for trading in the share, incl. dividend March 25 The share is listed, excl. right to dividend March 29 Record date at VPC for right to receive dividend April 7 Payment of dividend from VPC April 23 Three month report, January-March 1999 July 21 Six month report, January-June 1999 (changed from July 22) October 21 Nine month report, January-September 1999 Proposed Board Stockholm, Sweden - Gambro AB (Stockholm Stock Exchange: GAMBaST, GAMBbST), a leading international healthcare company, today made the following announcement. At the Gambro AB Annual General Meeting on March 24, 1999 the following board members will be proposed for reelection: Claes Dahlbäck, Gösta Gahrton, Peter H. Grassmann, Juha P. Kokko, Håkan Mogren, Sven Nyman, Björn Svedberg och Mikael Lilius. Board members Berthold Lindqvist and Marcus Wallenberg have announced that they will decline reelection. The proposals regarding the composition of the Board are supported by shareholders representing more than 40 percent of the total number of voting rights in the company. For further information please contact: Bengt Modéer, Senior Vice President, Corporate Communications, tel. +46- 8-613 6500, +46-70-513 65 33 Gambro is a global healthcare company with leading positions in renal care - services and products - and blood component technology (BCT). Gambro is the second largest provider of kidney dialysis services in the world. Gambro treats about 40,000 patients in 460 clinics worldwide. Renal care products comprise dialyzers, dialysis machines, blood lines and dialysis fluid. BCT includes products for the separation and handling of blood components. The Group, with revenue of approximately SEK 18 billion (USD 2.3 billion) has 17,000 employees in some 40 countries. Board members proposed for reelection Claes Dahlbäck. Born 1947. Elected 1998. President of Investor. Chairman of the Boards of Stora Enso and Vin & Sprit. Vice Chairman of Skandinaviska Enskilda Banken. Member of the Boards of, among others, Astra and Investor. Gösta Gahrton. Born 1932. Elected 1998. Professor at the Karolinska Institutet. Former head of the Department of Medicine at Huddinge Hospital and Chairman of the Karolinska Institutet's Nobel Prize Committee. Vice Chairman of the International Society of Haematology. Member of the Boards of, among others, Marianne and Marcus Wallenberg's Foundation, and Deputy Member of the Board of the King Gustav V Jubilee Fund. Peter H. Grassmann. Born 1939. Elected 1998. President and CEO of Carl Zeiss, Oberkochen, Germany. Member of the Board of ASM-L Holding N.V., Netherlands. Member of the Advisory Boards of Allianz and Deutsche Bank, Germany. Chairman of Carl Zeiss Co. Ltd., Tokyo and Carl Zeiss Inc., New York, among other positions. Juha P. Kokko. Born 1937. Elected 1998. Professor and Chairman, Department of Medicine, Emory University, Atlanta, Georgia, USA. Formerly Professor of Medicine and Chief of Nephrology, University of Texas, Dallas, Texas, USA, among other positions. Mikael Lilius. Born 1949. Elected 1991. President and CEO of Gambro. Member of the Boards of Ratos, Sweden and Huhtamäki Oy, Instrumentarium Oy and Perlos Oy, Finland. Håkan Mogren. Born 1944. Elected 1996. President and CEO of Astra. Chairman of the Board of the Industrial Institute for Economic and Social Research. Member of the Boards of Astra, Investor, and the Federation of Swedish Industries. Sven Nyman. Born 1959. Elected 1998. Managing Director of Investor. Member of the Boards of Försäkringsbolaget SPP and Diligentia AB. Björn Svedberg. Born 1937. Elected 1997. Member of the Boards of, among others, ABB Ltd, Investor, SAAB and Saga Petroleum. Chairman of Chalmers Institute of Technology and Chairman of the Royal Swedish Academy of Engineering Sciences. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.bit.se/bitonline/2001/07/12/20010712BIT00170/bit0001.doc http://www.bit.se/bitonline/2001/07/12/20010712BIT00170/bit0001.pdf