Gunnebo interim report January-March 2011

Comments to the quarter by Gunnebo's President and CEO Per Borgvall:

“We see continued good growth on the markets in Asia, Africa and the Middle East, while the beginning of the year has been weak in parts of Europe.

The Group is following the chosen strategic direction well. The first quarter is historically a weak one for Gunnebo, and early 2011 is no exception.

We can also note that the gross margin continues to improve and amounted to 26.1% (24.8%) this quarter. Similarly the profit/loss after tax for the period increased by MSEK 38 to MSEK -7 (-45).

The improvements are partly the result of cost savings from measures in the Get It Right programme. Improved cost efficiency and higher market prices have enabled us to compensate for raised raw material prices.

This is the first quarter that Gunnebo is reporting its operation in the four Business Areas of Bank Security & Cash Handling, Entrance Control, Secure Storage and Services, as well as Developing Businesses. These Business Areas also form the basis for the strategy that was rolled out in 2010. In 2011 we will focus on implementing the established strategy.”

First quarter 2011

• Order intake increased organically by 4% and amounted to MSEK 1,630 (1,711).
• Net sales increased organically by 3% and amounted to MSEK 1,262 (1,345). 
• Operating profit improved with MSEK 26 to MSEK 5 (-21) and the operating margin to 0.4% (-1.6%).
• Net financial items improved to MSEK -7 (-22).
• Profit/loss after tax for the period totalled MSEK -7 (-45).
• Earnings per share were SEK -0.10 (-0.60).

Full report is attached to this press release.

The interim report will be presented by Gunnebo’s President and CEO Per Borgvall and CFO Fredrik Östman at a phone conference April 28, 14.30 CET. To participate in the conference, please sign up using the link below. When registering, you will receive a phone number and a password: https://eventreg2.conferencing.com/webportal3/reg.html?Acc=572424&Conf=204321

On Gunnebo’s website you will also find presentation material for download appr. 30 minutes prior to the conference starts.

GUNNEBO AB (publ)
Group Communications

For further information, please contact:
Per Borgvall, President and CEO Gunnebo AB, tel. +46 31 83 68 00, or
Fredrik Östman, CFO Gunnebo AB, tel. +46 31 83 68 00, or
Karin Wallström, Communication & IR Director Gunnebo AB, tel. +46 10 2095 026, or e-mail karin.wallstrom@gunnebo.com

www.gunnebo.com

Gunnebo discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 14.01 CET on , April 28, 2011.

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