INTERIM REPORT JANUARY – JUNE 2005

Highlights

Q2
Net sales 1 136 +4%
Operating income* 120 -24%
Operating margin*, % 10.6 15.5
Income before tax 110 -39%
Income before tax* 110 -25%
Income after tax 83 -35%
Earnings per share, SEK/share 2.40 (3.70)
Equity/assets ratio, % 45 (42)

Q 1-2
Net sales 2 231 +5%
Operating income* 282 -9%
Operating margin*, % 12.6 15.9
Income before tax 259 -23%
Income before tax* 259 -11%
Income after tax 189 -21%
Earnings per share, SEK/share 5.50 (7.00)
Equity/assets ratio, % 45 (42)

* The SCM copper operation has been excluded compared to
previous year

(for complete interim report see attached file)