Framfab Interim report January-March 2004

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Interim report, January - March 2004 Stockholm, April 16, 2004 Framfab AB (publ) · Net revenue increased by 21% from the first quarter of 2003 to SEK 87.5 million (72.6) in the first quarter. Compared with the fourth quarter 2003 net revenue increased with 25%. Net revenue per employee rose by 37% from the previous year, representing an annual rate of SEK 962 thousand (702). · Profit after tax for January-March was SEK 0.3 million (-3.4). Earnings per share amounted to SEK 0.00 (-0.01). Operating earnings before amortization on goodwill for the first quarter was SEK 3.3 million (-5.6) · Cash flow for January-March was SEK -33.6 million (-25.9), of which SEK -11.2 million (-3.7) was attributable to restructuring costs and SEK -6.3 million to acquisitions. The remaining part mainly consists of losses from the fourth quarter 2003. Liquid funds were SEK 22.2 million (23.7) as of March 31. Provided the company maintains profitability the company assess current liquidity position sufficient. · Framfab acquired Paregos Mediadesign AB during the period. Paregos with operations in Stockholm and Skellefteå, involving 20 employees. · Recent acquisitions, SBIFramfab in London and Paregos in Sweden, posted operating profits. · Our strategy has delivered a result in the first quarter during which operating earnings were positive, and were higher than both the corresponding period of 2003, and the fourth quarter of 2003. Framfab plans to continue to grow organically, and by acquisition. This will result in us strengthening our prominent market position and gaining economies of scale, both of which are deemed essential to long-term profitability. · Framfab's primary objective for 2004 is to sustain profitability. However, the consulting services market remains difficult to foresee. Despite indications of greater propensity to invest among Framfab's clients, prospects are still uncertain. As a result, Framfab is not making a forecast for either the upcoming quarter or the whole of 2004. Framfab is a leading European specialist in digital media solutions and communication based on Internet technology. Most of Framfab's customers are large international companies, including 3M, American Express, AXA, Carlsberg Breweries, Cheltenham and Gloucester Building Society, the Coca-Cola Company, Danske Bank, DuPont, Ericsson, Hydro Texaco, Kellogg's, Kraft Food International, Lloyds TSB, Nike, Nobel Biocare, Observer, Philip Morris International, Philips, Postbank, SAAB, Sara Lee Douwe Egberts, Vodafone, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands, Sweden, Switzerland, and the UK. The company is quoted on the O list of the Stockholm Stock Exchange (ticker symbol FRAM). For more information, please visit www.framfab.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/04/16/20040416BIT00020/wkr0001.doc http://www.waymaker.net/bitonline/2004/04/16/20040416BIT00020/wkr0002.pdf The full report