Year-end report, January-December 2004

Framfab AB (publ)

# Net revenue for the year was SEK 325.8 million (255.9), an increase of 27%. Net revenue for the fourth quarter was SEK 80.9 million (69.8), an increase of 16%. The year’s net revenue per employee rose to an annual rate of SEK 943 thousand (648), up 46% compared to last year. # Earnings after tax for the year totaled SEK 17.0 million (-119.7), an improvement of SEK 136.7 million. Earnings after tax for the fourth quarter came to SEK 14.2 million (-35.7) including the assessment of tax deficits in the amount of SEK 7.9 million. Every quarter through the year was profitable. # Earnings per share amounted to SEK 0.02 (-0.22) for the year and SEK 0.01 (-0.05) in the fourth quarter. # Cash flow totaled SEK 104.6 million (6.3) including the SEK 148 million issue of new shares in the second quarter. Fourth quarter cash flow came to SEK 1.1 million (9.3). Liquid funds were SEK 159.5 million (55.0) as of December 31. # During the second quarter, Framfab carried out an issue of new shares with priority rights for existing shareholders. The issue, which was fully subscribed, raised approximately SEK 148 million after underwriting costs. # The Internet Design Excellence Association (IDEA) ranked Framfab Denmark first in Europe and fourth in the world.