Loomis’ first quarter 2009: Improved income and a strengthened cash flow

Loomis improved its operating income (EBITA)[1] for the first quarter 2009 to MSEK 185 (141), includ-ing exchange rate effects of MSEK 36, and increased the operating margin to 5.8 percent (5.3).

Income before taxes increased to MSEK 150 (101), and net income after taxes to MSEK 105 (68).

Revenue amounted to MSEK 3,187 (2,647), of which organic growth comprised -1 percent (2).

Cash flow from operating activities of MSEK 95 (-283) is equal to 51 percent of operating income (EBITA). This improvement is a result of, among other things, a decrease in accounts receivable and investments.

Earnings per share were SEK 1.44 (0.93).[2]

Loomis’ USA operations will be restructured from March 31, 2009 to establish a flatter organization, entailing the elimination of the regional structure. Jarl Dahlfors has been appointed to serve as the new Country President as of July 1.

- The primary reason for the higher operating margin is the improved results in our operations in the USA, where the continued work with improving margins on loss-making branch offices, and the elimi-nation of indirect costs, has been successful, states Loomis’ CEO Lars Blecko.

1) Earnings Before Interest, Taxes and Amortization of acquisition-related intangible fixed assets.

2) During 2008, the share structure of Loomis AB was changed as the result of a reverse split (1:5). Earnings per share have been adjusted to reflect this change.

This press release is also available on: www.loomis.com.