Quarterly report January - Mars 2002

• Profit/loss before tax amounted to SEK -4.6 million (SEK -12.4 million) • Invoicing amounted to SEK 24 million (SEK 28 million) • Margin on sold goods increased to 24% (20%) • Improved demand • New market-orientated MD Operations Invoicing during the first quarter amounted to SEK 24 million, which is lower than for the corresponding period for the preceding year (SEK 28 million). This is largely due to weak demand during the fourth quarter of the preceding year. Demand has improved during the present quarter. MultiQs operating profit/loss for the first quarter amounted to SEK -4.4 million (SEK -13.1 million) and profit/loss after financial items was SEK -4.6 million (SEK -12.4 million). MultiQs transformation from a development company to a niche company with the unique concept of customer-adapted, flat screens has now been successfully accomplished. In the new strongly market-orientated organisation the company is focusing on increasing sales volumes and on reaching the same market share as in its home market, Scandinavia. Therefore, a new MD, Jonas Wästberg, has been appointed. He will assume command on the 15 August. Jonas Wästberg was most recently involved in Cardo Door AB. Martin Gullberg, one of MultiQs founders, will assume the role of acting MD between 19 April and 15 August. Airports constitute one of several sectors in which MultiQs flat screens, which are characterised by their robustness, high design factor and being customer-adapted, are well suited. MultiQs screens are installed at nearly all of Sweden and Norways airports, as well as at London City Airport. The company has also received an order from Amsterdam Airport, Sciphol, during this quarter. The screens are to be used at the check-in desks and in other functions. Other market sectors fort MultiQs screen solutions are in public adaptations within trade, the lottery and banks. After the end of the quarter MultiQ received two orders from its Dutch partner, TWECO. The screens are customer-adapted and are to be installed with end users in shop environments. The two orders are both follow-up orders and are expected to be succeeded by several more. Together with the order from Amsterdam Airport, Schiphol, this makes the Benelux countries the fastest growing market for MultiQ. MultiQs flat screens are all supplied in a solid aluminium construction, making them well suited to cash-register and industrial solutions, as well as public environments. The ability to adapt the screens to the customers own specifications and design is a unique concept, which has contributed to strengthening the customers company profile. MultiQs sales are increasingly made up of specially designed products while standard screens are steadily diminishing in number. This is one factor in an intentional strategy that aims to take advantage of the expertise that exists within MultiQ in order to offer customer-adapted solutions. The strategy has also enabled the margin on sold goods to be increased to just over 24%, as opposed to 20% for the corresponding period of the preceding year. In light of the response to MultiQs strategic cultivation of the market, the growth of the market, new orders and the prevailing significantly lower cost structure, MultiQ expects a sales growth this year with gradually improving profitability. Market development The market for MultiQs products weakened sharply during the fourth quarter of 2001 and this resulted in a halt to MultiQs growth. During the first quarter of 2002 the market has gradually strengthened. Financial position The Groups liquid assets decreased during this period by SEK 10.3 million to SEK 11.4 million. The equity/assets ratio amounted to 47.0% (61.5%). Investments in fixed assets during this period amounted to SEK 0 million (SEK 1.0 million). Half of the account receivables in the balance sheet relate to a large customer who settled two-thirds of his debt during April 2002. Parent company The parent company had an operating profit/loss of SEK -0.8 million (SEK -1.0 million). Profit/loss after financial items amounted to SEK -0.8 million (SEK -1.1 million). Investments in fixed assets in the parent company amounted to SEK 0 million (SEK 0 million). Liquid assets at 31 March 2002 amounted to SEK 0.1 million. Accounting principles The same accounting principles and calculation methods have been used in the quarterly report as in the most recent annual report. The company has not entered any development costs as assets. An application of the Accountancy Boards recommendation RR:9 allows the company to report a deferred tax claim that relates to deficit relief of SEK 110 million. This tax claim has not been included in the final accounts. Listing MultiQ shares have been listed on the Stockholm Stock Exchange O list since 7 December 1999. Annual General Meeting The Ordinary Annual General Meeting will be held on 5 June 2002 at 10 am at Hotel Jägersro, Jägersrovägen 160 in Malmö. The Board will propose to the Annual General Meeting that no dividend be paid. Dates for future reports • Annual General Meeting - 5 June 2002 • Report quarter 2 - 8 August 2002 • Report quarter 3 - 24 October 2002 • Final accounts communiqué - 30 January 2003 The annual report will be available at MultiQ no later than 10 May and will be sent out to all shareholders who have requested it. The annual report will also be available on MultiQs website www.multiQ.se. Malmö 08/05/2002 MultiQ International AB (publ) Martin Gullberg, MD Questions in connection to this report will be answered by: Martin Gullberg, MD Phone: 040-14 35 14, 0709-74 35 14 Email: mg@multiq.se Johan Hernmarck, Chairman of the Board Phone: 08-614 00 01, 0705-20 60 60 Email: johan.hernmarck@itprovider.com For ongoing news on the company, visit: www.multiQ.se Auditors examination report We have carried out an outline review of this interim report in accordance with the recommendations laid down by the Association of Chartered Accountants (FAR). In comparison to a full audit an outline review is considerably limited. Nothing has emerged that would suggest that the stipulations of Stock Exchange and auditing legislation have not been fulfilled by the interim report. Åke Stenmo Chartered Accountant Thomas Anvelid Chartered Accountant ...............................................................