Interim Report January-June 2008

 Sales during the first six months increased by 8 percent to MSEK 3,744 (3,461), and during the second quarter by 8 percent to MSEK 1,947 (1,808).
 Operating income (EBIT) decreased during the first six months by 18 percent to MSEK 221 (271), which resulted in an operating margin (EBIT) of 5.9 percent (7.8). During the second quarter, operating income (EBIT) decreased by 22 percent to MSEK 121 (155). The operating margin (EBIT) during the second quarter amounted to 6.2 percent (8.6).
 Losses in implementation projects in Norway during the first six months amounted to MSEK 30, of which MSEK 10 refer to the second quarter. Costs for the change of trademark during the first six months amounted to MSEK 18, of which MSEK 15 refer to the second quarter.
 Income before tax for the first six months amounted to MSEK 167 (275). Foreign exchange rate effects impacted financial net by MSEK -7 (20) during the first six months.
 Net income amounted to MSEK 116 (190) during the first six months and to MSEK 72 (105) during the second quarter. Earnings per share amounted to SEK 0.32 (0.52) during the first six months, and to SEK 0.20 (0.29) during the second quarter.
 Outlook for 2008 – Total sales growth for the full year of 2008 is deemed to amount to the same level as during the first six months of 2008. Operating income for the full year of 2008 is expected to be lower than last year, as a consequence of the weaker outcome than planned during the first six months of 2008.

Comments from the CEO, Juan Vallejo
Our operations are continuing to grow despite a reduced rate of investment within the banking sector. The declining outlook for the banking sector is compensated by growth in other customer segments, which lies behind continued growth in Continental Europe during the first six months, among other things. Our service offerings enable us to grow even in a climate in which customers tend to reduce the running costs. The integration of the newly acquired G4S is proceeding according to plan and contributing to a strengthening of our market position in Germany.



This report has not been the subject of an audit by the Company's auditors.

A press conference will be held at Niscayah's head office at Lindhagensplan 70 in Stockholm on August 5, 2008 at 10.30 am, CET. To follow the press conference by telephone (and ask questions), please call:

Sweden: + 46 (0) 8 50 520 270
UK: + 44 (0) 208 817 9301
US: + 1 718 354 1226