Interim Report January–September 2007

Good sales growth and stable margins

2007 compared with pro forma 2006
 Sales increased during the period by 14 percent to MSEK 5,163 (4,512) and during the third quarter by 13 percent to MSEK 1,702 (1,500).
 Operating income before amortization increased by 6 percent during the period to MSEK 431 (407) and resulted in an operating margin of 8.3 percent (9.0). During the third quarter, operating income before amortization increased by 8 percent to MSEK 150 (138). Operating margin before amortization during the third quarter amounted to 8.8 percent (9.2).
 Operating income after amortization increased during the period by 9 percent to MSEK 416 (380) and resulted in an operating margin of 8.1 percent (8.4). For the third quarter, operating income after amortization amounted to MSEK 145 (133), an increase of 8 percent.
 Net income amounted to MSEK 268 (224) during the period and, during the third quarter, to MSEK 78 (78).
 Earnings per share increased during the period to SEK 0.73 (0.61). Earnings per share during the third quarter amounted to SEK 0.21 (0.21).

2007 compared with 2006 (Combined financial statements)
 Sales during the period increased by 14 percent to MSEK 5,163 (4,512) and, during the third quarter, by 13 percent to MSEK 1,702 (1,500).
 Operating income after amortization increased during the period by 18 percent to MSEK 416 (352) and resulted in an operating margin of 8.1 percent (7.8). For the third quarter, operating income after amortization amounted to MSEK 145 (121), an increase of 20 percent.
 Net income amounted to MSEK 268 (184) during the period and, during the third quarter, to MSEK 78 (66).
 Earnings per share increased during the period to SEK 0.73 (0.50) and, during the third quarter, to SEK 0.21 (0.18).

Comments from the CEO, Juan Vallejo
”We see continued good sales growth and stable margins in our largest segment, Mainland Europe. The acquisitions of Larmassistans Teknik and CIS SpA are contributing positively to operating income and during the third quarter we have also strengthened our position in Germany via the acquisition of F+H electronic. The measures taken to increase the profitability in the segment US/UK/Ireland continue but are taking longer than previously assessed. Operating income in the segment US/UK/Ireland is, therefore, expected to be lower for the full year 2007 than for 2006.”