Year-End report January–December 2007

Good sales growth but weakened margins

2007 compared with pro forma 2006
 Sales increased during the period by 14 percent to MSEK 7,260 (6,370) and during the fourth quarter by 13 percent to MSEK 2,097 (1,858).
 Operating income before amortization increased by 2 percent during the period to MSEK 678 (663) and resulted in an operating margin of 9.3 percent (10.4). During the fourth quarter, operating income before amortization amounted to MSEK 248 (256). Operating margin before amortization during the fourth quarter amounted to 11.8 percent (13.8).
 Operating income after amortization increased during the period by 5 percent to MSEK 658 (630) and resulted in an operating margin of 9.1 percent (9.9). For the fourth quarter, operating income after amortization amounted to MSEK 242 (249).
 Net income amounted to MSEK 423 (376) during the period and, during the fourth quarter, to MSEK 155 (152).
 Earnings per share increased during the period to SEK 1.16 (1.03). Earnings per share during the fourth quarter amounted to SEK 0.43 (0.42).

2007 compared with 2006 (Combined financial statements)
 Sales during the period increased by 14 percent to MSEK 7,260 (6,370) and, during the fourth quarter, by 13 percent to MSEK 2,097 (1,858).
 Operating income after amortization increased during the period by 9 percent to MSEK 658 (602) and resulted in an operating margin of 9.1 percent (9.4). For the fourth quarter, operating income after amortization amounted to MSEK 242 (250), a decrease of 3 percent.
 Net income amounted to MSEK 423 (337) during the period and, during the fourth quarter, to MSEK 155 (152).
 Earnings per share increased during the period to SEK 1.16 (0.92) and, during the fourth quarter, to SEK 0.43 (0.42).
 The Board of Directors proposes a dividend of SEK 0.50 (0.40) per share.

Comments from the CEO, Juan Vallejo
Sales increased with 14 percent, of which 11 percent was organic. This is the largest organic growth we have reported to date. The segment US/UK/Ireland shows profitability again after the loss at the beginning of the year, and we are ending the fourth quarter stronger than during the previous year.

The installation sales has increased more than the service portfolio in Mainland Europe which has led to an unfavorable mix in the distribution of total sales between installation/integration and services in the segment. We are now focusing on strengthening the service organization in order to develop a uniform service offering.

Outlook for 2008 is a total sales growth of over 10 percent and sustained operating margin. Our focus is to develop new service offerings for specific customer segments, increase the introduction of new customer segments and an increase in sales of cross-boarder customer projects. We are strengthening the Group management with three new members. In April we will change our company name to Niscayah in order to strenghten our business model. With a broader offer under a mutual brand we will be a leading operator on a fragmented market.