Interim report 1 January - 31 March 2003

Strong first quarter Sardus, one of Sweden’s leading producers of sandwich toppings, enjoyed a strong first quarter. Pre-tax profit amounted to SEK 20 M (18), up 11 % despite the fact that Easter sales, which are significant for a number of subsidiaries, occurred during the second quarter in 2003. Earnings per share were SEK 1.36 (1.19), an increase of 14%.

Sales totaled SEK 393 M (400). The decline is due to the fact that Easter 2003 occurred in April, as opposed to the first quarter in 2002. Higher earnings were primarily attributable to a more favorable product mix in all business units. The positive performance confirms that the trend from 2002 is continuing. Sardus’ markets are influenced to a limited extent by overall economic conditions. Consumption and demand patterns – as well as competitive conditions – are expected to remain stable during 2003. Market positions are strong, with market shares rising over a number of years. These factors, combined with the extended product range, offer the potential for continuing growth. “The positive trend during the past year continued into the first quarter of 2003. Given the current market situation, this provides the conditions for a continuing improvement in earnings, ” says Ragnar Bringert, President of Sardus. “Sardus’ new products are also satisfying higher demand for low-fat products and packaging designed for small households. Combined, these factors offer an excellent platform for continuing positive performance.” Helsingborg April 22, 2003 AB SARDUS (publ.) Ragnar Bringert For further information, contact Ragnar Bringert, President, +46 42 37 02 50, or +46 70 593 62 73.