Sardus Interim Report for January-September 2004

Stable earnings trend in Sweden Full-year forecast remains unchanged During the first nine months of the year, Sardus, which is listed on the "A" list of the Stockholm Stock Exchange, had a turnover of MSEK 1,300 (1,264) - an increase of 3 per cent over the corresponding period in the preceding year. The increase in sales is largely attributable to Gourmet Service, which was acquired in October 2003 and contributed MSEK 64 to the sales in-crease. Pre-tax profit for the first nine months of the year amounted to MSEK 60 (70), and profit after tax was MSEK 39 (46).

The weaker earnings are attributable to the poorer trend of sales and earnings reported by the Danish unit, 3-Stjernet, as a result of reduced export sales and stiffer competition in its domestic market, mainly from foreign low-price players. The trends in the Swedish units remained stable with sales and earnings in most units on a par with the preceding year. "We expect to meet the earnings forecast from February - that is, a full-year profit of MSEK 110, on a par with the preceding year, will be achieved despite the increased competition for 3-Stjernet. However, we noted a favourable trend within our Danish subsidiary toward the end of the nine-month period. Several of our subsidiaries achieve their best sales during the fourth quarter. Accordingly, there are favourable possibilities of achieving the forecast," says Ragnar Bringert, Managing Director of Sardus. Helsingborg, 21 October 2004 AB SARDUS (publ) Ragnar Bringert Managing Director Further details may be obtained from the Managing Director, Ragnar Bringert, at +46 (0)42 37 02 50 or +46 (0)70 593 62 73.