Sardus Interim Report January-March 2005

Sardus first quarter: Increased sales Unchanged earnings for full year

Sardus, which is listed on the A-List of the Stockholm Stock Exchange, posted sales of SEK 455 M in the first quarter of 2005, up 7% compared with the corresponding period in 2004. Profite before tax amounted to SEK 10 M, compared with SEK 28 M a year earlier adjusted for accounting in accordance with IAS/IFRS. Profit for full-year 2005 is estimated at SEK 115-125 M (123). The main reasons for the earnings deviation is lower sales in comparable units and higher raw material prices, which could not be offset by price hikes in the wholesale and retail channels. The sales increase is attributable to the acquisitions of Smörgåsfabriken and Allt Smörgås at the beginning of 2005. "Although earnings are unsatisfactory, there are positive aspects," says Sardus' President Ragnar Bringert. "After a weak start, earnings improved each month. In addition, the trend has started to turn at our Danish subsidiary 3-Stjernet A/S, which reported a positive performance during the quarter compared with last year. "The reason we expect a result in line with 2004 in our forecast is due to already having noted a positive trend this year in both Sweden and Denmark. Moreover, our two acquisitions, Smörgåsfabriken and Allt Smörgås, which are highly seasonally dependent, have their strong-est quarters ahead of them." Helsingborg, April 19, 2005 AB Sardus (publ) Ragnar Bringert President and CEO For further information, contact Ragnar Bringert, President and CEO, +46 70-593 62 73