Year-end report, January-December 2004

Sardus 2004 - Danish operations account for decline in earnings - Two new acquisitions at end of year - Unchanged dividend Sardus' pre-tax profit in 2004 amounted to MSEK 90 (110). Earnings per share were SEK 5.90 (7.55). The weaker earnings were due primarily to the Danish unit, 3-Stjernet, which reported lower sales and earnings trends compared with record levels in 2003. The factor underlying the decline was a decrease in export sales. The Board proposes an unchanged dividend of SEK 5.00 (5.00) per share.

Turnover in 2004 amounted to MSEK 1,787 (1,760), an increase of 2%, which was primarily due to the contribution to sales of MSEK 65 by Gourmet Service, which was acquired in October 2003. The Group's pre-tax profit for the fourth quarter of 2004 amounted to MSEK 30 (40),when higher raw materials prices also impacted on earnings. In December, Sardus announced the acquisition of the sandwich companies Allt Smörgås in Stockholm and Smörgåsfabriken in Norrköping. The acquired units produce and sell ready-to-eat sandwiches and salads, primarily to the convenience goods trade and filling stations. These profitable companies are in a sharp growth phase and jointly pursue sales nation-wide. The new acquisitions, which were consolidated as of 1 January 2005, had combined sales of about MSEK 120 in 2004, with some 125 employees. "The acquisitions are part of our strategy of broadening operations, and they provide the basis for our newly launched unit, 'Sardus Light Meals'. By expanding to an industry segment closely related to our other operations, we are moving into a rapid-growth market, while simultaneously increasing our risk diversification,"notes Ragnar Bringert, Managing Director. In January 2005, Sardus presented the plans to merge the Pastejköket and Charkdelikatesser units to form a single business unit, Sardus Chark & Deli. This will result in a larger and more powerful supplier of cured goods to the convenience goods trade. "The planned restructuring represents a response to customer wishes for a larger and more comprehensive supplier of cured products. In addition, the move offers long-term savings potential of MSEK 5-10 annually," says Ragnar Bringert. Helsingborg, 28 January 2005 AB SARDUS (publ) Ragnar Bringert Managing Director For further information, contact: Ragnar Bringert, 46 (0)70-593 62 73