SWEDOL

1963 013 -2

SWEDOL AB ((pu publ)

INTERIM R REPOR EPORT 1 JANUA UARY – 3 31 1M MARCH ARCH 2013 3 FIRST QUARTER HIGHLIGHTS  Rev even enue en ue amo moun u te un t d too MSE SEK K 29 293. 3..9 (3 3 (331 31 31.4 14 4), ) --11 ), 11 1 1.3 3% %.  Ope pera r ttiing ra ingg pro rofififit fit aam mou mou ount nted nt ed ttoo MSEK ed K -8 8.3 (19.6) annd oppe p raatingg maarrgi gin to gin t -2. 2 8% 8% (5.9) 5.9 5. 9)). ).  Net Net iincome ncom nc om ome me am amounted mouunt nted edd to MSEK -6.9 (15.1) and earrniinggs perr sh shar arre we were re SEK K -0. 0.11 11 (0. 0.24 .241). )  C Cashh flow fl from f operating ti g activities ti iti amounted t d to t MSE SEK 8.2 (-1 -1. 1 4) 4. 1)

Earnings per share are the same before and after dilution, since there are no outstandin ing ng warra warra an a nts or convertibles ibl s that h can lead l d to dil dilution. i

15%

Revenue growth total

15%

10%

10%

5%

5%

0%

0%

-5%

-5%

Store sales growth

15%

Operating margin

20%

Return on equity

15%

10% 10% 5%

5%

0%

0% -10%

-10% -15%

Q2-12 Q3-12 Q4-12 Q1-13

-15%

-5% Q2-12 Q3-12 Q4-12 Q1-13

-5%

Q2-12 Q3-12 Q4-12 Q1-13

-10%

Q2-12 Q3-12 Q4-12 Q1-13

COMMENTS BY THE CEO The market continues to be characterized by great uncertainty, which has also affected us with a weak start to the year in line with the economy as a whole. Store traffic was generally weak, and the demand of corporate customers was low during the first quarter. Our earnings for the first quarter, which seasonally are normally the weakest, declined compared to the previous year. It was not only the long and cold winter with a late spring which affected earnings negatively, less selling dates compared to the previous year also contributed to lower sales between the periods. Lower revenue in comparable stores, increased overhead expenses as a result of a larger number of stores and increasing operating costs in the form of higher electricity and snow clearance costs affected earnings negatively during the period. Operating profit amounted to MSEK -8.3 (19.6). Of course I am dissatisfied, but at the same time I can claim that we have a strong financial position and that the work on our action plan for higher profitability and reduced capital tie-up has developed as planned during the quarter. We will adjust the action plan on an ongoing basis in line with developments in the market. After the end of the period, we opened a new store in Lund during May. Markku Piippo, CEO of Swedol

SIGNIFICANT EVENTS DURING THE QUARTER A review of the cost base and capital tie-up which was conducted during the fourth quarter of 2012 and which resulted in an action plan in order to ensure a more optimized cost and capital base in relation to the business trend which can be expected in the future has developed as planned. Measures for improving capital tie-up in the form of more efficient stock processes have had the intended outcome during the quarter and are deemed to gradually continue the positive effects. The rate of investment and capital tied up in new stores is also planned to be lower during 2013. Implemented cost reductions have also affected the first quarter and are expected to continue to have positive effects.

BUSINESS AND MARKET REVIEW Sales are made through own stores, mail order services, an Internet shop, onthe-ground representatives and retailers. All channels are nationwide in the Swedish market while the store network and on-the-ground representative structure are in a development phase in the Norwegian market. This combination of channels and markets is expected to boost the Group’s total revenue base. The company offers a wide range of products tailored to the needs of corporate customers in the transportation, manufacturing, agriculture, forestry and building industries with the objective of offering these customers a total solution. There is a wide product offering for private customers that demand high quality. The product range combines quality with value for money and includes both external brands and private labels. The Group’s extensive product range consists of about 25,000 articles divided into 60 category groups.

STORES

These in turn can be divided into six product areas:  Electrical goods  Tools  Personal Protective Equipment  Vehicle Accessories  Consumables  Miscellaneous* * Includes NIMA’s product range.

With the brand NIMA Maskinteknik AB (”NIMA”), Swedol is broadening the business within the customer groups agriculture and forestry. NIMA is one of the leading actors in Sweden which manages distance trade within the agriculture and forestry sector. The bulk of sales come from the company’s 40 own stores in Sweden, which are geographically dispersed throughout the country, as well as its six own stores in Norway. During the period from January to March 2013, no (2) additional stores were opened in the Swedish or Norwegian market. The markets are undergoing a continuous restructuring process and the retail chains are expanding their market shares. Most of the retail chains primarily target either corporate or private customers. Swedol’s competitors are mainly active within the customer segment corporate customers. After the market leveled away at a low level during the fourth quarter of 2012, demand again illustrated a weak trend during the first quarter of 2013. The demand trend from Swedol’s customer groups showed a similar pattern as the corporate segment in general.

MARKET GROWTH 30

Estimated growth (%) Swedol Sweden Market in Sweden

20

10

0

Store Store opened in 2012 Store will open in 2013

2

-10

2008

2009

2010

2011

2012

FIRST QUARTER OF 2013 Sales amounted to MSEK 293.9 compared to MSEK 331.4 during the same period of last year, a decrease of 11.3%. Sales showed a continued weak trend during the quarter, which was mainly a result of the weak demand situation in the market generally. But the late spring has also affected sales negatively during the quarter due to delayed spring work for several customer categories. The quarter also had two less work days than the comparison period. External competition is judged to have remained essentially unchanged during the period. Swedol’s market coverage entails some internal competition between stores and between the retail business and distance trade. The stores as a group showed falling sales during the quarter, which also applies to distance trade. The stores accounted for 86.5% (86.1) of total sales during the period. Sales are divided in accordance with the following sales areas (MSEK): Jan - mar Jan - mar Change Change local 2013 2012 currency Sweden 281.5 324.7 -13.3% -13.3% Norway 12.4 6.7 85.8% 90.0% 293.9 331.4 -11.3% The decrease of MSEK 37.5, -11.3%, in store revenue breaks down as follows: MSEK % Comparable stores* (40 st) -42.8 -12.9 Non-comparable stores (6 st) 11.7 3.5 Distance trade -6.4 -1.9 Total -37.5 -11.3 Revenue for the 40 comparable stores decreased by an average of 15.1% during the first quarter of the year. Total store revenue was down by 10.9% compared to the same period of 2012. Gross profit amounted to MSEK 108.8 (131.5) with an operating margin of 37.0% (39.7). The lower gross margin can mainly be attributed to unfavorable shifting of the sales mix, a more aggressive discount structure and non-recurrent effects of higher supplier bonuses in the comparison period. The share of sales costs of the revenue has increased by 6.2 percentage points, while administration costs increased by 0.6 percentage points between the periods. The increase mainly depends on lower sales in comparable stores in the Swedish market and the ongoing market establishment in Norway. The items Other expenses and Other income are primarily related to exchange rate effects from translation of balance sheet items in foreign currency. The period’s depreciation amounted to MSEK 6.5 (4.2). The increased depreciation can mainly be attributed to a new logistics centre as well as newly added stores between the periods. Operating profit amounted to MSEK -8.3 (19.6). The change mainly depends on lower sales in comparable stores in the Swedish market and lower gross margin compared to the same period last year. Operating margin amounted to -2.8% (5.9).

Spot prices for the most important currencies were on average 6.43 for USD, 8.50 for EUR and 1.14 for NOK compared to 6.75 and 8.85 as well as 1.17 for the same period last year. Currency hedging was done in USD and EUR. The company’s policy is to hedge half of the expected flow in 6-12 months and 70 per cent in 0-6 months.

CASH FLOW AND FINANCIAL POSITION The cash flow from operating activities for the period January - March 2013 improved by MSEK 9.6 to MSEK 8.2 (-1.4) compared to the same period last year. The negative earnings before taxes in the current period have still been able to exceed the comparison period’s cash flow through more efficient inventory management combined with the repayment of preliminary income tax. Investment activities amounted to MSEK 2.9 (80.0), see also Investments below. Compared to the same period last year, inventories have decreased by MSEK 13.1 to MSEK 386.1 (399.2). During the interim period four new stores have been established, an increase in inventories of approximately MSEK 23. This has entailed decreased capital tie-up of inventories by approximately MSEK 36 between the periods as a result of implemented measures. Cash and cash equivalents amounted to MSEK 7.9 (6.2). At the end of the reporting period, available cash and cash equivalents including undrawn credit frameworks amounted to MSEK 40.4 (68.6). Interest-bearing liabilities totaled MSEK 169.5 (106.0). The Group thus has an interest-bearing net liability of MSEK 161.6 (99.8). The equity ratio is estimated at 54.5% (59.4).

INVESTMENTS During the period January - March 2013 investments in fixed assets amounted to MSEK 2.9 (62.0), of these approximately MSEK 0.8 relates to a new logistics centre in Örebro and in general mainly to a store relocation and other store-related investments. No takeovers were conducted during the current period. During the comparison period a corporate acquisition (Nima) was conducted, amounting to MSEK 25.9, of which MSEK 18.0 was cash regulated purchase sum at the time of acquisition.

SEASONALITY Sales have historically exhibited some seasonal fluctuations. During the 2012 calendar year, 50.1% (47.3) of invoicing was generated in the first half and 49.9% (52.7) in the second half of the year, with an emphasis on the final quarter which accounted for 28.4% (29.7) of total revenue for the year.

EMPLOYEES The average number of employees during the period from January - March 2013, converted to full-time posts, was 513 (469) of which 122 (112) were women. The increase between the periods is mainly attributable to the new staff added in connection with five store openings and staff reinforcements within sales due to the market establishment in Norway. The number of employees at the end of the first quarter was 503 (474).

* Comparable stores refer to stores which were open during the entire period referred to in this context, that is, both during the current and previous year.

Breakdown of revenue by product areas

Breakdown of revenue by sales channel

Quarter 1, 2013 (quarter 1, 2012)

Quarter 1, 2013 (quarter 1, 2012)

13,8% (13,9)

Electrical goods

13,5% (13,9)

17,7% (16,8)

Tools

Distance t Stores

Personal Protective Equipment 16,1% (14,9)

29,8% (31,4) Vehicle Accessories

,8)

%

(5

Consumables

6,0

86,5% (86,1)

16,6% (17,2) Miscellaneous

3

RELATED PARTY TRANSACTIONS No related party transactions, besides those with group companies, have taken place for the current period.

PARENT COMPANY The Group consists of the Parent Company Swedol AB and the wholly-owned subsidiaries NIMA Maskinteknik AB (556176-4605), Swedol Förvaltning AB (556711-0068), Fastighetsaktiebolaget Pistolvägen 4 (556902-1784) and Swedol Norge AS (995 252 929). 92% (94) of the Group’s net sales have been generated by Swedol AB during the period from January to March 2013. During the period the Parent Company has sold goods and services to group companies for a total of MSEK 5.8 (12.0).

SIGNIFICANT RISKS AND OPERATING UNCERTAINTIES Swedol’s activities entail a number of risks that can have an adverse effect on the Group to a varying extent. Both strategic, operational, sustainability and finance-related risks can, in the short and long term, affect the possibility of attaining the targets in accordance with the business plan. The development of Swedol’s work on risk management takes place continuously through constant inventory-taking of the Group’s risk situation. The continuous work which is managed through coordination and in a systematic manner aims to quickly highlight new risks, limit the risk exposure and a possible impact in the event of a risk materializing. This work contributes to the strategic and operational management of the Group. For a detailed description of the Group’s risks and management thereof, please refer to the annual report for 2012, pages 64-67 and Note 15 for finance-related risks. Apart from the risks described in the annual report, no significant new risks have been identified.

THE SWEDOL SHARE AND SHARE CAPITAL Swedol’s class B share is quoted on the Mid Cap list of NASDAQ OMX Stockholm. The share capital amounts to MSEK 9.6, divided between 6.4 million shares of class A and 57.6 million shares of class B, each with a quota value of 0.15 per share. Each class A share grants entitlement to ten votes and each class B share entitlement to one vote. AB Zelda is the only shareholder with a holding whose total voting rights exceed one tenth of the votes for all shares in the company. There are no limitations on the number of votes each shareholder may exercise at a general shareholder meeting. All shares grant equal rights to dividends. Holders of class A shares can request conversion of their A shares to B shares. The share capital is unchanged compared to the preceding period.

EVENTS AFTER THE END OF THE REPORTING PERIOD Sales in April amounted to MSEK 133.6 (113.9), an increase of 17.3 percent compared to the same period of last year. Distance trade amounted to MSEK 14.2 (14.6). The total sales for the first four months of the fiscal year (Jan - Apr 2013) decreased by 4.0% to MSEK 427.5 (445.3). One new store was opened in Sweden (Lund) during May. With this new opening, Swedol will have a total of 47 stores, of which 41 in Sweden and 6 in Norway.

FUTURE PROSPECTS AND LONG-TERM FINANCIAL TARGETS Swedol should be a complete supplier for corporate customers as well as private customers that demand professional quality by offering a wide range of hardware with a high service level and good stock-keeping. The products should be sold through a multi-channel concept that includes its own stores, retailers, mail order services, an Internet shop and on-the-ground representatives. The concept is highly attractive in the current markets and is the only one of its kind. There is potential for expanding the market coverage and increasing market shares in existing markets. There continues to be large growth potential for existing stores. Swedol also envisages a good growth potential in the long term for new stores, but balances the expansion rate based on current market conditions. The company expects that it will take time to establish the brand and position in Norway and that the conversion degree, average purchases and revenue are expected to increase gradually over the coming years. According to corporate policy, Swedol does not provide forecasts on future development. Long term financial targets will be reviewed over a business cycle and amount to 15% revenue growth, 11% operating margin, 25% return on equity as well as 40% equity ratio.

ACCOUNTING PRINCIPLES The consolidated financial statements of the Swedol AB Group have been prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards (IFRS) as adopted by the EU, as well as the relevant International Accounting Standards (IAS) and current interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and Standing Interpretations Committee (SIC). In addition, the consolidated financial statements comply with the Swedish Financial Reporting Board’s recommendations RFR 1 Supplementary Accounting Rules for Groups and the Annual Accounts Act (ÅRL). The financial statements of the Parent Company have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act. Swedol AB also complies with NASDAQ OMX Stockholm’s regulatory framework for issuers with attachments and statements issued by the Swedish Financial Reporting Board. The same accounting principles and calculation methods have been used in the interim report as in the latest annual report.

FINANCIAL CALENDAR Interim report January–June 2013 21 August 2013, 08.50 am CET Interim report January–September 2013 13 November 2013, 08.50 am CET Year-end report January–December 2013 19 February 2014, 08.50 am CET Interim report January–March 2014 21 May 2014, 3 pm CET

ANNUAL MEETING OF SHAREHOLDERS Annual General Meeting of 2012

22 May 2013

SWEDOL Share OMX Stockholm PI

Shares traded (1000s)

36 34 32 30 28 26 24 3 000

22

2 000

20

1 000

18 16 2011

4

2012

2013 © NASDAQ OMX

The Board and the CEO hereby certify that this interim report provides a true and fair picture of the business activities, financial position and results of the Parent Company and the Group, and describes the significant risks and uncertainties to which the Parent Company and the Group companies are exposed. Stockholm, 22 May 2013 John Zetterberg Chairman

Rolf Zetterberg

Jon Pettersson

Markku Piippo CEO

Lotta Lundén

Gert Karnberger

REVIEW REPORT This report has not been subjected to a review. The information contained herein is such that Swedol AB (publ) is required to publish pursuant to the Swedish Securities Market Act (2007:528). This report has been made up in both Swedish and English. In the event of divergences between the two, the Swedish version shall take precedence. The information was submitted for publication on 22 May 2013, 3 pm CET.

Swedol in brief VISION

FINANCIAL TARGETS

Swedol’s vision is to be the market-leading retail chain of an extended hardware range for professional users in the Nordic countries.

Long term financial targets will be reviewed over a business cycle and amount to 15% revenue growth, 11% operating margin, 25% return on equity as well as 40% equity ratio.

BUSINESS CONCEPT Swedol should be a complete supplier for corporate customers as well as private customers that demand professional quality by offering an attractive and wide range of hardware with a high service level and good stock-keeping.

STRATEGIES • Swedol’s products should be sold through a multi-channel concept that includes its own stores, retailers, mail order services, an Internet shop and on-theground representatives. • Swedol should achieve continued strong revenue growth with sustained profitability by opening new stores and increasing sales in the existing stores. • Swedol should gradually expand the geographical market base for the concept before existing markets are fully established. • Swedol should have a concept at its disposal with a strong attractiveness in existing markets and should be the only one of its kind. • Swedol should continuously improve the range, customer service and logistics within all sales channels in order to continuously improve its position in the market. • The share of private label products, brands and trade names in the product portfolio should increase to approximately 25 percent.

OPERATIONAL TARGETS • The stock turnover rate should, in the long term, reach a minimum of 4.5 (revenue through stock value). • Quality should permeate both the range and service. • An attractive and wide range of hardware should be developed for all seasons of the year. • Private label products, brands and trade names should be available within product groups with large potential with the aim of reducing the number of intermediaries and strengthening margins. • In the long term the range should be restricted to the current number of product groups.

VALUE DRIVER FACTORS Swedol’s business benefits from the increased demand of corporate and private customers for an attractive and extended hardware range for professional users. The value of the business is also affected by external factors, such as customers’ quality requirements, market trends, as well as internal factors such as purchase costs, cost-efficient logistics and the company’s capacity to cost-efficiently establish new stores.

BUSINESS MODEL

Retailers International suppliers

Swedish suppliers

Marketing

Purchasing

Internet shop Logistics centre

Mail order services On-the-ground representatives

Market

Stores

Nima Maskinteknik Logistics

5

Financial reports SWEDOL GROUP – STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD JANUARY 1 - MARS 31, 2013 2013

Jan – mar 2012

Jan – dec 2012

293,9 -185,1

331,4 -199,9

1 366,4 -846,9

108,8

131,5

519,5

6,1 -106,8 -11,6 -4,8

2,3 -99,8 -11,2 -3,2

22,6 -408,1 -45,4 -34,2

Operating profit

-8,3

19,6

54,4

Net financial items

-0,6

0,9

-1,3

Profit before tax

-8,9

20,5

53,1

MSEK Revenue Cost of sales Gross profit Other income Selling expenses Administrative expenses Other expenses

Income tax expense

2,0

-5,4

-5,0

PROFIT FOR THE PERIOD1

-6,9

15,1

48,1

Other comprehensive income: Items that will not be reclassified to profit or loss Translation gains/losses on consolidation Cash flow hedges Deferred income tax relating to cash flow hedges

-3,7 0,2 0,0

-0,3 -4,9 1,3

-0,4 -6,1 1,4

Items that may be reclassified subsequently to profit or loss

–

–

–

-3,5

-3,9

-5,1

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD1

-10,4

11,2

43,0

Per share data: Earnings per share, before and after dilution (SEK) Average shares outstanding, before and after dilution

-0,11 64 000

0,24 64 000

0,75 64 000

Other comprehensive income for the period, net of tax

1

Earnings attributable to the Parent Company´s shareholders.

SWEDOL GROUP - STATEMENT OF FINANCIAL POSITION AS AT MARS 31, 2013 MSEK

Note

ASSETS Intangable assets Property, plant and equipment

2012-03-31

2012-12-31

18,1 279,9

18,8 236,1

18,3 284,2

Total non-current assets

298,0

254,9

302,5

Inventories Trade receivables Other receivables Current tax assets Financial derivatives Cash and cash equivalents

386,1 109,6 42,7 22,5 0,3 7,9

399,2 114,2 40,1 1,6 1,8 6,2

379,1 121,0 53,6 27,0 0,7 6,6

Total current assets

569,1

563,1

588,0

867,1

818,0

890,5

472,2

486,0

482,6

51,0 49,4

4,2 54,7

52,5 49,1

Total non-current liabilities

100,4

58,9

101,6

Trade and other payables Short-term borrowings Other non-interest-bearing current liabilities Financial derivatives Current tax payable

100,3 118,5 59,9 2,3 13,5

124,1 101,8 42,1 2,7 2,4

94,1 121,0 74,2 2,9 14,1

TOTAL ASSETS

1

EQUITY AND LIABILITIES Equity attributable to equity holders of the parent Long-term borrowings Deferred tax

Total current liabilities TOTAL LIABILITIES AND EQUITY

6

2013-03-31

1

294,5

273,1

306,3

867,1

818,0

890,5

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital MSEK Equity January 1, 2012 Comprehensive income Profit for the period Other comprehensive income Cash flow hedges, after tax Dividends Equity Mars 31, 2012 Equity January 1, 2013 Comprehensive income Profit for the period Other comprehensive income Cash flow hedges, after tax Utdelning Equity Mars 31, 2013

9,6

Remaining Retained earnings capital including contribution net profit for the period 37,6

Cash flow hedges

Equity attributable to owners of the parent

2,6

474,8

425,0 15,1

9,6

37,6

-3,9 – 440,1

9,6

37,6

437,9

15,1 -3,9 -1,3

– 486,0

-2,5

482,6

-6,9

9,6

37,6

-6,9

-3,5 – 431,0

-3,5 -6,0

– 472,2

CONSOLIDATED STATEMENT OF CASH FLOWS 2013

Jan – mar 2012

Jan – dec 2012

-8,9 3,2

20,5 3,0

53,1 23,1

-7,0 22,3 -8,1 1,5

-35,3 15,1 7,2 10,5

-15,2 -5,2 9,3 65,1

Net interest income/expense Income tax paid Cash flow from operating activities

-0,6 7,3 8,2

0,9 -12,8 -1,4

-2,9 -32,5 29,7

Acquisition of subsidiary Purchase of property, plant and equipment Cash flow from investing activities

– -2,9 -2,9

-18,0 -62,0 -80,0

-19,1 -123,9 -143,0

Borrowings Amortization Dividends paid Cash flow from financing activities

– -4,0 – -4,0

77,6 – – 77,6

146,6 -1,5 -35,2 109,9

Cash flow for the period

1,3

-3,8

-3,4

Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

6,6 7,9

10,0 6,2

10,0 6,6

2013

2012

Jan – dec 2012

-11,3% 37,0% -2,8%

15,7% 39,7% 5,9%

6,4% 38,0% 4,0%

-4,6% -5,8% 54,5% 641,7

15,0% 12,6% 59,4% 592,0

9,7% 10,0% 54,2% 656,1

2,9 6,5 8,2

87,9 4,2 -1,4

149,8 20,8 29,7

503 513

474 469

498 485

-0,11 0,13 7,38 – 17,70 64 000

0,24 -0,02 7,59 – 29,30 64 000

0,75 0,46 7,54 0,35 25,60 64 000

MSEK Profit before taxes Adjustment for non-cash items, etc. Changes in operating assets and liabilities Change in inventories Change in operating receivables Change in operating liabilities Cash flow from operating activities

KEY FIGURES Jan – mar MSEK Marginal figures Revenue growth, % Gross margin, % Operating margin, % Financial figures Return on average capital employed, % Return on average equity, % Equity ratio, % Capital employed, MSEK Operational figures Gross investment, MSEK Depreciation, MSEK Cash flow from operating activities, MSEK Sustainability-related key figures Number of employees at end of period Average number of employees during the period Per share data, SEK Earnings, SEK Cash flow from operating activities, SEK Equity, SEK Dividends, SEK1 Closing market price on June 30, SEK Number of shares, thousands 1

Proposed dividend.

7

SPECIFICATION OF CHANGE IN RESULTS First quarter 2013/full year 2012 compared with corresponding period last year Jan – mar 2013

Jan – dec 2012

Gross profit from increased sales Change in gross margin

-14,9 -7,8

31,9 -12,1

Change in gross profit

-22,7

19,8

-4,7 – – 1,8 -2,3

-82,1 -1,4 -13,0 -11,5 -6,9

-27,9

-95,1

-1,5 7,4

0,5 35,1

-22,0

-59,5

MSEK

Selling expenses (excluding deprec) Acquisition expenses - Nima Non-recurrent costs Other operating expenses Depreciation /disposal Change in operating income Net financials Income tax Change in Net Income

QUARTERLY DATA MSEK

Q1/13

Q4/12

Q3/12

Q2/12

Q1/12

Q4/11

Q3/11

Q2/11

Q1/11

Revenues Cost of sales

293,9 -185,1

388,2 -246,7

293,3 -180,5

353,5 -219,8

331,4 -199,9

381,2 -231,5

295,5 -177,5

321,3 -197,7

286,4 -178,0

108,8

141,5

112,8

133,7

131,5

149,7

118,0

123,6

108,4

Gross profit Other operating expenses

-117,1

-131,5

-107,2

-114,5

-111,9

-100,0

-78,0

-89,2

-83,0

Operating profit

-8,3

10,0

5,6

19,2

19,6

49,7

40,0

34,6

25,4

Net financials

-0,6

-1,8

-0,2

-0,2

0,9

-0,6

-1,0

0,0

-0,4

Profit before tax

-8,9

8,2

5,4

19,0

20,5

49,1

39,0

34,6

25,0

-2,8% -5,8% 54,5% -0,11 7,38 0,13

2,6% 12,6% 54,2% 0,23 7,54 0,21

1,9% 3,4% 53,2% 0,06 7,29 0,10

5,4% 11,8% 54,6% 0,22 7,29 0,18

5,9% 12,6% 59,4% 0,24 7,59 -0,02

13,0% 31,4% 64,7% 0,56 7,42 0,53

13,5% 26,4% 68,2% 0,44 6,89 0,18

10,7% 24,6% 66,6% 0,39 6,37 -0,21

8,9% 18,3% 64,1% 0,29 6,44 -0,02

Key figures Operating margin, % Return on average equity, % Equity ratio, % Earnings per share, SEK1 Shareholders equity per share, SEK1 Cash flow from operations per share, SEK1 1

Restated in respect of the share split in 2011.

KEY FIGURE DEFINITIONS

8

Gross margin

Gross margin in percent of net sales.

Operating margin

Operating profit as a percentage of net sales.

Profit margin

Income after financial items as a percentage of net sales.

Equity ratio

Equity as a percentage of total assets.

Earnings per share

Net earnings divided by the number of shares, adjusted to new issues and splits.

Return on average equity

Profit for the period (in full-year equivalents) as a percentage of average equity, i.e. the sum of equity at the beginning and the end of the period divided by two.

Return on average capital employed

Profit after financial items plus financial expenses as a percentage of average capital employed at the start of the period and the end of the period divided by two.

Capital employed

Total assets less non-interest bearing liabilities and other allowances, including deferred tax liability.

Cash flow from operating activities per share

Cash flow from operating activities, divided by the number of shares adjusted for share issue and share split.

Equity per share

Equity divided by the number of shares adjusted for share issue and share split.

PARENT COMPANY INCOME STATEMENT FOR THE PERIOD JANUARY 1 - MARS 31, 2013 Jan – mar 2013

2012

Jan – dec 2012

275,8 -179,5

321,8 -195,3

1 291,9 -805,6

96,3

126,5

486,3

Selling expenses Administrative expenses Other operating income Other operating expenses

-87,6 -10,0 6,0 -16,5

-85,8 -9,7 2,5 -10,3

-337,3 -39,6 22,9 -77,3

Operating profit

-11,8

23,2

55,0

MSEK Net sales Cost of goods sold Gross profit

Net financial Profit after financial items Appropriations Profit before tax Tax on profit for the year Net profit for the year

-2,5

0,5

2,4

-14,3

23,7

57,4

–

–

-21,2

-14,3

23,7

36,2

3,1

-6,2

-10,1

-11,2

17,5

26,1

2012

Jan – dec 2012

17,5

26,1

PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME MSEK

Jan – mar 2013

Profit for the period

-11,2

Other comprehensive income

–

–

–

Other comprehensive income for the period, net after tax

–

–

–

-11,2

17,5

26,1

2013-03-31

2012-03-31

2012-12-31

ASSETS Intangible assets Property, plant and equipment Financial assets

4,9 129,3 157,3

5,7 118,7 92,8

5,1 131,0 155,6

Total non-current assets

291,5

217,2

291,7

Inventories Current receivables Cash and bank balances

336,3 164,9 6,8

359,1 152,6 4,2

328,8 198,0 5,6

Total comprehensive income for the period

PARENT COMPANY BALANCE SHEET AS AT MARS 31, 2013 MSEK

Total current assets

508,0

515,9

532,4

TOTAL ASSETS

799,5

733,1

824,1

EQUITY AND LIABILITIES Restricted equity Unrestricted equity

12,8 294,1

12,8 332,0

12,8 305,4

Equity

306,9

344,8

318,2

Untaxed reserves

210,2

200,4

210,2

Current interest bearing liabilities Trade payable Current tax liability Other non-interest-bearing current liabilities

112,5 91,4 12,1 66,4

42,5 97,4 2,3 45,7

115,0 86,9 13,4 80,4

Total current liabilities

282,4

187,9

295,7

TOTAL LIABILITIES AND EQUITY

799,5

733,1

824,1

71,1 0,9

71,1 0,9

71,1 0,9

Pledged assets Contingent liabilities

NOTE 1 FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value of the Group’s financial assets and liabilities is estimated to be equivalent to its book values. The Group does not apply net accounting for any of its significant assets or liabilities. There were no transfers between levels or valuation categories during the period.

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