Interim report for the three-month period May 1-July 31, 2004

Interim report for the three-month period May 1-July 31, 2004

· Profit after taxes rose with 32 percent to SEK 54 M (41). Earnings per share before dilution increased to SEK 1.74 (1.26) and after dilution to SEK 1.73 (1.24).

· Operating profit increased by 42 percent to SEK 75 M (53) and the operating margin was 10 percent (9).

· Cash flow after investments was negative SEK 112 M (neg: 24) mainly as a result of increased tied up working capital.

· Order bookings amounted to SEK 688 M (835), a decline with 18 percent compared to the strong first quarter last year. At fixed exchange rates, the Group's order bookings declined 16 percent.

· Order backlog remains at a high level and was on July 31, 2004 at SEK 2,717 M, compared with SEK 2,728 M at April 30, 2004.

· Net sales rose 17 percent to SEK 717 M (615). At fixed exchange rates, net sales increased 18 percent.

For the full report, please see enclosed pdf file.