Axel Johnson AB - 2003 Year-end Report

2/27/2004 2:37 AM EST

·Continued improvement in earnings - for the third consecutive
year, earnings after net financial items showed positive growth, rising
12 percent to SEK 742 M. Wholly owned Åhléns and jointly owned Axfood
posted record earnings.

·Strong financial position - The equity/assets ratio rose by 5
percentage points to 66 percent and the debt/equity ratio remained
unchanged at 0.

·Weak markets - The Group's markets showed weak growth during
the year. Despite the unfavorable conditions, consolidated sales rose by
3 percent to SEK 8,874 M.

·Development and efficiency enhancement - All operations were
characterized by a focus on cost savings and efficiency enhancement. At
the same time, Åhléns established a number of new units and Axfood
opened new Willys stores and modernized a large number of Hemköp stores.
Servera acquired 91 percent of Fällmans Kött, and NovAx acquired 47
percent of Designtorget.

For further information, please contact:
Göran Ennerfelt, President and Chief Executive Officer, tel: +46-8-701
61 00 (-6160)
Fredrik Persson, Chief Financial Officer, tel: +46-8-701 61 00 (-6159)