First quarter 2004

4/21/2004 6:00 AM EST

Report for the First Quarter of 2004

Sales increased by 9% and amounted to SEK 5,671 (5,206) million. Profit after tax improved to SEK 504 (287) million, equal to earnings per share of SEK 5.00 (2.85).
Profit after financial items improved by just over SEK 300 million to SEK 723 (414) million.
Deliveries of extra and ultra high-strength sheet and quenched steels increased by 29% compared with last year.
Processing costs were 1% lower than during the preceding quarter and 4% lower than last year.
Cash flow for the first quarter improved to SEK 351 (-336) million.
Accounting principles
This interim report has been prepared in accordance with RR20, Interim Reports, and otherwise in accordance with the same principles as the most recent annual report; however, the Swedish Financial Accounting Standards Council’s recommendation RR29, Remuneration to Employees, has been applied commencing from the beginning of the year. The implementation of this recommendation has resulted in an increase in opening equity of SEK 24 million. The application of the new recommendation has not had any material effect on pension costs for the quarter.

Stockholm, 21 April 2004

Anders Ullberg