FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2025
===== SIDA 1 =====
*Definitions are presented on www.profilgruppen.se
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 1 of 10
Interim report January 1 – March 31, 2024
Strong quarter
This is a translation of the Swedish version of the report. In case of any discrepancies, the Swedish version shall prevail.
First quarter 2025
• Adjusted operating profit MSEK 64.9 (50.3)
• Adjusted operating margin 10.1 percent (8.7), new target level at least 14 percent
• Resultat of starting operations in Poland MSEK -3.8 (0.0) reported separately until further notice
• Realized result from metal position at risk MSEK -3.7 (-0.1)
• Items affecting comparability due to time effect MSEK -3.3
• Accounting operating profit MSEK 54.1 (43.6)
Q 1 Q 1
2025 2024
Net turnover, MSEK 641.3 581.2
Alternative key ratios*
Adjusted operating profit*, MSEK 64.9 50.3
and corresponding share of net turnover, % 10.1 8.7
Realized result from metal position at risk*, MSEK -3.7 -0.1
Items affecting comparability due to timing effect, MSEK -3.3 -6.6
Items affecting comparability due to the Polish operations, MSEK -3.8 0.0
Accounting result
Operating profit, MSEK 54.1 43.6
Net income, Mkr 44.1 27.5
Earnings per share , SEK (no dilution exists) 5.75 3.43
Financial
Net debt, MSEK 66.6 15.3
EBITDA R12, MSEK 261.7 256.1
Net debt/EBITDA 0.3 0.1
Liquidity reserve, MSEK 254.6 328.9
* Due to change in method are the accounting results not completely comparable but the adjusted operating profit is fully
comparable. Definitions are presented on www.profilgrupppen.se.
===== SIDA 2 =====
*Definitions are presented on www.profilgruppen.se
Interim report January 1 –March 31, 2025
ProfilGruppen AB (publ)
Page 2 of 10
CEO Mari Kadowaki comments on the first
quarter of 2025
Market and results
The market for aluminium profiles in Northern Europe is still
challenging with a generally low business cycle including a
time of trade turbulence, that will most likely delay a market
recovery.
Despite this, we managed during the first quarter to match
the delivery volume and achieve a better result than the
outcome during the same period last year. Delivery volume
for the quarter amounted to 9,200 tonnes. Revenue
amounted to MSEK 641.3, which is approximately 10 percent
higher than the first quarter previous year. Raw material
prices have been higher than during the same period last
year.
The accounted operating profit of 54.1 MSEK (43.6) was
affected by an accrual effect of -3.3 MSEK, the result of an
exposed metal position of -3.7 MSEK, and the start-up of the
Polish operations with -3.8 MSEK. This results in an operating
result of 64.9 MSEK (50.3). The operating margin of 10.1
percent (8.7) should be compared to the target of at least 14
percent.
Our mix of customers contributes to a good stability and
reduces the impact of a weak construction sector and a
delayed automotive elelectrification.
We do not have direct exposure to the U.S. market but are
indirectly affected by the ongoing trade war, as some of our
customers export to the U.S. At the same time, we perceive
that the market turbulence is creating new business
opportunities, as new supply flows are emerging. It remains
to be seen whether Europe will gain greater access to
aluminum and whether increased costs within the U.S. will
open up new business opportunities.
We need to remain proactive in our market monitoring and
maintain strong control over our risk exposure.
Profitability and stability
We aim at long-term development of attractive solutions
including stability. Hence, our ambition is to avoid short-term
profits and gradually reach the increased operating margin of
14 percent. To attain the objectives it takes satisfied
customers, expanded businesses, optimization of our
processes including price- and margin increased measures.
As a step in this process we have previously communicated a
modification of our organizational structure.
The Polish business now operational
ProfilGruppen are in a process of aquiring an extruding
business in Poland that complement our current facilities
and range.
During the first quarter a subsidary has been established in
Polen which rents the current facility.
A production with approximately 80 people started in March.
At this point around 20 customers has returned. This quarters
result encompasses the start-up and running of operations.
An acquisition is dependent on the reconstruction process to
be completed and involves a more limited risk in relation to
other means of maintain equivalent capacity and
possibilities. The collaboration between both units has been
working well with a great engagement and intrest from both
parts.
Poland is the fourth largest user of extruded aluminum
profiles in Europe, and the market is more than four times the
size of the Swedish market. The business is also well-
positioned to deliver to the large German market
Industry engagement
In this time of external changes it is with pride and joy I can
say that ProfilGruppen’s Head of Sales for Extrusions has
been elected as Vice Chairman of the European Aluminium
Extrusion division. This is a testimony to ProfilGruppen’s
engagement in the industry.
All these activities aim to further develop one of the market’s
leading offerings in sustainability, delivery service, and
quality.
===== SIDA 3 =====
*Definitions are presented on www.profilgruppen.se
Interim report January 1 –March 31, 2025
ProfilGruppen AB (publ)
Page 3 of 10
The use of alternative key ratios
The purpose of using alternative key ratios and profit
designations is to give the reader a fairer view of the
operation’s financial development. To provide as transparent
picture as possible, ProfilGruppen uses the term adjusted
operating profit*. The adjusted operating profit* is the result
of the operating activities. The metal cost in the adjusted
operating profit is equal to the agreed cost in the customer
contracts.
The tables on sides 5-9 in this report are calculated in
accordance with accounting principles given in the latest
annual report where nothing else is noted.
Turnover and deliveries in the first quarter
The turnover for the Group in the first quarter of 2025
amounted to MSEK 641.3 (581.2), an increase of about
10 percent compared to the same period previous year.
The delivery volumes were to 9,200 tonnes (9,200) of
aluminum profiles.
During the first quarter the Group manufactured 9,175
tonnes (8,800) of aluminium extrusions.
First quarters result based on alternative principles*
The adjusted operating profit amounted to MSEK 64.9 (50.3),
which corresponded to an adjusted operating margin of 10.1
percent (8.7).
The difference between adjusted operating profit and
accounting operating profit is the realized result of metal
position at risk MSEK -3.7, reversal of earlier altered allocation
of metal cost MSEK -3.3 and result of the polish operations of
MSEK 3.8.
First quarters accounting result
The operating profit for the first quarter of the year amounted
to MSEK 54.1 (43.6). This is equivalent to an operating margin
of 8.4 percent (7.5).
The profit before tax amounted to MSEK 55.5 (34.6).
Earnings per share totalled SEK 5.75 (3.43) (no dilution).
Investments
Investments amounted to MSEK 16.9 (15.2), excluding
changes in right of use assets.
The investments mainly consist of machinery and
equipment of MSEK 9.4, and extrusion dies of MSEK 7.5.
Financing and liquidity
Cash flow from current operations amounted to MSEK 43.7
(44.6) before this year’s amortization of pandemic-related
deferrals of collection to the amount of MSEK -27.5 (-9.2). The
remaining debt of pandemic-related deferrals of collection
amounts to MSEK 124.
The corresponding cash-flow after investments amounted to
MSEK 20.1 (30.6).
The liquidity reserve as of March 31, 2025, amounted to
MSEK 254.6 (305.3).
The balance sheet total as of the end of the quarter was
MSEK 1,464.7 (1,492.0).
Net debt as of March 31, 2025, amounted to MSEK 66.6
(15.3) and net debt/EBITDA to 0.3 (0.1), regardless of whether
accounting principles or alternative principles are used.
ProfilGruppen’s target for net debt/EBITDA is < 2.0.
===== SIDA 4 =====
*Definitions are presented on www.profilgruppen.se
Interim report January 1 –March 31, 2025
ProfilGruppen AB (publ)
Page 4 of 10
The calculation of the net debt does not include pandemic-
related deferrals of MSEK 124. If the deferrals were included in
net debt the net debt/EBITDA amounts to 0.7. The debt for
the deferrals will be amortized gradually in 2027 at the latest.
The Board increases target for operating margin
The facilities in ProfilGruppen have been maintained for
many years and it has been shown that their lifespan exceeds
the estimated economic lifespan. During the same time, the
replacement value has risen sharply due to inflation.
The effect of this development is that the calculative value
of the facilities exceeds the accounting value. The
consequence is that the reported return exceeds the return
based on calculated values of assets, profit and equity.
Calculational efforts indicate that the profit margin is
rather half of the reported one, while the equity is almost
double. To create room for reinvestments, the current level of
profitability therefore continuously needs to be raised and
hence the board increases the Group’s target for operating
margin to at least 14 percent.
Currency
The Group has a loan in euros which amounted to MEUR 6.8
on the balance sheet date.
Personnel
The average number of employees in the Group during the
quarter was 492 (521). The number of employees as of March
31, 2025, totalled 500 (522). As from March 1, ProfilGruppen
puts around 80 people to work in a Polish extrusion business.
Significant risks and uncertain factors
The initiated acquisition process, as mentioned above, may
lead to that the investments made do not yield the desired
results, but the risks are currently very limited. Apart from this
the company’s risks and risk management has not changed
as described in the 2024 Annual Report.
At the end of the year, the company had a metal position at
risk of about MSEK 70 (-1).
Outlook for 2025
ProfilGruppen does not provide a forecast.
Interim reports 2025
Interim reports for 2025 will be provided as follows:
Interim report second quarter, July 15, 14:00
Interim report third quarter, October 21, 14:00
===== SIDA 5 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 5 of 10
Statement of comprehensive income in short
Q 1 Q 1
MSEK Note 2025 2024 R 12 2024
Net turnover 2 641.3 581.2 2 331.9 2 271.8
Cost of goods solds 3 -551.3 -504.0 -2 024.0 -1 976.7
Gross Margin 90.0 77.2 307.9 295.1
Other operating revenues 0.2 0.3 0.5 0.6
Selling expenses -20.4 -19.2 -79.2 -78.0
Administrative expenses -15.6 -14.3 -57.3 -56.0
Other operating expenses -0.1 -0.4 -0.6 -0.9
Operating profit/loss 54.1 43.6 171.3 160.8
Financial income 0.4 0.1 4.0 3.7
Financial expenses 4 1.0 -9.1 -21.5 -31.6
Net financial income/expense 1.4 -9.0 -17.5 -27.9
Income after financial items 55.5 34.6 153.8 132.9
Invcome tax -11.4 -7.1 -37.1 -32.8
Net income for the period 44.1 27.5 116.7 100.1
of which attributable to:
Owners of the parent 42.5 25.4 110.8 93.7
Non-controlling interests 1.6 2.1 5.9 6.4
Earnings per share (before and after dilution), SEK 5.75 3.43 14.98 12.67
Other comprehensive income
Net income for the period 44.1 27.5 116.7 100.1
Hedging reserve 12.4 -1.8 17.5 3.3
Translation differences -0.3 0.1 -0.2 0.2
Deferred tax on the above items -2.5 0.4 -3.6 -0.7
Total items that will subsequently be reclassified to net income: 9,6 -1.3 13.7 2.8
Revaluation of defined benefit pension obligation 0.0 0.1 -0.3 -0.2
Total items that will subsequently not be reclassified to net income: 0,0 0.1 -0.3 -0.2
Total other comprehensive income 9.6 -1.2
Comprehensive income for the period 53.7 26.3 130.1 102.7
of which total comprehensive income for the period attributable to:
Owners of the parent 52.1 24.2 124.2 96.3
Statement of financial position in short
31 Mar 31 Mar 31 Dec
MSEK Note 2025 2024 2024
Assets
Intangible fixed assets 10.0 12.3 10.0
Tangible fixed assets 583.8 590.6 587.1
Right of use assets 21.8 33.0 22.0
Financial fixed assets 0.9 0.8 0.9
Deferred tax assets 0.3 0.4 0.4
Total fixed assets 616.8 637.1 620.4
Inventories 371.2 348.3 352.1
Current receivables 5 426.8 370.3 316.7
Liquid assets 49.9 136.3 68.7
Total current assets 847.9 854.9 737.5
Total assets 1 464.7 1 492.0 1 357.9
Shareholders’ equity
Total equity attributable to the parent Company´s shareholders 709.4 626.5 657.6
Non-controlling interests 13.4 15.3 16.7
Total equity 722.8 641.8 674.3
Liabilities
Interest-bearing liabilities 87.4 118.1 94.8
Interest-free liabilities 95.3 87.7 93.5
Total long-term liabilities 182.7 205.8 188.3
Interest-bearing liabilities and provisions 29.1 33.5 30.5
Interest-free liabilities 5 530.1 610.9 464.8
Total short-term liabilities 559.2 644.4 495.3
Total shareholders’ equity and liabilities 1 464.7 1 492.0 1 357.9
===== SIDA 6 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 6 of 10
Statement of changes in equity in short
Q 1 Q 1
MSEK 2025 2024 2024
Opening balance, total equity 674.3 615.5 615.5
Changes attributable to owners of the parent:
Comprehensive income for the period 52.1 24.2 96.3
Changes attributable to non-controlling interests:
Comprehensive income for the period 1.6 2.1 6.4
Transactions with shareholders
Dividend -5.2 0.0 -43.9
Closing balance, total equity 722.8 641.8 674.3
Statement of cash flows in short
Q 1 Q 1
MSEK Note 2025 2024 R 12 2024
Operating activities
Income after financial items 55.5 34.6 153.8 132.9
Depreciation and write-down 21.9 22.9 90.4 91.4
Adjustment for other non-cash items 1.7 9.9 24.9 33.1
Interest received/paid -1.9 -3.5 -17.1 -18.7
Paid income tax -16.1 -10.1 -23.7 -17.7
Cash flow prior to change in working capital 61.1 53.8 228.3 221.0
Inventories -22.2 29.5 -26.1 25.6
Operating receivables -99.8 -62.3 -49.8 -12.3
Operating liabilities 77.1 14.4 -81.6 -144.3
Cash flow from operating activities 16.2 35.4 70.8 90.0
Acquisition of property. plant and equipment -23.6 -14.0 -75.8 -66.2
Sale of property, plant and equipment 0.0 0.0 0.0 0.0
Cash flow from investing activities -23.6 -14.0 -75.8 -66.2
Dividend -5.2 0.0 -49.1 -43.9
Loans raised 0.0 0.0 0.0 0.0
Change in bank overdraft facility utilized 0.0 0.0 0.0 0.0
Repayment of loans -4.1 -4.6 -18.2 -18.7
Repayment of lease debts -2.1 -3.3 -12.4 -13.6
Cash flow from financing activities -11.4 -7.9 -79.7 -76.2
Cash flow for the period -18.8 13.5 -84.7 -52.4
Liquid assets, opening balance 68.7 120.9 136.2 120.9
Translation differences in liquid assets 0.0 1.8 -1.6 0.2
Liquid assets, closing balance 49.9 136.2 49.9 68.7
Liquidity reserve 254.6 328.9 273.2
===== SIDA 7 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 7 of 10
The parent company
The turnover of the parent company amounted to MSEK 10.3
(10.5) and comprises payments for rents from companies in
the Group. Profit after financial items amounted to MSEK 20.3
(7.5).
Investments in the parent company the year amounted to
MSEK 0.2 (0.3) and are related to investments in properties.
The parent company employs none (none). The parent
company’s risks and uncertain factors do not significantly
differ from the Group as the business consists of renting
properties to group companies.
Income statement in short – the parent company
Q 1 Q 1
MSEK Note 2025 2024 2024
Turnover 7 10.3 10.5 42.2
Cost of goods sold -2.2 -2.1 -8.5
Gross Margin 8.1 8.4 33.7
Other operating revenues 0.0 0.0 0.0
Administrative expenses -1.4 -0.9 -3.9
Operating income 6.7 7.5 29.8
Result from shares in group companies 12.3 0.0 80.2
Interest income and similar income and expense items 1.3 0.0 2.9
Interest expenses and similar income and expense items 0.0 0.0 -0.2
Income after financial items 20.3 7.5 112.7
Appropriations 0.0 0.0 3.6
Income before tax 20.3 7.5 116.3
Tax -1.7 -1.5 -7.9
Net income for the period 18.6 6.0 108.4
Parent company statement of comprehensive income
Net income for the period 18.6 6.0 108.4
Items that will subsequently be reclassified to net income: 0.0 0.0 0.0
Items that will subsequently not be reclassified to net income 0.0 0.0 0.0
Comprehensive income for the period 18.6 6.0 108.4
Balance sheet in short – the parent company
31 Mar 31 Mar 31 Dec
MSEK Note 2025 2024 2024
Assets
Tangible assets
Tangible fixed assets 171.6 178.3 173.2
Financial assets (shares in subsidiaries) 90.5 87.9 87.9
Total fixed assets 262.1 266.2 261.1
Current receivables 163.7 84.0 154.9
Cash and bank balances 0.0 0.5 0.0
Total current assets 163.7 84.5 154.9
Total assets 425.8 350.7 416.0
Equity 340.4 256.3 321.7
Untaxed reserves 75.4 79.0 75.4
Provisions for taxes 3.8 3.8 3.8
Long-term liabilities 0.0 0.0 0.0
Current liabilities 6.2 11.6 15.1
Total equity and liabilities 425.8 350.7 416.0
===== SIDA 8 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 8 of 10
Notes
Note 1 - Accounting Principles
The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company accounting has
been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and the Swedish Financial Reporting Standards Council’s
RFR 2 Accounting for Legal Entities. The accounting principles applied are identical to the ones used for the latest annual report with
the exception of valuation of metal in stock. The method of calculating the acquisition value of inventories regarding commodities
attributable to specific customer orders has changed from 1 January 2025, from first-in-first-out-principle to customer specific costs
according to IAS 2:23. This method reflects the Group’s way of doing business better. New or amended standards that came into
effect in 2025 have not had any impact on the Group’s reporting.
Note 2 - Revenue by market
Q 1 Q 1 12 mån
MSEK 2025 2024 rullande 2024
Sweden 282.2 255.7 6.6 7.1
germany 141.1 127.9 -4.7 3.3
Others 218.0 197.6 14.4 15.8
Total 641.3 581.2 21.5 31.6
Note 3 - Depreciation and write-down of fixed assets
Q 1 Q 1
MSEK 2025 2024 R 12 2024
Intangible fixed assets 0.0 1.6 2.3 3.9
Land and buildings 1.7 1.6 6.8 6.7
Machinery and equipment 16.9 16.3 67.9 67.3
Right of use assets 3.3 3.4 13.4 13.5
Total 21.9 22.9 90.4 91.4
of which write-down 0.0 0.0 0.0 0.0
Note 4 - Financial expenses
Q 1 Q 1
MSEK 2025 2024 R 12 2024
Interest expenses to financial institutions 1.5 2.0 6.6 7.1
Unrealized exchange rate revaluation of financial items (gain neg, loss pos) -4.4 3.6 -4.7 3.3
Cost for pandemic suspension of collection* 1.2 2.6 14.4 15.8
Other financial expenses 0.7 0.9 5.2 5.4
Total -1.0 9.1 21.5 31.6
Note 5 - Financial instruments, valued at fair value in statement of financial position
31 Mar 31 Mar 31 Dec
MSEK 2025 2025 2024
Short-term receivables:
Currency derivatives 12.4 0.0 1.6
Short-term non interest-bearing liabilities;
Currency derivatives 0.0 5.3 1.7
Currency derivatives are used for hedge and are valued on level 2 according to IFRS 13.
Forward contracts foreign exchange
Hedged future cash flows, MEUR 23.0 9.8 26.7
Notional amount 262.9 106.0 305.5
Last maturity date of concluded forward contracts 2026-12-15 2025-12-15 2026-12-15
Note 6 - Pledged assets and contingent liabilities
31 Mar 31 Mar 31 Dec
MSEK 2025 2024 2024
Property mortgages 82.9 82.9 82.9
Floating charges 440.0 440.0 440.0
Shares in subsidiaries 364.0 348.4 381.8
Guarantee commitments pensions 0.3 0.3 0.3
Note 7 – Related transactions
During the period no related transactions that significantly affect the Groups result or financial statement have been made, apart
from customary payments of directors’ fees, remuneration of senior executives, dividend and the rents from companies in the Group
to the parent company.
===== SIDA 9 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 9 of 10
Key ratios
Q 1 Q 1
The Group 2025 2024 R 12 2024
Net turnover, MSEK 641.3 581.2 2 331.9 2 271.8
Income before depreciation, MSEK 76.0 66.5 261.7 252.2
Operating income/loss, MSEK 54.1 43.6 171.3 160.8
Operating margin, % 8.4 7.5 7.3 7.1
Income after financial items, MSEK 55.5 34.6 153.8 132.9
Profit margin, % 8.7 6.0 6.6 5.8
Return on equity, % 25.3 17.5 17.1 15.5
Return on capital employed, % 27.9 18.8 19.7 17.9
Cash flow from operating activities, MSEK 16.2 35.4 70.8 90.0
Investments, MSEK 16.9 15.2 73.5 71.8
Liquidity reserve, MSEK 254.6 328.9 - 273.2
Net debt, MSEK 66.6 15.3 - 56.6
Net debt/EBITDA 0.3 0.1 - 0.2
Interest-bearing liabilities and interest-bearing provisions, MSEK 116.5 151.6 - 125.3
Net debt/equity ratio 0.1 0.0 - 0.1
Total assets, MSEK 1 464.7 1 492.0 - 1 357.9
Equity ratio, % 49.3 43.0 - 49.7
Capital turnover 3.1 3.0 2.9 2.9
Proportion of risk-bearing capital, % 55.8 48.9 - 56.5
Interest coverage ratio 37.7 18.5 24.1 19.6
Average number of employees 492 521 509 515
Net turnover per employee (average), TSEK 1 303 1 116 4 581 4 411
Income after fin, per employee (average), TSEK 113 66 302 258
Average number of shares, thousands (no dilution) 7 399 7 399 7 399 7 399
Number of shares, end of period, thousands 7 399 7 399 7 399 7 399
Earnings per share, SEK 5.75 3.43 14.98 12.67
Equity per share, SEK 95.88 84.13 - 88.88
Alternative key ratios*
Adjusted operating profit/loss, MSEK * 64.9 50.3 166.6 152.0
Adjusted operating margin,% * 10.1 8.7 7.1 6.7
* Key ratios with realized result of metal position at risk and excluding non -comparable items.
For definition and reconciliation please visit www.profilgruppen.se.
The key ratios above are a summary of the financial report to give an overview of ProfilGruppen’s financial position. Definitions and reconciliation of
the alternative performance measures are given at www.profilgruppen.se. Net debt does not include pandemic-related deferrals to the amount of
MSEK 124. In calculation of interest coverage ratio is only interest expenses to financial institutions used.
Rounding differences may occur. When calculating key ratios: return on equity, return on capital employed and capital turnover have the result and
turnover for the period been adjusted upward to 12 months. The key ratios presented are for the total Group and based on the Group consolidated
figures including non-controlling interest, except Earnings per share, Total earnings per share and Equity per share.
This report has been prepared in accordance with IAS 34 Interim reporting, respectively good accounting practices and in accordance with the IFRS
regulations.
Åseda, April 29, 2025
The CEO and Board of Directors, ProfilGruppen AB (publ). Org. No. 556277-8943
This report has not been audited.
===== SIDA 10 =====
Interim report January 1 – March 31, 2025
ProfilGruppen AB (publ)
Page 10 of 10
Brief facts about ProfilGruppen
• ProfilGruppen is a solution partner for aluminum profiles and components in Northern Europe
• A partnership with ProfilGruppen should be uncomplicated and involve personal commitment
• Customer benefit is created through a wide range of services, for example in logistics, warehousing and various delivery service concepts.
• Aluminium is our choice, it is more favorable in a life cycle perspective than many alternatives and enables us to create sustainable
products
• Aluminium extrusions are used within many industries, for example furnishings, construction, automotive and electronics
• The manufacturing of extrusions takes place in Åseda exclusively and includes:
• Extrusion of aluminium profiles in four production lines
• Anodizing facility for surface treatment
• Further processing of aluminium extrusions in the form of cutting processing, bending and stamping
• Fully automated facilities for processing, coating and packaging of interior design details
• A dozen subcontractors broadens the range of processing possibilities
• The company is certified in accordance with IATF 16949, ISO 14001 and ISO 45001 and the industry’s own sustainability standard
Aluminium Stewardship Initiative Performance Standard
• Started in 1981 in Åseda, Sweden
• Listed on the Stockholm Stock Exchange in 1997 and is included in the Small Cap list
For more information, please contact
Mari Kadowaki, President and CEO
Tel: +46 (0)70-956 80 01
mari.kadowaki@profilgruppen.se
Johan Löfmark, CFO
Tel: +46(0)70–715 53 16
johan.lofmark@profilgruppen.se
Current information and photographs for free publication are available at www.profilgruppen.se