During the first quarter, volumes for order intake and sales were on the same level as the corresponding period last year. Order intake increased in the USA and Asia. Significant orders were received in the USA and China for assembly automation and in Germany and Sweden from the food industry. The restructuring in certain business areas that was made in 2003 and the beginning of 2004 gave a positive development of the result and EBITA increased by 42%. The capacity to supply complete modules was reinforced by the acquisition of an assembly activity in the Netherlands.

• Net sales amounted to MSEK 226 (233).
• Earnings before interest, taxes and amortisation of goodwill (EBITA) amounted to MSEK 22 (16). The EBITA margin was 10% (7%).
• Operating income (EBIT) amounted to MSEK 4 (-2). Earnings before tax amounted to MSEK -5 (-13) and net income to MSEK -6 (-10).  
• The debt/equity ratio amounted to 1.5 (1.4) and the equity ratio was 30% (31%).
• Inventories remained at 4% (4%) of net sales.
    

FlexLink is a leading global supplier of innovative automation solutions to assembly and manufacturing industries. FlexLink, based in Göteborg, Sweden employs 540 people in 25 companies and is represented in 50 countries. In 2003, group turnover was MSEK 1,023.

Göteborg, April 22, 2004

FlexLink AB