Order intake increased by 14% during the first half of 2004, compared with the same period 2003. This is the third consecutive six-months period with an increased order intake, which resulted in an all-time high order stock. The majority of the orders are attributable to traditional applications within production logistics, but newly launched product groups have contributed with several significant orders for Assembly Automation and a number of breakthrough orders from Printed Circuit Board manufacturers in the USA and Europe. Changes in the currency exchange rates contributed to a marginal decrease in net sales. Under increased competition and price pressure in the marketplace, the cost mass has been adjusted, resulting in an increased profitability. A positive development of net sales and earnings is expected for the second half of the year.

• Net sales amounted to MSEK 475 (485).
• Earnings before interest, taxes and amortization of goodwill (EBITA) amounted to MSEK 44 (41). The EBITA margin was 9% (8%).
• Operating income (EBIT) amounted to MSEK 7 (5). Earnings before tax amounted to MSEK -12 (-22), and net income to MSEK -12 (-20). 
• The debt/equity ratio amounted to 1.4 (1.4), compared to 1.5 at the end of 2003. At the end of the period the equity ratio was 29% (30%), compared to 30% at the end of 2003.
• Inventories were kept at a level of 5% (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, July 14, 2004

FlexLink AB