Order intake was at the same level as the first half of 2002. In the USA, significant orders were received for assembly systems for medical devices and in Germany, orders from the automotive and food industries continued. Net sales decreased by MSEK 59 compared to the same period 2002, primarily due to changes in the currency exchange rates. As for the previous year, a positive development of the earnings is expected during the second half of 2003.

• Net sales amounted to MSEK 485 (544).
• Earnings before interest, taxes and amortization of goodwill (EBITA) amounted to MSEK 41 (70). The EBITA margin was 8% (13%).
• Operating income (EBIT) amounted to MSEK 5 (36). Earnings before tax amounted to MSEK -22 (-17), and net income to -20 (-14). The change in earnings is primarily attributed to the lower sales volume.
• The debt/equity ratio amounted to 1.4 (1.5), compared to 1.4 at the end of 2002. At the end of the period the equity ratio was 30% (30%), compared to 32% at the end of 2002.
• Inventories were kept at 4% (4%) of net sales.           

FlexLink started in 1980 and is a leading global supplier of innovative automation solutions 
to assembly and manufacturing industries. FlexLink, based in Göteborg, Sweden employs 550 people in 25 companies and is represented in 50 countries. In 2002, group turnover was MSEK 1,152. 

Göteborg, July 14, 2003

FlexLink AB