Strong first quarter

The year has started strongly with continued revenue growth and better margins.
Our changing focus towards more markets and significantly wider customer groups
are now beginning to bear fruit. We are looking positively at developments in
2012 even though the economic outlook is uncertain.
• Operating income was SEK 685 million (596) and organic growth was 15%

• The
operating profit was SEK 72 million (42) giving an operating margin of 10.5%
(7.0) 

• The profit after tax was SEK 50 million (28) 

• Earnings per
share (EPS) after dilution was SEK 2.77 (1.55) 

• The equity/assets ratio was
40% (34) 

• The return on average shareholders equity excluding one-off items
was 26.0% (10.2)

Income and results

Operating income rose by SEK 89
million and amounted to SEK 685 million (596). Sales in local currencies rose by
15%. The sales growth is mainly a result of continued high demand and 195 more
employees than the same time last year. The quarter also included an extra
working day compared to Q1 2011. 

The operating profit improved by SEK 30
million and amounted to SEK 72 million (42), giving an operating margin of 10.5%
(7.0). The improvement is mainly attributable to increased sales and a good
utilization rate. There was also a major revenue recognition of SEK 5 million in
Q1 from a project in the Automotive R&D business area. 

The business areas
showed the following operating margins: Automotive R&D 8.1% (2.6), Design &
Development 14.6% (11.2) and Informatic 11.3% (13.5). 

Net financial items
totalled SEK -2 million (-3), giving a profit before tax of SEK 70 million (39).
Tax costs for the quarter stood at SEK -20 million (-11). The profit after tax
was SEK 50 million and the earnings per share after dilution was SEK 2.77
(1.55). 

Financial position

The operating cash flow from current
activities was SEK 32 million (-4). The Group’s cash and bank balances amounted
to SEK 46 million (29) with additional non-utilized credit of SEK 245 million
(101) as at 31 March.  The Group’s credit agreement consists of an overdraft
facility of SEK 150 million (100) and a revolving credit facility of EUR 32.8
million (32.8), which runs until July 2012. There is an option available for the
company, before the due date, to extend the revolving credit to a three-year
loan.

Investments in hardware, licences, office supplies and equipment,
amounted to SEK 5 million (6). Shareholders’ equity amounted to SEK 492 million
(399) and the equity/assets ratio was 40% (34). The Group’s net debt fell by SEK
114 million to SEK 201 million (315) and the debt/equity ratio was 0.4 times
(0.8). 

Staff and organization

The headcount on 31 March was 2,953 (2,758)
of which 1,459  (1,466) in Sweden and 1,494 (1,292) outside Sweden. The number
of employees in active service was 2,842 (2,663). The average number of
employees was 2,843 (2,614). In the respective business areas the headcount is
as follows: Automotive R&D 1,725 (1,578), Design & Development 780 (783) and
Informatic 448 (397). 

Outlook

The year has started well with continued
sales growth and improved margins. The company is looking positively at
developments in 2012 even though the economic outlook is uncertain.
För mer information, kontakta:

Kjell Nilsson, CEO Semcon AB, +46 31-721 03
11
Markus Granlund, incoming CEO Semcon AB, +46 31- 721 03 11
Björn Strömberg,
CFO Semcon AB,  +46 31-721 03 05
Anders Atterling, IR & PR Manager Semcon AB,
+46 704-47 28 19
Semcon is a global company active in the areas of engineering services and
product information. The Group has nearly 3,000 employees with extensive
experience from many different industries. We develop technologies, products,
plants and information solutions along the entire development chain and also
provide many services including quality control, training and methodology
development. Semcon boosts customers’ sales and competitive strength by
providing them with innovative solutions, design and solid engineering
solutions. The Group has sales of SEK 2.5 billion and activities at more than 45
sites in Sweden, Germany, the UK, Brazil, Hungary, India, China, Spain and
Russia