Interim report January - March 2009 HL Display AB (publ)

* Net sales during the first quarter of 2009 decreased by 8 per
    cent to MSEK 353 (383).
  * Operating profit amounted to MSEK 18 (31) and profit before tax
    to MSEK 18 (28).
  * Net profit was reported as MSEK 13 (20).
  * EBITA-margin for the first quarter was 5.0 (8.2) per cent.
  * Profit per share after dilution amounted to SEK 0.41 (0.66).


Statement by the CEO

The start of 2009 has been affected by the recession and the turmoil
on the financial markets. The decrease in invoicing as well as order
intake that we experienced during the fourth quarter 2008 has been
emphasized. The sales decrease has been 8 per cent and adjusted for
exchange rate effects the decrease during the first quarter was 14
per cent versus same period 2008.

The countries are not equally affected. In Eastern Europe we are
affected the hardest by the financial crisis. Asia is still showing a
growth but less than before. A slightly similar pattern emerges in
Western Europe with some countries resisting quite well (France) when
the Nordic countries are not. We do however not experience any lack
of competitiveness or loss of market share. Generally weak levels of
market activity, frozen projects or delayed investments in the market
are more the reasons for our sales decrease. By experience we know
that the Retail market will restart investing in their stores after
an economical downturn.

HL Display can benefit from the possibility to redistribute
production between Asia and Europe. With the major part of our
production in Sweden and with Euro as the prime invoicing currency,
we deliver a result that is affected positively by the current
exchange ratios. The continuous efficiency improvements that have
been carried out during 2008 and in earlier years have also made it
possible to maintain a satisfying gross profit margin. The global
financial development in the world has however called for further
targeted actions aimed at adapting production capacity to lower
demand and redundancy notice has been given at several of the Group's
production plants.

Operating expenses reduction measures have also been taken in the end
of 2008 in anticipation of declining market conditions. As a result,
the operating expenses have decreased in Q1 by MSEK 6 vs same period
last year (corrected for currency effects) and the number of
employees has decreased.

Additional measures are being implemented to adapt some of the local
operations to meet the changing market conditions as well.

In spite of the cumbersome business climate, we also look ahead. On
the market, HL Display is today even more perceived as the stable
partner that leading retail chains and brand manufacturers can lean
on regarding their plans for how to meet the recession. Several
development projects that prepares for the future are continued, i.e.
the establishment of a new logistic centre for Central Europe. Also
in the area of product development HL Display has and will go on
launching major innovation all along the year 2009.

Nacka, April 20th, 2009
On behalf of the board


Gérard Dubuy
Member of the board, Managing Director and CEO

The full report including tables can be downloaded from the enclosed
link.