Gunnebo Interim Report January-June 2007 Göran Gezelius President and CEO Gunnebo AB 19 July 2007 ”It is encouraging to see a strong improvement of the operating result during the first half of the year: a profit of 115 MSEK compared to 41 MSEK last year (-14 MSEK including items affecting comparability). For the fourth quarter in a row, the growth in invoiced sales surpassed our target of 5% increase. After the strong growth in order intake in the first quarter we experienced a dip in the second quarter. For the first half year as a whole, the order intake rose by 8% . Göran Gezelius President and CEO 16 July 2007, page 2
Comments by the CEO on April-June 2007 � The order intake declined organically by 3% to MSEK 1,720 (1,784) � Invoiced sales rose organically by 7% to MSEK 1,763 (1,664) � The operating result improved to MSEK 88 (22). The previous year’s result included net cost items affecting comparability of MSEK 21. � The result after tax amounted to MSEK 42 (loss 1) � Result per share amounted to SEK 0.90 (0.00) � The operating cash flow was a deficit of MSEK 58 (deficit MSEK 40) 16 July 2007, page 3 Comments by the CEO on January-June 2007 � The order intake rose organically by 8% to MSEK 3,604 (3,392) � Invoiced sales rose organically by 9% to MSEK 3,366 (3,146) � The operating result improved to MSEK 115 (loss 14). The previous year’s result included net cost items affecting comparability of MSEK 55. 16 July 2007, page 4
Comments by the CEO on January-June 2007 � The result after tax amounted to MSEK 44 (loss 39) � Result per share amounted to SEK 0.95 (loss 0.85) � The operating cash flow improved to a deficit of MSEK 24 (deficit 99) � The operating profit for 2007 as a whole is expected to be significantly better than in the previous year 16 July 2007, page 5 Invoiced sales and organic growth MSEK % 14 7000 12 6000 10 5000 8 4000 6 3000 4 2000 2 1000 0 0 -2 -1000 -4 -2000 1 2 3 4 1 2 3 4 1 2 3 4 1 2 1 2 1 2 3 4 1 2 3 4 1 2 3 4 2004 2004 2005 2006 2007 2005 2006 2007 Organic grow th, quarterly values ( left-hand scale) I nvoiced sales, m oving 1 2 -m onths ( right-hand scale) 16 July 2007, page 6
Order intake April-June January-June Full year MSEK 2 0 0 7 % * 2006 2 0 0 7 % * 2006 2006 2005 Business Line Bank 5 3 6 -4 569 1 ,2 5 7 10 1,162 2,237 2,243 Business Line Retail 1 8 5 -7 203 3 9 7 6 381 745 665 Business Line Site Protection 7 4 2 -2 767 1 ,4 2 6 4 1,383 2,834 2,831 Business Line Secure Storage 2 5 7 7 245 5 2 4 14 466 946 919 Group total 1 ,7 2 0 -3 1 ,7 8 4 3 ,6 0 4 8 3 ,3 9 2 6 ,7 6 2 6 ,6 5 8 Revenue April-June January-June Full year MSEK 2 0 0 7 % * 2006 2 0 0 7 % * 2006 2006 2005 Business Line Bank 5 7 4 1 577 1 ,1 2 0 3 1,110 2,282 2,171 Business Line Retail 1 7 9 7 169 3 4 0 7 323 714 667 Business Line Site Protection 7 5 7 11 673 1 ,3 9 8 13 1,244 2,736 2,702 Business Line Secure Storage 2 5 3 4 245 5 0 8 10 469 995 937 Group total 1 ,7 6 3 7 1 ,6 6 4 3 ,3 6 6 9 3 ,1 4 6 6 ,7 2 7 6 ,4 7 7 * Organic grow th 16 July 2007, page 7 Gross margin: Changes Jan-June 2007 / Jan-June 2006 � Gross margin January-June 2006 29,4% � Impact on gross margin that has not affected reclassification of S&A costs to Cost of Goods Sold: -0,7% � Impact on gross margin that has had an impact on operating result, as invoicing of orders taken on an average lower margin within mainly Business Line Site Protection, and other changes as price, productivity and cost effects -0,6% � Gross margin January-June 2007: 28,1% 16 July 2007, page 8
Order book development 2007 % 1 0 0 � Orders on hand, value end Q2: MSEK 1,700 8 0 � The process from offer to invoicing has a time-cycle depending on 6 0 among others the kind of business, size and complexity 4 0 � Around MSEK 350 are orders based on tenders from 2006 2 0 � Those tenders will mainly be invoiced during Q3, and 0 to a smaller extent in Q4 Q1 Q2 Q3 Q4 Invoicing based on tenders 2007 Invoicing based on tenders 2006 16 July 2007, page 9 In brief April- June January-June MSEK 2 0 0 7 2006 Organic 2 0 0 7 2006 Organic Order intake 1 ,7 2 0 1,784 -3% 3 ,6 0 4 3,392 8% Invoiced sales 1 ,7 6 3 1,644 7% 3 ,3 6 6 3,146 9% Operating result 8 8 22 1 1 5 -14 Operating margin, % 5 ,0 1,3 3 ,4 -0,4 Result after financial items 6 6 -1 6 9 -55 Net result 4 2 -1 4 4 -39 Result per share, SEK 0 .9 0 0.00 0 .9 5 -0.85 Operating cash flow -5 8 -40 -2 4 -99 16 July 2007, page 10
Gross margin and other operating costs Excluding items affecting comparability % % 35 35 30 30 25 25 20 20 15 15 10 10 5 5 0 0 1 2 3 4 1 2 3 4 1 2 3 4 1 2 1 2 3 4 1 2 3 4 1 2 3 4 1 2 2004 2004 2005 2005 2006 2007 2007 2006 Gross m argin Other operating costs Four period linear trend operating costs 16 July 2007, page 11 Result after financial items* MSEK MSEK 160 400 140 350 120 300 100 250 80 200 60 150 40 100 20 50 0 0 -20 -50 -40 -100 1 2 3 4 1 2 3 4 1 2 3 4 1 2 4 1 2 1 2 3 4 1 2 3 4 1 2 3 2004 2005 2006 2007 2007 2004 2005 2006 Quarterly values ( left-hand scale) * * Exc Exc. . I tem s I tem s affecting affecting com parability com parability and goodw ill and goodw ill depreciation depreciation Moving tw elve m onths ( right-hand scale) 16 July 2007, page 12
Operating cash flow Before financial items, tax and structuring costs MSEK 300 250 200 150 100 50 0 -50 -100 1 2 3 4 1 2 3 4 1 2 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 2004 2006 2007 2004 2006 2007 2005 2005 Quarterly values 16 July 2007, page 13 Operating result April-June Jan-June Full year MSEK 2 0 0 7 2006 2 0 0 7 2006 2006 2005 Business Line Bank 5 7 45 9 4 65 175 179 Business Line Retail -5 -12 -1 0 -18 -20 21 Business Line Site Protection 2 9 7 1 7 -15 31 108 Business Line Secure Storage 2 1 19 4 5 39 88 67 Central items -1 4 -16 -3 1 -30 -58 -67 Total before item s affecting 8 8 4 3 1 1 5 4 1 2 1 6 3 0 8 com parability Items affecting comparability - -21 - -55 -243 -205 Group total 8 8 2 2 1 1 5 -1 4 -2 7 1 0 3 16 July 2007, page 14
Operating margin April-June Jan-June Full year % 2 0 0 7 2006 2 0 0 7 2006 2006 2005 Business Line Bank 9 .9 7.8 8 .4 5.9 7.7 8.2 Business Line Retail -2 .8 -7.1 -2 .9 -5.6 -2.8 3.1 Business Line Site Protection 3 .8 1.0 1 .2 -1.2 1.1 4.0 Business Line Secure Storage 8 .3 7.8 8 .8 8.3 8.8 7.2 Total before item s affecting com parability 5 .0 2 .6 3 .4 1 .3 3 .2 4 .8 Group total 5 .0 1 .3 3 .4 -0 .4 -0 .4 1 .6 16 July 2007, page 15 Business Line Bank April-June Jan-June Full year MSEK 2 0 07 2006 2 0 07 2006 2006 2005 Order intake 5 3 6 569 1 ,25 7 1,162 2,237 2,243 Revenue 5 7 4 577 1 ,12 0 1,110 2,282 2,171 Operating result 5 7 45 9 4 65 175 179 Operating margin, % 9 .9 7.8 8 .4 5.9 7.7 8.2 � Traditional and automated banking equipm ent Share of Group revenue: 33% � Robotized Safe Deposit Lockers (SDL’s) � Order intake in France, Germany, Belgium, Italy and Great Britain � Order intake in Nordic, Spain and Portugal, and agent markets in Asia, Africa and Middle East 16 July 2007, page 16
Business Line Retail April-June Jan-June Full year MSEK 2 0 07 2006 2 0 07 2006 2006 2005 Order intake 1 8 5 203 3 9 7 381 745 665 Revenue 1 7 9 169 3 4 0 323 714 667 Operating result -5 -12 -1 0 -18 -20 21 Operating margin, % -2 .8 -7.1 -2 .9 -5.6 -2.8 3.1 Share of Group � Security doors and deposit safes revenue: 10% � SafePay™ � Markets for Electronic Article Surveillance in among others Russia, Sweden and Portugal � Order intake in Nordic, Belgium, Holland, Great Britain, Spain and Italy 16 July 2007, page 17 Business Line Site Protection April-June Jan-June Full year MSEK 2 0 07 2006 2 0 07 2006 2006 2005 Order intake 7 4 2 767 1 ,42 6 1,383 2,834 2,831 Revenue 7 5 7 673 1 ,39 8 1,244 2,736 2,702 Operating result 2 9 7 1 7 -15 31 108 Operating margin, % 3 .8 1.0 1 .2 -1.2 1.1 4.0 � Good development of invoiced sales, among others thanks to mild winter Share of Group revenue: 42% � Gunnebo indoor perimeter protection � Order intake in France, Holland, Great Britain and Spain � Changes in product mix and production disturbances 16 July 2007, page 18
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