Press release; Feb 11, 2004 11:40 AM CET

Report on Operations full year 2003

Report on Operations full year 2003

- Sales declined by 4% and reached 13,036 MSEK (13,643)
- Sales and operating income were up 3% in local currencies
- Net profit in Swedish Crowns increased by 9% and amounted to 1,558 MSEK (1,429)
- EPS increased by 14% and was 4.68 SEK (4.10)
- Continued strong cash flow
- The Board proposes an increased dividend to 1.70 SEK (1.60)

For further information, please contact:

Lennart Sundén, President and Chief Executive Officer
Office +46 8 658 01 75

Sven Hindrikes, Executive Vice President and Chief Financial Officer
Office +46 8 658 02 82, Mobile +46 70 567 41 76

Bo Aulin, Senior Vice President, Secretary and General Counsel
Office +46 8 658 03 64, Mobile +46 70 558 03 64

Emmett Harrison, Vice President, Investor Relations
Office +46 8 658 01 73, Mobile +46 70 938 01 73

Lin McKinnie, Vice President, Investor Relations (US)
Office +1 804 302 1912, Mobile +1 804 868 8127