Annual report and consolidated report for the financial year 2011

Corp. ID No. 556302-5484 5484 Annual report and consolidated report for the financial year 2011 The Board and the Managing Director submit the following annual report and consolidated report. Contents Page - Directors' report 2 - consolidated income statement 4 - consolidated balance sheet 5 - consolidated cash flow statement 7 - income statement for the Parent Company 9 - balance sheet for the Parent Company 10 - cash flow statement for the Parent Company 12 - notes, common for both Parent Company and Group 14 Unless otherwise indicated, all monetary amounts are in Swedish kronor. Information within parentheses refers to the previous year. 1

Directors' Report Operations The Group's and the Parent Company's operations consist of manufacture and erection of steel buildings. The Parent Company s operations are notifiable under the Environmental Code. Group structure The company is the Parent Company in a group with subsidiaries in 7 countries. For details concerning the ownership structure and share holdings, see Note 24. On 28 December, 60% of the shares in AB Västanfors Industrier, which had hitherto been a wholly-owned subsidiary, were sold to parts of the company's management. The buyers also have an option to acquire the remaining 40%. Sales The company s sales during the financial year were carried out through subsidiaries in Poland, the Czech Republic, Norway, Denmark, the Ukraine, Germany and Slovakia. In addition, AB Västanfors Industrier has conducted independent operations as a subsidiary with sales in the Swedish market, until its disposal on 28 December. Exports during 2011 were approximately 33 % (37 %) of the Parent Company's invoiced sales. The share of foreign sales in the Group's net turnover was 52 % (46 %). The foreign share of the Parent Company's orderbook amounted to 63 % (69 %) at year-end. The parent company's earnings for 2011 include anticipated dividends from subsidiaries of KSEK 14,014 (KSEK 0). Important events after the end of the financial year During the first half of 2012 Nordstjernan Investment AB acquired 50% of the capital and the votes in Llentab Aktiebolag from Familjen Lindblad Förvaltnings AB. Familjen Lindblad Förvaltnings AB acquired the minority owners' shares so that Familjen Lindblad Förvaltnings AB also own 50% of the capital and votes. A new share issue of SEK 49.9 million directed to the two shareholders was approved in connection with the acquisition..=== 2

Five-year summary A summary of the Group's and the Parent Company's financial development (amounts in thousands of SEK). 2011 2010 2009 2008 2007 Group Parent company Group Parent company Group Parent company Group Parent company Group Parent company Net sales 762,920 484,424 728,554 430,343 774,119 544,960 1,443,116 802,011 1,089,788 607,784 Profit after financial items -67,421-51,249-77,440-76,980 23,009 26,169 175,520 113,268 104,011 64,520 Balance sheet total 440,713 307,997 480,271 330,540 503,878 365,937 609,292 394,580 508,654 310,223 Number of employees 446 247 500 252 492 246 534 300 476 281 Solidity % 43 38 50 44 64 59 55 57 45 51 Earnings on total capital % neg. neg. neg. neg. 5 7 29 29 21 21 Earnings on equity % neg. neg. neg. neg. 7 12 53 50 46 41 Proposed allocation on of earnings Earnings available for distribution by the annual meeting according to the company's balance sheet: Profit brought forward 144,657,703 Loss for the year -28,677,784 115,979,919 The Board proposes that the earnings be appropriated are carried forward 115,979,919 115,979,919 Results and position The parent Company's and the Group's recorded results for the financial year and the position at year-end are stated in the income statement and balance sheet and the connected notes. 3

Consolidated income statement Note 2011 2010 Operating income etc. Net sales 2 762,919,812 728,553,506 Capitalised own work 60,971 1,440,558 Other operating income 11,872,010 4,754,711 Total income, etc. 774,852,793 734,748,775 Operating expenses 2 Raw materials and consumables -364,450,919-398,309,238 Other external expenses 3, 22-200,486,803-167,734,266 Personnel costs 4, 5, 6-232,944,261-222,590,441 Depreciation of tangible and intangible 7, 8, 9, 10 fixed assets -26,177,033-23,545,797 Total operating expenses -824,059,016-812,179,742 Operating profit -49,206,223-77,430,967 Income from financial investments Profit from sale of subsidiary -15,716,361 - Other interest income and similar items 2,031,138 2,029,337 Interest expenses and similar items -4,529,405-2,037,985 Total profit/loss from financial investments -18,214,628-8,648 Profit after financial items -67,420,851-77,439,615 Other profit/loss items Tax on this year's profit 11 16,263,463 18,353,073 Profit for the year -51,157,388-59,086,542 4

Consolidated balance sheet Note 2011-12 12-31 2010-12 12-31 Assets Fixed assets Intangible assets Goodwill 8-11,886,357 Tangible assets Land and buildings 7 126,405,454 140,407,431 Plants and machinery 10 79,766,791 91,374,156 Equipment, tools, fixtures and fittings 9 27,474, 297 36,824,996 Construction in progress 7,499,619 5,929,368 241,146,161 274,535,951 Financial assets Participations in associated companies 25 4,000,000 - Other securities held as fixed assets - 5,357 Deferred tax asset 11 17,024,823 2,250,441 Other long-term receivables 12 5,137,087 121, 947 26,161,910 2,377, 745 Total fixed assets 267,308,071 288,800,053 Current assets Inventories etc. Raw materials and consumables 39,871,236 66,282,755 Finished products and goods for resale 17,580,399 13,910,925 57,451,635 80,193,680 Current receivables Accounts receivable - trade 80,796,836 73,673,555 Receivables at parent company 2,000,000 - Income taxes recoverable 1,258,828 2,552,031 Other current receivables 1,607,961 3,409,798 Prepaid expenses and accrued income 13 6,088,949 7,763,539 91,752,574 87, 398,923 Cash and bank balances Cash and bank balances 14 24,200,483 23,878,740 Total current assets 173,404,692 191,471,343 Total current assets 440,712,763 480,271,396 5

Consolidated balance sheet Note 2011-12 12-31 2010-12 12-31 Equity and liabilities Equity 15 Restricted equity Share capital 2,000,000 2,000,000 Restricted reserves 400,000 5,559,765 2,400,000 7,559,765 Non restricted equity Profit brought forward 237,046,024 289,315,239 Profit for the year -51,157,388-59,086,542 185,888,636 230,228,697 Total equity 188,288,636 237,788,462 Long-term liabilities Financial leasing 16 6,984,919 7,164,723 Other long-term liabilities 5,619,362 815,345 Total long-term liabilities 12,604,281 7,980,068 Provisions Provisions for pensions and similar 17 520,707 1,531,396 Provisions for taxes 11 2,546,645 6,699,056 Other provisions 71,844 980,161 Total provisions 3,139,196 9,210,613 Current liabilities Liabilities to credit institutions 14 95,312,002 49,144,206 Invoiced but not accrued income 18 27,630,597 20,673,737 Accounts payable - trade 66,489,773 74,230,755 Tax liabilities 722,430 209,359 Other current liabilities 13,666,820 34,411,542 Accrued expenses and deferred income 19 32,859,028 46,622,654 Total current liabilities 236,680,650 225,292,253 Total liabilities and equity 440,712,763 480,271,396 Pledged assets 20 66,039,537 40,075,230 Contingent liabilities None None 6

Consolidated cash flow statement Note Source of funds Note 2011 2010 Operating income 774,852,793 734,748,775 Operating expenses -797,881,983-788,633,945 Gross profit -23,029,190-53,885,170 Change in operating capital (excl. liquid funds) Increase (-) decrease (+) inventories 22,742,045-18 666 924 Increase (-) decrease (+) operating receivables -4,353,651-11 428 060 Increase (-) decrease (+) operating liabilities -34,779,399 33,898,852 Cash flow from operating activities -16,391,005 3,803,868 Interest income 2,031,138 2,029,337 Interest expenses -4,529,405-2,037,985 Financial income and expenses -2,498,267-8,648 Taxes 16,263,463 18,353,073 Net change of liquid funds from operations before investments -25,654,999-31,736,877 Investments 7, 8, 9, 10 Investments -3,372,730-33,758,231 Sales 6,765,948 2,964,495 Net change of investments 3,393,218-30,793,736 Net change of liquid funds from operations after investments -22,261,781-62,530,613 7

Financing Loan financing Change in long-term receivables -23,784,165-711,272 Change in current and long-term loans 44,720,592 25,206,382 20,936,427 24,495,110 Shareholder financing Dividend - -16,000,000 Exchange rate difference between anticipated and realised dividend - 183,597 Shareholders' contribution 9,000,000 - Translation differences -7,352,903-7,811,297 1,647,097-23,627,700 Net change in financing 22,583,524 867,410 Change in liquid funds 321,743-61,663,203 Liquid funds at beginning of year 23,878,740 85,541,943 Liquid funds at year-end 24,200,483 23,878,740 Unused bank overdraft 14 16,269,062 13,878,794 Total unappropriated liquid funds 40,469,545 37,757,534 8

Income statement for the Parent Company Note 2011 2010 Operating income etc. Net sales 2 484,423,650 430,343,320 Change in contract work in progress 21 8,404,379 21,418,594 Capitalised own work 60,971 1,356,297 Other operating income 1,563,680 436,766 Total income, etc. 494,452,680 453,554,977 Operating expenses 2 Raw materials and consumables -305,255,013-293,350,198 Other external expenses 3-87,848,178-81,047,914 Personnel costs 5-143,453,220-141,977,571 Depreciation of tangible fixed assets -14,123,424-13,650,325 Total operating expenses -550,679,835-530,026,008 Operating profit -56,227,155-76,471,031 Income from financial investments Income from participations in group companies 14,013,594 - Profit from sale of subsidiary -5,800,000 - Other interest income and similar items 107,003 101,588 Interest expenses and similar items -3,342,079-610,780 Total profit/loss from financial investments 4,978,518-509,192 Profit after financial items -51,248,637-76 980 223 Appropriations 23 8,157,164 79,820,941 Tax on this year's profit 14,413,689-2,778,571 Profit for the year -28,677,784 62,147 9

Balance sheet for the Parent Company Note 2011-12 12-31 2010-12 12-31 Assets Fixed assets Tangible assets Land and buildings 7 83,583,346 86,316,460 Plants and machinery 10 44,715,858 49,970,073 Equipment, tools, fixtures and fittings 9 13,040,083 15,666,535 Construction in progress 7,446,822 5,929,368 148,786,109 157,882,436 Financial assets Shares in Group companies 24 11,576,902 33,364,502 Participations in associated companies 25 4,000,000 - Deferred income taxes recoverable 26 14,413,689 - Other long-term receivables 12 5,000,000-34,990,591 33,364,502 Total fixed assets 183,776,700 191,246,938 Current assets Inventories etc. Raw materials 39,744,883 59,417,526 Finished products and goods for resale 9,763,907 7,137,419 Contract work in progress 21 920,306 6,799,103 50,429,096 73,354,048 Current receivables Accounts receivable - trade 44,583,413 34,082,307 Receivables parent company 2,000,000 - Receivables from Group companies 27 21,801,678 22,668,710 Other current receivables 225,477 777,604 Prepaid expenses and accrued income 13 4,167,197 4,839,650 72,777,765 62,368,271 Cash and bank balances 14 1,013,159 3,570,667 Total current assets 307,996,720 330,539,924 10

Balance sheet for the Parent Company Note 2011-12 12-31 2010-12 12-31 Equity and liabilities Equity 15 Restricted equity Share capital 28 2,000,000 2,000,000 Statutory reserve 400,000 400,000 2,400,000 2,400,000 Non restricted equity Profit brought forward 144,657,703 135,595,556 Profit for the year -28,677,784 62,147 115,979,919 135,657,703 Total equity 118,379,919 138,057,703 Untaxed reserves 29-8,157,164 Current t liabilities Liabilities to credit institutions 14 94,148,138 49,144,206 Advance payments from customers 30 5,853,890 6,191,700 Accounts payable -trade 51,706,641 52,325,528 Liabilities to parent company - 18,096,000 Liabilities to Group companies 5,556,237 19,985,964 Tax liabilities 648,275 209,359 Other current liabilities 6,814,919 9,443,964 Accrued expenses and deferred income 19 24,888,701 28,928,336 Total current liabilities 189,616,801 184,325,057 Total equity and liabilities ities 307,996,720 330,539,924 Total equity and liabil ities Pledged assets 20 61,200,000 21,900,000 Contingent liabilities 31 11,406,652 2,415,000 11

Cash flow statement for the Parent Company Source of funds Note 2011 2010 Operating income 485,987,330 430,780,086 Operating expenses -528,091,061-493,600,792 Gross profit -42,103,731-62,820,706 Change in operating capital (excl. liquid funds) Increase (-) decrease (+) inventories 22,924,952-23 929 363 Increase (-) decrease (+) operating receivables 3,604,100-5,108,341 Increase (-) decrease (+) operating liabilities -39,712,188 11,217,223 Cash flow from operating activities -13,183,136-17,820,481 Interest income 107,003 101,588 Interest expenses -3,342,079-610,780 Financial income and expenses -3,235,076-509,192 Taxes 14,413,689-2,778,571 Net change of liquid funds from operations before investments -44,108,254-83,928,950 Investments 7, 9, 10 Investments -9,136,313-30,274,090 Sales 16,096,816 41,246,924 Net change of investments 6,960,503 10,972,834 Net change of liquid funds from operations after investments -37,147,751-72,956,116 Financing Loan financing Change in long-term receivables -19,413,689 - Change in current and long-term loans 45,003,932 49,144,206 25,590,243 49,144,206 12

Cash flow statement for the Parent Company Shareholder financing Shareholders' contribution 9,000,000 - Dividend received - 11,350,500 Dividend submitted - -16,000,000 9,000,000-4,649,500 Net change in financing 34,590,243 44,494,706 Change in liquid funds -2,557,508-28,461,410 Liquid funds at beginning of year 3,570,667 32,032,077 Liquid funds at year-end 1,013,159 3,570,667 Unused bank overdraft 14 12,805,182 13,879,794 Total unappropriated liquid funds 13,818,341 17,450,461 13

Notes, common for both Parent Company and Group Note 1 Accounting and valuation principles The accounting and valuation principles applied are consistent with the provisions of the Swedish Annual Reports Act and generally accepted accounting principles. Unless otherwise stated, the principles are unchanged in comparison with the previous year. Consolidated accounts The consolidated balance sheet has been drawn up in accordance with the acquisition method, which means that the subsidiaries' equity at the time of acquisition, established as the difference between the actual value of its assets and its liabilities, is eliminated in full. Only that part of the subsidiaries' equity added since the acquisition is therefore included in Group equity. The company uses the current method for translation of the annual accounts for the foreign subsidiaries. This means that the foreign subsidiaries' assets and liabilities are translated at closing day rate. Items included in equity are translated to the current exchange rates on each date of acquisition. All items included in the income statements are translated at this year's average exchange rate. Translation differences are entered directly as the Group s equity. Minority shares in the consolidated income statement and consolidated balance sheet are not recorded in this year's result or equity, as this, at present, is only a minor portion. Revenue recognition The Group Since the 2005 financial year, the Group has conducted revenue recognition, according to BFN s main rule BFNAR2003:3, known as the percentage of completion method. When calculating revenue, we have considered the degree of completion and accrued expenses on the balance day in relation to the total estimated cost of completing the assignment. Income taxes Reported income taxes consist of tax that will be paid or received during the financial year, adjustments regarding earlier years taxations, changes in deferred tax and tax shares in associated companies. Valuation of all tax liabilities/assets is done at the nominal amount in accordance with tax rules that are decided upon or announced and which in all likelihood will be adopted. For items reported in the income statement, associated tax effects are also disclosed in the income statement. Tax effects of items that are accounted for directly against equity are reported against equity. 14

Deferred tax is calculated according to the balance sheet method on all temporary differences which arise between recorded and tax base value of assets and liabilities. The temporary differences are mainly due to depreciation of property, revaluation of investments held as fixed assets, derivatives, provisions for pensions and fiscal loss. Deferred income tax recoverable regarding deficit deduction or other prospective tax allowance is reported to the extent it is likely that the deduction may be set off against surpluses in conjunction with future payments. In the Parent Company, recognition is based on the relationship between accounting and taxation - the deferred tax liability on untaxed reserves, which is part of the untaxed reserves. Receivables Receivables are stated in the amount estimated to be received upon individual assessment. Receivables and payables in foreign currency Receivables and payables in foreign currency are valued at the exchange rate on the balance sheet date. Where forward agreements on sales of foreign currency are signed to secure the exchange rate when paying in foreign currency, this is done based on budgeted deliveries. Therefore, the agreements do not affect operating profit until they are capitalised or fall due. Exchange rate differences of operating character are net recorded under Other operating income or Other operating expenses. Stock Stock is valued according to the first-in, first-out principle, at the lower of 97 % of cost or net realisable value on the balance sheet date. The acquisition value of finished and semi-finished goods produced by the company is estimated as the cost of production including a reasonable portion of production overhead. Starting in 2010, a reconciliation is made of actual purchase price against the budgeted purchase price of the steel that is in stock on the balance sheet date, and which is deducted from orders that have already been signed. If the overall actual purchase price in this reconciliation is higher than that which is budgeted, the difference is written down. Contract work in progress Parent Company Accrued expenses in work in progress are valued at the lowest of direct accrued expenses with the addition of a reasonable portion of indirect costs and actual value. If the total cost of a project is expected to exceed total revenue, the expected loss is recorded as an expense. 15

Fixed assets Tangible and intangible assets are depreciated systematically over their estimated useful lives. The following depreciation periods are applied: Years Intangible assets 0-15 Buildings 20-25 Plants and machinery 4-10 Equipment, tools, fixtures and fittings 4-10 Reporting of leasing commitments Financial leasing agreements are reported in the consolidated balance sheet as fixed assets. The corresponding amount is recorded as debt with a deduction for reported leasing fees. Received leasing fees have been divided between depreciation and interest expenses. Definitions of key ratios Equity ratio Equity and untaxed reserves (with deduction for deferred tax liability) in relation to the balance sheet total. Return on total equity Profit before financial expenses in relation to the balance sheet total. Return on equity Profit after financial items in relation to equity and untaxed reserves (with deduction for deferred tax liability)..=== 16

Note 2 Inter-company transactions 2011 2010 Parent Company Of the company's net turnover relating to sales to subsidiaries, % 33 37 Of the company's purchases relating to purchases from subsdiaries, % 3 2 Note 3 Payment to the auditors 2011 2010 The Group Audit PwC 157,900 229,560 Other auditors and audit companies 346,640 299,536 Auditing assignments in addition to the audit Tax consultancy PwC 51,086 38,300 Other audit companies 89,091 61,700 Other services - - 644,717 629,096 Parent Company Audit PwC 157,900 168,500 Auditing assignments in addition to the audit Tax consultancy PwC 51,086 38,300 Other services - - 208,986 206,800 17

Note 4 Salaries and other remuneration broken down by country 2011 2010 The Board Other employees The Board Other employees & MD & MD Parent Company 2,199,974 94,382,128 2,593,552 92,255,842 Sweden - - 768,526 21,163,454 Poland 1,069,163 19,190,269 1,144,205 22,859,995 Norway 1,147,384 10,830,743 781,865 5,058,042 Czech Republic 747,234 5,395,842 733,553 4,899,110 Slovakia - 656,424-405,926 Germany 623,095 774,171 649,534 639,706 Ukraine 118,956 1,081,335 108,222 857,296 Denmark 1,030,929 1,091,331 1,126,618 1,425,074 Total subsidiaries 4,736,760 39,020,114 5,312,523 57,308,602 Total for the Group 6,936,734 133,402,242 7,906,075 149,564,444 Note 5 Average number of employees, salaries, other remuneration and social fees 2011 2010 Number of employees The Group Parent Company The Group Parent Company Women 62 18 61 17 Men 384 229 439 235 Total 446 247 500 252 Board members 18 8 18 8 Number of women on the Board 2 1 2 1 Managing Directors and other 18 7 18 7 Number of women as Managing Directors or other 3 1 3 1 Salaries, other remuneration and social fees The Board and Managing Director 6,996,775 2,199,974 7,906,075 2,593,552 Other employees 133,948,026 94,982,128 149,564,445 92,522,842 Total salaries and remuneration 140,944,801 96,582,102 157,470,520 94,849,394 Statutory and contractual social security 40,342,187 31,714,898 45,512,119 31,924,168 contributions Pension costs 6,683,902 5,866,147 8,784,359 5,954,931 Total salaries, remuneration, social fees and pension costs 187,970,890 134,163,147 211,766,998 132,728,493 Pension costs for Board and MD KSEK 623 KSEK 370 KSEK 932 KSEK 369 18

Sick leave 2011 2010 in the Parent Company Total, sick leave 3.5% 3,7% portion of sick leave designated as long-term 26,2% 39,4% - sick leave, men 3.6% 3.9% - sick leave, women 1,5% 1.2% - employees aged up to 29 4,2% 3.0% - employees aged 30 49 3,2% 3,0% - employees aged 50 plus 3,5% 5,3% Note 6 Average number of employees geographically broken down by country 2011 2010 Total Men Total Men Parent Company 247 229 252 235 Sweden 0 0 67 65 Poland 98 79 94 77 Norway 20 18 10 9 The Czech Republic 40 26 39 24 Slovakia 5 4 2 1 Germany 4 1 4 1 Ukraine 27 23 27 23 Denmark 5 4 5 4 Total subsidiaries 199 155 248 204 Total for the Group 446 384 500 439 Note 7 Land and buildings 2011-12-31 2010-12-31 The Group Opening acquisition value 168,406,003 141,785,646 Changes for the year -Purchases 603,014 30,627,382 -Sales -13,695,193 - -Translation differences -3,325,766-4,007,025 Closing accumulated acquisition value 151,988,058 168,406,003 19

2011-12-31 2010-12-31 Opening depreciation -28,288,572-24,305,658 Changes for the year -Depreciation -4,620,253-4,437,783 -Sales 6,831,178 - -Translation differences 495,043 454,869 Closing accumulated depreciation -25,582,604-28,288,572 Opening revaluation 290,000 290,000 Closing revaluation 0 290,000 Closing residual value according to plan 126,405,454 140,407,431 Parent Company Opening acquisition value 102,141,314 87,191,324 Changes for the year -Purchases 501,675 20,912,782 -Reclassification - -5,962,792 Closing accumulated acquisition value 102,642,989 102,141,314 -Opening depreciation -15,824,854-13,288,525 Changes for the year -Depreciation -3,234,789-3,185,444 -Reclassification - 649,115 Closing accumulated depreciation -19,059,643-15,824,854 Closing residual value according to plan 83,583,346 86,316,460 Taxation value of properties in Sweden 27,546,267 32,751,600 Note 8 Goodwill 2011-12-31 2010-12-31 Opening acquisition value 16,026,547 16,026,547 Changes for the year -Sales and disposals -16,026,547 - Closing accumulated acquisition value 0 16,026,547 Opening depreciation -4,140,190-3,071,54 Changes for the year -Depreciation -1,068,436-1,068,436 20

2011-12-31 2010-12-31 -Sales and disposals 5,208,626 - Closing accumulated depreciation 0-4,140,190 Closing residual value according to plan 0 11,886,357 Note 9 Equipment, tools, fixtures and fittings 2011-12-31 2010-12-31 The Group Opening acquisition value (of which financial leasing comprises SEK 12,460,426 (last year SEK 11,741,548)) 94,533,360 87,979,180 Changes for the year -Purchases (of which assets acquired with financial leasing SEK 2,829,273 (last year SEK 2,912,082)) 6,301,623 13,357,642 -Sales and disposals -9,561,523-3,402,225 -Translation differences -2,492,546-3,401,237 -Reclassifications -13,283,122 - Closing accumulated acquisition value 75,497,792 94,533,360 Opening depreciation (of which financial leasing comprises SEK 5,355,371 (last year SEK 4,889,793)) -57,708,364-50,698,621 Changes for the year -Sales and disposals 6,645,896 1,965,201 -Amortization financial leasing -1,645,135-1,884,784 -Depreciation -6,032,966-9,100,372 -Translation differences 1,755,685 2,010,212 -Reclassifications 8,961,389 - Closing accumulated depreciation -48,023,495-57,708,364 Closing residual value according to plan 27,474,297 36,824,996 Parent Company Opening acquisition value 43,887,620 41,592,250 Changes for the year -Purchases 2,443,657 2,892,288 -Sales and disposals -1,801,160-596,918 Closing accumulated acquisition value 44,530,117 43,887,620 Opening depreciation -28,221,085-24,182,320 Changes for the year 21

2011-12-31 2010-12-31 -Sales and disposals 552,343 40,415 -Depreciation -3,821,292-4,079,180 Closing accumulated depreciation -31,490,034-28,221,085 Closing residual value according to plan 13,040,083 15,666,535 Note 10 Plants and machinery 2011-12-31 2010-12-31 The Group Opening acquisition value (of which assets acquired with financial leasing SEK 571,400 (last year SEK 6,976,021)) 126,481,580 77,495,520 Changes for the year -Purchases (of which acquired through financial leasing SEK 0 (last year SEK 0)) 2,239,010 58,429,498 -Sales and disposals -14,101,831-7,347,808 -Translation differences -4,083,033-2,095,630 -Reclassifications 13,283,122 - Closing accumulated acquisition value 123,818,848 126,481,580 Opening depreciation (of which financial leasing comprises SEK 511,732 (last year SEK 5,218,075)) -35,107,424-33,875,401 Changes for the year -Sales and disposals 12,506,587 5,778,762 -Amortization financial leasing -59,668-115,024 -Depreciation -12,739,612-6,895,761 -Translation differences 309,449 - -Reclassifications -8,961,389 - Closing accumulated depreciation -44,052,057-35,107,424 79,766,791 91,374,156 Parent Company Opening acquisition value 74,310,492 57,332,370 Changes for the year -Purchases 1,710,128 16,978,122 Closing accumulated acquisition value 76,020,620 74,310,492 Opening depreciation -24,340,419-18,057,718 22

2011-12-31 2010-12-31 Changes for the year -Depreciation -6,964,343-6,282,701 Closing accumulated depreciation -31,304,762-24,340,419 Closing residual value according to plan 44,715,858 49,970,073 Note 11 Deferred taxes 2011 2010 Deferred tax asset Income taxes recoverable on deficit 16,743,589 1,171,987 Temporary differences 281,234 1,078,454 17,024,823 2,250,441 Provisions for taxes Deferred tax on untaxed reserves - 3,070,144 Estimated tax on the effect of successive profit recognition 1,837,512 3,332,970 Temporary differences 709,133 295,942 2,546,645 6,699,056 This year's result for the Parent Company means that the deferred, non-recorded, taxes decreased by ksek 2,145 (increased by ksek 20,993). In the consolidated income statement, a change in deferred taxes of ksek 4,566 (ksek 22,229) is recorded as a reduction in the year's tax cost. Taxes have been calculated in accordance with each country's current tax rates. For Sweden this amounts to 26.3 % at present. Note 12 Other long-term receivables Pension insurance premium in subsidiaries. 23

Note 13 Prepaid expenses and accrued income 2011-12-31 2010-12-31 The Group Prepaid insurance 2,249,164 2,137,412 Prepaid leasing 590,039 503,939 Other items 3,249,746 5,122,188 Total 6,088,949 7,763,539 Parent Company Prepaid insurance 1,697,528 1,476,560 Prepaid leasing 402,799 354,351 Other items 2,066,870 3,008,739 Total 4,167,197 4,839,650 Note 14 Bank overdraft Granted amount on bank overdraft in the Group amounts to ksek 110,417 (ksek 63,023) and in the Parent Company to ksek 106,953 (ksek 63,023). Note 15 Change in equity 2011-12-31 2010-12-31 The Group Restricted equity Share capital Opening balance 2,000,000 2,000,000 Closing balance 2,000,000 2,000,000 Restricted reserves Opening balance 5,559,765 78,170,230 Revaluation of restricted reserves -184-177 Change in translation difference -7,352,903-7,811,297 Shifting between restricted and non-restricted equity 2,193,322-64,798,991 Closing balance 400,000 5,559,765 Total restricted equity at end of year 2,400,000 7,559,765 An equity method reserve of ksek 0 (ksek 8,605), calculated with a presumed tax rate of 26.3 %, is included in the restricted reserves. 24

Non-restricted reserves Opening balance 230,228,697 240,330,412 Shareholders' contribution 9,000,000 - Shifting between restricted and non-restricted equity -2,193,322 64,798,991 Dividend - -16,000,000 Group elimination 10,649 2,239 Exchange rate difference between anticipated and realised dividend - 183,597 Profit for the year -51,157,388-59,086,542 Closing balance 185,888,636 230,228,697 Parent Company Restricted equity Share capital Opening balance 2,000,000 2,000,000 Closing balance 2,000,000 2,000,000 Statutory reserve Opening balance 400,000 400,000 Closing balance 400,000 400,000 Total restricted equity at end of year 2,400,000 2,400,000 Non restricted equity Opening balance 135,657,703 151,595,556 Shareholders' contribution 9,000,000 - Dividend - -16,000,000 Profit for the year -28,677,784 62,147 Closing balance 115,979,919 135,657,703 Note 16 Financial leasing The item refers to the part of leasing contracts entered as of 1997 for assets acquired through financial leasing that is left to be amortized at the end of the year. A corresponding asset item is recorded in the consolidated balance sheet divided between the items Plants and machinery and Equipment, tools, fixtures and fittings. 25

Note 17 Commitments regarding pensions and similar benefits to members of the Board and Managing Director Refers to calculated debt for pensions for management in subsidiaries. Note 18 Invoiced but not accrued income The item applies to invoicing of work in progress in relation to what has been listed as income when using the percentage of completion method. 2011 2010 Listed as revenue 116,116,511 152,171,733 Deduction: invoiced -143,747,108-172,845,470 Liability -27,630,597-20,673,737 Note 19 Accrued expenses and deferred income 2011-12-31 2010-12-31 The Group Accrued salaries and holiday salaries 16,631,687 19,783,147 Accrued social fees 9,901,671 11,110,557 Other items 6,325,670 15,728,950 Total 32,859,028 46,622,654 Parent Company Accrued salaries and holiday salaries 14,234,854 14,785,223 Accrued social fees 9,167,819 9,215,591 Other items 1,486,028 4,927,522 Total 24,888,701 28,928,336 26

Note 20 Pledged assets In accordance with the information submitted below, issued contract- and advance guarantees amounting to ksek 10,963 (12,021). The Group For provisions and own liabilities 2011-12-31 2010-12-31 Regarding liabilities to credit institutions Property mortgages 14,663,880 9,414,000 Floating charges 50,000,000 28,500,000 Total regarding provisions and own liabilities 64,663,880 37,914,000 Blocked funds Guarantees for contract work in progress 1,375,657 2,161,230 Total pledged assets 66,039,537 40,075,230 Parent Company For provisions and own liabilities Regarding liabilities to credit institutions Property mortgages 11,200,000 5,900,000 Floating charges 50,000,000 16,000,000 Total pledged assets 61,200,000 21,900,000 Note 21 Contract work in progress 2011 2010 Accrued expenses in work in progress, gross 84,408,504 76,004,125 Deduction: Invoiced advance payments -83,488,198-69,205,022 Recorded net 920,306 6,799,103 27

Note 22 Financial leasing Future leasing-fees, regarding approved lease contracts, are due to be paid as follows: 2011 2010 Less than a year 2,071,129 2,271,966 Between one and five years 4,383,341 3,964,640 More than five years - - 6,454,470 6,236,606 Total cost of exercise price of all lease contracts, if all lease contracts are settled at the end of the leasing term. Less than a year 193,600 316,488 Between one and five years 903,882 969,553 More than five years - - 1,097,482 1,286,041 Note 23 Appropriations 2011 2010 Difference between reported depreciation and depreciation according to plan 8,157,164 37,237,836 Cancellation of tax allocation reserve - 42,583,105 Total 8,157,164 79,820,941 Note 24 Shares in subsidiaries ies and changes in Group structure Capital share % Voting share % Book value 2011 AB Västanfors Industrier (the majority sold) 0 0 0 5,313 Kommanditbolaget Vägga 2:303 100 100 677 Book value 2010 25,800 000 5,313 677 28

Capital share % Voting share % Book value 2011 Book value 2010 Llentabhallen Sp.zo.o, Gdansk, Poland 100 100 499,323 499,323 Llentab Kft, Budapest, Hungary 99 99 0 0 4,512 Llentabhallen A/S, Bergen, Norway 100 100 400 500,000 Llentabhallen Vertrieb GMBH, Berlin, Germany 100 100 335,000 335,000 Llentab spol.sro, Prague, The Czech Republic 100 100 130,000 130,000 Llentab Slovakia s.r.o., Bratislava, Slovakia 100 100 164,675 164,675 Llentab TOV, Ukraine 100 100 58,827 58,827 Llentab A/S, Ikast, Denmark 100 100 563,000 563,000 Total 11,576 902 33,364 502 Note 25 Participations in associated companies Capital share % Voting share % AB Västanfors Industrier 40 40 Total Book value 2011 4,000 Book value 2010 000 0 4,000 000 0 Note 26 Deferred taxes The deferred tax in the parent company is attributable in its entirety to the tax on the taxable loss. 29

Note 27 Receivables from Group companies 2011 2010 Operating receivables 7,781,452 18,044,078 Outstanding loans to subsidiaries 6,632 606,632 Unpaid dividend from subsidiaries - 4,018,000 Anticipated dividends from subsidiaries 14,013,594-21,801,678 22,668,710 Note 28 Number of shares listed according to type of share Number of shares at par value SEK 100 according to type of share 2011 2010 A shares 2,500 2,500 B shares 17,500 17,500 20,000 20,000 Note 29 Untaxed reserves 2011-12-31 2010-12-31 Accumulated difference between reported depreciation and depreciation according to plan - 8,157,164 Total 0 8,157,164 Note 30 Advance payments from customers The item consists of advance payments from customers for work not yet started or goods not yet delivered. Received or invoiced advances for work in progress have been deducted against acquisition value in the item Contract work in progress. Non-paid advances, regarding work not yet started, are net recorded against the item Accounts receivable. 30

Note 31 Contingent liabilities 2011-12-31 2010-12-31 Parent Company Contingent liability for the benefit of subsidiaries 2,406,652 2,415,000 Contingent liability for the benefit of associated companies 9,000,000 - Total contingent liabilities 11,406,652 2,415,000 Contingent liabilities relate to warranties for subsidiaries and associated companies. 31

The income statement and balance sheet will be presented to the annual general meeting for ratification on 29-06-2012. Kungshamn 25-06-2012 Leif Lindblad Chairman Gudrun Lindblad Fredrik Lindblad Stefan Hägelmark Morgan Hjärling Daniel Petersson Employee representative Stefan Lindblad MD My audit report was submitted on 25-06-2012 Kjetil Gardshol Authorised public accountant 32