In the first quarter, net sales dropped 4% to SEK 4,859 M (5,067). However, in local currencies, net sales rose 2%.
Operating income for the first quarter of 2011 amounted to SEK 281 M (145). The operating margin was 5.8% (2.9). The improvement was attributable to cost reduction efforts mainly in the industrial system as well as a positive impact of SEK 80 M from recognition of VAT credits in Brazil relating to previous years.