Lower sales

Net sales during the first quarter of 2012 declined 6% compared with the year-earlier period to SEK 1,933 M (2,066). Adjusted for currency fluctuations, net sales declined by 8%. Net sales were distributed as follows between the two business segments: Marine SEK 1,103 M (1,157) and Industrial SEK 830 M (909).

Operating income amounted to SEK 112 M compared with SEK 177 M in the year-earlier period. The decline is primarily due to lower sales. The operating margin was 5.8% (8.6). Compared with the first quarter of 2011, operating income was positively impacted by changes in currency exchange rates in an amount of SEK 24 M.

The volumes in the order book at March 31, 2012 were 60% lower than the year-earlier period.