Annual Report 2006 (pdf) - EuroMaint Rail

euromaint ANNUAL REPORT
EuroMaint unites innovative thinking with a
long past. Through creative technical system
services, customised total solutions and
partnerships, we contribute to our customers’
competitiveness and success. The EuroMaint
Group consists of EuroMaint Rail, which helps
strengthen profitability in the rail transport
sector, and EuroMaint Industry, which helps
increase customers’ productivity.

06
Welcome to EuroMaint
EuroMaint strengthens its customers’ competitiveness through
tailored maintenance and technical solutions. EuroMaint’s companies
are specialist businesses that offer advanced maintenance services.
We supply our customers with expertise, development resources,
proactive planning and innovative maintenance solutions.

Contents
EuroMaint in brief
EuroMaint in brief 3
The year in brief 4
The past year 5
The CEO’s comments 6
EuroMaint Rail 8
EuroMaint Rail in brief 9
EuroMaint Rail, President 10
Maintenance of Stockholm’s commuter trains
– a prestigious contract 12
New interior for Arlanda Express – designed by Björn Borg 14
Light maintenance of Green Cargo’s freight carriages 14
Contract with Arriva – new operator on the Swedish market 15
Baltic establishment the first step in international development 16
Refurbishment contract in Norway
– ground-breaking for both parties 18
Creative development – a natural part of every process 20
Market strategies for growth 21
EuroMaint Industry 22
EuroMaint Industry in brief 23
EuroMaint Industry, President 24
Production streamlining at the forefront 26
Establishment in Gävle expands our market 28
Closeness to the customer 29
From Euromation to EuroMaint Industry 29
Specially adapted production equipment 30
New customer segments and markets 31
EuroMaint 32
EuroMaint in brief 33
The role of the Group management 34
Business development 35
Operational development 36
Discretion – a natural part of the change process 37
Personnel development 38
The role of employees on the Board 39
Five-year summary 40
The business in figures 41
Report of the Directors 42
Income Statements 44
Balance Sheets 45
Changes in Equity 47
Cash Flow Analyses 48
Notes 49
Audit Report 64
Corporate governance 65
Corporate Governance Report 66
The Chairman’s comments 70
The EuroMaint Board of Directors 72
EuroMaint Rail management 74
EuroMaint Industry management 75
EuroMaint Group management 76
Miscellaneous
Addresses 77
Since 1 January 2006, EuroMaint has been a Group with
the main task of being a strong, leading maintenance
partner that increases its customers’ efficiency.
The Group has two subsidiaries, EuroMaint Rail and
EuroMaint Industry, which operate in the rail transport
and engineering sectors respectively.
The whole Group is characterised by a strong focus on developing
new services and concepts which enable the companies to offer the
foremost maintenance and technical solutions in their industries.
The main product is a comprehensive package, a Total Service Concept
encompassing preventive, corrective, restorative and improvement
maintenance.
The subsidiaries concentrate on customer benefit and delivery
quality, while strategic development issues and co-operation with
strategic partners are dealt with at Group level.
Maintenance solutions for the rail transport industry
EuroMaint offers cost-effective maintenance solutions for rolling
stock in the rail transport industry, which entails the development,
production and delivery of technical system services, as well as
maintenance and refurbishment of all types of rolling stock and its
components. A process of internationalising the operation began
during the year.
Streamlining in the engineering sector
EuroMaint Industry are specialists in production streamlining. Taking
the existing production process as its point of departure, the company
offers maintenance, component servicing, production engineering
and production equipment with the aim of strengthening industry
competitiveness.
EuroMaint’s operating locations
EuroMaint has operations all over Sweden, from Luleå in the north to
Malmö in the south.
Sweden
3

The year in brief
About EuroMaint
EuroMaint strengthens its customers’ competitiveness through tailored maintenance
and technical solutions. EuroMaint’s companies are specialists which offer
advanced maintenance services to the rail transport and engineering industries.
Turnover in 2006 totalled SEK 2,047 million, with a profit of SEK 100 million.
The Group had an average of 1,746 employees in 2006. EuroMaint is owned by
AB Swedcarrier, a Swedish state-owned holding company.
Key ratios 2006 2005*
Turnover, SEK mn 2,037 1,872
Operating profit, SEK mn 100 114
Cash flow after investment activities, SEK mn 45 -38
Operating margin, % 5 6
Equity/assets ratio, % 24 18
Average number of employees 1,746 1,669
* includes EuroMaint Industry as of 1 July 2005.
EuroMaint AB
EuroMaint Rail AB
EuroMaint Industry AB
The Group consists of EuroMaint Rail, which helps strengthen profitability in the
rail transport sector, and EuroMaint Industry, which helps increase its customers’
productivity. EuroMaint Rail accounts for 89% of the Group’s turnover and
EuroMaint Industry for 11%.
Turnover*
SEK mn
2,200
Operating profit*
SEK mn
200
Cash flow after investments*
SEK mn
100
2,000
1,800
1,600
2,037
1,879
1,872
1,653
1,493
2002 2003 2004 2005 2006
100
-100
-200
114
100
47
-103
-188
2002 2003 2004 2005 2006
50
-50
-100
45
14
-30
-38
-77
2002 2003 2004 2005 2006
*includes EuroMaint Industry as of 1 July 2005.
4

The past year
• Maintenance of Stockholm’s commuter trains – a prestigious contract
EuroMaint Rail in a winning team for more punctual commuter traffic Read more on page 12
• Baltic establishment the first step in international development
Internationalisation: Own reprocessing of products in Latvia Read more on page 16
• Refurbishment contract in Norway – ground-breaking for both parties
Internationalisation: First major order outside of Sweden Read more on page 18
• Production streamlining at the forefront
Peace of mind, added value and streamlining with Total Service Concept Read more on page 26
• Establishment in Gävle expands our market
EuroMaint Industry initiates regional structure and gets closer to new customers Read more on page 28
5

The year in brief
About EuroMaint
EuroMaint strengthens its customers’ competitiveness through tailored maintenance
and technical solutions. EuroMaint’s companies are specialists which offer
advanced maintenance services to the rail transport and engineering industries.
Turnover in 2006 totalled SEK 2,047 million, with a profit of SEK 100 million.
The Group had an average of 1,746 employees in 2006. EuroMaint is owned by
AB Swedcarrier, a Swedish state-owned holding company.
Key ratios 2006 2005*
Turnover, SEK mn 2,037 1,872
Operating profit, SEK mn 100 114
Cash flow after investment activities, SEK mn 45 -38
Operating margin, % 5 6
Equity/assets ratio, % 24 18
Average number of employees 1,746 1,669
* includes EuroMaint Industry as of 1 July 2005.
EuroMaint AB
EuroMaint Rail AB
EuroMaint Industry AB
The Group consists of EuroMaint Rail, which helps strengthen profitability in the
rail transport sector, and EuroMaint Industry, which helps increase its customers’
productivity. EuroMaint Rail accounts for 89% of the Group’s turnover and
EuroMaint Industry for 11%.
Turnover*
SEK mn
2,200
Operating profit*
SEK mn
200
Cash flow after investments*
SEK mn
100
2,000
1,800
1,600
2,037
1,879
1,872
1,653
1,493
2002 2003 2004 2005 2006
100
-100
-200
114
100
47
-103
-188
2002 2003 2004 2005 2006
50
-50
-100
45
14
-30
-38
-77
2002 2003 2004 2005 2006
*includes EuroMaint Industry as of 1 July 2005.
4

The CEO’s comments
During the past year, we have strengthened our position as a maintenance partner in Sweden. The two industries
we operate in today, rail transport and engineering, are at different stages of development when it comes to
maintenance services. We are investing strongly to contribute to our customers’ positive development, adapted
to the requirements of the industry in question.
Our customers should be able to concentrate on their core business.
The idea is for EuroMaint to deliver the service which enables the
operation to function. We are increasingly moving towards an overall
approach, where our long experience in the rail transport sector is
developed and also applied on the engineering side. We work consistently
with high levels of quality and expertise, while at the same time
we are involved in networks and partnerships, enabling us to deliver
full service in line with customers’ needs and preferences.
EuroMaint Rail looks over the borders
There is stiff competition in the rail transport industry regarding
maintenance, while the scope of the market is barely changing.
To be competitive, it is essential to offer true customer value. Our
immediate goals are to retain our market share in Sweden by winning
many of the renegotiations and new tenders which will be coming up
in the near future, and to establish ourselves internationally in order
to continue our growth and strengthen our competitiveness.
EuroMaint Industry – faith in the future
2006 has been a challenging year for the engineering side of the
business. We have had to reduce the number of employees in some
areas while we can see personnel needs in others, and at the end of
the year we decided to replace the company’s President. I am convinced
the operation has excellent potential and I have great faith in our
employees’ expertise and capacity. We will strengthen the existing
business while simultaneously focusing on developing new business.
One important trend in this industry is a shift from selling hours to
full-service packages.
Environmental efforts
The Group has a clear focus on the environment. As part of this we
are conducting an extensive energy-saving project with the dual aims
of reducing costs and protecting the environment. The project was
carried out at EuroMaint Rail in 2006 and will be implemented at
EuroMaint Industry in 2007.
Development with many benefits
EuroMaint is currently in a positive trend with a broadening of
the operation and internationalisation. This is a challenge we will
continue to tackle. This trend is not only beneficial to our customers
and owners; it also creates exciting development opportunities for our
employees, enabling them to expand their work tasks, change industry
or work abroad – all within the same Group.
Industry development for the future
As a leading maintenance group, industry development, training
and research are important areas. In collaboration with industry
organisations, upper secondary schools, colleges and universities, we
want to contribute to and harness new industry expertise. Bearing in
mind future recruitment, we also want to support fresh talent when
it comes to maintenance expertise. One example of this is planning
a maintenance engineering centre in Malmö for competence and
process development linked to rolling stock maintenance. In this
instance we are collaborating with the local authority and the Swedish
employer organisation Almega.
Long-term ambitions
Many industries require the type of security-graded maintenance
services of which we at EuroMaint have extensive experience. Advances
in technology also mean that the services are becoming increasingly
specialised. Our long-term ambition is to establish ourselves in more
industries, where our experience of development and innovation in
maintenance can contribute to customers’ success. In the even longer
term we expect to carry out international ventures once we have
achieved a sound knowledge base in Sweden for each industry.
Consequently, EuroMaint needs a main owner with the financial
strength, sustainability and desire to make maintenance a Swedish
export using EuroMaint as a foundation for development.
Pether Wallin
President & CEO

“Positive trend
with broadening of
the operation and
internationalisation”
Pether Wallin
Family: Wife, and twin sons aged 16
Lives in: Gothenburg
Workplace: Stockholm
Rail travel: Weekly commute, at least six hours on the train a week.
Switch off the mobile, find time to read and think a lot.
Leisure interests: Travelling with family (a lot in the past year with two
50th birthdays in the family). Food and wine (happy to help with the
cooking, but not in charge of the kitchen). Interiors (shared interest).
Renovation. Gardening.
Societies: St Jörgen’s Golf club. The whole family has been playing
golf for three years. It’s nice to spend time together as a family.
Something you didn’t know: I iron all my shirts myself!
Best quality: Usually happy, and think life’s fun.

EuroMaint Rail
• Maintenance of Stockholm’s commuter trains – a prestigious contract
EuroMaint Rail in a winning team for more punctual commuter traffic Read more on page 12
• Contract with Arriva – new operator on the Swedish market
Maintenance of commuter trains Pågatågen, agreed with international operator Arriva Read more on page 15
• Baltic establishment the first step in international development
Internationalisation: Own reprocessing of products in Latvia Read more on page 16
• Refurbishment contract in Norway – ground-breaking for both parties
Internationalisation: First major order outside of Sweden Read more on page 18
• Creative development – a natural part of every process
EuroMaint Rail actively develops technology and planning Read more on page 20

EuroMaint Rail in brief
EuroMaint Rail offers cost-effective maintenance solutions for rolling stock
in the rail transport industry. The company develops, produces and supplies
technical system services and maintenance for all types of rolling stock and
its components. With headquarters in Solna and operations in 13 locations,
EuroMaint Rail has an extensive network of workshops in Sweden.
Key ratios 2006 2005
Turnover, SEK mn 1,818 1,710
Operating profit, SEK mn 108 100
Cash flow after investment activities, SEK mn 73 19
Operating margin, % 6 6
Equity/assets ratio, % 25 17
Average number of employees 1,456 1,396
EuroMaint Rail’s main operation encompasses train maintenance and refurbishment of
rolling stock. Train maintenance keeps the rolling stock moving with optimised operation
under safe traffic conditions. Refurbishment increases the performance and comfort of
rolling stock, while also updating the design and increasing service life. EuroMaint Rail
also has the Swedish industry’s most complete material sourcing system.
Turnover
SEK mn
2,200
Operating profit
SEK mn
200
Cash flow after investments
SEK mn
100
2,000
1,800
1,600
1,879
1,653
1,710
1,818
100
-100
-103
47
100 108
50
-50
-30
14
-19
73
1,493
2002 2003 2004 2005 2006
-200
-188
2002 2003 2004 2005 2006
-100
-77
2002 2003 2004 2005 2006

EuroMaint Rail
During 2006, EuroMaint Rail has won several major,
strategically important tenders in increasingly tough
international competition. To these successes we can
also add the beginning of an international establishment.
The past year has been tremendous in many ways.
With a successful year behind us we are optimistic about the future.
EuroMaint Rail is well prepared to compete for major new contracts
and to expand internationally. On a day-to-day basis we are continuing
our goal-oriented efforts to become even more efficient and productive.
Continued confidence from SJ AB
Over the next few years a number of contracts will expire. The best
way of winning them again is to keep our promises, build trust and
adapt our customer propositions. Examples where we have succeeded
in accomplishing this include the extended, directly negotiated threeyear
maintenance contracts with Swedish train operator SJ AB for
passenger carriages and RC engines.
Winning team for Stockholm commuter trains
It was excellent for EuroMaint Rail to be announced one of the
winners in Stockholm Transport´s tender for the Stockholm commuter
rail service. The team spirit and partnership in the Stockholm Train
Alliance, in which EuroMaint Rail is a part, was a joy – together we
offered a winning quality concept. This maintenance contract has also
brought us around a hundred new co-workers, with whom we share
our faith in the future.
Maintenance contract with
Arriva for Pågatågen commuter trains
British company Arriva – one of Europe’s largest companies in
passenger commuter service – was the operator chosen by Swedish
train operator Skånetrafiken to run Pågatågen commuter trains. In
turn, Arriva chose to collaborate with EuroMaint Rail. The maintenance
contract, a nine-year availability contract, was drawn up in close
co-operation with the customer.
Jonas Samuelson, President of EuroMaint Rail
Refurbishment for NSB – an international breakthrough
EuroMaint Rail was entrusted by NSB, Norwegian State Railways,
to refurbish 59 passenger carriages – an important international
breakthrough. The contract entails a complete refurbishment from
technical design to delivery.
Baltic establishment an assertive move
The new EU Members will be making substantial investments in
railways. EuroMaint Rail’s new workshop for reprocessing replacement
items in the Baltic region is an assertive move to ensure greater
efficiency and a presence on an expansive new market.
MAJOR contracts in 2006
• Arriva – Maintenance of commuter trains Pågatågen (X11 electric engine coaches)
• ASJ – Refurbishment of sleeper carriages, maintenance of passenger carriages
• A-Train – Maintenance and refurbishment of Arlanda Express trains (X3)
• Veolia – Maintenance of engine coaches (X52), passenger carriages and engines
• Green Cargo – Maintenance of electric and diesel engines,
maintenance and refurbishment of freight wagons
• NSB – Refurbishment of passenger carriages
• SJ AB – Maintenance and refurbishment of X 2000 trains (X2), maintenance of
RC engines, passenger carriages, electric engine coaches (X11–X14, X32 and X50)
and diesel engine coaches (Y1 and Y2)
• Stockholm Transport – Maintenance of commuter trains (electric engine coaches
X1, X10 and X60)
• TKAB – Maintenance of electric engine coaches (X50, X51 and X52)
Turnover by product area
4
3
2
1
1. Train maintenance 84% 3. Spare parts supply 4%
2. Refurbishment 11% 4. Other 1%
10

Dialogue for participation
In 2006 we carried out the first stage of ‘Dialogue for Participation’.
The goal is to increase employees’ overall view, participation and
team spirit. Everyone must understand the business plan – where
we’re heading and why.
The second stage entails making it easier for everyone to have
an influence and suggest improvements. We have a broad base of
industry experience. Swifter decision paths enable us to capitalise on
our employees’ skills and sense of responsibility. We achieve more
active planning with more delegated responsibility for efficiency and
quality development.
The main strength of our process of change lies in a corporate
culture characterised by customer focus, expertise, professional
pride and sustainability. We boast extensive experience of change
and – most importantly – of embracing change.
Innovative employees
Innovative employees are often inspired by everyday problems:
Wouldn’t it be better to turn wheels onsite using a portable wheel
lathe rather than dismantling them from the trains and sending them
to the workshop? Kurt-Göran Thyni, who works at EuroMaint Rail’s
workshop in Luleå, started thinking about this a couple of years ago.
Now a prototype has been tested and a development project initiated.
Wouldn’t it also be better to carry out brake tests onsite using
portable testing equipment rather than having to bring entire trains
into the workshop? Thord Rutqvist, another employee in Luleå,
developed his first brake testing system six years ago. After further
development it now works even better than the equipment in the
workshops.
We have also successfully developed and evaluated a speed
simulator used to check that the train doors lock when the train
starts moving. The simulator was developed by Bengt Bergelin,
an employee in Hagalund.
Market and market development
EuroMaint Rail enjoys a strong position on its domestic market and
a well-established dialogue with customers. Sweden has clear growth
regions for rail traffic, but the total volume of maintenance is not
growing. On the other hand, requirements on flexibility with regard
to when and how maintenance is carried out are increasing. Similarly
there is greater demand on us to bring added value and move our
offerings up the value chain.
Examples of the latter include the continued development of splitbased
maintenance and the establishment of the Integrated Logistics
Support unit, ILS. At the same time the entire company’s planning and
development of new maintenance methods are being co-ordinated.
Innovative development of technology and planning characterises
each process and sub-process.
The refurbishment market fluctuates from year to year, both in
Sweden and internationally. Although large investments are being made
in new rolling stock, there are still a lot of older, well-functioning
vehicle types which need a longer service life and higher comfort
through refurbishment.
The ever more deregulated nature of the international market
and the rise in the number of players mean that we increasingly
encounter international competitors, both on our domestic market and
in neighbouring territories. At the same time we are also observing
more international customers. Their good experience of working with
us is a success factor in our international expansion.
The future
EuroMaint Rail’s strategy is to be strong on the domestic market
and to progressively expand into the surrounding area, primarily into
Denmark, Norway, Germany and the Baltic region. Our goal for 2007
is to win another major international tender.
One strategically important contract which we have been deeply
involved in for the past four years is the procurement by train operator
Skånetrafiken and Denmark’s National Rail Authority for rail services
across the Sound. Here we have opted not to form partnerships with
any of the competing operators in advance, but rather to approach
each party with a bespoke offering.
The major contract to refurbish the X2 trains for Swedish train
operator SJ AB will be completed during the summer. It is partly
in light of this that it is essential for us to win new refurbishment
contracts. We are currently working on a bid for Green Cargo,
a Swedish logistics comapany. Norwegian State Railways, NSB,
will also be procuring further refurbishment shortly, a contract we
are also working hard to win.
Turnover by customer
Sick leave*
Rehabilitation cases*
10 11
9
6 78
5
4
1
6%
4%
5.2
5.2
0.30
0.20
0.26
0.30
3
2%
0.10
2
2005 2006
2005 2006
1. SJ AB 48%
2. Green Cargo 17%
3. Stockholmståg 9%
4. Veolia 4%
5. TKAB 3% 8. A-Train 2%
6. Citypendeln 2% 9. NSB 2%
7. Swedish Rail 10. ASJ 1%
Administration 2%
11. Others 10%
* Actual leave as a percentage of normal working hours.
* Calculated as (periods of sick leave beginning day
29/hours worked) x 10,000.
11

EuroMaint Rail
Maintenance of Stockholm’s
commuter trains
– a prestigious contract
During the night between 17 and 18 June 2006, the company Citypendeln transferred operation of Stockholm
Transport’s (SL) commuter traffic to Stockholmståg, with EuroMaint Rail as the maintenance supplier.
The competition from Swedish and foreign players alike was particularly strong for this prestigious contract.
“We didn’t pay that much attention to the competition, instead we
concentrated on SL’s needs and, together with our partners in the
Stockholm Train Alliance, on finding the best solutions,” says Niclas
Flodin. He is the Contract Manager for the maintenance agreement
and head of the maintenance unit which EuroMaint Rail took over
from Citypendeln.
Gentle flying start for our new employees
The contract brought EuroMaint Rail around a hundred new employees
and operation of two workshops, one in Älvsjö and a brand new one
in Bro. When we take over such a large organisation we have to be
respectful and not change too much too quickly. We therefore decided
to make the existing organisation a separate unit within EuroMaint
Rail. The most important element ahead of start-up was to quickly
familiarise our new colleagues with our way of working, our systems
and routines.
New thoughts on availability
The introduction also included informing as many people as possible
about our approach to train maintenance. There were many conventions
in place; for example major overhauls required trains to spend
several days in the workshop meaning they were unavailable for service.
We on the other hand prefer to split major overhauls into smaller
parts which can be carried out at different times. This enables us to
make use of operational breaks during low traffic for maintenance
work, thus increasing the trains’ availability during peak periods.
Lower costs or increased income – or both?
As train maintenance is our core business, we work with both the
cost and the income side of the business. Using a well-considered
strategy for process, technology and value development, we are more
cost-effective and help ensure the trains are available more of the time.
For example, at the new workshop in Bro we have invested in a View
system which automatically checks the condition of brake linings and
wheels – a safety task that would otherwise entail a lot of manual work.
Increased punctuality and reliability
– the biggest demands
SL has three generations of commuter train. The oldest are X1 trains
from the 1960s which are being replaced by new X60 trains up to
November 2007. The X10 trains from the 1980s are still at their peak
age from a technical perspective.
The more generations of rolling stock, the higher the demands on
the maintenance organisation. It is always difficult to get hold of spare
parts for old trains. At the same time, new trains often experience
teething problems. Thanks to our vehicle engineering know-how and
well-developed maintenance, we do everything to minimise the risk of
delays and a lack of carriages. Increased punctuality and reliability are
the biggest demands, from SL and rail commuters alike.
“The contract brought
around a hundred new
employees and two
workshops”
12

Stockholm Commuter trains
The Stockholm Train Alliance comprises three partners who
work closely together: Stockholmståg as the operator, ISS
TraffiCare as the supplier of cleaning and station service, and
EuroMaint Rail as the supplier of train maintenance.
The Stockholm Train Alliance and Swedish Rail Administration
run a joint operations centre and offer SL a total solution
with clear common objectives: punctual traffic, clean and
complete trains, and good service for passengers.
Type of contract: Availability contract with fixed and variable
elements.
Term: Five years with an option for a further five.
13

EuroMaint Rail
New interior for
Arlanda Express
designed by Björn Borg
A-Train in collaboration with Björn Borg’s design team
has produced a brand new interior for its trains – Arlanda
Express. In summer 2006, EuroMaint Rail was entrusted
to carry out the refurbishment on the company’s seven
train units.
Light maintenance
of Green Cargo’s
freight carriages
Since 1 January 2006, EuroMaint Rail and Green
Cargo have had a brand new contract structure
for the maintenance of freight and mail wagons
in northern Sweden. It is a minutely specified and
regulated action-based contract.
The refurbishment included strengthening the floors, new wall panels,
new carpets and new seat upholstery. The challenge was to carry out
the assignment swiftly in order to minimise disruption to rail services
and the repercussions for passengers. The preparations took around
six months.
Tight schedule for work on each train
The first of the seven train units was brought in for refurbishment in
May. Following minor adjustments to the production plan, the other
trains were brought in one by one during the off-peak summer period.
The 25 people involved in the refurbishment had one week to complete
work on each train. The refurbishment was carried out in tandem with
ongoing maintenance to minimise the impact on services.
“EuroMaint Rail and the other project participants planned and
carried out the project in a professional manner, under strict requirements
in terms of quality and schedule,” says Martin Byström, Vehicle
Manager at A-Train.
The contract, which runs until 1 March 2008, encompasses preventive
and corrective maintenance of freight and mail wagons. The maintenance
is carried out at our workshops in Luleå, Vännäs and Sundsvall. The
contract also includes a high proportion of field service originating from
these locations. A few of the mail wagons are maintained in Malmö and
Hagalund. The contract provides approximately 25 work years.
Knowledgeable client
Green Cargo operates on a highly competitive market that places
rigorous demands on careful cost control. Thanks to the company’s
extensive knowledge of maintenance, they have been able to choose
an action-based contract with strict delivery terms.
Competitive supplier
Some of our clearest competitive benefits are our established structure
and organisation for maintenance of freight wagons, coupled
with a tried and tested ability and capacity to carry out the requisite
high volume of field maintenance. The result for our client is high
availability of the wagon fleet combined with cost-effective maintenance.
14

Contract with Arriva
– new operator on the Swedish market
The train operator Skånetrafiken has put the Pågatågen commuter train service out to tender. EuroMaint Rail has
been commissioned to carry out both component maintenance and light maintenance on Pågatågen commuter
trains, which will be operated by Arriva Tåg AB from June 2007. A nine-year contract has been signed which currently
encompasses 26 trains.
Skånetrafiken has put the Pågatågen commuter service out to tender.
EuroMaint Rail chose to submit maintenance bids to the operators
taking part in the tender, both Swedish and international. The bids we
submitted were based on the same foundation, but varied quite extensively
as the content of the requests for tender were very different. This in
turn was because Skånetrafiken had made an open request leaving it up
to the operator to decide how the arrangement should be structured.
International operator
In early 2006 Skånetrafiken chose Arriva as the operator for Pågatågen
commuter trains. British company Arriva is one of Europe’s largest
private companies in passenger services and has approximately
30,000 employees, 2,500 of them in rail traffic. The company has
operations in eight European countries and has previously only run
bus services in Sweden. The company Arriva Tåg AB was created in
connection with winning the tender.
Good collaboration
Arriva chose EuroMaint Rail as the supplier for all maintenance, which
is of course an honour for us. We have negotiated a maintenance
contract in excellent collaboration. Arriva has decided not to procure
component overhauls separately, instead all maintenance work will be
covered by a single availability contract.
The original request was for a three-year contract for the existing X11
trains, after which they were due to be phased out. During contract
negotiation the parties agreed to extend the term to nine years, i.e.
until mid-2016, so as to encompass the phasing-out of older trains
and the phasing-in of new ones.
Increasing scope
The contract is a total undertaking for both component maintenance
and light maintenance. It initially covers the 26 model X11 trains and it
may also include new rolling stock during the term of the contract. The
trains currently travel between four and five million kilometres a year
and all forecasts indicate that volume will increase over the next decade.
In December 2006 Skånetrafiken ordered 49 new model X60
Pågatågen commuter trains from Alstom. They will begin being
delivered in autumn 2009. Maintenance for this new rolling stock
will be the subject of a separate procurement on Skånetrafiken’s part.
If we also win maintenance bids for the new trains, the existing
trains will be phased out and the new ones phased in within the framework
of the maintenance contract a far-reaching process of which
we have sound experience. New rolling stock does call for new work
methods, but the switch is facilitated by our experience of the chosen
model. For a long period of the contract, expertise and maintenance
processes will be required for both types of vehicle. Ensuring a smooth
transition period places high demands both on our employees and on
good collaboration with the operator.
15

Sweden
Baltic sea
Estonia
Latvia
Jelgava
Lithuania
Workshop in the Baltic region
Preparations for setting up the workshop began in October 2006 and are expected to
take around one year. Production is being relocated in the first project phase at the end
of 2007 and in the second phase planned for mid-2008.
Location: The workshop will be in the city of Jelgava, 40 km outside Riga, Latvia.
Area: Approximately 5,000 m 2 of workshop and 500 m 2 of offices.
Production: The first phase of the project comprises reprocessing shock absorbers and
brake cylinders. The second phase covers reprocessing of further mechanical products
and some electrical products.
Scope: By the end of 2007 around 20 employees are expected to be employed in Latvia.
During 2008 that figure will rise to about 35.
16

EuroMaint Rail
Baltic establishment the first
step in international development
Within a year EuroMaint Rail will be beginning its own reprocessing of mechanical and electric products
in Jelgava outside Riga in Latvia. The new establishment serves several purposes. In the long term, the
company wants to be present and active in a brand new railway market for EuroMaint. In the short term,
the company is aiming to reduce its production costs to strengthen competitiveness.
This is EuroMaint’s first step in international development, and the
first time an operation stemming from the Swedish State Railways
public enterprise has established itself outside of Sweden.
So why relocate, and why to the Baltic region?
Our own operation in the Baltic region is very much in line with our
aim to expand internationally, because the Swedish market for train
maintenance is limited. Moreover, competition on our domestic
market is tough. To remain competitive we must continuously show
that we are streamlining and rationalising our production in different
ways. This latest move is a part of that process.
The Baltic region is facing major investments in infrastructure,
and a physical presence engenders completely different opportunities
to have an influence and take part in that change. The alternative of
working with partners would not bring this benefit, and it would also
be harder to assure expertise, quality and delivery reliability.
Assuring high quality
A well-composed project group is working on the establishment in
Latvia. Once the first steps of hiring premises, finalising the workshop
layout and procuring certain machinery is complete, there are great
challenges ahead. The personnel not only need to have the necessary
professional skills and learn both their tasks and how to operate
our systems; they must also become an integral part of EuroMaint’s
corporate culture.
“We’re not only relocating production, but also developing administration
and working methods, and thereby also quality,” explains
project owner Steven Davidsson. “We have an excellent starting point
in our existing production and we’re now investing to be even better.”
He also explains that the advanced work process aims to reduce
lead times in production and that the logistics need to be adapted
accordingly.
“Obviously it’s different having to plan for overseas transport by
sea compared to domestic transport over land. But we still need to
find ways of further improving our delivery quality.”
The main challenge lies in assuring quality and deliveries. The
operation will initially encompass reprocessing of a few mechanical
product groups. EuroMaint Rail has already begun assessing new
subcontractors on the Baltic market, with the aim of assigning the
workshop in Latvia total delivery responsibility for reprocessed products
at the lowest possible cost.
Future investment to increase customer values
The Baltic initiative enables the company in Sweden to focus on
increasing the technical level of maintenance for the new, more
advanced and more complex rolling stock. EuroMaint Rail’s aim
is to move up the value chain and increase the customer value in
its offerings.
The workshop in Latvia will initially supply our domestic market.
In the long term, the operation may develop to also include
reprocessing of more complex products, as well as service offerings
for the local market. We also see potential to offer refurbishment and
train maintenance in the Baltic region in the future.
“We’ll also be developing
administration
and work methods,
and thereby quality”
17

EuroMaint Rail
Refurbishment contract in
Norway – ground-breaking
for both parties
EuroMaint Rail has been commissioned by Norwegian State Railways, NSB, to refurbish 59 passenger
carriages over the next two years. This is our first major order outside Sweden, and the first time Norway’s
state railway company has looked beyond national borders for such a comprehensive assignment.
The refurbishment contract is of strategic importance to EuroMaint
Rail. It testifies that we perform well in competition with other European
players and is a clear step in our international establishment.
The Norwegian market has recently been deregulated and placing
such a large order outside of Norway was a big decision for NSB. It
also sent a clear signal to the outside world that national borders are
becoming less important.
At the same time it has brought us extended relations with NSB as
the company acquired parts of Swedish train operator Tågkompaniet,
which was already our customer, at the beginning of 2007.
Modernising passenger carriages
The assignment includes the modernisation and refurbishment of
59 carriages on long routes in southern Norway.
“For us this is an important renewal of our customer offering. To
retain our competitiveness the trains must be of good quality. We are
therefore carrying out extensive refurbishment over the next few years.
We are looking forward to putting the modernised carriages into
service,” says Rolf Roverud, Deputy CEO of NSB.
“Placing such a
large order outside
Norway was a big
decision for NSB”
International competition
Several European suppliers competed for the order. Bids were assessed
based on technology, price, commercial terms and experience. As part
of the evaluation process, NSB carried out an audit at the workshop in
Malmö. After the contract had been signed, NSB confirmed that the
results from the visit had been a major consideration in the decision.
“I think that, apart from a competitive price and our quality, the
audit in Malmö was one of the deciding factors in winning us the
order,” says Lars Åkerlind, Head of Marketing at EuroMaint Rail.
“The tendering process entailed questions, answers and negotiations,
and at the same time adjustments were made to the specification by
both parties. This process enabled us to clearly demonstrate our ability
to be receptive and meet the customer’s needs and preferences.”
Planning in progress
The order is for a complete refurbishment from construction to
delivery which entails upgrading the comfort and environment of the
carriages. It mainly involves an internal update, with a new interior
and new seats, but also some technically advanced systems such as
climate control.
There is a great deal to plan in an interactive process with the
customer, such as the choice of colours and materials. When the
first carriage arrives at the workshop, all the work flows have to
function properly all stages need to be planned and the material
flow must run smoothly.
18

Refurbishment for NSB
Scope: 59 passenger carriages
Deliveries: Start April 2007 and finish first
half of 2009.
Location: EuroMaint Rail’s workshop in
Malmö will carry out the refurbishment.
The order fits in well with the planning as
the current refurbishment of the X2 vehicles
is due for completion in April 2007.
19

EuroMaint Rail
Creative development
– a natural part of every process
The difference between merely solving a problem and transforming it into a new opportunity for the customer lies in
our ability to develop ourselves and our offering. Creative development of technology and planning shall characterise
each process and sub-process within EuroMaint Rail, from the first customer contact to final delivery.
Customers benefit from creative development through higher availability,
increased traffic safety, lower maintenance costs and continuously
improved profitability. The difference between good and even better is
not simply a result of what we do – but also how we do it.
A technical systematic approach
Technical faults emerge at component level although the cause may
often arise at system level. Consequently this is where action needs to
be taken so that faults are less common or in the best case scenario
– absent altogether. To maintain the X2 trains we have created a work
model whereby special maintenance engineers monitor important
vehicle systems, analyse the faults and suggest improvements. This
is a model we are introducing into more and more key contracts to
reduce operational disruption and maintenance costs.
Split-based maintenance
Major overhauls are conventionally carried out by bringing the vehicle
into the workshop for several days. If, instead, the overhauls are divided
up into smaller measures, a process known as split-based maintenance,
which can be carried out at different times and at different workshops,
better use can be made of the vehicles’ operational breaks. Thanks to
refined material and personnel planning, easy access to maintenance
documentation and faster reporting, we thereby increase availability.
Licence in Nordic region for View system
EuroMaint Rail’s partnership with leading British company Delta Rail
(formerly AEA Technology Rail) has intensified during the year. We
have obtained the licence rights in the Nordic region for Delta Rail’s
View system which automatically detects brake lining and wheel
condition, thereby paving the way for condition-based maintenance.
The View system has achieved excellent results in the acceptance
tests and evaluations at our workshop in Hagalund, in connection
with maintenance for SJ AB’s X2 trains. The system is also installed
at our workshop in Bro where we maintain SL’s commuter trains.
From View system to work order
The View system rapidly indicates technical faults. This means we can
take action at an early stage, before the fault leads to serious operational
disruptions and costly repairs. The long-term aim is to convert the
View system’s data into information that automatically generates a
work order. Our cost effectiveness is the customer’s profitability.
ILS at the forefront of research
Information and measurement technology achieve a great deal.
However, all the data still needs to be translated into support in the
management system if customers are to benefit from the new opportunities.
This is why we are building up a special Integrated Logistics
Support unit, ILS, for technology development, process optimisation,
support systems and documentation. To force the pace of developments
in the maintenance industry we also need to be more visible in
the research community.
Split-based refurbishment from ATC to ETCS
The EU decision to replace the Automatic Train Control/ATC signalling
system with the EU-wide European Train Control System, ETCS,
means that in the long term all engines and engine coaches will need
to be refitted to adapt to the new system. Our goal is to be able to
offer split-based refurbishment. This is a method which, combined
with our nationwide network of workshops, will entail considerable
availability gains for our customers in Sweden.
20

Market strategies for growth
EuroMaint Rail has a clear vision of retaining its strong position on the maintenance market in Sweden, while
progressively expanding internationally through our core products. Achieving this vision requires a welldefined
strategy.
EuroMaint Rail currently has just over 50% of the Swedish market.
To retain or increase this share we need to win many of the upcoming
tenders in the next few years those we have had before as well as
brand new ones.
Three-part marketing strategy
High-quality deliveries, including delivery reliability, is one of the three
most important pillars of the strategy. Customers need to be convinced
that we have attractive offerings and solutions that guarantee
high quality. Information, dialogue and clarity are key issues.
Flexibility in the offering is the second important pillar. The
operator has trains to provide services for its customers, so the
rolling stock needs to be available when the passengers want to
travel or the freight has to be transported. Maintenance must be
carried out at other times.
The right price and cost-effective solutions are, of course,
important ingredients in a successful bid and, therefore, make up
the third pillar of the marketing strategy.
International initiative begun
EuroMaint´s Board has decided that the quality of our deliveries and
processes is so high that it is time for international establishment.
This will begin on the nearby market, which is the most deregulated.
We see three possible paths: collaboration with a customer in
another country, expansion from Sweden in areas where we are already
strong, or starting our own production in another country. In all
cases the expansion will be gradual. The focus must always be on our
promises of cost-effective, high-quality solutions.
Raising our profile in 2006
The highest profile activity from the general public’s perspective in
2006 was the 150th jubilee of the railway in Sweden. EuroMaint Rail
contributed by holding open days at many of its workshops. This is
not exactly a marketing activity, but it is important for our brand, our
employees and our goodwill among the public.
For the very first time EuroMaint Rail had its own stand at the
major InnoTrans transport fair in Berlin. This was part of an initiative
to make the EuroMaint name known outside of Scandinavia and to
ascertain where interesting potential business might be found. Five of
our marketing staff attended and forged new contacts for the future
part of the company’s long-term marketing.
As usual we also participated in Public Transport 2006 at Stockholm
International Fairs. The fair is arranged by the Swedish Public Transport
Association, SLTF, an industry organisation for county transport
companies and others, which are an important target group. The aim
of our participation was to strengthen our brand among these players.
They are not usually direct customers, but we have contracts with
their train operators.
Fairs in 2007
In 2007 we will as usual be taking part in Nordic Rail in Jönköping,
southern Sweden, the biennial Nordic Railway industry fair which is
becoming increasingly international.
We will also be at the High Tech in Heavy Haul fair in Kiruna,
northern Sweden, focusing on heavy rail transport. The aim of our
participation is to show that we are at the forefront of developments
in maintenance engineering and maintenance optimisation.
21

EuroMaint Industry
• Production streamlining at the forefront
Peace of mind, added value and streamlining with Total Service Concept Read more on page 26
• Establishment in Gävle expands our market
EuroMaint Industry initiates regional structure and gets closer to new customers Read more on page 28
• Closeness to the customer
Clear customer responsibility strengthens relations Read more on page 29
• From Euromation to EuroMaint Industry
The new brand presented at maintenance fair in Gothenburg Read more on page 29
• Specially adapted production equipment
Growing demand for customised automation solutions Read more on page 30
22

EuroMaint Industry in brief
EuroMaint Industry strengthens industry’s competitiveness by offering knowledge,
servicing and equipment that streamline production. The company designs and
refines production processes, develops and manufactures customer-specific
production equipment, and is a complete supplier in the field of maintenance
for the engineering industry. The headquarters are in Skövde and the company
also has operations in Hallsberg, Gävle and Åmål.
Key ratios 2006 2005*
Turnover, SEK mn 231 161
Operating profit, SEK mn -8 13
Cash flow after investment activities, SEK mn -27 24
Operating margin, % negative 8
Equity/assets ratio, % 52 49
Average number of employees 281 281
* Figures from 1 July 2005 when EuroMaint Industry was acquired by EuroMaint AB.
EuroMaint Industry rationalises production through the following service and
product areas: Maintenance, Component servicing, Production engineering
and Production equipment.
Turnover*
SEK mn
300
225
259
288
303 307
231
Operating profit*
SEK mn
20
10
8
11
25
Cash flow after investments*
SEK mn
40
20
29
42
150
75
-10
-4
-8
-20
-3
-30
-27
2002 2003 2004 2005 2006
-20
2002 2003 2004 2005 2006
-40
2002 2003 2004 2005 2006
*Figures for 2005 refer to whole year.
23

EuroMaint Industry
The past year has been turbulent. A lot has happened
– both good and bad. The Production Equipment
product area has reported lower sales volumes while
other areas have enjoyed successes, in particular
Maintenance where we have developed the new
Total Service Concept, TSC.
The first major development of the year was the launch of EuroMaint
Industry as a new brand, a presentation that took place at the maintenance
fair Underhåll in Gothenburg. In the early summer we were
forced to give notice of redundancies. Later in the year we managed to
turn the trend around and we are now standing strong for the future.
For productivity and competitiveness
The sharp decline in sales of production equipment was a decrease
from a high level compared with the record years of 2004 and 2005,
when one of our major customers carried out an extensive investment
programme. At the same time as we were forced to announce
redundancies, we experienced a change in demand in the other
product areas.
Our unique combination of specialist know-how in maintenance
and production enables us to work on several fronts to raise customers’
productivity and competitiveness. A comprehensive focus on further
developing and re-orienting personnel expertise has strengthened
our position, as has the recruitment of a number of personnel to
strengthen our specialist expertise in the growth areas we have great
faith in for the future.
Our new Total Service Concept
The Total Service Concept, TSC, is based on our core expertise in
production streamlining and enables us to offer outsourcing contracts
for maintaining all or parts of a customer’s production facilities. This
is in line with modern thinking as demonstrated by the developments
we see around us. Industry is working at high capacity, while at the
same time cost-cutting and productivity-raising programmes are
being implemented to further strengthen competitiveness. More and
more companies are choosing to buy external services, to increase
both profitability and flexibility.
This trend confirms that our major initiative during the year to
develop TSC is on target and attractive to industry.
Nicklas Falk, President of EuroMaint Industry
Breadth, depth and total
approach to component servicing
In 2006, EuroMaint Industry took over sales and business responsibility
for the part of EuroMaint Rail’s operation in Åmål which focuses
on the energy sector and the processing industry. We were therefore
able to welcome new customers. The expertise and resources for
servicing everything from circuit boards to enormous electric engines
have broadened our offering and also laid the foundation for a total
offering in the form of availability contracts for reserve units.
MAJOR orders in 2006
• The Volvo companies (automotive) – All product areas
• Junoverken (manufacturing) – Preventive maintenance on machinery
• AB Sandvik Materials Technology (engineering) – Technical maintenance services
• E.ON (energy) – Renovation of generator
• Husqvarna AB (manufacturing) – Spindle servicing
• Drivesol (automotive subcontractor) – Project management
• DIAB AB (manufacturing) – Preparation
• Getrag (automotive subcontractor) – Fixtures for gearboxes
Turnover by product area
4
1
3
2
1. Maintenance 32%
2. Component servicing 31%
3. Production engineering 12%
4. Production equipment 25%
24

Establishment in Gävle
– the start of a new regional structure
Our new branch in Gävle established during the year is the first step
in a planned regional structure. The establishment strengthens our
relations with customers in northern Sweden and brings us closer
to them geographically. There is a clear need here which our product
offering can cover. We have recruited a number of experienced
maintenance specialists at the Gävle unit who have good contacts
in the region.
From Euromation to EuroMaint Industry
The process of changing brand name from Euromation to EuroMaint
Industry began in March at the maintenance fair Underhåll in Gothenburg.
This was followed by a number of marketing and communication
initiatives. Our customers view the change of brand as a positive
development for the company.
Market and market development
The engineering industry is EuroMaint Industry’s established market
for all product areas. Our experience of production equipment and
production engineering in this field is a success factor for maintenance
and component servicing. And vice versa – our experience of maintenance
enables us to incorporate high functional safety and ease of
maintenance in the production equipment and solutions we offer
customers.
Our product areas form a unique and complete whole. We are
confident both ahead of a geographical expansion and when it comes
to offering total concepts for productivity-enhancing maintenance.
There is major growth potential for TSC and the market for outsourcing
contracts is quickly maturing.
The processing and energy industries are new markets for EuroMaint
Industry as a company – although not for our new co-workers in Åmål
and Gävle. There are also many similarities with the automotive industry,
of which we have extensive experience: high availability requirements
and a clear understanding that well-considered maintenance
is not only a cost, but also generates income through higher Overall
Equipment Efficiency (based on availability, performance and quality).
The future
To better meet the complex needs of major customers we have
developed the sales organisation with a dedicated key customer
responsibility.
The plans for the next few years include offering TSC to the Swedish
industry with the aim of winning at least one outsourcing contract
a year. Our processes are well-prepared for total responsibility.
One great advantage is that TSC is scaleable, i.e. the concept can
be applied to all or parts of a customer’s production facilities. The
customer can begin with a limited agreement and allow it to grow
in line with their confidence in us.
We will also increasingly offer TSC in the form of complete
availability contracts for components and reserve units. This entails
reprocessing, logistics, procurement, stocking spare parts and
round-the-clock service: The right component with the right function,
reaching the customer at the right place and time.
Our establishment in Gävle will be followed in 2007 by the
establishment of at least one new regional centre with advanced
engineers and operational reliability teams. Regions where we want
to be closer to customers include Mälardalen, Gothenburg and the
Trollhättan–Uddevalla–Vänersborg triangle, where industries are
making great investments and need help with productivity-enhancing
maintenance.
Turnover by customer
Sick leave*
Rehabilitation cases*
3
6%
0.30
0.28
1
4%
0.20
0.20
2%
2.8
2.5
0.10
2
1. AB Volvo 45%
2. Volvo Cars 27%
3. Other customers 28%
2005 2006
*Actual leave as a percentage of normal working hours.
2005 2006
*Calculated as (periods of sick leave beginning day
29/hours worked) x 10,000.
25

EuroMaint Industry
Production streamlining
at the forefront
During the year EuroMaint Industry has intensified the development of its maintenance operation in order to offer
customers maximum production efficiency. Two heavy development projects, packaged maintenance services and TSC,
have been predominant. Both projects are about how we respond to the market and added value for the customer.
The goal is to increase availability, performance and quality, known as
Overall Equipment Efficiency, in the operations where customers ask
us to streamline production.
Customer-led
Packaged maintenance solutions give customers greater freedom of
choice. Each service can be delivered individually or all at once. We are
led by the customer’s needs. Some customers begin with one service
and then add more, while others may only buy the ‘effective new procurement’
service, for example, when purchasing machinery requires
specialist expertise in the organisation. EuroMaint Industry has the
specialist expertise that small and medium-sized engineering companies
find it hard to maintain as the need for them varies dramatically.
This year we have delivered all services to one of our major customers.
This challenge – to develop and run the entire maintenance
operation for a large customer – has been an important experience as
we have developed TSC during the year.
TSC for peace of mind, added value and streamlining
The Total Service Concept is a full-service package for all of industry.
EuroMaint Industry takes care of all or parts of the customer’s
production-related maintenance, component servicing and/or spare
parts management. The aim is to bring about greater peace of mind,
better opportunities for streamlining and higher financial value for the
customer, compared with a conventional service offering.
Integrating production and maintenance has long been a trend
in the automotive industry. The operators deal with the simpler
day-to-day maintenance, while maintenance personnel increasingly
specialise in more advanced tasks in preventive maintenance,
troubleshooting and repairs. Requirements regarding expertise have
therefore become clearer, as has the positive impact of maintenance
on income. This is the trend on which the TSC is based.
Clarity and flexibility
A TSC-contract means that EuroMaint Industry becomes the new
employer of the maintenance personnel. Joint planning between
production and maintenance is refined. The operators continue to
take care of day-to-day maintenance and receive ongoing training
from EuroMaint Industry, while the specialist expertise of the maintenance
personnel is honed. EuroMaint Industry, which has maintenance
as its core business, provides the personnel with more effective
support with clear routines, clear responsibilities, well-developed
methods and carefully planned competence development.
For the customer, a TSC-contract means greater peace of mind in
the form of predictable costs, higher availability and improved safety.
Our ability to provide additional resources for major maintenance
projects or unique cutting-edge expertise also increases flexibility.
“TSC means peace of
mind, streamlining and
higher financial value
for the customer”
26

MAINTENANCE CONCEPTS
Packaged maintenance services:
Maintenance modules implemented individually or in
combination for the customer.
Total Service Concept, TSC
Available in two versions
• Outsourcing contract for productivity-enhancing maintenance
of all or parts of the customer’s production facilities.
• Availability contract for components/reserve units.
27

EuroMaint Industry
Establishment in Gävle expands our market
Closeness to the customer is paramount to EuroMaint Industry. One of the ways we can achieve this is to
expand geographically and be where our customers are. The branch in Gävle is one step in our endeavour
to establish regional centres at strategic locations across Sweden.
The establishment in Gävle is a first step in being able to offer our entire
proposition in maintenance, component servicing, production engineering
and production equipment to customers on an expanded market.
Greater competitiveness in the Gävle region
The aim of the establishment in Gävle is to help increase the competitiveness
of companies in the region. The region is an interesting
market with many companies in various parts of the processing industry
such as power, steel, paper and pulp. We are readily able to meet the
market’s needs as all personnel in Gävle have a solid background in the
processing industry, and we can also add the collective knowledge the
company has amassed from many years in the engineering industry.
Breadth and depth of expertise
Our newly started operation, which is already on the verge of expanding,
has a breadth and depth of expertise in maintenance engineering,
production engineering, new procurement and logistics. We also have
extensive experience of electrics, mechanics, servo systems, hydraulics
and pneumatics. Our customers can turn to the personnel in Gävle
for help in the production process from analysis to implementation
and administration.
Understanding produces results
Typical assignments range from working with the customer to carry
out efficiency measurements and analyses, securing understanding
in the organisation regarding various maintenance processes and
implementing processes of change, to structuring the customer’s
documentation.
It is hard for companies to optimise their own maintenance
organisation, both in terms of manpower and expertise. Rapid
developments are taking place in maintenance, working methods
and technical solutions. More and more companies are requiring
access to maintenance expertise from organisations with this as
their core business. EuroMaint Industry is exactly this type of partner.
We carry out maintenance and production engineering projects of
all sizes. When necessary, we produce customer-specific production
equipment. When it comes to component servicing our offering
includes repairs, spare parts management and reserve units to help
customers minimise their operational downtime. All depending on the
customer’s specific needs.
28

Closeness to
the customer
Major customers have needs that vary greatly from
one instance to the next. Understanding the customer
properly requires more than simply understanding the
customer’s business. We also need to understand the
customer’s market if we are to offer the attention and
support we consider to be integral parts of being close
to the customer.
From Euromation
to EuroMaint Industry
At the 2006 maintenance fair Underhåll in Gothenburg,
the former Euromation was presented under its new
brand name, EuroMaint Industry. The move signified a
conscious choice of path and emphasised a reinforced
identity as a maintenance company.
To increase the focus on our key customers, we have introduced
a structure whereby dedicated Key Account Managers, KAMs, are
expressly responsible for monitoring one or two customers’ development,
establishing contacts and acting as door openers.
The KAM represents the entirety of our offering and should be
very familiar with all our relations with the customer. In reality this
is nothing new; we have often worked this way informally with the
customers we know well.
The reason we have now formalised the KAM structure is to clarify
our commitment to customer satisfaction. The KAM’s responsibility
includes leading a group which represents different functions within
EuroMaint Industry. In order to strengthen relations and develop business
opportunities the group produces key ratios and action plans.
The job of a KAM is generally long term in nature, although in
practice it may also require swift action. If the customer has a problem,
it is essential to find a solution fast. If someone at the customer company
is unable to find the right department at EuroMaint Industry, or
vice versa, everyone should know who they can turn to for assistance.
The KAM is our voice with the customer and to an even greater extent
the customer’s voice with us.
The new EuroMaint Industry brand strengthens the corporate profile
and communicates added value in a new context for employees and
customers. It symbolises being part of a Group, entailing greater
strength, stability and improved development opportunities for
the company.
Our customers view the change of brand as a positive development
for the company.
The change of brand has been successfully used to communicate
the company’s values – partly through the new customer magazine
Aktuellt, which has become a valuable direct channel to existing and
prospective customers.
The Group-wide website became an important new channel for
presenting our new identity in a broader context.
The sharing of experiences and activities across company borders
will further help strengthen personnel’s sense of affiliation with the
EuroMaint brand.
29

EuroMaint Industry
Specially adapted production equipment
We managed to reverse the strong decrease in sales of production equipment during the first half of the year by
winning a large number of important orders. We now see growing demand for customised production equipment
and automation solutions.
We have established a flexible, skilled, customer-focused organisation
for the future in the Production Equipment product area. We now
have a more efficient, sharper and more nimble group of our own
sales personnel with a clear responsibility to drive technology forward.
Experience builds success
We are used to fulfilling rigorous demands on quality, customer adaptation
and function from our established customers in the automotive
industry.
One important lesson for the future is that we need to be far
clearer to new customers in highlighting the added values we have in
our offerings. At the same time, we must also be more sensitive to the
fact that they do not always need everything we have to offer, instead
they may wish to choose based on a fundamental concept.
Innovative customer adaptation
Increased automation in industry is entailing higher demand in many
areas. Automated Guided Vehicle, AGV, which began as a special
solution, now forms the core of customised assembly systems for
many different applications. Another factor affecting demand is the
need for customers to be able to quickly adapt their production to
new products.
When standard solutions are not sufficient, customers may require
anything from unique total solutions to innovative special adaptation
to and between customers’ existing production equipment.
Clearer added value
Price is becoming increasingly important, and it is not enough to
highlight quality as an added value. Better examples of added value
are instead our ability to understand customers, to resolve their
problems swiftly and assume overall responsibility. Another important
added value is that our creative thinking helps customers make better
use of their existing investments. It is not always necessary to buy
new. By instead extending the service life of the customer’s production
systems, we make a direct contribution to increased profitability.
Collaboration with partners
In order to offer the complete spectrum our customers need, we
collaborate with partners who supplement our specialist know-how
in production streamlining. Different experiences bring fresh ideas,
something everyone gains from – and customers in particular.
30

New customer segments and markets
The establishment in Gävle, combined with the fact that we took over sales and business responsibility for
EuroMaint Rail’s industry service in Åmål during the year, means that EuroMaint Industry now has new
customer segments and a broader market.
The operations in Gävle and Åmål add new experience and customer
relations in the energy and processing industry – and expand our
market geographically.
Unique whole for component maintenance
We are a supplier-independent partner offering a unique breadth in
component servicing. We work with everything from heavy electrical
components such as transformers, generators and electric engines,
to mechanical processing, spindle renovation and circuit boards.
Demand for electronic servicing, for example, is growing.
Through technical counselling and logistics analysis we can act as
a hub in the network, assuming total responsibility for ensuring the
customer has the right component/reserve unit with the right function
in the right place at the right time. The key ratios are easy to measure:
reduced capital in the spare parts inventory as well as shorter waiting
and action times, which have a direct impact on availability.
Each operating hour is worth gold to Fortum
An example: thanks to a close collaboration with EuroMaint Industry,
Fortum Generation in Sunne receives emergency support within
extremely tight time frames, regardless of when a stoppage takes place.
“As each operating hour is worth its weight in gold, we value
the collaboration highly,” says Tord Skymberg, Fortum’s Operations
& Maintenance Manager for the Vänern area.
New business opportunities
Whereas in the past we have solely offered electrical and engine
maintenance to customers in the energy and processing industry,
we can now expand our offering to include all our product areas and
a broader whole. Working with customers from different industries
creates synergies. More and more companies are taking a processbased
approach to maintenance and are seeing the productivityenhancing
effects.
Well-structured maintenance is a core business that has good
potential for creating income. Bringing about the ‘hidden factory’ is
the best we can offer to companies wishing to increase their capacity
and competitiveness. We have done this in the past, and today we can
do it even more clearly within the framework of outsourcing. To date
only a few maintenance organisations in the industry have been outsourced.
Placing such great trust in an external maintenance supplier
is a major step.
Confidence among new customers
For a customer to sign a complete outsourcing contract, that
customer must know us well and know that we keep our promises.
We build up confidence among new customers with more limited
offerings. Our entire offering can be applied to parts of the customer’s
facilities and can also be structured as an availability contract for
components/reserve units or production equipment. Each customer
can choose the level that suits them best.
31

EuroMaint
• The role of the Group management
EuroMaint’s Group management drive overall development Read more on page 34
• Discretion – a natural part of the change process
The consequences of changes in the operation are carefully analysed Read more on page 37
• The role of employees on the Board
How does collaboration work between the union organisations and the Group? Read more on page 39
• Five-year summary
EuroMaint’s development over the past five years in figures Read more on page 40
32

EuroMaint in brief
Business concept
EuroMaint strengthens its customers’ competitiveness through
tailored maintenance and technical solutions, primarily in rail traffic
and the engineering and processing industries.
Vision
EuroMaint’s vision is to be the leading innovative maintenance
partner for increased efficiency.
Core values
• Business oriented
• Responsible
• Innovative
A Group in development
EuroMaint is a maintenance group that unites creative thinking with
long experience, enabling it to offer innovative, customised total
solutions. Industry-wide issues that help to safeguard and develop
EuroMaint’s position as a leading maintenance supplier are dealt
with at Group level – irrespective of the business area they relate to
– as is the development of collaboration with strategic partners.
The subsidiaries focus on the customers and their needs.
Historical development
Both subsidiaries, EuroMaint Rail and EuroMaint Industry, have a
history that dates back to the 19th century. Both companies have
developed from being an internal resource within their former owner
organisations – the Swedish State Railways and Volvo respectively
– to becoming commercial companies on a competitive market.
EuroMaint Rail was formed at the beginning of 2001 when the
Swedish State Railways public enterprise was converted into companies
and SJ Engineering became EuroMaint AB.
EuroMaint Industry was established in 2000 when the Automation
business unit within the Volvo Group was converted into a company
and named Euromation.
The Group was formed at the beginning of 2006 following
EuroMaint’s acquisition of Euromation in 2005.
Strategic goals
EuroMaint’s strategic goals are to
• satisfy owner demands on profitability.
• develop long-term relations through partnerships
with customers and suppliers.
• be the most attractive employer in our area of operation.
Strategic themes
In order to achieve the strategic goals EuroMaint shall
• expand within current business units and new sectors.
• develop the brand and relationship with stakeholders
and the outside world through strategic communication.
• develop new maintenance engineering solutions as well
as joint processes for the Group (structural capital).
• ensure success through dedicated, motivated
personnel with the right knowledge and attitudes
and a common value foundation (human capital).
KEY RATIOS, GOALS AND RESULTS 2006
Strategic goal Key ratio Target 2006 Outcome Comments
EuroMaint Industry EuroMaint Rail
Improve profitability Operating margin, % 6.5 6 Measures in progress
More flexible and cost-effective production Productivity improvement, % 3 Below 3 Measures in progress
Further develop domestic market Growth, % +3 Above 3 Target achieved for 2006
growth and expand internationally
Right delivery quality Customer Satisfaction Index, CSI 24.5 25.4 (2004) Next CSI measurement in 2007
Proud, dedicated employees Employee Motivation Index, EMI 2.9 2.4 (2004) EMI results due 2007
Strengthen market position Turnover, SEK mn 260 231 Measures in progress
Become customers’ natural, preferred partner in Customer satisfaction, % Above 80 76 Up but further improvement
production streamlining progress
needed, measures in progress
Fulfil our owners’ demands on profitability Operating profit, % 5.4 -3.5 Measures in progress
Be an attractive employer Leadership style Above 4.0 4.0 Target achieved for 2006
Secure flexible production capacity and an Quality index Above 500 470 Measures in progress
operation focused on continuous improvement
and process orientation
33

EuroMaint
The role of the Group management
The entire EuroMaint Group works in engineering and maintenance. The subsidiaries focus on the customers and
their needs, and have planning, engineering and management responsibility for their own operations. Strategic
development issues are handled at Group level in networks with the subsidiaries, and certain aspects are co-ordinated.
Since the Group was formed at the beginning of 2006, the parent
company EuroMaint AB has had a management group with a remit
to enable the planned expansion. Development issues of a general,
industry-neutral nature which are of importance to the entire Group’s
development are handled by the Group management. These include
standardised models for business development, operational development,
human resources and communication.
To supplement the existing functions for business and operational
development and finance, the management group has been expanded
during the year to include Vice Presidents for Human Resources and
Communication.
Board that focuses on goals
The Group management’s tasks are partly to co-ordinate operations
where common processes are justified, and to lead the subsidiaries
towards the strategic goals. The resources for development projects
mainly come from the companies themselves. If the development
relates to brand new areas, external resources are used.
The Presidents of the two subsidiaries are part of the Group
management, which in turn makes up the subsidiaries’ Boards.
The number of employees at Group level is kept low while in the
central development function it must be high – the output must
be in proportion to the costs.
Quality improvements in 2006
The entire Group has worked a great deal on measures to improve
quality during the year. Using value-creating analyses, we have
increased our knowledge of the links between delivery reliability,
quality and profitability. Conventionally, development in one of these
areas has been at the cost of another area. By identifying a number of
improvement areas and tackling them, we have been able to improve
standards in all areas.
During the year a Group-wide personnel magazine, emma, was
launched. A uniform graphic profile has been produced and both subsidiaries
are now presented on the Group website, www.euromaint.se.
“Group management
handle development
issues to enable
expansion”
34

Business development
EuroMaint has achieved its leading position in maintenance engineering by systematically focusing on
customers’ needs. The main priority is not what we can deliver, but what the customer needs. However, from
the customer’s perspective a degree of courage is required to move away from conventional maintenance
programmes to the new approach of condition-based maintenance.
Today EuroMaint operates in the rail transport and engineering
industries, both of which are in different phases of development when
it comes to maintenance technology. Whichever industry or industries
the Group expands its operations into, the success factor remains the
same – a team of highly skilled engineers who can also understand
and meet our customers’ needs.
Measurable costs and income
In the technically oriented industries where EuroMaint operates it is
important to be able to clearly show measurable results. Accessibility
to production resources is not the only improvement area; income
can also be affected, for example by scheduling planned operational
stoppages intelligently. We must also be able to show that safety
levels are maintained even though the cost is lower. Once again
– focusing on the customer’s needs.
Partnership, collaboration and influence
Collaboration in various forms is an important component in
EuroMaint’s development. It entails long-term, stable relations with
our customers in order to understand their needs in the best way
possible. It involves partnerships and networks with suppliers to
satisfy customers’ varying needs, and also to increase the pace and
capacity of our development and ensure flexibility and adaptability to
changes in the market.
Developing condition-based maintenance requires the installation
of measurement equipment on rolling stock, for instance. In the rail
transport industry EuroMaint’s advisory role has gradually increased.
We often have an opportunity to influence how our customers fit out
new rolling stock in order to increase availability and decrease the
number of stoppages. In the same way we need to keep abreast of
other industries in order to develop our advisory role in the long term.
We work with the Swedish Rail Agency and have been able to show
good examples, which now serve to influence international regulations.
We are proud of this role, which sends out positive signals to the market.
We already know that companies will have to obtain certification from
the European Railway Agency, ERA, in order to deliver maintenance
for the European railways, and that the system is not significantly
different from the one we use at present. We welcome this development
and will be foremost among Europe’s ERA-certified maintenance
companies.
Industries at different stages
EuroMaint Industry is currently taking the step from classic maintenance
sold by the hour, to offering a full service with a focus also on
income. We are investing a great deal, with the aim of signing new
maintenance contracts with manufacturing industries in 2007 in line
with our Total Service Concept.
EuroMaint Rail is ready to establish itself internationally. The
company may achieve this by accompanying partners to other
countries, whereby we take our established maintenance concept and
gradually invest. We may also expand from Sweden, such as with the
refurbishment contract for NSB’s passenger carriages. EuroMaint
is also expanding into the Baltic region, where our establishment is
being financed through the more cost-effective production of component
maintenance. In the long term we also expect to build relations
with local train operators in order to bring a modern maintenance approach
to the expansion of the railways on that side of the Baltic Sea too.
35

EuroMaint
Operational development
Maintenance is a commission of trust based on in-depth, industry-specific skill and a broad, sector-wide
innovative approach. Whichever industry EuroMaint operates in the goal is the same: to find the best balance
between availability, profitability and safety for the customer.
We create customer value by optimising processes and technology.
The question we continuously ask in our operational development
is how: How can we make our processes more efficient? How can
we introduce new technology and new methods for streamlined
maintenance? How can we develop our collaboration with strategic
partners? How can we harness and develop creative ideas?
Synergy and customer benefit
As a maintenance group with operations in different industries,
EuroMaint benefits from synergies. The lowest common denominator
is that every operational disruption comes as a surprise – more
or less. Ideally less. By refining maintenance planning, preventing
surprises, fine-tuning logistics and being prepared to act ahead of the
unexpected, we minimise the number of operational disruptions.
Statistics or reality
Conventional preventive maintenance is based on operating statistics
which determine how often the measures are carried out. In contrast,
new preventive maintenance is condition based. Thanks to new technology
for monitoring the condition of equipment, we can measure
the maintenance need and carry out the work when it is actually needed.
Partnership and the wide scope
Maintenance requires both general and specialist expertise. At
EuroMaint we recognise that we cannot be specialists at everything.
We therefore collaborate with selected partners. Some of them are
closely involved in our operational development regarding condition
monitoring, documentation and Integrated Logistics Support,
ILS. Others help to complete the total range of services we
offer customers.
From activity to process
During the year EuroMaint has launched the Total Service Concept, TSC,
as a comprehensive proposition for the entire industry. The total service
aspect lies in viewing maintenance not only as a series of activities,
but as something closely integrated with operation. This approach
enables us to take greater advantage of breaks in operation to carry out
preventive maintenance. Similarly, better use can be made of operators’
knowledge in day-to-day maintenance. Maintenance has on the whole
become more specialised and expertise-demanding. Does the customer
want us just to take care of the specialised maintenance? Or to be
responsible for the total service? The choice is the customer’s.
Total concept independent of sector
The TSC was originally developed within EuroMaint Rail to offer
customers in the rail transport industry a more comprehensive
package, to provide relief and assume total responsibility for
availability. Since then, with the support of the Group management,
EuroMaint Industry has further developed and adapted the concept
to the engineering industry. One of the main benefits our subsidiaries
enjoy in being part of a maintenance group is that the development
of methods relating to operational reliability and maintenance is
largely the same regardless of industry.
Active ideas process
EuroMaint has the breadth in maintenance engineering that enables
us to harness and exchange good ideas between the rail transport,
engineering, energy and processing industries and other sectors.
One way of adding new knowledge is to arrange personnel seminars
with external speakers. In a Group that recognises creative innovative
thinking, actively seeks new ideas and ensures they are swiftly
implemented, good ideas rarely come in ones.
36

Discretion – a natural part of the change process
Continuous improvement of the operation is absolutely crucial for a Group like EuroMaint that operates on a market
exposed to competition. Every change affects a host of different factors both within and outside of the Group. It is
paramount that we analyse the potential consequences of changes in advance and minimise the risk of adverse effects.
All major planned operational changes in EuroMaint are preceded by
a risk analysis to establish what the consequences might be for the
company, its customers or the wider outside world. All to minimise
risks and maintain high preparedness.
Analysis ahead of changes
Analysis is used continuously during the companies’ tendering process
and deliveries to examine the consequences on finances, safety, the
environment and working environment, for example. Events which
are not the initiative of EuroMaint are also examined in the form of
various conceivable scenarios.
For example, a risk analysis was carried out before the bid for
Stockholm Train commuter traffic was even submitted. The analysis
was then successfully used to eliminate risks once the contract had
been won and the operation taken over. Activities that aim to reduce
risks have been incorporated into the operation’s ongoing action plans.
Risk analysis
The analysis is comprised of four phases:
• Phase 1 – Identification
• Phase 2 – Analysis and classification
• Phase 3 – Preventive measures
• Phase 4 – Follow-up
The phases are described in more detail in the illustration below.
Prudent financial management
EuroMaint is also exposed to currency risks, interest rate risks, credit
risks, liquidity risks and refinancing risks. The Group focuses on
minimising effects which have an adverse impact on results.
Currency risks – EuroMaint is exposed to some extent to currency
risks due to its relatively large purchase volumes in foreign currencies
and low customer invoicing in corresponding currencies. Purchases
in foreign currencies for large projects are hedged or agreed with
variable foreign exchange clauses during the tendering or contract
formulation stage.
Interest rate risks – EuroMaint’s loan portfolio is affected by general
changes in interest rates. To counter this the portfolio has been
divided and tied to different fixed-interest terms.
Credit risk – EuroMaint has procedures for minimising ongoing
customer credit risks. These procedures include credit checks,
advance payment and guarantee management, as well as ongoing
credit monitoring.
Liquidity and refinancing risk – EuroMaint’s policy is always to have
cash and cash equivalents and secured refinancing available to the
extent required for the operation.
Phases of risk analysis
Identifying risks requires the
involvement of those who work in
the relevant operation. The method
can vary: situational questions,
workshops or interviews.
The risk classification is carried out
with the aid of a matrix, in which
conceivable damages and their
probabilities are graded. This is
preceded by a qualitative analysis to
detect any trends or patterns that may
affect the assessment.
The probability of the identified
risks occurring is reduced through
preventive measures, which are
documented in an action plan.
The preventive measures are
continually followed up to ensure
they are having the intended
effect. In some cases, a new
identification and analysis phase
may be required that results in a
new action plan.
37

EuroMaint
Personnel development
EuroMaint aims to be the most attractive employer in its area of operation. Our image is also of significance
in our financial statements. If the company is attractive both internally and externally we can attract the best
resources and secure a competent workforce in the long term. We should therefore be our present and future
employees’ first choice as a workplace.
It is essential to have dedicated, motivated personnel if we as a Group
are to achieve our ambitious goals. The right knowledge and attitude
along with common values are factors that contribute to our success.
The way EuroMaint is perceived as an employer is crucial to attract
new personnel, retain skilled employees in the company and ensure
that we have a motivated workforce. We are therefore increasing our
focus on developing EuroMaint’s image as an employer both internally
and externally.
Managers with total responsibility
The managers in the companies have total responsibility for personnel.
Their role entails focusing on performance and the inherent potential
of each employee. We work to ensure our employees approach the
future with dedication, self-confidence and responsibility. To make
this possible, the Human Resources, HR, function supports the managers
who in turn support personnel.
Skilled personnel are the key to competitive performance, which
is why it is important to develop HR processes into part of the dayto-day
leadership. It should be equally natural for our managers to be
leaders of people as it is for them to do business or be experts in their
field. To create greater scope for the more strategic HR work, where
the managers are given support in difficult issues, the administration
needs to be streamlined as far as possible. A process which is currently
under way.
The right people, in the right place, at the right time
The age structure at EuroMaint means that in five years time, an
average of one employee a week will be retiring. Handling the
generation shift while safeguarding our aim of expanding requires
a proactive approach and a clear plan.
Our provision of skills partly relies on educational initiatives at several
levels and we are striving for long, well-defined collaborations with
a few selected schools. In Malmö we are working with employer
organisation Almega and the City of Malmö to expand the new workshop
solution in the region to form an innovative technology centre.
The idea is to include courses as well as research and development
collaborations with universities and colleges. The courses may be
industrial programmes in existing upper secondary syllabuses,
AVE (Advanced Vocational Education) and recruitment courses.
We are also taking measures to include even more personnel in
our leadership development programme. In addition to courses for
group managers, we are now starting programmes for foremen.
Increased commitment good for the company’s goals
We strive to have motivated personnel. Motivated people engender
success. We want to promote and strengthen the factors that produce
dedicated, motivated and satisfied employees.
To ensure that all personnel work towards a common goal and are
familiar with and understand the company’s strategies, visions and
business objectives, we use the ‘Dialogue for Participation’ tool and
shared core values.
Core values are about creating a shared platform and climate which
means that all personnel do their best and a bit more. All employees
must understand customers’ needs even those who do not have
direct contact with customers. With a desire to be business oriented,
responsible and innovative we build up a sense of pride in what we
achieve together. In autumn 2007 and spring 2008 we will be organising
employee activities to continue our work on goals and strategies.
Employee facts 2006 2005
Personnel turnover, % 6.0 6.0
Turnover/employee, SEK thousands 1,167 1,122
Number of new
permanent employees
50
40
51
Leadership development
Managers in training
50
40
43
Sick leave, % 4.7 4.8
30
36
30
Percentage of women, % 6.5 7.0
Average age 47 50
20
10
18 17
20
10
18
3 3
2005 2006
EuroMaint Rail
2005 2006
EuroMaint Industry
2005 2006
EuroMaint Rail
2005 2006
EuroMaint Industry
38

The role of employees on the Board
Bertil Hallén is one of the three employee representatives on EuroMaint’s Board of Directors. As a union spokesperson
it is his task to protect members’ interests. As a member of the Board he is involved in managing the Group’s development.
So is there any conflict between these two roles? How does the collaboration between the union organisations
and the Group work?
Relations between Group management and the union are good. This is
a brief summary of Bertil Hallén’s view of relations between the parties.
“The most important thing is that we now always receive information
very early on, as soon as possible. Also there’s an ongoing
dialogue, where I’ve noticed that the managers of both companies
and the Group genuinely listen and take our arguments on board.”
Agreement but not about everything
When the Group’s long-term strategies are being discussed, a
consensus is usually reachable. For example, all parties consider
investment in development important. For personnel it is important
to be advanced in their technical and skills development as it creates
opportunities for a good pay situation.
EuroMaint has a co-operation agreement
“This doesn’t mean we agree on everything, but that we come to an
agreement in negotiation. The difference is that we’re involved from
an early stage and have more of an opportunity to affect decisions,
although this can also mean we have to be involved in the process
ahead of unpleasant decisions.
“Then there are some issues where we will never agree completely,
such as overcapacity and pay,” says Bertil.
He explains that it can sometimes be difficult to be in the know
about tough decisions at an early stage. He is not always able to
inform union members about what he knows straight away.
“My priority is always the best interests of the members. The
trick is to know what’s best in the long term. Afterwards I always have
to be able to explain what has happened, and why. Information is an
important part of my role, and something that can always
be improved.”
Personnel have a lot of knowledge
Bertil Hallén has worked in the rail transport industry for almost
30 years and he has been an employee representative on the Board
since 2001. He currently sits on the Boards of AB Swedcarrier and
EuroMaint AB.
“It wasn’t easy being a union representative on the Board in the
beginning. It took a while for everyone to grow into their roles, and
I found that many of the external representatives didn’t understand
very much about our operation, although this has improved a lot.
“I think employee representatives have contributed a lot of knowledge
to the Board. We look at how the company is performing from
a completely different perspective and we can explain what needs to
be done.”
Bertil says that it is not always easy for an individual employee to
bring his or her manager’s attention to areas that should be improved.
In such cases it may be simpler to take the issue to the union
which can ensure the matter is dealt with at a higher level.
Positive development
The main change Bertil has witnessed over the past five years has
been the fact that everyone seems more involved now, which is closely
linked to the clearer control.
“It’s taken a while to get this far, but now it feels very positive. This
is largely thanks to the management, they’ve really made an effort to
ensure everyone can see the bigger picture. They’re also very clear
about where we are and where we’re heading.
“Another positive thing is that EuroMaint Industry has now become
part of the Group, it’s good to have another leg to stand on. There is
potential for excellent results. I think that from the union’s position
we can offer plenty of good advice for its development.”
39

Five-year summary
PRO FORMA PRO FORMA
income statement, SEK mn 2006 2005 2004 2003 2002
Turnover 2,037 1,872 1,493 1,653 1,879
Operating profit/loss 100 114 47 -103 -188
Net financial revenues/expense -9 -11 -10 -11 -26
Profit/loss after tax 70 92 52 -106 -164
Cash flow, SEK mn
Cash flow from:
Operating activities 77 62 48 -40 -56
Investment activities -32 -100 -34 10 -21
Financing activities -66 90 0 30 76
Change in cash and cash equivalents -21 52 14 0 0
Balance sheet, SEK mn
Fixed assets 207 221 160 113 140
Receivables and stock 776 693 563 690 722
Cash and cash equivalents 45 66 14 0 0
Total assets 1,028 980 737 803 862
Equity 249 178 81 18 110
Deferred tax 8 12 0 0 13
Other provisions 63 66 46 54 75
Long-term liabilities 274 340 250 250 240
Operating liabilities 434 384 359 481 424
Total equity and liabilities 1,028 980 737 803 862
The relevant figures for 2002–2004 relate to EuroMaint Rail. EuroMaint Industry is included from 1 July 2005.
40

The business in figures
• Report of the Directors Read more on page 42
• Income Statements Read more on page 44
• Balance Sheets Read more on page 45
• Changes in Equity Read more on page 47
• Cash Flow Analyses Read more on page 48
• Notes Read more on page 49
• Audit Report Read more on page 64
41

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Report of the Directors
The Board of Directors and President of EuroMaint AB hereby submit the Annual Report for the 2006 financial year.
EuroMaint AB is a wholly-owned subsidiary of AB Swedcarrier, with registered number 553036-3409 domiciled in
Stockholm, Sweden, and is wholly-owned by the Swedish state.
Continued consolidation,
streamlining and internationalisation
The Group’s aim is to be actively involved in the consolidation of the
maintenance industry.
The acquisition of Euromation AB and maintenance contracts for
commuter trains in Stockholm and the Arlanda Express are some
examples of operational decisions aimed at realising the Group’s aim
of becoming an important player in the maintenance industry, not
only in Sweden but also internationally.
New maintenance concepts with total undertakings in partnershipstyle
agreements, of the type used in EuroMaint Rail, are being
developed for EuroMaint Industry. The aim of this strategy is to make
it possible for the companies to advance up the value chain. EuroMaint
wants to develop partnerships with its customers and thereby establish
long-term incentive-led servicing contracts. Strategic collaborations
with companies that develop different technical solutions and systems
enable EuroMaint to swiftly bring new technology to its customers.
We have taken crucial steps during the year to realise our ambition
of becoming a player on the international market.
Since 2003 EuroMaint has carried out a number of structural
measures to achieve increased cost-effectiveness and has implemented
an efficient financial control model. These development initiatives
will continue in 2007 and create further competitive advantages for
the Group.
Operations
A decision has been taken to start up an operation in the Baltic region
and this establishment has begun.
In stiff competition, EuroMaint Rail has won its first major
international order, a refurbishment contract for the Norwegian State
Railways, NSB.
In addition to several new contracts and contract extensions
among existing customers, the company has also won a number of
brand new orders during the year. In June EuroMaint Rail took over
responsibility for technical maintenance of the commuter trains
in Stockholm. A new operator on the Swedish rail market, Arriva,
awarded EuroMaint Rail the maintenance contract for the Pågatågen
commuter trains.
Additional orders for EuroMaint Industry’s unique Automated
Guided Vehicles (AGVs) have been received both within and outside
of Sweden. Alongside the established services the company is also
investing in new concepts. The Total Service Concept (TSC) is an
important element in the aim of strengthening market position
and bringing about volume growth. The concept entails EuroMaint
Industry offering a full service undertaking in maintenance, spare
parts management and component servicing.
Personnel
In taking over maintenance of the commuter trains in Stockholm,
EuroMaint increased its workforce by around 100.
EuroMaint Industry has adapted its organisation partly in line with
the altered product mix, and partly to create conditions for growth.
The company has also begun a major recruitment process for
specialist expertise.
‘Dialogue for Participation’ is the name of the long-term project
initiated by EuroMaint Rail in the spring with the aim of increasing
employees’ knowledge and understanding of the business plan. The
dialogue will help increase personnel’s opportunities for realising
the business plan.
Market
Demand for both consultancy and servicing in the engineering industry
has increased during the year. In response to the increased and
altered nature of this demand, EuroMaint Industry is now strengthening
certain areas of specialist expertise such as maintenance engineering,
production engineering and service engineering. The Swedish
market for train maintenance is one of the most open to competition
in Europe. This trend has been positively affected by deregulation
and EU harmonisation, which are gradually opening the market up to
service exports.
Several of the contracts signed so far during the year are clear
proof of major customers’ continued trust in EuroMaint’s quality and
ability to deliver. EuroMaint Rail has submitted several major tenders
to its customers for rolling stock refurbishment and is processing
requests for tender regarding maintenance for the Öresund Rail
Services. EuroMaint Industry is in dialogue with both existing and new
customers with regard to extended, partnership-style collaborations in
production streamlining and maintenance development.
Impact on the environment
At all EuroMaint Rail workshops, the main effect on the environment
is to the air and water. The operation is classified as harmful to the
environment and an application must be made to the environmental
authorities. The environmental authorities decide whether a permit
or notification is required depending on the degree of risk to the
environment. If EuroMaint Rail were not to receive the environmental
permits required for production, this could harm its opportunities
to fulfil customer commitments. If permits were not granted there
is, however, the ability to restructure activities at the workshops for a
limited period to restrict the adverse financial impact.
Eleven of the EuroMaint Rail workshops require official notification
in accordance with the Ordinance (1998:899) concerning Environmentally
Hazardous Activities and The Protection of Public Health.
The relevant inspection authorities for the workshops in Luleå/Svartön
and Sundsvall have judged that no notification is required. The activities
carried out by EuroMaint Rail which require notification include
vehicle washing, painting, deicing and handling diesel fuel.
In June 2006, EuroMaint Rail took over the maintenance work
at SL’s workshops in Älvsjö and Bro. Both workshops require official
notification in accordance with the Ordinance concerning Environmentally
Hazardous Activities and The Protection of Public Health.
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E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
The amendment application for each inspection authority regarding
registration of a new company carrying out the activities has been
dealt with. An application for a permit for inflammable goods for the
Älvsjö depot has also been notified to the local authority.
In spring 2007 the workshops in Älvsjö and Bro will be audited for
certification to ISO 14001:2004 standards.
The operations in Åmål and Örebro require permits. The workshops
require permits due to the large workshop area and the large amount
of chemicals used in connection with vehicle washing and painting,
for example.
EuroMaint Industry does not conduct any activities that require a
permit. It has one operation which requires notification. It relates to
the motor rewinding operation and the use of paints. The environmental
impact of all EuroMaint Industry’s operations is low and the
financial risk is, therefore, low.
Significant risks
The Group’s companies have a customer structure whereby a small
number of customers account for the predominant proportion of
Group turnover. The loss of a major customer or a significant customer
contract would place extensive demands on the companies to adapt
their administrative support functions to the reduced turnover. For a
transitional period the companies’ profitability would be reduced.
As customer relations often encompass several different contract
areas with differing lengths of term, this risk is, however, spread out
over time.
Future development
By developing new types of contract with total solutions, EuroMaint
can take on overall responsibility which includes preventive, corrective,
restorative and improvement maintenance, in the form of periodic
reviews and advanced refurbishment, for example. EuroMaint’s
undertaking therefore encompasses a large part of the value chain.
The maintenance methods and contract structures developed by
EuroMaint have been judged to be transferable to other operations.
This creates scope for expansion into other areas and improves
conditions for EuroMaint to be involved in the consolidation of the
maintenance industry.
In line with EuroMaint’s business plan to streamline and become
more cost effective, projects are in progress in Sweden while at the
same time international establishments are under way and being
planned. The new operation in the Baltic region and the refurbishment
project for the Norwegian State Railways are the first of several steps
into the international market. These establishments assure a significant
new local presence on expansive markets.
Interest in production streamlining has increased. Industry needs
flexible, cost-effective solutions. The trend towards outsourcing enables
EuroMaint to offer a concept of interest to the market. New business
solutions for cost-effective spare parts management for industry,
along with new customised automation solutions, combined with
increased local presence through establishments in new locations,
are all important elements of the business strategy.
Events after the year-end
As part of its remit from the Swedish government in connection
with the conversion of the Swedish State Railways into independent
companies in 2001, EuroMaint’s owner, AB Swedcarrier, has decided
to initiate a sales process for its wholly-owned subsidiaries EuroMaint
and SweMaint.
Turnover and profit
Turnover
Total revenues for the year amounted to SEK 2,037 (1,872) million.
The increase is explained by the acquisition of Euromation AB
(now EuroMaint Industry AB) on 1 July 2005, as well as a general
increase in turnover for EuroMaint Rail AB.
The latter is due to new or extended contracts such as Arlanda
Express, refurbishment of X2 trains for SJ AB, refurbishment of carriages
for the Swedish State Railways public enterprise and new engine
modifications for Green Cargo AB.
Operating profit
Operating profit amounted to SEK 100 (114) million, which gives an
operating margin of 5% (6%).
The decrease in the margin is mainly due to structuring costs and
costs for quality improvement measures in 2006, as well as a positive
one-off item in 2005.
Financial items
Net financial revenues/expense amounted to SEK -9 (-11) million. This
figure has been affected positively by a lower net provision achieved
through a stronger cash flow.
Cash flow
Cash flow for the year after investments amounted to SEK 45 (-38)
million.
The increase is mainly explained by the fact that the 2005 figure
was affected by the acquisition of Euromation AB.
Proposed treatment of unappropriated earnings
Profit for the year in the parent company amounted to SEK 2,186,532
(117,570).
The Board of Directors proposes that the funds at the AGM’s
disposal, in accordance with the parent company’s balance sheet, be
carried forward:
Earnings carried forward (SEK) 156,878,232
Net profit for the year 2,186,532
TOTAL 159,064,764
The income statement and balance sheet will be presented to the
AGM on 29 March 2007 for adoption.
43

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Income Statements
1 January – 31 December 2006
Group
Parent company
SEK thousands Note 2006 2005 2006 2005
Operating Revenues
Net turnover 27 2,033,842 1,865,011 28,140 0
Other operating revenues 4 3,179 7,202 3 0
TOTAL OPERATING Revenues 2,037,020 1,872,213 28,143 0
Operating expenses
Net operating expenses -610,487 -631,100 0 0
Other external expenses 5, 23 -462,958 -381,036 -13,081 0
Costs of personnel 6 -831,565 -721,183 -14,001 0
Depreciation of tangible assets 7 -25,432 -24,163 -18 0
Amortisation of intangible assets 8 -1,875 -938 0 0
Other operating expenses -4,576 -69 0 0
TOTAL OPERATING EXPENSES -1,936,893 -1,758,489 -27,100 0
Operating profit 100,128 113,724 1,044 0
Financial items
Financial revenues 9 3,101 916 13,588 163
Financial expenses 9 -11,648 -11,800 -11,595 0
NET FINANCIAL Revenues/EXPENSE -8,546 -10,884 1,993 163
Pre-tax profit 91,581 102,840 3,037 163
Tax 10 -21,342 -10,376 -850 -46
NET PROFIT FOR THE PERIOD 70,239 92,464 2,187 118
Parent company shareholders’ share of profit for the period 70,239 92,464 2,187 118
Earnings per share, SEK thousands 70.2 92.5 2.2 0.12
44

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Balance Sheets
1 January – 31 December 2006
Group
Parent company
SEK thousands Note 2006 2005 2006 2005
Assets
Fixed assets
Tangible assets 7 131,434 131,823 258 66
Intangible assets 8 42,383 44,258 0 0
Participations in Group companies 11 0 0 253,386 156,761
Deferred income taxes recoverable 14 11,719 21,548 0 0
Other long-term receivables 12, 13 21,215 23,313 129 129
Long-term receivables 0 0 200,000 0
Total fixed assets 206,750 220,941 453,772 156,956
Current assets
Inventories 15 268,770 259,343 0 0
Accounts receivable 331,963 283,644 0 0
Receivables from Group companies 4,125 511 2,366 163
Other receivables 29 47,555 54,296 1,210 0
Completed, not invoiced 29 69,255 75,224 0 0
Prepaid expenses and accrued revenues 16, 29 54,298 20,335 312 0
Cash and bank balances 45,323 65,850 37,560 0
Total current assets 821,290 759,202 41,448 163
Total assets 1,028,040 980,143 495,220 157,119
45

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Balance Sheets
Contd.
Group
Parent company
SEK thousands Note 2006 2005 2006 2005
Equity and liabilities
Equity
Share capital 100 100 100 100
Other contributed capital/statutory reserve 394,863 394,863 29 29
Accumulated deficit/non-restricted equity -145,606 -216,867 159,065 156,878
Share capital pertaining to
parent company shareholders 249,357 178,096 159,194 157,007
Total equity 249,357 178,096 159,194 157,007
Long-term liabilities
Long-term interest-bearing liabilities 17 270,000 340,000 270,000 0
Provision for pensions and similar commitments 13 42,054 38,448 0 0
Other provisions 18, 29 20,671 26,968 0 0
Deferred tax liability 19 8,266 12,418 0 0
Other long-term liabilities 4,229 0 0 0
Total long-term liabilities 345,219 417,834 270,000 0
Current liabilities
Advance payment from customers 20 35,908 9,938 0 0
Accounts payable 20 123,205 116,954 2,293 0
Income tax liability 20, 29 21,452 37,394 0 46
Liabilities to Group companies 20 6,013 7,482 58,973 0
Other current liabilities 20 12,008 19,120 0 66
Accrued expenses and deferred revenues 21, 29 234,408 193,326 4,759 0
Other liabilities to SC Group 20 469 0 0 0
Total current liabilities 433,463 384,213 66,026 112
Total liabilities 778,682 802,047 336,026 112
Total equity and liabilities 1,028,040 980,143 495,220 157,119
Pledged assets and contingent liabilities
Pledged assets, floating charges 22 20,000 20,000 none none
Contingent liabilities 22 10,577 11,809 none none
46

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Changes in Equity
Group
1 January – 31 December 2005 Share capital Other contributed Profit earned Total
SEK mn capital equity
Opening equity 1 Jan 2005 100 394,863 -313,532 81,431
Adjustment due to change of accounting
principle, investment property – – 6,257 6,257
Tax effect due to change in accounting principle – – -1,752 -1,752
– – 4,505 4,505
Reclassification – – -304 -304
Net profit for the year – – 92,464 92,464
Total change in wealth exc. transactions
with the company’s owners 0 0 96,665 96,665
Closing equity 31 Dec 2005 100 394,863 -216,867 178,096
The Group has decided to apply fair value for investment property (IAS 40)
to ensure a uniform treatment principle throughout the Swedcarrier Group.
1 January – 31 December 2006
Adjusted opening balance 1 Jan 2006 100 394,863 -216 867 178,096
Reclassification – – 1,022 1,022
Net profit for the year – – 70,239 70,239
Total change in wealth exc. transactions
with the company’s owners 0 0 71,261 71,261
Closing equity 31 Dec 2006 100 394,863 -145,606 249,357
Parent company
1 January – 31 December 2005
Share capital pertaining to parent company shareholders Share capital Statutory Earnings brought Net profit for Total equity
SEK mn reserve forward the year
Net profit for the year – – – 118 118
Total change in wealth exc.
transactions with the company’s owners 0 0 0 118 118
Shareholders’ contribution – – 156,760 – 156,760
Closing equity 31 Dec 2005 100 29 156,760 118 157,007
The number of shares in the parent company
amounts to 1,000
The quota value in the parent company amounts to 100
1 January – 31 December 2006
Opening equity 1 Jan 2006 100 29 156,878 0 157,007
Net profit for the year – – – 2,187 2,187
Total change in wealth exc. transactions
with the company’s owners 0 0 0 2,187 2,187
Closing equity 31 Dec 2006 100 29 156,878 2,187 159,194
The number of shares in the parent company
amounts to 1,000
The quota value in the parent company amounts to 100
47

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Cash Flow Analyses
1 January – 31 December 2006
Group
Parent company
Note 2006-01-01 2005-01-01 2006-01-01 2005-01-01
SEK thousands 2006-12-31 2005-12-31 2006-12-31 2005-12-31
Operating activities
Profit after financial items 91,581 102,840 3,037 163
Depreciation/amortisation 27,307 25,102 18 0
Other items not affecting cash flow 24 1,572 -33,929 0 -46
Income tax paid -15,666 – -850 –
Cash flow from operating activities
before changes in working capital 104,794 94,013 2,204 118
Changes in working capital
Increase (-)/decrease (+) in inventories -9,427 -18,501 0 0
Increase (-)/decrease (+) in accounts receivable -48,319 -47,675 0 0
Increase (-)/decrease (+) in other current receivables -19,368 12,248 -3,725 -163
Increase (+)/decrease (-) in accounts payable 6,251 -15,467 2,293 0
Increase (+)/decrease (-) in other current liabilities 42,999 37,356 63,621 112
Cash flow from operating activities 76,930 61,974 64,394 66
Investment activities
Acquisition of tangible and intangible fixed assets 7 -31,043 -21,049 -223 -66
Divestment of tangible and intangible fixed assets 7 3,167 1,115 13 0
Acquisition of subsidiary/business segment, net liquidity effect 0 -80,534 -96,625 0
Acquisition of other financial assets -3,810 524 -200,000 0
Cash flow from investment activities -31,686 -99,944 -296,834 -66
Cash flow from operating activities 45,244 -37,970 -232,440 0
Financing activities
Borrowings 0 100,000 340,000 0
Repayment of debt -70,000 -10,000 -70,000 0
Change in other financial liabilities 4,229 0 0 0
Cash flow from financing activities -65,771 90,000 270,000 0
Change in cash and cash equivalents for the year -20,527 52,030 37,560 0
Cash and cash equivalents at beginning of year 65,850 13,820 0 0
Cash and cash equivalents at end of year 45,323 65,850 37,560 0
48

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 1
Accounting principles
General information
EuroMaint’s proposition to customers encompasses most forms
of technical maintenance. EuroMaint Rail develops and produces
technical system services and maintenance in the rail transport and
engineering industries. EuroMaint Industry offers customers maintenance,
component servicing and development of various types of
production equipment.
The consolidated financial statements and the Annual Report for
EuroMaint AB (the parent company) for the 2006 financial year have
been approved by the Board of Directors and the President for presentation
to the AGM on 29 March 2007 for adoption.
The parent company is a registered limited company domiciled in
Stockholm, Sweden. The address of the head office is Svetsarvägen
10, SE-171 29 SOLNA. The Swedish state is the ultimate owner.
The parent company of the largest Group in which EuroMaint AB,
556084-8458, is a subsidiary and in which consolidated financial statements
are prepared, is AB Swedcarrier, 556036-3409, in Stockholm.
Summary of important accounting principles
The most important accounting principles applied in the preparation
of these consolidated financial statements have been set out.
Statement on compliance with the applied rules
The consolidated financial statements for the EuroMaint Group have
been prepared in accordance with International Financial Reporting
Standards (IFRS). As the parent company is a company in the EU,
only the IFRS as endorsed by the EU are applied. Moreover, the
consolidated financial statements are prepared in accordance with
Swedish legislation through the application of Swedish Financial
Accounting Standards Council recommendation RR 30:05 (Supplementary
financial reporting rules for Groups). The parent company
Annual Report is prepared in accordance with Swedish law through
the application of Swedish Financial Accounting Standards Council
recommendation RR 32:05 (Financial reporting for legal entities).
This means that IFRS valuation and disclosure principles are applied
with the deviations specified in the section on parent company
accounting principles.
EuroMaint also follows the Stockholm Stock Exchange’s listing
agreement with appendices and regulations from the Swedish
Industry and Commerce Stock Exchange Committee (NBK).
Foundation for preparing reports
The consolidated financial statements for the EuroMaint Group have
been prepared in accordance with International Financial Reporting
Standards (IFRS). The accounts are primarily based on historical
costs with the exception of certain financial instruments and investment
property which are recognised at fair value.
Altered accounting principle for investment property
As of mid-2006 the Group measures its investment property at fair
value. The effect of altering the accounting principle for investment
property to fair value (IAS 40) entails an increase in equity in the
opening balance of SEK 4.5 million upon transition to IFRS.
Important estimates and assumptions for accounting purposes
The Group makes estimates and assumptions about the future.
The estimates for accounting purposes which result from these, by
definition, will rarely equate to the actual result. The estimates and
assumptions which entail a significant risk for considerable adjustments
in carrying amounts for assets and liabilities over the coming
financial year are discussed below.
Critical accounting issues
During the preparation of EuroMaint’s consolidated financial statements,
the Board and President have, in addition to estimates, made
a number of assessments of critical accounting issues which are
highly significant to carrying amounts. This applies for the following
areas:
Fair value of acquired subsidiary
EuroMaint Industry’s predominant customers operate in the automotive
industry. This industry is undergoing heavy restructuring
both nationally and internationally, which is henceforth likely to force
players possibly to relocate their production facilities to regions with
comparative advantages. Needless to say, this scenario means that
valuations of customer relations and goodwill contain a degree of
uncertainty.
Uncertainty in estimates
Certain assumptions about the future and certain estimates and
assessments on the balance sheet date are of particular importance
to the valuation of assets and liabilities in the balance sheet. The
areas where the risk of changes in value during the subsequent year
is greatest because the assumptions or estimates may need to be
altered are discussed below.
Impairment test for goodwill
The value of recognised goodwill is tested at least once a year to determine
any write-down requirement. The test requires an assessment
of the value in use of the cash generating unit, or groups of cash
generating units, to which the goodwill value is attributable. In turn,
this requires an estimation of the expected future cash flow from the
cash generating unit and a relevant discount rate must be established
to calculate the present value of the cash flow.
Obsolescence of inventories
In terms of value, inventories mainly comprise items which have
been acquired in accordance with an assessed maintenance plan for
various train models. As these cycles are long-term in nature (5 to
12 years), there is an element of uncertainty in this assessment. The
company has a far-reaching obligation to stock items (spare parts) for
a long time for various train models which have a very long financial
and technical life.
Consolidated accounts
Subsidiaries are all companies in which the Group is entitled to
formulate financial and operational strategies in a way that usually
accompanies a shareholding amounting to over half the voting rights.
Subsidiaries are included in the consolidated financial statements
from the day on which controlling influence passes to the Group.
They are excluded from the consolidated financial statements from
the day on which this controlling influence ceases.
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E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 1
Accounting principles Contd.
Intra-Group transactions and balance sheet items, as well as profits
on transactions between Group companies, are eliminated. Losses
are also eliminated, unless the transaction is proof of a write-down
requirement for the transferred asset. The accounting principles
for subsidiaries have been changed where appropriate to guarantee
consistent application of the Group’s principles.
Business combinations
IFRS 3 entails establishing the fair value of identifiable assets and
liabilities in the acquired operation at the time of acquisition. Identifiable
assets and liabilities also include assets, liabilities and provisions
including obligations and demands from external parties not reported
in the acquired operation’s balance sheet. No provisions are made
for costs relating to planned restructuring measures resulting from
the acquisition. The difference between the cost of the acquisition
and the acquired proportion of net assets in the acquired operation is
classified as goodwill and is recognised as an intangible asset in the
balance sheet.
The useful life of each individual intangible asset is established
and the asset’s fair value is amortised over its useful life. If the useful
life is deemed indefinite, no amortisation takes place. If the useful life
of an intangible asset is deemed indefinite, all relevant conditions are
taken into account and based on there being no foreseeable upper
time limit for the net cash flow generated by the asset. The useful life
for goodwill is generally assumed to be indefinite.
Segment reporting
As the subsidiaries conduct separate operations with separate products
and services, their operations have been chosen as the primary
segment. Sales between subsidiaries are based on market conditions.
All assets and liabilities have been included for each subsidiary.
Segment information per subsidiary is given in Note 3.
Translation of foreign currencies
Transactions in foreign currencies are translated at the rate used on
the transaction date. Receivables and liabilities in foreign currencies
are translated at the exchange rates in force on the balance sheet
date. Exchange rate differences on loans and investments in foreign
currencies are reported as financial revenues or financial expense.
Other exchange differences are included in operating revenues.
Tangible fixed assets
Tangible fixed assets are recognised at cost less accumulated depreciation
according to plan and accumulated write-downs. Depreciation
takes place in accordance with a systematic plan over the useful life of
the asset to an estimated residual value.
Additional costs are added to the asset’s carrying amount or
recognised as a separate asset, as appropriate, only when it is likely
that future economic benefits associated with the asset will accrue to
the Group and the asset’s cost can be measured in a reliable way. All
other forms of repair and maintenance are recognised as expenses in
the income statement for the period in which they arise.
In order to distribute the cost of tangible fixed assets down to the
estimated residual value, depreciation takes place linearly over the
estimated useful life, in accordance with the following percentages.
Machinery and equipment 10–20
Computers and terminals 33
Improvements to third-party property 10–20
The residual values and useful lives of assets are tested on each
balance sheet date and adjusted as necessary. An asset’s carrying
amount is depreciated immediately to its recoverable amount (the
higher of the net selling price and value in use) if the asset’s carrying
amount exceeds its estimated recoverable amount.
Profits and losses from sales are established by means of a
comparison between the sales proceeds and carrying amount and the
result is recognised in the income statement.
Intangible assets
Goodwill
Goodwill is the amount by which the cost exceeds the fair value of the
Group’s proportion of the subsidiary’s identifiable net assets upon
acquisition. Goodwill is recognised as an intangible asset. Profit or
loss from the sale of a unit includes the remaining carrying amount
of the goodwill pertaining to the sold unit.
Goodwill is distributed between cash generating units upon testing
to determine any write-down requirement. The write-down requirement
for goodwill is tested as follows: the goodwill value established at
the time of acquisition is distributed among cash generating units or
groups of cash generating units, which are expected to bring benefits
through the acquisition in the form of synergy effects. Assets and
liabilities already within the Group at the time of acquisition may
also be attributed to these cash generating units. Each cash flow
of this kind to which goodwill is distributed, corresponds to the
lowest level in the Group at which goodwill is monitored in the
company’s Board and is not a larger part of the Group than a
segment. A write-down requirement exists when the recoverable
amount for a cash generating unit, or group of cash generating units,
is lower than the carrying amount. In such cases a write-down is
entered in the income statement.
Other intangible assets/Customer relations
In connection with corporate acquisitions, the Group has identified
intangible assets which fulfil the criteria set out in IAS 38. Linear
amortisation is applied over the useful life of the asset, which is taken
as 8 years.
The carrying amounts of intangible assets are tested to determine
any write-down requirement when events or changes in circumstances
indicate that the value may not be recoverable.
Investment property
Investment property is recognised at fair value, which equates to
the market value and is established annually by external and internal
valuers. Changes in fair value are recognised in the income statement
as part of the Other operating revenues item.
The “Land and buildings” header in Note 7 mainly recognises
rebuilding of hired premises and investment property.
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Note 1
Accounting principles Contd.
Write-downs
Assets with an indefinite useful life are not depreciated/amortised but
tested annually to determine any write-down requirement. The assets
which are depreciated/amortised are assessed in terms of decrease
in value whenever an event or a change in circumstances indicates
that the carrying amount may not be recoverable. A write-down is
carried out for the amount by which the asset’s carrying amount
exceeds its recoverable amount. The recoverable amount is the higher
of an asset’s fair value less selling expenses, or its value in use. On
determining the write-down requirement, the assets are grouped at
the lowest levels at which there are separate, identifiable cash flows
(cash generating units). Goodwill is tested annually to identify any
write-down requirement and is recognised at cost less accumulated
write-downs.
Financial instruments
Financial instruments recognised as assets in the balance sheet
include cash equivalents, accounts receivable, derivatives and other
receivables. Those recognised as liabilities include accounts payable,
borrowings, derivatives and other liabilities.
A financial asset or financial liability is recognised in the balance
sheet when the company becomes party to the instrument’s contractual
terms. Accounts receivable are recognised in the balance sheet
once an invoice has been sent. Liabilities are recognised once the
counterparty has completed its task and there is a contractual obligation
to pay, even though an invoice may not yet have been received.
Accounts payable are recognised once the invoice has been received.
A financial asset is excluded from the balance sheet once the
contractual rights have been realised, have expired or the company
has lost control over it. The same applies for part of a financial asset.
A financial liability is removed from the balance sheet once the obligation
in the contract has been fulfilled or has in some other way been
extinguished. The same applies for part of a financial liability.
Financial assets
Acquisitions and sales of financial assets are reported on the business
day, i.e. the day on which the company commits to acquiring or
selling the asset.
Borrowing
Loans are initially recognised at the loan amount and are subsequently
entered at the loan amount less reductions. Borrowing is classified as
a current liability if the payment of the liability will be made within 12
months of the balance sheet date.
Derivative instruments
The Group uses derivative instruments to secure parts of its exposure
to currency risks in ongoing payment flows. Management is in
accordance with the financial rules established by the Board. Hedge
accounting is not applied, instead all derivatives are categorised as
financial assets and liabilities valued at fair value through the income
statement. This means that the change in value of the derivatives is
recognised in the income statement under financial items. Derivatives
with positive values are entered as assets and derivatives with
negative values are entered as liabilities. Fair value is established by
obtaining the costs or revenue which would have arisen if the contract
had expired on the balance sheet date.
Inventories
Material stores and finished goods inventories are valued at the lower
of cost or net selling price. The Group applies the first-in, first-out
method (FIFO). The net selling price is the estimated selling price in
operating activities less applicable variable selling expenses.
Accounts receivable
Accounts receivable are reported at the invoiced amount less any reserve
for decrease in value. A reserve for decrease in value of accounts
receivable is set up when there is objective proof that the Group will
not be able to receive all amounts due in accordance with the original
terms of the receivables. The size of the reserve is the difference between
the asset’s carrying amount and the value of assessed future cash
flows. The decrease in value is reported in the income statement.
Cash and cash equivalents
Cash and cash equivalents include cash and bank balances. In
the balance sheet, the bank overdraft facility utilised is entered as
borrowing under current liabilities.
Income tax
The tax burden is affected by appropriations and other tax adjustments
made in each company. The tax rate used is 28%. Deferred tax is
recognised in its entirety on all temporary differences comprising
the difference between the tax base for assets and liabilities and their
carrying amounts. Deferred tax is calculated through the application
of tax rates and laws which have been decided or notified on the balance
sheet date and which are expected to apply when the deferred tax
assets in question are realised or the deferred tax liability is cleared.
Deferred tax assets are recognised for tax-deductible temporary
differences and unused loss carry-forwards to the extent it is likely
that future taxable profit will be available against which the temporary
differences or unused loss carry-forwards may be used.
Remuneration to employees
Pension obligations
The Group companies have different pension plans. The pension
plans are financed through payment of insurance premiums or
through a provision in the balance sheet. The Group has both defined
benefit and defined contribution pension plans. For employees in
the Group previously employed by the public enterprise, the Swedish
State Railways, the Swedish state is responsible for earned and not
paid pension commitments for the time prior to conversion into
companies at the end of 2000/beginning of 2001.
A defined contribution pension plan is a plan for which the Group
holds no further payment obligation once the contributions are
paid. Defined contribution pension plans in the Group are PA-03,
Alternativ ITP (supplementary pensions for higher earners), and ITP
supplementary pensions for salaried employees, Alecta. ITP pensions
in Alecta are recognised as defined contribution plans due to a
deficiency in the information required to classify the plan as a defined
benefit pension. According to a statement from the Swedish Financial
Accounting Standards Council’s Emerging Issues Task Force,
URA 42, these are defined benefit plans encompassing several
employers. EuroMaint has not had access to such information for
the 2006 financial year that would make it possible to enter this
plan as a defined benefit plan.
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Notes
Note 1
Accounting principles Contd.
The ITP pension, which is secured through an insurance policy with
Alecta, is therefore entered as a defined contribution plan. Fees for
the year for pension plans issued by Alecta amount to SEK 15 (19)
million. Some employees are entitled to exchange part of their ITP
plan for a premium-based pension solution where the company’s sole
obligation is to pay the set premiums. The fees are reported as costs of
personnel when they fall due for payment. Prepaid fees are recognised
as an asset to the extent that cash repayment or a reduction in future
payments may accrue to the company.
A defined benefit pension plan guarantees the employee a pension
equivalent to a certain percentage of his or her final salary. The liability
recognised in the balance sheet regarding defined benefit pension
plans is the present value of the defined benefit obligation on the balance
sheet date net the fair value of the plan assets, with adjustments
for unrecognised actuarial gains/losses for past service. The defined
benefit pension obligation is calculated annually by independent
actuaries.
The present value of the defined benefit obligation is established
by discounting the estimated future cash flow at an interest rate
for government bonds issued in the same currency in which the
remuneration will be paid out, and with durations comparable to the
pension provision in question. Actuarial gains and losses arising from
experience-based adjustments and changes in actuarial assumptions
exceeding the higher of 10% of the value of the plan assets and 10%
of the defined benefit obligation, are taken up as expense or revenues
over the estimated average remaining period of service of the employees.
Past service cost is recognised directly in the income statement,
unless the changes in the pension plan are conditional on the employee
remaining in service for a set period (entitlement period). In such
cases, the past service cost is recognised on a straight-line basis over
the entitlement period.
Remuneration on termination of employment
Remuneration on termination of employment is paid when an
employee’s position is terminated prior to standard retirement or
when an employee accepts voluntary redundancy from the position in
exchange for such remuneration. The Group recognises severance pay
when it is demonstrably obliged either to make the employee redundant
in accordance with a detailed formal plan with no opportunity for
recall, or to provide remuneration upon redundancy due to an offer
made to encourage voluntary redundancy among personnel. Benefits
due after 12 months of the balance sheet date or longer are discounted
at the present value.
Provisions
Provisions are recognised when the Group has an existing legal or
constructive obligation as a result of a past event, and it is more
probable than not that an outflow of resources will be required to
settle the obligation, and the amount has been reliably estimated. No
provisions are made for future operating losses. If there are a number
of similar obligations, the probability that an outflow of resources
will be required to settle is assessed generally for this entire group
of obligations. A provision is also reported if the probability of an
outflow regarding a specific item in this group of commitments is
only slight.
Revenue recognition
Net turnover encompasses sales of services and goods within maintenance,
new construction and refurbishment of rolling stock, as well
as maintenance and implementation of production facilities for the
engineering industry.
For maintenance contracts guaranteeing availability, known as
‘TSC contracts’ (Total Service Concept), and new construction and
refurbishment contracts, revenues and costs pertaining to the
assignment are recognised relative to the degree of completion of the
assignment. This accounting principle is based on the view that the
task is fulfilled in line with the work being carried out, and means that
profit is recognised progressively based on the degree of completion
of each assignment when the assignment’s final outcome can be
measured in a reliable way. For availability contracts, the degree of
completion is determined on the basis of work carried out in relation
to the maintenance plan. For new construction and refurbishment
contracts, the degree of completion is determined in relation to
accrued assignment costs. If an assignment’s final outcome cannot
be measured in a reliable way but no loss is feared, revenue
corresponding to accrued costs is recognised.
A feared loss for an assignment is immediately charged in its
entirety to the period’s results.
Leases
Leases where the risks and rewards of ownership are retained by the
lessor are classified as operating leases. Payments made during the
lease term are taken up as expenses in the income statement on a
straight-line basis over the lease term.
Cash flow analysis
The indirect method is applied in recognising cash flow from
operating activities.
Related parties
Related companies to the EuroMaint Group are defined as
state companies with market requirements where the state has
a controlling influence.
Persons closely associated with the Group are defined as Board
members, senior personnel and close family members of these
people.
Disclosures are provided about transactions with related parties
which entail the transfer of resources, services or obligations between
related parties, whether or not remuneration is paid. The information
contains details of the nature of the relationship and information
about the effect of the relationship on the financial reports.
Parent company
The parent company applies the same accounting principles as the
Group, along with RR 32:05.
52

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 2
Transactions with related parties
Group, SEK thousands 2006-01-01 2005-01-01
2006-12-31 2005-12-31
Sale of goods and services
State companies/departments
Swedish Rail Administration 44,449 50,313
Green Cargo AB 294,029 299,802
SJ AB 868,635 835,565
Swedish State Railways
public enterprise 23,415 12,829
SweMaint AB 47,337 55,453
Vattenfall AB 454 543
Jernhusen AB 851 19
Stockholmståg KB 158,678 0
Purchase of goods and services
State companies/departments
Swedish Rail Administration 9,489 7,688
Green Cargo AB 2,202 2,014
SJ AB 13,991 9,821
Swedish State Railways
public enterprise 103 37
SweMaint AB 28,417 30,937
Lantmäteriverket 0 6
Vattenfall AB 0 233
Jernhusen AB 114,259 128,482
Stockholmståg KB 34,231 0
The table below presents information about the prime nature of the
transactions with related parties.
Operating revenues Expenses
Swedish Rail Material sales, Premises rental,
Administration Rolling stock Telephone costs
maintenance,
Recovery services
Green Cargo AB Material sales, Premises rental,
Rolling stock
Transport costs
maintenance,
Recovery services
Lantmäteriverket – Purchase of maps
SJ AB Material sales, Train journeys
Rolling stock
maintenance,
Recovery services
SweMaint AB Material sales, Material costs,
Rolling stock
Component
maintenance
maintenance costs
Swedish State Refurbishment of Damages costs
Railways public rolling stock
enterprise
Jernhusen AB – Workshop rental
Vattenfall AB Industrial maintenance Energy costs
Stockholmståg KB Rolling stock Workshop rental
maintenance
and equipment
Receivables from related parties
State companies/departments
Swedish Rail Administration 13,173 8,019
Green Cargo AB 34,186 31,505
SJ AB 103,017 102,278
Swedish State Railways
public enterprise 5,573 14,087
SweMaint AB 277 209
Vattenfall AB 268 3
Jernhusen AB 271 0
Stockholmståg KB 33,729 –
Liabilities to related parties
State companies/departments
Swedish Rail Administration 2,313 2,049
Green Cargo AB 575 283
SJ AB 389 1,187
Swedish State Railways
public enterprise 20 0
SweMaint AB 2,269 3,821
Vattenfall AB 0 27
Jernhusen AB 3,754 3,645
53

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 3
Segment reporting
The EuroMaint Group operates in the maintenance industry. The Group has two segments: rail transport maintenance and the engineering industry.
EuroMaint Rail AB operates in the rail transport maintenance segment while EuroMaint Industry AB operates in the engineering industry.
1 January – 31 December 2005, SEK thousands EuroMaint Rail EuroMaint Industry Group adjustments Group
Net turnover
External net turnover 1,804,762 225,932 6,327 2,037,020
Internal net turnover 12,856 4,801 -17,656 0
Total net turnover 1,817,617 230,733 -11,329 2,037,020
Profit/loss
Operating profit 108,383 -8,136 -118 100,128
Financial revenues 2,811 345 -55 3,101
Financial expenses -13,696 0 2,049 -11,648
Pre-tax profit 97,498 -6,919 1,003 91,581
Income tax -22,914 1,853 -281 -21,342
Net profit for the year 74,584 -5,066 722 70,239
Other disclosures
Assets 901,741 115,697 10,601 1,028,040
Liabilities 680,435 67,271 30,977 778,682
Investments 27,366 3,455 223 31,043
Depreciation/amortisation 23,603 2,108 1,597 27,307
The Group generally enters sales and transfers between the segments as though the sales and transfers had been to a third party at prevailing
market prices.
1 January – 31 December 2005, SEK thousands EuroMaint Rail EuroMaint Industry Group adjustments Group
Net turnover
External net turnover 1,709,617 161,429 1,167 1,872,213
Internal net turnover 0 27 -27 1,176
Total net turnover 1,709,617 161,456 1,140 1,872,213
Profit/loss
Operating profit 100,247 13,121 356 113,724
Financial revenues 642 111 163 916
Financial expenses -11,793 -7 – -11,800
Pre-tax profit 89,096 6,851 6,893 102,840
Income tax -6,192 -1,970 -2,214 -10,376
Net profit for the year 82,904 4,880 4,679 92,464
Other disclosures
Assets 887,811 123,700 -31,367 980,143
Liabilities 736,599 74,968 -9,520 802,049
Investments 20,983 970 -903 21,049
Depreciation/amortisation 23,230 935 938 25,102
54

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 4
Other operating revenues
SEK thousands Group Parent company
2006 2005 2006 2005
Profit from sale of fixed asset 389 869 – –
Exchange gain from receivables/liabilities
relating to operations 467 1,480 3 –
Rental revenues 918 1,226 – –
Change in value of investment property 823 – – –
Other 581 3,627 – –
Total 3,179 7,202 3 0
Note 5 Remuneration to auditors
SEK thousands Group Parent company
2006 2005 2006 2005
Deloitte
Audit engagement – 22 – –
Other engagements – 630 – –
Ernst & Young
Audit engagement 1,123 910 – –
Other engagements 543 150 – –
TOTAL 1,666 1,712 0 0
Audit engagement refers to the examination of the annual report and
accounts as well as the Board’s administration, other tasks incumbent
on the company’s auditors as well as advice or other assistance
resulting from observations during the examination or implementation
of other such work tasks. All other work is classified as other
engagements. The auditing fee for the parent company has been
charged to EuroMaint Rail AB.
Note 6 Average number of employees and costs of personnel
SEK thousands Group Parent company
2006-01-01 2005-01-01 2006-01-01 2005-01-01
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Average number of employees by gender
Sweden
Women 122 108 2 –
Men 1,624 1,561 6 –
Total 1,746 1,669 7 –
Board members and senior personnel
Board members
Women 9 4 2 2
Men 21 24 7 7
President and other senior personnel
Women 4 2 2 0
Men 18 17 4 4
Total 52 47 15 13
55

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 6
Average number of employees and costs of personnel Contd.
EuroMaint
Rail AB
EuroMaint
Industry AB
Sick leave, % 2006 2005 2006 2005
Total sick leave 5.2 5.2 2.5 2.8
Long-term sick leave 5.2 5.2 0.8 0.7
Sick leave for men 5.3 5.2 2.2 2.6
Sick leave for women 3.2 4.2 6.8 4.7
Employees –29 years 6.3 5.1 1.6 1.9
Employees 30 – 49 years 4.6 4.2 2.4 3.2
Employees 50 + years 5.6 6.3 2.9 2.5
Sick leave is calculated based on the actual absence in relation
to the normal working hours for each group.
Costs of personnel 2006-01-01 2005-01-01
Group, SEK thousands 2006-12-31 2005-12-31
Salaries and other
remuneration in Sweden
Board and Presidents 12,293 6,230
of which bonus and thereby
equalised remuneration 0 2,558
Other employees 536,659 463,564
Total salaries and other remuneration 548,952 472,352
Social security expenses 259,773 232,592
of which pension costs 61,947 61,877
Remuneration to board and president of EuroMaint AB
The chairman of EuroMaint AB receives a fee of SEK 124,500 and
other Board members SEK 83,000 provided they are not members
of the Swedcarrier Board. If they are, a fee of SEK 0 (zero) is paid to
members of the EuroMaint Board. Members of the Remuneration
Committee (comprising three Board members, including a chairman)
receive remuneration to the sum of SEK 15,000 for the chairman
and SEK 10,000 for each member. Members of the Audit Committee
(comprising three Board members, including a chairman) receive
remuneration to the sum of SEK 30,000 for the chairman and SEK
20,000 for each member. A preparation fee of SEK 63,000 has been
paid to union representatives on the Board. The EuroMaint Board has
received a fee of SEK 708,000 (520,000).
The President of EuroMaint received salary and benefits totalling
SEK 2,344,000 (2,090,000) during the financial year excluding social
security costs.The President receives an old-age pension at 65 years.
The President has a non-revokable premium-based pension promise
amounting to 30% of fixed monthly revenues. The term of notice is
12 months from both the company’s and the President’s side, and
during this time salary is payable with full adjustment. If notice is
given by the company, 12 months’ non-pensionable severance pay is
also awarded with full adjustment against other revenues.
Agreements have been reached with one senior personnel regarding
severance pay should the company give notice. The severance pay is
equivalent to the fixed salary for 12 months in addition to the period
of notice, which is 12 months. Severance pay is not pensionable, is
fully adjustable and is not paid on retirement. Other senior personnel
receive salary during the period of notice, which is 12 months, and no
severance pay.
Remuneration to board and president of EuroMaint Rail AB
The Board of EuroMaint Rail did not receive a Board fee for 2006.
The President of EuroMaint Rail received salary and benefits totalling
SEK 1,455,000. The President’s pension solution encompasses the
alternative ITP with a supplementary premium-based pension plan
with a premium equivalent to 20–40% of fixed salary. Agreements
have been reached with two senior personnel regarding severance
pay should the company give notice.
The severance pay is equivalent to the fixed salary for 12 months
in addition to salary during the period of notice, which is 12 months.
Severance pay is not pensionable, is fully adjustable and is not paid
on retirement. Other senior personnel receive salary during the period
of notice, which is 12 months.
Remuneration to board and president of EuroMaint Industry AB
The Board of EuroMaint Industry did not receive a Board fee for 2006.
The Presidents of EuroMaint Industry received salary and benefits
totalling SEK 3,054,000. Remuneration for the Presidents include
salary of SEK 1,591,000, other benefits of SEK 55,000 for the departing
President during the period of notice. Upon termination of employment
for the President there is a period of notice of 12 months from the
employer’s side, or 6 months from the President’s side. The Vice
Presidents have a term of notice of 3 months which applies for notice
given by either side. No severance pay is payable upon termination
of employment.
General
Remuneration is paid to the Board Chairman and other members of
the Group’s Boards in accordance with decisions by the general meeting
of shareholders. Salary and remuneration to Presidents is decided
by each company’s Board. Salary and remuneration to other senior
personnel is decided by each company’s Board or President.
56

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 7
Tangible fixed assets
Group, SEK thousands Land Improvements to Plant and machinery Equipment, tools, Construction
and buildings* third-party property fixtures and fittings in progress** Total
2006 2005 2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
Opening cost 12,421 12,421 24,581 23,290 149,262 128,035 164,237 151,773 9,420 15,737 359,921 331,255
Change in value of investment property 823 0 0 0 0 0 0 0 0 0 823 0
Acquisition of subsidiaries 0 0 0 0 0 18,768 0 2,677 0 0 0 21,445
Purchases 0 0 0 1,779 1,975 7,220 21,679 18,367 7,389 -6,317 31,043 21,049
Sales/scrappings 0 0 0 -488 -25,345 -4,760 -26,075 -8,580 -13 0 -51,433 -13,828
Closing accumulated cost 13,244 12,421 24,581 24,581 125,891 149,262 159,841 164,237 16,796 9,420 340,354 359,921
Opening depreciation -4,774 -4,478 -5,088 -1,623 -101,534 -89,403 -116,701 -110,790 0 0 -228,097 -206,294
Acquisition of subsidiaries 0 0 0 0 0 -8,299 0 -2,579 0 0 0 -10,878
Depreciation for the year 0 -296 -2,821 -3,823 -8,633 -8,593 -13,977 -11,452 0 0 -25,432 -24,164
Sales/scrappings 0 0 0 358 20,457 4,760 24,152 8,120 0 0 44,609 13,239
Closing accumulated depreciation -4,774 -4,774 -7,909 -5,088 -89,710 -101,535 -106,527 -116,701 0 0 -208,920 -228,097
CLOSING RESIDUAL VALUE
ACCORDING TO PLAN 8,470 7,648 16,672 19,493 36,181 47,727 53,315 47,536 16,796 9,420 131,434 131,823
* Land and Buildings includes investment property with the following values: Opening balance 2006 SEK 6,257,000, Change in value SEK 823,000, closing balance 2006 SEK 7,080,000.
** Construction in progress may report a negative figure in the Purchases row if the figure for the year’s facilities set up as an asset exceeds purchases in the financial year.
Parent company, SEK thousands Land Plant Equipment, tools, Construction
and buildings and machinery fixtures and fittings in progress Total
2006 2005 2006 2005 2006 2005 2006 2005 2006 2005
Opening cost 0 0 0 0 0 0 66 0 66 0
Acquisition of subsidiaries 0 0 0 0 0 0 0 0 0 0
Purchases 0 0 0 0 53 0 170 66 223 66
Sales/scrappings 0 0 0 0 0 0 -13 0 -13 0
Closing accumulated cost 0 0 0 0 53 0 223 66 275 66
Opening depreciation 0 0 0 0 0 0 0 0 0 0
Acquisition of subsidiaries 0 0 0 0 0 0 0 0 0 0
Depreciation for the year 0 0 0 0 -18 0 0 0 -18 0
Sales/scrappings 0 0 0 0 0 0 0 0 0 0
Closing accumulated depreciation 0 0 0 0 -18 0 0 0 -18 0
CLOSING RESIDUAL VALUE
ACCORDING TO PLAN 0 0 0 0 35 0 223 66 258 66
57

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 8
Intangible assets
Accumulated cost, SEK thousands 2006 2005
Goodwill Customer Total Goodwill Customer Total
relations
relations
Opening balance 30,195 14,063 44,258 0 0 0
Business combinations 0 0 0 30,195 15,000 45,195
Amortisation 0 -1,875 -1,875 0 -938 -938
Closing balance 30,195 12,188 42,383 30,195 14,062 44,258
Goodwill is attributable to the acquisition of EuroMaint Industry AB.
This goodwill was tested to determine any write-down requirement on 31 December 2006.
Note 9
Net financial revenues/expense
SEK thousands Group Parent company
2006 2005 2006 2005
Interest revenues 2,168 785 13,588 163
Net exchange rate fluctuations 933 131 – –
Financial revenues 3,101 916 13,588 163
Interest expenses -11,078 -11,645 -11,595 –
Net exchange rate fluctuations -569 -155 – –
Financial expenses -11,648 -11,800 -11,595 0
Net financial revenues/expense -8,546 -10,884 1,993 163
Note 10 Tax
SEK thousands Group Parent company
2006-01-01 2005-01-01 2006-01-01 2005-01-01
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Current tax -15,459 -1,971 -850 –
Deferred tax -5,883 -8,405 – -46
Total -21,342 -10,376 -850 -46
Differences between the recorded tax and calculated tax based on the prevailing tax rate comprise the following components:
Group, SEK thousands
Difference with calculated tax 2006-01-01 2005-01-01
at prevailing tax rate 2006-12-31 2005-12-31
Recorded pre-tax profit/loss 91,581 102,840
Tax in accordance with prevailing tax rate, 28% -25,643 -28,795
Effects of non-taxable revenues
and non-deductible expenses
Non-deductible expenses -6,752 -9,187
Cancellation of excess depreciation/amortisation -3,945 -3,945
Non-taxable revenues 10,225 9,478
Valuation of loss carry-forward and previously
non-recognised temporary differences 4,772 22,074
Total -21,342 -10,375
The Group’s average tax for 2006 amounts to 23% of the taxable profit.
58

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 11 Participations in Group companies
No. of Percentage of Book value Book value
Company name, SEK thousands Reg. no. Domicile participations equity and votes 2006-12-31 2005-12-31
EuroMaint AB 556084-8458 Stockholm
– EuroMaint Rail AB 556032-2918 Stockholm 190,000 100 156,761 156,761
– EuroMaint Bemanning AB 556670-3095 Stockholm 1,000 100 – –
– Underhållsbolaget Pendeln AB 556673-4363 Stockholm 1,000 100 – –
– EuroMaint Industry AB* 556232-0134 Stockholm 100,000 100 96,197 –
– EuroMaint GmbH HRB 103498 B Berlin 1 100 233 –
– EuroMaint SIA – Riga 15,000 100 195 –
TOTAL 253,386 156,761
*EuroMaint Industry AB was owned by EuroMaint Rail AB on 31 December 2005 and sold to EuroMaint AB in January 2006.
Note 12 Long-term receivables
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Pensions in accordance with IAS 19 21,086 23,183 0 0
Miscellaneous 129 129 129 129
Total 21,215 23,313 129 129
Note 13 Pension obligations
In accordance with IAS 19, Employee Benefits, an actuary working on
behalf of EuroMaint has calculated the Group’s pension provision and
the amounts to be allocated for pensions for Group employees on an
ongoing basis. Pension plans in EuroMaint comprise both defined
benefit and premium-based plans. Premium-based pension promises
comprise what are known as Alternative ITP plans, individual pension
promises for senior personnel, as well as PA-03.
Defined benefit pension obligations
ITP and ITP-S pensions
ITP and ITP-S are defined benefit pension plans containing retirement,
family and disability/sickness pension. On full entitlement
the employee receives a final retirement pension including a general
pension of approximately 65% of the leaving salary. Salaried employees
with ITP are insured with Alecta, while employees with ITP-S are
insured with Skandia.
According to a statement from the Swedish Financial Accounting
Standards Council’s Emerging Issues Task Force, the ITP pension
secured through an insurance policy with Alecta is a defined benefit
plan encompassing several employers. The EuroMaint Group has not
had access to such information for the 2006 financial year that would
make it possible to enter this plan as a defined benefit plan, which is
why it has been entered as a defined contribution plan.
Pension in accordance with transition rules and occupational injury annuities
Employees previously covered by the state pension plan PA-91, former
employees of the SJ Group, have the opportunity to choose early retirement
in accordance with the transitional rules. Pension is paid from
60 years at the earliest and the pension level depends on the salary
and length of service.
Occupational injury annuities are paid on a continuous basis until the
death of the employee. EuroMaint has been responsible for costs for
this life annuity since the beginning of 2001, before which the obligation
was the responsibility of the Swedish State Railways public enterprise.
KPA pension
Defined benefit pensions and life annuities in accordance with state
pension rules for former employees which were earned prior to 1992
have been redeemed in life assurance company KPA. A premium of
SEK 125 million was paid for this in 1999. The National Government
Employee Pensions Board is responsible for calculating benefits and
also administering the paying-out of pensions whereby funds are
continuously withdrawn from the insurance. The insurance terms specify
how the cost is settled if pensions paid deviate from the benefit
amount that formed the basis for the redeemed premium in 1999.
This type of cost adjustment is usually handled by withdrawing funds
from the surplus the Group has with KPA.
The following defined benefit plans are recognised in the balance sheet:
Pension provision/receivable (-/+) in balance sheet
Plan 06-12-31 05-12-31
ITP-S pension plan insured with Skandia 10,094 12,800
Early retirement in accordance
with transition rules, non-funded -24,306 -23,191
ITP in FPG/PRI, non-funded -5,522 -1,730
Occupational injury annuities,
non-funded -12,226 -13,527
Redeemed pension obligations in KPA 10,992 10,383
-20,968 -15,265
59

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 13 Pension obligations Contd.
Specification of posted net provision in balance sheet
Group, SEK thousands 2006-12-31 2005-12-31
Present value of funded obligations -257,474 -245,313
Fair value of plan assets 263,389 248,024
Receivable 5,915 2,711
Present value of non-funded obligations -42,321 -39,590
Non-reported actuarial gain/loss (-/+) 15,438 21,614
Pension provision to report in balance sheet -20,968 -15,265
Reconciliation of change in plan assets
Group, SEK thousands 2006 2005
Fair value of plan assets
at beginning of year 248,024 242,038
Expected return during the year 9,937 9,626
Premiums paid 10,464 9,466
Remuneration paid -10,507 -12,531
Actuarial gains during the year 5,471 -575
Fair,value of plan assets at year-end 263,389 248,024
Plan assets are invested in pension insurance policies with Skandia
or KPA. The insurances contain a mixture of shares and bonds. On 31
December 2006, 65% was invested in bonds and 35% in shares. The
return in 2006 amounted to 6.0% on average (SEK 15,400,000).
Specification of posted net provision in balance sheet
Group, SEK thousands 2006 2005
Net provision at beginning of year -15,265 -15,963
Net cost for defined benefit
pensions in 2006 -16,138 -10,183
Cost for pensions earned
in an earlier period -4,818 –
Remuneration paid 15,297 13,735
Premiums 10,463 11,572
Reimbursement -10,507 -14,426
Net provision at year-end -20,968 -15,265
Actuarial gains and losses
Group, SEK thousands 2006 2005
Actuarial loss at beginning
of year not amortised -20,471 0
Actuarial loss subject to amortisation
during the average remaining
period of service. -3,363 0
Average remaining period of service 14 14
Amortisation of actuarial
loss during the year 169 0
Actuarial loss on present value of
obligations which arose during the year -606 -19,896
Actuarial gain on plan assets which
arose during the year 5,471 -575
Actuarial loss at year-end not amortised -15,437 -20,471
Cost for defined benefit pensions
Group, SEK thousands 2006 2005
Cost for earned benefits -15,147 -10,862
Interest expense -10,759 -8,947
Expected return
on plan assets 9,937 9,626
Amortisation of actuarial losses -169 0
Cost for pensions earned
in an earlier period -4,818 0
Cost for defined benefit pensions -20,956 -10,183
Calculation assumptions
Group, SEK thousands 31 Dec 2006 31 Dec 2005
Discount rate, % 3.80 3.80
Return on plan assets, % 4.00 4.00
Expected pay increase, % 2.50 2.50
Calculation of maturing pensions, % 1.80 1.80
Personnel turnover, % 3.00 3.00
Calculation of income base amounts, % 2.80 2.80
Expected average remaining period
of service for employees, years 14 14
The discount rate is based on market expectations on the balance
sheet date of bonds with the same term as the Group’s pension
commitments. This has been based on an interest rate curve estimated
according to Swedish state real interest rate bonds. The expected
return on plan assets is based on the portfolio allocation reported
by the insurance companies. Long-term inflation measurements are
based on market expectations which can be discerned between real
and nominal bonds.
Note 14 Deferred tax assets
Group, SEK thousands 31 Dec 2006 31 Dec 2005
Deferred tax for tax deficit 0 9,823
Deferred tax on temporary differences 11,719 11,724
Total 11,719 21,548
Deferred tax assets are based on non-revokable pensions and non
tax-deductible reserves.
Note 15 Inventories
Group, SEK thousands 2006-01-01 2005-01-01
2006-12-31 2005-12-31
Gross stock 366,157 347,739
Obsolescence reserve -97,387 -88,396
Net stock 268,770 259,343
Distributed as follows
Replacement items 67,970 51,293
Spare parts 141,864 138,491
Miscellaneous 58,936 69,559
Total 268,770 259,343
All companies use an obsolescence scale in line with their particular
circumstances.
60

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 16 Prepaid expenses and accrued revenues
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Accrued revenues relating to
maintenance work carried out 43,060 8,133 0 0
Other items 11,238 12,202 312 0
Total 54,298 20,335 312 0
Note 17 Long-term interest-bearing liabilities
The recorded amounts and fair value for long-term borrowing are as follows:
Group, SEK thousands Book value Fair value
2006-01-01 2005-01-01 2006-01-01 2005-01-01
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Long-term
Bank loans 270,000 340,000 270,000 340,000
Total 270,000 340,000 270,000 340,000
Current
Bank overdraft 0 0 0 0
Total 0 0 0 0
Bank overdraft facility granted 125,000 125,000 – –
Total credit facilities refer to credit facilities of SEK 725 (425) million with Swedbank and SEK 0 (300) million with other institutions, of which
SEK 455 (85) million remains in the credit facilities with Swedbank and SEK 0 (300) million remains with other institutions. In addition, the bank
overdraft facility granted amounts to SEK 125 million.
The Group has chosen to classify unused credit within existing credit facilities as long-term, as these agreements run until further notice.
The Group’s exposure, regarding borrowing, to changes in interest and contractual time for interest renegotiation are as follows:
Group, SEK thousands 06-01-01 05-01-01
06-12-31 05-12-31
6 months or less 195,000 215,000
6 – 12 months 75,000 125,000
Total 270,000 340,000
Average fixed interest term in months: 4.37 4.26
Weighted average interest on
balance sheet date 3.71 2.71
Note 18 Other provisions
Provision guarantees
Group, SEK thousands 2006-12-31 2005-12-31
Provision at beginning of year 26,968 4,975
Provisions for the year 0 1,900
Used during the year -6,297 -513
Reclassification of guarantee provisions 0 20,605
Provision at year-end 20,671 26,968
Note 19 Deferred tax liability
Group, SEK thousands 2006-12-31 2005-12-31
Provision at beginning of year 12,418 0
Deferred tax for cancelled
depreciation/amortisation -3,945 7,854
Deferred tax for untaxed reserves -207 4,564
Provision at year-end 8,266 12,418
Provisions
Long-term portion 20,671 26,968
61

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Notes
Note 20 Non interest-bearing current liabilities
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Advance payment from customers 35,908 9,938 0 0
Accounts payable 123,205 116,954 2,293 0
Tax liability 21,452 37,394 0 46
Liabilities to Group companies 6,482 7,482 58,973 0
Other liabilities 12,008 19,120 0 66
Total 199,055 190,888 61,266 112
Note 21 Accrued expenses and deferred revenues
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Costs of personnel 105,967 109,046 2,334 –
Trade accounts payable 17,176 16,775 0 –
Accrued expenses for maintenance measures 40,320 11,472 0 –
Miscellaneous 70,945 56,033 2,426 –
Total 234,408 193,326 4,759 0
Note 22 Pledged assets/contingent liabilities
Group, SEK thousands 2006-12-31 2005-12-31
Bank guarantees issued 10,467 11,772
Pension obligations, FPG/PRI 110 37
Total 10,577 11,809
Floating charges amount to SEK 20 million and issued to Swedbank
in Skövde. Furthermore, EuroMaint Rail AB has floating charges of
SEK 5.19 million in its own custody.
Note 23 Operating leases
Group, SEK thousands 2006-12-31
Future leasing fees 2007 8,411
Future leasing fees 2008 5,911
Future leasing fees 2009 3,101
Future leasing fees 2010 1,333
Future leasing fees 2011 540
Future leasing fees 2012 and later 23
Total 19,319
Leasing fees taken up as costs 2006 11,435
Total 11,435
The Group’s operating leases include fees for vehicles, computers
and certain office equipment.
Note 24 Cash flow analysis, other items not affecting cash flow
Group, SEK thousands 2006-12-31 2005-12-31
Capital gain/loss 3,658 -525
Utilisation of restructuring reserve 0 -25,300
Change in pension provision 3,606 -2,771
Change in other provisions and reserves -6,297 3,852
Other items 605 -9,185
Total 1,572 -33,929
Operating activities include interest paid of SEK -10,851,000 and
interest received of SEK +2,163,000.
62

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Note 25 Financial instruments and financial risk management
Through its business, EuroMaint is exposed to financial risks, including
the effects of changes in prices on the credit and capital markets, and
fluctuations in exchange rates and interest rates. The Group’s overall risk
management focuses on the unpredictability of the financial markets,
and strives to minimise potential unfavourable effects on the Group’s
financial results. Financial operations in the Group are centralised in the
parent company’s finance function. The finance function acts as an internal
bank and is responsible for the sourcing of capital, cash management
and financial risk management. The operation is regulated through the
Group’s financial rules. The important areas of financial risk that are dealt
with comprise:
Exchange rate risks
EuroMaint is exposed to some extent to exchange rate risks due to its
relatively large purchase volumes in foreign currencies and low customer
invoicing in corresponding currencies. Purchases in foreign currencies
for large projects are hedged or agreed with variable foreign exchange
clauses during the tendering/contract formulation stage. The financial
rules and regulations also state that operating net flows shall be hedged
at least to set levels during a rolling 12-month forecast period. This is
usually achieved through forward agreements.
Interest rate risks
EuroMaint is affected by general changes in interest rates on its loan
portfolio. To counter this the portfolio has been divided and tied to different
fixed-interest terms. All borrowing agreements re-signed during the
year have a fixed-interest period of 12 months. On 31 December, 26% of
the total loan amount was subject to variable interest rates. See also Note
17. The only interest-bearing assets are cash and bank balances which
have been credited with variable interest linked to the bank’s VECI interest
rate, a weekly interest rate on deposits, less 0.15 percentage points, which
equated to 2.85% on 31 December 2006.
Credit risk
EuroMaint has procedures for minimising ongoing customer credit risks
in the business. These procedures include credit checks, advance payment
and guarantee management, and ongoing credit monitoring. Bad
debt losses established in 2006 amounted to SEK 1,110,000 (2,000). On
the balance sheet date, EuroMaint owned securities of approximately SEK
36 million in the form of advances from customers. The Group does not
consider there to be any significant concentration of credit risks regarding
financial assets.
Liquidity and refinancing risk
EuroMaint’s policy is always to have cash and cash equivalents and secured
refinancing available to the extent required for the operation. On 31
December 2006, the company had credit facilities of SEK 725 million with
Swedbank and a bank overdraft facility of SEK 125 million. The company’s
total credit facility amounts to SEK 850 million.
Fair values of derivative instruments on the balance sheet date
SEK thousands
31 Dec 2006 31 Dec 2005
Contracts with positive fair values:
Hedging 249 61
Contracts with negative fair values:
Hedging 0 154
The nominal amount of outstanding derivatives on 31 December was
NOK 182,450,000 (Sell).
The fair value of the derivative contracts has been calculated as the
costs or revenue which would have arisen if the contract had expired on
the balance sheet date. The banks’ official exchange rates have been used.
Note 26 Disclosure on fair values relating to financial instruments
The fair values of financial instruments correspond to the book values, with the exception of financial loans which are subject to fixed interest rates.
The nominal and book value of fixed-interest loans on the balance sheet date amounted to SEK 200 million. Upon valuation at fair value the liability
increases by SEK 564,000, taking into account any interest penalty calculated by the bank that would be payable if the loans were to be settled in
advance on the balance sheet date.
Note 27 Net turnover
SEK thousands Group Parent company
2006-12-31 2005-12-31 2006-12-31 2005-12-31
Sale of services 1,859,500 1,638,228 28,140 0
Sale of goods 174,342 226,783 0 0
Total 2,033,842 1,865,011 28,140 0
Note 28 Definition of key ratios
Operating margin: Operating profit as a percentage of operating revenues
Equity/assets ratio: Equity as a percentage of total assets
Note 29 Reclassifications
2005 figures in In last Reclassifications,
this year’s report year’s report completed, Other
Assets not invoiced Tax provisions
Other receivables 54,296 41,275 -15,931 28,952
Completed, not invoiced 75,224 79,997 -4,773
Prepaid expenses/accrued revenues 20,335 28,450 -8,115
Liabilities
149,855 149,722
Other provisions 26,968 6,363 -20,605
Income tax liability 37,394 6,690 -30,704
Accrued expenses/deferred revenues 193,326 242,750 28,819 20,605
257,688 255,803
Reclassifications of the comparison year 2005 have taken place in the following areas: Reserve for guarantees classified as other provisions.
Reclassification of accrued expenses/deferred revenues and prepaid expenses/accrued revenues relating to completed not invoiced.
Reclassification of income tax liabilities/assets, previously offset.
63

E u r o M a i n t A n n u a l R e p o r t 2 0 0 6
Stockholm, 19 February 2007
Stig Holm Lennart Käll Elisabeth Nilsson
Chairman of the Board
Annika Nordin Richard Reinius Anders Ågren
Bertil Hallén Johnny Ström Anders Gustafsson
Pether Wallin
President and CEO
Audit Report
To the Annual General Meeting of EuroMaint AB
Reg. no. 556084-8458
I have audited the annual accounts, the consolidated accounts, the
accounting records and the administration of the Board of Directors
and the President of EuroMaint AB for the year 2006. The company’s
annual report and consolidated accounts can be found on pages
41-64 of the printed version of this document. The Board of Directors
and President are responsible for these accounts and the administration
of the company, and for ensuring the annual accounts are
prepared in accordance with the Annual Accounts Act and that the
consolidated accounts are prepared in accordance with the International
Financial Reporting Standards (IFRS) as endorsed by the EU and
the Annual Accounts Act. My responsibility is to express an opinion
on the annual accounts, the consolidated accounts and the administration
based on my audit.
I conducted my audit in accordance with generally accepted
auditing standards in Sweden. Those standards require that I plan
and perform the audit to obtain high but not complete assurance
that the annual accounts and the consolidated accounts are free
from material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the accounts.
An audit also includes assessing the accounting principles
used and their application by the Board of Directors and President
and significant estimates made by the Board of Directors and the
President when preparing the annual accounts and consolidated
accounts as well as evaluating the overall presentation of information
in the annual accounts and the consolidated accounts. As a basis for
my opinion concerning discharge from liability, I examined significant
decisions, actions taken and circumstances of the company in order
to be able to determine the liability, if any, to the company of any
Board member or the President. I also examined whether any Board
member or the President has, in any other way, acted in contravention
of the Companies Act, the Annual Accounts Act or the Articles of
Association. I believe that my audit provides a reasonable basis for
my opinion set out below.
The annual accounts have been prepared in accordance with
the Annual Accounts Act and, thereby, give a true and fair view of
the company’s financial position and results of operations in accordance
with generally accepted accounting principles in Sweden.
The consolidated accounts have been prepared in accordance with
International Financial Reporting Standards (IFRS) as endorsed by
the EU and the Annual Accounts Act and give a true and fair view of
the Group’s financial position and results of operations. The Report of
the Directors is consistent with the other parts of the annual accounts
and consolidated accounts.
I recommend to the general meeting of shareholders that the
income statement and balance sheet for the parent company and
Group be adopted, that the profit be dealt with in accordance with the
proposal in the Report of the Directors and that the members of the
Board of Directors and the President be discharged from liability for
the financial year.
Stockholm, 19 February 2007
Ernst & Young
Magnus Fredmer
Authorised Public Accountant
64

Corporate Governance
• Corporate Governance Report Read more on page 66
• The Chairman’s comments Read more on page 70
• The EuroMaint Board of Directors Read more on page 72
• EuroMaint Rail management Read more on page 74
• EuroMaint Industry management Read more on page 75
• EuroMaint Group management Read more on page 76
65

Corporate Governance Report 2006
EuroMaint’s executive bodies comprise the Annual General Meeting, AGM, the Board of Directors, the President
and the auditors. The AGM elects the Board of Directors and auditors. The Board of Directors appoints the President
and Vice Presidents. Parent company AB Swedcarrier proposes Board members in accordance with the Swedish
state’s ownership directive. On behalf of the AGM, the auditors examine the accounts and the administration of the
Board of Directors and President during the year.
EuroMaint AB complies with the Swedish Code of Corporate Governance
with the exception of the parts relating to nominations, where the
guidelines of the state ownership policy are followed, and the ability
to participate remotely in and have issues dealt with at the AGM.
This Corporate Governance Report is not part of the formal annual
report document and has not been examined by the company’s auditors.
Articles of association
The company shall own, manage and administrate shares and
securities in subsidiaries and associated companies in the transport
sector and engineering and processing industry, and manage real and
movable estate, and pursue business compatible therewith.
The Board of Directors shall comprise at least three and at most
eight members with a maximum of three deputies. The Board members
and deputies are selected each year at the AGM.
Notice to attend the AGM shall be issued in writing by post no
earlier than six weeks and no later than two weeks before the meeting.
Other messages to shareholders shall also be issued in writing by post.
General meeting of shareholders
The AGM is EuroMaint’s highest decision-making body. The AGM
shall be held within six months of the end of the financial year and
shall be the forum for approving the income statement and balance
sheet, determining the dividend, electing the Board of Directors
and, where appropriate, the auditors and deciding their fees, and
for dealing with other statutory matters.
Notice to attend the AGM on 30 March 2006 was issued in writing
by post in accordance with the requirements set out in the articles of
association. The notice provides a detailed agenda including election
of the Board of Directors and auditors, as well as fees for the auditors.
Stig Holm chaired the AGM on 30 March 2006. The Annual Report
and audit report were presented at the AGM. In conjunction with this,
the Chairman of the Board submitted information about the work of
the Board.
The auditors reported to the AGM on their inspection in a separate
audit report.
The 2006 AGM decided:
• To elect Stig Holm, Richard Reinius, Elisabeth Nilsson, Annika
Nordin, Lennart Käll and Anders Ågren onto the Board of Directors.
• To appoint Stig Holm Chairman of the Board.
• Remuneration to the Board: Chairman SEK 124,500;
Board members SEK 83,000.
• Remuneration to the Remuneration Committee:
Chairman SEK 15,000; Members SEK 10,000.
• Remuneration to the Audit Committee: Chairman SEK 30,000;
Members SEK 20,000.
Board of Directors
The EuroMaint Board of Directors, which is appointed by the general
meeting of shareholders, currently comprises six members.
When necessary, employees of the company present reports
to the Board meetings. The Board is ultimately responsible for the
company’s organisation and administration, and shall also make
decisions in strategic issues.
In general terms the Board of Directors deals with issues
of considerable importance, such as:
• Establishing rules of procedure.
• Strategy planning, and business and profitability goals.
In addition to the inaugural Board meeting, which is held in connection
with the general meeting of shareholders, the Board usually
convenes five times a year (ordinary meetings). Extra meetings are
called if necessary. The inaugural meeting establishes the rules of
EuroMaint’s executive bodies
The AGM is EuroMaint’s highest
decision-making body.
The Annual General Meeting
elects the Board of Directors
and auditors.
The Board is ultimately responsible for
the company’s organisation and
administration, and shall also make
decisions in strategic issues.
The Board of Directors appoints the
President and Vice Presidents.
President Pether Wallin is responsible
for EuroMaint’s ongoing administration.
There are also rules for the President’s
decision-making authority regarding
investments and financing issues. These
rules have been established by the Board.
Executive Vice President Åke Finn is
responsible for economy, finance and IT.
The principal auditor is Authorised
Public Accountant Magnus Fredmer
of Ernst & Young.
Executive Vice President Björn Sundén
is responsible for business development.
66

procedure for the Board and decisions on authorised signatories for
the company and verification of the minutes. In connection with the
Board meeting that deals with the annual accounts, the report of the
directors and proposed treatment of unallocated earnings, the principal
auditor reports on the auditors’ observations and assessments
from their audit.
At the ordinary meetings held during the year, interim reports are
either finalised and published, or this task is assigned to the President.
The Board of Directors finalises the interim reports.
The ordinary meetings encompass various standard reporting
points, such as the latest financial results of the operation.
Each year the Board evaluates the financial reporting it receives
from the company and sets out requirements for its content and
presentation.
Two committees have been set up within the Board the Remuneration
Committee and the Audit Committee.
The Audit Committee, comprising members Richard Reinius,
Lennart Käll, Annika Nordin and co-opted member CFO Åke Finn,
as well as principal auditor Magnus Fredmer of Ernst & Young,
carries out an annual review of the internal control, the code of
corporate governance and important auditing issues.
The following important issues have been dealt with by the Audit
Committee in 2006
• Discussion of major auditing issues.
• Follow-up of interim reporting.
• Follow-up of external audit work and related costs.
• Procedures for following up internal control.
• The code of corporate governance.
The Audit Committee’s assessment is dealt with by the Board as a
whole.
The Remuneration Committee, comprising members Stig Holm,
Elisabeth Nilsson, Anders Ågren and co-opted member Vice President
HR Cecilia Beer, deals with remuneration issues regarding
EuroMaint’s company management.
The Remuneration Committee met twice in 2006 and dealt with
the following matters:
• Guidelines for the Remuneration Committee’s future work.
• Establishment of pay and remuneration for new members of the
Group management.
The Remuneration Committee’s assessment is dealt with by the
Board as a whole.
Directors’ attendance at Board meetings
Seven ordinary and three extraordinary Board meetings took place
during the year with the following attendance:
Stig Holm 9
Lennart Käll 9
Elisabeth Nilsson 8
Annika Nordin 7
Richard Reinius 10
Anders Ågren 10
Bertil Hallén 10
Johnny Ström 10
Lennart Andrén 8
Per Granström 8
Important issues during the 2006 financial year
During 2006 the Board met a total of 10 times.
The Board dealt with the following points, amongst others:
• Ongoing financial monitoring and review of key contracts.
• Follow-up of Group formation.
• Scrutiny of major tenders/contracts.
• Update of business plan.
• Strategies for expansion/growth.
• Swedish Code of Corporate Governance.
• Risk analyses.
• Structure-related discussions.
The role of the Chairman
In addition to leading the work of the Board of Directors, the Chairman
monitors the Group’s ongoing development through continuous
contacts with the President in strategic issues, and represents the
company in issues of interest to the owners.
President and Vice Presidents
President Pether Wallin has been employed by EuroMaint since 2002.
The President is responsible for EuroMaint’s ongoing administration.
There are also rules for the President’s decision-making authority
regarding investments and financing issues. These rules have been
established by the Board. Executive Vice President Åke Finn is responsible
for economy, finance and IT. Executive Vice President Björn
Sundén is responsible for business development.
Auditors
The principal auditor is Authorised Public Accountant Magnus Fredmer
of Ernst & Young.
67

Board report into internal control regarding
financial reporting for the 2006 financial year
Under the Annual Accounts Act and Swedish Code of Corporate Governance, the Board of Directors is responsible
for internal control. This report has been prepared in accordance with sections 3.7.2 and 3.7.3 of the Swedish Code of
Corporate Governance and is thereby restricted to internal control with regard to financial reporting.
Control environment
The Board mainly exercises its control by drawing up policy documents
and instructions for the President, along with the business plan and
budget.
The control is governed by the organisation, decision paths and
a decision-making process which is documented and communicated
in steering documents such as policies, guidelines and manuals,
including the allocation of work between the Board and President,
instructions for authorisation rights, as well as auditing and reporting
instructions.
Risk assessment
EuroMaint has a structured process for risk assessment and risk
management in order to identify and ensure that the risks EuroMaint
is exposed to are handled within set frameworks.
Control activity
The Audit Committee assesses the internal control and reports to the
Board. The auditors report their observations regarding the audit at
the Board meeting which deals with the annual accounts.
Each Board meeting monitors financial development against budget,
and checks that the development of decided investments and sales is
following set plans. The President reports any major deviations to the
Board. The Group uses the Movex business system and Jeeves.
EuroMaint has chosen to outsource all management of operating
issues to Siemens and to handle system development itself. EuroMaint
Industry is to be phased into the established concept.
Two Executive Vice Presidents
The company has two Executive Vice Presidents. One is responsible for
satisfactory internal control procedures, ensuring that the company’s
control processes have been implemented and that any risk exposure
is reported. The company has procedures for monitoring internal
control.
The other Executive Vice President is responsible for developing
business plans and business strategies. The company has introduced
information and communication paths with the aim of promoting
completeness and accuracy in financial reporting.
EuroMaint produces annual reports, interim reports and other
ongoing information in accordance with legal requirements and
accepted practice in Sweden. The reports are published on the
company’s own website and are distributed to owners and other
stakeholders who have registered an interest in receiving this information.
Reports and press releases are available on the company’s website
www.euromaint.se
Information on policies, instructions and manuals regarding financial
reporting is provided to the relevant personnel.
Follow-up
Each Board meeting monitors financial development against budget,
and checks that the development of decided investments is following
set plans.
If there are major deviations from the budget and the decided
investments are deemed more costly, the President reports to the
Board.
The company prepares monthly accounts, including a budget
comparison, where all significant differences are analysed. Forecasts
are drawn up three times a year and an annual budget is prepared.
EuroMaint has no internal audit, instead the internal control is
scrutinised by the company’s external auditors on an ongoing basis.
68

Statement
In accordance with The Swedish Corporate Governance Board, the Board issues no statement on how well the internal control is working.
Stockholm, 19 February 2007
Stig Holm Lennart Käll Elisabeth Nilsson
Chairman
Annika Nordin Richard Reinius Anders Ågren
Bertil Hallén Johnny Ström Anders Gustafsson
Employee representative Employee representative Employee representative
69

The Chairman’s comments
In 2006 EuroMaint has been shaping the maintenance Group formed at the end of 2005 following the acquisition
of Euromation. The Board is very positive about the results. The Group is characterised by an ambitious strategic
approach and a good ability to convert its strategies into action.
The Group management is small and focused. It has extensive industry
experience and genuine awareness that a maintenance Group
operating in various industries can create added value for the Group’s
companies, customers and the market alike.
A structured, business-oriented Group
Long-term efforts have resulted in a Group that systematically evolves
management systems, procedures and professional information
management. The companies have order and structure.
In 2006 a couple of important steps were taken to increase
employees’ participation; partly through the creation of a Group-wide
personnel magazine with varied information about customers and
orders, and partly through our ‘Dialogue for Participation’ tool which
provides the organisation with more insight into the business plan.
The next step will be to involve employees even more in the
companies’ development and to expand their opportunities to take
responsibility. The will and ability of everyone to pull in the same
direction are crucial for the future.
Comments on development
Development for EuroMaint Rail has largely been very good. The
company has won several large, important contracts in stiff international
competition and it has also begun international expansion. The
establishment initiated in the Baltic region is an important step both
when it comes to increased cost effectiveness and presence on an
expansive new market.
The company’s turnover during the year has comfortably exceeded
the target. Profitability, however, has not developed as positively,
mainly due to a lack of profitability in certain refurbishment projects.
Financial development for EuroMaint Industry has been negative.
The goal for the next two years is to restore the company’s profitability
to the level in the previous annual accounts. Nonetheless, the Board
can still view the past year positively. It has been characterised by
changes and renewal with the aim of achieving the strategic goals and
meeting the future.
The company’s profit has been burdened restructuring costs or
perhaps better expressed, profit has been affected by investments for
the future. Employees have been encouraged to use their creativity,
show courage and take the initiative.
The Board’s commitment and work
The Board has followed the process of incorporating EuroMaint
Industry into the Group with great interest. One benefit of being part
of a maintenance group is the Total Service Concept, which means
that customer offerings are not restricted to advanced maintenance
services sold by the hour, but the company can also offer a fully comprehensive
maintenance package, thus creating added value higher
up the value chain. The concept has been developed within EuroMaint
Rail, and during the year it has been adapted to EuroMaint Industry’s
customers in the engineering industry.
The problems and opportunities that have otherwise engaged the
Board during the year are primarily as follows. EuroMaint Industry’s
dramatic decrease in volume in the Production Equipment product
area at the beginning of the year, which was unfortunately followed by
job losses. This was a tough but necessary decision. A sharper, more
focused organisation is now better equipped to tackle new business.
EuroMaint Rail’s lack of profitability in certain refurbishment
projects has also been a concern. There is considerable scope for
improvement in material management. The company management
are aware of this and have started projects during the year for further
streamlining.
One of the major positive events is the initiated establishment of
EuroMaint Rail in the Baltic region. The new workshop will also fundamentally
strengthen production in EuroMaint Rail’s Swedish workshops.
This initiative gives not only the company but also the Group as a whole
a springboard into an important new market. The establishment is a
skilful combination of an operational efficiency-based approach and
strategic business development of our service export.
Active environmental responsibility
The past year has been characterised by growing insight into the
greenhouse effect and global warming. My personal professional
commitment to the environment and renewable energy sources
– including biogas – is extensive.
I am delighted that EuroMaint is helping to reduce environmental
impact on several fronts. Rail traffic is an energy-efficient mode of
transport, a good environmental choice. And well-maintained trains
like finely tuned production systems in industry improve that energy
efficiency further.
At the same time we must not forget that there are many other
environmental aspects to deal with. One seemingly minor example
is particles from brake linings. Worn train brakes end up at the workshop
– but the particles that have worn away are left on the railway
embankment and are made up of heavy metals and other pollutants.
I therefore welcome the EuroMaint Group management’s initiative to
study this type of problem more closely.
Looking to the future I see active environmental responsibility
being one of the principal environmental factors within five years.
Faith in the maintenance
industry and EuroMaint’s future
The Board has great faith in the future of the maintenance industry.
We regard EuroMaint as the hub of something that will grow. The
Group management enjoys an open dialogue with its companies.
Short decision paths make it easy to take decisions. There is a distinct
sustainability in long-term goals, delegation and working methods.
Continuous improvement to processes and process compliance is an
ongoing task. Everything is thoroughly considered and well established.
In conclusion I would like to express my and the Board’s full
confidence in the fine work and results achieved by EuroMaint in 2006.
Stig Holm, Chairman of the Board
70

“The companies have
order and structure
– everything is
thoroughly considered
and well established”
Stig Holm
Family: Partner, four children aged 31, 28, 19 and 12
Lives in: Linköping
Workplace: CEO of TVAB Linköping
Rail travel: Travel extensively and have a season ticket
Leisure interests: Creating art and companies,
as well as building log houses
Societies: Not many
Something you didn’t know: I play the guitar
Best quality: I keep my promises, and enjoy discovering
life and meeting new people
71

The EuroMaint Board of Directors
Stig Holm Lennart Käll Elisabeth Nilsson
Annika Nordin Richard Reinius Anders ågren
Bertil Hallén Johnny Ström Anders Gustafsson
72

Stig Holm
1951. MSc engineering.
Chairman of the Board.
Board member since 2004.
Current employment:
Group Director Tekniska Verken i Linköping AB
Other assignments:
MD of Parkeringsaktiebolaget Dukaten, Linköping
Chairman of Stadspartner AB, Linköping Kraftnät
AB, Östkraft AB, Svensk Biogas i Linköping AB,
Utsikt Linköping AB, Katrineholm Energi AB and
SweMaint AB
Board member of Mjölby – Svartådalen Energi AB,
CityLink AB, Östkraft Energihandel AB and AB
Swedcarrier
Board meetings attended: 9 (10)
LENNART KÄLL
1958. MSc economics.
Board member since 2005.
Current employment:
President & CEO of Ticket Travel Group AB
Other assignments:
Board member of Insplanet AB, Xn Network and
Sveriges Resebyrå Förening (SRF)
Advisor Segulah
Board meetings attended: 9 (10)
Elisabeth Nilsson
1953. Master of Science, Mining and Minerals
Processing.
Board member since 2004.
Current employment:
President of Jernkontoret Swedish Steel Producers’
Association
Other assignments:
Board member and Vice Chairman of the Centre
for High Performance Steel (Luleå University of
Technology)
Board member of Swerea
Chairman of the Board of the Mefos Foundation for
Metallurgical Research
Board meetings attended: 8 (10)
Annika Nordin
1954. MSc economics.
Board member since 2004.
Current employment:
VP Category Product Development AFH,
SCA Tissue Europe
Other assignments: –
Board meetings attended: 7 (10)
Richard Reinius
1967. MSc economics.
Board member since 2004.
Current employment:
Ministry of Enterprise, Energy and Communications
Other assignments:
Board member of SweMaint AB, Jernhusen
Board meetings attended: 10 (10)
ANDERS ÅGREN
1947. Engineer.
Board member since 2005.
Current employment:
Nerga AB
Other assignments:
Board member of Swedesurvey AB, Järntorget AB
Board meetings attended: 10 (10)
Bertil Hallén
1954.
Employee representative.
Board member since 2001.
Current employment:
EuroMaint Rail AB
Other assignments:
Board member of AB Swedcarrier
Chairman of SEKO EuroMaint AB and Department
Chairman of SEKO Gothenburg
Board meetings attended: 10 (10)
Johnny Ström
1945.
Employee representative.
Board member since 2004.
Current employment:
EuroMaint Rail AB
Other assignments:
Club chairman of the SEKO CV club EuroMaint
Örebro, Commissions of trust in FONUS
Board meetings attended: 10 (10)
Anders Gustafsson
1946. Mechanical engineer.
Employee representative.
Board member since 2007.
Current employment:
EuroMaint Rail AB
Other assignments:
Chairman of the SACO federation Transport and
Railway (TJ) in EuroMaint AB
Deputy Board member of EuroMaint Rail AB
Board meetings attended: Newly elected as of
December 2006
Lennart Andrén, employee representative,
left the Board during the year and was replaced
by Anders Gustafsson.
73

EuroMaint Rail management
Back row: THOMAS ANDERSSON, HÅKAN BJÖRK, JONAS SAMUELSON, STEVEN DAVIDSSON AND LARS ÅKERLIND
Front row: HANS-ÅKE ELFWING, ANN-CHARLOTTE ÅGREN, TORSTEN NEDERMAN, KRISTINA NYHOLM AND NICLAS FLODIN
THOMAS ANDERSSON
1953. MSc engineering.
Vice President,
Quality & Environment.
Employed since 1991.
Previous positions:
Swedish State Railways and
Plockmatic International
HÅKAN BJÖRK
1966. Electrical engineer.
Vice President,
Engineering & Planning.
Employed since 2002.
Previous positions:
The Scania Group
JONAS SAMUELSON
1960. MSc engineering.
President of
EuroMaint Rail AB.
Employed since 2002.
Previous positions:
ABB Process Industries
STEVEN DAVIDSSON
1956. Mechanical engineer.
Vice President,
Sourcing & Supply.
Employed since 2003.
Previous positions:
Ericsson AB
LARS ÅKERLIND
1962. MSc engineering.
Vice President,
Sales & Marketing.
Employed since 2006.
Previous positions:
ABB and Adtranz
HANS-ÅKE ELFWING
1962. Mechanical engineer.
Vice President,
Train Maintenance.
Employed since 1984.
Previous positions:
Swedish State Railways
ANN-CHARLOTTE ÅGREN
1960. Economist.
Executive Vice
President & CFO.
Employed since 2001.
Previous positions:
International Computer
Ltd. (ICL)
TORSTEN NEDERMAN
1964. MSc engineering.
Vice President, Refurbishment
& Component Overhaul.
Employed since 1991.
Previous positions:
TGOJ and RPL
KRISTINA NYHOLM
1943. BSc.
Vice President, Human
Resources.
Employed since 1962.
Previous positions:
Swedish State Railways
NICLAS FLODIN
1966. MSc engineering.
Vice President, Maintenance
Commuter Trains Stockholm.
Employed since 2005.
Previous positions:
ABB Service
74

EuroMaint Industry management
ULF SANDÉN, PATRIK SAHLBERG, NICKLAS FALK, URBAN EKMARK, THOMAS GRÖNLUND, BO LENNARTSSON AND KIM BERGHÄLL
ULF SANDÉN
1959. Economist.
Executive Vice President & CFO.
Employed since 1989.
Previous positions:
Volvo, Källbergs Industri AB
and Sparbanken
PATRIK SAHLBERG
1962. Mechanical engineer.
Executive Vice President
& Manager Automation.
Employed since 1982.
Previous positions:
Volvo
NICKLAS FALK
1973. MSc Engineering.
President of EuroMaint Industry AB.
Employed since 2003.
Previous positions:
TrainTech Engineering AB
URBAN EKMARK
1964. MSc engineering, Eng. Lic.
Quality & Environment Manager.
Employed since 2000.
Previous positions:
University of Skövde
THOMAS GRÖNLUND
1963. MSc engineering.
Marketing Manager.
Employed since 2002.
Previous positions:
Long & Partner AB, Prido AB,
LVI Produkter AB and Rapid
Granulator AB
BO LENNARTSSON
1952. Electrical &
Telecommunications Engineer.
Maintenance Development Manager.
Employed since 1973.
Previous positions:
Volvo
KIM BERGHÄLL
1966. Mechanical engineer.
Procurement & Project Manager.
Employed since November 2004.
Previous positions:
GM-Fiat WWP Sweden AB and SAAB
Automobile AB
75

EuroMaint Group management
INGELA CARLSSON, ÅKE FINN, NICKLAS FALK, PETHER WALLIN, CECILIA BEER, BJÖRN SUNDÉN AND JONAS SAMUELSON
INGELA CARLSSON
1962. MSc Administrative
Social Studies.
Vice President Communication.
Employed since 2006.
Previous positions:
The Federation of Swedish
Farmers (LRF), Riksbyggen,
Swedish Prime Minister‘s
Office, (soc. dem.) secretariat
European Parliament, Swedish
Social Democratic Party,
The Swedish Association of
Local Authorities and Regions
Other assignments:
Board member of EuroMaint
Rail AB, EuroMaint Industry AB,
Foundation of Mediastudies,
Political commissions of trust
in Tyresö Municipality
76
ÅKE FINN
1959.
Executive Vice
President & CFO.
Employed since 2002.
Previous positions:
AlphaHelix AB and ABB
Switchgear Egypt
Other assignments:
Board member of EuroMaint
Rail AB and EuroMaint
Industry AB
NICKLAS FALK
1973. BSc Engineering.
President of EuroMaint
Industry AB.
Employed since 2003.
Previous positions:
TrainTech Engineering AB
PETHER WALLIN
1956. MSc engineering.
President of EuroMaint AB.
Employed since 2002.
Previous positions:
President of OmniNova
Vehicle AB and OmniNova
Composite AB, Vice President
Hydro Automotive Structures
and Volvo Cars
Other assignments:
Chairman of the Board of
EuroMaint Rail AB and
EuroMaint Industry AB
Co-opted Board member of
Stockholmståg AB
CECILIA BEER
1966. BSc.
Vice President
Human Resources.
Employed since 2006.
Previous positions:
Fortum Power & Heat AB,
Crane AB and Manpower AB
Other assignments:
Board member of EuroMaint
Rail AB and EuroMaint
Industry AB
BJÖRN SUNDÉN
1944. BSc.
Executive Vice President,
Strategy & Business
Development.
Employed since 2001.
Previous positions:
Saab NygeAero, Företagsfinans,
Linjeflyg
and NitroNobel
Other assignments:
Board member of EuroMaint
Rail AB and EuroMaint
Industry AB
JONAS SAMUELSON
1960. MSc engineering.
President of
EuroMaint Rail AB.
Employed since 2002.
Previous positions:
ABB Process Industries

Addresses
EuroMaint AB
EuroMaint Rail AB
EuroMaint Industry AB
STOCKHOLM
EuroMaint AB
PO Box 1555
SE-171 29 Solna
www.euromaint.se
Solna
Headquarters
EuroMaint Rail AB
PO Box 1555
SE-171 29 Solna
Visiting address: Svetsarvägen 10
Borlänge
EuroMaint Rail AB
Bangårdsgatan 8
SE-781 71 Borlänge
Visiting address: Bangårdsgatan 8
Gävle
EuroMaint Rail AB
Lötängsgatan
SE-801 31 Gävle
Visiting address: Lötängsgatan
GOTHENBURG
EuroMaint Rail AB
PO Box 36 136
SE-400 13 Göteborg
Visiting address:
Minuthandelsgatan 15
Hallsberg
EuroMaint Rail AB
Lokvägen 2
SE-694 35 Hallsberg
Visiting address: Lokvägen 2
Linköping
EuroMaint Rail AB
Södra Oscarsgatan 2
SE-582 73 Linköping
Visiting address:
Södra Oscarsgatan 2
Luleå
EuroMaint Rail AB
Kontorsgatan 37
SE-993 42 Luleå
Visiting address: Kontorsgatan 37
EuroMaint Rail AB
Lokstallsvägen 2
972 45 Luleå
Visiting address: Lokstallsvägen 2
Malmö
EuroMaint Rail AB
PO Box 124
SE-201 21 Malmö
Visiting address: Carlsgatan,
infart 6
EuroMaint Rail AB
PO Box 3503
SE-200 22 Malmö
Visiting address:
Södra Bulltoftavägen 51
Nässjö
EuroMaint Rail AB
PO Box 37
SE-571 21 Nässjö
Visiting address: Gölgatan
STOCKHOLM
EuroMaint Rail AB
Växlarevägen 29
SE-170 63 Solna
Visiting address: Växlarevägen 29
EuroMaint Rail AB
Blackvreten
SE-195 95 Rosersberg
Visiting address: Verkstaden
Blackvreten
EuroMaint Rail AB
Rysstorpsvägen 12
SE-197 91 Bro
Visiting address: Stinsvägen 15
EuroMaint Rail AB
Varuvägen 34
SE-125 30 Älvsjö
Visiting address: Varuvägen 34
Sundsvall
EuroMaint Rail AB
Parkgatan 5
SE-852 29 Sundsvall
Visiting address: Parkgatan 5
Vännäs
EuroMaint Rail AB
Västra Järnvägsgatan 8
SE-911 34 Vännäs
Visiting address:
Västra Järnvägsgatan 8
Åmål
EuroMaint Rail AB
PO Box 302
SE-662 27 Åmål
Visiting address:
Västra Bangatan 2
Örebro
EuroMaint Rail AB
PO Box 1502
SE-701 15 Örebro
Visiting address:
Södra Grev Rosengatan 1
EuroMaint Rail AB
PO Box 1403
SE-701 14 Örebro
Visiting address:
Södra Grev Rosengatan 1
Skövde
Headquarters
EuroMaint Industry AB
SE-541 87 Skövde
Visiting address: Kavelbrovägen 2
Gävle
EuroMaint Industry AB
Lötängsgatan
SE-801 31 Gävle
Visiting address: Lötängsgatan
Hallsberg
EuroMaint Industry AB
Kraftvärmegatan 1
SE-694 32 Hallsberg
Visiting address:
Kraftvärmegatan 1
Åmål
EuroMaint Industry AB
PO Box 302
SE-662 27 Åmål
Visiting address:
Västra Bangatan 2
Design and production: Collaboration between EuroMaint AB and Care of Haus, Västerås.
Photography: Lasse Fredriksson, Thomas Harrysson, Hans Blomberg, Kasper Dudzik, Peter Lydén,
Fortum, Jernbaneverket, Matton, NSB and archive photos from EuroMaint.
Repro: Turbin, Västerås. Printing: Edita, Västerås. Other information: This is not an official
Annual Report. It is a translation of the Swedish Annual Report and may not contain all the information
provided in the Swedish original.

EuroMaint unites innovative thinking with a long past. Through creative technical system
services, customised total solutions and partnerships, we contribute to our customers’
competitiveness and success. The EuroMaint Group consists of EuroMaint Rail, which
helps strengthen profitability in the rail transport sector, and EuroMaint Industry,
which helps increase customers’ productivity.
www.euromaint.se