Annual Report 2008 (pdf) - Euromaint

Annual
Report
2008
2008

2
EUROMAINT ANNUAL REPORT 2008
Contents
Group Overview 3
The CEO's comments 6
Business concept, vision, strategies and targets 8
EuroMaint's offering 10
SUBSIDIARIES
EuroMaint Industry 14
EuroMaint Rail 20
BOARD AND MANAGEMENT
The Board of Directors EuroMaint 28
Management teams 30
Financial Summary 32

3
GROUP OVERVIEW
A leading and innovative partner for
industry and the rail transport sector
EuroMaint is a unique supplier of technical maintenance services and other
services that support the effective utilisation of advanced production equipment.
Customers are mainly within the engineering and rail transport industries
in Sweden and abroad.
EuroMaint has operations in 15 locations in Sweden, plus in Jelgava, Latvia
and Detroit in the USA. Swedish and foreign customers are served from
these junctions.
The two subsidiaries, EuroMaint Industry and EuroMaint Rail, operate
within different customer segments. The collective main product is
a comprehensive service concept within maintenance and production streamlining.
At Group level, industry-wide matters are pursued that promote
business development and contribute towards maintaining and developing
the position as a leading partner for industry and the rail transport sector.
EuroMaint Industry is a specialist at production streamlining within
the engineering industry. The Company develops and maintains production
equipment, components and processes.
EuroMaint Rail is Sweden's leading provider of technical maintenance
services for the rail transport sector. EuroMaint Rail maintains and refurbishes
all types of rolling stock and their components.
All operations within EuroMaint have the objective of increasing customers'
efficiency.
EuroMaint has been owned by Ratos since 2007 and at 31 December
2008, had approximately 1,750 employees. The Group's head office is
in Sundbyberg.
EuroMaint carries out operations
in Luleå, Vännäs, Sundsvall,
Gävle, Borlänge, Örebro,
Åmål, Hallsberg,
Stockholm, Skövde,
Linköping, Huskvarna,
Göteborg, Nässjö and
Malmö, as well as in
Jelgava, Latvia and
in Detroit, USA.
Sweden
Latvia
GROUP KEY FIGURES 2008 2007 2006
Turnover, SEK million 2,324 2,067 2,037
Operating profit, SEK million 118 67 100
Cash flow, SEK million 87 -14 45
Operating margin, % 5 3 5
Equity/assets ratio, % 24 23 24
Average no. of employees 1,755 1,771 1,747
Sickness absence, % 3.8 4.7 4.7
Definitions
Operating margin = operating profit in relation to turnover
Equity/assets ratio = Equity and shareholder borrowing in relation to the balance sheet total
2,400
2,200
2,000
1,800
1,600
1,400
1,200
100
80
60
40
20
0
-20
-40
TURNOVER, SEK million OPERATING PROFIT, SEK million
1,493
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
CASH FLOW AFTER
INVESTMENTS, SEK million
14
1,872
-38
2,037
45
2,067
-14
2,324
87
2004 2005 2006 2007 2008
For 2007 and earlier, refer to the pro forma figures.
140
120
100
80
60
40
20
47
114
100
67
TURNOVER
BROKEN DOWN BY INDUSTRY
Rail transport industry 85%
Engineering industry 15%
118

4
EuroMaint Industry develops and maintains production equipment, components and processes within the industry.
The company has its head office in Skövde and operations are also carried out in Gävle, Gothenburg, Hallsberg,
Huskvarna and Åmål as well as in Detroit in the USA.
Through efficient and innovative maintenance, EuroMaint Rail facilitates punctual and safe rail transport.
The company has its head office in Solna and activities in 13 locations throughout Sweden, as well as in Jelgava, Latvia.

IMPORTANT EVENTS
■ Seven-year contract with Swiss AAE
EuroMaint Rail signed a seven-year contract with Swiss AAE regarding
the maintenance of 300 freight carriages in service between Luleå and
Borlänge, Sweden.
■ New CEO
Ole Kjörrefjord took over as President and CEO of EuroMaint.
He had been Chairman of the board since 2007. In conjunction with him
becoming CEO, Wille Laurén has taken over as Chairman of the board.
■ Letter of intent with Husqvarna
EuroMaint Industry has signed an agreement with Husqvarna about the
takeover of operations employing 64 people. The takeover took place on
1 January 2009.
■ Refurbishment of SJ's locomotive drawn passenger carriages
EuroMaint Rail received the commission to modernise Swedish train
operator SJ's locomotive drawn passenger carriages from the 1980s.
The order is valued at SEK 350 million and the first refurbished carriages
will enter service in the summer of 2009.
■ New CEO of EuroMaint Rail
EuroMaint strengthened its Group Management with the appointment
of Mats Önner as CEO of EuroMaint Rail and Ilona Östlund as
Corporate Communications Director.
■ Takeover of operations in Norrsundet, Gävle, Sweden
EuroMaint Industry took over the operations of a maintenance department
at Stora Enso's facility in Norrsundet. In connection with the new
partnership, EuroMaint Industry is opening a local office in the area.
■ First workshop outside Sweden
EuroMaint Rail opened its first workshop outside Sweden – in Jelgava,
Latvia.
■ Major contract for EuroMaint Industry
EuroMaint Industry signed an agreement with Volvo Powertrain regarding
the delivery of equipment for quality assurance to the company's engine
factories in Brazil, France, Sweden and the USA. The framework agreement
relates to In Process Verification, IPV, equipment. The deal is valued at
approximately SEK 150 million and is the biggest to date in EuroMaint
Industry's history.
FOLLOWING THE YEAR-END
January 2009
■ Henrik Dagberg took over as Business Development Director
for EuroMaint.
■ EuroMaint Industry served redundancy notices to 36 employees at its
maintenance and tools operation in Hallsberg – a direct consequence
of the decline in the automotive industry.
■ EuroMaint Rail signed a seven-year contract with Arriva regarding the
maintenance of Kinnekulletåg, the regional commuter trains running
between Gothenburg and Örebro in Sweden. Arriva is taking over as
the rail operator from 1 June after receiving the commission from local
transport company Västtrafik.
■ EuroMaint Rail received a five-year commission from Veolia Transport to
handle the maintenance of Kustpilen, the 11 engine coaches that serve
the Linköping–Kalmar and Linköping–Västervik routes for local transport
company Östgötatrafiken.
■ EuroMaint announced that Åke Finn, the former CFO for EuroMaint,
would be leaving his position within the Group.
5

6
THE CEO'S COMMENTS
Platform for future expansion
2008 was a successful year for EuroMaint; a year with good growth, improved
profitability and a more stable platform for future expansion. We have
strengthened our organisation and market position, and are better equipped
for future challenges.
Neither we nor our customes are immune to the downturn in the global
economy that we witnessed during the autumn of 2008. Compared with
many other industries however, the maintenance sector is less affected by
reduced demand. Furthermore, EuroMaint has focused on creating clear
results areas where competent managers, together with their employees,
can seize business opportunities and adapt their operations to suit the
customers' needs.
I became President and CEO at the end of 2008, but have observed
EuroMaint from very close quarters since 2007 when I became Chairman
of the board for the Group. EuroMaint is a Group with enormous potential.
During 2008, we increase our turnover by 12 per cent to SEK 2,324 million
and the profit increased by 75 per cent to SEK 118 million, the highest operating
profit ever.
Operating in a confidence sector
EuroMaint will be a leading and innovative partner that increases its customers'
efficiency. We operate in a confidence sector. Our customers hand over the
responsibility for their valuable production equipment to us and our services
are often entirely necessary in order for customers to achieve their business
objectives. This is a great responsibility and we view our task with the utmost
seriousness.
During 2008, we have received plenty of evidence that we are succeeding
at our task. EuroMaint Industry has expanded to new locations within
Sweden and EuroMaint Rail gained the extended confidence of a number of
important customers during the year.
Furthermore, we are making great strides in the important internal
improvement work that is required to increase our efficiency and to achieve
our long-term goals. With clearer budget responsibility, more efficient
processes and a strengthened organisation, EuroMaint Rail has improved
both its deliveries to customers and its financial results. EuroMaint Industry
has gone from zero profit to profit.
Renewed faith in EuroMaint Rail
EuroMaint Rail has gained a new CEO during the year – Mats Önner took
over on 1 September. The subsidiary has also been reorganised in order
to create four clear business areas with their own budget responsibility;
Availability, Components, Refurbishment and Work Machines. The aim is
to achieve more efficient and more industrialised processes, as well as
consistently high quality in all deliveries to customers.
During the first half of 2008, EuroMaint Rail received renewed orders from
Swedish train operator SJ for the maintenance of its high-speed X2 trains,
RC locomotives and a large number of passenger carriages. The renewed
contracts have only been extended for one year however, which means that
during the first quarter of 2009, we face several negotiations that are crucial
for the business. The good work that we have been able to demonstrate
during the second half of 2008 means however that we can confidently look
ahead to these new contract negotiations.
EuroMaint Rail has increased its turnover by 9 per cent, yet despite an
increased profit compared with the previous year, it did not fully achieve its
profit target for the year. The successful work of streamlining the business
was completed at the end of 2008 however, which means that there are good
possibilities of strengthening the profits in the future.
In 2008, EuroMaint Rail officially opened its first workshop overseas, in
Jelgava in Latvia. This was a strategically significant step in order to be able
to become an major supplier when the large railway market in the East is
deregulated.
The former subsidiary EuroMaint Tracksupport returned to the operations
within EuroMaint Rail during the year, where it formed the Work Machines
business area.
New operations for EuroMaint Industry
EuroMaint Industry has developed extremely positively during the year.
Strong leadership has created commitment among employees and
EuroMaint Industry has won a number of strategically important orders.
In December, a contract was signed with Husqvarna, the worlds leading
manufacturer of outdoor products, regarding the takeover of a department
that works with the maintenance of production equipment and the production
of die casting tools. From 1 January 2009, EuroMaint Industry formally took
over operations in Huskvarna that employ 64 people.
During the year, we have also acquired the maintenance staff from
Stora Enso's pulp and paper manufacturing works in Norrsundet. The deal
is an important step that is in line with our strategy of becoming established
near to our customers throughout Sweden. Turnover for EuroMaint Industry
increased by 34 per cent to SEK 363 million during 2008.

Challenges in 2009
EuroMaint's goal for the coming years is to profitably grow
– in terms of turnover, geographically and in new sectors.
In order to do this, we must demonstrate to existing and potential
customers that we are the most competent business partner.
EuroMaint Industry will utilise its knowledge via the expansion
into new sectors and areas within Sweden, as well as by increasing
its commissions overseas, partly via the office in Detroit.
For EuroMaint Rail, the challenge is to streamline and further
increase the quality of the maintenance work, and thereby protect
the large market share in Sweden. At the same time, EuroMaint Rail
will enter new markets.
2009 will be a year filled with challenges. The global recession
will affect us and our customers considerably more than it did
in 2008 and we must be prepared for this. On the one hand,
our customers within rail transport will benefit from more people
choosing to travel by train, which is an environmentally-friendly and
relatively cheap method of travel. On the other hand, the transport
of goods decreases during a recession, reducing the need for the
maintenace of freight trains. For EuroMaint Industry, we see the
potential for more companies considering the outsourcing of their
maintenance departments. At the same time, EuroMaint Industry
is affected by the significant decline within the automotive industry,
and decisions regarding new business are more difficult for customers
to make in a market that is uncertain.
Impressive competence within the company
I have been fortunate to have travelled to all of our facilities during
the year and I am particularly impressed by the competence, loyalty
and experience that I have encountered in the company. There
is enormous motivation and creativity within EuroMaint, which
provides us with a great platform for achieving our goal of being a
leading and innovative partner both in Sweden and abroad.
2009 looks as though it will be a year of global recession and
therefore it is more important than ever that we utilise our full potential
and remember to put our customers first in every stage of the work
we do. These characteristics certainly prevail within EuroMaint and
that gives me great confidence for the future.
Ole Kjörrefjord, President and CEO
7

8
BUSINESS CONCEPT, VISION, STRATEGIES AND TARGETS
The Group's competence and structural capital
can be transferred to new industries and markets
EuroMaint's business concept is to offer cost-effective maintenance and technical
solutions that increase the availability, reliability and working life of production
equipment. The vision is to be a leading partner within the maintenance and service
of production equipment in all industries and markets where the company is active.
EuroMaint has lengthy experience and broad competence within mainten ance.
In order to become a leader and retain our customers' confidence, the company
is working to continuously improve and develop new, innovative products.
EuroMaint is a value generating partner that increases its customers competitiveness,
which means that the Group's profitability is a result of the
customer's profitability.
Goal
EuroMaint's overall goals are to:
• Achieve growth in both turnover and profit during 2009–2011
• Establish operations in more industries and geographical markets
outside Sweden
Growth strategies
EuroMaint's recognised developed management systems, processes and
approach – the Group's structural capital – can be transferred to more
industries in order to streamline the maintenance work and raise the utilisation
ratio of customers' production facilities.
Against this background, EuroMaint has the potential to grow
geographically as well as in new industries. A number of growth strategies
have been defined:
• Supplementary assignments from existing customers
• Acquisitions and takeovers of operations in current markets and industries
• New customers and markets
• New industries
Supplementary assignments from existing customers
A natural part of EuroMaint's growth strategy is to deepen the partnerships
with existing customers and constantly provide them with new maintenance
technology and efficient solutions.
EuroMaint Rail has a strong position on the Swedish market for the
maintenance of rolling stock with a market share of approximately 50 per cent,
and as a highly regarded maintenance partner, there are good opportunities
for receiving new assignments.
In 2008, Swedish train operator SJ took over as the operator for Norrlandstrafiken
the longdistance traffic operating between Stockholm and the
northern parts of Sweden, and agreed a contract in connection with this with
EuroMaint Rail as mainten ance provider. The five-year contract includes the
maintenance of locomotives and passenger carriages. The key reasons that
EuroMaint won the commission was because the company is nationwide
and because it deals with both light and heavy maintenance.
During 2008, EuroMaint Rail has also received several extended
agreements with SJ, and has been commissioned to modernise SJ's locomotive
drawn passenger carriages from the 1980s. Another example of strengthened
partnerships is the maintenance of approximately 300 of the Swiss company
AAE's freight carriages in service between Luleå and Borlänge, Sweden.
Acquisitions and operational takeovers
More and more companies are considering the outsourcing of their
mainten ance operations. A partnership with a company that specialises
in maintenance can increase efficiency and therefore competitiveness.
This creates business opportunities for EuroMaint's subsidiaries.

When EuroMaint takes over an existing business, the Group's work methods
should make the acquired business more effective so that profitability
increases for customers, and thereby for EuroMaint also. It should also be
possible to offer the overtaken operation's services to external customers.
During 2008, EuroMaint Industry agreed contracts regarding the takeover
of two business operations. Stora Enso's operations in Norrsundet were taken
over and the operations of Husqvarna's maintenance and tools departments in
Huskvarna were taken over at the start of 2009. In 2006, EuroMaint Rail took
over the maintenance activities for commuter train transport in Stockholm.
EuroMaint is also working continuously to evaluate potential acquisition
targets. There are possible acquisitions within the following segments:
• Train maintenance companies in prioritised EU countries
• Maintenance companies in the Nordic region that strengthen EuroMaint
Industry's market presence, particularly within the engineering and
process industries
In order for EuroMaint to be interested in an acquisition, the technical level
of the business should be sufficiently high so that the Group's structural
capital can be utilised effectively. Furthermore, there must be high availability
requirements on the fixed assets included in the maintenance obligations
being taken over.
Ratos is a strong and long-term owner of EuroMaint, guaranteeing the
availability of both knowledge and capital for company acquisitions.
New customers and markets
The Swedish market for rail passenger transport is expected to be deregulated
in 2010 provided that Parliament decides to withdraw Swedish train operator
SJ's monopoly on the core rail network. Once the market has been deregulated,
opportunities to work with new operators will be presented while the
interest in strengthening competitiveness through effective maintenance
will increase further among current operators.
EuroMaint Rail's biggest growth opportunities exist outside Sweden,
however, which are being boosted by the continuing deregulation of the
railway markets within the EU. Prioritised growth markets for EuroMaint Rail
are the Nordic countries, Germany and the Baltic states. During the year, the
company opened its first workshop outside Sweden – in Jelgava in Latvia.
EuroMaint Industry is also seeking customers outside Sweden in order
to utilise its knowledge in other markets. EuroMaint Industry signed an
agreement with Volvo Powertrain in March regarding the delivery of equipment
for quality assurance to the company's engine factories in Brazil,
France, Sweden and the USA. The framework agreement is an important
step into the international market and constitutes the biggest deal to date for
EuroMaint Industry. A contract has also been signed with Tata-Cummins
regarding the delivery of comparable equipment to an engine factory in India.
New industries
EuroMaint has a strong position in the rail transport industry and is growing
within the engineering industry. The operational takeover from Stora Enso
in Norrsundet during 2008 means that EuroMaint has established itself in
a new industry – the paper and pulp industry.
EuroMaint's goal is to establish the company in new industries where
the Group's structural capital can contribute to increased efficiency and
quality in maintenance operations. Examples of such industries are the process
and energy industries, as well as defence, which are faced with structural
changes similar to those that the rail transport industry has undergone.
9

10
EUROMAINT'S OFFERING
Services that support the effective use
of advanced production equipment
EuroMaint strengthens its customers competitiveness via services that increase
the availability, operational reliability and working life of production equipment
and components.
The utilisation ratio of production equipment in the Swedish engineering
industry amounts to approximately 50 per cent on average. Within the paper
and pulp industry, the availability requirements are traditionally higher. Halts
in production are very costly and there is a great deal of dependence on
equipment that is very expensive to purchase. For the rail transport industry,
the availability is directly linked to customer needs – the availability requirement
for rolling stock has increased further in recent years as traffic has
increased.
Experience and proximity
EuroMaint's two subsidiaries originate from Swedish train operator SJ
and Volvo. EuroMaint, formerly SJ's machine division, was formed in 2001 in
connection with the corporatisation of Swedish State Railways. In 2005
EuroMaint acquired Euromation – one of Sweden's leading companies
within production streamlining for the engineering industry. The Group
has more than 150 years' experience of services for improving the efficiency
of advanced production equipment. The geographical proximity to customers
is also a competitive advantage, EuroMaint is currently present in 15 locations
in Sweden and in Detroit, USA and Jelgava, Latvia. Through its size and
experience, the Group has the qualified technical expertise with a unique
combination of both breadth and depth.
EuroMaint Rail offers many different types of services, from actionbased
corrective maintenance, refurbishments and component processing
to the design of maintenance systems. EuroMaint Industry has a wide range
of services from corrective maintenance and maintenance to the design of
customised production equipment.
EuroMaint's services are designed to increase the availability, reliability
and working life of advanced production equipment and their components.
With EuroMaint's services, customers can attain a better utilisation ratio and
operational reliability in production.
Future prospects during recession
The market for services that support the effective use of advanced production
equipment is somewhat less cyclical than the customers' market. In times of
economic growth, the customer's primary motivation is to increase the availability
and operational reliability of existing equipment. During a slowdown,
the focus is mainly on the possibility of extending the working life of production
equipment and the potential to postpone new investments.
The Group expects that the market for technical maintenance services
will continue to grow in the coming years. Admittedly, in the recession that
began in large parts of the world during 2008, it is expected that the need
for more efficient use of production equipment will be lower than during
economic growth, but the existing equipment must be maintained and
falling demand means that the demands on quality delivery and stability
remain high.
In a recession, fewer decisions are taken regarding the purchase of new
equipment, which makes EuroMaint's offering to streamline existing equipment
appealing. The current economic climate also opens up opportunities
for further structural deals and business acquisitions as companies review
their costs while looking to secure access to key skills.
The downturn in the rail transport sector is expected to be less than for
the industry. Passenger transport by rail continues to increase, partly due to
increasing environmental awareness and since train travel can be a cheaper
option than flying. Freight transport decreases in keeping with declining
industrial demand, but even here there are environmental benefits that are
advantageous to the railways.

Takeover of operations from Husqvarna
On 1 January 2009, EuroMaint Industry acquired
64 employees within production equipment maintenance
and the production of die casting tools
from Husqvarna. This operational takover means
that Husqvarna can focus on its core competence
while maintaining key competence in connection
with its production facility in Huskvarna, Sweden.
EuroMaint Industry is driving and developing the
business forward, thereby ensuring efficient,
flexible maintenance operations for Husqvarna
and other engineering companies in the region.
Refurbishment of SJ's passenger carriages
EuroMaint Rail's refurbishment expertise is being
utilised for example by Swedish train operator SJ,
for whom the company is refurbishing its passenger
carriages from the 1980s (the so-called InterCity
trains). SJ is investing SEK 350 million to modernise
the trains which will have a new exterior profile as
well as a brighter Scandi navian decor with new
lighting in the carriages. EuroMaint Rail's refurbishment
commission is contributing to an extension of
the economic and commercial life and value of the
rolling stock. It is also raising the level of comfort
for SJ's customers and improving the working
environment for the onboard staff.
11

12
EUROMAINT'S OFFERING
Framework agreement with SSAB
EuroMaint Industry's Group framework agreement
with SSAB regarding the service and refurbishment
of electric motors means that SSAB has access to
EuroMaint's experience and competence within the
component service. Through qualified reprocessing
of electric motors, the working life of the components
is extended, the customer avoids making new
investments and guarantees access to components
that are sometimes no longer standard.
Turnkey service for the A-Train
A-Train, which operates the Arlanda Express
airport railway in Stockholm, Sweden, has awarded
EuroMaint Rail a comprehensive commission in
which the maintenance arrangement and reimbursement
is based on the customer's rolling stock
fleet being available for service. EuroMaint Rail
has taken over the operation of the maintenance
activity, which includes everything from managing
the action-based corrective maintenance to
further development of the maintenance systems.
EuroMaint contributes with proactive maintenance
that guarantees high reliability and Sweden's highest
level of availability – 100 per cent availability for the
Arlanda Express.

Subsidiaries
13

14
EUROMAINT INDUSTRY – IN BRIEF
An independent partner that strengthens
the industry's competitiveness
EuroMaint Industry is an independent partner that strengthens the industry's
competitiveness by streamlining production. The Company develops and
maintains production equipment, components and processes within the industry.
Through customised maintenance services, EuroMaint Industry helps
customers to increase the efficiency, durability and reliability of the production
process. The company's experienced production engineers, project managers
and designers offer the development, design and manufacture of customised
production equipment. Reliable solutions for changes to production processes
are also offered. With the component service, maintenance is supported by
spare parts, troubleshooting and repairs.
EuroMaint Industry's turnover increased by 34 per cent to SEK 363
million in 2008. The company has 300 employees. The head office is in
Skövde and operations are also carried out in Gävle, Gothenburg, Hallsberg,
Huskvarna and Åmål, Sweden, as well as in Detroit in the USA. EuroMaint
Industry has been part of EuroMaint since 2005 and originated with the Volvo
Group's sell-off of its maintenance operations in 2000.
■ Vision
To be the industry's leading partner for efficient production.
■ Business concept
To develope and maintain production equipment, components
and processes within the industry.
KEY FIGURES EUROMAINT INDUSTRY 2008 2007 2006
Turnover, SEK million 363 271 231
Operating profit, SEK million 13 0 -8
Cash flow, SEK million -14 -15 -27
Operating margin, % 3.6 0 negative
Equity/assets ratio, % 28 37 52
Average no. of employees 289 261 281
Sickness absence, % 3.2 3.1 2.5
400
350
300
250
200
150
100
40
30
20
10
0
-10
-20
-30
TURNOVER, SEK million OPERATING PROFIT, SEK million
303
307
231
271
363
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
CASH FLOW AFTER
INVESTMENTS, SEK million
-30
42
-27
-15
-14
2004 2005 2006 2007 2008
25
20
15
10
0
-10
-15
11
25
-8
0
13

EUROMAINT INDUSTRY – THE CEO'S COMMENTS
"I am so very proud of the work being
carried out within the company"
EuroMaint Industry can look back on a successful year, winning several important
business deals, expanding into new industries and markets, and having achieved our
financial goals by a good margin. I am so very proud of the work being carried out
within the company.
During 2008, EuroMaint Industry's turnover increased by 34 per cent and
our profit has improved from SEK 0 to SEK 13 million.
Our vision is to be the leading partner for industrial companies that
want to streamline the use of their production resources. We can achieve
this thanks to efficient processes and the sound skills, involvement and
commitment of our employees.
During 2008, we have successfully achieved our strategic targets to:
• Expand ourselves industrially
• Expand geographically to prioritised industry clusters in Sweden
• Grow through the acquisition of operations
• Packaging our offering within the Automation and Component Servicing
business areas based on customer needs
This means that we have developed in line with our vision to become the
industry's leading partner for efficient production, which is very satisfying.
Strategically important milestones
With the takeover of Stora Enso's operations in Norrsundet, Sweden,
we have established ourselves as a partner to the paper and pulp industry,
and increased our presence in the industry cluster in the Gävle region.
The addition of Norrsundet is an important element in our company's
growth ambitions regarding industrial diversification.
As of 1 January 2009, EuroMaint Industry has also been established
in the Småland region through the takeover of Husqvarna's maintenance
and tool departments. On the one hand, this gives us a local presence as well
as new competence within the maintenance and service of die casting tools.
Within the Automation business area, we have had the goals of
expanding abroad during the year as well as expanding industrially with
our special offering. In line with this ambition, we signed the largest contract
in EuroMaint Industry's history during the year; a framework agreement
worth SEK 150 million with Volvo Powertrain. The deal involves the supply
of IPV equipment (In Process Verification) to the company's factories in
Brazil, France, Sweden and the USA. Through the new IPV technology,
we can help customers to quality assure, environmentally improve and
cost-optimise their production processes.
During the year, we have noted an increased level of interest in
supplying and reprocessing existing components in order to maintain
the value of the investments made.
Within mechanical processing, we have undertaken industrial
diversification through assignments, which included the Norwegian
offshore industry.
Focus on customer needs in 2009
EuroMaint Industry has solid foundations to stand on, a clear strategy and
focused and committed employees. We have taken some very important
steps in the company's development during the year.
The coming year will be marked by the recession and the increased
demands placed on us as a supplier. We will meet the challenge thanks
to sound knowledge in our areas of activity, combined with the creative
ability to adapt our offerings to customers' needs. We will manage the
recession through sustained delivery capabilities while developing our
skills so that we have consolidated our position as a strong partner for
when economic growth resumes.
We will also continue working to identify possible businesses for
acquisition in 2009.
Every day, I am heartened by the spirit, creativity and flexibility shown
by the employees in our organisation. The unique needs of our customers
are always at the forefront and that is the key to our future success.
Nicklas Falk, CEO EuroMaint Industry
15

16
EUROMAINT INDUSTRY – BUSINESS CONCEPT, VISION, STRATEGY AND OFFERING
A leading partner for the industry
EuroMaint Industry's vision is to be the industry's leading partner for efficient production.
This means that the company should be a driving and developing player within its niche,
have a significant market share and be a complete partner in the development and maintenance
of production equipment, components and processes. EuroMaint Industry strives for
long-term partnerships in which the company supports the customer in its development.
EuroMaint Industry's offering includes the maintenance of production
equipment, the improvement of production and maintenance routines,
the manufacture of production equipment and tools, plus the repair of
components and tools. Since 2008, operations have been run within
three interacting business areas with their own budget responsibility:
Engineering & Operational Reliability, Automation and Component Servicing.
Growth strategies
EuroMaint Industry's comprehensive growth strategy includes organic
growth mainly through commissions for new and existing customers within
industry in Sweden. Operational takeovers and company acquisitions are
also part of the company's growth strategy. The focus is primarily on
customers within the engineering, foodstuffs, timber, packaging, steel,
paper and pulp, energy and offshore industries.
The company should be a natural partner for companies that need to
streamline or change their production and can, thanks to its broad expertise,
be a leading advisor in the conversion of production. EuroMaint Industry
also has a goal of increasing the number of key customers.
EuroMaint Industry's overall goals are to:
• Increase the number of customers and stable deals
• Be well-positioned geographically, with proximity to customers
• Increase turnover and profitability with even coverage
• Maintain and develop high, broad and flexible competence
• Offer high service levels and quality
Be nearer to the customer
For maintenance operations, the focus is to continue the regional expansion
into selected locations in Sweden. This means getting closer to the customer
and being in strategically important regions such as Gävle, Hallsberg/Örebro,
Skövde, Gothenburg and Småland.
The takeover of Stora Enso's operations in Norrsundet in 2008 means
that the presence in Gävle has been strengthened in a strategically important
manner. The takeover means that EuroMaint Industry contributes to reliable
operations during the termination phase of the pulp mill. Around twenty
employees have transferred to EuroMaint Industry in association with
the deal and after the pulp mill has been closed down, the employees will
strengthen the company in the Gävle region and be able to work with other
industrial customers in the region.
During 2008, EuroMaint Industry has also established its first operations
in Gothenburg.
From 1 January 2009, EuroMaint Industry has also been present in
Huskvarna in Småland through the acquisition of 64 people from Husqvarna
who are working with the maintenance of production equipment and the
production of die casting tools.
An established supplier of special machines
EuroMaint Industry is a strong and established supplier of special machines,
primarily to the automotive industry. The goal is to establish itself as a supplier
to other industries in Sweden and to expand internationally through specialist
competence within the automotive industry. The international expansions
taking place partly through the Automation business area accompanying its
Swedish customers to their production facilities overseas, and partly through
the development of new customer groups abroad. Employees in Detroit are
leading the activities in the U.S. market. In order to expand in the European
market, EuroMaint Industry has been aided by the Swedish Trade Council
and others.

Within Automation, EuroMaint Industry has an important competitive
advantage through its broad competence. Among other things, the company
is working with equipment from all machine suppliers and can offer specialised
technologies such as IPV technology, In Process Verification, which is only
offered by a few suppliers around the world. In 2008, EuroMaint Industry
signed a global framework agreement with Volvo Powertrain regarding IPV
technology. The deal is valued at approximately SEK 150 million and is the
biggest to date in the company's history.
New production and reprocessing
EuroMaint Industry also offers the new production of advanced mechanical
components. The Component Servicing business area also works with the
reprocessing of mechanical, electronic and technical components where
economies of scale and specialist skills are important competitive advantages.
Success factors are continuously improving delivery capability, trimming
internal processes, developing staff skills and strengthening relations with
so-called OEMs, Original Equipment Manufacturers, such as suppliers of
control systems.
EUROMAINT INDUSTRY'S OFFERING:
■ Development and maintenance of production processes
through methods and approaches for, e.g. process conversion,
new acquisition and maintenance. The goal is for the customer
to have undisrupted production, high operational reliability,
delivery accuracy and customer satisfaction.
■ Development and design of customised production equipment
Standard solutions are not always the best alternative. EuroMaint
Industry designs special equipment with high operational
reliability, based on the customer's unique needs. These include
flexible Automatic Guided Vehicles, AGV, which are an effective
tool during mounting applications, for example, or IPV, In Process
Verification.
■ From quick access to spare parts, troubleshooting and repairs
to the reprocessing of components. EuroMaint Industry helps
customers maintain the value of their production equipment.
The customer can also focus on their core business and avoid
capital tied-up in spare parts stock.
17

18
EUROMAINT INDUSTRY – MARKET AND CUSTOMERS
Unique supplier to a changing market
Industrial production is becoming more and more automated, creating a greater
demand for EuroMaint Industry's services. The market that EuroMaint Industry
operates in is fragmented with several different types of players.
A large proportion of Swedish industrial companies maintenance and
production efficiency is still conducted internally. Large industrial companies
traditionally have a maintenance department in charge of the availability of
the production equipment.
In order to focus exclusively on its core business, many companies are
considering the corporatisation of their maintenance departments and,
in some cases, outsourcing them to external suppliers. The advantage of
placing the maintenance department with an outside company is that the
operational efficiency is stimulated with the introduction of a partner
relationship. Tougher competition in the industry means that more
companies are considering whether to transfer maintenance work to
someone else, but there is also great awareness that this requires a well
developed strategy in order for the outsourcing to pay dividends. The
demands on EuroMaint Industry are very high with regards to the takeover
of operations.
The suppliers in the maintenance market for industry
can be roughly divided into four groups:
■ Volume suppliers – relatively large companies with a wide range of services.
These companies are price competitive and their services are not
industry specific.
■ Niche players – companies that position themselves through a unique
offering such as one product, service or competence area. For these
suppliers, customer proximity is important, the range is slightly smaller
than for volume suppliers and value creation for customers is the main
competitive tool. EuroMaint Industry belongs to this group.
■ Industry players – companies operating in a particular sector or industry
that create value through the highly specific skills they possess. Within this
group are companies with a combination of volume and niche strategies.
■ OEM companies, Original Equipment Manufacturers – manufacturers of
production facilities that also offer aftermarket services.
Part of a maintenance group
In many ways, EuroMaint Industry is a unique player in this market. The
company is part of a maintenance group, which provides access to specialist
competence, proven processes and work methods and the ability to make
the investments necessary to always be able to offer a customised, innovative
and professional partnership.
EuroMaint Industry is an independent and comprehensive partner for
the development and maintenance of production equipment, components
and processes. The company offers technical breadth and specialist competence
from long-term complete solutions to smaller part actions. Everything
from maintaining and developing production equipment, designing efficient
production equipment to providing new and existing machines with components.
In this way, EuroMaint Industry’s customers can reduce their capital
tied-up and focus on their core competence.
Active on the consolidation market
The market for maintenance and production efficiency in Sweden is moving
towards consolidation. There are examples of major maintenance suppliers
in Sweden who have grown through the acquisitions of smaller, local suppliers.
EuroMaint Industry's business consists largely of operations taken over from
AB Volvo and Volvo Trucks.
EuroMaint Industry intends to be active in this process and is considering
acquisitions in order to grow and develop. Within the Engineering & Operational
Reliability business area, this primarily taking over existing operations from
industrial companies. For the Component Servicing business area, this could
be the acquisition of smaller companies facing a generational change of
ownership.
Customers in Sweden and abroad
EuroMaint Industry's commissions are increasingly characterised by longterm
turnkey commitments. Customers are mostly industrial companies in
Sweden. Some examples are Arkivator, DIAB, Scania, Stora Enso, AB Volvo
and Volvo Cars. In the USA, Volvo Powertrain is the largest single customer.
During 2008, an important step was taken into the international market in
connection with an extensive framework agreement for IPV equipment,
In Process Verification, to Volvo Powertrain in several different countries.

EUROMAINT INDUSTRY – EXAMPLES OF COMMISSIONS IN 2008
Framework agreement worth approx
SEK 150 million
During 2008, EuroMaint Industry entered its
biggest framework agreement to date, valued at
approximately SEK 150 million. The deal comprises
the supply of equipment for quality assurance to
Volvo Powertrain in Brazil, France, Sweden and the
USA. The new technology, In Process Verification,
IPV, is used for the cold testing of engines and
means that the product is successively verified
throughout the production process. The improved
quality control means that costs for deficient quality
can be reduced significantly. Furthermore, Volvo
Powertrain reduces its emissions by 85 per cent
during engine trials.
The deal means a boost on the international
market while providing new jobs at home.
Maintenance at Stora Enso's factories
Since the summer of 2008, EuroMaint Industry
has had a local office in Norrsundet outside Gävle,
Sweden. The company has taken over the maintenance
of Stora Enso's pulp mill. A service and
maintenance operation has been established in
Stora Enso's premises in Norrsundet and around
20 employees have a new employer.
EuroMaint Industry has been established
in the Gävle region since 2007 and has rapidly
established a large demand for services in maintenance
and production. Agreements with Forsmark,
Sandvik Materials Technology, and others had been
in place before then. The operations in Norrsundet
are an important piece of the puzzle in the
company's growth ambitions in the region.
Takeover of operations in Huskvarna
In October 2008, EuroMaint Industry signed
a letter of intent to acquire the mainten ance
and tool operations at Husqvarna's facility in
Huskvarna, Sweden. From 1 January, the operations
together with 64 employees have been part
of the EuroMaint Group.
The operations in Huskvarna are focused on the
maintenance of processing machinery, die casting
machines and assembly equipment, maintenance
and tool services, as well as manufacturing that
includes die casting tools.
The establishment in Huskvarna provides
EuroMaint Industry with an important platform for
continued growth in Småland, which is an important
market with its many engineering companies.
19

20
EUROMAINT RAIL – IN BRIEF
Cost-effective maintenance solutions for rolling stock
EuroMaint Rail offers cost-effective maintenance solutions and the refurbishment
of all types of vehicles in the rail transport industry. Through efficient and
innovative maintenance, EuroMaint Rail creates possibilities for punctual
and safe transport.
EuroMaint Rail assumes the overall responsibility for train maintenance and
rolling stock availability via availability contracts, which means that customers
have control over maintenance costs and can focus on their core business.
The availability of trains is becoming increasingly critical, which is why the
maintenance concept is focused on achieving the shortest possible downtime.
EuroMaint Rail's refurbishment services contribute to increased comfort,
longer working life and reduced maintenance costs for customers. EuroMaint
Rail also has the industry's most complete systems for material provision.
Lengthy experience of train maintenance
EuroMaint was formed in 2001 with more than 100 years' experience of
qualified maintenance from its origins within the Swedish State Railway.
Sweden's top specialists in the maintenance of rolling stock work within
EuroMaint Rail.
Operations are conducted in four interacting business areas:
Availability, Components, Refurbishment and Work Machines (previously
EuroMaint Tracksupport). EuroMaint Rail has approximately 1,450 employees
and had net sales of SEK 1,987 million (1,825) in 2008. The head office is in
Solna. The company has operations in 13 additional locations in Sweden,
and since 2008, in Jelgava in Latvia.
■ Business concept
To strengthen the rail transport industry's competitiveness through
customised and innovative maintenance concepts.
KEY FIGURES EUROMAINT RAIL 2008 2007 2006
Turnover, SEK million 1,987 1,825 1,818
Operating profit, SEK million 87 63 108
Cash flow, SEK million 134 2 73
Operating margin, % 4 3 6
Equity/assets ratio, % 25 25 25
Average no. of employees 1,472 1,510 1,456
Sickness absence, % 5.5 5.7 5.2
TURNOVER, SEK million
2,000
1,800
1,600
1,400
1,200
1,000
800
150
125
100
75
50
25
0
-25
1,493
1,710
1,818
1,825
1,987
CASH FLOW AFTER
INVESTMENTS, SEK million
OPERATING PROFIT, SEK million
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
14
-19
73
2
134
2004 2005 2006 2007 2008
2007 and 2008 include EuroMaint Tracksupport AB.
140
120
100
80
60
40
20
47
100
108
63
87

EUROMAINT RAIL – THE CEO'S COMMENTS
"Stability, profitability, growth"
EuroMaint Rail is a company with great potential, and competent and loyal
employees. This picture has become clear to me since I took over as CEO in
September. 2008 was a year that was characterised by great pressure from
outside, with the renegotiation of several important contracts and internal
challenges in terms of efficiency and long-term quality assurance.
EuroMaint Rail has surpassed its turnover target – an increase of 8.9
per cent to SEK 1,987 million – however, despite a substantial increase
from the year before, it failed to achieve the profit targets in 2008. With
the good results we have seen over the last few months of the year, I am
convinced that there is great potential for even stronger results to come.
Renewed orders
Among the renewed orders we have received during the year is the renewed
order from Swedish train operator SJ, when the contract for the maintenance
of the high-speed X2-train and a large number of passenger carriages
was extended by one year in May. Ahead of the new negotiations in 2009,
together with the client we have developed new key indicators for the
adequate measurement of maintenance in the future. SJ has also demonstrated
its confidence in us with the modernisation of 160 passenger
carriages for the so-called InterCity train.
Our partnership with local commuter train operator Stockholmståg
has worked well during the year. Availability of commuter trains in Stockholm
has increased steadily, despite some teething problems with the new
X60 train. By the end of the year, we were putting 160 trains into service
each morning.
Clearer responsibilities and better planning
Improving the way we measure and monitor the maintenance work and
creating an environment that promotes initiative and a focus on results
in the organisation has been high on my agenda since I took over.
We have improved our way of measuring activity by developing our
own key indicators and decentralising budgetary responsibility in order to
increase the quality and results focus at the front line, where our organisation
delivers and meets our customers.
High demands in 2009
Great demands will be placed on the organisation in 2009. Competition
is increasing with more foreign suppliers in Sweden and we must become
even better at measuring and streamlining our internal processes, and
deliver the best quality to our customers. During the first quarter, several
new agreements must be signed, including those for the maintenance of SJ's
high-speed X2 trains and Swedish train operator Green Cargo's locomotives
and carriages. There are major deals and contracts among fierce competition.
The recession is naturally affecting the railway market and therefore
EuroMaint Rail, as well as other suppliers. It was mostly our customers
within freight transport that experienced a decline in 2008. For passenger
transport, the trend to some extent is in the opposite direction. More and
more people choose to travel by train, both for the sake of the environment
and for economic reasons. A recession does not mean that the maintenance
of trains and railway infrastructure can be postponed. Maintenance
must be done with the aim of prevention and refurbishment in order for
traffic to move as planned, with continued high quality and safety.
Ready for international expansion
Over the last decade, the rail market in Sweden and Europe has changed
enormously towards a "normal" commercial market. All players have an
increased customer focus and a greater cost awareness. EuroMaint Rail
has come a long way in a short time and has developed into a profitable
company that operates in an almost entirely deregulated market. We
now have to continue along the path towards ever-higher quality, shorter
throughput times, reduction of capital tied-up, lower costs and even
greater professionalism. Our focus is to create the stability that provides
the conditions for profitability and growth. With this as a basis, we are
ready to seriously begin entering markets outside Sweden.
Mats Önner, CEO EuroMaint Rail
21

22
EUROMAINT RAIL – BUSINESS CONCEPT, VISION AND STRATEGY
Strengthening the rail transport
industry's competitiveness
EuroMaint Rail's business concept is to strengthen the rail transport industry's
competitiveness through customised and innovative maintenance concepts and
attractive and efficient refurbishments of rolling stock and their components.
The company's vision is to be Europe's leading maintenance provider that
offers qualified maintenance services for all parts of the rail transport industry.
The company strengthens its customers' competitiveness by providing
concept development of maintenance and technical solutions, turnkey
maintenance contracts, as well as component servicing and qualified
refurbishments. EuroMaint Rail is working toward long-term partnerships.
Stability, profitability, growth
Achieving stability, profitability and growth are the overall goals that
EuroMaint Rail focuses on in its operations.
EuroMaint Rail's strategies for growth involve creating the conditions
for new and extended assignments from customers in Sweden, and for international
expansion to selected markets, such as the Baltic states, Denmark,
Norway and Germany. All growth takes place while maintaining profitability.
In order to create the best possible conditions for this expansion,
EuroMaint Rail must achieve stability in its business, which means that the
company's stakeholders know what to expect in every situation, in terms of
quality, delivery accuracy, work processes and financial performance.
In 2008, several major steps have been taken to improve stability.
A systematic HR programme has begun to develop leadership, clarify career
pathways and to safeguard the competence within the company. Through the
new unit, Rail Production System, RPS, Lean Production is being introduced
throughout the business. New management and governance procedures
mean that each workshop and each team can monitor their own activities.
Material control and production have improved, the capital tied-up has been
reduced and the focus on additional sales and customer value has increased.

EUROMAINT RAIL – OFFERING
Comprehensive maintenance solutions
for the rail transport industry
EuroMaint Rail offers comprehensive maintenance solutions to the
entire rail transport industry. The company is Sweden's leading supplier
of maintenance solutions and refurbishments and manages all types of
rolling stock and their components.
Effective train maintenance is essential for a punctual and safe service.
EuroMaint Rail strengthens the rail transport industry's competitiveness by
offering operators and vehicle owners optimised maintenance that provides
increased transport safety, higher vehicle availability and better punctuality.
Through long experience and deep expertise, EuroMaint Rail can adapt its
offering according to customers' different needs.
Availability
For EuroMaint Rail's customers, vehicle availability is a decisive success
factor. EuroMaint Rail's ambition is to offer maintenance, with maximum
possible availability. This means that the company offers, for example,
operational-pause based and split-based maintenance, i.e. the maintenance
is divided up and performed when the vehicles have maintenance planned
according to a schedule.
Some customers still prefer so-called action-based maintenance, especially
within the smaller partnership contracts. Action-based maintenance means
that the customer pays for each action carried out, instead of handing over
full responsibility for the maintenance to EuroMaint Rail. Action-based maintenance
requires more input from the customer and makes it more difficult
to calculate the cost of maintenance.
EuroMaint Rails maintenance of rolling stock is increasingly governed
by contracts that are based on the customer paying for the number of kilometers
that the vehicles are available. Kilometer-based maintenance means
that the customer knows in advance what the maintenance costs will be to
operate the vehicles over a certain number of kilometers. EuroMaint Rail
takes full responsibility for the availability and the customer need not devote
resources to anticipating and planning maintenance, and can focus on their
core business instead.
The main proposal is availability contracts, where EuroMaint Rail is
responsible for maintaining the entire vehicle fleet and works actively with
technical analyses of vehicles and vehicle systems in order to offer opportunities
for customers to reduce the overall lifetime cost and increase reliability.
Kilometer-based maintenance requires extensive knowledge of the
expected maintenance for different types of vehicles. Customers benefit from
EuroMaint Rail's lengthy experience and great knowledge of the majority of
vehicles within the rail transport industry.
With workshops at strategic locations and mobile maintenance and
troubleshooting teams throughout the country, EuroMaint Rail can guarantee
maximum availability.
Refurbishment improves comfort, performance and safety
Within the area of refurbishment, EuroMaint Rail is a complete partner that
can raise vehicle performance, enhance comfort, update designs, extend
working life, reduce future maintenance costs and increase the vehicles'
value. In this way, EuroMaint Rail contributes towards strengthening
customers' competitiveness.
EuroMaint Rail works in close cooperation with the customer in every
refurbishment commission. Alliances with strategic partners and cooperation
with local suppliers complement the company's core skills and contribute to
the overall offering. EuroMaint Rail assumes overall responsibility for both
large and small refurbishment projects.
Wide range of spare parts and components
In EuroMaint Rail's workshops, the reprocessing of components is carried
out as a competitive alternative to new purchases.
With more than 60,000 items in stock, EuroMaint Rail has Swedens
widest range of spare parts for the rail transport industry. With a central
warehouse in the middle of Sweden and local workshop assortments, the
company ensures minimal downtime for trains that are being maintained.
Material management and logistics systems are adapted to the rail transport
industry. EuroMaint Rail has an extensive network of subcontractors and is
working constantly to develop both supply channels and product ranges for
the lowest possible cost and highest level of delivery accuracy. EuroMaint
Rail can also take over responsibility for the customer's stock and combine
that with their resources within storage and logistics.
Customised maintenance of work machines
Since 2008, the former subsidiary EuroMaint Tracksupport has been part
of EuroMaint Rail as a separate business area. EuroMaint Rail offers the
customised maintenance of track-mounted work machines and hydraulic
equipment. Through advanced function and product knowledge, field service
and business acumen, EuroMaint Rail will also enhance customers' competitiveness
in this area.
Customer focused organisation
The organisation is customer focused and works with quality assured
processes that guarantee documentation, monitoring and delivery quality.
With workshops scattered throughout Sweden, EuroMaint Rail can
adapt maintenance solutions to each individual operator or vehicle owner,
and to each train's timetable. The key areas in Sweden are the areas with
growth in passenger traffic, such as Mälardalen, Västra Götaland and Skåne,
and in places that form the hub for freight services, mainly Luleå, Borlänge,
Hallsberg,Gothenburg and Malmö.
23

24
EUROMAINT RAIL – MARKET AND CUSTOMERS
Tough competition in a changing market
The rail industry in Sweden and Europe is changing. More players are establishing
themselves on the Swedish market, which means that competition is intensifying.
At the same time, Sweden and large parts of the world are in a recession.
The tougher market conditions present a challenge, but they can also be something
that can spur EuroMaint Rail to deliver the highest quality in all areas.
The Swedish economy decelerated sharply towards the end of 2008, leading
to downward revised forecasts for both growth and employment in Sweden.
Both personal travel and freight transport by rail has increased steadily during
the past five years. The declining economic situation in 2008 has negatively
affected freight traffic as the demand for freight transport has declined.
Passenger transport has resisted the downturn better so far, thanks to price
and environmental awareness meaning that many people are choosing the
train over alternative methods of transport.
The increase in traffic that has characterised the last five years has led to
increasing demands on vehicle availability, which means that the capacity of
trains needs to be utilised as much as possible. Therefore, the maintenance
need for rolling stock in passenger transport has increased in recent years.
The market for EuroMaint Rail is expected to be less affected by the recession
than many other industries.
EuroMaint Rail's market share in terms of the maintenance of rolling
stock in Sweden amounts to nearly 50 per cent.
New conditions for Sweden's railways
Rail passenger traffic in Sweden is managed by a number of different operators.
Today there are around 40 operators within rail transport in Sweden and
that number is expected to increase in the coming years. Swedish train
operator SJ has a unique position with a market share of approximately
40 per cent of the total rail transport market. Up to and including 2008, SJ
has had exclusive rights to profitable inter-regional rail transport in Sweden.
On 1 January 2010, Sweden's railways are likely to be deregulated further
when the Swedish rail network opens up to competition.
Examples of international rail operators that are active in Sweden:
The British operators Arriva and First Group; the French companies Keolis
and Veolia Transport (formerly Connex), Germany's DB, Norway's NSB and
the Danish operator DSB.
In many European countries today, companies are competing to carry
out passenger transport. However, these are mainly for services procured
by the community, while the market for commercial passenger transport is
largely closed to everyone but the national railway companies. The deregulation
of the railways is at various stages in Europe. Sweden and the UK are the two
countries that have come furthest.
Freight transport in Sweden is conveyed on the main network by the
state-run train operator Green Cargo, which is one of EuroMaint Rail's
biggest customers. On the smaller networks, there are a number of private
operators.
Authorities
Market
Infrastructure
Freight
Passengers
Investigation on the future of passenger transport
In 2007, the Swedish government appointed a second railway investigation,
which has been tasked to propose ways to increase competition between
commercial operators in the rail passenger transport market. The investigation
submitted its report in October 2008, with the primary conclusion that SJ's
exclusive transportation right should be abolished. The overall objective
of the study was that passengers and society will receive greater benefit
through more choice, affordable travel and a greater offering. The second
railway investigation also proposed that further market opening should take
place concurrently with the relevant international passenger services within
the EU. ("Konkurrens på spåret", Järnvägsutredningen 2, SOU 2008:92)
Condition
Transport chief
Property owners

Operator Vehicle owner Vehicle manufacturer
Maintenance company Refurbishment company
New demands on maintenance operations
In addition to the market changes occuring as a result of changed regulations
on the market, EuroMaint Rail continues to examine important market trends:
• Operators are moving forward in the value chain and focusing on their
core business. To an increasing extent, they are handing the responsibility
for maintenance to specialist providers such as EuroMaint Rail.
• Requirements from customers are increasing, with regard to when and
where maintenance should be carried out. Increased demand within rail
transport means that the vehicles must be more and more available,
meaning that maintenance must be carried out on-site and during off-peak
periods such as at weekends and during the night.
Swedish and foreign customers and competitors
EuroMaint Rail's biggest customers are: Banverket, Green Cargo, SJ,
Stockholmståg and TKAB. The foreign customers are notably Arriva, DSB,
NSB and Veolia.
Competitors in Sweden can be divided into three categories:
• Traditional railway administrators and operators who carry out
maintenance in-house
• Independent maintenance providers that also work within other industries
• Vehicle manufacturers
RAIL TRANSPORT INDUSTRY SUPPLIERS
The rail industry in Sweden consists of several suppliers who cooperate
to provide the best possible transport for passengers and freight.
■ Infrastructure – The Swedish Rail Administration (Banverket),
with sector responsibility for the railways, is responsible for
infrastructure, including the responsibility for operation and
management of the tracks, and for coordinating local, regional
and inter-regional railway traffic.
■ Condition – The Swedish Transport Agency's railway department
(previously the Railway Board) issues licenses for rail transport
operators and approves technical subsystems.
■ Transport chief – A number of players responsible for public
transport's performance in a county or nationally under Swedish
management.
■ Operator – There are about 40 operators of railway services in
Sweden. SJ is the largest in passenger transport and Green Cargo
dominate freight transport.
■ Vehicle owner – Vehicles can be leased from train leasing
companies such as the UK's Angel Trains or from Swedish Transitio.
■ Vehicle manufacturer – There are a few major manufacturers of
rolling stock. These suppliers are also increasingly seeking the
maintenance and repair of delivered vehicles .
■ Property owners – State run Jernhusen develops, manages and
owns stations and workshop areas related to the railways in
Sweden. The vast majority of premises where EuroMaint Rail has
workshops are owned by Jernhusen.
■ Maintenance company – A number of suppliers specialising in
the maintenance of rolling-stock. EuroMaint Rail is the leading
supplier in Sweden.
■ Refurbishment company – Vehicle manufacturers and a number
of other suppliers offer the refurbishment of vehicles. EuroMaint
Rail offers refurbishment and maintenance.
25

26
EUROMAINT RAIL – EXAMPLES OF COMMISSIONS IN 2008
Extension of agreement with SJ
The contract for the maintenance of SJ's 40 X2
trains, 450 passenger carriages and more than
100 RC locomotives was extended by one year in
June 2008. During the period until the next negotiation
takes place, SJ and EuroMaint Rail will work
together to develop new indicators for monitoring
maintenance work. The high-speed X2 trains within
SJ are between 10 and 20 years old and the need
for more extensive maintenance will increase as
the trains become older.
Seven-year contract with AAE
During 2008, EuroMaint Rail strengthened its
partnership with Swiss AAE by signing a seven-year
contract regarding the maintenance of 300 freight
carriages in service between Luleå and Borlänge,
Sweden.
EuroMaint Rail's substantial experience
and expertise in the maintenance of carriages
was decisive for AAE in its choice of partner.
The maintenance of AAE's carriages will take
place at EuroMaint Rail's workshops in Luleå
and Borlänge and through the use of mobile units.
The agreement is of strategic importance for
EuroMaint Rail, since foreign partners are the key
to future international expansion.
Modernisation of SJ's locomotive drawn
passenger carriages
EuroMaint Rail received the commission to
modernise SJ's locomotive drawn passenger
trains from the 1980s. The order is worth
SEK 350 million and the first refurbished carriages
will be put into service in 2009. The modernisation
includes mainly the interior and refreshing the
passenger areas to create a better travel experience.
EuroMaint Rail has previously delivered good quality
in its refurbishment commissions, which was
important for SJ in its choice of supplier.

Board and management
27

28
EUROMAINT BOARD OF DIRECTORS
WILLE LAURÉN
1943
BSc Economics, Turku School of Economics
Board member since 2007
Previous employment:
CFO ITT AEG Fläktgruppen and Vice President ABB
Sweden
Current employment:
Self-employed
Other assignments:
Moventas AB, Ostnor AB and Nobia AB
KNUT HANSEN
1957
MSc Engineering, Chalmers University of Technology
Board member since 2007
Previous employment:
Project Engineer, Consafe Engineering,
Business Controller Electrolux, President Electrolux
Logistics and President of Nordwaggon AB
Current employment:
Head of Logistics, Stora Enso
OLE KJÖRREFJORD
1955
MBA, Harvard Business School
Previous employment:
McKinsey & Company, Stockholm/Los Angeles
Norges Eksportråd, New York
Current employment:
President and CEO, EuroMaint AB
Other assignments:
Chairman of the Board of Hector Rail AB, Fleetech AB,
Fleet 101 AB, Board member of Korsnäs AB
HENRIK JOELSSON
1969
MSc Economics, Stockholm School of Economics
MBA INSEAD France
Board member since 2007
Previous employment:
Management consultant at Bain & Company
Current employment:
Investment Manager, Ratos
Other assignments:
Board member of Anticimex Holding AB and other
companies within the Anticimex Group, Bisnode AB
as well as deputy board member of Camfil AB
JONATHAN WALLIS
1974
MSc Economics, Stockholm School of Economics
PhD Stockholm University
Board member since 2007
Previous employment:
Bain & Company
Current employment:
Investment Manager, Ratos

PER GRANSTRÖM
1964
Board member since 2007
Previous employment:
Euromation AB, Volvo Personvagnar AB
Current employment:
EuroMaint Industry AB
Other assignments:
Chairman of the Local Union, IF Metall
BERTIL HALLÉN
1954
Board member since 2001
Previous employment:
Eriksberg's shipyard and SJ
Current employment:
EuroMaint Rail AB
Other assignments:
Chairman of SEKO Gothenburg,
Chairman of SEKO EuroMaint AB,
Board member of Göteborgs Hamn AB
KARIN NYBERG
1952
Board member since 2008
Previous employment:
SJ
Current employment:
EuroMaint Rail AB
Other assignments:
President TJ (Transport and Railway)
Association at EuroMaint
Board member of Sacoförbundet Trafik och Järnväg
29

30
MANAGEMENT GROUP
EuroMaint
OLE KJÖRREFJORD
1955
MBA
President and CEO, EuroMaint
Employed since 2008
EuroMaint Industry
KIM BERGHÄLL
1966
BSc Engineering
BAM Engineering & Operational Reliability
Employed since 2004
ARNE MOLANDER
1964
BSc Economics
Marketing and Sales Director
Employed since 2007
HENRIK DAGBERG
1972
MBA, MSc Engineering
Business Development Director EuroMaint
Employed since 2009
URBAN EKMARK
1964
MSc Engineering, Technical Licentiate
Personnel, Quality and Environmental
Director
Employed since 2000
PATRIK SAHLBERG
1962
BSc Engineering
BAM Automation
and Vice President
Employed since 1982
NICKLAS FALK
1973
BSc Engineering
CEO EuroMaint Industry
Employed since 2003
MAGNUS LARSSON
1979
MSc Engineering
BAM Component Servicing
Employed since 2007
ULF SANDÉN
1959
BSc Economics
CFO and Vice President
Employed since 1989
URBAN FELTH
1963
MSc Economics
CFO EuroMaint
Employed since 1984
BO LENNARTSSON
1952
BSc Engineering
Director of Training and
Technical Development
Employed since 1973
PATRICK SVENSSON
1967
MSc Economics, BSc Engineering
President EuroMaint Industry, Inc.
Business Development Director
Employed since 2006

MATS ÖNNER
1956
BSc Engineering and MBA
CEO EuroMaint Rail
Employed since 2008
EuroMaint Rail
THOMAS ANDERSSON
1953
MSc Engineering
Quality and Environmental Director
Employed since 1991
STEFAN GREEN
1954
BSc Engineering
BAM Train Refurbishment
Employed since 2005
ILONA ÖSTLUND
1968
MSc Economics
Corporate Communications Director, EuroMaint
Employed since 2008
TRYGVE ENGELBERT
1950
Ph.D
Rail Production Systems Director
Employed since 2009
JOHAN JANSSON
1971
Technical college graduate
BAM Work Machines
Employed since 2008
INGELA ERLINGHULT
1962
BAM Components
Employed since 2009
MARK REHNSTRÖM
1970
BSc Economics and MBA
Acting CFO
Employed since 2008 (consultant)
LENA GELLERHED
1968
BSc Economics
HR Director
Employed since 2007
MATS ÖNNER
1956
BSc Engineering and MBA
Acting BAM Availability
Employed since 2008
31

32
FINANCIAL SUMMARY
The Group reformed in 2007, with EuroMaint AB as the new parent company,
legally recognised in the management report from 1 September 2007.
The parent company EuroMaint AB, reported legally from formation on
25 April 2007. In order to facilitate the development over time and thereby
create comparability, comparative figures for the new group are reported
and commented on the basis of pro formad figures in the report. The values
originating from the previous EuroMaint AB group are only adjusted for
the rise in interest expenses due to the amended loan situation following the
acquisition. Comparitive values for the 2006 balance sheet and cash flow
key ratios show unpro formad figures for the previous EuroMaint AB Group.
INCOME STATEMENT, SEK million
2008-01-01 2007-01-01 2006-01-01
OPERATING INCOME 2008-12-31 2007-12-31* 2006-12-31*
Net turnover 2,316 2,064 2,034
Other operating income 8 3 3
TOTAL OPERATING INCOME 2,324 2,067 2,037
OPERATING EXPENSES
Cost of goods and services sold -835 -671 -610
Other external costs -426 -430 -463
Personnel costs -900 -872 -832
Depreciation -38 -27 -25
Amortisation -4 -2 -2
Other operating expenses -4 0 -5
TOTAL OPERATING EXPENSES -2,206 -2,000 -1,937
OPERATING PROFIT 118 67 100
FINANCIAL ITEMS
Financial income 3 7 3
Financial expenses -87 -86 -71
NET FINANCIAL ITEMS -84 -80 -68
Profit before tax 33 -13 32
Tax -11 5 -5
PROFIT/LOSS FOR THE YEAR 22 -8 27
*Pro forma
BALANCE SHEET, SEK milliom
ASSETS 2008-12-31 2007-12-31 2006-12-31*
FIXED ASSETS
Tangible fixed assets 208 196 131
Intangible fixed assets 706 710 42
Deferred tax assets 10 11 12
Other long-term receivables - - 21
TOTAL FIXED ASSETS 924 917 207
CURRENT ASSETS
Stock 264 280 269
Accounts Receivable 310 345 332
Receivables from Group companies - 2 4
Tax receivables 28 16 -
Other receivables 75 87 48
Completed, not invoiced 194 88 69
Prepaid expenses and accrued income 68 71 54
Cash and cash equivalents 33 - 45
TOTAL CURRENT ASSETS 973 889 821
TOTAL ASSETS 1,897 1,806 1,028
LIABILITIES AND EQUITY
EQUITY
2008-12-31 2007-12-31 2006-12-31*
Share capital 0 0 0
Other contributed capital/statutory reserve 208 208 395
Reserves -6 0 0
Accumulated profit/loss 1 -20 -146
TOTAL EQUITY 203 188 249
LONG-TERM LIABILITIES
Long-term interest bearing liabilities 746 776 270
Shareholder borrowing
Provisions for pensions and
244 218 0
similar obligations 19 35 42
Other provisions 19 16 21
Deferred tax liabilities 13 5 8
Other long-term liabilities 26 - 4
TOTAL LONG-TERM LIABILITIES 1,067 1,050 346
CURRENT LIABILITIES
Advance payment from customers 72 50 36
Accounts payable 236 202 123
Tax liabilities - - 21
Liabilities to Group companies 0 0 6
Liabilities to credit institutions, interest bearing - 23 0
Other short-term liabilities 30 44 12
Accrued liabilities/deferred income 289 250 234
TOTAL CURRENT LIABILITIES 627 568 433
TOTAL LIABILITIES 1,694 1,619 779
TOTAL EQUITY AND LIABILITIES 1,897 1,807 1,028
*Refers to unpro formad figures for EuroMaint AB Group.
DESIGN AND PRODUCTION: Jointly EuroMaint AB and Care of Haus, Västerås. PHOTOGRAPHY: Lasse Fredriksson, Kasper Dudzik and EuroMaint archive images. REPRO: Turbin, Västerås. PRINTED BY: Edita, Västerås 2009.

EuroMaint AB
SUNDBYBERG
Landsvägen 50 A,
SE-172 63 Sundbyberg, Sweden
Visiting address:
Landsvägen 50 A, fl. 5
Tel: +46 8-762 51 00
EuroMaint Industry AB
SKÖVDE
SE-541 87 Skövde,
Sweden
Visiting address:
Kavelbrovägen 2
Tel: +46 500-91 70 00
EuroMaint Rail AB
SOLNA
Box 1555,
SE-171 29 Solna, Sweden
Visiting address:
Svetsarvägen 10
Tel: +46 8-762 51 00
www.euromaint.se

Figures
2008
2008

EUROMAINT ANNUAL REPORT 2008
Contents
Directors' report 4
Income Statement 6
Balance Sheet 7
Change in Equity 9
Cash Flow Statement 11
Notes 12
Auditors' Report 34

Directors' report
The Board of Directors and President of EuroMaint Gruppen AB, Corporate
identification number 556731-5402, with headquarters in Stockholm, hereby
submit the annual report for business activities during the financial year 2008.
Owner
EuroMaint Gruppen AB is wholly owned by the company EMaint AB, Corporate
identification number 556731-5378, with headquarters in Stockholm, which is
owned by Ratos AB. EuroMaint Gruppen AB acquired 100% of EuroMaint AB
on 1 September 2008 from the previous owner AB Swedcarrier.
Operations and organisation
EuroMaint is a strong and leading maintenance partner that combines
innovative thinking with solid long-term experience in order to raise its
customers’ efficiency. Through innovative technical system services,
customised comprehensive solutions and partnerships, EuroMaint's
companies offer maintenance and technical solutions that contribute to the
competitiveness and success of their customers.
The collective main products are comprehensive maintenance solutions,
with a Total Service Concept that includes prevention, repair, restoration
and improved maintenance.
EuroMaint's companies are specialist companies that offer qualified
maintenance services to manufacturing and rail transport industry. In 2008,
EuroMaint had three subsidiaries: EuroMaint Industry AB, EuroMaint Rail AB
and EuroMaint Tracksupport AB. At Group level, industry wide matters are
pursued that promote the generation and identification of new activities,
and help to maintain and develop its position as a leading maintenance
partner. The Parent Company, EuroMaint Gruppen AB, owns, manages and
administers securities in subsidiaries within the rail industry and the
engineering and process industry, conducts consultancy work and associated
activities in relation to these.
EuroMaint can be found throughout Sweden, from Luleå in the north
to Malmö in the south, as well as in Jelgava, Latvia, and Detroit, USA.
The head office is in Sundbyberg.
The Business Environment
Customers want to increase their profitability and competitiveness through
the improved availability, reliability and longevity of their production
equipment – irrespective of the industry concerned. EuroMaint develops
its maintenance in step with changing requirements in order to be a world
class supplier.
Various means of potential growth
World class key activities in the domestic market is a necessary basis for the
expansion planned by EuroMaint. Central to this process is the ability to show
tangible benefits for new customers that choose EuroMaint as maintenance
partner. EuroMaint's business model demonstrates that, as an independent
partner, it has the same objectives as the client with regards to the optimisation
of operations for increased profitability, and that the high quality seen
domestically can also be transferred to new markets. Another form of internationalisation
is taking place in the Baltic region, where the establishment of
a workshop is opening for new customers in a growing market. Another way is
for business in other countries, such as Norway, is being carried out in
Swedish workshops. Growth may even occur through acquisitions and business
takeovers in other industries where EuroMaint sees that synergies can
be utilised within the maintenance group.
4 • EUROMAINT ANNUAL REPORT 2008
Employees
During the period, EuroMaint Industry has signed a letter of intent with
Husqvarna regarding the takover of activities and will therefore acquire 64
new employees. The takover took place on 1 January 2009.
Environmental impact
The main environmental impact common to all of EuroMaint Rail's product
areas is on air and water, and to a lesser extent, land. The activities that are
operated are classified as environmentally hazardous, and require reporting
to the Environment Agency. The Environment Agency decides whether the
degree of environmental hazards requires permits or reporting. If EuroMaint
Rail does not receive the environmental permit required for production, this
may result in a deterioration in the ability to fulfill commitments towards the
Customer. If permission should occur, over a short period of time, there is
the possibility to switch the use of workshops in order to limit the economic
damage.
EuroMaint Rail's units are obliged to declare according to
Ordinance(1998:899) concerning Environmentally Hazardous Activities
and The Protection of Public Health, with the exception of the operations in
Örebro which are subject to licence. Notifiable activity exercised by EuroMaint
Rail are, e.g. vehicle cleaning, painting, de-icing, the handling of diesel fuel,
etc. The licence requirement in Örebro is necessitated by the large workshop
area as well as through extensive chemicals handling in connection with e.g.
vehicle cleaning, painting, etc.
EuroMaint Tracksupport operates a notifiable operation in Åmål.
EuroMaint Industry does not operate any licence obligated operations.
Throughout EuroMaint Industry, the operations have a limited environmental
impact and therefore the financial risk is small.
Noteworthy risks
The Group's companies have a customer structure in which a few customers
dominate with regards to the proportion of the Group's turnover. The loss of
a major customer or significant customer account would result in substantial
demands on an adjustment of the company's administrative support functions
to the reduced turnover. During a transitional period, the company's
profitability would be reduced. Since customer relations often comprise
several contractual areas with varying contractual lengths however, this risk
is distributed over time.

Financial instruments and risk management
Through its operations, EuroMaint is exposed to financial risks, including
the effect of changes to prices on the loan and capital markets, exchange
rates and interest rates. The Group's overall risk management focuses on
unpredictability of the financial markets, and strives to minimise potentially
unfavourable influences on the Group’s financial results. Financial operations
in the Group are centralised in the EuroMaint AB’s financial function.
The financial function acts as an internal bank and is responsible for the sourcing
of capital, cash management and financial risk management. The operations
are regulated through the Group’s Financial regulations.
The following important financial risks are dealt with:
Market risk
The risk that the value of, or future cash flow from a financial instrument varies
due to changes in market prices. Currency risk and interest rate risk constitute
market risks.
– Currency risks
Currency risk refers to the risk that exchange rate fluctuations negatively
affect the Group's income statement, balance sheet and/or the cash flow.
Currency risk exists both in the form of transaction risk and translation risk.
– Interest rate risk
Interest rate risk refers to the risk of a negative effect on the Group's profit
due to changes in the market rates of interest.
Other risks
– Credit risk
Credit risk is the risk generated by the fact that the investor's opposite party's
changes in an unpredictable manner thereby resulting in a loss for the Group.
– Liquidity and refinancing risk
Refinancing risk refers to the risk that the refinancing of mature loans is
complicated or becomes costly and that EuroMaint therefore has difficulty
fulfilling its payment obligations. Liquidity risk refers to the risk of difficulties
fulfilling the obligations associated with financial liabilities.
For more information about financial risks, see note 22.
Future development
The trends in the maintenance sector are the progression from being a
passive delivery organisation to becoming a proactive maintenance partner,
from a cost-driven maintenance department to a value-creating maintenance
provider and from pre-defined to condition-based maintenance.
EuroMaint’s business logic and EuroMaint's strategy is to develop
partnerships with customers and establish a business relationship where
efficient maintenance pays off, so that EuroMaint gets paid when customers
earn money on their equipment, rather than for implementing specific
work tasks. Hourly rates for maintenance carried out are being replaced by
conceptualised turnkey services.
Significant events that occurred during the financial year
or following the year-end
In December 2008, Ole Kjörrefjord who had previously been the Chairman
of the board for the Group since 2007, became the new CEO of EuroMaint
and President of the parent company, EuroMaint Gruppen AB. The departing
CEO and President of the parent company, Pether Wallin, will remain available
during 2009.
The decision was taken to integrate the subsidiary EuroMaint
Tracksupport AB as a business area within the subsidiary EuroMaint Rail AB.
EuroMaint Industry served redundancy notices to 36 employees at its
maintenance and tools operation in Hallsberg – a direct consequence of the
decline in the automotive industry.
Turnover and results
Turnover
Total earnings amounted to SEK 2,324 million (741).
Operating profit
Operating profit amounted to SEK 118 million (-2) giving an operating margin
of 5% (0%). The previous year's operating profit was affected by items affecting
comparability of SEK 25 million attributable to cost reduction programme
as well as SEK 19 million attributable to the amended pension obligations
within EuroMaint Rail.
Financial items
Net financial income amounted to SEK -84 million (-26).
Cash flow
Cash flow for the period after investments amounted to SEK 87 million (-981).
Equity/assets ratio
The equity/assets ratio amounted to 24% (23%). The equity/assets ratio is
measured as equity and shareholder borrowing in relation to the balance
sheet total.
Proposed appropriation of profits
The parent company's result for the period was SEK -47,475,381.
Available for the Annual General Meeting, SEK:
Fair value reserve -12,999,185
Profit brought forward 250,217,943
Profit/loss for the year -47,475,381
TOTAL 189,743,377
The board proposes that the accumulated profit be appropriated as follows:
Carry forward 189,743,377
TOTAL 189,743,377
The income statement and balance sheet will be presented at the Annual
General Meeting on 31 March 2009 for adoption.
EUROMAINT ANNUAL REPORT 2008 • 5

Income Statement
SEK (000's) Note The Group The Group The Parent Company The Parent Company
6 • EUROMAINT ANNUAL REPORT 2008
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
OPERATING INCOME
Net turnover 25 2,315,946 739,852 4,458 1,512
Other operating income 7,909 1,634 - -
TOTAL OPERATING INCOME 2,323,855 741,486 4,458 1,512
OPERATING EXPENSES
Cost of goods and services sold -835,401 -253,480 - -
Other external costs 5, 19, 20 -425,713 -172,603 -469 -661
Personnel costs 6 -899,715 -306,176 -4,458 -1,439
Depreciation 7 -37,587 -9,484 - -
Amortisation 8 -3,987 -625 - -
Other operating expenses 4 -3,938 -1,425 - -
TOTAL OPERATING EXPENSES -2,206,341 -743,793 -4,927 -2,100
OPERATING PROFIT 117,514 -2,307 -469 -588
FINANCIAL ITEMS
Financial income 9 2,976 607 377 11
Financial expenses 9 -87,087 -27,089 -65,672 -20,559
NET FINANCIAL ITEMS -84,111 -26,482 -65,295 -20,548
PROFIT BEFORE TAX 33,403 -28,789 -65,764 -21,136
Tax 10 -10,979 -8,793 -18,289 5,918
NET PROFIT 22,424 -19,996 -47,475 -15,218
Parent company shareholders' share of
net profit 22,424 -19,996 -47,475 -15,218
EARNINGS PER SHARE,
UNDILUTED 224,2 -200,0 -474,8 -152,2

Balance Sheet
The Group The Group The Parent Company The Parent Company
SEK (000's) Note 2008-12-31 2007-12-31 2008-12-31 2007-12-31
ASSETS
FIXED ASSETS
Tangible fixed assets 7, 20 208,053 195,942 - -
Intangible fixed assets 8 706,039 710,026 - -
Shares in Group companies 11 - - 935,200 935,200
Deferred tax assets 10 10,500 11,477 6,510 5,918
TOTAL FIXED ASSETS 924,592 917,445 941,710 941,118
CURRENT ASSETS
Stock 13 264,353 280,246 - -
Accounts receivable 14, 24 309,903 344,955 -1,084 1,004
Receivables from Group companies 14 - 1,757 - -
Tax receivables 14 28,400 16,026 - -
Other receivables 14 75,219 87,300 80,446 925
Completed, not invoiced 14, 26 193,458 87,691 - -
Prepaid expenses and accrued income 14 68,117 71,354 - -
Cash and cash equivalents 33,302 - 2,074 5,963
TOTAL CURRENT ASSETS 972,752 889,329 81,436 7,892
TOTAL ASSETS 1,897,344 1,806,774 1,023,146 949,010
LIABILITIES AND EQUITY
EQUITY
Share capital 100 100
Other contributed capital 208,000 208,000
Reserves -5,656 83
Profit brought forward including profit/loss for the year 849 -19,996
EQUITY ATTRIBUTABLE TO
PARENT COMPANY SHAREHOLDERS 203,293 188,187
RESTRICTED EQUITY
Share capital 100 100
NON-RESTRICTED EQUITY
Fair value reserve -12,999
Accumulated profit 250,217 208,000
Profit/loss for the year -47,475 -15,218
TOTAL EQUITY 189,843 192,882
EUROMAINT ANNUAL REPORT 2008 • 7

Balance Sheet [cont.]
8 • EUROMAINT ANNUAL REPORT 2008
The Group The Group The Parent Company The Parent Company
SEK (000's) Note 2008-12-31 2007-12-31 2008-12-31 2007-12-31
LONG-TERM LIABILITIES
Long-term interest bearing liabilities 15, 20 746,416 776,358 539,120 537,200
Shareholder borrowing 15 244,112 217,569 244,112 217,569
Provisions for pensions and similar obligations 12 19,033 35,164 - -
Other provisions 16 18,840 16,276 - -
Deferred tax liabilities 10 12,791 5,110 - -
Other long-term liabilities 26,090 - 26,090 -
TOTAL LONG-TERM LIABILITIES 1,067,282 1,050,477 809,322 754,769
CURRENT LIABILITIES
Advance payment from customers 17 71,770 50,420 - -
Accounts payable 17 235,877 201,591 - 814
Liabilities to Group companies 17 21 34 22,445 -
Liabilities to credit institutions, interest bearing 15 - 22,840 - -
Other short-term liabilities 17 30,152 43,623 1,061 -
Accrued liabilities/deferred income 17 288,949 249,602 475 545
TOTAL CURRENT LIABILITIES 626,769 568,110 23,981 1,359
TOTAL LIABILITIES 1,694,051 1,618,587 833,303 756,128
TOTAL EQUITY AND LIABILITIES 1,897,344 1,806,774 1,023,146 949,010
PLEDGED ASSETS AND
CONTINGENT LIABILITIES
Pledged assets, floating charges 18 93,287 63,653
Contingent liabilities 18 - -

Change in Equity
1 January – 31 December 2008
SEK (000's)
EQUITY
THE GROUP
Opening equity 2008-01-01 100 208,000 83 -19,996 188,187
Appropriation of profits -19,996 19,996 -
Translation reserve* -1,077 -1,077
Valuation of hedging instruments -4,662 -4,662
Finance lease -1,579 -1,579
Profit/loss for the year 22,424 22,424
CLOSING EQUITY 2008-12-31 100 208,000 -21,575 -5,656 22,424 203,293
Company formation 2007-09-01 100 100
Unconditional shareholders' contribution 208,000 208,000
Translation reserve* 83 83
Profit/loss for the year -19,996 -19,996
CLOSING EQUITY 2007-12-31 100 208,000 83 -19,996 188,187
*Exchange rate differences when translating financial statements of foreign operations.
CHANGE IN TRANSLATION RESERVE Share capital
Opening translation reserve 2008-01-01
Change for the year from the translation
83
of companies -1,077
CLOSING TRANSLATION RESERVE 2008-12-31 -994
Opening translation reserve 01.09.07
Change for the year from the translation
-
of companies 83
CLOSING TRANSLATION RESERVE 2007-12-31 83
Share capital Other contributed
capital
Accumulated
profit
Reserves Profit for
the year
Total
equity
EUROMAINT ANNUAL REPORT 2008 • 9

Change in Equity [cont.]
EQUITY RESTRICTED EQUITY NON-RESTRICTED EQUITY
PARENT COMPANY
Share capital Accumulated Fair value Profit for
Total
profit
reserve the year
equity
Opening equity 2008-01-01 100 208,000 -15,218 192,882
Appropriation of profits -15,218 15,218 -
Valuation of hedging instruments -12,999 -12,999
Group contribution received 79,771 79,771
Tax on Group contribution received -22,336 -22,336
Profit/loss for the year -47,475 -47,475
CLOSING EQUITY 2008-12-31 100 250,217 -12,999 -47,475 189,843
Company formation 2007-04-25 100 100
Unconditional shareholders' contribution 208,000 208,000
Profit/loss for the year -15,218 -15,218
CLOSING EQUITY 2007-12-31 100 208,000 -15,218 192,882
The number of shares in the parent company amounts to 100,000.
The face value in the parent company is 1.
10 • EUROMAINT ANNUAL REPORT 2008

Cash Flow Statement
1 January – 31 December 2008 The Group The Group The Parent Company The Parent Company
SEK (000's) Note 2008-01-01 2007-09-01 2008-01-01 2007-04-25
OPERATING ACTIVITIES
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Profit after financial items 33,403 -28,789 -65,764 -21,136
Depreciation/amortisation 41,574 10,109 - -
Other items not affecting liquidity 21 3,763 42,574 10,766 -
Income tax paid -14,113 -3,033 18,759 6,843
CASH FLOW FROM
OPERATING ACTIVITIES
BEFORE CHANGES IN WORKING CAPITAL 64,627 20,861 -36,239 -14,293
CHANGES IN WORKING CAPITAL
Increase (-)/Decrease(+) in stock 18,252 12,131 - -
Increase (-)/Decrease(+) in accounts receivable 36,810 -108,604 2,089 -
Increase (-)/Decrease(+) in other short-term receivables -93,391 -15,370 250 -8,773
Increase (+)/Decrease(-) in accounts payable 34,252 93,508 -814 814
Increase (+)/Decrease(-) in other short-term liabilities 67,146 -27,589 173 545
CASH FLOW FROM
OPERATING ACTIVITIES 127,696 -25,063 -34,541 -21,707
INVESTING ACTIVITIES
Acquisition of tangible and
intangible fixed assets 7 -40,822 -20,982 - -
Divestment of tangible and
intangible fixed assets 10 245 - -
Acquisition of subsidiary/business segment,
net liquidity impact - -935,200 - -935,200
Purchase of other financial assets - - - -
CASH FLOW FROM
INVESTING ACTIVITIES -40,812 -955,937 - -935,200
CASH FLOW FROM
OPERATIONAL ACTIVITIES 86,884 -981,000 -34,541 -956,907
FINANCING ACTIVITIES
New share issue - - - 100
Received shareholder contributions - 208,000 - 208,000
Borrowings 8,452 750,040 30,652 754,769
Amortisation loan -62,034 - - -
CASH FLOW FROM
FINANCING ACTIVITIES -53,582 958,040 30,652 962,869
Net change in cash and cash equivalents 33,302 -22,960 -3,889 5,963
Cash and cash equivalents at beginning of period - 22,960 5,963 -
CASH AND CASH EQUIVALENTS AT YEAR-END 21 33,302 - 2,074 5,963
EUROMAINT ANNUAL REPORT 2008 • 11

Notes
NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES
This annual report has been adopted by the board and the President on 2 March 2009
and is proposed for final adoption by the Annual General Meeting on 31 March 2009.
Ratos formed EuroMaint Gruppen AB on 25 April 2007. EuroMaint Gruppen AB
acquired EuroMaint AB on 1 September 2007. Disclosures in the financial statements
for the previous year refer to the parent company for the period 25 April 2007
to 31 December 2007. Disclosures in the financial statements for the previous year for
the Group relate to the period 1 September 2007, the date that the parent company
acquired EuroMaint AB, up to 31 December 2007.
The parent company is a registered limited liability company with headquarters
in Stockholm. The address of the headquarters is Landsvägen 50 A, SE 172 63
Sundbyberg, Sweden. The parent company of the largest group that EuroMaint AB,
556731-5402, is subsidiary of, and where the consolidated financial statements are
prepared, is Ratos AB, 556008-3585, Stockholm.
The most important accounting principles applied in the preparation of these
consolidated financial statements are listed below and have been applied consistently
to all periods unless otherwise stated.
Statement of compliance with applicable regulations
EuroMaint Group's consolidated financial statements have been prepared in accordance
with the Annual Accounts Act and International Financial Reporting Standards
(IFRS) as adopted by the EU. The consolidated financial statements are also prepared
pursuant to the Swedish Financial Reporting Board Recommendation RFR 1.1
(Supplementary accounting rules for Groups). The accounting policies relating to
the parent company correspond with the principles for the Group except as shown
below under the heading The parent company. The parent company's financial statements
are prepared in accordance with the the Swedish Financial Reporting Board
Recommendation RFR 2.1 (Accounting for legal entities) and the Annual Accounts Act.
Basis of preparation
The accounts are based on historical costs, except for certain financial instruments and
investment property which are carried at fair value. In the case of stock, this is reported
at the replacement cost.
Important estimates and assumptions for accounting purposes
The preparation of reports in accordance with IFRS requires the use of a number of
estimates and assumptions about the future. The estimates for accounting purposes
that result will, by definition, rarely correspond to the the actual results. EuroMaint's
best assumption however is that there are no critical assessments that may significantly
affect the evaluation of the company's financial position.
Uncertainty in estimates
Some assumptions about the future and certain estimates and assumptions at the
balance sheet date have special significance for the valuation of assets and liabilities in the
balance sheet. Discussed below are the areas where the risk of changes in value during
the following year are greatest due to the need to change assumptions or estimates.
Testing the write-down requirement for Goodwill
Goodwill arising from business combinations represents the difference between the
acquisition cost and the acquired identifiable net assets' fair value. The write-down
requirement of goodwill is tested once a year. The recoverable amount (i.e. the higher
of value in use and fair value less selling expenses) is normally established based on
the value in use, derived using discounted cash flow calculations. This in turn requires
that the expected future cash flow from the cash-generating unit is estimated and an
appropriate discount rate is established for calculating the cash flow's present value.
Pension obligations
The value of the pension obligations for defined benefit pension plans is based on
actuarial calculations based on assumptions about discount rates, expected returns
on plan assets, future salary increases, inflation and demographic conditions.
12 • EUROMAINT ANNUAL REPORT 2008
Obsolescence of stock
In value terms, stock consists mainly of items acquired according to an estimated
maintenance plan for different train models. Since these cycles are long-term (5–12
years), there is an uncertainty in the assessment. The company has an obligation to
stock items (spare parts) over a long period for individual train models, which have
a very long economic and technical life.
Percentage of completion method
With the percentage of completion method there is uncertainty in predicting the final
financial outcome of a major refurbishment project, since the work continues over
several years. Reconciliation is made therefore during the period from the beginning
of the project until completion, but because this consumes both time and costs, this
is only performed a certain number of times during the year.
Provisions for guarantees for work carried out
So-called availability work relates to the correction of errors in a completed service or a
non-functioning product for a short time following the completion of the service. The cost
of the work or the replacement of non-functioning products is included in the agreed deal.
For refurbishment work, there is a need for warranties as regards the customer,
ranging from one up to two years. Since each refurbishment deal is a unique part of the
company's operations and cannot be compared with any other refurbishment deal, the
cost for warranties are difficult to assess. The company tries to estimate the warranty
costs that may arise, and make provisions for this, but some uncertainty remains over
the final outcome.
Consolidated financial statements
EuroMaint Group's income statement and balance sheet omprise all the companies
over which the parent company directly or indirectly exercises a controlling influence.
A controlling influence means the right to directly or indirectly shape a company's
financial and operating strategies in order to obtain economic benefits. A controlling
influence arises when a shareholding totals more than half of the voting rights.
Intra-group transactions and balance sheet items, as well as profit on transactions
between Group companies are eliminated. Losses are also eliminated, unless the transaction
provides evidence that a write-down requirement exists for the transferred asset.
Business combinations
IFRS 3 requires that the fair value of identifiable assets and liabilities in the acquired
business are fixed at the time of acquisition. Identifiable assets and liabilities also
include assets, liabilities and provisions, including obligations and claims from third
parties not reported in the acquired business's balance sheet. Provisions are not
made for expenses relating to planned restructuring measures that are a result of the
acquisition. The difference between the cost of the acquisition and the acquired share
of the net assets of the acquired business is classified as goodwill and is recognised
as an intangible asset on the balance sheet.
The useful life of each intangible asset is determined and the asset's fair value is
amortised over its useful life. If the useful life is deemed to be indefinite, no amortisation
takes place. An assessment that results in an intangible asset's useful life to be
indefinite takes into account all relevant factors and is based upon there being no further
foreseeable time limit for the the net cash flow that the asset generates. The useful
life of goodwill is assumed to be indefinite and does not depreciate, but is tested for
write-down requirement once a year.
Segment reporting
Since the subsidiaries operate separate businesses with specific products and services,
their operations have been selected as primary segments. Sales between the subsidiaries
are based on market conditions. All assets and liabilities have been included for each
subsidiary.
Segment information per line of business is shown in note 3.

NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES cont.
Foreign currency – translation
Receivables and liabilities in foreign currencies are translated at the closing day rate.
When establishing the consolidated financial statements, all items in the
income statement for foreign subsidiaries are translated to Swedish kronor using the
average exchange rates during the year. All balance sheet items are translated using
the exchange rates at each balance sheet date. The changes in the Group's equity
arising from different currency exchange rates at the balance sheet date compared
with the price at the previous balance sheet date are shown in the translation
difference directly in equity.
Functional currency
All subsidiaries use the local currency as the functional currency. Transactions are
reported at the transaction day rate, which is then translated. The functional currency
of the parent company is SEK and the reporting currency for both the parent company
and the Group is SEK.
Tangible fixed assets
Tangible fixed assets are included at cost of acquisition, less accumulated depreciation
and accumulated write-down.
Subsequent costs are included in 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 flow to the Group and the acquisition cost of the item can be
measured reliably. All other types of repairs and maintenance are reported as expenses
in the income statement during the period in which they arise.
Assets leased under finance lease contracts are reported as fixed assets in the balance
sheet and are initially at the lower of the leased item's fair value and the present value of
the minimum lease payments at the start of the contract. The obligation to pay future lease
payments is recorded as long- and short-term debt. The leased assets are depreciated over
the asset's useful life, while lease payments are reported as interest and the amortisation
of debts.
Assets leased under operating leases are not reported in the balance sheet. Operating
leases do not give rise to a liability either.
To allocate their acquisition cost down to the estimated residual value, the depreciation
of tangible assets is made linearly according to plan over the remaining estimated useful life:
Category Depreciation year
Machinery and equipment 5–10
IT equipment 3
Improvements to property 5–10
The assets' residual values and useful lives are reviewed at each balance sheet date and
are adjusted if necessary. An asset's carrying amount is written down immediately to its
recoverable amount (the higher of net selling price and value in use) if the asset's carrying
amount exceeds its estimated recoverable amount.
Profits and losses on divestments are determined by comparing the sales proceeds
and the carrying value, and the result is reported in the income statement.
Intangible assets
Goodwill
Goodwill represents the amount by which the cost of acquisition exceeds the fair value
of the Group's share of the acquired subsidiary's identifiable net assets at the time
of acquisition. Goodwill is recorderd as intangible assets. Profit or loss on the divestment
of an entity includes the remaining carrying value of the goodwill relating to the
divested entity.
Goodwill is allocated to cash generating units for the examination of any write-down
requirement. The write-down requirement for goodwill is examined by the following
procedure. The goodwill value as determined on the date of acquisition is allocated to
cash generating units, or groups of cash generating units, which are expected to bring
benefits to the company through synergies. Assets and liabilities that already exist in
the Group at the time of acquisition can also be attributed to these cash-generating
units. Any cash flow of this type that goodwill is allocated to corresponds to the lowest
level within the Group at which goodwill is monitored in the company's management
and is not a bigger part of the Group than one segment. A write-down requirement
exists when the recoverable amount of a cash-generating unit (or groups of cash
generating units) is less than the carrying value. A write-down is then recorded in the
income statement.
Customer and market-related assets
Acquired intangible assets such as brands, customer related assets and other similar
items are capitalised and carried at cost less accumulated depreciation and write-downs.
Technology
Research projects or patent rights acquired in a business combination are capitalised
and carried at the cost of acquisition less depreciation and write-downs.
Category Depreciation year
Customer relations 8
Technology 3
Investment Property
Investment properties are reported at fair value, which is the market value as determined
by external and internal valuers. Changes in fair value are reported in the income
statement as a part of Other operating income.
Subsequent costs are included in 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 flow to the Group and the acquisition cost of the item
can be measured reliably. The carrying value of the replaced part is removed from the
balance sheet. All other types of repairs and maintenance are reported as expenses in
the income statement during the period in which they arise.
Write-down of assets that are not financial
Assets that have an indefinite useful life are not depreciated, but are tested annually for
any write-down requirement. The assets which are depreciated are assessed in terms of
any write-down requirement whenever events or changes in circumstances indicate that
the carrying value is not recoverable. A write-down is made according to the amount by
which the asset's carrying value exceeds its recoverable value. The recoverable amount
is the higher of an asset's fair value less selling expenses and value in use. In assessing
the write-down requirement, assets are grouped at the lowest levels where there are
separate identifiable cash flows (cash generating units). An asset, except goodwill or
financial assets, that has previously been depreciated is tested at each balance sheet
date as to whether the reversal should be done.
>>>
EUROMAINT ANNUAL REPORT 2008 • 13

Notes
NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES [cont.]
Financial instruments
Financial instruments that are reported in the balance sheet include, on the asset side,
cash, receivables, derivatives and other receivables. On the liability side are accounts
payable, loans, derivatives and other liabilities.
A financial asset or financial liability is entered in the balance sheet when the
company become a party to the instrument's contractual terms. Accounts receivable
are entered in the balance sheet when the invoice has been sent. Liabilities are entered
when the counterparty has delivered and a contractual obligation to pay exists, even if
the invoice has not yet been received. Accounts payable are entered when the invoice
has been received.
A financial asset is derecognised when the rights in the agreement have been realised,
canceled or the company loses control over it. The same applies to part of a financial
asset. A financial liability is derecognised when the obligation in the contract has been
fulfilled or is otherwise extinguished. The same applies to part of a financial liability.
The write-down requirement on accounts payable are assessed continuously.
Classification of financial instruments
The Group classifies its financial instruments according to the following categories:
financial assets or financial liabilities held for trading and are measured at fair value
through profit or loss, loans and receivables, liabilities valued at amortised cost and
derivatives used for hedging purposes. The classification depends on the purpose
for which the instrument was acquired. The classification is determined at the initial
accounting and is reassessed at each reporting date.
Calculation of fair value
When the market is not active for a particular financial asset, fair values are calculated
through valuation techniques, wherby the Group makes assumptions based on the market
conditions prevailing at the balance sheet date. Market rates of interest form the basis
for calculating the fair value of long-term loans. For other financial instruments where
the market value is not specified, fair value is considered to correspond with the reported
value.
Financial assets excluding derivatives
Acquisitions and divestments of financial assets are reported on the trade date, which
is the date on which the company commits to acquire or sell the asset. Financial assets
are valued at the amortised cost of acquisition in the balance sheet.
Financial assets measured at fair value through the income statement
This category includes financial assets held for trading and those which, from the time
of investment, are attributable to the category evaluated at fair value via the income
statement. The Group's assets in this category consist of derivative instruments that
are not identified as hedges. Assets in this category are classified as current assets if
they are either held for trading or are expected to be realised within 12 months from
the balance sheet date. Financial assets measured at fair value via the balance sheet
are measured at fair value both initially and following the acquisition date. Realised
and unrealised gains and losses arising from changes in fair value are included in the
income statement as financial items in the period in which they occur.
Loan receivables and accounts receivable
Loan receivables and accounts receivable are financial assets that are not derivatives,
with fixed or determinable payments that are not quoted in an active market. Loan
receivables and accounts receivable are reported initially at fair value and are subsequently
measured at amortised cost using the effective interest method, less any provisions for
depreciation. A provision for depreciation of accounts receivable is established when
there is objective evidence that the Group will not be able to receive the amounts due
under the receivables' original terms. The reserve size is the difference between the
asset's carrying value and the value of estimated future cash flows. Depreciation is
reported in the income statement.
14 • EUROMAINT ANNUAL REPORT 2008
Financial liabilities measured at fair value via the income statement
This category includes derivatives with negative fair value that are not used for hedge
accounting, and financial liabilities that are held for trading. The liabilities are valued
continuously at fair value and value changes are reported in the income statement as
a financial item.
Synthetic options
Synthetic option programmes with market premiums are reported and valued in
accordance with IAS 39. Received premiums are reported as financial liabilities.
When a valuation of the options at fair value through an option pricing model
corresponds to the premium the company has received, this means that there is no
cost to the company initially.
The liability is continuously revalued at fair value by applying an option pricing
model, taking the existing conditions into account. Changes in value over the option's
term are reported as a financial item, as well as other income and expenses regarding
financial assets and liabilities. If a synthetic option is exercised by the holder, the financial
liability, as previously revalued at fair value is settled. Any realised profit is reported in
the income statement as a financial item. If the synthetic options mature without value,
the reported liability is recorded as income.
Borrowing
Loans are reported initially at the principal loan amount and are subsequently reported at
amortised cost. Borrowings are classified as current liabilities if payment of the liability
is to be made within 12 months following the balance sheet date.
Accounts payable
Accounts payable are initially reported at fair value and are subsequently measured at
amortised cost using the effective interest method.
Derivatives and hedge accounting
The Group uses derivative instruments in the form of futures to hedge parts of their exposure
to currency risks in the continuous payment flows. Hedge accounting is applied from
1 January 2008. The effective portion of the hedging instrument's change in value is thereby
reported as equity, other changes in value are reported in the income statement. In order to
meet the requirements for hedge accounting under IAS 39, there needs to be a clear link to
the hedged item. It also demands that the hedge effectively protects the hedged item, that
the hedge documentation is prepared, and that efficiency can be shown to be high through
efficiency measurement.
The accumulated amount in equity is reversed in the income statement in
the periods when the hedged item affects the result, for example, when the forecast
external sale has taken place. When a hedging instrument expires, is sold or when the
hedge no longer meets the conditions for hedge accounting, the accumulated gains
or losses remain in equity and are taken up as income, while the forecast transaction
is ultimately reported in the income statement. If a forecast transaction is no longer
expected, the cumulative gain or loss reported in equity is immediately transferred to
the income statement.
Derivatives with positive values are reported as assets and derivatives with negative
values as liabilities. The fair value corresponds to Swedbank's measurement on the balance
sheet date.
The Group uses interest rate swaps to hedge parts of borrowings with variable
interest rates. Changes in value are reported via equity.
Cash and cash equivalents
Cash and cash equivalents include cash and bank deposits.

NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES [cont.]
Stock
Stocks and inventories are reported at replacement value. The replacement value is
considered to be the lower of the cost of acquisition or fair value, which means that the
company applies the lowest value principle.
Contingent liabilities
Contingent liabilities on the balance sheet date are in accordance with information
from PRI.
Classification
The fixed assets, long-term liabilities and provisions consist essentially of amounts that
are expected to be recovered or paid after more than 12 months following the balance
sheet date. Current assets and current liabilities consist essentially of amounts that are
expected to be recovered or paid within 12 months following the balance sheet date.
Income Taxes
Income taxes are included in the consolidated financial statements with both current
and deferred tax. Group companies are taxable in accordance with the existing legislation
in each country.
A current tax liability or asset is reported as the tax estimated to be paid or
received for the current or previous years.
Deferred tax is reported at all temporary differences arising from the difference
between the tax value of assets and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax is calculated by applying the tax rates and tax
laws that have been decided or announced at the balance sheet date and are expected
to apply when the deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are reported for deductible temporary differences and unused
tax loss carryforwards to the extent it is likely that future taxable profits will be available
against which the temporary differences or unused deductions may be utilised.
Remuneration to employees
Pension obligations
Group companies have various pension plans. The pension plans are financed
through the payment of insurance premiums or through provisions in the balance
sheet. The Group has both defined benefit and defined contribution pension plans.
A defined contribution pension plan is a pension plan for which the Group does
not have any further payment obligations once the charges are fully paid. Defined
contribution pension plans in the Group are PA-03, Option ITP-S, and ITP in Alecta
which is reported as a defined contribution plan due to lack of the information required
to report the plan as a defined benefit plan. The charges are reported as personnel
costs. Prepaid contributions are reported as an asset to the extent that a cash refund or
reduction of future payments can be credited by the Group.
A defined benefit pension plan means that the employee is guaranteed a pension
equivalent to a certain percentage of the final salary. The liability reported in the balance
sheet for defined benefit pension plans is the present value of the defined benefit
obligation at the balance sheet date less the fair value of plan assets.
The present value of the defined benefit obligation is determined by discounting
the estimated future cash flows using the interest rate on government bonds with
maturities comparable to the current pension liability. Actuarial gains and losses
that arise from experience-based adjustments and changes in actuarial assumptions
in excess of the greater of ten per cent of the value of plan assets and ten per cent of
the defined benefit obligation, are taken up as costs or income over the employees'
estimated average remaining service (the ten per cent corridor). Costs relating to past
service are reported directly in the income statement, unless the changes in the
pension plan are conditional on the employees remaining in service for a specified
period (the vesting period).
In such cases cost relating to past service can be allocated on a straight-line basis over
the vesting period.
For EuroMaint Gruppen AB's acquisition of EuroMaint AB, assets and liabilities
that are attributable to post-employment benefits have been reported at the present
value of obligations and plan assets, according to IAS 19 point 108. This means that
actuarial gains and losses that were incurred before the acquisition have been accounted
for in the consolidated balance sheet, including those that may be to attributable
exceeding to "ten per cent corridor".
Short-term benefits
Short-term employee benefits are calculated without discounting, and are reported
as a cost once the related services have been received. A provision is reported for the
expected cost of profit-sharing and bonus payments when the Group has a valid legal
or constructive obligation to make such payments as a result of services received from
employees and if the obligation can be estimated reliably.
Termination benefits
Termination benefits are payable for an employee's employment terminated before the
normal retirement date or when an employee accepts voluntary departure from employment
in exchange for such compensation. The Group reports the liability or cost when
it is demonstrably committed to either terminate the employee according to a detailed
formal plan without the possibility of revocation, or to provide termination benefits as
a result of an offer made to encourage voluntary departure from employment. Benefits
that are due after 12 months from the balance sheet date or longer are discounted to
the present value.
Provisions
Provisions are reported when the Group has an existing legal or constructive obligation
as a result of past events; it is more likely that an outflow of resources is required to
settle the obligation than to not do so and the amount can be estimated reliably. No
provisions are made for future operating losses. If there are a number of similar obligations,
the likelihood is assessed as to whether these will require an outflow of resources to
altogether settle this entire group of obligations. Where the effect of at what point in
time the payment is material, the provisions are calculated by discounting the expected
future cash flows at an interest rate before tax that reflects the current market estimates
of the time value of money and, where applicable, the risks associated with the liability.
The provision of guarantees, restructuring and pensions are reported under provisions.
Revenue recognition
Revenue is reported net of VAT, delivery discounts and similar revenue reductions.
Net turnover includes sales of services within maintenance, the refurbishment of
rolling stock, and the maintenance and implementation of production facilities for the
engineering industry.
For maintenance deals, i.e. refurbishment deals, assignment income is reported in
relation to the assignment's completion rate, which comprises terminated assignment
expenditure compared to forecast assignment costs. This accounting is based on the
view that the performance is fulfilled as the work is carried-out and means that the
reported profits are gradually based on each assignment's completion rate when the
assignment's final outcome can be reliably estimated.
For availability deals, known as kilometre contracts, revenue recognition is based
on the number of kilometres that the vehicles have travelled.
For maintenance and the implementation of production facilities for the engineering
sector, obligations exceeding one million kronor are also reported through gradual
income recognition.
If an assignment's final outcome cannot be estimated reliably but a loss is not
expected, revenue is reported as equivalent to costs incurred.
An anticipated loss for an assignment is charged in full immediately in the result for
the period.
>>>
EUROMAINT ANNUAL REPORT 2008 • 15

Notes
NOTE 1 ACCOUNTING AND VALUATION PRINCIPLES [cont.]
Financial income and expenses
Financial income relates to the positive exchange rate differences, interest income on
financial assets, pension assets and deposits. Financial costs are costs related to loans,
pension liabilities, current bank charges and negative foreign exchange differences.
Lease contracts
Operating leases
Leases in which a substantial part of risks and benefits of ownership are retained by
the lessor are classified as operating leases. Payments that are made during the lease
period are written-off in the income statement linearly over the lease period.
Finance lease
Minimum lease payments are allocated between interest expense and amortisation of
outstanding liabilities. The interest charges may be allocated over the lease period so
that each accounting period is charged with an amount equal to a fixed interest rate for
the liability each accounting period. Variable charges are written-off in the periods they
are incurred.
Cash Flow Analysis
The indirect method is applied when reporting cash flow from operating activities.
Information about related parties
Related parties refer to the companies where EuroMaint or parties related to EuroMaint
can exercise a controlling or significant influence in terms of the operational and
financial decisions. The related circle also includes the companies and individuals who
have an opportunity to exercise a controlling or significant influence over EuroMaint
Gruppen's financial and operational decisions. Related party transactions are reported
in Note 2.
Related individuals are defined as the Chairman and members of the board, the
President and other senior executives, and close relatives of such individuals. The
other senior executives are the four people who, together with the President represent
the Group Management. Remuneration to the board and Group Management
is presented in Note 6.
New IFRS and interpretation
IFRS 8 Operating segments
The standard became effective from 1 January 2009 and is valid for financial years beginning
on or after that date. The standard deals with the classification of the company's
operations in different segments. According to the standard, the company use the
internal reporting structure as its starting point and determine the reporting segments
after that. In the Annual Report for 2008, EuroMaint has reported under IFRS 8 but this
has not had any impact on the Group's segment reporting.
Apart from IFRS 8, new standards and interpretation statements, which have been
approved by the EU and first come into effect for and including the financial year 2009
and have not been applied in the preparation of these financial statements.
16 • EUROMAINT ANNUAL REPORT 2008
IFRS 2 Share-based payments
This standard clarifies, e.g. the conditions that constitute "the vesting conditions",
that all other conditions are "non-vesting conditions" and how "non-vesting conditions"
are presented. The change will apply to the financial year starting 1 January 2009 or
later. This standard is not applied by the Group as there are no share-based payments.
IFRS 3 Business Combinations and the amended IAS 27 Consolidated Financial Statements
The revision results in changes to consolidated financial statements and accounting
for acquisitions. The revised standards will apply to financial years beginning on
1 July 2009 or later. These standards have not yet been applied by the Group.
IAS 1 Presentation of Financial Statements
The amendments result in some changes to the presentation of the financial statements,
and new, non-compulsory, designations for the reports are suggested. The
change does not affect the determination of the amounts reported. The revised IAS 1 will
apply to financial years starting on 1 January 2009 or later. This standard has not been
applied early in the Group.
The Parent Company
The parent company's financial statements are prepared in accordance with the the
Swedish Financial Reporting Board Recommendation RFR 2.1 (Accounting for legal
entities) and the Annual Accounts Act.
Shareholder contributions and group contributions
The company reports Group and shareholder contributions in accordance with the
statement from the Swedish Financial Reporting Board (UFR 2). Shareholder contributions
are entered directly in equity of the recipient and are capitalised in shares and
participating right in the donor, to the extent that no write-down is necessary. Group
contributions are reported according to their financial significance. This means that
Group contributions that are issued and received in order to minimise the Group's total
tax are reported directly in retained earnings after deductions for the current tax effect.
Group contributions that are equivalent to a dividend are reported as a dividend.
This means that Group contributions received and their current tax effect are reported
in the income statement. Issued Group contributions and their current tax effects are
reported directly against retained earnings.
Group contributions that are equivalent to shareholders' contributions are reported,
with regard to the current tax effect, by the recipient directly in retained earnings. The
donor reports the Group contribution and its current tax effect as investing in shares
in Group companies, to the extent that no write-down is necessary.

NOTE 2 TRANSACTIONS WITH RELATED PARTIES
SEK (000's) The Group The Group The Parent Company The Parent Company
Sales of goods and services
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
DIAB 2,044 2,846 - -
Purchase of goods and services
Anticimex 14 - - -
Camfil 13 1 - -
GS-Hydro 3 2 - -
Lindab 84 100 - -
MCC 20 - - -
Loans to related parties
DIAB - 1,757 - -
Liabilities to related parties
Anticimex 2 - - -
Camfil 10 - - -
Lindab 9 34 - -
EMaint (Ratos) 244,112 217,569 244,112 217,569
The following table presents what transactions with related parties mainly consist of.
Income Costs
Anticimex Material purchase
Camfil Material purchase
GS-Hydro Material purchase
Lindab Material purchase
MCC Material purchase
DIAB Maintenance services
EMaint (Ratos) Interest expenses
Companies in Note 2 are companies within the Ratos Group.
EUROMAINT ANNUAL REPORT 2008 • 17

Notes
NOTE 3 SEGMENT REPORTING
The EuroMaint Group is active in the maintenance industry. The Group has defined two segments which consist of maintenance and alterations within the rail transport
industry and the maintenance and streamlining of the engineering sector, below headed Rail transport and Engineering. EuroMaint Rail AB, EuroMaint Rail SIA and
EuroMaint Track Support AB are active within the rail transport segment. EuroMaint Industry AB and EuroMaint Industry Inc. are active within the engineering industry.
Geographical distribution is not reported as such a distribution has not been assessed as being significant.
SEK (000's)
1 January – 31 December 2008
Net turnover
External net turnover 1,958,058 363,321 -5,433 2,315,946
Internal net turnover 32,868 5,186 -38,054 -
TOTAL NET TURNOVER 1,990,926 368,507 -43,487 2,315,946
Profit/loss
Operating profit 86,841 12,843 17,830 117,514
Financial income 2,789 194 -7 2,976
Financial expenses -18,144 -1,662 -67,281 -87,087
Appropriations - -2,306 2,306 -
PROFIT BEFORE TAX 71,486 9,068 -47,152 33,403
Income tax -20,804 -2,536 12,361 -10,979
NET PROFIT 50,682 6,533 -34,791 22,424
Other information
Assets 1,073,449 160,064 663,831 1,897,344
Liabilities 807,658 115,186 771,207 1,694,051
Investments 32,772 4,178 3,872 40,822
Depreciation/amortisation 22,445 6,462 12,667 41,574
SEK (000's)
1 January – 31 December 2007
Net turnover
External net turnover 637,330 104,141 -1,619 739,852
Internal net turnover 14,134 2,360 -16,494 -
TOTAL NET TURNOVER 651,464 106,501 -18,113 739,852
Profit/loss
Operating profit -1,085 1,019 -2,241 -2,307
Financial income 455 101 51 607
Financial expenses -6,613 -168 -20,308 -27,089
PROFIT BEFORE TAX -7,149 -1,097 -20,449 -28,789
Income tax 3,179 316 5,298 8,793
NET PROFIT -4,064 -781 -15,151 -19,996
Other information
Assets 1,010,070 128,819 667,885 1806774
Liabilities 755,498 81,641 781,448 1,618,587
Investments 20,241 358 383 20,982
Depreciation/amortisation 8,240 1,239 630 10,109
The Group usually reports sales and transfers between segments as if the sales and transfers are made to third parties at prevailing market prices.
18 • EUROMAINT ANNUAL REPORT 2008
Rail
transport
Rail
transport
Engineering Consolidation
adjustments
Engineering
industry
Consolidation
adjustments
The Group
The Group

NOTE 4 OTHER OPERATING INCOME AND OPERATING COSTS
SEK (000's) The Group The Group The Parent Company The Parent Company
Other operating income
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Profit on the sale of fixed assets 55 12 - -
Exchange gains on receivables/liabilities of an operating nature 6,287 547 - -
Rental income 1,155 355 - -
Other 412 720 - -
TOTAL 7,909 1,634 - -
Other operating expenses
Loss on the sale of fixed assets -259 - - -
Currency loss of operating nature -3,679 -1,425 - -
TOTAL -3,938 -1,425 - -
NOTE 5 AUDITORS' FEES
SEK (000's) The Group The Group The Parent Company The Parent Company
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
KPMG
Auditing assignments 827 - - -
Other assignments 72 - - -
Ernst & Young
Auditing assignments 535 1,587 50 70
Other assignments 137 252 - -
TOTAL 1,571 1,839 50 70
Auditing assignments refer to the review of the financial statements and accounting as well as the administration by the board and the President, other duties which are incumbent on
the company's auditors to perform as well as advice and other assistance as a result of observations made during the audit or the implementation of such other duties.
Everything else falls under other assignments. The parent company's audit fees relating to 2008 are taken by the subsidiary EuroMaint AB.
EUROMAINT ANNUAL REPORT 2008 • 19

Notes
NOTE 6 AVERAGE NUMBER OF EMPLOYEES AND PERSONNEL COSTS
20 • EUROMAINT ANNUAL REPORT 2008
The Group The Group The Parent Company The Parent Company
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
The average number of employees broken down by gender is
Sweden
Female 142 128 - -
Male 1,613 1,632 1 1
TOTAL 1,755 1,760 1 1
USA
Female 1 1 - -
Male 8 8 - -
TOTAL 9 9 - -
Latvia
Female 3 1 - -
Male 26 1 - -
TOTAL 29 2 - -
Board members and senior executives
Board members
Female 2 6 1 -
Male 21 32 7 8
TOTAL 23 38 8 8
The President and other senior executives
Female 4 4 - -
Male 20 20 1 1
TOTAL 24 24 1 1
Sickness absence – parent company
As the parent company only has one employee, sickness absence is not reported.

NOTE 6 AVERAGE NUMBER OF EMPLOYEES AND PERSONNEL COSTS [cont.]
Personnel costs, SEK (000's) The Group The Group
2008-01-01 2007-09-01
Salaries and other benefits in Sweden 2008-12-31 2007-12-31
The board and President 6,986 1,519
Including bonuses and comparable remuneration - -
Other employees 593,373 207,242
TOTAL SALARY AND OTHER BENEFITS 600,359 208,761
Payroll overheads 290,269 94,880
Of which pension expenses 69,045 18,024
Salaries and other benefits in USA
The board and President - -
Including bonuses and comparable remuneration - -
Other employees 5,439 2,627
TOTAL SALARY AND OTHER BENEFITS 5,439 2,627
Payroll overheads 1,127 612
Of which pension expenses 225 134
Salaries and other benefits in latvia
The board and President - -
Including bonuses and comparable remuneration - -
Other employees 3,751 252
TOTAL SALARY AND OTHER BENEFITS 3,751 252
Payroll overheads 921 59
Remuneration to senior executives
PARENT COMPANY 2008 2007
SEK (000's)
Salary Other benefits Payroll Of which pen-
Salary Other benefits Payroll
overheads sion expenses
overheads
President 2,605 148 1,500 607 773 81 487 210
In 2008 EuroMaint Gruppen had the President as the sole employee.
Of which pension
expenses
THE GROUP 2008 2007
SEK (000's)
Salary Other benefits Payroll Of which pen-
Salary Other benefits Payroll Of which pen-
overheads sion expenses
overheads sion expenses
President 5,198 262 3,157 1,387 1,976 113 1,135 458
Other senior executives 14,889 1,041 9,068 3,903 5,501 387 3,288 1,379
Remuneration and other benefits during the period
The Chairman of EuroMaint Gruppen AB 2008 received a fee of SEK 300,000 (300,000) and other members received SEK 150,000 (150,000). If employed by Ratos, no fee applies.
Union representatives on the board have received the scanning fee of SEK 63,000 (63,000). The President of EuroMaint AB received a salary totalling SEK 2,605,000 (773,000) during
the period and utilised a company car and other benefits totalling of SEK 148,000 (81,000).
The President's retirement age is 65 years. The President has a defined contribution pension promise of 30% of monthly pensionable remuneration. The notice period is twelve
months for both the company and President and during this time, salary is paid with full deduction against other income. Upon termination, the company is also charged non-pensionable
twelve months severance pay with full tax credit against other income. Other Presidents and other people in the company management have signed individual contracts regarding
severance pay and notice. These amounted to a maximum of twelve months' salary with a full settlement against other income as well as twelve months' non-pensionable severance
pay with full tax credit against other income. Some employees in EuroMaint have signed synthetic options. These are not bound to each employee's employment however.
EUROMAINT ANNUAL REPORT 2008 • 21

Notes
NOTE 7 TANGIBLE FIXED ASSETS
SEK (000's)
THE GROUP
2008-01-01 2007-09-01 2008-01-01 2007-09-01
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Opening acquisition values 13,540 - 29,010 -
Acquisitions of subsidiaries - 13,540 - 24,604
Change in value of investment property - - - -
Sale of operations - - - -
Purchasing - - 1,076 4,406
Finance lease - - - -
Sales/disposals - - - -
Currency Adjustment - - 332 -
CLOSING ACCUMULATED ACQUISITION VALUES 13,540 13,540 30,418 29,010
Opening depreciation -5,365 - -10,862 -
Acquisitions of subsidiaries - -5,266 - -9,788
Sale of operations - - - -
Depreciation for the period -248 -99 -3,398 -1,074
Finance lease - depreciation - - - -
Sales/disposals - - - -
Currency Adjustment - - -41 -
Closing accumulated depreciation -5,613 -5,365 -14,301 -10,862
RESIDUAL VALUE ACCORDING TO PLAN 7,927 8,175 16,117 18,148
Buildings and land are included in the value:
Investment property with the following values:
2008 2007
Taxation value 255* 255*
Book value 7,080 7,080
Communications real estate with the following values:
Taxation value - -
Book value 847 1,095
*Including the building value of SEK 0 and land value of SEK 255,000.
Closing leasing debt includes guaranteed residual values. For future minimum lease charges, see note 20.
Cost of acquisition for financial leasing in 2007 of SEK 29,157,000 is net of depreciation.
NOTE 8 INTANGIBLE FIXED ASSETS
Opening accumulated acquisition values* 692,110 10,938 6,847 709,895 - - - -
Acquisitions of subsidiaries - - - - 692,110 10,938 6,847 709,895
CLOSING ACCUMULATED
ACQUISITION VALUES 692,110 10,938 6,847 709,895 692,110 10,938 6,847 709,895
Opening accumulated depreciation - -625 756 131 - - - -
Depreciation for the year - -1,875 -1,356 -3,231 - -625 - -625
Exchange rate difference - - -756 -756 - - 756 756
CLOSING ACCUMULATED DEPRECIATION - -2,500 -1,356 -3,856 - -625 756 131
NET BOOK VALUE 692,110 8,438 5,491 706,039 692,110 10,313 7,603 710,026
The greater part of goodwill is attributable to EuroMaint Rail AB and a smaller part to EuroMaint Industry AB. All intangible assets are acquired.
For information with respect to depreciation, see note 1.
*Opening accumulated acquisition values for 2007 refer to the time of the Group's formation on 01-09-2007.
22 • EUROMAINT ANNUAL REPORT 2008
Buildings and land Buildings and land Improvements
to property
Improvements
to property
SEK (000's)
THE GROUP 2008 2007
Goodwill Customer Technology Total Goodwill Customer Technology Total
relations
relations

TANGIBLE FIXED ASSETS [cont.]
Plant
and
Plant and
machinery
Equipment, tools,
fixtures and
machinery
fittings
fittings
2008-01-01 2007-09-01 2008-01-01 2007-09-01 2008-01-01 2007-09-01 2008-01-01 2007-09-01
2008-12-31 2007-12-31 2008-12-31 2007-12-31 2008-12-31 2007-12-31 2008-12-31 2007-12-31
127,438 - 203,127 - 46,805 - 419,920 -
- 127,118 - 170,617 - 41,997 - 377,876
- - - - - - - -
- - - - - - - -
15,589 1,498 2,491 10,270 21,666 4,808 40,822 20,982
- - 7,333 29,157 - - 7,333 29,157
-953 -1,178 -3,680 -6,917 - - -4,633 -8,095
441 - 317 - 883 - 1 973 -
142,515 127,438 209,588 203,127 69,354 46,805 465,415 419,920
-95,772 - -111,980 - - - -223,979 -
- -94,180 - -113,111 - - - -222,345
- -477 - 319 - - - -158
-8,205 -2,117 -14,962 -6,194 - - -26,813 -9,484
- - -10,773 - - - -10,773 -
730 1,002 3,634 7,006 - - 4,364 8,008
-37 - -83 - - - -161 -
-103,284 -95,772 -134,164 -111,980 - - -257,362 -223,979
39,231 31,666 75,424 91,147 69,354 46,805 208,053 195,942
NOTE 9 FINANCIAL INCOME AND EXPENSES
Equipment, tools,
fixtures and
Construction in
progress
Construction in
progress
SEK (000's) The Group The Group The Parent Company The Parent Company
2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Interest income 2,574 607 329 11
Other financial income 402 - 48 -
FINANCIAL INCOME 2,976 607 377 11
Interest expenses -84,820* -26,077 -65,672* -20,559
Net exchange rate changes -2 267 -1 012 - -
FINANCIAL EXPENSES -87,087 -27,089 -65,672 -20,559
NET FINANCIAL ITEMS -84,111 -26,482 -65,295 -20,548
*Of interest costs for the parent company and the Group SEK -26 543 are interest expenses attributable to the shareholder loan.
Total Total
>>>
EUROMAINT ANNUAL REPORT 2008 • 23

Notes
NOTE 9 FINANCIAL INCOME AND EXPENSES [cont.]
INCOME AND EXPENSES BY FINANCIAL CATEGORY
SEK (000's)
THE GROUP 2008
Financial assets/liabilities are measured at
fair value in the income statement Loan receivables and Liabilities valued at Derivatives used for
INCOME BY CATEGORY
– Held for trading accounts receivable amortised cost hedging purposes
Interest income -715 3,039 - 250
Other financial income - 402 - -
TOTAL -715 3,441 - 250
EXPENSES BY CATEGORY
Interest expenses 951 - -87,142 1,371
Net exchange rate changes - -2,267 - -
Write-down of financial assets:
Accounts Receivable -1 431
24 • EUROMAINT ANNUAL REPORT 2008
951 -2,267 -87,037 1,371
THE GROUP 2007
Financial assets/liabilities are measured at
fair value in the income statement Loan receivables and Liabilities valued at Derivatives used for
INCOME BY CATEGORY
– Held for trading accounts receivable amortised cost hedging purposes
Interest income 715 -108 - -
Other financial income - - - -
TOTAL 715 -108 -
EXPENSES BY CATEGORY
Interest expenses -2,978 - -23,099 -
Net exchange rate changes - -1,012 - -
Write-down of financial assets:
Accounts Receivable -3
-2,978 -1,012 -23,099 -
SEK (000's)
PARENT COMPANY 2008
Financial assets/liabilities are measured at
fair value in the income statement Loan receivables and Liabilities valued at Derivatives used for
INCOME BY CATEGORY
– Held for trading accounts receivable amortised cost hedging purposes
Interest income - 79 - 250
Other financial income - 48 - -
TOTAL - 127 - 250
EXPENSES BY CATEGORY
Interest expenses - - -67,043 1,371
Net exchange rate changes - - - -
Write-down of financial assets:
Accounts receivable -
- - -67,043 1,371
PARENT COMPANY 2007
Financial assets/liabilities are measured at
fair value in the income statement Loan receivables and Liabilities valued at Derivatives used for
INCOME BY CATEGORY
– Held for trading accounts receivable amortised cost hedging purposes
Interest income - 11 - -
Other financial income - - - -
TOTAL - 11 - -
EXPENSES BY CATEGORY
Interest expenses - - -20,599 -
Net exchange rate changes - - - -
Write-down of financial assets:
Accounts Receivable -
- - -20,599 -

NOTE 10 TAX
SEK (000's) The Group The Group The Parent Company The Parent Company
Total reported tax 2008-01-01 2007-09-01 2008-01-01 2007-04-25
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Current tax -4,349 6,413 22,336 -
Deferred tax -6,630 2,380 -4,047 5,918
TOTAL -10,979 8,793 18,289 5,918
Differences between the reported tax and estimated tax are based on current tax rate consisting of the following components:
Unlike estimated tax with the current tax rate
Reported profit before tax 33,404 -28,789 -65,764 -21,136
Tax according to current tax rate, 28% -9,353 8,061 18,414 5,918
Effects of non-taxable income and non-deductible expenses
Non-deductible expenses -1,041 - -5 -
Non-taxable income 2,912 818 1 -
Effect of deficit utilised from previous years -3,926 - - -
Deficit in subsidiaries 623 - - -
Effect of changed tax rate -120 - -121 -
Difference between Swedish and foreign tax -74 -86 - -
TOTAL -10,979 8,793 18,289 5,918
The Group's effective tax for 2008 amounts to 32.9% (-30.5%) of taxable profit.
The parent company's effective tax for 2008 amounts to -27.8% (-28.9%) of taxable profit.
Deferred tax assets and liabilities are attributable to the following:
Changes in deferred tax assets and deferred tax liabilities related to the hedging instrument
are reported via equity, other changes have been reported in the income statement.
The Group The Group The Parent Company The Parent Company
Deferred tax assets 2008-12-31 2007-12-31 2008-12-31 2007-12-31
Provisions for pension obligations 1,992 3,918 - -
Deferred tax attributable to deficits 3,510 5,918 1,871 5,918
Hedging instruments (via equity) 4,762 - 4,639 -
Other provisions 236 1,641 - -
Other - - - -
PROVISIONS AT YEAR END 10,500 11,477 6,510 5,918
Deferred tax liabilities
Provisions for pension obligations 4,162 - - -
Hedging instruments (via equity) 3,089 - - -
Deferred tax in untaxed reserves 5,540 5,110 - -
PROVISIONS AT YEAR END 12,791 5,110 - -
Changes to deferred tax assets and liabilities are attributable to the following:
Change in deferred tax asset
Opening value 11,477 - 5,918 -
Deferred tax attributable to deficits -2,409 5,918 -4,047 5,918
Deferred tax attributable to other provisions -1,405 1,641 - -
Valuation of hedging instruments 4,763 - 4,639 -
Provisions for pension obligations -1,926 3,918 - -
CLOSING VALUE 10,500 11,477 6,510 5,918
Change in deferred tax liability
Opening value 5,110 - - -
Provisions for pension obligations 4,162 - - -
Valuation of hedging instruments 3,089 - - -
Change in deferred tax in untaxed reserves 430 5,110 - -
CLOSING VALUE 12,791 5,110 - -
EUROMAINT ANNUAL REPORT 2008 • 25

Notes
NOTE 11 SHARES IN GROUP COMPANIES
Company's name Corporate
Id. No.
NOTE 12 PENSIONS AND SIMILAR OBLIGATIONS
In accordance with IAS19, Employee Benefits, actuaries on behalf of EuroMaint have
calculated the Group's pension liability and the amount that should currently be should
be set aside for pensions for the Group's employees. Pension plans in EuroMaint
include both defined benefit and defined contribution plans.
Defined-contribution pension obligations
Defined-contribution pension promises comprise the so-called Alternative ITP, individual
pension promises made to senior executives, and PA-03. On 25 April 2006,
the Confederation of Swedish Enterprise and PTK agreed changes to the ITP plan.
The new ITP agreement (ITP1) came into force on 1 July 2007 and is a defined
contribution pension plan. Those covered by ITP1 are thoise born in 1979 or later.
Defined benefit pension obligations
ITP pension
The old ITP plan (ITP2), applicable up to and including 30 June 2007, is a defined
benefit pension plan that includes retirement, family and disability pension. Employees
covered by ITP2 may either be insured by Alecta (ITP2) or by Skandia (ITP-S) and were
born in 1978 or earlier. Certain obligations for retirement pensions and family pensions for
salaried employees in Sweden are secured through insurance with Alecta. According to
a statement from the Swedish Financial Reporting Board, UFR 3, this is a defined
benefit plan that includes several employers. For the period 1 January 2008 to
31 December 2008, the company has not had access to such information that makes
it possible to report this plan as a defined benefit plan. The pension plan according
ITP2 which is secured by an insurance plan with Alecta is therefore reported as a
defined contribution plan.
26 • EUROMAINT ANNUAL REPORT 2008
Registered office No. of
shares
Capital
and
votes %
EuroMaint AB 556084-8458 Stockholm 1,000 100 935,200 935,200
EuroMaint Rail AB 556032-2918 Stockholm 190,000 100
EuroMaint Bemanning AB 556670-3095 Stockholm 1,000 100
EuroMaint GmbH HRB 103498 B Berlin 1 100
EuroMaint SIA 40003885784 Riga 15,000 100
EuroMaint Tracksupport AB 556673-4363 Stockholm 1,000 100
EuroMaint Industry AB 556232-0134 Skövde 100,000 100
EuroMaint Industry Inc. 42-1733397 Delaware 1,000 100
Book value
31-12-2008
Book value
31-12-2007
Alecta's surplus can be distributed to policyholders and/or those insured. At the end of
the third quarter of 2008, Alecta's surplus in the form of level 1 collective consolidation
amounted to 126.0% (164.0%). The collective consolidation level comprises the
market value of Alecta's assets as a percentage of the insurance obligations calculated
in accordance with Alecta's technical insurance calculation basis, which does not
comply with IAS 19.
Pension according to the transitional provisions as well as professional and occupational
disability annuities.
Employees previously covered by the state pension plan PA-91, formerly employed by
the SJ group, have the possibility of early retirement under the transitional provisions.
The pension is paid from 60 years at the earliest and the pension level depends on
salary and length of service. Professional and occupational disability annuities are paid
continuously until the employee dies. EuroMaint is responsible for the costs for this
annuity from an including the end of the year 2000/01, and previously the obligation
lies with Swedish State Railways.
KPA pension
Defined-benefit pensions and annuities under state pension rules for former employees
earned prior to 1992 have been redeemed in the life insurance company KPA.
Premiums for this of SEK 125 million were paid in 1999. The National Government
Employee Pensions Board is responsible for the calculation of benefits and administers the
payment of pensions, whereby funds are continuously taken out of the insurance. The
policy agrees to settle the difference in the cost of pensions paid that from the benefit
amount which was the basis of the redemption premium in 1999. Such a cost adjustment
is normally handled by crediting funds from the surplus held by the Group to KPA.

NOTE 12 PENSIONS AND SIMILAR OBLIGATIONS cont.
SEK (000's)
THE GROUP
The following defined benefit plans
are reported in the balance sheet:
Pension liability/asset in the balance sheet (+/-)
Plan 2008-12-31 2007-12-311) Funded pension obligation -6,455 -45
Unfunded pension obligation 16,152 22,585
Professional and occupational disability annuities, unfunded 9,336 12,624
TOTAL 19,033 35,164
SEK (000's)
THE GROUP
Specification of the booked
net debt in the balance sheet 2008-12-31 2007-12-311) Net debt at beginning of year -35,164 -20,968
Retained actuarial gains/losses on acquisition - -16,910
Net cost of defined benefit pension
Reported in the balance sheet as
-1,126 -1,797
increase in pension liability - 78
Remuneration paid 21,435 4,359
Premiums 10,240 3,379
Compensation -14,418 -3,305
NET DEBT AT THE YEAR-END -19,033 -35,164
SEK (000's)
THE GROUP
2008-01-01 2007-09-011) Actuarial profits and losses 2008-12-31 2007-12-31
Actuarial losses at the start of the year -78 -
Amortisation of actuarial loss
Actuarial loss on the present value of obligations
4,600 -
that occurred during the year -36,733 -139
Actuarial loss of change in assumptions
Actuarial gains/losses on plan assets
-38,109 -
that occurred during the year (+/-) -6,518 61
ACTUARIAL LOSS AT THE YEAR-END
WHICH IS INCLUDED IN THE PENSION LIABILITY -76,838 -78
SEK (000's)
THE GROUP
Provisions for pensions and similar
obligations in the balance sheet 2008-12-31 2007-12-311) Present value of funded obligations 333,631 267,616
Fair value of plan assets -281,349 -267,661
Receivable/liability (-/+) 52,282 -45
Present value of unfunded obligations 34,005 35,209
Retained actuarial gains/losses (+/-)
Write-down of assets under
-76,838 -
IAS 19 point 58b 9,584 -
ALLOCATED IN THE BALANCE SHEET FOR
PENSIONS AND SIMILAR OBLIGATIONS 19,033 35,164
SEK (000's)
THE GROUP
2008-01-01 2007-09-011) Reported pension cost in the income statement 2008-12-31 2007-12-31
Cost of earned benefits -5,323 -1,707
Interest expense -12,252 -3,564
Expected return on plan assets
Change in the write-down of
9,844 3,475
pension assets (IAS 19 point 58b) 4,957 -
Amortisation of actuarial profit/loss (+/-)
Change in payroll tax on change
-4,600 -
in pension liability 6,248 -
COST OF
DEFINED BENEFIT PENSIONS -1,126 -1,796
Cost of defined contribution pensions -50,938 -3,465
COST REPORTED IN THE INCOME STATEMENT -52,064 -5,261
SEK (000's)
THE GROUP
2008-01-01 2007-09-011) Reconciliation of changes in plan assets
Fair value of plan assets
2008-12-31 2007-12-31
at the start of the year2) 282,202 261,453
Expected return during the year 9,844 3,475
Premiums paid 10,240 3,379
Remuneration paid -14,419 -3,305
Actuarial gain during the year -6,518 2,659
PLAN ASSETS
FAIR VALUE AT THE YEAR-END 281,349 267,661
1) 2007 refers to the period between 1 September and 31 December and the opening
values and changes indicated are calculated.
2) Plan assets opening fair value have been affected by the reversal
of 2007 reduction in assets by SEK 14,541,000.
Plan assets are invested in pension schemes at Skandia and KPA. Insurance policies
contain a mixture of shares and bonds. At 2008-12-31, 41% (41%) were in bonds,
45% (45%) in shares, 10% (10%) in property and (4%) in other. The return during the
year amounted on average to 2.0% compared with the period from 1 September to
31 December 2007 when the return was 6.6%.
For the financial year 2009, the company estimates that the costs of defined benefit
and defined contribution pensions will be slightly higher than in 2008.
SEK (000's)
THE GROUP
Calculation Assumptions 2008-12-31 2007-12-31
Discount rate 4.30% 3.80%
Expected return on plan assets 4.00% 4.00%
Expected salary increase 3.00% 2.50%
Increase in outgoing pensions 2.00% 1.80%
Employee turnover 3.40% 3.40%
Increase in income base amounts
Expected average remaining
2.00% 2.80%
service for employees 14 years 14 years
The discount rate is based on government bonds with the same duration as the Group's
pension obligations. The expected return on plan assets is based on the portfolio
allocation which the insurance companies report. Long-term inflation measures based
on market expectations, which can be seen between real and nominal bonds.
EUROMAINT ANNUAL REPORT 2008 • 27

Notes
NOTE 13 STOCK
SEK (000's)
THE GROUP 2008-12-31 2007-12-31
Gross Stock 360,650 376,834
Obsolescence reserve -96,297 -96,588
Net stock 264,353 280,246
Distributed according to below
Exchange Articles 67,990 74,100
Spare parts 151,692 149,921
Other 44,671 56,225
TOTAL 264,353 280,246
All companies use an obsolescence scale tailored to each company's specific circumstances. At 31 December 2008 the acquisition cost for stock amounted to SEK 248 million (261).
The booked value on the written-down stock was SEK 21 million (21) at the year end. Net write-down of stock amounted to SEK 2 million (2).
The part of the cost of goods sold that has been reported by the abstraction of stock during the period was SEK 544 million (142).
NOTE 14 ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES
SEK (000's) The Group The Group The Parent Company The Parent Company
28 • EUROMAINT ANNUAL REPORT 2008
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Accounts receivable 309,903 344,955 -1,084 1,004
Receivables from Group companies - 1,757 - -
Tax assets 28,400 16,026 - -
Other receivables 75,219 87,300 80,446 925
Completed, not invoiced 193,458 87,691 - -
Prepaid expenses and
accrued income 68,117 71,354 - -
TOTAL 675,097 609,083 79,362 1,929
Specification of Prepaid expenses and accrued income
Prepaid rent 25,035 20,749 - -
Accrued income maintenance measures 33,444 32,512 - -
Other 9,638 18,093 - -
TOTAL 68,117 71,354 - -
NOTE 15 INTEREST BEARING LIABILITIES
Fair value of liabilities with floating interest rates are equal to their carrying value. The carrying amounts and fair value of long-term borrowings is as follows:
SEK (000's)
THE GROUP
Fair value Book value Fair value Book value
Long-term 2008-12-31 2008-12-31 2007-12-31 2007-12-31
Bank loan 730,000 730,000 760,000 760,000
Shareholder borrowing 244,112 244,112 217,569 217,569
Financial lease liability 27,296 27,296 29,157 29,157
Other* -10,880 -10,880 -12,800 -12,800
TOTAL 990,528 990,528 993,926 993,926
*Other relates to bank charges for the borrowed loan. These are amortised over the term and are returned during the term of the loan.
Short-term
Bank overdraft facility - - 22,840 22,840
TOTAL - - 22,840 22,840
Dedicated bank overdraft facility 160,000 - 122,500 -

NOTE 15 INTEREST BEARING LIABILITIES cont.
The total loan facility with Swedbank includes SEK 960,000,000 (960,000,000), and other institutions SEK 0 (0). SEK 200,000,000 of the framework refers to a so-called revolving
facility to cover the bank overdraft and warranty. Of this, SEK 160,000,000 is dedicated to the overdraft facility (SEK and foreign currency) and SEK 8,335,000 (36,196,000) is utilised
for issued bank guarantees. Interest on the shareholder loan amounts to 12% and is tied to the repayment.
The Group's exposure, with respect to external borrowing, to changes in interest and the contractual timing of interest rate renegotiation is as follows:
All loans with Swedbank run for 3 months. To achieve the effect of a larger proportion of tied interest rates, agreements regarding interest rate swap contracts have been entered
into with Swedbank Finans. Swap contracts of SEK 380,000,00, were entered on 27 December 2007 and extend to 31 December 2010, provide an equivalent fixed rate of 4.6125%.
At 31 December 2008 the swap contractamounted to SEK 365,000,000. During 2009, a further SEK 22.5 million will be redeemed.
The average term in months for outstanding external bank loans is therefore: 14
Weighted average interest rates including interest margins on the balance sheet date were: 5.35%
NOTE 16 OTHER PROVISIONS
SEK (000's)
THE GROUP
Provision warrantees 2008-12-31 2007-12-31
Provisions at beginning of year* 16,276 19,798
Provisions for the year 14,764 -
Utilisation during the year -200 -
Reversal of provisions -12,000 -3,522
PROVISIONS AT YEAR END 18,840 16,276
These provisions relate to warranties for refurbished vehicles and all are considered to be long-term. Discounting of the warrantees have not taken place where outflow is expected
within two years. Provisions for restructuring is reported when a detailed and formal restructuring plan has been established by the Group and when this has either started or has been
made publicly known. Provision for warranties starts to be calculated when a service is completed or the goods have been released to the customer. In order to estimate the amounts,
historical data on repairs and exchanges are mostly used. Since warranty periods are mainly longer than twelve months, they are classified throughout the provision for warranties as
long-term.
*The provision in 2007 relates to the formation of the Group.
NOTE 17 ACCOUNTS PAYABLE AND OTHER LIABILITIES
SEK (000's) The Group The Group The Parent Company The Parent Company
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Advance payment from customers 71,770 50,420 - -
Accounts payable 235,877 201,591 - 814
Liabilities to Group companies 21 34 22,445 -
Accrued liabilities and deferred income* 288,949 249,602 475 545
Other liabilities 30,152 43,623 1,061 -
TOTAL 626,769 545,270 23,981 1,359
*Specification of Accrued liabilities and deferred income
The Group The Group
Interest rate duration 2008-12-31 2007-12-31
1 year or less 365,000 380,000
1–5 years 365,000 380,000
TOTAL 730,000 760,000
Relating to maturity bank loans and shareholder loans, see note 22.
Relating to financial leasing agreements, see note 20.
Personnel costs 106,682 105,197 299 -
Product Liabilities 34,840 21,576 - -
Accrued costs maintenance measures 84,395 25,142 176 -
Other 63,032 97,687 - 545
TOTAL 288,949 249,602 475 545
EUROMAINT ANNUAL REPORT 2008 • 29

Notes
NOTE 18 PLEDGED ASSETS AND CONTINGENT LIABILITIES
SEK (000's) The Group The Group The Parent Company The Parent Company
Pledged assets 2008-12-31 2007-12-31 2008-12-31 2007-12-31
Pledged shares in subsidiaries (net assets)* 93,287 63,653 93,287 63,653
Pledged floating charges on assets 25,190 25,190 - -
Contingent liabilities
Pension obligations, FPG/PRI 30 30 - -
TOTAL 118,507 88,873 93,287 63,653
Floating charges on assets and shares in subsidiaries (EuroMaint AB, EuroMaint Rail AB
and EuroMaint Industry AB) are pledged in Swedbank as security for their total credit commitment. Pledged shares have been recorded at the value of net assets in the Group for the
current subsidiaries.
*In the carrying amount for pledged shares the consolidated goodwill of SEK 692 million has not included.
NOTE 19 OPERATING LEASES
SEK (000's)
THE GROUP
Future minimum lease charges 2008-12-31 2007-12-31
Within 1 year 56 10,347
between 1–5 years 51 11,544
More than 5 years - 1,476
TOTAL 107 23,367
Expensed lease rentals 162 3,718
TOTAL 162 3,718
The rental of certain vehicles is reported under the Group's operating leases.
At the beginning of 2008 the majority of lease agreements were reclassified from
operating leases to finance leases.
NOTE 21 CASH FLOW STATEMENT, OTHER NON LIQUIDITY AFFECTING ITEMS
SEK (000's) The Group The Group The Parent Company The Parent Company
Capital gain/Capital loss 2008-12-31 2007-12-31 2008-12-31 2007-12-31
Change in personnel-related reserves -19,900 44,000 - -
Change in the pension provision -16,131 366 - -
Change in other provisions and reserves 2,564 -3,522 - -
Unpaid interest on loans 26,543 8,569 - -
Other items 10,687 -6,839 10,766 -
TOTAL 3,763 42,574 10,766 -
Operating activities include interest paid on SEK -54,896,000 (-14,886,000) and interest received on SEK 855,000 (1,249,000).
Cash and cash equivalents comprise cash and deposits held with banks and similar institutions with maturities within three months from the date of acquisition and short-term liquid
investments with a maturity from the date of acquisition of less than three months, which is only exposed to an insignificant risk of changes in value.
30 • EUROMAINT ANNUAL REPORT 2008
NOTE 20 FINANCE LEASE
SEK (000's)
THE GROUP
Future minimum lease charges 2008-12-31 2007-12-31
Within 1 year 9,528 -
between 1–5 years 9,868 -
More than 5 years 991 -
TOTAL 20,399 -
Future minimum lease charges exclude guaranteed residual values as these do not
constitute a future payment. Guaranteed residual values are included in the closing
lease liabilities however.
Expensed lease rentals 11,409 -
TOTAL 11,409 -
No variable fees are included in net income. The hire of vehicles, computers and some
office equipment is reported under the Group's financial leasing. At the beginning
of 2008, the majority of lease agreements were reclassified from operating leases to
finance leases, therefore, no comparative figures can be given.
For the majority of the financial leasing contracts, at the end of the contract
EuroMaint can either allocate a purchaser for the equipment for SEK 1,000, excluding
VAT, return the equipment to the lessor or extend the contract (the new rental then
becomes a quarterly rent per year as previously).

NOTE 22 FINANCIAL RISKS AND FINANCE POLICY
Through its operations, EuroMaint is exposed to financial risks, including the effect of
changes to prices on the loan and capital markets, exchange rates and interest rates.
The Group's overall risk management focuses on unpredictability of the financial
markets, and strives to minimise potentially unfavourable influences on the Group’s
financial results. Financial operations in the Group are centralised in EuroMaint AB's
financial function. The financial function acts as an internal bank and is responsible
for the sourcing of capital, cash management and financial risk management. The
operations are regulated through the Group’s Financial regulations.
The following important financial risks are dealt with:
Market risk
The risk that the value of, or future cash flow from a financial instrument varies due to
changes in market prices. Currency risk and interest rate risk constitute market risks.
Currency risks
Currency risk refers to the risk that exchange rate fluctuations negatively affect the
Group's income statement, balance sheet and/or the cash flow. Currency risk exists
both in the form of transaction risk and translation risk.
EuroMaint is to some extent exposed to currency risks and transaction risks because of
relatively large volumes purchased in foreign currency and small customer billing in the corresponding
currencies. Purchases made in foreign currencies for major projects are hedged
at 100% or are agreed with variable currency clauses during the tender/contract work.
Financial regulations also specify that the current net flows should be hedged at least to the
specified levels during a rolling 12 month forecast period, which usually takes place by means
of currency futures. Hedging is done quarterly with levels of 40% to 70% for the coming
quarters 1–4. The currencies EuroMaint is exposed to are EUR, NOK, USD, GBP, DKK, LVL
and CHF. The biggest currency exposure EuroMaint has is on its material purchases in EUR.
The net flow is approximately EUR 16 million (12) per year, which means that a 5% deterioration
of the exchange rate will result in increased purchases before hedging of approximately
EUR 800,000 (600,000) before tax or equivalent to approximately SEK 8.7 million (5.5)
before tax. Currency hedges are made against this net flow amounting to an annual average
of 50% of the amount. Exposure in NOK is mainly billing in connection with refurbishmentbusiness
and the fixed parts are hedged at 100% with currency futures. Exposure
relating to the transaction risk attributable to the other currencies are not significant.
Currency risk in the form of translation risk is attributable to the currencies EUR, LVL
and USD. The translation differences are judged as being small, however.
Interest rate risk
Interest rate risk refers to the risk of a negative effect on the Group's profit due to
changes in the market rates of interest.
EuroMaint affected by the general rate adjustments on its external debt portfolio.
To counter these, 50% of the value of bank loans have been hedged with a 3 year interest
rate swap. The underlying loans run for 3 months. Interest rate swaps provide a base
rate of 4.6125% during the 3-year period. With the current size of the loan portfolio and
50% assurance level (interest swap), an increase in interest rates of 1% unit increases
the annual interest expense for EuroMaint by SEK 3.65 million before taxes. The shareholder
loan carries a fixed rate of 12% until the loan is repaid.
Other risks
Credit risk
Credit risk is the risk generated by the fact that the investor's opposite party's changes
in an unpredictable manner thereby resulting in a loss for the Group.
EuroMaint have procedures in place to minimize the ongoing customer credit
risk in the operations. These routines relate, for example to credit testing, advances
and warranty management, and ongoing credit monitoring. Identified customer losses
during 2008 amounted to SEK 1,232,000 (3,000). At balance sheet date, EuroMaint had
indirect collateral of approximately SEK 72 million (50) in the form of advances from
customers The Group considers that there are no significant concentrations of credit
risk in respect of the financial assets.
Age analysis, due non-impaired accounts receivable Book value
Not due 266,080
Due 0–60 days 33,495
Due 61–180 days 2,491
Due 181–365 days 1,301
More than 1 year 6,536
TOTAL ACCOUNTS RECEIVABLE 309,903
Financial assets that are either due for payment or the write-down is deemed to have a
good credit quality.
Liquidity and refinancing risk
Refinancing risk refers to the risk that the refinancing of mature loans is complicated
or becomes costly and that EuroMaint therefore has difficulty fulfilling its payment
obligations. Liquidity risk refers to the risk of difficulties fulfilling the obligations
associated with financial liabilities.
EuroMaint's policy is to always have the available cash and secured refinancing to
the extent required for the activity. At 31 December 2008 there was a framework loan
with Swedbank of SEK 960 million (960) including a bank overdraft with a framework
of SEK 160 million (SEK 122.5 million). At 31 December 2008, EuroMaint fulfilled all the
requirements of the financial ratios related to the financing agreement.
Due dates on bank loans and shareholder loans: Book value
Within 1 year 45,000
1–5 years 180,000
5 years or later 749,000
TOTAL 974,000
Relating to financial leasing due dates, see note 20.
SEK (000's)
Fair value of derivative instruments
at the balance sheet date
Contracts with positive fair values:
2008-12-31 2007-12-31
Currency hedging (due date within 1 year) 11,302 715
Contracts with negative fair values:
Interest rate swap (due date 1-5 years) 17,638 -
Currency hedging (due date within 1 year) 2,027 2,978
The nominal amount of outstanding derivatives at 31 December 2008 is
NOK 121,690,000 (Sales) and EUR 6,900,000 (Purchase)
As of 1 January 2008 derivative instruments are classified as hedging instruments.
Within this, changes in value are reported via equity. The fair value on the derivative
contract corresponds to Swedbank's measurement.
NOTE 23 INFORMATION ON FAIR VALUE
RELATING TO FINANCIAL INSTRUMENTS
Fair values of all financial instruments are consistent with book value, as all interest
including interest on loans are deemed marketable.
EUROMAINT ANNUAL REPORT 2008 • 31

Notes
NOTE 24 FINANCIAL INSTRUMENTS
SEK (000's), THE GROUP 2008
ASSETS BY CATEGORY
At 31 December 2008
Assets in the balance sheet Held for trading Book value Book value
Accounts receivable - 309,903 -
Other receivables - 63,917 -
Derivative instruments - - 11,302
TOTAL - 373,820 11,302
FINANCIAL INSTRUMENTS, LIABILITIES BY CATEGORY
At 31 December 2008
Liabilities in the balance sheet Held for trading Book value Book value
Long-term interest bearing liabilities - 746,416 -
Shareholder borrowing - 244,112 -
Derivative instruments, long-term - - 17,638
Syntethtic options and shares 8,452 - -
Accounts payable - 235,898 -
Derivative instruments, short-term 2,027 - -
TOTAL 10,479 1,226,426 17,638
SEK (000's), THE GROUP 2007
ASSETS BY CATEGORY
At 31 December 2007
Assets in the balance sheet Held for trading Book value Book value
Accounts receivable - 346,712 -
Other receivables - 20,375 -
Derivative instruments 715 - -
Prepaid expenses and accrued income - 54 -
TOTAL 715 367,141 -
FINANCIAL INSTRUMENTS, LIABILITIES BY CATEGORY
At 31 December 2007
Liabilities in the balance sheet Held for trading Book value Book value
Long-term interest bearing liabilities - 776,358 -
Shareholder borrowing - 217,569 -
Accounts payable - 201,625 -
Liabilities to credit institutions, non-interest bearing - 22,840 -
Derivative instruments, short-term 2,978 - -
Accrued costs and deferred income - 430 -
NOTE 25 NET TURNOVER
SEK (000's) The Group The Group The Parent Company The Parent Company
32 • EUROMAINT ANNUAL REPORT 2008
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
TOTAL 2,978 1,218,822 -
2008-12-31 2007-12-31 2008-12-31 2007-12-31
Sale of services 2,090,423 674,607 4,458 1,512
Sale of goods 225,523 65,245 - -
TOTAL 2,315,946 739,852 4,458 1,512

NOTE 24 FINANCIAL INSTRUMENTS cont.
SEK (000's), PARENT COMPANY 2008
ASSETS BY CATEGORY
At 31 December 2008
Assets in the balance sheet Held for trading Book value Book value
Accounts receivable - -1,084 -
Other receivables - 80,446 -
TOTAL - 79,362 -
FINANCIAL INSTRUMENTS, LIABILITIES BY CATEGORY
At 31 December 2008
Liabilities in the balance sheet Held for trading Book value Book value
Long-term interest bearing liabilities - 539,120 -
Shareholder borrowing - 244,112 -
Derivative instruments, long-term - - 17,638
Syntethtic options and shares 8,452 - -
Liabilities to group companies, non-interest bearing - 22,445 -
TOTAL 8,452 805,677 17,638
SEK (000's), PARENT COMPANY 2007
ASSETS BY CATEGORY
At 31 December 2007
Assets in the balance sheet Held for trading Book value Book value
Accounts receivable - 1,004 -
Other receivables - 925 -
TOTAL - 1,929 -
FINANCIAL INSTRUMENTS, LIABILITIES BY CATEGORY
At 31 December 2007
NOTE 26 INCURRED NON INVOICABLE
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Financial assets measured at fair value
via the income statement
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Loan receivables and
accounts receivable
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
Derivatives used for
hedging purposes
Liabilities in the balance sheet Held for trading Book value Book value
Long-term interest bearing liabilities - 537,200 -
Shareholder borrowing - 217,569 -
Accounts payable - 814 -
TOTAL - 755,583 -
SEK (000's) The Group The Group The Parent Company The Parent Company
Assets in the balance sheet 2008-12-31 2007-12-31 2008-12-31 2007-12-31
Accrued income 251,222 88,624 - -
Invoiced revenue - 133,110 -39,929 - -
Work in progress 75,346 38,996 - -
TOTAL 193,458 87,691 - -
For contracts reported according to percentage of completion accounting method determines the degree of completion in relation to the abandoned assignment charges compared to forecast
assignment charges incurred. Information about the total assignment revenue and costs incurred are recorded in the income statement during the period, provided these data were judged
sensitive.
EUROMAINT ANNUAL REPORT 2008 • 33

34 • EUROMAINT ANNUAL REPORT 2008
Stockholm 2 March 2009
Wille Laurén Knut Hansen Henrik Joelsson Jonathan Wallis
Chairman of the board
Auditors' Report
To the annual meeting of the shareholders of EuroMaint Gruppen AB
Corporate identity number 556731-5402
We have audited the annual accounts, the consolidated accounts, the
accounting records and the administration of the board of directors and
the managing director of EuroMaint Gruppen AB for the year 2008. The
annual accounts and the consolidated accounts of the company are
included in the printed version of this document on pages 3–34. The board
of directors and the managing director are responsible for these accounts
and the administration of the company as well as for the application of the
Annual Accounts Act when preparing the annual accounts and the application
of international financial reporting standards IFRSs as adopted by the EU
and the Annual Accounts Act when preparing the
consolidated accounts. Our responsibility is to express an opinion on the
annual accounts, the consolidated accounts and the administration based
on our audit.
We conducted our audit in accordance with generally accepted auditing
standards in Sweden. Those standards require that we plan and perform
the audit to obtain reasonable assurance that the annual accounts and the
consolidated accounts are free of 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 the managing
director and significant estimates made by the board of directors and the
managing director when preparing the annual accounts and the consolidated
accounts as well as evaluating the overall presentation of information
in the annual accounts and the consolidated accounts. As a basis for our
opinion concerning discharge from liability, we 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 managing director. We also examined whether any board member
Per Granström Bertil Hallén Karin Nyberg
Ole Kjörrefjord
President and CEO
or the managing director has, in any other way, acted in contravention of
the Companies Act, the Annual Accounts Act or the Articles of Association.
We believe that our audit provides a reasonable basis for our opinion set
out below.
The annual accounts have been prepared in accordance with the
Annual Accounts Act and 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
IFRSs as adopted 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 statutory administration report is consistent with the other parts of
the annual accounts and the consolidated accounts.
We recommend to the annual meeting of shareholders that the
income statements and balance sheets of the parent company and the
group be adopted, that the profit of the parent company be dealt with in
accordance with the proposal in the statutory administration report and
that the members of the board of directors and the managing director
be discharged from liability for the financial year.
Stockholm 2 March 2009
KPMG AB
Fredrik Sjölander
Authorized Public Accountant

DESIGN AND PRODUCTION: Jointly EuroMaint AB and Care of Haus, Västerås. PHOTOGRAPHY: Lasse Fredriksson. REPRO: Turbin, Västerås. PRINTED BY: Edita, Västerås 2009.

EuroMaint AB
EuroMaint Industry AB
SUNDBYBERG
SKÖVDE
Landsvägen 50 A,
SE-541 87 Skövde,
SE-172 63 Sundbyberg, Sweden Sweden
Visiting address:
Visiting address:
Landsvägen 50 A, fl.5 Kavelbrovägen 2
Tel: +46 8-762 51 00
Tel: +46 500-91 70 00
EuroMaint Rail AB
SOLNA
Box 1555,
SE-171 29 Solna, Sweden
Visiting address:
Svetsarvägen 10
Tel: +46 8-762 51 00
www.euromaint.se
EUROMAINT ANNUAL REPORT 2008 • 36