"The first quarter is traditionally Gunnebo’s weakest. Development of net sales outside Europe continued to be
strong during the quarter. In Asia net sales increased by 17% and the markets in North and South America
developed also well. The US operation acquired in 2012 is delivering both net sales and margins as expected
and the operation in Brazil is showing good profitable growth. Sales outside Europe amounted to 39% of Group
sales at the end of the quarter."
"In Europe we are seeing continued slow development on most markets. Development in Northern Europe is
more stable whereas Southern Europe continues to be weak. In general, the markets in Europe are
characterised by uncertainty which has an effect on investment decisions and postpones projects already
decided upon. We will continue to reduce fixed costs in Europe, as well as continue to invest in growth on
markets outside of Europe. During the quarter, expenses of a non-recurring nature amounted to MSEK 10."
CEO's comments from the Interim Report Jan-March 2013.