INTERIM REPORT NO. 1 (2004) JANUARY 1 – MARCH 31, 2004 FOR AB NOVESTRA (PUBL)

• BETTER RESULT AND GOOD PROSPECTS FOR SUBSTANTIALLY IMPROVED RESULTS DURING 2004

• ALL NON-PUBLIC PORTFOLIO COMPANIES SHOW POSITIVE DEVELOPMENT. MOST SHOW VERY STRONG GROWTH IN REVENUES.

The net result for the period amounted to MSEK 6.0 (1.4) corresponding to a result amounting to SEK 0.2 (0.1) per share. Shareholders’ equity as at March 31, 2004 amounted to MSEK 298.5 (225.3) corresponding to SEK 9.6 (9.6) per share. Equity/asset ratio amounted to 88.5% (99.1).

Cash and cash equivalents, including current investments, amounted to MSEK 36.4 (65.8) corresponding to SEK 1.2 (2.8) per share. Together with the public holdings, liquid assets amounted to MSEK 158.3 corresponding to SEK 5.1 (2.8) per share.

In the non-public portfolio companies, growth in revenues and results has been very positive (on average a growth in revenues of 47%). Several companies have indicated revised improved projections for 2004.

The main holdings in the co-investment vehicle Continuum Group, i.e. B2 Bredband, Bibit and Speedera, have developed substantially better than projections (on average 83% in increased revenues).

The development in the public portfolio continues to be very positive. As at April 30, 2004, realised and unrealised results amounted to MSEK 33 corresponding to SEK 1.06 per share.

”At present, we estimate the full-year result to amount to MSEK 35 – 40 and all necessary requirements have now fallen into place in order for us to be able to show considerable growth in profit in the next few years. How positive our development will be going forward depends to a certain extent on how we succeed in potential disposals and our own objective is to be able to increase shareholders’ equity by approximately 20 percent per year.”

“Together with our network, we have been working actively with most of our portfolio companies in the past three years and it is most satisfactory to conclude that we have identified a number of investment opportunities in newly started business operations that have developed exceptionally well,” Novestra’s Managing Director, Peter Ekelund, says.
For further information, please contact Mr Peter Ekelund, Managing Director, Phone No. +46 8 545 017 50.

About AB Novestra
Novestra is an independent investment company with a portfolio of small cap private as well as public companies. Novestra focuses on investing in companies with substantial growth or value potential.

Novestra’s portfolio of companies consists of i.a. Explorica, Inc., IBS AB (publ), inWarehouse AB (publ), Lagercrantz Group (publ), MyPublisher, Inc., Netsurvey AB, Pergo (publ), Qbranch AB and Strax Holdings, Inc. as well as the co-investment vehicle Continuum Group Ltd.
The Novestra shares are listed on the O List of Stockholmsbörsen (the Stockholm Stock Exchange).

For further information regarding AB Novestra, please see www.novestra.com

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