SECOND QUARTER - HIGH DEMAND AND GOOD EARNINGS GROWTH 
Our strong positions in attractive technical niches, combined with good performance among the companies, created conditions for continued profitable growth in the second quarter. With a high level of customer activity overall, and a favourable business climate, total sales rose by 6 percent. Of this, 4 percent was organic growth, with approximately half being related to particularly strong project outcomes in Industrial Solutions. EBITA increased by 11 percent to SEK 844 million (764) the margin strengthened to 15.5 percent (14.9). Cash flow strengthened and we welcomed one new niched technical company to the Group. On 1 October, our new, strengthened organisation came into effect, now comprising six business areas with clear and ambitious strategies for future growth.

MARKET TREND
Overall, the market situation was favourable in the second quarter, although variations remained both between and within customer segments and geographies. Demand for infrastructure products for national and regional networks was, as expected, slightly lower during the quarter, although customers' underlying investment plans remain extensive. Demand for products and solutions for the defence industry remained strong. The market situation in the medical technology, electronics and engineering and process industries segments was generally stable, while the market for special vehicles continued to develop favourably over the quarter. Order intake increased slightly from low levels in the sawmill industry, although the underlying market situation remained weak, as was also the case in data and telecom, as well as in building and installation. From a geographical perspective, the market situation was good in Sweden and Denmark, stable in Norway, and weak in Finland. In our principal markets beyond the Nordic region, the business situation was strong in the UK, while it was weak in Benelux and, on the whole, stable in DACH. 

Cash flow from operating activities strengthened from already high levels and amounted to SEK 859 million (593) in the quarter, driven mainly by continued earnings growth and favourable development in working capital. P/WC increased to 77 percent (72).

ACQUISITIONS 
We retain our positive stance regarding the acquisition market and are working methodically to build and process our pipeline with successful and well-managed companies. Over the financial year, we supplemented our operations with a total of three acquisitions, adding about SEK 465 million in annual sales with good profitability. In the second quarter, we completed our acquisition of Innovatek OS of Germany, which develops and manufactures customised cooling systems for industrial applications. As always, the pace of acquisitions varies throughout the year, and with a strong financial position and a well-filled pipeline of high-performing companies, we expect to conduct acquisitions according to plan over the financial year, both in the Nordic region and other strategically selected markets.