Interim Report January

* The Parent Company's result after tax for the first half of 2007
was MSEK 7.6 (8.1), equivalent to SEK 0.03 (0.05) per share.

* The Parent Company's result after tax for the second quarter 2007
was
MSEK 6.5 (-7.2), equivalent to SEK 0.02 (-0.04) per share.

* Equity in the Parent Company as per 30 June 2007 amounted to
MSEK 528.2 (551.7), equivalent to SEK 1.85 (1.93) per share. The
equity ratio was 100 (92) percent.

* The Group's net sales for the first half of 2007 amounted to MSEK
253.2.

* The Group's result after tax for the first half of 2007 was MSEK
18.7, equivalent to SEK 0.07 per share.

* The Group's net sales for the second quarter 2007 amounted to
MSEK 125.9. The Group's result after tax for the second quarter
2007 was MSEK 13.7.

Ledstiernan AB (publ) is a venture capital company with the business
concept to, as an active owner, help growth companies realize their
potential with a view to attain maximum long-term value growth. The
portfolio comprises 11 core investments. The Company's shares are
listed on the Stockholm Stock Exchange. www.ledstiernan.com

SIGNIFICANT EVENTS DURING THE PERIOD
In February Ledstiernan received a dividend of MSEK 10.3 from The
Phone Pages. The Phone Pages no longer runs any operations since the
company divested its entire patent portfolio. In connection with this
dividend Ledstiernan wrote down the value of the shares in The Phone
Pages by MSEK 5.4. After the write-down the book value in the Parent
Company of the shares in The Phone Pages is MSEK 4.4, which
corresponds to Ledstiernan's portion of the remaining net assets in
The Phone Pages.

In April 2007 Ledstiernan invested in Katshing Netsales AB. Katshing
sells mobile phones, accessories, mobile phone subscriptions and
related services over the Internet. The company was founded in 2003
and is today the largest Internet-based actor in mobile telephony in
Sweden. Katshing's strategy is to be a leader in terms of price and
to be the most cost-effective distribution channel for operators and
mobile phone manufacturers vis-á-vis consumers. The company has
expanded considerably since starting up and has shown profits each
year in operation. The company has no debts. Sales for the financial
year 1 May 2006 - 30 April 2007 amounted to MSEK 114.0 (52.0),
corresponding to an increase compared with the year before of 119
percent. Profit after net financial items for 2006/2007 amounted to
MSEK 1.6 (0). Ledstiernan's investment was made by acquiring 20
percent of the shares in the company Wazoo Holding AB which owns 100
percent of the shares in Katshing. The purchase sum was MSEK 6.
Ledstiernan has an option to increase its ownership to 35 - 40
percent in the fall of 2007.

In June Metrima made an issue of new shares with a preferential right
to subscribe for the company's shareholders totaling approximately
MSEK 103 before issue expenses. As a result of the new share issue
Metrima's debts were reduced considerably. Ledstiernan guaranteed the
issue together with ONS Venture. Ledstiernan's subscription amounting
to some MSEK 74 was set off against receivables from Metrima.
Ledstiernan's holding in Metrima after the issue amounts to 71.2
percent and ONS Venture's to 25.3 percent.

In June Polstiernan Industri acquired 100 percent of the shares in
R-man i Värnamo AB ("R-man"). R-man manufactures products primarily
in bent tubing and welded components for manufacturing industries
including heavy vehicles. The acquisition broadens Polstiernan's
customer base and production know-how. R-man's turnover was MSEK
100.4 and operating profit was MSEK 11.3 in 2006. With this
acquisition the Polstiernan group now has an annual turnover rate of
about MSEK 600. The acquisition is part of Polstiernan's efforts to
build a strong sub-supplier group in the area of steel and aluminium.
The purchase sum was MSEK 48.5 for the shares. Interest-bearing
liabilities in R-man at the time of the acquisition amounted to about
MSEK 3 and refer to financial leasing. The investment was made
without contribution of capital by Ledstiernan. In connection with
the acquisition R-man's president Bengt Svensson acquired about 1
percent of the shares in Polstiernan Industri AB.

PARENT COMPANY

Result
The Parent Company's result after tax for the first half of 2007 was
MSEK 7.6 (8.1), equivalent to SEK 0.03 (0.05) per share. The result
includes financial income amounting to MSEK 9.9 from conversion of an
interest claim made on Metrima in connection with the issue of new
shares in Metrima, a dividend amounting to MSEK 10.3 received from
The Phone Pages and a write-down of the shares in The Phone Pages by
MSEK 5.4. The result for 2006 includes a gain of about MSEK 17 from
the sale of Interpeak.

The Parent Company's result after tax for the second quarter 2007 was
MSEK 6.5 (-7.2).

Central costs and income
Administrative costs and depreciation for the first half of 2007
totaled MSEK 8.5 (7.7), of which personnel costs represented MSEK 3.2
(3.8). Other administrative costs and depreciation amounted to MSEK
5.3 (3.9). Other operating income amounted to MSEK 0.2 (0.8) and
refers primarily to consulting services to the portfolio companies.
Net financial items totaled MSEK 11.1 (1.4). The number of employees
at the end of the period was 5 (5).

Financial standing
The Parent Company had per 30 June 2007 bank balances amounting to
MSEK 54.9 (16.9). Of this MSEK 9.5 (14.9) was blocked as security for
guarantees the Parent Company provided in connection with sales of
portfolio companies or for the benefit of existing portfolio
companies. All of these blocked funds are expected to be released
during 2007. The Parent Company has no interest-bearing liabilities.
The equity ratio was 100 (92) percent.

Investments
Gross investments with respect to shares and loans during the first
half of 2007 totaled MSEK 44.7 (108.4). Investments during the period
refer primarily to Metrima and Katshing. In addition smaller
investments were made in ipUnplugged, Repeatit and EasyPark, among
others.

Divestments
No major divestments were made during the first half of 2007. During
the same period last year Interpeak, among others, was divested
giving a capital gain of about MSEK 17.

Write-downs
Write-downs during the first half of 2007 totaled MSEK 5.5 (0) and
refer primarily to The Phone Pages.

Equity
As per 30 June 2007 the Parent Company's equity amounted to MSEK
528.2 (551.7), equivalent to SEK 1.85 (1.93) per share.

Amounts in MSEK Book value
30 June 2007 Holding Shares Loans Total
Columbitech AB 17.3% 18.6 0.0 18.6
Continuent Inc 20.0% 13.1 1.3 14.4
EasyPark ASA 27.7% 44.6 1.7 46.3
ipUnplugged AB 44.4% 45.9 2.0 47.9
Metrima AB 71.2% 161.7 57.9 219.6
Millennium Media Group AB 36.2% 18.9 4.0 22.9
Polstiernan Industri AB 69.0% 49.2 6.0 55.2
Repeatit AB 54.4% 11.6 2.0 13.6
Soft Capital Investment AB 18.0% 0.1 6.5 6.6
Wazoo Holding AB (Katshing) 20.0% 6.1 0.0 6.1
Voice Provider Holding AB 47.6% 7.8 0.0 7.8
Book value core holdings 377.6 81.4 459.0
Other holdings 12.0 1.9 13.9
Book value portfolio companies 389.6 83.3 472.9
Other assets 2.3
Bank balances 54.9
Deducted: Liabilities -1.8
Total equity 528.2
Total equity per share, SEK 1.85

Information about the portfolio companies
Ledstiernan reports sales and profits in the portfolio companies
semi-annually. Sales and results in the companies included in Venture
(Columbitech, Continuent, ipUnplugged, Repeatit and Soft Capital) are
reported annually since these companies have relatively low turnover
and single events can result in large variations in sales and results
from one quarter to another.

Ledstiernan has worked with Metrima for several years and has
acquired a considerable amount of knowledge about the market for
measuring energy and related areas. Ledstiernan intends to develop
operations in this sector, which is often called Clean Tech, partly
by means of organic growth in Metrima and partly by investing in
other companies in this area.

Result after financial
Amount in MSEK Sales items
2007 2006 2006 2005 2007 2006 2006 2005
Jan - Jan - Jan - Jan - Jan - Jan - Jan - Jan -
Jun Jun Dec Dec Jun Jun Dec Dec

Industry
Polstiernan 1) 254.3 194.1 379.9 369.6 21.3 11.5 21.2 15.3
Clean Tech
Metrima 161.1 145.0 331.1 181.3 -26.2 -45.0 -138.6 -38.6
Media &
Entertainment
MMG 63.6 50.5 105.2 88.7 9.9 7.7 10.9 4.8
Trade & Distribution
Wazoo Holding
(Katshing) 2) 114.0 52.0 1.6 0.0
Technology Solutions
and Services
EasyPark 21.8 16.2 33.6 29.4 1.1 -0.6 -2.5 -3.0
Voice Provider 8.5 8.0 16.9 16.9 0.1 -0.3 0.2 0.1
Venture
Columbitech 24.1 10.4 3.3 -5.8
Continuent 11.5 7.9 -24.6 -51.2
ipUnplugged 9.7 10.5 -9.0 -3.6
Repeatit 12.4 4.6 -4.9 -10.0
Soft Capital 3)

1) Sales and results for Polstiernan for 2005 and 2006 are pro forma
including Pallco. R-man is included in the numbers for 2007 from 15
June 2007.
2) Wazoo Holding's financial year is 1 May - 30 April. 2006 in the
table above refers to the financial year 2006/2007. 2005 refers to
the financial year 2005/2006.
3) Soft Capital started up its operations in October 2006.

INDUSTRY
Polstiernan

* Sales for the first half of 2007 totaled MSEK 254.3. Sales for
the same period last year (pro forma) totaled MSEK 194.1. The
increase in sales is due to increased volumes to existing
customers.
* The result after net financial items for the first half of 2007
totaled MSEK 21.3. The result after net financial items for the
same period last year (pro forma) was MSEK 11.5. The improved
result was due partly to a rise in sales and partly to better
margins brought about by more efficient production processes.
* In June 2007 R-man i Värnamo AB was acquired. R-man's turnover
was MSEK 100.4 and operating profit MSEK 11.3 in 2006.
* Sales for the whole year 2007 are expected to exceed sales for
2006 considerably, even when adjusted with respect to the
acquisition of R-man.

Polstiernan operates through its subsidiaries Pallco and R-man
manufacturing and finishing of products in steel and aluminium and
products based on bent tubing and welded components. Its customers
are found primarily in the furniture, telecom, automotive and home
appliance industries. Polstiernan takes on complete orders, which can
mean anything from participating in designing, drafting and producing
prototypes to production, quality and logistics.

CLEAN TECH
Metrima

* Sales for the first half of 2007 totaled MSEK 161.1 (145.0). The
result after net financial items was MSEK -26.2 (-45.0).
* Sales were up in all three business areas, compared with the year
before. The improved result is largely due to the restructuring
measures taken during 2006.
* In June Metrima made an issue of new shares which brought MSEK
103 before issue expenses to the company. As a result of the new
share issue Metrima's debts were reduced considerably.
* Installation of electricity meters under existing contracts
within the business area Energy is proceeding according to plan.
Metrima is presently negotiating new business proposals in Sweden
with a number of network companies and is also discussing
business opportunities outside of Sweden with European actors. As
a start, a small order was received from Åland.
* Metrima has met a great deal of interest in the company's
products in the business area Real Estate. Metrima has received a
large number of orders from real estate companies and housing
cooperatives during 2007. Growth in the first half of 2007 is
considerably stronger than during the same period last year.
* Metrima has intensified its marketing in the business area
District Heating since the end of 2006. This effort is now
beginning to give results, and sales within the business area
District Heating are showing much stronger growth in 2007 than in
earlier years.

Metrima develops, manufactures and markets products and systems for
multiple-type metering, that is, measurement of electricity, district
heating, district cooling, water and gas. Metrima's organization
comprises three business areas: Energy, District Heat and Real
Estate. Their common denominator is that they are all concerned with
measuring different kinds of energy. Metrima's products and systems
make it possible to charge customers for the exact amount used and
individual customers can check how much they consume. Being able to
check one's energy consumption and pay for the electricity, heating
or water actually consumed increases awareness, creating an incentive
to save considerable amounts of energy and reducing effects on the
environment. Customers are found primarily among electricity network
companies, district heating companies and real estate and housing
companies in Sweden and some thirty other countries.

MEDIA & ENTERTAINMENT
Millennium Media Group

* Sales for the first half of 2007 totaled MSEK 63.6 (50.5). The
result after net financial items was MSEK 9.9 (7.7). The
operating result before depreciation was MSEK 17.7 (13.8).
* All companies in the group showed an increase in sales. The
earnings trend has been especially positive for NonStop
Television which has benefited from the transition to digital TV
in northern Europe.
* MMG has signed contracts regarding the channels VOOM and Silver,
among others, with cable TV companies and other operators in
Sweden and the Baltic countries. At the beginning of May 2007
Silver was introduced on Canal Digital's platform to over 900,000
customers.
* MMG's channels are now distributed to over 5 million households
in 9 countries.
* MMG has also reached an agreement with the mobile phone operator
3 regarding distribution of Silver via mobile phones.

Millennium Media Group ("MMG") is a fast-growing media group whose
primary operations include acquiring and distributing film and TV
rights and developing and operating TV channels. With Sweden as its
base MMG operates internationally through the group's four
wholly-owned subsidiaries NonStop Television AB, NonStop
Entertainment AB, NonStop Sales AB and PrimeText International AB.

TRADE & DISTRIBUTION
Wazoo Holding (Katshing)

* Sales for the financial year 2006/2007 totaled MSEK 114.0 (52.0).
The result after net financial items was MSEK 1.6 (0).
* The increase in sales is a result of concentrated marketing
measures, which have brought increased awareness of the trademark
Katshing and more traffic to the site. The improvement in the
result for the period is due to the increased volume, which was
achieved in spite of costs for upgrading the site and for moving
to new, larger facilities.
* During 2007 Katshing has continued to develop functions and
design on the site in order to make it even more user friendly
for customers. The company has, for instance, launched a chat
function where customers can have direct contact with customer
service via the Internet and a mobile guide that simplifies
customers' decision-making in connection with purchases.
* Katshing has signed an agreement with mobile phone operator 3 and
thereby can now offer a selection of all the major network-owning
operators. Katshing also offers prepaid cards from Comviq,
Halebop and Telia.

Wazoo Holding operates, through its wholly-owned subsidiary Katshing
Netsales AB, selling mobile phones, accessories, mobile phone
subscriptions and related services over the Internet. Katshing's
strategy is to be a leader in terms of price and to be the most
cost-effective distribution channel for operators and mobile phone
manufacturers vis-á-vis consumers.

TECHNOLOGY SOLUTIONS AND SERVICES
EasyPark

* Sales for the first half of 2007 totaled MSEK 21.8 (16.2). The
result after net financial items was MSEK 1.1 (-0.6).
* Growth is attributable mainly to an increase in volumes in the
Nordic market. Operations in Germany that started up in 2006 are
still a small part of the group's net sales. The improved result
is due primarily to the increase in sales.

EasyPark offers customers simpler, safer, more convenient and more
cost-efficient payment and administration of parking and other
related fees. EasyPark makes it possible for parking operators to
offer better service and at the same time reduce costs for coin and
card transactions and, in the long run, eliminating expensive and
outmoded parking meters.

Voice Provider

* Sales for the first half of 2007 totaled MSEK 8.5 (8.0). The
result after net financial items was MSEK 0.1 (-0.3).
* Voice Provider has continually increased its customer base during
the last few years. Customer contracts usually extend over
several years and generate steady income throughout the contract
period.
* During 2007 Voice Provider, in cooperation with Addici, has
launched a voice-controlled booking service for Bilprovningen.

Voice Provider is the leading supplier of voice-controlled telephony
services in the Scandinavian market. Voice Provider's products are
built on open standards and have been developed to be scalable,
stable and developable. The target group is companies and
organizations who want to improve and to render more efficient their
services to customers. Voice Provider's customers include SAS,
Sweden's postal service, Svenska Golfförbundet, Norway's postal
service, NSB in Norway, DSB-Rejseplanen in Denmark, ATG, Svenska
Spel, Swebus Express and BGC.

VENTURE
Columbitech

* In April Columbitech received an order for software licenses and
support at an initial value of about MSEK 17.5 from a leading
American retail company.
* The company is expected to show strong growth in 2007.

Columbitech is a global supplier of software for high-performance,
secure wireless access. The company is a market leader in the retail
and public sectors globally with more than 1.4 million installed
licenses, which includes installations in three of the largest retail
chains in the US.

Continuent

* During the second quarter the company has taken measures to lower
its total costs, among other things by reducing the staff in
France.
* Continuent has taken in new financing in 2007. Ledstiernan chose
not to participate on this occasion and Ledstiernan's share of
the company has therefore decreased.
* The development work regarding uni/cluster to improve
functionality and to simplify implementation by customers
continues according to plan.

Continuent develops and markets solutions for database accessibility.
They ensure that customers' data systems and it-supported business
processes function without interruption around the clock.

ipUnplugged

* The company has broadened its marketing channels on the growing
European market through contracts with new distributors in the
UK, France, Switzerland and Norway.
* Better presence and increased interest in the US was achieved
since the company became a technology partner to Checkpoint, one
of the world's largest suppliers of security solutions, where the
company adds mobility to Checkpoint's existing VPN solution.
Furthermore, during the six-month period interest in the
company's products has increased through its partners Cisco
Systems and Alcatel-Lucent.
* The company has developed the fifth generation of its solution
for secure and seamless mobility between different networks (3G,
WiFi, CDMA, LAN). The latest version is characterized by
increased scalability to be able to meet needs in connection with
larger implementations in global companies and operators.

ipUnplugged develops network software for operators and companies,
allowing users to move safely and without interruption between
different types of wireless and fixed networks.
Repeatit

* Repeatit has signed a contract with a sub-supplier who will take
over most purchasing of components, assembly and distribution of
Repeatit's products. This is expected to result in improved cash
flow and lower production costs for Repeatit and to increase
precision of deliveries to customers.
* During 2007 Repeatit has launched a number of new products with
improved functionality and better performance.

Repeatit develops and markets a radio-based solution for fixed
wireless broadband which has quickly established itself in the
growing market for broadband outside city centers. Applications that
use the products are, above all, fixed wireless networks, security
and supervision, hotspot solutions, reading electricity meters and
building up temporary networks for trade fairs, construction sites
and the like.

Soft Capital

* Since the launch of the bingo site Bertil the number of bingo
sites on the Swedish market has increased. This brings an
increase in competition to win customers. Bertil strives to offer
a unique and entertaining site and therefore continually works to
develop the site.
* At the end of June 2007 the number of registered members was
62 000, equivalent to an increase by 13 percent since March 2007.

Soft Capital Investment AB is a holding company with, at present, one
wholly-owned subsidiary, Bertil in Malta Ltd ("Bertil"). Bertil has
received a gaming license from the Lotteries and Gaming Authority on
Malta which permits Bertil, among other things, to run bingo on the
Internet. Bertil will offer on select markets in Europe a niched site
that focuses on bingo in a modern, entertaining and innovative
version.

GROUP
Polstiernan Industri is the only portfolio company that is
consolidated in the Group's accounts. Other portfolio companies are
included in the consolidated accounts as associated companies or
financial investments. This makes analysis of the consolidated
accounts difficult and for an appropriate analysis an examination of
the development and standing of each individual company should be
made.

Comparative figures
In connection with the conversion to reporting according to IFRS
Ledstiernan drew up comparative figures for the full year 2005 in the
Group accounts. The comparative figures with regard to the Parent
Company were converted to accord with IFRS. Ledstiernan did not
establish fair value in accordance with IAS 39 regarding the
portfolio companies on a quarterly basis in 2006, and therefore
comparative figures per quarter cannot be given for 2006.

Fair value
Ledstiernan reports shares in and receivables from the portfolio
companies that are not subsidiaries at fair value in the Group
balance sheet and changes in value regarding the portfolio companies
are reported in the Group income statement. Fair value is established
in accordance with the methods stated in the annual report for 2006.

The fair value of shares and receivables with respect to associated
companies and financial investments in the Group amounted per 30 June
2007 to MSEK 480. Polstiernan Industri is reported in the Group
accounts as a subsidiary and thus is not included in the calculation
of fair value. Total fair value exceeds the Parent Company's total
book value regarding shares and receivables in the portfolio,
excluding Polstiernan Industri, by MSEK 63.

Sales, profit and financial standing
The Group's sales in the first half of 2007 amounted to MSEK 253.2,
the operating result was MSEK 15.1 and the result after tax was MSEK
18.7. The result includes an adjustment of the value of financial
instruments totaling MSEK -9.7. This change in value is primarily
assignable to The Phone Pages and is a consequence of the dividend
that was paid in 2007. Ledstiernan has received a dividend of MSEK
10.3 from The Phone Pages in 2007. Bank balances per 30 June 2007
totaled MSEK 62.4. Of this MSEK 9.5 was blocked as security for
guarantees Ledstiernan provided in connection with sales of portfolio
companies or for the benefit of existing portfolio companies. All of
these blocked funds are expected to be released during 2007.
Interest-bearing liabilities amounted to MSEK 81.9. The Group's
interest-bearing liabilities refer primarily to liabilities in
Polstiernan Industri AB which were raised as part of the financing of
the acquisition of Pallco and R-man. Non-interest bearing long-term
liabilities amounted to MSEK 87.7 and includes the presumed price for
the remaining 30 percent of the shares in Polstiernan Industri. The
equity ratio was 70 percent.

The Group's sales in the second quarter 2007 totaled MSEK 125.9. The
Group's result after tax for the second quarter 2007 was MSEK 13.7.

Acquisition of R-man
On 15 June 2007 Ledstiernan acquired, via its subsidiary Polstiernan
Industri, 100 percent of the shares in R-man i Värnamo AB. The
acquisition value of the shares in R-man for Polstiernan Industri was
MSEK 48.5. Direct acquisition costs amounted to MSEK 0.3. In the
preliminary acquisition analysis made in connection with the
acquisition of R-man, intangible assets in the form of customer
relations were identified at a value of MSEK 5.6. These intangible
assets are deemed to have an economic life of five years.

SEK thousand Fair value Acquired book value
Intangible fixed assets 5,600 -
Other fixed assets 34,607 16,491
Other assets 35,466 35,036
Total assets 75,673 51,527
Deferred tax liability 9,903 3,142
Other liabilities 18,987 16,003
Total liabilities 28,890 19,146

Total acquired net assets 46,783 32,381

Specification of acquired goodwill
Total acquisition value 48,770
Fair value of acquired net assets 46,783
Goodwill 1,987

ACCOUNTING PRINCIPLES
This interim report has been prepared in accordance with IAS 34,"Interim Financial Reporting". The same accounting principles have
been applied as those for the annual report for 2006.

EVENTS AFTER THE END OF THE PERIOD
In August Metrima acquired rights and other assets regarding
radio-based communication technology from the Swedish company Commet.
Through this acquisition Metrima gains access to a prominent
technology for radio communication related to energy measurement.
This technology is an important complement to Metrima's own
technology, which is based on communication through the electrical
network. Through the combination of these two technologies Metrima is
able to offer the market's most flexible and competitive solution.
Commet's employees will be employed by Metrima and Metrima will offer
implementation and support services to Commet's existing customers.

The Board of Directors and the President declares that the six-months
interim report provides a true and fair overview of the Parent
Company's and Group's operations, their financial position and
performance, and describes material risks and uncertainties facing
the Parent Company and other companies in the Group.

Stockholm, 22 August 2007

Leif
Almstedt
Thomas Blitz Alf
Blomqvist
Chairman
Member of the Board President

Member of the Board

Adam
Gillberg
Mats Lönnqvist Hans
Risberg
Member of the Board Member
of the Board Member of the
Board

This report has not been examined by the Company's auditors.

For further information contact:
Alf Blomqvist, President, +46 8 545 035 00, +46 733 14 97 00
Fredrik Lindgren, Chief Financial Officer, +46 8 545 035 00, +46 708
54 44 20

Financials 2007
Interim report January - September
2007
7 November 2007, 8.00 AM
Year-end report for
2007
February 2008

Ledstiernan AB (publ)
Grev Turegatan 18
114 46 STOCKHOLM
Tel: +46 8 545 035 00, Fax: +46 8 545 035 35
Reg No: 556122-2158
www.ledstiernan.com

INCOME
STATEMENT,
PARENT COMPANY 2007 2006 2007 2006 2006
Amounts in SEK April - April -
thousands June June Jan - June Jan - June Jan - Dec
Profit/loss
portfolio
holdings
Exit profit - 354 -2 17,846 17,123
Dividend - - 10,264 - -
Write-downs -109 - -5,510 - -22,041
Adjustment in
value of
financial
instruments - -7,457 - -4,211 -5,087

Other operating
income 127 316 168 801 1,001

Operating costs
Administrative
costs -3,821 -4,023 -8,334 -7,613 -15,902
Depreciation -67 -51 -123 -108 -189
Operating
profit/loss -3,870 -10,861 -3,537 6,715 -25,095
Financial items 10,369 3,697 11,104 1,424 2,655
Profit/loss
after financial
items 6,499 -7,164 7,567 8,139 -22,440
Tax - - - - -
Profit/loss for
the period 6,499 -7,164 7,567 8,139 -22,440

Average number
of shares 285,968,210 190,645,473 285,968,210 166,814,789 226,391,500
Number of shares
at end of period 285,968,210 285,968,210 285,968,210 285,968,210 285,968,210

Profit/loss per
share, SEK 1) 0.02 -0.04 0.03 0.05 -0.10

1) Ledstiernan had as per 30 June 2007 3,984,055 warrants outstanding. Each
warrant entitles the owner to subscribe for one share at a price of SEK 4.60
up to and including 31 December 2007. Due to the difference between the
subscription price and the current market price the warrants carry at
present no dilution effect.

BALANCE SHEET,
PARENT COMPANY 2007 2006 2006
Amounts in SEK
thousands 30 June 30 June 31 Dec
Tangible fixed
assets 231 306 268
Financial fixed
assets 472,900 376,561 433,824
Short-term
receivables 2,046 205,275 8,524
Bank balances
and short-term
investments 54,888 16,874 82,577
Total assets 530,065 599,016 525,193

Equity 528,224 551,741 520,657
Interest-bearing
short-term
liabilities - 30,000 -
Non-interest
bearing
short-term
liabilities 1,841 17,275 4,536
Total equity and
liabilities 530,065 599,016 525,193

CASH FLOW
ANALYSIS, PARENT
COMPANY 2007 2006 2006
Amounts in SEK
thousands Jan - June Jan - June Jan - Dec
Cash flow from
operations 13,200 -4,889 -11,713
Changes in
working capital -10,176 9,079 -7,288
Cash flow from
current
operations 3,024 4,190 -19,001
Cash flow from
investment
operations -30,713 -61,016 -141,795
Cash flow from
financial
operations - 15,911 185,584
Cash flow for
the period -27,689 -40,915 24,788
Liquid funds at
beginning of
period 82,577 57,789 57,789
Liquid funds at
end of period 54,888 16,874 82,577

INCOME STATEMENT, GROUP 2007 2007 2006
Amounts in SEK
thousands April - June Jan - June Jan - Dec
Net sales 125,887 253,209 111,277
Adjustment in value of
financial instruments
and associated
companies -109 -9,731 10,111
Dividend - 10,264 -
Other operating income 647 1,221 1,001
Other operating costs -113,405 -229,173 -115,297
Depreciation -5,856 -10,718 -3,810
Operating profit 7,164 15,072 3,282
Financial items 9,335 9,552 1,477
Profit after financial
items 16,499 24,624 4,760
Tax -2,808 -5,926 -2,418
Net profit 13,691 18,698 2,342

Average number of
shares 285,968,210 285,968,210 226,391,500
Number of shares at end
of period 285,968,210 285,968,210 285,968,210

Profit per share, SEK
1) 0.05 0.07 0.01

1) Ledstiernan had as per 30 June 2007 3,984,055 warrants
outstanding. Each warrant entitles the owner to subscribe for one
share at a price of SEK 4.60 up to and including 31 December 2007.
Due to the difference between the subscription price and the current
market price the warrants carry at present no dilution effect.

BALANCE SHEET, GROUP 2007 2006
Amounts in SEK
thousands 30 June 31 Dec
Intangible fixed assets 87,123 80,704
Tangible fixed assets 123,187 80,851
Financial fixed assets 480,420 444,913
Short-term receivables 119,364 94,745
Bank balances and
short-term investments 62,404 86,594
Total assets 872,498 787,807

Equity 611,624 592,103
Non-interest bearing
long-term liabilities 87,705 76,939
Interest-bearing
liabilities 81,935 47,600
Non-interest bearing
short-term liabilities 91,234 71,165
Total equity and
liabilities 872,498 787,807

CASH FLOW ANALYSIS,
GROUP 2007 2006
Amounts in SEK
thousands Jan - June Jan - Dec
Cash flow from
operations 39,144 -218
Changes in working
capital -1,165 -8,000
Cash flow from current
operations 37,979 -8,218
Cash flow from
investment operations -95,136 -188,975
Cash flow from
financial operations 32,967 225,998
Cash flow for the
period -24,190 28,805
Liquid funds at
beginning of period 86,594 57,789
Liquid funds at end of
period 62,404 86,594

CHANGES IN EQUITY, PARENT COMPANY 2007 2006 2006
Amounts in SEK thousands Jan - June Jan - June Jan - Dec
Amount at 1 January 520,657 357,514 357,514
Issue of new shares - 186,088 185,583
Profit/loss for the period 7,567 8,139 -22,440
Amount at end of period 528,224 551,741 520,657

CHANGES IN EQUITY, GROUP 2007 2006
Amounts in SEK thousands Jan - June Jan - Dec
Amount at 1 January 592,103 404,179
Issue of new shares 2,200 185,583
Other -1,377 -
Profit/loss for the period 18,698 2,342
Amount at end of period 611,624 592,103

KEY RATIOS 2007 2006 2006 2005 2004 2003 2002
30 June 30 June 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec
Data per share
Equity/share in
Parent Company,
SEK 1.85 1.93 1.82 2.50 2.97 3.33 4.26
Equity/share in
Group, SEK 2.14 - 2.07 2.83 - - -
Profit/loss per
share in Parent
Company, SEK 0.03 0.05 -0.10 -0.50 -0.38 -0.93 -1.06
Profit/loss per
share in Group,
SEK 0.07 - 0.01 -0.88 - - -
Number of
shares,
thousands 285,968 285,968 285,968 142,984 140,399 136,834 136,834
Average number
of shares,
thousands 285,968 166,815 226,391 141,907 139,804 136,834 122,822
Outstanding
warrants,
thousands 3,984 3,666 3,984 3,666 - - -
Share price at
end of period,
SEK 1.90 1.55 1.83 4.05 3.23 2.80 3.10
Market value at
end of period,
MSEK 543 443 523 579 453 383 424
Dividend/share,
SEK 0 0 0 0 0 0 0

Profit and
standing,
Parent Company
Profit/loss in
portfolio
holdings, MSEK 5 14 -10 -53 -46 -115 -114
Operating
profit/loss,
MSEK -4 7 -25 -78 -61 -134 -140
Profit/loss
after tax, MSEK 8 8 -22 -71 -53 -128 -130
Equity, MSEK 528 552 521 358 417 456 583
Equity ratio, % 100 92 99 98 98 99 96
Capital
invested in
existing
portfolio, MSEK 626 509 582 443 426 547 576
Capital
invested /
share, SEK 2.19 1.78 2.03 3.10 3.03 3.99 4.21
Book value of
portfolio, MSEK 473 377 434 302 308 313 357
Book value of
portfolio /
share, SEK 1.65 1.32 1.52 2.11 2.19 2.29 2.61
Administrative
costs / average
equity, % 2.82 4.59 3.19 6.61 3.86 3.54 4.14
Cash/share, SEK 0.19 0.06 0.29 0.40 0.81 1.04 1.69
Number of
employees at
end of period 5 5 5 5 7 9 9

Profit and
standing, Group
Net sales, MSEK 253 - 111 - - - -
Operating
profit/loss,
MSEK 15 - 3 - - - -
Profit/loss
after tax, MSEK 19 - 2 - - - -
Equity, MSEK 612 - 592 - - - -
Equity ratio, % 70 - 75 - - - -
Number of
employees at
end of period 255 - 180 - - - -

Interim Report January - June 2007

Attachments