Framfab -- Interim Report January -- June 2004

Stockholm, SWEDEN

STOCKHOLM, Sweden, July 22, 2004 (PRIMEZONE) -- Framfab AB (publ):

 -- Net revenue for January-June was SEK 169.9 million (132.3), an
 increase of 28% from the same period of 2003. Net revenue per employee
 rose to an annual figure of SEK 966 thousand (649). Net revenue for the
 second quarter amounted to SEK 82.4 million, an increase of 38% from the
 same period of 2003.

 -- Earnings after tax totaled SEK 1.7 million (-72.7) for January-June
 and SEK 1.4 million (-69.3) for the second quarter. Earnings per share
 came to SEK 0.00 (-0.15) for January-June and SEK 0.00 (-0.14) for the
 second quarter. Operating earnings excluding amortization of goodwill
 were SEK 6.1 million (-38.5) in January-June and SEK 2.8 million (-32.9)
 in the second quarter.

 -- Cash flow for January-June was SEK 124.6 million (-27.8). Excluding
 restructuring charges, acquisitions and issues of new shares, cash flow
 amounted to SEK -0.8 million (-12.8). Excluding issues of new shares,
 second quarter cash flow was SEK 7.9 million (-1.9). Liquid funds were
 SEK 180.0 million as of June 30. Excluding capital raised by recent
 issue of new shares, liquid funds totaled SEK 29.7 million.

 -- During the second quarter, Framfab carried out an issue of new
 shares with the right of priority for existing shareholders. The issue
 was fully subscribed and raised approximately SEK 149 million after
 underwriting costs. Now Framfab's balance sheet is significantly
 stronger, the company is much better positioned to play a leading role
 in the ongoing consolidation of the European Interactive Marketing and
 Web Consulting sector.

 -- At the turn of the half-year, Framfab Germany hired 14 employees
 and took over a number of strategic customer relationships, including
 Postbank and Audi, from Blue Pier GmbH, which had entered preliminary
 bankruptcy proceedings.

 -- Framfab's primary objective for 2004 is to sustain profitability.
 However, the consulting services market remains difficult to foresee.
 Despite indications of greater propensity to invest among Framfab's
 clients, prospects are still uncertain. As a result, Framfab is not
 making a forecast for either the upcoming quarter or the whole of 2004.

Framfab is a leading European communications specialist in digital media and interactive solutions based on Internet technology. Most of Framfab's customers are large international companies, including 3M, American Express, AXA, Carlsberg Breweries, the Coca-Cola Company, Danske Bank, DuPont, Ericsson, Hydro Texaco, Kellogg's, Kraft Food International, Lloyds TSB, Nike, Nobel Biocare, Philip Morris International, Philips, Postbank, SAAB, Sara Lee Douwe Egberts, Swedish Match, Vodafone, Volvo Car Corporation, Volvo Group and UBS. Framfab operates in Denmark, Germany, the Netherlands, Switzerland, Sweden and the United Kingdom. The company is quoted on the O-list, Attract40 of Stockholmsborsen (ticker symbol FRAM). For additional information, see

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