THIRD QUARTER - HIGH PACE OF ACQUISITIONS AND GOOD EARNINGS GROWTH 
Overall, we can sum up a good third quarter with high demand and good earnings growth. Total sales increased by 1 percent, of which 1 percent was organic, with exchange rate fluctuations having a negative impact of 3 percent. An improved product mix, active pricing and good results from acquisitions led to an EBITA growth of 9 percent to SEK 864 million (790), corresponding to a high margin of 15.6 percent (14.4). Earnings per share increased by 16 percent, our net debt in relation to EBITDA is historically low and the Group's financial position is very strong. Our well-diversified operations with entrepreneurial niche companies, which, as of this quarter, are organised into six business areas, continued to generate profitable growth in a partly challenging market. 

MARKET TREND
For the Group as a whole, the third quarter business situation was favourable, although variations between different customer segments remained, with energy and special vehicles showing the strongest sales growth, which was partly offset by weaker development in medical technology, sawmills and defence, which faced tough comparisons. Demand in the medical technology, electronics, data and telecom and engineering segments was generally stable, while we experienced continued hesitation in investment willingness, primarily in the forestry and process industries. The market situation in the special vehicle segment and defence industry strengthened over the quarter, while the market for infrastructure products for national and regional grids showed signs of recovery from the somewhat weaker project demand in the second quarter. In the transport segment, demand in the marine sector weakened slightly, while we saw continued positive development in the subsea and traffic safety segments. The market situation in building and installation remained weak.

From a geographical perspective, the market situation was good in Norway and stable in Denmark, while it was weak in Finland and Sweden. In our main markets outside the Nordic region, demand was stable in the UK, while it was favourable in DACH and Benelux. 

Cash flow from operating activities strengthened from already high levels and amounted to SEK 798 million (653) in the quarter, driven mainly by continued earnings growth and favourable development in working capital. P/WC increased to 78 percent (74).  

ACQUISITIONS 
The pace of acquisitions was high in the third quarter, and we signed agreements to acquire four companies: Axion of Germany, Cubro Acronet of Austria, BCK Holland as well as K&D of the Netherlands, and Purenviro of Norway. All four were completed in early January, clearly strengthening our respective niche strategies. To date this year, a total of eight acquisitions have been completed, with total annual sales of about SEK 1,440 million. The most recent, that was signed yesterday, is the German company RAMME, which is a leading manufacturer of electric motors and generators for maritime environment, that clearly strengthens our position within electrification. The company has 156 employees and sales of around SEK 415 million. Closing will take place after approval from relevant competition authorities. With a strong financial position, we maintain our ambitious acquisition plan and favourable view of the acquisition market. Through our decentralised acquisition model, in which all six of our business areas, as well as all of our business units and companies work pro-actively to identify new and interesting acquisition candidates, we continue to fill and process our pipeline, and we expect to continue implementing value-generating acquisitions at a high rate going forward.