Continuous adaptation - HL Display

Contents
1999 in brief 1
Statement by the CEO 2
Business concept 4
HL Display’s operations 5
Products 12
Sales channels 14
Market 15
Environment 18
Production 19
Employees 20
Seven-year summary 21
Factors that affect HL Display 22
Board of Directors’ report 24
Income statement 25
Balance sheet 26
Cash fl ow statement 28
Notes 29
Auditors’ report 37
The HL Display share 38
Board of Directors 40
Senior Executives 42
Defi nitions 43
Addresses 44
History 45
II HL Display 1999
An expanding company
HL Display is a global player in a nich market and is undergoing powerful
growth. Since 1993, net sales have risen by 30 per cent annually, with an
average profi t margin of 11 per cent. In 1999 the Group had net sales of
SEK 768 M and more than 700 employees.
Together with the customers, HL Display has developed innovative
display and merchandising solutions for the retail trade. HL Display’s
concepts and products maximise the profi tability of its customers, i.e.
retailers and brand manufacturers. HL Display has a leading position in
Europe, with a market share of 50 per cent in the shop fi xtures segment.
HL Display has sales companies in 15 European countries and
works with distributors in another 14 countries worldwide.
The products are manufactured in the Group’s own plants in Sweden,
the United States and Great Britain.
The company was founded in 1954 and is listed on the Stockholm
Stock Exchange.
Financial calendar for 2000
Annual General Meeting 20 March
Report, two-months 20 March
Interim report, three-months 18 April
Report, four-months 16 May
Report, fi ve-months 19 June
Interim report, six-months 17 July
Report, seven-months 16 August
Report, eight-months 15 September
Interim report, nine-months 17 October
Report, ten-months 16 November
Report, eleven-months 18 December

1999 in brief
■ The Group’s net sales increased by 18.8 per cent
to SEK 768.5 M (646.6).
■ Pre-tax profi t fell by 33.6 per cent to SEK 47.1 M
(71.0). Low capacity utilisation and currency effects
had a negative impact on profi t.
■ Earnings per share after tax amounted to SEK 4.20
(5.81). Equity per share on 31 December 1999 was
SEK 28.89 (26.00).
■ A continued high rate of investment, primarily in
the production process. Net investments excluding
acquisitions totalled SEK 59.3 M (61.3).
■ Establishment of sales companies in Latvia, Russia
and Turkey. Acquisition of a production company
in the UK and the remaining shares in HL Display
Falkenberg AB.
■ Internet sales launched in Sweden. The web shop
is part of the new cost-effective sales channel
HL Smart Shop which will be successively introduced
in Europe.
HL Display’s concepts and products combine design
with function. Increased sales and lowered costs in
the store boosts profi tability for the customer.
HL Display 1999 1

Continued strong growth
Market development in 1999 did not meet our expectations. But in spite of this, HL Display has continued
to grow and the Group’s sales increased by 18.8 per cent during the year. Gross profi t amounted to
SEK 47.1 M (71.0), which is a decrease of 33.6 per cent. For the third consecutive year, we are on Europe’s
500 list of Europe’s fastest-growing companies
2 HL Display 1999
Extended production capacity
Substantial investments in extended production
capacity were carried out during the
year. In order to meet the projected volume
growth, investments were made in machinery
and production space in our facilities. The
total production space has been increased by
60 per cent since October 1998. The year’s
investments totalled SEK 59.3 M, excluding
acquisitions.
New establishments
In 1999 new sales companies were established
in Latvia, Russia and Turkey. The build-up
of these companies is a step in HL Display’s
growth strategy for eastern Europe. We have
also acquired a smaller production facility in
Great Britain and the remaining 40 per cent
of HL Display Falkenberg AB.
Reinforced management
HL Display is a growth company, which places
heavy demands on the organisation and
management. The customers have high expectations
on quality and delivery reliability. To
continue meeting and exceeding rigorous market
and customer demands, we are implementing
a new organisational structure. This
means, among other things, that the relations
between the Parent Company and subsidiaries
will be strengthened and the coordination
of activities between the various HL Display
companies will be enhanced. As a part of this
process, the executive management has been
further reinforced with new functions in sales,
personnel, IT, R&D and design.
Market development
On the whole, sales in the Swedish whole sale
trade developed favourably in 1999 despite
lower than anticipated growth during the
year. Wholesale trade sales on the export market
decreased, in spite of growth forecasts,
according to “Konjunkturbarometern”, forward-looking
indicators for the service sector
(fourth quarter 1999).
The conditions in our markets are undergoing
a radical transformation with large international
players carrying out acquisitions in
the fragmented European retail market. The
main driver for this trend is Europe’s development
into a more uniform market, with a huge
population base and a common currency. With
a multitude of small and medium-sized players,
there is ample scope for the major players
to attain synergies and economies of scale
via acquisitions. Furthermore, the ownership
situation in the European retail trade makes
it relatively easy for international chains to
buy market shares. The majority owners often
control only 15–20 per cent of the share capital,
making the European retailers vulnerable
to takeovers. In other words, the pressure for
change and a general surge of international
consolidation and buyouts is also affecting the
retail trade.
For HL Display these changes have caused
several customers to postpone major purchasing
decisions. Furthermore, substantially fewer
new shops have opened in 1999 than in earlier
years. In response to this, our sales have
be come more focused on replacement than
previously. This market development has led
to lower capacity utilization and lower earnings
than anticipated. At the same time we are
noting some price pressure for our shop fi xtures,
such as datastrips, as customers increasingly
centralise their purchasing functions and
expect lower prices for large volume purchases.
For other parts of the product range, such
as Optishop, we are seeing a clear tendency
for decisions on purchasing of our products to
move up in the customers’ organisations from
the store manager level to retail chains’ central
functions. Decisions about shop design and
interiors are also being centralised.

New sales organisation
HL Display’s sales process is being developed
to better satisfy the requirements of major
customers. By offering the customers expertise
in total solutions for shop systems, we are
creating scope to retain or improve margins at
the same time as the volume per customer can
be substantially increased. In order to achieve
this, we are reinforcing the company’s sales
organisations and devising new methods for
value-added project sales.
Parallel to this, we have also built a new
channel for effective product sales, HL Smart
Shop, which enables the customers to place
orders conveniently and cost-effectively via
the Internet and EDI. Through HL Smart Shop
we are increasing both our accessibility and
our cost-effectiveness.
Development of administration and IT
Rapid growth places rigorous demands on
effi cient administrative routines. A number of
projects were carried out during the year to
enhance effi ciency, assure the quality of our
processes and create uniformity between the
respective companies, i.e. through installation
of joint business systems.
Environmental management
To meet up to the demands of our market
and customers, we have continued pursing an
ambitious environmental program in manufacturing.
Among other things, a more environmentally
friendly alternative to PVC was
developed and the production plant in Falun
obtained ISO 14001 certifi cation during the
year. The facility in Sundsvall was certifi ed
in 1998, and the majority of our environmental
project have also been shown to enhance
profi tability.
Intensifi ed future growth
Although 1999 was something of an off year
in terms of growth, with weaker profi tability
than we are accustomed to, there are favourable
conditions for strong growth and profi tability
in the coming years. The company has
extensive experience in the industry and a high
capacity for innovation. We know the market,
and compared with our competitors we have
come far in adjusting to the new market conditions.
Even though the year’s growth of 19
per cent was far below that of the preceding
year (34 per cent) and lower than anticipated,
it was good in light of the market conditions.
Our aim for the next fi ve years is a sustained
annual growth of at least 20 per cent with a
profi t margin of 10–15 per cent over time.
Growth over the past fi ve years was 25 per
cent. Through the investments in production
space, sales staff and business systems, we
are well poised for future growth. The rapid
restructuring of the market is creating opportunities
for players who succeed in adapting to
the new scenario. HL Display is defi nitely one
of these.
By strengthening our offer to the customers
– high quality production in combination
with specialist competence in shop solutions,
we are moving up in the value chain and creating
scope for larger volumes with improved
margins, while at the same time distinguishing
ourselves from our competitors. With our
strong market position we can achieve the
critical sales mass necessary to stay at the cutting
edge in product development, innovation
and design. The development is often pursued
in close cooperation with our customers.
Collaboration with the customers gives
us greater insight into the market’s needs and
requirements.
Future growth will be predominantly organic,
although some complementary acquisitions
may be considered. HL Display’s corporate
culture are permeated by growth and
adaptability. The production is fl exible and the
organisation is structured for short and rapid
decision-making paths. The employees’ own
initiative in solving customer problems and
improving production effi ciency is crucial to
our continued success.
Anders Remius, Managing Director and CEO
Statement by the CEO
HL Display 1999 3

Stable growth
with good profi tability
4 HL Display 1999
History
HL Display was founded in 1954 as a manufacturer
of simple display aids for retail
merchandise, such as plastic price tag holders.
The company has rapidly grown from
a small business into a medium-sized enterprise.
Today HL Display has more than 700
employees in 15 countries and net sales of
SEK 768 M. Since 1993 the company is listed
on the Stockholm Stock Exchange and
is owned by 3,862 shareholders, primarily
Swedish.
Business concept
HL Display shall increase customer profi tability
by offering the retail trade and its suppliers
cost effi cient, customer-adapted display
systems. Production is to be fl exible and
delivery times are to be kept short.
Vision
HL Display’s vision is to be the leading supplier
of merchandising systems and the most
cost-effective supplier of shop fi xtures. We
aim to be the leader not only in market share,
but also in knowledge about customer needs
and expertise in design and production.
Business objectives
HL Display’s overall objectives are stable
growth with sustained profi tability and value
growth for the shareholders.
HL Display has set a number of goals for
its operations. The fi nancial targets are:
■ Continued growth of at least 20 per
cent annual over a business cycle.
■ A profi t margin of 10 – 15 per cent over
the same period.
■ An equity ratio of at least 40 per cent.
Business concept
A focus on selected customer segments and continued international growth are driving forces for HL Display.
The fi nancial targets are supplemented with
the following qualitative goals:
■ Vertical integration, i.e. use external
resources only when necessary.
■ To become a leading player in R&D
and design.
■ To increase effi ciency in product sales
through mechanisation.
■ To be a natural speaking partner for the
major customers.
■ Further expansion through new subsidiaries
both in and outside Europe.
Strategies
In order to ensure HL Display’s continued
attainment of operational goals, a number of
key strategies have been formulated. In short,
these are for HL Display to:
■ Retain its current business concept and
core business.
■ Expand through utilisation of internal
resources.
■ Retain key employees and attract new
ones.
■ Be perceived, and act, as a uniform and
consistent player in various markets.
■ Continuously adapt the organisation to
market requirements and needs.
■ Use IT support to standardise processes.
■ Develop competence in R&D and
design.
■ Strengthen the corporate culture with a
sustained focus on growth and change.

Continuous adaptation
of the organisation
The combination of a changing market and ongoing growth make it necessary to continuously develop
and adapt the company’s work methods and organisation.
HL Display is facing a new market situation
in which a number of distinct trends can be
identifi ed.
The European market is undergoing consolidation.
The major retail chains are growing
larger and rapidly expanding abroad through
mergers and takeovers. As a result, purchasing
decisions are moving upwards in the customer
organisations, from the store manager
to central marketing departments.
The major retail chains are increasingly
striving for more cost-effective purchasing
and fewer suppliers, and prefer to sign central
agreements with suppliers capable of
supplying them with total solutions in several
markets.
A store management must exploit its limited
retail space optimally, since every square
centimeter is expensive and many goods
compete for attention. Furthermore, every
year there are 15 per cent more items, all of
which take up space. Space management has
therefore become a key concept.
A high stock turnover rate is also vital,
since its allows store owners to avoid large
inventories and reduce tied-up capital.
The HL Display model
In order to satisfy market demands and at
the same time strengthen HL Display’s position,
the organisation undergoes continuous
changes in the form of investments, expansion
and enhancement of expertise and products.
Change is something positive, but to deal
with it successfully a well planned structure
for operations is needed.
HL Display has therefore developed a
descriptive model that illustrates the work
process in the company and consists of four
The HL Display model
Product range Concepts Channels Customers
P
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P
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Shop
Fixtures
Optishop
Shop
Systems
sub-areas – product range, concepts, channels
and customers.
Product range
The product range refers to all products offered
by HL Display, most of which are manufactured
in the company’s own production
plants. All products are “owned” by the product
managers in each factory.
The plants are located mainly in Sweden
and 83 per cent of the sales go to export. There
is one production facility in England, and
through a joint venture with Trion Industries
Inc. in Wilkes-Barre, Pennsylvania, datastrips
are also manufactured in the U.S.
Concepts
With the product range as a base, different concepts
are assembled to clarify HL Display’s
offers. One product/product group can be
part of more then one concept. HL Display
offers three different concepts: Shop Fixtures,
Optishop and Shop Systems. Over 90 per
K
E
Y
A
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C
O
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T
M
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N
A
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HL Smart
Shop
Product
Sales
Project
Sales
Retail Food
Retail Non Food
Brand
Manufacturers
Operations
cent of the products in Shop Fixtures and
Optishop are manufactured in the company’s
own factories, and around 50 per cent in
Shop Systems.
Channels
HL Display’s concepts are offered to customers
via several channels. The sales channels
represent different approaches to marketing.
These are: HL Smart Shop, Product Sales
and Project Sales. Key Account Management
coordinates all activities and has overall
responsibility for collaboration with our key
customers.
Customers
HL Display’s customers are found in the
Retail Food, Retail Non Food and Brand
Manufacturer industries.
HL Display 1999 5

Higher profi tability with
innovative solutions
HL Display offers profi tability-enhancing products in three concept areas: Shop Fixtures, Optishop and Shop
Systems. In combination with HL Display’s expertise, these provide everything needed to transform an empty
store into an attractive marketplace.
Shop Fixtures – display of price and product
information
Shop Fixtures includes a complete basic range of products for price and product information.
Examples are datastrips, plastic and aluminium frames and price cassettes for fruit
and vegetables. The stores choose from the comprehensive display catalogue.
6 HL Display 1999
– Datastrips are the best-selling product
– Major growth potential
– Continuous development
■ Products in the Shop Fixtures concept
Shop Fixtures – a comprehensive
standard range
The Shop Fixtures concept is designed to
offer customers a complete range of standard
display products. HL Display’s product catalogue
includes the entire product range (more
than 2,000 basic articles) and is intended to
serve as the retail trade’s “spare parts” catalogue.
In other words, it contains everything
needed for price marking, product information
and product presentation. Even though
the products may seem static, HL Display
conducts continuous product development.
Every year the product range is extended
with close to one hundred new products, the
majority in close collaboration with the customers.
Closeness to the customers is a prerequisite
for continuous development.
Datastrips are HL Display’s best-selling
product. More than 40 million meters are manufactured
every year, equivalent to the circumference
of the earth. But since not all stores
have discovered the benefi ts of datastrips,
there is still major potential for growth, particularly
in the Retail Non Food segment.
Aside from datastrips, the Shop Fixtures
concept includes a number of products for
price information in the form of frames, sign
holders, price cassettes and hooks.
The market for Shop Fixtures
There are many small to medium sized competing
companies who mainly concentrate in
the country where they are seated. Most of
these do not have HL Display’s geographic
coverage, and therefore lack a closeness to the
end customers.
HL Display dominates the datastrips market
with a 50 per cent market share in Europe.
For plastic and aluminium frames HL Display
has a smaller, but growing, share of the market.
In the outdoor frames segment, MDI is
the market-leader. With regard to price cassettes
for fruit and vegetables, HL Display is a
leader in Sweden, with 50 per cent of the market,
but has a minor presence in Europe. The
dominant player in this segment is Meto, with
50 per cent of the European market. Another
area with major potential is display accessories
in acrylic, a segment where HL Display
has a comparatively small market share and
where marketing activities have therefore
been intensifi ed.

Project Shop Fixtures
Tesco – a retail food chain in the U.K.
Tesco is Great Britains largest retail food chain with over 780 stores, of which 200 abroad.
Over the past years, Tesco has undergone rapid expansion in Europe.
The Bumper profi le is robustly constructed in
durable materials. It is also very fl exible and
springs away when bumped. The advantage for
the customer is furthermore that the Bumper
profi le only costs one third as much as the
steel tube solution.
Operations
Tesco’s shops are sometimes extremely busy. Previously, Tesco used steel tubes
as collision-protection for the bottom shelf. The steel tubes were fi tted ten centimetres
outside the shelf. In order to widen the aisles and facilitate access, they
decided to remove the collision-protection.
Without collision-protection, the data strip on the bottom shelf was wholly
unprotected, which led to it being badly damaged by shopping carts and pallets
during shelf-stocking. Every morning, the staff was forced to spend time replacing
broken strips.
Tesco asked HL Display for help. On the basis of the customer’s special
needs, HL Display developed a shelf-edge strip with a built-in shock-absorber
that embeds the price-marking profi le and protects it from collisions.
Tesco tested the new strip in one shop and found that they no longer had
to replace broken strips. The new data strip had excellent qualities. After the
test, Tesco decided to use this solution in all new installations and future shop
renovations.
HL Display 1999 7

Optishop provides more space for goods on
shelves and strengthens brand names.
By assembling the products together in Optishop, HL Display supplies a concept rather
than individual products. Each solution can be adapted to the customer’s requirements
and supplemented with various types of signs to give it a unique profi le.
8 HL Display 1999
Optishop – getting the most out of
the selling space
A few years ago, HL Display took the step
from selling individual products to combining
products into merchandising systems.
During 1999, HL Display reformulated
the two previous concepts Merchandising
Systems and “Shop-in Shop” into a new concept
named Optishop
Optishop, in turn, consists of fi ve subconcepts:
Optimal, Optishelf, Optisign,
Optistand and Optirack.
The revolutionary ideas in Optishop
strengthen HL Display’s position as the leading
supplier of merchandising systems.
– Rapidly expanding concept
within HL Display
– Customer-adapted solutions
– Total solutions for
brand manufacturers
– Total control from design to
fi nished product
– Major development potential
■ Products in Optishop
Strengthening the shopping experience has
been an important challenge for both store
owners and brand manufacturers. Despite
bonus cards, customer loyalty to the same
store is not particularly strong. An average
customer alternates between three stores. A
positive experience in the shop is important
for the customer to return. This experience
can be reinforced with smart solutions for displaying
products. It is here Optishop comes
into the picture. With the help of Optishop,
products are displayed effectively to the customer
in the store. The products are continually
pushed forward so that the shelves
always look full and attractive. Besides the
actual exposure, Optishop has other advantages
such as quick and easy fi lling. It’s all
about meeting and exceeding customer expectations.
It is important to use every square
metre in the best possible way. HL Display’s
ideas have developed over years of experience
in stores, in close co-operation with leading
chains and brand suppliers. HL Display
has developed solutions that present goods in
ways that are both tasteful and durable.
In Optishop, HL Display has developed a
total solution from design to fi nished product.
With the help of computer-animated drawings,
customers can see how different solutions
would appear in their own shops. A
brand manufacturer can also increase sales
through well planned, tailor-made display of
its products. The store is where the customer
makes the decision to buy a certain product.
How the product is packed and displayed is
therefore important. When commercials and
other advertising are followed up with good
exposure and the right signals at the point of
purchase, sales increase.
In Optishop, all components are compatible
with each other and can be combined to
form different solutions for different needs.
For example, customers can use Optimal
to improve goods exposure on an existing
shelf, Optisign to dress the shelf and reinforce
the brand name, or Optirack to create
free-standing shop-in-shop solutions.
Many customers already have an idea of

how they want their display designed.
Otherwise, HL Display will help to produce
suggestions. Several sales companies have
therefore built up their own design skills that
make it possible to run and manage a project
from idea to fi nal installation in the shop.
Market for Optishop
Sales of point of purchase displays have progressed
farthest in the USA, where there are
many companies that specialise in such systems.
Competition is not so developed in Europe.
Project Optishop
HL Display’s sales of merchandising display
systems have come farthest in countries such
as France. There both chain stores and brand
manufacturers use the Optishop concept. As
far as shop-in-shop is concerned, HL Display
is among the few companies capable of manufacturing
complete in-store modules and shipping
them across Europe. There are opportunities
for development both through expansion
into other markets and by working with
new customers.
Système U – supermarket chain in France
Système U is one of France’s largest supermarket chains,
with over 700 stores nationwide.
After the Optimal system was installed in the chocolate department,
signifi cant sales increases were reported.
Operations
Six years ago, Système U began reprofi ling
work. As a result, the chain is now
highly respected on the French market.
Système U showed interest in testing
and evaluating HL Display’s Optimal
concept in its chocolate department.
Optimal was installed for a two-week
trial in one store. The reception in the store
was positive, both from customers and
staff. The shop manager and other managers
from Système U who participated in
the evaluation were also very pleased.
Thanks to Optimal, the products were
better exposed and more customers
stopped spontaneously in front of the chocolate
shelves. After the trial, the store manager
could show a very signifi cant sales
increase.
Système U was consequently very positive
about introducing Optimal on a
larger scale.
HL Display produced a package solution
that was later launched in Système U.
When new stores are built, or older stores
are rebuilt, HL Display’s solutions are
included as a standard concept. Système U
is now evaluating other solutions from
HL Display.
HL Display 1999 9

The chains are rationalising purchasing and want to work with fewer suppliers.
Through Shop System, customers can buy all of their shop fi ttings from the same
supplier, HL Display.
10 HL Display 1999
Shop System – one-stop-shop
HL Display offers complete solutions for
optimal layout, fi tting and display in stores.
HL Display has more than forty years of collective
experience and can help its customers
with effective solutions.
In close cooperation with leading chain
stores, HL Display has developed solutions
for fi tting whole shops with innovative solu-
Shop System – everything from fl oor to ceiling
– The customer gets everything
from the same supplier
– Module system
– Major potential, but fi erce
price-competition
■ Products in Shop System
tions that lead to increased sales and can withstand
intensive use.
For the customer, this means that everything
can be obtained from the same supplier.
Just over 50 per cent is based on the in-house
standard range. The rest, for example lighting
and check-outs, are bought in. HL Display
carries out installation in these case, in contrast
with the rest of the range, that can be
installed by the customer themselves. Today,
HL Display supplies complete shop installations
in Sweden and Norway.
Through the Shop Systems, HL Display
establishes a relationship with the customer
earlier in the buying process, thereby enhancing
opportunities to sell the rest of the concept.
By building complete shops, HL Display
becomes a natural partner in everything from
choice of layout and display systems to individual
products.
Market for Shop System
The concept has excellent potential, but price
competition is tougher than for other concepts.
There are a number of companies specialised
in building shop fi ttings. In Sweden
these include Samuelsson Inredningar, Nässjö
Inredningar and Skandinavisk Inredning.
However, none of HL Display’s competitors
however can supply total solutions from their
own ranges. HL Display holds a unique position
in the market.
There are excellent opportunities for
HL Display to increase sales of this concept
by offering Shop System to customers who
today buy other products. The number of markets
that can be cultivated can also be gradually
increased.

Project Shop System
ICA Flygfyren – a store in Norrtälje, Sweden
ICA Flygfyren is the largest supermarket in Norrtälje. The store was built in 1976 and has since been
rebuilt a number of times.
In 1995, businessman Claes-Göran Sylvén
took over the store and in autumn of 1998
concluded that it needed radical rebuilding.
He had studied stores around the world and
gathered ideas for the refi t. A work group
was formed. Besides Claes-Göran Sylvén
this included an architect, one project leader
from ICA and one from HL Display.
The work group discussed a number of
different solutions. A whole new surface
layout was established and the store’s sales
surface was increased from 3,500 sq.m. to
5,500 sq.m. HL Display contributed innovative
construction solutions. HL Display
took responsibility for design, manufacture
and installation of the fi ttings. The
time period from construction idea to fi tted
product was about four months. The
layout included a Shop-in-Shop solution in
the cosmetics department.
Another exciting solution was the kitchen
shop which was built to emphasise
the expertise in household appliances and
demonstrate products. The new shop was
fi nished in June 1999. The entire project
took about one year from idea to completion.
The results of the rebuilding have
been very positive and both customers and
staff are satisfi ed. Claes-Göran Sylvén is
also satisfi ed. Since the refi t, sales are up
by 15 per cent.
Operations
The Shop Systems concept offers comprehensive retail solutions in which HL Display
can build entire stores and function as a sounding board for the customer’s choice of
everything from store layout and display systems to individual fi xtures and accessories.
HL Display 1999 11

Building blocks
in HL Display’s concept
Over many years, HL Display has developed a range of products in close co-operation with its customers.
Every year a large number of products aimed at improving goods exposure in shops is added.
With the help of long experience from stores
and specialist skills in goods exposure,
HL Display has developed its range. From
having been a company that sold individual
products, HL Display has developed into
a co operation partner that helps customers
improve the exposure of their goods.
HL Display is probably best known for its
datastrips, which are still the single largest
product group. HL Display has more than
2,000 basic articles in its range, however, these
products can be combined into various complete
solutions. The Optishop concept is a
good example of this.
Shop Fixtures
Datastrip
Datastrips is HL Display’s own trademark and has
become synonymous in the industry with shelfedge
strips, the plastic strip in which paper labels
with price information are displayed. The datastrip
was introduced in 1975. The range today covers
most requirements in commerce.
Facts:
Extruded shelf-edge strips for
paper labels.
Just over 300 different
pro fi les.
Ten different label heights
Six standard colours.
More than 300 special
colours.
Over 40 million meters
extruded each year.
Production location: Sundsvall.
HeLec
The HeLec range corresponds to Datastrips and
is specially made for the various electronic labels
found on the market. Manufacturing is complex,
which is why HL Display’s long experience in the
industry has made the company a natural partner
in this area.
Facts:
Extruded shelf-edge strips for
electronic labels.
Adjustable angles for readability
from different heights.
Solutions for the various
shelf-types in the retail trade.
Production location:
Sundsvall.
12 HL Display 1999
Pinpac
Pricing of pegged merchandise requires a wide
range of solutions.
Through cooperation with Trion Industries,
HL Display can supply both display hooks in metal
as label holders and accessories in plastic.
Facts:
Metal hooks with label for
hanging exposure.
Extruded, injection moulded
and hotbent standard
solutions, also in metal.
Customer-adapted solutions
in consultation with our
designers.
Large range of label heights.
Production locations: Falun,
Lesjöfors and Sundsvall.
Freezer system
Supplying customers with price and product information
on open freezers has always been a challenge.
Customers’ inability to fi nd the right price
for goods often means lost sales. HL Display’s
“freezer pyramids” solves this problem and helps
organise price and product information in a simple
way.
Facts:
“Freezer pyramids” with
datastrip for exposure in freezers.
Several standard lengths and
heights.
Large range of coloured
strips.
Numerous fi tting alternatives.
Production locations:
Lesjöfors and Falun.
Price cassettes
In the fresh produce and deli departments there has
always been a need for quickly changing price and
product information. HL Display’s cassette system
offer many different solutions, including ones
where information is illustrated with pictures of
the products.
Facts:
Injection moulded cassette
frame with easily exchangeable
cards.
Three different systems.
Up to eight standard colours.
Production locations:
Sundsvall and Falun
Sky-Line
The Sky-Line range includes all products required
for exposure from the ceiling. It contains everything
from small aluminium and plastic strips to
non-refl ecting poster-holders.
Facts:
Aluminium rail for hanging
information from ceilings.
Great fl exibility.
Five standard colours.
Production locations: Falun,
Lesjöfors and Sundsvall.
Information holders
Information holders for brochure exposure – from
elegant acrylic solutions to simpler products in
thinner material and injection moulded models.
Customer-adapted products are developed by
HL Display’s designers.
Facts:
Injection moulded and hotbent
holders for brochures.
Extensive standard range.
Customer-adapted solutions.
Alternative materials.
Screen-print.
Production locations: Falun
and Sundsvall.
Frame system
HL Display’s exposure frames in plastic strengthen
commercial messages in an effective way. The
company’s wide range of accessories mean that
the store can place the frames virtually anywhere.
Together with the Sky-Trak suspension system, the
company offers a complete alternative for ceiling
exposure.
Facts:
Frames in injection moulded
plastic
Sizes from A1 to A6.
Eight standard colours.
Special colours manufactured
on demand.
Production location:
Sundsvall.

Pictoria
Pavement stands and wallframes in metal attract
customers’ attention outside the store and can be
followed up with more information inside. The
system offers a large number of different products
for both outdoor and indoor use. The spring-loaded
snap-frame makes it easy to change messages and
the plastic cover protects from rain and dust.
Facts:
Pavement stands and wallframes
in metal.
Standard sizes in stock for
quick delivery.
Five different standard colours
plus aluminium.
Top-signs with permanent
messages.
Production location:
Lesjöfors.
Shelftalkers
The shelftalkers highlights and draws attention to
a certain section of shelving and contributes to
impulse buying. The shelftalkers therefore plays
a key role in the development of sales. The range
offers a large assortment of models, from simple
promotional signs to special, customer-adapted
shelf-talkers with or without screen-print.
Facts:
Extruded or hotbent shelftalkers
In most sizes.
With or without screen-print.
Marking of whole shelving
sections.
Customer-adapted solutions.
Production locations: Falun
and Sundsvall.
Jegab
With the Jegab range, a store can easily put up
signs and other selling messages. Hooks, spears,
wobblers, fl ags, mobiles, rivets and connections:
all types of holder for most areas of use. Most of
the range consists of standard products and can be
delivered immediately.
Facts:
Injection moulded products
for putting up signs, etc.
Over 160 different standard
products.
Fast delivery.
Production location:
Sundsvall.
Optishop
Optimal
Since two-thirds of all purchasing decisions are
made in the store, goods exposure is a very
important sales factor. The shelfdivider system
Optimal stimulates impulse buying, thanks to
improved exposure.
Facts:
Flexible shelfdivider system in
injection moulded plastic.
Over 100 different dividers.
Stepless sideways adjustment.
Fits most shelves.
Unbreakable, glass-clear
plastic.
Accessories for automatic
feeding.
Production location: Sundsvall.
Optishelf
Pull-out shelving optimises shelf space and facilitates
re-merchandising. The distance between
shelves can be reduced to a minimum.
Facts:
Strong steel frame with durable
sliding mechanism.
Suits practically all goods and
shelving systems.
Innovative mechanism allows
shelves to be locked any
position.
Compatible with Optimal
shelfdivider system.
Production location:
Falkenberg.
Optisign
Cost-effective sign system that imparts picture and
product information. The range includes a complete
series of top signs and solutions for aisle
placement, shelftalkers and fl oortalkers.
Facts:
Top sign system.
Vertical aisle signs (with
hinge function if required)
Horizontal shelf dividers (with
hinge function if required)
Floortalkers – removable and
durable.
Sign holders for advertising
messages.
Shelftalkers with 3D effect.
Production locations: Falun,
Lesjöfors and Sundsvall.
Optistand
Module-based, creative system of free-standing
fl oor stands. It is based on standard components
that are supplement with high-quality graphics to
form a tailor-made solution at a very attractive
price.
Facts:
Customer-adapted exposure
stands in plastic and/or metal.
Photographic 3D simulation
for computer-animated demonstration
for customer.
Shorter delivery times, thanks
to modular design.
Minimal transport costs
through compact design.
Fast installation.
Production locations: Falun
and Lesjöfors.
Optirack
Modular shelving system for shop-in-shop solutions.
The revolutionary base system permits almost
endless shelf combinations.
Facts:
Modular – adaptable. No
tools required for fi tting.
Straight insertion of shelves
allows, rearrangement
without removing goods.
No special solution for
bottom shelf.
Fast assembly.
Compatible with the
Optishop system’s other
shop solutions.
Production location:
Falkenberg.
Shop System
HL Display designs interiors according to customer
requirements on the basis of a standard framework.
This provides a shop system that offers
both functionality and a shopping experience. With
HL Display, customers reap the benefi ts of more
than forty years of experience in shop-fi tting and
price information systems in modern designs and
with effective manufacturing methods.
Facts
All types of shop fi ttings in
metal, plastic or wood.
In-house design, construction
and manufacture.
Lighting for best exposure.
In-house fi tters for guaranteed
delivery and assembly.
Production location:
Falkenberg.
Products
HL Display 1999 13

Better service
with HL Smart Shop
Better service to customers and costeffective
sales are key words in
HL Smart Shop.
14 HL Display 1999
During 1999, HL Smart Shop was introduced
as an important part of HL Display’s effort
to become the most cost-effective supplier of
shop fi xtures.
Better customer service and cost-effective
sales are key words in HL Smart Shop. The
channel consists of three elements: Internet
shopping, tele sales and electronic order-handling,
EDI.
Web shop
I the autumn of 1999, HL Display launched
a web shop in Sweden for ordering over the
Internet. Accessibility is high, the shop is
open 24 hours a day, every day of the year.
In the web shop, customers can order products,
read product news, browse the product
range and fi nd prices and stock levels. When
an order has been placed, the customer can
monitor its status in the delivery and transport
process. HL Display’s investment in a web
shop has had several important advantages.
First and foremost, it means that the customers
themselves can fi nd information and
place orders at any time of the day or night.
Accessibility can be a decisive factor for store
owners who cannot telephone HL Display
during offi ce hours.
The web shop also means that HL Display
can improve its service to those customers
who call customer service in the future. Since
the web shop is linked to HL Display’s business
system, order-handling becomes much
more cost-effective.
Channels
HL Display has various sales channels for its concepts. The sales channels represent various types of processing.
Product Sales is the dominant channel but Project sales is becoming increasingly important. During the year, a
third channel called HL Smart Shop was launched.
Tele sales
Tele sales are also part of HL Smart Shop. The
tele sales staff are responsible for their own
customers and budget and are part of a customer
team that consists of members from all
sales channels. A tele sales person is responsible
for sales to around 1 000 stores, most
of which would not be reached with traditional
customer visits. The tele salesperson
works with calls both to and from his/her
own customers. Customers can call the staff
and ask questions about the products, prices
and stocklevels or, of course, to place orders.
Through the tele salesperson, customers can
quickly obtain product news, etc. By working
with the chain’s head offi ce, the salesperson
can help to profi le stores according to the head
offi ce’s wishes.
Less risk of errors
Internally, HL Display has worked for several
years with EDI – Electronic Data Interchange.
Now our customers will also be offered to
send orders and receive order confi rmations
electronically between different business systems.
It is easy to manage and, when information
is better structured, there is less risk of
errors.
The launch of HL Smart Shop in Sweden
has worked out well. In early 2000, the channel
was also introduced in Norway. Later in
the year HL Smart Shop will be launched
also in the UK, Belgium and Holland.

Structural changes
creates new opportunities
Strong trends in retailing, with mergers, globalisation and increased effi ciency in shops,
create new opportunities for HL Display to expand further.
A strong trend in the retail trade is that the
bigger chains are becoming even bigger. They
are expanding strongly through takeovers and
mergers. The big chains export their concepts
and establish stores abroad, often because of
limited growth opportunities in the domestic
market. In France, for example, there is legislation
that regulates how many hypermarkets
are allowed outside town centers.
Several of the major players are global,
such as the American Wal-mart, Dutch Ahold,
French Carrefour and British Tesco. They
work with strict concepts on their shops’
appearance and on how goods are displayed.
Developments are moving towards centralised
buying. Shop managers no longer decide
which products are found in the shop or how
they are displayed. Instead, they are given a
concept to implement. This development has
meant that cross-border relations with customers
have become a key factor in HL Display’s
international strategy. The trend also points
towards increased cooperation between suppliers
and retailers in order to increase sales.
Surface effi ciency
The chains want to maximise effi ciency in
all phases, since margins are often low and
economies of scale have a positive effect on
results. Every square meter in a store is valuable.
Each year, about 15 per cent new products
come into the store and demand space.
Surface effi ciency has therefore become an
increasingly important factor for shop owners.
Development is also moving towards increasing
levels of self-service and fewer employees
to stock shelves with new goods and maintain
order in the shop.
In recent years, in-store merchandising in
stores has become increasingly important.
It is mainly brand manufacturers who want
to expose their products and reinforce their
own brands. But the chain stores also want
the same for their own brands, such as KF’s
Blåvitt and Signum and ICA’s brand Ica
Handlarnas.
All of these trends are stimulating demand
for HL Display’s products.
International total suppliers
Along with the increased rate of consolidation
in the retail food trade, more and more
chains are rationalising their suppliers. The
chains are making their buying more effi cient
and increasingly prefer to work with fewer
suppliers. They seek partners who can offer
total solutions in display and merchandising.
They want suppliers to provide them with
products in all markets, thereby becoming
international total suppliers.
Customer segments
HL Display’s customers can be divided into
three segments: Retail Food, Retail Non Food,
and Brand Manufacturers.
Retail Food
The largest segment is Reatil Food, and is
composed of grocery stores or chains with
one or more shop concepts. Examples in
Sweden are KF (Gröna Konsum, Obs!, Prix,
etc.), ICA and, in Europe, Carrefour, Ahold,
Metro and Tesco. In most of HL Display’s
markets, Retail Food is the most penetrated
customer segment.
Retail Non Food
Among Retail Non Food there are specialist
stores and chains with one or more shop
concepts that are not included under food.
Market
Examples in Sweden are Järnia, Twilfi t,
Hennes & Mauritz, IKEA, and in Europe
Castorama, Bauhaus, and K-RAUTA.
The segment has not achieved the same
degree of penetration as the Retail Food segment
and the potential is therefore good.
HL Display has worked together with
Ahold in the Dutch market for just over
ten years. The company has expanded
strongly and is represented today in
Europe, North America, South America
and southeast Asia. At the end of
1999, Ahold also bought 50 per cent of
Swedish ICA. Thanks to good customer
relations, HL Display has succeeded in
following Ahold’s expansion and become
a supplier outside Holland too.
HL Display 1999 15

HL Display Sverige AB – MD Tomas Thorslund
Established in 1982
Number of employees 42
Turnover 1999 (SEK M) 118
Increase in turnover 1999 (%) 25
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
HL Display Benelux – MD Leo van Hoek
Established in 1987
Number of employees 32
Turnover 1999 (SEK M) 56
Increase in turnover 1999 (%) 22
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
HL Display (UK) Ltd. – MD Alex Robertson
Established in 1987
Number of employees 41
Turnover 1999 (SEK M) 116
Increase in turnover 1999 (%) 20
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
HL Display Deutschland GmbH – MD Marcus Diwo
Established in 1989
Number of employees 24
Turnover 1999 (SEK M) 85
Increase in turnover 1999 (%) 6
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
HL Display France S.A. – MD Gérard Dubuy
Established in 1990
Number of employees 49
Turnover 1999 (SEK M) 142
Increase in turnover 1999 (%) 13
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
16 HL Display 1999
HL Display Norge A/S – MD Ketil Torp
SEK M
40
HL Display Österreich GmbH – MD Günther Bucher
SEK M
40
30
20
10
30
20
10
Established in 1990
Number of employees 13
Turnover 1999 (MSEK) 33
Increase in turnover 1999 (%) –6
0
1993 1994 1995 1996 1997 1998 1999
Established in 1996
Number of employees 9
Turnover 1999 (MSEK) 25
Increase in turnover 1999 (%) 44
0
1993 1994 1995 1996 1997 1998 1999
Brand manufacturers
One increasingly important customer segment
is brand manufacturers who wish to expose
their products and strengthen their brands.
Examples in Sweden are Arla, Spendrups,
Kungsörnen, Cloetta and in Europe Coca
Cola, Unilever, Procter&Gamble.
Good customer relations
Many of the HL Display’s customers have
done business with the company for a long
time, despite considerable changes in the
industry. This is because HL Display has
been successful in helping customers to
expose their products, and increase their
sales. With the help of HL Display’s unique
knowledge and display skills, a store can
boost sales by over 15 per cent. Customer
surveys show that high quality, secure and
prompt delivery and a high degree of service
are also important reasons why customers
return.
Market per region
Today, HL Display is represented by subsidiaries
or distributors. It is strategically important
that future establishment takes place via
subsidiaries, in order to obtain the greatest
possible focus on the markets where the company
chooses to establish itself.
The most important market for HL Display’s
products today is Europe. Sales in Europe
constituted 95 per cent of HL Display’s total
turnover in 1999. The largest individual mar-
HL Display Schweiz AG – MD Peter Moser
SEK M
40
30
20
10
Established in 1998
Number of employees 4
Turnover 1999 (MSEK) 12
Increase in turnover 1999 (%) 138
0
1993 1994 1995 1996 1997 1998 1999
kets are France, the UK and Sweden. The
number of newly established subsidiaries has
been high during the past two year period.
During 1998, subsidiaries were established
in Switzerland and Hungary and, in 1999,
formed in Latvia, Russia and Turkey.
For the past four years, the company has
focus ed on expansion in Eastern Europe. This
began with Poland in 1994.
Scandinavia
HL Display has a strong position in Sweden
and Norway, with high penetration in the markets
and with largest market share for most
products. Sweden and Norway are currently
the only countries where HL Display sells
complete shop fi ttings, thus is the only market
where all concepts are represented.
Western Europe
The market in Western Europe is mature, with
high demands on increased innovation and
conceptual sales. The base of HL Display’s
activities in Western Europe has traditionally
been Retail Food. This market depends more
on the traditions of the sales companies than
the buying habits of customers. There is thus
considerable potential for expanding the market
to new customer groups. In countries were
HL Display has own sales companies, sales of
merchandising systems have increased rapidly
in recent years.
The center of gravity is currently the UK,
Germany, France and the Benelux countries.

Head office + Sales company
Sales companies
Distributors
HL Display production companies Joint venture production companies
Eastern Europe
HL Display entered the Eastern Europe market
via Western European brand manufacturers
who used HL Display’s system solutions
to display their goods. In this way, shops in the
east also gain an interest in merchandising.
From here, sales broadened to include Shop
Fixtures. In many countries, developments
in retailing have been explosive, since many
Western European chains targeted Eastern
Europe as their main area of expansion. This
has been to HL Display’s advantage, since
established contacts have been used locally.
During the year, business in Eastern Europe
has grown rapidly. New sales companies have
been established in Latvia, Russia and Turkey.
The sales company that was established in
Hungary in 1998 has developed very positively
during 1999.
North America
In the USA, HL Display sells mainly datastrips
and, to a limited extent, other products
in the Shop Fixtures concept. Manufacturing
is co- ordinated with Trion Industries Inc.
Sales are carried out via Trion’s sales organisation.
Data strips are unusual in American
stores where metal rails are the norm. During
1999, however, the datastrip product area has
been successful in the American market, with
orders from Target Stores, one of the biggest
national chains in the USA.
Growth markets
The South American market is being developed
today via HL Display’s Spanish distributor,
Ovelar. The Australian distributor, Sydney
Point-of-Sale Products, is also working with
the New Zealand market. The rest of Asia is,
as yet, not worked. Against the background of
increased globalisation, it will become even
more important to develop actively on these
continents. Sales are, as yet, modest in both
South America and Asia and the potential
must therefore be regarded as great.
Distributors
Turnover 1999 (SEK M) 142
Increase in turnover 1999 (%) 16
SEK M
150
125
100
75
50
25
0
1993 1994 1995 1996 1997 1998 1999
HL Display Ceská ˘ Republika s.r.o –
MD Petr Sindelár
Market
HL Display Polska Sp.z.o.o –
MD Anders Kollenstam
Established in 1994
Number of employees 18
Turnover 1999 (SEK M) 22
Increase in turnover 1999 (%) 29
SEK M
40
30
20
10
0
1993 1994 1995 1996 1997 1998 1999
Established in 1996
Number of employees 13
Turnover 1999 (SEK M) 9
Increase in turnover 1999 (%) 46
SEK M
10
8
6
4
2
0
1993 1994 1995 1996 1997 1998 1999
H Lundvall Display Hungaria Kft. – MD Timea Pesti
Established in 1998
Number of employees 6
Turnover 1999 (SEK M) 4
Increase in turnover 1999 (%) 297
SEK M
10
8
6
4
2
0
1993 1994 1995 1996 1997 1998 1999
HL Display Latvia SIA – MD Edgars Ezerins
Established in 1999
Number of employees 8
Turnover 1999 (SEK M) 3
SEK M
10
8
6
4
2
0
1993 1994 1995 1996 1997 1998 1999
HL Display OOO (Russia) –
MD Zilvinas Petrauskas
Established in 1999
Number of employees 2
Turnover 1999 (SEK M) 1
SEK M
10
8
6
4
2
0
1993 1994 1995 1996 1997 1998 1999
HL Display 1999 17

Continued effort in reducing
environmental impact
In December 1999, the factory in Falun
was certifi ed in accordance with international
standards for environmental systems –
ISO 14001. Two of HL Display’s factories
have now been certifi ed, i.e. Falun and
Sundsvall. The certifi cation, which shows
that environmental work is well organised,
was preceded by a thorough review of the
factory’s impact on the environment. Work
in each department was studied in detail –
organisation, design, production methods,
materials tools and packaging.
18 HL Display 1999
As a result of this systematic review, a number
of steps have been taken to further reduce
effects on the environment. All production
installations in HL Display will undergo an
environmental audit and certifi cation according
to ISO 14001 requirements.
Environmental work during 1999
Environmental work in Falun was dominated
by work for ISO 14001 certifi cation. This
work was preceded by a thorough analysis of
the current situation in which the factory’s
Environment
HL Display is continuously taking steps to reduce its impact on the environment. Many of these steps have
also proven to be profi table.
Environmental policy: HL Display will work to minimise impact on the environment and contribute
to a better living environment.
HL Display will make decisions based on weighing up what is ecologically motivated, technically
possible and fi nancially viable.
Environmental goals:
■ as far as possible to reduce quantities of waste
and environmental effects on earth, air, water
and other natural resources arising from our
production installations.
■ to choose materials for HL Display’s products
that have the least effect on the environment,
and are economically viable and do not reduce
product quality
■ to work towards long-term environmental goals
in HL Display’s activities through development
and technological innovation
■ to follow legislation and not always be
satisfi ed with fulfi lling minimum requirements
■ to actively cooperate with customers, suppliers
and authorities
■ to communicate HL Display’s environmental
goals to all employees and motivate them
to carry out their work in an environmentally
responsible manner
■ when buying, to prioritise those products and
services that cause least impact on the environment
before otherwise comparable alternatives.
■ to see environmental work as continuous
improvement and follow-up
Examples of measures:
■ PVC waste sent for re-granulation to be used
again as raw material
■ Heat from machines replaces district heating
■ Introduce closed system for cooling water
■ Produce alternatives to PVC
■ Produce alternatives to other materials
■ Exchange solvent-based colours for UV-colours
■ Develop new materials
■ Develop methods for recycling more waste
■ Review processes and tools
■ Closed system for cooling water in Sundsvall
factory
■ Alternative to PVC
■ Phase out use of freon gases
■ Cooperation with suppliers to remove certain
additives from PVC
■ Continuous dialogue with environmental managers
and employees at production installations
■ Suggestion box
■ Training of employees as ISO 14001 is introduced
■ Employees take part in formulating goals
■ Requirements placed on existing suppliers
■ Suppliers changed for two product groups where
new supplier offers environmentally better materials
■ Employees in each department submit proposals
for improvements
impact on the environment was analysed.
There are well defi ned goals and measures
for each factor affecting the environment. All
goals are followed up with regular measurements
and each year ambitions are raised.
Environmental work in Sundsvall is continuing
with a number of environmental projects
being pursued.
Environmental investment in HL Display is
also followed up fi nancially, and it has been
shown that these investments are directly profitable.
The recycling of heat from machines
for example, or using various types of alternative
materials. The table below shows environmentally
related investment and costs for
1999 and the savings these have enabled for
the factories in Falun and Sundsvall.
Continued investment in
environmental work
HL Display’s investment in the environment
will continue. Examples of ongoing work are:
■ New washing installation for screen
printing frames involving reduced use
of solvents.
■ New screen-printing installations allows
increased use of UV-colour and reduced
use of solvents.
■ Introduction of alternative materials
allows reduced use of PVC.
■ Recycling and re-using waste material –
reduced use of raw materials.
Environmental investment 1999 (SEK M)
Total Initial Yearly
investment costs saving
Sundsvall 2.6 0.4 0.7
Falun 1.4 0.6 1.4
Total 4.0 1.0 2.1

In-house production
a success factor
The majority of products marketed by HL Display are manufactured in our own factories. In-house
production is a success factor since HL Display offers customer-adapted total solutions with short
delivery times. Production plants are modern and logistics are well developed.
In-house production is, and has been, a success
factor for HL Display. A long-term investment
in personnel, facilities and machinery has led
to HL Display today achieving effective production
in all of its factories. Manufacturing
takes place in Sundsvall, Falun, Falkenberg
and Lesjöfors. During 1999, the company
purchased a production plant in the UK.
HL Display also manufactures in the USA
through a joint venture.
Sundsvall
At the factory in Sundsvall, the company
has long experience and high skills in extruding
and injection moulding plastics. The largest
product group is datastrips. Currently,
HL Display manufactures 300 different profi
les in more than over 300 colours. Annual
production is just over 40 million meters, more
than enough to extend round the globe. In the
injection moulding installation, a number of
different products are made, including shelfdividers
and frame systems.
Production is on demand, which minimises
the need for stocks. Well developed logistics
mean that the time from order to delivery is
usually less than one week. A precondition for
rational production is the sophisticated planning
system, since an average order in 1999
was worth SEK 5,200. Product development is
continuous, usually in close cooperation with
the customers. The factory in Sundsvall is ISO
14001 and ISO 9001 certifi ed for quality and
the environment. With 220 employees, the factory
is HL Display’s largest.
Falun
The factory in Falun specialises in screenprinting,
vacuum moulding and the hot- and
cold-bending of plastics. Examples of prod-
ucts manufactured in Falun are shelftalkers,
display and sales racks. An effective production
process in which screen-printing is combined
with automatic hot- and cold-bending
means that customer-adapted products can be
produced with short delivery times.
The factory in Falun was ISO 14001 certifi
ed in 1999 and has 63 employees.
Lesjöfors
The factory in Lesjöfors specialises in production
of metal wire products. The most
important items are various types of sales and
display racks and aluminium frames. During
1999, an investment in production equipment
was carried out in Lesjöfors. The factory
now has modern machinery for bending
and welding of wire and an environmentally
friendly powder-coating installation. There
are 67 employees in Lesjöfors.
Falkenberg
The factory in Falkenberg has long experience
and high skill in the manufacture of
plate and piping products. The most important
products are in-house developed, complete
shelving systems for the retail trade.
In Falkenberg, whole or partial sections of
store interiors are manufactured according to
customer requirements. Manufacturing also
takes place with combinations of different
materials such as metal, wood and plastic.
The factory in Falkenberg has 39 employees.
UK
During 1999, HL Display acquired RIM fabrications
Ltd. The company produces brochure
racks and other hot-bent products in
acrylic, mostly for the British market. The
company has 31 employees.
Production
Trion HL L.L.C. and HL Trion AB
Together with the American Trion Industries.
HL Display has entered a far-reaching partnership
under which two jointly-owned factories
have been started. The factory in
Pennsylvania USA manufactures datastrips
for the American market. Production at this
factory is based on HL Display’s unique skills
in extrusion while sales are carried out through
Trion’s established channels.
In a corresponding way, production of
Trion’s speciality, display hooks in metal, has
been started at Lesjöfors, based on Trion’s
expertise in bending and welding of wire.
The new screen-printing installation in
Falun is based on the latest technology
and fulfi ls ISO 14001 environmental
requirements.
HL Display 1999 19

Company culture
a key to success
HL Display’s rapid growth is largely attributable to the initiative and commitment of its employees.
It is crucial for HL Display that the company
attracts and retains skilled employees.
Employees must be knowledgeable, committed,
service-minded and responsible, thereby
generating good results. This places
demands on the company’s skillsdevelopment
and training. Resources for this will be
increased and more emphasis will be placed
on skills in order to match rapid develop-
Employee skills will be a central point of
focus in order to keep up with speedy
developments.
20 HL Display 1999
ments in the industry. The company is growing
fast. Today it has over 700 employees in
15 countries, 100 of whom were employed
during 1999. The average age in the company
is approximately 35 years. Value added per
employee was 1999 SEK 423 T (468) .
In order to adapt the organisation to the
needs of growth, a new organisational structure
is being established. This will strengthen
the organisation and new employees will add
further skills.
Skills development
There has been additional recruitment during
the 1999 and considerable investment in introducing
new employees to the company. An
existing introductory course has been further
developed. All new employees are given the
same fundamental training, but the introduction
is adapted to the position they will take
in the company. The goal of the introduction
is provide broad knowledge of the company
and basic product-familiarity. During training,
participants visit the production sites to gain a
deeper understanding of the opportunities presented
by HL Display’s production.
The personal planning and development
reviews have been adapted to the new organisation
using a common model for all employees
in the Group.
During the year, skills-development has
concentrated on increasing IT-profi ciency in
order for employees to exploit this technology
in the best possible way. The various subsidiaries
have also arranged their own skillsimprovement
activities.
In order to stimulate and motivate
employees, HL Display has introduced the
“HL Award”, a chance for employees in all
countries to seek a grant for further education
Employees
in various areas connected to their own work.
In the year 2000 and the future, programmes
for management group development and individual
managers will be carried out. Key staff
at all levels will be identifi ed and later take part
in selected skills-development program.
HL Display’s key strategies also involve
increased skills-development investment in prioritised
areas to further enhance competitiveness.
A broad skills base is a precondition for
fast readjustments and continued expansion.
Company culture
The key to HL Display’s success lies in its
corporate culture. Internal communication and
contacts are vital for all employees to participate
in the company’s development. Openness
at all levels of the company is important and
organisation facilitates delegation of responsibility.
Structures are informal and roles are fl exible.
This makes it possible to take on challenging
new tasks. HL Display’s strategy and vision
provide collective power that further strengthens
the culture.
In order to speed up and increase the fl ow
of information, HL Display has established
an intranet that is accessible to all employees.
Through HL Net, the exchange of information
will be faster and decisions can be made more
quickly.
Communications and relations with customers
are becoming increasingly important.
In HL Display, there is always someone who
is ultimately responsible for all relations with
a key customer all over the world. The Key
Account Managers are experts on their customers
as well as HL Display’s production
and organisation. Together with the other
employees, they are critically important to
HL Display.

Seven year overview
Seven year overview
INCOME STATEMENT (SEK T) 1999 1998 1997 1996 1995 1994 1993
Net sales 768,451 646,646 481,057 356,118 300,421 260,245 182,911
Operating income 55,401 69,042 63,615 46,895 21,441 35,053 21,039
Depreciation 31,255 25,660 21,311 18,151 14,212 9,813 6,240
Profi t after fi nancial items 47,125 70,969 63,603 46,166 19,196 35,570 23,122
Net profi t for the year 32,277 44,644 43,461 32,290 10,500 23,755 16,511
BALANCE SHEET (SEK T) 1999 1998 1997 1996 1995 1994 1993
Fixed assets 168,241 131,584 94,118 63,662 57,495 44,228 28,602
Current assets 262,131 253,053 204,371 149,282 108,243 104,614 98,112
Total assets 430,372 384,637 298,489 212,944 165,738 148,842 126,714
Shareholders’ equity incl. minority share 222,201 199,887 164,469 128,697 101,213 95,519 74,647
Provisions 14,051 18,167 11,784 6,551 4,969 4,555 4,159
Long-term liabilities 71,174 56,391 33,819 14,243 17,828 3,744 6,241
Current liabilities 122,946 110,192 88,417 63,453 41,728 45,024 41,677
Shareholders’s equity and liabilities 430,372 384,637 298,489 212,944 165,738 148,842 126,714
KEY RATIOS 1999 1998 1997 1996 1995 1994 1993
Average no. of employees 706 582 464 347 315 260 193
Net sales per employee, SEK T 1,088 1,111 1,037 1,026 954 1,001 948
Net sales increase, % 18.8 34.4 35.1 18.5 15.4 42.3 42.3
Profi t margin, % 6.1 11.0 13.2 13.0 6.4 13.7 12.6
Equity/assets ratio, % 51.6 52.0 55.1 60.5 61.1 64.2 58.9
Debt/equity ratio 0.32 0.31 0.21 0.14 0.22 0.09 0.10
Return on total capital, % 12.9 21.9 26.2 25.7 13.6 26.6 26.2
Return on equity after full tax, % 15.3 24.5 29.6 28.1 10.7 27.9 31.6
Return on capital employed, % 18.6 32.5 38.7 35.9 18.8 39.8 41.7
Interest coverage ratio
Net investments including
9.3 19.6 20.0 20.1 9.6 32.3 11.0
acquisitions, SEK T 67,913 63,756 41,340 24,496 27,468 25,066 12,934
Liquid assets, SEK T 22,935 38,701 59,951 44,211 23,291 33,654 43,149
Development expenses, SEK T 24,581 21,197 16,654 13,129 10,922 9,941 7,299
For definitions see page 43.
HL Display 1999 21

Factors that affect HL Display
HL Display’s activities and profi tability are affected by a number of external factors.
These include everything from raw material prices to introduction of the Euro.
22 HL Display 1999
Market risk
The portion of HL Display’s range that is
dependent on the business cycle accounts for
less than 10 per cent of the Group’s turnover.
The remaining sales are non-cyclical in character.
Business cycles are not evened out since
HL Display’s customers are mainly found in
the same industry.
Interest risk
Interest risk is defi ned as the total effect
on profi t of changes in interest rates. Since
HL Display’s borrowing is only a small part
of total fi nancing, interest risk is low.
Credit risk
Credit risk is defi ned as the risk of loss due
to a second party’s insolvency. Historically,
HL Display has had very low bad debt
losses.
The customer structure is in large the
same with many, large and well-known customers.
There is no evidence of any change
in their ability to pay, so credit risk can be
seen as low. The customer structure also
means that HL Display is not dependent on
individual customers. The largest single customer
only accounts for two per cent of net
sales.
Currency risks
The currency effects that affect the Group’s
results are fl ows in different currencies (fl ow
exposure) and translation of the foreign subsidiaries’
income statements and balance
sheets (translation exposure).
HL Display’s currency policy is to not
hedge the fl ow when the exposure period
from order to payment is short.
Flow exposure
Flow exposure in foreign currency depends
partly on purchasing in foreign currency or
currency-dependent buying where the price is
regulated by a currency clause, and partly on
invoicing in foreign currency. Since distributors
and subsidiaries in countries with unstable
currencies are invoiced in Swedish kronor,
currency risks only arise in relation to subsidiaries
in Western Europe. This amounted to 61
per cent of turnover in 1999, of which 57 per
cent was with the EMU.
The outfl ow of currency mainly comprises
purchasing of materials, for which the price is
regulated through a currency clause. Purchases
in foreign currency account for only a marginal
proportion of the fl ow. HL Display today
has no forward cover.
In the event of a general change in the
krona of one per cent, purchasing costs would
change by SEK 0.5 M, all other things being
equal.
Conversion exposure
When the foreign subsidiaries are consolidated
into the Group, currency effects will
arise. Profi t is affected by translation of
income state ment and balance sheets. In the
income state ment, sales are affected more
than costs because production is mainly based
in Sweden, whereas the bulk of sales take
place abroad. The Group’s income state ment
is also affected in a more tangible way because
HL Display, as one of few Swedish listed
companies, uses the MNM method. The translation
difference that arises upon translation
of foreign subsidiaries’ income state ment and
balance sheets is then included in net interest
income/expense instead of being taken
directly to equity.

Sensitivity analysis
If the fi nancial statements for 1999 were
translated at 1998’s currency rates, the Group’s
net sales would be 0.2 per cent higher. Costs
for goods sold would have been 0.2 per cent
higher and profi t before tax 8.1 per cent higher.
The reasons for these differences are partly
the translation difference and partly that sales
are affected more than total costs for currency
changes.
In a general change in the currency of one
per cent, the Group’s turnover would change
by 0.7 per cent. Costs for goods sold would
change by 0.6 per cent. The Group’s result
before tax would change by 1.8 per cent.
Raw material price-changes
HL Display’s principal raw material, PVC,
accounts for 13 per cent of the costs of goods
sold. This means that a price change for PVC
of one per cent would affect profi t before tax
by 1.3 per cent, or SEK 550 T. About half of
the costs are directly related to the world market
price.
Effects of the Euro
The effect on profi t of the introduction of the
Euro consist of income effects and cost effects.
The income effects depends on what effect the
Euro has on the competitive situation and customer
structure. The cost effects depend on
how purchases and payroll costs will be affected
by the price transparency.
Income effects
The competitive situation is fragmented, with
many smaller players with limited ranges and
a few with wider ranges. The smaller competitors’
scope for establishing themselves
abroad does not automatically increase with
the Euro. The larger companies are already
represented on many of HL Display’s markets.
Competition already exists and there are
no indications that the Euro would aggravate
the situation.
HL Display’s customer structure is characterised
by many customers, of whom the largest
are responsible for most of the develop-
ments in takeovers, mergers and international
expansion. This means that the customers are
becoming fewer but larger, with increased
negotiating power and international coverage.
In retailing, the vast majority of purchases
are consumer goods for resale. Of other purchases,
HL Display’s products also represent
a smaller share. It is likely that customers will
prioritise a review of major purchases where
there is most money to be saved.
This development is unlikely to have any
signifi cant effect on HL Display’s pricing in
the short term.
In the longer term, price pressure resulting
from changes in the customer structure should
be offset by the strength in HL Display being
present in so many markets. The products
whose price are fi rst affected are those supplied
as standard to many European countries,
for example Datastrips, Jegab, Optimal and
Pictoria. The profi tability effect of the anticipated
price pressure will also be counteracted
by HL Display’s investment in cost-effective
sales channels such as web shopping.
An increasing part of the Group’s turnover
is expected to be generated through Project
Sales. This channel is not affected by the introduction
of the Euro in the same way, since different
projects are not directly comparable.
Cost effects
The Introduction of the Euro is not expected
to affect the level of purchasing cost nor payroll
costs in HL Display.
Pricing in Euros
The general questions in relation to pricing
in Euro are partly psychological pricing,
partly marginal effects upon translation to
Euro. Psychological pricing involves prices
set with psychological rounding-off effects
(SEK 9.90). Since HL Display only sells
business-to-business, the affects of psychological
pricing are marginal.
The marginal effect of conversion is the
effect that arises when a price is converted
from local currency into Euro. For products
with very low prices, a rounding-off can affect
Affecting factors
margins signifi cantly. The smallest unit of
the Euro is the cent, around SEK 0,09. This
means that a rounding-off can affect a price
by 10–20 per cent when converting to Euros.
HL Display sells many products individually
priced at less than one krona. Customers’
purchases of HL Display’s products are, as
mentioned earlier, low in relation to their
total purchasing. It is therefore unlikely that
the marginal effects of conversion will affect
HL Display to any signifi cant extent.
Other
HL Display has no plans to change the
accounting currency of the Group and sees
currently no reason to do this before a possible
Swedish membership in the EMU. Conversion
will take place gradually among HL Display’s
subsidiaries.
HL Display’s costs that are directly related
to the Euro are marginal. The upgrading and
replacing of business systems which has been
carried out and will continue is not primarily
related to the introduction of the Euro.
HL Display’s view is that the effects of the
Euro on important contracts will be minor,
and that the tax consequences of introduction
not will be signifi cant.
HL Display 1999 23

Board of Director’s report
HL Display AB (publ) company reg.no. 556286-9957.
Profi t before tax and
profi t margin
SEK M Profit margin
%
80
16
60
40
20
0
1995 1996 1997 1998 1999
24 HL Display 1999
Profit before tax
12
Return on capital employeed
and on equity
%
40
30
20
10
No.
0
600
400
200
0
Number of employees
800
600
400
200
1995
1996
Net sales and
operating income
SEK M Operating income SEK M
800
80
1995 1996 1997 1998 1999
0
1995 1996
1997
1998
1999
8
4
...on equity
...on capital employed
1997
Net sales
1998
1999
0
60
40
20
0
HL Displays net sales in 1999 increased by
18.8 percent to SEK 768.5 M, compared with
SEK 646.6 M in 1998. Profi t after fi nancial
items amounted to SEK 47.1 M (71.0), a
decrease of 33.6 percent. The profi t margin
was 6.1 percent (11.0). The Board proposes
an unchanged dividend of SEK 1.30 (1.30)
per share.
Market overview
Demand for HL Display’s products increased
in virtually all countries during the year. HL
Display strengthened its position through the
launch of new products and concepts.
Development costs in 1999 totalled SEK 24.6
M (21.2). Exports from Sweden rose by SEK
106 M and today account for 83 (83) percent
of the Group’s net sales. The food retail trade
is the customer segment that continues to dominate
sales. HL Display believes that growth
will remain high and will primarily take place
organically, albeit being open to opportunities
of supplementary acquisitions. The emphasis is
expected to remain on Europe, although geographic
expansion is a key element of the business
strategy. In Shop Fixtures there is still
considerable market potential, since only an
estimated two-thirds of the full potential in
HL Display exist istig markets has been penetrated.
The greatest potential is seen with the
Optishop concept, where many of the company’s
products are combined in a manner that
is attractive to the customers. The focus on Shop
Systems, where selected parts or entire store
installations can be delivered, will be limited to
the Nordic region in the next few years.
Structural changes
In 1999, HL Display established sales companies
in Latvia, Russia and Turkey. A production
company in the UK and the remaining
shares in HL Display Falkenberg AB were
acquired. In order to meet changes in the market,
HL Display has defi ned a new organisation
and began the implementation process in the
second half of the year. The executive management
was reinforced and a vision and strategy
were established for the next few years.
Director’s report
Environment
For several years the company has conducted
intensive environmental work in all production
facilities. The Falun factory obtained ISO
14001 certifi cation in 1999. The Sundsvall
factory had already been certifi ed.
Personnel
Average no of employees 1999 1998
Total 706 582
Sweden 458 413
Abroad 248 169
Women 216 177
Men 490 405
The average number of employees in HL
Display increased by 124 (118) in 1999. The
number of employees at year-end was 713
(614). The share of employees in Sweden was
65 (71) percent.
Parent company
The Parent Company has its registered offi ce
in Stockholm and its activities include Group
management functions. The Parent
Company’s profi t after fi nancial items was
SEK 60.3 M (42.1).
Refund of premiums from SPP
HL Display has been notifi ed by the insurance
company SPP that pension premiums of SEK
4.5 M relating to the ITP plan will be refunded
to the Group. This sum has not been included
in the accounts, since the conditions for utilisation
of the funds have not yet been established.
The Group’s pension premiums according to
the ITP plan amounted to SEK 4.2 M in 1999.
Proposed disposition of earnings
The following earnings in the Parent Company are
at the disposal of the Annual General Meeting:
Retained profi t, SEK 25,991,291
Net profi t for the year, SEK 43,672,993
SEK 69,664,284
The board proposes:
dividend to the
shareholders, SEK 9,995,534
to be carried forward, SEK 59,668,750
SEK 69,664,284
The Group’s unappropriated earnings amount
to SEK 137,846 T (121 435).

Income statement
Income statement
GROUP PARENT COMPANY
SEK T Note 1999 1998 1999 1998
Net sales 2, 3 768,451 646,646 29,556 26,116
Cost of goods/services sold – 415,643 –317,326 – 34,777 –29,895
Gross profi t 352,808 329,320 –5,221 –3,779
Selling expenses –167,185 –147,669 — —
Administration expenses –105,641 –91,412 –11,209 –9,628
Development expenses –24,581 –21,197 — —
Operating profi t/loss 4, 5, 6, 7 55,401 69,042 –16,430 –13,407
Result from participations in Group companies 8 — — 71,067 52,852
Result from other securities and receivables
accounted for as fi xed assets 9 –3,300 4,146 6,090 2,536
Other interest income and similar items 10 670 1,598 521 653
Other interest expense and similar items 11 –5,646 –3,817 –964 –539
Result after fi nancial items 47,125 70,969 60,284 42,095
Appropriations 12 — — –4,229 --8,007
Tax on profi t for the year 13 –15,060 –26,325 –12,382 –8,756
Minority 212 — — —
NET PROFIT FOR THE YEAR 32,277 44,644 43,673 25,332
Comments to the Group income statement
The Group’s sales increased by 18.8 per cent
compared with 1998, which was considerably
lower than HL Display’s expectations.
The heavy investments and extensions of production
space and capacity, sales personnel
and business systems were made to meet
the anticipated growth. Market development
in 1999 led however to a lower use of capacity
and therefore lower profi t than expected.
Operating profi t fell by 19.8 per cent from
69.0 to SEK 55.4 M. HL Display’s net interest
income/expense was SEK –8.2 M (1.9). The
largest item here was the translation difference
which is charged to the income statement since
the Group uses the MNM method for translating
foreign subsidiaries’ income statements
and balance sheets. The translation difference
in 1999 was SEK –3.8 M (3.6). Net interest
income/expense also deteriorated as a result
of increased net borrowing as due to falling
liquidity. Profi t after fi nancial items declined
by 33.6 per cent to SEK 47.1 M (71.0) , which
corresponds to a profi t margin of 6.1 (11.0)
per cent.
Total currency effects reduced profi t before
tax by 8.1 per cent or SEK 3.8 M compared
with 1998. The year’s profi t amounted to SEK
32.3 M (44.6). The Group’s tax rate fell from
37 per cent to 32 per cent as a result of utilisation
of deductible defi ciencies this year.
Earnings per share after full tax amounted to
SEK 4.20 (5.81).
HL Display 1999 25

Balance sheet
26 HL Display 1999
GROUP PARENT COMPANY
SEK T per 31 December Note 1999 1998 1999 1998
ASSETS
Fixed assets
Intangible fi xed assets 14
Computer systems 9,456 3,963 5,233 2,153
Goodwill 9,753 5,884 — —
Total intangible fi xed assets 19,209 9,847 5,233 2,153
Tangible fi xed assets 15
Land and buildings 12,997 13,393 — —
Plant and machinery 118,036 93,397 2,491 2,427
Capital expenditure on leashold property 7,770 4,717 — —
Total tangible fi xed assets 138,803 111,507 2,491 2,427
Financial fi xed assets 16
Participations in Group companies 17 — — 42,063 26,987
Receivables from Group companies — — — 13,900
Participations in associated companies 18 10,000 10,000 11,851 10,000
Other long-term receivables 229 230 — —
Total fi nancial fi xed assets 10,229 10,230 53,914 50,887
Total fi xed assets 168,241 131,584 61,638 55,467
Current assets
Inventories 19 78,988 63,910 — —
Current receivables
Accounts receivable trade 137,645 111,799 9 13
Receivables from Group companies — — 103,294 93,784
Other receivables 20 9,749 15,824 2,168 2,348
Prepaid expenses and accrued income 21 12,814 22,819 1,704 3,945
Total current receivables 160,208 150,442 107,175 100,090
Cash and bank 22,935 38,701 27 7,540
Total current assets 262,131 253,053 107,202 107,630
TOTAL ASSETS 430,372 384,637 168,840 163,097
Comments to the Group balance sheet
Total assets increased by SEK 45.7 M, mainly
due to fi xed assets as a result of investments.
Working capital increased in proportion
to net sales, while liquidity fell as a result
of lower profi tability. The capital turn over rate
remained unchanged, 1.88 (1.89) times.
Investments
Net investment in fi xed assets over the period
amounted to SEK 59.3 M (61.3) and refers mainly
to production equipment. Another SEK 8.6 M
(2.4) is attributable to company acquisitions.
The investments include capitalised leasing contracts
at SEK 12.1 M. Depreciation according
to plan was SEK 31.3 M (25.7) for the period.
Inventories and accounts receivable
Inventories increased as per December 31 by
SEK 15,1 M to 10.3 (9.9) per cent of net sales.
A plan of action to increase warehouse effi ciency
in the Group is underway. Accounts receivable
as per December 31 increased by SEK 25.8
M to 17.9 (17.3) per cent of net sales. The average
collection period increased from 53 days
in 1998 to 54 days in 1999. HL Display strives
to maintain effective credit monitoring in each
market to minimise delays after due dates.

GROUP PARENT COMPANY
SEK T per 31 December Note 1999 1998 1999 1998
SHAREHOLDERS’ EQUITY AND LIABILITIES
Shareholders’ equity
Restricted equity
22
Share capital 38,444 38,444 38,444 38,444
Restricted reserves 45,878 40,008 7,689 7,689
Total restricted equity 84,322 78,452 46,133 46,133
Unrestricted equity
Unrestricted reserves 105,569 76,791 25,991 35,819
Net profi t for the year 32,277 44,644 43,673 25,332
Total unrestricted equity 137,846 121,435 69,664 61,151
Total shareholders’ equity 222,168 199,887 115,797 107,284
Minority share in equity 33 — — —
Untaxed reserves 23 — — 28,151 23,922
Provisions 24 14,051 18,167 2,940 6,232
Long-term liabilities 25
Bank overdraft facilities 26 17,713 9,336 10,921 —
Other liabilities to credit institutions 28 52,699 44,294 2,548 —
Other liabilities 762 2,761 — 2,761
Total long-term liabilities 71,174 56,391 13,469 2,761
Current liabilities
Accounts payable-trade 57,995 39,649 2,362 5,146
Liabilities to Group companies — — 1,196 8,122
Income tax liability — 10,171 1,067 6,536
Other liabilities 17,622 15,195 815 255
Accrued expenses and prepaid income 27 47,329 45,177 3,043 2,839
Total current liabilities 122,946 110,192 8,483 22,898
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 430,372 384,637 168,840 163,097
Assets pledged 28 66,450 57,550 12,500 12,500
Contingent liabilities 29 2,086 59 8,425 891
Shareholders’ Equity
HL Display’s shareholders’ equity on 31
December 1999 amounted to SEK 222.2
M (199.9). Equity per share amounted to
SEK 28.89 (26.00). The equity/assets ratio
was 51.6 (52.0) per cent.
Liabilities
Long-term liabilities increased by SEK 14.8 M,
of which SEK 8.4 M relates to future payments
for fi nancial leasing contracts. Short-term liabilities
increased by SEK 9.8 M. The debt/
equity ratio was largely unchanged at 0.32
(0.31) times. Interest-bearing liabilities on 31
December amounted to SEK 70.8 M (61.1).
Balance sheet
HL Display 1999 27

Cash fl ow statement
28 HL Display 1999
Cash fl ow statement
GROUP PARENT COMPANY
SEK T Note 1999 1998 1999 1998
OPERATION ACTIVITIES
Operating profi t/loss 55,401 69,042 –16,430 –13,407
Depreciation 31,255 25,520 1,787 2,241
Other items not effecting the cash fl ow –4,598 15,752 –3,292 892
Dividends and Group contributions received — — 72,520 31,930
Interest received 1,425 2,248 6,192 3,189
Interest paid –4,923 –3,556 –868 –539
Income tax paid –29,007 –27,296 –8,065 –8,756
Cash fl ow before change in working capital 49,553 81,710 51,844 15,550
Increase (–)/decrease (+) in inventories –13,524 –14,378 — —
Increase (–)/decrease (+) in accounts receivables –21,811 –27,848 4 5
Increase (–)/decrease (+) in other short-term receivables 17,568 –27,311 –35,073 –51,941
Increase (+) /decrease (–) accounts payable 13,431 6,121 –2,784 13,338
Increase (+) /decrease (–) other current operating liabilities 2,077 17,828 –6,258 118
Total cash fl ow from operating activities 47,294 36,122 7,733 –22,930
INVESTMENT ACTIVITIES
Net investment in intangible fi xed assets –8,785 –1,572 –4,123 –318
Net investment in tangible fi xed assets –40,324 –67,907 –808 –1,232
Investment in Group companies 34, 35 –8,259 –2,814 –24,927 –7,736
Disposal of other fi nancial fi xed assets 1 580 13,900 643
Cash fl ow from investment activities –57,367 –71,713 –15,958 –8,643
FINANCING ACTIVITIES
Loan raised 12,999 24,128 10,921 —
Amortisation –7,626 –1,703 –213 –212
Dividend paid –9,996 –9,227 –9,996 –9,227
Cash fl ow from fi nancing activities –4,623 13,198 712 –9,439
The year’s cash fl ow –14,696 –22,393 –7,513 –41,012
Liquid assets at the beginning of the year 38,701 59,951 7,540 48,552
Exchange rate difference on liquid assets –1,070 1,143 — —
Liquid assets at the end of the year 36 22,935 38,701 27 7,540
Comments to the Group cash fl ow statement
Cash fl ow in the Group for 1999 was
SEK –14.7 M (–22.4). The reason for the negative
fl ow is that investments were largely
fi nanced with the company’s own funds at
the same time that the Group’s profi tability
decreased.
Capital tied up in working capital also
increased because of the large increase in net
sales. Since HL Display has its production,
and therefore most of its accounts payable,
in Sweden, and the bulk of its sales outside
Sweden, accounts receivable increased more
than accounts payable. This is due to the fact
that HL Display has a longer credit period for
accounts receivable in the foreign subsidiaries
that on accounts payable in the Swedish
companies. Of the accounts receivable, 23
per cent are in the Swedish companies and 77
per cent in the foreign, while 71 per cent of
accounts payable in Sweden and 29 per cent
abroad.
Investments of SEK 12.1 M were fi nanced
via so-called fi nancial leasing. These assets
have been included in the balance sheet, but
in accordance with recommendations, are not
reported as investments in the cash fl ow statement
but for the leasing fees paid.

Notes
NOTE 1 ACCOUNTING AND VALUATION
PRINCIPLES
HL Display AB’s accounting and valuation principles
are in compliance with the recommendations
of the Swedish Financial Accounting Standards
Council. Unless otherwise stated, these
principles are unchanged compared with last
year.
Consolidated fi nancial statements
Swedish Financial Accounting Standards Council’s
recommendation No. 1 for consolidated
fi nancial statements was applied. Group
accounts are prepared according to the purchase
method. The Group’s annual accounts
include the parent company HL Display AB
(publ) and those companies in which the parent
company controls more than 50 per cent
of the votes. Swedish Financial Accounting
Standards Council’s recommendation no. 8 is
applied for translation of foreign subsidiaries.
According to the defi nition in the recommendation,
the subsidiaries are integrated and translated
according to the MNM (Monetary/Nonmonetary)
method. Monetary items in the subsidiaries’
balance sheets are translated to
the closing day exchange rate, while non-monetary
items are translated at the investment
date exchange rate. In the income statement,
depreciation is calculated at the investment
date exchange rate and other items at the
year’s average exchange rate. Costs for goods
sold are translated to the average exchange
rate since turnover is high. The translation difference
is included in the income statement,
under fi nancial items.
NOTE 2 BREAKDOWN OF NET SALES BY GEOGRAPHIC MARKET
Associated companies
Associated companies are reported as companies
that are not subsidiaries but where
the parent company directly or indirectly controls
at least 20 per cent of the votes. In
the Group’s joint ventures, where major decisions
are made mutually by the owners and
where contracts regulate decision-making, the
proportional method is used. The reason for
this is that part-owners control their share of
future profi t via their share of the joint-owned
company’s assets and debts.
Reporting of Group contributions
HL Display applies the Swedish Financial
Accounting Standards Council’s is statement
on reporting of Group contributions and shareholders’
contributions.
Cash fl ow statement
The cash-fl ow statement was prepared on the
basis of Swedish Financial Accounting Standards
Council’s recommendation no. 7 with application
of the indirect method.
Receivables
Receivables are valued at the amount which is
expected to be received, after individual assessment.
Receivables and liabilities in foreign currency
Receivables and liabilities in foreign currency
are valued at closing day exchange rates in
accordance with Swedish Financial Accounting
Standards Council’s recommendation no. 8.
Notes
Inventories
Inventories are valued at the lower of cost
and market value. Swedish Financial Accounting
Standards Council’s recommendation no. 2 for
reporting of inventories is applied. In-house
manufactured goods and products in progress
are valued at the manufacturing cost including a
reasonable percentage of overheads.
Fixed assets
Depreciation according to plan is calculated on
the acquisition value and based on the assets’
estimated economic lives as follows:
Computer systems 4 years
Goodwill 5 years
Buildings 33 years
Plant and machinery 5–12 years
Inventory, tools fi xtures and fi ttings 3–7 years
Capital expenditure on
leasehold properties 20 years
Leasing
Swedish Financial Accounting Standards Council’s
recommendation no. 6 is applied. Assets
that are leased via contracts classifi ed as fi nancial
are accounted for in the Group as plant
and machinery and are written off in accordance
with the principles for these. Future leasing fees
are reported as liabilities, and leasing fees paid
during the year reduce the reported liability after
deduction for interest.
Development work
Expenses for production, materials and product
development are reported in the income statement.
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Sweden 132,471 111,701 29,556 26,116
France 142,973 125,424 — —
UK 114,697 96,928 — —
Germany 90,826 80,332 — —
Other markets 287,484 232,261 — —
Total 768,451 646,646 29,556 26,116
HL Display 1999 29

NOTE 3 INTRA-GROUP PURCHASES AND SALES
Of the parent company’s net sales, SEK 24,614 T refers to consulting services sold to Group companies.
NOTE 4 WAGES, SALARIES, OTHER REMUNERATION AND SOCIAL SECURITY COSTS
1999 1999 1998 1998
Wages, salaries Soc. sec. costs Wages, salaries Soc. sec. costs
and other of which pension and other of which pension
SEK T payments costs payments costs
Parent company 9,355 5,374 9,609 3,586
(of which, pension costs) — (1,375) — (852)
Subsidiaries 171,300 57,490 141,913 48,278
(of which, pension costs ) — (8,450) — (4,958)
Total 180,655 62,864 151,522 51,864
NOTE 5 BREAKDOWN OF WAGES AND OTHER PAYMENTS
1999 1999 1998 1998
Board Other Board Other
SEK T and MD employees and MD employees
Parent company 1,245 8,110 1,311 8,298
Subsidiaries in Sweden 3,068 106,793 2,703 92,342
Subsidiaries abroad 8,320 53,119 8,559 38,309
Total 12,633 168,022 12,573 138,949
NOTE 6 DEPRECIATION
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Computer systems –2,059 –1,428 –1,043 –1,408
Goodwill –2,822 –1,648 — —
Land and buildings –399 –170 — —
Plant and machinery –25,491 –20,490 –744 –833
Capital expenditure on leasehold properties –484 –1,924 — —
Total –31,255 –25,660 –1,787 –2,241
NOTE 7 LEASING CONTRACTS
Equipment hired by the company under fi nancial leasing contracts is reported for as plant and machinery.
Accumulated acquisition values amount to SEK 12,126 T and accumulated depreciation to SEK 844 T.
An amount of SEK 8,382 T is reported as long-term liability and SEK 2,321 T as current liability.
GROUP PARENT COMPANY
Financial Operational Operational
SEK T leasing leasing leasing
Paid leasing fees 1999 1,738 9,350 1,186
Future payment obligations
Due for payment 2000 2,376 7,229 957
Due for payment 2001 2,376 4,352 957
Due for payment 2002 2,376 3,104 957
Due for payment 2003 or later 4,433 1,566 —
Total 11,561 16,251 2,871
30 HL Display 1999

NOTE 8 RESULT FROM PARTICIPATIONS IN GROUP COMPANIES
PARENT COMPANY
SEK T 1999 1998
Dividends and Group contributions 79,067 59,930
Write-down of participations –8,000 –7,078
Total 71,067 52,852
NOTE 9 RESULT FROM OTHER SECURITIES AND RECEIVABLES THAT ARE ACCOUNTED FOR AS FIXED ASSETS
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Translation difference –3,796 3,641 — —
Interest from Group companies — — 5,671 2,045
Currency exchange differences on long-term receivables
Interest income from long-term receivables from
— –50 — –50
associated companies 424 541 419 541
Capital gains 72 14 0 —
Total –3,300 4,146 6,090 2,536
NOTE 10 OTHER INTEREST INCOME AND SIMILAR ITEMS
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Interest income 670 1,456 13 557
Currency exchange differences — 142 508 96
Total 670 1,598 521 653
NOTE 11 OTHER INTEREST EXPENSES AND SIMILAR ITEMS
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Interest expenses –5,048 –3,817 –634 –227
Interest expenses Group companies — — –330 –312
Currency exchange differences –598 — — —
Total –5,646 –3,817 –964 –539
NOTE 12 APPROPRIATIONS
PARENT COMPANY
SEK T 1999 1998
Difference between book depreciation and depreciation
according to plan –2,400 —
Provision to tax allocation reserve –1,950 –8,128
Change in tax equalisation reserve 121 121
Total –4,229 –8,007
NOTE 13 TAX ON PROFIT FOR THE YEAR
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Tax paid –17,334 –23,890 –2,596 –8,756
Tax on Group contributions paid — — –9,786 —
Deferred tax 2,274 –2,435 0 —
Total –15,060 –26,325 –12,382 –8,756
Notes
HL Display 1999 31

NOTE 14 INTANGIBLE FIXED ASSETS
32 HL Display 1999
GROUP PARENT COMPANY
SEK T Computer systems Goodwill Computer systems
Acquisition value, opening balance 15,272 16,037 11,402
The year’s purchases 8,336 6,691 4,123
Sales and disposals –5,551 –2,831 –5,064
Reclassifi cations –1,527 — —
Accumulated acquisition values, closing balance 16,530 19,897 10,461
Depreciation, opening balance –11,309 –10,153 –9,249
Sales and disposals 5,462 2,831 5,064
Reclassifi cations 832 — —
The year’s depreciation –2,059 –2,822 –1,043
Accumulated depreciation, closing balance –7,074 –10,144 –5,228
Planned residual value, closing balance 9,456 9,753 5,233
NOTE 15 TANGIBLE FIXED ASSETS
GROUP PARENT COMPANY
Land and Plant and Capital expenditure Plant and
SEK T buildings* machinery on leasehold properties machinery
Acquisition value, opening balance 13,907 181,220 7,533 9,568
Acquired acquisition values — 3,311 187 —
The year’s purchases 3 48,359 3,525 808
Sales and disposals — –13,745 –1,407 –4,286
Reclassifi cations — 1,811 –284 —
Accumulated acquisition values, closing balance 13,910 220,956 9,554 6,090
Depreciation, opening balance –514 –87,824 –2,816 –7,141
Acquired depreciation — –1,549 — —
Sales and disposals — 12,885 1,407 4,286
Reclassifi cations — –941 109 —
The year’s depreciation –399 –25,491 –484 –744
Accumulated depreciation, closing balance –913 –102,920 –1,784 –3,599
Planned residual value, closing balance 12,997 118,036 7,770 2,491
* Book value of properties in Sweden SEK 12,997 T.
Tax assessment values of properties in Sweden SEK 5,431 T.
NOTE 16 FINANCIAL FIXED ASSETS
GROUP PARENT COMPANY
Participations in Other long-term Participations in Receivables from Participations in
SEK T assoc. companies receivables Group companies Group companies assoc. companies
Opening value 10,000 230 26,987 13,900 10,000
Acquisitions — — 1,522 — —
Newly started companies and new share issues — — 2,464 — —
Shareholder contributions — — 20,941 — —
Write-downs — — –8,000 — —
Amortisations — –1 — –13,900 —
Reclassifi cations — — –1,851 — 1,851
Planned residual value, closing balance 10,000 229 42,063 — 11,851

NOTE 17 PARTICIPATIONS IN GROUP COMPANIES
Corporate Capital Votes, Number Book
Directly owned Reg. offi ce identy no. share, % % of shares value
HL Display Belgium N.V. Antwerp 298984 100 100 1,000 283
HL Display ˘Ceská republika s.r.o Prague 65410394 100 100 1 26
HL Display Deutschland GmbH Langenfeld HRB2713 100 100 1 2,606
HL Display Falkenberg AB Falkenberg 556446-0557 100 100 900 13,208
HL Display Falun AB Falun 556545-6976 100 100 1,000 100
HL Display France S.A. Tours RCSB377988 100 100 250 268
HL Display Inc. Wilkes-Barre 23-2869204 100 100 3,297
HL Display Latvia SIA Riga 000330382 100 100 100 1,522
HL Display Leigdekkers Wigk Big Dunrstede 30152867 70 70 200 572
HL Display Ltd Sti Istanbul 428930-376512 100 100 461 830
HL Display Nederland B.V. Westnoordbraband 20085397 100 100 1,671 —
HL Display Norge A/S Asker 955437071 100 100 50 1,058
HL Display OOO Moscow 7701211771 100 100 1 140
HL Display Polska Sp.z o.o Warsaw 521-04-17-996 100 100 1 235
HL Display Schweiz AG Aarau 422069 100 100 100 543
HL Display Sundsvall AB Sundsvall 556124-0481 100 100 1,500 11,125
HL Display Sverige AB Stockholm 556351-9528 100 100 50 50
HL Display (UK) Ltd Kirmington 2187037 100 100 10,000 935
HL Display Österreich GmbH Vienna FN140307i 100 100 1 327
HL Qvarnströms AB Filipstad 556439-7429 100 100 5,000 1,199
HL Qvarnströms Förvaltning AB Filipstad 556518-4073 100 100 600 3,355
H Lundvall Display Hungaria Budapest 0112073189/7 100 100 1 114
Jegab Display AB Stockholm 556457-7202 100 100 500 128
Media Display AB Stockholm 556435-0832 100 100 500 128
SCI L’Eclipse Tours D 414 745 026 100 100 100 14
Total
Indirectly owned
42,063
Envoy Display Ltd. Buckingham 02928820 100 100 —
RIM Fabrications Ltd. Shipley 256682 100 100 1,000 —
NOTE 18 PARTICIPATIONS IN ASSOCIATED COMPANIES
Corporate Capital, Votes, Number Book
Directly owned Reg. offi ce identy no. % % shares value
HL Trion AB, (joint venture) Filipstad 556539-1637 50 50 500 1,851
Optimus KB Stockholm 916620-1450 30 30 1 10,000
Total
Indirectly owned
11,851
Trion HL LLC. (joint venture) Wilkes-Barre 23-23841295 50 50 —
NOTE 19INVENTORIES
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Raw materials and consumables 20,867 18,997 — —
Products in progress 6,120 5,528 — —
Finished goods 52,001 39,291 — —
Work in progress — 94 — —
Total 78,988 63,910 — —
Notes
HL Display 1999 33

NOTE 20 OTHER RECEIVABLES
The Group’s other receivables include income taxes recoverable SEK 1,502 T (0).
NOTE 21 PREPAID EXPENSES AND ACCRUED INCOME
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Prepaid rents 2,940 1,967 273 273
Prepaid leasing costs 1,172 983 153 —
Prepaid insurance costs 477 405 151 151
Prepaid product catalogue costs 300 2,529 300 2,299
Prepaid costs for rebuilding 3,524 7,605 — —
Accrued interest income 419 14 419 —
Other items 3,982 9,316 408 1,222
Total 12,814 22,819 1,704 3,945
NOTE 22 CHANGE IN SHAREHOLDER’S EQUITY
GROUP PARENT COMPANY
Share Restricted Unrestricted Share Legal Retained
SEK T capital reserves reserves capital reserve profi t
Opening balance 38,444 40,008 121,435 38,444 7,689 61,151
Dividend paid
Transfers between restricted and
— — –9,996 — — –9,996
unrestricted equity — 5,870 –5,870 — — —-
Group contributions paid — — — — — –34,950
Tax on Group contributions paid — — — — — 9,786
Net profi t for the year — — 32,277 — — 43,673
Closing balance 38,444 45,878 137,846 38,444 7,689 69,664
NOTE 23 UNTAXED RESERVES
PARENT COMPANY
SEK T 1999 1998
Accumulated excess depreciation 2,400 —
Tax allocation reserve 25,631 23,681
Tax equalisation reserve 120 241
Total 28,151 23,922
NOTE 24 PROVISIONS
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Provision for taxes 7,436 9,710 — 892
Provision for additional purchase price 2,940 5,340 2,940 5,340
Provision for customer bonus/es 3,675 3,117 — —
Total 14,051 18,167 2,940 6,232
NOTE 25 LONG-TERM LIABILITIES
Of long-term liabilities in the Group, SEK 11,379 T (20,225) comprises liabilities to credit institutions due for payment more than fi ve years after closing
day. The corresponding fi gure for the parent company is SEK 1,699 T (2,973).
NOTE 26 BANK OVERDRAFT FACILITIES
Approved bank overdraft facilities amount to SEK 63,306 T (65,007) for the Group and SEK 40,000 T (40,000) for the parent company.
34 HL Display 1999

NOTE 27 ACCRUED EXPENSES AND PREPAID INCOME
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Accrued interest expenses 199 53 149 53
Accrued social security fees 11,548 10,362 1,160 1,043
Accrued vacation liability 16,568 14,256 1,652 1,504
Accrued wages/salaries 6,429 4,212 — —
Other items 12,585 16,294 82 239
Total 47,329 45,177 3,043 2,839
NOTE 28 ASSETS PLEDGED
Assets pledged to secure liabilities to credit institutions GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Floating charges 53,450 44,550 12,500 12,500
Property mortgages 13,000 13,000 — —
Total 66,450 57,550 12,500 12,500
NOTE 29CONTINGENT LIABILITIES
GROUP PARENT COMPANY
SEK T 1999 1998 1999 1998
Guarantees on behalf of other Group companies — — 8,370 832
Other guarantees 270 59 55 59
Discounted bills 1,816 — — —
Total 2,086 59 8,425 891
NOTE 30 AVERAGE NUMBERS OF EMPLOYEES
1999 1998
Average number Employees Of which men Employees Of which men
Parent company, Sweden 24 11 22 11
Subsidiaries, Sweden 434 326 391 294
Total 458 337 413 305
Subsidiaries abroad
Belgium 17 10 13 9
France 46 28 42 24
Latvia 8 5 — —
Netherlands 17 10 11 6
Norway 17 10 19 13
Poland 16 8 12 6
Russia 2 1 — —
Switzerland 4 2 3 2
Great Britain 68 49 30 18
Czech Republic 13 5 9 2
Germany 25 17 21 14
Hungary 6 2 2 1
Austria 9 6 7 5
Total 248 153 169 100
Group Total 706 490 582 405
Notes
HL Display 1999 35

NOTE 31 BENEFITS TO SENIOR EXECUTIVES
There are no agreements for severance pay or fi nal salary.
Board of directors
Fees to the Board SEK 290 T were paid, of which the Chairman received
SEK 120 T. Members employed by the company received no extra fee
for Board work.
Managing director
The parent company’s MD and the CEO received amounting to payment
during the year of SEK 1,022 T including car allowance.
The pension agreement follows the ITP plan. A mutual six-month period
of notice is applied. There are no agreements for severance pay or
performance-based pay.
Other senior executives
The rest of the Group management follows the ITP plan. A mutual sixmonth
period of notice is applied.
NOTE 32 TRANSACTIONS WITH RELATED PARTIES
Board members Anders Remius, Lis Remius and Kent Hertzell own
shares in DataVis AB. During 1999, DataVis invoiced the Group companies
an amount of SEK 10,935 T. The invoices relates to work carried
out for operating, developing and supporting the Group’s ITnetwork and
business systems.
36 HL Display 1999
Stockholm February 18, 2000
Åke Wester
Chairman
Notes
NOTE 33 FEES TO AUDITORS
The Group’s cost for auditing fees to PricewaterhouseCoopers amounted
to SEK 500 T, of which SEK 80 T relates to the parent company. Costs
for other assignments amounted to SEK 1,335 T, of which SEK 564 T
relates to the parent company.
The Group has also employed Deloitte & Touche at a cost of SEK 114 T
for auditing and SEK 15 T for other assignments.
NOTE 34 PURCHASE PRICE OF ACQUISITIONS
During the year, subsidiaries were purchased for SEK 8,588 T (4,487),
which was paid in cash.
NOTE 35 LIQUID ASSETS IN ACQUIRED COMPANIES
Liquid assets in acquired companies upon purchase were SEK 329 T
(1,673).
NOTE 36 DIVISION OF LIQUID ASSETS
The item liquid assets consists only of the items cash and bank.
Christer Dahlström Kent Hertzell
Arne Karlsson
Kent Mossberg Magnus Jonsson Lis Remius
Anders Remius
Managing Director

Auditors’ report
To the general meeting of the shareholders of HL Display AB (publ)
Auditors’ report
We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the board of directors and the
managing director of HL Display AB (publ) for the year 1999. These accounts and the administration of the company are the responsibility of the
board of directors and the managing director. Our responsibility is to express an opinion on the annual accounts, the consolidated accounts and the
administration based on our audit.
We conducted our audit in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the
audit to obtain reasonable assurance that the annual accounts and the consolidated accounts are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting
principles used and their application by the board of directors and the managing director, as well as evaluating the overall presentation of information
in the annual accounts and the consolidated accounts. As a basis for our opinion concerning discharge from liability, we examined signifi cant
decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member
or the managing director. We also examined whether any board member or the managing director has, in any other way, acted in contravention of
the Companies Act, the Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion
set out below.
The annual accounts and the consolidated accounts have been prepared in accordance with the Annual Accounts Act and, thereby, give a true and
fair view of the fi nancial position of the company and Group and of the results of operations in accordance with generally accepted accounting
standards in Sweden.
We recommend to the general meeting of shareholders that the income statement and balance sheet for the parent company and Group be adopted,
that the profi t for the parent company be dealt with in accordance with the proposal in the administration report and that the board of directors and
the managing director be discharged from liability for the fi nancial year.
Stockholm February 18, 2000
Richard Roth Liselott Stenudd
Authorised Public Accountant Authorised Public Accountant
Öhrlings PricewaterhouseCoopers Öhrlings PricewaterhouseCoopers
HL Display 1999 37

The HL Display share
Share price development
Since 1993, HL Display’s shares have been listed
on the Stockholm Stock Exchange’s OTC
list. Since the introduction the share’s value
has increased by 1,120 per cent from SEK
14.37 (converted for new issue) to SEK 161
on 31 December 1999. During the same period,
Affärsvärlden’s General Index increased by
301 per cent.
In 1999, the share price has fallen by 21.6
per cent. During the year, the share has sold
at a maximum of SEK 201 and a minimum of
SEK 100.
During the year, 1,132,391 shares were traded,
which corresponds to 14.7 per cent of the
Ownership Structure, %
41.9
3.4 1.3
Analysts who follow HL Display
Peter Eklöf
JP Matteus Fondkommission
+46 8 456 44 13
Johan Johnzon
Delphi Economics
+46 8 459 35 00
Henrik Sandell
FöreningsSparbanken
+46 8 585 900 00
Adam Gerge
Didner & Gerge Fonder
+46 18 10 86 00
53.4
Private owners
Swedish Institutions
Swedish Unit Trusts
Foreign owners
38 HL Display 1999
number of shares in HL Display. At the end
of the year, HL Display’s market capitalisation
was SEK 1,237 M.
Share capital
On 31 December 1999, the share capital
amounted to SEK 38,444,360 divided among
7,688,872 shares, each with a nominal value
of SEK 5. Series A shares carry one vote and
series B carry 1/10 of a vote. A block of shares
lot amounts to 50 shares.
Shareholders
The number of shareholders on 31 December
1999 was 3,862 (4,315). The proportion of
Distribution of shareholdings, 31 December 1999
institutional owners was 45.6 (46.1) per cent of
the capital and the proportion of foreign owners
amounted to 1.3 (1.0) per cent. 82 per cent
of all shareholders in HL Display owned fewer
than 500 shares each.
Dividend policy
HL Display’s Board has decided that a restrictive
dividend policy should be applied during
an anticipated growth phase. Over time, the
dividend will correspond to one fi fth of profi t
after net fi nancial items and standard tax.
The Board proposes that the dividend be
unchanged at SEK 1.30 (1.30) per share.
No. of shares No. of shareholders No. of shares % of shares
1 – 500 3,172 467,587 6.1
501 – 2,000 575 599,277 7.8
2,001 – 10,000 90 408,180 5.3
10,001 – 50,000 12 240,050 3.1
50,001 – 100,000 6 493,682 6.4
> 100,000 7 5,480,096 71.3
Total 3,862 7,688,872 100.0
Share price trend
240
220
200
180
160
140
120
100
80
60
40
20
B share
Afv General Index
94 95 96 97 98 99
No. of shares traded,
thousands
(incl. after-hours)
(c) SIX Findata
1,000
800
600
400
200

The HL Display share
DATA PER SHARE 1,2) 1999 1998 1997 1996 1995 1994 1993
Earnings per share after full tax, SEK 4.20 5.81 5.65 4.20 1.37 3.09 2.15
Earnings per share after standard tax, SEK 4.41 6.65 5.96 4.32 1.80 3.33 2.17
Dividend per share, SEK3) 1.30 1.30 1.20 1.00 0.63 0.63 0.38
Dividend, % of profi t after full tax 31.0 22.4 21.2 23.8 46.0 20.4 17.7
Stock exchange price, end of period, SEK 161.00 205.50 187.00 70.00 36.50 36.50 21.75
Equity per share, SEK 28.89 26.00 21.39 16.74 13.16 12.42 9.71
Return on equity after full tax, % 15.3 24.5 29.6 28.1 10.7 27.9 31.6
Direct yield, % 0.8 0.6 0.6 1.4 1.7 1.7 1.7
P/E ratio 38.35 35.37 33.08 16.67 26.64 11.81 10.12
P/CE ratio neg. neg. 93.5 25.7 neg. neg. 5.3
Cash fl ow per share, SEK –1.91 –2.91 2.00 2.72 –1.35 –1.23 4.10
1) For definitions of key ratios, see page 43.
2) Data per share corrected for bonus issues in 1994 and 1997.
3) According to Board’s proposal.
LARGEST HL DISPLAY SHAREHOLDERS, 31 DECEMBER 1999.
No. of No. of Total no. Share of No. of Share of
Name A share B share of shares capital, % votes votes, %
Remius family 803,808 1,589,618 2,393,426 31.1 962,770 60.5
Atle AB 109,216 2,115,854 2,225,070 28.9 320,801 20.2
Skandia — 795,312 795,312 10.3 79,531 5.0
Roburs small Co. fund Sweden — 171,700 171,700 2.2 17,170 1.1
Lars Jonsson, and family — 161,220 161,220 2.1 16,122 1.0
Didner & Gerge Aktiefond — 87,550 87,550 1.2 8,755 0.6
Richard Moser — 84,000 84,000 1.1 8,400 0.5
Göran Källebo — 81,600 81,600 1.1 8,160 0.5
Ulrika Wiman, and family — 68,400 68,400 0.9 6,840 0.4
Others — 1,620,594 1,620,594 21.1 162,059 10.2
Total 913,024 6,775,848 7,688,872 100.0 1,590,609 100.0
CHANGE IN SHARE CAPITAL
Share capital Change in Total Change in Par value
Year development share capital share capital no. of shares A shares B shares Total per share
1986 50,000 500 500 — 500 100
1987 New issue1) 750,000 800,000 7,500 8,000 — 8,000 100
1988 Split 1:10 — 800,000 72,000 80,000 — 80,000 10
1992 Bonus issue 1,600,000 2,400,000 160,000 240,000 — 240,000 10
1992 New issue2) 645,000 3,045,000 64,500 304,500 — 304,500 10
1993 Restamping — 3,045,000 — 150,545 153,955 304,500 10
1993 Split 2:1 — 3,045,000 304,500 301,090 307,910 609,000 5
1993 Restamping — 3,045,000 — 114,128 494,872 609,000 5
1993 Conversion3) 673,590 3,718,590 134,718 114,128 629,590 743,718 5
1993 New issue4) 1,086,955 4,805,545 217,391 114,128 846,981 961,109 5
1994 Bonus issue 14,416,635 19,222,180 2,883,327 456,512 387,924 3,844,436 5
1997 Bonus issue 19,222,180 38,444,360 3,844,436 913,024 775,848 7,688,872 5
1) Share price SEK 100.
2) Share price SEK 46.67.
3) SEK 1,500,000 at a price of SEK 41.65 and SEK 2,467,500 at a price of SEK 25.00.
4) Share price SEK 115 .
HL Display 1999 39

Board of Directors
40 HL Display 1999
Åke Wester
Born: 1939. Member of the
Board since 1993. Board chairman
Holding: 2,000 shares (family)
Other appointments:
Board chairman of Atle Miljöteknik AB,
Atle Mergers & Acquisitions,
AB Centralsug, AB Studsvik.
Board member in Hilding Anders AB.
Kent Hertzell
Born: 1950. Member of the
Board since 1987.
Position: Financial director HL Display AB
Holding: 12,500 shares
Other appointments: Board member in
Kriss AB, DataVis AB, CTT Systems AB.
Christer Dahlström
Born: 1943. Member of the
Board since 1993.
Position: MD Skandic Investment.
Holding: 800 shares.
Other appointments: Board member of
Balton AB, AB Gröna Lunds Tivoli, Hilding
Anders AB, Nefab AB
Magnus Jonsson
Born: 1969. Member of the
Board since 1998.
Employee Representative.
Holding: 0 shares.
Deputy members
Gustav Bard
Born: 1964. Deputy member
since 1999.
Position: CEO Atle Mergers &
Acquisitions.
Holding: 0 shares.
Tommy Persson
Born: 1971. Deputy member
since 1999.
Employee Representative.
Holding: 0 shares.
Anders Remius
Born: 1947. Member of the
Board since 1982.
Position : MD HL Display AB
Holding: 870,084 shares,
including 401,904 A-shares.
Other appointments:
Board member in DataVis AB.
Arne Karlsson
Born: 1958. Member of the
Board since 1997.
Position: MD Förvaltnings AB Ratos.
Holding: 0 shares.
Other appointments: Board member of
Esselte, Superfos, Scandic.
Lis Remius
Born: 1945. Member of the
Board since 1982.
Holding: 869,242 shares,
including 401,904 A-shares.
Kent Mossberg
Born: 1957. Member of the
Board since 1995.
Employee Representative.
Holding: 1,330 shares.

HL Display’s Board consists of six members
and a deputy elected by the AGM, and two
members and a deputy appointed by the
employees. The Chairman of the Board is
appointed by the AGM.
Among the Board members there are persons
with connections to HL Display’s larger
shareholders and to persons independent of
the owners.
The Board normally meets six times per
year and, additionally, when required. During
the 1999 fi nancial year, the Board met six
times. Board meeting days are set in conjunction
with the statutory board meeting. Some
Board meetings coincide with dates for fi nancial
information. These are the quarterly, halfyearly
and annual closing days.
The work of the Board follows an annual
plan with special themes and fi xed dates for
decisions. A normal agenda for a board meeting
is as follows:
■ Meeting opened
■ Election of minute-takers
■ Election of minute-verifi ers
■ Review of minutes of previous meeting
■ Finances
■ Board’s basis of appraisal
■ Internal control
■ Other questions
■ Meeting adjourned
The Group’s CFO, Kent Hertzell, serves as
secretary of the board.
Rules of procedure
The work of the Board is regulated by special
rules of procedure. Briefl y, the rules of
procedure stated that the Board is responsible
for the company’s organisation and the
administration of the company’s affairs. The
Board must ensure that the company’s organisation
is such that accounting, funds administration
and the company’s fi nancial affairs are
checked and managed in a secure manner.
The Board must continuously monitor on
the fi nancial situation of the company and
Group. This is reported monthly so that the
Board can carry out its appraisal duties as
required by law listing rules and good board
practice.
Generally, the Board deals with matters of
essential importance to the Group, such as:
■ Strategic plans
■ Budget
■ Marketing plans
■ Production planning
■ Acquisition and sale of companies
or businesses
■ Acquisition and sale of other signifi cant
assets
Important issues during 1999
■ Acquisition of production company in
England
■ Acquisition of remaining shares in
HL Display Falkenberg AB
■ Establishment of sales companies in
Latvia, Russia and Turkey
■ Organisational changes
■ Investments
Instructions
The board has issued special instructions on the
responsibilities and authority of the Managing
Director of HL Display.
The Board has further issued special reporting
instructions to the management.
Fees
Total fees to the Board of HL Display amounted
to SEK 290,000 of which SEK 120,000 to
the Board Chairman. No payments, other than
those approved by the AGM, have been made.
Nomination committee
During the year, the Board appointed a special
nomination committee charged with propos-
Board of Directors
ing suitable Board members in close consultation
with the larger shareholders. The committee
also proposes fees for the board.
During the year, the nomination committee
consisted of three members; Åke Wester,
Chairman of HL Display, Anders Remius,
Managing Director of HL Display and Lars
Gårdö, Managing Director of Atle AB.
Proposals from individual shareholders can
be made by post via the HL Display head
offi ce in Skarpnäck.
HL Display 1999 41

Senior Executives
Auditors
Richard Roth
Born: 1947. Auditor for the
company since 1995.
Öhrlings PricewaterhouseCoopers
42 HL Display 1999
Anders Remius
Managing Director
Born: 1947. Employed since 1978.
Holding: 870,084 shares
including 401,904 A-shares.
Jan Sigurdh
Production
Born: 1965. Employed since 1999.
Holding: 200 shares.
Håkan Eriksson
Marketing
Born: 1966. Employed since 1992.
Holding: 0 shares.
Kenneth Löfgren
IT
Born: 1960. Employed since 1993.
Holding: 0 shares.
Hans Olsson
Managing Director HL Display
Sundsvall AB
Born: 1952. Employed since 1993.
Holding: 3,500 shares.
Liselott Stenudd
Born: 1956. Auditor for the
company since 1999.
Öhrlings PricewaterhouseCoopers
Lennart Danielsson
Born: 1959. Deputy since 1999.
Öhrlings PricewaterhouseCoopers
Senior Executives
Kent Hertzell
Economy and Finance
Born: 1950. Employed since 1995.
Holding: 12,500 shares
Martin Ljungström
Sales
Born: 1957. Employed since 1999.
Holding: 0 shares.
Claes Malmsten
Personnel (Acting)
Born: 1950. Consultant since 1998.
Holding: 5,000 shares.
Alistair Burke
Business Development
Born: 1952. Employed since 1991.
Holding: 1,000 shares.
Auditors

Defi nitions
glossary and explanations
Defi nitions
Average collection period
Accounts receivable by the 31st of December
devided by net sales increased by 20 per cent
VAT (average VAT in the Group) multiplied with
365 days.
Capital turnover rate
Net sales in relation to average balance sheet
total.
Cash fl ow
In- and out fl ow of liquid funds.
Cash fl ow per share
The year’s change in liquid assets divided by the
total number of shares.
Debt/equity ratio
Interest-bearing liabilities in relation to equity.
Development expenses
Development expenses are expenses for production,
materials and product development.
Direct yield
Dividend as percentage of market price on 31
December.
Glossary
EDI
Electronic Data Interchange – technique that
enables data to be communicated electronically
between the computer systems of different companies.
Extrusion
Production technique in which melted plastic is
extruded through a die that determines its crosssectional
shape. The product, such as datastrips,
is extruded in a continuous form that is cooled in
a water bath and cut in the desired length.
Hot- and cold-bending
Production technique in which plastic sheets are
shaped into the desired form such as shelftalkers,
with the help of a bending tool. In hot-bending,
a heated bending tool is used.
Earnings per share after full tax
Earnings after tax divided by the number of shares
at year end.
Earnings per share after standard tax rate
Earnings before tax, less 28 per cent standard tax
divided by the number of shares at year end.
Equity per share
Reported equity divided by number of shares at
year end.
Equity/assets ratio
Equity including minority share in relation to balance
sheet total.
Interest coverage ratio
Profi t after fi nancial items plus fi nancial expenses
in relation to fi nancial expenses.
P/CE ratio
Share price divided by cash fl ow per share.
P/E ratio
Share price on 31 December divided by earnings
per share after full tax.
Injection moulding
Production technique in which melted plastic is
forced into moulds to set. The shape of the mould
determines the appearance of the product, such
as a frame.
ISO 14001
International standard for environmental management
systems by which the company is required
to take systematic measures to reduce its overall
environmental impact.
Joint venture
A business enterprise owned jointly by two separate
companies.
Profi t margin
Profi t after fi nancial items in relation to net sales.
Return on capital employed
Profi t after fi nancial items plus fi nancial expenses
in relation to average capital employed. Capital
employed is the balance sheet total less noninterest-bearing
liabilities.
Return on equity after full tax.
Profi t after tax in relation to average equity.
Return on total capital
Defi nitions
Profi t after fi nancial items plus fi nancial expenses
in relation to average balance sheet total.
Value added per employee
Operating profi t plus cost of salaries and social
secu rity costs divided by the average number of
employees.
PVC
Polyvinylchloride. A plastic that is well suited for
extrusion, injection-moulding and vacuum moulding.
PVC can be welded, glued, stamped and processed
in other ways. PVC is recyclable.
UV-colour
Pigment that is hardened through irradiation with
ultraviolet light.
Vacuum moulding
Production technique in which plastic sheets are
heated and through vacuum shaped around a tool
into products, such as trays.
Vertical integration
Control of both production and sales channels.
HL Display 1999 43

Addresses
Head Offi ce
HL Display AB
Horisontvägen 26
128 34 Skarpnäck
Sweden
Tel: +46 8 683 73 00
Fax: +46 8 683 73 01
44 HL Display 1999
Sales Companies
HL Display Belgium N.V.
Heiveldekens 9 / J
2550 Kontich
Belgium
Tel: +32 3 457 88 77
Fax: +32 3 457 98 05
HL Display ˘Ceská republika s.r.o
Nád Olsinami 3
100 00 Praha 10-Strasnice
Czech Republic
Tel +420 2 67315 313
Fax +420 2 78144 63
HL Display Deutschland GmbH
Hans-Böckler-Strasse 10
407 64 Langenfeld
Germany
Tel: +49 2173 99 88 90
Fax: +49 2173 99 88 969
HL Display France S.A.
Z.A des Granges Galand
24, Rue du Pont de l’Arche
37 550 Saint-Avertin
France
Tel: +33 2 47 48 85 00
Fax: +33 2 47 48 11 88
H Lundvall Display Hungaria Kft
Szent Gellért tér. 3.ll.em. 3
1111 Budapest
Hungary
Tel: +36 1 385 2361
Fax: +36 1 209 3716
HL Display Latvia SIA
Kurzemes pr. 23
1067 Riga
Latvia
Tel: +371 7 808 087
Fax: +371 7 808 085
HL Display Nederland B.V.
Middenweg 20
4631 St Hoogerheide
Netherlands
Tel: +31 164 66 26 60
Fax: +31 164 66 26 62
HL Display Norge A/S
Postboks 18
1361 Billingstad
Norway
Tel: +47 66 98 36 00
Fax: +47 66 98 05 03
HL Display Polska Sp.z.o.o.
ul. Felinskiego 37
01-569 Warsaw
Poland
Tel: +48 22 639 95 67,68,69
Fax: +48 22 639 95 13
HL Display OOO
21 Perevedenovskij per
107082 Moscow
Russia
Tel: +7 095 261 08 15
Fax: +7 095 255 78 08
HL Display Schweiz AG
Rohrerstrasse 102
5000 Aarau
Switzerland
Tel: +41 62 834 50 30
Fax: +41 62 834 50 39
HL Display Sverige AB
Horisontvägen 26
128 34 Skarpnäck
Sweden
Tel: +46 8 683 73 00
Fax: +46 8 683 73 73
HL Display (UK) Ltd.
HL House, Arlanda Way
Humberside Int. Airport
Kirmington, DN39 6YH
Great Britain
Tel: +44 1652 68 84 88
Fax: +44 1652 68 86 63
HL Display Österreich GmbH
Postfach 6, IZ-Nö-Süd
Str. 2, M27, A-2355
Wr. Neudorf
Austria
Tel: +43 2236 644 50
Fax: +43 2236 644 51
HL Display Ltd. Sti.
ISTOC. Istanbul, Toptancilar
Carsisi
23. ADA No:61-63
34550 Mahmutbey Istanbul
Turkey
Tel: +90 212 659 01 92
Fax: +90 212 659 02 01
Production Companies
HL Display Sundsvall AB
Box 810
851 23 Sundsvall
Sweden
Tel: +46 60 16 12 00
Fax: +46 60 12 08 88
HL Display Falkenberg AB
Box 120
311 22 Falkenberg
Sweden
Tel: +46 346 489 50
Fax: +46 346 489 79
HL Display Falun AB
Box 169
791 24 Falun
Sweden
Tel: +46 23 705 100
Fax: +46 23 705 130
HL Qvarnströms AB
Kanalvägen 2
680 96 Lesjöfors
Sweden
Tel: +46 590 312 00
Fax: +46 590 311 35
HL Trion AB
Kanalvägen 2
680 96 Lesjöfors
Sweden
Tel: +46 590 312 00
Fax: +46 590 311 35
Trion HL LLC.
297 Laird Street
Wilkes-Barre PA 187 02
USA
Tel: +1 570 824 1000
Fax: +1 570 823 4080

RIM Fabrications Ltd.
Riverside Business Park
Dockfield Road
Shipley
West Yorkshire BD 17 7 AD
Great Britain
Tel: +44 1274 531 709
Fax: +44 1274 594 578
Distributors
Display Italia s.r.l.
Via Caduti Delle
Reggiane no 7
42100 Reggio Emilia
Italy
Tel: +39 0 552 511 236
Fax: +39 0 522 518 578
Display Systems Ltd
Varpu 15-4
LT 5815 Klaipeda
Lithuania
Tel: +370 6 363 515
Fax: +370 6 360 476
HF Ofnasmidjan
P.O. Box 5901
Hateigsvegi 7
125 Reykjavik
Iceland
Tel: +354 511 11 00
Fax: +354 511 11 10
J & J Display Sales
2455 Meadowvale Blvd.
Mississauga Ontario L5N 5S2
Canada
Tel: +1 905 814 52 52
Fax: +1 905 814 81 47
Kirur Benny Ltd.
P O B 2005
Beer Sheva 84 874
Israel
Tel: +972 7 628 05 81
Fax: +972 7 623 16 42
Meediagrupp AS
Peterburi tee 71-326
Tallinn 11415
Estonia
Tel: +372 620 50 98
Fax: +372 620 50 99
MFW Lda
Apartado 85
Fonte do Casal-Brenha
3080 Figueira da Foz
Portugal
Tel: +351 233 436 381
Fax: +351 233 436 382
Addresses
Ovelar S.A
Pol. Ind. El Guijar
Avenida del Guijar 17
28 500 Arganda del Rey
Madrid
Spain
Tel: +34 91 876 0330
Fax: +34 91 876 0333
pr trading – fl ekota A/S
Rugmarken 36
3520 Farum
Denmark
Tel: +45 44 95 33 22
Fax: +45 44 95 82 83
Shop Equipment Ltd.
152 Capel Street
Dublin 1
Ireland
Tel: +353 1 677 56 48
Fax: +353 1 872 15 98
Sooni Oy
Vellamonkatu 30 B
00550 Helsinki
Finland
Tel: +358 977 45 300
Fax: +358 977 45 30 30
Sydney Point-of-Sale Products
Unit 1
10 Rodborough Road
Frenchs Forest
N.S.W. 2086
Australia
Tel: +61 2 9975 76 55
Fax +61 2 9975 77 35
Trion Industries Inc
297 Laird Street
Wilkes-Barre PA 187 02
USA
Tel: +1 800 444 4665
Tel: +1 570 824 1000
Fax: +1 570 823 4080
Voyatzoglou Systems S.A
12 Km Nat. Road
Athens-Lamia
144 51 Metamorfossi
Athen
Greece
Tel: +30 1 284 11 00
Fax: +30 1 284 66 00
History
1954
In Borlänge Harry Lundvall starts producing display material for
the retail trade.
1969
The son of Harry Lundvall, Åke Westberg, takes over the company.
1970
The company moves from Borlänge to Falun.
1975
The company obtains a patent for the main product of today,
HL Datastrip, a so called shelfedge label of extruded plastic.
1977
Lis Remius (daughter of Åke Westberg) and her husband Anders
Remius, found Flexisystem AB, a sales company independent from
HL Display.
1982
HL Display and Flexisystem are sold to the investement company
Parcon. Turnover this year amount a total of SEK 12 M.
1986
Lis and Anders Remius, that have been active within the company
buys HL Display from Parcon. At this point the turnover amounts
to about SEK 28 M.
1987
Sales companies established in Benelux and in the UK. A plan is
formed for an introduction of HL Display on the Stock Exchange
autumn 1993.
1989
A sales company established in Germany.
1990
Sales companies established in Norway and France.
1993
Jegab Display’s business acquired by the turn of the year
1992/1993. In December HL Display makes an IPO and enters the
Stock Exchange.
1994
Media Display’s business acquired in January. Sales subsidiary
established in Poland and in the U.S. The headquarters and the
Swedish sales company move to new premises in Skarpnäck.
1996
The sales subsidiary in the U.S. winds up. A Joint Venture opens with
Trion Industries Inc., market leaders in the USA for metal display
hocks. HL Display acquires Qvarnströms Säljställ i Lesjöfors AB.
Sales subsidiaries established in Austria and the Czech Republic.
1997
The shopfi tting construction company PEFAB situated in
Falkenberg is acquired and changes name to HL Display
Falkenberg AB.
1998
Sales subsidiaries established in Hungary and Switzerland.
HL Display (UK) Ltd acquisit Envoy Display (Ltd). HL Display is
the fi rst listed Swedish company to publish resultreport monthly.
HL Display Sundsvall AB is certifi ed in accordance with standards
for environmental system - ISO 14 001. Production fl oor space
increases by 60 per cent.
1999
Sales subsidiaries established in Latvia, Russia and Turkey. HL
Dispaly acquisit RIM Fabrications Ltd. in the UK. HL Display Falun
AB is certifi ed in accordance with standards for environmental
system – ISO 14 001.
Design och production: LINK Finansiell Kommunikation.
Text: LINK in collaboration with HL Display.
Photography: Kjell Andrén, Vince Reichardt and others.
Printed by: db-grafi ska, 2000 Printed on: Arctic Silk.

HL Display AB (publ)
Horisontvägen 26, SE-128 34 Skarpnäck, Sweden
Telephone +46 8 683 73 00, telefax +46 8 683 73 01
www.hl-display.com