Partex Annual Report Highlights 2010 Success

partex marking systems ab
annual report 2010

2 Partex Marking Systems AB 3Partex Marking Systems AB
In 2009 we at Partex chose to put together
our first ever Annual Report. The initiative
was well received and we have therefore
decided to continue the concept and this is
the result; Partex Annual Report for 2010.
For those of you who are not familiar
with Partex, we are a family company in
the third generation. Our headquarters are
in Gullspång, Sweden, in the same location
as where it all started over 60 years ago. We
at Partex are specialists in industrial marking
systems. We produce products for the identification
of cables, wires, pipes and components. The Partex
Group comprises the Swedish parent company and
five, wholly owned, subsidiaries. These are located in
Germany, the UK, France, USAand Poland. In addition
to the Partex Group, Partex is also represented all over
the world through our distributors. The Group itself
has 130 employees and in 2010 we had a turnover of
155 million SEK.
2010 was a successful year for Partex, a year that
came to be about personnel and development (both
organizational and technical). We hired new personnel
to several key positions and we put a number of
exciting projects in motion, that we are confident will
bear fruit in the near future.
In the coming pages we will try to give you an
overview of, not just Partex as the organization that
it is today, but our history and the vision of what the
future has to offer.
We hope that you will find this annual report both
interesting and rewarding.
2005 2006 2007 2008 2009 2010
180
160
140
120
100
TURNOVER PARTEX GROUP (TSEK)
welcome to partexcontents
3 Welcome to Partex
4 The year in brief
5 To our stakeholders
6 Our business
Business idea
Vision
Mission
Guiding principles
Owners directives
7 Organization
8 Products
9 Environmental work
10 History
11 The Partex group
12 Subsidiaries
14 Director’s report
15 Five year summary
Parent Company and Group
17 Group income statement
18 Group balance sheet
21 Parent Company income statement
22 Parent Company balance sheet
24 Cash flow statement
26 Notes to the financial statement
36 Audit report
38 Managing Director, Board of Directors
and Owners

the year in brief
Dining with the Swedish
Crown Princess couple
October 21 Partex participated in a dinner with
the Swedish Crown Princess couple. It was count
governor Lars Bäckström who, together with his
wife Ann-Christin, held a dinner party for 30 exclusively
selected guests in honor of the Crown Princess. As gift to
the Crown Princess couple Partex gave a pair of exclusive set of
pencils, marked with Partex customized multi-character markers.
NEW CHAIRMAN OF THE BOARD OF DIRECTORS
In December Partex announced that Martin Lundstedt,
Executive Vice President and head of Franchise and
Factory Sales at Scania, will take over as Chairman
of the Board of Directors from January 1st. Martin
succeeds TorBjörn Lööf who will revert to be a regular
member of the Board.
to our stakeholders
2010 has been a very successful year, both on the
domestic and the international markets. Partex
produced a strong result for the year. We have
made new customers and increased our market
shares in most markets. At the same time, we
have reached a positive operating profit of 14
percent, before depreciation, for the Group.
In our domestic market we have seen a stable
upswing after the financial crisis in many
important sectors. The market as a whole has had
a strongly positive development over the year.
When we summarize 2010, we are proud to point
out a new sales record for the domestic market.
In the international market 2010 was also a
successful year, building on the growth in 2009
with continued success, particularly in markets
like India.
Generally we see good opportunities for
development and growth for the Partex Group.
This can be said both for mature markets where
our business is well established, and in emerging
markets where we are not as well known. We
offer niche products that stand tall even in the
toughest of global competition and we will
continue to develop new and improved products
and solutions. Also, we have the power,
competence and the resources to acquire any
suitable company that looks to fit into the Partex
family.
Partex are well prepared for the future, and I
would like to bring focus to our dedicated,
skilled and loyal employees. Our personnel are
the key to our success and we will, during the
coming year, focus on the recruiting of additional
key personnel. Meanwhile our investment in
preventive wellness continues, and we can see
the result of our work in a very low sick leave
levels.
PREPARATIONS FOR LAUNCH
OF NEW MARKING MACHINE
During the last quarter of 2010
the planning and preparations
of 2011’s big product project,
MK9-USB was made. MK9-USB
is the 3rd generation ProMark,
a portable marking machine
with direct USB 2.0 connection
to your PC.
Former Chairman of
the Partex Board of
Directors, TorBjörn Lööf
stepped down in January 2011
and is now a regular member of the
Board. The new Chairman is Martin
Lundstedt, Vice President and head of Franchise
and Factory Sales at Scania. With his experience
from Scania, both in Sweden and abroad, Martin
will contribute with knowledge and know-how
to help Partex to develop even further.
Finally, I would like to thank everyone for a
great job 2010. I look forward to 2011, a new,
exiting, year with challenges and new
opportunities.
Sophie Lööf-Mårtensson
Market- & PR-Manager and Vice President
4 Partex Marking Systems AB

During 2010 we have put a lot of effort in
strengthening our organization by employing
several new key competences to our company.
Among others, we have employed a new R&D
Manager and a HR-Manager. Below is a short
view on our organisation and our future to come
from a couple of fresh Partex eyes...
R&D manager PETER RISBERG
2010 has been a busy year for the R&D
department. Focus was set on strategic work
concerning future products and production
techniques. We see our competitors advance on
the market and it is therefore important that we
stay in our rightful place at the head of the pack.
Many market areas are setting higher and
higherdemandsontheirmarkings.Partexproducts
have historically always been good at meeting
these demands and, we shall continue to meet
and, aim to exceed, our customers’
expectations.
This shall be done by
continuously focusing on
product improvements
in usability and value
for money while, all the
time, being mindful of the
environmental implications
of our work.
In the coming years this
strategic work will lead to an increased
service level and a higher flexibility towards
our customers. In conclusion, Partex is an
experienced and skilled organization that allows
us to look forward the future with confidence.
our business organization
Owners TorBjörn Lööf and Sophie Lööf-Mårtensson
Vision
Our vision is that with
Partex you have safer and faster
identification.
Partex shall have the best customer
oriented systems within the field of
identification.
Partex standardized assortment shall,
from every aspect, be the wholesaler’s
first and best choice.
Partex shall operate all over the
world.
Guiding
principles
Customer focus
high service and availability.
Quality & professionalism
permeate how we think and act.
Inquisitiveness
we explore new opportunities.
Family company
we enjoy a familial atmosphere and a
sense of community.
Joy
we enjoy and have
fun at work
Owners
directives
”Owning family-run companies brings
us joy, pride and a sense of purpose. With our
heart in Gullspång, Sweden, we want to be a global
player that invests in new customers and markets. We
strive to take a long-term approach and aim to hand a
healthy enterprise down to the next generation.
We want to be perceived as responsible and committed
owners who foster the wellbeing and development of
our companies and our personnel. High quality
and professionalism permeate everything
we do.”.
MISSION
Minimize risk of accidents,
interruptions and disturbances in
facilities, vehicles and equipment
through safe and user friendly marking
systems that minimize the risk for
errors in installation, mounting, usage,
maintenance and repairs.
Partex, for safer working.
Business idea
” Partex shall, with
a high level of customer
focus and customer service,
offer first-rate industrial
marking systems and
services.”
hr-manager JOSEFINE STÅHLBERG
2010 Partex has worked with many different
topics within the HR theme. Different processes
for e.g. recruitment, rehabilitation, salary and
benefits has been enlightened and documented.
We have also worked active with the already
started work of fitness activities for preventive
health care.
One important issue for the future is to
ensure the right competences to Partex, and an
analysis for this will be done in the fall of 2011.
To maintain commitment, focus and motivation
for our employees is founded in understanding
for the companies’ strategies and goals. We will
therefore keep working with staff empowerment,
division meetings and goals at division as well as
individual level.
6 Partex Marking Systems AB
R&D
Peter
Risberg
Quality &
environment
Henrik
Gustavsson
acting MD
Bengt-Göran Bengtner
Production
Krister
Karlsson
sales
Lennart
Anderdahl
HR
Josefine
Ståhlberg
economy & ADM.
Margareta
Aldin
IT
Anders
Bengtsson
marketing
Sophie
Lööf-Mårtensson
Partex ltd
Peter
Symonds
partex gmbh
Martin
Gudowius
partex s.a
Laurent
Poingt
partex inc.
Janet
Torres
partex sp. zo. o.
Dariusz
´Cwik

products
Partex strive to offer the market’s most flexible
and complete marking systems. We have therefore
developed these three general systems that allow us to
present our wide range of solutions; single-character
markings, multi-character markings and on-site
marking systems.
The single-character system consists of many
markers, all containing only one character, number
or symbol. The installer combines the markers that he
needs in order to create the right marking information.
This is a highly flexible system, giving the installer
absolute control. The system is at its best when a short
and simple marking is used.
With the multi-character system you send us
computer filesof whatmarking yourequirefor aspecific
project. We produce the marking your requirements
and write the complete marking information on each
marker. This means that fewer markers are needed
for the installation and the installers work is
heavily reduced.
Our last system, on-site marking systems,
means that the customer
himself writes the text on
the marker. Equipped
with one of the Partex
marking machines,
software and profile, the
installer decides himself
when, where and how he
wants to produce his markers.
environmental work
Partex strive to reduce consumption of commodities and
energy. We aim to achieve this by operating an on-going
environmental policy. The policy states that Partex shall
seektominimizeanynegativeeffectsonourenvironment.
In order to reach our environmental goals the following
guiding principles have been established:
• Our environmental investigation shall be the
foundation for environmental goals and
programs.
• Our products and production equipment shall
be optimized regarding recycling, material
choice, production methods and energy
conservation.
• Work with environmental conscious suppliers
and partners.
• Aim to optimize the consumption of energy
and raw materials.
• Intend, where possible, to prevent or at least
minimize pollution of the environment.
• Work towards continuous improvements
by maintaining and developing our
environmental goals.
• Educate and engage all employees in our
environmental work.
notifiable activities
Partex is conducting notifiable activities and has permission
to produce marking systems through extrusion of max.
200 ton PVC, 5 ton Polyether based Polyurethane Compound
and 2 ton of stainless steel per year. Partex is actively looking
for a replacement material for PVC it can be replaced to equal
amount.
The waste of mentioned material is ground and sold for
recycling. Other waste, from the whole company, is sorted in specific
containers according to given instructions.


history
1948 Elektro-Lööf is founded by Tore and
Ingegerd Lööf.
The first product is a new, innovative,
terminal block.
1951 The first marker sleeve, the PX sleeve,
is launched.
1956 Partex’s best-seller, the PA, is patented
in large parts of the world.
1962 The first customized marking system is
announced.
1973 In connection with the 25 years
anniversary Elektro-Lööf changes
name to Partex Fabriks AB.
1987 TorBjörn Lööf, son of the founder, is
appointed Managing Director.
1991 Subsidiary in the UK is acquired.
1993 Subsidiary in Germany is founded.
1999 Subsidiary in Poland is founded.
Subsidiary in France is acquired.
2001 Subsidiary in USA is founded.
2003 TorBjörn Lööf acquires 100 per cent of
all Partex’s shares.
2008 Partex celebrates 60 years anniversary.
TorBjörn Lööf becomes Executive
Chairman of the Board of Directors.
Ulf Sundberg is announced
Managing Director.
Sophie Lööf-Mårtensson becomes part
owner and announced Vice President.
PX, the first maker sleeve
Head office in Gullspång
Founder Tore Lööf
the partex group
The Partex Group contains of the Parent Company and five wholly owned subsidiaries:
Company Turnover Employees Managing Director History
Partex Marking Systems AB SEK 72 million 66 Bengt-Göran Bengtner Founded 1948
Sweden, Gullspång
Partex Marking Systems (UK) LTD SEK 52 million 27 Peter Symonds Acquired 1991
United Kingdom, Birmingham
Partex Marking Systems GmbH SEK 14 million 8 Martin Gudowius Founded 1993
Germany, Stuttgart
Partex Marking Systems Sp. zo. o SEK 23 million 14 Dariusz ´Cwik Founded 1999
Poland, Lubicz
Partex S.A. SEK 15 million 8 Laurent Poingt Acquired 1999
France, Marolles en Brie
Partex Marking Systems INC. SEK 4 million 3 Janet Torres* Founded 2001
USA, Elmhurst, Illinois
* Branch Manager
Subsidiary
Distributor
H
Export 66% Sweden 34%
*Internal sales included

subsidiaries
PARTEX S.A.
After relative stagnation in 2009 due to the general
recession, Partex France’s activity is progressing
again in 2010 with a turnover of €1538000, increased
by more then 30 per cent compared to 2009. This was
achieved thanks to a maximum quality of service and
the reinforcement of their sales and administration
teams.
In addition to the sales promotion in France,
Partex France is also in charge of distributing Partex
products in North Africa and the progression of
sales in these countries is very interesting.
Thanks to new products, such as the MK9
printer and the MK10/MK10-DH printer, we
expect further progression in 2011.
The year 2011 is marked by Partex
France to establish our products in
the railway industry and to provide an
alternative to the old players in this sector.
The reinforcement of the sales team is also
one of the company’s priorities. Finally the
French subsidiary expects much of the Research
and Development Department to provide customers
with products and services which are more useful
and innovative.
Partex Marking Systems INC.
2010 was a year of great challenges for Janet
Torres, Branch Manager at Partex USA. The company
struggled with the failing economy and recession in
the USA. In the end of 2010 the company hired a
new sales person, Gary Rushton, who hopefully will
contribute to rising sales over the next couple years.
With the strengthen sale force and indications
Partex Marking Systems Sp. zo. o
Partex Poland managed to rebuild their sales after
the drop of 2009 and had a very good year with both
profit and sales. They beat their former sales record
of 2008 and ended on an “all-time high” sales record.
Part of the success was the extension of their product
range. Partex Poland can now offer engraved plates
to their customers, a project that showed to be a
great success.
For 2011 the goal of Partex Poland is to continue
their growth, both abroad and on the domestic
market. To be able to do so, they plan to develop
their M2 production,
and also to expand
the premises if
necessary.
Partex Marking Systems GmbH
2010 was a really good year for Partex
GmbH. The German economy had a
great recuperation and the company
succeeded with taking its share of
the growing market, showing an
all-time high turnover.
All the company’s areas of
business showed higher numbers
than in 2009, but customized
marking and on-site market
systems are worth special mention.
Both had a growth of over 60 percent.
The export side of the business has had a
continuously great development over 2010,
with exports to Austria growing over 240 percent!
In 2010 Partex GmbH expects continued recovery
of the German economy, albeit slowly. Partex GmbH
also sees a trend of increased interest in customized
markings and will need to look at the opportunities to
expand their production.
In conclusion the MD of Partex GmbH, Martin
Gudowius, looks at 2011 with great confidence.
Partex Marking Systems (UK) Ltd.
Partex UK enjoyed a highly successful 2010 with
turnover over 50 million SEK and a record net profit
realized. This was achieved despite the economic
situation in the UK where the threat of a ‘double-
dip’ recession is still over the country. During the
year there was a global shortage of Polyamide 6.6.
This forced Cable Tie suppliers to increase their
prices several times during the year and there
was panic in the market place with companies
seeking to buy cable ties wherever they
could. Fortunately, by the end of the year
there were signs that the supply problem
was gradually being resolved.
2010 saw the completion of the
extension and renovation of the Partex UK
premises which now has more than 25,000
sq ft of warehouse and office space. This
also includes a new dedicated production area
for producing customized markers to meet the
evolving demands of the UK market.
The portents for 2011 are good although it
remains to be seen what effect the Public Sector cuts
planned by the new coalition government has on the
fragile recovery of the UK economy. Whatever may
come its way, the employees of Partex UK are ready
to meet the challenge head on to ensure that all of
their customers receive high quality products backed
up by first class service at a reasonable price.
that USA will start to
recover financially Janet
looks forward to 2011.
The company is already
booked for exhibit at 5 trade shows
next year, and the new salesman works hard with
visiting existing customers and prospecting new ones.

2010 2009 2008 2007 2006
Group
Net sales 154 556 128 377 139 718 127 981 109 925
Profit after financial items 22 017 9 635 25 871 22 499 10 626
Total assets 111 374 98 214 94 409 80 642 62 360
Operating margin 14,2% 7,5% 18,5% 17,6% 9,7%
Parent company
Net sales 68 370 57 728 62 404 55 007 48 296
Profit after financial items 9 595 1 994 8 034 10 561 3 732
Operating margin 14,0% 3,5% 12,9% 19,2% 7,7%
Total assets 65 398 57 500 58 878 56 173 49 649
Solidity (%) 72,4% 75,4% 77,3% 79,3% 80,5%
Return on equity (%) 21,2% 4,6% 17,7% 23,7% 9,3%

For definitions of key ratio, see Note 21

Proposed allocation of income:

Available for disposition by the Annual General Meeting:

Profit brought forward 29 915
Group contribution -800
Tax effect of Group contribution 210
Profit for the year 7 469

Total 36 794

The Board of Directors and the Managing Director
propose that the account be allocated as follows:

To be paid as dividend to the shareholders 9 000
To be carried forward 27 794

Total 36 794

Proposal for decision of dividend profit distribution
Proposed dividend reduces the company’s solidity to 68,0%. Given that the company’s business is continuously
carried out with profitability this solidity is satisfying. The liquidity is considered to be maintained at a similar
satisfactory level.
The Board believes that the proposed dividend will not prevent the company from fulfilling its obligations in the
short or long term, nor prevent the company from doing necessary investments. The proposed dividend can be
justified with reference to the what is stated in ABL; Chapter 17, Section 3, § 2-3. (precautionary principle).

five year summary parent company and group
(ksek)
The Board of Directors and the Managing Director of Partex Marking Systems Aktiebolag hereby
present the annual report for the financial year 2010-01-01 - 2010-12-31.
The annual report is in KSEK.
the business in general
Partex Marking Systems AB is the parent company of the wholly owned subsidiaries Partex AB,
Partex Marking Systems (UK) Ltd, Partex Marking Systems GmbH, Partex Marking Systems Inc.,
USA, Partex S.A., France and Partex Marking Systems Sp. Z o. o., Poland.
Partex Marking Systems AB is a wholly owned subsidiary to Partex Holding AB, 556645-2701,
domicile in Göteborg.
The main business of Partex Marking Systems AB consists of manufacturing and sales of marking
systems for wires, cables and components for electrical facilities and for hoses and pipes in pneumatic
and hydraulic facilities.
During 2010 there has been a recovery from the recession of 2009 and we now show the same sales
figures as 2008 and more. The margins are slightly lower which results in a profitability near the
profitability of 2008 for the concern. The focus of 2010 has been on growth. Our goals has been
exceeded because of a high customer prospecting in emerging markets and increased sales efforts in
mature markets. Partex market position is continuously strong, especially in Northern Europe where
we take advantage of the fact that we are one of the few companies on the market that completely
focus on marking systems and solutions.
Our product areas that show the highest growth are our customized multi-character markers (M2) and
our on-site marker production solutions (M3). Focused development of material and processes for
these areas is expected to lead to continuous high growth. Our single-character markers (M1) is stable
and keeps play an important role for the company’s product range.
Both the parent and the subsidiaries show great figures for 2010. The exception is Partex USA. Partex
USA has hired a new Sales Manager which has lead to an increments in sales in the first time of 2011.
An evaluation of the business in USA will be done in the first half of 2011.
The other companies has also started 2011 in a good way and the goals for groups sales and profitability
is expected to be achieved.
director’s report

Note 2010 2009

Operating income:
Net sales 154 556 128 377
Change in stock -1 248 433
Other operating income 5 121 3 082
Total operating income 158 429 131 892
Operating expense:
Raw material and necessaries -8 013 -7 483
Merchandise -40 578 -31 424
Other operating expense 3 -29 875 -26 347
Personnel 4,5 -54 811 -53 928
Depreciation 6,7,8,9,10 -2 206 -2 157
Total operating expense -135 483 -121 339
Operating profit 22 946 10 553

Results from financial investments:
Results from fixed assets 13 -1 138 -1 018
Interests receivable and similar income 605 479
Interests payable and similar charges -396 -379
Total results from financial investments -929 -918
Results before tax 22 017 9 635
Tax 17 -5 730 -2 998
Profit for the year 16 287 6 637
group income statement
(ksek)

group balance sheet
(ksek)
ASSETS Note 2010 2009
fixed assets 1
Intangible fixed asset
Computer program 6 241 179
Goodwill 7 0
Total intangible fixed asset 241 179
Tangible fixed assets
Buildings and land 8 10 011 9 586
Machinery 9 3 047 2 236
Equipment 10 3 475 3 433
Machinery under construction 11 1 539 1 387
Total financial assets 18 072 16 642
Financial assets
Other long-term securities holding 10 10
Other long-term receivables 727 802
Total financial assets 737 812

Total fixed assets 19 050 17 633
Current assets

Stock
Raw material 2 447 2 667
Work-in-progress 568 447
Finished goods and merchandise 23 803 21 549
Total stock 26 818 24 663
Current receivables
Accounts receivable 28 776 22 032
Other receivables 260 1 435
Deferred expenses and accrued income 1 211 1 924
Total current receivables 30 247 25 391
Cash and bank 35 259 30 527

Total current assets 92 324 80 581

TOTAL ASSETS 111 374 98 214
LIABILITIES AND SHAREHOLDERS’ EQUITY Note 2010 2009
EQUITY 15

Restricted equity
Share capital 1 500 1 500
Restricted reserves 9 076 8 935
Total restricted equity 10 576 10 435
Non-restricted equity
Profit brought forward 52 463 53 916
Total non-restricted equity 68 750 60 553
TOTAL EQUITY 79 326 70 988

Allocation
Pension provision 516 538
Deferred tax 17 2 871 3 149
Total allocation 3 387 3 687

Long-term liabilities
Bank advances 0 16
Other liabilities to credit institutions 10 0
Total long-term liabilities 10 16
Current liabilities
Advances from customers 819 0
Accounts payable 11 594 7 336
Liabilities Group Companies 2 170 4 370
Income tax liabilities 1 206 714
Other liabilities 4 565 4 250
Accrued expenses and deferred income 8 297 6 853
Total current liabilities 28 651 23 523

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 111 374 98 214

Pledged assets 19 9 840 9 840
Contingent liabilities 20 None None

group balance sheet
(ksek)
Cont.

parent company income statement
(ksek)
Note 2010 2009
Operating income:
Net sales 68 370 57 728
Change in stock -614 698
Other operating income 4 407 2 598
Total operating income 72 163 61 024

Operating expense:
Raw material and necessaries 2 -5 785 -6 093
Merchandise 2 -8 247 -6 829
Other operating expense 3 -15 785 -11 111
Personnel 4,5 -33 371 -31 975
Depreciation of tangible fixed assets 8,9,10 -1 000 -953
Total operating expense -64 188 -56 961

Operating profit 7 975 4 063

Results from financial investments:
Results from shares in Group Companies 12 2 479 -1 392
Results from fixed assets 13 -1 138 -1 018
Interests receivable and similar income 286 352
Interests payable and similar charges -7 -11
Total financial investments 1 620 -2 069

Results after financial items 9 595 1 994

Transfers to untaxed reserves:
Allocation to periodic reserve 16 -258 110
Difference between book depreciation and
depreciation according to plan 16 66 -34
Total transfers to untaxed reserves -192 76
Results before tax 9 403 2 070

Tax 17 -1 934 -861


parent company balance sheet
(ksek)
Note 2010 2009
Assets
Fixed assets 1

Tangible fixed assets
Buildings and land 8 2 285 2 414
Machinery 9 1 062 1 576
Equipment 10 1 618 1 326
Machinery under construction 11 1 454 1 289
Total tangible fixed assets 6 419 6 605

Financial assets
Shares in subsidiaries 14 10 142 10 142
Long-term receivables from Group Companies 5 048 6 669
Other long-term securities holding 10 10
Total financial assets 15 200 16 821

Total fixed assets 21 619 23 426

Current assets

Goods in stock
Raw material 2 447 2 667
Work-in-progress 568 447
Finished goods and merchandise 5 607 6 178
Total stock 8 622 9 292

Current receivables
Accounts receivable 9 430 7 187
Receivables from Group Companies 5 102 0
Tax receivables 0 445
Other receivables 87 202
Deferred expenses and accrued income 18 621 628
Total current receivables 15 240 8 462

Cash and bank 19 917 16 320

Total current assets 43 779 34 074

Total assets 65 398 57 500

Note 2010 2009
Liabilities and shareholders’ equity
Equity 15
Restricted equity
Share capital (15 000 shares) 1 500 1 500
Restricted reserves 300 300
Total restricted equity 1 800 1 800

Non-restricted equity
Profit brought forward 29 325 31 706
Total non-restricted equity 36 794 32 915

Total Equity 38 594 34 715

Untaxed reserves 16
Accelerated depreciation 874 940
Periodic reserve 11 034 10 776

Total untaxed reserves 11 908 11 716

Allocation
Pension provision 516 538
Total allocation 516 538

Long-term liabilities
Loan from Group Companies 99 100
Total long-term liabilities 99 100

Current liabilities
Advances from customers 819 0
Accounts payable 3 002 2 793
Payable to Parent Company 2 170 0
Payable to Group Companies 0 847
Income tax liabilities 50 0
Other liabilities 1 546 1 388
Accrued expenses and deferred income 18 6 694 5 403
Total current liabilities 14 281 10 431

Total liability and shareholders’ equity 65 398 57 500

Pledged assets 19 9 840 9 840
Contingent liabilities 20 2 102 2 725
Cont.
parent company balance sheet
(ksek)

cash flow statement
(ksek)
Group Parent Company
2010 2009 2010 2009
Current operation of business

Profit after financial items 22 017 9 635 9 595 1 994
Exchange rate difference in liquid assets -3 416 0 0 -86
Depreciation charged to this income 2 184 1 116 978 957
Tax paid -5 516 -2 951 -1 884 -2 501

Cash flow from current operation of business
before change in working capital 15 269 7 800 8 689 364
Cash flow from changes
in working capital

Increase (-) / Decrease (+) in stock -2 155 1 188 670 -375
Increase (-) / Decrease (+) in operating receivables -4 856 1 908 -6 778 1 596
Increase (+) / Decrease (-) in operating liabilities 4 636 -2 455 3 800 1 526

Cash flow for current operation of business 12 894 8 441 6 381 3 111
Investment activities

Investments in tangible fixed assets -4 664 -3 269 -954 -2 449
Investments in intangible fixed assets -125 0 0 0
Change in financial fixed assets 0 194 1 621 2 921
Sale of fixed assets 223 0 140 367

Cash flow from investing activities -4 566 -3 075 807 839

Financing activities
Repayment of borrowings -6 0 -1 0
Paid dividend -3 000 -3 000 -3 000 -3 000
Group contribution -590 -500 -590 -500

Cash flow from investing activities -3 596 -3 500 -3 591 -3 500

Cash flow for the year 4 732 1 866 3 597 450

Liquid funds at the beginning of the year 30 527 28 661 16 320 15 870

Liquid funds at end of year 35 259 30 527 19 917 16 320
Partex Marking Systems AB

Note 1 Accounting principle
Applied accounting principles are consistent with the Annual Accounts Act and statements and advices from the
Accounting Board with the exception of the K2 regulations.
Consolidated financial statement
The consolidated financial statement has been prepared according to recommendations from the Financial Ac-
counting Standards Council. This means that assets and liabilities for all subsidiaries are measured with the
so-called purchase method. The companies untaxed reserves have been divided between two parts equity and
deferred tax. Untaxed reserves have been transferred to restricted reserves and deferred tax to provision for
taxes.
Fixed assets
In the profit and loss statement depreciations according to plan is based on actual cost and calculated based on
the useful life of the assets.
Buildings 2 – 4 %
Land improvements acquired after 1/7 1990 5 %
Machinery 15 %
Equipment, tools and installations 15 %
Computers and systems 25 – 33 %
Vehicles 20 %
Property inventory 10 %
Goodwill 20 %
Valuation principles
Assets, allocation and liabilities have been valued to acquisition value unless other is stated below.
Stock
Raw material and merchandise is valued to the lower of acquisition value and actual value. Goods produced are
valued to costs of production incl. adequate share of indirect costs.
Receivables
Receivables are carried to the amounts expected to be received.
Monetary assets and liabilities in foreign currencies
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling
at the balance sheet date.
Revenue
Accounting of revenue for sales of goods is done with the guidance of BFNAR 2003:3 and is included as the
fair value received or to be received. Earnings from sales of goods is recognized when the following conditions
are met: the company has transferred the significant risk and reward of ownership to the buyer, the company
does not retain any involvement in the ongoing management that is usually associated with the ownership of
the goods and does not exercise any effective control over the goods sold, revenue can be reliably measured,
it is probable that the economic benefits that the company shall receive from the transaction will accrue to the
company and that the expenditure incurred or to be incurred as a result of the transaction can be measured
with reliability.
notes to the financial statements
(ksek)
Parent Company
Note 2 Purchases and sales within the Group 2010 2009
Sales of goods 19 266 15 358
Sales of services 0 0
Purchases of goods 986 1 030
Purchases of services 736 564

Note 3 Audit fees 2010 2009 2010 2009
BDO Göteborg KB
Audit assignment 447 541 168 200
Audit activities in addition to auditing 0 0 0 0
Tax consultation 0 0 0 0
Other assignments 66 64 34 30

Total 513 605 202 230

Note 4 Personnel 2010 2009 2010 2009
Average number of employees
Men 81 75 40 40
Women 45 41 26 25

Total 126 116 66 65

Sick leave parent company
Sick leave in per cent of regular working hours for each group

Sick leave for all employees 2,57% 1,8%
Part of total sick leave lasting 60 days or more 0% 0%
Men 2,95% 2,8%
Women 2,32% 1,1%
29 years and younger 6,37% 1,8%
30 - 49 years 1,86% 0,9%
50 years or older 2,23% 2,5%

Note 5 Wages and salaries 2010 2009 2010 2009
Salaries and benefits
Board of Directors and Managing Directors 4 919 7 693 1 833 2 133
Employees 35 244 31 034 20 635 19 861

Total wages and salaries 40 163 38 727 22 468 21 994
2010 2009 2010 2009
Pensions and social security costs
Board of Directors and Managing Directors 651 830 449 415
Employees 2 124 2 011 1 848 1 423
Other social costs 10 457 9 416 7 357 7 008

Total pensions and social security costs 13 232 12 257 9 654 8 846
Gender balance in the Board of Directors
Number of board members 9 7
Number of women 3 3
Number of executives including managing directors 8 7
Number of women 3 2

Note 6 Computer program 2010 2009 2010 2009
Opening acquisition value 383 295 0 0
Exchange rate differences -102 0 0
Additions in year 125 88 0 0

Closing acc acquisition 406 383 0 0
Opening amortization -198 -181 0 0
Exchange rate differences 82 0 0
Amortization in year -49 -17 0 0

Closing acc depreciation value -165 -198 0 0
Exchange rate differences 0 -6 0 0

Residual value 241 179 0 0
Note 7 Goodwill 2010 2009 2010 2009
Opening acquisition value 2 571 2 571 0 0

Closing acc acquisition value 2 571 2 571 0 0
Opening amortization -2 571 -2 528 0 0
Amortization in year 0 -43 0 0

Closing acc depreciation value -2 571 -2 571 0 0

Residual value 0 0 0 0

Note 8 Buildings and land 2010 2009 2010 2009
Opening acquisition value 15 529 14 461 5 786 5 666
Exchange rate differences -1 010 0 0 0
Additions in year 1 474 1 068 8 120

Closing acc acquisition 15 993 15 529 5 794 5 786
Opening amortization -5 650 -5 290 -3 372 -3 238
Exchange rate differences 70 0 0 0
Amortization in year -402 -360 -137 -134

Closing acc depreciation value -5 982 -5 650 -3 509 -3 372
Exchange rate differences 0 -293 0 0

Residual value 10 011 9 586 2 285 2 414

Book-value buildings 8 822 8 283 1 758 1 877
Book-value land improvements 318 336 319 336
Book-value land 871 967 208 201

10 011 9 586 2 285 2 414
Assess value buildings, parent company 5 383 3 983 5 383 3 983
Assess value land, parent company 931 794 931 794

(ksek)

Note 9 Machines 2010 2009 2010 2009
Exchange rate differences -800 0 0 0
Disposals in year 0 -2 0 0
Additions in year 1 702 289 0 165

Disposals in year 0 2 0 0


Residual value 3 047 2 236 1 062 1 576

Note 10 Inventories, tools and installations 2010 2009 2010 2009
Disposals in year -440 -550 -216 -502
Additions in year 1 323 1 824 781 1 024

Disposals in year 292 230 76 182


Residual value 3 475 3 433 1 618 1 326

Note 11 Construction in progress and advances
for tangible assets 2010 2009 2010 2009
Opening acquisition value 1 387 149 1 289 149
Additions in year 165 1 238 165 1 140

Closing balance 1 539 1 387 1 454 1 289

Parent Company
Note 12 Profit from shares in Group Companies 2010 2009
Dividend Daughter Companies 2 026 1 108
Long-term receivables impairment charge from Partex Marking Systems Inc 0 -1 937
Short-term receivables impairment charge from Partex Marking Systems Inc 0 -563
Reversal of long-term impairment charge from Partex Marking Systems Inc 453 0

Total 2 479 -1 392

Note 13 Results from other investments held as Group Parent Company
fixed assets 2010 2009 2010 2009
Exchange rate differences -1 138 -1 018 -1 138 -1 018

Total -1 138 -1 018 -1 138 -1 018
(ksek)


Note 14 Shares in Group Companies 2010 2009
Opening acquisition value 10 142 10 142

Closing book-value 10 142 10 142

Company, org no, domicile Number Book-value Book-value
2010 2009
Partex AB
556348-9623, Gullspång, Sweden 1 100 100

Partex Marking Systems (UK) Ltd
850894, Coleshill, England 25 4 964 4 964
Partex Marking Systems GmbH
3348, Wendlingen, Germany 50 181 181
Partex Marking Systems Inc
5958-361-1, Chicago, USA 0 0 0

Partex S.A.
B 775 678 998, Paris, France 3 4 594 4 594
Partex Marking Systems Sp. zo. o
6598/1999, Torun, Poland 30 303 303

10 142 10 142

Equity and results Group Companies Equity Result
Partex AB 100 0
Partex Marking Systems (UK) Ltd 20 236 4 576
Partex Marking Systems GmbH 4 883 1 158
Partex Marking Systems Inc -10 146 -1 543
Partex S.A. 7 237 775
Partex Marking Systems Sp. zo. o 17 728 4 800

40 038 9 766

Note 15 Changes in equity Share Restricted Total non-
Changes in equity in the Group capital reserves restricted equity
Opening balance 1 500 8 935 60 553
Changed capital part of untaxed reserves 141 -141
Dividend -3 000
Tax effect Group contribution 210
Exchange rate differences -4 359

Closing balance 1 500 9 076 68 750

Share Restricted Total non-
Changes in equity Parent Company capital reserves restricted equity
Opening balance 1 500 300 32 915
Tax effect Group contribution 210
Dividend -3 000

Closing balance 1 500 300 36 794

Parent Company
Note 16 Untaxed reserves 2010 2009
Periodic reserves:
Allocated for tax 2005 0 1 925
Allocated for tax 2006 1 344 1 344
Allocated for tax 2007 727 727
Allocated for tax 2011 2 183 0
Acc depreciation 874 940

Total 11 908 11 716
(ksek)

Note 17 Tax on profit 2010 2009 2010 2009
Tax -5 940 -2 950 -1 934 -861
Change in deferred tax for the year 210 -48 0 0
Deferred tax in untaxed reserves 0 0 -3 132 -3 081

Parent Company
Note 18 Accruals 2010 2009
Prepaid costs and accrued income
Prepaid leasing costs 30 54
Prepaid insurances 175 173
Prepaid rents 65 45
Prepaid costs 289 287
Accrued income 62 69

Total 621 628
Accrued costs and deferred income
Accrued salary and semester wages 980 738
Accrued semester wages 2 744 2 670
Other accrued costs 2 969 1 995

Total 6 693 5 403

Note 19 Pledged assets 2010 2009 2010 2009
Property mortgages 2 100 2 100 2 100 2 100
Floating charge 7 740 7 740 7 740 7 740

Total pledged assets 9 840 9 840 9 840 9 840
Not e 20 Contingent liability 2010 2009 2010 2009
Group Company, Germany 0 0 2 102 2 725

Total contingent liability 0 0 2 102 2 725

Note 21 Definition of key figures
Solidity
Adjusted equity in per cent of total assets.
Return on equity
Profit after financial item in per cent of adjusted equity.
Gullspång, June 10 2011

Martin Lundstedt Bengt-Göran Bengtner
Chairman of the Board of Directors Managing Director

TorBjörn Lööf Sophie Lööf-Mårtensson Leif Reinhold

Owe Marstorp Carina Dickens Nilsson

Patrick Wirtanen Els-Marie Ärnström-Jansson
Employee representative Employee representative
Audit report has been submitted on June 10, 2011

Hans Hallberg
Authorized Public Accountant

(ksek)

To the annual meeting of the shareholders of Partex Marking Systems AB
Corporate identity number 556074-3261
I have audited the annual accounts, the consolidated accounts, the accounting records and the
administration of the board of directors and the managing director of Partex Marking Systems AB
for the year 2010-01-01 -- 2010-12-31. These accounts and the administration of the company
and the application of the Annual Accounts Act when preparing the annual accounts and the
consolidated accounts are the responsibility of the board of directors and the managing director. My
responsibility is to express an opinion on the annual accounts, the consolidated accounts and the
administration based of my audit.
I conducted my audit in accordance with generally accepted auditing standards in Sweden. Those
standards require that I 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 and significant estimates made by the board
of directors and the managing director when preparing the annual accounts and consolidated
accounts as well as evaluating the overall presentation of information in the annual accounts and
the consolidated accounts. As a basis for my opinion concerning discharge from liability, I examined
significant 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. I 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. I believe that my audit
provides a reasonable basis for my opinion set out below.
The annual accounts and the consolidated accounts have been prepared in accordance with the Annual
Accounts Act and give a true and fair view of the company’s and the group’s financial position and
results of operations in accordance with generally accepted accounting principles in Sweden. The
statutory administration report is consistent with the other parts of the annual accounts and the
consolidated accounts.
I recommend to the annual meeting of shareholders that the income statement and balance sheets of
the parent company and the group be adopted, that the profit of the parent company be dealt with in
accordance with the proposal in the statutory administration report and that the members of the board of
directors and the managing director be discharged from liability for the financial year.
Göteborg, 10 06 2011
Hans G Hallberg
Authorized Public Accountant
audit report

Managing Director
Acting Managing Director of Partex is
Bengt-Göran Bengtner. Bengt-Göran has long
experience from leading positions from e.g. Telia
and Ericsson, and is currently managing his own
consultant business specialized in leadership- and
business development. We welcome Bengt-Göran
to our organization.
Board of Directors
The Board of Directors contain the following
eight board members;
As of 1st of January 2011 Martin Lundstedt is
the Chairman of the Board of Directors at Partex
Marking Systems AB. Martin Lundstedt has
over 15 years of experience from international
business and is Executive Vice President and
managing Franchise and Factory Sales at Scania.
TorBjörn Lööf is son to the founders, Tore and
Ingegerd Lööf. TorBjörn Lööf has previously
been both Managing Director and Chairman of
the Board of Directors at Partex.
Carina Dickens Nilsson has for the last 18 years
worked with recruitment, development and
conversions. Her role as a Company Manager has
also allowed her to work with sales, marketing,
economics and analytical reporting.
Sophie Lööf-Mårtensson is Vice President and
Marketing & PR manager. She represents the
third generation of the Lööf family. Prior to
joining Partex Sophie Lööf-Mårtensson worked
at Metsä Tissue AB in Mariestad as the PR
Manager for Lambi.
Owe Marstorp is a graduate in Business
Administration and a qualified development
consultant. He has wide professional experience
in both manufacturing, service and trading
business where he, for almost 20 years, worked
with strategic development processes.
Leif Reinhold has been an Authorized Public
Accountant and partner of BDO. He has also
been Managing Director and Chairman of
the Board at BDO Göteborg and member of
the Board at BDO Sweden. Leif was Partex’s
accountant since the 1980s and became, after he
renounced his authorization in 2007, a member
of the board.
Patrick Wirtanen has been at Partex since 1996,
and has worked at the sales department since
1999. In the Board Patrick Wirtanen is the regular
representative of the official union; Unionen.
Els-Marie Ärnström-Jansson has been
working at Partex since 2002. She works at
the company’s stock department and her duties
include forwarding, stock work and purchases of
products. Els-Marie is the regular representative
for the union; IF Metall.
Owners
TorBjörn Lööf owns the Partex Group together
with his daughter Sophie Lööf-Mårtensson.
managing director, board of directors
and owners
Chairman of the Board
Martin Lundstedt
Member of the Board
TorBjörn Lööf
Member of the Board
Leif Reinhold
Board representative for IF Metall
Els-Marie Ärnström-Jansson
Board representative for Unionen
Patrick Wirtanen
Member of the Board
Carina Dickens Nilsson
Member of the Board
Owe Marstorp
Member of the Board
Sophie Lööf-Mårtensson

partex marking systems ab
visiting address: tore lööfs gata 2, gullspång
postal address: se-547 22 gullspång
phone +46 (0) 551 280 00, fax +46 (0) 551 280 99
sales@partex.se, www.partex.nu
WWW.PARTEX.NU

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