CONSUMER GOODS - RETAILING market in Sweden and USA

customer service, canal, cd-r, cd-rom, dvd-rom, ip telephony, offset, store, venture capital, vpc, warrant, asset management, automobile, books, broadband, call centers, clothing, e-commerce, e-commerce, electronics, floor laying, franchise, laminate flooring, mobile phone, mobile phones, mortgage, online retail, outsourcing, packaging, packaging, pcs, pensions, phone accessories, savings, servers, software, softwares, spread, surveillance, tea, telephony, trading, venture capital, vodka, vodka, wholesale,

ab novestra årsredovisning 2003 annual report årsr edovisning repor t designdolhem design stockholm sweden photomats burman ateljé uggla porträttgalleri cover300g ikono gloss insert150g agrippina offset printekotryck form dolhem foto mats omslag 300g inlaga 150g of fset tr yck ekotryck page 3 contents 4 this is 5 the year in summary 6 chairman s comments 8 managing director 10 shares 14 five financial 16 future opportunities 17 historical background 18 board directors 20 senior management and employees 22 holdings 39 45 statements 51 notes 69 audit 70 definitions 71 shareholder information 72 addresses has been prepared swedish translated into english event any discrepancies between translation former shall have precedence