Exhibit 15.2

Report of Independent Auditors

To the Shareholders of Sony Ericsson Mobile Communications AB

We have audited the accompanying consolidated balance sheets of Sony Ericsson Mobile Communications AB and its subsidiaries as of December 31, 2007 and December 31, 2006
and the related consolidated statements of income and of cash flows for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Companys management. Our responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in
the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluation the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present
fairly, in all material respects, the financial position of Sony Ericsson Mobile Communications AB and its subsidiaries at December 31, 2007 and December 31, 2006 and the results of its operations and its cash flows for each of the three years in
the period ended December 31, 2007 in conformity with accounting principles generally accepted in Sweden.

Accounting principles generally accepted in
Sweden vary in certain significant respects from accounting principles generally accepted in the United States of America. Information relating to the nature and effect of such differences is presented in Note C29 to the consolidated financial
statements.

/s/ PricewaterhouseCoopers AB

Stockholm, June
19, 2008



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20-F 2007

Sony Ericsson
Mobile Communications Group

20-F
2007



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Table of content



|                                               |  |  
|---------------------------------------------- |  | -
|Consolidated Income Statement                  |  | 2
|Consolidated Balance sheet                     |  | 3
|Consolidated Cash Flow                         |  | 4
|Notes to the Consolidated Financial Statements |  | 5



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Consolidated Income Statement



|                                         |  |                   |  |            |  |            |  |           
|---------------------------------------- |  | ----------------- |  | ---------- |  | ---------- |  | ----------
|January 1 - December 31, TEUR            |  | Notes             |  | 2007       |  | 2006       |  | 2005      
|Net sales                                |  | C2                |  | 12 915 573 |  | 10 959 233 |  | 7 268 149 
|                                         |  |                   |  |           
|Cost of sales                            |  |                   |  | -8 957 500 |  | -7 775 448 |  | -5 259 893
|                                         |  |                   |  |           
|GROSS PROFIT                             |  |                   |  | 3 958 073  |  | 3 183 785  |  | 2 008 256 
|                                         |  |                   |  |           
|Selling expenses                         |  |                   |  | -914 257   |  | -861 482   |  | -654 588  
|General and Administration expenses      |  | C25               |  | -345 300   |  | -224 648   |  | -147 049  
|Research and Development expenses        |  |                   |  | -1 172 566 |  | -905 811   |  | -740 000  
|Other operating revenues                 |  | C3                |  | 33 655     |  | 72 126     |  | 39 759    
|Other operating expenses                 |  | C3                |  | -631       |  | -7 436     |  | -5 463    
|Share in earnings of joint venture       |  |                   |  | -15 398    |  |           |  |          
|                                         |  |                   |  |           
|OPERATING INCOME                         |  | C6,C7,C16,C23,C24 |  | 1 543 576  |  | 1 256 534  |  | 500 915   
|                                         |  |                   |  |           
|Interest income and similar profit items |  | C4                |  | 62 210     |  | 42 288     |  | 17 964    
|Interest expense and similar loss items  |  | C4                |  | -31 861    |  | -1 118     |  | -6 840    
|                                         |  |                   |  |           
|NET INCOME BEFORE TAXES                  |  |                   |  | 1 573 925  |  | 1 297 704  |  | 512 039   
|                                         |  |                   |  |           
|Income taxes for the year                |  | C5                |  | -423 483   |  | -267 056   |  | -134 587  
|                                         |  |                   |  |           
|Minority interest                        |  |                   |  | -36 250    |  | -33 329    |  | -27 110   
|                                         |  |                   |  |           
|NET INCOME                               |  |                   |  | 1 114 192  |  | 997 319    |  | 350 342   



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Consolidated Balance Sheet



|                                           |  |       |  |           |  |          
|------------------------------------------ |  | ----- |  | --------- |  | ---------
|December 31, TEUR                          |  | Notes |  | 2007      |  | 2006     
|ASSETS                                     |  |       |  |           |  |          
|                                           |  |       | 
|Fixed assets                               |  |       |  |           |  |          
|                                           |  |       | 
|Intangible assets                          |  | C6    |  | 46 651    |  | 47 235   
|Tangible assets                            |  | C7    |  | 169 336   |  | 126 252  
|                                           |  |       | 
|Financial assets                           |  |       |  |           |  |          
|Equity in joint venture                    |  | C8    |  | 13 221    |  |         
|Securities held as fixed assets            |  | C8    |  | 91 912    |  | 91 942   
|Other non current assets                   |  | C9    |  | 250 206   |  | 203 248  
|                                           |  |       |  |           |  |          
|Total fixed and financial assets           |  |       |  | 571 826   |  | 468 677  
|                                           |  |       | 
|Current assets                             |  |       |  |           |  |          
|Inventories                                |  | C10   |  | 437 477   |  | 437 462  
|Accounts receivable                        |  | C11   |  | 1 870 213 |  | 1 652 754
|Other assets                               |  | C12   |  | 344 887   |  | 309 766  
|Other short-term cash investments          |  | C13   |  | 1 431 129 |  | 1 580 077
|Cash and bank                              |  |       |  | 724 108   |  | 692 622  
|                                           |  |       |  |           |  |          
|Total current assets                       |  |       |  | 4 807 814 |  | 4 672 681
|                                           |  |       |  |           |  |          
|Total assets                               |  |       |  | 5 379 640 |  | 5 141 358
|                                           |  |       |  |           |  |          
|SHAREHOLDERS EQUITY AND LIABILITIES       |  |       |  |           |  |          
|Shareholders equity                       |  | C14   |  |           |  |          
|Share capital                              |  |       |  | 100 000   |  | 100 000  
|Restricted reserves                        |  |       |  | 424 163   |  | 722 889  
|Non-restricted reserves                    |  |       |  | 387 600   |  | -39 599  
|Net income for the year                    |  |       |  | 1 114 194 |  | 997 319  
|                                           |  |       |  |           |  |          
|Total equity                               |  |       |  | 2 025 957 |  | 1 780 609
|                                           |  |       | 
|Minority interest                          |  |       |  | 64 006    |  | 45 148   
|                                           |  |       | 
|Provisions                                 |  | C15   |  | 437 144   |  | 421 226  
|                                           |  |       | 
|LIABILITIES                                |  |       |  |           |  |          
|Long-term liabilities                      |  |       |  |           |  |          
|Post-employment benefits                   |  | C16   |  | 24 166    |  | 19 409   
|Other long-term liabilities                |  | C17   |  | 1 603     |  | 677      
|                                           |  |       |  |           |  |          
|Total long-term liabilities                |  |       |  | 25 769    |  | 20 086   
|                                           |  |       | 
|Current liabilities                        |  |       |  |           |  |          
|Liabilities to financial institutions      |  |       |  |          |  | 511      
|Advances from customers                    |  |       |  | 440       |  | 2 919    
|Accounts payable                           |  |       |  | 1 263 111 |  | 1 276 478
|Income tax liabilities                     |  |       |  | 97 455    |  | 427 975  
|Other current liabilities                  |  | C18   |  | 1 465 758 |  | 1 166 406
|                                           |  |       |  |           |  |          
|Total current liabilities                  |  |       |  | 2 826 764 |  | 2 874 289
|                                           |  |       |  |           |  |          
|Total shareholders equity and liabilities |  |       |  | 5 379 640 |  | 5 141 358
|                                           |  |       |  |           |  |          
|Assets pledged as collateral               |  | C19   |  | 31        |  | 3 973    
|Contingent liabilities                     |  | C20   |  | 2 640     |  | 1 433    



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Consolidated Cash Flow



|                                              |  |       |  |           |  |           |  |          
|--------------------------------------------- |  | ----- |  | --------- |  | --------- |  | ---------
|January 1 - December 31, TEUR                 |  | Notes |  | 2007      |  | 2006      |  | 2005     
|OPERATIONS                                    |  |       |  |           |  |           |  |          
|Operating income                              |  |       |  | 1,543,576 |  | 1,256,534 |  | 500,915  
|Depreciation and amortization                 |  |       |  | 113,881   |  | 85,029    |  | 70,884   
|Other non cash items                          |  | C21   |  | 47,788    |  | 112,688   |  | 34,186   
|                                              |  |       |  |           |  |           |  |          
|                                              |  |       |  | 1,705,245 |  | 1,454,251 |  | 605,985  
|Interest, obtained                            |  |       |  | 62,210    |  | 42,288    |  | 17,964   
|Interest paid                                 |  |       |  | -31,861   |  | -38,386   |  | -6,840   
|Income taxes, paid                            |  |       |  | -792,584  |  | -34,357   |  | -52,839  
|                                              |  |       |  |           |  |           |  |          
|                                              |  |       |  | 943,010   |  | 1,423,796 |  | 564,270  
|Change in inventories                         |  |       |  | -15       |  | -117,207  |  | -122,435 
|Change in accounts receivables                |  |       |  | -217,459  |  | -764,993  |  | 39,787   
|Change in other receivables                   |  |       |  | -54,687   |  | -180,662  |  | 7,423    
|Change in accounts payable                    |  |       |  | -13,370   |  | 468,955   |  | 109,753  
|Change in other liabilities                   |  |       |  | 296,873   |  | 352,115   |  | 131,655  
|                                              |  |       |  |           |  |           |  |          
|Cash flow from operating activities           |  |       |  | 954,352   |  | 1,182,004 |  | 730,453  
|                                              |  |       |  |           |  |           |  |          
|INVESTMENTS                                   |  |       |  |           |  |           |  |          
|Investments in intangible assets              |  |       |  | -20,658   |  | -29,311   |  | -25,792  
|Sales of intangible assets                    |  |       |  | 982       |  | 161       |  | 869      
|Investments in tangible assets                |  |       |  | -144,386  |  | -96,105   |  | -70,712  
|Sales of tangible assets                      |  |       |  | 3,869     |  | 19,198    |  | 6,281    
|Investment in subsidiary                      |  |       |  |          |  | -15,501   |  |         
|Net investments in joint venture              |  |       |  | -28,758   |  |          |  |         
|Investments / Sales of other financial assets |  |       |  |          |  | -12,462   |  | -5,715   
|Sales/Amortization of other financial assets  |  |       |  |          |  | 177       |  |         
|                                              |  |       |  |           |  |           |  |          
|Cash flow from investing activities           |  |       |  | -188,951  |  | -133,843  |  | -95,069  
|                                              |  |       |  |           |  |           |  |          
|FINANCING                                     |  |       |  |           |  |           |  |          
|Borrowing                                     |  |       |  |          |  | 245       |  | 183      
|Repayment of debt                             |  |       |  | -511      |  | -576      |  | -1,294   
|Change in current financial liabilities       |  |       |  |          |  |          |  | -19,096  
|Dividend to minority                          |  |       |  | -14,949   |  | -30,427   |  | -19,219  
|Dividend paid                                 |  |       |  | -848,000  |  | -247,000  |  |         
|                                              |  |       |  |           |  |           |  |          
|Cash flow from financing activities           |  |       |  | -863,460  |  | -277,758  |  | -39,426  
|                                              |  |       |  |           |  |           |  |          
|Net change in cash                            |  |       |  | -98,059   |  | 770,403   |  | 595,958  
|Cash, beginning of period                     |  |       |  | 2,272,699 |  | 1,537,276 |  | 915,931  
|Translation difference in Cash                |  |       |  | -19,403   |  | -34,980   |  | 25,387   
|                                              |  |       |  |           |  |           |  |          
|Cash, end of period                           |  |       |  | 2,155,237 |  | 2,272,699 |  | 1,537,276
|                                              |  |       |  |           |  |           |  |          



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20074



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Notes to the Consolidated Financial
Statements

Content



|                                                                                         |  |   
|---------------------------------------------------------------------------------------- |  | --
|C1. Accounting Principles                                                                |  | 6 
|C2. Net sales by market area                                                             |  | 10
|C3. Other operating revenues and other operating expenses                                |  | 10
|C4. Interest income and similar profit items and interest expense and similar loss items |  | 10
|C5. Taxes                                                                                |  | 10
|C6. Intangible assets                                                                    |  | 11
|C7. Tangible assets                                                                      |  | 12
|C8. Other securities held as fixed assets                                                |  | 13
|C9. Other non current assets                                                             |  | 14
|C10. Inventory                                                                           |  | 14
|C11. Accounts receivables                                                                |  | 14
|C12. Other current assets                                                                |  | 14
|C13. Short term cash investments                                                         |  | 15
|C14. Shareholders equity                                                                |  | 15
|C15. Provisions                                                                          |  | 15
|C16. Post-employment benefits                                                            |  | 16
|C17. Long-term liabilities                                                               |  | 16
|C18. Other current liabilities                                                           |  | 17
|C19. Assets pledged as collateral                                                        |  | 17
|C20. Contingent liabilities                                                              |  | 17
|C21. Cash flow analysis                                                                  |  | 17
|C22. Translation to SEK                                                                  |  | 17
|C23. Leasing                                                                             |  | 18
|C24. Wages, salaries and social security expenses                                        |  | 18
|C25. Fees to auditors                                                                    |  | 19
|C26. Financial risks                                                                     |  | 20
|C27. Transactions with joint venture                                                     |  | 20
|C28. Group companies                                                                     |  | 21
|C29. Reconciliation to accounting principles generally accepted in the United States     |  | 21



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20075



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C1. Accounting Principles

The consolidated financial statements of Sony Ericsson Mobile Communications AB and its subsidiaries are prepared in accordance with accounting
principles generally accepted in Sweden, applying the Swedish Annual Accounts Act (ÅRL), the Swedish Accounting Standards Boards recommendations (Bokföringsnämnden, BFN) and the Recommendation of the Swedish Financial
Accounting Standards Council, (RR 29), Remunerations to employees.

Principle of Consolidation

The consolidated financial statements include the accounts of the Parent Company and all subsidiaries in which the company has a voting majority. The inter company
transactions and internal profit have been eliminated. The consolidated financial statements have been prepared in accordance with the purchase method, whereby consolidated stockholders equity includes equity earned only after acquisition.
Minority interest in net earnings is reported in the consolidated income statement. Minority interest in the equity of subsidiaries is reported as a separate item in the consolidated balance sheet.

Translation of financial statements in foreign currency

Sony
Ericssons results are presented in EUR which is the reporting currency and the functional currency of the parent company. The group has sales and cost of sales in a large number of currencies. For all companies, including subsidiary companies,
the functional (business) currency is the currency in which the companies primarily generate and expend cash. Their financial statements plus goodwill related to such companies are translated to EUR by translating assets and liabilities at the
closing rate on the balance sheet day and income statement items at average exchange rates during the year, with translation adjustments reported directly in consolidated equity.

Revenue recognition

Sales revenue is recorded upon the delivery of products according to contractual terms and
represents amounts realized, excluding value-added tax, and is net of goods returned, trade discounts and allowances. Sales revenue is recognized with reference to all significant contractual terms when the product has been delivered, when the
revenue amount is fixed or determinable and when collection is reasonably assured.

Accruals for sales bonuses and similar items such as quarterly and
yearly bonuses, quality bonus, co-op, advertising and stock protection are shown as deductions from gross sales to arrive at net sales.

For product and
equipment sales, delivery generally does not occur until the products or equipment have been shipped, risk of loss has transferred to the customer, and objective evidence exists that customer acceptance provisions, if any, have been met. The Company
records revenue when allowances for discounts, price protection, returns and customer incentives can be reliably estimated. Recorded revenues are reduced by these allowances. The Company bases its estimates on historical experience taking into
consideration the type of products sold, the type of customer, and the type of transaction specific in each arrangement.

Costs related to shipping and
handlings are included in cost of sales in the Consolidated Income Statement.

Research and development costs

Research and development costs are charged to expenses as incurred. Expenses related to the third party (including joint venture) development of new platforms for mobile
phones are capitalized as other non-current asset and are amortized when the platforms are put into commercial use. Such costs are capitalized as intangible assets when technological feasibility has been established and when future economic benefits
can be demonstrated.

Hedge accounting

The Group
applies hedge accounting for financial instruments intended to hedge foreign currency exposures having a future impact on results.

At the point in time at
which the contract is established, the relationship between the hedging instrument and the hedged item is documented, as well as the purpose of this risk management and the strategy for taking various hedging measures. The company also documents its
assessment, both when the contract is entered into and on an ongoing basis, as to whether the derivative used in the hedging transaction is effective in counteracting changes in fair value or income statement effects, in terms of the hedged items in
question.

The hedging is designed in such a manner as to ensure, to the greatest degree possible, its effectiveness. The changes in fair value for those



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derivative instruments which do not meet the conditions for hedge accounting are reported directly in the income statement.

Future foreign currency exposures are hedged primarily by forward cover agreements but also via currency options. The effective portion of changes in the fair value of
hedging instruments is recognized in equity. Any gain or loss relating to the ineffective portion is recognized in the income statement. Amounts accumulated in equity are recycled in the income statement in the periods in which the hedged item
affects profit or loss, for example, when the forecasted sale which is hedged takes place.

Intangible and tangible fixed assets

Intangible and tangible fixed assets are stated at cost less accumulated depreciation and impairment losses as well as write-ups. Annual depreciation is reported as plan
depreciation, generally using the straight line method with estimated useful lives ranging from 3 years up to 10 years for machineries and equipments. Intangible assets are amortized over a period ranging from 3 years up to 5 years or based on the
contracts economic reality. Land improvements are amortized in 20 years. The costs of computer software developed or obtained for internal use are capitalized as intangible assets when technological feasibility has been established and when
future economic benefits can be demonstrated.

Tooling

Tooling owned by Sony Ericsson but used in its manufacturing partners operations is capitalized and amortized over useful life.

Financial
assets

Financial assets that are intended for long-term holding are accounted at acquisition value and impairment is made if a permanent decrease in
the value can be stated. These assets include strategic long-term investments in private companies over which Sony Ericsson does not have the ability to exercise significant influence.

Joint venture

Investments in the joint venture, where Sony Ericsson has significant influence, are recognized in the
consolidated financial statements in accordance with equity method. Sony Ericssons share of income before taxes is reported in item Share in earnings of joint venture included in Operating income. Taxes are included in item
Income taxes for the year.

Impairment test of assets

Impairment tests are performed on a regular basis or whenever there is an indication of possible impairment. An impairment loss is determined based on the amount by which the carrying value exceeds the fair value of
those assets.

Leases

Leases on terms in which Sony
Ericsson assumes substantially all the risks and rewards of ownership are classified as finance leases, i.e. the leased object is recognized as a non-current asset and the future obligations for lease payments are recognized as current and
non-current liabilities in the Balance Sheet. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset
is accounted for in accordance with the accounting policy applicable to that asset, although the depreciation period would not exceed the lease term.

Other leases are operating leases, and the leased assets under such contracts are not recognized in the balance sheet. Costs under operating leases are recognized in the Income Statement on a straight-line base over the term of the lease.
Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Sony Ericsson has not identified any financial leases for the reported periods.

Income tax

Reported income tax includes tax, which is to be paid or
received, regarding the current year, adjustments concerning the previous years current taxes and changes in deferred taxes.

All income tax
liabilities and receivables are valued at their nominal amount according to the tax regulations and are measured at the tax rate that is expected to be applied to the temporary differences when they reverse, based on the tax laws that have been
enacted or substantively enacted by the reporting date. An adjustment of deferred tax asset/liability balances due to a change in the tax rate is recognized in the income statement unless it relates to a temporary difference earlier recognized
directly in equity, in which case the adjustment is also recognized in equity.



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In the case of items reported in the
income statement, the related tax effects are also reported in the income statement. The tax effects of items that are accounted for directly against equity are also reported directly against equity.

Deferred tax is calculated according to the balance sheet method on all temporary differences arising between the reported value and the tax value of the assets and
liabilities.

Receivables

Receivables with maturities
greater than 12 months after balance sheet date are reported as fixed assets, and other receivables as current assets. Receivables are reported in the amounts at which they are expected to be received, on the basis of individual assessment.

Accounts Receivables

Accounts receivables are
reported as current assets in the amounts at which they are expected to be received net of individual bad debt assessment.

Inventories

Inventories, which include the cost of materials, labor and overhead, are measured at the lower of cost or net realizable value on a first-in, first-out (FIFO) basis.
Risk of obsolescence has been measured by estimating market value based on future customer demand and customer acceptance of new products.

Borrowings

Borrowings are reported initially at fair value, net of transaction costs incurred. If the reported amount differs from the amount to be repaid at
maturity date, then the difference is allocated as interest expense or interest income over the tenure of the loan. In this manner, the initial amount reported agrees, at maturity date, with the amount to be repaid.

Financial liabilities first cease to be reported when they have been settled on the basis of repayment or when repayment has been waived.

All transactions are reported on settlement date.

Provisions

Provisions are made when there are legal or constructive obligations as a result of past events and when it is probable that an outflow of resources
will be required to settle the obligations and the amounts can be reliably estimated. However, the actual outflow as a result of the obligation may differ from such estimate. Warranty provisions include provisions for faulty products based on
estimated return rates and costs. The best estimate is based on sales, contractual warranty periods and historical failure data of products sold.

Post-employment benefits

The Group has both defined benefit and defined contribution plans.

A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to
pay further contributions. The contributions are recognized as employee benefit expenses when they are due.

A defined benefit plan is a pension plan that
defines an amount of pension benefit that an employee or former employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The Group is responsible for the fulfillment of the pension
obligation.

The schemes are both funded and unfunded.

The
liability or receivable recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets, unrecognized actuarial gains and
losses and unrecognized past service cost.

Independent actuaries using the Projected Unit Credit Method calculate the defined benefit obligations and
expenses annually. This method indicates that past-service costs are amortized on a straight-line basis over the vesting period. The present value of the defined benefit obligation is determined by discontinuing the estimated future cash outflows
using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses, arising from experience adjustments and changes in actuarial assumptions, to the extent theses exceed 10% of the pension obligations
present value or the fair value of plan assets are charged or credited to income over the employees expected average remaining working lives. The used principle for defined benefit plans is only effective in the consolidated financial
statements.



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Part of the pension plans in Sweden is
secured through an insurance solution with the insurance company Alecta. According to a statement issued by the Emerging Issues Task Force of the Swedish Financial Accounting Standards Council (URA 42), this constitutes a multi-employer plan. It has
not been possible, however, for Sony Ericsson to get sufficient information to account for the plan as a defined benefit plan. The plan has therefore been accounted for as a defined contribution plan.

Contingent liabilities

The Group records a Contingent liability when
there is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent liabilities are
also reported when there is a present obligation that arises from past events but is not recognized, because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation, or the amount of the
obligation cannot be measured with sufficient reliability.

Statement of Cash Flow

Foreign subsidiaries transactions are translated at the average exchange rate during the period. Subsidiaries purchased and/or sold, net of cash acquired/sold, are reported as cash flow from investment
activities and do not affect reported cash flow from operations. Cash and cash equivalents consist of cash and bank and short term cash investments. The statement of Cash Flow for 2005, 2006 and 2007 complies with International Accounting Standards
(IAS) No. 7.

Related party transactions

Transactions and balances related to Sony and Ericsson are classified as external items.

Dividend

Each year the Board of Directors assesses the companys and the groups results and financial position in order to determine the appropriate disposition of
earnings. This disposition, including any payment of dividends, is based on a number of factors including: the latest profit and loss account, the companys equity, the companys and the groups cash flows, the equity ratio and
liquidity of the company and the group after the proposed dividend in relation to the industry standards in which the company and the group conducts its business, and both the companys and the groups ability to fulfill both their short
and long-term obligations. As a result of this assessment a dividend of Euro 548 million and a capital redemption of Euro 300 million were paid in 2007 and in March, 2008 a dividend of Euro 470 million was paid.



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C2. Net sales by market area



|                             |  |            |  |            |  |          
|---------------------------- |  | ---------- |  | ---------- |  | ---------
|                             |  | 2007       |  | 2006       |  | 2005     
|Europe, Middle East & Africa |  | 7 293 316  |  | 5 865 030  |  | 3 957 567
|Americas                     |  | 2 072 408  |  | 1 550 179  |  | 923 647  
|Asia                         |  | 3 549 849  |  | 3 544 024  |  | 2 386 935
|                             |  |            |  |            |  |          
|Total                        |  | 12 915 573 |  | 10 959 233 |  | 7 268 149

C3. Other operating revenues and other operating expenses



|                                                                                   |  |        |  |        |  |       
|---------------------------------------------------------------------------------- |  | ------ |  | ------ |  | ------
|                                                                                   |  | 2007   |  | 2006   |  | 2005  
|Other operating revenues                                                           |  |        |  |        |  |       
|Gains on sales of intangible and tangible assets                                   |  | 3 434  |  | 16 409 |  | 151   
|Commissions, license fees and other operating revenues                             |  | 30 221 |  | 53 227 |  | 30 945
|Other income                                                                       |  |       |  | 2 490  |  | 7 714 
|Gains on foreign exchange                                                          |  |       |  |       |  | 949   
|                                                                                   |  |        |  |        |  |       
|Total other operating revenues                                                     |  | 33 655 |  | 72 126 |  | 39 759
|                                                                                   |  |        | 
|Other operating expenses                                                           |  |        |  |        |  |       
|Losses on sales of intangible and tangible assets                                  |  | -631   |  | -341   |  | -144  
|Other expenses                                                                     |  |       |  | -3 312 |  | -2 255
|Losses on foreign exchange                                                         |  |       |  | -3 783 |  | -3 064
|                                                                                   |  |        |  |        |  |       
|Total other operating expenses                                                     |  | -631   |  | -7 436 |  | -5 463
|Gains and losses in foreign exchange are reclassified to financial income/expense. |  |        |  |        |  |       

C4. Interest income and similar profit items and interest expense and similar loss items



|                                             |  |         |  |        |  |       
|-------------------------------------------- |  | ------- |  | ------ |  | ------
|                                             |  | 2007    |  | 2006   |  | 2005  
|Interest income and similar profit items     |  |         |  |        |  |       
|Interest income external and similar items   |  | 62 210  |  | 42 288 |  | 17 964
|                                             |  |         |  |        |  |       
|Total                                        |  | 62 210  |  | 42 288 |  | 17 964
|                                             |  |         | 
|Interest expense and similar loss items      |  |         |  |        |  |       
|Interest expenses external and similar items |  | -31 861 |  | -1 118 |  | -6 840
|                                             |  |         |  |        |  |       
|Total                                        |  | -31 861 |  | -1 118 |  | -6 840
|                                             |  |         | 
|Financial Net                                |  | 30 349  |  | 41 170 |  | 11 124

C5. Taxes

Income statement

The following items are included in income taxes for the year:



|                                                                                            |  |          |  |          |  |         
|------------------------------------------------------------------------------------------- |  | -------- |  | -------- |  | --------
|                                                                                            |  | 2007     |  | 2006     |  | 2005    
|Current income taxes for the period                                                         |  | -462 064 |  | -368 308 |  | -114 810
|Deferred tax income/ (-expense) related to temporary differences and tax loss carryforwards |  | 38 720   |  | 101 252  |  | -19 777 
|Share of taxes in joint venture                                                             |  | -139     |  |         |  |        
|                                                                                            |  |          |  |          |  |         
|Income taxes for the period                                                                 |  | -423 483 |  | -267 056 |  | -134 587



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200710



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A reconciliation between actual tax
income (-expense) for the year and the theoretical tax income (-expense) that would arise when applying statutory tax rate in Sweden, 28 percent on income before taxes is shown in the table:



|                                                               |  |           |  |           |  |         
|-------------------------------------------------------------- |  | --------- |  | --------- |  | --------
|                                                               |  | 2007      |  | 2006      |  | 2005    
|Income before taxes                                            |  | 1 573 925 |  | 1 297 704 |  | 512 039 
|Tax rate in Sweden (28%)                                       |  | -440 771  |  | -363 357  |  | -143 371
|Effect of foreign tax rates                                    |  | 7 884     |  | 29 020    |  | 21 687  
|Current income taxes related to prior years                    |  | -4 942    |  | -876      |  | 745     
|Tax effect of expenses that are non deductible for tax purpose |  | -6 011    |  | -4 858    |  | -1 839  
|Tax effect of income that are non-taxable for tax purpose      |  | 13 667    |  | 10 014    |  | 4 775   
|Tax effect of changes in tax rates                             |  | 3 112     |  | 19        |  | -16 584 
|Release/revaluation of tax losses carryforwards                |  | 3 578     |  | 62 982    |  |        
|                                                               |  |           |  |           |  |         
|Income taxes for the year                                      |  | -423 483  |  | -267 056  |  | -134 587

Balance sheet

Tax
effect of temporary differences has resulted in deferred tax assets and liabilities as follows:



|                         |  |         |  |        
|------------------------ |  | ------- |  | -------
|                         |  | 2007    |  | 2006   
|Deferred tax assets      |  | 167 186 |  | 139 621
|Deferred tax liabilities |  |        |  | -13    

Deferred tax assets relate to temporary differences due to certain provisions such as warranty and scrap
liabilities. Deferred tax assets are amounts recognized in countries where we expect to be able to generate corresponding taxable income in the future to benefit from tax reductions.

C6. Intangible assets



|                                    |  |                                                |  |         |  |        
|----------------------------------- |  | ---------------------------------------------- |  | ------- |  | -------
|2007                                |  | Licenses, softwaretrademarks andsimilar rights |  | Patents |  | Total  
|Accumulated acquisition costs       |  |                                                |  |         |  |        
|                                    |  |                                                | 
|Opening balance January 1, 2007     |  | 103 420                                        |  | 3 978   |  | 107 398
|Acquisitions                        |  | 20 658                                         |  |        |  | 20 658 
|Sales/disposals                     |  | -4 067                                         |  |        |  | -4 067 
|Translation difference for the year |  | -2 168                                         |  |        |  | -2 168 
|                                    |  |                                                |  |         |  |        
|Closing balance December 31, 2007   |  | 117 843                                        |  | 3 978   |  | 121 821
|                                    |  |                                                | 
|Accumulated depreciation            |  |                                                |  |         |  |        
|                                    |  |                                                | 
|Opening balance January 1, 2007     |  | -59 822                                        |  | -341    |  | -60 163
|Depreciation                        |  | -18 102                                        |  | -1 326  |  | -19 428
|Sales/disposals                     |  | 3 085                                          |  |        |  | 3 085  
|Translation difference for the year |  | 1 336                                          |  |        |  | 1 336  
|                                    |  |                                                |  |         |  |        
|Closing balance December 31, 2007   |  | -73 503                                        |  | -1 667  |  | -75 170
|                                    |  |                                                | 
|Net carrying value                  |  | 44 340                                         |  | 2 311   |  | 46 651 



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200711



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|                                               |  |                                                |  |         |  |        
|---------------------------------------------- |  | ---------------------------------------------- |  | ------- |  | -------
|2006                                           |  | Licenses, softwaretrademarks andsimilar rights |  | Patents |  | Total  
|Accumulated acquisition costs                  |  |                                                |  |         |  |        
|                                               |  |                                                | 
|Opening balance January 1, 2006                |  | 81 504                                         |  |        |  | 81 504 
|Acquisitions                                   |  | 25 333                                         |  | 3 978   |  | 29 311 
|Balances regarding acquired and sold companies |  | 1 316                                          |  |        |  | 1 316  
|Sales/disposals                                |  | -714                                           |  |        |  | -714   
|Translation difference for the year            |  | -4 019                                         |  |        |  | -4 019 
|                                               |  |                                                |  |         |  |        
|Closing balance December 31, 2006              |  | 103 420                                        |  | 3 978   |  | 107 398
|                                               |  |                                                | 
|Accumulated depreciation                       |  |                                                |  |         |  |        
|                                               |  |                                                | 
|Opening balance January 1, 2006                |  | -46 821                                        |  |        |  | -46 821
|Depreciation                                   |  | -15 381                                        |  | -341    |  | -15 722
|Balances regarding acquired and sold companies |  | -593                                           |  |        |  | -593   
|Sales/disposals                                |  | 553                                            |  |        |  | 553    
|Translation difference for the year            |  | 2 420                                          |  |        |  | 2 420  
|                                               |  |                                                |  |         |  |        
|Closing balance December 31, 2006              |  | -59 822                                        |  | -341    |  | -60 163
|                                               |  |                                                | 
|Net carrying value                             |  | 43 598                                         |  | 3 637   |  | 47 235 

C7. Tangible assets



|                                    |  |                   |  |           |  |                |  |         
|----------------------------------- |  | ----------------- |  | --------- |  | -------------- |  | --------
|2007                                |  | Land andbuildings |  | Machinery |  | Otherequipment |  | Total   
|Accumulated acquisition costs       |  |                   |  |           |  |                |  |         
|                                    |  |                   |  |          
|Opening balance January 1, 2007     |  | 17 687            |  | 74 327    |  | 220 621        |  | 312 635 
|Acquisitions                        |  | 15 637            |  | 39 415    |  | 89 334         |  | 144 386 
|Sales/disposals                     |  |                  |  | -7 760    |  | -15 360        |  | -23 120 
|Translation difference for the year |  | -851              |  | -5 994    |  | -6 979         |  | -13 824 
|                                    |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2007   |  | 32 473            |  | 99 988    |  | 287 616        |  | 420 077 
|                                    |  |                   |  |          
|Accumulated depreciation            |  |                   |  |           |  |                |  |         
|                                    |  |                   |  |          
|Opening balance January 1, 2007     |  | -5 136            |  | -37 236   |  | -143 905       |  | -186 277
|Depreciation                        |  | -2 185            |  | -23 694   |  | -68 516        |  | -94 395 
|Sales/disposals                     |  |                  |  | 7 514     |  | 14 539         |  | 22 053  
|Translation difference for the year |  | 165               |  | 3 184     |  | 5 188          |  | 8 537   
|                                    |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2007   |  | -7 156            |  | -50 232   |  | -192 694       |  | -250 082
|                                    |  |                   |  |          
|Accumulated revaluations            |  |                   |  |           |  |                |  |         
|                                    |  |                   |  |          
|Opening balance January 1, 2007     |  |                  |  | -98       |  | -8             |  | -106    
|Write down                          |  |                  |  | -58       |  |               |  | -58     
|Translation difference for the year |  |                  |  | 5         |  |               |  | 5       
|                                    |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2007   |  |                  |  | -151      |  | -8             |  | -159    
|Net carrying value                  |  | 25 317            |  | 49 605    |  | 94 914         |  | 169 836 



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200712



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|                                               |  |                   |  |           |  |                |  |         
|---------------------------------------------- |  | ----------------- |  | --------- |  | -------------- |  | --------
|2006                                           |  | Land andbuildings |  | Machinery |  | Otherequipment |  | Total   
|Accumulated acquisition costs                  |  |                   |  |           |  |                |  |         
|                                               |  |                   |  |          
|Opening balance January 1,2006                 |  | 9 283             |  | 52 120    |  | 171 568        |  | 232 971 
|Acquisitions                                   |  | 3 646             |  | 19 103    |  | 68 147         |  | 90 896  
|Balances regarding acquired and sold companies |  | 5 363             |  | 17 796    |  | 764            |  | 23 923  
|Sales/disposals                                |  | -8                |  | -8 647    |  | -7 601         |  | -16 256 
|Translation difference for the year            |  | -597              |  | -6 045    |  | -12 257        |  | -18 899 
|                                               |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2006              |  | 17 687            |  | 74 327    |  | 220 621        |  | 312 635 
|                                               |  |                   |  |          
|Accumulated depreciation                       |  |                   |  |           |  |                |  |         
|                                               |  |                   |  |          
|Opening balance January 1, 2006                |  | -2 685            |  | -25 731   |  | -102 967       |  | -131 383
|Depreciation                                   |  | -939              |  | -12 824   |  | -55 544        |  | -69 307 
|Balances regarding acquired and sold companies |  | -1 639            |  | -8 116    |  | -621           |  | -10 376 
|Sales/disposals                                |  | 2                 |  | 6 268     |  | 6 856          |  | 13 126  
|Translation difference for the year            |  | 125               |  | 3 167     |  | 8 371          |  | 11 663  
|                                               |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2006              |  | -5 136            |  | -37 236   |  | -143 905       |  | -186 277
|                                               |  |                   |  |          
|Accumulated revaluations                       |  |                   |  |           |  |                |  |         
|                                               |  |                   |  |          
|Opening balance January 1, 2006                |  |                  |  | -245      |  | -10            |  | -255    
|Write down                                     |  |                  |  | -61       |  | -311           |  | -372    
|Sales/disposal                                 |  |                  |  | 194       |  | 312            |  | 506     
|Translation difference for the year            |  |                  |  | 14        |  | 1              |  | 15      
|                                               |  |                   |  |           |  |                |  |         
|Closing balance December 31, 2006              |  |                  |  | -98       |  | -8             |  | -106    
|                                               |  |                   |  |          
|Net carrying value                             |  | 12 551            |  | 36 993    |  | 76 708         |  | 126 252 

C8. Other securities held as fixed assets

Capital share in joint venture U.I. Holding B.V.



|                                  |  |       
|--------------------------------- |  | ------
|2007                             
|Opening balance January 1, 2007   |  |      
|Capital share in joint venture    |  | 13 221
|Closing balance December 31, 2007 |  | 13 221

At the beginning of 2007, Sony Ericsson acquired UIQ Technology AB from Symbian Software Ltd. By the end of the
year Sony Ericsson sold 50% of the share capital to Motorola.

Other financial assets



|                                                   |  |       
|-------------------------------------------------- |  | ------
|2007                                              
|Opening balance January 1, 2007                    |  | 91 942
|Translation difference for the year                |  | -13   
|Reclassification                                   |  | -17   
|                                                   |  |       
|Closing balance December 31, 2007                  |  | 91 912
|The investment is related to Symbian Software Ltd. |  |       



20-F
200713



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|                                    |  |       
|----------------------------------- |  | ------
|2006                               
|Accumulated acquisition costs       |  |       
|                                    | 
|Opening balance January 1, 2006     |  | 83 652
|Acquisitions                        |  | 12 462
|Translation difference for the year |  | -301  
|Reclassification                    |  | -3 871
|Closing balance December 31, 2006   |  | 91 942
|                                    | 
|Accumulated revaluations            |  |       
|                                    | 
|Opening balance January 1, 2006     |  | -1 969
|Translation difference for the year |  | 142   
|Reclassification                    |  | 1 827 
|                                    |  |       
|Closing balance December 31, 2006   |  |      
|                                    | 
|Net carrying value                  |  | 91 942

C9. Other non current assets



|                         |  |         |  |        
|------------------------ |  | ------- |  | -------
|                         |  | 2007    |  | 2006   
|Deferred tax assets      |  | 167 186 |  | 139 621
|Other non current assets |  | 83 020  |  | 63 627 
|                         |  |         |  |        
|Total                    |  | 250 206 |  | 203 248

The main part of other non current assets is prepaid licenses.

C10. Inventory



|                                       |  |         |  |        
|-------------------------------------- |  | ------- |  | -------
|                                       |  | 2007    |  | 2006   
|Manufacturing work in process          |  | 236 976 |  | 143 076
|Finished products and goods for resale |  | 200 501 |  | 294 386
|                                       |  |         |  |        
|Inventories, net                       |  | 437 477 |  | 437 462

Reported amounts are net of obsolescence reserves by TEUR 25 690 (TEUR 18 611 in 2006).

C11. Accounts receivables



|                             |  |           |  |          
|---------------------------- |  | --------- |  | ---------
|                             |  | 2007      |  | 2006     
|Current Receivables          |  |           |  |          
|Commercial receivables       |  | 1 876 939 |  | 1 657 111
|Provision for doubtful debts |  | -6 726    |  | -4 357   
|                             |  |           |  |          
|Total                        |  | 1 870 213 |  | 1 652 754

Provisions for doubtful debts have been estimated based on commercial risk evaluations.

C12. Other current assets



|                  |  |         |  |        
|----------------- |  | ------- |  | -------
|                  |  | 2007    |  | 2006   
|Prepaid expenses  |  | 81 543  |  | 55 232 
|Prepaid tooling   |  | 28 752  |  | 15 927 
|Other receivables |  | 234 592 |  | 238 607
|                  |  |         |  |        
|Total             |  | 344 887 |  | 309 766

The major part of other receivables is related to withholding tax and VAT.



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200714



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C13. Short term cash investments



|               |  |           |  |          
|-------------- |  | --------- |  | ---------
|               |  | 2007      |  | 2006     
|Net book value |  | 1 431 129 |  | 1 580 077
|Market value   |  | 1 435 325 |  | 1 581 671

Short term cash investments are held in money-market funds and are treated as cash equivalents with an initial
maturity at the time of acquisition of 3 months or less.

C14. Shareholders equity



|                                                           |  |              |  |                    |  |                                                       |  |                         
|---------------------------------------------------------- |  | ------------ |  | ------------------ |  | ----------------------------------------------------- |  | ------------------------
|                                                           |  | Sharecapital |  | Restrictedreserves |  | Non-restrictedreserves andnet profit/lossfor the year |  | Totalshareholdersequity
|Shareholders equity December 31, 2005                     |  | 100 000      |  | 720 422            |  | 249 473                                               |  | 1 069 895               
|Changes in cumulative translation adjustments              |  |             |  | -14 534            |  | -18 027                                               |  | -32 561                 
|Fair value reserve                                         |  |             |  |                   |  | -7 044                                                |  | -7 044                  
|Transfer between non-restricted and restricted reserves    |  |             |  | 17 001             |  | -17 001                                               |  |                        
|Net income for the year                                    |  |             |  |                   |  | 997 319                                               |  | 997 319                 
|Dividend                                                   |  |             |  |                   |  | -247 000                                              |  | -247 000                
|                                                           |  |              |  |                    |  |                                                       |  |                         
|Shareholders equity December 31, 2006                     |  | 100 000      |  | 722 889            |  | 957 720                                               |  | 1 780 609               
|Changes in cumulative translation adjustments*             |  |             |  | -9 334             |  | -12 436                                               |  | -21 770                 
|Fair value reserve**                                       |  |             |  |                   |  | 926                                                   |  | 926                     
|Transfer between non-restricted and restricted reserves*** |  |             |  | 10 608             |  | -10 608                                               |  |                        
|Net income for the year                                    |  |             |  |                   |  | 1 114 192                                             |  | 1 114 192               
|Dividend****                                               |  |             |  | -300 000           |  | -548 000                                              |  | -848 000                
|                                                           |  |              |  |                    |  |                                                       |  |                         
|Shareholders equity December 31, 2007                     |  | 100 000      |  | 424 163            |  | 1 501 794                                             |  | 2 025 957               



Share capital consists of 100 000 200 shares at a quota value of EUR 1 per share.

|* | Cumulative translation adjustments have been distributed among unrestricted and restricted stockholders equity.
|- | ---------------------------------------------------------------------------------------------------------------

|** | The fair value reserve is related to the effective portion of changes in the fair value of hedging instruments that is recognized in equity. Amounts accumulated in equity are
recycled in the income statement in the periods in which the hedged item affects profit or loss, for example, when the forecasted sale which is hedged takes place.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|*** | The transfer between non-restricted and restricted reserves is in accordance with the proposals of the respective companies boards of directors. In evaluating the consolidated
financial position, it should be noted that earnings in foreign companies may be subject to taxation when transferred to Sweden and, in some instances, such transfer of earnings may be limited by currency restrictions.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|**** | During 2007 it was decided to make a dividend of Euro 548 million and a capital redemption of Euro 300 million to the owning companies Sony and Ericsson.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

C15. Provisions



|                     |  |         |  |        
|-------------------- |  | ------- |  | -------
|                     |  | 2007    |  | 2006   
|Warranty commitments |  | 398 516 |  | 378 074
|Other provisions     |  | 38 628  |  | 43 152 
|                     |  |         |  |        
|Total                |  | 437 144 |  | 421 226

Warranty commitments include provisions for faulty products based on estimated return rates and costs. The best
estimate is based on sales, contractual warranty periods and historical failure data of products sold.



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200715



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C16. Post-employment benefits

Sony Ericsson participates in local pension plans in countries in which we operate. There are principally two types of pension plans:



| |  |  | Defined contribution plans, where the Companys only obligation is to pay fixed pension premiums into a separate entity (a fund or insurance company) on behalf
of the employee. No provision for pensions is recognized in the balance sheet other than accruals for premium pensions earned, but not yet paid.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Defined benefit plans, where the Companys undertaking is to provide pension benefits that the employees will receive on retirement, usually dependent on one
or more factors such as age, years of service and compensation.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

In Sony Ericsson most of the companies have defined contribution plans
and therefore no pension provisions on the balance sheet. The subsidiaries in Japan, UK, Netherlands, Germany, Greece and Mexico have defined benefit plans. In Sweden, the total pension benefits are accounted as defined contribution plans, even
though the Financial Accounting Standards Councils interpretations committee defined the ITP pension plan, financed through insurance with Alecta as a defined benefit plan. Sony Ericsson did not have access to information from Alecta that
would have made it possible for this plan to be reported as a benefit plan.

Pension costs



|                                                                                                              |  |        |  |       |  |             |  |        |  |       |  |       
|------------------------------------------------------------------------------------------------------------- |  | ------ |  | ----- |  | ----------- |  | ------ |  | ----- |  | ------
|2007                                                                                                          |  | Sweden |  | UK    |  | Netherlands |  | Japan  |  | Other |  | Total 
|Pension cost Defined Benefit Plan                                                                             |  |       |  | -87   |  | 7 635       |  | 3 229  |  | 556   |  | 11 333
|Pension cost Defined Contribution Plan                                                                        |  | 30 711 |  | 1 203 |  |            |  |       |  | 4 171 |  | 36 085
|                                                                                                              |  |        |  |       |  |             |  |        |  |       |  |       
|Total                                                                                                         |  | 30 711 |  | 1 116 |  | 7 635       |  | 3 229  |  | 4 727 |  | 47 418
|                                                                                                              |  |        |  |       |  |            
|2006                                                                                                          |  | Sweden |  | UK    |  | Netherlands |  | Japan  |  | Other |  | Total 
|Pension cost Defined Benefit Plan                                                                             |  |       |  | 592   |  |            |  | 3 780  |  |      |  | 4 372 
|Pension cost Defined Contribution Plan                                                                        |  | 24 436 |  | 415   |  | 1 283       |  |       |  | 3 724 |  | 29 858
|                                                                                                              |  |        |  |       |  |             |  |        |  |       |  |       
|Total                                                                                                         |  | 24 436 |  | 1 007 |  | 1 283       |  | 3 730  |  | 3 724 |  | 34 230
|                                                                                                              |  |        |  |       |  |            
|Provisions for post-employment benefits                                                                       |  |        |  |       |  |             |  |        |  |       |  |       
|                                                                                                              |  |        |  |       |  |            
|2007                                                                                                          |  | Sweden |  | UK    |  | Netherlands |  | Japan  |  | Other |  | Total 
|Provision for post employee benefits                                                                          |  |       |  | 2 310 |  | 6 375       |  | 11 903 |  | 1 715 |  | 22 303
|Other employee benefits                                                                                       |  |       |  | 193   |  | 125         |  | 202    |  | 1 343 |  | 1 863 
|                                                                                                              |  |        |  |       |  |             |  |        |  |       |  |       
|Total                                                                                                         |  |       |  | 2 503 |  | 6 500       |  | 12 105 |  | 3 058 |  | 24 166
|                                                                                                             
|The pension plan for the Netherlands was reclassified from defined contribution plan to defined benefit plan.
|                                                                                                              |  |        |  |       |  |            
|2006                                                                                                          |  | Sweden |  | UK    |  | Netherlands |  | Japan  |  | Other |  | Total 
|Provision for post employee benefits                                                                          |  |       |  | 4 204 |  |            |  | 12 734 |  |       |  | 16 938
|Other employee benefits                                                                                       |  |       |  |      |  |            |  |        |  | 2 471 |  | 2 471 
|                                                                                                              |  |        |  |       |  |             |  |        |  |       |  |       
|Total                                                                                                         |  |       |  | 4 204 |  |            |  | 12 734 |  | 2 471 |  | 19 409

C17. Long-term liabilities

Maturity date for the group long-term liabilities, 1 603 TEUR (677 TEUR), is within 1-5 years.



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C18. Other current liabilities



|                                   |  |           |  |          
|---------------------------------- |  | --------- |  | ---------
|                                   |  | 2007      |  | 2006     
|Accrued personnel related expenses |  | 146 279   |  | 141 851  
|Accrued sales related expenses     |  | 893 639   |  | 679 485  
|Other accrued expenses             |  | 336 990   |  | 252 452  
|Other short term liabilities       |  | 88 850    |  | 92 618   
|                                   |  |           |  |          
|Total                              |  | 1 465 758 |  | 1 166 406

Accrued sales related expenses include sales bonuses, such as quarterly and yearly bonuses, quality bonus, co-op
and stock protection.

C19. Assets pledged as collateral



|              |  |                                     |  |                       |  |           |  |                                     |  |                       |  |          
|------------- |  | ----------------------------------- |  | --------------------- |  | --------- |  | ----------------------------------- |  | --------------------- |  | ---------
|              |  | Liabilitiesto financialinstitutions |  | Advancesfromcustomers |  | Total2007 |  | Liabilitiesto financialinstitutions |  | Advancesfromcustomers |  | Total2006
|Bank deposits |  |                                    |  |                      |  |          |  | 3 950                               |  |                      |  | 3 950    
|Other         |  | 31                                  |  |                      |  | 31        |  | 23                                  |  |                      |  | 23       
|              |  |                                     |  |                       |  |           |  |                                     |  |                       |  |          
|Total         |  | 31                                  |  |                      |  | 31        |  | 3 973                               |  |                      |  | 3 973    

C20. Contingent liabilities



|                             |  |       |  |      
|---------------------------- |  | ----- |  | -----
|                             |  | 2007  |  | 2006 
|Other contingent liabilities |  | 2 640 |  | 1 433
|                             |  |       |  |      
|Total                        |  | 2 640 |  | 1 433

Other contingent liabilities mainly include guarantees for loans.

C21. Cash flow analysis



|                                                |  |        |  |         |  |       
|----------------------------------------------- |  | ------ |  | ------- |  | ------
|                                                |  | 2007   |  | 2006    |  | 2005  
|Change in provisions (note C15 and C16)         |  | 21 601 |  | 126 905 |  | 26 786
|Revaluation of share in joint venture           |  | 15 398 |  | 134     |  | 8     
|Gains and losses on disposal of tangible assets |  | -2 802 |  | -16 068 |  | 144   
|Other                                           |  | 13 591 |  | 1 717   |  | 7 248 
|                                                |  |        |  |         |  |       
|Total                                           |  | 47 788 |  | 112 688 |  | 34 186

C22. Translation to SEK

The exchange rate for SEK is 9.47 (9.04) for balance sheet items and the average exchange rate for the period is 9.24 (9.26).



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C23. Leasing



|                                               |  |       
|---------------------------------------------- |  | ------
|                                               |  | 2007  
|Future payments for operating leases and rents |  |       
|                                               | 
|2008                                           |  | 43 487
|2009                                           |  | 37 081
|2010                                           |  | 29 151
|2011                                           |  | 23 105
|2012                                           |  | 20 816
|2013 and future                                |  | 33 788

The purpose of leases mainly refers to rents and office equipment.

C24. Wages, salaries and social security expenses

Wages and salaries



|                         |  |         |  |         |  |        
|------------------------ |  | ------- |  | ------- |  | -------
|                         |  | 2007    |  | 2006    |  | 2005   
|Wages and salaries       |  | 490 885 |  | 392 969 |  | 329 388
|Social security expenses |  | 135 706 |  | 114 872 |  | 100 429
|Of which pension costs   |  | 47 418  |  | 34 230  |  | 28 239 
|                         |  |         | 
|Of which                 |  |         |  |         |  |        
|CO compensation          |  | 1 364   |  | 1 082   |  | 999    
|CO pension costs         |  | 163     |  | 190     |  | 142    
|bonus & similar to CO    |  | 1 755   |  | 963     |  | 897    

Severance pay

For
the President and the Corporate Management the following applies:

Severance payments are not payable if an employee resigns voluntarily, or if the
employment is terminated as a result of flagrant disregard of responsibilities. An exception to this is if the notice of termination given by the employee is due directly to significant structural changes or other events that affect the content of
work or the condition of the position. In such an instance, the notice is treated as if it were given by the Company and severance payments are made to the individual. Upon termination of employment, severance pay amounting to one years salary
is normally paid. The severance payments will be paid out currently during agreed severance period.

Pension

Sony Ericssons policy regarding pension is to follow the competitive practice in the home country of the executive. For the president and the corporate management
there is in principal one pension plan in which the pension based salary is calculated on the fixed salary and a target value of the variable short-term incentive plan. The company pays to the capital insurance company on salary portions in excess
of 20 base amounts (one base amount = SEK 40 300) a percentage of the executives total pension based salary, between 25 and 35 percent per year, depending on the age of the executive.

Long term incentive

From 2005 Sony Ericsson has a new long term incentive
program for certain employees. The calculation of the bonuses is based on the performance of the Group and payments for the units allocated are vested in three years. The price of the units is approved by the Remuneration Committee of the Board. The
new program has replaced the synthetic option plan.



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The former long term incentive plan
was a synthetic option plan for selected employees. The option price for the plan is determined on an annual basis by independent valuation and is approved by the Remuneration Committee of the Board. The options granted under the plan vest in three
years. Financial commitments resulting from the price trend of the synthetic options are reported amongst operating costs and the calculated future payments for such options have been expensed according to following;



|                                                                                |  |       |  |        |  |       
|------------------------------------------------------------------------------- |  | ----- |  | ------ |  | ------
|                                                                                |  | 2007  |  | 2006   |  | 2005  
|Calculated future payments for synthetic option plan charges to operating costs |  | 1 099 |  | 20 826 |  | 12 018

At 31 December 2007, a provision in the amount of TEUR 7 244 (TEUR 33 415) was established for payments under
the synthetic options plan.

Wages and salaries by geographical area



|                           |  |         |  |         |  |        
|-------------------------- |  | ------- |  | ------- |  | -------
|                           |  | 2007    |  | 2006    |  | 2005   
|Europe * and               |  |         |  |         |  |        
|Middle East & Africa       |  | 302 980 |  | 227 115 |  | 181 164
|North America              |  | 70 194  |  | 67 504  |  | 65 481 
|Latin America              |  | 8 027   |  | 4 267   |  | 3 698  
|China                      |  | 38 232  |  | 26 041  |  | 16 296 
|Japan                      |  | 58 414  |  | 58 369  |  | 55 534 
|Asia Pacific               |  | 13 038  |  | 9 673   |  | 7 215  
|Total                      |  | 490 885 |  | 392 969 |  | 329 388
|* Of which Sweden          |  | 209 746 |  | 157 416 |  | 121 605
|* Of which EU excl. Sweden |  | 82 996  |  | 37 535  |  | 39 171 

Number of employees



|                           |  |       |  |       |  |       |  |       |  |       |  |      
|-------------------------- |  | ----- |  | ----- |  | ----- |  | ----- |  | ----- |  | -----
|                           |  | 2007  |  | 2006  |  | 2005 
|                           |  | Men   |  | Women |  | Men   |  | Women |  | Men   |  | Women
|Europe ^ and               |  |       |  |       |  |       |  |       |  |       |  |      
|Middle East & Africa       |  | 2 914 |  | 1 148 |  | 2 245 |  | 842   |  | 1 967 |  | 748  
|North America              |  | 581   |  | 180   |  | 528   |  | 176   |  | 521   |  | 175  
|Latin America              |  | 61    |  | 32    |  | 41    |  | 16    |  | 32    |  | 13   
|China                      |  | 1 381 |  | 1 563 |  | 942   |  | 1 168 |  | 590   |  | 441  
|Japan                      |  | 946   |  | 253   |  | 839   |  | 205   |  | 776   |  | 183  
|Asia Pacific               |  | 184   |  | 86    |  | 102   |  | 71    |  | 90    |  | 63   
|Total                      |  | 6 067 |  | 3 261 |  | 4 697 |  | 2 478 |  | 3 976 |  | 1 623
|^ Of which Sweden          |  | 2 256 |  | 816   |  | 1 696 |  | 593   |  | 1 473 |  | 551  
|^ Of which EU excl. Sweden |  | 526   |  | 225   |  | 395   |  | 163   |  | 363   |  | 131  

Distribution of female/male for the Board of Directors and other persons in leading positions



|                                         |  |                      |  |            |      |  |                      |  |            |  
|---------------------------------------- |  | -------------------- |  | ---------- | ---- |  | -------------------- |  | ---------- | -
|                                         |  | 2007                 |  |            | 2006 | 
|                                         |  | Number onbalance day |  | whereofmen |      |  | Number onbalance day |  | whereofmen |  
|Consolidated (including subsidiaries)    |  |                      |  |            |      |  |                      |  |            |  
|Members of the board                     |  | 97                   |  | 96,9       | %    |  | 86                   |  | 91,9       | %
|Presidents and Executive Vice presidents |  | 12                   |  | 100        | %    |  | 13                   |  | 100        | %

C25. Fees to auditors



|                        |  |       |  |       |  |      
|----------------------- |  | ----- |  | ----- |  | -----
|                        |  | 2007  |  | 2006  |  | 2005 
|PricewaterhouseCoopers  |  |       |  |       |  |      
|Audit fees              |  | 1 279 |  | 916   |  | 881  
|Fees for other services |  | 1 040 |  | 897   |  | 1 291
|                        |  |       |  |       |  |      
|Total                   |  | 2 320 |  | 1 813 |  | 2 172



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C26. Financial risks

Foreign exchange risk - Transaction exposure

Sony
Ericssons results are presented in EUR; the companys hedging is based on EUR being the risk free currency. The group has sales and cost of sales in a large number of currencies. The main part of the net exposure is concentrated to the
parent company. The groups currency exposures are hedged up to 6 months. The groups net exposure is to 80% USD, JPY and GBP. The currency exposures are primarily hedged with forward contracts. The market value of derivatives not being
used to revalue balance sheet items by December 31, 2007 was -5.1 MEUR; all of these derivatives were forward contracts. Hence, these losses correspond to net gains in the underlying future sales and purchases during the hedged period.

Foreign exchange risk - Translation exposure

All equity in the groups
companies is translated in accordance with the current method hence the translation exposure is taken directly in to equity in the balance sheet. This type of currency exposure is not hedged.

Interest rate risk

Sony Ericssons interest rate risk is primarily
derived from cash and short term deposits, other balance sheet items are to a very small extent affected by shifts in the interest rate. Cash and short-term deposits, 2 155 MEUR at year end 2007, are primarily held in short and medium term money
market funds with highest possible rating given the duration.

Credit Risk

Credit risk is divided into two categories; credit risk in trade receivables and financial credit risk.

Credit risk in
Trade receivables

The value of outstanding trade receivables were at year end 1 870 MEUR. Provisions for expected losses at year end were 6.7 MEUR. Over
48% of the trade receivables are towards countries with a country risk in the interval negligible to moderate. Approximately 62% of Sony Ericssons outstanding AR is insured against non-payment by the customer.

Financial credit risk

Financial instruments carry an element of risk in
that counterparts may be unable to fulfill their payment obligations. These exposures arise in the investments of cash and cash equivalents and from derivative positions with positive unrealized result against banks and other counterparties. Sony
Ericsson mitigates these risks by investing cash in well diversified money market funds with the highest possible rating. Part of the liquidity is also deposited with a few chosen banks with the highest possible short-term rating. How much to be
invested with each fund and bank is regulated in the policy.

Liquidity risk

The liquidity risk is that Sony Ericsson is unable to meet its short term payment obligations due to insufficient or illiquid cash reserves. At year end Sony Ericsson had a very large net cash position invested in
liquid funds and very short deposits with banks. Sony Ericsson has decided to have a minimum cash level of 12% of annual turnover. The companys net cash widely exceeds this requirement at year end.

C27. Transactions with joint venture

At the beginning of 2007, Sony
Ericsson strengthened its platform capabilities through the acquisition of UIQ Technology AB from Symbian Software Ltd. stating its intention for open ownerships with other handset manufacturers. By the end of the year Sony Ericsson announced that
it had entered into a series of agreements with Motorola Inc. whereby Motorola acquired 50% of the share capital in UIQ Technology.



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Royalty - Sony Ericsson pays a
royalty to UIQ Technology AB for the right to use the UIQ Technology AB software in the mobile phones.

Purchases - Sony Ericsson buys
Support & Maintenance and Professional Service Work from UIQ Technology AB.



|                                |  |       |  |     
|------------------------------- |  | ----- |  | ----
|Transactions with joint venture |  | 2007  |  | 2006
|Sales                           |  | 389   |  |    
|Royalty                         |  | 4 552 |  |    
|Purchases                       |  | 2 608 |  |    
|                                |  |       |  |     



|                                 |  |     |  |  
|-------------------------------- |  | --- |  | -
|Balances regarding joint venture |  |     |  |  
|Assets                           |  | 177 |  | 
|Liabilities                      |  | 845 |  | 
|                                 |  |     |  |  

C28. Group companies



|                                                            |  |                |  |                        |  
|----------------------------------------------------------- |  | -------------- |  | ---------------------- | -
|Company                                                     |  | Domicile       |  | Percentage ofownership |  
|Sony Ericsson Mobile Communications AB                      |  | Sweden         |  |                        |  
|Sony Ericsson Mobile Communications International AB Sweden |  | Sweden         |  | 100                    | %
|Sony Ericsson Mobile Communications Management Ltd, UK      |  | United Kingdom |  | 100                    | %
|Sony Ericsson Mobile Communications S.p.A., Italy           |  | Italy          |  | 100                    | %
|Sony Ericsson Hungary Mobile Communications Ltd.            |  | Hungary        |  | 100                    | %
|Sony Ericsson Mobile Communications do Brazil Ltd.          |  | Brasil         |  | 100                    | %
|Sony Ericsson Mobile Communications S.A. de C.V.            |  | Mexico         |  | 100                    | %
|Sony Ericsson Servicios Móviles S.A. de C.V.                |  | Mexico         |  | 100                    | %
|Sony Ericsson Mobile Communications Japan Inc.              |  | Japan          |  | 100                    | %
|Sony Ericsson Mobile Communications (USA) Inc.              |  | USA            |  | 100                    | %
|Sony Ericsson Mobile Communications Iberia, S.L.            |  | Spain          |  | 100                    | %
|Sony Ericsson Mobile Communications Hellas S.A.             |  | Greece         |  | 100                    | %
|Sony Ericsson Mobile Communications (India) Private Limited |  | India          |  | 100                    | %
|Sony Ericsson Mobile Communications France S.A.S.           |  | France         |  | 100                    | %
|Ltd Sony Ericsson Mobile Communications Rus                 |  | Russia         |  | 100                    | %
|Sony Ericsson Mobile Communications (Thailand) Co., Limited |  | Thailand       |  | 100                    | %
|Sony Ericsson Mobile Communications (China) Co., Ltd.       |  | China          |  | 100                    | %
|Beijing Suohong Electronics Co. Ltd., (BSE)                 |  | China          |  | 100                    | %
|Beijing SE PUTIAN Mobile Communications Company Ltd. (BMC)  |  | China          |  | 51                     | %

C29. Reconciliation to accounting principles generally accepted in the United States

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Sweden for unlisted companies, applying the
Swedish Annual Accounts Act (ÅRL), the Swedish Accounting Standards Boards (Bokföringsnämnden, BFN) recommendations and the Recommendation of the Swedish Financial Accounting Standards Council, (RR29), Remunerations to
employees, which differs in certain significant respects from the generally accepted accounting principles in the United States (US GAAP). Sony Ericsson Mobile Communications has reconciled its net income / loss and equity under Swedish
GAAP to the accounting principles according to generally accepted principles in the United States.

The principle differences between Swedish GAAP and
US GAAP that affect our net income, as well as our stockholders equity relate to the treatment of business combinations (negative goodwill) and synthetic option plan.



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Business combinationsNegative
Goodwill

Under both Swedish GAAP and US GAAP, when the fair value of net assets acquired exceeds total purchase price, the Company first assess
whether all acquired assets and assumed liabilities have been properly identified and valued. Under Swedish GAAP, negative goodwill is not subject to amortization and any excess remaining after reassessment is recognized in income statement
immediately. During 2004, a negative goodwill amounted to TEUR 3 717 was identified by the Company in connection with the acquisition of Beijing SE Putian Mobile Communications Co. Ltd (BMC), and it was recognized in income statement by the end of
2004.

Under US GAAP, the Company must first reassess whether all acquired assets and assumed liabilities have been identified and properly valued. If
an amount of negative goodwill still results after this reassessment, all acquired assets (including research and development assets) are then subject to pro rata reduction, except for (1) financial assets other than investments accounted for
by the equity method, (2) assets to be disposed of by sale, (3) deferred taxes, (4) prepaid assets relating to pension and other postretirement benefit plans, and (5) any other current assets. If all eligible assets are reduced
to zero and an amount of negative goodwill still remains, the remaining unallocated negative goodwill must be recognized immediately as an extraordinary gain. A negative goodwill was identified by the Company amounted to TEUR 3 717, and it was
recognized in income statement by the end of 2004. All adjustments according to US GAAP are specified in this report (see separate information for adjustments).

Provision for social security cost on synthetic option plan

Under Swedish GAAP, the Company accrues social security
costs for the synthetic option plan during the vesting period. Under US GAAP, no social security cost is recorded until the options are exercised or matching of the options takes place, which decreases net income by TEUR -3 623 (TEUR 1 472 in
2006).

Post-employment benefits

To calculate the
annual expenses for the defined benefit plans, Sony Ericsson uses the corridor method. The amount recognised in the income statement which is the difference to US GAAP is not material.

Deferred Income Taxes

Deferred tax is calculated on US GAAP
adjustments and the US GAAP balance sheet reflects the gross recognition of deferred tax assets and liabilities.

Non-current and current assets

Swedish GAAP requires deferred tax assets to be classified as non-current assets on the balance sheet. Under US GAAP, deferred tax liabilities and
assets are classified as current or non-current based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including
deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. The balance sheet shows a difference in non-current and current assets between Swedish GAAP and US GAAP which
relates to the classification of deferred tax assets.

Adjustment of net income, comprehensive income, equity and balance sheet items

Application of US GAAP as described above would have had the following effects on consolidated net income.

Adjustment of Net Income



|                                      |  |           |  |         |  |        
|------------------------------------- |  | --------- |  | ------- |  | -------
|                                      |  | 2007      |  | 2006    |  | 2005   
|Net income per                        |  |           |  |         |  |        
|Swedish GAAP                          |  | 1 114 192 |  | 997 319 |  | 350 342
|                                      |  |           |  |         |  |        
|US GAAP adjustments before taxes:     |  |           |  |         |  |        
|                                      |  |           | 
|Business Combination                  |  | 100       |  | 918     |  | 918    
|Synthetic Option Plan                 |  | -3 623    |  | 1 472   |  | 906    
|                                      |  |           | 
|Tax effect of US GAAP adjustment      |  | 1 002     |  | -522    |  | -364   
|                                      |  |           |  |         |  |        
|Net income in accordance with US GAAP |  | 1 111 672 |  | 999 186 |  | 351 802
|                                      |  |           |  |         |  |        

Comprehensive income



|                                                |  |           |  |         |  |        
|----------------------------------------------- |  | --------- |  | ------- |  | -------
|                                                |  | 2007      |  | 2006    |  | 2005   
|Net income in accordance with US GAAP           |  | 1 111 672 |  | 999 186 |  | 351 802
|                                                |  |           |  |         |  |        
|Other comprehensive income                      |  |           |  |         |  |        
|                                                |  |           | 
|Gain/loss on cash flow hedges                   |  | 1 087     |  | -9 544  |  | 2 260  
|Translation adjustment                          |  | -21 771   |  | -32 561 |  | 24 694 
|Deferred tax                                    |  | -161      |  | 2 439   |  | -636   
|                                                |  |           | 
|Total other comprehensive income                |  | -20 845   |  | -39 606 |  | 26 318 
|                                                |  |           |  |         |  |        
|Comprehensive income in accordance with US GAAP |  | 1 090 827 |  | 959 581 |  | 378 119
|                                                |  |           |  |         |  |        



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Adjustments of stockholders
equity



|                                               |  |           |  |          
|---------------------------------------------- |  | --------- |  | ---------
|                                               |  | 2007      |  | 2006     
|Equity as reported per Swedish GAAP            |  | 2 025 957 |  | 1 780 609
|                                               |  |           |  |          
|US GAAP adjustments before taxes:              |  |           |  |          
|                                               |  |          
|Business Combination                           |  | -864      |  | -964     
|Synthetic Option Plan                          |  | -1 246    |  | 2 377    
|Deferred tax effect of US GAAP adjustment      |  | 453       |  | -550     
|                                               |  |           |  |          
|Stockholder equity in accordance with US GAAP |  | 2 024 299 |  | 1 781 472
|                                               |  |           |  |          

Balance sheet items according to Swedish GAAP and US GAAP:



|                                           |  |              |  |             |  |             |  |            
|------------------------------------------ |  | ------------ |  | ----------- |  | ----------- |  | -----------
|                                           |  | Swedish GAAP |  | US GAAP    
|                                           |  | Dec. 312007  |  | Dec. 312006 |  | Dec. 312007 |  | Dec. 312006
|Non-current assets                         |  | 571 826      |  | 468 677     |  | 403 879     |  | 328 207    
|Current assets                             |  | 4 807 814    |  | 4 672 681   |  | 4 975 349   |  | 4 811 636  
|                                           |  |              |  |             |  |             |  |            
|Total Assets                               |  | 5 379 640    |  | 5 141 358   |  | 5 379 228   |  | 5 139 844  
|                                           |  |              |  |             |  |             |  |            
|Stockholders equity                        |  | 2 025 957    |  | 1 780 609   |  | 2 024 299   |  | 1 781 472  
|Minority interest                          |  | 64 006       |  | 45 148      |  | 64 006      |  | 45 148     
|Provisions                                 |  | 461 310      |  | 440 635     |  | 461 310     |  | 440 635    
|Non-current liabilities                    |  | 1 603        |  | 677         |  | 1 603       |  | 677        
|Current liabilities                        |  | 2 826 764    |  | 2 874 289   |  | 2 828 010   |  | 2 871 912  
|                                           |  |              |  |             |  |             |  |            
|Total stockholders equity and liabilities |  | 5 379 640    |  | 5 141 358   |  | 5 379 228   |  | 5 139 844  
|                                           |  |              |  |             |  |             |  |            

Multi-employer plan

The Swedish ITP pension plan financed through insurance with Alecta is a multi-employer plan defined by Statement of Financial Accounting Standards No. 87, Employers Accounting for Pensions, and therefore it is accounted for as a
defined contribution plan.



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