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  Seasonal effects  

The following table shows a breakdown of revenues and pre-tax profits (adjusted for restructuring costs) over the four quarters of 2003:

Seasonal effects

The development of revenues over the four quarters followed the same pattern as in previous years. This is largely a result of customers’ purchasing behavior. However, it is important to note that fourth-quarter figures for the previous year were heavily influenced by strong license sales. Restructuring activities in the first half of 2003 and in the first three months of 2004 generated significant cost savings and a corresponding increase in pre-tax profit.

  Interim Report Q3/04 (PDF)
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