Sales in Q1 were SEKm 3.9 (4.8), giving (Y/Y) sales growth of -17.7%. Sales therefore fell short of our expectations, meaning the operating loss of SEKm -10.4 (-9.0) was also somewhat more than predicted. Order intake during the quarter, however, increased by 40% compared to Q1 2016. Heliospectra placed great emphasis in the quarter on establishing internal structures and sales strategies, which we view as essential in the company’s current phase. The interim report thus has limited impact on our long-term view. After making some minor adjustments to our shortterm sales forecasts, we arrive at a fair value of SEK 7.4 per share in our base case, SEK 2 in our bear case and SEK 13.4 in our bull case, giving a value range of SEK 2–13.4 per share. Note, this is a translation of the original report which was published the 10th of May.