highlights - sweco.bg · sweco finland highlights • best performer q3, operating margin 15.3% •...

Highlights

• Continued profitable growth

• Sweco Finland best performer

• Satisfactory earnings Q3

• Still stable demand, but clear signals of slowdown in some segments

• Solid platform for profitable growth

2

Interim report July − September 2012

• Net sales amounted to SEK 1,557.3 million (1,274.1)

• Operating profit of SEK 95.9 million (75.1)

• Operating margin of 6.2 per cent (5.9)

• Profit after tax of SEK 59.5 million (56.2) and earnings per share of SEK 0.64 (0.62)

3

Interim report January − September 2012

• Net sales amounted to SEK 5,410.0 million (4,201.5)

• Operating profit of SEK 476.8 million (339.7)

• Operating margin of 8.8 per cent (8.1)

• Profit after tax of SEK 345.5 million (245.8) and earnings per share of SEK 3.74 (2.70)

• Net debt of SEK 635.5 million (11.8)

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Income statement

5

Jul-sep Jul-sep Jan-sep Jan-sep Okt 2011- Full yearSEK M 2012 2011 2012 2011 sep 2012 2011

Net sales 1,557.3 1,274.1 5,410.0 4,201.5 7,196.1 5,987.6Other operating income 5.8 - 5.8 - 5.8 -Other external expenses -409.2 -339.8 -1,286.0 -1,023.8 -1,767.3 -1,505.1Personnel costs -1,020.9 -830.2 -3,544.5 -2,759.7 -4,626.4 -3,841.6Amortisation/depreciationand impairment losses -37.1 -29.0 -108.5 -78.3 -139.8 -109.6Operating profit 95.9 75.1 476.8 339.7 668.4 531.3Net financial items -13.7 -0.4 -17.2 -4.3 -17.4 -4.5Profit before tax 82.2 74.7 459.6 335.4 651.0 526.8Income tax expense -22.7 -18.5 -114.1 -89.6 -176.5 -152.0Profit for the period 59.5 56.2 345.5 245.8 474.5 374.8

Operating margin 6.2 5.9 8.8 8.1 9.3 8.9Billing ratio 74.3 73.8 74.4 73.6 74.5 73.9

Basic EPS 0.64 0.62 3.74 2.70 5.16 4.11Diluted EPS 0.64 0.62 3.74 2.70 5.16 4.11

July - September• Net sales growth 22%

– of which organic 6%• Operating profit +28%• Best performer:

Sweco Finland• Significant calendar effect,

working hours 517 (527)

January-September• Net sales growth 29%

– of which organic 11% • Operating profit +40%• Best performer:

Sweco Finland• Working hours 1,489

(1,500)

Operating profit rolling 12 month

6

050

100150200250300350400450500550600650700

SEK M

Quarterly profit Rolling 12 months

Balance sheet

7

• Net debt/equity ratio of 40.2% (0.8)

• Equity/assets ratio of 32.9% (44.6)

• Disposable cash and unutilized bank overdraft facilities of SEK 657.2 million (722.4)

• Net debt SEK 635.5 million (11.8)

• Solid earnings to service debt – Net debt/EBITDA 0,8x

SEK M30 Sep

201230 Sep

201131 Dec

2011Goodwill 1,421.9 812.3 907.5Other intangible assets 155.7 85.0 88.3Tangible assets 258.7 212.3 230.8Financial assets 32.1 60.2 34.5Current assets excl. cash and cash equivalents 2,608.1 1,849.9 1,776.1Cash and cash equivalents 325.3 129.8 219.6Total assets 4,801.8 3,149.5 3,256.8Equity and reserves attributable to equity holders in the Parent Company 1,561.8 1,394.6 1,493.2Non-controlling interest 19.8 10.2 10.5Total equity 1,581.6 1,404.8 1,503.7Long-term liabilities 816.8 174.5 192.3Current liabilities 2,403.4 1,570.2 1,560.8Total equity and liabilities 4,801.8 3,149.5 3,256.8Pledged assets 1.8 15.2 -Contingent liabilities 179.7 196.7 207.7

Equity/assets ratio, % 32.9 44.6 46.2Net interest-bearing liabilities, SEK M -635.5 -11.8 140.9Net debt/Equity, % 40.2 0.8 -9.4Net debt/EBITDA, x 0.8 0.0 -0.2

Cash flow

8

Jul-sep Jul-sep Jan-sep Jan-sepSEK M Okt 2011- Full year2012 2011 2012 2011 sep 2012 2011

Cash flow from operating activities before changes in working capital and paid tax 140.0 102.7 568.4 413.2 812.9 657.7Paid tax -37.8 22.4 -180.7 -97.4 -221.9 -138.6Changes in working capital -210.3 -16.3 -267.5 -127.0 -146.3 -6.1Cash flow from operating activities -108.1 108.8 120.2 188.8 444.7 513.0Cash flow from investingactivities -31.8 -33.1 -603.6 -155.3 -761.5 -312.9Cash flow from financingactivities 137.0 -100.1 601.6 -282.3 528.0 -355.9Cash flow for the period -2.9 -24.4 118.2 -248.8 211.2 -155.8

• Cash consideration of SEK 535,2 million paid for acquisitions during H1, mainly related to acquisition of FMC

• Dividends of SEK 274,0 million paid during Q2

Sweco SwedenHighlights• Continued organic growth

• Overall stable demand throughout the period

• Slowdown is expected in some segments

9

Jul-Sep 2012 Jul-Sep 2011 Jan-Sep 2012 Jan-Sep 2011

Net sales, SEK M 820.9 750.5 2,865.6 2,543.5

Operating profit, SEK M 45.6 53.4 278.8 273.1

Operating margin, % 5.6 7.1 9.7 10.7

# of Employees end of period 3,368 3,141

Sweco NorwayHighlights• Operating profit up 40% January − September

• Continued growth Q3: +14%

• Strong market and improved billing ratio

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Net sales, SEK M 349.3 307.2 1,260.0 996.1



# of Employees end of period 1,133 1,000

Sweco FinlandHighlights• Best performer Q3, operating margin 15.3%

• FMC Group in line with expectations

• Overall stable market, but signs of slowdown for services in infrastructure sector and building-related services in residential sector

11


Net sales, SEK M 214.4 21.4 629.7 65.4



# of Employees end of period 1,315 68

Sweco Central & Eastern EuropeHighlights• Net sales growth Q3: +14%

• Improved margin

• Overall unchanged market situation

• Continued challenges to increase prices

12


Net sales, SEK M 61.7 54.3 196.2 170.0

Operating profit, SEK M 1.6 -1.1 5.9 -3.7

Operating margin, % 2.7 -2.1 3.0 -2.2

# of Employees end of period 873 899

Sweco RussiaHighlights• Significantly weakened market for infrastructure

• Action program has been carried out

• Improvement in demand expected within the next year

• Long-term fundamentals remain strong

13


Net sales, SEK M 6.7 33.1 66.4 65.3

Operating profit, SEK M -9.0 3.0 -14.8 4.4

Operating margin, % -135.5 8.9 -22.3 6.7


Sweco IndustryHighlights• Net sales growth up 20% January − September

• Over all stable demand Q3

• Signals of lower investment activities at the end of the period

14


Net sales, SEK M 142.9 137.6 527.6 439.4




Market outlook

15

Trend Segment Share of net sales

Structural Engineering

Infrastructure

Building Service Systems

Water & Environment

Energy systems

Industry

Architecture

Project Management

Geographic IT

18%

16%

14%

13%

13%

10%

8%

6%

2%

• Slowdown is expected in some segments

• Long-term drivers and trends:- Environmental awareness- Urbanization- EU expansion

• Sweco’s home markets has stronger GDP growth and healthier public finances than the European average

• Well positioned for continued profitable growth

highlights - sweco.bg · sweco finland highlights • best performer q3, operating margin 15.3% •...

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