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Historic pro forma information for Sweco with Grontmij and normal working hours for 2016

January 14, 2016 | Press release

In order to facilitate the analysis of the financial development, Sweco presents financial pro forma information. It shows a consolidation of the Sweco’s and Grontmij’s historic financials according to Sweco’s new organisational structure. The compilation is based on earlier published information. Further, normal working hours for 2016 and pro forma 2015 are presented.

The non-audited financial pro forma information presented in the tables below encompasses net sales, operating profit (EBITA) and operating margin (EBITA margin) pro forma for Sweco’s business areas according to the new structure valid as of 1 October 2015. The information has been compiled for the last four quarters as well as the full year 2014.

The business areas as of 1 October 2015 are the following, in relation to earlier organizational structure:

  • Sweco Sweden – Sweco’s operations in Sweden and Grontmij’s operations in Sweden

  • Sweco Norway – Sweco’s operations in Norway

  • Sweco Finland – Sweco’s operations in Finland and Estonia

  • Sweco Denmark – Grontmij’s operations in Denmark

  • Sweco Netherlands – Grontmij’s operations in the Netherlands

  • Sweco Western Europe – primarily comprised of Grontmij’s operations in Great Britain and Belgium, as well as Bulgaria and Turkey constituting a minor part

  • Sweco Central Europe – Grontmij’s operations in Germany and Poland and Sweco’s operations in Lithuania, Czech Republic and Poland

    In addition, extraordinary items, billing ratio and normal working hours pro forma for the group are presented.

    The financial pro forma information to be found below is based on the audited annual consolidated income statement for 2014 of Sweco and Grontmij respectively, and on the consolidated income statements for the first, second and third quarter of 2015 of Sweco and Grontmij respectively. Sweco and Grontmij both apply IFRS.

    The financial pro forma information has been compiled and presented in accordance with Sweco’s accounting policies as described in Sweco’s annual report for 2014. Herewith, the financials of Grontmij have been adjusted to be consistent with Sweco’s presentation of the income statement. The material pro forma adjustments of Grontmij’s financials are the following:

  • Other income has been included in net sales

  • Foreign exchange gains and foreign exchange losses on operating receivables and liabilities are included in EBITA

  • Amortisation of software have been included in Amortisation/ depreciation and impairment losses and are thus impacting EBITA

  • Results relating to sale of subsidiaries and equity accounted investees are included in Acquisition-related items, and thus is not included in EBITA

    Extraordinary items consist of Sweco’s and Grontmij’s extraordinary items as they have been reported in the respective quarterly report. Grontmij’s extraordinary items are included to the extent that they are included in Sweco’s definition of EBITA.

    The pro forma information only includes the activities acquired by Sweco and thus, Grontmij’s activities in France which were divested during 2015 before Sweco’s acquisition are excluded. These activities were previously reported as Assets held for sale by Grontmij.

    The pro forma information is only intended to describe a hypothetical situation and has been prepared solely with an illustrative purpose.

    The pro forma adjustments do not include any savings related to synergies nor operational improvements. Future integration costs are also not included in the pro forma information.

    The pro forma information has not been subject to any review or audit by the company’s auditors.

Pro forma information per business area1

20152015201520142014
Q3Q2Q1Q4Full year
Net sales, SEK M
Sweco Sweden1 3901 7951 7321 7686 453
Sweco Norway4015515315211 918
Sweco Finland3754083924171 525
Sweco Denmark3203313343281 264
Sweco Netherlands4454654714961 905
Sweco Western Europe3893933843621 420
Sweco Central Europe220245224258902
Group-wide, eliminations, etc.-36-68-44-43-178
Net sales3 5044 1204 0244 10715 209
Operating profit (EBITA), SEK M
Sweco Sweden91186184223604
Sweco Norway24444058179
Sweco Finland271017383
Sweco Denmark18-80-515
Sweco Netherlands120142176
Sweco Western Europe2223132071
Sweco Central Europe711121951
Group-wide, eliminations, etc.-63-79-23-58-205
EBITA138187257281874
Extraordinary items25970158155
EBITA excl. e.o. items21972572583391 029

1 The pro forma information excludes Grontmij’s French activities which were divested during 2015 and reported by Grontmij as Assets held for sale.

Groupwide, eliminations, etc. includes group functions, the operations in China as well as Grontmij’s real estate operations.

The pro forma information has not been subject to any review or audit by the company’s auditors.

2 Extraordinary items include Sweco’s and Grontmij’s extraordinary items to the extent they are part of Sweco’s definition of EBITA. All extraordinary items are included in Group-wide.

20152015201520142014
Q3Q2Q1Q4Full year
EBITA margin, %
Sweco Sweden6,610,410,612,69,4
Sweco Norway6,18,07,511,09,3
Sweco Finland7,32,54,20,85,5
Sweco Denmark5,6-2,30,1-1,41,2
Sweco Netherlands2,60,12,94,24,0
Sweco Western Europe5,75,83,45,55,0
Sweco Central Europe3,14,35,47,45,7
EBITA margin3,94,56,46,85,7
Extraordinary items21,71,70,01,51,1
EBITA margin, excl. e.o. items25,66,26,48,36,8
Billing ratio, %74,174,873,273,873,4
Normal working hours5194694884861 960

Normal working hours

The number of normal working hours in 2016 for Sweco’s operations, based on the 12-month pro forma net sales-weighted business mix as per October 2015, is broken down as follows:

Quarter 1:478 (488)-10
Quarter 2:490 (469)+21
Quarter 3:518 (519)-1
Quarter 4:493 (492)+1
Total 2016:1 979 (1 968)+11

Attached information

Anna Elisabeth Olsson

Head of Press and Public Affairs