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SWECO AB (publ) Interim report January-June 2009

July 21, 2009 | Interim report

Continued strong performance in first half of 2009

• Operating profit of SEK 283.7 million (335.0).

• Operating margin of 10.0 per cent (11.9).

• Net sales amounted to SEK 2,846.8 million (2,803.7).

• Profit before tax of SEK 289.9 million (329.1).

• Strong cash flow from operating activities of SEK 214.7 million (180.7).

• Profit after tax of SEK 207.1 million (236.3) and earnings per share of SEK 2.35 (2.76).

Comments from CEO Mats Wäppling:

“Sweco reported a strong first half with an operating profit of SEK 284 million and operating margin of 10 per cent. The period’s robust earnings are primarily attributable to the units in Sweden and Norway. Earnings were affected by a lower number of billable hours compared to the preceding year, which is equal to approximately SEK 50 million in operating profit.

“The market situation for building-related and industrial services has continued to deteriorate, particularly in Finland and the Baltic countries, and the economic downturn is also starting to affect other parts of Sweco’s operations. In response to this, we are adapting our resources successively in pace with changes in the business climate.

“At the same time, we are seeing stable demand for Sweco’s services in environment, energy, infrastructure and geographic IT and are continuing to recruit key competencies in these areas. The fundamental drivers behind demand for our services are population growth and urbanisation, a growing awareness of environmental and climate issues and modernisation of the new EU member states. These trends are creating new business opportunities and stimulating long-term demand.

“Sweco’s leading market positions in environment, energy and infrastructure, together with the Group’s healthy finances, provide a platform for continued profitable growth and a high level of preparedness to seize new opportunities in the years ahead.”

Attached information

Anna Elisabeth Olsson

Head of Press and Public Affairs