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SWECO AB (Publ) Interim report January – June 2015

July 17, 2015 | Interim report

Strong results and organic growth – On track to take the leadership position in Europe

APRIL – JUNE 2015                                                                                                                                                 

  • Net sales: SEK 2,549.2 million (2,337.3)
  • EBITA excl. extraordinary expenses: SEK 232.6 million (170.6); margin: 9.1 per cent (7.3)
  • EBITA: SEK 203.7 million (167.8); margin: 8.0 per cent (7.2)
  • Operating profit: SEK 190.8 million (155.6); margin 7.5 per cent (6.7)
  • Profit after tax: SEK 132.1 million (108.6); earnings per share: SEK 1.45 (1.19)

JANUARY – JUNE 2015

  • Net sales: SEK 5,014.6 million (4,659.0)
  • EBITA excl. extraordinary expenses: SEK 462.0 million (404.1); margin: 9.2 per cent (8.7)
  • EBITA: SEK 432.2 million (392.8); margin: 8.6 per cent (8.4)
  • Operating profit: SEK 407.0 million (367.8); margin 8.1 per cent (7.9)
  • Profit after tax: SEK 292.3 million (252.5); earnings per share: SEK 3.21 SEK (2.76)
  • Net debt: SEK 1,445.8 million (1,522.8); net debt/EBITDA: 1.4 times (1.8)

Comments from President and CEO Tomas Carlsson:

  • Sweco has made a bid for the Dutch company Grontmij, with around 6,000 employees. The transaction will create Europe’s leading engineering consultancy, with sales of approximately SEK 15.2 billion and around 14,500 employees. Sweco will thereby take a major step towards its vision to become Europe’s most respected knowledge company in the fields of consulting engineering, environmental technology and architecture – not only in terms of sales, but first and foremost as the top choice for customers and employees. Sweco and Grontmij complement each other when it comes to geography, expertise and culture. With our combined expertise and consolidated position in Northern Europe, we will be hard to beat. Settlement of the offer is expected to take place in the beginning of the fourth quarter.
  • Our efforts to increase customer focus and improve internal efficiency have produced results. Adjusted for extraordinary expenses and calendar effects, EBITA improved more than 15 per cent this quarter, while three of our four business areas saw organic growth of at least 10 per cent. Operating profit and sales are on the rise thanks to positive calendar effects, good organic growth and improved billing ratios. Notwithstanding extraordinary expenses associated with the Grontmij    acquisition, it is the best second-quarter operating profit for Sweco to date.
  • Overall, the market is still gradually improving, albeit unevenly among our submarkets. The Swedish market is developing positively, particularly within infrastructure and the construction and real estate sector. The Norwegian market has stabilised due mainly to growing public investments. The Central European market has stabilised, while the Finnish market remains challenging.
  • During the quarter, Sweco Norway was awarded its largest-ever infrastructure project: the Bergen Light Rail extension. Sweco Finland was commissioned by Metsä Fibre to design the world’s most modern bioproduct plant, the Finnish forestry industry’s largest investment to date. The assignments at the plant were expanded during the quarter with the signing of a contract for design of the plant’s fibre line.

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