SWECO AB (publ) Interim report January-March 2013
JANUARY – MARCH 2013
- Net sales of SEK 1,931.6 million (1,909.6).
- Operating profit of SEK 135.3 million (232.0).
- Operating margin of 7.0 per cent (12.1).
- Profit after tax of SEK 102.2 million (165.0) and earnings per share of SEK 1.11 (1.80).
- Net debt of SEK 378.0 million (317.9).
Comments from CEO Tomas Carlsson:
– Operating profit reached SEK 135 million and the top-performing business area was Sweco Sweden, with an operating margin of close to 10 per cent. Earnings were impacted by significant calendar effects that amounted to around SEK 90 million. Adjusted for calendar effects, the largest business areas, Sweden, Norway and Finland, showed essentially unchanged operating margins compared to the first quarter of 2012, which is satisfactory under the circumstances.
– At the same time, Sweco is being increasingly affected by the current economic headwind. Among other things, the market for industrial services in Finland worsened during the period and we are seeing a persistently low level of demand in Russia. Continuous measures are being taken to adapt operations to the existing conditions in these markets.
– Sweco was awarded several major contracts during the period, including design management for a new commuter train line under Helsinki, a total survey of bridge standards in four regions of Russia and engineering design for expanded power transmission from the Forsmark nuclear power plant.
– Sweco stands strong even in an economic downturn. Our growth strategy is unchanged – we will continue our trajectory of profitable growth, both organically and through acquisitions.