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SWECO AB (publ) Interim report January-September 2009

November 9, 2009 | Interim report

• Operating profit of SEK 348.5 million (436.6).
• Operating margin of 8.9 per cent (11.0).
• Net sales of SEK 3,909.6 million (3,962.8).
• Profit before tax of SEK 350.6 million (428.9).
• Solid financial position with net cash of SEK 189.7 million (-58.1). Strong cash flow from operating activities of SEK 280.0 million (298.6).
• Profit after tax of SEK 248.6 million (306.5) and earnings per share of SEK 2.80 (3.56).

Comments from CEO Mats Wäppling:

“Sweco posted robust earnings for the first nine months of 2009 in spite of a weak economy. Adjusted for the calendar effect with a lower number of billable hours and Alecta’s premium rebate for 2008, operating profit is essentially on par with the previous year.

“Market development is difficult to assess. Parts of our industrial services are still struggling with weak demand and the market for certain building-related services has deteriorated. In the Baltic countries we are seeing increased activity and an improved order intake. All markets are showing sustained demand for services in environment, energy and infrastructure, and in Norway and Sweden we are continuing to recruit key competencies in these areas. In general, the market is starting to stabilise.

“Sweco won several major orders in the third quarter, including a SEK 130 million contract in connection with a Jordanian initiative to improve access to drinking water in the country’s capital city of Amman and two large-scale energy contracts in Russia worth a total of SEK 80 million in which Sweco will supervise and monitor the construction of new CHP plants in Moscow and Sochi.

“Our growth strategy stands firm. Sweco’s strong financial position provides a platform for continued profitable growth and a high level of preparedness to seize new opportunities. Our aim now is to grow through acquisitions in both existing and new markets in Europe.”

Attached information

Anna Elisabeth Olsson

Head of Press and Public Affairs