SWECO AB (publ) Interim report January-September 2013
JULY – SEPTEMBER 2013
- Net sales of SEK 1,809.3 million (1,557.3).
- Operating profit of SEK 106.0 million (98.8).
- Operating margin of 5.9 per cent (6.3).
- Profit after tax of SEK 70.8 million (61.5) and earnings per share of SEK 0.76 (0.66).
- Net debt of SEK 1,548.9 million (635.5).
JANUARY – SEPTEMBER 2013
- Net sales of SEK 5,751.4 million (5,410.0).
- Operating profit of SEK 432.2 million (481.0).
- Operating margin of 7.5 per cent (8.9).
- Profit after tax of SEK 309.2 million (348.5) and earnings per share of SEK 3.35 (3.78).
Comments from CEO Tomas Carlsson:
– Operating profit for the third quarter rose to SEK 106 million which is the best third quarter so far for Sweco. The best performing business area was Sweco Norway, with an operating margin of close to 9 per cent. Operating profit excluding integration costs for Vectura amounted to SEK 121 million and operating margin excluding integration costs was 6.7 per cent.
– At the end of July the relevant competition authorities approved Sweco’s acquisition of Vectura. The transaction was completed on 31 July and Vectura is consolidated in Sweco as of 1 August 2013. Together with Vectura, we are now the leader in the Nordic market with the strongest offering for the infrastructure of the future. The integration is proceeding according to plan and our assessment is that the acquisition will meet or exceed Sweco’s expectations. Further details about the status of the merger will be published ahead of Sweco’s Capital Markets Day on 29 November.
– Overall demand for Sweco’s services is good, but with major variations still remaining. The market in Norway is strong and demand in Sweden is stable. In Finland, demand for building-related services is satisfactory. At the same time, the market for Finnish industrial consulting services is characterized by continued weakness. In Eastern Europe and Russia, the market is characterized by continued challenges. However, the actions taken are starting to yield positive effects and additional measures are planned. One step in this process is the merging of Sweco Russia and Sweco Central & Eastern Europe business areas.