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SWECO AB (publ) Interim report January-September 2015

October 23, 2015 | Interim report

Solid underlying results – taking a leadership position in Europe

JULY – SEPTEMBER 2015                                                                                                                                    

  • Net sales: SEK 2,024.3 million (2,000.1)
  • EBITA excl. extraordinary expenses: SEK 138.8 million (155.2); margin: 6.9 per cent (7.8)
  • EBITA: SEK 108.5 million (155.2); margin 5.4 per cent (7.8)
  • Operating profit: SEK 94.4 million (143.2); margin 4.7 per cent (7.2)
  • Profit after tax: SEK 61.4 million (92.3); earnings per share: SEK 0.64 (1.02)

JANUARY – SEPTEMBER 2015

  • Net sales: SEK 7,038.9 million (6,659.1)
  • EBITA excl. extraordinary expenses: SEK 600.7 million (559.3); margin: 8.5 per cent (8.4)
  • EBITA: SEK 540.7 million (548.0); margin: 7.7 per cent (8.2)
  • Operating profit: SEK 501.4 million (510.4); margin: 7.1 per cent (7.7)
  • Profit after tax: SEK 353.7 million (334.8); earnings per share: SEK 3.81 (3.78)
  • Net debt: SEK 1,741.1 million (1,703.8); net debt/EBITDA: 1.8 times (1.9)

Comments from President and CEO Tomas Carlsson:

  • Sweco has acquired the Dutch company Grontmij (with around 6,000 employees), creating Europe’s leading engineering and architecture consultancy with sales of approximately SEK 15.2 billion and approximately 14,500 employees. Grontmij became part of Sweco on 1 October and integration is proceeding according to plan. Sweco held 97.36% of all Grontmij shares at the close of the reporting period and will implement a compulsory redemption of the remaining shares.
  • Sweco Sweden continues to improve its results, while earnings for Sweco Finland are once again on a good level after a weak Q2. Overall results for the quarter were impacted primarily by extraordinary expenses related to the Grontmij acquisition and by lower earnings in Norway. Grontmij’s accounts will be consolidated into Sweco as of the fourth quarter.
  • The market is stable overall, although stability is uneven among our our submarkets. The Swedish market is good, with positive development within infrastructure and the construction and real estate sector. The Norwegian market is undergoing change due to the low price of oil, but is stabilised by public investments. The Central European and Finnish markets have stabilised.

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