SWECO AB (publ) Year-end report 2009
• Net sales of SEK 5,338.7 million (5,522.8).
• Operating profit of SEK 443.6 million (596.3).
• Operating margin of 8.3 per cent (10.8).
• Profit before tax of SEK 443.6 million (588.2).
• Solid financial position with a net receivable of SEK 418.5 million (160.1). Strong cash flow from operating activities of SEK 529.7 million (557.1).
• Profit after tax of SEK 294.6 million (402.9) and earnings per share of SEK 3.31 (4.68).
• The Board proposes a dividend of SEK 2.00 per share and a share redemption equal to SEK 2.00 per share.
Comments from CEO Mats Wäppling:
“The majority of Sweco’s operations delivered robust earnings in spite of a weak market. Sweco Sweden and Sweco Norway reported strong operating margins. Our operations in the Czech Republic and Bulgaria have shown stable development and we also noted a slight increase in activity in the Baltic countries at the end of the year.
“Profit for the year was negatively affected by a feeble market for industrial and building-related services, primarily in Finland and the Baltic countries. Among other things, operating profit was burdened with restructuring charges and goodwill impairment losses amounting to SEK 41 million in the Finnish industrial operations. Compared to the prior year, profit was also impacted by a lower number of billable hours and the discontinued premium rebate from Alecta.
“Overall demand has stabilised, but in different ways in different markets. The Norwegian market revived during the autumn, while the Finnish market remains weak.
“After the end of the period, Sweco acquired the Polish water and environmental consultancy Hydroprojekt Kraków with 35 employees. The acquisition is a first step in Sweco’s establishment in Poland.
“The fundamental drivers behind demand for Sweco’s services are population growth and urbanisation, a growing awareness of environmental and climate issues and modernisation of the new EU member states. Sweco’s wide range of services in sustainable development therefore offers excellent conditions for long-term success.
Attached information
Anna Elisabeth Olsson
Head of Press and Public Affairs