SWECO AB (publ) Year-end report 2013
Strong underlying profit in the fourth quarter
OCTOBER – DECEMBER 2013
• Net sales: SEK 2,447.4 million (2,093.5)
• Operating profit: SEK 128.5 million (200.6); operating margin: 5.3 per cent (9.6)
• Impairment of intangible assets in Eastern Europe: SEK 49.3 million
• EBITA: SEK 191.9 million (241.7); EBITA margin: 7.8 per cent (11.6)
• Integration costs for Vectura: SEK 38.1 million
• Profit after tax: SEK 70.4 million (127.4); earnings per share: SEK 0.76 (1.37)
JANUARY – DECEMBER 2013
• Net sales: SEK 8,198.8 million (7,503.5)
• Operating profit: SEK 560.7 million (681.6); operating margin: 6.8 per cent (9.1)
• EBITA: SEK 656.3 million; EBITA margin: 8.0 per cent (10.0)
• Integration costs for Vectura: SEK 53.0 million
• Profit after tax: SEK 379.6 million (475.9); earnings per share: SEK 4.11 (5.15)
• Net debt: SEK 1,321.9 million (409.3)
• The Board proposes a dividend of SEK 3.25 (3.25) per share
Comments from President and CEO Tomas Carlsson:
– The underlying profit in the fourth quarter is strong and especially Vectura contributes positively to the development. Underlying EBITA was SEK 230 million, compared to SEK 201 million previous year. Operating profit was charged with integration costs for Vectura and the impairment of intangible assets in Eastern Europe.
– The acquisition of Vectura exceeds our initial expectations. The synergies are expected to be greater, integration costs lower and impact on profit realised sooner. Vectura is fully integrated with Sweco Sweden as of 1 January 2014. We are a Nordic market leader, with the strongest service offering for the infrastructure of the future.
– The market remains essentially unchanged, with major geographic variations. The Norwegian market is strong, and the market in Sweden and the construction market in Finland are stable. The industrial market in Finland and large parts of Eastern Europe remain challenging. Sweco operations in Eastern Europe are therefore being restructured and the Group repositioned to capture the market in Central Europe.