SWECO AB (publ) Year-end report 2016
The strongest quarter to date concludes a record year
October – December 2016
- Net sales increased to SEK 4,421 million (4,350), acquired growth was 1 per cent
- EBITA excluding extraordinary items increased to SEK 478 million (390), margin 10.8 per cent (9.0)
- EBITA increased to SEK 395 million (200), margin 8.9 per cent (4.6)
- EBIT increased to SEK 378 million (179), margin 8.6 per cent (4.1)
- Profit after tax increased to SEK 276 million (86), corresponding to SEK 2.30 per share (0.75)
January – December 2016
- Net sales increased to SEK 16,531 million (11,389), acquired growth was 42 per cent
- EBITA excluding extraordinary items increased to SEK 1,482 million (991), margin 9.0 per cent (8.7)
- EBITA increased to SEK 1,336 million (740), margin 8.1 per cent (6.5)
- EBIT increased to SEK 1,249 million (681), margin 7.6 per cent (6.0)
- Net debt decreased to SEK 1,558 million (1,688)
- Net debt/EBITDA decreased to 1.0 times (1.8). Net debt/EBITDA pro forma and excluding extraordinary items was 0.9 times (1.2)
- Profit after tax increased to SEK 931 million (439), corresponding to SEK 7.78 per share (4.36)
- The Board of Directors proposes a dividend distribution of SEK 4.30 per share (3.50)
Comments from President and CEO Tomas Carlsson:
Sweco is ending a record year with its strongest quarter to date. EBITA excluding extraordinary items is up 35 per cent for the full year and 23 per cent for the quarter, compared with last year’s pro forma. The improvement is mainly due to synergies from the Grontmij integration.
Synergies are estimated to be 20 per cent higher and realised in half the time relative to initial estimates, while extraordinary items are expected to be 11 per cent lower. Close to 90 per cent of the synergies and essentially all extraordinary items were realised by the end of the quarter. With the integration largely completed, this is the last report in which we will comment on the Grontmij integration in detail.
Our focus forward is on Sweco’s further development. With a strong financial position and as the market-leading architecture and engineering consultancy in Europe, Sweco is well positioned for continued value-creating growth. Our strategy for the future is to repeat our history. Sweco’s operational model remains focused on customers, internal efficiency and having the best people in our business. We will continue to expand our Northern European footprint, through acquisitions and organic growth.
Overall, the market for Sweco’s services is good. The Swedish market is strong. The markets in Norway, Denmark, Western Europe and Central Europe are generally good. The markets in Finland and the Netherlands remain challenging.