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Q2 2012

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Interim report January - June 2012

Interim report January - June 2012

Published in: Technology, Business

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  • 1. Q2 2012 Presentation 17 July, 2012 Mats Wäppling, President and CEO Jonas Dahlberg, CFO Bo Jansson, Senior Vice President◄ ► 1
  • 2. Highlights H1 2012 • Continued strong growth and solid profitability • Sweco Sweden and Sweco Finland best performers • Underlying margin improvement when adjusting for calendar effect • Increased demand during the period, but increased probability for slowdown in some segments • Well positioned for continued profitable growth◄ ► 2
  • 3. Interim report April − June 2012 • Net sales amounted to SEK 1,943.1 million (1,506.7). • Operating profit of SEK 149.6 million (128.0) • Operating margin of 7.7 per cent (8.5) • Profit after tax of SEK 121.5 million (92.5) and earnings per share of SEK 1.32 (1.01)◄ ► 3
  • 4. Interim report January − June 2012 • Net sales amounted to SEK 3,852.7 million (2,927.4) • Operating profit of SEK 380.9 million (264.6) • Operating margin of 9.9 per cent (9.0) • Profit after tax of SEK 286.0 million (189.6) and earnings per share of SEK 3.11 (2.08) • Net debt of SEK 509.0 MSEK (74.6)◄ ► 4
  • 5. Income statement Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2011- Full year April - June SEK M 2012 2011 2012 2011 Jun 2012 2011 • Net sales growth +29% Net sales 1,943.1 1,506.7 3,852.7 2,927.4 6,912.9 5,987.6 – of which organic 10% Other external expenses -459.2 -358.2 -876.8 -684.0 -1,697.9 -1,505.1 and acquired 19% Personnel costs -1 297.2 -994.2 -2,523.6 -1,929.5 -4,435.7 -3,841.6 • Operating profit +17% Amortisation/depreciation • Best performer and impairment losses -37.1 -26.3 -71.4 -49.3 -131.7 -109.6 Sweco Finland Operating profit 149.6 128.0 380.9 264.6 647.6 531.3 • Working hours 462 (471) Net financial items 2.7 -1.8 -3.5 -3.9 -4.1 -4.5 Profit before tax 152.3 126.2 377.4 260.7 643.5 526.8 Income tax expense -30.8 -33.7 -91.4 -71.1 -172.3 -152.0 Jan - June Profit for the period 121.5 92.5 286.0 189.6 471.2 374.8 • Net sales growth 32% – of which organic 14% Operating margin 7.7 8.5 9.9 9.0 9.4 8.9 and acquired 18% Billing ratio 75.1 74.0 74.5 73.5 74.4 73.9 • Operating profit +44% Basic EPS 1,32 1,01 3.11 2.08 5.14 4.11 • Best performer Diluted EPS 1,32 1,01 3.11 2.08 5.14 4.11 Sweco Sweden • Working hours 972 (973)◄ ► 5
  • 6. Operating profit rolling 12 month SEK M 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Quarterly profit Rolling 12 months◄ ► 6
  • 7. Balance sheet SEK M 31 Jun 2012 31 Jun 2011 31 Dec 2011 • Net debt/equity ratio Goodwill 1,453.4 798.0 907.5 of 33.1% (5.5) Other intangible assets 168.3 85.8 88.3 Tangible assets 257.8 214.9 230.8 Financial assets 43.0 64.7 34.5 • Equity/assets ratio of Current assets excl. 31.7% (42.1) cash and cash equivalents 2,594.9 1,927.0 1,776.1 Cash and cash equivalents 335.9 155.9 219.6 • Disposable cash and Total assets 4 853.3 3,246.3 3,256.8 Equity and reserves attributable to equity unutilized bank overdraft holders in the Parent Company 1,522.2 1,355.6 1,493.2 facilities of SEK 813.8 Non-controlling interest 18.1 9.6 10.5 million (646.0) Total equity 1,540.3 1,365.2 1,503.7 Long-term liabilities 851.7 170.5 192.3 • Net debt SEK 509.0 Current liabilities 2,461.3 1,710.6 1,560.8 million (74.6) Total equity and liabilities 4,853.3 3,246.3 3,256.8 Pledged assets 28.4 16.8 - Contingent liabilities 225.8 195.8 207.7 Equity/assets ratio, % 31.7 42.1 46.2 Net interest-bearing liabilities, SEK M -509.0 -74.6 140.9 Net debt/Equity, % 33.1 5.5 -9.4 Net debt/EBITDA, % 0.7 0.1 -0.2◄ ► 7
  • 8. Cash flow SEK M Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2011- Full year • Strong operating cash flow 2012 2011 2012 2011 jun 2012 2011 and solid cash conversion Cash flow from operating ratio activities before changes in working capital and paid tax 176.5 151.9 428.4 310.5 775.6 657.7 • Cash consideration of SEK Paid tax -50.1 -59.3 -142.9 -119.8 -161.7 -138.6 528,3 million paid for Changes in working capital 22.3 -11.9 -57.2 -110.7 47.4 -6.1 acquisitions during H1, Cash flow from operating mainly related to acquisition activities 148.7 80.7 228.3 80.0 661.3 513.0 of FMC Cash flow from investing activities -69.1 -80.2 -571.8 -122.2 -762.5 -312.9 • Dividends of SEK 274,0 Cash flow from financing million paid during Q2 activities -171.2 -200.6 464.6 -182.2 290.9 -355.9 Cash flow for the period -91.6 -200.1 121.1 -224.4 189.7 -155.8◄ ► 8
  • 9. Sweco Sweden Highlights • Strong organic growth • Best performer January − June, operating margin 11.4% • Overall demand increase throughout the period • Increased probability for slower development in some segments Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 1,013.8 923.3 2,044.7 1,793.0 Operating profit, SEK M 94.7 113.6 233.2 219.7 Operating margin, % 9.3 12.3 11.4 12.3 # of Employees end of period 3,329 3,055◄ ► 9
  • 10. Sweco Norway Highlights • Strong growth and profitability improvement • Operating profit up 64% January − June • Strong growth Q2: +29% • Continued strong market and improved billing ratio Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 438.2 339.5 910.7 688.9 Operating profit, SEK M 20.2 16.4 88.6 54.0 Operating margin, % 4.6 4.8 9.7 7.8 # of Employees end of period 1,100 960◄ ► 10
  • 11. Sweco Finland Highlights • Best performer Q2, operating margin 11.4% • FMC Group in line with expectations • Overall stable market Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 259.3 23.9 415.3 44.0 Operating profit, SEK M 29.5 2.9 45.3 4.8 Operating margin, % 11.4 12.0 10.9 10.9 # of Employees end of period 1,336 68◄ ► 11
  • 12. Sweco Central & Eastern Europe Highlights • Net sales growth January − June 16% • Overall unchanged market situation • Continued difficulties to increase prices Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 68.1 60.8 134.5 115.7 Operating profit, SEK M 1.7 0.6 4.3 -2.6 Operating margin, % 2.4 1.1 3.2 -2.2 # of Employees end of period 884 863◄ ► 12
  • 13. Sweco Russia Highlights • Significantly weakened market for infrastructure • Improvement expected second half of 2012 • Long-term fundamentals remain strong Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 27.2 27.1 59.7 32.2 Operating profit, SEK M -3.0 1.7 -5.8 1.4 Operating margin, % -11.1 6.2 -9.7 4.4 # of Employees end of period 323 379◄ ► 13
  • 14. Sweco Industry Highlights • Strong growth and improved profitability • Finnish market continues to improve • Need for additional recruitment • Stable development in Norway and Sweden Apr-Jun 2012 Apr-Jun 2011 Jan-Jun 2012 Jan-Jun 2011 Net sales, SEK M 191.9 157.3 384.7 301.8 Operating profit, SEK M 12.1 3.8 33.3 6.8 Operating margin, % 6.3 2.4 8.7 2.3 # of Employees end of period 707 657◄ ► 14
  • 15. Market outlook Trend Segment Share of net sales • Overall robust market situation Infrastructure 16% • Increased probability for slower Structural Engineering 16% development in some segments Water & Environment 14% • Long-term drivers and trends: - Environmental awareness Energy systems 14% - Urbanization Building Service Systems 14% - EU expansion Industry 10% • Sweco’s home markets has stronger GDP growth and Architecture 8% healthier public finances than Project Management 6% the European average • Well positioned for continued Geographic IT 2% profitable growth◄ ► 15