1. Q1 2012 Presentation
8 May, 2012
Mats Wäppling, President and CEO
Jonas Dahlberg, CFO
g,
Bo Jansson, Senior Vice President
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2. Highlights Q1 2012
• Best quarter ever
- operating profit SEK 231 million
• Continued strong growth
- Sweco now 7 600 employees
• S
Sweco N
Norway b t performer
best f
• Big improvement Sweco Industry
• FMC Group contributes to the result
• Overall good market situation, but still
uncertainty
t i t
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3. Interim report January- March 2012
• Net sales amounted to SEK 1,909.6 million (1,420.7).
• Operating profit of SEK 231.3 million (136.6)
• Operating margin of 12.1 per cent (9.6)
• Profit after tax of SEK 164.5 million (97.1) and earnings per share
of SEK 1.79 (1.07)
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4. Income statement
• Net sales growth 34 %
Jan-mar Jan-mar Apr 2011- Full year
• Operating profit + 69 %
SEK M 2012 2011 Mar 2012 2011
• Operating margin 12.1 %
Net sales 1,909.6 1,420.7 6,476.5 5,987.6
Other external expenses -417.6 -325.8 -1,596.9 -1,505.1 • Strong performance Norway,
Sweden and Industry
Personnel costs -1,226.4 -935.3 -4,132.7 -3,841.6
Amortisation/depreciation • Positive trend prices
and impairment losses -34.3
34 3 -23.0
23 0 -120.9
120 9 -109.6
109 6 • Transaction costs related to FMC
Group SEK 12.1 million
Operating profit 231.3 136.6 626.0 531.3
Net financial items -6.2 -2.1 -8.6 -4.5
• Amortization of intangible assets
related to acquisitions SEK 10.3
Profit before tax 225.1 134.5 617.4 526.8
million
Income tax expense -60.6 -37.4 -175.2 -152.0
Profit for the period 164.5 97.1 442.2 374.8
Operating margin 12.1 9.6 9.7 8.9
Billing ratio 73.9 72.9 74.1 73.9
Basic EPS 1.79 1.07 4.84 4.11
Diluted EPS 1.79 1.07 4.84 4.11
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5. 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
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6. Balance sheet
• Net debt/equity ratio of 18.6 %
SEK M 31 Mar 2012 31 Mar 2011 31 Dec 2011 (-12.7) Equity/assets ratio
Goodwill 1,466.0 757.7 907.5 of 35.6 % (48.4)
Other intangible assets 176.4 50.6 88.3
Tangible assets 245.5 204.3 230.8 • Disposable cash and
p
Financial assets 51.8 66.3 34.5 unutilised bank overdraft
Current assets excl.
facilities of SEK 1,120.5 million
cash and cash equivalents 2,438.7 1,706.2 1,776.1
(898.9)
Cash and cash equivalents 432.0 348.9 219.6
Total assets 4,810.4
4 810 4 3,134.0
3 134 0 3,256.8
3 256 8
Equity and reserves attributable to equity • Net debt SEK 317.9 million
holders in the Parent Company 1,695.4 1,507.1 1,493.2 (Net cash 192)
Non-controlling interest 17.9 9.8 10.5
Total equity 1,713.3 1,516.9 1,503.7 • New loans of EUR 74 million
Long-term liabilities 882.9 152.5 192.3 related to acquisition of FMC
Current liabilities 2,214.2 1,464.6 1 560.8 Group
Total equity and liabilities 4,810.4 3,134.0 3,256.8
Pledged assets 257.7 16.3 - • Increase in goodwill and
Contingent liabilities 230.8
230 8 193.7
193 7 207.7
207 7 intangible assets related t
i t ibl t l t d to
acquisition of FMC Group
Equity/assets ratio, % 35.6 48.4 46.2
Net interest-bearing liabilities, SEK M -317.9 192.0 140.9
Net debt/Equity,
N t d bt/E it % 18.6
18 6 -12.7
12 7 -9.4
94
Net debt/EBITDA, % 0.4 -0.4 -0.2
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7. Cash flow
• Strong cash flow from
SEK M Jan-mar Jan-mar Apr 2011- Full year operations
2012 2011 mar 2012 2011
• Considerations of net SEK
Cash flow from operating 485 million paid. Primarily
activities before changes in
related to acquisition of
working capital and paid tax 251.9 158.6 751.0 657.7
FMC Group
Paid tax -92.8 -60.5 -170.9 -138.6
Changes in working capital -79.5 -98.8 13.2 -6.1
Cash flow from operating
activities
ti iti 79.6
79 6 -0.7
07 593.3
593 3 513.0
513 0
Cash flow from investing
activities -502.7 -42.0 -773.6 -312.9
Cash flow from financing
activities 635.8 18.4 261.5 -355.9
Cash flow for the period 212.7 -24.3 81.2 -155.8
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8. Sweco Sweden
Highlights
• Net sales growth + 19 %
• Operating profit up by SEK 32 million
• Operating margin 13.4 %
• O
Overall stable market
• Improved prices
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 1,030.9 869.7
Operating profit, SEK M 138.5 106.1
Operating margin, % 13.4 12.2
# of employees end of period 3,259 2,938
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9. Sweco Norway
Highlights
• Net sales growth 35 %
• Operating profit up by SEK 31 million
• Operating margin 14.5 %
• Continued good market, improved prices
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 472.5 349.4
Operating profit, SEK M 68.4 37.6
Operating margin, % 14.5 10.8
# of employees end of period 1,092 960
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10. Sweco Finland
Highlights
• Includes FMC Group from Feb 1
• Operating margin 10.1 %
• Operating profit FMC Group SEK 13 million
• Overall stable market
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 156.0 20.1
Operating profit, SEK M 15.8 1.9
Operating margin, % 10.1 9.5
# of employees end of period 1,255 65
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11. Sweco Central & Eastern Europe
Highlights
• Net sales growth 21 %
• Improved results in Poland and the Baltics
• Overall stable market situation
• Continued difficulties to increase prices
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 66.4 54.9
Operating profit, SEK M 2.6 -3.2
Operating margin, % 3.9 -5.9
# of employees end of period 886 874
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12. Sweco Russia
Highlights
• Weaker market for infrastructure in the wake of Russian presidential election
• Longer term fundamentals remain strong.
• Public finances are improving steadily
• Increased industrial investments, primarily in the raw materials sector.
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 32.5 5.1
Operating profit, SEK M -2.8 -0.3
Operating margin, % -8.5 -5.1
# of employees end of period 347 91
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13. Sweco Industry
Highlights
• Improved profitability, driven by improved billing ratio
• Finnish market continues to improve
• Need for additional recruitment
• Stable development in Norway and Sweden
Jan-Mar 2012 Jan-Mar 2011
Net sales, SEK M 192.8 144.5
Operating profit, SEK M 21.2 3.0
Operating margin, % 11.0 2.1
# of employees end of period 709 620
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14. Market outlook
Trend Segment Share of net sales
Infrastructure 16% • Overall good market situation
g
Water & Environment 15% • Sweco’s home markets has
stronger GDP growth and
g g
Structural Engineering 15% healthier public finances than
Building Service Systems 14% the European average
• But still uncertainty due to the
Energy systems 13%
European debt crisis
Industry 11% • Long-term drivers and trends:
Architecture 8% - Environmental awareness
- Urbanization
Project Management 6% - EU expansion
Geographic IT 2%
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