Sweco

Earnings Release • Jul 16, 2019

16 July 2019

CONTINUED POSITIVE DEVELOPMENT

APRIL - JUNE 2019

• Net sales increased to SEK 5,214 million (4,916)
• EBITA decreased to SEK 422 million (464), margin 8.1 per cent (9.4)
• •
• Profit after tax decreased to SEK 281 million (330), corresponding to SEK 2.39 per share (2.78)

JANUARY - JUNE 2019

• Net sales increased to SEK 10,315 million (9,544)
• •
• · EBIT increased to SEK 935 million (866), margin 9.1 per cent (9.1)
• Profit after tax increased to SEK 672 million (628), corresponding to SEK 5.73 per share (5.28)
• · Net debt decreased to SEK 2,324 million (2,588)
• · Net debt/EBITDA decreased to 1.2 x (1.4)

COMMENTS FROM PRESIDENT AND CEO ÅSA BERGMAN:

Sweco continues to develop positively, in line with the trend from recent quarters. EBTA increased around SEK 54 million and organic growth amounted to around 5 per cent, both after adjustment for calendar effects. The improved performance is driven by positive fee development and an increased number of employees, supported by a solid order backlog. Nominally, reported EBTA and net sales were negatively improximately SEK 97 million due to less available calendar hours compared to last year.

In particular. Finland, Belgium and Norway performed strongly, combining good organic growth with provements. At the same time, Sweden continues to deliver industry leading profitability, combined with solid organic growth.

Sweco announced two strategically important add-on acquisitions during the quarter. MLM Group in the UK, adding 460 experts primarily within the building and infrastructure sectors. Imp GmbH in Germany, adding 380 experts primarily within power transmission. Both acquisitions are in line with our strategy of developing local market leadership in our eight core markets in Northern Europe.

Sweco is Europe's market leading architecture and engineering consultancy. Together with our clients, we plan and design sustainable communities and cities of the future. Customer focus, internal efficiency and having the best people is at the core of Sweco's decentralised operating model. We aim to continue our trajectory of profitable growth, both organically and through add-on acquisitions.

Overall, the market for Sweco's services is good and largely unchanged to recent quarters. Essentially all Business Areas are experiencing a good market for Sweco's services in the infrastructure, water and industry segments. Demand for services in the real estate segment remains good in most countries, with the exception of the UK and residential in the Nordics, where demand remains weak.

Sweco plans and designs tomorrow's communities. Our vork produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With more than 16,000 fult-lime employees in Europe, we offer of expertise for every project. We carry outprojects in some 70 countries annually throughout the word. Sweco is Europe's leading engineering and architecture consumately SEK 18.7 billion (EUR 1.8 billion). The company is listed on Nasda Stockholm This information in information that Sweco is oblig pursuant to the EU Market. Nove Pegulation and the Sesurities Markets Act. The information was submitted for publication, through the agency of the contact persons, at around 12:00 CET on 16 July 2019.

SWECO

PROFIT AND OPERATIONS

APRIL-JUNE

Organic growth amounted to approximately 5 per cent after adjustment for calendar effects. Acquired growth amounted to 2 per cent. In addition, currency effects contributed 1 per cent to net sales, which in total increased 6 per cent to SEK 5,214 million (4,916).

Organic growth was mainly driven by an increased number of employees and positive fee development, supported by a solid order backlog in all Business Areas. Organic growth adjusted for calendar effects was particularly strong in Belgium, Germany & Central Europe and Norway.

Acquired growth was predominantly driven by the acquisition of MLM in the UK, which was consolidated as of May. Recent acquisitions in Finland, Germany and Belgium also contributed positively.

EBITA amounted to SEK 422 million (464). EBITA increased approximately SEK 54 million year-on-year after adjustment for calendar effects. The EBITA improvement was mainly attributable to Sweden, Finland, Belgium and Norway.

Overall for the Group, a positive trend in hourly fees and an increased number of employees were the main drivers of increased FBITA

The quarter had 12 fewer working hours compared with same period last year. This had a negative year-on-year impact of approximately SEK 97 million on earnings and net sales.

The billing ratio decreased to 74.8 per cent (75.2). The billing ratio increased in Belgium, Finland and the

Netherlands, while it declined in Germany, Denmark, Sweden, Norway and the United Kingdom.

JANUARY-JUNE

Net sales increased 8 per cent to SEK 10,315 million (9,544). Organic growth was 5 per cent after adjustment for calendar effects. Acquired growth contributed 2 per cent, while currency effects contributed 2 per cent.

EBITA increased to SEK 953 million (872), an improvement of SEK 81 million.

After adjustment for calendar effects, EBITA increased SEK 125 million. The improvement was mainly attributable to Finland, Belgium, Sweden and Norway. Overall for the Group, a positive trend in hourly fees and an increased number of employees were the main drivers of increased EBITA.

The calendar effect of 6 fewer hours had a negative yearon-year impact of approximately SEK 44 million on net sales and EBITA.

The billing ratio decreased to 74.4 per cent (74.8).

Net financial items decreased to SEK -58 million (-43) due primarily to foreign exchange revaluation effects, higher interest expenses and lower income from associated companies.

Earnings per share increased to SEK 5.73 per share (5.28).

					Jul 2018-
Key ratios	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jun 2019	Full-year 2018
Net sales, SEK M	5,214	4.916	10,315	9.544	19,505	18,735
Organic growth, %	3	9	4	5		5
Acquisition-related growth, %	2	3	2	3		3
Currency, %	-	4	2	3		3
EBITA, SEK M²2	422	464	953	872	1.710	1,629
Margin, %	8.1	9.4	9.2	9.1	8.8	8.7
Profit after tax, SEK M	281	330	672	628	1.299	1,256
Earnings per share, SEK	2.39	2.78	5.73	5.28	11.04	10.59
Number of full-time employees	16,281	15.387	16,044	15.182	15,729	15.306
Billing ratio, %	74.8	75.2	74.4	74.8	74.3	74.5
Normal working hours	462	474	958	964	1.958	1,964
Net debt/EBITDA x2)			1.2	1.4		1.0

¹ EBITA is an atternative performance measure (APM) defore Interest, Taxes and Aquisition-related items, under which all leases are treated as operating lease and the lotal of the lease affects EBT further information, see page 9-10 and 22
² Net debt EBITDA is an alternative performance measure (APV). Net det in an

exclusively of interest-bearing bank debt) less cash and short-term investments. Lease liabilities are excluded from Net debt. EBITDA is a alternative performance messure (APM) defined as Earnings beforest, Taxes, Depreciation and Acquistion-related items, under which all leases are treated as operating leases and the total cost of the lease affects EBITDA. For further information, see page 9-10 and 12.

FXAMPLES OF NEW PROJECTS

A new double-track high-speed train line, roughly 70 km long, is to be constructed between Hässleholm and Lund in Sweden. Sweco has been commissioned by the Swedish Transport Administration to investigate various alternatives for the location of the new railway.

Sweco was nominated as a design group partner for the rehabilitation of the National Theater in Oslo, Norway. The project is very extensive, including rehabilitation, restoration and conservation work of the main building, with 329 rooms. The upgrade and replacement of technical facilities are also included in the project.

As engineering partner to the steel and mining company ArcelorMittal, Sweco supports the entire engineering process within the framework contract for the Torero facility in Ghent, Belgium. In the facility, wood waste will be processed into bio-carbon for use in the blast furnace process. This will give a boost to the reduction in fossil pulverised coal consumption, while also reducing CO2 emissions. The construction phase for the facility was initiated in May. When completed the facility will annually convert 120,000 tonnes of waste wood into about 50,000 tonnes of bio-coal.

MARKET

Overall, the market for Sweco's services is good and largely unchanged compared with recent quarters. Essentially all Business Areas are experiencing a good market for Sweco's services in the infrastructure, water and industry segments. Demand for services in the real estate segment remains good in most countries, with the exception of the UK and residential construction in the Nordics, where demand remains weak.

OUTLOOK

Demand for Sweco's services predominantly follows the general macroeconomic trend in Sweco's markets, with some time lag. Northern European GDP development is solid. Political uncertainty, the global macroeconomic situation and events in the financial market comprise risk factor in terms of future performance.

Sweco does not provide forecasts.

FVENTS DURING THE QUARTER

On 26 April, Sweco announced the appointment of Olof Stålnacke as its new Chief Financial Officer, succeeding

EBITA by quarter and rolling 12 months SEK million Actual

Jonas Dahlberg. Stålnacke is currently the CFO and IR Director of Coor and starts in his position on 17 October.

On 26 April, Sweco also announced the appointment of Katarina Grönwall as the company's new Chief Communications Officer, succeeding Lars Torstensson. She has previously served as CCO of Handelsbanken and Skanska. Grönwall started her new position on 13 May.

On 30 April, Sweco sold its Swedish subsidiary Sweco Elektronik AB with 23 employees to Inission AB, a developer of electronic products.

On 3 May, Sweco acquired MLM Group in the UK, an engineering consultancy primarily with services in building and transport infrastructure. Its 13 offices are predominantly located in South East England. MLM Group employs some 460 people and has annual net sales of about SEK 500 million and an EBITA of approximately SEK 50 million. MLM Group is consolidated in Sweco UK as of May.

On 4 June, Sweco announced the acquisition of imp GmbH in Germany - a consulting company with 380 employees, active predominantly in the power transmission and distribution networks markets. Imp strengthens Sweco's ability to support clients in the ongoing transition toward renewable energy in Germany. Imp has annual net sales of about SEK 210 million and an EBITA of approximately SEK 21 million. The acquisition was completed on 5 July after approval from the German competition authority.

On 5 June, Sweco announced the appointment of Christel Retzlaff, currently Head of Corporate Control, as acting Chief Financial Officer from 20 June to 16 October, 2019.

EVENTS AFTER THE QUARTER

As of 1 July, Martin Aronsson, previously Head of Business Development, holds the role as Chief Strategy and Mergers & Acquisitions Officer and thereby became a member of the Executive Team.

SWECO Z

On 1 July, Sweco acquired Tovatt Architects & Planners, Sweden, thereby strengthening its position in urban planning and building architecture. Tovatt has a long tradition of designing sustainable everyday environments for future city residents, both in Sweden and internationally. Historically, the company arose from Ralph Erskine Architect & Planner and Erskine Tovatt Architects.

CASH FLOW AND FINANCIAL POSITION Group cash flow from operating activities totalled SEK 1,029 million (643) for the first half of the year. Net debt decreased to SEK 2,324 million (2,588). Net debt was impacted negatively by recent acqusitions, while lower working capital levels contributed positively.

The Net debt/EBITDA ratio was 1.2 x (1.4).

Available cash and cash equivalents, including unu tilised credit lines, totalled SEK 2,532 million (1,079) at the end of the reporting period.

INVESTMENTS, JANUARY-JUNE 2019

Investments in equipment totalled SEK 114 million (117) and were primarily attributable to IT investments. Depreciation of equipment amounted to SEK 114 million (100) and amortisation of intangible assets totalled SEK 62 million (58).

Purchase considerations paid to acquire companies and operations totalled SEK 421 million (241) and had an impact of SEK -326 million (-233) on Group's cash and cash equivalents. Purchase considerations received on the divestment of companies and operations totalled SEK 22 million (3) and had an impact of SEK 18 million (-1) on Group's cash and cash equivalents. Repurchases of Sweco shares totalled SEK 2 million (250) and had the same effect on Group's cash and cash equivalents. Dividends totalling SEK 644 million (593) were distributed to Sweco AB's shareholders during the period.

SWECO SWEDEN

SALES AND PROFIT, APRIL-JUNE

Organic growth amounted to approximately 4 per cent and EBITA increased around SEK 36 million, after adjustment for calendar effects. The order backlog, hourly fees and number of employees continued to develop positively during the quarter. However, calendar effects and a lower billing ratio had a negative impact on net sales and profit. The year-on-year calendar effect of 12 fewer hours had a negative impact of approximately SEK 37 million on net sales and EBTA.

The Swedish market is good overall, but there are differences between segments. Demand for infrastructure services remains strong, backed by major public investments. The markets for industrial investments, water and environmental services are good. The real estate market is divided, with good demand within public buildings, whereas demand related to residential construction remains weak. The market for power transmission services is strong while demand in energy generation remains challenging.

IN DIVIL
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	1.952	1.926	3.909	3.800
Organic growth, %	2	8	4	4
Acquisition-related growth, %	-1		-1	()
Currency, %	0			0
EBITA. SEK M	233	234	485	468
EBITA margin, %	119	121	12.4	12.3
Number of full-time employees	5.927	5.680	5.882	5.634

SWECO NORWAY

IN DDICE

SALES AND PROFIT, APRIL-JUNE

Organic growth was approximately 8 per cent, after adjustment for negative calendar effects. Organic growth was mainly driven by an increased number of employees and was supported by a solid order backlog. Nominally, net sales increased 3 per cent and were impacted by a negative calendar effect.

EBITA increased approximately SEK 9 million, after adjustment for negative calendar effects. The increase in EBITA was primarily attributable to higher hourly fees and an increased number of employees, whereas a lower billing ratio impacted EBITA negatively.

Nominally, EBITA decreased to SEK 18 million (49), impacted by negative calendar effects. The calendar effect during Easter is pronounced in Norway compared to the rest of the Group. The year calendar effect of 40 fewer hours had a negative impact on sales and profit of approximately SEK 41 million.

The Norwegian market is good overall. The market for infrastructure is strong and the real estate market is good in all segments, with the exception of residential construction where demand is weak. The power transmission market is strong, while the market for power generation remains weak. The greater Oslo area is strong in all segments and the markets in southern and western Norway are good, with the markets in northern Norway experiencing moderate growth.

IN BRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	658	639	1.364	1,216
Organic growth, %	2	15	10
Acquisition-related growth, %	0	C	0	4
Currency, %		5	2
EBITA. SEK M	18	49	96	78
EBITA margin, %	27	7.7	7.0	6.4
Number of full-time employees	1.563	1.435	1.552	1,444

SWECO FINLAND

SALES AND PROFIT, APRIL-JUNE

Net sales increased to SEK 611 million (549). Organic growth was approximately 7 per cent, after adjustment for negative calendar effects. Organic growth was mainly driven by improved average fees and a higher billing ratio.

EBITA increased aproximately SEK 18 million, after adjustment for calendar effects, and the margin improved to 12.0 per cent (11.5). The increase in EBITA was mainly attributable to improved average fees and a higher billing ratio. The year-on-year calendar effect of 8 fewer hours had a negative impact of approximately SEK 8 million on net sales and EBTA.

The Finnish market is good and demand for Sweco's services is developing positively. Demand for industry, construction and real estate-related services is good, with the exception of residential construction where demand is weaker. The infrastructure market remains more challenging.

IN RRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	611	549	1.189	1.051
Organic growth, %	5	1	C
Acquisition-related growth, %	3		3
Currency. %	3		4	6
EBITA. SEK M	73	63	147	98
EBITA margin, %	12.0	11.5	12.4	9.4
Number of full-time employees	2.191	2.106	2.151	2.080

SWECO DENMARK

SALES AND PROFIT, APRIL-JUNE

Net sales decreased to SEK 442 million (469). Organic growth was approximately -6 per cent, after adjustment for negative calendar effects. The calendar effect of 15 fewer hours had a negative impact of approximately SEK 11 million on net sales and EBITA.

EBTA declined approximately SEK 15 million, after adjustment for calendar effects, primarily driver by a lower billing ratio and a lower number of employees.

The market in Denmark is satisfactory overall. Demand in the water and environmental sectors remains stable, driven by climate related services in the larger cities. The infrastructure market is stable, with an increase in planning of larger public infrastructure projects. The market for building services overall is good but has weakened in terms of residential development in the largest cities. The energy market remains weak.

IN BRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	442	469	897	844
Organic growth, %	-8	5	-5	-6
Acquisition-related growth, %	0	24	8	15
Currency, %	3		3	6
EBITA. SEK M	16	41	52	64
EBITA margin, %	3.6	8.8	5.8	7.6
Number of full-time employees	1.172	1.271	1.184	1.171

SWECO NETHERLANDS

SALES AND PROFIT, APRIL-JUNE

Net sales increased to SEK 519 million (492). Organic growth amounted to 1 per cent after adjustment for positive calendar effects and was driven by an increased number of employees, higher average fees and an improved billing ratio.

EBTA decreased approximately SEK 3 million after adjustment for positive calendar effects. The EBTA margin increased to 7.1 per cent (6.8). Higher costs had a negative impact on EBITA, while higher average fees, an increased number of employees and an improved billing ratio contributed positively. The year-on-year calendar effect of gaining 8 hours had a positive impact of approximately SEK 6 million on net sales and EBITA.

The Dutch economy is strong and demand for Sweco's services is good. Sweco Netherlands is well-positioned for continued growth, with a service offering primarily in the areas of public infrastructure, energy, water and public sector buildings.

IN BRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	519	492	1.025	958
Organic growth, %	3	10	5	5
Acquisition-related growth, %	0	-		0
Currency, %	3		4	6
EBITA. SEK M	37	34	80	71
EBITA margin, %	7.1	6.8	7.8	7.5
Number of full-time employees	1.410	1.367	1.407	1.357

SWECO BELGIUM

SALES AND PROFIT, APRIL-JUNE

Net sales increased to SEK 352 million (271), and organic growth was 24 per cent. There was no year-on-year difference in the number of available working hours. Organic growth was primarily driven by increased revenue from subconsultants, an increased number of employees and higher average fees. Acquired growth contributed 3 per cent and pertained to the acquisitions of Planet Engineering and Nexilis.

The strong performance in Belgium improved further, with tailwind from an accommodating market. EBITA increased approximately SEK17 million. The improvement in earnings was mainly attributable to higher average fees and an increased number of employees. The recent acquisitions of Planet Engineering and Nexilis also contributed positively.

The market in Belgium is good within all market segments and the public sector building markets are strong. The industry market and public infrastructure markets are also good.

IN BRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	352	271	୧୫୧	ર્સ્ડ
Organic growth, %	24	11	16	15
Acquisition-related growth, %	3	14	3	14
Currency, %	3		4	6
EBITA. SEK M	41	24	79	50
EBITA margin, %	11.7	8.8	11.6	8.9
Number of full-time employees	831	771	832	775

SWECO UK

SALES AND PROFIT, APRIL-JUNE

Net sales increased to SEK 291 million (225). Organic growth after adjustment for calendar effects was approximately -8 per cent. The acquisition of MLM Group contributed with acquired growth of 35 per cent. The year-on-year calendar effect of 8 fewer hours had a negative impact of approximately SEK 2 million on net sales and EBITA.

EBITA decreased to SEK 4 million (6). Performance in the UK was unsatisfactory primarily due to a low billing ratio. The decline was driven by a combination of a few large projects being put on hold in the public infrastructure sector, a temporary tender cycle decline in the water sector and Brexit uncertainty impacting demand in the London building sector. The acquisition of MLM Group, which was consolidated in Sweco UK as of May, contributed positively.

In general, the market for Sweco's services in the UK is satisfactory. Demand in the infrastructure market is good, with the exception of a limited number of projects put on hold. The water market is also fundamentally good, but temporarily impacted by the public tender cycle. The London building market is effected by Brexit-related uncertainly and reduced foreign investment, and the energy generation market remains weak.

IN BRIFF

Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	291	225	505	439
Organic growth, %	-9	21	-/	22
Acquisition-related growth, %	35		18	()
Currency, %	3	5	4	3
EBITA. SEK M	4	C	12	17
EBITA margin, %	14	27	2.3	3.9
Number of full-time employees	1.148	861	1.000	848

SWECO GERMANY & CENTRAL EUROPE

SALES AND PROFIT, APRIL-JUNE

Net sales increased to SEK 438 million (387). Organic growth after adjustment for calendar effects was approximately 11 per cent. Organic growth was primarily driven by an increased number of employees. The year-on-year calendar effect of 7 fewer hours had a negative impact of approximately SEK 4 million on net sales and EBITA.

EBITA decreased to SEK 18 million (25) and the EBITA margin declined to 4.1 per cent (6.4). The decline in EBITA was attributable to negative project adjustments in Poland and due to a weaker development in the German operations.

Sweco Germany has grown with double digit percentages, both organically and through acquisitions over the last few years. To manage this increase in business, the organisation has been strengthened to position Sweco Germany for further growth. Costs and a lower billing ratio associated with this transition impacted EBITA. Moreover, higher project adjustments have also impacted EBITA negatively.

The German market is good overall and is developing positively. The construction market for healther and the commercial buildings markets are good. Demand is strong in the transport and environmental sector due to public investment, and power transmission continues to be a good market, while power generation remains challenging.

The Lithuanian market has stabilised, and the Czech market is improving, with satisfactory demand for Sweco's services. The Polish market is developing positively with increasing investments in energy, transportation and water.

IN BRIEF
Net sales and profit	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018
Net sales. SEK M	438	387	835	739
Organic growth, %	10	C	8	11
Acquisition-related growth, %	1	M	2	2
Currency, %	3		3	6
EBITA. SEK M	18	25	30	44
EBITA margin, %	4.1	6.4	3.5	6.0
Number of full-time employees	1.961	1.790	1.963	1.760

IN ADICE

SWECO Z

OTHER INFORMATION

PARENT COMPANY, JANUARY-JUNE 2019

Parent Company net sales totalled SEK 382 million (355) and were attributable to intra-group services. Profit after net financial items totalled SEK 224 million (200). Investments in equipment totalled SEK 17 million (12). Cash and cash equivalents at the end of the period totalled SEK 139 million (221).

ACCOUNTING PRINCIPLES

Sweco complies with the International Financial Reporting Standards (IFRS) and interpretive statements from the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the EU. This interim report was prepared in accordance with IAS 34, Interim Reporting; the Swedish Annual Accounts Act; and the Swedish Financial Reporting Board's RFR 2, Reporting for Legal Entities.

From 1 January 2019, Sweco is applying one new IFRS standard: IFRS 16, Leases. The accounting principles for this standard are described in Note 1 of the Annual Report for 2018 on page 57. In all other respects, the Group applies the same accounting and valuation principles as those described in Note 1 in the Annual Report for 2018.

In this interim report, amounts in brackets refer to the corresponding period of the previous year. Because table items are individually rounded off, table figures do not always tally. The interim report comprises pages 1-18; the interim financial information presented on pages 1-18 is therefore part of this financial report.

NEW ACCOUNTING PRINCIPLES FOR 2019

Sweco is applying IFRS 16 Leases, the new standard for lease accounting, as of 1 January 2019. Under IFRS 16 essentially all leases are recognised in the balance sheet, since finance leases and operating leases are no longer treated differently, as was the case under the previous standard IAS 17. Sweco has chosen the full retrospective transition method and has accordingly accounted for all lease contracts as if IFRS 16 had always been applied. The comparative figures for 2018 have been restated.

Sweco will not be applying IFRS 16 at the Business Area level. Segment reporting for 2019 will therefore remain unchanged from 2018. Additional information regarding Sweco's application of IFRS 16 can be found in the Annual report for 2018 on pages 56-57 and in the press release dated 12 April 2019.

The consolidated financial statements for 2018, including the opening balance on 1 January 2018, have been restated for IFRS 16. To facilitate the analysis of financial development, Sweco has adjusted the presentation of the financial statements by adding new line items.

In the income statement, as presented in the interim reports, the financial net has been divided into three items to facilitate the analysis of lease liabilities and other interest-bearing liabilities:

· Net financial items: Comprises interest expenses on credit facilities and other costs related to credit facilities less interest income on cash and cash equivalents and short-term investments

•Interest cost of leasing: Comprises the interest cost of leasing pursuant to IFRS 16.

•Other financial items: Result and distributions from participations in associated companies and other securities, result from the sale of participations in associated companies and other securities, foreign exchange gains and losses on financial assets and liabilities, and other interest income and interest expenses.

KEY PERFORMANCE MEASURES

Sweco follows the guidelines from ESMA (European Securities and Markets Authority) regarding APMs (Alternative Performance Measures). In brief, these are measures of historical or ongoing operating results and financial performance that are not specified or defined in IFRS. The presentation of non-IFRS financial measures is limited as an analytical tool and should not be used as a substitute for key ratios pursuant to IFRS. Sweco believes that the APMs will enhance investors' evaluation of our ongoing operating results, aid in forecasting future periods and facilitate meaningful comparison of results between periods. The non-IFRS financial measures presented in this report may differ from similarly titled measures used by other companies. A complete list of all Sweco's definitions can be found on our website: http://www.sweco.se/en/IR/definitions/

The adoption of IFRS 16 has a significant impact on the presentation of financial statements. There will be a significant increase in both assets and liabilities and a decrease in other expenses, and a corresponding increase in depreciation and interest expenses. Sweco has chosen to maintain its key financial metrics close to previous definitions, producing minor differences to previously presented values. The objective is to facilitate comparability with previous periods and provide transparency regarding Sweco's operational performance and the Group's financial strength, apart from the accounting effects of IFRS 16. Under this approach, Sweco's targets for profitability (EBITA margin of 12 per cent) and financial strength (a Net debt/EBITDA ratio of less than 2.0 x) also remain unchanged.

Sweco's key financial metrics, defined as Alternative Performance Measures (APMs) in accordance with IFRS, are EBITA and Net debt/EBITDA.

EBITA is the Group's key metric for operational performance at Group and BA level. Sweco's EBITA measure is defined as Earnings Before Interest, Taxes and Acquisition-related items. All leases are treated as operating leases and the total cost of the lease affects EBITA. Operating lease treatment follows IAS 17 (the standard for leases applicable through 31 December 2018).

Net debt/EBITDA is Sweco's key metric for financial strength. The definition remains essentially in line with the covenants defined in Sweco's bank financing agreements. Net debt is defined as net financial debt (comprised almost exclusively of interest-bearing bank debt) less cash and cash equivalents and short-term investments. Lease liabilities are excluded from Net debt. As with the calculation of EBITA, when calculating EBITDA all leases are assumed to compromise operating leases pursuant to IAS 17.

The reconciliation of Sweco's key financial metrics, described above, and IFRS measures is presented on page 12. Organic growth calculation is presented on page 17.

THE SWECO SHARE

The Sweco share is listed on Nasdaq Stockholm. The share price of the Sweco Class B share was SEK 254.80 at the end of the period, representing a 14 per cent increase during the quarter. The Nasdaq Stockholm General Index increased 6 per cent over the same period.

The total number of shares at the end of the period was 121,083,819: 10,420,274 Class A shares and 110,663,545 Class B shares. The total number of shares outstanding was 117,798,459: 10,420,274 Class A shares and 107,378,185 Class B shares.

RISKS AND UNCERTAINTIES

Significant risks and uncertainties affecting the Sweco Group and the Parent Company include business risks associated with the general economic trend and investment level in various markets, the capacity to attract and retain skilled personnel and the effects of political decisions. The Group is also exposed to various types of financial risk, such as foreign currency, interest rate and credit risk. No significant risks are deemed to have arisen apart from the risks detailed in Sweco's 2018 Annual Report (page 102, Risks and Risk Management).

SFASONALITY

The number of normal working hours in 2019, based on the 12-month sales- weighted business mix as of September 2018, is broken down as follows:

	2019	2018
Quarter 1:	496	490	+6
Quarter 2:	462	474	-12
Quarter 3:	519	511	+8
Quarter 4:	485	489	-4
Total:	1.962	1.964	-2

ACQUISITION-RELATED INTANGIBLE ASSETS Acquisition-related intangible assets will be amortised pursuant to the following schedule, based on acquisitions to date:

SEK -87 million
SEK -57 million
SEK -43 million
SFK -38 million

FORTHCOMING FINANCIAL INFORMATION Interim report January-September 25 October 2019 Year-end report 2019 12 February 2020

FOR FURTHER INFORMATION, PLEASE CONTACT: Åsa Bergman, President and CEO asa.bergman@sweco.se

Christel Retzlaff, Acting CFO

Phone +46 70 571 97 93 christel.retzlaff@sweco.se

Katarina Grönwall, CCO

Phone +46 73 258 93 33 katarina.gronwall@sweco.se

SWECO AB (publ) Org. nr. 556542-9841

Gjörwellsgatan 22, Box 34044, 100 26 Stockholm, Phone: +46 8 695 60 00 Email: info@sweco.se www.swecogroup.com

This report has not been audited nor subject to a review by the company's auditor.

The Board of Directors and the President give their assurance that this interim report gives a true and fair view of the business activities, financial position and results of operations of the Group and the Parent Company, and describes the significant risks and uncertainties to which the Parent Company and Group companies are exposed.

Stockholm, 16 July 2019

Johan Nordström Board Chairman Gunnel Duveblad Board member

Eva Lindqvist Board member Johan Hjertonsson Board member

Christine Wolff Board member

Elaine Grunewald Board member

Alf Göransson Board member

Maria Ekh Employee representative

Anna Leonsson Employee representative

Görgen Edenhagen Employee representative

Åsa Bergman President & CEO Board member

KEY RATIOS

					Jul 2018-
Key ratios1)	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jun 2019	Full-year 2018
Profitability
EBITA margin, %	8.1	9.4	9.2	6.1	8.8	8.7
Operating margin (EBIT), %	7.6	9.3	9.1	9.1	8.6	8.6
Profit margin, %	7.0	8.8	8.5	8.6	8.0	8.1
Revenue growth2)
Organic growth, %	3	9	4	5		5 3
Acquisition-related growth, % Currency, %	2 1	3 4	2 2	3 3		3
Total growth, %	6	15	8	10		11
Debt
Net debt, SEK M			2,324	2,588		1,849
Interest-bearing debt, SEK M			2,760	2,960		2,624
Financial strength
Net debt/Equity, %			36.2	43.9		30.0
Net debt/EBITDA, x			1.2	1.4		1.0
Equity/Assets ratio, %			34.9	31.5		35.5
Available cash and cash equivalents, SEK M			2,532	1,079		1.749
-of which unutilised credit, SEK M			2,096	708		974
Return
Return on equity, %			21.1 14.2	22.4 15.9		20.9
Return on capital employed, %						14.6
Share data
Earnings per share, SEK	2.39	2.78	5.73	5.28	11.04	10.59
Diluted earnings per share, SEK	2.32	2.72	5.55	5.17	10.74	10.35
Equity per share, SEK3)			54.40	49.69		52.60
Diluted equity per share, SEK3)			52.98	48.65		50.91
Number of outstanding shares at reporting date			117,798,459	118,449,022		117,069,942
Number of repurchased Class B and Class C			3,285,360	2,634,797		4,013,877
shares

1) Key ratio definitions are available on Sweco's website.
2 See page 17 for details on Sweco's calculation of revenue growth.
3) Refers to portion attributable to Parent Co

Reconciliation of EBIT and the APMs EBITA and					Jul 2018-
EBITDA, SEK M	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jun 2019	Full-year 2018
Operating profit (EBIT)	398	459	935	866	1.687	1.618
Acquisition-related items	43	20	56	37	93	75
Lease expenses1)	-182	-165	-356	-326	-695	-665
Depreciation and impairments, right-of-use
assets	163	150	318	295	625	602
EBITA2)	422	464	953	872	1.710	1.629
Amortisation/depreciation andimpairment,
tangible and intangible fixed assets	72	62	141	122	271	252
EBITDA3)	494	526	1.094	994	1,981	1.881

1) Lease expenses pertain to adjustments made in order to treat all leases as operating leases.

a society point of delectric and crises and conserve assem.
Porting base and the back and and electric as end normers, ases and Aquisitions, under with all equisition and A

all leases are treated as operating leases and the total cost of the lease affects EBITDA.

Net debt. SEK M1)	30 Jun 2019	30 Jun 2018	31 Dec 2018	1 Jan 2018
Non-current interest-bearing debt	2.636	2.801	2.105	2.120
Current interest-bearing debt	124	158	519	56
Cash and cash equivalents incl. short-term
investments	-436	-372	-775	-572
Net debt	2.324	2,588	1.849	1.604

4) Net debt is an alternative performance measure (APM) defined as net financial debt (comprised almost exclusively of interest bearing bank debt) less cash and cash equivalents and short-term investments. Lease liabilities are excluded from Net debt.

SWECO Z

CONSOLIDATED INCOME STATEMENT AND COMPREHENSIVE INCOME STATEMENT

Income statement SEK M	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jul 2018-	Full-year 2018
					Jun 2019
Net sales	5,214	4,916	10,315	9,544	19,505	18,735
Other income	5	5	7		14	14
Other external expenses	-1,084	-1,038	-2,112	-2,041	-4,182	-4,112
Personnel expenses	-3,458	-3,192	-6,760	-6,190	-12,661	-12,091
Amortisation/depreciation and impairment, tangible and intangible
fixed assets1)	-72	-62	-141	-122	-271	-252
Depreciation and impairment, right-of-
use assets	-163	-150	-318	-295	-625	-602
Acquisition-related items27	-43	-20	-56	-37	-93	-75
Operating profit (EBIT)	398	459	935	866	1,687	1,618
Net financial items3)	-12	-11	-24	-20	-49	-45
Interest cost of leasing4)	-16	-15	-32	-30	-63	-61
Other financial itemsb7	-2	1	-2	7	-10	-1
Profit before tax	367	434	877	823	1,565	1,511
Income tax	-86	-104	-205	-195	-265	-255
PROFIT FOR THE PERIOD	281	330	672	628	1,299	1,256
Attributable to:
Parent Company shareholders	281	330	672	627	1,299	1,254
Non-controlling interests	0	0	0	1	0	1
Earnings per share attributable to Parent Company shareholders, SEK	2.39	2.78	5.73	5.28	11.04	10.59
Average number of shares Dividend per share, SEK	117.576.994	118.581.064	117,343,075	118.794.325	117.682.399	118,408,024 5.50

1) Includes tangible assets and intangible assets that are not acquisition-related.

® Acquisition-related tems are defined as anortisation and acquisition-related intangible asses, revaluation of purchase price, and profit and losses on the divestment of companies, operations, and land and buildings. See page 15 for additional details.

31 Net financial items comprise interest expenses on costs related to credit facilities less interest income on cash and cash equivalents.

4) Interest cost of leasing comprises the interest cost of leasing pursuant to IFRS 16.

® Other financial tems: Result and distribution in associated companies and other securities, result from sale of participations in associated companies and other securities, foreign exchange gains and liabilities, and other interest income and interest expenses.

Consolidated income statement and other comprehensive income, SEK M	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jul 2018- Jun 2019	Full-year 2018
Profit for the period Items that will not be reversed in the in- come statement	281	330	672	628	1,299	1,256
Revaluation of defined benefit pensions, net after tax1.2)			-		-11	-11
Items that may subsequently be re- versed in the income statement
Translation differences, net after tax	20	ਦਾ	162	215	34	87
COMPREHENSIVE INCOME FOR THE PE- RIOD	301	381	834	843	1,323	1,332
Attributable to:
Parent Company shareholders Non-controlling interests	301 0	380 1	834 0	841 2	1,323 0	1,330 2
1) Tax on revaluation of defined benefit pensions	-		-		2	2

2 Revalued annually. Reviewed quarterly in the event of material changes to actuarial assumptions.

SWECO 交

STATEMENTS OF CONSOLIDATED CASH FLOW, CONSOLIDATED BALANCE SHEET AND CHANGES IN EQUITY

Cash flow statement					Jul 2018-
SEK M	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jun 2019	Full-year 2018
Profit before tax	367	434	877	823	1.565	1,511
Amortisation/depreciation and impairment	261	234	498	456	972	930
Other non-cash items	92	96	118	117	195	194
Cash flow from operating activities before changes in working capital, tax paid, interest paid and received	719	764	1,492	1,396	2,731	2,635
Interest cost leasing	-16	-15	-32	-31	-63	-62
Net interest paid	-8	-9	-18	-17	-33	-32
Tax paid	-156	-56	-274	-197	-406	-329
Changes in working capital	59	-357	-140	-509	208	-161
Cash flow from operating activities	599	327	1,029	643	2,438	2,051
Acquisition and divestment of subsidiaries and operations Purchase and disposal of intangible and tangible	-294	-1	-308	-234	-331	-257
assets	-67	-74	-133	-130	-309	-307
Other investing activities	-1	-1	1	2	-6	-5
Cash flow from investing activities	-363	-76	-440	-362	-647	-569
Borrowings and repayment of borrowings	504	639	52	670	-197	420
Principal elements of lease payments	-159	-150	-312	-294	-596	-579
Dividends paid	-645	-593	-645	-593	-645	-593
Repurchase of treasury shares	0	-152	-2	-250	-272	-520
Cash flow from financing activities	-299	-256	-907	-467	-1.710	-1,271
CASH FLOW FOR THE PERIOD	-63	-5	-318	-187	80	211

Balance sheet
SEK M	30 Jun 2019	30 Jun 2018	31 Dec 2018	1 Jan 2018
Goodwill	7,112	6.750	6,615	6,278
Other intangible assets	337	327	300	375
Property, plant and equipment	621	ട്ട് 202	580	524
Right-of-use assets	2,940	2,580	2,724	2,585
Financial assets	485	432	502	422
Current assets excl. cash and cash equivalents	6,459	7,667	5,901	6,116
Cash and cash equivalents incl. short-term investments	436	372	775	572
TOTAL ASSETS	18,391	18,689	17,397	16,812
Equity attributable to Parent Company shareholders	6,409	5,885	6,158	5,823
Non-controlling interests	10	10	10	12
Total equity	6,418	5,895	6,168	5,835
Non-current leasing liabilities	2,470	2,143	2,314	2,176
Non-current interest-bearing debt	2,636	2,801	2,105	2,120
Other non-current liabilities	955	885	923	871
Current leasing liabilities	648	614	599	579
Current interest-bearing debt	124	158	519	રેણ
Other current liabilities	5,140	6,193	4,770	5,234
TOTAL EQUITY AND LIABILITIES	18,391	18,689	17,397	16,812
Pledged assets	20	21	20	21
Contingent liabilities	799	719	791	711

Changes in equity		Jan-Jun 2019		Jan-Jun 2018
SEK M	Equity at- tributable to Parent Company shareholders	Non- controlling interests	Total equity	Equity at- tributable to Parent Company shareholders	Non- controlling interests	Total equity
Equity, opening balance	6.158	10	6,168	5.967	12	5,979
Change in accounting principle				-144		-144
Comprehensive income for the period	834	0	834	841	2	843
Transfer to shareholders	-644	0	-645	-593	-	-593
Buy-back of treasury shares	-2		-2	-250		-250
Divestment of non-controlling interests			-		-3	-3
Share-based incentive schemes	61		61	୧ J		୧ J
Share savings schemes	2		2	3		3
EQUITY, CLOSING BALANCE	6,409	10	6,418	5,885	10	5,895

14

Sweco AB (publ) Interim report January—June 2019

SWECO X

ACQUISITIONS, DIVESTMENTS, ACQUISITION-RELATED ITEMS AND FAIR VALUE OF FINANCIAL INSTRUMENTS

ACQUISITION OF SUBSIDIARIES AND OPERATIONS

During the period Sweco acquired Linnunmaa Oy and MLM Holdings Limited. The acquired businesses have approximately 471 employees (individuals). Of the consideration paid, SEK 130 million is classified as cost for future services of staff in accordance with IFRS. The cost for future services is thus accounted for as a prepaid asset and will be expensed over the coming three years on the line Acquisition-related items. Since the amount is prepaid, it impacts the operating cash flow on the line Changes in working capital. The purchase consideration, excluding cost for future services, totalled SEK 421 million and had a negative impact on cash equivalents of SEK 326 million. The acquisitions impacted the consolidated balance sheet as detailed in the table below. The acquisition analyses regarding Linnunmaa and MLM are preliminary. During the period, the acquired companies contributed SEK 87 million in EBITA and SEK -12 million in operating profit (EBIT). If the companies had been owned as of 1 January 2019 they would have contributed approximately SEK 256 million in net sales, about SEK 15 million EBITA and about SEK -45 million in operating profit. Transaction cost for the acquisitions during this period totalled SEK 9 million.

Acquisitions, SEK M
Intangible assets	405
Property, plant and equipment	34
Right-of-use assets	154
Current assets	199
Deferred tax	-16
Current leasing liabilities	-150
Other current liabilities	-206
Total purchase consideration	421
Unsettled purchase price commitment	-87
Cash and cash equivalents	-8
DECREASE IN GROUP CASH AND CASH EQUIVALENTS	326

DIVESTMENT OF SUBSIDIARIES

During the period Sweco sold its subsidiary Sweco Elektronik AB with 23 employees. The business contributed SEK 13 million in sales and SEK 1 million in operating profit. The divestment had a negative impact on profit of SEK 9 million and a positive impact on the Group's cash and cash equivalents of SEK 18 million. The divestment impacted the consolidated balance sheet as detailed below.

Divestments, SEK M
Intangible assets	15
Property, plant and equipment	0
Current assets	22
Current liabilities	-5
Capital loss recorded on divestment	-9
Total purchase consideration	22
Cash and cash equivalents in divested companies	-4
INCREASE IN GROUP CASH AND GROUP EQUIVALENTS	18

ACQUISITION-RELATED ITEMS

Acquisition-related items SEK M	Apr-Jun 2019	Apr-Jun 2018	Jan-Jun 2019	Jan-Jun 2018	Jul 2018- Jun 2019	Full-year 2018
Amortisation of acquisition-related intangible
assets	-25	-22	-39	-39	-77	-77
Revaluation of additional purchase price	0		0	0	-1	- 1
Profit/loss on divestment of buildings and land	0	0	0	0	2	1
Profit/loss on divestment of companies and
operations	-9	2	-9	2	-9	2
Expensed cost for future services	-8	-	-8	-	-8
ACQUISITION-RELATED ITEMS	-43	-20	-56	-37	-93	-75

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Group's financial assets measured at fair value totalled SEK 11 million (14). The derivative instruments are forward currency contracts, the fair value of which is determined based on listed prices for forward currency contracts on the balance sheet date (Level 2). The fair value of unlisted financial assets is determined through market valuation techniques (observable market inputs) such as recent transactions, listed prices of similar instruments and discounted cash flows. In the event no reliable inputs are available for determining fair value, financial assets are reported at acquisition value (Level 3). There were no transfers between levels during the period.

sweco X

QUARTERLY REVIEW PER BUSINESS AREA

In the table below, 2017 and 2018 segment information has been restated to reflect the adjusted business area structure applicable from 1 January 2019.

Quarterly summary restated for adjusted business area struc- ture1)	2019 Q2	2019 01	2018 04	2018 03	2018 02	2018 01	2017 04	2017 03	2017 02
Net sales, SEK M
Sweco Sweden	1,952	1,958	2,003	1,427	1,926	1,874	1,936	1,437	1,798
Sweco Norway	658	706	661	516	639	577	561	413	૨૦૨
Sweco Finland	611	579	ર્સ્ડર્	465	549	502	488	420	498
Sweco Denmark	442	455	460	403	469	375	349	290	343
Sweco Netherlands	519	506	520	447	492	466	459	389	421
Sweco Belgium	352	રેરિક	323	240	271	290	233	200	206
Sweco UK	291	214	207	212	225	213	196	179	179
Sweco Germany & Central
Europe	438	397	436	397	387	352	379	322	335
Group-wide, Eliminations, etc.	-49	-47	-55	-29	-41	-22	-19	-14	-55
TOTAL GROUP	5,214	5,101	5,112	4,078	4,916	4,628	4,582	3,635	4,262
EBITA, SEK M2
Sweco Sweden	233	252	284	83	234	234	296	95	202
Sweco Norway	18	78	60	41	49	29	29	24	7
Sweco Finland	73	74	રેર	46	63	રેક	34	43	49
Sweco Denmark	16	રેરે	17	27	41	23	5	14	-4
Sweco Netherlands	37	43	ਤਾ	13	34	38	18	5	14
Sweco Belgium	41	38	37	12	24	26	21	11	14
Sweco UK	4	8	-6	6	6	11	11	14	15
Sweco Germany & Central
Europe	18	11	27	24	25	19	36	20	19
Group-wide, Eliminations, etc.3)	-18	-9	-8	11	-11	-7	-2	11	-5
EBITA	422	531	494	263	464	408	448	237	312
EBITA margin, %21
Sweco Sweden	11.9	12.9	14.2	5.8	12.1	12.5			11.2
Sweco Norway	2.7	11.0	9.0	8.0	7.7	5.0	15.3 5.2	6.6 5.8	1.5
Sweco Finland	12.0	12.8	9.5	9.9	11.5	7.0	7.0	10.2	0.9
Sweco Denmark	3.6	8.0	3.7	6.7	8.8	6.1	1.5	4.7	-1.1
Sweco Netherlands	7.1	8.6	5.9	2.8	6.8	8.1	4.0	1.4	3.4
Sweco Belgium	11.7	11.4	11.5	5.1	8.8	9.0	9.0	5.4	7.0
Sweco UK	1.4	3.7	-3.0	2.8	2.7	5.2	5.7	7.9	8.3
Sweco Germany & Central
Europe	4.1	2.9	6.3	6.1	6.4	5.5	9.4	6.2	5.5
EBITA margin	8.1	10.4	9.7	ર્સ રે	9.4	8.8	9.8	ર્ભ રે	7.3
Billing ratio, %	74.8	74.1	74.5	73.7	75.2	74.4	75.8	75.1	75.5
Number of normal working	462	496	489	511	474	490	490	511	464
hours
Number of full-time employees	16.281	15.823	15.665	15.197	15.387	14.981	14.774	14.396	14.548

4 Swecois not applying IFRS 16 at the business area EBTA values for 2018 therefor emain unchanged from previous values. 2017

operating leases and the lease afteds EBTA.
¹ Group EBTA for 2018 differs slightly from previously reported 2018 figures due to the change in treatment of leases. This diff

between reported and restated Group EBITA is reported in Group-wide, Eliminations, etc.

SWECO Q

PERIOD REVIEW PER BUSINESS AREA

								Number of full-time
January-June	Net sales, SEK M		EBITA, SEK M²		EBITA margin, %21		employees
Business Area1)	2019	2018	2019	2018	2019	2018	2019	2018
Sweco Sweden	3.909	3.800	485	468	12.4	12.3	5.882	5,634
Sweco Norway	1.364	1.216	96	78	7.0	6.4	1.552	1,444
Sweco Finland	1.189	1.051	147	98	12.4	9.4	2,151	2,080
Sweco Denmark	897	844	52	64	5.8	7.6	1.184	1.171
Sweco Netherlands	1.025	958	80	71	7.8	7.5	1.407	1,357
Sweco Belgium	୧୫୧	561	79	50	11.6	8.9	832	775
Sweco UK	505	439	12	17	2.3	3.9	1.000	848
Sweco Germany & Central Europe	835	739	30	44	3.5	6.0	1,963	1,760
Group-wide, Eliminations, etc.3)	-96	-64	-27	-19	-		73	112
TOTAL GROUP	10.315	9,544	953	872	9.2	9.1	16.044	15,182

4 Sweco is not applying IFRS 16 at the business area EBTA values for 2018 therefor remain unchanged from previous values. ? EBITA is an alternative performance (APM) defined as Eamings before Interest, Taxes and Aquisition-related items, under which all leases are treated as operating lease and the total cost of the lease afters.
3 Group-wide, Eliminations and the Dutch real estate operations. Group EBTA for 2018 differs slightly from previously

due to the change in treatment of leases previously reported as this difference between reported and restated Group EBITA is reported in Group-wide, Eliminations, etc.

NET SALES GROWTH

The table below shows the calculation of organic growth excluding calendar effect – i.e., net sales growth adjusted for the impact of acquisitions and divestments as well as the effect of foreign currency fluctuations and calendar effect.

	2019	2018	Growth, %	2019	2018	Growth, %
Net sales growth	Apr-Jun	Apr-Jun	Apr-Jun 2019	Jan-Jun	Jan-Jun	Jan-Jun 2019
Reported net sales	5,214	4,916	6	10.315	9,544	8
Adjustment for currency effects		74	1		192	2
Net sales, currency-adjusted	5,214	4,990	5	10,315	9,756	6
Adjustment for acquisitions/divestments	-97	-4	2	-101	રત	2
Comparable net sales, currency-adjusted	5,116	4,986	3	10,214	9,805	4
Adjustment of calendar effects	97			44
Comparable net sales, adjusted for
currency and calendar effects	5,213	4,986	5	10,258	9.805	5
Net sales growth	2018 Apr-Jun	2017 Apr-Jun	Growth, % Apr-Jun 2018	2018 Jan-Jun	2017 Jan-Jun	Growth, % Jan-Jun 2018
Reported net sales	4,916	4,262	15 4	9,544	8,670	10 3
Adjustment for currency effects		155			236
Net sales, currency-adjusted	4,916	4,417	11	9,544	8,906	7
Adjustment for acquisitions/divestments	-93	29	3	-129	15	3
Comparable net sales, currency-adjusted	4,824	4,446	9	9,415	8,981	5
Adjustment of calendar effects	-73			40
Comparable net sales, adjusted for
currency and calendar effects	4,751	4,446	7	9.455	8,981	5

sweco X

PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET

Parent Company income statement, SEK M	Jan-Jun 2019	Jan-Jun 2018	Full-year 2018
Net sales	382	355	703
Operating expenses	-402	-380	-734
Operating loss	-19	-25	-30
Net financial items	244	225	945
Profit/loss after net financial items	224	200	915
Appropriations	-	-	-164
Profit/loss before tax	224	200	751
Tax	-	-	-110
PROFIT/LOSS AFTER TAX	224	200	640

Parent Company balance sheet, SEK M	30 Jun 2019	31 Dec 2018
Intangible assets	33	40
Property, plant and equipment	58	54
Financial assets	6.315	6.358
Current assets	2.087	2.661
TOTAL ASSETS	8.493	9.113
Equity	4.096	4,448
Untaxed reserves	354	354
Non-current liabilities	2.172	1,703
Current liabilities	1.870	2.608
TOTAL EQUITY AND LIABILITIES	8.493	9.113