Annual Report • Feb 14, 2017
Annual Report
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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 Grontmii 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.
OCTOBER-DECEMBER
Net sales increased 2 per cent to SEK 4,421 million (4,350). Organic growth was 1 per cent.
EBITA excluding extraordinary items increased by SEK 88 million. All business areas increased EBITA year-on-year. Sweden in particular contributed positively with an improvement of SEK 62 million, resulting in an EBITA margin of 13.8 per cent. Denmark also contributed strongly with an improvement of SEK 16 million, improving the EBITA margin from 7.7 per cent to 12.5 per cent.
In total, synergies from the Grontmij integration contributed approximately SEK 69 million to EBITA (17) and included reduced costs for shared IT and head office functions, reduced costs for overhead in Sweden, and operational improvements in Denmark and the Netherlands.
The billing ratio increased 0.6 percentage points to 75.3 per cent (74.7). The improved billing ratio essentially corresponds to realisation of synergies, predominantly through reduction of administrative staff.
Calendar effects had an impact of +1 working hour, producing a positive year-on-year effect on sales and EBITA of SEK 10 million.
Extraordinary transaction-, integration- and restructuring-related items associated with the Grontmii acquisition totalled SEK-83 million (-190) and are reported in the Group-wide segment.
EBITA was SEK 395 million (200).
Amortisation of acquisition-related intangible assets amounted to SEK 22 million (20). EBIT amounted to SEK 378 million (179).
Net financial items improved to SEK-5 million (-23) mainly due to positive exchange gains on currency hedging derivatives.
Profit after tax increased to SEK 276 million (86).
Earnings per share increased to SEK 2.30 per share $(0.75)$ .
| Key ratios, pro forma | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
|---|---|---|---|---|
| Net sales, SEK M | 4,421 | 4,350 | 16,531 | 15,998 |
| Organic growth, % | ||||
| EBITA, excl. extraordinary items, SEK M | 478 | 390 | 1.482 | 1.100 |
| Marain, % | 10.8 | 9.0 | 9.0 | 6.9 |
| Number of full-time employees | 14,765 | 14,621 | 14,653 | 14,552 |
| Billing ratio | 75.3% | 74.7% | 74.9% | 74.2% |
| Normal working hours | 493 | 492 | 1.979 | 1.968 |
| Net debt/EBITDA excl. extraordinary items | 0.9 | 1.2 |
| Key ratios, Actual | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Actual Full-year 2015 |
|---|---|---|---|---|
| Net sales, SEK M | 4.421 | 4.350 | 16.531 | 11.389 |
| Acquisition-related growth, % | 64 | 42 | 18 | |
| EBITA, excl. extraordinary items, SEK M | 478 | 390 | 1,482 | 991 |
| Marain, % | 10.8 | 9.0 | 9.0 | 8.7 |
| EBITA, SEK M | 395 | 200 | 1,336 | 740 |
| Margin, % | 8.9 | 4.6 | 8.1 | 6,5 |
| Profit after tax, SEK M | 276 | 86 | 931 | 439 |
| Earnings per share, SEK* | 2.30 | 0.75 | 7.78 | 4.36 |
| Number of full-time employees | 14,765 | 14.621 | 14,653 | 10,188 |
| Not dobt/FRITDA | 1 n | 1 R |
* In view of the preferential rights issue conducted during 04 2015, historical share data is restated pursuant to IAS 33.
Net sales by quarter and rolling 12 months SEK million Actua
Pro forma reporting facilitates analysis of developments in operational activities on a like-for-like basis, assuming that Grontmii had been part of Sweco since the beginning of 2015.
Net sales increased to SEK 16.531 million (15.998). Organic growth was 3 per cent.
Synergies contributed approximately SEK 222 million (17) to EBITA.
Calendar effects had a positive impact of 11 hours and contributed SEK 67 million to sales and profit compared with last year. Adjusted for calendar effects, organic growth remained essentially unchanged at 3 per cent.
EBITA excluding extraordinary items totalled SEK 1.482 million (1.100). Extraordinary items totalled SEK-146 million (-319) and are reported in the Group-wide segment.
The billing ratio increased to 74.9 per cent (74.2).
Net sales increased 45 per cent to SEK 16,531 million (11,389). Acquisition-based growth was 42 per cent and is almost exclusively attributable to the Grontmijacquisition.
Extraordinary items were SEK-146 million (-250) and EBITA thus totalled SEK 1,336 million (740).
Amortisation of acquisition-related intangible assets increased to SEK 92 million (57). The increase is primarily a result of the Grontmij acquisition and impacted EBIT, which totalled SEK 1,249 million (681).
Net financial items amounted to SEK-33 million (-41). Profit after tax increased to SEK 931 million (439).
Earnings per share increased to SEK 7.78 per share $(4.36)$ .
In Poland, Sweco has signed two contracts with the Regional Water Management Authorities, in Wrocław and Szczecin to provide consulting services for the Odra-Vistula Flood Management Project. The project, which is being co-financed by the World Bank, aims to improve flood protection for people living in the area. The
combined value of the contracts is approximately SEK 265 million.
In Sweden, Sweco has been commissioned by BillerudKorsnäs for construction management of a new board machine and structural engineering for redesign of the existing pulp mill at Gruvön. The result will be a packaging facility that contributes to reducing fossil dependency and climate impact, while improving food safety. The new board machine will have an annual production capacity of 550,000 tonnes, making it one of the largest in the world. According to BillerudKorsnäs, the entire investment totals SEK 5.7 billion. Sweco has a leading role in nearly all major and recent forest industry projects in the Nordics, including the expansion of SCA's Östrand and Södra Cell's Värö and Mörrum mills in Sweden and Metsä Fibre's Äänekoski mill in Finland.
During the quarter, the Gävleborg Region in Sweden commissioned Sweco to modernise Gävle hospital. The result will be a hospital that meets today's high standards for attractive care facilities, modern technology and patient security. Sweco's experts in areas ranging from architecture to structural and building services will participate in the project. The hospital is scheduled to begin operations in 2021. Sweco has extensive experience in healthcare projects throughout Europe, with recent examples including New Karolinska Hospital and Sahlgrenska University Hospital in Sweden, Kajana Central Hospital in Finland, Rigshospitalet and Glostrup in Denmark and the Charité University Hospital in Germany. In January Sweco announced that it will provide planning services for the new radiotherapy building at Klinikum in Stuttgart. further reinforcing Sweco's strong position in the health care and hospital market.
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, with signs of improvement.
Demand for Sweco's services predominantly follows the general economic trend in Sweco's markets, with some time lag.
The Northern European GDP development is solid and the development is stable compared to last year. Political uncertainty, the global macro-economic situation and financial market events are risks to the development.
There is uncertainty following the EU referendum ("Brexit") in the UK and potential consequences to the general European economy may impact Sweco.
Sweco does not provide forecasts.
On 19 October Sweco announced that it would acquire Jo. Franzke, a German architectural firm with 44 emplovees. The acquisition was finalised and consolidated in Sweco's accounts as of 31 December.
The acquisition is in line with Sweco's strategy to leverage its footprint in Germany and Northern Europe for further bolt-on acquisitions.
On 25 October the Enterprise Chamber of Amsterdam (Ondernemingskamer) issued a decision on a statutory buy-out procedure and ordered all remaining Grontmij N.V. shareholders to transfer their shares to Sweco. The payment and transfer of the outstanding shares was finalised in November, whereafter Sweco holds 100 per cent of the shares.
During the quarter, Sweco divested its operations in China. This divestment had no significant impact on Group profit and position.
On 11 January Dariush Rezai was announced as the new president of Sweco Denmark, starting 1 April 2017 at the latest.
On 6 February Sweco announced that it is acquiring the Finnish business of Karves Yhtiöt Ltd and the total share capital of its subsidiaries Karves Suunnittelu Ltd and Karves Energia & Valvonta Ltd. The companies have more than 50 employees. Sweco is thereby further strengthening its offering and presence in the Finnish market.
Grontmij, with approximately 6,000 employees in 9 countries, was acquired on 1 October 2015, making Sweco the leading engineering and architecture consultancy in Europe.
The acquisition has proved to be a perfect match and has created value for all stakeholders - customers, employees, shareholders and society in general. It has contributed to the best yearly performance to date and Sweco now holds a leadership position in seven Northern European countries. With the integration mainly
completed, focus forward will be on continuous operational improvements and profitable growth.
Consequently, this is the last quarterly report in which Sweco will comment on the integration. Going forward, synergies and integration costs will not be reported separately.
One year after closing. Sweco conducted a thorough review of the integration plan. The updated estimate was presented in the third quarter report and shows outperformance against all previously communicated key financials.
The updated financial estimates are:
The annual run rate of cost synergies at the end of the fourth quarter was approximately SEK 263 million, an increase from SEK 250 million at the end of third quarter 2016. Cost synergies made a positive contribution of approximately SEK 69 million (17) to EBITA during the fourth quarter and SEK 222 million (17) year-to-date.
Cost synergies are found in four main areas and have the following status:
Country-specific operational improvements (approximately 30 per cent of cost-saving potential): The new administrative support organisation in the Netherlands and Denmark is implemented. A new decentralised, customerfocused organisational model is implemented in the Netherlands. The divestment of ancillary operations and restructuring of unprofitable units is ongoing. Reductions in the Dutch consultant organisation commenced during fourth quarter 2015. Measures taken in the Netherlands involved a downsizing of operations during 2016, with sales and profitability expected to stabilise from 2017
A total reduction of approximately 200 positions is expected within the Group due to integration and restructuring. Notice has been given in most cases, and 192 of these employees have left the Group by the end of the period.
Extraordinary items totalled SEK-83 million in the fourth quarter and -146 million for the full year. To date, total extraordinary items for the entire acquisition amount to SEK-396 million. All extraordinary items are reported in the Group-wide segment.
While the short-term cost synergies have now been largely realised, additional value creation can be achieved in the longer term through increased customer focus and internal efficiency as well as organic and acquisition-based growth in Sweco's new home markets.
Sweco continues to work towards the vision of becoming Europe's most respected knowledge company in the fields of consulting engineering, environmental technology and architecture.
Group cash flow from operating activities totalled SEK 1,165 million (1,140). Net debt decreased to SEK 1,558 million (1.688).
The net debt/EBITDA ratio was 1.0 times (1.8). Pro forma and adjusted for extraordinary items, the net debt/EBITDA ratio was 0.9 times (1.2).
Available cash and cash equivalents, including unutilised credit lines, totalled SEK 2.138 million (2.229) at the end of the reporting period.
INVESTMENTS, JANUARY-DECEMBER 2016 Investments in equipment totalled SEK 213 million (179) and were primarily attributable to IT investments. Depreciation of equipment totalled SEK 219 million (168) and amortisation of intangible assets totalled SEK 134 million (75).
Purchase consideration paid to acquire companies and operations totalled SEK 175 million (3,368) and had a negative impact of SEK 152 million (-1.246) on Group cash and cash equivalents. Purchase consideration received for the divestment of companies and operations totalled SEK 10 million (6) and had a positive impact of SEK 7 million (2) on Group cash and cash equivalents. Repurchases of Sweco shares totalled SEK 126 million and had the same effect on Group cash and cash equivalents.
During the period, dividends totalling SEK 418 million (318) were distributed to Sweco AB shareholders.
ACQUISITION-RELATED INTANGIBLE ASSETS Acquisition-related intangible assets will be amortised pursuant to the following schedule, based on acquisition to date:
| 2016 Actuals | |
|---|---|
| 2017 Estimate | |
| 2018 Estimate | |
| 2019 Estimate |
SEK-92 million SEK-62 million SEK-54 million SFK-28 million
Business areas are reported on a pro forma basis following the new organisation as of 1 October 2015. Pro forma reporting facilitates analysis of developments in operational activities on a like-for-like basis, assuming that Grontmij had been part of Sweco since the beginning of 2015.
EBITA increased by 29 per cent to SEK 273 million and the EBITA margin improved 2.8 per cent points to 13.8 per cent. The improvement to EBITA is mainly due to lower project write-downs, a positive calendar effect, an increased fee level and synergies realised within administrative overhead.
Organic growth was 3 per cent during the quarter. The calendar effect of +8 hours had a positive year-on-year impact of SEK 23 million on net sales and EBITA.
The Swedish market remains strong. There is strong demand in the construction and real estate sector, particularly in the larger cities. The infrastructure market is also strong, supported by major public investments. The industrial market is stable and the market for IT-related services is developing positively. The market for power transmission services is strong, while the energy generation market is weak.
| Net sales and profit | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
|---|---|---|---|---|
| Net sales, SEK M | 1,974 | 1,921 | 7.148 | 6.838 |
| Organic growth, % | ||||
| Currency, % | Ω | |||
| EBITA, SEK M | 273 | 211 | 852 | 672 |
| EBITA marain, % | 13.8 | 11.0 | 11.9 | 9.8 |
| Number of full-time employees | 5.605 | 5,527 | 5.482 | 5,375 |
Organic growth was 4 per cent during the quarter. There was no year-on-year difference in the number of available working hours.
Operating profit improved by SEK 6 million. The defined benefit pension plan was closed during the quarter and replaced with a defined contribution plan. Administrative staff was reduced and the office in Alta was closed. Taken together, these actions had a positive impact on EBITA of SEK 4.5 million.
The Norwegian market is good, but demand is distributed unevenly. Markets in the Oslo region and within public infrastructure remain strong. The private commercial construction market is muted due to low oil prices, while the residential and public construction market is good with strong demand. The markets in southern and western Norway are challenging, while the eastern and northern areas are experiencing moderate growth.
| Actual | Actual | Actual | Actual | |
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
| Net sales. SEK M | 535 | 508 | 2.059 | 1.991 |
| Organic growth, % | 4 | |||
| Currency, % | -8 | -5 | ||
| EBITA, SEK M | 58 | 52 | 195 | 161 |
| EBITA margin, % | 10.9 | 10.2 | 9.5 | 8.1 |
| Number of full-time employees | 1,346 | 1,323 | 1,344 | 1,326 |
EBITA increased by SEK 6 million and the margin improved 1.5 per cent points to 8.6 per cent. The profit improvement is mainly attributable to an increased billing ratio and an increased number of own consultants.
Revenues from own consultants increased organically due to an increased number of employees and an improved billing ratio. However, net sales decreased to SEK 469 million (488). The decline is primarily due to lower revenues from sub consultants and a negative calendar effect. Calendar effects of -6 hours had a negative vear-on-year impact of approximately SEK 5 million on net sales and EBITA.
The Finnish market remains challenging. The Finnish economy has basically had zero GDP growth since 2011 although there are signs of improvement. The demand for Sweco's services is stable with positive signs in the building market in the Helsinki region. Demand for construction and real estate-related services is satisfactory, while the infrastructure and industry markets remain challenging.
| Actual | Actual | Actual | Actual | |
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
| Net sales, SEK M | 469 | 488 | 1,785 | 1.663 |
| Organic growth, % | -5 | 17 | ||
| Currency, % | 0 | |||
| EBITA, SEK M | 41 | 35 | 138 | 89 |
| EBITA marain, % | 8.6 | 7.1 | 5.4 | |
| Number of full-time employees | 1,936 | 1.909 | 1.984 | 1,913 |
EBITA increased to SEK 44 million (28) and the EBITA margin improved 4.8 per cent points to 12.5 per cent. The profit improvement is primarily due to an improved billing ratio, higher average fees and a positive calendar effect. Calendar effects of +7 hours had a positive year-on-year impact of SEK 4 million on net sales and EBITA.
Focus during the year has been on improving profitability and reducing unprofitable business. Consequently, net sales in the quarter decreased compared to last year, primarily due to lower revenues from sub consultants.
The market in Denmark is generally good and is developing positively. The construction and real estate sector is developing well and is particularly strong in the larger cities. The infrastructure market is stable with a weaker demand in road construction. Demand in the water and energy sector is stable with growth in the international water segment exceeding growth in the domestic market.
| IN BRIEF | ||||||
|---|---|---|---|---|---|---|
| Net sales and profit | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
||
| Net sales, SEK M | 352 | 365 | 1,376 | 1,350 | ||
| Organic growth, % | -4 | 11 | ||||
| Currency, % | 0 | |||||
| EBITA, SEK M | 44 | 28 | 98 | 39 | ||
| EBITA margin, % | 12.5 | 7.7 | 7.1 | 2.9 | ||
| Number of full-time employees | 1.037 | 1.094 | 1.077 | 1.109 |
Sales decreased to SEK 434 million (450). The decline is primarily due to the ongoing restructuring of the Dutch operations, which impacts both organic and acquired growth. A calendar effect of -8 hours had a negative year-on-year impact of approximately SEK 6 million on net sales and EBITA.
EBITA was essentially unchanged. Focus has been on turning around and restructuring the business. The positive impact on profitability has vet to materialise through sales growth and improved staff utilisation.
The market in the Netherlands has been challenging for several years due to the country's real estate and financial crises. The first signs of market stabilisation are visible, particularly within private building construction. Sweco Netherlands delivers services primarily in the areas of public infrastructure, energy, water and public sector buildings. These markets typically lag behind the private construction market and the market remains challenging overall.
Sweco Netherlands introduced a new decentralised customer-focused organisational model in late 2015 and implementation continued throughout 2016 with staff reductions within administration and the consultant organisation.
| Net sales and profit | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
|---|---|---|---|---|
| Net sales, SEK M | 434 | 450 | 1,746 | 1,831 |
| Organic growth, % | $-11$ | -0 | ||
| Acquisition-related growth, % | -4 | -3 | ||
| Currency, % | ||||
| EBITA, SEK M | 27 | 24 | ||
| EBITA marain, % | $-0.1$ | -0.3 | 1.5 | 1.3 |
| Number of full-time employees | 1,503 | 1.618 | 1,504 | 1,666 |
EBITA increased to SEK 30 million (25) and the margin improved 1.2 per cent points to 7.1 per cent mainly due to higher average fees and an increased number of own consultants. Net sales decreased by SEK 7 million primarily due to negative currency effects and a negative calendar effect. Calendar effects of -3 hours had a negative year-on-year impact of approximately SEK 2 million on net sales and EBITA.
Demand for Sweco's services in the UK remained good throughout the fourth guarter. The infrastructure market is good and the energy and water markets are stable. Although there are no tangible signs of a slowdown, there is uncertainty about market development following the EU referendum ("Brexit"). While it is too early to determine the consequences, the private construction market is expected to be more exposed than the market for publicly financed projects.
The market in Belgium is generally stable within all market segments. The private and public building markets are improving. The industry market and the public infrastructure markets are good.
Demand is stable in Turkey, while the market in Bulgaria is slow due to delays in EU-funded projects.
| IN BRIEF | ||||||
|---|---|---|---|---|---|---|
| Net sales and profit | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
||
| Net sales, SEK M | 421 | 428 | 1,580 | 1.594 | ||
| Organic growth, % | 0 | 14 | ||||
| Currency, % | -7 | -4 | ||||
| EBITA, SEK M | 30 | 25 | 105 | 83 | ||
| EBITA margin, % | 7.1 | 5.9 | 6.6 | 5.2 | ||
| Number of full-time employees | 1.734 | 1.653 | 1,704 | 1,618 |
Sales increased to SEK 297 million (262) due to double-digit organic growth in Germany and equally strong acquisitive growth, whereas sales from the other countries decreased. A calendar effect of -11 hours had a negative year-on-year impact of approximately SEK 4 million on net sales and EBITAt.
EBITA increased to SEK 26 million (19) and the EBITA margin improved 1.5 percentage points to 8.9 per cent. Improved profits in the existing German business and the acquisition of Ludes during the second quarter mainly contribute to the improvement.
The German market is good overall and is developing positively. The health care and commercial markets are good. Demand is strong in the transport and environmental sector due to public investments, while the energy market remains challenging.
The Lithuanian market is experiencing weak development due to delayed EU investments in public infrastructure, water and environment. The EU investments were initiated gradually during the third quarter and are expected to increase. The Czech market remains challenging, although there is solid demand for Sweco's services. The Polish market is developing positively and shows good investments in energy, transportation and water.
| Net sales and profit | Actual Oct-Dec 2016 |
Actual Oct-Dec 2015 |
Actual Full-year 2016 |
Pro forma Full-year 2015 |
|---|---|---|---|---|
| Net sales, SEK M | 297 | 262 | 1,052 | 951 |
| Organic growth, % | ||||
| Acquisition-related growth, % | 14 | $\overline{\phantom{a}}$ | ||
| Currency, % | ||||
| EBITA, SEK M | 26 | 19 | 58 | 49 |
| EBITA margin, % | 8.9 | 7.4 | 5.5 | 5.1 |
| Number of full-time employees | 1,511 | 1,364 | 1,457 | 1,402 |
Parent Company net sales totalled SEK 538 million (355) and were attributable to intra-group services. Profit after net financial items totalled SEK 488 million (464). Investments in equipment totalled SEK 31 million (36). Cash and cash equivalents at the end of the period totalled SEK 570 million (13).
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.
The Group applies the same accounting and valuation principles as those described in Note 1 of the 2015 annual report. 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 - 17: interim financial information presented on pages 1 - 17 is therefore part of this financial report.
As of third quarter 2016 Sweco follows the new 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 our key ratios pursuant to IFRS. Sweco believes that the APMs will enhance the investor's 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/.
Key ratio calculations that cannot be obtained directly from the income statement and balance sheet can be found on page 17 (revenue growth) and page 16 (EBITA excluding extraordinary items).
The Sweco share is listed on Nasdag Stockholm. The share price of the Sweco Class B share was SEK 180.20 at the end of the period, representing a 45 per cent increase during the year. The Nasdaq Stockholm General Index increased by 9 per cent over the same period.
The total number of shares at the end of the period was 121,983,819: 10,533,731 Class A shares, 110,550,088
Class B shares and 900,000 Class C shares. The total number of outstanding shares was 119,554,270: 10.533.731 Class A shares and 109.020.539 Class B shares.
Dividend: The Board of Directors proposes that the dividend to be increased to SEK 4.30 per share (3.50). not to exceed a dividend amount of SEK 521 million $(421)$ .
2017 share savings scheme: The Board of Directors proposes that the 2017 AGM resolve to implement a longterm share savings scheme for up to 100 Sweco Group senior executives and other key employees. The proposal is otherwise essentially identical to last year's proposal.
2017 share-based incentive scheme: The Board of Directors also proposes that the 2017 AGM resolve to implement a share-based incentive scheme for employees in Sweden. The proposal is otherwise identical to last year's proposal.
Significant risks and uncertainties affecting the Sweco Group and the Parent Company include business risks associated with the general economic trend and investment spending 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 risks, such as foreign currency, interest rate and credit risks. No significant risks are deemed to have arisen apart from the risks detailed in Sweco's 2015 annual report (page 90, Risks and Risk) Management).
The 2017 annual general meeting will be held at 3:00 PM on Thursday, 27 April at Näringslivets Hus, Storgatan 19, Stockholm. Sweco's 2016 annual report will be available for shareholder perusal at Sweco's headquarters, Gjörwellsgatan 22, Stockholm, and on the company's website, www.swecogroup.com, approximately three weeks prior to the AGM.
The number of normal working hours in 2017, based on the 12-month sales-weighted business mix as of September 2016, is broken down as follows:
| 2017 | 2016 | ||
|---|---|---|---|
| Quarter 1: | 506 | 478 | $+28$ |
| Quarter 2: | 464 | 490 | -26 |
| Quarter 3: | 511 | 518 | -7 |
| Quarter 4: | 490 | 493 | -3 |
| Total: | 1.971 | 1.979 | -8 |
FORTHCOMING FINANCIAL INFORMATION Interim report January-March 11 May 2017 20 July 2017 Interim report January-June Interim report January-September 27 October 2017 Year-end report 2017 13 February 2018
Stockholm, 14 February 2017
Tomas Carlsson President and CEO, Member of the Board of Directors
FOR FURTHER INFORMATION, PLEASE CONTACT: Tomas Carlsson, President and CEO Phone +46 8 695 66 60 / +46 70 552 92 75 [email protected]
Jonas Dahlberg, CFO Phone +46 8 695 63 32 / +46 70 347 23 83 [email protected]
SWECO AB (publ) Org. nr. 556542-9841 Gjörwellsgatan 22, Box 34044, 100 26 Stockholm, Phone: +46 8 695 60 00 Email: [email protected] www.swecogroup.com
This report has not been audited.
| Key ratios 1) | Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
|---|---|---|---|---|
| Profitability | ||||
| EBITA margin, % | 8.9 | 4.6 | 8.1 | 6.5 |
| Operating margin (EBIT), % | 8.6 | 4.1 | 7.6 | 6.0 |
| Profit margin, % | 8.4 | 3.6 | 7.4 | 5.6 |
| Revenue growth 2) | ||||
| Organic growth, % | $\mathbf{1}$ | 8 | 3 | 6 |
| Acquisition-related growth, % | $\ensuremath{\mathnormal{1}}$ | 64 | 42 | 18 |
| Currency, % | 0 | $-2$ | 0 | 0 |
| Total growth, % | $\overline{c}$ | 70 | 45 | 24 |
| Debt | ||||
| Net debt, SEK M | 1,558 | 1.688 | ||
| Interest-bearing debt, SEK M | 2,451 | 2,232 | ||
| Financial strength | ||||
| Net debt/Equity, % | 28.7 | 34.4 | ||
| Net debt/EBITDA, x Equity/Assets ratio, % |
1.0 39.3 |
1.8 39.0 |
||
| Available cash and cash equivalents, SEK M | 2,138 | 2,229 | ||
| -of which unutilised credit, SEK M | 1,245 | 1,685 | ||
| Return | ||||
| Return on equity, % | 18.0 | 12.9 | ||
| Return on capital employed, % | 16.8 | 13.2 | ||
| Share data 3) | ||||
| Earnings per share, SEK 3) | 2.30 | 0.75 | 7.78 | 4.36 |
| Diluted earnings per share, SEK3) | 2.26 | 0.74 | 7.65 | 4.30 |
| Equity per share, SEK 3,4) | 45.37 | 40.98 | ||
| Diluted equity per share, SEK 3,4) | 44.47 | 40.49 | ||
| Number of outstanding shares at reporting date |
119,554,270 | 119,537,510 | ||
| Number of repurchased Class B and Class C shares |
2,429,549 | 1.557.320 |
1) Key ratio definitions are available on Sweco's website. Key ratios in this table refer to the consolidated accounts (not pro forma).
2) See page 17 for details on Sweco's calculation of revenue growth.
3) Histori
| Income Statement | ||||
|---|---|---|---|---|
| SEK M | Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
| Net sales | 4,421 | 4,350 | 16,531 | 11,389 |
| Other income | O | O | 0 | |
| Other external expenses | $-1.096$ | $-1,170$ | $-4.052$ | $-2,877$ |
| Personnel expenses | $-2,863$ | $-2,911$ | $-10,875$ | $-7,581$ |
| EBITDA | 461 | 269 | 1,605 | 931 |
| Amortisation/depreciation and impairments |
-66 | -69 | $-269$ | $-190$ |
| EBITA | 395 | 200 | 1,336 | 740 |
| Acquisition-related items 1) | $-17$ | $-20$ | $-87$ | -60 |
| Operating profit (EBIT) | 378 | 179 | 1,249 | 681 |
| Net financial items | $-5$ | $-23$ | $-33$ | -41 |
| Profit before tax | 373 | 156 | 1,216 | 640 |
| Income tax | $-97$ | $-70$ | $-285$ | $-200$ |
| PROFIT FOR THE PERIOD | 276 | 86 | 931 | 439 |
| Attributable to: | ||||
| Parent Company shareholders | 275 | 85 | 930 | 438 |
| Non-controlling interests | 0 | 1 | 1 | |
| Earnings per share attributable to Parent Company shareholders, SEK 2) |
2.30 | 0.75 | 7.78 | 4.36 |
| Average number of shares 2) Dividend per share, SEK 2) |
119,600,937 | 113,453,746 | 119,598,820 4.30 |
100,445,122 3.50 |
1) Acquisition-related items are defined as amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of additional purchase price, and
profit and loss on the divestment of companies
| Consolidated income statement and other comprehensive income, SEK M |
Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
|---|---|---|---|---|
| Profit for the period | 276 | 86 | 931 | 439 |
| Items that will not be reversed in the income statement | ||||
| Revaluation of defined benefit pensions, net after tax 1,3) | 24 | $-30$ | 45 | |
| Items that may subsequently be reversed in the income state- ment |
||||
| Revaluation of Grontmij NV holding, net after tax 2) | 12 | |||
| Translation differences, net after tax | $-12$ | $-65$ | 38 | $-92$ |
| Translation differences transferred to profit for the period | 5 | |||
| COMPREHENSIVE INCOME FOR THE PERIOD | 266 | 45 | 940 | 410 |
| Attributable to: | ||||
| Parent Company shareholders | 266 | 45 | 939 | 409 |
| Non-controlling interests | ſ | 0 | ||
| $1)$ Tax on revaluation of defined benefit pensions | -4 | -8 | 5 | -16 |
| 2) Tax on revaluation of Grontmij NV holding | Ο | -3 |
$^{\overline{3}}$ Revalued annually. Reviewed quarterly in the event of material changes to actuarial assumptions.
| Cash flow statement | ||||
|---|---|---|---|---|
| SEK M | Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
| Cash flow from operating activities before changes in working capital and tax paid |
498 | 263 | 1.677 | 952 |
| Tax paid | $-26$ | $-15$ | $-196$ | $-157$ |
| Changes in working capital | 384 | 648 | $-316$ | 345 |
| Cash flow from operating activities | 856 | 896 | 1.165 | 1.140 |
| Cash flow from investing activities | $-109$ | $-1.000$ | $-401$ | $-1.440$ |
| Cash flow from financing activities | $-320$ | 584 | $-428$ | 707 |
| CASH FLOW FOR THE PERIOD | 427 | 480 | 336 | 407 |
| Balance sheet | ||
|---|---|---|
| SEKM | 31 Dec 2016 | 31 Dec 2015 |
| Goodwill | 6,098 | 5,752 |
| Other intangible assets | 346 | 416 |
| Property, plant and equipment | 616 | 639 |
| Financial assets | 219 | 157 |
| Current assets excl. cash and cash equivalents | 5,650 | 5.068 |
| Cash and cash equivalents incl. short-term investments | 892 | 544 |
| TOTAL ASSETS | 13,820 | 12,575 |
| Equity attributable to Parent Company shareholders | 5,424 | 4,899 |
| Non-controlling interests | 10 | 9 |
| Total equity | 5,435 | 4,907 |
| Non-current interest-bearing liabilities | 1,515 | 1,985 |
| Other non-current liabilities | 833 | 715 |
| Current interest-bearing liabilities | 936 | 246 |
| Other current liabilities | 5,102 | 4,722 |
| TOTAL EQUITY AND LIABILITIES | 13,820 | 12,575 |
| Pledged assets | 22 | |
| Contingent liabilities | 706 | 704 |
| Changes in equity SEKM |
Jan-Dec 2016 | Jan-Dec 2015 | |||||
|---|---|---|---|---|---|---|---|
| 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 | 4,899 | 9 | 4,907 | 1,874 | 14 | 1,888 | |
| Comprehensive income for the period | 939 | 940 | 409 | 410 | |||
| Transfer to shareholders | $-418$ | $-1$ | $-419$ | $-318$ | $-1$ | $-319$ | |
| Issue in kind | 1,800 | ٠ | 1,800 | ||||
| Preferential rights issue | $-2$ | $-2$ | 1,062 | 1,062 | |||
| Acquisition of non-controlling interests | $\Omega$ | O | 0 | $-12$ | -4 | $-16$ | |
| Non-controlling interests in acquired companies | -1 | $-1$ | |||||
| Divestments of non-controlling interests | 1 | 0 | N | ||||
| Buy-back of treasury shares | $-126$ | $-126$ | $-14$ | $-14$ | |||
| Sales of treasury shares | 3 | 3 | 17 | 17 | |||
| Share-based incentive schemes | 125 | 125 | 76 | 76 | |||
| Share savings schemes | 5 | 5 | 5 | 5 | |||
| EQUITY, CLOSING BALANCE | 5,424 | 10 | 5,435 | 4,899 | 9 | 4,907 |
During the period Sweco acquired Petro Team Engineering AB, Sletten AS, Ludes Generalplaner GmbH and Jo, Franzke Architekten GmbH and expanded its participation in Par 2 Ontwikkeling B.V. to 100 per cent (previously owned 50 per cent). Sweco also acquired operations within Altenia Oy. The acquired businesses have an aggregate total of 160 employees. Purchase consideration totalled SEK 175 million and had a negative impact on cash and cash equivalents of SEK 152 million. The acquisitions impacted the consolidated balance sheet as detailed in the table below. Of the unsettled purchase price commitment of SEK 4 million, SEK 2 million refers to conditional contingent consideration. During the period the acquired companies contributed SEK 112 million in sales and SEK 10 million in operating profit (EBIT). If all of the companies had been owned as of 1 January 2016 they would have contributed approximately SEK 148 million in sales and about SEK 6 million in operating profit. The table also includes revaluation of the Grontmij acquisition, which has an impact on intangible assets of SEK 87 million, property, plan and equipment with SEK-18 million, financial assets with SEK 28 million, non-current liabilities of SEK -70 million and current liabilities of SEK-18 million.
| Acquisitions, SEK M | |
|---|---|
| Intangible assets | 236 |
| Property, plant and equipment | $-14$ |
| Financial assets | 28 |
| Current assets | 315 |
| Non-current liabilities | $-85$ |
| Deferred tax | -5 |
| Other current liabilities | $-300$ |
| Total purchase consideration | 175 |
| Unsettled purchase price commitment | -4 |
| Cash and cash equivalents | $-19$ |
| DECREASE IN GROUP CASH AND CASH EQUIVALENTS | 152 |
During the period, Sweco divested Grontmij Hubei Engineering Consulting Co.Ltd and businesses within Sweco Nederland BV and Park Frederiksoord B.V. with an aggregate total of 45 employees. The businesses contributed SEK 7 million in sales and SEK-4 million in operating profit. The divestments had a positive impact on profit of SEK 3 million and a positive impact on the Group's cash and cash equivalents of SEK 7 million. The divestments impacted the consolidated balance sheet as detailed below.
| Divestments, SEK M | |
|---|---|
| Property, plant and equipment | |
| Current assets | Ō |
| Non-current liabilities | -3 |
| Current liabilities | -3 |
| Non-controlling interests | |
| Capital gain recorded on divestment | |
| Total purchase consideration | 10 |
| Cash and cash equivalents in divested companies | -5 |
| INCREASE IN GROUP CASH AND GROUP EQUIVALENTS |
| Acquisition-related items SEK M |
Oct-Dec 2016 | Oct-Dec 2015 | Full-year 2016 | Full-year 2015 |
|---|---|---|---|---|
| Intangible assets capitalised on acquisition, amortisation |
$-22$ | $-20$ | $-92$ | -57 |
| Revaluation of purchase price | ||||
| Profit/loss on sale | -ი | |||
| ACQUISITION-RELATED ITEMS | $-17$ | -20 | $-87$ | -60 |
The Group's financial assets measured at fair value totalled SEK 16 million (13). The derivative instruments are forward currency contracts, the fair value of which are 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 has restated historical figures to reflect the new Sweco Group organisational structure, effective as of 1 October 2015. Grontmij is included pro forma as if the acquisition had taken place on 31 December 20131).
| Quarterly summary 2) | Actual 2016 04 |
Actual 2016 03 |
Actual 2016 02 |
Actual 2016 01 |
Actual 201504 |
Pro forma 2015 03 |
Pro forma 2015 02 |
Pro forma 2015 01 |
Pro forma 2014 04 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales, SEK M | |||||||||
| Sweco Sweden | 1,974 | 1,481 | 1,935 | 1,758 | 1,921 | 1,390 | 1,795 | 1,732 | 1,768 |
| Sweco Norway | 535 | 457 | 568 | 499 | 508 | 401 | 551 | 531 | 521 |
| Sweco Finland | 469 | 408 | 477 | 432 | 488 | 375 | 408 | 392 | 417 |
| Sweco Denmark | 352 | 334 | 361 | 330 | 365 | 320 | 331 | 334 | 328 |
| Sweco Netherlands | 434 | 434 | 455 | 423 | 450 | 445 | 465 | 471 | 496 |
| Sweco Western Europe | 421 | 365 | 396 | 398 | 428 | 389 | 393 | 384 | 362 |
| Sweco Central Europe | 297 | 290 | 244 | 221 | 262 | 220 | 245 | 224 | 258 |
| Group-wide, Eliminations, etc. | $-61$ | -44 | -66 | $-45$ | $-73$ | -36 | $-68$ | $-44$ | $-43$ |
| TOTAL GROUP | 4,421 | 3,723 | 4,370 | 4,018 | 4,350 | 3,504 | 4,120 | 4,024 | 4,107 |
| EBITA, SEK M | |||||||||
| Sweco Sweden | 273 | 129 | 280 | 170 | 211 | 91 | 186 | 184 | 223 |
| Sweco Norway | 58 | 40 | 68 | 29 | 52 | 24 | 44 | 40 | 58 |
| Sweco Finland | 41 | 35 | 42 | 21 | 35 | 27 | 10 | 17 | $\overline{3}$ |
| Sweco Denmark | 44 | 27 | 23 | 4 | 28 | 18 | -8 | $\pmb{0}$ | $-5$ |
| Sweco Netherlands | $\mathbf 0$ | -4 | 12 | 18 | $-1$ | 12 | 0 | 14 | 21 |
| Sweco Western Europe | 30 | 18 | 33 | 23 | 25 | 22 | 23 | 13 | 20 |
| Sweco Central Europe | 26 | 18 | 11 | 3 | 19 | $\overline{7}$ | 11 | 12 | 19 |
| Group-wide, Eliminations, etc. | $-77$ | $-12$ | $-9$ | $-40$ | $-170$ | $-63$ | $-79$ | $-23$ | $-58$ |
| EBITA | 395 | 252 | 462 | 228 | 200 | 138 | 187 | 257 | 281 |
| Extraordinary items 3) | 83 | 15 | 12 | 36 | 190 | 59 | 70 | $\mathbf{1}$ | 58 |
| EBITA excl. extraordinary items | 478 | 266 | 474 | 263 | 390 | 197 | 257 | 258 | 339 |
| EBITA margin, % | |||||||||
| Sweco Sweden | 13.8 | 8.7 | 14.5 | 9.7 | 11.0 | 6.6 | 10.4 | 10.6 | 12.6 |
| Sweco Norway | 10.9 | 8.8 | 12.0 | 5.8 | 10.2 | 6.1 | 8.0 | 7.5 | 11.0 |
| Sweco Finland | 8.6 | 8.6 | 8.8 | 4.8 | 7.1 | 7.3 | 2.5 | 4.2 | 0.8 |
| Sweco Denmark | 12.5 | 8.0 | 6.5 | 1.2 | 7.7 | 5.6 | $-2.3$ | 0.1 | $-1.4$ |
| Sweco Netherlands | $-0.1$ | $-0.8$ | 2.7 | 4.4 | $-0.3$ | 2.6 | 0.1 | 2.9 | 4.2 |
| Sweco Western Europe | 7.1 | 5.0 | 8.4 | 5.9 | 5.9 | 5.7 | 5.8 | 3.4 | 5.5 |
| Sweco Central Europe | 8.9 | 6.2 | 4.7 | 1.1 | 7.4 | 3.1 | 4.3 | 5.4 | 7.4 |
| EBITA margin | 8.9 | 6.8 | 10.6 | 5.7 | 4.6 | 3.9 | 4.5 | 6.4 | 6.8 |
| Extraordinary items 3 ) | 1.9 | 0.4 | 0.2 | 0.9 | 4.4 | 1.7 | 1.7 | $0.0\,$ | 1.5 |
| EBITA margin excl. extraordinary | 10.8 | 7.2 | 10.8 | 6.6 | 9.0 | 5.6 | 6.2 | 6.4 | 8.3 |
| items | |||||||||
| Billing ratio, % | 75.3% | 74.6% | 75.1% | 74.5% | 74.7% | 74.1% | 74.8% | 73.2% | 73.8% |
| Number of normal working hours | 493 | 518 | 490 | 478 | 492 | 519 | 469 | 488 | 486 |
| Number of full-time employees | 14,765 | 14,468 | 14,804 | 14,589 | 14,621 | 14,339 | 14,707 | 14,557 | 14,565 |
1)Pro forma information is based on the consolidated income statements for fourth quarter 2014 and the first three quarters of 2015 for Sweco and
Grontmij, respectively. Sweco and Grontmij both apply IFRS. Financial pro Sweco's accounting policies as described in Sweco's 2015 annual report. Grontmij's financials have been adjusted to correspond with Sweco's income statement presentation. Pro forma information is only intended to describe a hypothetical situation and has been prepared solely for illustrative purposes.
2)
Pro forma information excludes Grontmij's French activities which were divested during 2015 and reported by Grontmij as Assets held for sale.
Group-wide, Eliminations, etc. includes Group functions, the operations in Ch
3) Extraordinary items include Sweco's and Grontmij's extraordinary items to the extent they are part of Sweco's definition of EBITA. All extraordinary items are included in Group-wide.
| Number of full-time | ||||||||
|---|---|---|---|---|---|---|---|---|
| January-December | Net sales, SEK M | EBITA, SEK M | EBITA margin,% | employees | ||||
| Business area | Actual | Pro forma | Actual | Pro forma | Actual | Pro forma | Actual | Pro forma |
| 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |
| Sweco Sweden | 7.148 | 6.838 | 852 | 672 | 11.9 | 9.8 | 5.482 | 5,375 |
| Sweco Norway | 2,059 | 1.991 | 195 | 161 | 9.5 | 8.1 | 1,344 | 1,326 |
| Sweco Finland | 1,785 | 1.663 | 138 | 89 | 7.7 | 5.4 | 1.984 | 1.913 |
| Sweco Denmark | 1,376 | 1,350 | 98 | 39 | 7.1 | 2.9 | 1,077 | 1,109 |
| Sweco Netherlands | 1.746 | 1.831 | 27 | 24 | 1.5 | 1.3 | 1.504 | 1.666 |
| Sweco Western Europe | 1,580 | 1,594 | 105 | 83 | 6.6 | 5.2 | 1.704 | 1,618 |
| Sweco Central Europe | 1.052 | 951 | 58 | 49 | 5.5 | 5.1 | 1.457 | 1.402 |
| Group-wide, Eliminations, etc. 1) | $-216$ | $-221$ | $-138$ | -336 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 101 | 142 |
| TOTAL GROUP | 16,531 | 15,998 | 1,336 | 781 | 8.1 | 4.9 | 14,653 | 14,552 |
$^{10}$ Group-wide, Eliminations, etc. includes Group functions, the operations in China, and Grontmij's real estate operations. All extraordinary items are included in Group-wide.
| Revenue growth, pro forma | Actual 2016 Oct-Dec |
Actual 2015 Oct-Dec |
Growth.% Oct-Dec |
Actual 2016 Jan-Dec |
Pro forma 2015 Jan-Dec |
Growth, % Jan-Dec |
|---|---|---|---|---|---|---|
| Net sales | 4,421 | 4,350 | 2% | 16.531 | 15,998 | 3% |
| Currency effects | $0\%$ | -53 | 0% | |||
| Net sales currency-adjusted | 4,421 | 4.355 | 2% | 16.531 | 15.945 | 4% |
| Acquisitions/divestments | $-43$ | $-17$ | $1\%$ | $-120$ | $-64$ | $0\%$ |
| Comparable net sales currency-adjusted | 4.378 | 4.338 | $1\%$ | 16.411 | 15.881 | 3% |
| Revenue growth, actual | Actual 2016 Oct-Dec |
Actual 2015 Oct-Dec |
Growth.% Oct-Dec |
Actual 2016 Jan-Dec |
Actual 2015 Jan-Dec |
Growth, % Jan-Dec |
|---|---|---|---|---|---|---|
| Net sales | 4,421 | 4.350 | 2% | 16,531 | 11.389 | 45% |
| Currency effects | $0\%$ | $-20$ | $0\%$ | |||
| Net sales currency-adjusted | 4,421 | 4.355 | 2% | 16.531 | 11.370 | 45% |
| Acquisitions/divestments | $-43$ | $-17$ | $1\%$ | $-120$ | 4.546 | 42% |
| Comparable net sales currency-adjusted | 4,378 | 4.338 | $1\%$ | 16.411 | 15.916 | 3% |
| Parent Company income statement, SEK M | Full-year 2016 | Full-year 2015 |
|---|---|---|
| Net sales | 538 | 355 |
| Operating expenses | $-600$ | -399 |
| Operating loss | $-63$ | -44 |
| Net financial items | 551 | 508 |
| Profit/loss after net financial items | 488 | 464 |
| Appropriations | 10 | $-20$ |
| Profit/loss before tax | 499 | 444 |
| Tax | -86 | $-61$ |
| PROFIT/LOSS AFTER TAX | 413 | 383 |
| Parent Company balance sheet, SEK M | 31 Dec 2016 | 31 Dec 2015 |
|---|---|---|
| Intangible assets | 75 | 81 |
| Property, plant and equipment | 54 | 50 |
| Financial assets | 6,346 | 6,348 |
| Current assets | 2,572 | 1,911 |
| TOTAL ASSETS | 9,047 | 8,390 |
| Equity | 4.626 | 4.619 |
| Untaxed reserves | 12 | 23 |
| Non-current liabilities | 1,379 | 2,083 |
| Current liabilities | 3.030 | 1.665 |
| TOTAL EQUITY AND LIABILITIES | 9,047 | 8,390 |
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