Quarterly Report • Jul 17, 2009
Quarterly Report
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For further information, please contact:
Jonas Wiström, President/CEO +46 (0)70-608 12 20 Jonas Ågrup, CFO +46 (0)70-333 04 95 Viktor Svensson, Director, Corporate Information +46 (0)70-657 20 26
Little by little the market continued to contract throughout the second quarter – with the exception of projects and services related to the business areas of Nuclear Power, Infrastructure Planning and Energy Efficiency, where demand for services grew.
In all, around 60 ÅF employees were laid off during the quarter, incurring a cost to the company of SEK 7 million. Right now, for reasons that have to do with the company's different markets and with its geographical spread, ÅF is having to put its foot on the brakes and the accelerator at the same time. Overall growth in the second quarter was just over 2 percent, but organically the growth rate was negative.
ÅF's operating margin for the second quarter was 8.4 percent, compared with 10.7 percent for the corresponding period in 2008 (adjusted to take account of Alecta's reduction in pension premiums). Capacity utilisation was 72 percent (75 percent). However, the second quarter of 2009 had two fewer invoiceable days than the corresponding quarter in 2008, which equates to 3 percent less invoiceable time. Operating cash flow for the second quarter was SEK 174 million (Q2 2008: SEK 114 million).
In real terms the economy continues to dwindle , with the shortage of long-term credits forcing the postponement of a great many industrial investments. Even so, ÅF has discerned signs of an improved situation in the Russian market.
ÅF's aim remains unchanged – to continue to deliver levels of profitability that are among the highest in our industry. The company has a solid position in the market, long-
For immediate publication: 17/07/2009
term relations with its clients and a strong brand. In the longer perspective the aim is to continue to expand with year-on-year growth of 15 percent.
"Green" issues are assuming an increasingly central position in ÅF's offer and the market for these services is growing rapidly. To meet this demand, a manager will be appointed on 1 September to lead the work of coordinating and developing this offer within our Environmental Services.
The Øresundsbro Consortium signed a major consulting agreement with ÅF relating to five of a total of six areas of technology and making ÅF "principal supplier" of technical consulting services for the Öresund Bridge between Malmö in Sweden and Copenhagen in Denmark. Each year the consortium purchases technical consulting services worth DKK 10 million (EUR 1.35 million). The contract with ÅF runs for 2 years with an option to extend.
Via its Inspection Division (ÅF-Kontroll), ÅF has established a subsidia ry in Lithuania (UAB AF Inspection LT), primarily to provide testing and inspection services for the nuclear power industry. The new company is starting operations with a staff of 30 qualified co-workers, all of whom have been transferred to ÅF as part of an agreement with the state-owned Ignalina Nuclear Power Plant (INPP).
Net sales totalled SEK 1,199 million, a 2 percent increase on the figure of SEK 1,174 million for the corresponding period in 2008.
Operating profit amounted to SEK 100 million (Q2 2008: SEK 135 million). The operating margin was 8.4 percent (11.5 percent). It is worth noting, however, that the profit for Q2 2008 was affected by a pension premium reduction from Alecta, which had a positive impact on earnings of SEK 9.5 million.
Capacity utilisation was 72 percent (75 percent).
Profit after net financial items amounted to SEK 97 million (SEK 132 million). The profit margin was 8.0 percent (11.3 percent).
Profit after tax totalled SEK 70 million (SEK 94 million).
Earnings per share, before dilution, were SEK 4.01 (SEK 5.53).
Net sales totalled SEK 2,407 million, an 8 percent increase on the first-half figure of SEK 2,238 million in 2008.
Operating profit amounted to SEK 206 million (Q1–Q2 2008: SEK 251 million). The operating margin was 8.6 percent (11.2 percent). It is worth noting, however, that the
profit for the first six months of 2008 was affected by a pension premium reduction from Alecta, which had a positive impact on earnings of SEK 19 million.
Capacity utilisation was 71 percent (75 percent).
Profit after net financial items amounted to SEK 200 million (SEK 241 million). The profit margin was 8.3 percent (10.8 percent).
Profit after tax totalled SEK 147 million (SEK 174 million).
Earnings per share, before dilution, were SEK 8.52 (SEK 10.22).
ÅF sold its Norwegian subsidiary Brekke & Strand, with a staff of 25, to Hjellnes Consult AS in Norway. ÅF also sold a shareholding in the Albanian company ITP-Infra Trans Project Ltd. These disposals resulted in a capital gain of SEK 7.5 million in the second quarter.
Gross investment in property, plant and equipment for the period January to June totalled SEK 23 million (Q1–Q2 2008: SEK 26 million).
Operating cash flow for the second quarter was SEK 174 million (Q2 2008: SEK 114 million). Total cash flow for the period was negative at SEK –8 million (SEK +42 million).
Cash flow for the second quarter was affected by the pay-out of a shareholders' dividend totalling SEK 111 million (SEK 112 million). The net of borrowing and amortisation of loans also had a negative effect on cash flow of SEK 50 million (SEK +97 million). The change in working capital was positive at SEK 103 million for the quarter (SEK –5 million).
Cash flow for the period January–June overall was SEK –15 million (SEK –4 million), Acquisitions completed and additional considerations paid amounted to a total of SEK 32 million (SEK 57 million).
The Group's liquid assets totalled SEK 270 million (SEK 310 million) at the end of the first half-year.
Equity per share was SEK 100.3 and the equity/assets ratio was 49.9 percent. At the beginning of 2009, equity per share was SEK 99.5 and the equity/assets ratio was 47.1 percent.
The Group's net loan debt amounted to SEK 146 million (SEK 114 million) at the end of the first half-year.
The total number of employees at the end of the reporting period was 4,333 (Q2 2008: 4,063): 3,139 in Sweden and 1,194 outside Sweden. Translated into full-time equivalents, this equated to 4,232 employees (3,816).
Energy Division Sales Q2, SEK 302 million (SEK 237 m) Operating margin Q2: 9.5% (13.3%)
Sales Q1–Q2, SEK 615 million (SEK 444 m) Operating margin Q1–Q2: 8.7% (11.4%)
The Energy Division is a front-rank international energy consultant and a world leader in nuclear power consulting.
In the wake of the general downturn in the economy the market for energy consulting services contracted, albeit from a high level. A reduction in the demand for electricity, falling energy prices and a restrictive credit market combined to reduce the rate of investment.
The reported growth was primarily related to acquisitions and positive currency effects. While the Energy Division's capacity utilisation rate rose marginally during the second quarter the operating margin rose comparing to the first quarter.
The fact that the markets in Finland and the Baltic countries remained weak has led to some redundancies and to temporary lay-offs for 18 co-workers.
The Russian consulting company, Lonas Technologia, which was acquired in 2008, continued to perform according to plan, and the volume of assignments in Lonas's order books increased following signs during the second quarter of an improvement in the Russian market. In Switzerland business continued to develop better than expected, and the same also applies to the division's environmental consulting operations in Sweden.
Engineering Division Sales Q2, SEK 343 million (SEK 392 m) Operating margin Q2: 10.0% (11.5%)
Sales Q1–Q2, SEK 687 million (SEK 761 m) Operating margin Q1–Q2: 10.3% (11.7%)
The Engineering Division is Northern Europe's leading technical consultant for industry.
The Engineering Division continued to feel the effects of a faltering industrial economy in the second quarter. The drop in demand was particularly noticeable in the manufacturing industry, but this was offset to some extent by the fact that demand remained strong from the food, pharmaceutical, energy and nuclear power sectors.
Thanks to the swift and successful redeployment of resources, 40 percent of Engineering's sales currently derive from the energy and nuclear power industries. Most
of the energy projects relate to biofuel production facilities, new biofuel-fired boilers for municipal energy companies, the renovation and extension of power plants, new wind farms, and modernisation and efficiency improvement projects for the nuclear power industry.
To adapt operations to weaker demand from manufacturing industry a few members of staff were laid off at a number of units, while sales and marketing activities were intensified throughout the division.
Infrastructure Division Sales Q2, SEK 442 million (SEK 489 m) Operating margin Q2: 7.5% (12.2%)
Sales Q1–Q2, SEK 939 million (SEK 940 m) Operating margin Q1–Q2: 8.4% (12.3%)
The Infrastructure Division holds a leading position in consulting services for infrastructure development in Scandinavia. It has clients in industry, the public sector, the defence sector and the property market.
The market for infrastructure consulting services has, with the exception of services within the areas of Infrastructure Planning and Energy Efficiency, contracted during the second quarter.
Measures were put in place to offset this lower level of activity; sales efforts were intensified, consultants were redeployed within the division to work in business areas where demand remains good, some redundancies were made and a general review of costs was undertaken.
Capital gains from the sale of companies had a positive effect of SEK 7.5 million on the division's second-quarter earnings, while the cost of redundancies had a negative impact of SEK 4 million.
Infrastructure Planning operations continue to deliver strong results, first and foremost on the back of large-scale, long-term investments in Sweden's road and rail networks. ÅF is constantly capturing new shares of the market for infrastructure planning services and organic growth remains good.
Inspection Division Sales Q2, SEK 108 million (SEK 96 m) Operating margin Q2: 8.4% (15.4%)
Sales Q1–Q2, SEK 202 million (SEK 165 m) Operating margin Q1–Q2: 7.9% (12.2%)
The Inspection Division works with technical inspections, chiefly in the form of periodic inspections, testing and certification. The engineering and nuclear power industries are among the division's major clients.
Demand remained satisfactory in the second quarter, particularly for services related to testing, and was strongest from the nuclear power industry.
The fact that the capacity utilisation rate for the division's Swedish operations was lower than during the corresponding period last year was chiefly due to a reduction in maintenance activities among industrial clients in Sweden.
The costs incurred in closing down unprofitable businesses and in building up a bank of specialist skills to meet the demands of the nuclear power industry in Sweden and Lithuania also had a negative impact on earnings. It is anticipated that the results of the investments that have been made will begin to make themselves felt from the third quarter onwards.
Operations in the Czech Republic continued to deliver results that exceeded expectations.
Parent company sales – primarily for various intra-group services – totalled SEK 144 million for the period January–June (Jan–Jun 2008: SEK 127 million). The parent company reported a loss of SEK 13 million (SEK –17 million) after net financial items.
Cash and cash equivalents totalled SEK 2 million (SEK 1 million), and gross investment in machinery and equipment for the period January to June amounted to SEK 4 million (SEK 7 million).
This interim report has been prepared in accordance with IAS 34 ("Interim Financial Reporting"). The report has been drawn up in accordance with International Financial Reporting Standards (IFRS), as well as with statements on interpretation from the InternationalFinancial Reporting Interpretations Committee (IFRIC) as approved by the European Commission for use in the EU, and with the relevant references to Chapter 9 of the Swedish Annual Accounts Act. The report has been drawn up using the same accounting principles and methods of calculation as those in the Annual Report for 2008 (see Note 1, page 83). The parent company has implemented the Swedish Financial Reporting Board's Recommendation RFR 2.1 ("Accounting for Legal Entities"), which means that the parent company in the legal entity shall apply all the IFRS and related statements approved by the EU as far as this is possible while continuing to apply the Swedish Annual Accounts Act in the preparation of the legal entity's accounts.
The significant risks and uncertainty factors to which the ÅF Group is exposed include business risks linked to the general economic situation and the propensity of various markets to invest, the ability to recruit and retain qualified co-workers, and the effect of political decisions. In addition, the Group is exposed to a number of financial risks, including currency risks, interest-rate risks and credit risks. The risks to which the Group is exposed are described in detail on pages 56–60 of ÅF's Annual Report for 2008. No significant risks are considered to have arisen since the publication of the annual report.
The ÅF share price at the end of the reporting period was SEK 142.75, which represents a rise in value of 20 percent since the beginning of the year. During the same period the Stockholm Stock Exchange all-share index (OMXSPI index) also rose by 20 percent.
During the first quarter of 2009 a total of 45,000 ÅF shares were acquired by the company. The purpose of these buy-backs was to safeguard the company's obligations with regard to the 2008 performance-related share programme.
ÅF's interim report for the period January to September 2009 will be published on 21 October.
The Board of Directors and the President/CEO confirm that this interim report gives a true and fair view of the operation, performance and position of the company and the Group, and describes the significant risks and uncertainty factors to which the company and the companies comprising the Group are exposed.
Stockholm, Sweden – 17 July 2009
| Ulf Dinkelspiel | Lena Treschow Torell | Patrik Enblad |
|---|---|---|
| Chairman | Vice Chair | Director |
| Eva-Lotta Kraft | Jon Risfelt | Anders Snell |
| Director | Director | Director |
| Helena Skåntorp | Tor Ericson | Patrik Tillack |
| Director | Director | Employee representative |
| Fredrik Sundin | Jonas Wiström |
This interim report has not been subjected to scrutiny by the company's auditors.
Employee representative President & CEO
The information in this interim report is that which ÅF AB is required by Swedish law to disclose under the terms of the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released for publication at 08.30 C.E.T. on 17 July 2009.
ÅF AB (publ) Corporate identity number 556120-6474 Frösundaleden 2, SE-169 99 Stockholm, Sweden Telephone +46 (0)10 505 00 00 Telefax +46 (0)8 653 56 13 E-mail: [email protected] www.afconsult.com
| CONSOLIDATED INCOME STATEMENT | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|---|---|
| (in millions of SEK) | 2009 | 2008 | 2009 | 2008 | 2008 |
| Operating income | 1 199,0 | 1 173,6 | 2 406,9 | 2 237,9 | 4 569,7 |
| Personnel costs | -686,1 | -672,8 | -1 398,5 | -1 290,6 | -2 540,4 |
| Other costs | -398,3 | -354,5 | -773,2 | -673,0 | -1 500,1 |
| Depreciation | -15,2 | -12,6 | -30,6 | -25,0 | -54,1 |
| Share of associated companies' profit/loss | 0,8 | 0,9 | 1,7 | 2,0 | 3,6 |
| Operating profit | 100,3 | 134,7 | 206,4 | 251,3 | 478,7 |
| Net financial items | -3,8 | -2,7 | -6,3 | -10,5 | -17,8 |
| Profit after net financial items | 96,5 | 132,1 | 200,1 | 240,8 | 460,9 |
| Tax | -26,8 | -37,7 | -53,0 | -66,6 | -133,1 |
| Profit after tax | 69,7 | 94,4 | 147,1 | 174,2 | 327,8 |
| Attributable to: | |||||
| Shareholders in parent company | 68,0 | 93,9 | 144,6 | 173,3 | 324,2 |
| Minority interests | 1,7 | 0,4 | 2,5 | 0,9 | 3,6 |
| Profit after tax | 69,7 | 94,4 | 147,1 | 174,2 | 327,8 |
| Operating margin, % | 8,4 | 11,5 | 8,6 | 11,2 | 10,5 |
| Profit margin, % | 8,0 | 11,3 | 8,3 | 10,8 | 10,1 |
| Capacity utilisation rate (invoiced time ratio), % | 71,6 | 75,0 | 71,3 | 74,6 | 74,1 |
| Earnings per share before dilution, SEK | 4,01 | 5,53 | 8,52 | 10,22 | 19,08 |
| Earnings per share after dilution, SEK | 3,96 | 5,53 | 8,46 | 10,22 | 19,08 |
| Number of shares outstanding | 16 947 501 | 17 029 501 | 16 947 501 | 17 029 501 | 16 992 501 |
| Average number of outstanding shares before dilution | 16 947 501 | 16 976 901 | 16 965 805 | 16 958 989 | 16 989 266 |
| Average number of outstanding shares after dilution | 17 181 272 | 16 976 901 | 17 096 952 | 16 958 989 | 16 991 538 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| (in millions of SEK) | 2009 | 2008 | 2008 |
| Change in translation reserve for the period | -20,9 | 11,7 | 171,8 |
| Cash flow hedging, recognised in equity | -0,3 | -0,3 | 0,6 |
| Pensions | - | - | -44,6 |
| Tax attributable to items recognised in equity | 0,1 | 0,1 | 10,0 |
| Effect of change in tax rate | - | - | -0,1 |
| Total other comprehensive income for the period | -21,1 | 11,4 | 137,6 |
| Profit for the period | 147,1 | 174,2 | 327,8 |
| Total comprehensive income for the period | 126,0 | 185,6 | 465,4 |
| Total comprehensive income attributable to: | |||
| Shareholders in parent company | 123,7 | 184,8 | 460,9 |
| Non-controlling interest | 2,3 | 0,9 | 4,5 |
| Total | 126,0 | 185,6 | 465,4 |
| CONSOLIDATED BALANCE SHEET | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|
| (in millions of SEK) | 2009 | 2008 | 2008 |
| Assets | |||
| Non-current assets | |||
| Intangible assets | 1 379,1 | 1 144,8 | 1 357,1 |
| Tangible assets | 337,3 | 225,0 | 338,6 |
| Other non-current assets | 27,4 | 23,9 | 31,6 |
| Total non-current assets | 1 743,8 | 1 393,6 | 1 727,3 |
| Current assets | |||
| Current receivables | 1 413,7 | 1 337,8 | 1 591,9 |
| Cash equivalents | 270,2 | 309,9 | 290,3 |
| Total current assets | 1 683,9 | 1 647,7 | 1 882,2 |
| Total assets | 3 427,7 | 3 041,3 | 3 609,5 |
| Equity and liabilities | |||
| Equity | |||
| Attributable to shareholders in parent company | 1 699,9 | 1 417,2 | 1 690,1 |
| Attributable to minority | 9,8 | 3,2 | 8,5 |
| Total equity | 1 709,7 | 1 420,5 | 1 698,6 |
| Non-current liabilities | |||
| Provisions | 170,4 | 99,5 | 189,8 |
| Non-current liabilities | 98,6 | 178,1 | 183,2 |
| Total non-current liabilities | 268,9 | 277,6 | 373,0 |
| Current liabilities | |||
| Provisions | 4,9 | 9,5 | 8,3 |
| Current liabilities | 1 444,1 | 1 333,8 | 1 529,6 |
| Total current liabilities | 1 449,0 | 1 343,3 | 1 537,9 |
| Total equity and liabilities 1) | 3 427,7 | 3 041,3 | 3 609,5 |
| 1) of which, interest-bearing liabilities | 416,6 | 423,8 | 464,5 |
Pledged assets and Contingent liabilities are essentially the same as in the annual accounts for 2008.
| CASH FLOW ANALYSIS | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|
| (in millions of SEK) | 2009 | 2008 | 2008 |
| Profit after financial items | 200,1 | 240,8 | 460,9 |
| Adjustment for items not included in cash flow | 18,2 | 30,4 | 66,0 |
| Income tax paid | -61,0 | -47,2 | -135,9 |
| Cash flow from operating activities | |||
| before change in working capital | 157,3 | 223,9 | 391,0 |
| Cash flow from change in working capital | 36,9 | -64,7 | -69,8 |
| Cash flow from operating activities | 194,2 | 159,3 | 321,2 |
| Cash flow from investing activities | -45,9 | -83,9 | -272,4 |
| Cash flow from financing activities | -163,7 | -79,2 | -102,8 |
| Cash flow for the period | -15,4 | -3,9 | -54,1 |
| Cash and cash equivalents brought forward | 290,3 | 310,4 | 310,4 |
| Exchange rate difference in cash/cash equivalents | -4,7 | 3,4 | 34,0 |
| Cash and cash equivalents carried forward | 270,2 | 309,9 | 290,3 |
| CHANGES IN EQUITY (in millions of SEK) |
30 Jun 2009 |
30 Jun 2008 |
31 Dec 2008 |
|---|---|---|---|
| Equity at start of period | 1 698,6 | 1 339,2 | 1 339,2 |
| Total comprehensive inocme for the period | 126,0 | 185,6 | 465,4 |
| Dividends | -111,2 | -111,9 | -112,2 |
| New issue (convertible) | - | 7,6 | 7,6 |
| Non-controlling shareholdings in acquired companies | - | - | 1,9 |
| Share buy-back | -4,9 | - | -4,5 |
| Share savings scheme 2008 | 1,2 | - | 1,2 |
| Equity at end of period | 1 709,7 | 1 420,5 | 1 698,6 |
| Attributable to: | |||
| Shareholders in the parent company | 1 699,9 | 1 417,2 | 1 690,1 |
| Minority interest | 9,8 | 3,2 | 8,5 |
| Total | 1 709,7 | 1 420,5 | 1 698,6 |
| KEY RATIOS | Jan-Jun | Jan-Jun | Full year |
|---|---|---|---|
| 2009 | 2008 | 2008 | |
| Return on equity, % (full year) | 18,5 | 21,7 | 22,1 |
| Return on capital employed, % (full year) 1) | 21,1 | 25,2 | 25,2 |
| Equity ratio, % | 49,9 | 46,7 | 47,1 |
| Equity per share, SEK | 100,3 | 83,2 | 99,5 |
| Employees (FTEs) excl. associated companies | 4 232 | 3 816 | 3 948 |
1) New definition: Profit/loss after net financial items and restoration of interest expense in relation to the average balance sheet total, minus non-interest-bearing liabilities and the net figure for deferred tax liabilities.
| 2006 | 2007 | |||||||
|---|---|---|---|---|---|---|---|---|
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Operating income (millions of SEK) | 642,0 | 771,0 | 746,7 | 973,8 | 932,4 | 967,5 | 844,0 | 1 118,5 |
| Operating profit (millions of SEK) | 44,0 | 30,3 | 36,9 | 57,1 | 74,3 | 84,7 | 65,0 | 107,9 |
| Operating margin, % | 6,9 | 3,9 | 4,9 | 5,9 | 8,0 | 8,8 | 7,7 | 9,6 |
| Number of working days | 64 | 59 | 65 | 63 | 64 | 59 | 65 | 62 |
| Number of FTEs | 2 563 | 2 848 | 3 046 | 3 167 | 3 531 | 3 520 | 3 675 | 3 761 |
| 2008 | 2009 | |||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
| Operating income (millions of SEK) | 1 064,3 | 1 173,6 | 986,5 | 1 345,3 1 207,9 | 1 199,0 | |||
| Operating profit (millions of SEK) | 116,5 | 134,7 | 81,0 | 146,4 | 106,1 | 100,3 | ||
| Operating margin, % | 10,9 | 11,5 | 8,2 | 10,9 | 8,8 | 8,4 | ||
| Number of working days | 62 | 62 | 66 | 62 | 62 | 60 | ||
| Number of FTEs | 3 747 | 3 885 | 3 884 | 4 276 | 4 249 | 4 215 |
| Adjusted | Adjusted | Justerad | |||
|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
| Operating income | 2009 | 2008 | 2009 | 2008 | 2008 |
| Energy | 302,4 | 237,0 | 615,0 | 443,9 | 1 051,0 |
| Engineering | 342,9 | 392,1 | 686,9 | 760,5 | 1 451,6 |
| Infrastructure | 442,3 | 488,6 | 939,0 | 939,5 | 1 858,5 |
| Inspection | 108,0 | 95,9 | 202,0 | 164,6 | 361,3 |
| Other/Eliminations | 3,3 | -40,0 | -36,1 | -70,6 | -152,8 |
| Total | 1 199,0 | 1 173,6 | 2 406,9 | 2 237,9 | 4 569,7 |
| Apr-Jun | Adjusted Apr-Jun |
Jan-Jun | Adjusted Jan-Jun |
Justerad Full year |
|
|---|---|---|---|---|---|
| Operating profit/loss | 2009 | 2008 | 2009 | 2008 | 2008 |
| Energy | 28,9 | 31,6 | 53,7 | 50,7 | 130,0 |
| Engineering | 34,2 | 45,2 | 70,9 | 88,7 | 160,1 |
| Infrastructure | 33,3 | 59,8 | 79,2 | 115,7 | 195,7 |
| Inspection | 9,1 | 14,8 | 16,0 | 20,0 | 43,9 |
| Other/Eliminations | -5,2 | -16,7 | -13,4 | -23,8 | -50,9 |
| Total | 100,3 | 134,7 | 206,4 | 251,3 | 478,7 |
| Adjusted | Adjusted | Justerad | |||
|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
| Operating margin | 2009 | 2008 | 2009 | 2008 | 2008 |
| Energy | 9,5% | 13,3% | 8,7% | 11,4% | 12,4% |
| Engineering | 10,0% | 11,5% | 10,3% | 11,7% | 11,0% |
| Infrastructure | 7,5% | 12,2% | 8,4% | 12,3% | 10,5% |
| Inspection | 8,4% | 15,4% | 7,9% | 12,2% | 12,1% |
| Other/Eliminations | |||||
| Total | 8,4% | 11,5% | 8,6% | 11,2% | 10,5% |
| Adjusted | Adjusted | Justerad | |||
|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Full year | |
| Employees (FTEs) | 2009 | 2008 | 2009 | 2008 | 2008 |
| Energy | 889 | 685 | 899 | 655 | 697 |
| Engineering | 1 214 | 1 246 | 1 220 | 1 260 | 1 273 |
| Infrastructure | 1 585 | 1 559 | 1 606 | 1 534 | 1 566 |
| Inspection | 452 | 335 | 434 | 308 | 351 |
| Other/Eliminations | 75 | 60 | 73 | 59 | 61 |
| Total | 4 215 | 3 885 | 4 232 | 3 816 | 3 948 |
With effect from 1 October 2008 the following structural changes were made within the ÅF Group:
The above figures have been adjusted as if the internal restructuring had taken place on 1 January 2008.
| INCOME STATEMENT PARENT COMPANY (in millions of SEK) |
Apr-Jun 2009 |
Apr-Jun 2008 |
Jan-Jun 2009 |
2008 | Jan-Jun Full year 2008 |
|---|---|---|---|---|---|
| Net sales | 56,4 | 49,4 | 101,5 | 91,3 | 179,4 |
| Other operating income | 21,0 | 20,0 | 42,1 | 35,5 | 73,6 |
| Operating income | 77,4 | 69,4 | 143,6 | 126,8 | 253,0 |
| Personnel costs | -17,6 | -23,8 | -38,4 | -39,4 | -81,5 |
| Other costs | -62,9 | -59,9 | -114,0 | -108,0 | -215,8 |
| Depreciation | -2,3 | -1,0 | -4,6 | -1,9 | -5,0 |
| Operating profit/loss | -5,4 | -15,3 | -13,4 | -22,5 | -49,3 |
| Net financial items | -0,1 | 2,2 | 0,1 | 5,7 | 10,1 |
| Profit/loss after net financial items | -5,5 | -13,1 | -13,3 | -16,8 | -39,2 |
| Appropriations | - | - | - | - | -10,9 |
| Pre-tax profit/loss | -5,5 | -13,1 | -13,3 | -16,8 | -50,0 |
| Tax | 1,4 | 3,4 | 3,5 | 4,6 | 13,8 |
| Profit/loss after tax | -4,2 | -9,7 | -9,8 | -12,2 | -36,2 |
| (in millions of SEK) 2009 2008 2008 Assets Non-current assets Participations in Group and Associated companies 1 471,3 998,5 1 019,1 Intangible assets 1,3 - - Tangible assets 54,8 19,3 56,5 Financial assets 5,8 6,1 7,9 Total non-current assets 1 533,2 1 023,9 1 083,5 Current assets Current receivables 610,6 594,5 940,8 Cash equivalents 1,9 0,7 3,9 Total current assets 612,5 595,3 944,7 Total assets 2 145,7 1 619,2 2 028,2 Equity and liabilities Equity Share Capital 170,3 170,3 170,3 Statutory reserve 46,9 46,9 46,9 Non-restricted equity 1 024,8 936,6 1 175,2 Profit/loss for the period -9,8 -12,2 -36,2 Total equity 1 232,2 1 141,7 1 356,2 Untaxed reserves 12,5 1,6 12,5 Non-current liabilities Provisions 46,2 39,4 43,9 Non-current liabilities 0,2 0,2 0,2 Total non-current liabilities 46,4 39,5 44,1 Current liabilities Provisions 0,3 9,2 0,5 Current liabilities 854,3 427,1 614,9 Total current liabilities 854,6 436,4 615,4 |
BALANCE SHEET PARENT COMPANY | 30 Jun | 30 Jun | 31 Dec |
|---|---|---|---|---|
| Total equity and liabilities | 2 145,7 | 1 619,2 | 2 028,2 |
| Date of disposal | Jan-Jun 2009 |
|---|---|
| Tangible non-current assets | 1,0 |
| Accounts receivable and other receivables | 10,1 |
| Cash equivalents | 1,9 |
| Accounts payable and other liabilities | -7,0 |
| Net identifiable assets and liabilities | 6,0 |
| Goodwill | 9,7 |
| Adjustment capital gain | 8,1 |
| Adjustment realized exchange difference | -0,8 |
| Sales price Deduct: |
23,0 |
| Cash (disposal) | 1,9 |
| Selling expenses | 1,2 |
| Net inflow of cash | 19,9 |
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