Quarterly Report • Jul 14, 2011
Quarterly Report
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*) Profit for the first quarter of 2010 included a capital gain of SEK 458 million resulting from the sale of the ÅF Group's Inspection Division, ÅF-Kontroll.
The market for ÅF as a whole continued to improve in the second quarter, despite a decline in the nuclear power sector.
There were upward trends in capacity utilisation. A key factor behind the rise in demand is the strength of the Swedish economy, particularly the industrial sector, which has led to improved levels of profitability for three of our four divisions. The Industry and Technology Divisions both reported an operating margin of 11.4 percent in the second quarter.
Overall growth for ÅF amounted to 25 percent for the quarter, including organic growth of 14 percent. At the end of the reporting period ÅF had close to 600 more employees than at the corresponding point last year.
Earnings per share rose by 40 percent, while the operating margin was 8.5 percent (Q2 2010: 7.7 percent), which is also an improvement on the first-quarter figure.
One important piece of good news towards the end of the reporting period was that after a 12-month legal delay, the Infrastructure Division can at last commence work on the Stockholm Bypass Project (Sweden's largest infrastructure investment) for the Swedish Transport Administration.
The Energy Division noticed a slow-down in activity due to an in-creased uncertainty in the nuclear power sector at the same time as the negative effects of exchange rates continued
to drag down profits. Earnings for the ÅF Group as a whole were dented by just over SEK 5 million as a result of negative exchange-rate trends in the second quarter, compared with the corresponding period last year. The Energy Division has seen a rise in demand from the hydropower sector, but this has not compensated for the steep decline in nuclear power consulting services. However, here at ÅF, we believe that the market for these services will stabilise again from the start of the new year.
ÅF's most important objective remains to generate levels of profitability that place us among the very best performers in our industry. However, ÅF also now stands well-prepared to boost growth. Our ambition is to grow by around 15 percent a year, with approximately half of this growth coming from new recruitment and half from acquisitions.
The outlook for an increase in organic growth has never been better. During the second quarter ÅF was, for the second year in succession, ranked among Europe's top 50 most attractive employers in Universum's survey of some 6,150 engineering students at 56 European universities.
Stockholm, July 14 2011
Jonas Wiström President and CEO
Net sales for the quarter totalled SEK 1,297 million (Q2 2010: SEK 1,040 million), an increase of 25 percent compared with the corresponding quarter in 2010. Organic growth for the quarter showed a positive trend and rose to just over 14 percent. The structural effect was 11 percent and is attributable chiefly to the acquisitions of Energo and Gatubolaget Konsult (Gothenburg) in 2010. The Swedish krona has strengthened against currencies such as the euro and the Norwegian krone during the reporting period, leading to a negative translation difference of approximately 1 percent.
Operating profit for the quarter was SEK 111 million (Q2 2010: SEK 80 million). Earnings were boosted by a higher capacity utilisation rate, a rise in volumes and the effects of the Group's acquisitions. There were 60 working days in the first quarter; this is one day fewer than in the corresponding quarter last year. The operating margin was 8.5 percent (7.7 percent). Negative trends in exchange rates had an effect on operating profit of just over SEK 5 million when compared with the corresponding quarter last year
Capacity utilisation was 74.2 percent (72.4 percent). The most noticeable upward trends were in Industry and Infrastructure.
Profit after net financial items was SEK 109 million (SEK 77 million). Compared with the corresponding quarter last year, there was an improvement of just under SEK 2 million in net financial items during the reporting period, which totalled SEK –2 million at the end of the quarter. This improvement is attributable to smaller exchange losses and to the positive effects of defined-benefit pension plans. The profit margin was 8.4 percent (7.4 percent).
Profit after tax was SEK 80 million (SEK 57 million). Earnings per share before dilution were SEK 2.30 (SEK 1.64).
Net sales totalled SEK 2,537 million (Q1-Q2 2010: SEK 2,147 million) an increase of 18 percent compared with the first six months of 2010. Organic growth was positive at 11 percent. The structural effect was 8 percent and is attributable chiefly to the acquisitions of Energo and Gatubolaget Konsult (Gothenburg) in 2010. There was a negative translation difference of approximately 1 percent.
Operating profit for the first half-year was SEK 211 million (Q1-Q2 2010: SEK 621 million). In the first quarter of 2010 ÅF reported a capital gain of SEK 458 million in connection with the sale of ÅF-Kontroll. If this capital gain is excluded, first-half earnings for 2010 were SEK 163 million. There was a total of 123 working days in the period January to June 2011, which is the same number as in the corresponding period last year. The operating margin was 8.3 percent (23.8 percent).
Capacity utilisation was 73.7 percent (71.1 percent).
Profit after net financial items was SEK 212 million (SEK 615 million). The profit margin was 8.3 percent (23.6 percent).
Profit after tax was SEK 158 million (SEK 575 million). Earnings per share before dilution were SEK 4.57 (SEK 16.91).
| Key ratios | Apr-June 2011 |
Apr-June 2010 |
Jan-June 2011 |
Jan-June 2010 |
Full year 2010 |
|---|---|---|---|---|---|
| Net sales, MSEK | 1,297.5 | 1,039.5 | 2,537.0 | 2,146.5 | 4,334.1 |
| Operating income, MSEK | 1,301.2 | 1,041.8 | 2,542.8 | 2,606.5 | 4,795.9 |
| Operating profit, MSEK | 111.0 | 80.2 | 211.2 | 620.8 | 805.8 |
| Operating profit excl capital gain, MSEK | 111.0 | 80.2 | 211.2 | 163.2 | 317.0 |
| Operating margin, % | 8.5 | 7.7 | 8.3 | 23.8 | 16.8 |
| Operating margin excl capital gain, % | 8.5 | 7.7 | 8.3 | 7.6 | 7.3 |
| Profit after financial items, MSEK | 109.2 | 76.8 | 212.0 | 615.1 | 798.1 |
| Profit margin, % | 8.4 | 7.4 | 8.3 | 23.6 | 16.6 |
| Profit after tax, MSEK | 80.0 | 57.5 | 157.5 | 575.3 | 717.2 |
| Earnings per share, SEK | 2.30 | 1.64 | 4.57 | 16.91 | 21.02 |
| Return on equity, % | - | - | 12.8 | 35.9 | 32.5 |
| Return on capital employed, % | - | - | 15.5 | 34.5 | 32.2 |
| Number of employees, FTEs | 4,352 | 3,794 | 4,344 | 3,973 | 3,966 |
| Capacity utilisation rate, % | 74.2 | 72.4 | 73.7 | 71.1 | 71.9 |
ÅF signed a 2-year agreement with the Swedish Defence Materiel Administration, FMV, worth just over SEK 25 million. FMV is seeking to upgrade its systems in areas that include technical monitoring, operational monitoring, the Swedish Armed Forces' Alarm Monitoring Centre, internationally deployed units, unit integration and the Helicopter Battalion. ÅF has been appointed lead technical consultant for the project, which calls upon competence in project management, procurement specifications and technical reviews and investigations from all ÅF divisions in Sweden.
ÅF signed a major consultancy contract with Iggesund Paperboard Ltd. (Workington, England), which is owned by the Swedish Holmen Group. Iggesund Paperboard will be investing a total of SEK 1.1 billion in a new biomass-fuelled combined heat and power plant at its paperboard mill in Workington, UK. ÅF has been appointed lead technical consultant for the project, which includes project management, construction and design, procurement and site construction services. The new plant is scheduled to be operational from April 2013.
ÅF recruited Björn Östlund, former manager for the Traffic Business Area at the Swedish Transport Administration, to lead the work of the Infrastructure Planning business area in ÅF's Infrastructure Division. This marks yet another step in ÅF's strategic plan for expansion within infrastructure consulting services. Björn will lead and expand the work of an Infrastructure Planning team at ÅF that currently numbers more than 450 consultants.
Cash flow from operating activities for the second quarter was SEK 77 million (Q2 2010: SEK 56 million). Total cash flow for the period was SEK -24 million (SEK -279 million). Corporate acquisitions and additional considerations paid totalled SEK 5 million (SEK 184 million). Cash flow for the second quarter was affected by the pay-out of a shareholders' dividend totalling SEK -135 million (SEK -135 million), while the net of borrowing and amortisation of loans had an effect on cash flow of SEK 47 million (SEK -8 million).
Cash flow from operating activities for the for the period January-June was SEK 132 million (Q1-Q2 2010: SEK 57 million). This year's increase in operating profit by nearly 30 percent compared to previous year, had a positive effect on cash flow. The total cash flow for the period was SEK -80 million (SEK 188 million). Last year's cash flow was affected positively by income of SEK 592 million following the sale of ÅF-Kontroll. Corporate acquisitions and additional considerations paid totalled SEK 7 million (SEK 184 million). The net of borrowing and amortisation of loans had an effect on cash flow of SEK -51 million (SEK -122 million)
The Group's liquid assets totalled SEK 253 million (SEK 530 million) at the end of the reporting period. The Group's net cash balance totalled SEK 13 million (SEK 286 million) at the end of June. ÅF AB has credit facilities amounting to SEK 1,000 million.
Equity per share was SEK 71.28 (SEK 66.22) and the equity/ assets ratio was 61.2 percent (62.7 percent). At the beginning of 2011, equity per share was SEK 69.47 and the equity/assets ratio was 59.8 percent. Equity as per 30 June 2011 totalled SEK 2,425 million (SEK 2,252 million).
The number of full-time equivalents was 4,344 (2010: 3,973). The total number of employees at the end of the reporting period was 4,595 (4,014): 3,248 in Sweden and 1,347 outside Sweden. ÅF-Kontroll, which was sold on 25 March 2010, had 439 full-time employees.
Parent company operating income for January - June totalled SEK 175 million (Q1-Q2 2010: SEK 162 million) and relates chiefly to internal services within the group. Profit after net financial items was negative at SEK -19 million (SEK 512 million). Last year the parent company made a profit of SEK 469 million on the sale of ÅF-Kontroll. Cash and cash equivalents totalled SEK 1 million (SEK 265 million), and gross investment in machinery and equipment amounted to SEK 6 million (SEK 3 million).
The Energy Division's result for the second quarter was adversely affected by a lower level of capacity utilisation among nuclear power specialists following the accident at Japan's Fukushima reactor, and by the increasing strength of the Swedish and Swiss currencies against the euro.
The outlook in the nuclear power sector remains uncertain for the rest of the year. ÅF has won a number of orders to analyse and ensure the safety of nuclear power plants, both those already in use and those still under construction. However, these contracts have not been able to fully compensate for other projects that have been cancelled or postponed. Germany's decision to shut down its nuclear facilities ratchets up uncertainty in Europe, even if, in the longer perspective, this action may well result in a number of major new assignments for the Energy Division. ÅF believes that the nuclear power market, including the prospects for new builds, will stabilise again from the start of the new year.
The market segment that developed most strongly in the
second quarter was, once again, hydropower. ÅF won several orders during the period, including two new projects in Vietnam. Business in the strategic growth regions of Asia and the Middle East developed satisfactorily and several new projects there were secured in the second quarter.
The integration of the recently acquired Spanish technical consultancy, AF-Mercados EMI, which has some 80 specialists in energy and regulatory consulting, has proceeded according to plan.
The Energy Division offers technical consulting services for the energy sector. It has operations in many areas of the world, and is a market leader in the Nordic region, Switzerland and the Baltic countries. It enjoys a strong standing in various fields of expertise, particularly nuclear power, where it is a world leader among independent consulting companies.
| Key ratios - Energy | Apr-June 2011 |
Apr-June 2010 |
Jan-June 2011 |
Jan-June 2010 |
Full year 2010 |
|---|---|---|---|---|---|
| Operating income, MSEK | 325.8 | 230.0 | 578.9 | 466.1 | 1,012.1 |
| Operating profit, MSEK | 17.9 | 21.6 | 40.7 | 46.6 | 83.1 |
| Operating margin, % | 5.5 | 9.4 | 7.0 | 10.0 | 8.2 |
| Number of employees, FTEs | 1,015 | 901 | 1,007 | 862 | 906 |
The increase in demand for the services of the Industry Division over the previous six months continued to accelerate in the second quarter of the year. Capacity utilisation and earnings both rose on the back of high levels of demand from all sectors of industry – most especially in Sweden.
Earnings for the quarter have been affected by a cost of SEK 4 million incurred as a result of winding up a relatively small unit in Norway.
Activity in the Scandinavian power sector remained high in projects related to nuclear power and hydropower investments, and there was increased interest in dam safety among hydropower clients. Last year's acquisition of Energo has also helped the Industry Division to strengthen its offer to the market.
The mining industry market is on the rise, too. A surge in demand for metals has prompted investments in new and reopened mines that have led to a steady rise in the number of requests for ÅF's expert help. The LKAB minerals group remains one of ÅF's most valued clients, but the second quarter also brought substantial orders from other influential
names in mining. One of these is Northland Resources, who commissioned ÅF to perform a project engineering assignment for equipment for unloading iron ore wagons in the north Norwegian port of Narvik.
Organic growth in the division is improving, and several activities were initiated during the second quarter to put even more emphasis on this. In the first six months of the year, Industry recruited 225 qualified engineers to strengthen its teams in all areas of technology and sectors of industry.
The Industry Division is the leading industrial consultant in the Nordic countries. Its mission is clear: to improve profitability for its clients. Experience from previous projects guarantees stability, competitive strength and peace of mind for clients. Geographical proximity to clients and a thorough understanding of the sectors in which they work are the most important foundations for long-term client relations.
| Apr-June | Apr-June | Jan-June | Jan-June | Full year | |
|---|---|---|---|---|---|
| Key ratios - Industry | 2011 | 2010 | 2011 | 2010 | 2010 |
| Operating income, MSEK | 388.4 | 328.8 | 773.8 | 657.9 | 1,340.0 |
| Operating profit, MSEK | 44.4 | 25.7 | 83.1 | 50.8 | 119.9 |
| Operating margin, % | 11.4 | 7.8 | 10.7 | 7.7 | 9.0 |
| Number of employees, FTEs | 1,287 | 1,190 | 1,283 | 1,203 | 1,200 |
The market for infrastructure consulting services remained good in the second quarter.
One important event towards the end of the reporting period was the news that the division could start work on the Stockholm Bypass Project for its principal, the Swedish Traffic Administration. After a 12-month delay following an appeal, work on the project began in mid-June and will be progressively intensified from the third quarter onwards.
ÅF's involvement in planning the technical installations for the new Karolinska Solna University Hospital in Stockholm continues to expand in scope. This contributed to another quarter with a high level of capacity utilisation for the division's largest business area, Installations, which has 750 employees. The second quarter also saw Installations win an order to conduct energy audits at many of Tetra Pak's plants around the world.
Two other business areas, Sound & Vibrations and the new Lighting business area, which has 50 employees in Denmark, Sweden and Norway, also reported good second-quarter earnings. The results for the latest three-month period posted by Road & Rail and Environment were, on the other hand, less than satisfactory.
The division's Norwegian operations, which reported a loss for 2010, showed a profit for the second consecutive quarter and are developing positively.
The Infrastructure Division enjoys a leading position in the Scandinavian market for technical solutions for infrastructure projects. The division's strengths include a strong sales organisation, sound commercial skills and a portfolio of services that offers clients sustainable, hi-tech solutions. Through its ability to develop innovative solutions that boost client profitability and target fulfilment, the division is continuously enhancing its market potential.
| Apr-June | Apr-June | Jan-June | Jan-June | Full year | |
|---|---|---|---|---|---|
| Key ratios - Infrastructure | 2011 | 2010 | 2011 | 2010 | 2010 |
| Operating income, MSEK | 384.3 | 310.5 | 786.3 | 610.7 | 1,233.1 |
| Operating profit, MSEK | 30.2 | 19.7 | 61.7 | 42.7 | 69.0 |
| Operating margin, % | 7.9 | 6.3 | 7.9 | 7.0 | 5.6 |
| Number of employees, FTEs | 1,273 | 1,021 | 1,288 | 1,013 | 1,065 |
The Technology Division showed a positive development in the second quarter with satisfactory levels of capacity utilisation and profit, and a high rate of organic growth. Demand was good in all segments of the market and the division won a number of substantial contracts during the reporting period.
Telecommunications accounts for almost half of the division's invoiced sales. Strong global demand for mobile broadband services has continued to drive growth and contributed to new business for ÅF, including advanced test systems for mobile telecommunications. The division is active primarily in Sweden, but it is also involved in various international projects in China, Italy and elsewhere.
A similar positive trend is apparent in the transport sector, where there is rapid international growth in the work of planning rail systems. Here the division has won orders for projects that include developing and testing control systems for Bombardier.
There have also been high levels of activity in the fields of
medical technology and defence materiel, where the division has won some major new orders from the Swedish Defence Materiel Administration (FMV) and others.
Although engineers who are specialists in communications and software development remain in great demand, the Technology Division has succeeded in keeping pace with its intention to recruit more than 200 consultants during the course of the current year. Organic growth in the second quarter was 19 percent.
The Technology Division is active mainly in Sweden, where it is a leading name in Swedish product development and defence technology. A firm base and a long track record of success provide stability and give clients peace of mind. The Technology Division also has strong offers within its specialist fields relating to various aspects of sustainability.
| Apr-June | Apr-June | Jan-June | Jan-June | Full year | |
|---|---|---|---|---|---|
| Key ratios - Technology | 2011 | 2010 | 2011 | 2010 | 2010 |
| Operating income, MSEK | 227.9 | 185.6 | 455.0 | 359.9 | 719.3 |
| Operating profit, MSEK | 25.9 | 19.7 | 53.1 | 34.9 | 69.1 |
| Operating margin, % | 11.4 | 10.6 | 11.7 | 9.7 | 9.6 |
| Number of employees, FTEs | 702 | 610 | 689 | 606 | 616 |
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 potential impact of political decisions. In addition, the Group is exposed to writedowns in fixed-price contracts as well as 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 in ÅF's Annual Report for 2010. No significant risks are considered to have arisen since the publication of the annual report.
This interim report has been prepared in accordance with IAS 34 ("Interim Financial Reporting"). The report conforms with International Financial Reporting Standards (IFRS), as well as with statements on interpretation from the International Financial 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 2010 (see Note 1, page 83).
The parent company has implemented the Swedish Financial Reporting Board's Recommendation RFR 2, 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 and the Pension Obligations Vesting Act and paying due regard to the relationship between accounting and taxation in the preparation of the legal entity's annual accounts.
ÅF's share price at the end of the reporting period was SEK 123.50; this represents a fall in value of 11 percent since the start of the year. During the same period the Stockholm Stock Exchange's OMXSPI index has fallen by 4 percent.
ÅF's Capital Market Day will take place on Thursday 22 September, from 9 o'clock to midday, follwed by a lunch at ÅF's head office in Stockholm. If you would like to attend the event, please e-mail: [email protected].
17 October Interim report January–September 2011
President and CEO, Jonas Wiström, +46 70 608 12 20 CFO, Jonas Ågrup, +46 70 333 04 95 Director, Corporate Information, Viktor Svensson, +46 70 657 20 26
Group Head Office:
ÅF AB, SE-169 99 Stockholm, Sweden Visitors' address: Frösundaleden 2, 169 70 Solna, Sweden Tel. +46 10 505 00 00 Fax +46 10 505 00 10 www.afconsult.com / [email protected] Corporate ID number 556120-6474
This report has not been subjected to scrutiny by the company's auditors.
The information in this interim report fulfils ÅF AB's disclosure requirements under the provisions of the Swedish Securities Markets Act and/or the Financial Instruments Trading Act. The information was released for publication at 08:30 CET on 14 July 2011.
All assumptions about the future that are made in this report are based on the best information available to the company at the time the report was written. As is the case with all assessments of the future, such assumptions are subject to risks and uncertainties, which may mean that the actual outcome differs from the anticipated result.
This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.
The Board of Directors and the President/CEO certify that this half-year report gives a true and fair presentation of the Parent Company's and the Group's operations, financial position and profits, and that it describes the material risks and uncertainties facing the Parent Company and the companies that together constitute the ÅF Group
Stockholm, Sweden, 14 July 2011 ÅF AB (publ)
Ulf Dinkelspiel Jonas Wiström Patrik Enblad Chairman of the Board President/CEO Director
Fredrik Sundin Patrik Tillack
Eva-Lotta Kraft Anders Narvinger Björn O. Nilsson Director Director Director
Employee representative Employee representative
Helena Skåntorp Anders Snell Lena Treschow Torell Director Director Deputy Chair
| CONSOLIDATED INCOME | Apr-June | Apr-June | Jan-June | Jan-June | Full year | July 2010 - |
|---|---|---|---|---|---|---|
| STATEMENT (in millions of SEK) | 2011 | 2010 | 2011 | 2010 | 2010 | June2011 |
| Net sales | 1,297.5 | 1,039.5 | 2,537.0 | 2,146.5 | 4,334.1 | 4,724.6 |
| Other operating income | 3.7 | 2.3 | 5.8 | 460.0 | 461.8 | 7.6 |
| Operating income | 1,301.2 | 1,041.8 | 2,542.8 | 2,606.5 | 4,795.9 | 4,732.2 |
| Personnel costs | -731.3 | -629.9 | -1,479.8 | -1,309.0 | -2,528.7 | -2,699.5 |
| Other costs | -445.3 | -321.4 | -824.5 | -651.9 | -1,443.6 | -1,616.2 |
| Depreciation | -13.4 | -11.0 | -26.9 | -26.4 | -50.8 | -51.3 |
| Share of associated companies' profit/loss | -0.3 | 0.8 | -0.5 | 1.6 | 33.1 | 31.0 |
| Operating profit | 111.0 | 80.2 | 211.2 | 620.8 | 805.8 | 396.2 |
| Net financial items | -1.8 | -3.4 | 0.8 | -5.8 | -7.7 | -1.2 |
| Profit after net financial items | 109.2 | 76.8 | 212.0 | 615.1 | 798.1 | 395.0 |
| Tax | -29.2 | -19.3 | -54.5 | -39.8 | -80.9 | -95.7 |
| Profit after tax | 80.0 | 57.5 | 157.5 | 575.3 | 717.2 | 299.4 |
| Attributable to: | ||||||
| Shareholders in parent company | 77.7 | 55.4 | 154.5 | 571.0 | 709.9 | 293.4 |
| Non-controlling interest | 2.3 | 2.1 | 3.0 | 4.3 | 7.3 | 5.9 |
| Profit after tax | 80.0 | 57.5 | 157.5 | 575.3 | 717.2 | 299.4 |
| Operating margin, % | 8.5 | 7.7 | 8.3 | 23.8 | 16.8 | 8.4 |
| Profit margin, % | 8.4 | 7.4 | 8.3 | 23.6 | 16.6 | 8.3 |
| Operating margin excl capital gain, % | 8.5 | 7.7 | 8.3 | 7.6 | 7.3 | 7.7 |
| Profit margin excl capital gain, % | 8.4 | 7.4 | 8.3 | 7.3 | 7.1 | 7.7 |
| Capacity utilisation rate (invoiced time ratio), % | 74.2 | 72.4 | 73.7 | 71.1 | 71.9 | 73.3 |
| Earnings per share before dilution, SEK | 2.30 | 1.64 | 4.57 | 16.91 | 21.02 | - |
| Earnings per share after dilution, SEK | 2.29 | 1.63 | 4.56 | 16.86 | 20.95 | - |
| Number of shares outstanding | 33,775,002 | 33,775,002 | 33,775,002 | 33,775,002 | 33,775,002 | |
| Average number of outstanding shares before dilution | 33,775,002 | 33,775,002 | 33,775,002 | 33,775,002 | 33,775,002 | |
| Average number of outstanding shares after dilution | 33,921,666 | 33,874,605 | 33,910,165 | 33,873,535 | 33,881,703 | |
| CONSOLIDATED STATEMENT OF | |||||
|---|---|---|---|---|---|
| COMPREHENSIVE INCOME | Apr-June | Apr-June | Jan-June | Jan-June | Full year |
| (in millions of SEK) | 2011 | 2010 | 2011 | 2010 | 2010 |
| Change in translation reserve for the period | 69.1 | 20.6 | 39.3 | -13.8 | -43.6 |
| Cash flow hedging | 0.0 | - | -1.9 | - | 2.1 |
| Pensions | - | - | - | - | -4.4 |
| Tax | 0.0 | - | 0.4 | - | 0.5 |
| Total other comprehensive income for the period | 69.1 | 20.6 | 37.8 | -13.8 | -45.4 |
| Profit for the period | 80.0 | 57.5 | 157.5 | 575.3 | 717.2 |
| Total comprehensive income for the period | 149.0 | 78.1 | 195.3 | 561.5 | 671.8 |
| Total comprehensive income attributable to: | |||||
| Shareholders in parent company | 146.4 | 75.7 | 192.1 | 557.0 | 665.9 |
| Non-controlling interest | 2.7 | 2.3 | 3.2 | 4.4 | 5.9 |
| Total | 149.0 | 78.1 | 195.3 | 561.5 | 671.8 |
| CONSOLIDATED BALANCE SHEET | 30 June | 30 June | 31 Dec |
|---|---|---|---|
| (in millions of SEK) | 2011 | 2010 | 2010 |
| Assets | |||
| Non-current assets | |||
| Intangible assets | 1,701.9 | 1,330.3 | 1,677.0 |
| Tangible assets | 292.0 | 281.2 | 292.7 |
| Other non-current assets | 49.7 | 32.0 | 46.8 |
| Total non-current assets | 2,043.6 | 1,643.5 | 2,016.4 |
| Current assets | |||
| Current receivables | 1,664.5 | 1,419.5 | 1,606.1 |
| Cash and cash equivalents | 253.1 | 529.8 | 327.9 |
| Total current assets | 1,917.5 | 1,949.2 | 1,934.0 |
| Total assets | 3,961.2 | 3,592.8 | 3,950.4 |
| Equity and liabilities | |||
| Equity | |||
| Attributable to shareholders in parent company | 2,407.6 | 2,236.6 | 2,346.3 |
| Attributable to non-controlling interest | 17.2 | 15.8 | 14.4 |
| Total equity | 2,424.8 | 2,252.4 | 2,360.7 |
| Non-current liabilities | |||
| Provisions | 161.8 | 116.7 | 176.7 |
| Non-current liabilities | 56.3 | 24.6 | 7.8 |
| Total non-current liabilities | 218.1 | 141.3 | 184.5 |
| Current liabilities | |||
| Provisions | 29.9 | 11.5 | 13.6 |
| Current liabilities | 1,288.5 | 1,187.4 | 1,391.6 |
| Total current liabilities | 1,318.3 | 1,199.0 | 1,405.2 |
| Total equity and liabilities | 3,961.2 | 3,592.8 | 3,950.4 |
Pledged assets and Contingent liabilities are essentially the same as in the annual accounts for 2010.
| CHANGES IN EQUITY | 30 June | 30 June | 31 Dec |
|---|---|---|---|
| (in millions of SEK) | 2011 | 2010 | 2010 |
| Equity at start of period | 2,360.7 | 1,826.6 | 1,826.6 |
| Total comprehensive inocme for the period | 195.3 | 561.5 | 671.8 |
| Dividends | -135.5 | -136.8 | -139.3 |
| Acquisition of non-controlling interest | - | -0.2 | -0.4 |
| Share savings programmes 2008/2009/2010 | 4.3 | 1.4 | 2.0 |
| Equity at end of period | 2,424.8 | 2,252.4 | 2,360.7 |
| Attributable to: | |||
| Shareholders in the parent company | 2,407.6 | 2,236.6 | 2,346.3 |
| Non-controlling interest | 17.2 | 15.8 | 14.4 |
| Total | 2,424.8 | 2,252.4 | 2,360.7 |
| CASH FLOW ANALYSIS | Apr-June | Apr-June | Jan-Apr | Jan-Apr | Full year |
|---|---|---|---|---|---|
| (in millions of SEK) | 2011 | 2010 | 2011 | 2010 | 2010 |
| Profit after financial items | 109.2 | 76.8 | 212.0 | 615.1 | 798.1 |
| Adjustment for items not included in cash flow and other | 7.6 | 13.4 | 29.5 | -452.8 | -456.3 |
| Income tax paid | -25.0 | -35.2 | -52.9 | -73.2 | -117.0 |
| Cash flow from operating activities | |||||
| before change in working capital | 91.8 | 55.0 | 188.7 | 89.2 | 224.7 |
| Cash flow from change in working capital | -14.6 | 1.2 | -56.9 | -32.5 | -23.4 |
| Cash flow from operating activities | 77.2 | 56.1 | 131.8 | 56.7 | 201.3 |
| Cash flow from investing activities | -12.5 | -191.1 | -24.8 | 390.2 | 77.4 |
| Cash flow from financing activities | -88.5 | -144.4 | -187.0 | -258.8 | -289.0 |
| Cash flow for the period | -23.8 | -279.4 | -80.1 | 188.0 | -10.3 |
| Cash and cash equivalents brought forward | 266.2 | 805.3 | 327.9 | 344.7 | 344.7 |
| Exchange rate difference in cash/cash equivalents | 10.6 | 3.8 | 5.3 | -2.9 | -6.4 |
| Cash and cash equivalents carried forward | 253.1 | 529.8 | 253.1 | 529.8 | 327.9 |
| Jan-June | Jan-June | Full year | |
|---|---|---|---|
| KEY RATIOS | 2011 | 2010 | 2010 |
| Return on equity, % | 12.8 | 35.9 | 32.5 |
| Return on equity excl result from sales of business operations, % | 12.4 | 13.8 | 11.9 |
| Return on capital employed, % | 15.5 | 34.5 | 32.2 |
| Return on capital employed excl result from sales of business operations, % | 15.5 | 16.0 | 14.3 |
| Equity ratio, % | 61.2 | 62.7 | 59.8 |
| Equity per share, SEK | 71.28 | 66.22 | 69.47 |
| Net cash, MSEK | 12.6 | 286.5 | 34.5 |
| Interest-bearing liabilities, MSEK | 243.0 | 246.7 | 293.4 |
| Employees (FTEs) excl. associated companies | 4,344 | 3,973 | 3,966 |
| Operating income | 2010 | 2011 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| (in millions of SEK) | Q1 | Q2 | Q3 | Q4 | Full year | Q1 | Q2 | Q3 | Q4 |
| Energy | 236.1 | 230.0 | 225.6 | 320.4 | 1,012.1 | 253.1 | 325.8 | ||
| Industry | 329.1 | 328.8 | 291.7 | 390.3 | 1,340.0 | 385.4 | 388.4 | ||
| Infrastructure | 300.2 | 310.5 | 250.1 | 372.3 | 1,233.1 | 402.0 | 384.3 | ||
| Technology | 174.3 | 185.6 | 149.1 | 210.3 | 719.3 | 227.1 | 227.9 | ||
| Other/eliminations 1) | 67.3 | -13.1 | -5.5 | -15.2 | 33.5 | -26.0 | -25.1 | ||
| Sale of ÅF Kontroll (Inspection) | 457.7 | - | 0.2 | - | 457.9 | - | - | ||
| Total | 1,564.7 | 1,041.8 | 911.2 | 1,278.2 | 4,795.9 | 1,241.6 | 1,301.2 | ||
| Operating profit/loss | 2010 | 2011 | |||||||
| (in millions of SEK) | Q1 | Q2 | Q3 | Q4 | Full year | Q1 | Q2 | Q3 | Q4 |
| Energy | 25.0 | 21.6 | 15.0 | 21.4 | 83.1 | 22.9 | 17.9 | ||
| Industry | 25.0 | 25.7 | 24.8 | 44.4 | 119.9 | 38.7 | 44.4 | ||
| Infrastructure | 23.0 | 19.7 | 5.9 | 20.4 | 69.0 | 31.5 | 30.2 | ||
| Technology | 15.3 | 19.7 | 14.9 | 19.3 | 69.1 | 27.2 | 25.9 | ||
| Other/eliminations 1) | -5.3 | -6.5 | -0.8 | -11.5 | -24.2 | -20.1 | -7.4 | ||
| Sale of ÅF Kontroll (Inspection) | |||||||||
| and ÅF TÜV Nord | 457.7 | - | 30.7 | 0.5 | 488.8 | - | - | ||
| Total | 540.6 | 80.2 | 90.5 | 94.5 | 805.8 | 100.2 | 111.0 | ||
| 2010 | 2011 | ||||||||
| Q1 | Q2 | Q3 | Q4 | Full year | Q1 | Q2 | Q3 | Q4 | |
| Operating margin (%) | |||||||||
| Energy Industry |
10.6 7.6 |
9.4 7.8 |
6.7 8.5 |
6.7 11.4 |
8.2 9.0 |
9.0 10.0 |
5.5 11.4 |
||
| Infrastructure | 7.7 | 6.3 | 2.4 | 5.5 | 5.6 | 7.8 | 7.9 | ||
| Technology | 8.8 | 10.6 | 10.0 | 9.2 | 9.6 | 12.0 | 11.4 | ||
| Total | 34.6 | 7.7 | 9.9 | 7.4 | 16.8 | 8.1 | 8.5 | ||
| 2010 | 2011 | ||||||||
| Q1 | Q2 | Q3 | Q4 | Full year | Q1 | Q2 | Q3 | Q4 | |
| Employees (FTEs) | |||||||||
| Energy | 821 | 901 | 929 | 964 | 906 | 1,000 | 1,015 | ||
| Industry | 1,215 | 1,190 | 1,168 | 1,228 | 1,200 | 1,280 | 1,287 | ||
| Infrastructure | 1,006 | 1,021 | 1,046 | 1,185 | 1,065 | 1,303 | 1,273 | ||
| Technology | 601 | 610 | 609 | 643 | 616 | 678 | 702 | ||
| Other/eliminations 1) | 508 | 72 | 72 | 79 | 180 | 76 | 75 | ||
| Total | 4,150 | 3,794 | 3,824 | 4,099 | 3,966 | 4,337 | 4,352 | ||
| 2010 | 2011 | ||||||||
| Number of working days | Q1 | Q2 | Q3 | Q4 | Full year | Q1 | Q2 | Q3 | Q4 |
The historical figures above are adjusted, proforma values based on the organisational changes implemented on 1 October 2010
1) Incl ÅF Kontroll (Inspection), which was sold in Q1 2010.
| INCOME STATEMENT PARENT COMPANY | Apr-June | Apr-June | Jan-June | Jan-June | Full year |
|---|---|---|---|---|---|
| (in millions of SEK) | 2011 | 2010 | 2011 | 2010 | 2010 |
| Net sales | 62.7 | 63.2 | 119.7 | 115.5 | 225.1 |
| Other operating income | 28.4 | 23.5 | 55.7 | 46.7 | 104.5 |
| Operating income | 91.1 | 86.7 | 175.4 | 162.2 | 329.6 |
| Personnel costs | -20.1 | -17.1 | -39.6 | -35.2 | -66.2 |
| Other costs | -81.5 | -73.4 | -161.7 | -130.6 | -269.6 |
| Depreciation | -3.0 | -2.5 | -6.0 | -5.2 | -10.5 |
| Operating profit/loss | -13.6 | -6.4 | -31.9 | -8.9 | -16.7 |
| Net financial items | 15.1 | 53.6 | 13.3 | 520.5 | 777.0 |
| Profit/loss after net financial items | 1.5 | 47.3 | -18.6 | 511.7 | 760.3 |
| Appropriations | - | - | - | - | -2.7 |
| Pre-tax profit/loss | 1.5 | 47.3 | -18.6 | 511.7 | 757.6 |
| Tax | 3.8 | 1.9 | 9.0 | 3.1 | 6.3 |
| Profit/loss after tax | 5.3 | 49.2 | -9.6 | 514.8 | 763.9 |
| BALANCE SHEET PARENT COMPANY | 30 June | 30 June | 31 Dec | ||
| (in millions of SEK) | 2011 | 2010 | 2010 | ||
| Assets | |||||
| Non-current assets | |||||
| Participations in Group and Associated companies | 2,368.0 | 2,109.7 | 2,364.1 | ||
| Intangible assets | 5.1 | 4.3 | 4.7 | ||
| Tangible assets | 57.2 | 55.5 | 55.4 | ||
| Financial assets | 3.1 | 19.7 | |||
| Total non-current assets | 19.9 2,450.1 |
2,172.7 | 2,444.0 | ||
| Current assets | |||||
| Current receivables | 283.5 | 166.7 | 346.8 | ||
| Cash and cash equivalents | 0.9 | 265.4 | 53.7 | ||
| Total current assets | 284.5 | 432.1 | 400.6 | ||
| Total assets | 2,734.6 | 2,604.7 | 2,844.5 | ||
| Equity and liabilities | |||||
| Equity | |||||
| Share Capital | 170.3 | 170.3 | 170.3 | ||
| Statutory reserve | 46.9 | 46.9 | 46.9 | ||
| Non-restricted equity | 1,861.2 | 1,040.5 | 1,232.4 | ||
| Profit/loss for the period | -9.6 | 514.8 | 763.9 | ||
| Total equity | 2,068.9 | 1,772.5 | 2,213.5 | ||
| Untaxed reserves | 28.5 | 25.8 | 28.5 | ||
| Non-current liabilities | |||||
| Provisions | 77.5 | 45.4 | 90.6 | ||
| Non-current liabilities | 0.2 | 0.2 | 0.2 | ||
| Total non-current liabilities | 77.7 | 45.6 | 90.7 | ||
| Current liabilities | |||||
| Provisions | 24.7 | 6.5 | 5.4 | ||
| Current liabilities | 534.9 | 754.4 | 506.3 | ||
| Total current liabilities | 559.6 | 760.9 | 511.8 | ||
| Total equity and liabilities | 2,734.6 | 2,604.7 | 2,844.5 |
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