Rejlers — Interim / Quarterly Report 2011

Oct 31, 2011

Rejlerkoncernen AB (publ)

Interim Report, January-September 2011 31 October 2011

Continued good demand and growth

January-September

• Revenue totalled SEK 823.3 million (586.2), an increase of 40 per cent
• The operating profit was SEK 73.9 million (31.8)
• The operating margin was 9.0 per cent (5.4)
• The profit after tax was SEK 50.7 million (23.4)
• Earnings per share were SEK 4.48 (2.16)

Third quarter

• Revenue totalled SEK 249.9 million (174.5), an increase of 43 per cent
• The operating profit was SEK 22.0 million (9.3)
• The operating margin was 8.8 per cent (5.3)
• The profit after tax was SEK 15.3 million (6.8)
• Earnings per share were SEK 1.35 (0.63)

Statement from Managing Director and Group CEO Peter Rejler

The demand of Rejlers services continues to grow strongly and this quarter was our best third quarter ever. The economic turmoil creates some uncertainty about how the economy will evolve over the next year, especially for the industrial sector.

During the quarter we completed the acquisition of the first 49 per cent of the shares in Nettkonsult. This gives us an increased presence in the Norwegian market and increased sales in the energy sector. It is our belief that the Norwegian energy market will be seeing major investments in areas including electric mains, which will create high demand for consultants. To strengthen our competence in the field of mine and tunnel ventilation, Nitek was acquired during the quarter.

During the quarter customers entrusted us with several new assignments. These include a framework agreement with the Norwegian National Rail Administration, an assignment from E.ON in respect of new electric mains in Jämtland, and planning assignments in the construction and property including electricity and telecommunication for Finnair's new head office at Helsinki Airport.

We continue to grow strongly through employee recruitment, with a net increase of 121 employees this year. Growth in revenue so far in 2011 has been 40 per cent compared with 2010, evenly distributed between acquisitions and organic growth. My confidence that we will achieve our objective of 3 x 2015 has increased, i.e. by the year 2015 we will have revenue of at least SEK 2,015 million and at least 2,015 employees, in view of our strong development in recent years.

For further information, please contact:

Peter Rejler, MD and CEO	Tel. +46 (0)70 602 34 24, e-mail: peter.rejler@rejlers.se
Lars Solin, CFO	Tel. +46 (0)73 386 15 20, e-mail: lars.solin@rejlers.se

Rejlers is a Nordic Group offering technical consultancy services in the fields of electrical engineering, energy, mechanical engineering, automation, electronics, IT and telecommunications. Rejlers' shares are listed on the Nasdaq OMX Nordic Exchange.

	Operating profit, SEK million				Operating profit/loss, SEK million			Operating margin, %
	2011	2010	2010	2011	2010	2010	2011	2010	2010
	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan	Jan
	Sept	Sept	Dec	Sept	Sept	Dec	Sept	Sept	Dec
Rejlers Sweden	661.4	450.5	662.4	72.8	32.7	53.9	11.0	7.3	8.1
(of which internal)	(11.1)	(5.7)	(15.8)	(-3.2)	(-3.1)	(-)	(-)	(-)	(-)
Rejlers Finland	169.0	139.0	191.1	11.4	2.7	7.2	6.7	2.0	3.8
(of which internal)	(0.0)	(0.0)	(2.6)	(-2.5)	(-1.9)	(-)	(-)	(-)	(-)
Group wide	12.5	-3.3	14.2	-10.3	-3.6	-9.9	neg	neg	neg
(of which internal)	(8.5)	(7.7)	(10.4)	(5.7)	(5.0)	(-)	(-)	(-)	(-)
Eliminated	-19.6	-13,4	-28,8	-	-	-	-	-	-
Total Group	823.3	586.2	838.9	73.9	31.8	51.2	9.0	5.4	6.1

Revenue and profits

July – September 2011

Revenue in the third quarter totalled SEK 249.9 million (174.5) an increase of 43 per cent compared with the same period last year. The operating profit was SEK 22.0 million (9.3). The operating margin was 8.8 per cent (5.3). The number of working days during the second quarter was 66 (66). The debiting ratio was 75 per cent (73). The profit after net financial items was SEK 21.4 million (9.0) and the profit after tax was SEK 15.3 million (6.8). Earnings per share were SEK 1.35 (0.63).

January – September 2011

Revenue for the nine-month period totalled SEK 823.3 million (586.2) an increase of 40 per cent compared with the same period last year. The operating profit was SEK 73.9 million (31.8). The operating margin was 9.0 per cent (5.4). The number of working days during the period was 187 (187). The debiting ratio was 76 per cent (74). The profit after net financial items was SEK 70.9 million (31.4) and the profit after tax was SEK 50.7 million (23.4). Earnings per share were SEK 4.48 (2.16). Financial income totalled SEK 0.9 million (0.6), and financial expenses totalled SEK -3.9 million (-1.0).

Revenue in Finland was adversely affected in SEK due to the weakening of the Euro. Measured in euros, revenue in Finland during the first nine months of 2011 rose by 30 per cent compared with the corresponding period in 2010.

Compared with the corresponding period in 2010, the acquisitions of the Råbe companies, Per Schönbeck Elprojekt, Nitek, APAS Energiteknikk and Lausamo have been added. The acquisition of the associated company Nettkonsult in September 2011, has only marginally affected the Group's operating profit for the interim period.

Transactions with related parties took place under market conditions and they have not affected the earnings of the Group significantly.

Turnover per quarter and rolling 12 months

Operating profit per quarter and rolling 12 months

Operating margin per quarter and rolling 12 months

Turnover per quarter Annual turnover, rolling 12 months

Number of full-time employees at end of quarter

Capital expenditure

Investments in equipment totalled SEK 9.4 million (3.7), while investments in intangible assets and trading totalled SEK 36.1 million (0.4). Depreciation and impairments totalled SEK -12.1 million (-10.5).

Cash flow and financial position

Cash flow from operating activities was SEK 5.8 million (3.2). At the end of the period, the Group's cash and cash equivalents totalled SEK 39.6 million, compared with SEK 62.7 million as of 31/12/2010, excluding an unused overdraft facility of SEK 10.6 million. Interest-bearing liabilities increased by SEK 52.9 million and totalled SEK 119.3 at the end of the period, compared with SEK 66.4 million as of 31/12/2010. During the period, a dividend was distributed of SEK 19.8 million (16.3). The equity/assets ratio at the end of the period was 49.5 per cent, compared with 52.2 as of 31/12/2010.

Equity per share was SEK 26.75 at the end of the period, compared with SEK 23.74 as of 31/12/2010.

Employees

The number of full-time employees at the end of the period was 1,268 (of which 0 were laid off in Finland), compared with 1,147 on 31/12/2010. The average number of employees for the year was 1,204 (of which 8 were laid off in Finland), compared with 958 for the corresponding period last year.

The Parent Company

The Parent Company's net revenue for the period totalled SEK 12.6 million (10.1), with a profit before tax of SEK 5.6 million (-5.6).

Significant events during the third quarter and after the end of the period

In accordance with the decision taken at Rejlers' Annual General meeting 2011, three representatives for the company's largest shareholders have been appointed as part of a Nominations Committee. The task of the Nominations Committee is to develop proposals for the Board, for submission to the Annual General Meeting 2012 for adoption. Accordingly, the following have been asked and have accepted to be part of the Nominations Committee: Kent Hägglund representing Peter Rejler, Martina Rejler representing Jan Rejler and Johan Lannebo

representing Lannebo Fonder AB.

During the year Rejlers acquired the company Nitek, which has consultants in the field of ventilation in mines, tunnels and other technically challenging environments. The company has seven employees and revenue of around SEK 7 million. The company has an office in Luleå, and LKAB is one of their major customers. This acquisition strengthens what Rejler has to offer, among others, the mining sector. Together with Nitek, Rejlers has about 25 employees in Luleå.

In September Rejlers completed the first stage in the acquisition of Nettkonsult from Agder Energi. Initially, Rejlers has acquired 49 per cent of the shares, and will acquire the remaining 51 per cent during the first half of 2014 at the latest. Nettkonsult has a leading position in the field of consultancy services for the electricity market in Norway. The company has around 100 employees and had revenue of almost NOK 100 million in 2010. The company's core business is advice to customers in the fields of electricity distribution, energy and electrical safety. Nettkonsult has its head office in Kristiansand and another seven offices in Norway.

Rejlers Sweden

Operations in the operating segment Sweden are run by the Group companies Rejlers Ingenjörer AB, Rejlers Energitjänster AB, ComIT Rejlers AB, Rejlers Drift och Underhåll AB, Norrbottens Industriteknik och Ingenjörer AB as well as in the Estonian company Rejlers OÜ and the Norwegian companies Rejlers AS and APAS Energiteknikk AS. Rejlers Sweden provides consultancy services in the fields of electrical engineering, energy, mechanical engineering, automation, electronics, IT and telecommunications, primarily to four customer groups: Infrastructure, Industry, Energy, and Construction and property. Rejlers also provides energy metering services to utility companies, electricity trading companies, and property companies. At the end of the quarter, Rejlers Sweden had 909 (664) employees.

The market

At present demand continues to be healthy in Rejlers' technical areas, with high debiting ratios and positive order input for all customer groups. Uncertainty in the global economy is creating uncertain market prospects, even for engineering consultants.

The industrial sector has ongoing investment needs, and demand in steel and engineering, paper and pulp, and mining continues to be positive. Rejlers received several new assignments during the period from customers including Volvo, Bombardier and Santa Maria. To strengthen our competence in the field of mine and tunnel ventilation, the company acquired Nitek during the quarter.

The Energy customer group has a high debiting ratio and order input is good, especially from mains and production companies. The transition of energy supplies towards environment-friendly and renewable energy is leading to a number of interesting assignments. There is high demand for Rejlers' consultancy services in the area of wind and hydro power, and several new assignments were received during the quarter, including some from Vattenfall and Fortum regarding technical specifications and project management.

Demand for nuclear power assignments continues to be healthy, albeit with a slowdown in order input being noticeable compared with the first half of the year. Rejlers has several assignments that aim to increase safety at existing nuclear power plants for, among others, Siemens and Westinghouse. The government is now performing analyses of Swedish nuclear power plants in order to determine how they would withstand natural disasters and subsequent breakdowns. This may lead to new assignments relating to increasing safety and output.

There is increased interest in measurement services that aim to save energy. Rejlers Energy Services offer services for both the collection and analysis of such data, and more assignments were initiated during the period.

Rejlers has been approved as a supplier to Banedanmark of consultancy services in the railway area, the first step into the expansive Danish market. Rejlers' consultants have a high level of activity in the infrastructure area, and recruitment is under way. Public investments in new infrastructure and upgrading of railways are on the increase.

There is a high rate of growth in Telecommunications. National operators are expanding capacity in the networks and investing more in security, which is providing Rejlers with new assignments in areas such as project management, network planning and network design for major operators such as TeliaSonera, Telenor and the Swedish Transport Administration.

Major new projects are being planned in the Construction and property area, including renovations and new construction of properties with a focus on energy efficiency (energy-smart properties). It is believed that there will continue to be healthy demand for consultancy services with regard to new office properties and commercial properties.

Rejlers in Norway is growing in the energy area with the acquisition of Nettkonsult, which has a leading position in consultancy services to the electricity market in Norway. In Norway Rejlers has signed a framework agreement with the Norwegian National Rail Administration and extended the framework agreement with NokiaSiemens with regard to Nødnett.

Examples of assignments during the third quarter and after the end of period

• Rejlers has received a number of assignments from Tunnelentreprenad Svenska AB relating to electrical installations in the new Northern Link tunnel in Stockholm. The order includes planning of plans for electrical systems, evacuation signage and coding of trunking systems, as well as planning of power, lighting and equipment cabinet installations.
• Rejlers is planning outdoor lighting for the Town Planning Office in Stockholm and new traffic junctions for the Swedish Transport Administration.
• E.On Elnät Sverige AB has given Rejlers an assignment to plan, design and prepare a power cable covering 40 kilometres between Strömsund and Hoting.
• One new assignment that the company has won in the process industry is the planning of a new waste plant in China, based on the reCulture process. Rejlers is working directly for the Chinese client ReCulture Renewable Energy Ltd.

Rejlers Finland

Operations in Finland are run by the Group companies Rejlers Finland Oy, Rejlers Oy, Elmil Oy, Rejlers Projektit Oy and Insinööritoimisto Lausamo Oy. Rejlers has operations in 14 locations in Finland as well as in Moscow. Rejlers Finland provides consultancy services in the fields of electrical engineering, automation, mechanical engineering, heating, ventilation and sanitation, energy, environmental technology and architecture, as well as turnkey deliveries mainly to major industrial customers, but also to Rejlers' other customer groups: Infrastructure, Construction and property, and Energy. The number of employees at the end of the quarter was 349 (294).

The market

The Finnish economy recovered well during the first half of the year, but prospects changed somewhat during the third quarter as a consequence of the uncertainty in the global economy. The order status is, however, positive in all markets for the next six months.

The order volume from industrial customers fell slightly during the third quarter. Order input from some of Rejlers' bigger customers, such as Outotec and STX Finland Cruise, remains good. The debiting ratio was high during the quarter, and Rejlers received several new assignments from customers including Outotec, Andritz, Kone, Konecranes, Borealis Polymers, Vaahto Group, STX Finland Cruise and R & M Shiptec.

The debiting ratio and order input in the Energy customer group remains high, and demand for services in the area of energy measurement is increasing steadily. Rejlers' measuring services have created a good customer response for their high degree of flexibility and cost-efficiency. New investments in renewable energy production and energy efficiency are providing Rejlers with more assignments. Investments in the oil industry have increased steadily, and this positive trend is expected to continue. During the third quarter Rejlers has received several new energy assignments from Neste-Jacobs, Fortum Power and Heat, Lahti Energia and ST1.

Demand remains healthy for infrastructure and environmental projects. Investments in new roads and railways are providing Rejlers with new assignments, and several maintenance projects have been launched. During the third quarter the company received a number of assignments from the Finnish Transport Administration.

Rejlers has a good position in the market in Construction and property in the Helsinki area. However, uncertainty in the financial marked led to a downturn in August, when new housing projects were deferred. During the third quarter the company received a number of new orders from customers including Finnavia and Björneborg Hospital.

Examples of assignments in the third quarter and after end of period

• Rejlers received an assignment from Neste Jacobs involving the planning of electricity and instrumentation for the renewal of the automation system at the Neste Oil refinery. The project will continue until summer 2012.
• Laukunkankaan Tuulivoima is developing a wind farm that will be located partly in the town of Savonlinna and partly in the municipality of Enonkoski. Rejlers received the assignment to represent the customer during a description of environmental consequences. The purpose of the description of environmental consequences is to assess any significant environmental impact caused by the wind farm. Rejlers was also given an assignment to update the relevant regional plan that is required for wind farms.
• When Björneborg Hospital was to be renovated, Rejlers was given the assignment to plan heating, pipes, ventilation, cooling and property automation, as well as the hospital's gas system.
• Rejlers won an order to plan the construction of Finnair's head office, a large office building covering a total of 72,000 sq.m. at Helsinki Airport. The assignment includes electrical, telecommunications and security systems.

Group

Income statement

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Full year
Group, SEK million	2011	2010	2011	2010	2010
Income	249.9	174.5	823.3	586.2	838.9
Personnel costs	-161.1	-117.6	-539.5	-409.4	-578.8
Other external expenses	-62.8	-44.6	-198.2	-135.0	-194.4
Depreciation	-4.0	-3.2	-12.1	-10.5	-15.3
Shares in associates	0.0	0.2	0.4	0.5	0.8
Operating profit	22.0	9.3	73.9	31.8	51.2
Net financial items	-0.6	-0.3	-3.0	-0.4	-1.9
Profit after net financial items	21.4	9.0	70.9	31.4	49.3
Tax	-6.1	-2.2	-20.2	-8.0	-14.1
Profit for period	15.3	6.8	50.7	23.4	35.2
Attributable to:
The Parent Company's shareholder	15.3	6.8	50.6	23.4	35.2
Shareholders with no controlling interests	0.0	0.0	0.1	0.0	0.0
Earnings per share, SEK	1.35	0.63	4.48	2.16	3.22
Average number of shares	11 321 721	10 821 721	11 321 721	10 821 721	10 946 721
Earnings per share after full dilution, SEK	1.35	0.63	4.48	2.16	3.11
Number of shares at end of period	11 321 721	10 821 721	11 321 721	10 821 721	11 321 721
Report of comprehensive income
Profit for period	15.3	6.8	50.7	23.4	35.2
Other comprehensive income for period: Translation differences in foreign operations,
after tax	1.5	-2.3	3.1	-7.5	-9.6
Total other comprehensive income	1.5	-2.3	3.1	-7.5	-9.6
Comprehensive income for period	16.8	4.5	53.8	15.9	25.6

Cash flow statement

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Full year
Group, SEK million	2011	2010	2011	2010	2010
Cash flow from operating activities before
changes in operating capital and paid tax	28.2	12.1	85.2	41.9	66.5
Paid tax	-11.8	-1.1	-35.7	-18.9	-23.7
Change in working capital	-32.1	-21.1	-43.7	-19.8	-23.6
Cash flow from operating activities	-15.7	-10.1	5.8	3.2	19.2
Cash flow from investment activities	-34.6	-2.7	-43.1	-6.4	-102.4
Cash flow from financing activities	49.2	-0.6	21.3	-17.5	63.3
Cash flow for the year	-1.1	-13.4	-16.0	-20.7	-19.9
Cash and cash equivalents at start of period Exchange rate differences in cash and cash	24.9	54.2	39.6	62.7	62.7
equivalents	0.1	-0.6	0.3	-1.8	-3.2
Cash and cash equivalents at end of period	23.9	40.2	23.9	40.2	39.6
Unused overdraft facility	10.6	15.0	10.6	15.0	11.1
Unappropriated funds	34.5	55.2	34.5	55.2	50.7

Balance sheet

	30 Sep	30 Sep	31 Dec
Group, SEK million	2011	2010	2010
Assets
Non-current assets
Goodwill	171.4	81.7	165.5
Other intangible assets	42.2	17.1	40.8
Tangible assets	30.6	27.8	28.6
Financial non-current assets	29.5	3.5	2.3
Total non-current assets	273.7	130.1	237.2
Current assets
Current receivables	314.0	196.0	262.8
Cash and cash equivalents	24.2	40.2	39.6
Total current assets	338.2	236.2	302.4
Total Assets	611.9	366.3	539.6
Equity and liabilities
Equity attributable to shareholders in the
Parent Company	302.8	230.2	268.8
Non-controlling interests	0.1	0.0	12.81)
Equity	302.9	230.2	281.6
Long-term liabilities	86.2	32.7	72.42)
Current liabilities	197.0	103.4	185.62)
Total equity and liabilities	611.9	366.3	539.6
Of which interest-bearing liabilities	119.3	14.1	66.4
Pledged assets and contingent liabilities	43.5	15.9	47.1

1) Relates primarily to 45 per cent of Lausamo.

2) Reclassification of bank overdraft facility from long-term to current liability.

Change in equity

	30 Sep	30 Sep	31 Dec
Group, SEK million	2011	2010	2010
Equity at start of year	268.8	230.6	230.6
Comprehensive income for period Changes attributable to transactions with	53.8	15.9	25.6
the owners
Dividend	-19.8	-16.3	-16.3
New share issue	-	-	28.9
Total changes attributable to transactions
with the owners	-19.8	-16.3	12.6
Equity at end of period	302.8	230.2	268.8
Non-controlling interests	0.1	0.0	12.8
Total equity	302.9	230.2	281.6

Acquisition of subsidiaries and operations

During the year Rejlers acquired the company Nitek, which has consultants in the field of ventilation in mines, tunnels and other technically challenging environments. The company has seven employees and revenue of around SEK 7 million.

	Nitek (SEK
	million)
Tangible non-current assets	0.0
Current assets	0.2
Cash and cash equivalents	0.0
Other current liabilities	-0.2
Net identifiable assets and liabilities	0.0
Goodwill	4.0
Customer value	1.3
Deferred tax on intangible assets	-0.3
Purchase price	5.0
Cash and equivalents in acquired company	-0.0
Net cash outflow	5.0

Nitek contributed SEK 0.7 million to the recorded income for the period and SEK 0.2 million to the operating profit. If the company had been owned throughout the whole year, it would have contributed SEK 5.3 million in recorded income and SEK 0.6 million to the operating profit. The goodwill, which is not tax deductible, includes the value of technical competence of personnel.

The acquisition analysis is preliminary, since the assets and liabilities in the acquired company have not been finally analysed.

Acquisition of associates

In September Rejlers acquired 49 per cent of the shares in Nettkonsult AS, with its subsidiaries Nettkonsult Elsikkerhet AS and Nettkonsult Services AS of Agder Energi AS. The company's core business is advice to customers in the areas of electricity distribution, energy and electrical safety.

The cost value of the holding in Nettkonsult is SEK 25.7 million. The value of the share includes good will at SEK 11.9 million and customer value of SEK 8.5 million. The values are preliminary, since the assets and liabilities of the acquired Nettkonsult Group have not been finally analysed.

Key ratios

	Jul	Jul	Jan	Jan
	Sep	Sep	Sep	Sep	Full year
Group	2011	2010	2011	2010	2010
Operating margin %	8.8	5.3	9.0	5.4	6.1
Profit margin %	8.6	5.2	8.6	5.4	5.9
Return on equity, %	5.7	3.0	18.9	10.3	14.1
Return on total capital, %	4.5	2.5	15.0	8.8	11.3
Return on capital employed %	14.0	3.8	21.5	13.2	18.1
Cash liquidity (excl. unused overdraft) facility),	202	228	202	229	186
Equity/assets ratio %	49.5	62.8	49.5	62.8	52.2
Debt/equity ratio, times	0.4	0.1	0.4	0.1	0.2
Interest coverage ratio, times	19.8	23	19	32	22
Investments, SEK million	9.3	3.1	19.9	6.8	106.4
Debiting ratio %	75	73	76	74	74
Number of working days	66	66	187	187	250
Average no. of full-time employees1)			11961)	9081)	10101)
Revenue per full-time employee, SEK			649	646	830
Operating profit per full-time employee, SEK			56	35	51
Net liability, SEK million			95.1	-	24.4
Earnings per share after tax, SEK	1.35	0.63	4.48	2.16	3.22
Average number of shares	11 321 721	10 821 721	11 321 721	10 821 721	10 946 721
Equity per share at end of period	26.75	21.27	26.75	21.27	23.74
Number of shares at end of period	11 321 721	10 821 721	11 321 721	10 821 721	11 321 721

1) Converted in respect of the lay-offs made in Finland. Excluding lay-offs, the average number of full-time employees would be 1,204 for Jan-Sep 2011, 958 for Jan-Sep 2010 and 1,038 for the full year 2010 respectively.

Quarterly summary

	2008	2009	2009	2009	2009	2010	2010	2010	2010	2011	2011	2011
Group, SEK million	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3
Income, rolling 12 months
Sweden	597.0	600.5	591.8	582.8	580.8	578.2	597.7	612.2	662.4	734.0	807.4	873.3
Finland	205.8	216.7	215.1	213.9	205.9	196.7	193.9	190.9	191.0	200.5	211.1	221.1
Group-wide, etc.	-5.2	-4.5	-4.3	-4.3	-9.9	-9.4	-8.4	-7.3	-14.6	-17.6	-18.0	-18.4
Total	797.6	812.7	802.6	792.4	776.8	765.5	783.2	795.8	838.8	916.9	1 000.5	1 076.0
Operating profit/loss, rolling 12 months
Sweden	76.6	68.6	58.5	46.9	37.4	33.5	37.4	40.8	53.9	68.5	80.0	94.0
Finland	22.7	19.4	12.2	9.4	10.1	6.6	7.9	7.3	7.2	11.5	15.8	15.9
Group-wide, etc.	-3.2	-3.8	-3.2	-4.1	-6.9	-6.5	-7.8	-7.1	-9.9	-12.6	-15.1	-16.6
Total	96.1	84.2	67.5	52.2	40.6	33.6	37.5	41.0	51.2	67.4	80.7	93.3
Operating margin, rolling 12 months
Sweden	12.8	11.4	9.9	8.0	6.4	5.8	6.3	6.7	8.1	9.3	9.9	10.8
Finland	11.0	9.0	5.7	4.4	4.9	3.4	4.1	3.8	3.8	5.7	7.5	7.2
Group-wide, etc.	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg
Total	12.0	10.4	8.4	6.6	5.2	4.4	4.8	5.2	6.1	7.4	8.1	8.7
Number of full-time employees
d f d Sweden	621	634	630	640	643	630	660	664	791	824	862	909
Finland	300	299	300	300	314	307	299	294	347	351	356	349
of which laid off	-	-	60	62	55	55	41	46	28	9	1	--
Group-wide, etc.	4	4	4	4	4	9	9	9	9	10	10	1
Total	925	937	934	944	961	946	968	967	1 147	1 185	1 228	1 268

The Parent Company

Income statement

	Jan	Jan
	Sep	Sep	Full year
Parent company, SEK million	2011	2010	2010
Income	12.6	10.1	16.4
Personnel costs	-11.4	-7.9	-12.2
Other external expenses	-10.0	-7.6	-13.6
Shares in associates	-	-	0.8
Operating profit/loss	-8.8	-5.4	-8.6
Net financial items	14.4	-0.2	-1.0
Profit/loss after net financial items	5.6	-5.6	-7.6
Appropriations	-	-	2.4
Tax	2.9	1.6	1.6
Profit/loss after tax	8.5	-4.0	-3.6

Balance sheet

	30 Sep	30 Sep	31 Dec
Parent Company, SEK million	2011	2010	2010
Assets
Non-current assets
Intangible assets	3.7	0.4	2.7
Financial non-current assets	194.2	82.2	169.0
Total non-current assets	196.0	82.6	171.7
Current assets
Current receivables	43.9	31.7	61.3
Cash and cash equivalents	-	25.2	-
Total current assets	43.9	56.9	61.3
Total assets	241.8	139.5	233.0
Equity and liabilities
Equity	104.8	69.8	116.1
Untaxed reserves	18.3	20.7	18.3
Long-term liabilities	29.7	-	28.5
Current liabilities	89.0	49.0	69.0
Total equity and liabilities	241.8	139.5	233.0

Change in equity

	30 Sep	30 Sep	31 Dec
Parent Company, SEK million	2011	2010	2010
Equity at start of year	116.1	90.1	90.1
New share issue	-	-	28.9
Dividend	-19.8	-16.3	-16.3
Group contributions	-	-	17.0
Profit/loss for period	8.5	-4.0	-3.6
Equity at end of period	104.8	69.8	116.1

Rejlers' shares

The last buy price for Rejlers' class B shares was SEK 52.25 per share at the end of the quarter, compared with SEK 65 on 30/12/2010. On 28 October 2011 the last buy price for Rejlers' class B shares was SEK 57.00 per share. Rejlers' shares are listed on the Nasdaq OMX Nordic Exchange.

The total number of shares is 11,321,721, divided into 1,251,250 class A shares (ten votes per share) and 10,070,471 class B shares (one vote per share). The total share capital in the Rejler Group is SEK 22,643,442 and the total number of votes is 22,582,971.

Annual General Meeting 2012

The Annual General meeting will be held at Rejlers' office in Stockholm, Lindhagensgatan 126, on 2 May 2012. Information on the Nomination Committee and the AGM will be available on the company's website, www.rejlers.com.

Rejlers' ten largest owners 30/09/2011, including known changes after the end of the period

	Class A	Class B
Name	shares	shares	Holding (%)	Votes (%)
Peter Rejler, directly and through the
company	911 250	1 900	8.1	40.4
Jan Rejler, directly and through the
company	262 500	382 450	5.7	13.3
Lannebo Micro Cap	-	1 144 000	10.1	5.1
Lauri Valkonen	50 000	601 000	5.7	4.9
Swedbank Robur funds	-	929 906	8.2	4.1
Lisa Rejler	8 750	773 000	6.9	3.8
Martina Rejler	8 750	696 250	6.2	3.5
Råbe Industrikonsult AB	-	516 200	4.6	2.3
Fondita Nordic Micro Cap	-	466 200	4.1	2.1
Heikki Kilpeläinen	-	310 000	2.7	1.4
Total 10 largest shareholders	1 241 250	5 820 906	62.3	80.9
Total other shareholders	10 000	4 249 565	37.7	19.1
Total	1 251 250	10 070 471	100.0	100.0

Significant risks and uncertainties

All enterprise is associated with a certain level of risk-taking. Rejlers' primary business risks consist of reduced demand for consultancy services, difficulties in recruitment and retention of competent personnel, loss of personnel in connection with acquisitions, risks associated with fixed-price assignments and credit risks.

Rejlers' strategy is to have customers in various industries and to work actively to transfer resources following changes in demand, in order to even out fluctuations in demand. Employees are a key asset and Rejlers therefore places significant emphasis on good workplaces, ongoing training and health in order to retain existing staff and as a means of achieving our growth targets. Acquisitions create added value for both the purchasing and acquired companies, which helps limit the risk of losing employees. Rejlers has, for the most part, financially strong customers and the credit risk is considered to be low. The majority of sales and borrowing takes place in local currency, which ultimately results in a very low currency risk. Fixed-price assignments comprise a small part of revenue, but nonetheless constitute a risk. Rejlers therefore has a system for monitoring and following up such assignments in order to minimise the risk of impairments.

The Parent Company pursues, to a minor extent, activities in which the risks are mainly limited to currency and liquidity risks.

Dates for financial reports

Year-end Report 2011 17 February 2012 Interim Report, January-March 2012 2 May 2012 Annual General Meeting 2012 2 May 2012

Accounting policies

This interim report has been prepared for the Group in accordance with IAS 34 Interim Financial Reporting and RFR1, Supplementary accounting rules for Groups. The Parent Company's reporting has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and RFR 2, Accounting for legal entities.

The IASB has published a number of amendments and improvements to standards that apply for accounting periods beginning 1 January 2011. The following standards currently apply for Rejlers, but the amendments introduced have not had any influence on the Group's financial position or profit: IAS24 Transactions with related parties, IFRS 3 Business Combinations, IFRS 7 Financial Instruments: Disclosures, IAS1: Presentation of Financial Statements and IAS 27 Consolidated and Separate Financial Statements.

The same accounting principles have been applied as in the most recent Annual Accounts for both the Group and the Parent Company. For detailed information in respect of accounting principles, please refer to the Annual Accounts for 2010.

Preparing the financial reports in accordance with IFRS requires the company's management to make assessments and estimates, as well as assumptions, which affect the application of the accounting policies and the reported amounts for assets, liabilities, income and costs. The actual outcome may deviate from these estimates and assessments. Estimates and assumptions are regularly reviewed. Changes in estimates are accounted for in the period in which the change is made if the change has only affected that period, or in the period in which the change was made and future periods where the change affects both the current period and future periods.

Stockholm, 31 October 2011 Rejlerkoncernen AB (publ)

Peter Rejler MD and CEO

REJLERKONCERNEN AB (publ) Box 30233, 104 25 Stockholm Visiting address: Lindhagensgatan 126 Tel +46 (0)8 692 10 00, Fax +46 (0)8 654 33 39 Reg. no. 556349-8426. The Board's registered office is in Stockholm. Email: info@rejlers.com, www.rejlers.com

Review Report

We have reviewed the interim report for Rejlerkoncernen AB (publ.) for the period January to September 2011 inclusive. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to provide an opinion on the interim financial information based on our review.

We have conducted our review in accordance with the International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different aim and is substantially less extensive in scope than an audit conducted in accordance with Standards on Auditing in Sweden RS and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the qualified opinion expressed based on a review does not give the same level of assurance as a qualified opinion expressed based on an audit.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not, in all essentials, prepared for the group in accordance with IAS 34 and the Swedish Annual Accounts Act and for the parent company in accordance the Swedish Annual Accounts Act.

Stockholm, 31 October 2011

PriceWaterhouseCoopers AB

Lars Wennberg Authorised Public Accountant

Rejlers in brief

Rejlers is a Nordic Group offering technical consultancy services in the fields of electrical engineering, energy, mechanical engineering, automation, electronics, IT and telecommunications. Rejlers was founded in 1942. At that time, its business concept was to expand the electricity supply network in Sweden. Today, Rejlers has grown into one of the largest engineering consultants in the Nordic region and is an established player with a good reputation on the market.

Rejlers' goal is to employ at least 2015 staff and have revenue of at least SEK 2,015 million by 2015. This objective will be achieved through recruitment, strategic acquisitions and establishing new companies. Rejlers' domestic markets are Sweden and Finland, with the rest of the Baltic region as its natural growth market.

The Group has around 1,300 employees at about 50 offices in Sweden, Finland, Estonia, Russia and Norway. The Group's head office is located in Stockholm. Rejlers' shares are listed on the Nasdaq OMX Nordic Exchange.

Explanations of key figures

Operating margin Operating profit/loss after depreciation in relation to income Profit margin Profit/loss after financial income and expenses in relation to income Return on equity Profit/loss after tax in relation to average equity Liquidity ratio Current assets divided by current liabilities. Equity-assets ratio Equity in relation to balance sheet total Interest coverage ratio Profit/loss after net financial items plus financial expenses in relation to financial expenses Return on capital employed Profit/loss after net financial items plus financial expenses in relation to average capital employed

Invoicing ratio; debiting ratio Time that can be invoiced in relation to total attendance time Number of full-time employees Attendance and absence hours (excluding long-term absence) divided by normal hours Earnings per share, SEK Profit after tax divided by average number of shares Equity per share Equity divided by total number of shares at end of period Debt/equity ratio Interest-bearing liabilities in relation to equity Return on total capital Profit/loss after net financial items plus financial expenses in relation to average balance sheet total

The information in this interim report is that which Rejlerkoncernen AB is required to publish in compliance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was released for publication on 31 October 2011 at 08.00.

This report is also available in Swedish. The English version is a translation of the Swedish original. In the case of any discrepancy between the two, the Swedish version takes precedence.