Rejlers — Interim / Quarterly Report 2010

Feb 25, 2011

Rejle rkoncer rnen AB B (publ)

Year-en 25 Febru nd Report uary 2011 2010

Strong g end of ye ear

January- -December

• Turnover a mounted to S SEK 838.9 mill lion (776.8)
• Operating p profit was SEK K 51.2 million n (40.6)
• Operating m margin amou unted to 6.1 p per cent (5.2)
• Profit after tax was SEK 3 35.2 million (2 28.2)
• Earnings pe er share were SEK 3.22 (2.6 61)

Fourth q quarter

• Turnover a mounted to S SEK 252.7 mill lion (209.7)
• Operating p profit was SEK K 19.4 million n (9.1)
• Operating m margin amou unted to 7.7 p per cent (4.3)
• Profit after tax was SEK 1 11.5 million (5 5.7)
• Earnings pe er share were SEK 1.02 (0.5 53)

Propose d dividend

The Board i which mea is proposing a ns a total divi a dividend of idend amoun f SEK 1.75 per nt of SEK 19.8 share (1.50), M SEK (16.2)

Stateme ent from Man naging Direct tor and CEO Peter Rejler

In the fou almost 8% is high, w custome base indu urth quarter, t %, which indi which can affe r areas is large ustries are ho the market tu icates that we ect the margin e across the e olding their ow urned up som e are heading n negatively i entire geogra wn against int ewhat furthe the right way n the short te phical market ternational co er. The operati y in terms of e erm. The need t area. Indust ompetition. ing margin du earnings. At t d for investme ry is going be uring the qua he same time ents in Rejlers etter and the arter was e, growth s' four Nordic

The in happenin developm more effi to be prio adapted nfrastructure ng at the mom ments. The en icient and saf oritised. The o to new ways is still neglect ment. Telecom nergy sector h fer systems. A offices and th of working. ted. Railways mmunication has several tas t the same tim e premises of and roads ne s systems are sks. Nuclear p me, renewabl f the future ha eed construct e being expan power needs t e energy and ave to be ene ing at a faster ded in step w to be replaced improved en ergy efficient, r rate than is with the techn d with more m nergy efficien safe, smart a nological modern, cy have nd

Rejler compani Finland, 5 the optio APAS Ene rs is recruiting es with nearly 55% of Lausa on to acquire ergiteknikk ha g and acquirin y 70 employe mo Oy was ac the remaining as been acqu ng companies ees, Per Schön cquired, with g 45% during ired and it is n s. In Sweden, nbeck Elproje approximate g the second q now a wholly during the fo kt AB was acq ely 45 employ quarter 2011. y owned subsi ourth quarter, quired, with o yees whereof 6 In Norway, th idiary. , apart from th over 30 emplo 6 are in Mosc he remaining he Råbe oyees. In cow, with 85% in

If the billion an achieved acquired com nd the numbe d the goal set mpanies had b er of employe in 2003 of 10 been active th ees would hav 00 employee hroughout 20 ve been just o es and 1 billion 010, the turno over 1100 at th n in turnover over would be he end of the by 2010. e approximate e year. Thus, w ely SEK 1 we

We ar million in re now aiming n turnover in 2 g at 2015, wit 2015. We are th the vision 3 building a str 3 x 2015, i.e. m ructure adapt more than 201 ted for growth 15 employees h under organ s and more th nised forms. han 2015

For furth her informati ion, please c ontact:

Peter R Lars So ejler, MD and lin, CFO d CEO Tel Tel . +46 (0)70-60 . +46 (0)73 38 02 34 24, e-m 86 15 20, e-m mail: peter.rejle ail: lars.solin@ er@rejlers.com @rejlers.com m

Rejlers is a engineerin Exchange. Nordic group o ng, automation, offering technica , electronics, IT a al consultancy s and telecommu services in the fi unications. Rejle ields of electrica ers' shares are lis al engineering, e sted on the Nas energy, mechan sdaq OMX Nord nical dic

							Operating profit/loss,
			Operating income, MSEK		MSEK			Operating margin, %
	2010	2009	2010	2009	2010	2009	2010	2009	2010	2009	2010	2009
	Oct Dec	Oct Dec	Jan Dec	Jan Dec	Oct Dec	Oct Dec	Jan Dec	Jan Dec	Oct Dec	Oct Dec	Jan Dec	Jan Dec
Rejlers Sweden	211.9	161.7	662.4	580.8	21.2	8.1	53.9	37.4	10.0	5.0	8.1	6.4
Rejlers Finland	52.1	52.0	191.1	205.9	4.5	4.5	7.2	10.1	8.6	8.7	3.8	4.9
Group-wide, etc.	-11.3	-4.0	-14.6	-9.9	-6.3	-3.5	-9.9	-6.9	neg	neg	neg	neg
Total Group	252.7	209.7	838.9	776.8	19.4	9.1	51.2	40.6	7.7	4.3	6.1	5.2

Turnover and profits

Turnover in the fourth quarter was SEK 252.7 million (209.7) and the operating profit was SEK 19.4 million (9.1). The operating margin amounted to 7.7 per cent (4.3). The number of working days during the fourth quarter was 64 (63). The debiting ratio was 75 per cent compared with 74 per cent last year.

Turnover for the full year was SEK 838.9 million (776.8) and the operating profit was SEK 51.2 million (40.6). The operating margin was 6.1 per cent (5.2). The number of working days amounted to 250 (249). The debiting ratio for the full year amounted to 74 per cent compared with 74 per cent last year.

The profit after net financial items amounted to 49.3 MSEK (40.2) and the profit after tax was 35.2 MSEK (28.2). Financial income was SEK 0.4 million (0.6), and financial expenses were SEK -2.3 million (-1.0).

In Finland, the turnover in Swedish Krona has been affected negatively due to the weakening of the Euro. Measured in Euro, the turnover in 2010 rose by 3 per cent compared to 2009. In the above figures, the Råbe companies are included for three months and Lausamo for one month. Other acquisitions during 2010, APAS and Per Schönbeck Elprojekt, are consolidated as per 31/12/2010.

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

Q3 2010 Q4 2010 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010

Turnover per quarter Annual turnover, rolling 12 months

Number of full-time employees at end of quarter

Operating profit per quarter and rolling 12 months

Earnings per share

For the fourth quarter, earnings per share amounted to SEK 1.02 (0.53).

For the full year 2010, earnings per average share amounted to SEK 3.22 (2.61). Reckoned on the number of outstanding shares at the end of the year, the earnings amounted to 3.11 SEK per share (2.61). Equity per share was SEK 23.74 at the end of the period, compared with SEK 21.31 as of 31/12/2009.

Capital expenditure

Investments in fixed assets amounted to SEK 10.7 million (5.2), while investments in intangible assets and trading amounted to SEK 100.0 million (7.6). Depreciation and write-downs amounted to SEK -15.3 million (- 17.0).

Cash flow and financial position

Cash flow from current operations was SEK 18.5 million (31.5). At the end of the period, the Group's liquid assets amounted to SEK 39.6 million, compared with SEK 62.7 million as of 31/12/2009, excluding an unused overdraft facility of SEK 11.1 million. Interest-bearing liabilities increased by SEK 51.2 million and amounted at the end of the period to SEK 66.4 million compared with SEK 15.2 million as of 31/12/2009. The equity/assets ratio at the end of the period was 52.5 per cent compared with 59.5 per cent as of 31/12/2009. During the year, dividends totalling SEK 16.2 million (27.1) have been distributed to shareholders in the parent company.

Employees

The number of full-time employees at the end of the period was 1147 (of which 28 were laid off in Finland), compared with 961 on 31/12/2009. The average number of employees for the year was 1038 (of which 46 were laid off in Finland) compared with 936 for the corresponding period last year.

The parent company

The parent company's net turnover for the period amounted to SEK 16.4 million (6.3), with the loss before tax amounting to SEK -7.6 million (12.8).

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

Rejlers completed the acquisition of the Råbe Industrikonsult companies during the fourth quarter. Råbe offers services in the fields of project management, process and plant design, stress and fluid dynamics calculations as well as risk analysis, primarily to the nuclear power industry. The acquisition, which will complement Rejlers' offer to the Swedish and Finnish nuclear power industry, among others, took place through a new issue of 500,000 class B shares.

During the fourth quarter, Rejlers acquired approximately 55 per cent of the shares in Lausamo Consulting in Finland. The company provides consulting services for Construction and property customers in the fields of electricity, automation and telecommunications in Helsinki. The company also has a business in Moscow, via a subsidiary.

Rejlers has decided to utilise the purchase option to acquire the remaining 45 per cent of the shares in Lausamo. Purchase and entering into possession of this 45 per cent are estimated for April 2011.

Rejlers acquired the remaining 85 per cent in Norwegian APAS Energiteknikk AS during the fourth quarter. Among other things, the company is active in the field of follow-up and analysis of energy use in properties as well as administrative management of oil boilers for Statoil, among others.

In December 2010, Per Schönbeck Elprojekt AB, which operates a consultancy business for electrical installations, electricity and automation as well as control and regulation technology, was acquired. The company has operations in Skövde, Lidköping, Varberg and elsewhere.

During the quarter, Rejlers obtained several significant agreements, for example, the agreement with the Swedish Transport Administration for the expansion of the stretch of railway between Arlöv and Flackarp from double track to four tracks. Furthermore, Rejlers was appointed at the start of 2011 as an A-supplier to Vattenfall for the purchase of technical consultancy services in the areas of nuclear power, hydroelectric power and wind power.

During the fourth quarter, Rejlers signed a sales agreement for the Group's property in Kalmar. The property passes into the possession of the purchaser in March 2011. The sale gives rise to a minor loss in the Group. After this, the Group does not own any property.

Rejlers Sweden

Operations in the operating segment Sweden are run by the Group companies Rejlers Ingenjörer AB, Råbe Industrikonsult companies, Per Schönbeck Elprojekt AB, Rejlers Energitjänster AB, ComIT Rejlers AB, Rejlers International AB, as well as 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 offers energy metering services to utility companies, electricity trading companies and property companies. Rejlers Sverige, at the end of the year, had 791 (642) employees.

The market

The market for Rejlers' consultancy services has continued to develop positively. In several customer segments the market is restricted by the availability of experienced employees. Recruitment is underway, both with respect to senior employees as well as junior, with a shorter background in consultancy. An uncertainty in the long term, however, is the effect of the strengthening of the Swedish Krona on Swedish industry and the risk for relocation of domestic production.

The activity for our industrial customers has increased during the later part of 2010. Above all, this applies to customers in the steel, engineering, paper and pulp and mining industries. The assessment for the first half year 2011 is that this trend will continue. Certain customers, however, have been affected by the electricity price, since they are major consumers. Initially, this has led to reductions in production but in the long run, it may even lead to certain investments being delayed or totally abandoned.

In Energy, the influx of orders and level of activity continue at a high level. Apart from consultancy services concerning regional and local networks, several commissions have also covered the design of stations for energy companies. Furthermore, work has been carried out for several energy companies on the introduction of the new advance settlement of electrical network tariffs. Rejlers has signed a framework agreement with all larger electrical companies concerning electricity distribution.

The Råbe companies, which Rejlers acquired on 1 October, will be a new Business Area in Rejlers Ingenjörer, Process and Plant. A large customer group for the Business Area is the Energy sector but in addition, the Business Area also works with other process industries e.g. the chemical industry. This investment has already resulted in more than ten recruitments as well as new projects such as Carlfors Bank for the production of documentation for existing plants. During the period, Rejlers signed a new framework agreement with Vattenfall, which is expected to give rise to several new assignments.

Rejlers Energitjänster has received several new assignments in the wind power sector, concerning "green" electricity and green electricity certificates. Extensive investments in new wind farms are expected to result in several new customer assignments during the coming years. The interest in measurement services is increasing from the market, for providing the basis for energy savings. Rejlers Energitjänster offers services for both collection and analysis of such data. During the period, the company has received orders from Staffanstorp Energi and an agreement has been extended with Fortum.

Rejlers' consultants have a high level of activity in the area of Infrastructure and a good continuing demand for services in the area is expected. Major investments are planned during the coming years in the area of track-based traffic. Currently, Rejlers' opportunities for expansion are limited by the lack of consultants with experience in the sector. At the turn of the year, Rejlers obtained several framework agreements, including

with the Swedish Transport Administration and Gothenburg's Trams (Göteborgs Spårvägar). Moreover, Rejlers has been commissioned by SL to manage the procurement of new trams.

Rejlers continues successfully with projects in Telecommunications. The end of the year and the start of the new year have seen several new assignments for different customers. The assignments include operations concerning both the fixed and mobile networks, for network expansion, as well as operational and maintenance assignments. The Business Area is deemed to grow successively as new orders are received.

Investments in Construction and property are expected to continue to be high during the coming years. This applies to civil construction, homes, hospitals, sports centres as well as commercial construction. Rejlers has continued to see a good inflow of orders in major conurbations, in particular with regards to private as well as public buildings, which is where Rejlers' business within the Construction and property customer group is concentrated. Through the acquisition of Per Schönbeck Elprojekt AB, Rejlers is increasing its presence in western Sweden, but this also means reinforcement in Rejlers' capacity in the major conurbations, since certain works can be done at a distance.

Rejlers AS in Norway, which is included in the operating segment Sweden, has since won a major assignment for Nødnett and it has now established a Telecommunications Group. To strengthen Rejlers' offer in the field of Energy services, APAS Energiteknikk has been acquired and it is now a wholly owned company in the Group. APAS complements Rejlers' offer in the area of energy measurement as it offers analysis and advice, including with respect to energy use.

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

• During the fourth quarter, Rejlers was commissioned by the National Property Board Sweden to deliver subcontracts for five properties covering delivery, programming and commissioning of systems for local control and monitoring of properties. The system has to be scalable for further installations. Moreover, a framework agreement for up to five years has been signed for system work as well as regular maintenance and support for further installations in the National Property Board's properties.
• Rejlers has been commissioned to be part of a project group for producing system documents for Skånehuset Kristian IV, the central town hall quarter in Kristianstad, extensive 20,000m2 for 700 workplaces in office premises, in the first place for Region Skåne and the municipality of Kristianstad. The purpose of the project is to create modern efficient workplaces while maintaining the original environment in the city centre.
• JTI The Swedish Institute of Agricultural and Environmental Engineering in Uppsala has commissioned Rejlers to take responsibility for the delivery and commissioning of automation equipment for a mobile pilot plant for biogas. Using the plant, the process skill and knowledge level can be raised among those municipalities wanting to invest in biogas. Today, many municipalities have a large unused biogas capacity in the sewage works digester.

Rejlers Finland

Operations in Finland are run by the Group companies Rejlers Finland Oy, Rejlers Oy, Rejlers Projektit Oy and Insinööritoimisto Lausamo Oy. Rejlers has operations in 14 locations in Finland and 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 year was 347 (310), of which 28 were laid off.

The market

Towards the end of 2010, the growth in the Finnish economy was strong. Improved investment activity and higher capacity usage is leading to higher demand for technical consultancy services. The debiting ration, during the fourth quarter, showed a positive development. The lay-offs in the Finnish business have been reduced considerably and demand from customers has increased noticeably. Based on the influx of orders during the start of the year, the activity will be higher 2011 than during 2010.

The operations in the customer group Energy, mainly work with customers in electricity, bioenergy and the oil market. Above all, in electricity and bioenergy, extensive investment will be made in the coming years. For the oil industry, Rejlers has noted a more wait-and-see attitude to new commissions. Investments in energy measurements, nuclear power and biofuel have increased the demand for Rejlers' consultants. The merger between Rejlers Oy and Rejlers Energiapalvelut (Energy Services) has been implemented successfully. Energy Services has a strong market position in the energy sector and has a good demand for measurements, including for electricity.

Rejlers is growing in the area of Infrastructure and Environmental Engineering, areas that are expected to continue in a positive direction.

The influx of orders for assignments for large infrastructure projects is high, particularly for rail and environment.

New infrastructure projects are in the planning stage and this opens up opportunities for new assignments.

The demand for new services in Construction and property , for public buildings and renovation of homes, remains at a good level, but is still at a low level for industrial buildings and new homes. The company has seen good developments in the areas of heating, ventilation and sanitation during 2010 and has obtained new commissions for major projects in shopping centres, offices and public buildings.

During the fourth quarter 2010, Rejlers acquired majority ownership in Lausamo Oy, which provides services for the Construction and property section for electricity, automation and telecommunication technology. Lausamo has a strong position on the market and also has operations in Russia, through its subsidiary LLC Lausamo's project in Moscow. The acquisition opens up opportunities to offer Rejlers' services on the Russian market.

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

• Rejlers Energitjänster has received orders from the energy company Mäntsälän Sähkö Oy and Nurmijärven Sähkö Oy. The customers are publicly owned energy companies, which are located in the southern part of Finland. The customers have about 30,000 end users of electricity. The service agreements include measurement and contract values. Rejlers' service is one part of the customers' joint AMM project and is implemented in close cooperation with Telia Sonera Finland Oyj.
• The cooperative Suur-Savo is building a new shopping centre (called "Stella") in Mikkeli, which, when completed, will be eastern Finland's largest, with a total area of 25,000m2 .

Rejlers has been in charge of the planning for the heating, ventilation and sanitation as well as advising on energy. The shopping centre's high energy efficiency and good indoor air quality have been a challenging goal due to the large glass façades and complex glass roof.

During the fourth quarter, Rejlers completed a large assignment for Switch Ltd, which started during the third quarter 2010. Switch Ltd is a leading supplier of permanent magnet generators and inverters for new energy applications.

After completing the order, Rejlers received two new orders during the fourth quarter for generator designs by Switch Ltd.

Group

Income statement

	Oct-Dec	Oct-Dec	Full year	Full year
Group, SEK millions	2010	2009	2010	2009
Income	252.7	209.7	838.9	776.8
Personnel costs	-169.4	-138.9	-578.8	-533.8
Other external costs	-59.4	-56.2	-194.4	-185.6
Depreciation	-4.8	-5.5	-15.3	-17.0
Shares in associated companies	0.3	0.0	0.8	0.2
Operating profit/loss	19.4	9.1	51.2	40.6
Net financial items	-1.5	0.0	-1.9	-0.4
Result after net financial items	17.9	9.1	49.3	40.2
Tax	-6.1	-3.4	-14.1	-12.0
Profit for the period	11.8	5.7	35.2	28.2
Referable to:
The Parent Company's shareholder	11.8	5.7	35.2	28.2
Holdings without decisive influence	0	0	0	0
Earnings per share, SEK	1.02	0.53	3.22	2.61
Average number of shares	11 321 721	10 821 721	10 946 721	10 821 721
Earnings per share, after full dilution, SEK	1.02	0.53	3.11	2.61
Number of shares at end of period	11 321 721	10 821 721	11 321 721	10 821 721
Report of overall results
Profit for the period	11.8	5.7	35.2	28.2
Other overall results for period:
Conversion differences, foreign operations,
after tax	-2.0	0.8	-9.6	-3.2
Total other overall results	-2.0	0.8	-9.6	-3.2
Overall results for period	9.8	6.5	25.6	25.0

Cash flow statement

	Oct-Dec	Oct-Dec	Full year	Full year
Group, SEK millions	2010	2009	2010	2009
Cash flow from current operations before
changes in operating capital and tax paid	23.9	14.4	65.8	57.3
Tax paid	-4.8	6.2	-23.7	-14.7
Changes in operating capital	-3.8	-3.5	-23.6	-11.1
Cash flow from current operations	15.3	17.1	18.5	31.5
Cash flow from investment activities	-95.3	-4.8	-101.7	-13.0
Cash flow from financing activities	80.8	-2.7	63.3	-32.8
Cash flow for the year	0.8	9.6	-19.9	-14.3
Cash and cash equivalents at the start of the
period	40.2	53.2	62.7	77.1
Translation differences in liquid funds	-1.4	0	-3.2
Cash and cash equivalents at the end of the
period	39.6	62.8	39.6	62.8
Unused overdraft facility	11.1	15.0	11.1	15.0
Unappropriated funds	50.7	77.8	50.7	77.8

Balance sheet

	31 Dec	31 Dec
Group, SEK millions	2010	2009
Assets
Fixed assets
Goodwill1)	164.5	85.9
Other intangible assets2)	40.8	19.7
Tangible assets	28.6	31.1
Financial fixed assets	2.4	3.0
Total fixed assets	236.2	139.7
Current assets
Current receivables	259.3	184.9
Liquid assets	42.0	62.8
Total current assets	301.2	247.7
Total Assets	537.5	387.4
Shareholders' equity and shareholders' liabilities
Equity referable to shareholders in the Parent
Company	268.8	230.6
Holdings without decisive influence	12.8	0
Equity	281.6	230.6
Long-term liabilities	93.5	33.7
Current liabilities	162.4	123.1
Total liabilities and shareholders' equity	537.5	387.4
Non interest-bearing liabilities	66.4	17.9
Pledged assets and contingent liabilities	47.1	15.3

1) The goodwill has been tested with a discount rate after tax of 12 per cent. This test has not demonstrated any need for write-downs.

2) Of other intangible assets, SEK 33.8 million refers to customer values and SEK 7.0 million refers to software, development costs brought forwards as well as licences and suchlike.

Change in Shareholders' equity

	31 Dec	31 Dec
Group, SEK millions	2010	2009
Shareholders' equity at start of year	230.6	232.7
Overall results for period	25.6	25.0
Changes attributable to transactions with
the owners
Dividends	-16.3	-27.1
New share issue	28.9	-
Total changes attributable to transactions
with the owners	12.7	-27.1
Shareholders' equity at end of period	268.8	230.6

Key ratios

	Oct-Dec	Oct-Dec	Full year	Full year
Group	2010	2009	2010	2009
Operating margin %	7.7	4.3	6.1	5.2
Profit margin %	7.1	4.3	5.9	5.2
Return on equity, %	4.5	2.5	14.1	12.2
Return on total capital, %	4.2	2.3	11.3	10.3
Return on capital employed %	6.2	3.7	17.2	16.3
Cash liquidity (excl. unused overdraft) facility),	186	201	186	201
Equity/assets ratio %	52.5	59.5	52.5	59.5
Debt/equity ratio, times	0.2	0.1	0.2	0.1
Interest coverage ratio, times	14	0	22	41
Investments, SEK millions	99.6	4.8	106.4	13.0
Debiting ratio %	75	74	74	74
Number of working days	64	63	250	249
Average number of full-time employees			10101)	8951)
Turnover per employee, SEK thousands			8301)	8681)
Operating profit/loss per employee, SEK			511)	451)
Net liabilities, SEK millions	24.4	-	24.4	-
Earnings per share after tax, SEK	1.02	0.53	3.22	2.61
Average number of shares	11 321 721	10 821 721	10 946 721	10 821 721
Equity per share at end of period	23.74	21.31	23.74	21.31
Number of shares at end of period	11 321 721	10 821 721	11 321 721	10 821 721

year 2009, respectively.

Quarterly summary

	2008	2008	2008	2008	2009	2009	2009	2009	2010	2010	2010	2010
Group, SEK millions	Q 1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Income,
rolling 12 mths
Sweden	539.0	562.8	579.7	597.0	600.5	591.8	582.8	580.8	578.2	597.7	612.2	662.4
Finland	154.9	169.0	183.8	205.8	216.7	215.1	213.9	205.9	196.7	193.9	190.9	191.0
Group-wide, etc	-9.7	-9.9	-10.9	-5.2	-4.5	-4.3	-4.3	-9.9	-9.4	-8.4	-7.3	-14.6
Total	684.2	721.9	752.6	797.6	812.7	802.6	792.4	776.8	765.5	783.2	795.8	838.8
Operating profit/loss, rolling 12 mths
Sweden	63.0	70.8	77.1	76.6	68.6	58.5	46.9	37.4	33.5	37.4	40.8	53.9
Finland	21.0	22.9	23.0	22.7	19.4	12.2	9.4	10.1	6.6	7.9	7.3	7.2
Group-wide, etc	-4.0	-3.8	-3.7	-3.2	-3.8	-3.2	-4.1	-6.9	-6.5	-7.8	-7.1	--9.9
Total	80.0	89.9	96.4	96.1	84.2	67.5	52.2	40.6	33.6	37.5	41.0	51.2
Operating margin, rolling 12 mths
Sweden	11.7	12.6	13.3	12.8	11.4	9.9	8.0	6.4	5.8	6.3	6.7	8.1
Finland	13.6	13.6	12.5	11.0	9.0	5.7	4.4	4.9	3.4	4.1	3.8	3.8
Group-wide, etc	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg
Total	11.7	12.5	12.8	12.0	10.4	8.4	6.6	5.2	4.4	4.8	5.2	6.1
Number of full-time employees
Sweden	577	578	619	621	634	630	640	643	630	660	664	791
Finland	252	299	300	300	299	300	300	314	307	299	294	347
whereof laid-off	-	-	-	-	-	60	62	55	55	41	46	28
Group-wide, etc	4	4	4	4	4	4	4	4	9	9	9	9
Total	833	881	923	925	937	934	944	961	946	968	967	1147

Acquisition of subsidiaries and operations

During 2010, the Group has acquired all the shares in five companies from Råbe Industrikonsult AB. These five companies, the "Råbe companies", are all consultancy companies with services mainly directed to the energy sector and with special focus on nuclear energy. Furthermore, the Group has acquired all the shares in Per Schönbeck Elprojekt AB with consultancy operations in the areas from Electrical Engineering to Construction and property in western Sweden. In Finland, Rejlers has acquired 55% of Insinööritoimisto Lausamo Oy, with an option to acquire the remaining 45 per cent during the second quarter 2011. Lausamo sells electrical consultancy services to the Construction and property sector. In Norway, Rejlers has acquired the remaining 85 per cent in APAS Elteknikk AB with operations relating to advising on electricity and collection of measured values. All companies complement Rejlers' areas of expertise well. The transaction costs related to the acquisition have been reported as other external resources.

The acquisitions concern companies that provide technical consultancy services for the nuclear power sector (Råbe), Construction and property in Finland (Lausamo), energy advice and measurement collection in Norway (APAS) as well as Construction and property and industrial electricity and automation in Sweden (Per Schönbeck).

	The Råbe Companies	Others
Intangible assets	0	1.8
Material and financial assets	0.9	1.4
Current assets	14.4	22.7
Liquid assets	6.1	10.9
Other short-term liabilities	-13.7	-18.4
Net identifiable assets and liabilities	7.7	18.4
Goodwill	62.8	17.4
Customer value	13.1	9.6
Deferred tax on intangible assets	-3.4	-2.5
Purchase sum	80.3	29.7
Holdings without decisive influence	-	13.0
Additional purchase sum	-	0.2
Total consideration	80.2	42.9
whereof paid in newly issued shares	28.9	-
Liquid assets in acquired companies	6.1	10.9
Net cash outflow	45.2	32.0

The acquired companies have contributed SEK 25.4 million to the reported income and SEK 3.5 million to 2010's operating profit, respectively. If the companies had been owned for the full year, they would have contributed approximately SEK 165 million income and SEK 25 to 2010 operating profit, respectively.

The acquisition analyses are preliminary since the assets in the acquired companies have not been finally analysed.

The Parent Company

Income statement

	Full year	Full year
Parent company, SEK millions	2010	2009
Income	16.4	6.3
Personnel costs	-12.2	-6.9
Other external costs	-13.6	-6.9
Shares in associated companies	0.8	0.3
Operating profit/loss	-8.6	-7.2
Net financial items	-1.0	20.1
Result after net financial items	-7.6	12.9
Appropriations	0	-5.3
Tax	2.3	3.2
Result after tax	-5.3	10.8

Balance sheet
	31 Dec	31 Dec
Parent company, SEK millions	2010	2009
Assets
Fixed assets
Intangible assets	2.7	-
Financial assets	169.0	82.2
Total fixed assets	171.7	82.2
Current assets
Current receivables	104.0	54.4
Liquid assets	0	34.6
Total current assets	104.0	89.0
Total Assets	275.7	171.2
Shareholders' equity and shareholders'
li bili i Shareholders' equity1)	135.7	90.1
Untaxed reserves	0	20.7
Long-term liabilities	92.4	0.0
Current liabilities	47.6	60.4
Total liabilities and shareholders' equity	275.7	171.2

1) During 2010, dividends of SEK -16.2 million (-27.1) have been distributed while dividends of SEK 0 million (20.0) have been received from subsidiaries.

Rejlers' shares

The last buy price for Rejlers' class B shares was SEK 65 per share at the end of the year, an increase of 19 per cent compared with 30/12/2009. On 24 February, 2011, the last buy price for Rejlers' class B shares was SEK 63 per share. Rejlers' shares are listed on the Nasdaq OMX Nordic Exchange.

At the request of a shareholder, 1250 class A shares have been converted into an equivalent number of class B shares during the month of October. In addition to this, Rejlers has carried out a target new issue of 500,000 class B shares to the sellers of Råbe Industrikonsult AB. After the changes, the total share capital of the Rejlers Group amounts to SEK 22,643,442 and the total number of votes is 22,594,221. The total number of shares in the company is 11,321,721, breaking down into 1,252,500 class A shares (10 votes per share) and 10,069,221 class B shares (1 vote per share).

Rejlers' ten largest owners 30/12/2010, including known changes after the end of the period

	Class A	Class B
Name	shares	shares	Holding (%)	Votes (%)
Peter Rejler	911 250	-	8.0	40.4
Jan Rejler, directly and through the
company	262 500	644 950	8.0	14.5
Lauri Valkonen	50 000	606 334	5.8	4.9
Lannebo Micro Cap		943 000	8.3	4.2
Lisa Rejler	8 750	774 750	6.9	3.8
Swedbank Robur funds		829 906	7.3	3.7
Martina Rejler	8 750	696 250	6.2	3.5
Råbe Industrikonsult AB		515 600	4.6	2.3
Fondita Nordic Micro Cap		455 500	4.0	2.0
Heikki Kilpeläinen		320 000	2.8	1.4
Total 10 largest owners	1 241 250	5 786 290	62.1	80.6
Total other owners	10 000	4 282 931	37.9	19.4
Total 12/30/2010	1 252 500	10 069 221	100.0	100.0

Dividend proposal

Rejlers' long-term policy is that around 50 per cent of the company's profit after tax should be distributed as dividend. The Board of Directors of Rejlerkoncernen AB proposes to the Annual General Meeting that a dividend of SEK 1.75 per share be distributed for the financial year 2010. The dividend amount corresponds to SEK 19.8 million (16.2), which corresponds to 56 per cent of profit after tax.

Annual General Meeting 2011

The Annual General meeting will be held at Konferens Lindhagen, Lindhagensgatan 126 in Stockholm, 2 May 2011, 5 pm. The annual report for the financial year 2010 will be sent to shareholders and is estimated to be available on the company's website from 4 April 2011. Information about the Nominations Committee and the Annual General Meeting is available on Rejlers' website, www.rejlers.com.

Significant risks and uncertainties

All companies are 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, risk in connection with fixed price assignments and credit risks.

Rejlers' strategy is to have customers in various sectors and to work actively on transferring resources following a change in the picture of demand, thus smoothing out fluctuations in demand. Employees are a key asset and Rejlers therefore places significant emphasis on healthy 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 staff. Rejlers, for the most part, has financially strong customers and the credit risk is considered to be low. However, we judge the credit risk to be higher than normal due to the prevailing adverse state of the market. 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 the turnover but nonetheless constitute a risk. Rejlers therefore has a system for monitoring and following up on such assignments in order to minimise the risk of depreciation.

The parent company pursues, to a lesser extent, activities in which the risks are mainly limited to currency and liquidity risks.

Dates for financial reports

Interim Report, January-March 2011	2 May 2011
Annual General Meeting 2011 in Stockholm	2 May 2011
Interim Report January-June 2011	16 August 2011
Interim Report January-September 2011	31 October 2011
Year-end Report 2011	17 February 2011

Accounting policies

This interim report has been prepared for the group in accordance with IAS 34 Interim Financial Reporting. The parent company's report has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and RFR 2, Reporting for Legal Entities.

The IFRS changes that entered into effect in 2010 have not affected the Group's accounts during this period. Changes to IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements are obligatory for accounting periods that start 1 July 2009 or later. With respect to IFRS 3, the changes will only apply for business combinations that are implemented from when it came into effect, i.e. 1 January 2010. During 2010, acquisitions have been made in the Group, so the new principles have been applied. This means, among other things, the acquisition method has been applied with the adjustment that all payments have been valued at the real price on the acquisition date such as contribution shares. Holdings without decisive influence have been valued at the real value. All costs related to acquisitions have been booked. Otherwise, the Group's accounting principles are in agreement with those applied for the previous year. For detailed information in respect of accounting principles, please refer to the Annual Accounts for 2009.

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 principles 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, 25 February, 2011 Rejlerkoncernen AB (publ)

Peter Rejler MD and CEO

This interim report has not been examined by the company's auditors.

REJLERKONCERNEN AB (publ) Box 30233, 104 25 Stockholm Visitors' 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

Rejlers in brief

in relation to average capital employed

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 a turnover of at least SEK 2015 billion 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 1100 employees, spread across 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 ratio Profit/loss after financial income and expenses in relation to income Return on shareholders' equity Profit/loss after tax in relation to average shareholders' equity Liquidity ratio Current assets divided by current liabilities. Equity-assets ratio Shareholders' equity in relation to balance sheet total Interest coverage ratio Profit/loss after net financial items plus financial expenses in relation to financial expenses 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 Shareholders' equity divided by total number of shares at end of period Debt/equity ratio Interest-bearing liabilities in relation to shareholders' equity Return on total capital Profit/loss after net financial items plus financial expenses in relation to average balance sheet total Return on employed capital Profit/loss after net financial items plus financial expenses

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 25 February, 2011, 8 am.

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.