Rejlers — Interim / Quarterly Report 2012

Nov 6, 2012

Rejlerkoncernen AB (publ)

Interim Report, January-September 6 November 2012

Stable order levels and strong growth

January-September

• Revenue totalled SEK 944.1 million (823.3), an increase of 15 per cent
• Operating profit was SEK 55.4 million (73.9)
• Operating margin amounted to 5.9 per cent (9.0)
• Profit after tax was SEK 40.4 million (50.7)
• Earnings per share were SEK 3.57 (4.48)

Third quarter

• Revenue totalled SEK 279.3 million (249.9), an increase of 12 per cent
• Operating profit was SEK 5.8 million (22.0)
• Operating margin amounted to 2.1 per cent (8.8)
• Profit after tax was SEK 4.3 million (15.3)
• Earnings per share were SEK 0.38 (1.35)
• Non-recurring costs of SEK16 million are included in operating profit

Statement from President and CEO Eva Nygren:

"Rejlers is continuing to develop positively. Growth during the first three quarters amounted to 15 per cent, which is in line with the target for 2015. Two thirds of the growth has been organic. Demand for our services in Finland and Norway has developed particularly strongly during the quarter.

The profit has been subject to non-recurring costs for the conference held in August, which represented an important initiative relating to employee development for further consolidation and growth. We have also incurred nonrecurring costs relating to individual projects during the period. Overall, quarterly profit was impacted by nonrecurring costs of SEK 16 million.

The market is difficult to judge, but the prospects remain good within Energy and Infrastructure in the Nordic region. We have a strong position in this region, with increased order levels and new business opportunities. There is some concern over a possible weakening within Industry and Construction & Property, but this has been offset to some extent by an increase in the demand for services relating to energy efficiency and security solutions.

Adjusted for non-recurring costs quarterly profit is in line with last year. We will further develop this platform for continued growth based around Rejlers' strong corporate culture. Increased profitability, brand development and higher visibility are presenting us with an opportunity to attract new customers and employees."

For further information, please contact:
Eva Nygren, President and CEO,	tel. +46 (0)73 412 66 60, e-mail: eva.nygren@rejlers.se
Lars Solin, Vice President and 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 income, SEK million			Operating profit/loss, SEK million				Operating margin, %
	2012 2011			2012 2011	2011	2012	2011	2012	2011	2011	2012		2011 2012 2011 2011
	Jul Sep	Jul Sep	Jan Sep	Jan Sep	Jan Dec	Jul Sep	Jul Sep	Jan Sep	Jan Sep	Jan Dec	Jul Sep	Jul Sep	Jan Sep	Jan Sep	Jan Dec
Rejlers Sweden
	218.9	199.8	742.7	661.4	920.9	9.6	21.9	59.3	72.8	95.2	4.4	11.0	8.0	11.0	10.3
Rejlers Finland
	63.9	52.0	212.4	169.0	236.5	7.3	2.7	19.3	11.4	19.5	11.4	5.2	9.1	6.7	8.3
Group
wide	-3.5	-1.9	-11.0	-7.1	-11.4	-11.1	-2.6	-23.2	-10.3	-14.4	-	-	-	-	-
Total Group	279.3	249.9			944.1 823.3 1,146.0	5.8	22.0	55.4	73.9	100.3	2.1	8.8	5.9	9.0	8.8

Revenue and profits

July – September 2012

Revenue for the third quarter totalled SEK 279.3 million (249.9), an increase of 12 per cent compared with the same quarter last year. The operating profit was SEK 5.8 million (22.0). The operating margin amounted to 2.1 per cent (8.8). The number of working days during the quarter was 65 (66). The debiting ratio was 77 per cent (75).

Quarterly profit was affected by non-recurring costs for the quarter of SEK16 million and by two fewer working days, one day due to the calendar effect and one day because of the employee conference in connection with Rejlers' 70th anniversary.

January – September 2012

The revenue for the period totalled SEK 944.1 million (823.3), an increase of 15 per cent compared with the same period last year. The operating profit was SEK 55.4 million (73.9). The operating margin amounted to 5.9 per cent (9.0). The number of working days during the period was 186 (187). The debiting ratio was 76 per cent (76). The profit after net financial items was SEK 52.7 million (70.9) and the profit after tax was SEK 40.4 million (50.7). Earnings per share were SEK 3.57 (4.48). Financial income was SEK 2.4 million (0.9), and financial expenses were SEK -5.1 million (-3.9). The profit was affected by the costs for the employee conference in connection with Rejlers' 70th anniversary celebrations by a total of around SEK 10 million.

The revenue in Finland has increased by 26 per cent measured in SEK and 31 per cent measured in EUR compared with the previous year. This increase is mainly attributable to the operations acquired from Rambøll.

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

Capital expenditure

Investments in equipment totaled SEK 6.5 million (9.4), while investments in intangible assets and trading totalled SEK 17.3 million (36.1). Depreciation, amortisation and impairment losses totalled SEK -14.9 million (- 12.1).

Cash flow and financial position

Cash flow from operating activities was SEK 29.7 million (5.8). The Group's cash and cash equivalents at the end of the period totalled SEK 21.9 million, compared with SEK 48.7 million as at 31 December 2011. There is also an unused overdraft facility of around SEK 32 million. Interest-bearing liabilities reduced by SEK 1.7 million and amounted to SEK 103.0 million at the end of the period, compared with SEK 104.7 million as at 31 December 2011. The equity/assets ratio at the end of the period amounted to 48.9 per cent compared with 48.9 as at 31 December 2011. During the period, dividends were distributed in the amount of SEK 34.0 million (19.8).

Equity per share was SEK 27.68 at the end of the period, compared with SEK 27.75 as at 31 December 2011.

Turnover per quarter Annual turnover, rolling 12 months

Operating margin per quarter and rolling 12 months

Operating margin per quarter Operating margin, rolling 12 months

Operating profit per quarter and rolling 12 months,

Operating profit Operating profit, rolling 12 months

Number of full-time employees at end of quarter

Employees

The number of full-time employees at the end of the period was 1,482 compared with 1,279 as at 31 December 2011. The average number of full-time employees was 1,410 (no lay-offs), compared with 1,204 (of which 1 was laid off in Finland) for the corresponding period last year. In addition to this, there are around 100 employees at associate Rejlers Consulting AS.

During the quarter, the organisation has been strengthened through key recruitments of new employees in order to adapt to Rejlers' continued expansion and the growth target of 2015x3, i.e. that in 2015, we will have at least 2015 employees and revenue of at least SEK 2015 million.

The Parent Company

The Parent Company's net revenue for the period amounted to SEK 11.5 million (12.6), with the profit after tax amounting to SEK -1.5 million (8.5). The Parent Company's personnel costs include SEK 10 million for the employee conference in connection with Rejlers' 70th anniversary celebrations.

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

In accordance with the decision taken at Rejlers' Annual General Meeting 2012, three representatives of the company's largest shareholders have been appointed to a Nominations Committee. The task of the Nominations Committee is to develop proposals for the Board, for submission to the Annual General Meeting 2013 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.

Segment Rejlers Sweden (including Norway and Estonia)

Operations in the Sweden operating segment are run by the Group companies Rejlers Ingenjörer AB, Rejlers Energitjänster AB, ComIT Rejlers AB and Rejlers Drift och Underhåll AB, as well as the Estonian company Rejlers OÜ and the Norwegian company Rejlers 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 period, the Rejlers Sweden segment had 1,035 (909) employees.

The market

The weak economy is now affecting parts of the Swedish industry and construction sector. Energy and Infrastructure have been less affected by the economic climate, which has led to a more stable demand for Rejlers' consultancy services in these customer groups.

The market for Rejlers' industrial consultants is stable, despite a decline in demand in the export industry. An increasing number of assignments come from the mining, defence and pharmaceutical industries. There is strong demand for our expertise within automation and commissioning. Order levels for environmental and energy surveys for the Industry and Property Sector are increasing.

Energy assignments continue to increase in line with growing demand for energy-efficient and reliable solutions. We have received new assignments from Fortum and Vattenfall, including project management, and we have received new inspection assignments within wind power from a number of clients, including Eolus Vind. Rejlers has ongoing assignments for the nuclear power industry, for which our customers are OKG, Forsmark and Ringhals. The trend in earnings for Rejlers Energitjänster is good, and we are growing through new customers and new markets.

The government is investing heavily in railway maintenance, and the infrastructure bill proposes greater resources for the operation and maintenance of existing systems. Rejlers has signed a framework agreement concerning traffic management systems for signalling technology within the railway sector. Rejlers has produced an IT platform for the Swedish Transport Administration's process system within road traffic management.

The construction market has been affected by economic developments in Europe, which is reflected in a drop in order levels. During the period, Rejlers produced a standard for National Property Board Sweden concerning the national monitoring of its properties.

Rejlers AS is growing within telecommunications and infrastructure in Norway, and currently has framework agreements with Motorola, NetCom, Com4 and the Norwegian National Rail Administration.

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

• E.ON Sweden and Rejlers have signed a new framework agreement concerning technical consultancy services for Energy and Infrastructure. The agreement covers services for nuclear, wind and hydroelectric power, in addition to thermal power, electricity supply networks and telecommunications.
• Alfa-Laval in Tumba is continuing to entrust Rejlers to provide project management and automation services for its facilities around the world.
• Fortum will replace the existing power lines with cables in the Royal National City Park in Djurgården, Stockholm. Rejlers' environmental consultants have been commissioned to carry out the preliminary planning of the new cables, and are responsible for the concession process covering the accessibility analysis and consultation with the authorities, those particularly affected and the general public, in addition to the preparation of an environmental impact assessment (EIA).

Rejlers has been awarded further assignments for Facebook concerning the provision of property monitoring services for Facebook's server hall in Luleå. The system will cover the monitoring of all the server hall's functions, e.g. ventilation and switchgear.

Segment Rejlers Finland (including Russia)^U

Operations in the Finland operating segment are run by the Group companies Rejlers Finland Oy, Rejlers Oy, Elmil Oy, Rejlers Projektit Oy, Insinööritoimisto Lausamo Oy and OOO Lausamo Project. Rejlers has operations in 14 locations in Finland as well as in Moscow and St Petersburg. 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 period was 434 (349).

The market

The technical consultancy sector in Finland is growing, despite uncertainty in the European economy. Industry investments are expected to experience slow growth, while the level of investment in energy, construction and infrastructure projects remains high.

Rejlers has experienced improved order levels for the Industry customer group, but demand is weak in the paper industry. New investments are expected in other industry segments. Rejlers has received new assignments for Outotec, Cargotec, Alstrom and STX Oy.

Demand for our energy assignments is increasing, particularly for power generation, electricity distribution and energy efficiency. The market for wind power and nuclear power production in Finland is growing. We have received new nuclear power assignments for the customer TVO during the period.

New investments and the maintenance of railways are also a priority area in Finland. Rejlers has a framework agreement with the Finnish Transport Agency. New assignments have been received in connection with the new underground to be constructed in the Helsinki area, which will be ready in 2015.

The Construction and Property market is positive. In addition to Moscow in Russia, we now also have operations in St. Petersburg. We are acting as project manager for several major construction projects, where our assignments cover everything from project planning and architecture to inspection activities. In Russia, Rejlers is carrying out a turnkey project planning assignment for the new-build TEKNOS industrial facility in St. Petersburg.

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

• Rejlers will receive additional project planning assignments when the NCC builds three schools in Esbo. These assignments include the project planning of electrical systems, in addition to telecommunications and security systems. The buildings have a total area of 30,000 m² and are expected to be complete by the end of 2014.
• Rejlers is project planning electric power and certain parts of the telecommunications and security systems as REXAM, a global packaging company, constructs a new 22,000 m² plant in Mäntsälä.
• Rejlers has signed a collaboration agreement with Satavakka. The agreement concerns the metering of electricity consumption (AMR), a database for metering and balance settlement for around 45,000 end users.

Group

Income statement

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Full year
Group, SEK million	2012	2011	2012	2011	2011
Income	279.3	249.9	944.1	823.3	1,146.0
Personnel costs	-205.3	-161.1	-666.7	-539.5	-757.5
Other external expenses	-63.2	-62.8	-207.9	-198.2	-273.2
Depreciation	-5.2	-4.0	-14.9	-12.1	-16.2
Participations in associates	0.2	0.0	0.8	0.4	1.2
Operating profit/loss	5.8	22.0	55.4	73.9	100.3
Net financial items	-0.6	-0.6	-2.7	-3.0	-2.7
Earnings after net financial items	5.2	21.4	52.7	70.9	97.6
Tax	-0.9	-6.1	-12.3	-20.2	-33.2
Profit/loss for period	4.3	15.3	40.4	50.7	64.4
Attributable to:
The Parent Company's shareholder	4.3	15.3	40.4	50.6	64.3
Shareholders with no controlling interests	0.0	0.0	0.0	0.1	0.1
Earnings per share, SEK	0.38	1.35	3.57	4.48	5.68
Average number of shares	11,321,721	11,321,721	11,321,721	11,321,721	11,321,721
Earnings per share after full dilution, SEK	0.38	1.35	3.57	4.48	5.68
Number of shares at end of period	11,321,721	11,321,721	11,321,721	11,321,721	11,321,721
Statement of comprehensive income
Profit/loss for period	4.3	15.3	40.4	50.7	64.4
Other comprehensive income for period: Translation differences in foreign operations,
after tax	-4.6	1.5	-7.5	3.1	0.8
Total other comprehensive income	-4.6	1.5	-7.5	3.1	0.8
Comprehensive income for period	-0.3	16.8	32.9	53.8	65.2

Cash flow statement

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Full year
Group, SEK million	2012	2011	2012	2011	2011
Cash flow from operating activities before
changes in working capital and paid tax	11.4	28.2	67.9	85.2	114.3
Paid tax	-7.5	-11.8	-21.9	-35.7	-24.7
Change in working capital	-9.8	-32.1	-16.3	-43.7	-28.6
Cash flow from operating activities	-5.9	-15.7	29.7	5.8	61.0
Cash flow from investment activities	-1.0	-34.6	-19.7	-43.1	-63.5
Cash flow from financing activities	-2.6	49.2	-36.6	21.3	11.8
Cash flow for the period	-9.5	-1.1	-26.6	-16.0	9.3
Cash and cash equivalents at start of period	31.3	24.9	48.7	39.6	39.6
Exchange rate differences in cash and cash
equivalents	0.1	0.1	-0.2	0.3	-0.2
Cash and cash equivalents at end of period	21.9	23.9	21.9	23.9	48.7
Unutilised overdraft facility	32.1	10.6	32.1	10.6	15.0
Cash and cash equivalents	54.0	34.5	54.0	34.5	63.7

Balance Sheet

	30 Sep	30 Sep	31 Dec
Group, SEK million	2012	2011	2011
Assets
Non-current assets
Goodwill	177.8	171.4	170.0
Other intangible assets	36.9	42.2	38.7
Property, plant and equipment	31.1	30.6	27.3
Financial non-current assets	38.6	29.5	40.8
Deferred tax receivables	1.3	-	1.2
Total non-current assets	285.7	273.7	278.0
Current Assets
Current receivables	337.5	314.0	316.7
Cash and cash equivalents	21.9	24.2	48.7
Total current assets	359.4	338.2	365.4
Total assets	645.1	611.9	643.4
Shareholders' equity and liabilities
Equity attributable to shareholders in the Parent Company	313.3	302.8	314.2
Non-controlling interests	0.2	0.1	0.2
Shareholder's equity	313.5	302.9	314.4
Non-current liabilities	112.6	86.2	114.2
Current liabilities	219.0	197.0	214.8
Total liabilities and equity	645.1	611.9	643.4
Of which, non-interest-bearing liabilities	103.0	119.3	104.7
Pledged assets and contingent liabilities	283.3	170.9	266.1

Change in equity

	30 Sep	30 Sep	31 Dec
Group, SEK million	2012	2011	2011
Shareholders' equity at start of year	314.4	281.6	281.6
Comprehensive income for period	32.9	53.8	65.2
Changes attributable to transactions with the owners
Dividend	-34.0	-19.8	-19.8
Total changes attributable to transactions with the owners	-34.0	-19.8	-19.8
Equity at end of period	313.3	290.2	327.0
Acquisitions of non-controlling interest	-	-12.8	-12.8
Non-controlling interests	0.2	0.1	0.2
Total equity	313.5	302.9	314.4

Acquisition of subsidiaries and operations

No acquisitions or disposals took place during the quarter

Key ratios

	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	Full year
Group	2012	2011	2012	2011	2011
Operating margin, %	2.1	8.8	5.9	9.0	8.8
Profit margin, %	1.8	8.6	5.6	8.6	8.5
Return on equity, %	1.4	5.7	12.9	18.9	21.6
Return on total capital, %	0.9	4.5	8.9	15.0	17.4
Return on capital employed %	1.5	14.0	13.7	21.5	26.8
Cash liquidity (excl. unused overdraft facility), %	164	202	164	202	170
Equity/assets ratio, %	48.6	49.5	48.6	49.5	48.9
Debt/equity ratio, times	0.3	0.4	0.3	0.4	0.3
Interest coverage ratio, times	6	19.8	12	19	20
Debiting ratio %	77	75	76	76	76
Number of working days	65	66	186	187	251
Average number of full-time employees,
excluding lay-offs			1,410	1,196	1,216
Average number of full-time employees,
including lay-offs			1,410	1,204	1,222
Revenue per full-time employee, SEK thousands			670	649	942
Operating profit per full-time employee, SEK
thousand			39	56	82
Net liability, SEK million	81.1	95.1	81.1	95.1	55.9
Earnings per share after tax, SEK	0.38	1.35	3.57	4.48	5.68
Average number of shares	11,321,721	11,321,721	11,321,721	11,321,721	11,321,721
Equity per share at end of period	27.68	26.75	27.68	2675	27.75
Number of shares at end of period	11,321,721	11,321,721	11,321,721	11,321,721	11,321,721

Quarterly summary

	2009	2010	2010	2010	2010	2011	2011	2011	2011	2012	2012	2012
Group, SEK million	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q 1	Q 2	Q3
Income, rolling 12 mths
Sweden	580.8	578.2	597.7	612.2	662.4	734.0	807.4	873.3	920.9	959.1	983.1	1,002.2
Finland	205.9	196.7	193.9	190.9	191.0	200.5	211.1	221.1	237.4	251.6	268.9	280.8
Group-wide, etc.	-9.9	-9.4	-8.4	-7.3	-14.6	-17.6	-18.0	-18.4	-12.3	-12.1	-14.6	-16.2
Total	776.8	765.5	783.2	795.8	838.8	916.9	1,000.5	1,076.0	1,146.0	1,198.6	1,237.4	1,266.8
Operating profit/loss, rolling 12 mths
Sweden	37.4	33.5	37.4	40.8	53.9	68.5	80.0	94.0	96.2	99.4	95.0	82.7
Finland	10.1	6.6	7.9	7.3	7.2	11.5	15.8	15.9	18.7	19.4	22.0	26.6
Group-wide, etc.	-6.9	-6.5	-7.8	-7.1	-9.9	-12.6	-15.1	-16.6	-14.6	-14.5	-19.0	-27.5
Total	40.6	33.6	37.5	41.0	51.2	67.4	80.7	93.3	100.3	104.3	98.0	81.8
Operating margin, rolling 12 mths
Sweden	6.4	5.8	6.3	6.7	8.1	9.3	9.9	10.8	10.4	10.4	9.7	8.3
Finland	4.9	3.4	4.1	3.8	3.8	5.7	7.5	7.2	7.9	7.7	8.2	9.5
Group-wide, etc.	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg
Total	5.2	4.4	4.8	5.2	6.1	7.4	8.1	8.7	8.8	8.7	7.9	6.5
Number of full-time employees
d f d Sweden	643	630	660	664	791	824	862	909	916	948	1,002	1,035
Finland	314	307	299	294	347	351	356	349	353	425	434	434
of which laid off	55	55	41	46	28	9	1	-	-	-	-	-
Group-wide, etc.	4	9	9	9	9	10	10	10	10	11	12	13
Total	961	946	968	967	1,147	1,185	1,228	1,268	1,279	1,384	1,448	1,482

The Parent Company

Income statement

	Jan-Sep	Jan-Sep	Full year
Parent Company, SEK million	2012	2011	2011
Income	11.5	12.6	16.7
Personnel costs	-25.5	-11.4	-16.4
Other external expenses	-10.2	-10.0	-16.2
Participations in associates	0.0	-	1.5
Operating profit/loss	-24.2	-8.8	-14.4
Net financial items	15.7	14.4	33.9
Earnings after net financial items	-8.5	5.6	19.5
Balance sheet appropriations	-	-	0.7
Tax	-	2.9	-1.0
Profit after tax	-8.5	8.5	19.2

Balance Sheet

	30 Sep	30 Sep	31 Dec
Parent Company, SEK million	2012	2011	2011
Assets
Non-current assets
Intangible assets	3.0	3.7	3.5
Financial non-current assets	208.6	194.2	209.7
Total non-current assets	211.6	196.0	213.2
Current Assets
Current receivables	24.2	43.9	8.4
Cash and cash equivalents	3.4	-	24.8
Total current assets	27.6	43.9	33.2
Total assets	239.2	241.8	246.4
Shareholders' equity and liabilities
Shareholder's equity	73.0	104.8	115.5
Untaxed reserves	17.6	18.3	17.6
Non-current liabilities	47.4	29.7	60.6
Current liabilities	101.2	89.0	52.7
Total liabilities and equity	239.2	241.8	246.4

Change in equity

	30 Sep	30 Sep	31 Dec
Parent Company, SEK million	2012	2011	2011
Shareholders' equity at start of year	115.5	116.1	116.1
Dividend	-34.0	-19.8	-19.8
Profit/loss for period	-8.5	8.5	19.2
Equity at end of period	73.0	104.8	115.5

Rejlers' shares

The last buy price for the Rejlers class B share was SEK 68.50 at the end of the quarter, an increase of 11 per cent compared with 30 December 2011. The last buy price for the Rejlers class B share on 5 November 2012 was SEK 67 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.

Rejlers' ten largest owners as at 28 September 2012

	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	382,450	5.7	13.3
Lannebo Micro Cap	-	1,444,000	12.7	6.4
Lauri Valkonen	50,000	498,000	4.8	4.4
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
Fondita Nordic Micro Cap	-	466,200	4.1	2.1
Didner & Gerge Småbolag		444,185	3.9	2.0
Råbe Industrikonsult AB		276,500	2.4	1.2
Total 10 largest shareholders	1,241,250	5,910,491	62.9	81.2
Total other shareholders	10,000	4,159,980	37.1	18.8
Total	1,251,250	10,070,471	100.0	100.0

Annual General Meeting 2013

The Annual General meeting will be held at Rejlers' office in Stockholm, Lindhagensgatan 126, on 2 May 2013. Information on the Nomination Committee and the AGM will be available on the company's website, www.rejlers.se.

Significant risks and uncertainties

There is a certain degree of risk associated with all enterprises. 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 2012	14 February 2013
Interim report January–March 2013	2 May 2013
Annual General Meeting 2013	2 May 2013

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 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 policies, please refer to the Annual Report for 2011. A number of modifications to standards and IFRIC interpretations came into force in 2012. None of these has had a significant impact on the Group's accounts and reporting.

The Parent Company's reporting has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and RFR 2, Accounting for legal entities.

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, 6 November 2012 Rejlerkoncernen AB (publ)

Eva Nygren President and CEO

REJLERKONCERNEN AB (publ) PO Box 30233, SE-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. E-mail: info@rejlers.se, www.rejlers.se

Auditor's report on review of Interim Financial Information in summary for Rejlerkoncernen AB (publ) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act.

Introduction

We have conducted a review of the interim report for Rejlerkoncernen AB (publ) for the period January to September 2012. The Board of Directors and the President 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.

Aim and scope of the review

We 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 considerably less far-reaching in terms of scope than an audit conducted in accordance with the ISA and other generally accepted good 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.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information has not, in all essentials, been 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, 6 November 2012

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 2,015 employees and have a 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 a natural growth market.

The Group has around 1,500 employees, spread across more than 70 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 rations

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 equity Cash liquidity 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 the average number of shares Shareholders' 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 6 November 2012 at 8.00 am.

This interim 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.