Rejlers — Interim / Quarterly Report 2011

Feb 17, 2012

Rejlerkoncernen AB (publ)

Year-end Report 2011 17 February 2012

A year of strong growth and profitability

January-December

• Revenue totalled SEK 1,146.0 million (838.9), an increase of 37 per cent
• The operating profit was SEK 100.3 million (51.2)
• The operating margin was 8.8 per cent (6.1)
• The profit after tax was SEK 64.3 million (35.2)
• Earnings per share were SEK 5.68 (3.22)
• The Board proposes a dividend of SEK 3.00 SEK/share (1.75)

Fourth quarter

• Revenue totalled SEK 322.7 million (252.7), an increase of 28 per cent
• The operating profit was SEK 26.4 million (19.4)
• The operating margin was 8.2 per cent (7.7)
• The profit after tax was SEK 13.7 million (11.5)
• Earnings per share were SEK 1.21 (1.02)

Statement from President and CEO Peter Rejler

Despite the financial turmoil and shaky stock markets, Rejlers managed to exceed its growth targets and turn 2011 into a record year. Our growth has remained strong and has occurred both through recruitment of employees and through acquisitions. Net, we have increased of 300 employees, if we include Norwegian Rejlers Consulting and the entity acquired from Rambøll Finland. The Group's total revenue growth in 2011 was as much as 37 per cent. The level of incoming orders for the fourth quarter remained strong, and the positive trend at the end of 2011 has continued through the beginning of 2012.

In 2012 we will create a corporate structure to support a company with 2,000 employees spread across various national markets. The recruitment of Eva Nygren as the new CEO forms a part of that strategy. Eva Nygren brings a level of experience and know-how to Rejlers that will be an invaluable asset for the company. Her arrival will allow me to focus more on Rejlers' overall objectives and strategic development. Eva Nygren will take up her duties in connection with Rejlers' Annual General Meeting on 2 May 2012.

This year marks Rejlers 70th anniversary, which will be celebrated in the form of increased marketing and employee activities during the third quarter of 2012. The anniversary constitutes an important catalyst for continuing to build a successful business for many years to come.

Rejlers secured several noteworthy assignments during the fourth quarter of 2011. Some of these assignments include Munters in Belgium, where Rejlers is project managing the delivery of energy-efficient cooling equipment for data centres. In Sweden, Rejlers has been commissioned by the Swedish Energy Agency (Energimyndigheten) to perform a risk and vulnerability analysis for the energy sector. Rejlers has also been commissioned by the EU and local authorities to develop an Ecostart environmental system in Finland for small enterprises. The system is a simplified environmental certification system suitable for smaller organisations and companies.

In view of our strong development in recent years, I am more confident than ever that we will achieve our objective of 3 x 2015 – to have at least 2,015 employees and revenue of at least SEK 2,015 million by the year 2015.

For further information, please contact:

Peter Rejler, President and CEO, Tel. +46 (0)70 602 34 24, e-mail: peter.rejler@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 profit, MSEK				Operating profit/loss, MSEK			Operating margin, %
	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010
	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	257.1	211.9	907.4	662.4	22.3	21.2	95.2	53.9	8.7	10.0	10.3	8.1
Rejlers Finland	67.5	52.1	236.5	191.1	8.1	4.5	19.5	7.2	12.0	8.6	8.3	3.8
Group wide	-1.9	-11.3	2.1	-14.6	-4.0	-6.3	-14.4	-9.9	-	-	-	-
Totalt Group	322.7	252.7	1 146	838.9	26.4	19.4	100.3	51.2	8.2	7.7	8.8	6.1

Revenue and profits

October - December 2011

Revenue in the fourth quarter totalled SEK 322.7 million (252.7) an increase of 28 per cent compared with the same period last year. The operating profit was SEK 26.4 million (19.4). The operating margin was 8.2 per cent (7.7). The number of working days during the second quarter was 64 (64). The debiting ratio was 76 per cent (75). The profit after net financial items was SEK 26.7 million (17.9) and the profit after tax was SEK 13.7 million (11.8). Earnings per share were SEK 1.21 (1.02).

January – December 2011

Revenue for the year totalled SEK 1,146.0 million (838.9) an increase of 37 per cent compared with the previous year. The operating profit was SEK 100.3 million (51.2). The operating margin was 8.8 per cent (6.1). The number of working days during the period was 251 (250). The debiting ratio was 76 per cent (74). The profit after net financial items was SEK 97.6 million (49.3) and the profit after tax was SEK 64.4 million (35.2). Earnings per share were SEK 5.68 (3.22). Financial income totalled SEK 2.4 million (0.4), and financial expenses totalled SEK -5.1 million (-2.3).

Revenue in Finland was adversely affected in SEK due to the weakening of the euro. Measured in euros, revenue in Finland rose by 31 per cent compared to last year.

Compared with the corresponding period in 2010, the acquisitions of Per Schönbeck Elprojekt, Nitek and APAS Energiteknikk have been incorporated into the Group. The acquisition of 49 per cent of the associates Rejlers Consulting (former Nettkonsult) in September of 2011 has only had a marginal impact on the Group's operating profit for the full year.

Transactions with related parties took place on market terms and have not had a significant impact on the Group's earnings.

Operating profit per quarter and rolling 12 months, MSEK

Turnover per quarter and rolling 12 months,

Operating margin per quarter and rolling 12 months

Number of full-time employees at end of quarter

Operating profit Operating profit, rolling 12 months

Capital expenditure

Investments in equipment amounted to SEK 9.1 million (10.7), while investments in intangible assets and trading amounted to SEK 57.0 million (100.0). Depreciation and impairments totalled SEK -16.2 million (-15.3).

Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Cash flow and financial position

Cash flow from operating activities was SEK 61.0 million (19.2). At the end of the period, the Group's cash and cash equivalents totalled SEK 48.7 million, compared with SEK 39.6 million as of 31/12/2010, excluding an unused overdraft facility of SEK 15.0 million. Interest-bearing liabilities increased by SEK 38.3 million and totalled SEK 104.7 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 48.9 per cent, compared with 52.2 as of 31/12/2010.

Equity per share was SEK 27.75 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 1,279 (of which 0 were laid off in Finland), compared with 1,147 (of which 28 were laid off) on 31/12/2010. The average number of employees for the year was 1,222 (of which 6 were laid off in Finland), compared with 1,038 (of which 46 were laid off) for the corresponding period last year.

The Parent Company

The Parent Company's net revenue for the period totalled SEK 16.7 million (16.4), with a profit after tax of SEK 19.2 million (-13.3).

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

The Board of Directors of the Rejler Group has appointed Eva Nygren to the position of new President and CEO of Rejlers. She comes to Rejlers from Sweco, where she for the past six years has held the position of CEO of Sweco Sweden, which has around 3,000 employees.

Eva Nygren's mission at Rejlers will be to achieve the growth target 2015x3, by which the company should have at least 2,015 employees and revenue of at least SEK 2,015 million by the year 2015, as well as to give the company a more international touch. Eva will take up her duties in connection with Rejlers' Annual General Meeting on 2 May 2012. The company's current CEO, Peter Rejler, will be nominated as the new Executive Chairman of the Board at the Annual General Meeting. The current Chairman of the Board, Ivar Verner, will be nominated as the new Vice Chairman. The Board of Directors has also appointed the company's CFO Lars Solin to Deputy MD.

Rejlers' associate Nettkonsult has changed its name to Rejlers Consulting AS, in order to emphasize Rejlers' presence in the Norwegian market. The company's subsidiary within Electrical safety has been renamed Rejlers Elsikkerhet AS. Rejlers currently owns 49 per cent of the shares in Rejlers Consulting and will acquire the remaining 51 per cent during the first half of 2014 at the latest.

Rejlers Consulting AS has expanded through the acquisition of Oslo Elprosjektering AS. The company primarily provides advisory services to the Construction and property sector, such as hospitals, sports facilities and schools, primarily in the Oslo area. This acquisition allows Rejlers Consulting to further fortify its business operations within the areas of Electric Power and electric mains and to customers within Construction and property as well. Oslo Elprosjektering has eight employees and revenue of around NOK 9 million.

On 1 February 2012, Rejlers' subsidiary Rejlers Oy in Finland acquired the consultancy operations within automation and electricity from Rambøll Finland Oy. The acquired business has around 70 employees and revenue of approximately € 5.5 million for 2011. The acquisition strengthens Rejlers' ability to provide technical consulting services to the customer groups Industry and Energy, while significantly increasing Rejlers' services in Finland. This acquisition brings Rejlers employees in Finland to around 430.

Acquisition of associates

The acquisition value of the holding in Nettkonsult has increased to SEK 35.3 million by means of a new share issue. The value of the share includes good will at SEK 22.8 million and customer value of SEK 8.5 million. These values are preliminary, as a final analysis of the assets and liabilities of the acquired Nettkonsult Group has not yet been completed.

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, as well as in 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 quarter, Rejlers Sweden had 916 (791) employees.

The market

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

Assignments for industrial customers currently account for around 30 per cent of the segment's revenue. Both the debiting ratio and incoming orders have improved for Rejlers' industrial consultants during the year. The majority of the assignments in Sweden stem from the engineering, mining and pharmaceutical industries.

There has been an increase in Energy assignments and a number of Rejlers' energy consultants are working on projects aimed at increasing security and efficiency at existing nuclear power plants. At the same time, considerable investments are being made in the areas of wind power, cogeneration, solar energy and wave power. At the present time, Rejlers has an established business presence in large parts of this market. Major investments in the electric mains are needed in order to link these new sources of power to a fully operational grid. We are also working extensively on delivery inspections of wind power contracts, as well as providing environmental impact assessments (EIA) to our customers.

Rejlers is a market leader within energy metering services in Sweden, and there is great interest in measurement services aimed at increasing energy savings. This year has seen an increase in the number of measurement facilities, which means that we currently gather approximately 1.7 million meter readings per day. Rejlers' energy surveys for the Industry and Property sectors involve surveying the operations' consumption of energy and suggestions for energy conservation. Rejlers provides proposals for environmental and energy saving systems for heating, water, ventilation, cooling and steam.

Rejlers operates in the greater part of the Infrastructure sector, and the investment level within infrastructure and telecommunications continues to be high. Major investments are planned during the coming years, such as in the area of track-based traffic and upgrading the Swedish road and rail network, among others. We have secured several railway projects related to the modernisation of the Northern, Southern and Western main railway lines in Sweden. Another growing technical area for Rejlers is the control and monitoring of traffic flow in major cities. Examples of other assignments are planning all the outdoor lighting for the Town Planning Office (Trafikkontoret) in Stockholm and new traffic junctions for the Swedish Transport Administration (Trafikverket).

The consultant market for telecommunications is growing. This development is due to shifts in technology within both the fixed line as well as the mobile network. National operators are expanding capacity in the networks and investing more in security, which provides 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 (Trafikverket). Rejlers is also participating in Telia's village community investment, through which all communities with less than 200 inhabitants shall be given broadband access.

We are involved in several major new projects within the Construction and property area, including renovations and new construction of properties with a focus on energy efficiency (energy-smart properties). The construction sector is expected to slow down during 2012, primarily affecting the housing sector, which is more

sensitive to economic trends. The assessment is that there will continue to be healthy demand for consultancy services regarding new office properties and commercial properties in major cities. In January 2012 Rejlers acquired Ingenjörer Hekab Elkonsult AB, which has three employees and an office in Härnösand.

The Norwegian energy market is facing major investments in areas such as electric mains, which will create high demand for consultants as we expand in Norway. During the past year, Rejlers has grown within the energy area through the acquisition of 49 per cent of Rejlers Consulting (Nettkonsult). Infrastructure and telecommunications are other strong growth areas in Norway. Rejlers has established telecommunications operations in Norway and extended the framework agreement regarding Nødnett, Norway's emergency communications network.

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

• We have received a large order from Munters in Belgium, appointing Rejlers as project manager. The project involves the delivery of energy-efficient cooling equipment for data centres. The technology is environmentally friendly, saving the customer 75 per cent of energy costs. This cooling technology is also used in the construction of Facebook's first European data centre in Luleå, another project in which Rejlers is involved.
• The Swedish Nuclear Fuel and Waste Management Company (Svensk kärnbränslehantering/SKB) has commissioned Rejlers to inventory, review and update all the technical plant documentation related to SKB's inventory of low and medium active waste (SFR) at the Forsmark nuclear plant. This assignment includes construction documentation, all system descriptions as well as instructions related to operations, disruptions and maintenance.
• Rejlers is planning and project managing the modernisation and reinforcement of all the traffic information equipment at Stockholm's central railway station, Stockholm Central.

Rejlers Finland

Operations in the operating segment Finland 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. 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 year-end was 353 (347).

The market

The Finnish economy recovered well during the year, but the prospects have changed somewhat owing to the uncertainty in the global economy. However, the order status is still positive in all markets for the next six months. In early 2012, Rejlers acquired the consultancy operations within automation and electricity with about 70 employees from Rambøll Finland Oy. This acquisition strengthens Rejlers' ability to provide technical consulting services to the customer groups Industry and Energy.

The weakening of the euro has improved the competitiveness of Finnish industry. In Finland, the greatest demand lies within the shipbuilding industry, paper and pulp as well as the steel and engineering industries. Rejlers has been planning heating, ventilation and sanitation systems for cruise ships during this quarter, which constitutes a whole new market.

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. Incoming orders have increased for assignments within automatic meter reading services (AMR) in Finland. We have signed a contract with Fingrid Oy, which will make Rejlers the largest supplier of energy metering services for Fingrid, thereby covering a total of 75 per cent of the national electric mains network in Finland.

New investments in renewable energy production and energy efficiency are providing Rejlers with more assignments. Our environmental consultants are very knowledgeable within both environmental legislation as well as different types of environmental technology and processes. We performed an environmental impact assessment (EIA) for a customer in Finland that is developing a wind farm. Rejlers rendered an assessment of the significant environmental impact and prepared a regional plan for this project. Investments in the oil industry have also increased steadily, and this positive trend is expected to continue.

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. Rejlers has been commissioned to develop an Ecostart environmental system for companies and organisations that regard certification according to ISO 14000 as too extensive an undertaking in view of their size.

Rejlers is well positioned in the market within Construction and property in the Helsinki area. The European financial crisis has not yet had an impact on operations, but the investments in public construction in Finland are expected to reduce. Rejlers' order inflow for 2012 is positive in metropolitan areas. Following the acquisition of Lausamo Oy in 2011, Rejlers currently has approximately 50 employees within Construction and property in Finland and an office in Moscow.

Within Lausamo we have implemented a large assignment for the Helsinki Music Centre which encompasses the planning of all electrical engineering from lighting to the telecommunications system. This assignment requires innovative design solutions such as 3D technology. We currently also have assignments within several major construction projects in Moscow. One such project is for The City of Moscow, in which we provide the design, architecture, heating, ventilation and sanitation, as well as automation technology when renovating the State offices.

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

• Rejlers Projektit Oy was contracted to deliver an electrical and automation system for monitoring shell casting for the Finnish national defence in Haapajärvi. The project delivery included providing equipment, technology, purchasing, programming, installation, commissioning, customer training and maintenance.
• Rejlers has signed a contract with Fingrid Oy, which will make Rejlers the largest supplier of energy metering services for Fingrid, thereby covering a total of 75 per cent of the Finnish national electric mains network.

The Group

Income statement

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Group, SEK million	2011	2010	2011	2010
Income	322.7	252.7	1 146.0	838.9
Personnel costs	-212.8	-169.4	-757.5	-578.8
Other external expenses	-80.2	-59.4	-273.2	-194.4
Depreciation	-4.1	-4.8	-16.2	-15.3
Shares in associates	0.8	0.3	1.2	0.8
Operating profit	26.4	19.4	100.3	51.2
Net financial items	0.3	-1.5	-2.7	-1.9
Profit after net financial items	26.7	17.9	97.6	49.3
Tax	-13.0	-6.1	-33.2	-14.1
Profit for period	13.7	11.8	64.4	35.2
Attributable to:
The Parent Company's shareholder	13.7	11.8	64.3	35.2
Shareholders with non-controlling interests	0.0	0.0	0.1	0.0
Earnings per share, SEK	1.21	1.02	5.68	3.22
Average number of shares	11,321,721	11,321,721	11,321,721	10,946,721
Earnings per share after full dilution, SEK	1.21	1.02	5.68	3.11
Number of shares at end of period	11,321,721	11,321,721	11,321,721	11,321,721
Report of comprehensive income
Profit for period Other comprehensive income for period: Translation differences in foreign operations,	13.7	11.8	64.4	35.2
after tax	-2.3	-2.0	0.8	-9.6
Total other comprehensive income	-2.3	-2.0	0.8	-9.6
Comprehensive income for period	11.4	9.8	65.2	25.6

Cash flow statement

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
Group, SEK million	2011	2010	2011	2010
Cash flow from operating activities before
changes in working capital and paid tax	29.1	23.9	114.3	66.5
Tax paid	11.0	-4.8	-24.7	-23.7
Change in working capital	15.1	-3.8	-28.6	-23.6
Cash flow from operating activities	55.2	15.3	61.0	19.2
Cash flow from investment activities	-20.5	-95.3	-63.5	-102.4
Cash flow from financing activities	-9.4	80.8	11.8	63.3
Cash flow for the year	25.3	0.8	9.3	-19.9
Cash and cash equivalents at start of period	23.9	40.2	39.6	62.7
Exchange rate differences in cash and cash
equivalents	-0.5	-1.4	-0.2	-3.2
Cash and cash equivalents at end of period	48.7	39.6	48.7	39.6
Unused overdraft facility	15.0	11.1	15.0	11.1
Unappropriated funds	63.7	50,7	68.7	50,7

Balance sheet

	31 Dec	31 Dec
Group, SEK million	2011	2010
Assets
Non-current assets
Goodwill	170.0	165.5
Other intangible assets	38.7	40.8
Property, plant and equipment	27.3	28.6
Financial non-current assets	40.8	2.3
Deferred tax receivables	1.2	-
Total non-current assets	278.0	237.2
Current assets
Current receivables	316.7	262.8
Cash and cash equivalents	48.7	39.6
Total current assets	365.4	302.4
Total assets	643.4	539.6
Equity and liabilities
Equity attributable to shareholders in the
Parent Company	314.2	268.8
Non-controlling interests	0.2	12.81)
Equity	314.4	281.6
Non-current liabilities	114.2	72.42)
Current liabilities	181.2	185.62)
Total equity and liabilities	643.4	539.6
Of which interest-bearing liabilities	104.7	66.4
Pledged assets and contingent liabilities	42.9	47.1

1) Relates primarily to 45 per cent of Lausamo.

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

Change in equity

	31 Dec	31 Dec
Group, SEK million	2011	2010
Equity at start of year	281.6	230.6
Comprehensive income for period	65.2	25.6
Changes attributable to transactions with
the owners
Dividend	-19.8	-16.3
New share issue	-	28.9
Total changes attributable to transactions
with the owners	-19.8	12.6
Equity at end of period	327.0	268.8
Acquisition of non-controlling interest	-12.8	-
Non-controlling interests	0.2	12.8
Total equity	314.4	281.6

Key ratios

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
The Group	2011	2010	2011	2010
Operating margin %	8.2	7.7	8.8	6.1
Profit margin %	8.3	7.1	8.5	5.9
Return on equity, %	4.5	4.5	21.6	14.1
Return on total capital, %	4.5	4.2	17.4	11.3
Return on capital employed %	6.6	6.2	26.8	18.1
Cash liquidity (excl. unused overdraft facility), %	170	186	170	186
Equity/assets ratio %	48.9	52.5	48.9	52.2
Debt/equity ratio, times	0.3	0.2	0.3	0.2
Interest coverage ratio, times	23	14	20	22
Debiting ratio %	76	75	76	74
Number of working days	64	64	251	250
Average no. of full-time employees1)			1,2161)	1,0101)
Revenue per full-time employee, SEK thousands			942	830
Operating profit per full-time employee, SEK			82	51
Net liability, SEK million	55.9	24.4	55.9	24.4
Earnings per share after tax, SEK	1.21	1.02	5.68	3.22
Average number of shares	11,321,721	11,321,721	11,321,721	10,946,721
Equity per share at end of period	27.75	23.74	27.75	23.74
Number of shares at end of period	11,321,721	11,321,721	11,321,721	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 1,222 for Jan-Dec 2011 and 1,038 for Jan-Dec 2010 respectively.

Quarterly summary

	2009	2009	2009	2009	2010	2010	2010	2010	2011	2011	2011	2011
Group, SEK million	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q 4
Income, rolling 12 months
Sweden	600.5	591.8	582.8	580.8	578.2	597.7	612.2	662.4	734.0	807.4	873.3	920.9
Finland	216.7	215.1	213.9	205.9	196.7	193.9	190.9	191.0	200.5	211.1	221.1	237.4
Group-wide, etc.	-4.5	-4.3	-4.3	-9.9	-9.4	-8.4	-7.3	-14.6	-17.6	-18.0	-18.4	-12.3
Total	812.7	802.6	792.4	776.8	765.5	783.2	795.8	838.8	916.9	1,000.5	1,076.0	1,146.0
Operating profit/loss, rolling 12 months
Sweden	68.6	58.5	46.9	37.4	33.5	37.4	40.8	53.9	68.5	80.0	94.0	96.2
Finland	19.4	12.2	9.4	10.1	6.6	7.9	7.3	7.2	11.5	15.8	15.9	18.7
Group-wide, etc.	-3.8	-3.2	-4.1	-6.9	-6.5	-7.8	-7.1	-9.9	-12.6	-15.1	-16.6	-14.6
Total	84.2	67.5	52.2	40.6	33.6	37.5	41.0	51.2	67.4	80.7	93.3	100.3
Operating margin, rolling 12 months
Sweden	11.4	9.9	8.0	6.4	5.8	6.3	6.7	8.1	9.3	9.9	10.8	10.4
Finland	9.0	5.7	4.4	4.9	3.4	4.1	3.8	3.8	5.7	7.5	7.2	7.9
Group-wide, etc.	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg	neg
Total	10.4	8.4	6.6	5.2	4.4	4.8	5.2	6.1	7.4	8.1	8.7	8.8
Number of full-time employees
d f d Sweden	634	630	640	643	630	660	664	791	824	862	909	916
Finland	299	300	300	314	307	299	294	347	351	356	349	353
of which laid off	-	60	62	55	55	41	46	28	9	1	-	-
Group-wide, etc.	4	4	4	4	9	9	9	9	10	10	10	10
Total	937	934	944	961	946	968	967	1,147	1,185	1,228	1,268	1,279

The Parent Company

Income statement

	Jan-Dec	Jan-Dec
Parent Company, SEK million	2011	2010
Income	16.7	16.4
Personnel costs	-16.4	-12.2
Other external expenses	-16.2	-13.6
Shares in associates	1.5	0.8
Operating profit/loss	-14.4	-8.6
Net financial items	33.9	24.0
Profit/loss after net financial items	19.5	15.4
Appropriations	0.7	2.4
Tax	-1.0	-4.5
Profit/loss after tax	19.2	13.3

Balance sheet

	31 Dec	31 Dec
Parent Company, SEK million	2011	2010
Assets
Non-current assets
Intangible assets	3.5	2.7
Financial assets	209.7	169.0
Total non-current assets	213.2	171.7
Current assets
Current receivables	27.1	61.3
Cash and cash equivalents	48.2	-
Total current assets	75.3	61.3
Total assets	288.5	233.0
Equity and liabilities
Equity	115.5	116.1
Untaxed reserves	17.6	18.3
Non-current liabilities	60.6	28.5
Current liabilities	94.6	69.0
Total equity and liabilities	288.5	233.0

Change in equity

	31 Dec	31 Dec
Parent Company, SEK million	2011	2010
Equity at start of year	116.1	90.1
New share issue	-	28.9
Dividend	-19.8	-16.3
Profit/loss for period	19.2	13.3
Equity at end of period	115.5	116.1

Rejlers' shares

The last buy price for Rejlers' class B shares was SEK 62 per share at the end of the year, compared with SEK 65 on 30/12/2010. On 16 February 2012 the last buy price for Rejlers' class B shares was SEK 71.75 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.

Development Rejlers' shares Jan 2008 - Dec 2011

Annual General Meeting 2012

The Annual General meeting will be held at Rejlers' office in Stockholm, Lindhagensgatan 126, on 2 May 2012 at 5 pm. Information on the Nomination Committee and the AGM are available on the company's website, www.rejlers.com. The company's Annual Report will be available on the website as of the 26 March 2012.

	Rejlers' ten largest owners 30/12/11, 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	382,450	5.7	13.3
Lannebo Micro Cap	-	1,144,000	10.1	5.1
Lauri Valkonen	50,000	598,000	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
Fondita Nordic Micro Cap	-	466,200	4.1	2.1
Råbe Industrikonsult AB	-	404,211	3.6	1.8
Heikki Kilpeläinen	-	310,000	2.7	1.4
Total 10 largest shareholders	1,241,250	5,704,017	61.3	80.2
Total other shareholders	10,000	4,366,454	38.7	19.8
Total	1,251,250	10,070,471	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 3.00 per share(1.75) be distributed for the financial year 2011, which corresponds to 53 per cent of the earnings per share. The dividend amount corresponds to SEK 34.0 million (19.8).

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

Interim Report, January-March 2012 2 May 2012 Annual General Meeting 2012 2 May 2012 Interim Report January-June 2012 14 August 2012 Interim Report, January-September 2012 6 November 2012 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 Report for both the Group and the Parent Company. For detailed information regarding accounting principles, see the Annual Report for 2010.

The Parent Company's reporting has been prepared in accordance with the Swedish Annual Accounts Act (ÅRL) and RFR 2, Accounting for legal entities. Previously received and paid Group contributions were reported directly in equity with related tax effects. From 2011 received and paid Group contributions are reported among financial items. The new principle has been applied retrospectively and comparative figures for 2010 have been adjusted.

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, 17 February 2012 Rejlerkoncernen AB (publ)

Peter Rejler President and CEO

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

REJLERKONCERNEN AB (publ) PO Box 30233, SE-104 25 Stockholm, Sweden 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

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 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 a natural growth market.

The Group has around 1,400 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 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 17 February, 2012 at 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.