Rejlers

Quarterly Report • May 3, 2019

Q1 Interim Report Rejlers AB January–March 2019

"We will increase shareholder value through a more efficient, growing and learning Rejlers."

JANUARY–MARCH

IN BRIEF

• Net sales increased to SEK 610.4 million (603.2)
• Organic sales growth excluding exchange rate fluctuations amounted to -0.4% (-1.7)
• EBITA increased to SEK 38.7 million (8.1) including impact from IFRS 16 Leasing of SEK 0.6 million and the EBITA margin increased to 6.3% (1.3)
• Operating profit (EBIT) increased to SEK 35.5 million (5.1) and the operating margin was 5.8% (0.8)
• Profit after tax increased to SEK 28.2 million (1.5), including an impact from IFRS 16 Leasing of SEK -0.7 million
• Earnings per share before and after dilution were SEK 1.55 (0.07)
• Cash flow from operating activities totalled SEK 63.7 million (70.7)
• Total cost of restructuring measures was SEK 0.0 million (13.4)
• The board proposes that the AGM approve a dividend of SEK 1 per share (0.50)

SIGNIFICANT EVENTS DURING THE QUARTER

Rejlers was entrusted as the turnkey contractor for building-partnering projects. Rejlers has been entrusted as the turnkey contractor in a building project with partnering as the approach for the customer Mariestad Municipality.

Rejlers signs a framework agreement with Stockholm Exergi. The framework comprises delivery of services within technical project management, electrical power and inspections and runs until 1 September 2020 with a possibility of extension two years at a time until 1 September 2027.

The order from Neste Engineering Solutions includes demanding instrumentation design for an automation project at Neste's oil refinery Borgå. Work will be under way until summer 2020.

The power company Loiste Sähköverkko Oy engaged Rejlers for the overall planning and permit work for the drawing of a new 110-kV power line between Pyhäntä and Piiparinmäki. The planning and permit work will be under way until 2020.

610.4 38.7 1.55 NET SALES, SEK MILLION EBITA, SEK MILLION EARNINGS PER SHARE, SEK JANUARY–MARCH:

We are continuing to build the new Rejlers

For more than one year, we have deliberately downsized the operations with the aim of creating a more efficient and more profitable Rejlers that lets us achieve our full potential. During the first quarter, our sales stabilised and we noted a small growth.

In parallel, we see a good development for earnings and margins all three segments, where we made major changes in the past year. With the launch of a new strategy and vision in the second quarter of the year, we are continuing to build the new Rejlers.

Change work

The measures we carried out in 2018 are just the first step in our journey of change. We are continuing to launch aggressive efforts for the future, such as now further developing the Swedish operations new, division-based organisation. From 1 May 2019, Rejlers Sweden has a total of four divisions when Industry and Infrastructure are merged into one common division with the aim of being able to engage key customers, such as the Swedish Transport Administration, as an even stronger and broader technical partner. As the infrastructure systems of the future become increasingly industrialised with ever more automation and digitalisation, it also provides technical synergies.

Utilisation and networking

Through the division merger, we also want to contribute to a higher utilisation in the Swedish operations. This increased somewhat during the quarter, but still did not reach the target. The network in our digital business platform Rejlers Network, which was launched at the end of last year, is steadily growing as new external consultants are joining. At the writing of this report, they number more than 200 (0). The network supplements our own base of expertise and enables us to accept more assignments.

Home of the learning minds

In parallel with the reorganisation, we have worked to develop our strategy and developed a new vision and position for 'Rejlers 2025'. We are launching the new vision in the second quarter of the year as 'Rejlers – Home of the learning minds', with the goal that Rejlers will become a company that distinguishes itself in continuous learning, development and growth. We will be the industry's most learning company. We are therefore now also seeking the Stockholm Stock Exchange's first "Head of Learning" with a place in Group management. By 2025, we will further double our annual sales and achieve an EBITA margin of 10 per cent over time.

Some personal reflections

The fact that sales are being normalised with a significantly better earnings gives us reason to be confident that we are doing the right things that bear fruit. Now, with joy and energy, we will take on the task of developing a collegial culture of knowledge at Rejlers to become a company where one constantly learns – Home of the learning minds. In brief, we will increase shareholder value through a more efficient, growing and learning Rejlers.

Stockholm, 3 May 2019

Viktor Svensson

30.6 INCREASE IN EBITA, SEK MILLION

"We are launching the new vision in the second quarter of the year as 'Rejlers – Home of the learning minds'

New strategy and vision – Rejlers 2025

New vision

Our new vision Rejlers – Home of the learning minds is based on the winning companies of the future in a rapidly changing, digital world being those that make strong investments in continuous learning and in sharing their knowledge. Partly through a generous culture, and partly through modern IT tools. To ensure our profitability, we will therefore distinguish ourselves in learning by 2025. This way, we will be on the leading edge of development, be able to attract the best talents and maintain a competitive network. Rejlers will be the most learning company of the technical consulting industry by 2025.

New core values

After an extensive internal process, we also formulated new core values to build a corporate culture that will help us realise our vision for Rejlers 2025. The core values are: Open source culture – we learn, share our knowledge and are constantly inquisitive, Love the challenge – we happily take on large, never before seen challenges, and Brilliant networks – both within and outside our walls, we take good care of and develop dynamic partnerships that are characterised by respect, diversity and innovation.

Open source culture

Love the challenge

Brilliant networks

Financial summary

FIRST QUARTER JANUARY - MARCH 2019

INCOME AND PROFIT

Net sales increased to SEK 610.4 million (603.2), an increase of 1.2 per cent compared to the yearbefore period. Organic growth excluding exchange rate fluctuations amounted to -0.4 per cent.

EBITA for the quarter increased to SEK 38.7 million (8.1), including an impact from IFRS 16 Leases of SEK 0.6 million EBITA margin amounted to 6.3 per cent (1.3). The increase is attributed to greater efficiency, lower costs and one workday more during the quarter compared with the previous year. EBITA 2018 includes restructuring costs of SEK 13.4 million. Operating profit (EBIT) amounted to SEK 35.5 million (5.1) and the operating margin was 5.8 per cent (0.8)

The quarter's financial income amounted to SEK 3.3 million (2.2) and pertains mainly to currency translations. Financial expenses amounted to SEK 2.6 million (1.6) and are mainly attributable to interest expenses and currency translations.

The quarter's tax expense amounted to SEK 8.0 million (4.2). The higher tax expense is mainly attributable to improved earnings.

Profit after tax for the period amounted to SEK 28.2 million (1.5), including an impact from IFRS 16 Leases of SEK -0.7 million. Earnings per share amounted to SEK 1.55 (0.07) both before and after dilution.

SALES BY COUNTRY, %

NET SALES, SEK MILLION

EBITA, SEK MILLION

KEY FIGURES	Q1 19	Q1 18	2018
Net sales, SEK million	610.4	603.2	2,365.2
Organic growth excluding exchange rate effects, %	-0.4	-1.7	-4.3
EBITA, SEK million	38.7	8.1	44.1
EBITA margin, %	6.3	1.3	1.8
Operating profit (EBIT), SEK million	35.5	5.1	36.1
Profit after tax, SEK million	28.2	1.5	16.2
Earnings per share before dilution, SEK	1.55	0.07	0.85
Earnings per share after dilution, SEK	1.55	0.07	0.85
Cash flow from operating activities, SEK million	63.7	70.7	123.1
Net debt/EBITDA rolling 12 mo.*), multiple	2.5	2.3	1.4

* From the first quarter of 2019, IFRS 16 entered into effect, impacting EBITA in an amount of SEK 0.6 million, EBITDA in an amount of SEK 25,9 million and profit after tax negatively in an amount of SEK 0.7 million.

FIRST QUARTER JANUARY - MARCH 2019

CASH FLOW AND FINANCIAL POSITION

During the quarter, the Group generated a cash flow from operating activities of SEK 63.7 million (70.7). Consolidated cash and cash equivalents at the end of the period amounted to SEK 84.7 million, compared with SEK 38.2 million as of 31 December 2018.

Interest-bearing liabilities increased by SEK 215.8 million since 31 December 2018 to SEK 335.6 million at the end of period; see page 15. The increase is attributable to new accounting policies. The increase of the leasing component with regard to IFRS Leasing of interest-bearing liabilities amounts to SEK 259.6 million.

Net debt amounted to SEK 335.6 million, compared with SEK 119.8 million as of 31 December 2018. Net debt is also affected by the leasing effect; see page 15. Net debt in relation to EBITDA rolling 12 months amounted to 2.5 at the end of the period compared with 1.4 at 31 December 2018. The equity/assets ratio amounted to 43.4 per cent, compared with 50.6 as at 31 December 2018.

Equity per share was SEK 41.28 at the end of the period compared to SEK 39.10 as of 31 December 2018. The Group's overdraft facilities of SEK 150.0 million (150.0) are entirely unutilised.

INVESTMENTS

Investments in property, plant and equipment amounted to SEK 1.5 million (1.9) and mainly pertain to servers and other IT equipment, while investments in intangible assets, mainly attributable to the development of IT platforms at Rejlers Embriq, amounted to SEK 7.3 million (7.3). Investments in subsidiaries and businesses amounted to SEK 1.5 million (0.0). Depreciation and amortisation amounted to SEK 35.7 million (11.5) of which SEK 25.2 million pertains to leasing according to IFRS 16.

UTILISATION

Utilisation increased to 77.4 per cent (75.2), mainly as a result of higher order volumes in Norway and Sweden.

EMPLOYEES

At the end of the period, there were 1,962 employees (1,953). There were 1,877 full-year employees (1,876).

PARENT COMPANY

Net sales for the Parent Company during the interim period amounted to SEK 9.0 million (9.1) and profit before tax amounted to SEK 0.6 million (loss: 12.2).

SEASONAL VARIATIONS

Rejlers is affected by seasonal variations and calendar effects. The respective quarters are relatively comparable over the years, but are affected by minor calendar effects, such as when in time Easter occurs. Sales are normally higher in the first, second and fourth quarters and lower in the third quarter. Similar seasonal variations occur in all geographical markets.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

16 April 2019 The City of Stockholm has tasked Rejlers Embriq with collecting and processing data from solar electricity production at all of the City's photovoltaic plants in order to allow the City to follow up on its goals for renewable electricity production and to fulfil the authorities' demands for collection and reporting of electricity certificates.

24 April 2019 Rejlers has been commissioned to prepare and do the detailed project planning for the new power lines in the Sälenfjällen Mountains for the customer Malungs Elnät.

EBITA MARGIN, %

C A S H F L O W F R O M O P E R AT I N G ACTIVITIES, SEK MILLION

N U M B E R O F E M P L O Y E E S AT E N D OF PERIOD

SIGNIFICANT PROJECTS DURING THE FIRST QUARTER

MAJOR ORDER FROM NESTE OY

The order from Neste Engineering Solutions includes demanding instrumentation design for an automation project at Neste's oil refinery Borgå. Work will be under way until summer 2020.

PLANNING OF POWER LINE PYHÄNTÄ-PIIPARINMÄKI

The power company Loiste Sähköverkko Oy engaged Rejlers for the overall planning and permit work for the drawing of a new 110-kV power line between Pyhäntä and Piiparinmäki. The planning and permit work will be under way until 2020.

DESIGN OF UNIQUE PRODUCTION FACILITY IN GÄVLE

On behalf of Svenska Aerogel, Rejlers is designing both the electrical control system and the automation components of a new, scalable production facility in Gävle. The patented new material Quartenze will be manufactured in full scale there.

EXPERT SUPPORT FOR SVENSKA KRAFTNÄT

Through a new agreement, Rejlers is delivering important expert support to Svenska Kraftnät within cable technology. It involves such aspects as the dimensioning of cables, calculations and evaluation of alternative solutions.

COOPERATION ON COMMUNITY MASTS

Rejlers has begun cooperation with several public sector actors for so-called community masts. This new concept means that regions and/or municipalities provide telecom masts in areas that need radio coverage where this is not financially profitable for the telecommunications companies.

Business overview

The market in Sweden remained strong in the first quarter. However, within construction, there is some slowdown on the housing side. The investments in the energy sector are continuing at a high level and demand for technical expertise is extensive, particularly within renewable energy. The market was also continuously strong in the industry and infrastructure sectors. The outlook for the rest of the year looks good for these sectors, with some possible decline towards the end of the year in construction.

The Telecom division struggled with the effects of a pressured market for the larger telecommunications companies with cost savings and unrealised or postponed projects as a result. The market looks tough while awaiting upgrade of the networks to 5G and the closure of 3G. Earnings were balanced by the support operations.

The Buildings division had a slow start as a result of projects that did not get started and a new recruitment initiative. Sales are in line with budget, but with a slightly lower profit. Looking ahead, the market outlook remains favourable. Both the Energy and Industry divisions had a strong first quarter. In Energy, our digitalisation initiative for greater efficiency in projects and at our customers is continuing. Within Industry, we are successively advancing our positions in the market and showing a good utilisation and a lower level of depreciation/amortisation.

Despite a strong market, the Infrastructure division had a weak quarter. This was largely due to extensive growth by newly recruited consultants who had not yet gotten started on projects. If we succeed in raising the utilisation for this group, the leverage will be considerable and the budget for the second quarter and the rest of the year will be within reach. From 1 May, the division will be merged with Industry, which can create synergies moving forward.

REJLERS SWEDEN EBITA, SEK MILLION

KEY FIGURES	Q1 19	Q1 18	2018
Net sales, SEK million	300.4	294.1	1,183.5
EBITA, SEK million	26.3	11.0	39.0
EBITA margin, %	8.8	3.7	3.3
Operating profit, SEK million	24.8	9.7	33.1

In the first quarter of the year, the number of employees in Rejlers Finland surpassed the 700 mark. The Finnish market was not characterised by any major changes, but rather continued strongly. Demand for Rejlers' services was especially large in the industry sector, with a high utilisation as a result. Building also had a strong first quarter. For both of these sectors, the positive development is continuing into the second quarter. However, towards the end of the year, a slowdown is expected in the construction sector after a long period of growth.

The Energy & Infrastructure divisions reached the expected level. The important season for construction in this sector begins in April, which is why better profitability and utilisation are to be expected in the second quarter. For the fifth time, the annual Rejlers Smarter seminar was arranged in Vantaa, which gathers experts in energy and telecom. The topics discussed at the seminar included the development of smart electrical grids, AI, information modulation and 5G.

REJLERS FINLAND EBITA, SEK MILLION

KEY FIGURES	Q1 19	Q1 18	2018
Net sales, SEK million	171.2	130.7	576.9
EBITA, SEK million	13.3	8.4	41.5
EBITA margin, %	7.8	6.4	7.2
Operating profit, SEK million	12.6	7.8	38.7

Overall, the market in Norway looked good in the first quarter. For IT services, we saw a real boom in demand, particularly within retailing and more niched high-tech solutions. In terms of the energy sector, we want to benefit from our expertise in smart metering from the Norwegian market and offer corresponding solutions in Sweden. At the same time, we are positioning ourselves in the Norwegian market, especially to address investments in smart grids. For services in Engineering, the market was more varied although the future outlook looks good among our target groups.

In the first quarter, the business in Norway was strong and profit exceeded budget. Both Embriq and Engineering did well. In IT services, several large sales processes are under way and there is a particularly strong focus on recruitment to cover demand. A particular challenge lies in the recruitment of IT consultants. Within electrical safety, there were large costs early in the quarter, linked to a major contract start, but profit stabilised towards the end even if the segment did not achieve budget.

REJLERS NORWAY EBITA, SEK MILLION

Q1 19	Q1 18	2018
148.7	191.8	643.5
11.1	1.6	-5.2
7.5	0.8	-0.8
10.3	0.8	-3.7

Rejlers offering

Rejlers AB is one of the largest technical consulting firms in the Nordic region. We have nearly 2,000 qualified engineers who work with projects and IT solutions in construction and property, energy, industry and infrastructure.

Within all areas, we work with great sensitivity and responsiveness to our customers' wishes. Our goal is to always deliver the maximal business benefit to the customer through our consulting services. We can take responsibility for projects in many parts of our customers' processes. In many cases, we also take a comprehensive responsibility for value added solutions and services.

Rejlers is large enough that we can put together teams that combine many different competencies. We offer both expert knowledge and breadth in everything from preliminary studies and planning to design, construction, project planning, programming and digitalisation. At the same time, we value the roots as a small family company. Among other things, this means that we safeguard our fast decision-making pathways and show extensive proactiveness and adaptive ability in relation to our customers.

Today, we have a strong platform in place to play a very active role in the future digital development of business and society. A revolution is taking place in all areas where products, services and solutions are being created with the help of networks rather than in traditional supply chains. As an agile and alert consulting firm, Rejlers strives for a combinatory function in this development.

Rejlers Network. In our industry and the labour market in general, network constellations based on digital collaboration are becoming increasingly important. Rejlers Network is our digital partner platform where independent consultants and companies collaborate with us in various projects. All collaborative partners can register on our smart platform and become searchable for all projects in Rejlers where we need to supplement our own expertise.

ENERGY We offer services at every level of the energy supply chain from

to consumption.

production through distribution

BUILDINGS Our offering to you in the property industry. Regardless of whether you own, rent, build or manage properties, premises or their systems.

INDUSTRY

At Rejlers, we have a long history of completing industrial projects throughout the Nordic region. We also have experience in following our customers in their projects worldwide.

INFRASTRUCTURE We work on a broad front within the infrastructure sector with the modernisation and planning of e.g. roads, tunnels, railways,

bridges, airports and harbours.

TELECOM

Rejlers Telecom is a technologyand partner-independent supplier that offers technical and legal consulting services in network infrastructure, communication and information security.

REJLERS EMBRIQ We deliver a broad range of IT

services to both large and small companies where we focus on business critical IT installations. We contribute smart options and strategic use of IT.

Q1 Interim Report Rejlers 9 January–March 2019

Other information

ACCOUNTING POLICIES

This interim report has been prepared for the Group in accordance with IAS 34 Interim Reporting and RFR 1, Supplementary Accounting Rules for Groups. The Parent Company's reports are prepared in accordance with the Annual Accounts Act and RFR 2, Accounting for Legal Entities. The same accounting policies (except IFRS 16) were applied as in the most recent annual report for both the Group and the Parent Company.

EFFECTS OF THE TRANSITION TO IFRS 16 LEASES

From 1 January 2019, Rejlers applies IFRS 16 Leases. Rejlers' initial estimate was that IFRS 16 has a small positive effect on operating profit and a small effect on profit after financial items. The effects on the balance sheet as of 1 January 2019 amounted to SEK 289.3 million in Rights of Use with a lease liability in the same amount. The leasing portfolio contains nearly 250 leases and mainly comprises operating leases for offices, office equipment and vehicles. Existing finance leases previously recognised according to IAS 17 Leases are reclassified according to IFRS 16 to the amounts that were recognised the date immediately before the application of the new standard. Rejlers has identified leases with options to extend the lease in addition to the ordinary contract period. This means that Rejlers must itself determine the contract period that can be considered reasonable instead of considering the contract period in the leases. As a result of these considerations, the contract period of many leases has been deemed to be longer. For other information, please refer to the 2018 Annual Report.

Rejlers has chosen to report the transition to the new standard with the simplified method. The relief rule to not prepare a comparison year was applied, which means that the comparison year was not restated. The size of the right of use has been measured to correspond to the size of the lease liability at the transition date. A marginal interest rate on loans has been set. The usufruct period has been set with knowledge of how termination and extension clauses have been applied. Right of use agreements shorter than 12 months or that expire within 12 months from the transition date are classified as short-term agreements and are thereby not included in the recognised liabilities and rights of use. In addition, right of use agreements (with a new purchase price of less than USD 5,000) have been classified as low-value agreements and are not included in the recognised liabilities or rights of use.

After the transition to IFRS 16, Rejlers measures all leases in accordance with the cost method, which means that the rights of use are measured at cost less accumulated amortisation and impairment and adjustments as a result of potential restatement of the lease liability that reflects a reassessment or change of the lease. The remeasurement amount is recognised as an adjustment of the right of use, if the carrying amount for the right of use is impaired to zero and there is a further reduction in the valuation of the lease liability, any remaining amount for the remeasurement is recognised in profit or loss.

RISKS AND UNCERTAINTY FACTORS

Through its operations, the Group is subject to various financial risks, such as market risk (comprehensive foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management involves striving for minimal unfavourable effects on financial position and performance. The Group's business risks and risk management as well as financial risks are described in detail in the annual report for 2018. No events of material significance occurred during the interim period that affects or changes these descriptions of the Group's risks and the management of them.

FINANCIAL INSTRUMENTS

The carrying amount of financial instruments recognised in amortised cost matches the fair value as the duration for financial assets and liabilities is short.

RELATED PARTY TRANSACTIONS

Related party transactions take place on market-based terms.

PLEDGED ASSETS AND CONTINGENT LIABILITIES

Pledged assets and contingent liabilities are essentially unchanged compared with the previous year.

ANNUAL GENERAL MEETING

The Annual General Meeting will be held at the Lindhagen Conference Centre, Lindhagensgatan 126 in Stockholm, Sweden on 3 May 2019 at 2:00 p.m. Information on the Nomination Committee and the AGM is available on the company's website, www.rejlers.com/se.

PROPOSED DIVIDEND

Rejlers long-term policy is for around 50 per cent of the company's earnings to be paid out as dividends. Rejlers Board proposes that the 2019 AGM approve a dividend of SEK 1 per share (0.50) for the 2018 financial year, which corresponds to 118 per cent of earnings per share after dilution. The dividend amount is SEK 18.1 million (9.0).

The undersigned provides assurance that this interim report provides an accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and sources of uncertainty faced by the Parent Company and the companies within the Group.

Stockholm, 3 May 2019 Rejlers AB (publ) Viktor Svensson President and CEO

The interim report has not been reviewed by the company's auditor.

The information in this interim report is such that Rejlers AB (publ) is obliged to publish under the EU Market Abuse Directive and the Swedish Securities Market Act. The information was submitted through the care of the contact person above for publication on 3 May 2019 at 1:00 p.m. CET. This report is also available in Swedish. The English version is a translation of the Swedish original. If there are any differences, the Swedish version takes precedence.

Group

CONDENSED INCOME STATEMENT

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Net sales	610.4	603.2	2,365.2
Other income	0.9	1.2	1.8
Personnel expenses	-389.0	-384.7	-1,460.8
Other external expenses	-151.3	-203.3	-828.1
Participations in associates	0.2	0.2	0.8
EBITDA	71.2	16.6	78.9
Depreciation/amortisation and impairment of non-current assets1)	-32.5	-8.5	-34.8
EBITA	38.7	8.1	44.1
Acquisition-related items2)	-3.2	-3.0	-8.0
Operating profit (EBIT)	35.5	5.1	36.1
Net financial income/expense	0.7	0.6	-6.0
Profit after net financial items	36.2	5.7	30.1
Tax	-8.0	-4.2	-13.9
PROFIT FOR THE PERIOD	28.2	1.5	16.2
Attributable to the Parent Company's shareholders	28.2	1.3	15.4
Attributable to shareholders without a controlling influence	-	0.2	0.8
Average number of shares	18,087,909	18,087,909	18,087,909
Earnings per share before and after dilution, SEK	1.55	0.07	0.85

1 Impairment and depreciation of property plant and equipment and amortisation of intangible assets excluding goodwill and those related to acquisitions.

2 Impairment and amortisation of goodwill and intangible assets related to acquisitions, revaluation of supplemental purchase amounts and gains/losses in the divestment of subsidiaries and operations.

Due to the new accounting standard IFRS 16, EBITDA increased by SEK 25.9 million and EBITA increased by SEK 0.6 million and profit after tax decreased by SEK 0.7 million.

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Profit for the period	28.2	1.5	162
Items that may be reclassified to the income statement Translation differences of foreign operations, net after tax	11.5	19.0	12.9
Items that will not be reclassified to the income statement
Revaluation of net pension provisions	-	-	1.4
TOTAL OTHER COMPREHENSIVE INCOME	11.5	19.0	14.3
COMPREHENSIVE INCOME FOR THE PERIOD	39.7	20.5	30.5

CONDENSED BALANCE SHEET

Amount SEK million	31 Mar 2019	31 Mar 2018	31 Dec 2018
Assets
Non-current assets
Goodwill	484.1	454.9	468.3
Other intangible assets	140.9	126.8	138.0
Tangible assets	16.6	33.2	24.8
Rights of use1)	266.3	-	-
Other non-current assets	42.8	53.2	50.2
Total non-current assets	950.7	668.1	681.3
Current assets
Current receivables	686.1	727.3	679.2
Cash and cash equivalents	84.7	75.6	38.2
Total current assets	770.8	802.9	717.4
TOTAL ASSETS	1,721.5	1,471.0	1,398.7
Equity and liabilities
Equity attributable to shareholders in the Parent Company	746.5	757.7	707.3
Non-controlling interests	-	9.1	-
Total equity	746.5	766.8	707.3
Non-current liabilities
Provision for pensions	31.8	31.0	29.1
Interest-bearing non-current liabilities1)	262.9	7.2	95.5
Other non-current liabilities	114.6	45.0	113.5
Total non-current liabilities	409.3	83.2	238.1
Current liabilities
Interest-bearing current liabilities1)	125.6	145.5	33.4
Other current liabilities	440.1	475.50	419.9
Total current liabilities	565.7	621.0	453.3
TOTAL LIABILITIES AND EQUITY	1,721.5	1,471.0	1,398.7

1 Impact from IFRS 16 Leases: Interest bearing non-current liabilities SEK 171.6 million, interest-bearing current liabilities SEK 97.1 million.

C O N D E N S E D C H A N G E S I N E Q U I T Y

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Equity at start of period	707.3	746.3	746.3
Comprehensive income for the period	39.7	20.5	30.5
Acquisition of non-controlling interests	-	-	-60.0
Changes attributable to transactions with the owners
Dividends	-0.5	-	-9.5
Total changes attributable to transactions with the owners	-0.5	-	-9.5
Equity at end of period	746.5	766.8	707.3
Attributable to the Parent Company's shareholders	746.5	757.7	707.3
Attributable to non-controlling interests	-	9.1	-
Total	746.5	766.8	707.3

C O N D E N S E D C A S H F L O W S TAT E M E N T

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Cash flow from operating activities before changes in operating capital and tax paid	59.4	14.9	117.0
Tax paid	-3.1	-14.4	-30.7
Change in working capital	7.4	70.2	36.8
Cash flow from operating activities	63.7	70.7	123.1
Cash flow from investing activities	-10.0	-9.1	-67.9
Cash flow from financing activities	-7.6	-7.1	-38.1
Cash flow for the period	46.1	54.5	17.1
Cash and cash equivalents at start of period	38.2	20.3	20.3
Exchange rate differences in cash and cash equivalents	0.4	0.8	0.8
Cash and cash equivalents at end of period	84.7	75.6	38.2

S E G M E N T S

	Net sales, SEK MILLION		Operating profit, SEK million			Operating margin, %
	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Rejlers Sweden	300.4	294.1	1,183.5	24.8	9.7	33.1	8.3	3.3	2.8
Rejlers Finland	171.2	130.7	576.9	12.6	7.8	38.7	7.4	5.9	6.7
Rejlers Norway	148.7	191.8	643.5	10.3	0.8	-3.7	6.9	0.4	-0.6
Group-wide	9.0	9.1	35.6	-12.2	-13.2	-32.0	-	-	-
Eliminations	-18.9	-22.5	-74.3	-	-	-	-	-	-
Consolidated total	610.4	603.2	2,365.2	35.5	5.1	36.1	5.8	0.8	1.5
Net financial income/expense	-	-	-	0.7	0.6	-6.0	-	-	-
Profit before tax	-	-	-	36.2	5.7	30.1	-	-	-

N E T L I A B I L I T I E S

Amount SEK million	31 Mar 2019	31 Mar 2018	31 Dec 2018
Interest-bearing non-current liabilities	91.3	7.2	95.5
Non-current lease liability	171.6
Interest-bearing current liabilities	28.5	145.5	33.4
Current lease liability	97.1
Pension provisions	31.8	31.0	29.1
Cash and cash equivalents	-84.7	-75.6	-38.2
Total	335.6	108.1	119.8

I T E M S A F F E C T I N G C O M PA R A B I L I T Y

Amount SEK million	Q1 19	Q1 18	2018
Restructuring costs	0.0	13.4	53.4

Parent Company

CONDENSED INCOME STATEMENT

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
Sales	9.0	9.1	35.8
Personnel expenses	-10.0	-11.5	-34.5
Other external expenses	-5.9	-10.4	-32,
Depreciation	-0.0	-0.1	-0.2
Participations in associated company earnings			0.3
Operating profit	-6.9	-12.9	-30.9
Net financial income/expense	7.5	0.7	-25.7
Profit after net financial items	0.6	-12.2	-5.2
Appropriations	-	-	8.3
Tax	-	-	-
Profit after tax	0.6	-12.2	3.1

The Parent Company has no items to report in other comprehensive income, which is why this financial statement has been omitted.

CONDENSED BALANCE SHEET

Amount SEK million	31 Mar 2019	31 Mar 2018	31 Dec 2018
Assets
Non-current assets
Tangible assets	0.4	0.5	0.4
Financial assets	449.9	391.9	449.9
Total non-current assets	450.3	392.4	450.3
Current assets
Current receivables	169.8	196.1	211.3
Cash and cash equivalents	51.2	46.4	8.6
Total current assets	221.0	242.5	219.9
TOTAL ASSETS	671.3	634.9	670.2
Equity and liabilities
Equity	427.5	420.7	426.9
Untaxed reserves	0.0	8.3	0.0
Non-current liabilities	152.9	1.6	152.9
Current liabilities	90.9	204.3	90.4
TOTAL LIABILITIES AND EQUITY	671.3	634.9	670.2

Y

Quarterly summary

Amount SEK million	Q1 19	Q1 18	2018
Net sales1)
Sweden	300.4	294.1	1,183.5
Finland	171.2	130.7	576.9
Norway2)	148.7	191.8	643.5
Group-wide, etc.	-9.9	-13.4	-38.7
Total	610.4	603.2	2,365.2
Operating profit
Sweden	24.8	9.7	33.1
Finland	12.6	7.8	38.7
Norway2)	10.3	0.8	-3.7
Group-wide, etc.	-12.2	-13.2	-32.0
Total	35.5	5.1	36.1
Operating margin
Sweden	8.3	3.3	2.8
Finland	7.4	5.9	6.7
Norway2)	6.9	0.4	-0.6
Group-wide, etc.	-	-	-
Total	5.8	0.8	1.5
Number of employees
Sweden	993	998	1,006
Finland	693	584	675
Norway2)	266	359	263
Group-wide, etc.	10	10	9
Total	1,962	1,953	1,953

1 From Q1 2018, net sales are reported here. Previously reported sales were the sum of net sales and other income. Historical figures have been restated.

2 From Q1 2018, the former segments Rejlers Norway and Rejlers Embriq are reported together as Rejlers Norway.

Key figures

As of the first quarter of 2017, Rejlers has used the key performance indicator of adjusted EBITA, which is a measure that Rejlers considers to be relevant for investors who wish to understand profit generation excluding items affecting comparability. Definitions of key figures are in the company's latest annual report.

Amount SEK million	Jan-Mar 2019	Jan-Mar 2018	Jan-Dec 2018
IFRS key performance indicators
Earnings per share before and after dilution, SEK	1.55	0.07	0.85
Average number of shares	18,087,909	18,087,909	18,087,909
Number of shares at end of period	18,087,909	18,087,909	18,087,909
Operational key performance indicators
Utilisation, %	77.4	75.2	77.1
Sales per full-time employee, SEK thousand	326	322	1,270
Number of full-time employees	1,877	1,876	1,863
Number of employees at end of period	1,962	1,953	1,953
Alternative key figures
Acquired growth, %	3.1	0.5	1.7
Currency effect, %	4.1	-3.0	2.2
Organic growth, %	-0.6	-1.7	-3.8
EBITA, SEK million	38.7	8.1	44.1
Depreciation/amortisation of acquisition-related items, SEK million	-3.2	-3.0	-8.0
Items affecting comparability, SEK million	0.0	13.4	-53.4
Operating profit (EBIT), SEK million	35.5	5.1	36.1
EBITA margin, %	6.3	1.3	1.8
Net liabilities, SEK million	335.6	108.1	119.8
Net debt/EBITDA, R12, times	2.7	2.3	1.4
Equity/assets ratio, %	43.4	52.1	50.6
Operating profit per full-time employee, SEK thousand	19	3	19
Equity per share at the end of the period, SEK	41.28	42.80	39.10

Definitions

Items affecting comparability

Significant income and expense items, which are recognised separately due to the significance of their nature and amounts and are also to be viewed as non-recurring or rarely occurring.

EBITDA

Operating profit excluding amortisation, depreciation and impairment.

REJLERS AB (PUBL)

CORP. ID NO. 556349-8426 | BOX 30233 | SE-104 25 STOCKHOLM TEL +46-771-78 00 00 | FAX +46-8-654 33 39 | WWW.REJLERS.COM/SE

CALENDAR

ANNUAL GENERAL MEETING	3 MAY 2019
INTERIM REPORT JANUARY - JUNE 2019	17 JULY
INTERIM REPORT JANUARY – SEPTEMBER 2019	24 OCT
INTERIM REPORT JANUARY-DECEMBER 2019	7 FEB 2020

FOR MORE INFORMATION, PLEASE CONTACT

VIKTOR SVENSSON, PRESIDENT AND CEO T E L . + 4 6 ( 0 ) 7 0 - 6 5 7 2 0 2 6 , E - M A I L : V I K T O R . S V E N S S O N @ R E J L E R S . S E

ANNA JENNEHOV, CFO TEL. +46 (0)73-074 06 70, E-MAIL: ANNA.JENNEHOV@REJLERS.SE