Earnings Release • Feb 13, 2019
Earnings Release
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Sweco concludes a record year with the best fourth quarter so far. During the quarter, EBITA increased SEK 54 million and organic growth amounted to 6 per cent, adjusted for calendar effects. Positive fee development, lower project adjustments and increased number of employees, supported by solid order backlog, were the main drivers of increased EBITA.
Norway, Finland, Denmark and the Netherlands were the Business Areas contributing most to the EBITA improvement during the quarter. Denmark and the Netherlands combined more than doubled their contribution to group EBITA, for both the quarter and the full year. Due to the positive development in the Netherlands, Sweco has recognised the remaining tax value of historical losses in Grontmij. As a result, a one-off tax asset of SEK 60 million had a positive impact on profit after tax during the quarter. With a strong financial position, solid increase in earnings per share and a positive outlook for Sweco's business, the Board of Directors propose to increase the dividend to SEK 5.50 per share.
As of January, Sweco has adjusted the Business Area structure to reflect its Northern Europe strategy. The adjusted structure emphasises the focus on Germany, the UK and Belgium, alongside Sweco's five other key countries. We will continue to strengthen our leadership through acquisitions and organic growth in Northern Europe. Our focus remains on customers, internal efficiency and having the best people in the business.
Overall, the market for Sweco's services remains good, with variations between countries and segments. Essentially all Business Areas are experiencing a good market for Sweco's services in the infrastructure, water and industry segments. Demand for services in the real estate segment remains good in most countries, except for the UK and residential construction in the Nordics, where demand has slowed down.
Sweco plans and designs tomorrow's communities and cities. Our work produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With more than 15,000 full-time employees in Europe, we offer our customers the right expertise for every project. We carry out projects in some 70 countries annually throughout the world.
Sweco is Europe's leading engineering and a This information is information that Sweco is obliged to make public pursuant to the EU Market Ábuse Regulation and the Securities Markets Act. The information was submitted for
publication, through the agency of the conta
OCTOBER-DECEMBER
Organic growth amounted to approximately 6 per cent adjusted for calendar effects. Acquired growth was 3 per cent. Currency effects contributed 3 per cent to Net sales, which in total increased to SEK 5,112 million $(4, 582)$ .
Organic growth was mainly driven by positive fee development and an increased number of employees, supported by solid order backlog. All Business Areas contributed to organic growth. In particular Norway and Western Europe grew strongly, with more than 10% organic growth.
EBITA increased to SEK 494 million (448), an improvement of SEK 46 million.
The EBITA improvement was mainly attributable to Norway, Finland, Denmark and the Netherlands. Overall for the Group, a positive trend in hourly fees, lower project adjustments and an increased number of employees were the main drivers of increased EBITA. while a lower billing ratio had a negative impact.
Calendar effects of -1 hour had a negative year-on-year impact of approximately SEK 8 million on net sales and EBITA. EBITA increased approximately SEK 54 million, adjusted for calendar effects.
Norway and Belgium improved the billing ratio, while the other major countries experienced a lower billing ratio during the quarter. Overall, the billing ratio decreased to 74.5 per cent (75.8).
Net financial items improved to SEK-7 million (-11) mainly due to capital gain on sale of an associated company.
Due to the continued positive development in the Netherlands, Sweco has recognised a deferred tax asset for all remaining tax losses carried forward from Grontmii. The tax asset is valued at SEK 60 million (161) and impacts profit after tax positively by the same amount.
Earnings per share decreased to SEK 3.90 (4.02), as the fourth quarter last year had a one-off contribution of SEK 161 million from recognising a deferred tax asset. Earnings per share excluding the impact from recognition of tax assets increased to SEK 3.39 (2.68).
Net sales increased 11 per cent to SEK 18,735 million (16,887). Organic growth adjusted for calendar effects was approximately 5 per cent. Acquired growth contributed 3 per cent, while currency effects made up the remainder.
EBITA increased to SEK 1,631 million (1,492), an improvement of SEK 139 million.
Netherlands and Denmark more than doubled their contribution to group EBITA. Norway also contributed to the improvement. Overall for the Group, a positive trend in hourly fees, an increased number of employees, acquired growth and positive foreign exchange translation effects were the main drivers of the improvement, while a lower billing ratio had a negative impact.
Calendar effects of -7 hours had a negative year-on-year impact of approximately SEK 48 million on net sales and EBITA. EBITA increased approximately SEK 187 million, adjusted for calendar effects.
The billing ratio decreased to 74.5 per cent (75.2).
Net financial items improved to SEK-47 million (-49).
The deferred tax asset recognised in the fourth quarter had a positive impact of SEK 60 million (161) on profit after tax for the year.
Earnings per share increased to SEK 10.58 (10.23). Earnings per share excluding the impact from recognition of tax assets amounted to SEK 10.07 (8.88).
| Key ratios | Oct-Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
|---|---|---|---|---|
| Net sales, SEK M | 5,112 | 4,582 | 18,735 | 16,887 |
| Organic growth, % | 6 | 0 | 5 | 0 |
| Acquisition-related growth, % | 3 | ┸ | 3 | |
| Currency, % | 3 | 2 | 3 | |
| EBITA, SEK M | 494 | 448 | 1,631 | 1,492 |
| Margin, % | 9.7 | 9.8 | 8.7 | 8.8 |
| Profit after tax, SEK M | 459 | 480 | 1.254 | 1,223 |
| Earnings per share, SEK | 3.90 | 4.02 | 10.58 | 10.23 |
| Number of full-time employees | 15,665 | 14,774 | 15,306 | 14,530 |
| Billing ratio, % | 74.5 | 75.8 | 74.5 | 75.2 |
| Normal working hours | 489 | 490 | 1,964 | 1,971 |
| Net debt/EBITDA, x | 1.0 | 1.0 |
Sweco has been commissioned by Terrafame to design a new production plant in Sotkamo, Finland. The plant will produce battery chemicals for electric vehicles. Sweco will be involved in the project for more than two years with approximately 100 Sweco consultants during the peak of the design phase.
Sweco will design UK road and motorway improvements, as partner to two contractors for Highways England. The new framework forms part of Highways England's Routes to Market programme, which aims to improve safety and reduce traffic delays across England. Sweco will work across three lots of the programme over a time frame of six years.
Sweco has been engaged to design a wastewater treatment plant in the city of La Paz in Bolivia, currently lacking wastewater treatment. The new plant will treat wastewater from approximately one million citizens, resulting in better health and living standards. Bolivia's ministry of Environment and Water is Sweco's customer.
Overall, the market for Sweco's services remains good, with variations between countries and segments. Essentially all Business Areas are experiencing a good market for Sweco's services in the infrastructure, water and industry segments. Demand for services in the real estate segment remains good in most countries, except for the UK and residential construction in the Nordics, where demand has slowed down.
Demand for Sweco's services predominantly follows the general macroeconomic trend in the markets where the company is active, with some time lag. Northern European GDP development is solid. Political uncertainty. the global macroeconomic situation and financial market events are risks to the development.
Sweco does not provide forecasts.
On 19 October Sweco announced the acquisitions of Planet Engineering and Nexilis in Belgium and Götzelmann + Partner in Germany.
EBITA by quarter and rolling 12 months
Planet Engineering has deep expertise in concrete and steel structures for buildings, industrial construction and civil engineering.
Nexilis is an engineering consultancy focusing on building service systems and is best known for its participation in steering and advisory councils of Flemish and European research projects.
Götzelmann + Partner has specialist competences mainly in the area of wastewater treatment plants, but also provides services in the areas of water, environmental technology, transportation and energy.
The acquisition of the three companies will add 37 highly skilled employees to Sweco.
On 2 January, Sweco acquired Linnunmaa Ltd, a chemicals and environmental safety consultancy in Finland. Linnunmaa has 17 specialists in environmental and chemicals safety consultancy and in EU legislation. which expands Sweco's offering, especially for industrial clients.
On 7 January Sweco announced that Jonas Dahlberg will leave his position as CFO of Sweco. Sweco has initiated the process of finding a successor. Dahlberg will continue in his current role until a successor is appointed.
On 17 January Sweco announced an adjustment to its Business Area structure, to reflect the strategic focus on core markets in Northern Europe. In the adjusted structure, Sweco Belgium and Sweco United Kingdom has become new Business Areas. Sweco Central Europe were renamed Germany & Central Europe.
Country Managing Director of Belgium, Erwin Malcorps, and Country Managing Director of the UK, Max Joy, become members of the Executive Team. After the adjustment, there will be eight Business Areas within Sweco: Belgium, Denmark, Finland, Germany & Central Europe, Netherlands, Norway, Sweden and United Kingdom.
Bo Carlsson who held the role as President of Sweco Western Europe, took on the position as senior advisor reporting directly to Asa Bergman.
CASH FLOW AND FINANCIAL POSITION Group cash flow from operating activities totalled SEK 1,473 million (1,060) during the year. Net debt increased to SEK 1,944 million (1,698), while the net debt/EBITDA ratio was stable at 1.0 times (1.0). The absolute increase in net debt is mainly related to increased working capital, increased share buy-backs, acquisitions and currency translation effects on EURdenominated debt. Overall, working capital is on a somewhat higher-than-historical level, but within normal variations.
Available cash and cash equivalents, including unutilised credit lines, totalled SEK 1,749 million (1,991) at the end of the reporting period.
INVESTMENTS, JANUARY-DECEMBER 2018 Investments in equipment totalled SEK 266 million (229) and were primarily attributable to IT investments. Depreciation of equipment totalled SEK 233 million (227) and amortisation of intangible assets totalled SEK 116 million (108).
Purchase consideration paid to acquire companies and operations totalled SEK 280 million (181) and had an impact of SEK-260 million (-136) on Group cash and cash equivalents. Purchase consideration on the divestment of companies and operations totalled SEK 5 million (15) and had an impact of SEK-1 million (13) on Group cash and cash equivalents.
Repurchases of Sweco shares totalled SEK 520 million (289) and had the same effect on Group cash and cash equivalents.
Dividends totalling SEK 593 million (513) were distributed to Sweco AB shareholders during the second quarter.
Organic growth amounted to approximately 5 per cent adjusted for calendar effects. EBITA increased by approximately SEK 12 million, adjusted for calendar effects. Order backlog, number of employees and hourly fees continued to develop positively during the quarter. However, a lower billing ratio and increased project adjustments had a negative impact on net sales and profit. The year-on-year calendar effect of -8 hours amounted to approximately SEK-24 million on net sales and EBITA.
The Swedish market is good overall, but there are differences between segments. Demand for infrastructure services remains strong, backed by major public investments. The markets for industrial investments, water and environmental services are good. The real estate market is divided, with strong demand within public buildings, whereas demand related to residential construction remains weak. The market for power transmission services is strong while demand in energy generation remains challenging.
Sweco Sweden's market leadership, decentralised business model and customer driven organisation provides a competitive advantage in a market with mixed demand between segments.
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
|---|---|---|---|---|
| Net sales, SEK M | 2.003 | 1.936 | 7.230 | 7.024 |
| Organic growth, % | ||||
| Acquisition-related growth, % | - 1 | |||
| Currency, % | ||||
| EBITA, SEK M | 284 | 296 | 835 | 844 |
| EBITA margin, % | 14.2 | 15.3 | 11.5 | 12.0 |
| Number of full-time employees | 5865 | 5.653 | 5.654 | 5.524 |
Organic growth was approximately 11 per cent, mainly driven by an increased number of employees and higher average fees. Acquired growth contributed an additional 2 per cent.
EBITA doubled and amounted to SEK 60 million (29) and the margin increased to 9.0 per cent (5.2). The EBITA development is driven by the improvement in the Energy division due to lower project adjustments. The Buildings and Infrastructure divisions also performed better, due primarily to an improved billing ratio and increased number of employees. There was no year-on-year difference in the number of available working hours.
The Norwegian market is good overall. The market for infrastructure remains strong. The real estate market is good in all segments, except for residential construction which has weak demand. The power transmission market is strong, while the market for power generation remains weak. The greater Oslo area is strong in all segments and the markets in southern and western Norway are developing in a positive direction. The markets in northern Norway are experiencing moderate growth.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 661 | 561 | 2,392 | 2.070 |
| Organic growth, % | 11 | |||
| Acquisition-related growth, % | ||||
| Currency, % | ||||
| EBITA, SEK M | 60 | 29 | 179 | 148 |
| EBITA marain, % | 9.0 | 5.2 | 7.5 | 7.2 |
| Number of full-time employees | 1,513 | 1,397 | 1.469 | 1,347 |
Net sales increased by 14 per cent to SEK 556 million (488). Organic growth was approximately 5 per cent, mainly driven by lower project adjustments and higher hourly fees. There was no year-on-year difference in the number of available working hours.
EBITA increased SEK 19 million year-on-year and the margin improved to 9.5 per cent (7.0). Lower project adjustments and higher hourly fees more than compensated for the lower billing ratio.
The Finnish market is good overall. Demand in the buildings and real estate segment is good overall. The market in industrial services is also good. The market for infrastructure-related services is satisfactory.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 556 | 488 | 2,072 | 1,893 |
| Organic growth, % | -2 | |||
| Acquisition-related growth, % | ||||
| Currency, % | 6 | b. | O | |
| EBITA, SEK M | 53 | 34 | 197 | 187 |
| EBITA marain, % | 9.5 | 7.0 | 9.5 | 9.9 |
| Number of full-time employees | 2,037 | 2.010 | 2.067 | 2.046 |
EBITA increased to SEK 17 million (5) and the margin improved to 3.7 per cent (1.5). The EBITA increase was primarily driven by the turnaround of the Water and Energy division and the contribution from the acquisition of Årstiderne Arkitekter, which was consolidated in Sweco Denmark as of 1 March.
Organic growth adjusted for calendar effects was approximately 5 per cent. Acquired growth contributed 23 per cent and was primarily related to the acquisition of Årstiderne Arkitekter. The year-on-year calendar effect of -8 hours had a negative impact of approximately SEK 4 million on net sales and EBITA. On the back of Årstiderne Arkitekter and solid operations, Sweco Denmark is now positioned for further growth.
The market in Denmark is satisfactory overall. Demand in the water and environmental sectors remains at a high level, driven by increased demand for climate adaption services in the larger cities. The infrastructure market is stable, except for weaker demand in road construction and larger public infrastructure projects. The market for real estate services is good but has weakened within residential construction in the largest cities. The energy market remains weak.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 460 | 349 | 1,707 | 1,371 |
| Organic growth, % | ັ | -5 | ||
| Acquisition-related growth, % | 23 | 20 | ||
| Currency, % | ||||
| EBITA, SEK M | 108 | 44 | ||
| EBITA marain, % | 3.7 | 1.5 | 6.3 | 3.2 |
| Number of full-time employees | 1.195 | 1,014 | 1.187 | 1,011 |
EBITA increased to SEK 31 million (18) and The EBITA margin increased to 5.9 per cent (4.0). The profit improvement was mainly attributable to higher average fees and an increased number of employees. The year-on-year calendar effect of +8 hours had a positive impact of approximately SEK 5 million on net sales and EBITA.
Net sales increased to SEK 520 million (459). Organic growth adjusted for calendar effects amounted to 6 per cent and was driven by higher average fees and an increased number of employees. Sweco Netherlands continues the journey to improye operational performance and growth. Focus is on customers, leadership and collaboration in accordance with Sweco's operating model.
The Dutch market is good and demand for Sweco's services is good in essentially all segments. Sweco Netherlands is wellpositioned for continued growth, with a service offering primarily in the areas of public infrastructure, energy, water and public sector buildings.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 520 | 459 | 1,926 | 1,709 |
| Organic growth, % | ||||
| Acquisition-related growth, % | ||||
| Currency, % | ||||
| EBITA, SEK M | 31 | 18 | 115 | 66 |
| EBITA marain, % | 5.9 | 4.0 | 6.0 | 3.9 |
| Number of full-time employees | 1.403 | 1.366 | 1.373 | 1.368 |
$\overline{a}$
Net sales increased to SEK 539 million (446). Organic growth adjusted for calendar effects was approximately 11 per cent. Organic growth was primarily driven by higher average fees, an increased number of employees and more revenues from subconsultants. The year-on-year calendar effect of +7 hours had a positive impact of approximately SEK 5 million on net sales and FBITA.
The strong performance in Belgium improved further, with tailwind from an accommodating market. Net sales and EBITA increased, driven by organic and acquired growth, higher average fees and an improved billing ratio. The market in Belgium is good within all market segments. The private and public building markets are strong. The industry market and public infrastructure markets are good.
Performance in the UK is unsatisfactory and weakened further during the quarter. EBITA decreased primarily due to lower billing ratio. The decline is driven by a combination of projects put on hold in the public infrastructure sector, a temporary tender cycle decline in the water sector and lower demand in the London building sector.
In general, the market for Sweco's services in the UK is satisfactory. Demand in the infrastructure market remains good, as exemplified by Sweco's win of Highways England's "Routes to Market" framework. The water market is also fundamentally good, but negatively impacted by the public tender cycle. The London building market is impacted by Brexit-related uncertainty and reduced foreign investments. The energy generation market remains weak.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 539 | 446 | 2.004 | 1.637 |
| Organic growth, % | 12 | -2 | 13 | |
| Acquisition-related growth, % | ||||
| Currency, % | 4 | |||
| EBITA, SEK M | 32 | 32 | 120 | 115 |
| EBITA margin, % | 6.0 | 7.3 | 6.0 | 7.0 |
| Number of full-time employees | 1,768 | 1.715 | 1.707 | 1.625 |
Net sales increased to SEK 428 million (371). Organic growth adjusted for calendar effects was approximately 4 per cent and was mainly driven by an increased number of employees in Germany and higher average fees. The year-on-year calendar effect of +20 hours had a positive impact of approximately SEK 10 million on net sales and EBITA.
EBITA decreased to SEK 26 million (34) and the EBITA margin declined to 6.0 per cent (9.2). Sweco Germany has grown rapidly since the acquisition of Grontmii and incurred cost during the quarter to strengthen the organisation for further growth. The quarter is also impacted by accrued costs related to the full year.
Poland, Lithuania and the Czech operations contributed positively to the EBITA development. The recent acquisition of Götzelmann + Partner also contributed positively.
The German market is good overall and is developing positively. The healthcare and commercial markets are good. Demand is strong in the transport and environmental sector due to public investments. Power transmission continues to be a good market, while power generation remains challenging.
The Lithuanian market has stabilised, and the Czech market is improving, with satisfactory demand for Sweco's services. The Polish market is developing positively with increasing investments in energy, transportation and water.
| IN BRIEF | ||||
|---|---|---|---|---|
| Net sales and profit | Oct-Dec 2018 | Oct-Dec 2017 | Jan-Dec 2018 | Jan-Dec 2017 |
| Net sales, SEK M | 428 | 371 | 1,550 | 1,303 |
| Organic growth, % | 14 | 10 | 13 | |
| Acquisition-related growth, % | G | |||
| Currency, % | ||||
| EBITA, SEK M | 26 | 34 | 92 | 84 |
| EBITA margin, % | 6.0 | 9.2 | 6.0 | 6.4 |
| Number of full-time employees | 1,804 | 1,571 | 1,752 | 1,541 |
Parent Company net sales totalled SEK 703 million (621) and were attributable to intra-group services. Profit after net financial items totalled SEK 915 million (1,171). Investments in equipment totalled SEK 42 million (7). Cash and cash equivalents at the end of the period totalled SEK 381 million (218).
Sweco complies with the International Financial Reporting Standards (IFRS) and interpretive statements from the International Financial Reporting Interpretations Committee (IFRIC), as adopted by the EU. This interim report was prepared in accordance with IAS 34, Interim Reporting; the Swedish Annual Accounts Act; and the Swedish Financial Reporting Board's RFR 2, Reporting for Legal Entities.
From 1 January 2018, Sweco has applied two new IFRS standards: IFRS 15, Revenue from Contracts with Customers, and IFRS 9, Financial Instruments. The accounting principles for these are described in Note 1 of the Annual Report for 2017 on pages 54-56. In all other respects, the Group applies the same accounting and valuation principles as those described in Note 1 in the Annual Report for 2017.
In this interim report, amounts in brackets refer to the corresponding period of the previous year. Because table items are individually rounded off, table figures do not always tally. The interim report comprises pages 1-17; interim financial information presented on pages 1-17 is therefore part of this financial report.
IFRS 15, Revenue from Contracts with Customers, has been applied as from 1 January 2018 and was implemented using the retrospective approach. Comparative figures for 2017 have not been restated.
The new standard has not had a significant impact on the Group's financial statements for 2017 and 2018, due mainly to the fact that Sweco still is able to continue to recognise revenue over time for professional consulting services. Therefore, Sweco has not made an adjustment to the opening balance of equity and will not disclose what the financial statements would have looked like if IAS 18 had still been applied. For further information, see Note 1 in the Annual Report for 2017.
IFRS 9, Financial Instruments, has been applied as from 1 January 2018 and previous periods have not been restated.
The standard has not had a significant effect on the Group's financial statements for 2017 and 2018. The new classification, based on Sweco's business model, did not entail any change in valuation method and the new impairment model did not materially affect Sweco's
financial statements. For further information, see Note 1 in the Annual Report for 2017.
NEW ACCOUNTING PRINCIPLES FOR 2019 IFRS 16. Leases, will become effective as from 1 January 2019. IFRS 16 supersedes existing standards related to the recognition of leases, such as IAS 17, Leases, and IFRIC 4, Determining Whether and Agreement Contains a Lease.
Sweco has in all material aspects finalised the assessment of the transition to IFRS 16. Sweco has chosen the full retrospective transition method, which means that all contracts have been accounted for as if IFRS 16 had always been applied. As a result of the chosen transition method, Sweco will restate the comparative figures for 2018. The estimated effects on the financial statements are shown in the tables on page 17.
Sweco's lease portfolio contains approximately 2,800 contracts and consists of leases of offices, vehicles and equipment. The most significant impact on the financial statements comes from the office leases.
Sweco has chosen to use the practical expedient for leases of low value and leases shorter than 12 months. These leases will be expensed in the period they occur and will not be recognised in the balance sheet. The Group will apply the relief rule to "inherit" the former definition of leasing at the transition. This means that Sweco will apply IFRS 16 to all contracts entered into prior to 1 January 2019 that have been identified as leases under IAS 17 and IFRIC 4. Sweco has used hindsight to determine the lease term when a contract contains an extension or termination option. Finance leases have been reclassified to the reported values immediately prior to transition, i.e. reported value as of 31 December 2017.
IFRS 16 states that the implicit interest rate of each lease contract should be applied. Sweco has used that interest rate when it is available. In most cases, however, the implicit interest rate has not been available. The alternative approach provided by IFRS 16 for such situations is to apply the lessee's incremental borrowing rate. The incremental borrowing rate used by Sweco is estimated based on Sweco's interest rate margin, relevant time period and country specific interest rate levels.
Sweco's ability to meet its obligations under its existing loan agreements will not change with the introduction of IFRS 16. The estimated impact on the financial statements can be found on page 17.
Sweco follows the guidelines from ESMA (European Securities and Markets Authority) regarding APMs
(Alternative Performance Measures). In brief, these are measures of historical or ongoing operating results and financial performance that are not specified or defined in IFRS. The presentation of non-IFRS financial measures is limited as an analytical tool and should not be used as a substitute for key ratios pursuant to IFRS. Sweco believes that the APMs will enhance the investor's evaluation of our ongoing operating results, aid in forecasting future periods and facilitate meaningful comparison of results between periods. The non-IFRS financial measures presented in this report may differ from similarly titled measures used by other companies. A complete list of all Sweco's definitions can be found on our website: http://www.sweco.se/en/lR/definitions/.
Key ratio calculations that cannot be obtained directly from the income statement and balance sheet can be found on page 16 (Net sales growth) and page 15 (EBITA excluding extraordinary items).
The Sweco share is listed on Nasdaq Stockholm. The share price of the Sweco Class B share was SEK 196.90 at the end of the period, representing a 16 per cent decrease during the quarter. The Nasdaq Stockholm General Index decreased by 14 per cent over the same period.
The total number of shares at the end of the period was 121,083,819: 10,431,991 Class A shares and 110,651,828 Class B shares. The total number of outstanding shares was 117,069,942: 10,431,991 Class A shares and 106,637,951 Class B shares.
Dividend: The Board of Directors proposes the dividend be increased to SEK 5.50 per share (5.00), not to exceed a dividend amount of SEK 666 million (593).
2019 share savings scheme: The Board of Directors proposes that the 2019 AGM resolve to implement a longterm share savings scheme for up to 100 Sweco Group senior executives and other key employees. The proposal principally corresponds to the terms in last year's proposal.
2019 share bonus scheme: The Board of Directors also proposes that the 2019 AGM resolve to implement a share-based incentive scheme for employees in Sweden. The proposal principally corresponds to the terms in last year's proposal.
Significant risks and uncertainties affecting the Sweco Group and the Parent Company include business risks associated with the general economic trend and investment level in various markets, the capacity to attract and retain skilled personnel and the effects of political decisions. The Group is also exposed to various types of financial risks, such as foreign currency, interest rate and credit risks. No significant risks are deemed to have arisen apart from the risks detailed in
Sweco's 2017 Annual Report (page 98, Risks and Risk Management).
The 2019 annual general meeting will be held on Thursday, 11 April 2019 at 3:00 PM at Fotografiska, Stadsgårdshamnen 22, Stockholm. Sweco's 2018 Annual Report will be available for shareholder perusal at Sweco's headquarters, Gjörwellsgatan 22, Stockholm, and on the company's website, www.swecogroup.com. approximately three weeks prior to the AGM.
The number of normal working hours in 2019, based on the 12-month sales-weighted business mix as of September 2018, is broken down as follows:
| 2019 | 2018 | ||
|---|---|---|---|
| Quarter 1: | 496 | 490 | +6 |
| Quarter 2: | 462 | 474 | $-12$ |
| Quarter 3: | 519 | 511 | +8 |
| Quarter 4: | 485 | 489 | -4 |
| Total: | 1.962 | 1,964 | -2 |
ACQUISITION-RELATED INTANGIBLE ASSETS Acquisition-related intangible assets will be amortised pursuant to the following schedule, based on acquisitions to date:
| 2018 Actuals | SEK-77 million |
|---|---|
| 2019 Estimate | SEK-50 million |
| 2020 Estimate | SEK-38 million |
| 2021 Estimate | SFK-34 million |
FORTHCOMING FINANCIAL INFORMATION
Interim report January-March 10 May 2019 Interim report January-June 16 July 2019 Interim report January-September 25 October 2019 Year-end report 2019 12 February 2020
Stockholm, 13 February 2019
Åsa Bergman President and CEO. Member of the Board of Directors
Åsa Bergman, President and CEO Phone +46 8 695 64 03 / +46 73 412 64 03 [email protected]
Phone +46 8 695 63 32 / +46 70 347 23 83 [email protected]
Phone +46 8 695 62 27 / +46 70 273 48 79 [email protected]
Gjörwellsgatan 22, Box 34044, 100 26 Stockholm, Phone: +46 8 695 60 00 Email: [email protected] www.swecogroup.com
This report has not been audited.
| Key ratios 1) | Oct-Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
|---|---|---|---|---|
| Profitability | ||||
| EBITA margin, % | 9.7 | 9.8 | 8.7 | 8.8 |
| Operating margin (EBIT), % | 9.3 | 9.4 | 8.3 | 8.4 |
| Profit margin, % | 9.2 | 9.1 | 8.0 | 8.2 |
| Net Sales growth 2) | ||||
| Organic growth, % | 6 | 0 | 5 | 0 |
| Acquisition-related growth, % | 3 | 1 | $\sqrt{3}$ | 1 |
| Currency, % | 3 | $\overline{c}$ | $\overline{3}$ | $\mathbf{1}$ |
| Total growth, % | 12 | 4 | 11 | $\overline{c}$ |
| Debt | ||||
| Net debt, SEK M | 1.944 | 1.698 | ||
| Interest-bearing debt, SEK M | 2,719 | 2,271 | ||
| Financial strength | ||||
| Net debt/Equity, % | 30.8 | 28.4 | ||
| Net debt/EBITDA, x | 1.0 | 1.0 | ||
| Equity/Assets ratio, % | 42.9 | 41.9 | ||
| Available cash and cash equivalents, SEK M | 1.749 | 1.991 | ||
| -of which unutilised credit, SEK M | 974 | 1.418 | ||
| Return | ||||
| Return on equity, % | 20.4 | 21.4 | ||
| Return on capital employed, % | 18.2 | 17.8 | ||
| Share data | ||||
| Earnings per share, SEK | 3.90 | 4.02 | 10.58 | 10.23 |
| Diluted earnings per share, SEK | 3.79 | 3.95 | 10.33 | 10.04 |
| Equity per share, SEK 3) | 53.83 | 50.09 | ||
| Diluted equity per share, SEK3) | 52.10 | 49.12 | ||
| Number of outstanding shares at reporting date |
117,069,942 | 119,124,596 | ||
| Number of repurchased Class B and Class C | 4,013,877 | 2,459,223 | ||
| shares |
$^{\rm 1)}$ Key ratio definitions are available on Sweco's website.
2) See page 16 for details on Sweco's calculation of net sales growth.
3) Refers to portion attributable to Parent Company shareholders.
| Income Statement | ||||
|---|---|---|---|---|
| SEKM | Oct-Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
| Net sales | 5,112 | 4,582 | 18,735 | 16,887 |
| Other income | 3 | ſ | 14 | 2 |
| Other external expenses | $-1,282$ | $-1,159$ | $-4,661$ | $-4,187$ |
| Personnel expenses | $-3,264$ | $-2,906$ | $-12,177$ | $-10,938$ |
| EBITDA | 569 | 518 | 1,911 | 1,763 |
| Amortisation/depreciation and impairments |
$-75$ | $-69$ | $-280$ | $-272$ |
| EBITA | 494 | 448 | 1,631 | 1,492 |
| Acquisition-related items 1) | $-18$ | $-18$ | $-77$ | $-67$ |
| Operating profit (EBIT) | 476 | 431 | 1,554 | 1,425 |
| Net financial items | $-7$ | $-11$ | $-47$ | -49 |
| Profit before tax | 469 | 419 | 1,508 | 1,377 |
| Income tax | $-10$ | 61 | $-254$ | $-154$ |
| PROFIT FOR THE PERIOD | 459 | 480 | 1,254 | 1,223 |
| Attributable to: | ||||
| Parent Company shareholders | 458 | 479 | 1,252 | 1.221 |
| Non-controlling interests | N | 1 | 1 | $\mathfrak{p}$ |
| Earnings per share attributable to Parent Company shareholders, SEK |
3.90 | 4.02 | 10.58 | 10.23 |
| Average number of shares Dividend per share, SEK |
117,668,962 | 119,124,596 | 118,408,024 5.50 |
119,432,155 5.00 |
1) Acquisition-related items are defined as amortisation and impairment of goodwill and acquisition-related intangible assets, revaluation of additional purchase price, and
profit and loss on the divestment of companies,
| Consolidated income statement and other comprehensive income, SEK M |
Oct-Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
|---|---|---|---|---|
| Profit for the period | 459 | 480 | 1.254 | 1.223 |
| Items that will not be reversed in the income statement | ||||
| Revaluation of defined benefit pensions, net after $tax^{1,2)}$ | $-11$ | $\overline{c}$ | $-11$ | |
| Items that may subsequently be reversed in the income state- | ||||
| ment | ||||
| Translation differences, net after tax | $-91$ | 56 | 89 | 25 |
| COMPREHENSIVE INCOME FOR THE PERIOD | 357 | 538 | 1,332 | 1,249 |
| Attributable to: | ||||
| Parent Company shareholders | 357 | 537 | 1,330 | 1.247 |
| Non-controlling interests | 0 | c | ||
| $1)$ Tax on revaluation of defined benefit pensions | $\sim$ | $-3$ | $-3$ |
$^{\rm 2)}$ Revalued annually. Reviewed quarterly in the event of material changes to actuarial assumptions.
| Cash flow statement | ||||
|---|---|---|---|---|
| SEK M | Oct-Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
| Cash flow from operating activities before changes in working capital and tax paid |
564 | 509 | 1.966 | 1.790 |
| Tax paid | $-69$ | -46 | $-329$ | $-226$ |
| Changes in working capital | 589 | 284 | $-164$ | $-504$ |
| Cash flow from operating activities | 1,084 | 747 | 1,473 | 1,060 |
| Cash flow from investing activities | $-95$ | $-93$ | $-569$ | $-364$ |
| Cash flow from financing activities | $-570$ | $-414$ | $-693$ | $-1,005$ |
| CASH FLOW FOR THE PERIOD | 419 | 240 | 211 | $-309$ |
| Balance sheet | ||
|---|---|---|
| SEK M | 31 Dec 2018 | 31 Dec 2017 |
| Goodwill | 6,615 | 6,278 |
| Other intangible assets | 300 | 315 |
| Property, plant and equipment | 668 | 610 |
| Financial assets | 421 | 343 |
| Current assets excl. cash and cash equivalents | 5,928 | 6.161 |
| Cash and cash equivalents incl. short-term investments | 775 | 572 |
| TOTAL ASSETS | 14,708 | 14,279 |
| Equity attributable to Parent Company shareholders | 6,302 | 5,967 |
| Non-controlling interests | 10 | 12 |
| Total equity | 6,312 | 5,979 |
| Non-current interest-bearing liabilities | 2.177 | 2.192 |
| Other non-current liabilities | 907 | 796 |
| Current interest-bearing liabilities | 542 | 79 |
| Other current liabilities | 4,770 | 5,234 |
| TOTAL EQUITY AND LIABILITIES | 14,708 | 14,279 |
| Pledged assets | 20 | 21 |
| Contingent liabilities | 791 | 711 |
| Changes in equity SEKM |
Jan-Dec 2018 | Jan-Dec 2017 | ||||
|---|---|---|---|---|---|---|
| Equity at- tributable to Parent Company shareholders |
Non- controlling interests |
Total equity | Equity at- tributable to Parent Company shareholders |
Non- controlling interests |
Total equity | |
| Equity, opening balance | 5,967 | 12 | 5,979 | 5,424 | 10 | 5,435 |
| Comprehensive income for the period | 1,330 | $\mathcal{P}$ | 1,332 | 1,247 | 1,249 | |
| Transfer to shareholders | $-593$ | $-1$ | $-594$ | $-513$ | -1 | $-514$ |
| Acquisition of non-controlling interests | 0 | 0 | - | - | ||
| Divestments of non-controlling interests | $-3$ | $-3$ | ||||
| Buy-back of treasury shares | $-520$ | 1 | $-520$ | $-289$ | $\overline{\phantom{0}}$ | -289 |
| Share-based incentive schemes | 112 | 112 | 93 | $\overline{\phantom{0}}$ | 93 | |
| Share savings schemes | 5 | 5 | 5 | |||
| EQUITY, CLOSING BALANCE | 6,302 | 10 | 6,312 | 5,967 | 12 | 5,979 |
During the period Sweco acquired the operations of Royal Haskoning DHV. BML Ingenieurgesellschaft mbH. Årstiderne Arkitekter, Avecon Ltd, Götzelmann+Partner GmbH, Planet Engineering and Nexilis. The acquired businesses have an aggregate total of approximately 365 employees. Purchase consideration totalled SEK 280 million and had a negative impact on cash and cash equivalents of SEK 260 million. The acquisitions impacted the consolidated balance sheet as detailed in the table below, whereof the acquisition analyses regarding Årstiderne Arkitekter, Götzelmann+Partner GmbH, Planet Engineering and Nexilis are preliminary. Of the unsettled purchase price commitment of SEK 5 million, SEK 3 million refers to conditional contingent consideration. During the period the acquired companies contributed SEK 354 million in net sales and SEK 30 million in operating profit (EBIT). If all the companies had been owned as of 1 January 2018 they would have contributed approximately SEK 455 million in net sales and about SEK 35 million in operating profit. Transaction costs for these acquisitions during this and previous periods totalled SEK 5 million.
| Acquisitions, SEKM | |
|---|---|
| Intangible assets | 251 |
| Property, plant and equipment | 13 |
| Financial assets | |
| Current assets | 185 |
| Non-current liabilities | -6 |
| Deferred tax | $-31$ |
| Other current liabilities | $-133$ |
| Non-controlling interests | |
| Total purchase consideration | 280 |
| Unsettled purchase price commitment | $-5$ |
| Settlement of consideration for previous years' acquisitions | |
| Cash and cash equivalents | $-15$ |
| DECREASE IN GROUP CASH AND CASH EQUIVALENTS | 260 |
During the period Sweco divested Sweco Mecaplan Oy, with 29 employees. The business contributed SEK 8 million in net sales and SEK 2 million in operating profit. The divestment had a positive impact on profit of SEK 2 million and a negative impact on the Group's cash and cash equivalents of SEK 1 million. The divestment impacted the consolidated balance sheet as detailed below.
| Divestments, SEK M | |
|---|---|
| Property, plant and equipment | |
| Current assets | 14 |
| Current liabilities | -8 |
| Non-controlling interest | -5 |
| Capital gain recorded on divestment | |
| Total purchase consideration | |
| Cash and cash equivalents in divested companies | -6 |
| INCREASE IN GROUP CASH AND CASH EQUIVALENTS | - |
| Acquisition-related items SEK M |
$0ct$ -Dec 2018 | Oct-Dec 2017 | Full-year 2018 | Full-year 2017 |
|---|---|---|---|---|
| Amortisation of acquisition-related intangible assets |
$-17$ | -18 | $-77$ | -69 |
| Revaluation of additional purchase price | ÷. | - | ||
| Profit/loss on divestment of buildings and land | $\overline{\phantom{0}}$ | |||
| Profit/loss on divestment of companies and operations |
||||
| ACQUISITION-RELATED ITEMS | -18 | -18 | -77 | -67 |
The Group's financial assets measured at fair value totalled SEK 10 million (14). The derivative instruments are forward currency contracts, the fair value of which is determined based on listed prices for forward currency contracts on the balance sheet date (Level 2). The fair value of unlisted financial assets is determined through market valuation techniques (observable market inputs) such as recent transactions, listed prices of similar instruments and discounted cash flows. In the event no reliable inputs are available for determining fair value, financial assets are reported at acquisition value (Level 3). There were no transfers between levels during the period.
Figures for 2016 have been restated to reflect the new definitions of Net sales, EBITA and Number of full-time employees as
described on page 54 in the 2017 Annual Report.
| Quarterly summary | 2018 04 | 2018 03 | 2018 02 | 2018 01 | 201704 | 2017 03 | 201702 | 2017 01 | 2016 04 |
|---|---|---|---|---|---|---|---|---|---|
| Net sales, SEK M | |||||||||
| Sweco Sweden | 2.003 | 1.427 | 1,926 | 1,874 | 1,936 | 1,437 | 1,798 | 1,854 | 1,951 |
| Sweco Norway | 661 | 516 | 639 | 577 | 561 | 413 | 506 | 590 | 530 |
| Sweco Finland | 556 | 465 | 549 | 502 | 488 | 420 | 498 | 487 | 462 |
| Sweco Denmark | 460 | 403 | 469 | 375 | 349 | 290 | 343 | 389 | 351 |
| Sweco Netherlands | 520 | 447 | 492 | 466 | 459 | 389 | 421 | 440 | 434 |
| Sweco Western Europe | 539 | 456 | 501 | 508 | 446 | 390 | 401 | 400 | 420 |
| Sweco Central Europe | 428 | 393 | 382 | 348 | 371 | 317 | 329 | 285 | 297 |
| Group-wide, Eliminations, etc. | $-54$ | $-29$ | $-41$ | $-23$ | -28 | $-20$ | $-36$ | $-36$ | -24 |
| TOTAL GROUP | 5,112 | 4,078 | 4,916 | 4,628 | 4,582 | 3.635 | 4,262 | 4,408 | 4,421 |
| EBITA, SEK M | |||||||||
| Sweco Sweden | 284 | 83 | 234 | 234 | 296 | 95 | 202 | 251 | 273 |
| Sweco Norway | 60 | 41 | 49 | 29 | 29 | 24 | 7 | 88 | 58 |
| Sweco Finland | 53 | 46 | 63 | 35 | 34 | 43 | 49 | 61 | 41 |
| Sweco Denmark | 17 | 27 | 41 | 23 | 5 | 14 | $-4$ | 30 | 44 |
| Sweco Netherlands | 31 | 13 | 34 | 38 | 18 | 5 | 14 | 28 | 0 |
| Sweco Western Europe | 32 | 19 | 31 | 38 | 32 | 25 | 29 | 28 | 30 |
| Sweco Central Europe | 26 | 24 | 24 | 19 | 34 | 19 | 18 | 13 | 26 |
| Group-wide, Eliminations, etc. | $-8$ | 12 | $-12$ | -6 | $-1$ | 12 | -4 | $-4$ | $-77$ |
| EBITA | 494 | 264 | 464 | 409 | 448 | 237 | 312 | 494 | 395 |
| Extraordinary items 1) | 83 | ||||||||
| EBITA excl. extraordinary items | 494 | 264 | 464 | 409 | 448 | 237 | 312 | 494 | 478 |
| EBITA margin, % | |||||||||
| Sweco Sweden | 14.2 | 5.8 | 12.1 | 12.5 | 15.3 | 6.6 | 11.2 | 13.5 | 14.0 |
| Sweco Norway | 9.0 | 8.0 | 7.7 | 5.0 | 5.2 | 5.8 | 1.5 | 14.9 | 11.0 |
| Sweco Finland | 9.5 | 9.9 | 11.5 | 7.0 | 7.0 | 10.2 | 9.9 | 12.6 | 8.8 |
| Sweco Denmark | 3.7 | 6.7 | 8.8 | 6.1 | 1.5 | 4.7 | $-1.1$ | 7.6 | 12.6 |
| Sweco Netherlands | 5.9 | 2.8 | 6.8 | 8.1 | 4.0 | 1.4 | 3.4 | 6.3 | $-0.1$ |
| Sweco Western Europe | 6.0 | 4.2 | 6.1 | 7.4 | 7.3 | 6.4 | 7.3 | 7.0 | 7.1 |
| Sweco Central Europe | 6.0 | 6.0 | 6.3 | 5.5 | 9.2 | 6.0 | 5.4 | 4.5 | 8.9 |
| EBITA margin | 9.7 | 6.5 | 9.4 | 8.8 | 9.8 | 6.5 | 7.3 | 11.2 | 8.9 |
| Extraordinary items 1) | ÷, | ä, | ä, | $\overline{\phantom{a}}$ | 1.9 | ||||
| EBITA margin excl. extraordi- nary items |
9.7 | 6.5 | 9.4 | 8.8 | 9.8 | 6.5 | 7.3 | 11.2 | 10.8 |
| Billing ratio, % Number of normal working |
74.5 | 73.7 | 75.2 | 74.4 | 75.8 | 75.1 | 75.5 | 74.4 | 75.3 |
| hours | 489 | 511 | 474 | 490 | 490 | 511 | 464 | 506 | 493 |
| Number of full-time employees | 15.665 | 15.197 | 15.387 | 14.981 | 14.774 | 14.396 | 14.548 | 14.412 | 14.482 |
$1/2$ All extraordinary items are included in Group-wide.
| Number of full-time | ||||||||
|---|---|---|---|---|---|---|---|---|
| January-December | Net sales, SEK M | EBITA, SEK M | EBITA margin, % | employees | ||||
| Business area | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 | 2018 | 2017 |
| Sweco Sweden | 7.230 | 7.024 | 835 | 844 | 11.5 | 12.0 | 5.654 | 5.524 |
| Sweco Norway | 2,392 | 2.070 | 179 | 148 | 7.5 | 7.2 | 1.469 | 1,347 |
| Sweco Finland | 2.072 | 1,893 | 197 | 187 | 9.5 | 9.9 | 2.067 | 2.046 |
| Sweco Denmark | 1.707 | 1.371 | 108 | 44 | 6.3 | 3.2 | 1.187 | 1.011 |
| Sweco Netherlands | 1,926 | 1.709 | 115 | 66 | 6.0 | 3.9 | 1,373 | 1,368 |
| Sweco Western Europe | 2.004 | 1.637 | 120 | 115 | 6.0 | 7.0 | 1.707 | 1.625 |
| Sweco Central Europe | 1,550 | 1,303 | 92 | 84 | 6.0 | 6.4 | 1,752 | 1,541 |
| Group-wide, Eliminations, etc. 1) | $-147$ | $-120$ | $-15$ | 4 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 99 | 68 |
| TOTAL GROUP | 18.735 | 16,887 | 1,631 | 1.492 | 8.7 | 8.8 | 15,306 | 14.530 |
$^{10}$ Group-wide, Eliminations, etc. includes Group functions and the Dutch real estate operations.
The table below shows the calculation of organic growth excluding calendar effect $-$ i.e., net sales growth adjusted for the impact of acquisitions and divestments as well as the effect of foreign currency fluctuations and calendar effect.
| Net sales growth | 2018 Oct-Dec |
2017 Oct-Dec |
Growth, % Oct-Dec 2018 |
2018 Jan-Dec |
2017 Jan-Dec |
Growth, % Jan-Dec 2018 |
|---|---|---|---|---|---|---|
| Reported net sales | 5.112 | 4.582 | 12% | 18.735 | 16,887 | 11% |
| Adjustment for currency effects | 144 | 3% | 572 | 3% | ||
| Net sales, currency-adjusted | 5.112 | 4.726 | 8% | 18.735 | 17.459 | 7% |
| Adjustment for acquisitions/divestments | $-120$ | 3% | $-354$ | 86 | 3% | |
| Comparable net sales, currency-adjusted | 4.992 | 4.726 | 6% | 18.380 | 17.545 | 5% |
| Adjustment of calendar effect | 48 | |||||
| Comparable net sales, adjusted for currency and calendar effect |
4.999 | 4.726 | 6% | 18.428 | 17.545 | 5% |
| Net sales growth | 2017 Oct-Dec |
2016 Oct-Dec |
Growth, % Oct-Dec 2017 |
2017 Jan-Dec |
2016 Jan-Dec |
Growth, % Jan-Dec 2017 |
|---|---|---|---|---|---|---|
| Reported net sales | 4.582 | 4.421 | 4% | 16.887 | 16.531 | 2% |
| Adjustment for currency effects | 103 | 2% | 149 | 1% | ||
| Net sales, currency-adjusted | 4.582 | 4.524 | $1\%$ | 16.887 | 16.680 | 1% |
| Adjustment for acquisitions/divestments | $-62$ | $-7$ | 1% | $-165$ | -4 | 1% |
| Comparable net sales, currency-adjusted | 4.521 | 4.517 | $0\%$ | 16.723 | 16.676 | $0\%$ |
| Adjustment for calendar effect | 17 | 49 | ||||
| Comparable net sales, adjusted for currency and calendar effect |
4.538 | 4.517 | 0% | 16.772 | 16.676 | 1% |
| Parent Company income statement, SEK M | Full-year 2018 | Full-year 2017 |
|---|---|---|
| Net sales | 703 | 621 |
| Operating expenses | $-734$ | $-650$ |
| Operating loss | -30 | $-29$ |
| Net financial items | 945 | 1.200 |
| Profit/loss after net financial items | 915 | 1,171 |
| Appropriations | $-164$ | $-178$ |
| Profit/loss before tax | 751 | 994 |
| Тах | $-110$ | $-127$ |
| PROFIT/LOSS AFTER TAX | 640 | 866 |
| Parent Company balance sheet, SEK M | 31 Dec 2018 | 31 Dec 2017 |
|---|---|---|
| Intangible assets | 40 | 61 |
| Property, plant and equipment | 54 | 36 |
| Financial assets | 6,358 | 6.347 |
| Current assets | 2.661 | 2.594 |
| TOTAL ASSETS | 9,113 | 9,038 |
| Equity | 4.448 | 4.796 |
| Untaxed reserves | 354 | 190 |
| Non-current liabilities | 1.703 | 1.991 |
| Current liabilities | 2.608 | 2.061 |
| TOTAL EQUITY AND LIABILITIES | 9,113 | 9,038 |
| Income Statement SEK M |
Full-year 2018 | Full-year 2018 IFRS 16 impact |
Full-year 2018 Adjusted for IFRS 16 |
|---|---|---|---|
| EBITDA | 1.911 | 637 | 2,548 |
| Amortisation/depreciaton and impairments |
$-280$ | $-574$ | $-854$ |
| Operating profit (EBIT) | 1,554 | 63 | 1.617 |
| Net financial items | -47 | -60 | $-107$ |
| Profit before tax | 1,508 | 3 | 1,511 |
| Income tax | $-254$ | $-1$ | $-255$ |
| PROFIT FOR THE PERIOD | 1.254 | 2 | 1.256 |
| Balance sheet SEKM |
31 Dec 2017 | 31 Dec 2017 IFRS 16 impact |
31 Dec 2017 Adjusted for IFRS 16 |
|---|---|---|---|
| TOTAL ASSETS | 14.279 | 2,531 | 16,810 |
| Total equity | 5,979 | -144 | 5.835 |
| Total liabilities | 8,300 | 2.675 | 10,975 |
| TOTAL EQUITY AND LIABILITIES | 14.279 | 2.531 | 16,810 |
| Balance sheet SEK M |
31 Dec 2018 | 31 Dec 2018 IFRS 16 impact |
31 Dec 2018 Adjusted for IFRS 16 |
|---|---|---|---|
| TOTAL ASSETS | 14,708 | 2.688 | 17,396 |
| Total equity | 6.312 | -144 | 6.168 |
| Total liabilities | 8.396 | 2,832 | 11,228 |
| TOTAL EQUITY AND LIABILITIES | 14,708 | 2.688 | 17.396 |
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