Q1 2012

Q1 2012

• 1.
  Q1 2012 Presentation 8 May, 2012 Mats Wäppling, President and CEO Jonas Dahlberg, CFO g, Bo Jansson, Senior Vice President ◄ ► 1
• 2.
  Highlights Q1 2012 • Best quarter ever - operating profit SEK 231 million • Continued strong growth - Sweco now 7 600 employees • S Sweco N Norway b t performer best f • Big improvement Sweco Industry • FMC Group contributes to the result • Overall good market situation, but still uncertainty t i t ◄ ► 2
• 3.
  Interim report January-March 2012 • Net sales amounted to SEK 1,909.6 million (1,420.7). • Operating profit of SEK 231.3 million (136.6) • Operating margin of 12.1 per cent (9.6) • Profit after tax of SEK 164.5 million (97.1) and earnings per share of SEK 1.79 (1.07) ◄ ► 3
• 4.
  Income statement • Net sales growth 34 % Jan-mar Jan-mar Apr 2011- Full year • Operating profit + 69 % SEK M 2012 2011 Mar 2012 2011 • Operating margin 12.1 % Net sales 1,909.6 1,420.7 6,476.5 5,987.6 Other external expenses -417.6 -325.8 -1,596.9 -1,505.1 • Strong performance Norway, Sweden and Industry Personnel costs -1,226.4 -935.3 -4,132.7 -3,841.6 Amortisation/depreciation • Positive trend prices and impairment losses -34.3 34 3 -23.0 23 0 -120.9 120 9 -109.6 109 6 • Transaction costs related to FMC Group SEK 12.1 million Operating profit 231.3 136.6 626.0 531.3 Net financial items -6.2 -2.1 -8.6 -4.5 • Amortization of intangible assets related to acquisitions SEK 10.3 Profit before tax 225.1 134.5 617.4 526.8 million Income tax expense -60.6 -37.4 -175.2 -152.0 Profit for the period 164.5 97.1 442.2 374.8 Operating margin 12.1 9.6 9.7 8.9 Billing ratio 73.9 72.9 74.1 73.9 Basic EPS 1.79 1.07 4.84 4.11 Diluted EPS 1.79 1.07 4.84 4.11 ◄ ► 4
• 5.
  Operating profit rolling12 month SEK M 650 600 550 500 450 400 350 300 250 200 150 100 50 0 Quarterly profit Rolling 12 months ◄ ► 5
• 6.
  Balance sheet • Net debt/equity ratio of 18.6 % SEK M 31 Mar 2012 31 Mar 2011 31 Dec 2011 (-12.7) Equity/assets ratio Goodwill 1,466.0 757.7 907.5 of 35.6 % (48.4) Other intangible assets 176.4 50.6 88.3 Tangible assets 245.5 204.3 230.8 • Disposable cash and p Financial assets 51.8 66.3 34.5 unutilised bank overdraft Current assets excl. facilities of SEK 1,120.5 million cash and cash equivalents 2,438.7 1,706.2 1,776.1 (898.9) Cash and cash equivalents 432.0 348.9 219.6 Total assets 4,810.4 4 810 4 3,134.0 3 134 0 3,256.8 3 256 8 Equity and reserves attributable to equity • Net debt SEK 317.9 million holders in the Parent Company 1,695.4 1,507.1 1,493.2 (Net cash 192) Non-controlling interest 17.9 9.8 10.5 Total equity 1,713.3 1,516.9 1,503.7 • New loans of EUR 74 million Long-term liabilities 882.9 152.5 192.3 related to acquisition of FMC Current liabilities 2,214.2 1,464.6 1 560.8 Group Total equity and liabilities 4,810.4 3,134.0 3,256.8 Pledged assets 257.7 16.3 - • Increase in goodwill and Contingent liabilities 230.8 230 8 193.7 193 7 207.7 207 7 intangible assets related t i t ibl t l t d to acquisition of FMC Group Equity/assets ratio, % 35.6 48.4 46.2 Net interest-bearing liabilities, SEK M -317.9 192.0 140.9 Net debt/Equity, N t d bt/E it % 18.6 18 6 -12.7 12 7 -9.4 94 Net debt/EBITDA, % 0.4 -0.4 -0.2 ◄ ► 6
• 7.
  Cash flow • Strong cash flow from SEK M Jan-mar Jan-mar Apr 2011- Full year operations 2012 2011 mar 2012 2011 • Considerations of net SEK Cash flow from operating 485 million paid. Primarily activities before changes in related to acquisition of working capital and paid tax 251.9 158.6 751.0 657.7 FMC Group Paid tax -92.8 -60.5 -170.9 -138.6 Changes in working capital -79.5 -98.8 13.2 -6.1 Cash flow from operating activities ti iti 79.6 79 6 -0.7 07 593.3 593 3 513.0 513 0 Cash flow from investing activities -502.7 -42.0 -773.6 -312.9 Cash flow from financing activities 635.8 18.4 261.5 -355.9 Cash flow for the period 212.7 -24.3 81.2 -155.8 ◄ ► 7
• 8.
  Sweco Sweden Highlights • Net sales growth + 19 % • Operating profit up by SEK 32 million • Operating margin 13.4 % • O Overall stable market • Improved prices Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 1,030.9 869.7 Operating profit, SEK M 138.5 106.1 Operating margin, % 13.4 12.2 # of employees end of period 3,259 2,938 ◄ ► 8
• 9.
  Sweco Norway Highlights • Net sales growth 35 % • Operating profit up by SEK 31 million • Operating margin 14.5 % • Continued good market, improved prices Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 472.5 349.4 Operating profit, SEK M 68.4 37.6 Operating margin, % 14.5 10.8 # of employees end of period 1,092 960 ◄ ► 9
• 10.
  Sweco Finland Highlights • Includes FMC Group from Feb 1 • Operating margin 10.1 % • Operating profit FMC Group SEK 13 million • Overall stable market Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 156.0 20.1 Operating profit, SEK M 15.8 1.9 Operating margin, % 10.1 9.5 # of employees end of period 1,255 65 ◄ ► 10
• 11.
  Sweco Central &Eastern Europe Highlights • Net sales growth 21 % • Improved results in Poland and the Baltics • Overall stable market situation • Continued difficulties to increase prices Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 66.4 54.9 Operating profit, SEK M 2.6 -3.2 Operating margin, % 3.9 -5.9 # of employees end of period 886 874 ◄ ► 11
• 12.
  Sweco Russia Highlights • Weaker market for infrastructure in the wake of Russian presidential election • Longer term fundamentals remain strong. • Public finances are improving steadily • Increased industrial investments, primarily in the raw materials sector. Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 32.5 5.1 Operating profit, SEK M -2.8 -0.3 Operating margin, % -8.5 -5.1 # of employees end of period 347 91 ◄ ► 12
• 13.
  Sweco Industry Highlights • Improved profitability, driven by improved billing ratio • Finnish market continues to improve • Need for additional recruitment • Stable development in Norway and Sweden Jan-Mar 2012 Jan-Mar 2011 Net sales, SEK M 192.8 144.5 Operating profit, SEK M 21.2 3.0 Operating margin, % 11.0 2.1 # of employees end of period 709 620 ◄ ► 13
• 14.
  Market outlook Trend Segment Share of net sales Infrastructure 16% • Overall good market situation g Water & Environment 15% • Sweco’s home markets has stronger GDP growth and g g Structural Engineering 15% healthier public finances than Building Service Systems 14% the European average • But still uncertainty due to the Energy systems 13% European debt crisis Industry 11% • Long-term drivers and trends: Architecture 8% - Environmental awareness - Urbanization Project Management 6% - EU expansion Geographic IT 2% ◄ ► 14