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Presentation of the Year-end report for 2011.
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Presentation of the full year report 2011Presentation of the full-year report 201114 February, 2012
M t Wä li P id t d CEO
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Mats Wäppling, President and CEOBo Jansson, Executive Vice President and CFO
Highlights 2011• Strong growth and higher profitability
+ 2,000 employees+ 100 MSEK in operating profit+ 100 MSEK in operating profit
• Operating profit Q4 - best ever
St f S S d• Strong performance Sweco Sweden
• Big improvement Sweco Industry
• Overall good market situation, but considerable uncertainty
A i iti FMC G (F b 2012)• Acquisition FMC Group (Feb 2012)
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October – December 2011• Net sales increased by 21 per cent to SEK 1,786.1 million (1,479.0)
• Operating profit improved by 49 per cent to SEK 191.6 million (128.5)
• Operating margin of 10.7 per cent (8.7)
• Profit after tax of SEK 129.0 million (85.8) and earnings per share of SEK 1.41 (0.94)
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Year-end report 2011• Net sales of SEK 5,987.6 million (5,272.4)
• Operating profit increased to SEK 531.3 million (432.7)
• Operating margin of 8.9 per cent (8.2)
• Profit after tax of SEK 374.8 million (299.9) and earnings per share of SEK 4.11 (3.31)
• Strong financial position, net receivable of SEK 140.9 million (240 1)(240.1)
• Proposed dividend of SEK 3.00 per share (3.00)
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Income statementQ4• Net sales growth 21 %• Operating profit + 49 %
Oct-Dec Oct-Dec Full year Full yearSEK M 2011 2010 2011 2010Net sales 1,786.1 1,479.0 5,987.6 5,272.4 Operating profit 49 %
• Operating margin 10,7 %• Strong performance all units
et sa es , 86 , 9 0 5,98 6 5,Other operating income - 0.3 - 3.9Other external expenses -481.3 -417.7 -1,505.1 -1,400.2Personnel costs -1,081.9 -909.8 -3,841.6 -3,349.0Amortisation/depreciation
Full year• Net sales growth 14 %
pand impairment -31.3 -23.3 -109.6 -94.4Operating profit 191.6 128.5 531.3 432.7Net financial items -0.2 -1.5 -4.5 -9.0Profit before tax 191.4 127.0 526.8 423.7
• Strong performance SwecoSweden, Sweco Industry and Sweco Russia
• Positive trend billing ratio and
Income tax expense -62.4 -41.2 -152.0 -123.8Profit for the period 129.0 85.8 374.8 299.9
Operating margin 10.7 8.7 8.9 8.2 Positive trend billing ratio and pricesBilling ratio 74.8 74.2 73.9 73.4
Basic EPS 1.41 0.94 4.11 3.31Diluted EPS 1.41 0.94 4.11 3.28
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Operating profit rolling 12 month
600
650
SEK M
400
450
500
550
250
300
350
400
100
150
200
0
50
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Balance sheetSolid financial position
• Net debt/equity ratio of 9 4 % ( 16 8) Equity/assets
Balance sheet, SEK M 31 Dec 2011 31 Dec 2010Goodwill 907.5 734.4Other intangible assets 88.3 49.3
-9.4 % (-16.8). Equity/assets ratio of 46.2 % (47.8)
• Disposable cash and unutilisedbank overdraft facilities of SEK
Tangible assets 230.8 199.5Financial assets 34.5 49.6Current assets excl. cash and cash equivalents 1,776.1 1,578.9Cash and cash equivalents incl. short-term investments 219.6 376.7 bank overdraft facilities of SEK
687.8 million (946.5)
• Net interest-bearing receivable SEK 140,9 million (240,1)
Total assets 3,256.8 2,988.4Equity attributable to owners of the Parent Company 1,493.2 1,419.6Non-controlling interests 10.5 10.0Total equity 1,503.7 1,429.6
• Proposed dividend SEK 275 million (273)
Total equity 1,503.7 1,429.6Non-current liabilities 192.3 151.3Current liabilities 1,560.8 1,407.5Total equity and liabilities 3,256.8 2,988.4Pledged assets - 16.6Contingent liabilities 207.7 198.4
Equity/assets ratio, % 46.2 47.8Net interest-bearing receivable, SEK M 140.9 240.1Net debt/Equity, % -9.4 -16.8
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Net debt/Equity, % 9.4 16.8Net debt/EBITA -0.2 -0.5
Cash flow
Cash flow statement, SEK M Oct-Dec Oct-Dec Full year Full year 2011 2010 2011 2010Cash flow from operating activities before changes in working capital and paid tax 244.5 143.6 657.7 510.7Paid tax -41.2 -6.4 -138.6 -142.0
Changes in working capital 120.9 111.6 -6.1 -26.9Cash flow from operating activities 324.2 248.8 513.0 341.8Cash flow from investing activities -157.6 -43.1 -312.9 -132.5Cash flow from financing activities -73 6 -11 1 -355 9 -362 5Cash flow from financing activities 73.6 11.1 355.9 362.5Cash flow for the period 93.0 194.6 -155.8 -153.2
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Sweco SwedenHighlights
• Overall good market
• Strong performance full year- Operating profit up 23 %- Net sales growth 16 % (organic growth 12 %)
• Continued strong performance Q4 - Operating margin 13.2 %- Net sales growth 17% (organic growth 15 %)
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 1,053.2 902.1 3,596.7 3,103.9
g ( g g )
Operating profit, SEK M 139.2 106.2 412.3 334.2
Operating margin, % 13.2 11.8 11.5 10.8
# of Employees end of per. 3,202 2,822
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Sweco NorwayHighlights
• Overall stable market
• Write-downs in project
• Acquisition of NEAS’s consulting operations
S N th 1 000 l• Sweco Norway now more than 1,000 employees
• Long-term demand in road and rail, hydropower, water supply and waste water treatment
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 405.7 324.3 1,401.8 1,296.6
Operating profit, SEK M 45.2 30.0 125.9 130.8
Operating margin, % 11.1 9.3 9.0 10.1
# of Employees end of per. 1,060 920
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Sweco FinlandHighlights
• Stable demand for Sweco’s project management services
• Industrial investments showed continued recovery in the fourth quarter
• New tendering methods and new types of project management assignments secures demandassignments secures demand
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 27.0 24.6 92.4 81.9
Operating profit, SEK M 0.3 1.3 7.3 7.2
Operating margin, % 1.0 5.3 7.9 8.8
# of Employees end of per. 70 64
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Sweco Central & Eastern EuropeHighlights
• Increased demand in the Baltics and Bulgaria for services related to water, environment and energy
• Structural measures in the infrastructure area in Poland
• Continued price pressure in public assignmentsContinued price pressure in public assignments
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 86.5 85.1 256.5 278.2
Operating profit, SEK M 5.3 3.5 1.6 7.3
Operating margin, % 6.1 4.1 0.6 2.6
# of Employees end of per. 917 872
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Sweco RussiaHighlights
• Public finances are improving steadily
• Improved market Q4 in the infrastructure segment and in the water and environment area
• Formation of a stronger Russian unit through acquisition of twoFormation of a stronger Russian unit through acquisition of two infrastructure consulting companies with 264 employees
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 44.4 7.1 109.7 28.5
Operating profit, SEK M 5.9 1.0 10.3 3.4
Operating margin, % 13.5 14.1 9.4 11.8
# of Employees end of per. 366 93
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Sweco IndustryHighlights
• Improved profitability
• Market situation in Finland continues to improve
• Stable development in Norway and Sweden
I d b f f ibilit t di f l i t t• Increased number of feasibility studies for large investments
Oct-Dec 2011 Oct-Dec 2010 Jan-Dec 2011 Jan-Dec 2010
Net sales, SEK M 210.0 143.0 649.4 536.6
Operating profit, SEK M 14.0 2.5 24.9 1.5
Operating margin, % 6.7 1.7 3.8 0.3
# of Employees end of per. 694 631
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Market outlook
Infrastructure
Trend Segment Share of net sales
17% • Overall good market situation
Water & Environment
Energy Systems
15%
15%
g
• Sweco’s home markets stronger GDP growth and healthier finances than the Europeangy y
Building Service Systems
Structural Engineering
14%
13%
finances than the European average
• But considerable uncertainty due to the European debt crisis
Industry
Architecture
9%
9%
due to the European debt crisis
• Long-term drivers and trends:- Environmental awareness
UrbanizationProject Management
Geographic IT
6%
2%
- Urbanization- EU expansion
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Acquisition of FMC GroupFMC Group in brief:
• #5 Engineering consultancy in Finland#5 Engineering consultancy in Finland
• Market leader in structural design
• 1 100 employees• 1,100 employees
• 79.7 MEUR in revenues and 9.4 MEUR in operating profit (EBITA) 2010/2011ope a g p o ( ) 0 0/ 0
• Offices at 21 locations in Finland
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Acquisition of FMC Group
• Becomes the second largest engineering consultancy in Finlandco su a cy a d
• Full service offerings in Finland - market leading competence in all key engineering di i lidisciplines
• Closing Feb 2012
Enterprise al e EUR 65 8 million• Enterprise value EUR 65,8 million- Net cash consideration EUR 61 million - 795,000 Sweco class B treasury shares
• EV/EBITA = 6.9x, EPS accretive
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Summary• Strong growth and increased profitability
• Best operating profit ever Q4 - almost all units improved
• Over all good market situation big improvement for Sweco Industry- big improvement for Sweco Industry
• Sweco incl. FMC Group- Net sales SEK 6.7 billion- 7,400 employees
• No signs of slowdown, but considerable uncertaintyuncertainty
• Solid platform for long-term profitable growth
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