► 1 Sustainable engineering & design. ◄ ► 2 Interim report January-September 2009 Operating...

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Sustainable engineering & design

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Interim report January-September 2009• Operating profit of SEK 348.5 million (436.6)

• Operating margin of 8.9 per cent (11.0)

• Net sales amounted to SEK 3,909.6 million (3,962.8)

• Profit before tax of SEK 350.6 million (428.9)

• Solid financial position with net cash of SEK 189.7 million (-58.1) Strong cash flow from operating activities of SEK 280.0 million (298.6)

• Profit after tax of SEK 248.6 million (306.5) and earnings per share of SEK 2.80 (3.56)

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Income statement

Income statement, July-Sept July-Sept Jan-Sept Jan-Sept Oct 2008- Full year

SEK M 2009 2008 2009 2008 Sept 2009 2008

Net sales 1,062.8 1,159.1 3,909.6 3,962.8 5,469.6 5,522.8

Other operating income 5.6 8.8 11.6 8.8 15.6 12.8

Other external expenses -296.3 -332.9 -1,016.6 -1,039.0 -1,473.7 -1,496.1

Personnel costs -681.0 -708.6 -2,476.2 -2,424.7 -3,383.0 -3,331.5 Amortisation/depreciation and impairment losses -26.3 -24.8 -79.9 -71.3 -120.3 -111.7

Operating profit 64.8 101.6 348.5 436.6 508.2 596.3

Net financial items -4.1 -1.8 2.1 -7.7 1.7 -8.1

Profit before tax 60.7 99.8 350.6 428.9 509.9 588.2

Income tax expense -19.2 -29.6 -102.0 -122.4 -164.9 -185.3

Profit for the period 41.5 70.2 248.6 306.5 345.0 402.9

Operating margin 6.1 8.8 8.9 11.0 9.3 10.8

Billing ratio 72.7 74.0 73.8 76.0 74.0 75.6

Basic EPS 0.46 0.80 2.80 3.56 3.92 4.68

Diluted EPS 0.46 0.80 2.78 3.54 3.89 4.65

Strong underlying resultin a difficult market

• Global recession had a negative impact – but local variations

• Operating result decreased

• Negative calender effect

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Balance sheet

Balance sheet, SEK M 30 Sept 2009 30 Sept 2008 31 Dec 2008

Goodwill 782.4 763.1 771.7

Other intangible assets 60.5 61.5 69.6

Tangible assets 180.0 176.8 191.2

Financial assets 59.1 83.4 59.0 Current assets excl. cash and cash equivalents 1,517.4 1,608.8 1,599.7

Cash and cash equivalents 334.4 205.0 321.3

Total assets 2,933.8 2,898.6 3,012.5

Equity attributable to equity holders of the Parent Company 1,497.5 1,226.0 1,401.9

Minority interests 10.4 19.4 12.9

Total equity 1,507.9 1,245.4 1,414.8

Non-current liabilities 139.2 102.0 134.1

Current liabilities 1,286.7 1,551.2 1,463.6

Total equity and liabilities 2,933.8 2,898.6 3,012.5

Pledged assets - - 0.4

Contingent liabilities 152.5 102.5 121.3

Solid financial position

• Equity/assets ratio of51.4%. Ned debt/equity ratio of -13%

• Disposable cash and unutilised bank overdraft facilities of SEK 890 million

• Net interest-bearing receivable SEK 190 million

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Cash flow

Cash flow, SEK M July-Sept July-Sept Jan-Sept Jan-Sept Oct 2008- Full year

2009 2008 2009 2008 Sept 2009 2008 Cash flow from operating activities before changes in working capital and paid tax 101.4 135.0 459.9 550.4 696.9 787.4

Paid tax - -14.1 -116.0 -114.8 -143.4 -144.2

Changes in working capital -36.1 -3.0 -63.9 -137.0 -19.4 -86.1 Cash flow from operating activities 65.3 117.9 280.0 298.6 534.1 557.1 Cash flow from investing activities -69.0 32.0 -119.7 -232.4 -156.0 -273.1 Cash flow from financing activities -84.2 -105.5 -189.5 -66.0 -300.0 -176.5

Cash flow for the period -87.9 44.4 -29.2 0.2 78.1 107.5

Strong cash flow• SEK 280 million

from operating activities

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Adjustments of resources 2009

Full Time Equivalents

Company Termination Temp lay off*

Sweco Sweden 23 -

Sweco Finland 4 1

Sweco Russia 15 -

Sweco CEE 151 10

Sweco Industry, Finland 31 154

224 165

# of employees in divested companies 130

* As of September 30, 2009

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7

0

50

100

150

200

250

300

350

Jan-Sept 2008 Jan-Sept 2009

0%

2%

4%

6%

8%

10%

12%

14%

16%

Operating profit Operating margin

Sweco SwedenHighlights

• Net sales SEK 2,148 million (2,181)

• Operating profit SEK 230 million (290)

• Operating margin down from 13.2 to 10.7 %

• Continued solid development for several sectors

• A record assignment from Jordan regarding improvement of drinking water supply to Amman

SEK M

SEK M

0

500

1 000

1 500

2 000

2 500


Net sales

Average # of 2007 2008 Q3 2009Employees 2,336 2,479 2,525

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8

0

10

20

30

40

50

60

70

80

90

100


0%

2%

4%

6%

8%

10%

12%

14%


Sweco NorwayHighlights

• Net sales SEK 944 million (824)

• Operating profit of SEK 95 million (88)


• The general market situation improved in Q3 - signals of an upturn regarding industrial investments within the next year

• Big demand for modernising water and sewage

0

100

200

300

400

500

600

700

800

900

1 000


Net sales

SEK M

SEK M

Average # of 2007 2008 Q3 2009Employees 582 831 845

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0

2

4

6

8

10

12

14


0%

5%

10%

15%

20%

25%


Sweco FinlandHighlights




• No signs of a turnaround yet

• The development of the market still hard to estimate

0

10

20

30

40

50

60

70

80

90

100


Net sales

SEK M

SEK M


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-4

-3

-2

-1

0

1

2

3

4

5

6

7

8

9

10

Jan-June 2008 Jan-June 2009

-6%

-4%

-2%

0%

2%

4%

6%

8%


Sweco Central & Eastern EuropeHighlights




• Continued tough market situation in the Baltic region – but improved order intake

• The ongoing adjustment to EU standards continues – but at a slower pace

• Stable market condition in the Czech Republic and Bulgaria

0

25

50

75

100

125

150

175

200

225


Net sales

SEK M

SEK M


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Sweco RussiaHighlights


• Operating profit SEK 1 million (-5)

• Operating margin up from -34.7 to 5.1 %

• Increased demand for improvement of water and sewage

0

5

10

15

20

25

30


Net sales

SEK M

SEK M


-5

-4

-3

-2

-1

0

1

2


-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%


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10

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60

70

80


0%

2%

4%

6%

8%

10%

12%


Sweco IndustryHighlights




• Finland hit hard by recession – industry markets in Norway and Sweden still OK

• 3 extensive energy assignments in Russia and Kazakhstan

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750


Net sales

SEK M

SEK M

Average # of 2007 2008 Q3 2009Employees 1,097 1,110 845

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Market outlook

Water & Environment

Infrastructure

Energy systems

Building Service Systems

Industry

Structural Engineering

Architecture

Project Management

Geographic IT

Trend Segment Share of net sales

18%

15%

14%

14%

14%

10%

7%

6%

2%

General Drivers and Trends:

Environmental awareness

Urbanisation

EU expansion

► 1 Sustainable engineering & design. ◄ ► 2 Interim report January-September 2009 Operating...

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