Jonas Wiström, President and CEO +46 70 608 12 20
Stefan Johansson, CFO +46 70 224 24 01
Viktor Svensson, Director Corporate Information +46 70 657 20 26
Fourth quarter 2012
* Net sales totalled SEK 1,847 million (1,457)
* Operating profit totalled SEK 156 million (148)
* Operating margin was 8.5 percent (10.2)
* Earnings per share, before dilution: SEK 3.23 (3.11)
* Net sales totalled SEK 5,796 million (5,124)
* Operating profit totalled SEK 481 million (426)
* Operating margin was 8.3 percent (8.3)
* Earnings per share, before dilution: SEK 10.13 (9.07)
* The Board proposes a dividend per share for 2012 of SEK 5.50 (5.00)
A few words from the President, Jonas Wiström:
ÅF's fourth quarter operating profit of SEK 156 million (148) was the highest so
far in the history of the company.
The operating margin was 8.5 percent (10.2) for the quarter, and 8.3 percent
(8.3) for the year as a whole. The lower margin in the fourth quarter was mainly
a consequence of external transaction costs totalling approximately SEK 13
million for the acquisitions of Epsilon and Advansia, and a lower than
anticipated result from one of the projects performed by the International
It is particularly pleasing to note that, despite the increasingly challenging
market conditions, ÅF's capacity utilisation rate has continued to rise and cash
flow has remained strong. Overall growth in the fourth quarter rose to 27
percent and organic growth was 7 percent.
The highest level of profitability in the fourth quarter was reported by the
Industry Division with an operating margin of 13.0 percent (14.0). The
Infrastructure Division improved its earnings by 75 percent and reported an
operating margin of 12.3 percent (10.3). Technology reported an operating margin
of 10.7 percent (12.0) in the fourth quarter, while the figure for the
International Division, which continues to work in what remains a relatively
weak market in Europe, was 5.9 percent (6.4).
The fourth-quarter acquisitions of Epsilon (29 November) with just over 1,600
employees, and the Norwegian company Advansia (1 October) with more than 100
employees have contributed to significantly strengthening ÅF's position in the
market. Both acquisitions support ÅF's strategy of being number one or two in
its chosen markets. The acquisition of Epsilon means that ÅF is now one of the
leading names in the market for advanced product development, while Advansia
strengthens the Infrastructure Division's project management operations in both
Norway and Sweden. The integration of both companies is proceeding according to
The market prospects for ÅF in 2013 do not present a uniform picture. While the
outlook would appear to remain very good for infrastructure projects, the
prospects for investments in industry and energy are less certain.
ÅF's most important objective is to continue to generate levels of profitability
that place us among the very best performers in our industry - regardless of the
state of the economy. The company now has some 6,900 highly qualified
consultants and other members of staff, and our ambition is to continue to grow,
both organically and through acquisitions, without compromising profitability.
Group Head Office:
ÅF AB (publ), SE-169 99 Stockholm, Sweden
Visitors' address: Frösundaleden 2, 169 70 Solna, Sweden
Tel. +46 10 505 00 00 Fax +46 10 505 00 10
www.afconsult.com / firstname.lastname@example.org
Corporate ID number 556120-6474
The information in this interim report fulfils ÅF AB's disclosure requirements
under the provisions of the Swedish Securities Markets Act and/or the Financial
Instruments Trading Act. The information was released for publication at 11:00
CET on 5 February 2013.
All assumptions about the future that are made in this report are based on the
best information available to the company at the time the report was written. As
is the case with all assessments of the future, such assumptions are subject to
risks and uncertainties, which may mean that the actual outcome differs from the
This is a translation of the Swedish original. The Swedish text is the binding
version and shall prevail in the event of any discrepancies.
The full report including tables (pdf) is available for download
ÅF is an engineering and design company within the fields of energy, industry and infrastructure. We create sustainable solutions for the next generation through talented people and technology. We are based in Europe and our business and clients are found all over the world.
ÅF – Making Future.