Bravida Year-end report January – December 2014

• Net sales were SEK 12,000 million (11,080)
• Operating profit was SEK 705 million (600)
• Cash flow from operating activities was SEK 659 million (457)

I am pleased with Bravida’s development both during the fourth quarter and in 2014 as a whole. Sales and profitability in Norway and Denmark are showing significant improvement. The order intake was good during the fourth quarter and we carry a strong order book forward into 2015. Bravida’s cash flow and profitability improved during 2014. We made a number of acquisitions during the latter part of the year, further strengthening our market position.

Bravida’s sales during the fourth quarter increased by almost 9 per cent and operating profit increased by over 6 percent, giving an operating margin of 7.3 (7.5) per cent. Cash flow from operating activities improved during the fourth quarter and amounted to SEK 494 million (439). Bravida’s sales increased during 2014 by over 8 per cent, amounting to SEK 12,000 million, while operating profit was SEK 705 million, which gave an operating margin for 2014 of 5.9 (5.4) per cent. Cash flow from operating activities improved during 2014 and amounted to SEK 659 million (457).

We are seeing significant improvement in Division Norway, where volumes have increased, while profitability has also gradually improved and stabilised. The positive trend in Division Denmark is continuing, with a strong growth in volumes of 26 per cent, as well as stable production margins and cost control. In Sweden, Divisions North and South have experienced a positive sales trend, while operating profit has improved slightly across all divisions.

The order intake fell by 2 per cent during 2014, attributable mainly to Division North and Denmark, although this came off the back of high levels in 2013. The order backlog at the end of the period in general continued to be good and amounted to SEK 6,580 million (6,075).

The Group received major orders during 2014, relating to infrastructure and education, healthcare and housing. Public-sector investments still account for a large share of growth in the market while activity in industry and new commercial builds is generally stable, but is falling in some geographical areas.

Several acquisitions were made during the second half of 2014, primarily in Norway and Sweden, and this has strengthened Bravida’s market position in certain local and regional markets and segments.

Our assessment is that the building cycle in Scandinavia has stabilised and that the market will continue to remain stable during 2015, but with significant regional variations. Bravida expects to see continued positive growth during 2015 and our aim is to continue to deliver profitability in the top tier of our industry, while at the same time achieving growth, both organically and through further acquisitions.

Mattias Johansson
CEO and Group President

The report is available at the corporate website: www.bravida.com/en/Financial-information/

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Bravida Holding AB publishes this interim report in compliance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was submitted for publication at 11.30 a.m. on 25 February 2015.

Contact information:
Mattias Johansson, CEO, or Nils-Johan Andersson, CFO will answer any questions. Phone +46 8 695 20 00.

Bravida is Scandinavia's leading full-service provider of installation and service offerings with 8,200 employees in Sweden, Norway and Denmark. Bravida delivers specialist services as well as complete electrical, heating and plumbing, and HVAC solutions, offering everything from design and project planning to installation, operation and maintenance. Bravida is represented in over 150 locations in Sweden, Norway and Denmark. www.bravida.com