Combitech releases its financial statements for 2013

Technology consultancy company Combitech, an independent subsidiary of defence and security company Saab AB, released its financial statements for 2013 today. Sales growth amounted to 13 per cent and the company is still displaying good profitability. Several important agreements were signed during this year.

13 February 2014 - Combitech continued to display good growth during 2013 with increased orders (14 per cent) and sales (13 per cent). Sales rose to SEK 1,598 million, an increase of SEK 188 million which is mostly organic. The aerospace industry, other industry and manufacturing and government authorities saw the most growth during 2013.

Several important events took place during the year:

• Combitech signed several significant agreements. These include a framework agreement with FMV within military capability development, a big technical information contract with a leading Swedish industrial company, an intensified collaboration with another leading Swedish industrial company and framework agreements with two large Swedish industrial companies specialising in vehicles and transmission of power and automation respectively. In the area of security, framework agreements have been signed with the Swedish Gambling Authority and Svenska Spel [Swedish Games] among others.
• The development centre in Trollhättan, which opened in 2012, has done well and now employs 130 people. The centre offers complete development contracts for Nordic industries including the aviation and vehicle sectors. A large number of employees are involved in the development of Gripen E. An increasing number of assignments are also performed within the vehicle industry and other industries.
• The number of employees has increased by 58 people to a total of 1,345 people.
• Work is on-going to intensify the collaboration between the Swedish company and its Norwegian subsidiaries Combitech AS and Bayes Risk Management AS.

After the end of the financial year, Combitech took over the business activities of Saab Systems Oy (from 1 January 2014) and thereby took an important step forward in its ambition to grow in the Nordic market. Saab Systems Oy works with system integration in the field of defence and security and has 60 employees at four locations in Finland.

“All in all it’s been a good year for us, with continued organic growth. We won several prestigious contracts in 2013 despite fierce competition and very high customer demands. The industrial market conditions are still unsure, but thanks to our presence in many market segments we have retained profitability. Our focus for 2014 is to continue to strengthen our position as one of the Nordic region’s leading technical consultancy companies, not least through establishing ourselves in Finland,” says Marie Bredberg, CEO of Combitech.

KEY FIGURES

Order situation
Order volumes were good and reached SEK 1,634 million, an increase of 14 per cent compared to the previous year. The orders relate to a mixture of small and medium-sized assignments, often connected to framework agreements, and larger orders which span several years.

Sales
Sales amounted to SEK 1,598 million, an increase of SEK 188 million or 13 per cent. Much of the growth is organic. Business activities in the aerospace industry, other industry and manufacturing and the public sector saw the greatest sales growth during 2013. The telecommunications industry showed a weaker demand trend during the year. All in all we can confirm somewhat uncertain industrial market conditions. Sales to customers both within and outside the Saab Group increased during 2013 compared to 2012. The proportion of sales to the Saab Group amounted to 46 per cent (42). 

Profit and margin
Operating income (EBIT) increased by SEK 18 million or 15 per cent to SEK 140 million due to a higher sales income compared to 2012. The operating margin was 8.8 %, which is in line with 2012 (8.7%).

Operating cash flow
The operating cash flow amounted to SEK 159 million (SEK -43 million). This vast improvement is mainly due to the effect of acquisitions on the previous year’s cash flow. 
 

For more information
Charlotte Magnusson, Head of Communication, Combitech
Tel.: +46 734 184 143, E-mail: charlotte.magnusson@combitech.se

About Combitech
Combitech is a Nordic technical consultancy company with over 1,400 employees in Sweden, Norway and Finland. The company is an independent company within the defence and security group Saab AB. www.combitech.se

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