Transcript Bild 1 - Sweco

Sustainable engineering & design
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1
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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2
Income statement
Income statement,
SEK M
Jan-Sept
Jan-Sept
Oct 2008-
Full year
2009
2008
2009
2008
Sept 2009
2008
1,062.8
1,159.1
3,909.6
3,962.8
5,469.6
5,522.8
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
Amortisation/depreciation
and impairment losses
-681.0
-708.6
-2,476.2
-2,424.7
-3,383.0
-3,331.5
-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
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
Net sales
Other operating income
Operating margin
◄
July-Sept July-Sept
Strong underlying result
in a difficult market
• Global recession had a
negative impact – but
local variations
• Operating result
decreased
• Negative calender
effect
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3
Balance sheet
Balance sheet, SEK M
30 Sept 2009
30 Sept 2008
31 Dec 2008
782.4
763.1
771.7
60.5
61.5
69.6
180.0
176.8
191.2
59.1
83.4
59.0
1,517.4
1,608.8
1,599.7
334.4
205.0
321.3
2,933.8
2,898.6
3,012.5
1,497.5
1,226.0
1,401.9
10.4
19.4
12.9
1,507.9
1,245.4
1,414.8
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
-
-
0.4
152.5
102.5
121.3
Goodwill
Other intangible assets
Tangible assets
Financial assets
Current assets excl. cash and cash
equivalents
Cash and cash equivalents
Total assets
Equity attributable to equity holders
of
the Parent Company
Minority interests
Total equity
Non-current liabilities
Pledged assets
Contingent liabilities
◄
Solid financial position
• Equity/assets ratio of
51.4%. 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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4
Cash flow
Cash flow, SEK M
July-Sept
July-Sept
2009
2008
2009
2008 Sept 2009
2008
101.4
135.0
459.9
550.4
696.9
787.4
-
-14.1
-116.0
-114.8
-143.4
-144.2
Changes in working capital
Cash flow from operating
activities
Cash flow from investing
activities
Cash flow from financing
activities
-36.1
-3.0
-63.9
-137.0
-19.4
-86.1
65.3
117.9
280.0
298.6
534.1
557.1
-69.0
32.0
-119.7
-232.4
-156.0
-273.1
-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
Cash flow from operating
activities before changes in
working capital and paid tax
Paid tax
◄
Jan-Sept Jan-Sept Oct 2008-
Full year
Strong cash flow
• SEK 280 million
from operating
activities
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5
Adjustments of resources 2009
Full Time Equivalents
Company
Termination
Temp lay off*
Sweco Sweden
23
-
Sweco Finland
4
1
Sweco Russia
15
-
151
10
31
154
224
165
Sweco CEE
Sweco Industry, Finland
# of employees in divested companies
130
* As of September 30, 2009
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6
SEK M
Sweco Sweden
Highlights
• 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
2 500
2 000
1 500
1 000
500
0
Jan-Sept 2008
Jan-Sept 2009
Net sales
SEK M
350
16%
300
14%
12%
250
10%
• A record assignment from Jordan regarding
improvement of drinking water supply to
Amman
200
8%
150
6%
100
4%
50
2%
0
0%
Jan-Sept 2008
Operating profit
Average # of
Employees
◄
2007
2,336
Jan-Sept 2009
Operating margin
2008
2,479
Q3 2009
2,525
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7
SEK M
1 000
Sweco Norway
900
800
700
Highlights
600
• Net sales SEK 944 million (824)
400
• Operating profit of SEK 95 million (88)
200
• Operating margin down from 10.7 to 10.1 %
500
300
100
0
Jan-Sept 2008
SEK M
• 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
Jan-Sept 2009
Net sales
100
14%
90
12%
80
10%
70
60
8%
50
6%
40
30
4%
20
2%
10
0
0%
Jan-Sept 2008
Operating profit
Average # of
Employees
◄
2007
582
Jan-Sept 2009
Operating margin
2008
831
Q3 2009
845
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8
SEK M
100
Sweco Finland
90
80
70
Highlights
60
50
• Net sales SEK 70 million (94)
• Operating profit SEK 7 million (13)
• Operating margin down from
13.8 to 10.0 %
40
30
20
10
0
Jan-Sept 2008
Jan-Sept 2009
Net sales
SEK M
25%
14
• No signs of a turnaround yet
• The development of the market still
hard to estimate
12
20%
10
15%
8
6
10%
4
5%
2
0
0%
Jan-Sept 2008
Operating profit
Average # of
Employees
◄
2007
77
Jan-Sept 2009
Operating margin
2008
87
Q3 2009
71
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9
Sweco Central & Eastern Europe
Highlights
SEK M
225
200
• Net sales SEK 213 million (207)
175
150
• Operating profit SEK 0 million (7)
• Operating margin down from 3.4 to 0.0 %
125
100
75
50
25
• 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
Jan-Sept 2008
SEK M
Jan-Sept 2009
Net sales
10
9
8%
8
7
6
5
6%
4
3
2
2%
1
0
-1
-2
4%
0%
-2%
Jan-June 2008
Jan-June 2009
-4%
-3
-4
-6%
Operating profit
Average # of
Employees
◄
2007
529
Operating margin
2008
806
Q3 2009
724
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10
SEK M
Sweco Russia
Highlights
30
25
20
15
• Net sales SEK 24 million (14)
• Operating profit SEK 1 million (-5)
• Operating margin up from -34.7 to 5.1 %
10
5
0
Jan-Sept 2008
Jan-Sept 2009
Net sales
• Increased demand for improvement of water
and sewage
SEK M
2
5%
1
0%
-5%
0
Jan-Sept 2008
Jan-Sept 2009
-1
-10%
-15%
-2
-20%
-3
-25%
-4
-30%
-5
-35%
Operating profit
Average # of
Employees
◄
2007
64
Operating margin
2008
126
Q3 2009
148
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11
SEK M
Sweco Industry
750
700
650
600
550
Highlights
500
450
400
• Net sales SEK 587 million (735)
• Operating profit SEK 20 million (73)
350
300
250
200
150
100
50
• Operating margin down from 9.9 to 3.5 %
0
Jan-Sept 2008
Jan-Sept 2009
Net sales
• Finland hit hard by recession – industry
markets in Norway and Sweden still OK
SEK M
80
12%
70
• 3 extensive energy assignments in Russia
and Kazakhstan
10%
60
8%
50
6%
40
30
4%
20
2%
10
0
0%
Jan-Sept 2008
Operating profit
Average # of
Employees
◄
2007
1,097
Jan-Sept 2009
Operating margin
2008
1,110
Q3 2009
845
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12
Market outlook
Trend
◄
Segment
Share of net sales
Water & Environment
18%
Infrastructure
15%
Energy systems
14%
General Drivers and Trends:
Building Service Systems
14%
Environmental awareness
Industry
14%
Structural Engineering
10%
Architecture
7%
Project Management
6%
Geographic IT
2%
Urbanisation
EU expansion
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13