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Year-End Report January – December 2016

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Year-End Report January – December 2016 Year-end Report January – December 2016 Press release 27 April 2016 1 Increased profit and continued growth Comment from Jonas Wiström: ÅF’s operating profit for both the fourth quarter and the full year was the highest ever. The high profit and pace of acquisitions, coupled with the fact that this year Universum ranked us Sweden’s most popular employer among postgraduate engineers gives us a solid platform for continued growth in 2017. Fourth quarter 2016 January – December 2016 • Net sales amounted to SEK 3,138 million (2,717) • Net sales amounted to SEK 11,070 million (9,851) • Operating profit, excl. items affecting compara- • Operating profit, excl. items affecting compara- bility, was SEK 297 million (257) bility, totalled SEK 964 million (832) • Operating margin, excl. items affecting compa- • Operating margin, excl. items affecting compara- rability, was 9.5 percent (9.5) bility, was 8.7 percent (8.4) • Operating profit totalled SEK 302 million (261) • Operating profit totalled SEK 965 million (839) • Operating margin was 9.6 percent (9.6) • Operating margin was 8.7 percent (8.5) • Profit after tax totalled SEK 221 million (191) • Profit after tax totalled SEK 711 million (609) • Earnings per share, before dilution: SEK 2.84 • Earnings per share, before dilution: SEK 9.32 (7.81) (2.46) • The Board proposes a dividend for 2016 of SEK 4.50 per share (3.75) COMMENTS BY THE CEO and petrochemicals business, with just over 100 cation and systems development for the interconnec- employees. ted world combine to produce a solid offering within ÅF’s operating profit for both the fourth quarter and digital transformation. This digitalisation expertise full year 2016 was the highest ever. Excluding items The Infrastructure Division is gaining market share will be an increasingly significant feature of ÅF’s affecting comparability, operating profit for the quar- on the robust infrastructure market and experiencing overall offering for clients within the fields of indu- ter amounted to SEK 297 million (257), a rise of 16 healthy growth of 27 percent. Profitability remains stry, infrastructure and energy. percent. Meanwhile, we are continuing to see healthy stable at over 10 percent, although investments growth, with a sales increase of 15 percent. In line mainly in Norway have had a negative impact on pro- The strong end to the year meant that operating pro- with ÅF’s strategy, a number of acquisitions were fitability in the short term. Demand for the division’s fit excluding items affecting comparability amounted carried out in Q4 that have reinforced the company’s services is high throughout Scandinavia. Growth in to SEK 964 million (832) in 2016, an increase of 16 presence in Denmark and Switzerland. Norway is Norway is continuing and the business in Denmark is percent. The pace of acquisitions has been high in seeing persistent growth, which totalled over 40 per- being strengthened through the acquisition of the 2016 and a total of 15 companies were acquired, with cent in 2016. company Midtconsult. combined sales totalling SEK 1.5 billion. The acquisi- tions have positioned ÅF for further growth primarily ÅF believes there is a slight improvement in the mar- The International Division finished the year on a in Norway, Denmark and Switzerland, as well as in ket outlook compared with the year-earlier period. high, as is usual for this time of year. The market for new fields, such as architecture with the acquisition There is continued strong demand from certain parts power production in Europe remains weak, while of sandellsandberg. of the industrial sector, primarily in the automotive, demand in Africa and Southeast Asia is persistently pulp, food and pharmaceutical industries. Mean- strong. Q4 saw the acquisition of Edy Toscano, a The acquisitions completed in 2016 secures a good while, demand in infrastructure planning is strong in leading engineering and consultancy firm in Switzer- growth in 2017. Combined with our financial ear- both roads and railways, as well as the construction land, operating primarily within infrastructure. The nings and ÅF’s strong ranking as an attractive sector. There has been a rise in demand within rene- acquisition makes ÅF one of the largest engineering employer for postgraduate engineers, this provides wable energy, transmission and distribution, and and consultancy companies in Switzerland. ÅF is also the company with a solid platform for continued there were indications that the weak mining, steel broadening its energy offering via the acquisition of growth in 2017. The target for 2020 remains: gene- and nuclear power industries were stabilising. the international solar energy company Aries. rate net sales of at least EUR 2 billion and achieve an operating margin of at least 10 percent over a busi- The Industry Division is exhibiting profitable growth. The Technology Division continues to grow, mainly ness cycle. The automotive business in China is continuing to organically, with persistently healthy profitability. perform well and in the fourth quarter ÅF also won a Demand for embedded systems and digital solutions Stockholm, Sweden – 3 February, 2017 three-year assignment for AB Volvo in Brazil. The remained high, particularly in the automotive indu- Industry Division strengthened its offering through stry. ÅF’s wide ranging industry expertise and the Jonas Wiström the acquisition of Reinertsen’s Swedish chemicals Technology Division’s in-depth knowledge of appli- President and CEO YEAR-END REPORT 2016 2 NET SALES AND EARNINGS tes to the fact that ÅF has worked on various pro- Adjusted for items affecting comparability, ope- jects together with Reinertsen AS, which has now rating profit and the operating margin totalled October-December 2016 initiated a reconstruction procedure. ÅF’s out- SEK 964 million (832) and 8.7 percent (8.4), standing receivables were therefore written down respectively. The underlying operating profit thus Net sales for the quarter totalled SEK 3,138 mil- by 75 percent and have impacted the Infrastruc- rose by 16 percent. lion (2,717). Growth was 15.5 percent, of which ture Division in the amount of SEK 7 million and 3.4 percentage points was organic. The Interna- had a Group-wide effect of SEK 3 million. The In order to boost profitability, a cost-cutting and tional Division reported negative organic growth adjustment to the pension liability in Switzerland streamlining programme was carried out in 2016, of 5,0 percent. When adjusted for currency trans- has been recorded in the International Division. mainly related to the Industry Division but also to lation effects, total growth amounted to 14.3 per- There was one more working day in Q4 compared the Technology Division and the parent company. cent. with the previous year. The cost of this programme amounted to SEK 25 million and the annual saving effect totalled SEK Operating profit and the operating margin were Capacity utilisation was 77.7 percent (77.7). Profit 38 million. During the year, the Group received a SEK 302 million (261) and 9.6 percent (9.6), after financial items was SEK 289 million (250) refund regarding an adjustment to pension pre- respectively. Items affecting comparability total and profit after tax was SEK 221 million (191). miums from prior years, amounting to SEK 22 SEK 5 million and relate to an adjustment to the million. In addition, adjustments were made to estimated size of future contingent considera- January-December the estimated size of future contingent considera- tions. Items affecting comparability last year Net sales for the year totalled SEK 11,070 million tions, which resulted in a positive effect on ear- amounted to SEK 4 million. Adjusted for these (9,851). Growth was 12.4 percent, of which 2.9 nings of SEK 6 million. The above-mentioned items, operating profit totalled SEK 297 million percentage points were organic. The Internatio- items, which amounted to net SEK 2 million, (257) and the operating margin was 9.5 percent nal Division reported negative organic growth of were recognised under Group-wide items. Inclu- (9.5). The underlying operating profit thus rose 7.4 percent. Currency translation effects had a ding these items, operating profit totalled SEK by 16 percent. All divisions are reporting an ope- marginal impact on growth. The pace of acquisi- 965 million (839) and the operating margin was rating margin exceeding 9 percent. tions has remained high. Towards the end of the 8.7 percent (8.5). Items affecting comparability year, infrastructure company Edy Toscano AG in last year amounted to SEK 7 million. There were In addition to items affecting comparability, ope- Switzerland was acquired as part of ÅF’s strategy two more working days compared with the pre- rating profit was affected by two significant items: of growing in countries where the Group already vious year. impairment of a receivable in the Norwegian operates. ÅF is now one of the three largest engi- business totalling SEK 10 million and a down- neering consultancy firms in Switzerland, with Capacity utilisation was 77.6 percent (76.9). Pro- ward adjustment of the pension liability in Swit- over 600 employees. The businesses acquired in fit after financial items was SEK 923 million zerland in the amount of SEK 8 million, resulting 2016, including the acquisitions announced with (799) and profit after tax was SEK 711 million from a change in the terms of the pension a takeover date of 1 January 2017, will contribute (609). scheme. These items thus impacted profit by a net an increase in net sales
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