ÅF - Interim report January-September 2010
|For further information, please contact:|
|Jonas Wiström, President/CEO||+46 (0)70-608 12 20|
|Jonas Ågrup, CFO||+46 (0)70-333 04 95|
|Viktor Svensson, Director, Corporate Information||+46 (0)70-657 20 26|
Third quarter 2010
- Operating income totalled SEK 911 million*) (Q3 2009: SEK 997 million)
- Operating profit amounted to SEK 91 million (SEK 72 million), including a capital gain of SEK 31 million
- Operating margin, excluding the capital gain, was 6.6 percent (7.2 percent)
- Earnings per share before dilution were SEK 2.09 (SEK 1.36)
January - September 2010
- Operating income totalled SEK 3,518 million (SEK 3,404 million), including SEK 458 million from sales of subsidiaries
- Operating profit amounted to SEK 711 million (SEK 278 million), including capital gains of SEK 488 million
- Operating margin, excluding capital gains, was 7.3 percent (8.0) percent
- Earnings per share before dilution were SEK 19.00 (SEK 5.63)
*) A structural effect of SEK -98 million as a consequence of the sale of the subsidiary ÅF-Kontroll.
A few words from the President, Jonas Wiström:
ÅF's market share has stabilised after the financial crisis, but the road to recovery will be a long one. While demand remains good in the energy and infrastructure sectors, there is still a cautious approach to any major new investments in industrial production capacity.
Operating profit for the third quarter was in line with last year's third-quarter earnings, bearing in mind that ÅF-Kontroll (the Group's former Inspection Division, since sold) contributed profits of SEK 12 million during the corresponding period in 2009.
Profitability has suffered from the continued expansion in the Infrastructure Planning business area and as a result of delays to the starting date for ÅF's involvement in the Stockholm Bypass Project after an appeal was lodged. ÅF has made a strategic decision to take a leading position in this market, where the prospects for sustained, long-term expansion are very good. At the time of writing, there are almost 500 ÅF employees working on infrastructure planning, which is twice the number we had 12 months ago.
ÅF is positive about the immediate future. Not only do we believe that the market will continue to improve, but interest in ÅF as an employer has never been greater. Recently ÅF was ranked as Sweden's third most attractive employer, according to a survey of some 6,000 engineers conducted by Universum.
ÅF has a strong balance sheet which means that ÅF can continue to play an active role in the process of consolidation that is currently taking place in the technical consulting industry, taking advantage of opportunities for growth through acquisitions in both existing and new markets in Europe.
Our overall objective remains, however, to ensure that ÅF continues to generate levels of profitability that place us among the best performers in our industry, while increasing our growth rate in the years to come.
Group Head Office:
ÅF AB, SE-169 99 Stockholm, Sweden
Visitor's address: Frösundaleden 2, 169 70 Solna, Sweden
Tel. +46 (0)10-505 00 00 Fax +46 (0)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 08:30 CET on 21 October 2010.
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 anticipated result.
The full report including tables can be downloaded from the following link: