ÅF AB Interim Report January - June 2012
For further information, please contact:
President and CEO, Jonas Wiström, +46 70 608 12 20
CFO, Stefan Johansson, +46 70 224 24 01
Director, Corporate Information, Viktor Svensson, +46 70 657 20 26
Second quarter 2012
- Net sales totalled SEK 1,359 million (1,297)
- Operating profit totalled SEK 122 million (111)
- Operating margin was 9.0 percent (8.5)
- Earnings per share, before dilution: SEK 2.66 (2.30)
First half year 2012
- Net sales totalled SEK 2,766 million (2,537)
- Operating profit totalled SEK 249 million (211)
- Operating margin was 9.0 percent (8.3)
- Earnings per share, before dilution: SEK 5.38 (4.57)
A few words from the President, Jonas Wiström:
The second quarter continued to see brisk demand for ÅF's consulting services in the Nordic and the Baltic countries, while the state of the economy in other international markets meant that the picture elsewhere was more varied.
ÅF's operating profit rose to SEK 122 million (111) with an overall operating margin of 9.0 percent (8.5).
The improvement in earnings owes most to a slight increase in capacity utilisation at the same time as costs were reduced. It is especially noteworthy that the Infrastructure Division grew its business by approximately 18 percent and improved profits by 60 percent. The Industry Division is also continuing to deliver good results and reported an operating margin of 12 percent. Profitability for the Technology Division, however, was negatively affected by wind-up costs charged to the accounts in the second quarter.
While profit levels for the International North and International South divisions are still not satisfactory, they were better than in the previous quarter. There have also been some positive signals in terms of market trends, although in this regard Russia has been something of an exception.
ÅF's cash flow remains strong, thanks in particular to ongoing efforts to reduce tied-up capital.
Growth for the ÅF Group as a whole totalled 4.5 percent. If the operations of ÅF Russia - where there are considerable fluctuations in project deliveries from quarter to quarter - are excluded from the figures, growth rises to just over 10 percent, most of which is organic. Today ÅF has 5,000 highly qualified co-workers in around 20 countries, and our appeal as an employer has never been greater.
Our fundamental objectives remain unchanged: to continue to generate levels of profitability that place us among the very best performers in our industry, and to grow our business by approximately 15 percent a year. The ambition is to expand through organic and acquired growth in more or less equal measure, and a strong balance sheet provides a firm platform on which to build to achieve this aim.
Group Head Office:
ÅF AB (publ), SE-169 99 Stockholm, Sweden
Visitors' address: Frösundaleden 2, 169 70 Solna, Sweden
Tel. +46 10 505 00 00 Fax +46 10 505 00 10
www.afconsult.com / firstname.lastname@example.org
Corporate ID number 556120-6474
This interim report has not been subjected to scrutiny by the company's auditors.
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 13 July 2012.
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.
This is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies.
The full report including tables (pdf) is available for download