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ÅF - Action programme for the Systems Division

The ÅF Group will be reorganised into three strategic divisions with effect from 1 January 2005, as previously announced. These divisions will be known as Infrastructure, Process and Systems. The Group's earnings from its consulting business have - with the sole exception of the Systems Division (IT & Product Development) - continued to develop in a positive direction during the fourth quarter.
Profitability has, however, continued to be something of a problem in the Systems Division. Capacity utilisation has remained low and prices continue to be subject to a certain degree of pressure. Reductions in the value of customer projects have also had a negative effect on the result for Systems.
Against this background a decision has been made to implement far-reaching savings. In accordance with Swedish labour law, the ÅF Group has commenced co-determination negotiations with the intention of reducing the fixed costs for Systems by approximately SEK 3 million a month. The cost for implementing these measures has been estimated to approximately SEK 15 million.
The financial result for the Systems Division will be poorer than anticipated, corresponding to a loss for the quarter (including the costs incurred by the measures announced above) of up to SEK 30 million. This means that the ÅF Group as a whole will not show a profit for the fourth quarter.
AB Ångpanneföreningen, Corporate Information
The press release can be downloaded from the following link:

The ÅF Group is a leading name in technical consulting. We provide cutting-edge expertise in IT and engineering to serve the needs of clients working with energy and the environment, the pulp and paper industry, inspections, the development of industrial systems and products, the design of installations and infrastructure technology. <!-- hugin-supplied --><br> The ÅF Group currently employs 2,750 people in around 50 locations throughout Sweden and almost a dozen other European countries.