Ulrica Johansson
is a process consultant with the Industry Division in Stockholm. She spends her free time dancing, singing in a choir, wine tasting, skiing, cycling and motorcycling.
"In my job I am constantly coming into contact with new people, cultures and challenges. That stimulates me and helps me develop. I’m able to organise my own workload and think for myself, but I can still turn to all the wise old owls I have around me when I need to. I really appreciate the fact that no two days are the same."
ÅF shares
ÅF’s class B shares have been quoted on the Stockholm Stock Exchange since January 1986. Prior to this, ÅF traded as a cooperative association from 1895 until 1980, and as a joint-stock company from 1981. ÅF’s B shares are traded in Stockholm on the Nasdaq OMX exchange’s Mid Cap list under the ‘AF B’ ticker symbol. At the end of 2009 the combined market capitalisation of the company’s shares, including class A shares, was SEK 4,743 million (2009: SEK 3,329 million).
Share movements and turnover
Shareholders at the annual general meeting of the company on 5 May 2010 voted to implement a 2:1 share split. As a result of the split in June 2010, the total number of shares in the company rose from 17,029,501 to 34,059,002. Following the split the quota value of the ÅF share is SEK 5. ÅF’s class B shares increased in value by 42.5 percent during 2010, trading at SEK 139.25 at the end of the year: this compares with a value of SEK 195.50 per share at the beginning of 2010, which corresponds to SEK 97.75 when adjusted to take account of the split. During the same period the Stockholm OMXSPI all-share index rose by 23.1 percent. During the year a total of 15,325,671 shares were traded for an aggregate value of SEK 2,197 million (2009: 12,418,178 shares worth SEK 1,770 million). Turnover per trading day averaged SEK 8.7 million (SEK 7.1 million). The share was traded on 100 percent of trading days in both 2010 and 2009.
Dividend policy and dividend
The board has adopted a dividend policy according to which the dividend corresponds to approximately 50 percent of the consolidated profit after tax excluding capital gains. For the company’s operations during 2010 the board proposes a dividend of SEK 4.00 per share (2009: SEK 4.00 per share).
Share buy-backs
ÅF holds a total of 284,000 of the company’s class B shares relating to the performance-related share programmes for 2008, 2009 and 2010. No further share buy-backs were made in 2010.
Investor relations
ÅF’s positive development is reflected in the interest shown in the ÅF share. The company adopts a long-term approach to its communication with the capital market. In September the year’s Capital Market Day focused on the ÅF Vision for 2015 and included an in-depth look at the Infrastructure Division. The event, hosted by ÅF at its head office in Stockholm, attracted around 35 investors, analysts and representatives of the media.
The President/CEO, CFO and/or Director of Corporate Information also took part in a number of "road shows" to Oslo, London, Frankfurt and New York in 2010, that led to approximately 25 meetings with investors. In addition a further 40 or so individual investor meetings were held at the ÅF head office in Stockholm during the year.
Analysts who regularly monitor the progress of ÅF:
Johan Dahl, Erik Penser Bankaktiebolag
Daniel Djurberg, Nordea
Jan Ihrfelt, Swedbank Markets
David Jacobsson, Öhman Fondkommission
Fredrik Lithell, Carnegie
Stefan Wård, Handelsbanken Capital Markets