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Sweco - Presentation Year-end report 2012

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Sweco
Sweco

- Sweco reported record earnings and strong growth in 2012, with Sweco Finland being the best performer. - Net sales for Q4 2012 were SEK 2,093.5 million, up 17% year-over-year, while full year 2012 net sales reached SEK 7,503.5 million, a 25% increase. - Operating profit for Q4 2012 was SEK 182.5 million and SEK 659.3 million for full year 2012.

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Highlights • Record earnings and strong growth 2012 • Sweco Finland best performer • Solid demand in most segments • Slowdown in some segments Q4 • Strong platform for profitable growth 2
October - December 2012 • Net sales amounted to SEK 2,093.5 million (1,786.1) • Operating profit of SEK 182.5 million (191.6) • Operating margin of 8.7 per cent (10.7) • Profit after tax of SEK 114.3 million (129.0) and earnings per share of SEK 1.23 (1.41) 3
Full year 2012 • Net sales amounted to SEK 7,503.5 million (5,987.6) • Operating profit of SEK 659.3 million (531,3) • Operating margin of 8.8 per cent (8.9) • Profit after tax of SEK 459.8 million (374.8) and earnings per share of SEK 4.97 (4.11) • Net debt of SEK 409.3 million (140.9 net receivable) • Proposed dividend of SEK 3.25 per share (3.00) 4
Income statement Oct-Dec Oct-Dec Full year Full year October-December SEK M 2012 2011 2012 2011 • Net sales growth 17% Net sales 2,093.5 1,786.1 7,503.5 5,987.6 – of which organic 2% Other operating income 6.7 - 12.5 - • Best performer – Sweco Finland Other external expenses -531.4 -481.3 -1,817.4 -1,505.1 • Working hours 490 (496) Personnel costs -1,317.1 -1,081.9 -4,861.6 -3,841.6 Amortisation/depreciation and impairment losses -69.2 -31.3 -177.7 -109.6 Full year Operating profit 182.5 191.6 659.3 531.3 • Net sales growth up 25% Net financial items -11.3 -0.2 -28.5 -4.5 – of which organic 8% Profit before tax 171.2 191.4 630.8 526.8 • Best performer – Sweco Finland Income tax expense -56.9 -62.4 -171.0 -152.0 Profit for the period 114.3 129.0 459.8 374.8 • Working hours 1,979 (1,996) Operating margin 8.7 10.7 8.8 8.9 Billing ratio 74.0 74.8 74.2 73.9 Basic EPS 1.23 1.41 4.97 4.11 Diluted EPS 1.23 1.41 4.97 4.11 5
Non recurring items Pensions in Norway • Adjustment of defined benefit pension plans • SEK 48 million positive impact on operating profit Q4 • Of which SEK 27 million estimated to be annually recurring • Additional effects on balance sheet Restructuring in Russia • Restructuring of Sweco IKTP • Impairment of goodwill and intangible assets, restructuring reserve, add back of contingent considerations • Net impact SEK -15.3 million on operating profit FY 2012 Impairment of goodwill Sweco Industry • Impairment of goodwill related to minor non-core holding in Sweco Industry • SEK -11.5 million impact on Q4 operating profit 6
Balance sheet • Net debt/equity ratio SEK M 31 Dec 2012 31 Dec 2011 23.9% (-9.4) Goodwill 1,418.1 907.5 Other intangible assets 144.6 88.3 • Disposable cash and Tangible assets 288.5 230.8 unutilized bank overdraft Financial assets 71.2 34.5 facilities of SEK 916.5 Current assets exclusive cash million (687.8) and cash equivalents 2,400.3 1,776.1 Cash and cash equivalents 366.8 219.6 • Proposed dividend of SEK Total assets 4,689.5 3,256.8 3.25 (3.0) Equity attributable to owners of • Net impact of pensions the Parent Company 1,692.2 1,493.2 SEK -60 million on equity Non-controlling interest 22.3 10.5 Total equity 1,714.5 1,503.7 Q1 2013 (IAS19R, Non-current liabilities 835.3 192.3 adjusted discount rate Current liabilities 2,139.7 1 560.8 principles and defined Total equity and liabilities 4,689.5 3,256.8 benefit plans in Norway) Pledged assets 1.8 - Contingent liabilities 194.3 207.7 Equity/assets ratio, % 36.6 46.2 Net interest-bearing liabilities, SEK M 409.3 140.9 Net debt/Equity, % 23.9 -9.4 Net debt/EBITDA, x 0.5 -0.2 7
Cash flow Oct-Dec Oct-Dec Full year Full year • Cash consideration of SEK SEK M 2012 2011 2012 2011 539.6 million paid for acquisitions during 2012, Cash flow from operating activities before changes in mainly related to acquisition working capital and paid tax 194.8 244.5 763.2 657.7 of FMC Paid tax -17.0 -41.2 -197.7 -138.6 • Dividends of SEK 274.0 Changes in working capital 116.8 120.9 -150.7 -6.1 million paid during Q2 Cash flow from operating activities 294.6 324.2 414.8 513.0 • Working capital within normal Cash flow from investing activities -51.9 -157.6 -655.5 -312.9 variations Cash flow from financing activities -208.4 -73.6 393.2 -355.9 Cash flow for the period 34.3 93.0 152.5 -155.8 8
Sweco Sweden Highlights • 2012 net sales growth 11% • Strong market in most segments • Slowdown in the residential sector • Internal efficiency in focus Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 1,130.3 1,053.2 3,995.9 3,596.7 Operating profit, SEK M 134.4 139.2 413.2 412.3 Operating margin, % 11.9 13.2 10.3 11.5 Number of employees, end of period 3,395 3,202 9
Sweco Norway Highlights • 2012 net sales growth 22% • Continued strong market • Positive effect from changes of pension plans • Internal efficiency in focus Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 456.3 405.7 1,716.3 1,401.8 Operating profit, SEK M 76.7 45.2 190.0 125.9 Operating margin, % 16.8 11.1 11.1 9.0 Number of employees, end of period 1,144 1,060 10
Sweco Finland Highlights • Best performer 2012, operating margin 11.7% • FMC Group major contributor to group performance • Stable demand in a challenging environment Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 263.8 27.0 893.5 92.4 Operating profit, SEK M 26.7 0.3 104.8 7.3 Operating margin, % 10.2 1.0 11.7 7.9 Number of employees, end of period 1,341 70 11
Sweco Industry Highlights • Challenging environment in Finland end of year - Significant drop in billing ratio - Temporary lay-offs - Impairment of goodwill • Stable demand in Sweden Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 179.9 210.0 707.5 649.4 Operating profit/loss, SEK M -10.6 14.0 24.0 24.9 Operating margin, % -5.9 6.7 3.4 3.8 Number of employees, end of period 712 694 12
Sweco Central & Eastern Europe Highlights • Improved demand in the Baltics and Bulgaria, but from low levels • Stable demand in Czech Republic • Consolidation and restructuring of Polish operations Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 85.4 86.5 281.6 256.5 Operating profit, SEK M 0.7 5.3 6.6 1.6 Operating margin, % 0.8 6.1 2.4 0.6 Number of employees, end of period 863 917 13
Sweco Russia Highlights • Very weak market for infrastructure • More actions taken to adjust to current market situation - Restructuring charges - Impairment of goodwill • Signs of improvement end of year Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 28.0 44.4 94.4 109.7 Operating profit/loss, SEK M -21.2 5.9 -36.0 10.3 Operating margin, % -75.8 13.5 -38.2 9.4 Number of employees, end of period 298 366 14
Market outlook • Slowdown in certain segments, particularly in the housing sector and in some industrial segments • Sweco’s markets trailing the general economic development • Sweco’s home markets has stronger GDP growth and healthier public finances than the European average • Well positioned for continued profitable growth 15

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Sweco - Presentation Year-end report 2012

  • 1. 1
  • 2. Highlights • Record earnings and strong growth 2012 • Sweco Finland best performer • Solid demand in most segments • Slowdown in some segments Q4 • Strong platform for profitable growth 2
  • 3. October - December 2012 • Net sales amounted to SEK 2,093.5 million (1,786.1) • Operating profit of SEK 182.5 million (191.6) • Operating margin of 8.7 per cent (10.7) • Profit after tax of SEK 114.3 million (129.0) and earnings per share of SEK 1.23 (1.41) 3
  • 4. Full year 2012 • Net sales amounted to SEK 7,503.5 million (5,987.6) • Operating profit of SEK 659.3 million (531,3) • Operating margin of 8.8 per cent (8.9) • Profit after tax of SEK 459.8 million (374.8) and earnings per share of SEK 4.97 (4.11) • Net debt of SEK 409.3 million (140.9 net receivable) • Proposed dividend of SEK 3.25 per share (3.00) 4
  • 5. Income statement Oct-Dec Oct-Dec Full year Full year October-December SEK M 2012 2011 2012 2011 • Net sales growth 17% Net sales 2,093.5 1,786.1 7,503.5 5,987.6 – of which organic 2% Other operating income 6.7 - 12.5 - • Best performer – Sweco Finland Other external expenses -531.4 -481.3 -1,817.4 -1,505.1 • Working hours 490 (496) Personnel costs -1,317.1 -1,081.9 -4,861.6 -3,841.6 Amortisation/depreciation and impairment losses -69.2 -31.3 -177.7 -109.6 Full year Operating profit 182.5 191.6 659.3 531.3 • Net sales growth up 25% Net financial items -11.3 -0.2 -28.5 -4.5 – of which organic 8% Profit before tax 171.2 191.4 630.8 526.8 • Best performer – Sweco Finland Income tax expense -56.9 -62.4 -171.0 -152.0 Profit for the period 114.3 129.0 459.8 374.8 • Working hours 1,979 (1,996) Operating margin 8.7 10.7 8.8 8.9 Billing ratio 74.0 74.8 74.2 73.9 Basic EPS 1.23 1.41 4.97 4.11 Diluted EPS 1.23 1.41 4.97 4.11 5
  • 6. Non recurring items Pensions in Norway • Adjustment of defined benefit pension plans • SEK 48 million positive impact on operating profit Q4 • Of which SEK 27 million estimated to be annually recurring • Additional effects on balance sheet Restructuring in Russia • Restructuring of Sweco IKTP • Impairment of goodwill and intangible assets, restructuring reserve, add back of contingent considerations • Net impact SEK -15.3 million on operating profit FY 2012 Impairment of goodwill Sweco Industry • Impairment of goodwill related to minor non-core holding in Sweco Industry • SEK -11.5 million impact on Q4 operating profit 6
  • 7. Balance sheet • Net debt/equity ratio SEK M 31 Dec 2012 31 Dec 2011 23.9% (-9.4) Goodwill 1,418.1 907.5 Other intangible assets 144.6 88.3 • Disposable cash and Tangible assets 288.5 230.8 unutilized bank overdraft Financial assets 71.2 34.5 facilities of SEK 916.5 Current assets exclusive cash million (687.8) and cash equivalents 2,400.3 1,776.1 Cash and cash equivalents 366.8 219.6 • Proposed dividend of SEK Total assets 4,689.5 3,256.8 3.25 (3.0) Equity attributable to owners of • Net impact of pensions the Parent Company 1,692.2 1,493.2 SEK -60 million on equity Non-controlling interest 22.3 10.5 Total equity 1,714.5 1,503.7 Q1 2013 (IAS19R, Non-current liabilities 835.3 192.3 adjusted discount rate Current liabilities 2,139.7 1 560.8 principles and defined Total equity and liabilities 4,689.5 3,256.8 benefit plans in Norway) Pledged assets 1.8 - Contingent liabilities 194.3 207.7 Equity/assets ratio, % 36.6 46.2 Net interest-bearing liabilities, SEK M 409.3 140.9 Net debt/Equity, % 23.9 -9.4 Net debt/EBITDA, x 0.5 -0.2 7
  • 8. Cash flow Oct-Dec Oct-Dec Full year Full year • Cash consideration of SEK SEK M 2012 2011 2012 2011 539.6 million paid for acquisitions during 2012, Cash flow from operating activities before changes in mainly related to acquisition working capital and paid tax 194.8 244.5 763.2 657.7 of FMC Paid tax -17.0 -41.2 -197.7 -138.6 • Dividends of SEK 274.0 Changes in working capital 116.8 120.9 -150.7 -6.1 million paid during Q2 Cash flow from operating activities 294.6 324.2 414.8 513.0 • Working capital within normal Cash flow from investing activities -51.9 -157.6 -655.5 -312.9 variations Cash flow from financing activities -208.4 -73.6 393.2 -355.9 Cash flow for the period 34.3 93.0 152.5 -155.8 8
  • 9. Sweco Sweden Highlights • 2012 net sales growth 11% • Strong market in most segments • Slowdown in the residential sector • Internal efficiency in focus Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 1,130.3 1,053.2 3,995.9 3,596.7 Operating profit, SEK M 134.4 139.2 413.2 412.3 Operating margin, % 11.9 13.2 10.3 11.5 Number of employees, end of period 3,395 3,202 9
  • 10. Sweco Norway Highlights • 2012 net sales growth 22% • Continued strong market • Positive effect from changes of pension plans • Internal efficiency in focus Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 456.3 405.7 1,716.3 1,401.8 Operating profit, SEK M 76.7 45.2 190.0 125.9 Operating margin, % 16.8 11.1 11.1 9.0 Number of employees, end of period 1,144 1,060 10
  • 11. Sweco Finland Highlights • Best performer 2012, operating margin 11.7% • FMC Group major contributor to group performance • Stable demand in a challenging environment Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 263.8 27.0 893.5 92.4 Operating profit, SEK M 26.7 0.3 104.8 7.3 Operating margin, % 10.2 1.0 11.7 7.9 Number of employees, end of period 1,341 70 11
  • 12. Sweco Industry Highlights • Challenging environment in Finland end of year - Significant drop in billing ratio - Temporary lay-offs - Impairment of goodwill • Stable demand in Sweden Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 179.9 210.0 707.5 649.4 Operating profit/loss, SEK M -10.6 14.0 24.0 24.9 Operating margin, % -5.9 6.7 3.4 3.8 Number of employees, end of period 712 694 12
  • 13. Sweco Central & Eastern Europe Highlights • Improved demand in the Baltics and Bulgaria, but from low levels • Stable demand in Czech Republic • Consolidation and restructuring of Polish operations Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 85.4 86.5 281.6 256.5 Operating profit, SEK M 0.7 5.3 6.6 1.6 Operating margin, % 0.8 6.1 2.4 0.6 Number of employees, end of period 863 917 13
  • 14. Sweco Russia Highlights • Very weak market for infrastructure • More actions taken to adjust to current market situation - Restructuring charges - Impairment of goodwill • Signs of improvement end of year Oct-Dec Oct-Dec Jan-Dec Jan-Dec 2012 2011 2012 2011 Net sales, SEK M 28.0 44.4 94.4 109.7 Operating profit/loss, SEK M -21.2 5.9 -36.0 10.3 Operating margin, % -75.8 13.5 -38.2 9.4 Number of employees, end of period 298 366 14
  • 15. Market outlook • Slowdown in certain segments, particularly in the housing sector and in some industrial segments • Sweco’s markets trailing the general economic development • Sweco’s home markets has stronger GDP growth and healthier public finances than the European average • Well positioned for continued profitable growth 15