ÅF AB Interim Report January - March 2015
(Thomson Reuters ONE) -
For further information, please contact:
Jonas Wiström, President and CEO +46 70 608 12 20
Stefan Johansson, CFO +46 70 224 24 01
Viktor Svensson, Executive VP, Exec. VP Marketing +46 70 657 20 26
First quarter 2015
* Net sales amounted to SEK 2,397 million (2,276)
* Operating profit totalled SEK 207 million (200)
* Operating margin was 8.6 percent (8.8)
* Profit after tax totalled SEK 152 million (149)
* Earnings per share, before dilution: SEK 1.95 (1.92)
A few words from the President, Jonas Wiström:
ÅF's first-quarter operating profit in 2015 rose to SEK 207 million (200). These
are the highest first quarter earnings ÅF has ever reported. The operating
margin was 8.6 percent (8.8). The beginning of the first quarter was weaker than
expected, whereas the quarter finished strong, with the capacity utilisation
rate rising by two percentage points between January and March.
Growth for the ÅF Group, excluding divested operations, amounted to nearly 7
percent in the first quarter. Excluding acquisitions, growth was 3 percent. ÅF
now has a workforce of 7,600 highly qualified employees, with a stronger and
more comprehensive range of services to offer our customers than ever before. ÅF
can also offer customers a pool of around 25,000 engineers from a unique
network.
The highest level of profitability was delivered by the Infrastructure Division
with an operating margin of 12.8 percent (11.9). Growth was 9 percent and mostly
organic. The Industry Division started the quarter on a weak note due to reduced
investments in the energy market in Sweden. But the quarter ended strong due to
Industry's size and ability to quickly switch between industries, combined with
an industrial market showing signs of recovery. These factors led to an
operating margin for the quarter of 10.0 percent (10.1). The International
Division was able to maintain its trend of gradually improved earnings despite a
continued weak energy market in Europe and negative currency effects. The
operating margin was 4.6 percent (4.0) for the quarter. The Technology Division
showed good growth, but in the wake of a continued weak market in southern
Sweden, the operating margin decreased to 6.8 percent (8.6). Measures were taken
during the quarter to improve profitability.
Two important acquisitions with about 450 highly qualified engineers
strengthened ÅF during the first quarter. PRC Engineering has a strong market
position, particularly in the pharmaceutical industry, and LeanNova has unique
comprehensive expertise in the automotive industry. Both acquisitions follow the
strategy of creating added value for our customers by offering industry
expertise, technical breadth, and long-term, close-knit partnerships. ÅF
continues to increasingly win the trust of its customers and the number of
project assignments continues to grow.
Market conditions are considered to be somewhat stronger than at year-end, as
confirmed by a generally strong finish to the quarter. The infrastructure market
is expected to remain strong while the industrial market is showing signs of
improvement. The energy market continues to be influenced by low levels of
investment in Europe, with a more encouraging outlook in the Asian and South
American markets.
ÅF's most important goal is to be the most profitable company among its closest
comparable competitors in the industry and achieve an operating margin of at
least 10 percent over a business cycle. This will be combined with growth - both
organic and through acquisitions. One of ÅF's long-term objectives is to
increase revenue to at least EUR 2 billion by 2020.
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 / info(at)afconsult.com
Corporate ID number 556120-6474
This report has not been subject to review 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 11.00
a.m. on April 29, 2015.
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
Interim report January - March 2015:
http://hugin.info/1253/R/1916441/685276.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ÅF AB via GlobeNewswire
[HUG#1916441]
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2015 - 11:02 Uhr
Sprache: Deutsch
News-ID 389332
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"ÅF AB Interim Report January - March 2015"
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