ÅF AB Interim Report January - June 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
Second quarter 2015
* Net sales amounted to SEK 2,589 million (2,281)
* Operating profit totalled SEK 260 million (207)
* Operating margin was 10.0 percent (9.1)
* Operating profit, excluding non-recurring items, totalled SEK 225 million
(207)
* Operating margin, excluding non-recurring items, was 8.7 percent (9.1)
* Profit after tax totalled SEK 199 million (154)
* Earnings per share, before dilution: SEK 2.55 (2.00)
First half year 2015
* Net sales amounted to SEK 4,986 million (4,556)
* Operating profit totalled SEK 466 million (408)
* Operating margin was 9.4 percent (8.9)
* Operating profit, excluding non-recurring items, totalled SEK 432 million
(408)
* Operating margin, excluding non-recurring items, was 8.7 percent (8.9)
* Profit after tax totalled SEK 351 million (303)
* Earnings per share, before dilution: SEK 4.51 (3.92)
A few words from the President, Jonas Wiström:
ÅF's second-quarter operating profit, excluding non-recurring items, rose by 9
percent to SEK 225 million (207). Despite costs incurred due to restructuring
parts of the business, these are the highest second quarter earnings ÅF has ever
reported, and the same applies to the accumulated earnings of the first six
months. The operating margin was 8.7 percent (9.1) in the second quarter.
Capacity utilisation continued to improve, reaching 77.8 percent (76.6). Six
businesses have been acquired since the beginning of the year, and they are
expected to contribute sales of about SEK 800 million over the full year. Net
sales rose by 13,5 percent, of which 6.3 percentage points represented organic
growth.
The reorganisation of the Industry and Technology Divisions was well received.
The change means that as of 1 July the Technology Division is devoted solely to
digitalisation and the networked society, while the Industry Division takes over
responsibility for the business segments that focus on mechanical design and
can thereby offer end-to-end solutions for product and production development.
A number of efficiency measures were implemented as a result of this
reorganisation. The cost of these measures was charged to the second quarter and
totalled SEK 10 million. Identification of efficiency measures will continue
and will be completed over the next quarter.
ÅF now has a workforce of just over 7,700 with a stronger, more comprehensive
range of engineering services than ever before. ÅF can also offer customers a
pool of around 25,000 engineers from its own unique partner network. It is
gratifying that more and more customers are discovering ÅF's breadth of
technological expertise and its possibilities for end-to-end solutions. Examples
can be found in the infrastructure planning sector, where ÅF has supplied mobile
services along with road and rail expertise.
The trend from the end of the first quarter continued into the second quarter
with more overall demand for the company's services as compared with the end
of last year and the beginning of 2015. Infrastructure demand remains strong,
while the industrial market has improved and stabilised at a higher level. The
energy sector continues to be influenced by low levels of investment in the
Nordic countries and the rest of Europe.
The Infrastructure Division reported growth of 15 percent and an operating
margin of 11.8 percent (12.4) in the quarter. Demand is more variable in the
Industry Division. The recovery in the industrial market that began at the end
of the last quarter continued, while demand from the energy sector remained
weak. Thanks to the Division's size and flexibility and the ability to move
resources between sectors, together with higher demand, the quarter ended on a
strong note with a margin of 11.1 percent (10.6). The growth was 10.0 percent
whereof a negative organic growth of 2.4 percent. For the International
Division, which operates in a weak energy market in Europe, restructuring
measures and expansion into new geographic markets have produced results.
Excluding the divestment of Lonas, growth for the quarter stood at 19 percent
and the margin was 6.0 percent (3.3). Adjusted for currency effects, the
corresponding growth was 8 percent. The Technology Division increased its net
sales by 17 percent and profit by 11 percent. The operating margin was 7.3
percent (7.6). Efforts to improve profitability have been intensified.
ÅF's position in the infrastructure market was further strengthened and two
companies were acquired during the quarter: EQC Group with about 180 road and
rail employees, and L.E.B Consult with about 50 employees in HVAC project
planning and energy conservation.
ÅF's most important objective 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 10.30
a.m. on July 13, 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 - June 2015:
http://hugin.info/1253/R/1937641/698576.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#1937641]
Unternehmensinformation / Kurzprofil:
Datum: 13.07.2015 - 10:31 Uhr
Sprache: Deutsch
News-ID 406208
Anzahl Zeichen: 7695
contact information:
Town:
Stockholm
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 138 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ÅF AB Interim Report January - June 2015"
steht unter der journalistisch-redaktionellen Verantwortung von
ÅF AB (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
