STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Record underlying profit and rapid integration
October - December 2015
· Net sales increased to SEK 4,350m (2,555)
· EBITA excl. extraordinary cost increased to SEK 390m (267), margin 9 per cent (10.4)
· EBITA decreased to SEK 200m (267), margin 4.6 per cent (10.4)
· Profit after tax decreased to SEK 86m (200), corresponding to SEK 0.75 per share (2.10)
January - December 2015
· Net sales increased to SEK 11,389m (9,214)
· EBITA excl. extraordinary cost increased to SEK 991m (826), margin 8.7 per cent (9.0)
· EBITA decreased to SEK 740m (814), margin 6.5 per cent (8.8)
· Profit after tax decreased to SEK 439m (545), corresponding to SEK 4.36 per share (5.74)
· Net debt totalled SEK 1,688m (1,262)
· Net debt/EBITDA was 1.8 times (1.3). Net debt/EBITDA pro forma and excl. extraordinary items 1.2 times
· The Board of Directors proposes a dividend distribution of SEK 3.50 per share (3.37)
Comments from President and CEO Tomas Carlsson:
"Grontmij, with around 6,000 employees, was acquired on 1 October. Sweco is now Europe’s leading engineering and architecture consultancy, with approximately 14,500 employees and approximately SEK 16 billion in annual sales. With the broadest specialist expertise in Northern Europe, Sweco is uniquely positioned to take on our customers largest and most complex projects. Integration is in many cases ahead of schedule, so we are even more confident that the previously announced cost savings can be achieved within the stipulated timeframe and cost."
"This is Sweco’s best quarter to date. EBITA, adjusted for extraordinary cost associated with the Grontmij acquisition, totalled SEK 390 million. Grontmij made a positive contribution to profit – but, even disregarding this, it is Sweco’s best quarter to date. Synergies from the Grontmij acquisition made a positive contribution to EBITA already in the fourth quarter."
"A rights issue was conducted during the fourth quarter to finance the Grontmij acquisition. With the rights issue and a strong operational cash flow during the quarter, Sweco has a good financial position. The net debt/EBITDA ratio (pro forma and adjusted for extraordinary cost) was 1.2 at the end of the period. The Board of Directors is proposing that the dividend is SEK 3.50 per share."
"The market for Sweco’s services is good overall and the trend is stable. The Swedish market is strong. The Norwegian market is good, but has weakened. The markets in Denmark, Western Europe and Central Europe are good and are developing well. The markets in Finland and the Netherlands remain challenging."
Sweco plans and designs tomorrow’s communities and cities. Our work produces sustainable buildings, efficient infrastructure and access to electricity and clean water. With 14,500 employees in Europe, we offer our customers the right expertise for every project. We carry out assignments in 70 countries annually throughout the world. Sweco is Europe’s leading engineering and architecture consultancy, with sales of approximately SEK 16.0 billion (pro forma 2014). The company is listed on Nasdaq Stockholm.
Sweco is required to disclose the above information under the provisions of the Securities Market Act and/or the Financial Instruments Trading Act. The information was submitted for publication on 11 February 2016 at 07:20 CET.
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