ÅF AB Interim report January - September 2014

For further information, please contact:

Jonas Wiström, President and CEO	[phone]
Stefan Johansson, CFO	[phone]
Viktor Svensson, Executive VP, Corporate Communication	[phone]

Third quarter 2014

• Net sales amounted to SEK 1,873 million (1,770)
• Operating profit totalled SEK 120 million (130)
• Operating margin was 6.4 percent (7.4)
• Operating profit, excluding non-recurring items, totalled SEK 134 million (130)
• Operating margin, excluding non-recurring items, was 7.2 percent (7.4)
• Profit after tax totalled SEK 79 million (92)
• Earnings per share, before dilution: SEK 1.03 (1.15)

January - September 2014

• Net sales amounted to SEK 6,429 million (6,046)
• Operating profit totalled SEK 528 million (449)
• Operating margin was 8.2 percent (7.4)
• Operating profit, excluding non-recurring items, totalled SEK 542 million (504)
• Operating margin, excluding non-recurring items, was 8.4 percent (8.3)
• Profit after tax totalled SEK 382 million (319)
• Earnings per share, before dilution: SEK 4.95 (4.02)

A few words from the President, Jonas Wiström:

ÅF's operating profit, excluding non-recurring effects from the sale of Russian subsidiary Lonas in July, amounted to SEK 134 million (130). These are the highest third quarter earnings ÅF has ever reported, and the same applies to the first nine months of the year. The adjusted operating margin was 7.2 percent (7.4) for the third quarter.

The highest profitability was delivered by the Industry Division and the Infrastructure Division with operating margins of 9.5 (9.3) and 8.0 (9.4) percent, respectively. It is satisfying that these divisions, with over half of ÅF's total workforce, continue to gain market share and grow by about 15 percent in their respective fields. The International Division reported an operating margin of 5.9 percent (7.7), which is an improvement from 2014's first and second quarters. The Technology Division's market for advanced product development and IT continued to vary, and its operating margin was 5.0 percent (5.7).

ÅF's organic growth was 6.3 percent in the third quarter. ÅF now has a workforce of more than 7,000 highly qualified employees, with a stronger, more comprehensive range of engineering services than ever before. ÅF can also offer customers a pool of around 20,000 engineers from its own unique partner network. It is also gratifying that our strong position as an employer is being upheld. On 8 October ÅF was ranked, for the second year in a row, as Sweden's second most attractive employer in a survey conducted by Universum. Participating in the survey were 3,700 young professional engineers. ÅF was also named by Universum as one of the top 20 employers in Europe. It is a success factor that ÅF as a brand and a company is considered an ideal employer for engineers both in Sweden and internationally.