ÅF AB Year-end report 2015

For further information, please contact:
Jonas Wiström, President and CEO	[phone]
Stefan Johansson, CFO	[phone]

Fourth quarter 2015

• Net sales amounted to SEK 2,717 million (2,376)
• Operating profit, excl items affecting comparability , totalled SEK 257 million (205)

Operating margin, excl items affecting comparability, was 9.5 percent (8.6)

Operating profit totalled SEK 261 million (229)

Operating margin was 9.6 percent (9.6)

Profit after tax totalled SEK 191 million (171)

Earnings per share, before dilution: SEK 2.46 (2.21)

January-December 2015

• Net sales amounted to SEK 9,851 million (8,805)
• Operating profit, excl items affecting comparability, totalled SEK 832 million (747)
• Operating margin, excl items affecting comparability, was 8.4 percent (8.5)
• Operating profit totalled SEK 839 million (756)
• Operating margin was 8.5 percent (8.6)
• Profit after tax totalled SEK 609 million (553)
• Earnings per share, before dilution: SEK 7.81 (7.16)
• The Board proposes a dividend per share for 2015 of SEK 3,75 (3.50)

A few words from the President, Jonas Wiström:

ÅF's operating profit for the fourth quarter was the highest ever. Excluding items affecting comparability, operating profit amounted to SEK 257 million (205), a rise of 25 percent, and the operating margin rose to 9.5 percent (8.6). All divisions improved their operating profit and they all either increased their opera­ting margins or maintained them at a good level. It is also gratifying that growth remains strong, with a net sales increase of 14 percent, combined with good cash flows.

The reorganisation of the Industry and Tech­nology divisions provided the synergies that had been identified and have now helped to improve earnings.

The Infrastructure Division continues to deli­ver strong growth while maintaining its opera­ting margin.

The International Division, which has its seasonally strongest performance in the fourth quarter, continues to improve its earnings despite a weak European domestic market in the energy sector. Investments in power gene­ration are a predominant portion of the Division's business exposure. Efforts made in the Division with both the restructuring and an increase in the proportion of projects out­side Europe has been successful.