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ÅF AB: ÅF AB Interim Report January-September 2016

For further information:

Jonas Wiström, President and CEO, +46 70 608 12 20
Stefan Johansson, CFO, +46 70 224 24 01

ÅF continues to grow and further increase profitability

Third quarter 2016

* Net sales amounted to SEK 2,348 million (2,147)
* Operating profit, excl items affecting comparability, totalled SEK 162
million (143)
* Operating margin, excl items affecting comparability, was 6.9 percent (6.7)

* Operating profit totalled SEK 162 million (112)
* Operating margin was 6.9 percent (5.2)
* Profit after tax totalled SEK 118 million (67)
* Earnings per share, before dilution: SEK 1.63 (0.84)

January-September 2016

* Net sales amounted to SEK 7,933 million (7,133)
* Operating profit, excl items affecting comparability, totalled SEK 666
million (575)
* Operating margin, excl items affecting comparability, was 8.4 percent (8.1)

* Operating profit totalled SEK 663 million (578)
* Operating margin was 8.4 percent (8.1)
* Profit after tax totalled SEK 490 million (418)
* Earnings per share, before dilution: SEK 6.47 (5.35)


ÅF's operating profit for the third quarter totalled SEK 162 million, which is
an increase of 13 percent compared with last year and the best third quarter
profit to date. So far this year operations have been acquired that together
have net sales of approximately SEK 900 million on an annual basis. The
Industry, Infrastructure and Technology Divisions continue to perform well.
The International Division has been affected by unforeseen costs in the Angra
3 nuclear power project, a result of the unstable political situation in
Brazil. As a consequence, the Division reports a break even result for the

The most gratifying news for the quarter is that ÅF now ranks as the most
popular employer in Sweden among M. Sc. Engineers at a time when the demand
for engineers is stronger than it has been for many years. This is a
testament to ÅF's ongoing efforts to create a workplace that provides unique
opportunities to develop in an environment of co-operation with interesting
projects in many countries.

ÅF assesses the market situation as good, but with wide variations in demand
between different industries. There is continued strong demand from
infrastructure and urban planning clients, as well as the automotive, paper,
food and pharmaceutical industries. Demand in the energy, commodities, and
oil industries remains weak, even though last spring's energy agreement in
Sweden is expected to have some positive effects on investments in nuclear
power. The ongoing digitalisation of society increases demand for digital
services from most industries.

The Industry Division continues to show a positive trend with profitable
growth. The automotive business is growing and orders were received from
Swedish, British and Chinese clients. ÅF's business in Denmark also showed
good growth, where assignments include modernisation of production

The Infrastructure Division exhibits persistently strong growth with healthy
profitability. In Sweden and Norway, the demand for the division's services
in the road, railway and construction sectors remains high. With the
division's combined expertise in hospitals, ÅF can now offer unique
competence in new construction and remodelling projects, and among new major
assignments are the modernisation of the emergency hospitals in Gävle and
Hudiksvall. The expansion in Norway is proceeding, and earlier this year ÅF,
together with the Norwegian engineering and consulting company Reinertsen,
combined their infrastructure, construction and installation operations in a
jointly owned company. In the third quarter ÅF took the next step and
acquired 100 percent of the company.

The International Division continued to show negative growth due to a
shrinking market in Europe. Profit was negatively affected by the political
turmoil in Brazil, which has led to lost revenue and restructuring costs.
Electronuclear, the state-owned Brazilian nuclear power operator, has called
for a temporary suspension to the nuclear power project Angra 3. In
South-east Asia, operations are developing positively with several new
assignments in Indonesia, which is one of the fastest growing markets in the

Operating profit in the Technology Division continues to improve due to better
prices and higher capacity utilisation. The market for digitalisation is
growing and demand in the quarter was high in the automotive and defence
industries where Technology has a strong offering and numerous assignments.
Technology is growing profitably and in September the division was further
strengthened by the acquisition of Sjöland&Thyselius.

Overall, ÅF continues to grow both organically and through acquisitions, while
profitability improves. ÅF's innovation capability and its technological
breadth, combined with high quality and delivery reliability, are appreciated
by both clients and employees. The target for 2020 remains: ÅF will generate
net sales of at least EUR 2 billion and achieve an operating margin of at
least 10 percent over a business cycle. ÅF is stronger than ever.

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

Corporate ID number 556120-6474

The information contained in this press release is such that ÅF AB (publ) is
required to disclose pursuant to the Securities Market Act and/or the
Financial Instruments Trading Act. The information was submitted for
publication at 11.30 21 October, 2016.

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-September 2016


This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ÅF AB via Globenewswire

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