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2016-10-28

Bravida Holding AB: Interim report July - September 2016

July - September 2016

· Net sales amounted to SEK 3,289 million (3,302)
· The order backlog increased by 19% to SEK 8,475 million (7,099)
· Operating profit increased by 13 % to SEK 189 million (168)
· The operating margin improved to 5.8% (5.1)
· Adjusted operating profit was SEK 200 million (195) Specific costs
were SEK 11 million (27). The adjusted operating margin was 6.1%
(5.9).

· Profit after tax was SEK 133 million (109)
· Cash flow from operating activities was SEK -57 million (-201)
· Net debt amounted to SEK 2,783 million (2,972)
· One acquisition was completed in the quarter, adding annual sales
of SEK 290 million

· Earnings per share were SEK 0.66 (0.54)
January - September 2016

· Net sales increased by 2% to SEK 10,515 million (10,287)
· Operating profit increased by 16% to SEK 591 million (507)
· The operating margin improved to 5.6% (4.9)
· Adjusted operating profit was SEK 602 million (571) Specific costs
were SEK 11 million (64). The adjusted operating margin was 5.7%
(5.5).

· Profit after tax was SEK 419 million (231)
· Cash flow from operating activities was SEK 13 million (146)
· Five acquisitions were completed in the period, adding annual
sales of SEK 479 million

· Earnings per share were SEK 2.08 (1.15)
CEO statement
"Continued improvement in margins, better cash flow and a strong order
backlog"

Continued improvement in margins and better cash flow
Bravida's operating margin improved in the third quarter from an
underlying 5.9 percent to 6.1 percent. Sales and earnings performance
in the quarter show that our `margin over volume' strategy is
sustainable.

Operating margins have improved in Sweden, Denmark and Finland as a
result of our improvement initiatives and careful selection of
projects. The operating margin in the Norwegian business has
decreased but is still the highest in the Group. Operations in
Finland are developing according to plan.

Considering our seasonal fluctuation our operating cash flow in the
quarter was acceptable, an improvement of approximately SEK 150
million.

Unchanged net sales
Our net sales were unchanged in the quarter. This was due to certain
factors that are independent of one another. Faced with tough
competition in Stockholm, we have according to Bravida's strategy
'margin over volume', decided to not accept projects with low
margins, which resulted in lower net sales in the region. We have
also taken action on the cost side in Stockholm. In recent months,
the order backlog in Stockholm has been built up to an acceptable
level with good margins, which will increase our growth in the
region. In 2014 and 2015, Bravida had several high volume projects in
production which have now been completed. This contributed to a high
growth and high comparative figures.

It is pleasing that we are growing within service at some 7 percent
over the period January to September and by 2 percent in the quarter.

Acquired business contributed with a 5 percent growth, which is in
line with Bravida's financial targets. Continued good pipeline for
acquisitions at attractive multiples.

Record-high order backlog
Our order backlog, which only includes installations, is continuing to
increase and by the end of the third quarter it was once again at a
new record level of SEK 8.5 billion, which represents an increase of
SEK 500 million over the past quarter. In recent years, Bravida has
successfully carried out a number of major installation assignments
as part of various hospital projects. More recently, these have
resulted in several new major orders relating to new-builds,
redevelopments and refurbishments of other hospitals, such as
projects in Uppsala University Hospital and Kungälv Hospital in
Sweden, and a hospital in Gødstrup in Denmark, which will lead to
future growth.

Continued competition for labour
Bravida will grow and we will need more employees. We are working
intensively with our resource issues and we are gradually
strengthening our employer brand to be able to compete for skilled
employees in the future.

Gradual improvement in demand
Several of our large construction company customers are also improving
their order backlogs, which is positive for our own business going
forward. We will see continued good demand for Bravida's services,
and our growth will gradually improve. The demand will be balanced
against shortage in resources and price pressure which will continue
our focus on 'margin over volume'.

Mattias Johansson, Stockholm, October 2016

For further information, please contact:
Mattias Johansson, CEO and Group President of Bravida. Tel: +46 8 695
20 00

Nils-Johan Andersson, CFO of Bravida. Tel: +46 70 668 50 75
IRcontact@bravida.com
This information is information that Bravida Holding AB is obliged to
make public pursuant to the EU Market Abuse Regulation and the
Securities Markets Act. The information was submitted for
publication, through the agency of the contact person set out above,
at 07:30 CET on 28 October 2016.

A webcasted telephone conference will be held at 09:30 CET on 28
October 2016.

Bravida is a leading multi-technical service provider i the Nordics,
with about 9,000 employees. Bravida delivers specialist services as
well as complete electrical, heating and plumbing, and HVAC
solutions, offering everything from design and project planning to
installation, operation and maintenance. Bravida is represented in
around 140 locations in Sweden, Norway, Denmark and Finland.
www.bravidagroup.com/en/

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http://news.cision.com/bravida-holding-ab/r/interim-report-july---septem...
http://mb.cision.com/Main/8835/2111010/581789.pdf

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