PDF Document 4.74 MB - Investment AB Latour

PORTFOLIO COMPANIESSwecoSweco is an international consultantcompany expert in technology, the environmentand architecture and it offersqualified consulting services with highknowledge content, often at an earlystage in a customer’s project. In this waythe company’s engineers, architects andenvironmental experts contribute to thedevelopment of a sustainable society.With 7,800 employees the Group isone of the major players in Europe andthe market leader in the Nordic regionand in Eastern and Central Europe.Sweco has a local presence in twelvecountries and works on projects in some80 countries worldwide.IMPORTANT EVENTS• 2012 was a record year for Swecowhich grew by 25 percent. Theoperating result increased by SEK128 m and the operating margincontinued to be close to 9 percent.• The best business area was SwecoFinland with an operating margin of11.7 percent.• Sweco gained a leading position inFinland through the acquisition ofthe FMC Group. The acquisition hadconsiderable bearing on Sweco’s successin 2012.8 %PORTION OFlatour’s totalNET ASSET VALUEPortion of Latour’s portfolioof listed sharesNET SALES AND OPERATING PROFITSweco SHARE PRICE DEVELOPMENTSEK mSEK m11 %8,0006,0004,0002,00002008 2009 2010 2011 2012800600400200080757065605550454035302008 2009 2010 2011 2012 2013Net salesOperating profitSwecoOMX OMX Stockholm_PIKEY RATIOSSwecoFull year Full year2012 2011Net sales, SEK m 7,504 5,988Operating profit, SEK m 659 531Operating margin, % 8.8 8.9Result after net financial items, SEK m 631 527Earnings per share, SEK 4.97 4.11Equity/debt ratio, % 36.6 46.2Dividend per share, SEK 1) 3.25 3.00Equity per share, SEK 18.55 16.46Market cap per 31 December, SEK m 6,681 5,2621) Proposed dividend for 2012.LArGeSt oWnerS per 31 december 2012Portion % Portion %A b Total of shares of votesG Nordström Family 5,190,616 8,747,797 13,938,413 15.3 34.5Investment AB Latour 1,222,760 27,775,000 28,997,760 31.8 22.8Stiftelsen J. G. Richerts minne 1,769,420 168,511 1,937,931 2.1 10.2JPMorgan Chase 4,951,016 4,951,016 5.4 2.8Swedbank Robur Funds 3,372,687 3,372,687 3.7 1.9Kdtc 3,326,921 3,326,921 3.7 1.9Öhman, Anders 250,000 450,000 700,000 0.8 1.7Lannebo Funds 2,808,023 2,808,023 3.1 1.6Kurt O Eriksson Family 148,267 795,883 944,150 1.0 1.3Nordea Investment Funds 2,137,427 2,137,427 2.3 1.2Other shareholders 800,601 27,318,753 28,119,354 30.8 20.1Total 9,381,664 81,852,018 91,233,682 100.0 100.0KEy RATIOS FOR MEASUREMENTAND RISK 2)EV/sales 1.0EV/EBIT 11.8P/E ratio 16.1Net debt/EBIT 0.62) Based on last price paid 2013-02-28.Chairman: Olle NordströmPresident and CEO: Tomas CarlssonBoard members connected to Latour: Anders G. Carlbergwww.swecogroup.comLATOUR ANNUAL REPORT 2012 47