Capital Markets MeetingCapital Markets Meeting

21 September 2011p

◄ ►

1

WHO WE ARE• Among the largest players in Europe

• Subsidiaries and offices in 11 countries

• Ongoing assignments in 80 countriesg g g

• 6,000 employees

• 10 000 customers• 10,000 customers

• 30,000 assignments yearly

• Revenues SEK 5,495 million (rolling 12 months Q2 2011)

◄ ►

2

Sweco´s business segmentsSegment Share of net sales

Water & Environment 17%

Infrastructure

Energy Systems

16%

14%gy y

Building Service Systems

Structural Engineering

14%

13%

Industry

Architecture

9%

9%

Project Management

Geographic IT

6%

2%

◄ ►

3

Strong market positionsEstablished in 11 countries and successful

project export around the world SwedenNorway

Finland

Russiap j p

• Market leader in Sweden

• One of the leading players in Norway and Finland

Sweden

DenmarkLithuania

RussiaEstonia

• Strong niche positions in Central and Eastern Europe

• Ongoing assignments in 80 countries CzechRepublic

Poland

• Capacity to offer total solutions for projects across

national borders

RepublicSlovakia

Bulgaria

◄ ►

4

Client mixBalanced base of around 10,000 clients

• Ten largest clients account for 20 percent of net sales

• Sweco is not dependent of any individual clients

Assignment volume

48% 52% PrivatePublicsector 52%

sectorsector

◄ ►

5

Decentralised business model

Sweco’s business model is based on simplicity and client focus

• Each consultant and manager is responsible for business, people, clients, projects and profitability

• Simplicity and client focus makes it easy to do business with us

• Proven successful in recession

◄ ►

6

Powerful growth last 10 years

• Operating profit grew on average 16 per cent annually

• Growth in net sales has averaged at approximately

Operating profit

• Growth in net sales has averaged at approximately 12 per cent annually

• From 2,200 to 6,000 employees

Net sales

◄ ►

7

High total return

1000

1200

• Dividend return averaged at 7.0 per cent last ten years

CAGR:+25%

800

• Low volatility- beta value 0.6

400

600

CAGR:+6%200

400

029-12-2000 29-12-2001 29-12-2002 29-12-2003 29-12-2004 29-12-2005 29-12-2006 29-12-2007 29-12-2008 29-12-2009 29-12-2010

SIX RX Sweco B Total Return

◄ ►

8

SIX RX Sweco B Total Return

H1 Interim report

Income statement• Net sales growth SEK M 2011 2010 2011 2010 Jun 2011 2010

Net sales 1 506 7 1 365 5 2 927 4 2 704 5 5 495 3 5 272 4

Jan-Jun Jan-JunApr-jun Apr-Jun Jul 2010- Full year

• Improved operating margin

• Still big variations and

Net sales 1 506,7 1 365,5 2 927,4 2 704,5 5 495,3 5 272,4Other operating income - 3,6 - 3,6 0,3 3,9Other external expenses -358,2 -368,1 -684,0 -682,3 -1 401,9 -1 400,2Personnel costs -994,2 -865,4 -1 929,5 -1 743,3 -3 535,2 -3 349,0Amortisation/depreciation • Still big variations and

price pressure

• Write-downs Norway

pand impairment losses -26,3 -23,4 -49,3 -47,9 -95,8 -94,4

Operating profit 128,0 112,2 264,6 234,6 462,7 432,7Net f inancial items -1,8 -1,1 -3,9 -4,1 -8,8 -9,0

Profit before tax 126,2 111,1 260,7 230,5 453,9 423,7Income tax expense -33,7 -28,6 -71,1 -61,4 -133,5 -123,8

Profit for the period 92,5 82,5 189,6 169,1 320,4 299,9

Operating margin 8,5 8,2 9,0 8,7 8,4 8,2Billing ratio 74,0 73,8 73,5 73,5 73,4 73,4

Basic EPS 1,01 0,91 2,08 1,88 3,51 3,31Diluted EPS 1,01 0,90 2,08 1,85 3,51 3,28

◄ ►

9

Operating profit rolling 12 months

550600

SEK M

300350400450500

50100150200250300

050

Quarterly profit Rolling 12 months

◄ ►

10

New assignments 2011

Boliden will expand the ore production in Garpenberg, Sweden. Sweco has been commissioned for structural design and project management services in connection with the expansion

◄ ►

p

11

New assignments 2011

Sweco is working at Nya Karolinska Sjukhuset with multiple disciplines, focus on building service systems

◄ ►

service systems

12

New assignments 2011New assignments 2011

Sweco has been awarded several contracts in Africa. The latest projects are aimed at improving the supply of electricity in several areas of Tanzania and Kenya

◄ ►

13

improving the supply of electricity in several areas of Tanzania and Kenya

New assignments 2011New assignments 2011

Bekkelaget, a waste water facility in Oslo will be enlarged to double its capacity. Swecohas been chosen to study and propose a number of technical solutions that will create the conditions for the plant's future expansion

◄ ►

14

p p

New assignments 2011New assignments 2011

Sweco’s Norwegian consultants were awarded a major project management contract for construction of a new terminal building at Flesland Airport in Bergen.

◄ ►

g p g

15

Airplane. Photo: Avinor

New assignments 2011New assignments 2011

Sweco's industrial consultants have signed a major contract with Stora Enso regarding its investment in a new paper machine in Ostrołęka Mill Poland

◄ ►

investment in a new paper machine in Ostrołęka Mill, Poland

16

New assignments 2011

Sweco's industrial consultants has together with the Russian company Soyuz been chosen to lead and supervise the rehabilitation of three major CHP plants in Moscow

◄ ►

17

Growth is backRevenue growth H1 2011 vs. H1 2010, Per cent

8.32.2

4.4

6.1Growth in local

currencies (acquired and organic) 10 5%and organic) 10,5%

Net growthCurrencyeffects

Acquiredgrowthlocal

OrganicgrowthLocal

◄ ►

18

currencycurrency

Organic growth – Accelerated recruitingNet employee additions H1 2011 vs. H1 2010

I di id l

Nor a 46

Sweden 233

Individuals Per cent

5 3

8.7

Finland 2

Norway 46

3.0

5.3

Russia 16

CEE 34

4.4

-3.9

Group 255

Industry 10

4.9

-1.6

◄ ►

19

Powerful acquisition-driven growth

Successful integration of acquired companies.

• 82 acquisitions since 2001• 82 acquisitions since 2001

• 4,000 employees

• Approx SEK 2 800 SEK million in annual sales• Approx. SEK 2,800 SEK million in annual sales

Number of employees in acquired company/Number of employees in acquired company/

Σ 82

◄ ►

20

Acquisitions – Disciplined “string of pearls” approachstring of pearls approachAcquisitions H2 2010 to September 2011

Company Employees

Pro forma acquired growth

• 576 employees

CompanyAros Arkitekter, SwedenEffekt RI, NorwayEiendomsprosjektering, Norway

Employees76315 • 576 employees

• 328 MSEK revenues

• 35 MSEK EBIT

TD VVS Konsult, SwedenAPA Markowski Architekci, CEEAxro, SwedenOppland Bygg Consult, Norway

5203523 35 MSEK EBIT

Average weighted EV/EBIT

Oppland Bygg Consult, Norway NIPI and IKTP, RussiaUSK, SwedenPROWS, Industry

232643325 Average weighted EV/EBIT

multiple 4,5xHydrocoop, CEEEnergetioks Linijos, CEEInmind, SwedenMetrix, Sweden

22341110

◄ ►

21

Total 565

Order backlog June 2008 – June 2011

• + 29% H1 2011- H1 2010

• +23 % YTD 2011-06

• Order backlog > 6 month

◄ ►

22

Sweco is positioned in strong countriesMacroeconomic indicators 2011Macroeconomic indicators 2011

GDP growthPer cent

Public debtPer cent of GDP

Lithuania 6.5

Estonia 6.5

31.6

7.2

Sweden 4.3

Russia 4.3

36.0

8.3

Czech Rep 2 2

Finland 2.9

Poland 4.1

49.2

42 0

54.0

Norway 1.4

Czech Rep. 2.2

Euro zone 1.7 87.9

N/A

42.0

◄ ►

23Source: Economist Intelligence Unit August 2011, SEB Nordic outlook August 2011

Market developmentConstruction, Sweden, SEK billions, 2011 Prices Growth 2011 2012Construction, Sweden, SEK billions, 2011 Prices

265.0284.3

273.4260 4265.4

Growth 2011-2012Per cent

4.0

89.7

251.7

83.5

99.7

Housing

260.4

95.696.6107.0

4.3

79.378 784.683.3

89 01.5

79.3

7.723.2

78.7

R ilRoads

Other buildings

8.527.8

8.224.5

8.425.5

6 818.6

89.0

6 617.6

84.2

9.00.8

2009

25.2

33.4

2008 2011

26.3

34.3Energy and water

Rail

Other civil

2012

27.2

36.6

25.4

33.4

2010

25.0

29.06.8

2007

24.7

25.36.6

6.9

3.5

◄ ►

24

20092008 2011 201220102007

Market developmentConstruction Norway, NOK billions, 2011 Prices Growth 2011 2012Construction Norway, NOK billions, 2011 Prices

294.6298.1287 7

299.4312.9

Growth 2011-2012Per cent

5.3

110.1102.7111.7

91.3102.1

278.3287.7

93.0Housing7.9

131 5 3 8131.5126.7128.2 124.7128.6138.9

Roads

Other buildings3.8

4.940.4

2011

15.6 9.15.2

36.0

2007

7.42.6

32.7

2010

15.4 7.84.9

34.2

15.6

2009

14.0 7.75.0

39.3

2008

14.3 7.33.8

32.4

10.1Other civilEnergy and water

Rail

2012

16.0

12.1

2.511.0-6.2

◄ ►

25

20112007 201020092008 2012

Proven resilience in recession

Nordic 3 7

Percent

Nordiccountries

GDP growth

2.5*2.7

-0.1

3.23.72.93.5

1.61.6

-4.9

6.64 45.0

S

9.0**8.28.3

10.89.59.3

8.1

0403

4.4

02

Swecooperating

margin

11100908070605

◄ ►

26*) Estimate 2011, **) H1 2011

Priorities for further growth

• Consolidate leadership position in the Nordics

• Strengthen growth platforms in Eastern Europe

• Consider acquisition in Western Europe if opportunity arise

◄ ►

27

Strategic priorities• Growth

• KnowledgeKnowledge

• People

• Brand

◄ ►

28

Sweco as an attractive investment

• Strong track record

Growth is back• Growth is back

• Resilience in case of recession

◄ ►

29

Q&AQ&A

◄ ►

30