ÅF AB Interim Report January - June 2012

President and CEO, Jonas Wiström, +46 70 608 12 20
CFO, Stefan Johansson, +46 70 224 24 01
Director, Corporate Information, Viktor Svensson, +46 70 657 20 26



Second quarter 2012

  * Net sales totalled SEK 1,359 million (1,297)
  * Operating profit totalled SEK 122 million (111)
  * Operating margin was 9.0 percent (8.5)
  * Earnings per share, before dilution: SEK 2.66 (2.30)


First half year 2012

  * Net sales totalled SEK 2,766 million (2,537)
  * Operating profit totalled SEK 249 million (211)
  * Operating margin was 9.0 percent (8.3)
  * Earnings per share, before dilution: SEK 5.38 (4.57)



A few words from the President, Jonas Wiström:

The second quarter continued to see brisk demand for ÅF's consulting services in
the Nordic and the Baltic countries, while the state of the economy in other
international markets meant that the picture elsewhere was more varied.

ÅF's operating profit rose to SEK 122 million (111) with an overall operating
margin of 9.0 percent (8.5).

The improvement in earnings owes most to a slight increase in capacity
utilisation at the same time as costs were reduced. It is especially noteworthy
that the Infrastructure Division grew its business by approximately 18 percent
and improved profits by 60 percent. The Industry Division is also continuing to
deliver good results and reported an operating margin of 12 percent.
Profitability for the Technology Division, however, was negatively affected by
wind-up costs charged to the accounts in the second quarter.

While profit levels for the International North and International South
divisions are still not satisfactory, they were better than in the previous
quarter. There have also been some positive signals in terms of market trends,
although in this regard Russia has been something of an exception.

ÅF's cash flow remains strong, thanks in particular to ongoing efforts to reduce
tied-up capital.

Growth for the ÅF Group as a whole totalled 4.5 percent. If the operations of ÅF
Russia - where there are considerable fluctuations in project deliveries from
quarter to quarter - are excluded from the figures, growth rises to just over
10 percent, most of which is organic. Today ÅF has 5,000 highly qualified co-
workers in around 20 countries, and our appeal as an employer has never been
greater.

Our fundamental objectives remain unchanged: to continue to generate levels of
profitability that place us among the very best performers in our industry, and
to grow our business by approximately 15 percent a year. The ambition is to
expand through organic and acquired growth in more or less equal measure, and a
strong balance sheet provides a firm platform on which to build to achieve this
aim.



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
www.afconsult.com / info@afconsult.com
Corporate ID number 556120-6474


This interim report has not been subjected to scrutiny by the company's
auditors.

The information in this interim report fulfils ÅF AB's disclosure requirements
under the provisions of the Swedish Securities Markets Act and/or the Financial
Instruments Trading Act. The information was released for publication at 08:30
CET on 13 July 2012.

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