ÅF AB Interim Report January - March 2013

First quarter 2013

  * Net sales totalled SEK 2,125 million (1,407)
  * Operating profit totalled SEK 166 million (127)
  * Operating profit, excluding integration cost, totalled SEK 183 million (127)
  * Operating margin, excluding integration cost, was 8.6 percent (9.0)
  * Profit after tax totalled SEK 121 million (92)
  * Earnings per share, before dilution: SEK 3.04 (2.72)


A few words from the President, Jonas Wiström:
ÅF's first-quarter operating profit in 2013, excluding integration costs, rose
by 44 percent to SEK 183 million (127). Integration costs for the first quarter
totalled SEK 17 million. The first quarter comprised two fewer working days than
the corresponding period last year, and this has been calculated to have had a
negative effect on earnings of approximately SEK 20 million.

Epsilon, which was acquired towards the end of 2012, has been trading under the
ÅF brand since 1 January, and work on integrating consulting operations is
developing well. The merger has significantly strengthened ÅF's market position
and its potential to win major assignments in research-intensive industries.
Initiatives to realise cost synergies have exceeded expectations; we now
estimate that cost synergies will be in excess of SEK 75 million a year,
compared with our original estimate of SEK 50 million. To achieve these extra
synergies the total integration costs have been recalculated at approximately
SEK 50 million instead of the previously communicated figure of SEK 30 million.
These costs will be charged to first-half profit.

For the first quarter of the year ÅF's operating margin, excluding integration
costs, was 8.6 percent (9.0). The main explanation for this slight dip in
operating margin is weaker demand in terms of investments in industry and energy
than we saw in the corresponding period in 2012.

Growth in the first quarter was approximately 50 percent, mostly attributable to
the acquisition of Epsilon and the Norwegian consulting company, Advansia.
Organic growth was 2 percent, although this equates to 5 percent when adjusted
to take account of the lower number of working days.

Cash flow from operating activities was weaker than usual, but this can be
explained by the build-up of working capital, primarily in the Infrastructure
Division.

The highest level of profitability was reported by the Infrastructure Division
with an operating margin of 13.8 percent (12.2); operating profit for the
division rose by approximately 50 percent and growth was good. The Industry and
Technology divisions began to feel the effect of weaker demand in the market,
which was reflected in operating margins of 7.6 percent (11.0) and 8.3 percent
(12.1) respectively, while the International Division, which continued to work
in what remains a weak market in Europe, reported an operating margin of 3.1
percent (2.0).

The market prospects for the remainder 2013 do not present a uniform picture.
While the outlook would appear to remain very good for infrastructure projects,
the prospects for investments in industry and energy are less certain.

Interest in ÅF as an employer remains very strong. In March ÅF was named as the
consulting industry's most attractive employer and was recently ranked among
Sweden's Top Ten Employers, all categories, by Swedish engineering students in a
Universum survey.

ÅF's most important objective is to continue to generate levels of profitability
that place us among the very best performers in our industry - regardless of the
state of the economy. The company now has 7,000 highly qualified employees,
backed up by a network of 17,000 independent consultants. Our ambition is to
continue to grow, both organically and through acquisitions, without
compromising profitability.



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

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 11:00
CET on 26 April 2013.

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