ÅF AB Interim report January - March 2014

 Jonas Wiström, President and CEO                +46 70 608 12 20

 Stefan Johansson, CFO                           +46 70 224 24 01

 Viktor Svensson, Director Corporate Information +46 70 657 20 26



First quarter 2014

  * Net sales amounted to SEK 2,276 million (2,125)

  * Operating profit totalled SEK 200 million (166)

  * Operating margin was 8.8 percent (7.8)

  * Operating profit, excluding non-recurring items, totalled SEK 200 million
    (183)

  * Operating margin, excluding non-recurring items, was 8.8 percent (8.6)

  * Profit after tax totalled SEK 149 million (121)

  * Earnings per share, before dilution: SEK 3.83 (3.04)

A few words from the President, Jonas Wiström:

ÅF's operating profit rose to SEK 200 million (166) in the first quarter 2014.
This is the highest first-quarter result ÅF has reported to date, even taking
into account the fact that last

year's first quarter was affected negatively by SEK 17 million in restructuring
costs. The operating margin climbed to 8.8 percent (7.8) in the quarter. The
improved profit is chiefly attributable to slightly higher capacity utilisation
and synergies from completed acquisitions.

Growth for the ÅF Group amounted to 7 percent in the first quarter, of which 3
percent was organic. Adjusted for ÅF Russia, which saw sales volumes continue to
diminish, ÅF grew by just over 12 percent in the first quarter, of which 8
percent was organic. ÅF now has a workforce of over 7,000 highly qualified
employees, with a stronger and more comprehensive range of engineering services
to offer our customers than ever before. On top of that, ÅF offers access to
around 20,000 engineers as part of a unique network.

With the exception of Russia and Spain, ÅF's market continued to experience a
gradual improvement during the first quarter. The highest levels of profit were
delivered by the Infrastructure and Industry divisions, with operating margins
of 11.9 (13.9) and 10.1 (8.0) percent respectively. Industry stood out for its
ability to combine rising profit with growth of over 20 percent in Q1. The
Technology Division delivered a stable margin of 8.6 (8.6) percent, which was
nevertheless an increase compared to the fourth quarter last year.
International's margin climbed to 4.0 percent (2.4). However, growth in the
International Division was negative due to persistently weak levels of demand in
Russia and Spain.

Market prospects for the rest of 2014 remain cautiously optimistic. The market
for infrastructure is deemed to be persistently strong, while the market outlook
for Industry is a positive improvement on a year ago. The energy market
continues to be characterised by low levels of investment in Europe, with a more
encouraging outlook for the markets in Asia and South America.

Interest in ÅF as an employer remains very strong. At the beginning of April, ÅF
was on Randstad Award's list of Sweden's 20 most attractive employers - all
industry categories. The Randstad Award is the world's largest independent
employer branding survey. For ÅF, as a knowledge-intensive company, being able
to recruit the top engineers is a key success factor. In order to further
consolidate ÅF's position as an attractive employer we are launching a strategic
investment and process, Even Odds, to continue to increase the proportion of
female managers and employees in the company.

ÅF's ultimate goal is to be the most profitable company among its closest
comparable competitors in the industry and achieve an operating margin of at
least 10 percent over a business cycle. This shall be combined with growth -
both organic and through corporate acquisitions. At the end of the first
quarter, at ÅF's Capital Markets Day, the company presented new longterm goals
including sales of at least EUR 2 billion by the year 2020.



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 report has not been subject to review 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 11.00
a.m. on 5 May, 2014.

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