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Agenda

The ÅF Group Jonas Wiström, President & CEO Jonas Ågrup, CFO Viktor Svensson, IR Per Magnusson, Engineering September 2008. Agenda. ÅF today Vision and strategy going forward The ÅF share. ÅF today. ÅF. Energy 750 employees. Engineering 1 400 employees. Infrastructure 1 550 employees.

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Agenda

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  1. The ÅF GroupJonas Wiström, President & CEOJonas Ågrup, CFOViktor Svensson, IRPer Magnusson, EngineeringSeptember 2008

  2. Agenda • ÅF today • Vision and strategy going forward • The ÅF share

  3. ÅF today ÅF Energy 750 employees Engineering 1 400 employees Infrastructure 1 550 employees Inspection 425 employees • 4 100 employees in 19 countries 3

  4. Development, FY 2004-2008 Operating income Operating profit Operating margin MSEK MSEK % Rolling 12-months Rolling 12-months Rolling 12-months

  5. Financial summary Q2 2008 • Net sales SEK 1 173 (968), +21% • Organic growth 11% • Operating profit SEK 135 (85), +59% • EPS SEK 5.53 (3.53), +56% Q1-Q2 2008 • Net sales SEK 2 238 (1 900), +18% • Organic growth 10% • Operating profit SEK 251 (159), +58% • EPS SEK 10.22 (6.54), +56%

  6. EBIT-margin per division

  7. Balance sheet Jan-Jun 2008(in millions of SEK) 30/6 30/6 30/6 30/6 31/12 30/6 Liabilities* 2008 2007 2007 2007 2007 2008 Assets 863 1 084 Intangible assets 1 145 Equity, incl Minority shareholdings 1 421 1 174 1 339 36 110 Long Term Liabilities 113 0 101 Building and land 109 239 242 Accounts payable, incl. accruals 276 Equipment 116 102 110 358 333 Payroll-related liabilities 411 Financial investments 24 34 26 Advance payments from customers 143 Accounts receivable, incl. uninvoiced 1 190 927 1 061 73 141 Interest-bearing liabilities 322 310 Cash and bank 310 424 346 398 Other liabilities 255 191 233 169 104 Other receivables 147 Total assets Total equity and liabilities 3 041 2 418 2 796 3 041 2 418 2.796 Equity/assets ratio 46.7% 48.9%

  8. Agenda • ÅF today • Vision and strategy going forward • The ÅF share

  9. Financial objectives The ÅF Group’s financial objectives as stated by the Board of Directors in August 2007 ÅF is to be the most profitable among the closest comparable companies in the industry and achieve an operating margin (EBIT) of at least 10 percent over a business cycle. ÅF is to be a net debtor. Net debt shall not exceed 40 percent of equity. The earlier formulation for the Group's growth target, which specifies that ÅF is to attain sales of at least SEK 5 billion by 2010, remains unchanged.  9

  10. A possible downturn • Make sure that you monitor: Order backlog, utilization rate, prospect list and sales calls all the way out in the entire organisation. • Trust your numbers, they do not lie. • Act before your competitors.

  11. To become the leading technical consulting company in Europe

  12. How to get there! • Strategy and Structure • Operational excellence • Business culture

  13. ONE ÅF • We must be able to act as one company! and • We must be a decentralized network!

  14. ÅF a global network! • One brand • One global system • Common Core Values

  15. We have the industry’sbiggest bank of experience • Shared business support system • Internal skills development • Challenging assignments Competence developmentthrough:

  16. “To start from a clean sheet of paper is fine if you have nothing worth preserving” Ferdinand Porsche

  17. Growth 15% average annual growth: • 50% organic • 50% M&A

  18. Organic growth • To obtain an unfair proportion of the best people through aggressive recruiting of experienced engineers as well as young professionals • Employeer branding • Mentorship and trainee* *Trainee program Nuclear to be announced

  19. The world’s largest annual series of athletics meetings, Golden League, is changing its name to ÅF Golden League. TVs-broadcasting in 113 countries 100 million viewers per season The organising cities of the ÅF Golden League are in order; Berlin (1/6), Oslo (6/6), Rome (11/7), Paris (18/7), Zürich (29/8) and Brussels (5/9).

  20. ÅF a top choice among professional engineering graduates Career Index 2007/2008The “Career Index” survey asked 5,400 of Sweden’s actively employed engineering graduates which company they would most like to work for.

  21. ÅF in a Global World4 100 employees, 90 offices, 19 countries Own offices / Subsidiaries / Branch Offices 22 22

  22. Global growth requires domestic leadership!-To beNo1 or No2 on the markets we act means invest in the countries were we are present rather than to invest in new countries

  23. How to get there! • Strategy and Structure • Operational excellence • Business culture

  24. Sensitivity analysis

  25. How to get there! • Strategy and Structure • Operational excellence • Business culture

  26. Businessmanship • More complex world • Customers buy functions • Businessmanship is getting increasingly important!

  27. Businessmanship ”Stay out of trouble, choose ÅF”

  28. Summary • One ÅF – one structure, system and culture • Strong markets and high utilisation rate • Focus on less-cyclical business and profitable growth • Strong brand • Huge assets of experience and expertise • Long and strong customer relationships

  29. Q&A – session

  30. Agenda • ÅF today • Vision and strategy going forward • The ÅF share

  31. The ÅF share

  32. Interest in the share

  33. The largest shareholders2008-08-31

  34. Number of shares2008-08-31 • A-shares : 804 438 • B-shares : 16 222 075 • Total : 17 026 513 • Number of shareholders : 5 100 • Swedish shareholders : 57,4% Capital, 70,0% Votes • Foreign shareholders : 42,6% Capital, 30,0% Votes

  35. Fikapaus!

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