Hifab : Annual Report 2020

Annual Report

2020

Contents

The year in brief
Hifab in brief...............................................................	3
The year in brief...........................................................	4
Hifab's key figures........................................................	5
Comments from the CEO...............................................	6
Financial information
The Hifab Group Share.................................................	8
Management Report...................................................	10
Financial Standing......................................................	14
Income Statement.......................................................	15
Financial Standing Report - Group..............................	16
Key Figures per Share.................................................	17
Report on Change in Equity - Group............................	18
Cash Flow Statement - Group.....................................	19
Income Statement - Parent Company............................	20
Balance Sheet - Parent Company................................	21
Equity Statement - Parent Company.............................	23
Cash Flow Analysis - Parent Company.........................	24
Accounting and Valuation Principles.............................	25
Notes........................................................................	31
Audit Report..............................................................	50
Board of Directors......................................................	52
Management.............................................................	53
Annual General Meeting.............................................	54

Hifab in brief

Hifab is Sweden's leading project management company, with the vision to lead the construction of tomorrow's sustainable society. There is specialist expertise in project management and related consulting services for those who own, develop, manage and use properties and facilities.

Regardless of designers, suppliers and contractors, we participate in projects from an early stage and actively contribute to our clients' success. Professional, committed and collaborative. With a national presence, we have the opportunity to follow the development of all projects, all over the country.

Our employees possess expertise for all types of construction projects. From planning to man- aging. Together we share knowledge with each other, to re-use our past experience and successful solutions. Internationally, Hifab offers project management to bilateral and multilateral aid agencies, with assignments in dozens of countries around the world.

T H I S M A K E S U S S T A N D O U T:

1. OUR CORE VALUES

Our core values are the guide that lead us through our daily activities.

Professionalism, Commitment, Cooperation

2. OUR VISION

Hifab leads the construction of tomorrow's sustainable society.

3. A LONG TERM HIFAB

Our ambition is to be an active player in the development of a sustainable society. We contribute to the UN's global sustainability goals by operating responsibly.

At Hifab, all employees are responsible for their own business relationships and for complying with laws, voluntary agreements and our own code of conduct.

O U R E X P E R T I S E A N D S E R V I C E S

Infrastructure

Inspection

Construction Economics

Buildings

Energy	Industry & Process	Installation	International
	Engineering

Cultural Heritage

Development of Buildings Environment & Sustainability

T h e y e a r i n b r i e f 3

The year in brief

Improved profitability while maintaining turnover

• Net revenue amounted to MSEK 354.2 (355.7).
• Operating profit from operations amounted to MSEK 6.1 (-11.0).
• Profit after financial items amounted to MSEK 4.5 (-12.1).
• Cash flow from operations amounted to MSEK 8.7 (3.9).
• Earnings per share before and after dilution amounted to SEK 0.06 (-0.18).

The order book in the Swedish and international operations is in line with the previous year, which may be seen as a statement of strength in the current market situation.

In connection with the outbreak of the Covid-19 pandemic in early 2020, Hifab has managed to adapt its operations well according to the new prevailing conditions. Hifab's employees have radically reduced their travel, a majority of all meetings are conducted through digital platforms and we continue to maintain good client dialogue. In 2020, Hifab has taken several measures to avoid spread, protect employees and clients, and to mitigate the negative effects that may occur for Hifab. Among other things, the following measures have been introduced:

• Introduced strict rules on travel, social distancing and otherwise followed the recommendations of the authorities. Employees have as far as possible worked remotely and meetings have been conducted digitally.
• Cost savings (temporary employment pause, investment pause, travel restric- tions). During the year Hifab has gone from temporary employment pause to selective recruitment when needed.

In 2020, Hifab's management was bolstered with a new member, Robert Johansson, who is the new Chief Financial Officer. In early 2021, Jonas Thimberg was appointed as Market Area Manager South.

T h e y e a r i n b r i e f 4

Hifab's

key figures

Hifab's employees - Group:

Average number of employees in the Group	294 (286)
Distribution between	32 % women
women and men in the Group	68 % men

Hifab's employees - Sweden:

Average number of employees in Sweden	226 (222)
Distribution between	35 % women
women and men in the Sweden	65 % men
Average age in Sweden	45 years (45 years)

Five years in summary for the Hifab Group

	2016	2017	2018	2019	2020
Income statement, TSEK
Income	474,940	444,095	401,710	355,698	354,228
Operating profit	8,832	17,829	13,199	-11,018	6,027
Profit after financial items	7,566	17,249	13,243	-12,157	4,440
Taxes	-2,006	-4,208	-3,964	1,359	-983
Profit for the year, attributable to Parent Company shareholders	5,560	13,041	9,279	-10,798	3,457
Balance sheet, TSEK
Capital assets	34,842	30,323	24,649	51,972	44,199
Current assets	155,167	149,855	146,352	123,616	114,233
Equity, attributable to Parent Company shareholders	62,965	76,111	77,648	59,580	62,868
Non-controlling interests	44	44	44	44	44
Long-term liabilities	10,657	6,373	2,183	16,352	11,114
Current liabilities	116,343	97,650	91,126	99,612	84,406
Total assets	190,009	180,178	171,001	175,588	158,432
Earnings per share (SEK)	0.09	0.21	0.15	-0.18	0.06

	Average number
	of employees		Sweden	Abroad	SEK
400						20,000
360						15,000
320						10,000
280
240						5 000
200						0
160
120						-5,000
80
40						-10,000
0	2016	2017	2018	2019	2020	-15,000

Operating prot

2016 2017 2018 2019 2020

SEK	Earnings			Sweden	Abroad
500,000
400,000
300,000
200,000
100,000
0	2016	2017	2018	2019	2020

T h e y e a r i n b r i e f 5