Bravida Year-end report January – December 2014

  · Net sales were SEK 12,000 million (11,080)
  · Operating profit was SEK 705 million (600)
  · Cash flow from operating activities was SEK 659 million (457)

I am pleased with Bravida’s development both during the fourth quarter and in
2014 as a whole. Sales and profitability in Norway and Denmark are showing
significant improvement. The order intake was good during the fourth quarter and
we carry a strong order book forward into 2015. Bravida’s cash flow and
profitability improved during 2014. We made a number of acquisitions during the
latter part of the year, further strengthening our market position.

Bravida’s sales during the fourth quarter increased by almost 9 per cent and
operating profit increased by over 6 percent, giving an operating margin of 7.3
(7.5) per cent. Cash flow from operating activities improved during the fourth
quarter and amounted to SEK 494 million (439). Bravida’s sales increased during
2014 by over 8 per cent, amounting to SEK 12,000 million, while operating profit
was SEK 705 million, which gave an operating margin for 2014 of 5.9 (5.4) per
cent. Cash flow from operating activities improved during 2014 and amounted to
SEK 659 million (457).

We are seeing significant improvement in Division Norway, where volumes have
increased, while profitability has also gradually improved and stabilised. The
positive trend in Division Denmark is continuing, with a strong growth in
volumes of 26 per cent, as well as stable production margins and cost control.
In Sweden, Divisions North and South have experienced a positive sales trend,
while operating profit has improved slightly across all divisions.

The order intake fell by 2 per cent during 2014, attributable mainly to Division
North and Denmark, although this came off the back of high levels in 2013. The
order backlog at the end of the period in general continued to be good and
amounted to SEK 6,580 million (6,075).

The Group received major orders during 2014, relating to infrastructure and
education, healthcare and housing. Public-sector investments still account for a
large share of growth in the market while activity in industry and new
commercial builds is generally stable, but is falling in some geographical
areas.

Several acquisitions were made during the second half of 2014, primarily in
Norway and Sweden, and this has strengthened Bravida’s market position in
certain local and regional markets and segments.

Our assessment is that the building cycle in Scandinavia has stabilised and that
the market will continue to remain stable during 2015, but with significant
regional variations. Bravida expects to see continued positive growth during
2015 and our aim is to continue to deliver profitability in the top tier of our
industry, while at the same time achieving growth, both organically and through
further acquisitions.

Mattias Johansson
CEO and Group President

The report is available at the corporate website: www.bravida.com/en/Financial
-information/

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Bravida Holding AB publishes this interim report in compliance with the Swedish
Securities Market Act and/or the Swedish Financial Instruments Trading Act. This
information was submitted for publication at 11.30 a.m. on 25 February 2015.

Contact information:
Mattias Johansson, CEO, or Nils-Johan Andersson, CFO will answer any questions.
Phone +46 8 695 20 00.
Bravida is Scandinavia's leading full-service provider of installation and
service offerings with 8,200 employees in Sweden, Norway and Denmark. Bravida
delivers specialist services as well as complete electrical, heating and
plumbing, and HVAC solutions, offering everything from design and project
planning to installation, operation and maintenance. Bravida is represented in
over 150 locations in Sweden, Norway and Denmark. www.bravida.com