Annual Report 2001 (pdf) - AB Ångpanneföreningen

AB Ångpanneföreningen Annual Report 2001

Contents Annual General Meeting
Summary of operations
The Managing Director’s review
Human Resources
Electrical Engineering & Instrumentation
Energy, Environment & Process Technology
HVAC & Sanitation
Software, Electronics
& Mechanical Engineering
Inspection & Testing
Education & Management
Environmental work
Research and Development
Consulting operations
Mission, targets and strategies
Sensitivity analysis
Financial summary
The ÅF share
Administration report
Income statements
Cash flow analyses
Balance sheets
Notes to the accounts
Auditors’ report
The Board of Directors’ report
The Board of Directors
Senior executives
Addresses
4
8
11
16
17
18
19
20
21
24
25
26
28
32
34
36
38
42
43
44
46
52
53
54
56
58
Shareholders in AB Ångpanneföreningen (publ) are invited
to the Annual General Meeting of the company at 17.00
(5.00 pm) on Monday, 29 April 2002 at AB Ångpanneföreningen’s
head office at number 7 Fleminggatan in
Stockholm, Sweden.
Entitlement to attend
Shareholders who wish to participate in the Annual
General Meeting must
• have their names entered in the shareholders’
register maintained by the Swedish Securities
Register Centre (VPC) by Friday, 19 April 2002 at
the latest, and
• confirm their intention to participate to the company’s
head office by 16.00 (4.00 pm) on Thursday, 25
April 2002 at the latest.
Only shareholders who are registered as owners – in other
words, those who are entered under their own names in
the shareholders’ register maintained by VPC – are entitled
to participate in the meeting.
This means that shareholders who have elected to
have their shareholding entered as shares administered
via a bank’s trust department or an independent broker
must temporarily re-register their shares in their own name
by Friday, 19 April 2002 at the latest if they wish to have
the right to participate in the Annual General Meeting.
Registration
Notice of an intention to participate in the Annual General
Meeting may be made by post to AB Ångpanneföreningen,
Corporate Information, Box 8133, SE 104 20 Stockholm,
Sweden, or by telephone on +46 8 657 10 00, by fax on
+46 8 653 56 13 or by e-mail via www.af.se
Please specify your name, personal or corporate
identity number, address, phone number and your
registered shareholding. You are requested to provide
documentary proof of entitlement to attend the meeting
(power of attorney, registration certificate etc.) together
with your notification of attendance.
Dividend
The Board proposes a dividend to shareholders of SEK
13.00 per share. It is proposed that Friday, 3 May 2002
be made the record day for the right to receive this
dividend. It is anticipated that payment will be made via
VPC on Wednesday, 8 May 2002.
Financial information schedule for 2002
Interim report January–March on 29 April.
Interim report January–June on 13 August.
Interim report January–September on 23 October.
These reports will be published in Swedish and English.
Financial reports and other information about the ÅF
Group are posted on the Group’s website www.af.se

As we see it, the world is full of opportunities.
Opportunities to make industrial pro-
duction more efficient. To create more user-
friendly and reliable IT solutions. To develop
new products more quickly. To conserve
energy better and make installations more
effective. To make the world more environ-
mentally sound.
There are opportunities for business,
industry, municipalities, government author-
ities and international development co-
operation organisations. In Sweden and
abroad. We have offices in ten countries, but
we have the whole world as our workplace:
2,500 consultants – each one a specialist
in his or her field.
Together we form one of the leading
consulting companies in Europe.
A world of opportunities

The ÅF Group – key ratios
ÅF Group key ratios 1997 1998 1999 2000 2001
Operating income (in millions of SEK) 1,169 1,312 1,612 1,747 1,963
Profit after net financial items (in millions of SEK) 68 82 55 331 88
Profit margin (percent) 5.8 6.2 3.4 18.9 4.5
Number of employees (FTEs)
including associated companies 1,764 1,910 2,222 2,191 2,470
Adjusted equity ratio (percent) 54.4 51.8 38.7 44.2 46.3
Return on equity (percent) 12.1 12.6 10.2 52.6 10.6
Earnings per share after tax (SEK) 7.87 8.35 6.35 40.04 9.91
Net worth per share (SEK) 82 86 77 122 118
Dividend per share (SEK) 8.00 15.00 3.50 13.00 13.00*
* As proposed by the Board of Directors to the Annual General Meeting
EPS and dividend per share in Swedish kronor (SEK)
50
40
30
20
10
0
Dividend
EPS after tax
1997 1998 1999 2000 2001
5
SUMMARY OF OPERATIONS

A company that grows slowly, grows strong.
We have had a hundred years of steady growth. Today our operations
extend ever further across the globe and within the next five years we will
have reached the top in Europe, giving all our colleagues and co-workers in
Plant & Process Industries further sustenance for their development.
The only risk we see is that our competitors will be put in the shade.

THE MANAGING DIRECTOR’S REVIEW
The ÅF Group can
steer its own course
to the future
Whereas 2000 began with fairly slack
demand for the services of the ÅF
Group and poor profitability before rallying
later to herald improved capacity
utilisation and satisfactory profits for
the year as a whole, the situation in
2001 was exactly the reverse. Capacity
utilisation and profitability were good
during the first six months, but faltered
in the second half of the year as a
result of the marked deterioration in
market conditions, especially in the
telecom sector. Even so, between July
2000 and June 2001 the ÅF Group was
still able to report an operating margin
of seven percent.
While the downturn in the economy and
dramatic events elsewhere in the world
had a considerable impact on the market
conditions for the ÅF Group, it was
nevertheless SWECO’s public bid for the
ÅF Group that left the greatest impression
as 2001 drew to a close.
By acquiring the ÅF Group SWECO
hoped to create a consulting company of
some 4,500 employees with the expertise
to cover the entire spectrum of technical
consulting services – from undertaking
geotechnical investigations and the architectural
design of domestic properties to
assuming responsibility for developing
and maintaining Ericsson radio base
stations, or refining and administering
TACDIS, the Volvo dealer development
company’s own IT system in Sweden.
This fusion would enable both companies
to participate in the ever-present
need for structural change.
ÅF Group – structurally active
To the question of whether the ÅF Group
has involved itself in the structural
changes that have taken place in the
industry over recent years, my answer is
a resounding “yes”. Structural change is
much more than isolated acquisitions or
mergers of colossal proportions. For me,
it can also be a number of initiatives taken
over a period of time to create a situation
that is essentially different from what
preceded it.
8
Over the past six or seven years, the
ÅF Group has grown from 1,300 to 2,500
co-workers. The ÅF brand has been
established in a further six European
countries, in addition to the two where we
already had a presence, and the number
of employees abroad has increased from
100 to 500.
The ÅF Group has risen from thirtieth
position to rank now as number 20 among
the largest technical consulting companies
in Europe. This is testimony, indeed,
to our active involvement in structural
investments – an initiative that I believe
is fully endorsed by our development.
Today the ÅF Group has every
opportunity to continue on the path we
have staked out – in our own unique way.
There is much to be said for the fact
that the ÅF Group’s approach to creating
structural change is the right one for
the technical consulting industry. The
main argument for this is the difficulties
of merging large companies – each with
its own corporate culture and individual
characteristics – working exclusively in

THE MANAGING DIRECTOR’S REVIEW
Plant & Process Industries Systems & Products Installations
national expertise in both pulp and paper
at the same time as it considerably
improves the ÅF Group’s competitive
strength in the very important Finnish
market. With the acquisition of CTS the
ÅF Group now has consulting resources
for pulp and paper in Sweden, Norway,
Finland, France, Spain, the UK and
Germany – all of them highly significant
markets. And the work of further consolidating
the ÅF Group’s position in the
market will continue undiminished over
the coming years.
As a result of its extensive operations
in the process industries and energy
sector, over the years the ÅF Group has
built up Sweden’s leading environmental
consulting resources. As operations have
grown and our competitive strengths
have been honed, the volume of our
international business has increased.
The Group’s short-term strategy embraces
vigorous growth and establishing
a competitive presence in a number of
Europe’s industrial nations.
The same strategy also includes work
to achieve a well-balanced balance sheet.
Large share dividends in recent years
have eaten into the balance sheet and
the Group’s equity. The equity/assets
ratio remains slightly over 40 percent in
accordance with the intentions of the
Board, but from 1997 up to and including
the proposal for the appropriation of profits
presented at the Annual General
Meeting in 2002, shareholders have
received dividends totalling SEK 350
million. In 2001 the balance sheet total
was reduced by paying off the major part
of the group’s pensions liability with
monies from the Alecta/SPP refunds.
The same strategy also includes work
to achieve a well-balanced balance sheet.
Large share dividends in recent years
have eaten into the balance sheet and
the Group’s equity. The equity/assets
ratio remains slightly over 40 percent in
accordance with the intentions of the
Board, but from 1997 up to and including
the proposal for the appropriation of
profits presented at the Annual General
Meeting in 2002, shareholders have
received dividends totalling SEK 350
million. In 2001 the balance sheet total
was reduced by paying off the major part
of the Group’s pensions liability with
monies from the Alecta/SPP refunds.
It is worth mentioning in this respect,
however, that the Group’s balance sheet
remains strong and that the goodwill on
10
the assets side stands at SEK 40 million
in relation to adjusted equity of SEK 700
million.
The strategic ambitions of the ÅF
Group mean that within a few years’ time
ÅF will be one of the biggest technical
consultants in Europe, concentrating its
expertise on the needs of industry and
commerce for highly qualified services in
the fields of Plant & Process Industries,
Systems & Products and Installations at
the same time as it expands its activities
into the industrial nations of Europe
beyond the borders of Sweden. This will
be an ÅF Group that demonstrates a
robust earning capacity and is considered
by the stock market to be a company that
is going places.
Stockholm, Sweden, March 2002
Gunnar Grönkvist
Managing Director and CEO

Excellent reputation as an employer
The ÅF Group’s good reputation as an
employer was once again confirmed by
a survey carried out by Image Survey
International at the beginning of the year.
The ÅF Group came out top among
technical consulting companies both in
terms of awareness among the public
and in its overall rating.
The ÅF Group works unceasingly to
ensure that employees enjoy their jobs
and remain fit and healthy. Feedback
about how successful an individual is in
his or her work is a key factor behind
job satisfaction, and this is provided via
scheduled planning dialogues between
employees and their line managers.
We know from the results of our
regular questionnaires that more than
80 percent of ÅF Group employees take
part in these dialogues and that more
than 85 percent are satisfied with the
continuous feedback that they are given.
Another important consideration is
preventive healthcare, which is catered
for via occupational healthcare services
and the Group’s support for employees’
leisure activities.
The ÅF Group was also well represented
in several of the major amateur
events in the Swedish sporting calendar
for 2001. For example, more than 100
participants among the 90,000 who took
part in the race over the Öresund Bridge
in conjunction with its inauguration, were
ÅF employees, and around 50 employees
took part in a 100 kilometre sponsored
run. Many others participated in “fun
runs” in Göteborg and Stockholm, in
the Stockholm Marathon and in various
arrangements in connection with the
Vasaloppet cross-country ski race.
Popular workplace
In a survey carried out by the SIFO
market research organisation during the
spring semester of 2001, students at five
of Sweden’s biggest institutes of technology
placed the ÅF Group in the top ten
percent of attractive employers – an
excellent result to bear in mind when
recruiting new employees for new challenges
in the future.
During the 2001–2002 academic year
the ÅF Group has taken part in numerous
“contact days” at universities and colleges
the length and breadth of Sweden. Some
60 ÅF employees have met thousands of
technology students, all of whom seem
equally impressed by what the ÅF Group
11
HUMAN RESOURCES
has to offer: “Who could have imagined
that ÅF could offer such varied opportunities
and technically outstanding
services in Sweden and abroad?”
More female consultants and managers?
Yes, please!
The ÅF Group has initiated a programme
known as the “Futura” project designed
to make better use of female skills. The
aim is to double the number of female
consultants between 2000 and 2005 so
that they account for at least 20 percent
of the total.
As part of the activities connected with
this, a questionnaire was sent out last
year to 500 recipients in the ÅF Group,
partly in order to sound out attitudes to
gender-related issues, partly to attract
greater attention to the project within the
company. The results formed the basis
for the action plans and targets made for
each ÅF subsidiary during the year.
The project discusses issues such as
attitudes to women, introduction programmes,
individual development plans,
equality in terms of salary and “visibility”,
diversity and stimulation in working
tasks, more female managers, flexible
working hours and support for working
parents. Contacts have also been established
with a number of universities and
university colleges.
In February 2002 women constituted
15 (10) percent of the Group’s consultants.
Female consulting managers made
up 11 (10) percent of the Group total,
and female managers as a whole 14 (12)
percent.
One of the six members of the board
of Ångpanneföreningen elected by the
annual general meeting is a woman, as is
one of the four employee representatives
on the board.
The ÅF School
Consultants require special tuition in
leadership, law, marketing and finance in

HUMAN RESOURCES
order to cope satisfactorily with the
administrative side of their work. This
training is generally provided by the
Group through the ÅF School.
Examples of training at the ÅF School
include introductory courses, sales
training, presentation techniques, project
manager courses and various forms of
management development. In recent
years the Group has placed particular
emphasis on the role of the project
manager, with more than 500 employees
graduating from courses in project
management.
Another initiative is a course designed
to provide fundamental insights into
subjects such as contract law, finance
and the consultant’s behaviour when on
assignments. To date more than 300 ÅF
employees have participated in this course.
Around 20 senior employees completed
a four-week management course
during the year, the fifth such course
since 1990. This means that more than
100 employees have taken part in the
Group’s own management training
schemes and now provide a base for the
recruitment of tomorrow’s ÅF managers.
As well as tuition, the ÅF School also
provides added benefits in the form of an
exchange of experiences and knowledge
transfer between the participants from
different parts of the ÅF Group, something
which is clearly in the interests of
our customers.
Including both internal and external
courses, ÅF Group employees received
an average of more than 80 hours of tuition
each during the year.
Policies
To clarify its position in a number of
employee-related issues the ÅF Group
has formulated policies in key areas
such as human resources, salaries and
working conditions. This latter area
includes activities to combat discrimination
of all kinds, and the Group has
compiled its own equal opportunities
plans. A development plan is made for
each individual employee.
Employee statistics
In 2001 the ÅF Group, including associated
companies, employed a total of 2,470
(2,191) full-time equivalents (FTEs).
The total number of FTEs excluding
associated companies was 2,167 (2,044).
The proportion of new employees during
the year including those with acquired
companies stood at 20 (19) percent.
12
Holidays, parental leave
and absenteeism
Total absenteeism, including holidays,
accounted for 15.7 (14.8) percent of normal
working hours. Holidays represented
9.8 (9.5) percent, sick leave 2.7 (2.6)
percent and leave of absence 3.2 (2.7)
percent.
Leave of absence includes parental
leave and time off in connection with
the temporary care of sick children.
Women, who represent 22 percent of
the workforce, accounted for 49 (55)
percent of all parental leave days during
the year and 23 (25) percent of the total
time spent caring for children. In general,
men are more often absent from
work for short periods, whereas women
are in the clear majority for absences
longer than five days.
Since April 2001 the ÅF Group minimises
the financial inconvenience for
men and women on parental leave by
ensuring they receive at least 90 percent
of their full salary for 3 months. Earlier
this scheme applied only to women.
Joint ownership
The involvement of employees as part
owners of AB Ångpanneföreningen is of
great importance. Employees have a
financial share in our operations both
directly as shareholders and indirectly
through ÅFOND, the ÅF Group Fund
Foundation. To further encourage this
sense of involvement, all new employees
starting on or after 1 January 2002 are
given the equivalent of one ÅF share to
start off their savings and investments
in the company.
Capacity utilisation
The ÅF Group’s invoiced-time ratio for
the year – the proportion of time charged
to clients relative to the total time spent
at work – was 69.7 (69.5) percent.
Non-invoiced time includes marketing,
training, technical development, man-

agement and administration. 93 percent
of employees work mainly for clients,
while the remaining seven percent are
employed in a purely administrative
capacity.
Bonus system
The ÅF Group operates a profit-related
bonus system for employees. The
system provides a bonus based on both
consolidated profit and the profit of the
relevant subsidiary. Employees received
bonuses amounting to a total of SEK 7
(31) million in 2001.
Salary system with variable component
Starting with Software, Electronics &
Mechanical Engineering new salary
systems have been introduced for 700
employees since 1999. According to
these systems, up to 20 percent of the
individual’s salary can be variable and is
linked directly to performance. So far,
experiences of this have been positive.
Recreational activities
ÅF Group employees have the option of
renting one of the cottages or apartments
owned or rented by the Ångpanneföreningen
Staff Foundation.
The cottages are located in attractive
areas of Sweden, mainly in the mountains
and along the coasts. A couple of
hundred families take advantage of this
opportunity every year.
The Group also runs clubs offering
employees a wide range of leisure-time
activities, such as sports, theatre visits
and art appreciation.
Education
1999
Percentage
2000 2001
University 35 41 44
Secondary 59 57 54
Other 6 2 2
Length of employment
Years of employment 1999
Percentage
2000 2001
0 – 2 34 38 32
3 – 5 30 28 29
6 – 10 17 13 19
11 – 20 13 15 13
21 – 6 6 4
The average length of employment is 6.2 (6.1) years. Employees in
newly acquired companies are considered new employees.
Age distribution
Age group, years 1999
Percentage
2000 2001
– 29 16 14 15
30 – 39 31 30 32
40 – 49 24 24 23
50 – 59 23 25 24
60 – 6 7 6
The average age was 41.8 (42.3) years.
New employees
Age group, years 1999
Percentage
2000 2001
– 29 42 46 37
30 – 39 21 24 25
40 – 49 11 13 18
50 – 59 8 10 11
60 – 2 5 3
Total 18 19 20
Shows the percentage of new employees within the respective age
group at the end of each year. Employees in newly acquired companies
are considered new employees.
13
HUMAN RESOURCES
Staff turnover
Age group, years 1999
Percentage
2000 2001
– 29 20 19 14
30 – 39 14 14 17
40 – 49 12 12 14
50 – 59 7 6 7
60 - 14 15 14
Total 13 12 13
Shows the percentage of employees within each age group who left
during the year, in relation to the average number of employees in the
respective age group.
Training and R&D
SEK ‘000/year/employee
1999 2000 2001
Training 25 20 24
Research & development 11 13 13
Total per employee (FTE) 36 33 37
Each employee received an average of more than 80 hours
training in 2001.
Financial data
SEK ‘000/year/employee
1999 2000 2001
Net sales 787 855 906
Profit* 27 48 33
Staff costs 486 504 549
Value added** 513 552 582
* Before net financial items, excluding the share of profit in
associated companies.
** Salaries and payroll overheads including profit before net
financial items.
Employer image
3,80
3,60
3,40
3,20
Sweco
Jacobsson & Widmark
Semcon
Scandiaconsult
Ångpanneföreningen
Studsvik
3,00
0 20 40 60 80
Overall rating (1 = poor; 5 = excellent) Awareness in %
Source: ISI 2001

We are in the driving seat on the journey to the future.
In a world of constant change and keen competition it is product
development, functional design, safety-consciousness and ingenious
system solutions that make the difference. That’s why leading companies
in tomorrow’s industries rely on us at Systems & Products.
That’s why they trust in our skills, strengths and sense of direction.
That’s why we leave so many of our competitors in our wake…

ELECTRICAL ENGINEERING & INSTRUMENTATION
Exciting new challenges
Electrical Engineering & Instrumentation
is the largest area of expertise
in the ÅF Group. 800 employees and
almost 40 offices make the ÅF Group
easily the biggest electrical consulting
company in Scandinavia, with clients
in the process industries, light
engineering and telecommunications,
construction and property management
as well as the energy and infrastructure
sectors. The proportion of
IT related assignments is growing
constantly and now accounts for
around 50 percent of sales, primarily
in the form of new systems, network
development and control systems.
Market
Demand in Sweden for the services of
this area of expertise has been fairly
good throughout the year, particularly
for those relating to the installations and
infrastructure markets. For business
with processing industries and the
power industry, however, the market
conditions were less favourable.
Over the year the Group was involved
in a number of interesting projects for
the automotive industry. For Volvo Cars
we planned the provision of all the energy
and utilities for a new production line for
the Volvo XC90 SUV, and at the new Saab
assembly plant in Trollhättan, Sweden,
we were responsible for “talking” fire
alarms, lighting-controlled production
line technology, the digital coordination
of all process layouts and extensive
inspection and testing measures.
Major infrastructure projects included
the City Tunnel in Malmö, for which the
ÅF Group is chief consultant for planning
the railway installations, and the extension
to Stockholm’s Arlanda Airport, where
we have been charged with planning the
electrical and telecommunication installations
for the Arlanda Nord project.
Among our process industry assignments
was the planning of the automation
and electrification of steam distribution
and turbines at Waggeryd Cell and a
similar project for an external purification
plant for Iggesund Paper Board.
Norwegian operations, which focus
chiefly on electrical and telecommunications
projects in hospitals, laboratories
and offices, developed well thanks to the
largely satisfactory state of affairs in the
Norwegian construction industry.
The same applies to our operations
in Denmark, which cover electrical
engineering, lighting technology, traffic
control and IT.
Growth areas
Growth in volume was 10 percent for
2001, but is expected to rise over the
next few years in pace with Swedish
commerce and industry’s ongoing IT
investments and the increased number
of installations in domestic and other
properties.
Demand for computer and communications-oriented
services is expected to
continue to increase, although future
trends appear to suggest more turn-key
solutions than today.
It is believed that the market will be
influenced by the huge potential within
infrastructure communication technology
over the coming years, not least as a
result of the political decision in Sweden
in the autumn of 2001 to invest heavily
in the railways. Telecommunications is
Electrical Engineering & Instrumentation at a glance
another growth area, where investments
in 3G technology are expected to be
extensive.
Prospects
Signs of a reluctance to invest in the
construction and property management
sectors are expected to translate into a
slight contraction in installation operations.
On the other hand, major capital
expenditure projects for Sweden’s roads
and railways over the next few years will
provide a big boost to growth in this area
of the business, which, together with
increased investment in industry and
the energy sector, makes the market
prospects look brighter.
Constituent companies ÅF-Elteknik, ÅF-Elprojekt, ÅF-SPEAB, ÅF-Nielsen og Borge (Norway), Hansen &
Henneberg (Denmark)
Employees (FTEs) 783 including associated companies
Offices 39
Volume of orders SEK 579 million (SEK 0.78 million/FTE)
Sales by sector Industry 40%, Construction 40%, Services 20%
Key areas of expertise Industrial IT and automation, power supply systems, electrical safety, systems
and applications development, function-based installation planning, lighting,
vehicle-related infrastructure, telecommunications
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
16

A stronger position in Europe
Energy, Environment & Process
Technology is the most internationally
oriented of the ÅF Group’s areas of
expertise. Operations include advisory
services and planning in plant engineering
as well as process, energy and
environmental technology. Most of the
major clients come from industry.
Market
While the market for the Group’s services
in the pulp and paper industry remained
sluggish in Scandinavia, there were cautious
signs of a recovery in Central and
Southern Europe. Improved cooperation
between ÅF units in Sweden and abroad
led to a better penetration of the market
than before, both geographically and in
terms of competence.
Assignments for the year included
work on the world’s largest paper
machine for Papierfabrik Palm at Wörth
in southern Germany (via CTS) and a new
off-line coater for Modo Paper in Husum.
Chleq Froté, meanwhile, was responsible
for installing the world’s fastest fluting
machine for 100 percent recycled fibrebased
paper for Saica at Zaragoza in Spain.
Kvaerner Pulping, Alstom Power,
EKA Chemicals, Danisco and Findus are
examples of other industrial clients in
process industries and plant engineering.
Developments were positive in the
environmental area with major commissions
for Amersham, Pharmacia, Astra-
Zeneca, Scania and Konvex. Investigations
and analyses of land contaminated by
pollution as well as strategic studies also
increased in importance.
In the energy market, however,
investments continued to remain at a low
level, although the Group did secure
some fairly large projects dealing with
bio-fuels, waste incineration and the
planning of district heating distribution
networks. An old bark-fired boiler was
successfully converted to work with
modern technology for Billerud.
Demand was good for qualified investigative
assignments in the energy sector,
many of them with some kind of environmental
component. For example, the
Group analysed the consequences of
newly implemented energy industry
controls and of natural gas pipelines in
Sweden in addition to producing a large
number of electricity market reports.
Clients included power companies, the
Swedish government, trade associations
within commerce and industry and central
government authorities.
There was a marked increase in
demand from the nuclear power industry
towards the end of 2001.
Growth areas
Within the forest industry and environmental
and energy oriented operations,
the ÅF Group can boast the size and skills
that put it in the top rank of international
competition, so development will be
concentrated on increasing the Group’s
share of the European market.
Within five years the ÅF Group will
be the biggest consulting company in
Europe for the forest industry. On the
environmental side, the ÅF Group is
already number one in Sweden and has
its sights set on becoming the leading
consultant in this field in Scandinavia
within the next three years.
Energy, Environment & Process Technology at a glance
ENERGY, ENVIRONMENT & PROCESS TECHNOLOGY
Prospects
For the pulp and paper industry the
market in Central and Southern Europe
is expected to remain relatively active,
while it seems that the reluctance to
invest will persist in Scandinavia.
Demand for the ÅF Group’s environmental
consulting services is expected
to remain good, as are the opportunities
for international expansion. Demand
from the energy sector, especially the
nuclear power industry, is expected to
increase and with it the need for factfinding
services in the energy sector.
Constituent companies ÅF-Processdesign, ÅF-Energikonsult, ÅF-IPK, Chleq Froté (France), Incepal
(Spain), ÅF-QPS (England), CTS (Finland), ÅF-IPK Engineering (Germany),
ÅF-Proinstall (Poland)
Employees (FTEs) 774 including associated companies
Offices 28
Volume of orders SEK 521 million (SEK 1.0 million/FTE)
Sales by sector Industry 65%, Energy 25%, Services 10%
Key areas of expertise Project management, project implementation, investigations and
analyses for investment decisions, pulp and paper industry processes,
energy sector technology, environmental consulting, environmental
and energy-related issues in an international context
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
17

HVAC & SANITATION
A strong position in the industry
The ÅF Group’s consulting resources for
HVAC & Sanitation work chiefly with the
planning of new buildings and conversions
for industrial and service sector
premises. Consulting for technical
administration services constitutes a
significant part of our total order volume,
but this area of expertise also specialises
in fields such as control and monitoring
technology, cooling, fire prevention and
procurement.
Market
The market was healthy in 2001 and our
sales increased by almost 20 percent.
This positive trend was most evident in
and around the big cities, but business
in southern Sweden as a whole, which is
the home to many of the country’s large
industries, developed well. Work on finetuning
our “coordinated installations
HVAC & Sanitation at a glance
planning” concept continued throughout
the year and led to a number of interesting
assignments: ÅF consultants
were commissioned by the PEAB/
Seghers consortium to coordinate electrical,
HVAC and sanitation installations
for a new 35 megawatt waste incineration
unit at the SAKAB plant outside Kumla
(Sweden) and also assumed responsibility
for process coordination.
Prior to the opening of the Universeum
Science Discovery Centre in Göteborg,
a venture conceived to stimulate interest
in science and technology among children
and teenagers, the ÅF Group was contracted
to design the heating, ventilation
and sanitation systems for the entire
building.
This challenging task involved close
cooperation with the architects and construction
contractors and was a tough
Constituent companies ÅF-VVS Projekt, ÅF-INR, ÅF-Funktionspartner
Employees (FTEs) 237
Offices 17
Volume of orders SEK 224 million (0.95 million/FTE)
Sales by sector Construction 80%, Industry 10%, Services 10%
Key areas of expertise Function-based installation planning, energy-efficient buildings, maintenance
systems, installations for the pharmaceuticals industry and hospitals, district
heating/cooling
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
18
test of our consultants’ insights into how
people perceive light, temperature, sound
and the movement of air.
The year also saw an increase in
“full-function” projects, where the ÅF
Group defines the function, formulates
the methods, quality assures and verifies
the performance and takes financial
responsibility for the results.
Examples include the delivery of
complete district cooling plants for the
University College in Halmstad and ORI
Medical’s new pharmaceuticals plant in
Ystad, both in the south of Sweden.
Demand for full-service undertakings
also rose as more and more clients discovered
the advantages of specifying the
desired requirements for and the function
of the finished product (often some kind
of indoor climate installation) together
with ÅF consultants and guaranteeing
the result by making the ÅF Group the
responsible for implementing the project.
Growth areas
The market for services in technical,
project and installations management
seems set to grow. So, too, does that for
full-function assignments of the kind
where the consulting company, for
example, guarantees the efficacy of an
energy-saving project by agreeing to
receive remuneration via an incentive
scheme linked to the actual reduction in
energy consumption.
Prospects
Despite the general downturn in the
economy, the situation is expected to
remain favourable for the ÅF Group’s
HVAC and sanitation operations in 2002.
The ÅF Group has a strong position
in the market, so we expect that the
predicted fall in the construction of
commercial properties will be more or
less offset by our involvement in the
increased numbers of private houses
and apartments built.

The right conditions for expansion
Software, Electronics & Mechanical
Engineering offers services such as the
development of technical and administrative
systems and products, production
solutions, traffic analyses and
the development of business systems.
This area of expertise built on the strong
growth of recent years to expand further
in 2001, not least via the acquisition of
Svensk Trafikkompetens, which works
with the development of traffic systems.
Other takeovers included the IT consulting
company, Arjano Data, active in the
development of business solutions and
systems design, and KOM Industridesign.
These acquisitions add a further 75
employees to the ÅF Group’s resources.
Market
As the economic climate turned decidedly
less hospitable during the year, demand
for services plummeted, especially in the
telecom sector. However, life science business
– comprising the pharmaceutical,
biotech and medical technology sectors
– expanded, confirming the ÅF Group’s
standing as a supplier with the skills and
resources necessary to provide a fully
comprehensive service in this area.
Among numerous highly qualified
assignments, the year saw the development
for Ericsson of test equipment for
the latest generation of central processors
for AXE stations, used for both
Software, Electronics & Mechanical Engineering at a glance
fixed and mobile systems, while Allgon
commissioned the Group to design and
supply manufacturing equipment for
producing integrated antennae for the
new generation of mobile phones.
The PX Control financial administration
system developed by the ÅF Group
for consulting firms is used in 170 companies
including 2001´s newcomers, the
Swedish Post Office Production-IT unit,
Energi-projekt, CLC and ProTang.
Growth areas
The best opportunities for growth are
believed to be in electronics and software,
traffic analysis work and life sciences. In
addition to services related to the development
of products, production systems
and processes, this area also includes
the rapidly growing market in IT-related
spheres such as ER/ES (Electronic
Records/Electronic Signatures), bioinformatics
and documentation control.
Prospects
In the second half of 2002 demand for
services in product and system development
is expected to increase from today’s
low level, and in the longer term the
market potential looks very good.
The market for business systems
has recovered slightly and this, together
with increased demand for customised
adaptations, has had a positive effect
on sales.
Constituent companies ÅF-Industriteknik, ÅF-Systemdesign, ÅF-Data
Employees (FTEs) 423
Offices 13
Volume of orders SEK 487 million (1.15 million/FTE)
Sales by sector Telecom 45%, Industry 35%, Life Sciences 10%,
Business systems 10%
Key areas of expertise IS/IT, product development, software, automation, logistics, systems
development, traffic planning, business systems for consultants
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
19
SOFTWARE, ELECTRONICS & MECHANICAL ENGINEERING

INSPECTION & TESTING
Market share rises to 20 percent
Inspection & Testing offers a complete
spectrum of services in areas of technical
expertise involving inspection,
testing, sampling and certification.
One of the year’s major developments
for this area was the formation of a
jointly-owned company by the ÅF
Group and the German TÜV Nord
Group.
ÅF-TÜV Nord AB will carry out
third-party inspections of nuclear facilities
and work is already under way
to coordinate activities within the two
companies in areas such as the certification
of quality and environmental
management systems. ÅF-TÜV Nord
has secured a two-year contract for all
third-party inspections at the Ringhals
and Barsebäck nuclear power plants in
Sweden.
Market
The market contracted slightly during
the year, due to a continued decline in
the market for nuclear power, the
introduction of a new pressure vessel
directive enabling manufacturers to
carry out more of the inspection work
themselves, and a general reluctance
to invest.
Notwithstanding this, there was a
much better balance between supply
and demand and the ÅF Group increased
its market share over the year
to a figure slightly in excess of 20
Inspection & Testing at a glance
percent. Inspection services, including
CE marking and risk-based inspections,
developed well in 2001, boosted
by high-profile projects such as the
design and manufacture of a new kraft
recovery unit for Södra Cell in Värö
(Sweden).
The introduction of a new pressure
vessel directive also paved the way for
greater involvement in international
assignments.
Non-destructive testing also developed
positively and further sophisticated
test methods were added to the
Group’s range of services.
Examples include licensing inspections
for pipe systems in boilers, which
generated a number of big contracts
not least from the forest industry. A
great deal of work was also invested
in testing components for Sweden’s
high-speed trains.
Constituent companies ÅF-Kontroll, ÅF-TÜV Nord
Employees (FTEs) 143
Offices 19
Volume of orders SEK 124 million (0.87 million/FTE)
Sales by sector Industry 74%, Services 14%, Construction 12%
Key areas of expertise Inspection, testing, advanced testing, risk-based inspections, CE marking,
certification
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
20
Growth areas
To meet the market’s changing
demands the ÅF Group will give priority
to services such as CE marking, risk
analyses and risk-based inspections.
At the same time we will intensify our
efforts to establish international contacts
and strategic partnerships of the
kind that already exist in Finland,
Poland, Spain, Germany, Portugal,
Holland, Italy and elsewhere. The
opportunities for growth in certification
operations also appear to be good.
Prospects
After several years of poor profitability
in a buyer’s market, the prospects
now look promising for the strong
development experienced in 2001 to
continue.
We believe that our business will
expand and our market share will
continue to rise as a result of more
advanced testing and inspection contracts
and an increasing number of
international assignments.

12,000 people became smarter last year
Education & Management comprises
both an extensive Swedish training
organisation and international consulting
operations that work within the
framework of bilateral and multilateral
development cooperation.
Training operations focus on areas
such as industrial technology, construction
and property management,
electronics and IT, law and issues
relating to energy, electricity, quality
assurance and the environment.
Most of the development cooperation
assignment concentrate on energy,
the environment, electrical and infrastructure
communication technology,
publishing and printing, organisation
development and management.
During the autumn operations
within the ÅF Group financed by aid
agencies were reorganised under
ÅF-International.
Market
Clients for our training business come
from private industry, public authorities
and organisations. We train around
12,000 people a year in 400 different
subjects, both theoretical and vocational.
Major assignments in 2001 included
a commission from the Swedish Board
of Housing, Building and Planning to
teach civil servants in Lithuania about
Swedish building and planning regulations,
and the training of 200 people at
the LKAB mine in northern Sweden, in
electrical safety issues.
Together with the Swedish Customs
Authority ÅF has developed a unique
3-tier management training package in
international freight forwarding.
On the development cooperation
side, following a number of assignments
to develop the telecom sector in
southern Africa, the ÅF Group signed
a contract with the Tanzania Telecommunications
Commission to sup-
port its capacity development ambitions.
The project is financed by the
Swedish International Development
Cooperation Agency.
The takeover of management consultants
Graphium, which adds extra
strength to the ÅF Group in the graphics
area, got off to a flying start with
major contracts from southern Africa.
Growth areas
There is increasing interest in training
opportunities that provide both formal
and vocational competence and in
initiatives for industries experiencing
difficulties in recruiting skilled workers.
There will also be growth in areas
such as electric power, industrial automation,
IT and management.
Moreover we believe that, by coordinating
the ÅF Group’s development
cooperatation activities to offer a broader
range of services, we can increase
our opportunities for expansion.
Prospects
The escalating demand for high levels
of skills in a volatile labour market
increases the need for professional
training, and the Swedish government’s
ambitions to establish a personal “skills
account” for workers will usher new
groups of customers into the market.
Growth on the development cooperation
market also looks set to be
good, not least as a result of recent
Education & Management at a glance
EDUCATION & MANAGEMENT
political commitments and increased
Swedish involvement in sustainable
development.
Constituent companies ÅF-SIFU, ÅF-International, UAB ÅF-Therma (Lithuania)
Employees (FTEs) 68
Offices 5
Volume of orders SEK 152 million (2.24 million/FTE)
Sales by sector Public sector 40%, Industry 30%, Services 30%
Key areas of expertise Organisational development, training, public sector reform, international
network of contacts
For a summary of the financial performance of this area of technical expertise in 2001, see the Administration Report on page 39.
21

Only when the bottle is filled with water is it a water-bottle.
When a building has been built, it is time to fill it with content.
It is the function that distinguishes a home from a laboratory and
dictates the technical solutions to be used.
Those of us working with Installations lead the field in offering
our clients function-based procurement.
It’s like offering water to someone in the desert.

ENVIRONMENT
Working for the environment in Europe
The ÅF Group can best contribute to
sustainable development by carrying
out all its assignments in an environmentally
responsible manner. It is an
approach that focuses more on the part
we play as advisors to our clients than
on the company’s own impact on the
environment. The hallmark of our role
in these projects is expertise and good
judgement in environmental issues.
One hundred employees work solely with
environmental projects. Add projects that
impact on health and safety and the
number is presumably five times greater.
During 2001 work began on establishing
the ÅF Group as a source of environmental
expertise in several other
European countries.
The ÅF Group works with environmental
projects in the following areas:
• Strategic studies
• Environmental management
• Audits and certification
• Safety inspections for electrical
installations, lifting equipment and
pressure vessels
• Permits and environmental impact
assessments
• Emissions to air and water
• Waste, emissions to land and land
preservation
• Environmental laboratory activities
• Acoustics
• Products and choice of materials
• Working environment
• Environmental controls
• Due diligence reviews
• Environmental information/training
Environmental policy
The ÅF Group works to constantly
improve the environment and adopts a
holistic approach to environmental issues.
These are accorded high priority and
integrated into all aspects of the Group’s
activities.
The ÅF Group is committed to work
• to ensure that all ÅF Group
employees feel responsible for
protecting the environment
• to economise on the use of natural
resources in the Group’s day-to-day
activities and to prevent pollution by
using existing legislation as the
minimum criteria
• to ensure that our work leads to
solutions which combine good
technology with good economy and
give the client the opportunity to
enjoy a better environment
• to show openness in environmental
issues and to be receptive to changes
in the world around us
• to spread information about environmentally
adapted technology, environmental
awareness and sustainable
development in both trade and
industry and society in general.
Environmental objectives
The ÅF Group has an impact on the
environment, both indirectly through
the projects it carries out and directly
through its consulting operations.
The overriding environmental objectives
for the ÅF Group are:
• to use the opportunities offered by
our consulting commissions to raise
24
environmental awareness among our
clients, and
• to reduce the environmental impact of
our property management activities
and other activities such as office
management and business trips.
Amassing experience
Guidelines for environmental work
within the ÅF Group are set out in an
Environmental Handbook. ÅF environmental
companies are accredited under
ISO 14001 and in 2001 the Group produced
its own internal environmental
management system, which will be
introduced in all subsidiaries over the
coming years.
The Swedish Association of Environmental
Managers (NMC), an organisation
set up on the initiative of the ÅF
Group and whose secretariat is run by
the Group, arranged some 40 meetings
for its 300 members during the year.
The Natural Step environmental organisation
once again chose the ÅF Group
as one of around 50 companies to be
included in a list of environmentally
acceptable investments.
The Group’s detailed Environmental
Report will be completed in 2002 and
will be available from the company and
on its website at: www.af.se

At the cutting edge of knowledge
Not infrequently consultants are asked
to work with technology that is only
one step beyond the research stage.
Sometimes it is corporate research,
sometimes academic. A significant portion
of this kind of assignments derives
from trade associations and international
organisations within the European Union.
The ÅF Group frequently finds itself
at the very interface of research and
development. What follow are just
a few examples of the many such
projects in which ÅF consultants are
involved.
For some years now the ÅF Group
and the Royal Swedish Institute of
Technology have been collaborating
on a number of projects on the theme
of “function-based construction processes”,
a partnership from which
both parties have learnt a great deal.
One of the projects, “Functional
Demands”, has developed methods
for formulating critical requirements
in areas such as indoor climate and
energy consumption.
“Fault Detection and Diagnosis” is
an international OECD project to
develop self diagnostic methods for
heating, ventilation and sanitation
systems. The ÅF Group is involved in
similar development projects financed
by the Swedish Thermal Engineering
Research Institute aimed at, for example,
improving the operation of the
forest industry’s bark-burning boilers.
The ÅF Group is one of the driving
forces behind the European “Fasd-
HTS Project”, set up to save Europe’s
shipyards. By producing new, highspeed
cargo vessels in high-tensile
steel, the shipping industry will, in
the long term, be able to compete
with both road and air freight.
High-tensile steel means that ships
can be far lighter in relation to their
cargo capacity than has ever previously
been conceived, and the lower weight
reduces energy consumption both
during manufacture and operation –
to the benefit of the shipowners’ economy
and the environment.
The first of these high-speed cargo
vessels may be sailing the seas within
the next five to ten years. Participating
countries are Holland, France,
Germany, Portugal and Sweden, for
whom the ÅF Group and Chalmers
University of Technology are providing
expert assistance.
25
RESEARCH AND DEVELOPMENT
An influential owner committed to
technology and research
Ångpanneföreningen’s Foundation for
Research and Development was formed in
1985. Its articles define it as an influential
owner of the consulting company, AB Ångpanneföreningen
and, at the year-end 2001,
it held approximately one-quarter of the
shares and slightly less than half of the votes
in the company. The foundation’s funds are
used to support and promote research and
development in a variety of disciplines.
The main focus of its activities is directed
towards efficient energy use, good internal
and external environments and industrial
safety. Grants are made to universities and
colleges as well as to companies – and
ideally to both in conjunction with joint projects.
Scholarships may also be awarded
for participation in courses and conferences
outside Sweden. The foundation also
supports information activities within the
same areas.
A number of donations have been made
in recent years to fund Swedish research
institutions’ participation in EU projects and
also to adjunct professors at institutes of
technology. The foundation also acts as
guarantor for six non-profit associations for
the exchange of experiences and professional
development, which between them have
1,000 members in various specialist areas.
The largest of these is the Swedish
Association of Environmental Managers,
whose 300 members come from all quarters
of Swedish trade and industry.
Each year the foundation awards prizes
of SEK 100,000 for knowledge transfer
from universities and institutes of technology
and for outstanding tuition in technical
subjects. The prize-winners are nominated
by the vice chancellors and the various
students’ unions at Swedish universities and
institutes of technology.
Two of the foundation’s five board members
are appointed by the Royal Swedish
Academy of Sciences, and one each by
the Swedish Pulp and Paper Association,
Swedenergy and AB Ångpanneföreningen.
During 2001 a total of SEK 15 million
was awarded in grants. For further information
about ongoing projects, please refer
to the Foundation’s website www.aforsk.se
Reports from projects may also be
borrowed from the corporate library at
AB Ångpanneföreningen.

CONSULTING OPERATIONS
Sweden’s biggest technical consulting company
The ÅF Group’s consulting business
comprises some 20 companies in
Sweden and abroad, which are active
in six specialist areas. In marketing
contexts the ÅF Group describes itself
in three areas of expertise:
Plant & Process Industries
– Number one in Sweden,
with 1,300 employees
Systems & Products
– One of the biggest in Sweden,
with 600 employees
Installations
– Number one in Sweden,
with 600 employees
Thanks to its breadth and size the ÅF
Group has, in the past few years, attained
a leading position among Swedish technical
consulting companies.
The consulting business is involved
in every stage of a project, from inception
through planning, licensing, construction,
commissioning, education, inspection
and testing to ongoing follow-up work, for
example via operation and maintenance.
The ÅF name is well known and widely
respected in many countries and many
industries.
The Group employs a total of 2,500
consultants at offices in Sweden and the
other Nordic countries, the UK, France,
Spain, Germany, Poland, Lithuania,
Central America and Southern Africa.
Although the majority of projects are
commissioned by Swedish clients, the
ÅF Group’s international operations are
expanding according to plan.
International projects are carried out
mainly for the forest industry and as
environmental undertakings, while projects
funded by development aid are run
through ÅF-International.
The integrated project provides one
of the firm foundations of the ÅF
Group’s operations, and our geographical
spread and breadth of expertise make
us better equipped than most to provide
clients with full-service solutions. Our
internal efficiency is based on the following
five cornerstones:
• Cooperation between the different
areas of expertise
• Coordinated in-house staff training
• Management through financial
objectives
• A well dimensioned IT network
• PX Control, our own business
system developed in-house
Plant & Process Industries
The ÅF Group has been taking an active
role in assisting industry and the energy
sector in this area for more than 100
years. Our services tend to focus chiefly
on industrial processing plant, on the
energy and environment sectors and on
26
infrastructure and electricity supply.
Energy and infrastructure converge in
projects like that for Svensk Naturgas,
where the ÅF Group carried out a feasibility
study for a gas network in Central
Sweden.
The ÅF Group has built up a huge
fund of knowledge about its customers’
production plants to ensure that these
are operated in the most rational and
energy-efficient way possible and with
due regard to their environmental impact.
Our experience of feasibility studies,
pilot studies and project implementation
is impressive, and we are also involved
in areas such as inspection, safety and
security.
One example of a process industry
assignment is the commission from
Hallsta papermill, one of the biggest
suppliers of high-brightness, woodcontaining
paper in Europe. Hallsta is
investing in new plant and modernisations
on a broad front – and the ÅF Group has
been involved in many of the projects.
In 2001 work focused on the replacement
of the PM11 paper machine,
whose successor, scheduled to be taken
into use in the spring of 2002, will take
over the crown as Western Europe’s
biggest production line for MF magazine
paper. The ÅF Group also bears full
responsibility for the systems supplying
thermo-mechanical pulp to the new

machine, from project management to
process, technical, mechanical and electrical
engineering, piping, air treatment,
instrumentation and control systems.
The ÅF Group has extensive experience
and impeccable credentials with
regard to TMP and bleaching plants, and
works with virtually all the newsprint
manufacturers in Sweden and Norway.
But its greatest strength of all is the ability
to combine expertise from such a wide
spectrum of disciplines under one and
the same name.
Systems & Products
The ÅF Group has been working with
systems and products for ten years. Its
customers are in industry, chiefly the
telecom sector. The development of
systems and products based on software
and electronics is one area of these operations,
while others include production
development, simulation, planning
systems and automation. Turnkey projects
are a common feature in this kind of
business, with one of the best examples
in recent years being the world-class
contract from Allgon to develop fullyautomated
robots for the manufacture of
the company’s mobile phone antennae.
Industrial design is a small but expanding
part of the business as it becomes
increasingly common for companies to
use designers to create commercially
viable products that combine practicality
and an attractive appearance with a form
that makes manufacture more economical.
The spontaneous interplay of technology,
form and function is the epitome of
good industrial design. The earlier in the
process that this is understood, the greater
the chance that the end product will be
simple to produce, appealing to look at
and affordable in price.
Installations
For many years the ÅF Group has been
able to call upon a huge fund of expertise
relating to installation contracts within
the construction and real estate sectors,
including infrastructure projects. We
work with systems for ventilation, heating,
cooling, lighting, air conditioning,
water, data transfer, electricity supply,
inspection and monitoring and, not
least, with liaison services between the
various permutations of these. We are
also renowned in the areas of safety and
education.
A good example of the ÅF Group’s
resources and expertise in coordinated
installations planning is provided by the
transformation of Kista, the white-hot
hub of Stockholm’s IT industry. Here
premises are being customised to cope
with tomorrow’s demands for IT education,
hundreds of thousands of square
metres of new office space are being
made ready and the suburb’s almost
25-year old shopping centre is being
transformed into one of the most
impressive retail malls in northern
Europe.
27
CONSULTING OPERATIONS
The ÅF Group’s involvement includes
designing carefully coordinated electrical,
HVAC and sanitation installations for this
showcase project. And, as this work is
being done at the same time as it is
“business as usual” for the local retail
community, the demands on everyone
involved are enormous. When the new
Kista Galleria is opened in 2003 the
number of shops there will have doubled.
Demand for function-based consulting
services, where the focus is on the job
the technology has to do rather than the
technology itself is increasing. It seems,
therefore, that coordinated planning –
for example for electricity, HVAC and
sanitation installations – will be one of
the keys to success in the future.

MISSION, TARGETS AND STRATEGIES
Market presence and breadth of expertise gives the ÅF Group potential
to develop on a European level
The ÅF Group provides Swedish trade,
industry and administration with qualified
consulting services within the fields of
Plant & Process Industries, Systems &
Products and Installations, and also
offers expertise in selected niches of
the international market.
The ÅF Group’s mission is to run a broadbased
consulting operation that meets
the needs of trade, industry and administration,
and to manage the Group’s
capital efficiently so that shareholders
benefit from a good return over time.
The financial targets set by the Board
involve achieving the following key figures
over a complete business cycle:
• Total growth of at least 7 percent per
annum
• Growth in IT-related services of at
least 20 percent per annum
• A profit margin of at least 8 percent
• A return on equity after tax of at least
15 percent
• An equity ratio of 40-45 percent
• A dividend corresponding to 50 per
cent of the Group’s earnings after tax.
Strategy for achieving a leading
position in the market
The underlying strategy for the ÅF
Growth
%
25
20
15
10
Target
5
0
1998
1999 2000 2001
The size of the circles corresponds to the Group’s resources as a whole within the respective area of operations.
One single specialist may have several areas of expertise: this explains why the total number of consultants in
the circles exceeds the number of employees in the Group, which – including those at associated companies –
amounts to 2,500. The Group’s extensive network of independent course leaders and internationally active
organisation experts is not included.
Group’s consulting operations is to give
the subsidiaries the best possible potential
to grow and develop. In two of its
three market segments the ÅF Group
has already achieved a leading position
in Sweden and for the third, Systems &
Products, growth is top of the strategic
agenda. The Group’s Swedish subsidiaries
are wholly owned, whereas ownership
of foreign subsidiaries varies be-
Profit margin
%
20
15
10
Target
5
0
1998 1999 2000 2001
28
tween 20 and 70 percent in order to nurture
and maintain an interest among local
stakeholders. In 2001 the ÅF Group
increased its stake in the Danish and
French companies.
Services and products
In the first instance the consulting business
provides services in the three market
segments described on pages 26 and 27,
%
60
50
40
30
20
Target
Return on equity
10
0
1998 1999 2000 2001

giving clients access to considerable
diversity in the kind of educational background,
experience and industry knowledge
our consultants can offer.
Projects can last from a few hours to
over 40,000 hours (equivalent to a contract
fee in the region of SEK 50 million).
This figure may be even higher in conjunction
with material deliveries. Numbers
of both projects and clients have been
increasing in recent years, and the ÅF
Group carried out some 35,000 projects
in 2001 for 16,000 clients.
Market and clients
The ÅF Group works mainly in the
Scandinavian market, but has ambitions
to extend its reach throughout the whole
of Europe. Already the Group’s specialist
expertise in organisation, training,
energy, industrial processes and the
environment is in demand for projects in
developing countries and other countries
beyond the borders of Europe.
Contracts from international development
banks and national institutions are
strictly regulated and often based on prequalification
and short-listing. For this
type of project, the ÅF Group has a single
umbrella organisation, ÅF-International,
the purpose of which is to establish a
clear position for ÅF in this particular
Equity ratio
%
50
Target
40
30
20
10
0
1998 1999 2000 2001
niche, where Swedish consulting companies
in general tend to be poorly
represented.
The R&D work of industrial customers,
their capital expenditure and operational
and maintenance requirements
account for the main demand in a market
where, in Sweden, some 75 percent of
assignments come from industry and
the service sector.
This market is worth around SEK
150 billion a year and around 10 percent,
SEK 15 billion, is bought in from external
consulting companies. Moreover, this
figure is on the rise: increasing concentration
on core business means more
outsourcing and the purchase of more
off-the-peg service packages.
The construction and property markets’
investments run to more than SEK
100 billion a year.
Foreign subsidiaries generated net
sales of SEK 162 million, while sales for
the Group as a whole totalled approximately
SEK 1,963 million. Overall, the
Group’s foreign operations (foreign subsidiaries
and the foreign activities of
Swedish companies) accounted for
around 20 percent of its business.
The 15 largest clients in 2001 were:
ABB, Allgon, Alstom Power, Astra-
Zeneca, the City Tunnel Consortium in
Dividend as percentage of profit after tax
%
200
150
100
Target
0
1998 1999 2000 2001
29
MISSION, TARGETS AND STRATEGIES
Malmö, Ericsson, Holmen Paper, the
Swedish Civil Aviation Administration,
M-real, Skanska, the Greater Stockholm
Public Transport Authority (SL),
StoraEnso, Thorsman, Vattenfall and
Volvo Cars.
Together these clients accounted for
30 percent of the Group’s sales, against
a figure of 37 percent for the 15 biggest
clients in 2000.
Competitors
In the early 1990s, with the sole exception
of the forestry sector, there was no
foreign competition to speak of in the
Swedish consulting market. Swedish
consultants had cautiously established
themselves in the rest of Scandinavia and
the ÅF Group had already made inroads
into France and Spain. The change in
the intervening years is partly due to
improved rules for public procurement
within the EU, and today Swedish consulting
companies are increasingly eager
to establish a foothold for themselves
outside Sweden.
Swedish consultants fare very well in
the international arena and, according to
figures compiled by STD (the Swedish
Federation of Consulting Engineers and
Architects), no fewer than five of the
world’s top 100 consulting companies
Size of projects
%
50
40
30
20
10
0
-100
2000
2001
101 -1 000
1 001 -10 000
10 001 -
Hours

MISSION, TARGETS AND STRATEGIES
are from Sweden. This means that, in
relation to the size of the country’s
population, Sweden is the world number
one in technical consulting. The really
big companies, however, are in the USA,
the UK and the Netherlands.
ÅF Group ranking: 45
SWECO ranking: 46
SCC ranking: 60
Semcon ranking: 68
Teleca ranking: 97
The technical consulting industry is
important in Sweden. In 2000-2001 the
turnover of the 5,000 companies involved
was SEK 21.4 billion, of which the ÅF
Group accounted for around nine to ten
percent. The total number of employees
was around 32,000, of which seven to
eight percent worked for the ÅF Group.
The ÅF Group is active in three segments
of the market, each with its own
unique competitive situation.
Business within the ÅF Group’s largest
consulting segment, Plant & Process
Industries, is internationally oriented, as
is the case among some of our competitors
– names like Jaakko Pöyry, PI-
Increasingly international – ÅF Group employees
3500
3000
2500
2000
1500
1000
500
0
Total
Outside Sweden
1993 1997 2001
The ÅF Group has a very good standing in the market
4,00
3,80
3,60
3,40
3,20
HifabGruppen
Jacobsson
& Widmark
Tyrens
Jaakko
Pöyry
Sycon AB
Sweco
Sigma
0
20 40 60 80
Overall rating (1 = poor, 5 = excellent)
Awareness in %
Group, Birka Teknik & Miljö, Sycon and
Ramböll.
Competition within Systems &
Products is considerably broader with
consulting companies such as Teleca,
Epsilon, Sigma, Semcon, WM-Data,
Enea, HiQ, Frontec, Tieto Enator and
Aggresso. In Installations the ÅF Group
is also number one in Sweden and
Industry investments (in 1991 prices)
70
60
50
40
30
20
10
0
Machinery
Buildings
1996 1998 2000 2001
Source: Statistics Sweden
30
Ångpanneföreningen
Semcon
Scandiaconsult
counts domestic consultants such as
J&W, Bengt Dahlgren, SCC, SWECO,
Rejlers and Energo among its major
competitors.
Within Education most of the competition
comes from Lernia and Lexicon,
while DNV and STK Intertest are the
main competitors for Inspection &
Testing.
Industrial production index
135
130
125
120
115
110
105
100
95
90
85
1996 1998 2000
Source: Statistics Sweden
The ÅF Group continues
to enjoy a very good
standingin the market,
as this 2001 survey carried
out by Image Survey
International confirms.
The survey, which focused
on knowledge companies
and was conducted via
telephone interviews, was
based on responses from
decision-makers in
Sweden who form part of
their company’s executive
management group or
equivalent.
2001

31
0
5
Forest industry
National government (Sweden)
International
(excl. associated companies)
Local government (Sweden)
Private companies
10
15
Property management, water/sewerage
Electrical engineering, telecom
Other manufacturing
Engineering, automotive industry
Other service industries
Pharmaceuticals, chemicals
Public sector, finance
Electric, heating, gas, refineries
Earnings by sector, Swedish clients
%
20
Sales by sector
MISSION, TARGETS AND STRATEGIES

SENSITIVITY ANALYSIS
Another 15 minutes a week means SEK 20 million a year
Like most other companies, those that
sell knowledge are heavily dependent
on market growth as salaries and office
costs are fixed over the medium term
and account for a substantial portion of
total costs. A consulting firm’s capacity
utilisation rate is crucial for its ability
to generate a profit, and is expressed
in the ÅF Group as the invoiced-time
ratio. To appreciate the significance of
this, one need only reflect on the fact
that every percentage point increase or
decrease in the invoiced-time ratio
results in a rise or fall of SEK 20 million
in profits. One percentage point is equivalent
to 12 hours of a consultant’s time
per year or 15 minutes of chargeable
time a week.
Various methods are being used to
reduce sensitivity, including taking on
contracted consultants and temporary staff
for specific projects, adding a variable
component to an increasing number of
salaries, broadening our expertise and
markets, and developing “packages” of
services to increase competitiveness
and reduce clients’ sensitivity to prices.
Invoiced-time ratio must be 70 percent
if the Group is to generate reasonable
earnings. In the short term 66 percent
is the break-even point. In a very good
year capacity utilisation may rise to 75
percent.
Sensitivity
Factor Change Effect on earnings
SEK/share
Before tax
Capacity utilisation ± 1% ± 3.30
Hourly rate ± 1% ± 2.30
Payroll costs ± 1% ± 1.65
Overheads ± 1% ± 0.50
Financial risks
Financial risks can be divided up into
exchange rate risk, interest rate risk
and credit risk. Exchange rate risk is
limited at the Group’s foreign offices as
payments are generally made in local
currencies.
Interest rate risk is low as the Group
enjoys a stable financial position with a
low volume of interest-bearing liabilities.
However, interest rates do stall or stimulate
investment on the part of clients,
32
and thus influence market conditions for
the ÅF Group.
Credit risk arises because the company
has a high number of outstanding
accounts receivable at any given time, in
other words credit that is given to clients.
This is limited through advance payments
and through measures to avoid
clients who are likely to have payment
problems. Historically, it must be said,
the Group has reported only very limited
credit losses.
Overall, therefore, the Group’s financial
risks are relatively low.
Hourly rates
The average invoiced rate during 2001
was around SEK 600 per hour, although
specialists often charge more than
double this amount. A change of SEK
10 per hour in this rate would increase
or decrease earnings by SEK 25 million.
Fixed-price contracts
Fixed-price contracts for carefully specified
consulting services are beneficial to
both parties. The client knows in advance
how much the assignment will cost and
the consultant is able to make use of

previous experience and a proven
ability to carry out a project in a satisfactory
manner.
By training and tuition in key factors
such as project management, the provision
of adequate insurance protection
and the formulation of constructive
terms and conditions, the risks associated
with this kind of agreement can be
greatly reduced.
Employees
Staff turnover for the year stood at 13
percent – a normal level in the current
labour market.
It is very unusual for large numbers
of key members of the ÅF Group’s consulting
team to leave the company, and
this is actively averted by treating
employees well and offering attractive
remuneration packages and rewarding
work. Regular attitude surveys carried
out by the ÅF Group show that employees
are largely happy with their work.
IT security
Current methods of doing business
require the most scrupulous concern
for IT security. The ÅF Group offers
high levels of security through a number
of active initiatives (including measures
to protect against hacking and
viruses) and has clear rules governing
channels for the dissemination of information
both internally and externally.
The Group also runs highly developed,
secure back-up systems.
Insurance
As dictated by good practice in the
industry, the Group has taken out consulting
liability insurance. This covers
the ÅF Group for the liability involved in
any given project (normally the same as
the project fee), up to a ceiling of 120
times the basic amount used in Sweden
for national social security purposes. In
the event of any claims, the Group itself
must bear a risk equivalent to one basic
amount.
The Group is covered for loss of contribution
to cover fixed or additional costs
in the event that its offices/equipment
are damaged, stolen or in any other way
rendered unusable. The amount that the
Group would have to pay in such circumstances
is limited to between 0.5 and 1.0
times the basic amount.
Legal disputes
The company is not involved in any legal
dispute that could give rise to substantial
costs.
Competitors
Although foreign consultants have only
limited operations in the Swedish market,
the ÅF Group does have numerous
domestic competitors and has to compete
for the best employees. At the same time
only a handful of companies – of which
one is the ÅF Group – are in a position
to undertake major full-service projects,
and this is a strength that appeals to
potential employees.
As demand for qualified consultants
rises, so too does the need for the ÅF
Group to present itself as an attractive
employer, and it has therefore earmarked
considerable funds each year for recruitment
and induction activities.
33
SENSITIVITY ANALYSIS

FINANCIAL SUMMARY
The ÅF Group – Five-year summary
(Figures in millions of SEK unless otherwise stated) 1997 1998 1999 2000 2001
Operating income and profit
Operating income 1,169.5 1,312.2 1,612.0 1,746.9 1,962.6
Operating profit after depreciation and interests in associated companies 52.4 70.7 49.3 339.3 85.0
Profit after net financial items 67.8 81.5 55.1 330.9 88.0
Operating margin (percent) 4.5 5.4 3.1 19.4 4.3
Profit margin (percent) 5.8 6.2 3.4 18.9 4.5
Capital structure
Fixed assets 376.6 395.3 476.0 608.9 539.0
Current assets 375.7 418.3 529.9 779.6 737.3
Equity 380.6 382.6 332.7 542.8 527.8
Minority interests - - 3.9 9.0 14.7
Allocations 156.8 153.9 151.4 160.6 101.2
Long-term liabilities 15.2 44.8 58.7 151.2 116.5
Current liabilities 199.7 232.3 459.2 524.9 516.2
Balance sheet total 752.2 813.6 1,005.8 1,388.5 1,276.3
Adjusted balance sheet total 865.7 949.9 1,141.7 1,586.8 1,463.6
Equity (annual average) 373.8 381.6 357.6 437.8 535.3
Total capital (annual average) 739.9 782.9 909.7 1,197.1 1,332.4
Capital employed (annual average) 497.4 522.8 519.9 654.2 754.4
Net worth 471.3 491.7 441.4 701.5 677.6
Equity ratio (percent) 50.6 47.0 33.1 39.1 41.3
Adjusted equity ratio (percent) 54.4 51.8 38.7 44.2 46.3
Current ratio (times) 1.9 1.8 1.2 1.5 1.4
Profitability
Return on equity (percent) 12.1 12.6 10.2 52.6 10.6
Return on total capital (percent) 9.9 11.5 7.3 8.9 7.1
Return on capital employed (percent) 14.7 17.2 12.8 52.9 14.1
Interest cover (times) 13.3 10.9 5.7 6.6 5.1
Other
Invoiced-time ratio (percent) 70.6 70.8 68.2 69.5 69.7
Gross investment in equipment 48.8 49.3 86.1 54.4 45.0
Gross investment in property 29.7 26.4 39.1 15.4 8.3
Employees (FTEs) excluding associated companies 1,624 1,770 2,048 2,044 2,167
Employees (FTEs) including associated companies 1,764 1,910 2,222 2,191 2,470
Operating margin Operating profit/loss in relation
to operating income.
Profit margin Profit/loss after net financial items,
in relation to operating income.
Adjusted balance sheet total Balance sheet
total including surplus value in properties.
Net worth Shareholders’ equity including 80 percent
of surplus value in properties.
Equity ratio Equity in relation to the balance
sheet total.
Adjusted equity ratio Net worth in relation to the
adjusted balance sheet total.
Current ratio Current assets in relation to
current liabilities.
Return on equity Profit/loss after tax in relation
to average shareholders’ equity.
Return on total capital Profit/loss after net
financial items with restoration of interest expenses,
in relation to the average balance sheet total.
Return on capital employed Profit/loss after net
financial items and restoration of interest expenses
in relation to the average balance sheet total
minus current liabilities and deferred tax liabilities.
34
Interest cover Profit/loss after net financial items
and restoration of interest expenses, in relation to
interest expenses.
Invoiced-time ratio The time clients are charged
for, in relation to the total time all employees are
present at work.
Employees (full-time equivalents: FTEs)
Number of employees during the year converted
to the equivalent number of year-long, full-time
jobs. The actual number of employees is higher
owing to part-time employment and the fact that
some employees work only part of the year.

A few reflections of the ÅF Group’s growth and capacity for profit
The most important profit-generating
factors in a consulting company are the
number of consultants, their capacity
utilisation rate and the margin between
prices and payroll expenses.
As a result of acquisitions and organic
growth there has been a steady rise in
the number of employees in the ÅF
Group over recent years. Since 1994 the
workforce has expanded by 1,000 and
sales have increased by around 15 percent
per annum – factors which have
improved the Group’s potential for a
rising trend in earnings.
However, a satisfactory capacity utilisation
rate is essential if increased volumes
are to translate into a positive effect
on profits. Given the ÅF Group’s current
fees and overheads, break-even requires
capacity utilisation to be 66 percent. Each
percentage point deviation from this
affects annual profits by approximately
SEK 20 million.
Sales and profits
Over the past seven years ÅF sales have
risen by around 15 percent a year.
Approximately six percentage points of
this can be explained by higher prices,
while the remaining nine relate to the
increased number of employees.
Profits for the same period have varied
from SEK 70-100 million.
Most of the surplus refunded by
Alecta/SPP was entered as income in the
accounts for 2000. There are no prospects
for any further refunds of this
nature; on the contrary pension premiums
look set to fall. Any assessment of
the long-term earnings performance of
the ÅF Group should, therefore, include
the Alecta refunds.
In this case, the average profit margin
is eight percent, which is in line with the
ÅF Group’s declared objectives.
Average income statement 1997–2001
(incl. Alecta/SPP refunds)
Figures in millions of SEK
Net sales 1,560.6
Personnel costs -953.6
Other expenses -429.0
Depreciation -59.2
Share of associated companies’
profit/loss 0.5
Operating profit 119.3
Net financial items 5.4
Profit after financial items 124.7
Tax -40.3
Minority shareholders’ share of profit -1.0
Profit after tax 83.4
Balance sheet
The ÅF Group’s balance sheet total has
doubled since 1997, primarily as a consequence
of acquisitions and organic growth.
Although the claim on Alecta has had
an effect on financial assets and current
receivables, much of this growth in the
balance sheet total is attributable to the
large increase in volumes in the Group’s
consulting business.
To a great degree this has been financed
by loans. Interest-bearing liabilities
rose from SEK 136 million in 1997 to SEK
313 million in 2001, reflecting the Board’s
resolutions on expansion and a reduced
equity/assets ratio.
After making adjustments for the surplus
value in real estate, the equity/assets
ratio has fallen from 54 percent in 1997-
98 to 46 percent in 2001-02.
1995 1996 1997 1998 1999 2000 2001
Dividend per share (SEK) 4.67 5.50 8.00 15.00 3.50 13.00 13.00
Total dividend (MSEK) 27 32 46 86 20 75 75
Market value 31 Dec. (SEK) 67 110 114 115 133 122 142
Yield % 7.0 5.0 7.0 13.0 2.6 10.7 9.2
35
FINANCIAL SUMMARY
Consolidated Balance Sheet
(in millions of SEK)
2001 1997
Assets
Intangible assets 42.0 23.5
Tangible assets 393.9 321.1
Financial assets 103.1 31.9
Current receivables 521.0 284.7
Liquid assets 216.3 91.0
Total assets 1,276.3 752.2
Equity and liabilities
Equity 527.8 380.6
Minority interests 14.7
Provisions 101.2 156.8
Long-term liabilities 116.5 15.2
Current liabilities 516.1 199.6
Total equity and liabilities 1,276.3 752.2
ÅF share = high yield
Since the mid 1990s the ÅF Group has
given its shareholders high dividends.
According to the current policy 50 percent
of the annual profit is paid out in
dividends, which, over recent years,
have been boosted even more by extra
pay-outs to keep the long-term
equity/assets ratio within the 40-45 percent
level resolved by the Board.
Since the mid 1990s the ÅF dividend
has averaged eight percent per annum,
placing ÅF among the highest yielding
shares that are currently quoted on the
Stockholm Stock Exchange.

THE ÅF SHARE
High yield
The ÅF share has been quoted on the
Stockholm Stock Exchange since
1986. Initially the motive for this step
was a desire to make the company
better known and to let the market’s
assessments contribute to augmenting
commercial demands on operations.
Ångpanneföreningen had existed as a
co-operative association from 1895 to
1980, and subsequently as a limited
company jointly owned by Ångpanneföreningen’s
Foundation for Research and
Development and the two investment
companies, Investor and Providentia.
Prior to the company’s introduction on the
Stockholm Stock Exchange, employees
were offered the opportunity to acquire
convertible debt instruments.
Dividend
The ÅF Group’s shares offer one of the
best yields on the Stockholm Stock
Exchange, averaging eight percent p.a.
between 1996 and 2000.
In 1997 the Board adopted a new
dividend policy according to which the
dividend should correspond to approximately
50 percent of the consolidated
profit after tax. At the same time the
Board announced an objective of keeping
long-term equity ratio within the 40-45
percent range.
For the company’s operations during
2001 the Board proposes a dividend totalling
SEK 13 per share, which corresponds
to approximately 50 percent of
the earnings per share for the year, plus
the entire value of premium refunds from
Alecta for the year.
Trade in shares
During 2001 Ångpanneföreningen B
shares worth a total of SEK 348 million
were traded on the stock exchange,
which, in relation to the Group’s market
value of SEK 775 million at the end of
2001, produced a share turnover of 44
percent. The ÅF share was traded on 96
percent of the trading days during the
year. The following table shows the corresponding
values for some of the Group’s
major Swedish competitors quoted on
the Stockholm Stock Exchange.
36
Share Annual Trade/ Turnover Days
trade day rate traded
MSEK MSEK % %
SCC 232 0,9 26 93
Semcon 561 2,2 46 100
SWECO 68 0,3 8 84
ÅF 348 1,4 44 96
Shareholding and convertible bonds
among employees
ÅF Group employees are actively encouraged,
both by the company and the
major owner, to invest in ÅF shares by
making use of various systems for facilitating
part-ownership in the company.
Employees are offered a plan administered
by Aktieinvest Fondkommission
for saving some of their salary in the form
of ÅF shares. With effect from 1 January
2002 each new employee is given the
equivalent of one share in the company.
The profit-sharing scheme outlined
on page 13 allows employees to share in
the increase in the net worth of the company
by creating funds with ÅF shares
(and others) as investment capital. At
present, approximately ten percent of
the shares in the company are owned
by employees.
In 2000 employees responded positively
to an invitation to subscribe to a
convertible bond. More than 700 of
them subscribed for SEK 96 million,
equivalent to almost 90 percent of the
total subscription value. The conversion
rate when the subscriptions were made
was SEK 171 per share. After an adjustment
for the dividend paid out in 2000,
this has now been reduced to SEK 162.70
per share. If the conversion option is
fully utilised during the period January
2004 to June 2005, the additional shares
will represent a 6.2 percent dilution of
the votes and 10 percent of capital.
Monies for the purchases of the convertible
bonds were received in July 2000.

Owners in Sweden and abroad
31 December 2001 Percent of capital
Sweden (incl. all < 500 shares) 90.7
U.K. 4.1
Norway 3.2
Luxembourg 0.9
USA 0.4
Shareholders with fewer than 500 shares account
for 8.5 percent of the total, but it is not possible
to specify countries of residence for this group.
Shareholder categories
31 December 2001 Percent of capital
Foreign owners 9.3
Swedish owners
of which
90.7
Institutions 52.8
Unit trusts 14.2
Private individuals (incl. close companies) 23.8
Size of shareholding
31 December 2001
Number Shareholders Proportion of
of shares shares (%)
5000 50 77.6
Total 4,011 100.0
During 2001 the number of shareholders
increased by 20.
The proposed dividend for the year
involves a further recalculation in 2002
of the conditions for the loan.
Ångpanneföreningen’s Foundation
for Research and Development has
made 57,000 call options available to the
former Chairman of the Board, Hans
Dalborg. Mr Dalborg tendered his
resignation at an extraordinary general
meeting called in January 2002. The
price is, after a corresponding recalculation
as a result of the dividend paid in
2000, SEK 146 per share. Mr Dalborg
has the option to acquire the shares at a
time of his own choosing between 1
January 2002 and 31 May 2003.
THE ÅF SHARE
Changes in the share and option programme
Year Change A shares B shares Total
1984 Convertible bonds to employees 727,460 0 727,460
1985 Investor/Providentia part-owners 684,860 42,600 727,460
1986 Issued on the A list 684,860 342,600 1,027,460
1987 Split 1:3 1,369,720 1,712,660 3,082,380
1990 After conversion 1,639,140 2,113,240 3,832,380
1994 Redesignation 800,000 A shares 828,665 3,003,715 3,832,380
1996 Bonus issue 1:2 1,242,997 4,505,572 5,748,569
1997 Redesignation 800,000 A shares 402,219 5,346,350 5,748,569
2000 Convertible bond equivalent to
approx. 500,000 B shares for
conversion 2004–2005 402,219 5,346,350 5,748,569
At the end of 2001 the grand total of 5,748,569 shares was divided into 402,219 class A shares (10 votes per
share) and 5,346,350 class B shares (1 vote per share).
The ten major shareholders
31 December 2001 Percentage of
Owner A shares B shares capital votes
Ångpanneföreningen’s Foundation for
Research and Development
340,472 1,047,746 24.1 47.5
SWECO 0 751,000 13.1 8.0
S-E-Banken unit trust funds 0 686,700 11.9 7.3
ÅFOND (Ångpanneföreningen Group Fund) 48,052 262,002 5.4 7.9
Chase, Manhattan, UK 0 218,439 3.8 2.3
Odin Fonder (unit trust) 0 185,200 3.2 2.0
SEB Foundation 0 180,000 3.1 1.9
Royal Swedish Academy of Sciences 0 150,600 2.6 1.6
Lannebofonder (unit trust) 0 96,200 1.7 1.0
Swedish Red Cross 0 167,500 1.2 0.7
Total, 10 major shareholders 388,434 3,745,387 70.1 80.2
Others 13,785 1,600,963 29.9 19.8
Grand total 402,219 5,346,350 100.0 100.0
Source: SIS Ägarservice and VPC, the Swedish Securities Register.
Key ratios per share (SEK)
1997 1998 1999 2000 2001
Profit after tax 7.87 8.35 6.35 40.04 9.91
After full conversion 2004/2005 - - - 36.48 9.00
Equity 66.00 67.00 58.00 94.00 92.00
Net worth 82.00 86.00 77.00 122.00 118.00
Dividend 8.00 15.00* 3.50 13.00** 13.00***
*Of which SEK 10 as a lump-sum payment. **Of which SEK 7.50 from Alecta premium refunds.
***Proposed dividend including SEK 8.00 from Alecta premium refunds.
Market valuation of the ÅF share
31 December 2001 1997 1998 1999 2000 2001
Price, SEK 114 115 133 122 142
Price/net worth, % 139 143 173 100 120
P/E ratio 14 14 21 3 14
37

Sales (SEK million) Profit/Loss (SEK million)
1998 1999 2000 2001 1998 1999 2000 2001
Electrical Engineering
& Instrumentation
Energy, Environment
436 498 522 579 51* 36* 38* 35*
& Process Technology 373 391 442 521 21* 12* 1* 4*
HVAC & Sanitation
Software, Electronics
164 186 191 224 8 13 17 25
& Mechanical Engineering 310 390 462 487 17 15 50 23
Inspection & Testing 55 108 115 124 -16 -17 -8 2
Education & Management 55 140 136 152 2 1 0 -6
attributable to the frostier second-half
investment climate for the telecom sector,
primarily on account of greater capacity
utilisation. The performance
of each area of technical expertise is
shown in the tables.
In view of the major changes that
took place in some areas of the market,
the consulting business developed relatively
well during 2001.
The sudden downturn in business
from the six-month mark onwards had
the greatest effect on Software, Electronics
& Mechanical Engineering, whose
profit for the year as a whole was
halved compared to its result for 2000.
Nevertheless, despite the deterioration
in the market, which has affected the
entire market for consulting, the area did
just manage to record a positive result
over the final three months of the year.
A raft of measures is now being
implemented to adapt operations to the
weak demand and by so doing to further
strengthen the ÅF Group in terms of
competence and capacity. The latter is
of particular significance as this area of
technical expertise is one of the Group’s
highest priorities.
The second major victim was the
Group’s Education & Management
operations, which suffered mainly as a
result of the sluggish market for education
services during the autumn. Work
on tailoring operations to the market’s
current requirements and shaving SEK
10 million off the area’s costs began late
in the autumn.
Aid agency operations were reorganised
by transferring all aid agency
related business within the Group to
ÅF International. It is anticipated that,
by being able to offer a broader range of
services in this way, the reorganisation
will begin to produce positive results
from the summer of 2002 onwards.
39
* Including associated companies
Profit margin (percent) Employees (full-time equivalents)
1998 1999 2000 2001 1998 1999 2000 2001
Electrical Engineering
& Instrumentation
Energy, Environment &
12 7 7 6 637* 736* 752* 783*
Process Technology 6 3 0 1 523* 593* 558* 774*
HVAC & Sanitation
Software, Electronics &
5 7 9 11 244 248 240 237
Mechanical Engineering 5 4 11 5 356 354 377 423
Inspection & Testing -28 -16 -7 2 92 172 155 143
Education & Management 4 1 0 -4 22 83 74 68
The parent company is not included in the above tables. *Including associated companies
ADMINISTRATION REPORT
With capacity utilisation levels in
HVAC & Sanitation remaining high, this
area of technical expertise recorded a
very good result – and there is much to
suggest that this encouraging situation
will prevail throughout 2002.
Profitability was also good within
Electrical Engineering & Instrumentation,
particularly those areas of
the business involved in the installation
and infrastructure markets. For those
areas dealing with process industries
and the power industry, however, the
market conditions were far less favourable,
and this is inevitably reflected in
lower profitability.
Weak demand from the processing
industry and power sector also had a
negative effect on operations within
Energy, Environment & Process
Technology. The deterioration in profits
from the third to the fourth quarter is
due in part to certain one-off costs and
the fact that operations in France experienced
a short, but sharp, fall in capacity
towards the end of the year.
For Inspection & Testing, on the
other hand, the improvement in results
compared to 2000 held throughout the
year to produce a profit at the year-end
and a result that was SEK 10 million
better than in 2000. Demand for these
services is expected to remain satisfactory
and the balance between supply and
demand now seems acceptable. Business
for the new joint-owned company ÅF-
TÜV Nord AB has got off to a good start.
Real Estate and Finance Administration
The Group’s properties, 97 percent of
which are offices, are used primarily by
the Group’s consulting businesses. The
Group currently owns 33,000 square
metres of real estate.
Net investments in real estate over
the year totalled SEK 8 (10) million. In
an evaluation carried out by Forum
Fastighets AB at the end of 2001, the

ADMINISTRATION REPORT
market value of the Group’s properties
was assessed at SEK 460 (469) million.
Book value was SEK 273 (271) million.
The Group’s liquid assets, including
current investments totalled SEK 216
(301) million. Interest-bearing liabilities
and provisions amounted to SEK 313
(368) million, bringing the Group’s net
borrowings to SEK 97 (67) million.
Investment in machinery
and equipment
Gross investment in machinery and equipment
during the year amounted to SEK
45 (54) million and related mainly to
computer equipment. Depreciation on
machinery and equipment amounted to
SEK 54 (49) million.
Employees and salaries
The number of full-time equivalents in
the group totalled 2,470 (2,191) including
associated companies, or 2,167 (2,044)
excluding associated companies. The
figure for the parent company was 35 (35).
Personnel costs for the Group
amounted to SEK 1,190 (1,031) million.
Shares
AB Ångpanneföreningen’s “B” shares
have been quoted on the A list of the
OM Stockholm Exchange since 1986.
The total number of shares was
5,748,569 at the year-end 2001, divided
into 402,219 “A” shares and 5,346,350
“B” shares.
After conversion in 2004/2005 of the
convertible bond loans issued during
the year, the number of shares may
increase by 561,440.
There were 4,000 shareholders on
31 December 2001 (31 Dec 2000: 3,900).
In September 2001 SWECO AB made
a public bid for all the shares in AB
Ångpanneföreningen. Ångpanneföreningen’s
Foundation for Research
and Development, the Group Fund
Foundation ÅFOND and a majority of
the members of the Board rejected the
offer, which was subsequently withdrawn.
Board of Directors
The AGM of 8 May 2001 resolved to
reelect the board members Hans
Dalborg, Gunnar Grönkvist, Yngve
Lundberg, Jan-Erik Olsson and Lars
Westerberg. Anders Narvinger and
Gunnar Svedberg were appointed as
new directors. Bo Källstrand declined to
stand for reelection. In conjunction with
discussions about the SWECO takeover
bid, Hans Dalborg, Anders Narvinger
and Lars Westerberg opted to tender
their resignations, which were accepted
at an extraordinary general meeting of
shareholders on 25 January 2002.
At the same meeting Carl-Erik
Nyquist and Eva-Lotta Kraft were
appointed to the Board, with Carl-Erik
Nyquist subsequently being elected
Chairman at the inaugural meeting of
the new Board. Employee representatives
are Jan Fröjd and Leif Holmgren,
with Annica Hofberg and Lars Olsson as
their deputies.
Dividend
It is company policy to propose a shareholders’
dividend equivalent to approximately
50 percent of the Group’s profit
after tax.
For 2001 profit after tax equates to
SEK 10 per share. The Board proposes
that 50 percent of the consolidated profit
after tax or SEK 5 per share be issued
as a share dividend.
In addition the Board proposes an
extra dividend corresponding to SEK 8
per share. This extra dividend is motivated
by the refunds that, excluding the
liquidation of part of the Group’s pension
provisions, have been transferred
to the Group’s account from Alecta in
2001. This brings the Board’s proposal
for a shareholders’ dividend for the year
2001 to a total of SEK 13 per share.
40
Prospects for 2001
The weakening of the market that affected
the Group’s result for the second
half of 2001 is expected to persist for at
least the first six months of 2002.
Although the first signs of a slight
improvement in the economy as a whole
have begun to make themselves felt, it
is likely to take until the autumn 2002
before these begin to have any widespread
effect on the demand for the ÅF
Group’s services. There are, however,
sectors where demand is somewhat
brisker, such as installations, infrastructure
and the forest and power industries.
In this way, the broad base of our operations
provides a better opportunity for
the ÅF Group to balance its overall
result, a circumstance which is of great
value in today’s situation.
Taken all round, therefore, the year
is expected to begin on a rather subdued
note, but prospects for a second-half
rally and a more favourable end to 2002
are in sight.
Proposed appropriation of profits
Parent company
At the disposal of the annual general
meeting: Non-restricted profits SEK
119,384,270. The Board and Managing
Director propose that the profits be
appropriated as follows:
To the shareholders:
A dividend of
SEK 13.00
per share SEK 74,731,397
To be
carried forward SEK 44,652,873
Total SEK 119,384,270
The ÅF Group
According to the consolidated balance
sheet, the Group’s non-restricted equity
totals SEK 271,954,000. None of this
equity is to be allocated to restricted
reserves.

Carl-Erik Nyquist
Chairman
Jan Fröjd
Stockholm, Sweden, 14 February 2002
Eva-Lotta Kraft Yngve Lundberg
Jan-Erik Olsson Gunnar Svedberg
Leif Holmgren
41
ADMINISTRATION REPORT
Gunnar Grönkvist
Managing Director and CEO

INCOME STATEMENTS
Income statements
Group Parent company
(in thousands of SEK)
Operating income
Note 2001 2000 2001 2000
Net sales 1 1,960,537 1,742,808 68,503 73,745
Other operating income 2 2,063 4,061 30,795 32,140
1,962,600 1,746,869 99,298 105,885
Operating expenses
Personnel costs 3 -1,189,637 -1,030,750 -27,930 -27,523
Other external expenses 4 -625,745 -546,457 -51,755 -57,830
Depreciation 5 -68,673 -64,061 -8,767 -7,775
Items affecting comparability 6 11,699 240,260 11,105 25,226
Other operating expenses 2 -7,428 -7,082 -8,661 -8,582
-1,879,784 -1,408,090 -86,008 -76,484
Share of associated companies’ profit/loss 2,185 531 - -
Operating profit 85,001 339,310 13,290 29,401
Income from financial investments
Income interest and similar profit/loss items 7 18,161 7,733 7,678 11,615
Income expenses and similar profit/loss items 8 -15,119 -16,129 -16,869 -16,332
3,042 -8,396 -9,191 -4,717
Profit after financial items 1 88,043 330,914 4,099 24,684
Profit after financial items 9 - - -3,756 -36,813
Tax 10 -30,740 -96,344 -737 4,008
Minority shareholders’ share of profit -332 -4,374 - -
Profit/loss for the year 56,971 230,196 -394 -8,121
42

Cash flow analyses
43
CASH FLOW ANALYSES
Group Parent company
(in thousands of SEK)
Operating activities
Note
26
2001 2000 2001 2000
Profit after financial items 88,043 330,914 4,099 24,684
Adjustment for items not included in the cash-flow 26 46,986 -133,227 1,443 -9,998
135,029 197,687 5,542 14,696
Taxes paid
Cash flow from operating activities
-83,139 -16,955 -57,156 -6,336
before changes in working capital 51,890 180,732 -51,614 8,360
Cash flow from changes in working capital
Change in receivables -8,781 -9,741 15,026 12,445
Change in accounts payable – trade -17,993 21,060 10,647 -6,287
Change in other liabilities -13,216 44,158 8,415 51,149
Cash flow from operating activities 11,900 236,209 -17,526 65,667
Investing activities
Acquisition of subsidiaries 26 -1,218 5 745 - -
Acquisition of intangible fixed assets - -719 - -
Acquisition of tangible fixed assets -53,376 -69,781 -8,829 -13,729
Acquisition of financial assets -20,776 - -15,196 -9,294
Sale of tangible fixed assets 3,318 10,019 64 278
Sale of financial assets - 947 - 94
Change in long-term receivables 69,480 14,156 -2,301 -69,032
Change in long-term liabilities -10,422 -8,165 -13,509 -30,855
Cash flow from investing activities -12,994 -47,798 -39,771 -122,538
Financing activities
Dividends paid -74,732 -20,120 -74,732 -20,120
Group contributions - - 54,824 218,671
Proceeds from borrowing 4,115 96,006 -2,983 96,006
Amortisation of loans -13,384 -75,484 -10,920 -75,843
Cash flow from financing activities -84,001 402 -27,845 218,714
Cash flow for the year -85,095 188,813 -85,142 161,843
Liquid assets and current investments brought forward 301,409 112,596 224,920 63,077
Liquid assets and current investments carried forward 216,314 301,409 139,778 224,920

BALANCE SHEETS
Balance sheets
Group Parent company
(in thousands of SEK)
ASSETS
Note 2001 2000 2001 2000
Fixed assets
Intangible fixed assets
Goodwill 11 41,973 40,601 - -
41,973 40,601 - -
Tangible fixed assets
Buildings and land 12 273,047 270,679 212,082 212,996
Equipment 13 120,865 129,237 11,011 10,112
393,912 399,916 223,093 223,108
Financial assets
Shares in subsidiaries 14 - - 178,541 171,290
Receivables from subsidiaries - - 123,287 132,926
Proportion of equity in associated companies 15 29,461 15,392 19,048 11,103
Other long-term securities held 16 1,085 1,139 157 157
Other long-term receivables 17 72,606 151,838 17,268 30,008
103,152 168,369 338,301 345,484
Total fixed assets 539,037 608,886 561,394 568,592
Current assets
Current receivables
Accounts receivable 321,278 283,693 1,710 4,254
Receivables from subsidiaries - - 147,416 159,062
Other receivables 17 76,280 74,315 8,359 7,535
Prepaid expenses and accrued income 18 123,423 120,148 4,172 5,832
520,981 478,156 161,657 176,683
Current investments 19 27,949 14,789 26,192 14,675
Cash and bank 188,365 286,620 113,586 210,245
Total current assets 737,295 779,565 301,435 401,603
TOTAL ASSETS 1,276,332 1,388,451 862,829 970,195
44

Balance sheets
45
BALANCE SHEETS
Group Parent company
(in thousands of SEK)
EQUITY AND LIABILITIES
Note 2001 2000 2001 2000
Equity
Restricted equity
20
Share capital (5,748,569 shares at par value SEK 20) 114,971 114,971 114,971 114,971
Restricted reserves 140,838 142,810 23,324 23,324
255,809 257,781 138,295 138,295
Non-restricted equity
Non-restricted reserves 214,983 54,818 119,778 163,158
Profit/loss for the year 56,971 230,196 -394 -8,121
271,954 285,014 119,384 155,037
Total equity 527,763 542,795 257,679 293,332
Minority shareholding 14,740 8,984 - -
Untaxed reserves 21 - - 97,543 93,787
Provisions
Provisions for pensions 43,609 103,296 27,549 75,452
Provisions for tax 57,597 57,292 - -
101,206 160,588 27,549 75,452
Long-term liabilities 22
Liabilities to credit institutions 19,007 50,981 18,914 50,913
Liabilities to group companies - - 92,877 99,446
Convertible bond loan 96,006 96,006 96,006 96,006
Other long-term liabilities 1,455 4,181 - -
116,468 151,168 207,797 246,365
Current liabilities
Liabilities to credit institutions 154,497 118,290 150,800 117,792
Accounts payable – trade 106,328 117,923 17,487 6,840
Liabilities to subsidiaries - - 85,918 67,607
Tax liability - 44,467 5,214 46,282
Other liabilities 67,729 69,108 698 1,137
Accrued expenses and prepaid income 23 187,601 175,128 12,144 21,601
516,155 524,916 272,261 261,259
TOTAL EQUITY AND LIABILITIES 1,276,332 1,388,451 862,829 970,195
Pledged assets 24 21,760 95,343 None 75,217
Contingent liabilities 25 16,536 7,374 13,385 36,201

NOTES
Notes
All amounts in tables in thousands of SEK unless otherwise stated.
Accounting and Valuation Principles
The accounting principles applied here comply with the Swedish Annual Accounts Act
and the recommendations of the Swedish Accounting Standards Board and the Swedish
Financial Accounting Standards Council.
Consolidated Accounts
The consolidated accounts have been drawn up according to the acquisition method
as recommended by the Swedish Financial Accounting Standards Council and include
all companies in which AB Ångpanneföreningen directly or indirectly holds more than
50 percent of the shares.
Group contributions paid and received are shown here as a reduction or increase
respectively in unrestricted capital. (See note 20: Shareholders’ equity.)
The annual accounts of foreign subsidiaries have been translated using the current-rate
method, according to which the assets and liabilities of the subsidiaries are translated
at the rate of exchange on the closing day. The Income Statement has been translated
at the average annual rate. The translation differences do not affect the consolidated
result, but are transferred directly to shareholders’ equity.
Income Tax
The Swedish Financial Accounting Standards Council’s recommendation RR9 (Income
taxes) has been implemented for the accounts for 2001. This has not had any undue
influence on the annual accounts.
The figure under the heading “Tax” in the Income Statement comprises both current
tax and deferred tax for units in Sweden and abroad. The rate of income tax for the
relevant country is applied. In Sweden the statutory rate is 28%.
Deferred tax is accounted based on the differences known as “temporary differences”,
which can arise between the taxable values of assets and liabilities and the
values shown in the accounts. Temporary differences of this nature occur when the
due date for taxation differs from the date on which, according to generally accepted
accounting practices, the transaction should be entered in the accounts. Deferred tax
may also be used to describe fiscal loss carry-forwards when it seems likely that the
loss carry-forward can be offset against future surpluses.
Swedish tax legislation enables companies to postpone tax payments by allocating
funds to untaxed reserves. On the consolidated balance sheet these untaxed reserves
are divided up into restricted equity (72%) and deferred tax liability (28%). In the Group
consolidated accounts the fiscal reserve in the form of uninvoiced consulting assignments
that exists in certain subsidiaries has been divided up into equity and deferred
tax in a corresponding fashion.
Associated Companies’ Accounts
Associated companies are those in which AB Ångpanneföreningen or one of its subsidiaries,
directly or indirectly, has an interest of between 20 and 50 percent.
The equity method was used in consolidating the Group’s associated companies:
Hansen & Henneberg AS, CTS-Engineering OY and ÅF-Proinstall Sp.z.o.o. This means
that the book value of interests in the Group’s associated company is increased or
decreased, as the case may be, by AB Ångpanneföreningen’s share in the company’s
profit or loss. An adjustment is then made for any dividend received.
Current assets are evaluated at the lower of purchase value and the true value on
the closing day, unless otherwise specified in the respective note.
Liabilities are evaluated at purchase value.
Provisions for pensions are based on information from the insurance companies PRI
and SPP. The year’s expenses are apportioned between pension expenses and interest.
Note 1 Net sales and profit/loss
Net sales and profit/loss after financial items by areas of technical expertise:
Group Net sales Profit/loss
2001 2000 2001 2000
Elec. Eng. & Instrumentation 579,270 521,674 34,630 38,471
Energy, Environment & Process Tech. 520,771 442,039 4,044 992
HVAC & Sanitation 223,627 191,119 24,632 17,334
Software, Electronics & Mech. Eng. 486,688 462,385 22,894 50,346
Inspection & Testing 124,127 115,010 2,212 -8,067
Education & Management 152,182 135,912 -5,934 -488
Alecta/SPP - - 11,699 240,260
Other and Group adjustments -126,128 -125,331 -6,134 -7,934
1,960,537 1,742,808 88,043 330,914
46
Note 1 continued
Net sales by geographical distribution:
2001 2000
Sweden 1,667,380 1,524,069
Rest of Scandinavia 59,914 43,431
Rest of Europe 139,430 35,879
Other markets 93,813 139,429
Parent company
1,960,537 1,742,808
During the year the parent company sold services to Group companies for an amount
equivalent to 92 (84) percent of operating income and bought services from Group
companies for an amount equivalent to 33 (50) percent of operating expenses.
Note 2 Other operating income and expenses
Other operating income and other operating expenses refer to income and expenses
relating to property management.
Rental income in the Group amounted to SEK 34,143,000 (34,672,000) and in
the parent company to SEK 30,795,000 (32,140,000), of which the sums of SEK
31,349,000 (30,611,000) and SEK 28,733,000 (28,079,000) respectively were rent
from subsidiaries.
Note 3 Human Resources
Average number of employees by gender
2001 2000
Women Men Women Men
Parent company
Sweden
Subsidiaries
15 21 19 16
Sweden 398 1,602 369 1,580
Other countries 23 108 11 49
421 1,710 380 1,629
Group total 436 1,731 399 1,645
Total average number of employees 2,167 2,044
Total for associated companies
Total average number of employees
303 147
including associated companies 2,470 2,191
Salaries, other remuneration and payroll overheads
2001 2000
Salaries and Social Salaries and Social
remunerations costs remunerations costs
Parent company
Board and Managing Director 3,712 3,310 3,757 2,790
(of which pension expenses (2,092) (1,550)
Other employees 11,392 7,559 11,353 5,422
(of which pension expenses) (3,212) (1,371)
15,104 10,869 15,110 8,212
Group
Boards and Managing Directors 28,718 17,111 28,201 14,993
(of which pension expenses) (8,606) (6,644)
Other employees 727,532 357,433 651,855 303,199
(of which pension expenses) (119,404) (85,141)
756,250 374,544 680,056 318,192
Salaries and other remuneration by country
2001 2000
Boards Other Boards Other
and MDs employees and MDs employees
Parent company
Sweden
(of which bonus and
3,712 11,392 3,757 11,353
performance-related earnings) (497) (298) (1,000) (1,096)
Subsidiaries
Sweden 17,448 666,235 19,330 619,426
(of which bonus and performancerelated
earnings) (3,010) (3,977) (6,574) (7,834)
Other countries 7,558 49,905 5,114 21,076
(of which bonus and performancerelated
earnings) (83) (74) (50) (626)
25,006 716,140 24,444 640,502
Group total 28,718 727,532 28,201 651, 855

Note 3 continued
In addition, a profit-related bonus of SEK 3,570,00 (24,537,000) is payable.
The profit-related bonus applies to all permanent employees in the Group.
Remuneration to senior executives
As resolved by the Annual General Meeting, a total of SEK 650,000 (550,000) was
paid to the Board of Directors. Of this amount, the Chairman received SEK 250,000
(250,000) as resolved by the Board. Remuneration to the employee representatives
totalled SEK 50,000 (50,000). With the exception of an agreement with the Managing
Director, no other agreements have been signed concerning pensions or severance
pay for the Chairman or other members of the Board.
In 2001 salary payments, bonus and other remuneration totalling SEK 3,012,00
(3,207,000) were made to the Chief Executive Officer, who is also the Managing Director
of AB Ångpanneföreningen. Of this amount, SEK 497,000 (1,000,000) was bonus.
Salaries, bonuses and other remuneration to Boards of Directors and Managing
Directors within the Group amounted to SEK 28,718,000 (28,201,000). The Managing
Director of the parent company is subject to two years’ notice from the company and
has the right to a pension five years before the retirement age specified under the
SAF/PTK agreement. For managers of subsidiaries and three senior staff executives
in the parent company, the period of notice varies, depending on age and the number
of years of service, from 12 to 18 months, and these officers have a right to a pension
two years before the retirement age specified under the SAF/PTK agreement.
Note 4 Other external expenses
Operational leasing
Group Parent company
2001 2000 2001 2000
Leasing fees during the year
Premises 36,635 36,205 - -
Other leasing 11,505 18,757 1,557 1,604
The agreed leasing fees agreed in the Group for 2002 amount to a total of SEK
50,019,000 (2001: SEK 46,243,000), for the period 2003 to 2006 to a total of
SEK 96,244,00 (2002–2005: 83,346,000) and for the years after 2006 to SEK
17,560,000. In addition to rental agreements for premises, operational leasing includes
the leasing of vehicles and of certain office equipment.
Note 5 Depreciation
Group Parent company
2001 2000 2001 2000
Depreciation consists of the following:
Goodwill -8,176 -8,716 - -
Equipment -54,025 -48,819 -4,068 -3,102
Buildings -6,472 -6,526 -4,699 -4,673
-68,673 -64,061 -8,767 -7,775
Depreciation of fixed assets
In the Income Statement depreciation is charged to the operating profit according to
plan, calculated according to the original purchase value and based on the estimated
economic life of the assets. The following percentages are applied:
Goodwill 10%
Computers and ultrasonic equipment 33%
Cars and other equipment 20%
Office furniture 10%
X-ray equipment 10%
Buildings 2–7%
Note 6 Items affecting comparability
Group Parent company
2001 2000 2001 2000
Present-value result Alecta/SPP - 268,897 - 31,066
Performance-related bonus to employees
Present-value correction relating to partial
- -28,637 - -5,840
redemption of PRI pensions liability 11,699 - 11,105 -
11,699 240,260 11,105 25,226
It is anticipated that the premium refunds from Alecta/SPP will be available for use
between 2002 and 2004.
Note 7 Interest income and similar profit/loss items
Group Parent company
2001 2000 2001 2000
Result from participations in subsidiaries
Dividends - - 2,576 6,000
Write-downs - - - -2,274
Total - - 2,576 3,726
47
NOTES
Note 7 continued
Profit from other securities held and fixed assets
Group Parent company
2001 2000 2001 2000
Interest income 319 1,086 319 763
Dividends 32 27 961 578
Profit from divestments - 1,223 - 36
Total 351 2,336 1,280 1,377
Interest income from Group companies - - 3,369 3,419
Profit from current investments
Dividends 320 - 320 -
Loss from divestments -655 - -600 -
Correction to market value -2,974 -325 -2,974 -325
Total -3,309 -325 -3,254 -325
Present-value correction relating
to claims on Alecta/SPP 13,032 - - -
Other interest income and similar
profit/loss items 8,087 5,722 3,707 3,418
18,161 7,733 7,678 11,615
Note 8 Interest expenses and similar profit/loss items
Group Parent company
2001 2000 2001 2000
Interest expenses to Group companies - - -3,907 -2,145
Other interest expenses *) -15,119 -16,129 -12,962 -14,187
*Including interest on PRI pensions liability
-15,119 -16,129 -16,869 -16,332
Note 9 Appropriations
Parent company
2001 2000
Transfer from tax allocation reserve 14,096 9,435
Transfer to tax allocation reserve -18,000 -50,800
Transfer from tax equalisation reserve (capital-based)
Difference between book depreciation and depreciation
- 4,490
according to plan 148 62
-3,756 -36,813
Note 10 Tax
Group Parent company
2001 2000 2001 2000
Tax on the year’s profit -29,370 -83,262 -16,088 -57,220
Tax on Group contributions received - - 15,351 61,228
Deferred tax 20 -12,694 - -
Share of associated companies’ tax -1,390 -388 - -
-30,740 -96,344 -737 4,008
Reconciliation of income tax
Result for the year before tax 88,043 330,914 373 -12,129
Tax at current standard rate (28%) 24,650 92,660 104 -3,396
Correction for previous year 842 42 680 21
Tax effect of:
non-deductible costs 3,061 2,480 942 1,223
non-taxable income -121 -53 -989 -1,856
depreciation of goodwill in Group 2,196 2,138 -
utilised loss carry-forward - -923 - -
other items 112 - - -
30,740 96,344 737 -4,008

NOTES
Note 11 Goodwill
Group
2001 2000
Acquisition value brought forward 100,965 95,486
Investment for the year 9,548 5,479
Divestments - -
Acquisition value carried forward 110,513 100,965
Accumulated depreciation brought forward -60,364 -51,648
Depreciation for the year -8,176 -8,716
Divestments - -
Accumulated depreciation carried forward -68,540 -60,364
Residual value according to plan 41,973 40,601
Note 12 Buildings and land
Group Parent company
2001 2000 2001 2000
Buildings
Acquisition value brought forward 300,965 287,988 234,613 224,376
Investment for the year 8,616 20,123 3,785 10,237
Divestments - -7,146 - -
Translation differences 222 - - -
Acquisition value carried forward 309,803 300,965 238,398 234,613
Accumulated depreciation b/f -54,289 -48,975 -42,384 -37,711
Depreciation for the year -6,472 -6,526 -4,699 -4,673
Divestments - 1,212 - -
Translation differences -7 - - -
Accumulated depreciation c/f -60,768 -54,289 -47,083 -42,384
Residual value according to plan 249,035 246,676 191,315 192,229
Accumulated accelerated depreciation -6,932 -7,457
Fiscal residual value 184,383 184,772
of which write-ups
Opening values 5,119 6,860 - -
Acquisitions 580 - -
Divestments - -2,155 - -
Depreciation for the
year on written-up value -131 -166 - -
Closing values 4,988 5,119 - -
Land
Acquisition value brought forward 24,003 23,997 20,767 20,767
Investment for the year - 355 - -
Divestments - -349 - -
Translation difference 9 - - -
Acquisition value carried forward 24,012 24,003 20,767 20,767
Residual value of
property acc. to plan 273,047 270,679 212,082 212,996
Value assessed for tax purposes 237,609 209,808 208,898 183,116
(of which land) (56,696) (49,437) (52,591) (45,631)
Note 12 continued
Floor Taxed Market
Group space (m2 Properties:
) value value*
Stockholm Härolden 1 3,435 37,204 74,000
Härolden 44 10,717 133,280 277,000
Malmö Sandsjön 1 6,409 26,929 35,000
Växjö Rättaren 4 1,372 3,991 7,100
Sundsvall Norrmalm 4:6 1,970 7,494 13,700
Luleå Porsön 1:415 1,434 5,099 7,700
Tyresö Snickaren 6 4,010 10,089 16,600
Norrköping Orkestern 2 3,890 12,596 24,000
Kil Halsmo 1:33 320 838 2,000
Orust Tofta 2:1 - 89 300
Nagu Finland - - 500
Manchester England - - 2,000
33,557 237,609 459,900
*Valuations of the Swedish properties were carried out at the end of 2001 by Forum Fastighetsekonomi AB.
Note 13 Equipment
Group Parent company
2001 2000 2001 2000
Acquisition value brought forward 373,727 328,307 25,312 22,570
Investment for the year 47,493 58,262 5,044 3,492
Divestments/disposals -16,259 -12,842 -175 -750
Translation differences 427 - - -
Acquisition value carried forward 405,388 373,727 30,181 25,312
Accumulated depreciation
brought forward -244,490 -200,235 -15,200 -12,725
Divestments/disposals 14,177 4,564 98 627
Depreciation for the year -54,025 -48,819 -4,068 -3,102
Translation differences -185 - - -
Accumulated depreciation
carried forward -284,523 -244,490 -19,170 -15,200
Residual value acc. to plan 120,865 129,237 11,011 10,112
Accumulated accelerated depreciation -1,411 -1,034
Fiscal residual value 9,600 9,078
Note 14 Participations in subsidiaries
Corp. ID no. Reg’d office Equity/ Number Book
voting power % of shares value
ÅF-Data AB 556205-6050 Stockholm 100 10 000 1 000
ÅF-Elprojekt AB 556074-0416 Karlstad 100 30 000 9 300
ÅF-Elteknik AB 556070-5039 Stockholm 100 60 000 15 970
Elreko AB 556276-5924 Sollentuna 100 - -
ELIKAB Elkonsulenter i Kristianstad AB 556312-9906 Kristianstad 100 - -
ÅF-Energikonsult AB 556329-2159 Stockholm 100 300 000 3 000
ÅF-Fastighets AB 556040-7651 Stockholm 100 18 460 31 576
ÅF-Fastighet i Luleå AB 556238-5996 Stockholm 100 - -
ÅF-Fastighet i Norrköping AB 556418-6509 Stockholm 100 - -
Alfredeen-Rako Fastigheter AB 556190-2452 Tyresö 100 - -
ÅF-Industriteknik AB 556092-4044 Stockholm 100 60 000 14 509
ÅF-Rateko AB 556227-8829 Tyresö 100 7 200 -
Holotech CAD/CAM AB 556547-0225 Köping 100 - -
ÅF-Trafikkompetens AB 556402-4726 Stockholm 100 - -
K.O.M. Industridesign AB 556575-9767 Stockholm 100 - -
ÅF-Infrateknik AB 556185-2103 Stockholm 100 1 000 5 614
48

Note 14 continued
Corp. ID no. Reg’d office Equity/ Number Book
voting power % of shares value
ÅF-INR AB 556203-3984 Malmö 100 30,000 3,262
ÅF-Totalprojekt AB 556099-8071 Malmö 100 - -
ÅF-Futura AB 556148-1549 Stockholm 100 1,000 168
ÅF-IPK AB 556101-7384 Stockholm 100 50,000 6,809
ÅF-Miljöforskargruppen AB 556245-3893 Kil 100 - -
Svenska Miljöforskargruppen Invest AB 556501-4015 Kil 100 - -
Finska Miljöforskargruppen OY Finland 58 - -
ÅF-IPK Engineering GmbH Germany 60 - -
ÅF-Kontroll AB 556033-5977 Stockholm 100 20,000 3,279
Nordiska Certifieringsinstitutet AB 556136-0560 Halmstad 100 - -
ÅF-Processdesign AB 556329-5186 Malmö 100 300,000 7,000
ÅF-PPA AB 556180-6794 Göteborg 100 - -
Cresita AB 556279-2837 Helsingborg 100 - -
Cresita Engineering AB 556185-2681 Helsingborg 100 - -
Cresita Development AB 556550-7091 Helsingborg 100 - -
ÅF-RNK AB 556329-2001 Stockholm 100 50,000 2,000
ÅF-SIFU AB 556456-9894 Borås 75 37,500 7,400
ÅF-SPEAB AB 556147-9022 Sundsvall 100 30,000 6,221
Swedish Management Group Lidingö AB 556496-0390 Stockholm 100 1,000 12,627
ÅF-International AB 556426-2292 Stockholm 100 - -
Graphium Consult AB 556056-2018 Stockholm 100 - -
ÅF-Systemdesign AB 556158-7261 Stockholm 100 300,000 10,000
Arjano Data AB 556257-0563 Stockholm 100 -
Arjano Invest AB 556590-9115 Stockholm 100 - -
ÅF-VVS Projekt AB 556069-7004 Göteborg 100 30,000 9,503
ÅF i Sjöbefälsskolan AB 556074-0408 Göteborg 100 2,500 162
AB Energikonsult 556208-9879 Stockholm 100 1,000 83
Celpap AB 556199-5597 Stockholm 100 - -
Cresita Process AB 556550-7109 Helsingborg 100 - -
ÅF Mönstra på AB 556553-2024 Stockholm 100 - -
Scanmanagement AB 556397-7163 Stockholm 100 - -
SIKOB Svensk Industris Konstruktions- och Beräkningskontor AB 556196-6531 Stockholm 100 - -
AB Sveriges Tekniska Kontrollinstitut 556361-2737 Stockholm 100 - -
Swetec Konsult AB 556348-6397 Stockholm 100 - -
ÅF-Funktionspartner AB 556260-1129 Borås 100 - -
Eldesign Ingenjörsbyrå i Stockholm AB 556519-3678 Stockholm 100 1,000 778
Elplaneringar i Norrköping AB 556217-0109 Norrköping 100 1,000 147
Peter Grahn Projekterings AB 556367-9108 Stockholm 100 1,000 2,066
HE-Konsult i Uppsala AB 556072-7785 Uppsala 100 2,000 900
Industrial Quality Management Sweden AB 556479-7115 Stockholm 100 1,000 100
Ingenjörsgruppen Tre E AB 556324-7393 Borlänge 91 3,640 1,843
Inometer AB 556313-1837 Sollentuna 100 1,000 2,757
Lundstrom Engineering AB 556369-8603 Sundsvall 100 100 682
Projektsamordning Muth AB 556353-0194 Göteborg 100 1,000 59
Simini Data AB 556513-1272 Dals-Ed 100 1,000 366
Skandinavisk Teknikinformation AB 556409-2772 Stockholm 100 4,000 580
AB Svensk Energiförsörjning 556158-1249 Stockholm 100 2,000 500
Sveriges Tekniska Kontrollinstitut i Luleå AB 556407-8516 Luleå 100 1,000 830
WO Konsult AB 556155-8338 Nacka 100 55,000 493
ÅF-BOAB AB 556204-6879 Uddevalla 100 1,000 3,877
Chleq Froté & Cie S.A. France 65 70,325 4,773
ÅF-QPS Consultants Ltd England 70 21,339 3,080
ÅF-Nielsen og Borge A/S Norway 76 11,453 4,803
Ångpanneforeningen-Data A/S Norway 100 150 423
A/S Norsk Kvalitetskontroll Norway 100 1,500 1
Specification of the change in book values during the year 178,541
Book value brought forward 171,290
Acquisitions
Write-downs
7,251
Divestments -
Book value carried forward 178,541
49
NOTES

NOTES
Note 15 Share of equity in associated companies
Group Parent com
Equity/ Number of Book Book
voting power % shares value value
Hansen & Henneberg AS 45 3,267 17,434 19,044
AF-Proinstall Sp.z.o.o., Poland 48 38 4 4
Total, Parent company 19,048
CTS Engineering 20 178 11,561
ÅF-TÜV Nord AB 50 5,000 462
Total, Group 29,461
Specification of the change in book values during the year
Book value brought forward 15,392 11,103
Acquisitions 21,389 10,165
Reduction for Chleq Froté & Cie S.A.,
which became a subsidiary w.e.f. 2001 -7,075 -2,220
Translation differences 598 -
Proportion of 2001 profit/loss:
Hansen & Henneberg AS -542 -
AF-Proinstall Sp.z.o.o., Poland 67 -
CTS Engineering 1,421
ÅF-Tüv Nord AB -151 -
Less dividends -1,638 -
Book value carried forward 29,461 19,048
Note 16 Other long-term securities held
Group Parent company
Qty Par Book Par Book
value value value value
1 Share in IVL Foundation 100 100 100 100
2,500 AB Scandinavian Engineering
Corporation SEC 250 50 - -
5,347 OM-Gruppen 10 10 10 10
43 Miljöforskargruppen Danmark ApS
31 DKK
31 - -
AF-Esteam - 47 - 47
NB Östeuropafond - 400 - -
NB Optimafond - 400 - -
Others - 47 - -
1,085 157
Specification of change in book values during the year
Book value brought forward 1,139 157
Acquisitions - -
Divestments -54 -
Book value carried forward 1,085 157
50
Note 17 Other long-term and current receivables
Group Parent company
2001 2000 2001 2000
Long-term claim on Alecta/SPP 59,067 140,184 8,054 20,470
Other long-term receivables 13,539 11,654 9,214 9,538
72,606 151,838 17,268 30,008
Current claim on Alecta/SPP 52,323 61,022 3,535 2,564
Other current receivables 23,957 13,293 4,824 4,971
76,280 74,315 8,359 7,535
Note 18 Prepaid expenses and accrued income
Group Parent company
2001 2000 2001 2000
Consulting assignments not yet invoiced 97,366 94,507 1,200 -
Other prepaid expenses and
accrued income 26,057 25,641 2,972 5,832
123,423 120,148 4,172 5,832
Consulting assignments not yet invoiced
In the ÅF Group, receivables and expenses pending are shown as work in progress.
Income is entered as the work advances. In principle, clients are invoiced the month
following completion of the work.
The valuation applied to work in progress means that this is shown according to
individually estimated loss risks. The amount shown is higher than the lowest value that
can be applied in accordance with current tax legislation.
In the consolidated accounts, the taxable reserve in work in progress in some subsidiaries
has been apportioned between shareholders’ equity and deferred tax liability.
Note 19 Current investments
Group Parent company
2001 2000 2001 2000
Book value
Shares and proportions 27,949 14,789 26,192 14,675
Market value
27,949 14,789 26,192 14,675
Shares and proportions 27,949 14,866 26,192 14,675
27,949 14,866 26,192 14,675
Note 20 Shareholders’ equity
Share Restricted Equity Non-restr’d Profit/loss Total
capital* reserves method res. reserves for year equity
Group
Amount brought forward 114,971 138,521 4,289 54,818 230,196 542,795
Appropriation of profits - - - 230,196 -230,196 -
Dividend - - - -74,732 - -74,732
Translation difference for the year - - 598 549 - 2,729
Transfers between restricted and non-restricted equity - 1,582 -5,698 4,152 - -
Profit for the year - 1,546 - - 56,971 56,971
Amount carried forward 114,971 141,649 -811 214,983 56,971 527,763
Parent company
Amount brought forward 114,971 23,324 163,158 -8,121 293,332
Appropriation of profits - - - -8,121 8,121 -
Dividend - - -74,732 - -74,732
Group contribution rec’d/paid - - - 54,824 - 54,824
Fiscal effect of Group contribution - - - -15,351 - -15,351
Loss for the year - - - - -394 -394
Amount carried forward 114,971 23,324 - 119,778 -394 257,679
*Share capital consists of 402,219 “A” shares (10 votes per share) and 5,346,350 “B” shares (1 vote per share). Total number of shares: 5,748,569, with a par value of SEK 20 each.

Note 21 Untaxed reserves
Parent company
2001 2000
Tax allocation reserve, 1996 - 14,096
Tax allocation reserve, 1997 12,500 12,500
Tax allocation reserve, 1999 7,900 7,900
Tax allocation reserve, 2001 50,800 50,800
Tax allocation reserve, 2002
Difference between book depreciation
18,000 -
and depreciation according to plan 8,343 8,491
97,543 93,787
Note 22 Long-term liabilities
Proportion of total liabilities due for payment more than five years after closing date
Group Parent company
2001 2000 2001 2000
Liabilities to credit institutions 8,800 9,600 8,800 9,600
Convertible bond
During 2000 AB Ångpanneföreningen gave its employees in the Swedish organisation the
opportunity to subscribe to a convertible bond. The bond will attract an annual interest
of 12 month’s STIBOR less 2.70 percentage points. The conversion rate is, after a recalculation
in 2001, SEK 162.70. The bond may be converted to shares during the period
21 January 2004 up to and including 20 May 2005. If fully converted this will result in
the issue of a further 580,800 shares, which corresponds to 9.2% of the share capital
and 6.2% of the votes.
Other long-term liabilities
This amount refers to the liability of a foreign subsidiary to its minority owners.
The liability bears no interest.
Note 23 Accrued expenses and prepaid income
Group Parent company
2001 2000 2001 2000
Personnel-related liabilities 130,709 123,731 6,518 14,830
Other accrued expenses
and prepaid income 56,892 51,397 5,626 6,771
187,601 175,128 12,144 21,601
Note 24 Pledged assets
Group Parent company
2001 2000 2001 2000
For own liabilities and allocations
Frozen bank accounts - 1,577 - 1,577
Property mortgages 18,490 91,966 - 73,640
Floating charges 3,270 1,800 - -
21,760 95,343 - 75,217
Note 25 Contingent liabilities
Group Parent company
2001 2000 2001 2000
Guarantee in favour
of Group companies
Other contingent liabilities,
- - 12,846 34,561
guarantees and sureties 16,536 7,374 539 1,640
16,536 7,374 13,385 36,201
51
Note 26 Cash flow analyses
During the year the interest paid by the Group amounted to SEK 12,069,000
(16,129,000) and that by the Parent Company to SEK 13,101,000 (12,941,000).
The interest received by the Group totalled SEK 8,406,000 (6,808,000) and that
received by the Parent Company totalled SEK 7,395,000 (7,600,000).
Adjustment for items not included in the cash flow
NOTES
Group Parent company
2001 2000 2001 2000
Adjustment for claim on Alecta/SPP - -201,206 - -23,034
Present-value correction of claim
on Alecta/SPP -24,731 - -11,105 -
Interest calculation on PRI liability 4,060 3,562 3,768 3,188
Depreciation 68,673 64,061 8,767 10,049
Other -1,016 356 13 -191
46,986 -133,227 1,443 -9,988
Acquisitions of subsidiaries
Value of the acquired companies’ assets and liabilities according to the acquisitions analysis:
Group
2001 2000
Intangible fixed assets - 41
Tangible fixed assets 2,733 5,438
Financial assets 2,402 4,081
Current receivables 33,900 11,960
Liquid assets 14,725 16,445
Long-term liabilities -284 -5,127
Allocations and provisions -911 -582
Accounts payable – trade -6,398 -21,160
Other current liabilities -26,861 -2,605
Sub-total 19,306 8,491
Goodwill 9,548 4,719
Minority shareholding -5,553 -701
Correction successive acquisitions -5,138 1,271
Purchase price paid 18,163 13,780
Liquid assets in the companies acquired -14,725 -16,445
Successive acquisitions -2,220 -3,080
Effect on the Group’s liquid assets 1,218 -5,745
Note 27 Reimbursement of auditors
Group Parent company
2001 2000 2001 2000
Accountants Ernst & Young
audit assignments 1,796 1,769 250 235
other assignments
Accountants Deloitte & Touche
33 250 15 61
audit assignments 40 44 40 44
other assignments
Other accounting companies
- - - -
audit assignments 400 171 - -
2,269 2,234 305 340

AUDITORS’ REPORT
Auditors’ report
We have audited the annual accounts,
the consolidated accounts, the accounting
records and the administration
of the Board of Directors and the
Managing Director of AB Ångpanneföreningen
for the financial year 2001.
These accounts and the administration
of the company are the responsibility of
the Board and the Managing Director.
Our responsibility is to express an
opinion on the annual accounts, the
consolidated accounts and the administration
based on our audit.
We conducted our audit in accordance
with generally accepted auditing
standards in Sweden. Those standards
require that we plan and perform the
audit to obtain reasonable assurance that
the annual accounts and the consolidated
accounts are free of material misstatement.
An audit includes examining, on
a test basis, evidence supporting the
amounts and disclosures in the accounts.
An audit also includes assessing the
accounting principles used and their
application by the Board and the Managing
Director, as well as evaluating the ove-
rall presentation of information in the
annual accounts and the consolidated
accounts.
As a basis for our opinion concerning
discharge from liability, we examined
significant decisions, actions taken and
circumstances of the company in order
to be able to determine the liability, if any,
to the company of any Board Member or
the Managing Director. We also examined
whether any Board Member or the
Managing Director has, in any other way,
acted in contravention of the Swedish
Companies Act, the Swedish Annual
Accounts Act or the articles of association
of the company. We believe that our audit
provides a reasonable basis for our opinion
set out below.
The annual accounts and the consolidated
accounts have been prepared in
accordance with the Annual Accounts Act
and, thereby, give a true and fair view of
the company’s and the Group’s financial
position and results of operations in accordance
with generally accepted accounting
standards in Sweden.
We recommend to the general meet-
52
ing of shareholders that the income statements
and balance sheets of the parent
company and the Group be adopted,
that the profit of the parent company be
dealt with in accordance with the proposal
in the administration report, and that the
members of the Board of Directors and
the Managing Director be discharged
from liability for the financial year.
Stockholm, Sweden, 15 February 2002
Åke Hedén
Authorised Public Accountant
Ulf Egenäs
Authorised Public Accountant

BOARD OF DIRECTORS
The Board of Directors
Jan Fröjd
Born 1956. Design engineer, communications and
safety systems.
Employee representative at AB Ångpanneföreningen
since 2000. Employed by ÅF-Elprojekt.
Holding: 0 shares. Convertibles: SEK 0.
Gunnar Grönkvist
Born 1943. Graduate of political science
MD at AB Ångpanneföreningen. Board member of
AB Ångpanneföreningen since 1984. Board member
of Ångpanneföreningen’s Foundation for
Research and Development, AB IVL, Awapatent
and the Swedish Federation of Consulting
Engineers and Architects (STD).
Holding: 15,400 shares.
Convertibles: SEK 1,000,000.
Annica Hofberg
Born 1962. M.Sc.
Employee representative (deputy) for
AB Ångpanneföreningen since 2000. Employed
by ÅF-Systemdesign.
Holding: 0 shares. Convertibles: SEK 0.
Leif Holmgren
Born 1942. Engineer.
Employee representative for AB Ångpanneföreningen
since 1999. Employed by ÅF-Processdesign.
Holding: 0 shares. Convertibles: SEK 200,000.
54
Eva-Lotta Kraft
Born 1951. M.Sc.
Deputy MD and Divisional Manager of Siemens
Elema AB. Board member of AB Ångpanneföreningen
since 2002.
Holding: 0 shares.
Yngve Lundberg
Born 1939. Engineer.
Chief Consultant at ÅF-Processdesign. Board
member of AB Ångpanneföreningen since 1992.
Board member of Bioenergigruppen AB in Växjö.
Holding: 1,800 shares. Convertibles: SEK 0.

Carl-Erik Nyquist
Born 1936. M.Sc.
Former CEO of Vattenfall AB. Chairman of the
Board and Board member of AB Ångpanneföreningen
since 2002. Chairman of BALTREL, (Baltic
Ring Electricity Co-operation), an organisation for
energy issues on both sides of the Baltic Sea.
Board member of Vitec AB and Härnösands Energi
och Miljö AB.
Holding: 400 shares.
Jan-Erik Olsson
Born 1935. Licentiate in Engineering.
Former director of SCA’s corporate staff for
research and development. Board member of
AB Ångpanneföreningen since 1997, Deputy
Chairman since 2002. Board member of Trebruk AB.
Holding: 0 shares.
Lars Olsson,
Born 1957. Engineer.
Employee representative (deputy) for AB Ångpanneföreningen
since 2000. Employed by ÅF-SPEAB.
Holding: 0 shares. Convertibles: SEK 400,000.
Gunnar Svedberg
Born 1947. PhD (Engineering), Vice Chancellor of
Mid-Sweden University.
Professor of Energy Technology at the Swedish
Royal Institute of Technology.
Board member of AB Ångpanneföreningen since
2001. Chairman of Ångpanneföreningen’s
Foundation for Research and Development since
2002. Chairman of IRECO AB (Institute for
Research and Competence Holding). Member of
the Royal Swedish Academy of Engineering
Science (IVA).
Holding: 0 shares.
55
BOARD OF DIRECTORS

SENIOR EXECUTIVES
Senior Executives
Magnus Ankarstrand
Born 1944, M.Sc.
MD at ÅF-Systemdesign since 1999
Employed by ÅF since 1988
Shareholding: 200. Convertibles: SEK 500,000
Jörgen Backersgård
Born 1964, M.Sc.
MD at ÅF-Kontroll since 2002
Employed by ÅF since 1998
Shareholding: 40. Convertibles: SEK 200,000
Elisabeth Ekener Petersen
Born 1963, Graduate business administrator
Environmental Director since 2002
Employed by ÅF since 1997
Shareholding: 0. Convertibles: SEK 0
Jan Eriksson
Born 1959, M.Sc.
IT Director since 2000
Employed by ÅF since 2000
Shareholding: 0. Convertibles: SEK 250,000
Karl-Anders Eriksson
Born 1950, Graduate business administrator
Director, Corporate Administration since 1989
Employed by ÅF since 1988
Shareholding: 260. Convertibles: SEK 300,000
Anders Gabrielsson
Born 1948, Graduate business administrator
Finance Director since 1986
Employed by ÅF since 1980
Shareholding: 3,690
Convertibles: SEK 1,000,000
Gunnar Grönkvist
Born 1943, Graduate of Political Science
MD at AB Ångpanneföreningen since 1989
Employed by ÅF since 1982
Shareholding: 15,400
Convertibles: SEK 1,000,000
Per Göransson
Born 1953, M.Sc.
MD at ÅF-VVS Projekt since 1990
Employed by ÅF since 1987
Shareholding: 0. Convertibles: SEK 1,000,000
Mats Junghem
Born 1950, Sociologist
MD at ÅF-IPK since 1997
Employed by ÅF since 1980
Shareholding: 0. Convertibles: SEK 500,000
Christer Karlsson
Born 1958, Engineer
MD at ÅF-Elprojekt since 1993
Employed by ÅF since 1984
Shareholding: 0. Convertibles: SEK 250,000
Eskil Larsson
Born 1952, M.Sc.
MD at ÅF-Industriteknik since 1999
Employed by ÅF since 1998
Shareholding: 500. Convertibles: SEK 500,000
Rune Lindberg
Born 1950, Engineer
MD at ÅF-SPEAB since 1998
Employed by ÅF since 1993
Shareholding: 0. Convertibles: SEK 400,000
Mats Lundström
Born 1953, M.Sc.
MD at ÅF-Processdesign since 1991
Employed by ÅF since 1981
Shareholding: 2,340. Convertibles: SEK 500,000
Leif Nordberg
Born 1944. Engineer
MD at ÅF-INR since 1982
Employed by ÅF since 1982
Shareholding: 0. Convertibles: SEK 1,000,000
Jan Nordling
Born 1949, M.Sc.
MD at ÅF-Energikonsult since 1990
Employed by ÅF since 1982
Shareholding: 1,500. Convertibles: SEK 500,000
Stig Olsson
Born 1947, M.Sc.
MD at ÅF-SIFU since 1999
Employed by ÅF since 1995
Shareholding: 0. Convertibles: SEK 50,000
56

Åke Sahlin
Born 1954, M.B.A.
MD at ÅF-International since 1997
Employed by ÅF since 1998
Shareholding: 0. Convertibles: SEK 450,000
Kaj Sandart
Born 1953, M.Sc.
Director, Corporate Information since 1990
Employed by ÅF since 1990
Shareholding: 4,100
Convertibles: SEK 1,000,000
Anders Tysander
Born 1952, M.Sc.
MD at ÅF-Elteknik since 2001
Employed by ÅF since 2001
Shareholding: 500. Convertibles: SEK 0
Bo Åséll
Born 1947, B.Sc.
MD at ÅF-Data since 1983
Employed by ÅF since 1981
Shareholding: 90. Convertibles: SEK 400,000
Senior officers abroad
Jean-Paul Bernateau
Born 1944, M.Sc.
President, Chleq Froté, France
Shareholding in Chleq Froté: 7 percent
Jean-Paul Fraysse
Born 1949, Engineer
MD at Chleq Froté, France
Shareholding in Chleq Froté: 7 percent
Jens Gudum
Born 1942, M.Sc.
MD at Hansen & Henneberg, Denmark
Shareholding in Hansen & Henneberg: 17 percent
Angel Iriarte
Born 1956, Engineer
MD at Incepal, Spain
Shareholding in Incepal: 2 percent
The picture features many of our
leading executives, although not all
are leading the field here.
57
Timo Juvonen
Born 1955, M.Sc.
MD at CTS Engineering, Finland
Shareholding in CTS: 10 percent
John Leyland
Born 1947, Engineer
MD at ÅF-QPS, England
Shareholding in ÅF-QPS: 18 percent
SENIOR EXECUTIVES
Arnold Risa
Born 1951, Engineer
MD at ÅF-Nielsen og Borge, Norway
Shareholding in ÅF-Nielsen og Borge: 0 percent
Ryszard Zwierzchowski
Born 1952, Ph.D.
MD at ÅF-Proinstall, Poland
Shareholding in ÅF-Proinstall: 11 percent
Peter Gitzen
Born 1959, Certified Engineer
MD at ÅF-IPK Engineering, Germany
Shareholding in ÅF-IPK Engineering: 20 percent
Ralf Teuchart
Born 19658, Certified Engineer
MD at ÅF-IPK Engineering, Germany
Shareholding in ÅF-IPK Engineering: 20 percent

AB Ångpanneföreningen (publ) Box 8133, Fleminggatan 7, SE 104 20 Stockholm, Sweden.
Phone +46 8 657 10 00, Fax +46 8 653 56 13, E-mail info@af.se, www.af.se, Corp. ID no. 556120-6474.