© Alfa Laval Slide 1 · 2016-10-25 · Interim Report Q3 2005 Mr. Lars Renström President and...
Transcript of © Alfa Laval Slide 1 · 2016-10-25 · Interim Report Q3 2005 Mr. Lars Renström President and...
© Alf a Lav al Slide 1 www .alfalaval.com
Interim Report Q3 2005Interim Report Q3 2005
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 3 www .alfalaval.com
Key figures
Orders received up 25%Orders received up 25%
Net sales up 10%Net sales up 10%Adjusted EBITA MSEK 479 (426) Adjusted EBITA MSEK 479 (426)
-- Negative currency effect MSEK 31Negative currency effect MSEK 31
July July –– September 2005September 2005
January January –– September 2005September 2005
Orders received up 13%Orders received up 13%
Net sales up 8%Net sales up 8%Adjusted EBITA MSEK 1,231 (1,229) Adjusted EBITA MSEK 1,231 (1,229)
-- Negative currency effect MSEK 112Negative currency effect MSEK 112
© Alf a Lav al Slide 4 www .alfalaval.com
-5
0
5
10
15
20
25
30
0
3 000
6 000
9 000
12 000
15 000
18 000
21 000
% Q on Q% Q on QQ
402
Q40
2
Q10
3Q
103
Q20
3Q
203
Q30
3Q
303
Q40
3Q
403
Q10
4Q
104
Q20
4Q
204
Q30
4Q
304
Q40
4Q
404
Q10
5Q
105
Orders receivedSEK million R 12SEK million R 12
Q20
5Q
205
= rolling twelve months value
= % development compared with the same quarter the year before
Q30
5Q
305
© Alf a Lav al Slide 5 www .alfalaval.com
Order analysisOrder analysis
2004 2004 (SEK million)(SEK million)
Structural change, %Structural change, %Currency effects,%Currency effects,%Organic development, %Organic development, %Total, %Total, %2005 2005 (SEK million)(SEK million)
3,8663,866
July July –– Sep 05Sep 05
4,9184,918
+ 2+ 2+ 2 + 2 + 23+ 23+ 27+ 27
© Alf a Lav al Slide 6 www .alfalaval.com
0
100
200
300
400
500
600
700
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
SEK million and in percent of salesSEK million and in percent of sales
* Adjusted EBITA – ”Earnings bef ore interests, taxes, amortization of goodwill and step up v alues and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305
Interim Report Q3 2005Interim Report Q3 2005
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 8 www .alfalaval.com
Highlights
Agreement to acquire Tranter PHE Agreement to acquire Tranter PHE
July July –– September 2005September 2005
© Alf a Lav al Slide 9 www .alfalaval.com
Highlights
Agreement to acquire Tranter PHEAgreement to acquire Tranter PHE
A couple of big ordersA couple of big ordersQatar (Natural gas)Qatar (Natural gas) MSEK 120MSEK 120 20062006The Middle EastThe Middle East(Central cooling)(Central cooling) MSEK 100MSEK 100 20072007Brazil (Oil & Gas)Brazil (Oil & Gas) MSEK 75MSEK 75 20072007
July July –– September 2005September 2005
© Alf a Lav al Slide 10 www .alfalaval.com
Highlights
Agreement to acquire Tranter PHEAgreement to acquire Tranter PHE
A couple of big ordersA couple of big ordersQatar (Natural gas)Qatar (Natural gas) MSEK 120MSEK 120 20062006The Middle EastThe Middle East(Central cooling)(Central cooling) MSEK 100MSEK 100 20072007Brazil (Oil & Gas)Brazil (Oil & Gas) MSEK 75MSEK 75 20072007
Strong order intake from marine for deliveries inStrong order intake from marine for deliveries in2007 and 20082007 and 2008
July July –– September 2005September 2005
Interim Report Q3 2005Interim Report Q3 2005
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 12 www .alfalaval.com
Orders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & UtilityOEMOEM
Parts & ServiceParts & Service
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
July – September 2005, at constant ratesat constant rates
++
++
−+
+
−
+
+
© Alf a Lav al Slide 13 www .alfalaval.com
Energy
Very strong demandVery strong demand
More than doubled order intake in Q3 More than doubled order intake in Q3 compared with Q3 2004 compared with Q3 2004
Strong demand in all geographical areasStrong demand in all geographical areas
Alfa Laval well positioned in a number of Alfa Laval well positioned in a number of application areas, including the additionapplication areas, including the additionof of PackinoxPackinox
Main topic during Alfa LavalMain topic during Alfa Laval’’ssCapital Markets Day in Copenhagen,Capital Markets Day in Copenhagen,November 24November 24
© Alf a Lav al Slide 14 www .alfalaval.com
Orders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & UtilityOEMOEM
Parts & ServiceParts & Service
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
January – September 2005, at constant ratesat constant rates
++
+
++
−
−
=
+
=
Interim Report Q3 2005Interim Report Q3 2005
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 16 www .alfalaval.com
Orders received by RegionOrders received by Region
Centr
Centr. & E
ast 8 %. & E
ast 8 %
North America 15 %
North America 15 %
Asia 32 %Asia 32 %
L. Am
erica 5 %L. A
merica 5 %
Ot her 2 %
Ot her 2 %
Western EuropeWestern Europe30 %30 %
Nordic 8 %
Nordic 8 %
+29+29
+33+33
July – September 2005, at constant ratesat constant rates
+21+21 +21+21+29+29
--77
© Alf a Lav al Slide 17 www .alfalaval.com
Highlights AmericasHighlights Americas
North AmericaNorth AmericaContinued growth in US,Continued growth in US,particularly in energy applicationsparticularly in energy applicationsAll segments above 2004,All segments above 2004,except Sanitary and Foodexcept Sanitary and Food
Latin AmericaLatin AmericaVery strong investment climate,Very strong investment climate,especially in Brazil (Oil & Gas)especially in Brazil (Oil & Gas)Strong development inStrong development inProcess Process Technology Divisionand Parts & Service
July – September 2005, at constant ratesat constant rates
+29+29
+21+21
© Alf a Lav al Slide 18 www .alfalaval.com
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. NordicAll regions above 2004, exceptAll regions above 2004, exceptNordic and Nordic and MideuropeMideuropeEnergy & Environment, ProcessEnergy & Environment, ProcessIndustry and Marine strongIndustry and Marine strong
Central and Eastern EuropeCentral and Eastern EuropeSignificant project orders in RussiaSignificant project orders in RussiaVery strong development in Very strong development in Process Industry andProcess Industry andEnergy & EnvironmentEnergy & Environment
July – September 2005, at constant ratesat constant rates
+21+21+29+29
--77
© Alf a Lav al Slide 19 www .alfalaval.com
Highlights AsiaHighlights Asia
AsiaAsiaChina and Japan continuesChina and Japan continuesto be very strongto be very strongLocal presence in the Middle EastLocal presence in the Middle Eastgives market advantagesgives market advantagesMarine orders in Korea.Marine orders in Korea.
July – September 2005, at constant ratesat constant rates
+33+33
© Alf a Lav al Slide 20 www .alfalaval.com
Orders received by RegionOrders received by Region
Centr
Cen tr. &
Eas t 8 %. &
Eas t 8 %
North America 16 %
North America 16 %
Asia 30 %Asia 30 %
L. America 5 %
L. America 5 %
Ot her 2 %
Ot her 2 %
Western EuropeWestern Europe29 %29 %
Nordic 10 %
Nordic 10 %
+38+38
+22+22
January – September 2005, at constant ratesat constant rates
--77
+11+11 +11+11+8+8
Interim Report Q3 2005Interim Report Q3 2005
Mr. Thomas Mr. Thomas ThuressonThuressonCFOCFOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 22 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmargin
4,9184,9184,2784,278
47947911.2 %11.2 %
SEK millionSEK million JulyJuly –– Sep 05Sep 05
© Alf a Lav al Slide 23 www .alfalaval.com
20052005
20042004
SEK millionSEK million
Deviation Deviation
Adjusted EBITA Adjusted EBITA
426426
5353
+ + 88-- 3939
8484
Q3 05Q3 05
Deviation excl FX Deviation excl FX FX. transactionFX. transactionFX. translation FX. translation
479479
1,2291,229
22
+ + 11-- 113113
114114
Q1 Q1 -- Q3 05Q3 05
1,2311,231
© Alf a Lav al Slide 24 www .alfalaval.com
Gross profit marginGross profit margin
20
30
40
50
In percent of salesIn percent of sales
Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104
35.335.335.135.1
38.538.5
Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305
© Alf a Lav al Slide 25 www .alfalaval.com
Gross profit marginGross profit margin
20
30
40
50
In percent of sales, excluding FXIn percent of sales, excluding FX--transactions Q305transactions Q305
Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104
36.036.035.135.1
38.538.5
Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305
© Alf a Lav al Slide 26 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before tax
Including gain on sale of property, SEK 47 millionIncluding gain on sale of property, SEK 47 million
SEK millionSEK million JulyJuly –– Sep 05Sep 05
4,9184,9184,2784,278
47947911.2 %11.2 %
405405
© Alf a Lav al Slide 27 www .alfalaval.com
Earnings per shareEarnings per share
*IFRS*IFRS
2004*2004*
2.052.05
2.512.51
20052005
2.542.54
2.992.99
EarningsEarnings
Earnings, excluding stepEarnings, excluding step--upup
20052005
5.195.19
6.526.52
2004*2004*
5.235.23
6.596.59
Q3Q3 Jan Jan -- SepSep
© Alf a Lav al Slide 28 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before tax
Including gain on sale of property, SEK 47 millionIncluding gain on sale of property, SEK 47 millionCash flow from operating activitiesCash flow from operating activitiesROCE ROCE
Excl. stepExcl. step--up and goodwill approx. 52.2% up and goodwill approx. 52.2%
SEK millionSEK million JulyJuly –– Sep 05Sep 05
4,9184,9184,2784,278
47947911.2 %11.2 %
405405
48548521.1 %21.1 %
© Alf a Lav al Slide 29 www .alfalaval.com
SEKSEK millionmillionCash flows fromCash flows from
-- operating activitiesoperating activities-- investing activitiesinvesting activities
Financial Financial netnet paidpaidDividendsDividends
TotalTotalPro Forma FreePro Forma Free--cashcash--flow*flow*
*Incl. operating activities, capital expenditure (excl. product *Incl. operating activities, capital expenditure (excl. product rights), provisions andrights), provisions andfinancial net paid.financial net paid.
CashCash--flow statementflow statement
20052005
779779--572572--177177--557557--527527397397
20052005
485485-- 2828-- 6464
--393393335335
Q3Q3 Jan Jan -- SepSep20042004
433433209209-- 5353
--589589279279
20042004
935935182182
--121121--447447549549597597
© Alf a Lav al Slide 30 www .alfalaval.com
Redemption of high yield bondRedemption of high yield bond
SEK millionSEK million
Buy back, penalty interestBuy back, penalty interest
Capitalized financing cost,Capitalized financing cost,write offwrite off
Non recurring financial cost in Q4 2005Non recurring financial cost in Q4 2005
Expected callExpected call--back on November 15, 2005back on November 15, 2005
Q4 2005Q4 2005
-- 6363
-- 2121
-- 8484
© Alf a Lav al Slide 31 www .alfalaval.com
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effectTransaction effectTransaction effect
TotalTotal
Estimated impact on adjusted EBITA from Estimated impact on adjusted EBITA from FxFx. fluctuations. fluctuationsWYWY
2005*2005*
00-- 165165-- 165165
Q3 Q3 20052005
+ 8+ 8-- 3939-- 3131
JanJan-- Sep Sep 20052005
+ 1+ 1-- 113113-- 112112
*Based on EUR/USD 1.21 and EUR/SEK 9.25*Based on EUR/USD 1.21 and EUR/SEK 9.25
WYWY2006*2006*
00+ 32+ 32+ 32+ 32
Interim Report Q3 2005Interim Report Q3 2005
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 33 www .alfalaval.com
Outlook for the near futureOutlook for the near future
……a continued demand on the same a continued demand on the same high level as yearhigh level as year--toto--date. date.
……that the current high price level for that the current high price level for some raw materials will remain, at some raw materials will remain, at least short term.least short term.
Alfa Laval is expecting Alfa Laval is expecting ……