© Alfa Laval Slide 1 · zNet sales up 34% to SEK 5,150 million. zAdjusted EBITA up 59% to SEK 835...
Transcript of © Alfa Laval Slide 1 · zNet sales up 34% to SEK 5,150 million. zAdjusted EBITA up 59% to SEK 835...
Interim Report Q1 2007Interim Report Q1 2007
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and operating marginOrders received and operating margin-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 3 www .alfalaval.com
Key figuresKey figures
Orders received up 36% to SEK 7,005 million.Orders received up 36% to SEK 7,005 million.Net sales up 34% to SEK 5,150 million.Net sales up 34% to SEK 5,150 million.
Adjusted EBITA up 59% to SEK 835 (525) million. Adjusted EBITA up 59% to SEK 835 (525) million.
-- negative currency effect SEK 79 million.negative currency effect SEK 79 million.
January January –– March 2007March 2007
© Alf a Lav al Slide 4 www .alfalaval.com
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
0
4 000
8 000
12 000
16 000
20 000
24 000
28 000SEK millionSEK million
Q10
4Q
104
Q20
4Q
204
Q30
4Q
304
Q40
4Q
404
Q10
5Q
105
Orders receivedOrders receivedSEK million R 12SEK million R 12
Q20
5Q
205
= rolling twelve months value
= order intake per quarter
Q30
5Q
305
Q40
5Q
405
Q10
6Q
106
Q20
6Q
206
Q30
6Q
306
= % development at constant rates by quarter year on year
+22%
+22%
+20%
+20%
+15%
+15%
+ 5
%+
5%
+ 5
%+
5%
+ 9
%+
9%
+25%
+25%
+23%
+23%
+28%
+28%
+35%
+35%
+17%
+17%
+xx%
+40%
+40%
Q40
6Q
406
Q10
7Q
107
+36%
+36%
© Alf a Lav al Slide 5 www .alfalaval.com
Order analysisOrder analysis
2006 2006 (SEK million)(SEK million)
Structural change, %Structural change, %Currency effects,%Currency effects,%Organic development, %Organic development, %Total, %Total, %2007 2007 (SEK million)(SEK million)
5,4815,481
Jan Jan –– Mar 07Mar 07
7,0057,005
++ 6 6 -- 8 8 + 30 + 30 + 28+ 28
© Alf a Lav al Slide 6 www .alfalaval.com
0
200
400
600
800
1 000
1 200
0,0
3,0
6,0
9,0
12,0
15,0
18,0
SEK million and in percent of salesSEK million and in percent of sales
* Adjusted EBITA – ”Earnings bef ore interests, taxes, amortization ofgoodwill and step up v alues and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q104Q104 Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305 Q405Q405 Q106Q106 Q206Q206 Q306Q306 Q406Q406 Q107Q107
Interim Report Q1 2007Interim Report Q1 2007
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and operating marginsOrders received and operating margins-- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 8 www .alfalaval.com
Highlights during the quarterHighlights during the quarterLarge orders, total SEK 435 million (220) Large orders, total SEK 435 million (220)
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Highlights during the quarterHighlights during the quarterLarge ordersLarge orders
Environmental equipment to City of Toronto.Environmental equipment to City of Toronto.Treatment of waste water sludge. Total value SEK 50 million.Treatment of waste water sludge. Total value SEK 50 million.Delivery during 2008.Delivery during 2008.
© Alf a Lav al Slide 10 www .alfalaval.com
Highlights during the quarterHighlights during the quarterLarge ordersLarge orders
Environmental equipment to City of Toronto.Environmental equipment to City of Toronto.Petrochemical orders from Chinese customers.Petrochemical orders from Chinese customers.Alfa Laval Alfa Laval PackinoxPackinox customcustom--designed heat exchangers.designed heat exchangers.Total value SEK 180 million. Delivery during 2008.Total value SEK 180 million. Delivery during 2008.
© Alf a Lav al Slide 11 www .alfalaval.com
Highlights during the quarterHighlights during the quarterLarge ordersLarge orders
Environmental equipment to City of Toronto.Environmental equipment to City of Toronto.Petrochemical orders from Chinese customers.Petrochemical orders from Chinese customers.Soy protein order from China.Soy protein order from China.Membrane separation products. Total value SEK 55 million.Membrane separation products. Total value SEK 55 million.Delivery during 2007.Delivery during 2007.
© Alf a Lav al Slide 12 www .alfalaval.com
Highlights during the quarterHighlights during the quarterLarge ordersLarge orders
Environmental equipment to City of Toronto.Environmental equipment to City of Toronto.Petrochemical orders from Chinese customers.Petrochemical orders from Chinese customers.Soy protein order from China.Soy protein order from China.Marine orders from fast growing Vietnam.Marine orders from fast growing Vietnam.Total value SEK 50 million. Delivery during 2007 and 2008.Total value SEK 50 million. Delivery during 2007 and 2008.
© Alf a Lav al Slide 13 www .alfalaval.com
Highlights during the quarterHighlights during the quarterLarge ordersLarge orders
Environmental equipment to City of Toronto.Environmental equipment to City of Toronto.Petrochemical orders from Chinese customers.Petrochemical orders from Chinese customers.Soy protein order from China.Soy protein order from China.Marine orders from fast growing Vietnam.Marine orders from fast growing Vietnam.Refinery orders from the US and Taiwan.Refinery orders from the US and Taiwan.Total value SEK 100 million. Delivery during 2008.Total value SEK 100 million. Delivery during 2008.
© Alf a Lav al Slide 14 www .alfalaval.com
Highlights during the quarterHighlights during the quarterAcquisitionsAcquisitions
Dutch company Dutch company HelpmanHelpman, turnover SEK 200 million. , turnover SEK 200 million. One of the leading companies in Europe for air heat exchangers uOne of the leading companies in Europe for air heat exchangers used in the sed in the
sensitive logistical chain in food. 130 employees. Consolidated sensitive logistical chain in food. 130 employees. Consolidated April 4.April 4.
© Alf a Lav al Slide 15 www .alfalaval.com
Highlights during the quarterHighlights during the quarterAcquisitionsAcquisitions
Dutch company Dutch company HelpmanHelpman, turnover SEK 200 million., turnover SEK 200 million.US company DSO, turnover SEK 50 million. US company DSO, turnover SEK 50 million. Manufacturer of parts for pumps and valves that strengthens the Manufacturer of parts for pumps and valves that strengthens the position position on the American sanitary market. 20 employees. Consolidated Marcon the American sanitary market. 20 employees. Consolidated March 16. h 16.
© Alf a Lav al Slide 16 www .alfalaval.com
Highlights during the quarterHighlights during the quarterAcquisitionsAcquisitions
Dutch company Dutch company HelpmanHelpman, turnover SEK 200 million., turnover SEK 200 million.US company DSO, turnover SEK 50 million. US company DSO, turnover SEK 50 million. Offer to purchase an additional 26 percent ofOffer to purchase an additional 26 percent ofAlfa Laval India.Alfa Laval India.Intention to increase the share of Alfa Laval India from 64 to 9Intention to increase the share of Alfa Laval India from 64 to 90 percent. 0 percent. The offer price represents a total value of approximately SEK 70The offer price represents a total value of approximately SEK 700 0
million.million.
Interim Report Q1 2007Interim Report Q1 2007
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received and operating margin Orders received and operating margin -- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 18 www .alfalaval.com
Orders received by SegmentOrders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & Utility
OEMOEM
Parts & ServiceParts & Service
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
January January –– March 2007, March 2007, at constant ratesat constant rates
++
++
+
+
+
+
−
+
© Alf a Lav al Slide 19 www .alfalaval.com
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
+
+
+
−
Orders received by SegmentOrders received by SegmentThe Process Technology Division, January The Process Technology Division, January –– March 2007,March 2007,at constant rates and for comparable unitsat constant rates and for comparable units
Strong developmentStrong developmentfor bio fuels, alsofor bio fuels, alsooutside the USoutside the US..
Best base business everBest base business everin the Process Industryin the Process Industrysegment.segment.
Increased activity in theIncreased activity in thebiotech market,biotech market,particularly in the US.particularly in the US.
© Alf a Lav al Slide 20 www .alfalaval.com
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & Utility
OEMOEM
++
+
Orders received by SegmentOrders received by SegmentThe Equipment Division, January The Equipment Division, January –– March 2007, March 2007, at constant rates and for comparable unitsat constant rates and for comparable units
Continued strongContinued strongmarine market.marine market.
Very strong quarter forVery strong quarter forOEM, benefiting fromOEM, benefiting froma good market fora good market forheat pumps.heat pumps.
Sanitary remains onSanitary remains ona high level.a high level.
+
+
© Alf a Lav al Slide 21 www .alfalaval.com
EnvironmentEnvironmentIncreased need world-wide for efficient handling of waste water and sludge.
Large orders in Q1 2007 from Canada (City of Toronto) and the US (Cities of Houston and Atlanta).
New decanter ALDEC G2 is up to 30% more efficient.
Interim Report Q1 2007Interim Report Q1 2007
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
-- Orders received, margins and dividend Orders received, margins and dividend -- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 23 www .alfalaval.com
Orders received by RegionOrders received by Region
CentrCentr. & East 8 %
. & East 8 %
North America 19%
North America 19%
Asia 31%Asia 31%
L. Am
erica 5 %L. A
merica 5 %
Oth e r 1 %
Oth e r 1 %
Western EuropeWestern Europe27 %27 %
Nordic 9 %
Nordic 9 %
+60+60
January January –– March 2007March 2007
+50+50 +25+25
+23+23
+52+52
--77
% development at constant rates by quarter year on year
© Alf a Lav al Slide 24 www .alfalaval.com
Highlights AmericasHighlights Americas
North AmericaNorth AmericaStrong business climate inenergy-related industries withfocus on bio ethanol.Good development for Tranter.
Latin AmericaLatin AmericaStrong development in the aftermarket.Focus on the Equipment Divisionhas resulted in very good developmentin base business.
January January –– March 2007March 2007
% development at constant rates by quarter year on year
+50+50
+52+52
© Alf a Lav al Slide 25 www .alfalaval.com
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. NordicStrong development in Strong development in base sales.base sales.Best development inBest development in RefrigerationRefrigerationand OEM.and OEM.
Central and Eastern EuropeCentral and Eastern EuropeGood growth in base sales.Good growth in base sales.Large food contracts in Russia andLarge food contracts in Russia andUkraine in Q1 2006 have not beenUkraine in Q1 2006 have not beenrepeated.repeated.
January January –– March 2007March 2007
% development at constant rates by quarter year on year
+25+25
+23+23
--77
© Alf a Lav al Slide 26 www .alfalaval.com
Highlights AsiaHighlights Asia
AsiaAsiaVery strong growth with best Very strong growth with best development in China and Korea.development in China and Korea.Continued strong order intakeContinued strong order intakein the Marine segment.in the Marine segment.
January January –– March 2007March 2007
% development at constant rates by quarter year on year
+60+60
Interim Report Q1 2007Interim Report Q1 2007
Mr. Thomas Mr. Thomas ThuressonThuressonCFOCFOAlfa Laval GroupAlfa Laval Group
-- Orders received and operating margin Orders received and operating margin -- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 28 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmargin
7,0057,0055,1505,150
83583516.2%16.2%
SEK millionSEK million Jan Jan –– Mar 07Mar 07
© Alf a Lav al Slide 29 www .alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of salesIn percent of sales
Q104Q104
38.938.938.938.937.037.0
Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305 Q405Q405 Q106Q106
39.039.0
Q206Q206 Q306Q306 Q406Q406 Q107Q107
© Alf a Lav al Slide 30 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before tax
SEK millionSEK million Jan Jan –– Mar 07Mar 07
7,0057,0055,1505,150
83583516.2%16.2%
681681
© Alf a Lav al Slide 31 www .alfalaval.com
Earnings per shareEarnings per share
EarningsEarnings
Earnings, excluding stepEarnings, excluding step--upup
20072007
4.114.11
4.634.63
20062006
2.902.90
3.403.40
Jan Jan -- MarMar
© Alf a Lav al Slide 32 www .alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before taxCash flow from operating activitiesCash flow from operating activitiesROCE ROCE
SEK millionSEK million Jan Jan –– Mar 07Mar 07
7,0057,0055,1505,150
83583516.2%16.2%
681681550550
36.9%36.9%
© Alf a Lav al Slide 33 www .alfalaval.com
Cash flows fromCash flows from-- operating activitiesoperating activities-- investing activitiesinvesting activities
Financial Financial netnet paidpaidTotalTotal
CashCash--flow statementflow statement
Pro Forma FreePro Forma Free--cashcash--flow*flow*
*Incl. operating activities, capital expenditure (excl. product *Incl. operating activities, capital expenditure (excl. product rights), provisions and financial net paidrights), provisions and financial net paid. .
SEK millionSEK millionQ1Q1
20072007Q1Q1
20062006
550550-- 146146-- 3232
372372
464464
392392-- 1,2851,285
1111-- 882882
339339
© Alf a Lav al Slide 34 www .alfalaval.com
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effectTransaction effectTransaction effect
TotalTotal
*Based on EUR/USD 1.35 and EUR/SEK 9.20*Based on EUR/USD 1.35 and EUR/SEK 9.20
Estimated impact on adjusted EBITA from Estimated impact on adjusted EBITA from FxFx. fluctuations. fluctuations
Q1 2007Q1 2007
-- 2020-- 5959-- 7979
WY 07*WY 07*
-- 8080-- 150 150 -- 230230
WY 08*WY 08*
-- 1010-- 90 90
-- 100100
© Alf a Lav al Slide 35 www .alfalaval.com
Order backlog as per March 31SEK million
For delivery during rest of current year
0
2000
4000
6000
8000
10000
12000
14000
16000
2005 2006 2007
5,051
8,780
13,831
2,940
6,893
9,833
743
5,094
4,763
For delivery in the later years
Interim Report Q1 2007Interim Report Q1 2007
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
--Orders received and operating margin Orders received and operating margin -- HighlightsHighlights-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development-- Financials Financials -- OutlookOutlook
© Alf a Lav al Slide 37 www .alfalaval.com
Outlook for the near futureOutlook for the near future
““In most of the markets, geographical In most of the markets, geographical as well as customer segments, thatas well as customer segments, thatAlfa Laval serves a continued very Alfa Laval serves a continued very strong demand is expected.strong demand is expected.””