© Alfa Laval Slide 1 · zOrders received: up 5.1% to SEK 4,004 million zNet sales: up 5.6% to SEK...
Transcript of © Alfa Laval Slide 1 · zOrders received: up 5.1% to SEK 4,004 million zNet sales: up 5.6% to SEK...
© Alfa Laval Slide 1 www.alfalaval.com
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 3 www.alfalaval.com
Key figuresJanuary January –– March 2005March 2005
Orders received: Orders received: up 5.1% to SEK 4,004 millionup 5.1% to SEK 4,004 million
Net sales: Net sales: up 5.6% to SEK 3,268 millionup 5.6% to SEK 3,268 million
Adjusted EBITA: Adjusted EBITA: SEK 330 million (383) SEK 330 million (383) -- Negative currency effect SEK 42 millionNegative currency effect SEK 42 million
© Alfa Laval Slide 4 www.alfalaval.com
-5
0
5
10
15
20
25
4 000
6 000
8 000
10 000
12 000
14 000
16 000% Q on Q% Q on Q
Q20
2Q
202
Q30
2Q
302
Q40
2Q
402
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
© Alfa Laval Slide 5 www.alfalaval.com
Order analysisOrder analysis
20042004Structural change, %Structural change, %Currency,%Currency,%Organic development, %Organic development, %Total, %Total, %20052005
3,9293,929
SEK millionSEK million Jan Jan –– Mar 05Mar 05
4,0044,004
+ 1+ 1-- 33+ 4+ 4+ 2+ 2
© Alfa Laval Slide 6 www.alfalaval.com
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* Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304 Q404Q404 Q105Q105
© Alfa Laval Slide 7 www.alfalaval.com
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* Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304 Q404Q404 Q105Q105
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 9 www.alfalaval.com
HighlightsJanuary January –– March 2005March 2005
Acquisition of the French company Acquisition of the French company PackinoxPackinox
© Alfa Laval Slide 10 www.alfalaval.com
PackinoxPackinox
World leader in large welded plate heat exchangersWorld leader in large welded plate heat exchangersfor the hydrocarbon industry.for the hydrocarbon industry.
Customer segments:Customer segments: Refineries and PetrochemicalsRefineries and PetrochemicalsAnnual sales (Annual sales (estest 2005):2005): MSEK 450 MSEK 450 Employees:Employees: 145 (R&D, manufacturing, sales)145 (R&D, manufacturing, sales)
In a nutshellIn a nutshell
© Alfa Laval Slide 11 www.alfalaval.com
The strategic fit
Co
Bar
Alfa LavalPlate Heat Exch.
50 100 150
100
200
300
400
500
PackinoxHigh Perfor-
mance -Compabloc,
Alfa Rex
© Alfa Laval Slide 12 www.alfalaval.com
HighlightsJanuary January –– March 2005March 2005
Acquisition of the French company Acquisition of the French company PackinoxPackinox
AlfdexAlfdex--order from Volvoorder from Volvo
© Alfa Laval Slide 13 www.alfalaval.com
Alfdex-order from Volvo
Value: SEK 400 millionover five yearsSerial deliveries fromend of 2005All Volvo-brands; Volvo,Renault and Merck
© Alfa Laval Slide 14 www.alfalaval.com
HighlightsJanuary January –– March 2005March 2005
Acquisition of the French company Acquisition of the French company PackinoxPackinox
AlfdexAlfdex--order from Volvoorder from Volvo
Environmentally friendly solutions to Fincantieri
© Alfa Laval Slide 15 www.alfalaval.com
HighlightsJanuary January –– March 2005March 2005
Acquisition of the French company Acquisition of the French company PackinoxPackinox
AlfdexAlfdex--order from Volvoorder from Volvo
EnvironmentallyEnvironmentally friendlyfriendly solutions to solutions to FincantieriFincantieri
Further optimization of the globalFurther optimization of the global
manufacturing structuremanufacturing structure
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Further optimization of the global Further optimization of the global manufacturing structuremanufacturing structure
Savings: Savings: first 12 months: SEK 50 million first 12 months: SEK 50 million after that further savingsafter that further savings
Total cost SEK 125 millionTotal cost SEK 125 million(non(non--recurring item in first quarter 2005)recurring item in first quarter 2005)
Closure of units in Spain and CanadaClosure of units in Spain and Canada
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 18 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 – March 2005, at constant ratesat constant rates
+
++
++
−
+
−
+
+
© Alfa Laval Slide 19 www.alfalaval.com
Environmental applications create growthEnvironmental applications create growth
Example: Applications for the Marine industryExample: Applications for the Marine industry
Bilge waterBallast water
Crank case ventilation
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 21 www.alfalaval.com
Orders received by RegionOrders received by Region
Centr
Centr. & E ast 7 %
. & E ast 7 %
Nort h
Am
erica
18
%
Nort h
Am
erica
18
%
Asia 29 %Asia 29 %
L. America 5 %
L. America 5 %
Other 2 %
Other 2 %
Western EuropeWestern Europe28 %28 %
Nordic 11 %
Nordic 11 %
+62+62
--99
+15+15
January – March 2005, at constant ratesat constant rates
--1818
--55+21+21
© Alfa Laval Slide 22 www.alfalaval.com
Highlights AmericasHighlights Americas
North AmericaNorth AmericaStrong growthStrong growthAll segments above 2004All segments above 2004except Sanitaryexcept Sanitary
Latin AmericaLatin AmericaContinued strong growth in BrazilContinued strong growth in BrazilIncreased demand in all segmentsIncreased demand in all segmentswithin Process Technology Divisionwithin Process Technology DivisionHigh growth in Parts & ServiceHigh growth in Parts & Service
January – March 2005, at constant ratesat constant rates
+62+62
+21+21
© Alfa Laval Slide 23 www.alfalaval.com
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. NordicMidEuropeMidEurope, Adriatic and Iberia, Adriatic and Iberiaabove 2004above 2004Nordic, Benelux and France belowNordic, Benelux and France below
Central and Eastern EuropeCentral and Eastern EuropeTurkey and Ukraine strongTurkey and Ukraine strongLower project activity in RussiaLower project activity in RussiaVery good growth for Parts & ServiceVery good growth for Parts & Service
January – March 2005, at constant ratesat constant rates
--99
--1818
--55
© Alfa Laval Slide 24 www.alfalaval.com
Highlights AsiaHighlights Asia
AsiaAsiaVeryVery strong strong growthgrowth in Japanin JapanModerate Moderate growthgrowth in Chinain Chinaand and IndiaIndiaContinuedContinued strong strong growthgrowthin Parts & Servicein Parts & Service
January – March 2005, at constant ratesat constant rates
+15+15
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 26 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmargin
4,0044,0043,2683,268
33033010.1%10.1%
SEK millionSEK million Jan Jan –– Mar 05Mar 05
© Alfa Laval Slide 27 www.alfalaval.com
20052005
20042004
SEK millionSEK million
Deviation Deviation
Adjusted EBITA Adjusted EBITA
383383
--5353
993333
--1111
Jan Jan –– Mar 05Mar 05
Deviation excl FX Deviation excl FX FX. transactionFX. transactionFX. translation FX. translation
330330
© Alfa Laval Slide 28 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of salesIn percent of sales
Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104
37.037.039.039.040.040.0
Q204Q204 Q304Q304 Q404Q404 Q105Q105
© Alfa Laval Slide 29 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of sales, excluding FXIn percent of sales, excluding FX--transaction effects Q105transaction effects Q105
Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104
38.038.039.039.040.040.0
Q204Q204 Q304Q304 Q404Q404 Q105Q105
© Alfa Laval 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 05Mar 05
4,0044,0043,2683,268
33033010.1%10.1%
7676
© Alfa Laval Slide 31 www.alfalaval.com
Earnings per shareEarnings per share
Q1 2005Q1 2005 Q1 2004Q1 2004
EarningsEarnings 0.49*0.49* 1.381.38
EarningsEarnings excludingexcluding 0.93*0.93* 1.831.83goodwill and stepgoodwill and step--upup
IFRSIFRS
* Excluding restructuring charge of SEK 125 million an additional 0.75 SEK per share
© Alfa Laval 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
Excl. stepExcl. step--up and goodwill approx. 55% up and goodwill approx. 55%
SEK millionSEK million Jan Jan –– Mar 05Mar 05
4,0044,0043,2683,268
33033010.1%10.1%
76761717
21.0%21.0%
© Alfa Laval Slide 33 www.alfalaval.com
MSEKMSEK
Cash 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
Q1 2005Q1 2005
1717-- 483483
22--
-- 464464-- 4040
Q1 2004Q1 2004
293293-- 3838-- 4444
--210210214214
© Alfa Laval Slide 34 www.alfalaval.com
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Inventory and Advances
Inventory net of Advances Inventory net of AdvancesIn percent of net inoicing
Inventory in percentof net invoicing
SEK millionMar 31, 2004 Mar 31, 2005Volume & Fx 115 MSEKMaterial prices 260Component shortage& other 66
Total 441
13.914.6
© Alfa Laval Slide 35 www.alfalaval.com
Accounts Receivable
Accounts Receivable Accounts ReceivableIn percent of net invocing
SEK million
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0012 0103 0106 0109 0112 0203 0206 0209 0212 0303 0306 0309 0312 0403 0406 0409 0412 05030,0%
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17.918.4 18.018.3
20.4
© Alfa Laval Slide 36 www.alfalaval.com
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effectTransaction effectTransaction effect
TotalTotal
*Based on EUR/USD 1.30 and EUR/SEK 9.10*Based on EUR/USD 1.30 and EUR/SEK 9.10
Estimated impact on adjusted EBITA from Estimated impact on adjusted EBITA from FxFx. fluctuations. fluctuations
WY 05*WY 05*
-- 3535-- 165165-- 200200
Q1 2005Q1 2005
-- 99-- 3333-- 4242
Interim Report Q1 2005Interim Report Q1 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
© Alfa Laval Slide 38 www.alfalaval.com
Outlook for the near futureOutlook for the near future
……a continued demand on the present a continued demand on the present high level. high level.
……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 ……
© Alfa Laval Slide 39 www.alfalaval.com