Report for Q4 2015 - Alfa Laval · 2016. 10. 25. · * Adjusted EBITA – ”Earnings before...
Transcript of Report for Q4 2015 - Alfa Laval · 2016. 10. 25. · * Adjusted EBITA – ”Earnings before...
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Report for Q4 2015
Mr. Lars Renström
President and CEO
Alfa Laval Group
- Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com © Alfa Laval Slide 3
Key figures
Orders received declined 10% to SEK 9,422 million.
Net sales unchanged at SEK 10,805 million.
Adjusted EBITA dropped 10% to SEK 1,751 million.
Adjusted EBITA margin 16.2% vs 18.0%
- Positive currency effect SEK 80 million.
October – December 2015
January – December 2015
Orders received rose 1% to SEK 37,098 million.
Net sales grew 13% to SEK 39,746 million.
Adjusted EBITA increased 16% to SEK 6,811 million.
Adjusted EBITA margin 17.1% vs 16.8%
- Positive currency effect SEK 450 million.
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www.alfalaval.com
Board proposal to the AGM
© Alfa Laval Slide 4
Dividend
The board of directors proposes a
dividend of SEK 4.25 (4.00)
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Report for Q4 2015 - Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
0
2 000
4 000
6 000
8 000
10 000
12 000
= Order intake per quarter
= Order intake per quarter “large”
SEK million
Orders received
SEK million R 12
= Rolling twelve months value
Q2
13
Q11
5
Q2
15
Q4
15
Q11
2
Q2
12
Q3
12
= % development at constant rates by
quarter, year on year +XX%
Q4
12
Q11
3
Q3
13
Q4
13
Q11
4
Q2
14
Q3
14
Q4
14
Q3
15
-11
%
Q4
11
+2
2%
+1
6%
+11
%
+8
%
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www.alfalaval.com © Alfa Laval Slide 7
Order analysis
Q4 2014 Q3 2015
Structural change, %
Organic development, %
Total
Currency effects,%
10,509
Q4 2015 versus Q4 2014 and versus Q3 2015 (MSEK)
9,422
+ 0.1
- 11.1
- 11.0
+ 0.7
8,686
9,422
-
+ 10.9
+ 10.9
- 2.4
Total, %
Q4 2015 Q4 2015
+ 8.5 - 10.3
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www.alfalaval.com © Alfa Laval Slide 8
0,0
3,0
6,0
9,0
12,0
15,0
18,0
21,0
24,0
0
250
500
750
1 000
1 250
1 500
1 750
2 000
SEK millions and in percent of sales
* Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin*
Q314 Q315 Q113 Q213 Q313 Q413 Q114 Q214 Q414 Q115 Q215 Q415 Q412
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Report for Q4 2015 - Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com
Highlights in the quarter
Complete process line for a vegetable protein
extraction plant in India. Value: SEK 50 million.
Alfa Laval Framo power generator systems for an oil
platform in the North Sea. Value: SEK 100 million.
Order for air heat exchangers to refinery in Spain.
Value: SEK 65 million.
Offshore order for Framo pumping systems from
Maersk. Value SEK 100 million.
Order to supply various pieces of equipment for a
complete process line in a brewery in Mexico.
Value:SEK 210 million.
In the quarter we booked 1 SOx system for 1 ship,
bringing the total in 2015 to 18 systems for 18 ships.
Air coolers for US power plant.
Value:SEK 60 million.
Heat exchangers for LNG plant in the US.
Value: SEK 60 million.
South Korean order for Packinox heat exchangers for
a petrochemical plant. Value SEK 170 million.
Process Technology Marine & Diesel
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Report for Q4 2015
- Key figures
- Orders received and margins
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com
Orders received by customer segment
© Alfa Laval Slide 12
Industrial Equipment
OEM
Sanitary Equipment
EQD Service
-
=
=
=
Marine & Offshore Syst.
Marine & Diesel Eq.
Marine & Offshore*
Pumping Systems
-
-
+
PTD Service
Food & Life Science
Water & Waste
Energy & Process
=
+
-
+
Oct – December 2015, at constant rates and like for like
Equipment division
Marine & Diesel division
Process Technology division
Year-on-year comparison
MDD Service -
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www.alfalaval.com
Order Sales Backlog
Q4 2015 2,526 2,694 1,637
Q4 2014 2,523 2,629 1,571
Equipment division
Slide 13
Industrial Equipment was negatively affected by
Russia as well as the transfer from direct to
channel sales. Refrigeration saw good demand.
Sanitary saw good order growth from customers
in both food and pharmaceuticals.
OEM saw order growth for traditional products
such as brazed heat exchangers, while demand
for products for construction equipment declined.
Industrial
Equipment
8%*
Sanitary
10%
OEM
4%
Service
5%
+
Year-on-year comparison
Sequential comparison
Highlights and sequential comments
*Share of Group total
- -
=
=
=
=
=
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Order Sales Backlog
Q4 2015 3,807 4,010 11,715
Q4 2014 4,058 3,790 12,282
Marine & Diesel division
Slide 14
M&D Equipment affected by lower ship contracting
earlier in the year. Decline partly compensated by
increase for diesel power.
Marine & Offshore saw higher marine demand while
offshore dropped due to a non-repeat.
M&O Pumping saw extraordinary growth for marine
systems as new legislation led to substantial order
placement before year end.
Service saw higher spare parts activity and demand
for pumping systems service also grew.
+
- +
- -
Year-on-year comparison
Sequential comparison
Highlights and sequential comments
Marine & Diesel
Equipment
6%*
Marine &
Offshore Systems
5%*
Service
11%*
*Share of Group total
-
Marine & Offshore
Pumping Systems
18%*
+ +
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Order Sales Backlog
Q4 2015 3,089 4,101 7,226
Q4 2014 3,928 4,356 8,440
Process Technology division
Slide 15
Energy & Process affected by oil & gas sentiment.
Cancellations also had negative impact.
Petrochemicals was unchanged.
Food & LS reported strong growth in protein and
brewery while vegetable oil and food declined.
Service saw decline up- and midstream, while
downstream was strong. Water & Waste rose and
Food was unchanged.
Service
12%*
= =
+ +
+ =
- -
Year-on-year comparison
Sequential comparison
Highlights and sequential comments
Energy &
Process 9%*
Food & Life
Science 10%*
Water & Waste
Treatment 2%*
*Share of Group total
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www.alfalaval.com
Orders received by customer segment
© Alfa Laval Slide 16
Industrial Equipment
OEM
Sanitary Equipment
EQD Service
-
=
=
=
Marine & Offshore Syst.
Marine & Diesel Eq.
Marine & Offshore*
Pumping Systems
-
-
*
PTD Service
Food & Life Science
Water & Waste
Energy & Process
-
+
-
+
January – December 2015, at constant rates and like for like
Equipment division
Marine & Diesel division
Process Technology division
Year-on-year comparison
MDD Service =
*Marine & Offshore Pumping Systems is a newly formed segment
and therefore lacks comparison numbers
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Report for Q4 2015 - Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com © Alfa Laval
Orders received by Region
Central
& Eastern
Europe 5%
North America 17%
Asia 46%
Latin
America
3%
Western Europe 19%
Nordic 9%
Year-on-year comparison
-40
+2
-25
-43
+26
-17
October – December 2015, development at constant rates
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www.alfalaval.com © Alfa Laval
Highlights Asia
Year-on-year comparison
Sequential comparison
Oct. – Dec. 2015, at constant rates, sequential comments
Asia:
Extraordinary demand for Framo pumping
systems boosted order intake in the region.
The base business also grew while service
was unchanged. Excluding pumping
systems, orders were flat.
Energy & Process did well, lifted by a large
petrochemical order, as did Marine &
Offshore Systems.
South Korea, Japan did the best while
China declined due to a non repeat Food
order. In general, demand in China was
mixed with customers still in a wait-and-see
mode.
+2 +24
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www.alfalaval.com © Alfa Laval
Highlights Europe
Year-on-year comparison
Sequential comparison
Oct. – Dec. 2015, at constant rates, sequential comments
Western Europe incl. Nordic:
Positive development for large projects
and base business alike.
Marine & Diesel Equipment and Food &
Life Science did particularly well. Service
also had a positive development.
-40 -11
+26 +24
-17 +4
Central and Eastern Europe:
Russia negatively affected by oil prices
as well as sanctions. Poland/ Baltics
and Central Europe reported growth.
Decline for base business and large
orders. Service had strong order intake
across all three divisions.
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www.alfalaval.com © Alfa Laval
Highlights Americas
Year-on-year comparison
Sequential comparison
-25 +13
-43 -38
Oct. – Dec. 2015, at constant rates, sequential comments
North America:
Positive development driven by growth for large
projects and base business in the US.
Industrial Equipment, Sanitary, Food and Water &
Waste all did well. Energy & Process saw a generally
positive development across oil & gas, refinery and
petrochemicals.
Latin America:
Brazil had a weak development mainly due to
cancellations in oil & gas.
Mexico reported strong growth, boosted by a very large
brewery order and good Service order intake in the
Process Technology Division.
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www.alfalaval.com © Alfa Laval
Orders received by Region
Central
& Eastern
Europe 5%
North America 18%
Asia 42%
Latin
America
4%
Western Europe 20%
Nordic 9%
Year-on-year comparison
-18
+3
-21
-17
+26
-7
Jan. – Dec. 2015, development at constant rates
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Report for Q4 2015
Mr. Thomas Thuresson
CFO
Alfa Laval Group
- Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com © Alfa Laval Slide 24
Highlights
Order intake
Net sales
SEK millions Oct. – Dec. 2015
9,422
10,805
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www.alfalaval.com © Alfa Laval
Gross profit margin
30
35
40
45
In percent of sales
34.2 34.3
36.3
Q315
37.0
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q415
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www.alfalaval.com © Alfa Laval Slide 26
Gross profit margin
Q4 2014 Q3 2015
Mix/price
Load/volume
FX
Structure
34.3
Q4 2015 versus Q4 2014 and versus Q3 2015
34.2
-
-
+
=
35.2
34.2
---
-
+
=
Q4 2015 Q4 2015
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www.alfalaval.com © Alfa Laval Slide 27
Highlights
Order intake
Net sales
Adjusted EBITA
Adjusted EBITA-margin
Profit before tax
Earnings per share
Earnings per share, excl step-up
ROCE
ROE
SEK millions Oct. – Dec., 2015
9,422
10,805
1,751
16.2%
1,390
2.22
2.68
21.6%
21.7%
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Divisional performance
© Alfa Laval Slide 28
Equipment Process Technology Marine & Diesel
Q4 2015 2014 2015 2014 2015 2014
Orders 2,526 2,523 3,089 3,928 3,807 4,058
Backlog 1,637 1,571 7,226 8,440 11,715 12,282
Sales 2,694 2,629 4,101 4,356 4,010 3,790
Op. profit 325 407 640 636 778 737
Op margin (%) 12.1 15.5 15.6 14.6 19.4 19.4
- Price/mix (neg)
- Load (neg)
- Cost (pos)
- FX (pos)
- Cost (pos)
- Volume (neg)
- Volume (pos)
- Pice/mix (neg)
- S&A cost (neg)
Comments on
operating profit:
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www.alfalaval.com © Alfa Laval Slide 29
Cash flow from
- operating activities
- investing activities
Financial net paid
Dividend
Total
Cash-flow statement
Pro Forma Free cash-flow*
SEK millions
*Incl. operating activities, capital expenditure and financial net paid.
FY
2014
5,123
- 14,970
- 433
- 1,578
4,087
- 11,858
FY
2015
5,850
- 710
- 323
- 1,696
3,121
4,853
Q4
2014
1,690
- 180
- 320
1,165
1,190
Q4
2015
1,875
- 252
56
1,679
1,653
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www.alfalaval.com © Alfa Laval Slide 30
Foreign exchange
SEK million
Translation effect
Transaction effect
Revaluation in w/c
Total
*Based on EUR/USD 1.09 and EUR/SEK 9.26
FY 16*
-200
550
350
FY 15
294
298
-142
450
Projected FX-effect for 2015 as communicated at the CMD in November:
SEK 500 million, w/o translation effect
Q4 15
34
88
-42
80
Estimated impact on adjusted EBITA from FX fluctuations
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www.alfalaval.com © Alfa Laval Slide 31
Order backlog as per Dec. 31
SEK millions
For delivery in 2016
0
5 000
10 000
15 000
20 000
25 000
For delivery after 2016
Q414 Q415 Q411 Q412 Q413
20,578
15,5
90
4,9
88
22,293
5,0
43
1
7,2
50
book to bill
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Sales
SEK (bln)
FY 2015 39.7
Order backlog, like-for-like - 1.7
FX-translation - 1.2
Acquisitions + 0.0
Subtotal 36.8
Change in “in-for-out” ?
Price ?
Full year 2016
Full year 2016
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Report for Q4 2015
Mr. Lars Renström
President and CEO
Alfa Laval Group
- Key figures
- Orders received and margins
- Highlights
- Development per segment
- Geographical development
- Financials
- Outlook
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www.alfalaval.com © Alfa Laval Slide 34
Outlook for the first quarter
“We expect that demand during the
first quarter 2016 will be somewhat
lower than in the fourth quarter,
excluding a substantially lower
demand for pumping systems.”
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www.alfalaval.com © Alfa Laval Slide 35
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Activity split O&G, total - Distribution of orders FY2015 (MSEK) vs FY2014
© Alfa Laval Slide 36
4.4%
Process
Technology
Drilling
Processing & Transportation
Petrochemicals
Grand total
3.4%
270
Refinery
1.7% 5.6%
1 409 625 1 274
Marine &
Diesel
Share of total
Alfa Laval
1 346 690 0 0
= 1 616 = 2 099 = 625 = 1 274
3 578
2 036
= 5 614*
= 15.1%
Alfa Laval
*) including Service
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Industry split - Distribution of sales LTM, December 2015
© Alfa Laval Slide 37
47%
Driver
Marine
Offshore oil
and gas
Diesel power Parts & Service
Share 4%
27%
World trade &
fleet capacity
Oil & gas demand
and prices
Electrical power
needs
World trade
Environment & Energy, Marine
11%
Legislation and
fuel cost
11%
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26%
Food and pharma - Increased living standard, MSEK fixed rates
2015: MSEK 9 596 3 322 2 988 3 286
Americas Europe Asia, Pacific
& Africa
2015 vs. 2014: +2% + 7% - 7% + 6%
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Top 10 markets*
0 1 000 2 000 3 000 4 000 5 000 6 000
UK
Benelux
Adriatic
SEA
Japan
Mid Europe
Nordic
South Korea
China
United States
SEK million at prevailing rates
= WY 2014
= WY 2015 *The development of the 2014 top ten markets.
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Cautionary statement
This presentation contains forward-looking statements that are based on the
current expectations of the management of Alfa Laval Group.
Although management believes that the expectations reflected in such forward-
looking statements are based on reasonable assumptions, no assurance can be
given that such expectations will prove to have been correct. Accordingly, results
could differ materially from those implied in the forward-looking statements as a
result of, among other factors, changes in economic, market and competitive
conditions, changes in the regulatory environment, other government actions and
fluctuations in exchange rates. Alfa Laval undertakes no obligation to publicly
update or revise these forward-looking statements, other than as required by law
or other regulations.
© Alfa Laval Slide 40