Alfa Laval Ab · OMXSTO:ALFA
Alfa Laval Ab — Q1 2012 Earnings Presentation
31 slides from Alfa Laval Ab's earnings presentation, 2012
Slide 1: ENE
ENE
Slide 2: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group
Slide 3: Key figures
Key figures January – March 2012 Orders received rose 22% to SEK 7,895 million. Net sales increased 16% to SEK 6,831 million. Adjusted EBITA declined 1% to SEK 1,128 million. Adjusted EBITA margin 16.5% vs 19.2% - Negative currency effect SEK 25 million. © Alfa Laval Slide 3 www.alfalaval.co
Slide 4: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook
Slide 5: Orders received
Orders received SEK million SEK million R 12 9 000 32 000 8 000 28 000 7 000 24 000 6 000 20 000 5 000 16 000 4 000 12 000 3 000 8 000 2 000 +38% +21% -32% +9% -6% 1 000 4 000 0 0 Q111 Q211 Q112 Q110 Q208 Q408 Q108 Q310 Q209 Q410 Q309 Q409 Q210 Q308 Q109 Q311 Q411 = Order intake per quarter “large”
Slide 6: Order analysis
Order analysis Q1 2012 versus Q1 2011 and versus Q4 2011 (MSEK) Q1 2011 6,455 Q4 2011 6,774 Structural change, % + 14.3 - Organic development, % + 6.6 + 17.3 Total + 20.9 + 17.3 Currency effects,% + 1.4 - 0.8 Total, % + 22.3 + 16.5 Q1 2012 7,895 Q1 2012 7,895 © Alfa Laval Slide 6 www.alfalaval.com
Slide 7: Adjusted EBITA / margin
Adjusted EBITA / margin* SEK millions and in percent of sales 1 800 24,0 1 575 21,0 1 350 18,0 1 125 15,0 900 12,0 675 9,0 450 6,0 225 3,0 0 0,0 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 * Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up
Slide 8: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook
Slide 9: Orders received by customer segment
Orders received by customer segment January – March 2012, at constant rates and like for like PTD Parts & Service + = Industrial Equipment - OEM Process Industry - - Sanitary Equipment + EQD Parts & Service Energy & Environment + * Marine & Offshore Systems Food Technology + - Marine & Diesel Equipm
Slide 10: Equipment division
Equipment division Highlights and sequential comments Sanitary Sanitary boosted by demand for prepared 9%* food. Industrial equipment declined somewhat - + Industrial due to seasonality in Comfort. Equipment 11% OEM slightly positive on demand from AC and Industrial Refrigeration customers. =
Slide 11: Marine & Diesel division
Marine & Diesel division Highlights and sequential comments Marine & Diesel Demand for environmental solutions Equipment 9%* continued to grow, while demand for other marine equipment stayed at Q4 level. Diesel - - down due to non-repeats. Marine & Offshore Systems Marine & Offshore lifted by de
Slide 12: Process Technology division
Process Technology division Highlights and sequential comments Food Tech. Food Technology supported by further 7%* investments in brewery and vegetable oil. Orders for newly developed decanters ++ Energy & Environ. boosted Energy & Environment. 17% Process Industry affected by lower order inta
Slide 13: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook
Slide 14: Orders received by Region
Orders received by Region January – March 2012, development at constant rates Latin America 7% +26 North America 21% +61 -3 +38 +25 Asia 34% Western Europe 19% +32 Central and Eastern Nordic 9% Europe 8% Year-on-year comparison © Alfa Laval www.alfalaval.com
Slide 15: Highlights Asia
Highlights Asia January – March 2012, at constant rates, sequential comments Asia: Increase in orders due to strong performance in the project business as well as part of the Marine & Diesel Division. +25 +29 Marine & Offshore Systems, Food Technology and Process Industry performed the best. Yea
Slide 16: Highlights Europe
Highlights Europe January – March 2012, at constant rates, sequential comments +26 +7 +61 -2 -3 +10 Western Europe incl. Nordic: Central and Eastern Europe: Orders rose , boosted by large Remained on a good level, orders. Best development seen supported by a strong development in France, Nordic
Slide 17: Highlights Americas
Highlights Americas January – March 2012, at constant rates, sequential comments North America: Sanitary did very well, as did Energy & Environment, boosted by orders for new decanter for industrial wastewater cleaning. +38 +38 Demand for P&S was up and base business rose slightly from previous
Slide 18: Top 10 markets
Top 10 markets SEK million at prevailing rates United States China Nordic Korea, South Mid Europe South East Asia Adriatic Russia Brazil India 0 1 000 2 000 3 000 4 000 5 000 = Rolling 12-months = WY 2011 © Alfa Laval Slide 18 www.alfalaval.com
Slide 19: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook Mr. Thomas Thuresson CFO Alfa Laval Group
Slide 20: Highlights
Highlights SEK millions January – March 2012 Order intake 7,895 Net sales 6,831 © Alfa Laval Slide 20 www.alfalaval.com
Slide 21: Gross profit margin
Gross profit margin In percent of sales 50 42.7 40.4 38.5 40 38.5 30 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 © Alfa Laval www.alfalaval.com
Slide 22: Highlights
Highlights SEK millions January – March 2012 Order intake 7,895 Net sales 6,831 Adjusted EBITA 1,128 Adjusted EBITA-margin 16.5% Profit before tax 1,020 Earnings per share 1.74 Earnings per share, excl step-up 1.87 Cash flow from operating activities 1,037 ROCE 28.3% ROE 22.5% © Alfa Laval Slide 22
Slide 23: Cash-flow statement
Cash-flow statement Jan – March Jan – March SEK millions 2012 2011 Cash flow from - operating activities 1,037 438 - investing activities - 694 - 116 Financial net paid - 13 151 Total 330 473 Pro Forma Free cash-flow* 930 528 *Incl. operating activities, capital expenditure and financial net paid. ©
Slide 24: Delisting of Alfa Laval India Ltd.
Delisting of Alfa Laval India Ltd. Alfa Laval India Ltd was delisted from two Indian stock exchanges as of April 12th. The delisting follows Alfa Laval reaching the necessary ownership level of the outstanding minority shares. Alfa Laval paid approximately SEK 550 million, or INR 4,000 a piece f
Slide 25: Foreign exchange
Foreign exchange Estimated impact on adjusted EBITA from FX fluctuations SEK million Q1 12 FY 12 FY 13* Translation effect 13 25 0 Transaction effect -38 -130 40 Total -25 -105 40 *Based on EUR/USD 1.30 and EUR/SEK 8.90 Projected FX-effect for 2012 as communicated with the Q4 report SEK -5 million ©
Slide 26: Order backlog as per March 31
Order backlog as per March. 31 SEK millions 16 000 14,889 14 000 4,174 11,328 12 000 2,418 10 000 10,715 8 000 8,910 6 000 4 000 1.09 1.06 1.09 1.06 0.83 2 000 Book to bill 0 Q108 Q109 Q110 Q111 Q112 For delivery next year or later For delivery during the same year © Alfa Laval Slide 26 www.alfalava
Slide 27: Sales
Sales Full year 2012 SEK (bln) Full year 2011 28.7 Order backlog, like-for-like - 0.1 Aalborg, 4 months + 0.8 FX-translation + 0.1 Subtotal 29.5 Orders “in-for-out” ? Price ? Full year 2012 * An indication based on FY orders 2011. Less 8 months of sales 2011. www.alfalaval.com
Slide 28: Report for Q1 2012
Report for Q1 2012 - Key figures - Orders received and margins - Development per segment - Geographical development - Financials - Outlook Mr. Lars Renström President and CEO Alfa Laval Group
Slide 29: Outlook for the second quarter
Outlook for the second quarter “We expect that demand during the second quarter 2012 will be on about the same level as in the first quarter, excluding large orders.” © Alfa Laval Slide 29 www.alfalaval.com
Slide 30: www.alfalaval.com
© Alfa Laval Slide 30 www.alfalaval.com
Slide 31: Cautionary statement
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 assura