Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström...
Transcript of Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström...
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Report for Q1 2011
Mr. Lars RenströmPresident and CEOAlfa Laval Group
- 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 rose 27% to SEK 6,455 million.
Net sales increased 10% to SEK 5,899 million.
Adjusted EBITA up 12% at SEK 1,134 million.
Adjusted EBITA margin 19.2% vs 18.8%- Negative currency effect SEK 85 million.
January – March 2011
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www.alfalaval.com© Alfa Laval Slide 4
0
4 000
8 000
12 000
16 000
20 000
24 000
28 000
32 000
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
SEK million
Orders receivedSEK million R 12
= rolling twelve months value
= order intake per quarter
Q10
9
Q41
0
Q11
1
Q10
7
Q20
7
Q30
7
Q40
7
Q10
8
Q20
8
+36%
+13%
+30% 0% +9
%
+8%
= % development at constant rates by quarter, year on year
+xx%
-3%
Q30
8
Q40
8-1
5%
-32%
Q20
9-3
7%
Q30
9-3
0%
Q40
9-9
%
-6%
Q11
0
Q21
0+2
5%
Q31
0
+23%
+23%
+38%
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www.alfalaval.com© Alfa Laval Slide 5
Order analysis
2010 (SEK millions)
Structural change, %Currency effects,%Organic development, %Total, %2011 (SEK million)
5,089
Jan – March 2011
6,455
+ 4.4 - 11.4
+ 33.8+ 26.8
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www.alfalaval.com© Alfa Laval Slide 6
0,0
3,0
6,0
9,0
12,0
15,0
18,0
21,0
24,0
0
225
450
675
900
1 125
1 350
1 575
1 800SEK 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 *
Q108 Q109 Q409 Q110 Q210 Q310 Q410 Q111Q208 Q308 Q408 Q209 Q309
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Mr. Lars RenströmPresident and CEOAlfa Laval Group
- Orders received and margins- Highlights- Development per segment- Geographical development- Financials - Outlook
Interim Report Q1 2011
![Page 8: Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström President and CEO. Alfa Laval Group - Orders received and margins ... Food order in India.](https://reader034.fdocuments.in/reader034/viewer/2022051900/5feed3c082c25959f75615fd/html5/thumbnails/8.jpg)
www.alfalaval.comSlide 8
Highlights during the quarter
Food order in India.Order to a vegetable oil plant in India. The order value is approximately SEK 50 million and delivery is scheduled for 2011.
Large orders, total SEK 185 million (140)
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www.alfalaval.com© Alfa Laval Slide 9
Highlights during the quarter
Food order in India. Refinery order in Saudi Arabia.
Order for Packinox heat exchangers worth approximately SEK 75 million, delivery scheduled for 2012.
Large orders, total SEK 185 million (140)
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www.alfalaval.com© Alfa Laval Slide 10
Highlights during the quarter
Food order in India. Refinery order in Saudi Arabia. Power order from MAN.
SEK 60 million order for oil-treatment modules to a power plant. Delivery scheduled for 2012.
Large orders, total SEK 185 million (140)
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www.alfalaval.com
Closing of transaction is subject to clearance from regulatory authorities. Clearance obtained in 4 jurisdictions out of 5, as of March 31st.
Decision from Chinese authorities is still pending.
Aalborg IndustriesStatus of acquisition
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Mr. Lars RenströmPresident and CEOAlfa Laval Group
- Orders received and margins- Highlights- Development per segment- Geographical development- Financials - Outlook
Interim report Q1 2011
![Page 13: Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström President and CEO. Alfa Laval Group - Orders received and margins ... Food order in India.](https://reader034.fdocuments.in/reader034/viewer/2022051900/5feed3c082c25959f75615fd/html5/thumbnails/13.jpg)
www.alfalaval.comSlide 13
Orders received by customer segmentProcess Technology Division Jan – March 2011, at constant rates
© Alfa Laval
Oil & Gas boosted by capacity investments
Recovery in demand for waste-water applications
Process industry did well in most end markets
Life Science
Process Industry
Energy & Environment
Food
Parts & Service
+
+
+
+
+
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www.alfalaval.com© Alfa Laval Slide 14
Orders received by customer segmentEquipment Division, Jan – March 2011, at constant rates
Industrial Equipment up on strong demand for refrigeration applications
Continued increase in demand for Sanitary
Marine got continued support from last year’s contracting at the yards
Parts & Service+
Sanitary
Marine & Diesel
OEM
+
+
+
+
Industrial Equipment
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www.alfalaval.com© Alfa Laval Slide 15
Orders received by customer segment
Industrial Equipment
Sanitary
Marine & Diesel
OEM
Life Science
Process Industry
Energy & Environment
Food
Jan - March 2011, at constant rates
Parts & Service
+
++
+
+
+
+
+
+
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Mr. Lars RenströmPresident and CEOAlfa Laval Group
- Orders received and margins- Highlights- Development per segment- Geographical development- Financials - Outlook
Interim Report Q1 2011
![Page 17: Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström President and CEO. Alfa Laval Group - Orders received and margins ... Food order in India.](https://reader034.fdocuments.in/reader034/viewer/2022051900/5feed3c082c25959f75615fd/html5/thumbnails/17.jpg)
www.alfalaval.com© Alfa Laval Slide 17
Orders received by Region
Asia 34 %
Jan – March 2011, at constant rates
+23+31
+23
+55
+50
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www.alfalaval.com© Alfa Laval Slide 18
North America Good contribution from the
base business Particularly good development
for segments in the Process Technology division
Latin America Strong development for base
business and large orders alike Good sales growth in Brazil,
Mexico and Chile
Highlights AmericasJan – March 2011, at constant rates
+31
+50
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www.alfalaval.com© Alfa Laval Slide 19
Highlights Europe
Western Europe incl. Nordic Substantial growth in base
business Best development seen in
Process Industry, Food Technology and Marine & Diesel
Central and Eastern Europe Strong quarter; particularly for
Sanitary and Food Russia and the Czech Republic did well
Jan – March 2011, at constant rates
+23+23
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www.alfalaval.com© Alfa Laval Slide 20
Highlights Asia
Asia Very strong development in
China and Korea Marine and Process Industry
performed the best Japanese earthquake had negligible
effect on the operations
Jan – March 2011, at constant rates
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Mr. Thomas ThuressonCFOAlfa Laval Group
- Orders received and margins- Highlights- Development per segment- Geographical development- Financials - Outlook
Interim Report Q1 2011
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www.alfalaval.com© Alfa Laval Slide 22
Highlights
Order intake Net sales
6,4555,899
SEK millions Jan – March 2011
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www.alfalaval.com© Alfa Laval
Gross profit margin
20
30
40
50In percent of sales
40.4
42.738.5
Q109
42.9
Q309 Q409 Q110 Q210 Q310 Q410 Q111Q108 Q208 Q308 Q408 Q209
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www.alfalaval.com© Alfa Laval Slide 24
Gross Profit Margin- analysis year-on-year
Actual Q1 ‘10- Foreign exchange, transaction- Changes in mix
Sub.total:
3In percent
42.7- 0.5- 1.7 40.5
Q1 2010
Actual for Q1 2011: 40.4
-Procurement (neg)-Productivity (pos)-Margin in order backlog (neg)-Price and volume (pos)
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www.alfalaval.com© Alfa Laval Slide 25
Highlights
Order intake Net salesAdjusted EBITAAdjusted EBITA-marginProfit before tax
SEK millions Jan – March 2011
6,4555,8991,134
19.2%1,007
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www.alfalaval.com© Alfa Laval Slide 26
Earnings per share
Earnings
Earnings, excluding step-up
2011
1.71
1.83
2010
1.45
1.62
Jan - March
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Highlights
Order intake Net salesAdjusted EBITAAdjusted EBITA-marginProfit before taxCash flow from operating activitiesROCEROE
SEK millions Jan – March 2011
6,4555,8991,134
19.2% 1,007
43838.3%24.6%
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www.alfalaval.com© Alfa Laval Slide 28
Cash flow from- operating activities- investing activities
Financial net paid
Total
Cash-flow statement
Pro Forma Free cash-flow**Incl. operating activities, capital expenditure and financial net paid.
SEK millionsJan – March
2011Jan – March
2010
438- 116
+ 151
528
1,007- 330+ 48
1000
473 725
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www.alfalaval.com© Alfa Laval Slide 29
Foreign exchange
SEK million
Translation effectTransaction effect
Total
*Based on EUR/USD 1.43 and EUR/SEK 9.00
Estimated impact on adjusted EBITA from FX fluctuations
WY 11
- 245-180-425
WY 12*
--200-200
Q1 11
-57-28-85
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www.alfalaval.com© Alfa Laval Slide 30
Order backlog as per March 31 SEK millions
For delivery in 2011
0
2000
4000
6000
8000
10000
12000
14000
16000
1800015,414
For delivery later than 2011
5,246
2,418
8,574
2,835
10,168 8,910
11,409 11,328
2009 2010 2011
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www.alfalaval.com
SalesFull year 2011
SEK (bln)
Full year 2010 24.7FX-translation - 1.9
Subtotal 22.8
Orders “in-for-out” ?Price ?Acquisitions (incl Olmi) + 0.4
Aalborg (8 months as 2010) + 2.0
Full year 2011
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Mr. Lars RenströmPresident and CEOAlfa Laval Group
- Orders received and operating margin - Highlights- Development per segment- Geographical development- Financials - Outlook
Interim Report Q1 2011
![Page 33: Report for Q1 2011 - Alfa Laval · 2016. 10. 25. · Report for Q1 2011 Mr. Lars Renström President and CEO. Alfa Laval Group - Orders received and margins ... Food order in India.](https://reader034.fdocuments.in/reader034/viewer/2022051900/5feed3c082c25959f75615fd/html5/thumbnails/33.jpg)
www.alfalaval.com© Alfa Laval Slide 33
Outlook for the second quarter
“We expect demand during the second quarter 2011 to be somewhat higher than the second quarter of 2010.”
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www.alfalaval.com© Alfa Laval Slide 34