ReportReport for Q3 2011 for Q3 2011 - Alfa Laval · 2016-10-25 · Q308 Q408 Q109 Q209 Q309Q309...
Transcript of ReportReport for Q3 2011 for Q3 2011 - Alfa Laval · 2016-10-25 · Q308 Q408 Q109 Q209 Q309Q309...
ReportReport for Q3 2011for Q3 2011
Mr. Lars RenströmMr. Lars RenströmPresident 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
Key figuresKey figures
�� Orders received rose 31% to SEK 8,018 million.Orders received rose 31% to SEK 8,018 million.
�� Net sales increased 30% to SEK 7,571 million.Net sales increased 30% to SEK 7,571 million.
�� Adjusted EBITA up 25% at SEK 1,431 million. Adjusted EBITA up 25% at SEK 1,431 million.
�� Adjusted EBITA margin 18.9% Adjusted EBITA margin 18.9% vsvs 19.6%19.6%
-- Negative currency effect SEK 114 million.Negative currency effect SEK 114 million.
July July –– September 2011September 2011
www.alfalaval.com© Alfa Laval Slide 3
-- Negative currency effect SEK 114 million.Negative currency effect SEK 114 million.
�� Orders received rose 25% to SEK 21,897 million.Orders received rose 25% to SEK 21,897 million.
�� Net sales increased 17% to SEK 20,503 million.Net sales increased 17% to SEK 20,503 million.
�� Adjusted EBITA up 17% at SEK 3,900 million. Adjusted EBITA up 17% at SEK 3,900 million.
�� Adjusted EBITA margin 19.0 % Adjusted EBITA margin 19.0 % vsvs 19.1%19.1%
-- Negative currency effect SEK 388 million.Negative currency effect SEK 388 million.
January January –– September 2011September 2011
16 000
20 000
24 000
28 000
32 000
4 000
5 000
6 000
7 000
8 000
SEK millionSEK million
Orders receivedOrders received
SEK million R 12SEK million R 12
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0
4 000
8 000
12 000
16 000
0
1 000
2 000
3 000
4 000
= rolling twelve months value= rolling twelve months value
= order intake per quarter= order intake per quarter
Q109
Q109
Q410
Q410
Q111
Q111
Q311
Q311
Q307
Q307
Q407
Q407
Q108
Q108
Q208
Q208
+30%
+30% 0%
0%
+9%
+9%
+8%
+8%
= % development at constant rates by = % development at constant rates by quarter, year on yearquarter, year on year
+xx%+xx%
--3%
3%
Q308
Q308
Q408
Q408
--15%
15%
--32%
32%
Q209
Q209
--37%
37%
Q309
Q309
--30%
30%
Q409
Q409
--9%
9%
--6%
6%
Q110
Q110
Q210
Q210
+25%
+25%
Q310
Q310
+23%
+23%
+23%
+23%
+ 3
2%
+ 3
2%
Q211
Q211
+38%
+38%
+ 3
7%
+ 3
7%
Order analysisOrder analysis
2010 2010 (SEK millions)(SEK millions)
Structural change, %Structural change, %
Currency effects,%Currency effects,%
Organic development, %Organic development, %
Total, %Total, %
6,1346,134
July July –– Sep 2011Sep 2011
+ + 16.1 16.1
-- 6.66.6
+ 21.2+ 21.2
+ 30.7+ 30.7
www.alfalaval.com© Alfa Laval Slide 5
Total, %Total, %
2011 2011 (SEK million)(SEK million) 8,0188,018
+ 30.7+ 30.7
15,0
18,0
21,0
24,0
1 125
1 350
1 575
1 800
SEK millions and in percent of salesSEK millions and in percent of sales
Adjusted EBITA / margin *Adjusted EBITA / margin *
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0,0
3,0
6,0
9,0
12,0
0
225
450
675
900
* Adjusted EBITA * Adjusted EBITA –– ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion item”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”s.”
Q211Q211Q109Q109 Q409Q409 Q110Q110 Q210Q210 Q310Q310 Q410Q410 Q111Q111 Q311Q311Q308Q308 Q408Q408 Q209Q209 Q309Q309
InterimInterim ReportReport Q3 2011Q3 2011
Mr. Lars RenströmMr. Lars RenströmPresident 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
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore. Order from petrochemical plant in Singapore. Alfa Laval will supply Alfa Laval will supply PackinoxPackinox heat exchangers to be used in a catalytic heat exchangers to be used in a catalytic
processing section. The order is worth approximately SEK 110 million and processing section. The order is worth approximately SEK 110 million and
delivery is scheduled for 2012.delivery is scheduled for 2012.
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 8
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.
Order for heat exchangers to be installed in the UAE’s first nuclear power Order for heat exchangers to be installed in the UAE’s first nuclear power
plant .The order is worth approximately SEK 60 million and deliveries plant .The order is worth approximately SEK 60 million and deliveries
scheduled to start in 2013 and be completed in 2018. scheduled to start in 2013 and be completed in 2018.
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 9
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.�� Energy efficiency order in China.Energy efficiency order in China.
Order to supply compact heat exchangers to a value of approximately Order to supply compact heat exchangers to a value of approximately
SEK 50 million, to a petrochemical plant in China. Delivery is scheduled SEK 50 million, to a petrochemical plant in China. Delivery is scheduled
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 10
SEK 50 million, to a petrochemical plant in China. Delivery is scheduled SEK 50 million, to a petrochemical plant in China. Delivery is scheduled for 2012.for 2012.
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.�� Energy efficiency order in China.Energy efficiency order in China.�� Natural gas order in the Middle East.Natural gas order in the Middle East.
Order for heat exchangers from a Japanese engineering company for a Order for heat exchangers from a Japanese engineering company for a
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 11
Order for heat exchangers from a Japanese engineering company for a Order for heat exchangers from a Japanese engineering company for a
new natural gas project in Qatar. The contract is worth approximately SEK new natural gas project in Qatar. The contract is worth approximately SEK
90 million and delivery is scheduled for 2012.90 million and delivery is scheduled for 2012.
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.�� Energy efficiency order in China.Energy efficiency order in China.�� Natural gas order in the Middle East.Natural gas order in the Middle East.�� Processing line for baby food production in India. Processing line for baby food production in India.
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 12
�� Processing line for baby food production in India. Processing line for baby food production in India. The order is for a variety of products for mixing, heating and cooling The order is for a variety of products for mixing, heating and cooling
operations, including heat exchangers and flow equipment. The value is operations, including heat exchangers and flow equipment. The value is
approximately SEK 100 million and delivery is scheduled for 2013.approximately SEK 100 million and delivery is scheduled for 2013.
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.�� Energy efficiency order in China.Energy efficiency order in China.�� Natural gas order in the Middle East.Natural gas order in the Middle East.�� Processing line for baby food production in India.Processing line for baby food production in India.
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 13
�� Processing line for baby food production in India.Processing line for baby food production in India.�� EnergyEnergy--efficiency order in Kazakhstan. efficiency order in Kazakhstan.
The order is worth approximately SEK 55 million and includes Alfa Laval The order is worth approximately SEK 55 million and includes Alfa Laval
PackinoxPackinox heat exchangers to a refinery. Delivery is scheduled for 2012.heat exchangers to a refinery. Delivery is scheduled for 2012.
Highlights during the quarterHighlights during the quarter
�� Order from petrochemical plant in Singapore.Order from petrochemical plant in Singapore.�� Heat exchanger order from South Korean contractor.Heat exchanger order from South Korean contractor.�� Energy efficiency order in China.Energy efficiency order in China.�� Natural gas order in the Middle East.Natural gas order in the Middle East.�� Processing line for baby food production in India.Processing line for baby food production in India.
Total large ordersTotal large orders SEK 525 SEK 525 MlnMln (270 (270 MlnMln))
www.alfalaval.com© Alfa Laval Slide 14
�� Processing line for baby food production in India.Processing line for baby food production in India.�� EnergyEnergy--efficiency order in Kazakhstan.efficiency order in Kazakhstan.�� Industrial wastewater treatment order in Canada. Industrial wastewater treatment order in Canada.
The order is for newly developed equipment for the cleaning of The order is for newly developed equipment for the cleaning of wastewater. The value totals approximately SEK 60 million and delivery is wastewater. The value totals approximately SEK 60 million and delivery is
scheduled for 2012.scheduled for 2012.
InterimInterim reportreport Q3 2011Q3 2011
Mr. Lars RenströmMr. Lars RenströmPresident 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
Orders received by customer segmentOrders received by customer segmentProcess Technology Division Process Technology Division July July –– September 2011, September 2011, at constant ratesat constant rates
��Oil & Gas lifted by continued Oil & Gas lifted by continued capacitycapacity--related investments related investments
��Continued high activity for Continued high activity for Process IndustryProcess Industry
��Very strong development in Very strong development in Food TechnologyFood Technology
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
++++
++++
++++
www.alfalaval.com
Slide 16
© Alfa Laval
FoodFood
Parts & ServiceParts & Service
++++
++++
Orders received by customer segmentOrders received by customer segmentEquipment Division, Equipment Division, July July –– September 2011, September 2011, at constant ratesat constant rates
Marine & DieselMarine & Diesel
====
++++
Industrial EquipmentIndustrial Equipment
www.alfalaval.com© Alfa Laval Slide 17
�� Sanitary and OEM affected Sanitary and OEM affected by the macroeconomic by the macroeconomic uncertainty uncertainty
�� Continued strong development for Continued strong development for Marine & DieselMarine & Diesel Parts & ServiceParts & Service====
SanitarySanitary
OEMOEM
−−−−
−−−−−−−−
Orders received by customer segmentOrders received by customer segment
Industrial EquipmentIndustrial Equipment
Marine & DieselMarine & Diesel
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
January January –– September 2011, September 2011, at constant ratesat constant rates
++++ ++++
++++++++
++++
www.alfalaval.com© Alfa Laval Slide 18
SanitarySanitary
OEMOEM
FoodFood
Parts & ServiceParts & Service++++
++++
++++
++++
InterimInterim ReportReport Q3 2011Q3 2011
Mr. Lars RenströmMr. Lars RenströmPresident 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
Orders received by RegionOrders received by RegionJuly July –– September 2011, September 2011, at constant ratesat constant rates
+32+32+9+9
+36+36
+64+64
www.alfalaval.com© Alfa Laval Slide 20
Cen
trC
en
tr. & E
ast
. & E
ast 7
7 %%
+30+30
North America North America
� Oil & Gas lifted by continued
capacity investments
� Base business had a good
Highlights AmericasHighlights AmericasJuly July –– September 2011, September 2011, at constant ratesat constant rates
+9+9
www.alfalaval.com© Alfa Laval Slide 21
� Base business had a good
development as did Parts & Service
Latin Latin America America
�� Growth reported for both divisionsGrowth reported for both divisions
�� Particularly strong development in Particularly strong development in
Process Industry, Food and Industrial Process Industry, Food and Industrial
EquipmentEquipment
+30+30
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. Nordic
�� Continued growth in the base Continued growth in the base
businessbusiness
�� Industrial Equipment , Marine Industrial Equipment , Marine
July July –– September 2011, September 2011, at constant ratesat constant rates
+32+32
+36+36
www.alfalaval.com© Alfa Laval Slide 22
�� Industrial Equipment , Marine Industrial Equipment , Marine
& Diesel and Process Industry & Diesel and Process Industry
performed the bestperformed the best
Central Central and Eastern Europe and Eastern Europe
�� Process Industry, Marine & Diesel and Process Industry, Marine & Diesel and
Food did particularly well Food did particularly well
�� Russia was the strongest performing Russia was the strongest performing
countrycountry
Highlights AsiaHighlights Asia
Asia Asia
�� Process Technology boosted by Process Technology boosted by
July July –– September 2011, September 2011, at constant ratesat constant rates
www.alfalaval.com© Alfa Laval Slide 23
�� Process Technology boosted by Process Technology boosted by
good project activitygood project activity
�� Marine showed continued growthMarine showed continued growth
�� Geographically the increase was Geographically the increase was
broadbroad--basedbased
Orders received by RegionOrders received by Region
Asia Asia 35 35 %%
Jan Jan –– September 2011, September 2011, at constant ratesat constant rates
+41+41+23+23
+24+24
+54+54
www.alfalaval.com© Alfa Laval Slide 24
Asia Asia 35 35 %%
+43+43
InterimInterim ReportReport Q3 2011Q3 2011
Mr. Thomas ThuressonMr. Thomas ThuressonCFOCFOAlfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
HighlightsHighlights
Order intake Order intake
Net salesNet sales
8,0188,018
7,5717,571
SEK millionsSEK millions JulyJuly –– September 2011September 2011
www.alfalaval.com© Alfa Laval Slide 26
Gross profit marginGross profit margin
40
50In percent of salesIn percent of sales
38.338.341.741.7
38.038.0
40.640.6
www.alfalaval.com© Alfa Laval
20
30
38.038.0
Q109Q109 Q309Q309 Q409Q409 Q110Q110 Q210Q210 Q310Q310 Q410Q410 Q111Q111 Q211Q211 Q311Q311Q308Q308 Q408Q408 Q209Q209
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
SEK millionsSEK millions JulyJuly –– September 2011September 2011
8,0188,018
7,571 7,571 1,4311,431
18.9%18.9%
1,1131,113
www.alfalaval.com© Alfa Laval Slide 28
Earnings per shareEarnings per share
EarningsEarnings
Earnings, excluding Earnings, excluding stepstep--upup
20112011
5.475.47
5.995.99
20102010
5.205.20
5.705.70
Jan Jan –– Sep. Sep. 20112011
1.841.84
2.052.05
20102010
1.781.78
1.951.95
July July –– Sep.Sep.
www.alfalaval.com© Alfa Laval Slide 29
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
SEK millionsSEK millions July July –– Sep. 2011Sep. 2011
8,0188,018
7,5717,571
1,4311,431
18.9% 18.9%
1,113 1,113
www.alfalaval.com© Alfa Laval Slide 30
Profit before taxProfit before tax
Cash flow from operating activitiesCash flow from operating activities
ROCEROCE
ROEROE
1,113 1,113
1,0311,031
31.8%31.8%
23.5%23.5%
Cash flow fromCash flow from
-- operating activitiesoperating activities
-- investing activitiesinvesting activities
Financial Financial net paidnet paid
CashCash--flow statement flow statement
SEK millionsSEK millions
Jan Jan –– Sep.Sep.
20112011
Jan Jan –– Sep.Sep.
20102010
+2138+2138
-- 5,2365,236
+ 141+ 141
+3,017+3,017
-- 646646
-- 1010
www.alfalaval.com© Alfa Laval Slide 31
TotalTotal
Pro Forma Pro Forma Free cashFree cash--flowflow****Incl. operating activities, capital expenditure and financial net paid.Incl. operating activities, capital expenditure and financial net paid.
1,9961,996 2,7802,780
--2,9572,957 2,3612,361
3Q Pro 3Q Pro Forma Forma Free cashFree cash--flow*flow* 783783 1,0521,052
Proposal to delist Alfa Laval India Ltd.Proposal to delist Alfa Laval India Ltd.
••On Sept. 19On Sept. 19thth, Alfa Laval announced the aim to achieve full ownership of its , Alfa Laval announced the aim to achieve full ownership of its
subsidiary Alfa Laval India Ltd and seek delisting.subsidiary Alfa Laval India Ltd and seek delisting.
•• To be able to complete the acquisition, two thirds of all minority shareholders, To be able to complete the acquisition, two thirds of all minority shareholders,
participating in a postal ballot, must back the proposal for delisting. Furthermore, participating in a postal ballot, must back the proposal for delisting. Furthermore,
minority shareholders together holding at least 50 percent of the public float, must minority shareholders together holding at least 50 percent of the public float, must
be willing to sell at the final price that Alfa Laval accepts, based on a reverse book be willing to sell at the final price that Alfa Laval accepts, based on a reverse book
building process. building process.
www.alfalaval.com
building process. building process.
••As part of the process a floor price has been established of INR 2 045 per share, As part of the process a floor price has been established of INR 2 045 per share,
equivalent to a total cost for Alfa Laval AB of SEK 583 million. The actual cost is equivalent to a total cost for Alfa Laval AB of SEK 583 million. The actual cost is
dependent on the fixing of the final price.dependent on the fixing of the final price.
••Once Alfa Laval reaches an Once Alfa Laval reaches an ownership of at least ownership of at least 94.4 percent, the company can 94.4 percent, the company can
go ahead and apply for delisting. go ahead and apply for delisting.
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effect
Transaction effectTransaction effect
TotalTotal
Estimated impact on adjusted EBITA from FX fluctuationsEstimated impact on adjusted EBITA from FX fluctuations
WY 11WY 11
-- 200200
--210210
--410410
WY WY 12*12*
--
--180180
--180180
9M 119M 11
--267267
--121121
--388388
Q3 11Q3 11
--6565
--4949
--114114
www.alfalaval.com© Alfa Laval Slide 33
TotalTotal
*Based on EUR/USD 1.34 and EUR/SEK 9.20*Based on EUR/USD 1.34 and EUR/SEK 9.20
--410410 --180180--388388--114114
Projected FXProjected FX--effect for 2011 as communicated with the Q2 report effect for 2011 as communicated with the Q2 report SEK SEK --455 million 455 million
Order backlog as per Sep. 30
SEK millionsSEK millions
10000
12000
14000
16000
13,19213,192
7,7057,705 8,6508,6505,7515,751
11,68911,689
15,06815,068
www.alfalaval.com© Alfa Laval Slide 34
For delivery For delivery in 2011in 2011
0
2000
4000
6000
8000
For delivery For delivery later than 2011later than 2011
5,9385,9385,4875,487 6,4186,418
20092009 20102010 20112011
SalesSalesFull year Full year 20112011
SEK (SEK (blnbln))
Full year 2010Full year 2010 24.724.7
FXFX--translation translation -- 1.51.5
SubtotalSubtotal 23.223.2
Orders “inOrders “in--forfor--out” ?out” ?
Price ?Price ?
www.alfalaval.com
Price ?Price ?
Acquisitions (Acquisitions (inclincl OlmiOlmi) ) ++ 0.70.7
Aalborg (8 months as 2010) + 2.0Aalborg (8 months as 2010) + 2.0
Full year 2011Full year 2011
InterimInterim ReportReport Q3 2011Q3 2011
Mr. Lars RenströmMr. Lars RenströmPresident 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
Outlook for the fourth quarterOutlook for the fourth quarter
“We expect that demand during “We expect that demand during
the fourth quarter 2011 will be in the fourth quarter 2011 will be in
www.alfalaval.com© Alfa Laval Slide 37
the fourth quarter 2011 will be in the fourth quarter 2011 will be in
line with or somewhat lower than line with or somewhat lower than
in the third quarter.” in the third quarter.”
www.alfalaval.com© Alfa Laval Slide 38