The ANDRITZ GROUPatl.g.andritz.com/c/com2011/00/02/51/25155/1/1/0/... · 2017. 3. 2. · Group...
Transcript of The ANDRITZ GROUPatl.g.andritz.com/c/com2011/00/02/51/25155/1/1/0/... · 2017. 3. 2. · Group...
Company presentation May 2013The ANDRITZ GROUP
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Contents
ANDRITZ GROUP overview
Results Q1 2013
Long-term goals and outlook
Company presentation May 2013
HYDRO35-40%*
Systems and equipment for production of pulp, paper, tissue, and board; energy boilers; produc-tion equipment for bio-fuel/biomass; plants for production of nonwovens and plastic films
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* Average share of ANDRITZ GROUP’s total order intake
Electromechanical equipment for hydro-power plants (turbines and generators); pumps (e.g. for water transport and irrigation); turbo-generators for thermal power stations
Equipment for solid/liquid separation for municipalities and various industries; systems and equipment for production of animal feed pellets
PULP & PAPER25-30%*
SEPARATION10%*
Presses for metal-forming; systems for production and process-ing of stainless steel, carbon steel, and non-ferrous metal strip; in-dustrial furnaces; resis-tance welding equipment
METALS25%*
Company profileA world market leader in most business areas
Company presentation May 2013
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Sales of the ANDRITZ GROUP (MEUR)
1.2251.481
1.744
2.7103.283
3.6103.198
3.554
4.5965.177
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Strengthening of market positionGrowth through organic expansion and acquisitions
Company presentation May 2013
Recent acquisitions by business area
2011 AE&E Austria2011 Iggesund Tools2011 Tristar Industries2011 Asselin-Thibeau2012 AES
METALS1997 Sundwig1998 Thermtec2000 Kohler2002 SELAS SAS Furnace Div.2004 Kaiser2005 Lynson2008 Maerz2012 Bricmont2012 Soutec2013 Schuler (> 90%)2013 FBB Engineering
SEPARATION1992 TCW Engineering1995 Jesma-Matador1996 Guinard2000 UMT2002 3SYS2004 Bird Machine2004 NETZSCH Filtration2004 Fluid Bed Systems2005 Lenser Filtration2006 CONTEC Decanter2009 Delkor Capital Equipment2009 Frautech2010 KMPT2012 Gouda2013 Shende Machinery (80%)
HYDRO2006 VA TECH HYDRO2007 Tigép2008 GE Hydro business2008 GEHI (JV)2010 Precision Machine2010 Hammerfest Strøm (59%)2010 Ritz2011 Hemicycle Controls
PULP & PAPER1990 Sprout-Bauer1992 Durametal1994 Kone Wood1998 Kvaerner Hymac1999 Winberg2000 Ahlstrom Machinery2000 Lamb Baling Line2000 Voith Andritz Tissue LLC (JV)2002 ABB Drying2003 IDEAS Simulation 2003 Acutest Oy2003 Fiedler2004 EMS (JV)2005 Cybermetrics2005 Universal Dynamics Group2006 Küsters2006 Carbona2006 Pilão2007 Bachofen + Meier2007 Sindus2008 Kufferath2009 Rollteck2010 Rieter Perfojet2010 DMT/Biax
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013
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Strong net cash positionStable development despite acquisitions
77 103 55220
384 366 247409
678
1,1771,401 1,286
885
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013Net liquidity as of end of period (MEUR)
Rollteck
Frautech
Delkor
Ahlströmrem. 50%
Guinardrem. 50%
Fläkt
Selas
Fiedler
IDEAS
Acutest
Thermtecrem. 24.5%
Kaiser
AFSR
Netzsch
Bird
Lenser
Universal
Lynson
VA TECH HYDRO
Kuesters
BMB
Tigép
Sindus
GE Hydro
GEHI
Kufferath
Maerz
AE&E Austria Iggesund
Tools Tristar
Industries Asselin-
Thibeau Hemi-
cycle Controls Hammer-
fest (59%)
DMT/Biax
Rieter Perfojet
Precision Machine
KMPT
Ritz
Hammer-fest (33%)
* Paid out after AGM for the previous year
Dividend* (MEUR):11.5 11.7 12.9 18.0 25.6 38.7 51.1 56.3 51.7 86.9 113.6
Bricmont
Soutec
Schuler(~25%)
AES
Gouda
3.0 124
Schuler(>65%)
Shende Machinery (80%)
FBB
Company presentation May 2013
Foto
: BM
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Contents
ANDRITZ GROUP overview
Results Q1 2013
Long-term goals and outlook
Company presentation May 2013
Key figures Q1 2013 at a glance
Q1 2013 Q1 2012 +/-
Order intake: solid level ‒ however, declinecompared to high reference figure of last year
1,288 MEUR (thereofSchuler: 96 MEUR)
1,361 MEUR -5%
Order backlog (as of end of period): substantial increase due to Schuler
7,844 MEUR (thereofSchuler: 1,126 MEUR)
7,035 MEUR +12%
Sales: slight decline mainly due to PULP & PAPER (provisions for pulp mill project in South America)
1,164 MEUR (thereofSchuler: 109 MEUR)
1,186 MEUR -2%
EBITA and EBITA margin: strong decrease mainly dueto PULP & PAPER EBITA: EBITA margin:
14 MEUR 1.2%
73 MEUR 6.1%
-80%-
Balance sheet March 31, 2013 Dec. 31, 2012 +/-
Equity ratio: decline due to Schuler acquisition 15.8% 20.0% -
Net liquidity: continuing high cash position despite Schuler acquisition 885 MEUR 1,286 MEUR -31%
Net working capital: stable at solid level -586 MEUR -632 MEUR -7%The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available
Company presentation May 20137
1,1861,164
Q1 2012 Q1 2013
Group sales (MEUR)
Sales slightly down ‒ strong decline in PULP & PAPER dueto significant sales contribution of large pulp projects in Q1 2012
Q1 2013
PULP & PAPER: -20%
METALS: +126% (+3% ex Schuler)
SEPARATION: -1%
HYDRO: -6%
-2%
Sales by business area Q1 2012 vs. Q1 2011
thereofSchuler: 109
The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available. The FEED & BIOFUEL business area was allocated to the SEPARATION business area as of January 1, 2013; the reference figures for the previous year were adjusted accordingly.
Company presentation May 20138
1,3611,288
Q1 2012 Q1 2013
Solid order intake ‒ however, declinecompared to high reference figure of last year
Q1 2012
PULP & PAPER: -20%
METALS: +125%(-25% ex Schuler)SEPARATION: -14%
HYDRO: -4%
Group order intake (MEUR) Order intake by business area Q1 2012 vs. Q1 2011
thereofSchuler: 96
-5%
Company presentation May 20139
The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available. The FEED & BIOFUEL business area was allocated to the SEPARATION business area as of January 1, 2013; the reference figures for the previous year were adjusted accordingly.
Sales Q1 2013 Q1 2012
Europe 45% 37%
North America 15% 13%
South America 15% 25%
Asia (without China) 11% 13%
China 10% 9%
Others 4% 3%
Order intake and sales by regionWell-balanced geographical exposure
Order intake Q1 2013 Q1 2012
Europe 42% 47%
North America 13% 13%
South America 7% 15%
Asia (without China) 25% 10%
China 7% 7%
Others 6% 8%
Europe + North America: 60% Emerging markets: 36% Others: 4%
Europe + North America: 55% Emerging markets: 39% Others: 6%
Company presentation May 201310
5,291
6,683 7,035 6,615
7,844
2010 2011 March 31,2012
2012 March 31,2013
Group order backlog as of end of period (MEUR)
March 31, 2013
PULP & PAPER: -14%
METALS: +225%(-14% ex Schuler)SEPARATION: -4%
HYDRO: +2%
Order backlog by business area Q1 2013 vs. Q1 2012 (as of end of period)
Order backlog significantly up due to Schuler
+19%
March 31, 2013 vs.March 31, 2012: +12%
thereofSchuler:
1,126
Company presentation May 201311
The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available. The FEED & BIOFUEL business area was allocated to the SEPARATION business area as of January 1, 2013; the reference figures for the previous year were adjusted accordingly.
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Q1 2012 Q1 2013
EBITA (MEUR) EBITA margin (%)
EBITA and margin significantly downdue to PULP & PAPER and SEPARATION
-80%
6.1
1.2
Q1 2012 Q1 2013
EBITA, at 14.2 MEUR, decreased by 80% versus Q1 2012 (72.5 MEUR), thus declining significantly more than sales
EBITA in PULP & PAPER down to -23.7 MEUR (30.4 MEUR in Q1 2012)
EBITA in SEPARATION declined to -2.1 MEUR (7.7 MEUR in Q1 2012) due to cost overruns (technical problems related to market launch of some new products in China)
The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available
Company presentation May 201312
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Significant drop in earningsdue to provisions in PULP & PAPER
EBITA in PULP & PAPER down to -23.7 MEUR in Q1 2013 (Q1 2012: 30.4 MEUR) due to mid-double-digit
provisions related to substantial cost overruns on a pulp mill project in South America
ANDRITZ believes that certain parts of these additional costs are not within its responsibility and will pursue
to get reimbursed
From today’s point of view, the current provision level is expected to be sufficient; however, further
provisions in the coming quarters cannot be excluded
Company presentation May 2013
Key figures Q1 2013 at a glance
Financial result Decrease due to: Interest rate
swap for bond 2012
Generally lower interest rates
Reduced net liquidity
Company presentation May 2013
Unit Q1 2013 Q1 2012 +/- 2012
Order intake MEUR 1,288.3 1,361.2 -5.4% 4,924.4
Order backlog (as of end of period) MEUR 7,844.3 7,034.7 +11.5% 6,614.8
Sales MEUR 1,163.8 1,185.7 -1.8% 5,176.9
EBITDA MEUR 32.0 86.5 -63.0% 418.6
EBITA MEUR 14.2 72.5 -80.4% 357.8
EBIT MEUR 3.1 66.7 -95.4% 334.5
EBT MEUR 2.0 70.1 -97.1% 331.6
Financial result MEUR -1.1 3.5 -131.4% -2.8
Net income (including non-controlling interests) MEUR 1.8 50.4 -96.4% 242.2
Cash flow from operating activities MEUR -79.7 37.2 -314.2% 346.5
Capital expenditure MEUR 21.4 19.5 +9.7% 109.1
EBITDA margin % 2.7 7.3 - 8.1
EBITA margin % 1.2 6.1 - 6.9
EBIT margin % 0.3 5.6 - 6.5
Employees (as of end of period; without apprentices) - 23,660 17,063 +38.7% 17,865
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The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available
HYDROSolid business development
Solid market conditions: Solid project activity for modernization/rehabilitation of existing hydropower plants in Europe and North
America; however, lower market volume compared to previous record years Good investment activity for new hydropower plants in emerging markets Satisfactory investment activity for small-scale hydropower plants and pumps
Order intake almost reached very high level of Q1 2012
Slight decline in sales; earnings and margin down
Company presentation May 2013
Unit Q1 2013 Q1 2012 +/- 2012Order intake MEUR 574.2 597.5 -3.9% 2,008.4
Order backlog (as of end of period) MEUR 3,983.8 3,907.6 +2.0% 3,842.3
Sales MEUR 381.2 403.4 -5.5% 1,836.8EBITDA MEUR 34.0 37.2 -8.6% 182.4
EBITDA margin % 8.9 9.2 - 9.9
EBITA MEUR 26.6 30.2 -11.9% 153.2EBITA margin % 7.0 7.5 - 8.3
Employees (as of end of period; without apprentices) - 7,590 7,379 +2.9% 7,469
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PULP & PAPERHighly disappointing earnings development
Satisfactory, however very competitive market conditions: In spite of unfavorable macroeconomic environment, unchanged solid project activity for pulp mill
modernizations/capacity increases (mainly for small- and medium-sized projects) Favorable investment activity for recovery boilers Very competitive bidding for large projects
Order intake below high reference figure of last year
Substantial decline in sales due to significant sales contribution of two large pulp projects in Q1 2012; earnings strongly down due to provisions related to cost overruns for a pulp mill project in South America
Company presentation May 2013
Unit Q1 2013 Q1 2012 +/- 2012Order intake MEUR 423.5 529.4 -20.0% 1,962.4
Order backlog (as of end of period) MEUR 1,978.5 2,290.4 -13.6% 2,018.1
Sales MEUR 452.4 563.5 -19.7% 2,282.2EBITDA MEUR -18.1 35.3 -151.3% 156.2
EBITDA margin % -4.0 6.3 - 6.8
EBITA MEUR -23.7 30.4 -178.0% 134.6EBITA margin % -5.2 5.4 - 5.9
Employees (as of end of period; without apprentices) - 6,903 6,381 +8.2% 6,774
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METALSFirst-time consolidation of Schuler
Different market conditions in metals-related industries: Unchanged very low project activity in the stainless steel industry due to ongoing overcapacities and
related limited capex Satisfactory project activity in carbon steel and for industrial furnaces Solid investment activity in automotive and automotive supplier industries; however, signs of slowing
demand in the automobile sector
Order intake and sales up due to Schuler; ex Schuler, order intake declined due to weak market environment in the stainless steel industry – however, sales ex Schuler slightly up
Earnings and margin up, mainly due to Schuler
Company presentation May 2013
Unit Q1 2013 Q1 2012 +/- 2012Order intake MEUR 144.5 64.3 +124.7% 324.2
Order backlog (as of end of period) MEUR 1,531.2 471.1 +225.0% 451.4
Sales MEUR 202.0 89.4 +126.0% 404.7EBITDA MEUR 15.7 4.7 +234.0% 28.0
EBITDA margin % 7.8 5.3 - 6.9
EBITA MEUR 13.4 4.2 +219.0% 25.1EBITA margin % 6.6 4.7 - 6.2
Employees (as of end of period; without apprentices) - 6,370 998 +538.3% 1,129
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The Schuler Group was consolidated into the consolidated financial statements of the ANDRITZ GROUP as of March 1, 2013; for the reference period of last year, no pro-forma figures are available
* As of December 31, 2012 ** Including Müller Weingarten Group April 1-September 30
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Global market leader for metal forming equipment (complete pressing lines, single presses, automation systems, and services)
Main end customer industries: automotive and automotive suppliers (~75%), packaging, household appliances, minting, aerospace (~25%)
Annual sales: ~1.1 bn. EUR
Backlog*: ~1.1 bn. EUR
~5,500 employees* in more than 40 countries
Sales by region*:
Order intake, sales, and EBITDA margin of Schuler Group
Schuler: Global leader in metal forming technology,broadening ANDRITZ’s product range in METALS
Company presentation May 2013
Germany 34%Europe (without Germany) 18%Asia 31%America 17%
836
1,006
591
818
1,319 1,301
335
725
966823
650
959
1,226
279
10.3
6.7
-0.4
4.6
8.8 9.69.0
-2.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
200
400
600
800
1,000
1,200
1,400
2006/07** 2007/08 2008/09 2009/10 2010/11 2011/12 Q1 2012/2013
Order intake (MEUR) Sales (MEUR) EBITDA margin (%)
CAGR order intake: +9% CAGR sales: +11% EBITDA margin: avg. 6.9%
SEPARATIONUnsatisfactory business development
Different market conditions: Solid investment activity for solid/liquid separation equipment in municipal and industrial waste water
treatment sectors and in the food and chemical industries Mining and minerals industries negatively impacted by both volatility of metal prices and economic
slowdown in some regions, leading to several project delays and cancellations Good project activity in the animal, aquatic, and pet food industries, focusing on South America and Asia
Order intake declined; sales slightly down
Earnings and margin significantly declined due to cost overruns (technical problems related to market launch of some new products in China)
The FEED & BIOFUEL business area was allocated to the SEPARATION business area as of January 1, 2013; the reference figures for the previous year were adjusted accordingly.
Company presentation May 2013
Unit Q1 2013 Q1 2012 +/- 2012Order intake MEUR 146.1 170.0 -14.1% 629.4
Order backlog (as of end of period) MEUR 350.8 365.6 -4.0% 303.0
Sales MEUR 128.2 129.4 -0.9% 653.2EBITDA MEUR 0.4 9.3 -95.7% 52.0
EBITDA margin % 0.3 7.2 - 8.0
EBITA MEUR -2.1 7.7 -127.3% 44.9EBITA margin % -1.6 6.0 - 6.9
Employees (as of end of period; without apprentices) - 2,796 2,305 +21.3% 2,493
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20
Contents
ANDRITZ GROUP overview
Results Q1 2013
Long-term goals and outlook
Company presentation May 2013
4.75.2 5.3 5.1
6.3 6.1 6.1 6.4 6.5
5.1
7.2 7.2 6.9
9371,319 1,110 1,225
1,4811,744
2,7103,283 3,610
3,198
3,554
4,5965,177 ~5,000 ~5,000
0
1,000
2,000
3,000
4,000
5,000
6,000
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013E 2014E
EBITA margin (%) Sales (MEUR)
*
0
2010 et seq.: 7.0% over the cycle
* Including restructuring expenses
2005-2009: avg. 6.0% 2000-2004: avg. 5.3%
Target to continue long-term profitable growth 7.0% EBITA margin over the cycle
21 Company presentation May 2013
Outlook 2013
Expectations for the Group Increase in sales, mainly due to consolidation of Schuler
Net income expected to decrease due to earnings decline in PULP & PAPER and scheduled amortization of intangible assets related to acquisition of Schuler
Expectations for the business areasHYDRO Solid project activity for modernizations and new hydropower stations to continue
PULP & PAPER Good project activity for modernizations/capacity increases as well as for power/biomass boilers; solid pipeline of greenfield pulp mills – however, stiff price competition expected for these large-scale projects
METALS Project activity for stainless steel equipment to remain at low level; somewhat improving conditions in carbon steel
Global automotive market expected to cool down
SEPARATION Satisfactory project activity for both municipal and industrial applications; investment activity in feed and biomass expected to remain solid
Macroeconomic environment
No major change expected with regard to macroeconomic development for the remainder of 2013
22 Company presentation May 2013
23
Certain statements contained in this presentation constitute “forward-looking statements.” These statements, which contain the words “believe”, “intend”, “expect” and words of similar meaning, reflect management’s beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially.
As a result, readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to publicly announce the result of any revisions to the forward-looking statements made herein, except where it wouldbe required to do so under applicable law.
All figures according to IFRS.
Due to the utilization of automatic calculation programs, differences can arise in the addition of rounded totals and percentages.
MEUR = million euros.
Disclaimer
Company presentation May 2013