Alimak Group Ab · OMXSTO:ALIG
Alimak Group Ab — FY2015 Earnings Presentation
25 slides from Alimak Group Ab's earnings presentation, Feb 25, 2016
Slide 1: Fourth Quarter and Full Year 2015
Fourth Quarter and Full Year 2015 Tormod Gunleiksrud, CEO Stefan Rinaldo, CFO February 25, 2016 1
Slide 2: Continued profitable growth in 2015
Continued profitable growth in 2015 • Strengthened global market position • Weakened industrial demand in upstream oil & gas and mining • Profitable growth in line with financial targets 2
Slide 3: Full Year 2015 summary
Full Year 2015 summary • Order intake + 18% • +8% in local currencies • Revenues + 17% • +7% in local currencies • EBIT (adj.) +11% • +9% in local currencies • EBIT-margin (adj.) 17.2% (18.2) • 18.4% (18.2) in local currencies Note: EBIT Adjusted (adj.) means before non recurring expenses 3
Slide 4: Business Areas - Share of total Revenue & EBIT
Business Areas - Share of total Revenue & EBIT Revenues Full Year 2015 – share of group total (last year) Construction Equipment 27% (19%) Industrial Equipment 24% (31%) Rental 15% (16%) After Sales 34% (34%) EBIT (adj.) 2015 – share of group total (last year) Construction Equipment 17% (-1%) Indust
Slide 5: Q4 2015 summary
Q4 2015 summary • Order intake -5% • -9% in local currencies • Revenue + 13% • +8% in local currencies • EBIT (adj.) -4% • -1% in local currencies • EBIT-margin (adj.) 17.8% (21.0) • 19.1% (21.0) in local currencies Note: EBIT Adjusted (adj.) means before non recurring expenses 5
Slide 6: Market development – Q4
Market development – Q4 • Positive development in construction industry in most markets, China excluded • Industrial sector under pressure from weak demand in upstream oil & gas and mining • Opportunities in other industrial segments 6
Slide 7: Business Area Construction Equipment
Business Area Construction Equipment • Strong growth in Australia, US, Middle East and South East Asia Revenue EBIT • Expanded sales network in Asia, Africa, Eastern 200 30 Europe and Middle East 156 150 20 97 20 • Broader product portfolio with midmarket offering, 100 10 new sales tools and lower p
Slide 8: Business Area Industrial Equipment
Business Area Industrial Equipment • Weak demand in upstream oil & gas and mining • EBIT impact from volume and product mix Revenue EBIT (adj.) • Expanded distributor network and sales coverage 200 177 168 60 42 150 • Sales force redirected to growth segments; ports, 100 40 20 16 power, cement and c
Slide 9: Business Area Rental
Business Area Rental • Lower order intake due to project variations in Germany and US (vs. strong Q4 2014) Revenue EBIT • Strong revenue and margins in Q4, driven by 100 75 86 15 12 operational excellence initiatives and higher 10 50 utilization 5 5 Order intake 0 0 • MSEK 50 (61), -19% 2014 Q4 2015
Slide 10: Business Area After Sales
Business Area After Sales • Stable development in mature markets except for upstream oil & gas Revenue EBIT • Launched efficiency programs in upstream oil & 200 169 177 80 60 57 gas to improve margins 150 60 100 40 • Continued penetration of installed base in 50 20 construction market 0 0 Order inta
Slide 11: Group financials
Group financials Stefan Rinaldo, CFO 11
Slide 12: Order intake Q4 2015
Order intake Q4 2015 Order intake (MSEK) • Order intake MSEK 426 (447) -5% • -10% in local currencies • Strong growth in Construction Equipment • Weak upstream oil & gas impacts on order intake in Industrial Equipment and After 447 Sales 426 401 Q4 2013 Q4 2014 Q4 2015 12
Slide 13: Revenues Q4 2015
Revenues Q4 2015 • Revenue MSEK 588 (518), +13% of which Revenues (MSEK) • +8% in local currencies • Positive effect from delayed Q3 deliveries • Strong finish of 2015 in Construction Equipment and Rental 588 • Revenue down in Industrial Equipment. 518 Sverdrup project well under execution, supporti
Slide 14: EBIT (adj.) Q4 2015
EBIT (adj.) Q4 2015 EBIT (MSEK) • EBIT MSEK 104 (109) 109 104 • EBIT in local currencies MSEK 107 (109) 90 • EBIT margin 17.8% (21.0) • EBIT margin in local currencies 19.1% (21.0) • Lower EBIT vs. last year due to: Q4 2013 Q4 2014 Q4 2015 • Volume and margin development within EBIT Margin (%) Indus
Slide 15: Order intake Full Year 2015
Order intake Full Year 2015 Order intake (MSEK) • Order intake MSEK 2,109 (1,790), +18% • +8% in local currencies • Growth in all business areas 2109 1790 1561 FY 2013 FY 2014 FY 2015 15
Slide 16: Revenues Full Year 2015
Revenues Full Year 2015 • Revenue MSEK 2,036 (1,743), +17% of Revenues (MSEK) which • +7% in local currencies • Strong revenue growth in Construction Equipment and good growth in Rental and After Sales 2036 • Lower revenue in Industrial Equipment 1743 1517 FY 2013 FY 2014 FY 2015 16
Slide 17: EBIT (adj.) Full Year 2015
EBIT (adj.) Full Year 2015 EBIT (MSEK) • EBIT 350 MSEK (317), +11% • In local currencies 344 MSEK (317), +9% • EBIT increase vs. last year due to: • Increased revenue • Margin improvements in Construction 350 317 Equipment and Rental 275 • EBIT-margin 17.2% (18.2) • In local currencies 18.4% (18.2)
Slide 18: Cash flow and Net Debt Full Year 2015
Cash flow and Net Debt Full Year 2015 Cash Flow (MSEK) • Strong financial position • Cash flow from operating activities 310 MSEK 240 (310) 27.3 • Cash conversion 68% (92) 240 • Net debt, MSEK 371 (556) • Leverage (Net debt/EBITDA ratio) at 1.1 (1.7) Full Year 2014 Full Year 2015 Note: Cash conversi
Slide 19: EPS Q4 and Full Year 2015
EPS Q4 and Full Year 2015 EPS (SEK) Q4 EPS (SEK) Full Year 2015 1,66 27.3 3,12 1,07 0,33 Q4 14* Q4 15 Full Year 14* Full Year 15 *Calculated based on the existing number of shares, 43 326 289 19
Slide 20: Dividend proposal 2015
Dividend proposal 2015 • Proposed dividend: 2,00 SEK per share 20
Slide 21: Outlook 2016
Outlook 2016 Tormod Gunleiksrud, CEO 21
Slide 22: Outlook 2016
Outlook 2016 • Challenging market conditions in oil & gas and mining impacting growth during 2016 • Growth initiatives in place • Close monitoring of cost base to maintain EBIT-margin 22
Slide 23: Priorities 2016
Priorities 2016 • Expanding sales and distributor network • Repositioning of sales and service organisation to growing segments • Development of product portfolio • Continued review of M&A opportunities in attractive niches 23
Slide 24: Q&A
Q&A 24
Slide 25: Disclaimer statement
Disclaimer statement “Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially affected by other factors for example, the effect of economic conditions, exchange- rate