Alfa Laval Ab · OMXSTO:ALFA
Alfa Laval Ab — Q1 2008 Earnings Presentation
36 slides from Alfa Laval Ab's earnings presentation, 2008
Slide 1: www.alfalaval.com
© Alfa Laval Slide 1 www.alfalaval.com
Slide 2: Interim Report Q1 2008
Interim Report Q1 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials Mr. Lars Renström - Outlook President and CEO Alfa Laval Group
Slide 3: Key figures
Key figures January – March 2008 Å Orders received up 9% to SEK 7,433 million. Å Net sales up 24% to SEK 6,267 million. Å Adjusted EBITA up 69% SEK 1,410 million. - Negative currency effect SEK 44 million. © Alfa Laval Slide 3 www.alfalaval.com
Slide 4: Orders received
Orders received SEK millions SEK millions R 12 8 000 32 000 7 000 28 000 6 000 24 000 5 000 20 000 4 000 16 000 3 000 12 000 2 000 8 000 +9% +30% 0% Q106 +28% Q107 +36% Q405 +23% Q207 +13% + 5% Q206 +35% Q306 +17% Q406 +40% Q205 + 9% Q305 +25% 1 000 4 000 0 0 Q307 Q407 Q108 Q105 = rolling twelve mon
Slide 5: Order analysis
Order analysis Jan – March 08 2007 (SEK millions) 7,005 Structural change, % + 3 Currency effects,% - 3 Organic development, % + 6 Total, % + 6 2008 (SEK million) 7,433 © Alfa Laval Slide 5 www.alfalaval.com
Slide 6: 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 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 * Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step u
Slide 7: Interim Report Q1 2008
Interim Report Q1 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials Mr. Lars Renström - Outlook President and CEO Alfa Laval Group
Slide 8: Highlights during the quarter
Highlights during the quarter Large orders, total SEK 390 million (435) Å High capacity plate heat exchanger to Middle East. Order value SEK 100 million . Delivery during 2008. © Alfa Laval Slide 8 www.alfalaval.com
Slide 9: Highlights during the quarter
Highlights during the quarter Large orders Å High capacity plate heat exchanger to Middle East. Å Power order from Middle East. Order value SEK 100 million. Delivery during 2008. © Alfa Laval Slide 9 www.alfalaval.com
Slide 10: Highlights during the quarter
Highlights during the quarter Large orders Å High capacity plate heat exchanger to Middle East. Å Power order in Middle East. Å Wins power order in China. Order value SEK 50 million. Delivery during 2009. © Alfa Laval Slide 10 www.alfalaval.com
Slide 11: Highlights during the quarter
Highlights during the quarter Large orders Å High capacity plate heat exchanger to Middle East. Å Power order in Middle East. Å Wins power order in China. Å Refinery order in Middle East. Order value SEK 50 million. Delivery during 2009. © Alfa Laval Slide 11 www.alfalaval.com
Slide 12: Highlights during the quarter
Highlights during the quarter Large orders Å High capacity plate heat exchanger to Middle East. Å Power order in Middle East. Å Wins power order in China. Å Refinery order in Middle East. Å Wins another power order in China. Order value SEK 90 million. Delivery during 2010. © Alfa Laval Slide 12 www
Slide 13: Interim Report Q1 2008
Interim Report Q1 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials Mr. Lars Renström - Outlook President and CEO Alfa Laval Group
Slide 14: Orders received by Segment
Orders received by Segment January – March 2008, at constant rates + Comfort & Refrigeration Parts & Service + + Marine & Diesel Life Science − Process Industry − + Fluids & Utility − OEM Energy & Environment + − Sanitary Food + © Alfa Laval Slide 14 www.alfalaval.com
Slide 15: Orders received by Segment: Process Technology Division
Orders received by Segment The Process Technology Division, January – March 2008, at constant rates and for comparable units Life Science − Å Best quarter ever! Process Industry − Å Both Oil & Gas and the Power business has been very good. Energy & Environment + Å Very low activity level in biofuels
Slide 16: Orders received by Segment: Equipment Division
Orders received by Segment The Equipment Division, January – March 2008, at constant rates and for comparable units Å Continued good growth in + Comfort & Refrigeration both Marine & Diesel and Comfort & Refrigeration Å OEM on a lower level + Marine & Diesel due to the heat pump industry in Europe +
Slide 17: New products
New products 0 % +3 Alfa Laval Phoenix - new system for treatment of waste water from offshore installations © Alfa Laval Slide 17 www.alfalaval.com
Slide 18: Interim Report Q1 2008
Interim Report Q1 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials Mr. Lars Renström - Outlook President and CEO Alfa Laval Group
Slide 19: Orders received by Region
Orders received by Region January – March 2008, at constant rates L. Ame No rth rica 6 Am Ot -1 he eric r2 -3 +10 % % 14a -18 +33 % Western Europe 24 % Asia 37 % Centr +27 . & Ea Nord ic st 8 % 9% © Alfa Laval Slide 19 www.alfalaval.com
Slide 20: Orders received by Region
Orders received by Region January – March 2008, at constant rates L. Ame No rth rica 6 Am Ot -1 he eric r2 -3 +10 % % 14a -18 +33 % Western Europe 24 % Asia 37 % Centr +27 . & Ea Nord ic st 8 % 9% © Alfa Laval Slide 20 www.alfalaval.com
Slide 21: Highlights Americas
Highlights Americas January – March 2008, at constant rates North America Å Good development in Equipment division and Parts & Service -18 Å Base orders were on the same level as last year. Latin America Å Good development, especially for +27 the Process Technology division Å Best growth in Energy &
Slide 22: Highlights Europe
Highlights Europe January – March 2008, at constant rates Western Europe incl. Nordic -1 Å Good development in Equipment division and Parts & Service. -3 +10 Å Base business on the same level as last year. Central and Eastern Europe Å Good overall growth, especially in Energy & Environment and Parts
Slide 23: Highlights Asia
Highlights Asia January – March 2008, at constant rates Asia Å Best growth in Middle East, China and India. +33 Å Energy & Environment and Marine had the strongest development. © Alfa Laval Slide 23 www.alfalaval.com
Slide 24: Interim Report Q1 2008
Interim Report Q1 2008 - Orders received and margins - Highlights - Development per segment - Geographical development - Financials Mr. Thomas Thuresson - Outlook CFO Alfa Laval Group
Slide 25: Highlights
Highlights SEK millions Jan – Mar 08 Order intake 7,433 Net sales 6,267 © Alfa Laval Slide 25 www.alfalaval.com
Slide 26: Gross profit margin
Gross profit margin In percent of sales 50 40 42.9 38.9 38.9 37.0 30 20 Q105 Q205 Q305 Q405 Q106 Q206 Q306 Q406 Q107 Q207 Q307 Q407 Q108 © Alfa Laval Slide 26 www.alfalaval.com
Slide 27: Highlights
Highlights SEK millions Jan – Mar 08 Order intake 7,433 Net sales 6,267 Adjusted EBITA 1,410 Adjusted EBITA-margin 22.5% Profit before tax 1,256 © Alfa Laval Slide 27 www.alfalaval.com
Slide 28: Earnings per share
Earnings per share Jan - Mar 2008 2007 Earnings 8.26 4.11 Earnings, excluding step-up 8.77 4.63 © Alfa Laval Slide 28 www.alfalaval.com
Slide 29: Repurchase of shares
Repurchase of shares Mandate to repurchase 10 percent of the issued shares Q1 08 Q2 07 – Q1 08 Number of repurchased shares 1,084,200 4,686,739 Percentage of outstanding shares 1.0 4.2 Decrease of equity capital* 367 1,864 Proposed AGM resolutions: Å Cancellation of 4.3 million shares Å New mandate
Slide 30: Highlights
Highlights SEK millions Jan – Mar 08 Order intake 7,433 Net sales 6,267 Adjusted EBITA 1,410 Adjusted EBITA-margin 22.5% Profit before tax 1,256 Cash flow from operating activities 729 ROCE 57.6% ROE 48.0% © Alfa Laval Slide 30 www.alfalaval.com
Slide 31: Cash-flow statement
Cash-flow statement Q1 Q1 SEK millions 2008 2007 Cash flows from - operating activities 729 550 - investing activities - 134 - 146 Financial net paid 16 - 32 Total 611 372 Pro Forma Free-cash-flow* 651 464 *Incl. operating activities, capital expenditure (excl. product rights), provisions and financ
Slide 32: Foreign exchange
Foreign exchange Estimated impact on adjusted EBITA from Fx. fluctuations SEK million Q1 2008 WY 08* WY 09* Translation effect - 24 - 75 - Transaction effect - 20 - 160 - 225 Total - 44 - 235 - 225 *Based on EUR/USD 1.58 and EUR/SEK 9.35 © Alfa Laval Slide 32 www.alfalaval.com
Slide 33: Order backlog as per March 31
Order backlog as per March 31 SEK millions 18000 16000 15,543 13,831 14000 12000 9,833 5,725 10000 5,051 8000 2,940 6000 4000 2000 6,893 8,780 9,818 0 2006 2007 2008 For delivery next year or later For delivery during rest of current year © Alfa Laval Slide 33 www.alfalaval.com
Slide 34: Interim Report Q4 2007
Interim Report Q4 2007 - Orders received and operating margin - Highlights - Development per segment - Geographical development - Financials Mr. Lars Renström - Outlook President and CEO Alfa Laval Group
Slide 35: Outlook for the near future
Outlook for the near future “Alfa Laval expects the demand to remain on the current high level.” © Alfa Laval Slide 35 www.alfalaval.com
Slide 36: www.alfalaval.com
© Alfa Laval Slide 36 www.alfalaval.com