Alimak Group Ab · OMXSTO:ALIG
Alimak Group Ab — Q4 2022 Earnings Presentation
27 slides from Alimak Group Ab's earnings presentation, Feb 17, 2023
Slide 1: Alimak Group Q4 and FY 2022
Alimak Group Q4 and FY 2022, 17 February 2023 Ole Kristian Jødahl, CEO Sylvain Grange, CFO
Slide 2: Accelerating profitable growth Q4
Business update – Q1 FOR INTERNAL USE ONLY Accelerating profitable growth Q4 § Strong order intake and earnings § Strong cash flow § Successful closing of the Tractel acquisition, consolidated as of November 21. Integration well under way § Good momentum entering 2023 despite challenging macro and g
Slide 3: Group quarterly summary Q4
Group quarterly summary Q4 Order intake & Revenue by Quarters § Order intake +53% (+28% from acquisitions. +12% organically) – Strong organic growth in Construction and Industrial – Solid contribution from Tractel § Revenue +36% (25% from acquisitions. 0% organically) – Solid organic growth in Const
Slide 4: Full year business summary FY2022
Business update – Q1 FOR INTERNAL USE ONLY Full year business summary FY2022 § Delivering on the New Heights Programme § Record order intake, revenue and EBITA § Strong order intake and revenue in Construction, Facade Access and Industrial § Improved profitability in Wind division § Acquisitions – T
Slide 5: Group Full Year 2022 summary
Group Full Year 2022 summary FY2022 Order intake & Revenue by Full Year § Order intake +27%, MSEK – Acquisitions +8% 6 00 0 4 621 4 784 – Organic growth +9% 5 00 0 4 363 3 761 3 772 4 00 0 § Revenue +21%, 3 00 0 – Acquisitions +8% 2 00 0 1 00 0 – Organic growth +3% 0 4 320 4 587 3 740 3 728 4 512 20
Slide 6: Facade Access Q4
Facade Access Q4 § Order intake +29% (+35% from Order intake & Revenue by Quarters Order intake & Revenue by R12M acquisition. -17% organically) MSEK – Project business with high 50 0 45 0 416 variations between quarters 40 0 345 364 35 0 281 265 – Strong order intake FY 2022, +11% 30 0 25 0 organic
Slide 7: Facade Access business update
Facade Access business update FY 2022* MSEK § Tractel’s permanent access, a highly profitable and Revenue 2,085 EBITA 206 resilient business, now part of the Facade Access EBITA-margin 9.9% division *Aggregated Alimak and Tractel as if acquired Jan 1 § Establishing a global market leading position §
Slide 8: Construction Q4
Construction Q4 § Order intake +93%, (+20% from Order intake & Revenue by Quarters Order intake & Revenue by R12M acquisitions. +59% organically) – Strong equipment sales in Europe and Americas – Increased Rental, Parts and Service sales in APAC § Revenue +34% (+17% from acquisitions. +6% organicall
Slide 9: Construction business update
Construction business update FY 2022* MSEK § Tractel's temporary access rack & pinion business, Revenue 1,623 Scanclimber now part of the division EBITA 281 EBITA-margin 17.3% – Significant commercial synergies – Division margin impacted by Scanclimber´s *Aggregated Alimak and Tractel as if acquired
Slide 10: Height Safety & Productivity Solutions Q4
Height Safety & Productivity Solutions Q4 Order intake & Revenue by Quarters Order intake & Revenue by R12M § Order intake was MSEK 111 § Revenue was MSEK 111 § EBITA was MSEK 30, margin 27.2% EBITA & EBITA margin by Quarters EBITA & EBITA margin by R12M Division consolidated as of November 21, 2022
Slide 11: Height Safety & Productivity Solutions business update
Height Safety & Productivity Solutions business update FY 2022* MSEK Revenue 1,266 § New division in Alimak Group as of November 21, 2022 EBITA 253 § Market leading range of high-quality products and services in EBITA-margin 20.0% selected niches *Aggregated Alimak and Tractel as if acquired Jan 1 –
Slide 12: Industrial Q4
Industrial Q4 § Order intake +25% (+14% organically) Order intake & Revenue by Quarters Order intake & Revenue by R12M – Strong equipment and service order intake in all regions – Especially strong development in the Energy and Ports segments § Revenue +23% (+10% organically) – Strong growth driven
Slide 13: Industrial business update
Industrial business update FY 2022 MSEK § Continuing the good order intake trend for both equipment Revenue 1,140 and services globally EBITA 217 EBITA-margin 19.0% § Positive trends in China, picking up more speed after the lockdowns and lifted restrictions § Record high order backlog at end of yea
Slide 14: Wind Q4
Wind Q4 Order intake & Revenue by Quarters Order intake & Revenue by R12M § Order intake -8% (-18% organically) – Continued challenging market but with clear signs of improvement § Revenue -7% (-17% organically) – Lower order intake in previous quarters § EBITA increased to MSEK 12 (6), a margin of
Slide 15: Wind business update
Wind business update FY 2022 MSEK Revenue 542 § Market challenges remained in Q4 but we see EBITA 69 clear signs of increased market activity EBITA-margin 12.7% § US Inflation Reduction Act (IRA) increases investments and demand for wind energy § Gradual improvements expected for the division during
Slide 16: New Heights programme – Our strategic roadmap
New Heights programme – Our strategic roadmap 1 2 3 Establish the base Secure margin improvements Profitable growth 2020 2021 2022-2025 16
Slide 17: Tractel integration – Almost 3 months in
Tractel integration – Almost 3 months in Integration update ü Transaction closed on 21 November 2022 ü New organisation and Executive Management Team ü Focus on retaining and developing value; customers, employees and commercial synergies ü High level of engagement, integration running well Share ri
Slide 18: Synergies
Synergies § Annual cost synergies of approx. MSEK 70, of which Annual expected synergy cash flows approx. MSEK 40 are estimated to be realized by MSEK 150 2024 MSEK 120 § Expected cost synergies as a result of efficiency MSEK improvements in SG&A, supply chain and procurement 80 § Significant commer
Slide 19: Alimak and Tractel aggregated Full Year 2022
Alimak and Tractel aggregated* Full Year 2022 Share of revenue Share of EBITA § Revenue: MSEK 6,540 7% § EBITA adj: MSEK 1,025 8% 20% 17% 31% 21% § EBITA adj margin: 15.7% 19% 27% 24% 25% Facade Access Construction Facade Access Construction HS&PS Industrial HS&PS Industrial Wind Wind *Aggregated Fu
Slide 20: Financial summary Q4
Financial summary Q4 MSEK Q4 2022 Q4 2021 D% FY 2022 FY 2021 D% Order intake 1,396 912 53 4,784 3,772 27 Organic order growth 12 9 Revenue 1,403 1,028 36 4,512 3,728 21 Organic revenue growth 0 3 EBITA adj 217 143 52 616 483 28 EBITA adj % 15.5 13.9 +1.5 pp 13.6 13.0 +0.6 pp EBITA 237 143 65 603 483
Slide 21: Earnings summary Q4
Earnings summary Q4 § EBITA adj. – Margin improved vs. last year, MSEK Q4 2022 Q4 2021 DMSEK mainly due to increased revenues and contribution from the Tractel EBITA adj 217 143 74 Acquisition Items affecting comparability 19 - 19 – Gross margin kept on a high level EBITA 237 143 93 through active p
Slide 22: Result for the period and EPS Q4
Result for the period and EPS Q4 Result for the period and EPS § Result for the period was MSEK 130 (92) MSEK SEK 16 0 3,00 § Adjusted for items affecting comparability 14 0 2.43 2,50 12 0 1,70 1,82 (IAC): MSEK 111 (92) 10 0 80 1,30 1,43 2,00 1,50 60 1,00 40 0,50 20 92 70 98 77 130 § Earnings per sh
Slide 23: Cash flow Q4
Cash flow Q4 § Cash flow from operations MSEK 293 (138) Operating Cash flow, MSEK by quarter – Strong focus on working capital: MSEK targets and actions 35 0 293 30 0 25 0 20 0 139 15 0 134 10 0 50 36 37 0 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 23
Slide 24: Net debt Q4
Net debt Q4 § Net debt Net debt, MSEK and Leverage by Quarter – Increased debt in the quarter, MSEK mainly due to the acquisition of 7 00 0 10 8.00 Tractel, BSEK 5,5 6 00 0 8 5 00 0 § After completion of planned rights issue 4 00 0 6 4 and repayment of bridge loan, Net 3 00 0 0.99 0.55 0.56 0.82 2 d
Slide 25: Balance Sheet Q4
Balance Sheet Q4 § Balance Sheet impact of acquisitions Balance Sheet at period end – PPA (Purchase Price Allocation) Amounts in MSEK 31 Dec 2022 31 Dec 2021 – Net debt Goodwill 5,950 2,362 Other intangible assets 2,747 557 Tangible assets 929 530 Financial and other non-current assets 400 268 Total
Slide 26: Summary – Accelerating profitable growth Q4
Summary – Accelerating profitable growth Q4 § Delivering on the New Heights Programme § Integration well under way with strong focus on retaining value and to capture synergies § Updated division strategies to be presented at Capital Markets Day on June 14 § Entering 2023 with good momentum and reco
Slide 27: Q&A
Q&A