Alfa Laval Ab · OMXSTO:ALFA
Alfa Laval Ab — Alfa Laval Corporate — Q1 2024 Earnings Presentation
21 slides from Alfa Laval Ab's earnings presentation, Apr 25, 2024
Slide 1: Report for Q1 2024
Report for Q1 2024 Tom Erixon President and CEO Alfa Laval
Slide 2: Key figures
Key figures SEK million Q1 2024 Q1 2023 Tot ∆ Organic ∆* Q4 2023 Order intake 18,272 18,385 -1 % 1% 16,920 Net sales 14,906 14,111 6% 7% 17,839 Adjusted EBITA 2,436 2,387 2% 2,830 Adjusted EBITA- 16.3 % 16.9 % 15.9 % margin *) Organic growth i.e. excluding currency effects and structural changes. Q1
Slide 3: Energy division
Energy division Q1 24 Q1 23 Tot ∆, % Org ∆, % Q4 23 Highlights and comments, SEK million ORDERS 5,179 5,437 -4.7 -3.8 4,662 SALES 4,643 4,196 10.7 11.4 5,196 Adj EBITA 917 1,037 900 Markets and order intake Adj EBITA (%) 19.8 24.7 17.3 • A broad product portfolio geared towards energy efficiency con
Slide 4: Food & Water division
Food & Water division ORDERS Q1 24 6,357 Q1 23 5,776 Tot ∆, % 10.1 Org ∆, % 10.5 Q4 23 7,286 5,263 5,722 -8.0 -7.5 7,060 Highlights and comments, SEK million SALES Adj EBITA 742 1,027 1,011 Adj EBITA (%) 14.1 17.9 14.3 Markets and order intake • Continued good demand driven by the project business.
Slide 5: Marine division
Marine division Q1 24 Q1 23 Tot ∆, % Org ∆, % Q4 23 Highlights and comments, SEK million ORDERS 6,736 7,172 -6.1 -4.3 4,972 SALES 5,000 4,193 19.2 20.8 5,583 Adj EBITA 894 556 1,003 Markets and order intake Adj EBITA (%) 17.9 13.3 18.0 • Contracting levels are on a good level and demand is further s
Slide 6: Service orders
Service orders Order intake, SEK million 30% Marine 6,000 25,000 5,000 20,000 27% 4,000 15,000 Food & Water 3,000 10,000 2,000 5,000 1,000 0 2020 2021 2022 2023 2024 31% Order intake per quarter Rolling twelve months value Energy Q1 2024
Slide 7: Orders received by region
Orders received by region 13 -25 4 -34 North America 18 +4 12 +16 Latin America 33 +7 Northern Europe Eastern Europe 6 -24 Southern Europe 9 +106 5 -7 India, Middle East & Africa NorthEast Asia SouthEast Asia & Oceania Q1 2024 Share of orders received year-to-date, % Q1 2024 vs. Q1 2023, %
Slide 8: Top ten markets
Top ten markets* SEK million China United States Nordic South East Asia Korea, South Adriatic Mid Europe India Japan Benelux 0 2,000 4,000 6,000 8,000 10,000 12,000 *Top ten markets order intake development 2023. LTM FY 2023 Q1 2024
Slide 9: Financials Q1 2024
Financials Q1 2024 Fredrik Ekström, CFO Alfa Laval
Slide 10: Orders received
Orders received SEK million 21,000 70,000 Q1 2024 18,000 60,000 • Order intake of 18,272 MSEK (18,385) 15,000 50,000 • -0.6% growth 12,000 • 0.5% organic growth 40,000 • 0.2% structure 9,000 30,000 • -1.3% currency 6,000 20,000 3,000 10,000 0 0 2020 2021 2022 2023 2024 B-orders L-orders Order intake
Slide 11: Order backlog as per March 31
Order backlog as per March 31 SEK billion Q1 2024 50 • Order backlog of 48 BSEK 40 • 31 BSEK for delivery 2024 • 17 BSEK for delivery 2025 or later 30 • 13% increase YoY • Current backlog corresponding to 20 8.9 months of sales 10 • Q1 book-to-bill of 1.23 0 2020 2021 2022 2023 2024 For delivery dur
Slide 12: Sales
Sales SEK million 18,000 80,000 Q1 2024 70,000 16,000 • Sales of 14,906 MSEK (14,111) 60,000 14,000 • 5.6% growth 50,000 • 6.6% organic growth 12,000 40,000 • 0.2% structure 30,000 • -1.2% currency 10,000 20,000 8,000 10,000 6,000 0 2020 2021 2022 2023 2024 Sales per quarter Order intake LTM Q1 2024
Slide 13: Key figures
Key figures SEK million Q1 2024 Q1 2023 Sales 14,906 14,111 Gross profit 5,210 4,865 Sales & Admin -2,457 -2,179 R&D -395 -359 Net other cost/income -173 -194 Operating income 2,199 2,146 Financial net 51 -98 Profit before tax 2,250 2,048 Taxes -557 -533 EPS 4.07 3.64 Q1 2024
Slide 14: Adjusted EBITA margin
Adjusted EBITA margin* SEK million and in percent of sales SEK million Margin % Q1 2024 Organic Currency Structure Q1 2023 3,000 19.0 Sales 14,906 933 -168 30 14,111 2,500 17.0 Sales growth % 5.6% 6.6% -1.2% 0.2% 2,000 15.0 Adj EBITA 2,436 99 -41 -10 2,387 1,500 13.0 Adj EBITA % 16.3% 16.9% 1,000 11
Slide 15: Cash-flow statement
Cash-flow statement SEK million Q1 2024 Q1 2023 EBITDA 2,881 2,752 Working Capital -636 -1,312 Taxes paid -494 -436 Cash flow from operating 1,751 1,004 activities Capital expenditures -818 -440 Free cash flow 933 564 Disposals 44 1 Acquisitions -48 -86 Cash flow after investing 929 479 activities F
Slide 16: Debt position
Debt position SEK million Maturity profile and liquidity buffer • Loans maturing 2024-2029: 13,698 MSEK • Average funding rate on our debt is 1.72% per annum Net debt Q1 2024 Q1 2023 9,000 Liquidity buffer Debt 13,913 14,761 8,000 Debt/EBITDA 1.17 1.51 7,000 Cash & cash equivalents -7,002 -4,459 6,0
Slide 17: Guidance
Guidance Q2 2024 FY 2024 FY 2025 CAPEX Estimated 0.4 - 0.6 BSEK Estimated 2.0 - 2.5 BSEK Estimated 2.5 – 3.0 BSEK (cash) Estimated transaction and Estimated transaction and Currency impact translation impact of translation impact of on EBITA* 35 MSEK 200 MSEK PPA amortization ~700 MSEK ~500 MSEK Tax
Slide 18: Outlook for the second quarter
Outlook for the second quarter: “We expect demand in the second quarter to be somewhat higher compared to the first quarter.” Q1 2024
Slide 19: Q&A / Financial calendar 2024
Q&A Financial calendar 2024 Interim report Q2 2024 Interim report Q3 2024 23 July 2024 24 October 2024 Capital Markets Day 2024 21 November 2024 Q1 2024
Slide 20: www.alfalaval.com
www.alfalaval.com Classified by Alfa Laval as: Business
Slide 21: Cautionary statement
Cautionary statement This presentation contains forward-looking statements that are based on the current expectations of the management of Alfa Laval Group. Although management believes that the expectations reflected in such forward- looking statements are based on reasonable assumptions, no assura