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Atlas Copco Group
Q1 2012 results
April 27, 2012
Q1 - highlights
Record order intake– Demand remained at a high level
– Several important orders won in the mining and the automotive businesses
– Strong growth in aftermarket
Healthy growth in the United States and sequential improvement in China
Continued investments in market presence and innovation
Continued strong value creation– Revenue growth, solid profit generation and positive cash flow
April 27, 20122
Q1 - figures in summary
Orders received of MSEK 24 827 (21 675), 10% organic growth
Revenues of MSEK 22 254 (18 223), 17% organic growth
Operating profit increased by 15% to MSEK 4 604 (3 987)– Operating margin 20.7% (21.9)
Negative effects from revenue mix, acquisitions and long-term incentive programs Positive effects from revenue growth, prices and currency
Profit before tax at MSEK 4 489 (4 056)– Previous year, MSEK 151 capital gain related to sale of shares in RSC Holdings
Basic earnings per share SEK 2.81 (2.48)
Operating cash flow at MSEK 1 441 (2 026)
April 27, 20123
Orders received - local currencyGroup total +13% YTDStructural change +3% YTD
March 2012
19 +9
A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %
11 +25
A B
28 +11
13 +51
20 -10
9 +41
4April 27, 2012
Q1 - the Americas
Strong demand in North America– Record order intake
– Strong growth in the United States and Canada
– Order intake from the manufacturing industry developed positively
– Sales of construction equipment improved
Record orders received in South America– Very strong demand from the mining industry
April 27, 20125
March 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %A B
19 +9
11 +25
Q1 - Europe and Africa/Middle East
April 27, 20126
Orders received increased in Europe– Highest growth in Russia and Germany
– Favorable development for industrial tools and assembly systems for the motor vehicle industry
Strong growth in Africa / Middle East – Important orders won for mining equipment and
compressed air equipment
March 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %A B
28 +11
13 +51
Q1 - Asia and Australia
Orders received increased sequentially in Asia – Lower compared to record order intake last year
– Robust underlying demand for mining and industrial equipment
– Sequential improvement in China– Road construction demand remained weak
Record orders received in Australia– Continued strong demand in mining
April 27, 20127
March 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %A B
20 -10
9 +41
-40
-30
-20
-10
0
10
20
30
40
00
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00
Q2
00
Q3
00
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Q1
Order cancellations, % Organic growth, %
Organic* growth per quarter
Change in orders received in % vs. same quarter previous year
April 27, 20128
Atlas Copco Group, continuing operations
*Volume and price
Atlas Copco Group – sales bridge
April 27, 20129
Orders MSEK received Revenues2011 21 675 18 223Structural change, % +3 +3Currency, % +2 +2Price, % +2 +2Volume, % +8 +15Total, % +15 +222012 24 827 22 254
January - March
Atlas Copco Group
April 27, 201210
12 months until March 2012
CompressorTechnique39%
Industrial Technique
10%
ConstructionTechnique
36%
Revenues per business area
Mining and Rock ExcavationTechnique
15%
-15
-10
-5
0
5
10
15
20
25
30
-15
-10
-5
+0
+5
+10
+15
+20
+25
+30
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
Compressor Technique
Record order intake– 5% organic order growth
– Significant increase in orders for gas and process compressors
– Demand for standard industrial compressors remained healthy
Operating margin at 22.1% (24.3)– Impacted primarily by revenue mix
Acquisitions in USA and China finalized
April 27, 201211
-40
-30
-20
-10
0
10
20
30
40
-40
-30
-20
-10
+0
+10
+20
+30
+40
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
Industrial Technique
Record order intake– 10% organic order growth
– Strong demand from the motor vehicle industry in all major regions
– Positive development of the aftermarket
Record revenues and operating profit– Operating margin at 24.0% (22.7)
Awards for innovation and marketing
April 27, 201212
-30
-20
-10
0
10
20
30
40
50
-30
-20
-10
+0
+10
+20
+30
+40
+50
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
Mining and Rock Excavation Technique
Record order intake– Continued strong activity in mining
– 22% organic order growth
– Strong growth in aftermarket
Record revenues and operating profit– Operating margin at 24.6% (23.6)
Three acquisitions finalized in the quarter
April 27, 201213
-20
-15
-10
-5
0
5
10
15
20
-40
-30
-20
-10
+0
+10
+20
+30
+40
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
Construction Technique
Orders received -4%, organically – Orders received increased in North
America and Africa/Middle East
– Favorable development for portable compressors and generators
– Weak demand for road construction equipment in China
Operating margin was 10.7%– Affected by lower production volumes,
Increased investments in R&D and establishment of new customer centers
April 27, 201214
MSEK 2012 2011 %
Orders received 24 827 21 675 15%
Revenues 22 254 18 223 22%
Operating profit 4 604 3 987 15%
– as a percentage of revenues 20.7 21.9
Profit before tax 4 489 4 056 11%
– as a percentage of revenues 20.2 22.3
Profit for the period 3 405 3 033 12%
Basic earnings per share, SEK 2.81 2.48
Return on capital employed, % 37 32
January - March
Group total
April 27, 201215
January – March 2012 vs. 2011
Q1 2012 Organic Growth Currency One-time items Q1 2011MSEK Price/Volume Acq./Div.Atlas Copco GroupRevenues 22 254 3 201 300 530 18 223EBIT 4 604 397 200 20 3 987% 20.7% 12.4% 21.9%
Profit bridge
April 27, 201216
January – March 2012 vs. 2011
Q1 2012 Organic Growth Currency One-time items Q1 2011MSEK Price/Volume Acq./Div.Compressor TechniqueRevenues 8 306 1 032 135 150 6 989EBIT 1 833 52 105 -25 1 701% 22.1% 5.0% 24.3%Industrial TechniqueRevenues 2 471 428 30 245 1 768EBIT 592 136 0 55 401% 24.0% 31.8% 22.7%Mining and Rock Excavation TechniqueRevenues 8 434 1 788 105 25 6 516EBIT 2 072 450 95 -10 1 537% 24.6% 25.2% 23.6%Construction TechniqueRevenues 3 206 3 30 110 3 063EBIT 342 -157 50 0 449% 10.7% neg 14.7%
Profit bridge – by business area
April 27, 201217
January – March 2012 vs. 2011
MSEK Mar. 31, 2012 Dec. 31, 2011 Mar. 31 2011
Intangible assets 15 649 15 352 13 154Rental equipment 2 164 2 117 1 774Other property, plant and equipment 6 620 6 538 5 555Other non-current assets 4 057 3 983 4 080Inventories 18 509 17 579 13 969Receivables 22 300 21 996 17 586Current financial assets 2 080 1 773 1 369Cash and cash equivalents 10 655 5 716 14 412Assets classified as held for sale 46 55 59TOTAL ASSETS 82 080 75 109 71 958
Total equity 31 819 28 839 29 730Interest-bearing liabilities 26 040 21 939 21 003Non-interest-bearing liabilities 24 221 24 331 21 225TOTAL EQUITY AND LIABILITIES 82 080 75 109 71 958
Balance sheet
April 27, 201218
Atlas Copco AB’s loan maturity profile
+ 7-year back-up facility (undrawn) of BSEK 6.39 maturing 2017
April 27, 201219
MSEK 2012 2011Operating cash surplus 5 371 4 758 of which depreciation added back 648 586Net financial items 372 440Taxes paid -1 500 -751Change in working capital -2 027 -2 350Increase in rental equipment, net -194 -126Cash flows from operating activities 2 022 1 971Investments of property, plant & eq., net -405 -285Other investments, net -176 340Cash flow from investments -581 55Operating cash flow 1 441 2 026Company acquisitions/ divestments -561 -91
January - March
Cash flow
April 27, 201220
Near-term outlook
The overall demand for Atlas Copco’s products and services is expected to remain at the current high level.
April 27, 201221
Committed tosustainable productivity.
April 27, 201223
Cautionary 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 and adversely affected by other factors such as the effect of economic conditions, exchange-rate and interest-rate movements, political risks, the impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses.”
April 27, 201224