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© Alfa Lav al Slide 1 www.alfalaval.com
Interim Report Q4 2006Interim Report Q4 2006
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividendOrders received, margins and dividend-- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 3 www.alfalaval.com
Key figuresKey figures
Orders received up 40% to SEK 6,672 million.Orders received up 40% to SEK 6,672 million.
Net sales up 36% to SEK 6,040 million.Net sales up 36% to SEK 6,040 million.
Adjusted EBITA SEK 1,018 million (535 ). Adjusted EBITA SEK 1,018 million (535 ).
-- Positive currency effect SEK 5 million.Positive currency effect SEK 5 million.
October October –– December 2006December 2006
January January –– December 2006December 2006
Orders received up 30% to SEK 24,018 million.Orders received up 30% to SEK 24,018 million.
Net sales up 21% to SEK 19,802 million.Net sales up 21% to SEK 19,802 million.
Adjusted EBITA SEK 3,010 million (1,766). Adjusted EBITA SEK 3,010 million (1,766).
-- Positive currency effect SEK 61 million.Positive currency effect SEK 61 million.
© Alfa Lav al Slide 4 www.alfalaval.com
Proposed dividend and repurchase of sharesProposed dividend and repurchase of shares
Proposed mandate for repurchase of sharesProposed mandate for repurchase of shares
The Board of Directors proposes a mandate for repurchaseThe Board of Directors proposes a mandate for repurchase
of up to 10 percent of the issued shares with the intentionof up to 10 percent of the issued shares with the intention
to cancel repurchased shares.to cancel repurchased shares.
Proposed dividend for 2006Proposed dividend for 2006
The Board of Directors proposes a dividend of 6:25 SEK (5:10).The Board of Directors proposes a dividend of 6:25 SEK (5:10).
© Alfa Lav al Slide 5 www.alfalaval.com
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
0
4 000
8 000
12 000
16 000
20 000
24 000
28 000
SEK millionSEK million
Q40
3Q
403
Q10
4Q
104
Q20
4Q
204
Q30
4Q
304
Q40
4Q
404
Q10
5Q
105
Orders receivedOrders received
SEK million R 12SEK million R 12
Q20
5Q
205
= rolling twelve months value
= order intake per quarter
Q30
5Q
305
Q40
5Q
405
Q10
6Q
106
Q20
6Q
206
Q30
6Q
306
= % development at constant rates by quarter year on year
+1
6%
+1
6%
+2
2%
+2
2%
+2
0%
+2
0%
+1
5%
+1
5%
+ 5
%+
5%
+ 5
%+
5%
+ 9
%+
9%
+2
5%
+2
5%
+2
3%
+2
3%
+2
8%
+2
8%
+3
5%
+3
5%
+1
7%
+1
7%
+xx%
+4
0%
+4
0%
Q40
6Q
406
© Alfa Lav al Slide 6 www.alfalaval.com
Order analysisOrder analysis
2005 2005 (SEK million)(SEK million)
Structural change, %Structural change, %
Currency effects,%Currency effects,%
Organic development, %Organic development, %
Total, %Total, %
2006 2006 (SEK million)(SEK million)
5,0205,020
Oct Oct –– Dec 06Dec 06
6,6726,672
+ 10+ 10
-- 88
+ 31+ 31
+ 33+ 33
© Alfa Lav al Slide 7 www.alfalaval.com
0
200
400
600
800
1 000
1 200
0,0
3,0
6,0
9,0
12,0
15,0
18,0
SEK million and in percent of salesSEK million and in percent of sales
* Adjusted EBITA – ”Earnings before interests, taxes, amortization ofgoodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q403Q403 Q104Q104 Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305 Q405Q405 Q106Q106 Q206Q206 Q306Q306 Q406Q406
Interim Report Q4 2006Interim Report Q4 2006
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividendOrders received, margins and dividend-- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 9 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China, Tranter agreed to acquire its distributor in China,
turnover approximately SEK 100 M.turnover approximately SEK 100 M.
© Alfa Lav al Slide 10 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China.Tranter agreed to acquire its distributor in China.
Divestment of engineering activity for the bioDivestment of engineering activity for the bio--pharmpharm
industry. Cost SEK 125 M in Q4 2006.industry. Cost SEK 125 M in Q4 2006.
© Alfa Lav al Slide 11 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China.Tranter agreed to acquire its distributor in China.
Divestment of engineering activity.Divestment of engineering activity.
Petrochemical orders to China, SEK 130 and 110 M, Petrochemical orders to China, SEK 130 and 110 M,
Kuwait, SEK 100 M, and Oman, SEK 65 M.Kuwait, SEK 100 M, and Oman, SEK 65 M.PackinoxPackinox custom designed heat exchangerscustom designed heat exchangers for aromatics.for aromatics.
Delivery during 2007 and 2008.Delivery during 2007 and 2008.
© Alfa Lav al Slide 12 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China.Tranter agreed to acquire its distributor in China.
Divestment of engineering activity.Divestment of engineering activity.
Petrochemical orders to China, SEK 130 and 110 M, Petrochemical orders to China, SEK 130 and 110 M,
Kuwait, SEK 100 M, and Oman, SEK 65 M.Kuwait, SEK 100 M, and Oman, SEK 65 M.
Petrochemical order to Oman, SEK 75 M.Petrochemical order to Oman, SEK 75 M.High efficiency plate heatHigh efficiency plate heat--exchanger T50 for central cooling.exchanger T50 for central cooling.
Delivery during 2008.Delivery during 2008.
© Alfa Lav al Slide 13 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China.Tranter agreed to acquire its distributor in China.
Divestment of engineering activity.Divestment of engineering activity.
Petrochemical orders to China, SEK 130 and 110 M, Petrochemical orders to China, SEK 130 and 110 M,
Kuwait, SEK 100 M, and Oman, SEK 65 M.Kuwait, SEK 100 M, and Oman, SEK 65 M.
Petrochemical order to Oman, SEK 75 M.Petrochemical order to Oman, SEK 75 M.
Ethanol order to the US, SEK 140 M.Ethanol order to the US, SEK 140 M.Decanter centrifuges, condensers and other heatDecanter centrifuges, condensers and other heat--exchangers for exchangers for
two new plants. Delivery during 2007.two new plants. Delivery during 2007.
© Alfa Lav al Slide 14 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
October October –– December 2006December 2006
Tranter agreed to acquire its distributor in China.Tranter agreed to acquire its distributor in China.
Divestment of engineering activity.Divestment of engineering activity.
Petrochemical orders to China, SEK 130 and 110 M, Petrochemical orders to China, SEK 130 and 110 M,
Kuwait, SEK 100 M, and Oman, SEK 65 M.Kuwait, SEK 100 M, and Oman, SEK 65 M.
Petrochemical order to Oman, SEK 75 M.Petrochemical order to Oman, SEK 75 M.
Ethanol order to the US, SEK 140 M.Ethanol order to the US, SEK 140 M.
Vegetable oil order to Russia, SEK 60 M.Vegetable oil order to Russia, SEK 60 M.A new plant based on a new complete product package for modifyinA new plant based on a new complete product package for modifying g
vegetable oils. Delivery during 2007.vegetable oils. Delivery during 2007.
© Alfa Lav al Slide 15 www.alfalaval.com
Large orders 2006Large orders 2006
110 110 UkraineUkraine RefiningRefining FoodFood 20062006--20072007
6565 IndiaIndia EvaporationEvaporation Pulp and paper Pulp and paper 20072007
4545 BelgiumBelgium Central coolingCentral cooling Petrochemical industry Petrochemical industry 20072007
240240 Middle EastMiddle East Central coolingCentral cooling Gas productionGas production 20072007--20082008
6060 ChinaChina Central coolingCentral cooling Nuclear PowerNuclear Power 20072007--20082008
8080 Middle EastMiddle East ProcessingProcessing Gas productionGas production 2007 2007
7575 QatarQatar ProcessingProcessing Gas productionGas production 20072007
5050 Russia Russia ProcessingProcessing Oil refiningOil refining 20072007
6565 OmanOman AromaticsAromatics PetrochemicalPetrochemical 20082008
100100 KuwaitKuwait AromaticsAromatics PetrochemicalPetrochemical 20072007
130130 ChinaChina AromaticsAromatics PetrochemicalPetrochemical 20082008
6060 RussiaRussia RefiningRefining FoodFood 20072007
140140 USUS ProcessingProcessing Ethanol productionEthanol production 20072007
110110 ChinaChina AromaticsAromatics PetrochemicalPetrochemical 20082008
7575 OmanOman Central coolingCentral cooling Petrochemical Petrochemical 20082008
1,4051,405
Value,Value,SEK M SEK M CountryCountry ApplicationApplication IndustryIndustry DeliveryDelivery
Interim Report Q4 2006Interim Report Q4 2006
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividend Orders received, margins and dividend -- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 17 www.alfalaval.com
Orders received by SegmentOrders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & UtilityOEMOEM
Parts & ServiceParts & Service
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
October October –– December 2006, December 2006, at constant ra tesat constant ra tes
++
++
+
+
+
++
−
© Alfa Lav al Slide 18 www.alfalaval.com
Orders received by SegmentOrders received by Segment
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
The Process Technology Division, October The Process Technology Division, October –– December 2006,December 2006,at constant ra tes and for comparable unitsat constant ra tes and for comparable units
+
+
+
−
The energy relatedThe energy relatedindustries strong, industries strong, especially bio fuel, especially bio fuel, petrochemicalpetrochemicaland refinery.and refinery.
Oil and gas explorationOil and gas explorationbusiness stabilizedbusiness stabilizedon a high level.on a high level.
Still high investmentsStill high investmentsin food relatedin food relatedindustries.industries.
© Alfa Lav al Slide 19 www.alfalaval.com
Orders received by SegmentOrders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & UtilityOEMOEM
++
+
+
+
The Equipment Division, October The Equipment Division, October –– December 2006, December 2006, at constant ra tes and for comparable unitsat constant ra tes and for comparable units
Strong marine market.Strong marine market.
Continued goodContinued goodinvestments in theinvestments in thefood industry.food industry.
HVAC* investments high,HVAC* investments high,particularly in the Middleparticularly in the MiddleEast and for heat pumps.East and for heat pumps.
* Heating Ventilation Air Conditioning* Heating Ventilation Air Conditioning
© Alfa Lav al Slide 20 www.alfalaval.com
RefineryRefinery
Continued strong investment climate.
Packinox - a new channel to the market.
A unique product range.
From SEK 100 to 1,000 million in two years.
© Alfa Lav al Slide 21 www.alfalaval.com
Orders received by Segment
Comfort & RefrigerationComfort & Refrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & Utility
OEMOEM
Parts & ServiceParts & Service
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
January January –– December 2006, December 2006, at constant ra tesat constant ra tes
+
++
++
+
+
+
+
+
Interim Report Q4 2006Interim Report Q4 2006
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividend Orders received, margins and dividend -- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 23 www.alfalaval.com
Orders received by RegionOrders received by Region
Centr
Centr. & East 9 %
. & East 9 %
North America 19%
North America 19%
Asia 31%Asia 31%
L. Am
erica
4 %
L. Am
erica
4 %O
the
r 2 %
Oth
er 2
%
Western EuropeWestern Europe26 %26 %
Nordic 9 %
Nordic 9 %
+56+56
October October –– December 2006, December 2006, a t constant ratesat constant rates
+90+90 +32+32+10+10
+13+13
+41+41
© Alfa Lav al Slide 24 www.alfalaval.com
Highlights AmericasHighlights Americas
North AmericaNorth AmericaVery strong developmentin the US.Strong market for fuel ethanol.Good development in Tranter.
Latin AmericaLatin AmericaA very good quarter with bestdevelopment in Argentina and Brazil.Strongest development in Process Industry and Parts & Service.
October October –– December 2006, December 2006, at constant ra tesat constant ra tes
+90+90
+41+41
© Alfa Lav al Slide 25 www.alfalaval.com
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. NordicStrong development in Adriatic,Nordic and Iberia.Best development in Comfort &Refrigeration and Food.
Central and Eastern EuropeCentral and Eastern EuropeVery strong increase in Russia,Very strong increase in Russia,and South East Europe.and South East Europe.Strongest development in Food, Strongest development in Food, Process Industry and Refrigeration.Process Industry and Refrigeration.
October October –– December 2006, December 2006, at constant ra tesat constant ra tes
+32+32+10+10
+13+13
© Alfa Lav al Slide 26 www.alfalaval.com
Highlights AsiaHighlights Asia
AsiaAsiaBest development in ProcessBest development in ProcessIndustry, Marine and Sanitary.Industry, Marine and Sanitary.China and South East Asia strong.China and South East Asia strong.
October October –– December 2006, December 2006, at constant ra tesat constant ra tes
+56+56
© Alfa Lav al Slide 27 www.alfalaval.com
Orders received by RegionOrders received by Region
Centr
Centr. & East 10%
. & East 10%
North America 18 %
North America 18 %
Asia 29 %Asia 29 %
L. A
mer ica 4%
L. A
mer ica 4%
Ot h
er 2
%O
t he
r 2 %
Western EuropeWestern Europe28%28%
No
rdic 9
%N
ord
ic 9%
+26+26
+31+31
January January –– December 2006, December 2006, at constant ra tesat constant ra tes
+52+52 +49+49+20+20
+14+14
Interim Report Q4 2006Interim Report Q4 2006
Mr. Thomas Mr. Thomas ThuressonThuressonCFOCFOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividend Orders received, margins and dividend -- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 29 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
6,6726,6726,0406,040
1,0181,018
16.9%16.9%
SEK millionSEK million OctOct –– Dec 06Dec 06
© Alfa Lav al Slide 30 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50
In percent of salesIn percent of sales
Q403Q403 Q104Q104
38.938.935.035.0
33.433.4
Q204Q204 Q304Q304 Q404Q404 Q105Q105 Q205Q205 Q305Q305 Q405Q405 Q106Q106
33.933.9
Q206Q206 Q306Q306 Q406Q406
© Alfa Lav al Slide 31 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
includes cost for divestment of engineering activity for the includes cost for divestment of engineering activity for the
biopharmbiopharm industry, SEK 125 millionindustry, SEK 125 million
SEK millionSEK million OctOct –– Dec 06Dec 06
6,6726,6726,0406,040
1,0181,018
16.9%16.9%
751751
© Alfa Lav al Slide 32 www.alfalaval.com
Earnings per shareEarnings per share
20052005
2.732.73
3.313.31
20062006
4.324.32
4.894.89
EarningsEarnings
Earnings, excluding stepEarnings, excluding step--upup
20062006
15.1015.10
17.2317.23
20052005
7.927.92
9.839.83
Q4Q4 Jan Jan -- DecDec
© Alfa Lav al Slide 33 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
includes cost for divestment of engineering activity for the includes cost for divestment of engineering activity for the
biopharmbiopharm industry, SEK 125 millionindustry, SEK 125 million
Cash flow from operating activitiesCash flow from operating activities
ROCE ROCE
SEK millionSEK million OctOct –– Dec 06Dec 06
6,6726,6726,0406,040
1,0181,018
16.9%16.9%
757511
2,6192,619
35.9%35.9%
© Alfa Lav al Slide 34 www.alfalaval.com
Cash flows fromCash flows from
-- operating activitiesoperating activities-- investing activitiesinvesting activities
Financial Financial netnet paidpaid
DividendsDividendsTotalTotal
CashCash--flow statementflow statement
Pro Forma FreePro Forma Free--cashcash--flow*flow*
*Incl. operating activities, capital expenditure (excl. product *Incl. operating activities, capital expenditure (excl. product rights), provisions and financial net paidrights), provisions and financial net paid. .
SEK millionSEK millionJanJan--DecDec
20062006JanJan-- DecDec
20052005
2,6192,619--1,5781,578
-- 115115
-- 599599327327
1,6161,616-- 665665
-- 351351-- 557557
4343
2,1322,132 942942
© Alfa Lav al Slide 35 www.alfalaval.com
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effect
Transaction effectTransaction effectTotalTotal
Forecasted impact on adjusted EBITA from Forecasted impact on adjusted EBITA from FxFx. fluctuations. fluctuations
20072007
-- 4040-- 105105
-- 145145
2007 impact based on EUR/USD 1.30 and EUR/SEK 9.00 2007 impact based on EUR/USD 1.30 and EUR/SEK 9.00
20062006
+ 11+ 11+ 50+ 50
+ 61+ 61
© Alfa Lav al Slide 36 www.alfalaval.com
Capital expenditureCapital expenditure
0
100
200
300
400
500
600
0
0,5
1
1,5
2
2,5
3
2002 2003 2004 2005 2006
Cap ex Depr acc to plan (excl step-up) Cap ex/sales
SEK million
2007
% of sales
2.5%
© Alfa Lav al Slide 37 www.alfalaval.com
Order backlog as per December 31SEK million
For delivery in the next year
0
2000
4000
6000
8000
10000
12000
14000
2004 2005 2006
4,610
7,750
12,360
1,247
6,250
7,497
563
4,200
4,763
For delivery in the later years
© Alfa Lav al Slide 38 www.alfalaval.com
Net sales 2007Net sales 2007
19,80219,802
+ 1,500+ 1,500
Net sales, 2006Net sales, 2006
BacklogBacklog
PricePrice
Tranter, 2 monthsTranter, 2 months
““InIn--forfor--outout””
Net sales, 2007Net sales, 2007
+ +
++
+/+/-- ??
∑∑
Interim Report Q4 2006Interim Report Q4 2006
Mr. Lars RenstrMr. Lars RenströömmPresident and CEOPresident and CEOAl fa Laval GroupAl fa Laval Group
-- Orders received, margins and dividend Orders received, margins and dividend -- HighlightsHighlights
-- Development per segmentDevelopment per segment-- Geographical developmentGeographical development
-- Financials Financials -- OutlookOutlook
© Alfa Lav al Slide 40 www.alfalaval.com
Outlook for the near futureOutlook for the near future
““In most of the markets, geographical In most of the markets, geographical
as well as customer segments, thatas well as customer segments, that
Alfa Laval serves a continued very Alfa Laval serves a continued very
strong demand is expected.strong demand is expected.””
© Alfa Lav al Slide 41 www.alfalaval.com