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© Alfa Laval Slide 1 www.alfalaval.com
PresentationPresentationInterimInterim ReportReport Q3 2004Q3 2004
© Alfa Laval 1
InterimInterim ReportReport Q3 2004Q3 2004
MrMr.. Lars Lars RenstrRenströömmPresident and CEOPresident and CEOAlfa Laval GroupAlfa Laval Group
© Alfa Laval Slide 3 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet sales
MSEKMSEK Q3Q3 Q1 Q1 -- Q3Q3
3,8383,838 10,82010,820+15%*+15%* +14%*+14%*3,8663,866 11,96911,969+15%*+15%* ++19%*19%*
* Excluding exchange rate variations
© Alfa Laval 2
© Alfa Laval Slide 4 www.alfalaval.com
Q on Q Q on Q vsvs last year last year (excl FX)(excl FX)
Order intakeOrder intake
2%
10%
6%
Q4 2003 Q1 2004 Q2 2004 Q3 2004
14%
18%
© Alfa Laval Slide 5 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmargin
3,8663,866 11,96911,969
MSEKMSEK Q3Q3 Q1 Q1 -- Q3Q3
426426 1,2291,2293,8383,838 10,82010,820
11.4 %11.4 %11.1 %11.1 %
© Alfa Laval 3
© Alfa Laval Slide 6 www.alfalaval.com
0
100
200
300
400
500
600
700
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
Q401Q401 Q102Q102 Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203
MSEK and in percent of salesMSEK and in percent of sales
* Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304
© Alfa Laval Slide 7 www.alfalaval.com
0
100
200
300
400
500
600
700
0,0
2,0
4,0
6,0
8,0
10,0
12,0
14,0
Q401Q401 Q102Q102 Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203
MSEK and in percent of sales, excluding FXMSEK and in percent of sales, excluding FX--transaction effects Q304transaction effects Q304
* Adjusted EBITA – ”Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.”
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304
© Alfa Laval 4
© Alfa Laval Slide 8 www.alfalaval.com
Business highlightsBusiness highlightsJuly July –– September 2004September 2004
AlfdexAlfdex –– letter of intent from letter of intent from ScaniaScaniaAgreement with Agreement with SartoriusSartoriusLarge order in India Large order in India –– evaporatorevaporatorRenewed alliance agreement with Tetra PakRenewed alliance agreement with Tetra Pak
© Alfa Laval Slide 9 www.alfalaval.com
Orders 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
January – September 2004
+
+
+
+
+
+
+
+
+
+
© Alfa Laval 5
© Alfa Laval Slide 10 www.alfalaval.com
Orders 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
July – September 2004
−
+
+
+
+
+
+
+
+
=
© Alfa Laval Slide 11 www.alfalaval.com
Highlights Highlights -- Comfort & RefrigerationComfort & Refrigeration
AlfaNovaNew markets Available today in four sizesPace of 14 000 units/yearLaunch of one more size in short
© Alfa Laval 6
© Alfa Laval Slide 12 www.alfalaval.com
Highlights Highlights –– Energy & EnvironmentEnergy & Environment
Aldec G2New generation of decanters30% increased capacityPace of 300 units/year
© Alfa Laval Slide 13 www.alfalaval.com
Orders received by RegionOrders received by Region
Cen
trC
entr.
& E
ast
8 %
. & E
ast
8 %
North
Am
erica
16
%
North
Am
erica
16
%
Asia 27 %Asia 27 %
L. America 4 %
L. America 4 %
Other 2 %
Other 2 %
Western EuropeWestern Europe30 %30 %
Nordic 13 %
Nordic 13 %
January – September 2004
++++ ++ ++
++
++
++
© Alfa Laval 7
© Alfa Laval Slide 14 www.alfalaval.com
Orders received by RegionOrders received by Region
CentrCentr. & East 8 %
. & East 8 %
North
Am
erica
15
%
North
Am
erica
15
%
Asia 31 %Asia 31 %
L. America 5 %
L. America 5 %
Other 2 %
Other 2 %
Western EuropeWestern Europe28 %28 %
Nordic 11 %
Nordic 11 %
July – September 2004
++++ ++ ++
==
--
++
© Alfa Laval Slide 15 www.alfalaval.com
Highlights Highlights -- RegionRegion
© Alfa Laval 8
InterimInterim ReportReport Q3 2004Q3 2004
Mr. Thomas ThuressonMr. Thomas ThuressonCFOCFOAlfa Laval GroupAlfa Laval Group
© Alfa Laval Slide 17 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmargin
3,8663,866 11,96911,969
MSEKMSEK Q3Q3 Q1 Q1 -- Q3Q3
426426 1,2291,2293,8383,838 10,82010,820
11.4 %11.4 %11.1 %11.1 %
© Alfa Laval 9
© Alfa Laval Slide 18 www.alfalaval.com
20042004
20032003
426426
430430
Q3Q3MSEKMSEK
Deviation Deviation
Adjusted EBITA Adjusted EBITA
1,2291,229
1,1641,164
6565-- 44
Q1 Q1 –– Q3Q3
12126969
7777
4242182182
289289Deviation excl FX Deviation excl FX FX. transactionFX. transactionFX. translation FX. translation
© Alfa Laval Slide 19 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of salesIn percent of sales
Q102Q102Q401Q401 Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104
35.135.1
38.538.539.839.8
Q204Q204 Q304Q304
© Alfa Laval 10
© Alfa Laval Slide 20 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of sales, excluding In percent of sales, excluding FxFx--transaction effects Q304transaction effects Q304
36.936.938.538.539.839.8
Q102Q102Q401Q401 Q202Q202 Q302Q302 Q402Q402 Q103Q103 Q203Q203 Q303Q303 Q403Q403 Q104Q104 Q204Q204 Q304Q304
© Alfa Laval Slide 21 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before tax
3,8663,866 11,96911,969
MSEKMSEK Q3Q3 Q1 Q1 -- Q3Q3
426426 1,2291,2293,8383,838 10,82010,820
11.4 %11.4 %11.1 %11.1 %297297 767767
© Alfa Laval 11
© Alfa Laval Slide 22 www.alfalaval.com
Earnings per shareEarnings per share
Jan Jan -- Sep 2004Sep 2004 Jan Jan –– Sep 2003Sep 2003
EarningsEarnings 3.943.94 3.703.70
EarningsEarnings excludingexcluding 6.596.59 6.376.37goodwill and stepgoodwill and step--upup
© Alfa Laval Slide 23 www.alfalaval.com
HighlightsHighlights
Order intake Order intake Net salesNet salesAdjusted EBITAAdjusted EBITAAdjusted EBITAAdjusted EBITA--marginmarginProfit before taxProfit before taxCash flow from operating activitiesROCE
3,8663,866 11,96911,969
MSEKMSEK Q3Q3 Q1 Q1 -- Q3Q3
426426 1,2291,2293,8383,838 10,82010,820
11.4 %11.4 %11.1 %11.1 %297297
--
767767816816
23.5 % 23.5 %
© Alfa Laval 12
© Alfa Laval Slide 24 www.alfalaval.com
MSEKMSEK
Cash flows fromCash flows from-- operating activitiesoperating activities-- investing activitiesinvesting activities
Financial Financial netnet paidpaidDividendsDividends
TotalTotalPro Forma FreePro Forma Free--cashcash--flow*flow*
*Incl. operating activities, capital expenditure, provisions and*Incl. operating activities, capital expenditure, provisions and financial net paid. financial net paid.
CashCash--flow statementflow statement
Q1Q1-- Q3 2004Q3 2004
816816301301
-- 121121-- 447447
549549598598
Q1 Q1 –– Q3 2003Q3 2003
1,0241,024-- 2828-- 152152-- 223223
621621864864
© Alfa Laval Slide 25 www.alfalaval.com
Foreign exchangeForeign exchange
MSEKMSEK
Translation effectTranslation effectTransaction effectTransaction effect
TotalTotal
*Based on market exchange rates as per September 30, 2004. *Based on market exchange rates as per September 30, 2004.
Estimated impact on adjusted EBITA from Estimated impact on adjusted EBITA from FxFx. fluctuations 2004 vs. 2003. fluctuations 2004 vs. 2003
Q3Q3
-- 1212-- 6969-- 8181
WY WY estest**
-- 5555-- 255255-- 310310
Q1 Q1 –– Q3Q3
-- 4242-- 182182-- 224224
EstEst Q4*Q4*
-- 1313-- 7373-- 8686
© Alfa Laval 13
© Alfa Laval Slide 26 www.alfalaval.com
Outlook fourth quarter 2004Outlook fourth quarter 2004
…… an order intake on the same high level as during the an order intake on the same high level as during the same period 2003.same period 2003.
…… the EBITAthe EBITA--margin margin -- in comparison with 2003 in comparison with 2003 -- to to continue to be strongly affected by exchange rate continue to be strongly affected by exchange rate variations and the large portion of capital sales, variations and the large portion of capital sales, meaning an EBITA on the same level as the fourth meaning an EBITA on the same level as the fourth quarter 2003 in absolute terms.quarter 2003 in absolute terms.
Alfa Laval is expecting Alfa Laval is expecting ……