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Presentation Presentation Interim Interim Report Report Q3 2004 Q3 2004

Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

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Page 1: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© Alfa Laval Slide 1 www.alfalaval.com

PresentationPresentationInterimInterim ReportReport Q3 2004Q3 2004

Page 2: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 3: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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 %

Page 4: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 5: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

+

+

+

+

+

+

+

+

+

+

Page 6: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 7: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

++++ ++ ++

++

++

++

Page 8: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 9: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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 %

Page 10: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 11: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 12: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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 %

Page 13: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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

Page 14: Presentation Interim Report Q3 2004 - alfalaval.com · Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim Report Q3 2004 Mr. Lars Renström President and CEO ... zRenewed

© 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 ……