Presentation Interim Report Q3 2004 - ?· Presentation Interim Report Q3 2004 ©Alfa Laval 1 Interim…

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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 RenstrRenstrmmPresident 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