Bo Annvik - Indutrade€¦ · Financial summary second quarter 2017 •Order intake rose 15% to...
Transcript of Bo Annvik - Indutrade€¦ · Financial summary second quarter 2017 •Order intake rose 15% to...
Q2 2017
Bo AnnvikCEO
Jan ÖhmanCFO
Highlights second quarter 2017
• Strong underlying demand
• Easter-effect
• Positive momentum in most operations, with growth inorder intake, sales and earnings
• Good development in Finland
• Lower volumes for valves for power generation and continued low volumes in the marine segment having an impact on earnings and EBITA-margin
• Two acquisition in the second quarter and four in July
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Financial summary second quarter 2017
• Order intake rose 15% to 3,952 MSEK (3,422)
• Net sales rose 13% to 3,749 MSEK (3,317)
• EBITA rose 13% to 458 MSEK (405)
• EBITA margin 12.2% (12.2%)
• Profit after tax rose 17% to 303 MSEK (259) corresponding to earnings per share of SEK 2.52 (2.16)
• Return on operating capital 20% (22)
• Net debt/equity ratio 79% (96)
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Market conditions
• Sweden: ↗
• Finland: ↗
• Norway: oil & gas → other →
• Denmark: →
• UK: →
• Ireland: →
• Benelux: ↗
• Switzerland: →
• Germany: →
• North America: ↗
• Asia: ↗
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Order intake
• Q2: Order intake rose 15% to 3,952 MSEK (3,422) whereof organic 4%
• YTD 2017: Order intake rose 18% to 7,624 MSEK (6,488) whereof organic 6%
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Q1 -05 Q1 -06 Q1 -07 Q1 -08 Q1 -09 Q1 -10 Q1 -11 Q1 -12 Q1 -13 Q1 -14 Q1 -15 Q1 -16 Q1 -17
Order intakemov 12m
MSEK
Order intakeMSEK
Order intake Order intake moving 12 mos
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growth Q2 2017
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growth YTD 2017
Net sales
• Q2: Net sales rose 13% to 3,749 MSEK (3,317) whereof organic 3%
• YTD 2017: Net sales rose 16% to 7,282 MSEK (6,280) whereof organic 5%
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Net salesmov 12m
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Net salesMSEK
Net sales Net sales moving 12 mos
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EBITA
• Q2: EBITA rose 13% to 458 MSEK (405) whereof organic 0%EBITA-margin 12.2% (12.2)
• YTD 2017: EBITA rose 21% to 864 MSEK (716) whereof organic 6%
• EBITA-margin 11.9% (11.4)
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EBITAmov 12m
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Margins
Gross profit 33.8% of sales (34.4)YTD 33.9% (34.0)
EBITA margin 12.2% of sales (12.2)YTD 11.9% (11.4)
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Net salesMSEK
Net sales GP 2 margin
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Net salesMSEK
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Net salesMSEK
Net sales EBITA-margin EBITA-marginmov 12m
Growth bridge 2017
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Q2 Q2
MSEK 2017 Organic Acquisitions Currency Total 2016
Order intake 3,952 4% 9% 2% 15% 3,422
Net sales 3,749 3% 8% 2% 13% 3,317
EBITA 458 0% 10% 3% 13% 405
YTD June YTD June
MSEK 2017 Organic Acquisitions Currency Total 2016
Order intake 7,624 6% 10% 2% 18% 6,488
Net sales 7,282 5% 9% 2% 16% 6,280
EBITA 864 6% 13% 2% 21% 716
Acquisitions 2017
Annual sales Possession
1. RS Technics B.V., NL 20 MSEK January
2. Sunflower Medical Ltd, UK 50 MSEK January
3. Ellard Ltd, UK 100 MSEK February
4. Türenfabrik, CH 70 MSEK March
5. Pro-Flex AS, NO 100 MSEK April
6. MaxxVision, DE 80 MSEK April
7. Wennerström Ljuskontroll AB, SE 110 MSEK July
8. Elma Instruments A/S, DK 180 MSEK July
9. Young Black Ltd, UK 110 MSEK July
10. Tubeworkx B.V., NL 50 MSEK July
Total 870 MSEK
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9,6%10,8%
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Engineering & Equipment• Net sales: 452 MSEK (397) +14%, whereof organic +9%
• EBITA: 51 MSEK (38) +34%
• EBITA-margin: 11,3% (9,6)
• Continued growth
• All-time high levels in some of the companies
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Flow Technology• Net sales: 617 MSEK (591) +4%, whereof organic -2%
• EBITA: 57 MSEK (55) +4%
• EBITA-margin: 9,2% (9,3)
• Positive momentum in most companies
• Continued low invoicing for companies within the the marine segment with impact on earnings and margin
• Acquisitions
13,9%12,5% 12,1% 13,1% 13,1%
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Fluids & Mechanical Solutions• Net sales: 487 MSEK (404) +21%, whereof organic 7%
• EBITA: 64 MSEK (56) +14%
• EBITA-margin: 13,1% (13,9)
• Positive demand situation in most segments
• Stable performance
• Acquisitions
11,1% 11,2%11,0%
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0100200300400500600700800
Q2 -16 Q3 -16 Q4 -16 Q1 -17 Q2 -17
Industrial Components• Net sales: 706 MSEK (649) +9%, whereof organic +1%
• EBITA: 79 MSEK (72) 10%
• EBITA-margin: 11,2% (11,1)
• Healthy demand
• Acquisitions
15,2%17,3%
15,1% 16,6%19,2%
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Measurement & Sensor Technology• Net sales: 385 MSEK (297) +30%, whereof organic +16%
• EBITA: 74 MSEK (45) +64%
• EBITA-margin: 19,2% (15,2)
• Strong momentum in most regions and applicable segments
• Improved margins and changed mix
• Acquisitions
16,0%
14,3%13,8%
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Special Products• Net sales: 1 115 MSEK (991) +13%, whereof organic -1%
• EBITA: 153 MSEK (159) -4%
• EBITA-margin: 13,7% (16,0%)
• Stable demand and performance in most companies
• Lower volumes of valves for power generation having an impact on earnings and EBITA-margin
• Acquisitions
Income statement
MSEK Q2 2017 Q2 2016 % Mov 12 m 2016
Net sales 3,749 3,317 13% 13,957 12,955
Gross profit 1,268 1,140 11% 4,678 4,348
% 33.8% 34.4% 33.5% 33.6%
Operating expenses -867 -790 10% -3,302 -3,126
% -23.1% -23.8% -23.7% -24.1%
Other -1 3 32 50
Operating profit 400 353 13% 1,408 1,272
Financial net -16 -22 -71 -78
Earnings before tax (EBT) 384 331 16% 1,337 1,194
% 10.2% 10.0% 9.6% 9.2%
EBITA 458 405 13% 1,632 1,484
% 12.2% 12.2% 11.7% 11.5%
Earnings per share, SEK 2.52 2.16 17% 8.76 7.80
Balance sheet
MSEK 30 Jun 2017 31 Dec 2016 30 Jun 2016
Intangible fixed assets 4,420 38% 4,267 39% 4,010 38%
Tangible and financial fixed assets 1,603 14% 1,568 14% 1,419 14%
Inventories 2,348 20% 2,249 20% 2,111 20%
Receivables 2,890 25% 2,637 24% 2,649 25%
Cash and cash equivalents 351 3% 332 3% 302 3%
Total assets 11,612 11,053 10,491
Equity 4,651 40% 4,399 40% 3,861 37%
Interest-bearing liabilities 4,034 35% 3,960 36% 4,021 38%
Non-interest-bearing liabilities 2,927 25% 2,694 24% 2,609 25%
Total equity and liabilities 11,612 11,053 10,491
Financial key data
MSEKMov 12 m
Q2 2017Mov 12 m
Q2 201631 Dec 2016 31 Dec 2015
EBITA margin, % 11.7 12.0 11.5 12.0
Return on operating capital, % 20 22 20 22
Return on equity, % 24 26 24 26
Interest-bearing net debt, SEK million 3,683 3,719 3,628 2,949
Net debt/equity ratio, % 79 96 82 80
Net debt/EBITDA, times 2.0 2.2 2.2 1.8
Equity ratio, % 40 37 40 40
Key ratios per share
Earnings per share, SEK 8.76 7.89 7.80 7.44
Earnings per share
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Q1 -08 Q1 -09 Q1 -10 Q1 -11 Q1 -12 Q1 -13 Q1 -14 Q1 -15 Q1 -16 Q1 -17
SEK Q2: 17% SEK 2.52 (2.16)YTD: 26% SEK 4.69 (3.73)
Financial targets
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YTD 2017 Target
Growth 16% >10%
EBITA-margin 11.9% >10%
Return on operating capital 20% >20%
Net debt/equity ratio 79% <100%
Q2 2017
Q & A