CMD14 TT FFF - Alfa Laval · 2016. 10. 25. · Order backlog as per Sept 30 For delivery next year...
Transcript of CMD14 TT FFF - Alfa Laval · 2016. 10. 25. · Order backlog as per Sept 30 For delivery next year...
Financial update
Thomas ThuressonCFO
Alfa Laval Group
www.alfalaval.com
FinancialFinancialFinancialFinancial
FINANCIAL UPDATE
NOVEMBER 25, 2014
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Financial targets
Return on capital employed - ROCE
Following the Frank Mohn acquisition the
Group target for ROCE is 20%
0
5
10
15
20
25
30
35
40
2012 2013 20142010 2011
%Aalborg
FRAMO
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Financial benchmark values
From Net Debt / Equity to Net Debt / EBITDA
The benchmark value from now on is
Net Debt / EBITDA < 2
2012 2013 20142010 2011
Times
-0,5
0
0,5
1
1,5
2
2,5
3
Debt/Equity
Debt/EBITDA(pro-forma)
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Savings programme - Communicated in the Q3-report
Main elements of the programme:
- Cost of goods sold, consolidation of acquired supply-chains- R & D, adjustment to launch capacity
- S & A, re-balance to revenue development
Timing of realization:
- 2014 SEK 50 M
- 2015 150- 2016 100
- Savings fully implemented during Q4-2015
Estimated impact on personnel (net):
- COGS 40 %
- R & D and S & A 60 %- Totally in FTE´s 300
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Group funding- Utilisation and maturity structure, status as per September 30, 2014
- Committed and utilized
- Committed, not utilized
- Not committed, utilized
SEK Bn
5
10
15
20
25
2015 20192017 2021
US PP
EIB
RCF
SEK
� Committed, not utilised SEK 4.9 Bn
� Credits, 80 % outside RCF
� Maturity of SEK 19 Bn > 4.5 years
RCF
SEK
EMTN, fixed
EMTN, var
EIB
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Foreign exchange
SEK million
Translation effect
Transaction effect
Total
Average and closing rates refers to the rates applied as per
September 30, 2014
Estimated impact on adjusted EBITA from FX fluctuations
WY 14
Cl rates
+ 100
- 35
+ 65
WY 15
Cl rates
90
130
220
WY 14
Av rates
+ 60
- 35
+ 25
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Gross profit margin
30
35
40
45
In percent of sales
35.3
36.737.0
Q212
38.3
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314Q311 Q411 Q112 Q312
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Gross profit margin
30
40
50
In percent of sales
Q113 Q314Q313 Q114Q111 Q311 Q112 Q312
LTM QuarterLTM Quarter
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0%
10%
20%
30%
40%
50%
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Asian crisis
Marine & BRIC BoomWeak SEK
Gross profit margin- Development 1991 – YTD 2014
Strong SEKStructure -AcquisMarine ”normalis”
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Gross profit margin- Evolution over the last 25 years
1990’s 2000 - 2006 2006 - 2010
36 - 39 %35 - 40 %
� Restructuring
� Procurement
37 – 43 %
� Demand
� Pricing
� Product mix
� Weak SEK
2011 – 2014
� Structure - Acquisitions
� Strong SEK
� Marine ”normalization”
� Product mix
35 - 40 %
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0
100
200
300
400
500
600
700
800
900
1 000
1 100
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
11 000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Step-up values up to 2018- Closing balance and amortization according to plan, SEK million
Closing balance Amortization
LBO-related Acquisitions Amortization acc to plan
2018
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Order backlog development
0
10
20
30
40
50
60
70
80
0
4 000
8 000
12 000
16 000
20 000
24 000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
% of LTM-sales
Order backlog % of LTM (last twelve months) sales
SEK millions
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Order backlog as per Sept 30
For delivery next year
0
4000
8000
12000
16000
20000
24000
7,324
6,567
13,192
8,766
15,873
6,256
15,314
8,330
For delivery later than next year
200920082007
For next year,
SEK 13,4 (8.0) Bn!
For delivery during the rest of current year
5,487
11,689
5,480
5,937
2010
SEK million at prevailing rates
2012
6,705
8,387
15,496
6,418
8,050
15,068
2011
15,071
7,993
6,672
2013 2014
7,371
13,364
22,400
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Order backlog as per Sept 30 - For delivery after December 31
SEK millions at prevailing rates
Other Segments
0
2000
4000
6000
8000
10000
12000
14000
16000
4,576
4,730
9,306
4,099
4,959
9,058
2,327
4,338
6,665
Marine & Diesel
20082006 2007
1,733
1,820
3,553
2005
7,705
3,655
4,050
2010
5,751
2,155
3,596 5,572
3,219
8,791
20122009 2011
8,650
3,508
5,142
Aalborg added SEK 2.0 Bn to Marine in 2011 and Frank Mohn added SEK
5.7 Bn in 2014!
2013
5,336
3,063
8,399
2014
5,297
9,732
15,029
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Sales- 2014 and 2015
BnSEK
LTM Q314 32.9
Change order backlog Q4, y-o-y - 0.1
Fx. Translation + 0.3
Acquisitions (backlog + in-for-out) + 1.2
Demand & Price Q414 + / - 0.0
Full year 2014 appr 34.3
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BnSEK
Full year 2014 appr 34.3
Change in order backlog y-o-y + 0.1
Fx. Translation + 0.5
Acquisitions during 2014 + 1.6
Subtotal: 36.5
Price + / - ?
Demand + / - ?
Further acquisitions + ?
Full year 2015: ?
Sales- 2014 and 2015
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