FLSmidth Second Quarter Interim Report 2013 Presentation

Presentation of Interim Report Q2 2013

23 August 2013Interim Report Q2 2013 1

Forward-looking statements

Interim Report Q2 2013


FLSmidth & Co. A/S’ financial reports, whether in the form of annual reports or interim reports, filed with the Danish Business Authority and/or announced via the company’s website and/or NASDAQ OMX Copenhagen, as well as any presentations based on such financial reports, and any other written information released, or oral statements made, to the public based on this interim report or in the future on behalf of FLSmidth & Co. A/S, may contain forward-looking statements.

Words such as ‘believe’, ‘expect’, ‘may’, ‘will’, ‘plan’, ‘strategy’, ‘prospect’, ‘foresee’, ‘estimate’, ‘project’, ‘anticipate’, ‘can’, ‘intend’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements.Examples of such forward-looking statements include, but are not limited to:• statements of plans, objectives or goals for future operations, including those related to FLSmidth & Co. A/S markets, products, product research and product

development• statements containing projections of or targets for revenues, profit (or loss), capital expenditures, dividends, capital structure or other net financial items• statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings and statements regarding the underlying

assumptions or relating to such statements• statements regarding potential merger & acquisition activities. These forward-looking statements are based on current plans, estimates and projections. By their very

nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which may be outside FLSmidth & Co. A/S’s influence, and which could materially affect such forward-looking statements.

FLSmidth & Co. A/S cautions that a number of important factors, including those described in this presentation, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and exchange rate fluctuations, delays or faults in project execution, fluctuations in raw material prices, delays in research and/or development of new products or service concepts,interruptions of supplies and production, unexpected breach or termination of contracts, market-driven price reductions for FLSmidth & Co. A/S’ products and/or services, introduction of competing products, reliance on information technology, FLSmidth & Co. A/S’ ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in legislation or regulation and interpretation thereof, intellectual property protection, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign enterprises, unexpected growth in costsand expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance.Unless required by law FLSmidth & Co. A/S is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this presentation.

Group strategy & long term financial targets reconfirmedLaunch of Efficiency Programme with annual EBITA improvement of DKK +750m

Deteriorating outlook for mining capital projects – Pockets of recovery in CementCustomer Services performing wellGroup revenue +14% & order intake -22%Group EBITA margin 4.4% - Underlying Group EBITA margin 9.4%

Ludowici impairment loss (DKK -800m) & inventory write-down (DKK -200m) Future risks in Material Handling minimised (DKK -323m)

Key Highlights Q2 2013

3


4

Customer intimacy

Productleadership

Operationalexcellence

Values

8/23/2013

Group Strategy verified by Group CEO

“We will be our customers’ preferred full service provider of sustainable minerals and cement technologies”

Focused full service providerSix key industriesFull-service solutionsLife cycle approachFull product flow sheets

Long term financial targets reconfirmedGrowth above market averageEBITA margin of 10-13%ROCE > 20%

Strategy health check

Stronger focus on:Organic growth and integration

Quality and safety

Research and development

People and business development

The strategy health check revealed a significant need and potential to improve efficiency throughout FLSmidth

Strategy adjustments in a few areas

5

Strategy health check

Start 23rd August 2013

Responsible CEO and Group Executive Management Team

Expected full year effect 2015

Annual EBITA improvement ~DKK +750m

One-off restructuring costs ~DKK -500m

Reduction of workforce ~1,100

Reduction of locations >20

Efficiency Programme

Efficiency programme


Key elements of Efficiency Programme

Efficiency programme


Follow-up and external reporting:

Sales, distribution & administration costs (“SG&A”)

Gross margin in Material Handling

Gross margin

Sourcing from cost competitive countries

Net Working Capital

Gross profit

Investments in R&D

Current market trends



Mining capex outlook deteriorated further in Q2- expected to hit the bottom in 2014- commodity prices under pressure- mining operating expenditures still at healthy level

Cement demand is slowly picking up- pockets of demand for new cement capacity- demand for cement services is slightly increasing

Few large orders available, but still active negotiations

Some pricing pressure is evident

No cancellations of orders in the backlog

Order intake down 22%- attributable to all segments but Customer Services

Revenue up 14% attributable to all segments but Material Handling

EBITA down 50%, primarily due to Material Handling one-off costs

CFFO slightly negative due to tax and financial payments

Structural headcount reduction of 454 in Q2 were offset by manning up on new O&M contracts

Financial developments in Q2 2013

Interim report Q2 2013

23 August 2013 9

FLSmidth & Co. A/S(DKKm) Q2 2013 Q2 2012 Change

Order intake 5,626 7,246 -22%Revenue 6,456 5,653 +14%EBITA 287 576 -50%EBITA margin 4.4% 10.2%EBIT 195 323 -39%EBIT margin 3.0% 5.7%CFFO -51 333Employees2) 14,817 12,717 +17%


1) Excluding Cembrit

FLSmidth & Co. A/S(DKKm) Q2 2013 Q2 2012 Change

Order intake 5,626 7,246 -22%Order backlog 26,983 30,803 -12%Revenue 6,456 5,653 +14%Gross margin 18.3% 24.3%EBITA 287 576 -50%EBITA margin 4.4% 10.2%EBIT 195 321 -39%EBIT margin 3.0% 5.7%Net results 143 223 -36%CFFO -51 333Employees1) 14,802 12,717 +16%

Order intake decreased 22% in Q2 2013



Order intake by industry (quarterly)

Cement

Coal

Iron ore

Fertilizers

Other

CopperGold

36%

14%7%9%

4%2%

28%

0

2,000

4,000

6,000

8,000

10,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Order intake (quarterly)

-22% vs. Q2 2012DKKm

Announced O&M ordersAnnounced capital ordersUnannounced orders

Revenue increased 14% in Q2 2013



01,0002,0003,0004,0005,0006,0007,0008,0009,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Revenue (quarterly)+14% vs. Q2 2012DKKm

Organic revenue growth of 10%

Service activities accounted for 40% of Q2 revenue

Pattern of seasonallyincreasing quarterly revenue over the calendar year expected to be repeated in 2013

Gross margin development



Gross margin

24.8% 24.3%

18.3%

10%

15%

20%

25%

30%

0

500

1,000

1,500

2,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Gross profit (quarterly)-14% vs. Q2 2012DKKm

Decline in gross margin due to Material Handling one-off costs and execution of low margin order backlog in Cement

Gross margin Q2’13 vs. Q2’12- by segment

26.9%15.7% 21.1%

31.5%28.2%

-17.9%

22.0% 18.2%

CustomerServices

MaterialHandling

MineralProcessing

Cement

Q2’13Q2’12 Q2’13Q2’12 Q2’13Q2’12 Q2’13Q2’12

Reassessment of order backlog based on a more prudent risk approach

Minimised risk of future negative surprises

One-off impact in Q2 DKK -323m related to legacy order backlog

No new problematic projects have appeared

Material Handling one-offs in Q2

Interim report Q2 2013


EBITA margin down primarily due to Material Handling one-off of DKK -323m

Underlying EBITA (adjusted for MH one-off) is DKK 610m, equivalent to an EBITA-margin of 9.4%

SG&A cost-ratio declined to 12.6% of Revenue vs. 13.2% in Q2’12

EBITA decreased 50% in Q2 2013



EBITA margin

9.5% 10.2%

4.4%

0%

3%

6%

9%

12%

15%

0

200

400

600

800

1,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

EBITA (quarterly)-50% vs. Q2 2012DKKm

576287

147 67

323

65

0100200300400500600700800900

EBITA Q2'12

Increase in revenue

Decrease in gross margin

Material Handling one-off

Increase in SG&A costs

EBITA Q2'13

DKKm

EBITA bridge Q2’13 vs. Q2’12

0%

2%

4%

6%

8%

10%

12%

0

500

1,000

1,500

2,000

2,500

3,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

2,335 2,212

502

256 156

565

160

2,000

2,200

2,400

2,600

2,800

3,000

3,200

Net working capital declined DKK 123m in Q2



Average Net Working CapitalWorking capital ratio 7.3%DKKm NWC* /Revenue LTM**

*) NWC: Average Net Working Capital excl. Cembrit

**) LTM: Last Twelve Months

End Q2 2013 vs. End Q1 2013Change in Net Working capital

DKKm

Customer Services performed well on all parameters order intake +21%, revenue +26%, EBITA +29%

Material Handling is the only negative surprise order intake -19%, revenue -26%, EBITA DKK -369m

Mineral Processing is lacking large orders, but delivered solid results order intake -40%, revenue +20%, EBITA +34%

Cement earnings were significantly below last year as expectedorder intake -30%, revenue +37%, EBITA -37%

Divisional developments in Q2



Cembrit sales process stopped



Satisfactory sales price not reached

Sales process stopped

Stand alone business

Reported as continuing activities from Q3 2013

2013 effect: Revenue DKK +1.4bn, EBITA-margin 0%

Ludowici acquisition impairment loss of DKK -800mDeteriorating outlook for mining capex in general and for the Australian coal industry in particular

Impairment tests reveal indications of write-down

Inventory write-down of DKK -200mThorough inventory review

More stringent assessment of ageing inventory items

Expected impairment loss and write-down in Q3

Special items


Revenue EBITA EBIT

Material Handling one-off costs in Q2 DKK -323m DKK -323m

Expected costs related to efficiency programmein Q3-Q4 DKK -350m DKK -350m

Expected inventory write-down in Q3 DKK -200m DKK -200m

Expected Ludowici impairment loss in Q3 DKK -800m

Inclusion of Cembrit full-year results from Q3 DKK +1.4bn DKK -0m DKK -0m

Total full-year impact DKK +1.4bn DKK -873m DKK -1,673m

Special items impacting Q2 and full-year estimates

Special items


Group Guidance 2013 Previous guidance

Revenue DKK 26-28bn DKK 27-30bn

EBITA margin 4-5% 8-10%

CFFI ~DKK -0.8bn DKK -1bn

ROCE 7-8% 15%

Group guidance 2013 updated

Guidance


Divisional Guidance 2013 updated

Guidance


Segments Guidance 2013

Revenue (previously) EBITA margin (previously)

Customer Services DKK 8-9bn (DKK 8-10bn) 13-14% (13-15%)

Material Handling DKK 4-5bn (DKK 4-6bn) -8% to -9% (>0%)

Mineral Processing DKK 9-11bn (DKK 10-12bn) 8-9% (8-10%)

Cement DKK 5-6bn (DKK 5-7bn) 6-7% (6-8%)

Cembrit is expected to generate a revenue of DKK ~1.4bn and an EBITA margin of ~0% in 2013Eliminations in the form of intercompany trade is expected to amount to around DKK -1bnOne-off costs related to efficiency program (DKK-350m) and inventory write-down (DKK-200m) have not been allocated to divisions

Group strategy & long term financial targets reconfirmedLaunch of Efficiency Programme with annual EBITA improvement of DKK +750m

Deteriorating outlook for mining capital projects – Pockets of recovery in CementCustomer Services performing wellGroup revenue +14% & order intake -22%Group EBITA margin 4.4% - underlying Group EBITA margin 9.4%

Ludowici impairment (DKK -800m) & inventory write-down (DKK -200m) Future risks in Material Handling minimised (DKK -323m)


22


Questions &Answers

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Appendices- backup slides


Customer Services


6% organic order intake growth and 11% organic revenue growth

Improved order intake in Q2 mainly due to acquisitions and high utilisation rates in the mining industry

Margin recovered in Q2 after adverse business mix impacts and costs of one-off nature in Q1 2013

Increased order intake and EBITA margin

Customer Services


Revenue (quarterly)DKKm EBITA margin+26% vs. Q2 2012

0%

4%

8%

12%

16%

20%

0

500

1,000

1,500

2,000

2,500

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

0

1,000

2,000

3,000

4,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Order intake (quarterly)+21% vs. Q2 2012DKKm

Announced O&M ordersAnnounced capital ordersUnannounced orders

Customer Services

Customer Services


(DKKm) Q2 2013

Q2 2012 Change Full-year

2012Expected

2013

Order intake 1,900 1,569 +21% 9,202Order backlog 7,979 6,708 +19% 8,159Revenue 2,020 1,608 +26% 7,073 DKK 8-9bnEBITDA 320 244 +31% 1,012EBITA 298 231 +29% 930EBITA margin 14.8% 14.4% 13.1% 13-14%EBIT 277 1551) +79% 7871)

EBIT margin 13.7% 9.6%1) 11.1%1)

1) Including one-off write-down of capitalized R&D costs in Q2’12 of approximately DKK 60m

Material Handling


Decreased order intake reflects continued challenging market conditions, increased rigorousness in the proposal phase and a prudent tender approach

EBITA margin adversely impacted by DKK -323m due to changed risk assessment of order backlog in Q2

The number of ‘risky projects’ in the backlog is unchanged vs. Q1’13

Margin improvement remains challenging

Material Handling


Revenue (quarterly)DKKm EBITA margin-26% vs. Q2 2012

0

500

1,000

1,500

2,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Order intake (quarterly)-19% vs. Q2 2012DKKm

-40%-30%-20%-10%0%10%20%30%

-2,400-1,800-1,200

-6000

6001,2001,800

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

111111

Announced ordersUnannounced orders

Material Handling

Material Handling


(DKKm) Q2 2013

Q22012 Change Full-year

2012Expected

2013

Order intake 1,028 1,272 -19% 4,565Order backlog 4,976 5,230 -5% 4,773Revenue 944 1,271 -26% 4,997 DKK 4-5bnEBITDA -356 28 -140EBITA -369 17 -186EBITA margin -39.1% 1.3% -3.7% -9% to -8%EBIT -387 12 -247EBIT margin -41.0% 0.9% -4.9%

Order Backlog information

15 projects out of a total portfolio of 189 projects in the Material Handling Business Unit are currently regarded as risky (end of Q1 2013: 15 projects)

Minimised risk of future negative surprises after reassessment of backlog

These projects accounted for DKK 705m or 15% of the backlog at the end of Q2

Mineral Processing


Declining order intake and lower tender activity as the market for Mineral Processing remains soft

High revenue as a result of strong order intake from mid-2011 and throughout 2012

EBITA margin improved due to reduced SG&A costs and gain from disposal of assets

Soft market – but solid execution

Mineral Processing



0%3%6%9%12%15%18%21%

0500

1,0001,5002,0002,5003,0003,500

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

0500

1,0001,5002,0002,5003,0003,500

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013



Mineral Processing

Mineral Processing


(DKKm) Q2 2013


2012Expected

2013

Order intake 1,679 2,808 -40% 10,318Order backlog 7,891 10,362 -24% 9,589Revenue 2,477 2,057 +20% 9,512 DKK 9-11bnEBITDA 292 209 +40% 1,079EBITA 259 193 +34% 1,000EBITA margin 10.5% 9.4% 10.5% 8-9%EBIT 212 891) +138% 7731)

EBIT margin 8.6% 4.3%1) 8.1%1)


Cement


0

500

1000

1500

2000

2500

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Stable level of unannounced orders – value of announced orders lower vs. Q2’12

As expected, margin has declined as backlog is exhausted of pre-crisis orders with higher profitability

Demand in China down to about 10% of peak market, increasing competition in and outside China

Two large orders, but market remains subdued

Cement



0%

5%

10%

15%

20%

25%

0

500

1000

1500

2000

2500

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013



Cement

Cement


(DKKm) Q2 2013


2012Expected

2013

Order intake 1.335 1,902 -30% 4,599Order backlog 6,847 9,240 -26% 7,585Revenue 1,304 952 +37% 4,214 DKK 5-6bnEBITDA 101 155 -35% 788EBITA 91 144 -37% 752EBITA margin 7.0% 15.1% 17.8% 6-7%EBIT 85 741) +15% 6691)

EBIT margin 6.5% 7.8%1) 15.9%1)


Service activities accounted for 44% of Q2 orders

Order intake decreased mainly due to lower value of announced orders in Q2

Expected backlog conversion to revenue: 43% in 2013, 35% in 2014 and 22% in 2015 and beyond. O&M** contracts accounted for DKK 4.7bn (17%) of the order backlog at the end of Q2

Order intake decreased 22% in Q2 2013



0

2,000

4,000

6,000

8,000

10,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013


0.20.40.60.811.21.41.6

05,000

10,00015,00020,00025,00030,00035,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Order backlog (quarterly)-12% vs. Q2 2012DKKm Book-to-bill ratio*

Announced O&M orders **Announced capital ordersUnannounced orders

*) Order backlog divided by Last-Twelve-Months Revenue

**) Operation & Maintenance

Announced orders in Q2 2013

Iron ore India DKK 200m (MH)Cement Equatorial Guinea DKK 505m (C)Cement India DKK 200m (C)

36%

14%7%9%

4%2%

28%


Distribution of order intake by industry and segment


Order intake Q2 2013

Cement

CopperGold

Coal

Iron ore

Fertilizers

Other

Growth CustomerServices

Material Handling

Mineral Processing

Cement Group

Organic 6% -16% -43% -29% -26%

Acquisitions 18% 0% 5% 0% 6%

Currency -3% -3% -2% -1% -2%

Total 21% -19% -40% -30% -22%

Order intake growth Q2’13 vs. Q2’12

Estimated organic revenue growth of 14% and acquisitive revenue growth of 7% in Q2 2013

Service activities accounted for 40% of Q2 revenue

Pattern of increasing quarterly revenue over the calendar year expected to be repeated in 2013, however challenged by softening market conditions

Revenue increased 14% in Q2 2013



0

2,000

4,000

6,000

8,000

10,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Revenue (quarterly)+14% vs. Q2 2012DKKm

Growth CustomerServices

Material Handling

Mineral Processing

Cement Group

Organic 11% -22% 18% 38% 10%

Acquisitions 18% 0% 5% 0% 7%

Currency -3% -4% -3% -1% -3%

Total 26% -26% 20% 37% 14%

Revenue growth Q2’13 vs. Q2’12

Revenue and order intake by segment

32%

17%28%

23%



Order intake Q2 2013– classified by segment

Customer Services

Material Handling

Cement

30%

14%37%

19%

Material HandlingMineral Processing

Revenue Q2 2013 – classified by segment

Customer ServicesCement

Mineral Processing

Service activities accounted for 44% of Q2 orders


Interim Report Q2 2013 41

Revenue Q2 2013

23 August 2013

Order intake Q2 2013

40%60%

Capital Business

44%

56%

Service BusinessCapital BusinessService Business

SG&A ratio down vs. last year and sequentially



SG&A ratio declining as a cost efficiency measures start to work

SG&A ratio*

14.3%13.2% 12.6%

0%

3%

6%

9%

12%

15%

18%

0

200

400

600

800

1,000

1,200

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

SG&A costs* (quarterly)+9% vs. Q2 2012DKKm

*) SG&A ratio: SG&A costs divided by Revenue

EBITA by segment



EBITA Q2 2013– classified by segment

107%

-132%

93%

33%

CustomerServices

MaterialHandling

MineralProcessing

Cement

EBITA margin Q2 2013– classified by segment

14.8%

-39.1%

10.5% 7.0%

CustomerServices

MaterialHandling

MineralProcessing

Cement

Negative CFFO due to taxes paid, financial payments and increased working capital

CFFI reflects that acquisitions are temporarily on hold in 2013, and includes DKK +92m related tosale of non-core activities in Ludowici, Australia

Cash flow from operating and investing activities



CFFO (quarterly)DKKm

-800-400

0400800

12001600

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

CFFI (quarterly)+57% vs. Q2 2012DKKm

-3,000-2,400-1,800-1,200

-6000

600

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

-51m in Q2 2013

Capital structure developments



NIBD* (quarterly)DKKm

-0.8-0.400.40.81.21.622.4

-2,000-1,000

01,0002,0003,0004,0005,0006,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Gearing 2.0x EBITDAGearing target (self-imposed)

0%

10%

20%

30%

40%

50%

0

2,000

4,000

6,000

8,000

10,000

Q2 2011

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

Equity (quarterly)DKKm Equity ratio-6% vs. Q2 2012

Equity ratio target (self-imposed)

The equity ratio declined to 27% in Q2, mainly as a result of:Dividend of DKK -479m paid out in Q2Execution of share buyback programme DKK -435m in Q2Material Handling one-off costs reducing net profit by more than DKK 200m (after tax)Foreign exchange adjustments related to enterprises abroad DKK -349m

Number of employees



Number of employees Q2’13 vs. Q2’12- by segment

43263352

2417 2621

5859

35853021 2335

CustomerServices

MaterialHandling

MineralProcessing

Cement

Q2’13Q2’12

Number of employees at the same level as Q1’13 (from 14,811 to 14,802), but increased 16% vs. Q2’12 Increase vs. Q2’12 is primarily related to acquisitions and blue collar workers in connection with O&M contractsStructural head count reductions of 454in Q2’13 were offset by manning up on new O&M contractsDevelopments in divisional numbers are impacted by allocation of group staff

Q2’13Q2’12 Q2’13Q2’12 Q2’13Q2’12

FLSmidth Second Quarter Interim Report 2013 Presentation

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Transcript of FLSmidth Second Quarter Interim Report 2013 Presentation