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Atlas Copco Group Q2 2012 results
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Atlas Copco Group Q2 2012 results

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Atlas Copco Group Q2 2012 results

Atlas Copco Group Q2 2012 results

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    Atlas Copco Group Q2 2012 results Atlas Copco Group Q2 2012 results Presentation Transcript

    • Atlas Copco GroupQ2 2012 resultsJuly 17, 2012
    • Q2 - highlights  Healthy demand – Organic order intake declined slightly – Stable order intake for small and medium sized equipment – Lower order intake of large compressors and mining equipment – Strong development for the aftermarket  Sequential improvement in Asia, incl. China  Record revenues and operating profit  Continued strong value creation2 July 17, 2012
    • Q2 - figures in summary  Orders received increased by 5% to MSEK 23 263, organic decline 2%  Revenues up 17% to a record of MSEK 23 437, organic growth 9%  Operating profit increased by 20% to MSEK 5 019 (4 177) – Operating margin at 21.4% (20.9)  Profit before tax at MSEK 4 839 (4 081)  Basic earnings per share SEK 2.98 (2.46)  Operating cash flow at MSEK 1 891 (567)3 July 17, 2012
    • Orders received - local currency Group total 7+% YTD, +1% last 3 months Structural change +3% YTD, +3% last 3 months 29 +6 +1 19 +2 -5 21 -4 +2 12 +15 -16 11 +18 +12 8 +29 +18 June 2012 A= Share of orders received, year-to-date, % A B C B= Year-to-date vs. previous year, % C= Last 3 months vs. previous year, %4 July 17, 2012
    • Q2 - the Americas  Robust demand in North America – Order intake remained on a high level – Large mining orders in Mexico in Q2 2011 – Sales of construction equipment improved 19 +2 -5  Orders received improved for all business areas in South America 11 +18 +12 – Strong mining demand – Sequential improvement in Brazil June 2012 A= Share of orders received, year-to-date, % A B C B= Year-to-date vs. previous year, % C= Last 3 months vs. previous year, %5 July 17, 2012
    • Q2 - Europe and Africa/Middle East  Orders received largely flat in Europe – Growth in Russia and Eastern Europe – Challenging market conditions in Western and 29 +6 +1 Southern Europe  High level of orders in Africa / Middle East – Large orders in Q2 2011 for mining equipment and 12 +15 -16 compressed air equipment June 2012 A= Share of orders received, year-to-date, % A B C B= Year-to-date vs. previous year, % C= Last 3 months vs. previous year, %6 July 17, 2012
    • Q2 - Asia and Australia  Healthy demand in Asia – Order intake increased slightly – Positive year-on-year development for mining – Decrease for industrial compressors and construction equipment 21 -4 +2 – Order volumes improved sequentially in China  Order growth in Australia – Mining demand remain on high level – Large Liquefied Natural Gas compressor order 8 +29 +18 June 2012 A= Share of orders received, year-to-date, % A B C B= Year-to-date vs. previous year, % C= Last 3 months vs. previous year, %7 July 17, 2012
    • 8 0 -40 -30 -20 -10 30 40 10 20July 17, 2012 00 Q3 00 Q4 01 Q1 *Volume and price 01 Q2 01 Q3 01 Q4 02 Q1 02 Q2 02 Q3 02 Q4 03 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04 Q4 Organic growth, % 05 Q1 05 Q2 05 Q3 05 Q4 06 Q1 06 Q2 06 Q3 06 Q4 07 Q1 07 Q2 Atlas Copco Group, continuing operations 07 Q3 Organic* growth per quarter 07 Q4 08 Q1 08 Q2 08 Q3 08 Q4 09 Q1 09 Q2 09 Q3 Order cancellations, % 09 Q4 10 Q1 10 Q2 10 Q3 10 Q4 11 Q1 11 Q2 11 Q3  Change in orders received in % vs. same quarter previous year 11 Q4 12 Q1 12 Q2
    • Atlas Copco Group – sales bridge April - June January - June Orders Orders MSEK received Revenues received Revenues 2011 22 202 19 951 43 877 38 174 Structural change, % +3 +3 +3 +3 Currency, % +4 +5 +3 +3 Price, % +2 +2 +2 +2 Volume, % -4 +7 +2 +12 Total, % +5 +17 +10 +20 2012 23 263 23 437 48 090 45 6919 July 17, 2012
    • Atlas Copco Group Revenues per business area Construction Technique 15% Compressor 38% Technique Mining 37% and Rock Excavation Technique 10% Industrial Technique12 months until June 2012 10 July 17, 2012
    • Compressor Technique  Healthy level of order intake Organic* revenue growth: Change vs. same period previous year, % – Lower orders for large equipment Operating margin, % – Organic order decline of 7% +30 30 – Good aftermarket development +25 25  Operating margin at 22.0% (24.0) +20 20 – Increased investments in marketing and +15 15 product development +10 10  Agreement to acquire compressor +5 5 manufacturer in Turkey +0 0  Launch of full range of vacuum pumps -5 -5 -10 -10 -15 -15 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q211 July 17, 2012
    • Industrial Technique  Robust order intake Organic* revenue growth: Change vs. same period previous year, % – Continued strong demand from the motor Operating margin, % vehicle industry +40 40 – Slight decrease in order intake from the +30 30 general industry – Good performance of the aftermarket +20 20 +10 10  Operating margin at 22.8% (21.8) +0 0 -10 -10 -20 -20 -30 -30 -40 -40 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q212 July 17, 2012
    • Mining and Rock Excavation Technique  Continued strong mining activity Organic* revenue growth: Change vs. same period previous year, % – Order volumes for equipment declined Operating margin, % – Strong aftermarket growth +50 50  Record revenues and operating profit +40 40  Operating margin at 24.8% (23.5) +30 30 +20 20 +10 10 +0 0 -10 -10 -20 -20 -30 -30 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q213 July 17, 2012
    • Construction Technique  Overall demand largely unchanged Organic* revenue growth: Change vs. same period previous year, % – Orders received -2%, organically Operating margin, % – Increased order intake in North America +40 20 – Weakness in Asia and in Europe +30 15  Order intake increased sequentially in +20 10 China and Brazil +10 5  Operating margin at 13.2% (13.9) +0 0 -10 -5 -20 -10 -30 -15 -40 -20 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q214 July 17, 2012
    • Group total April – June 2012 vs. 2011 April - June MSEK 2012 2011 % Orders received 23 263 22 202 +5 Revenues 23 437 19 951 +17 Operating profit 5 019 4 177 +20 – as a percentage of revenues 21.4 20.9 Profit before tax 4 839 4 081 +19 – as a percentage of revenues 20.6 20.5 Profit for the period 3 617 2 982 +21 Basic earnings per share, SEK 2.98 2.46 Return on capital employed, % 38 3415 July 17, 2012
    • Profit bridge April – June 2012 vs. 2011 Q2 2012 Organic Growth Currency One-time items Q2 2011 MSEK Price/Volume Acq./Div. Atlas Copco Group Revenues 23 437 1 896 930 660 19 951 EBIT 5 019 352 430 60 4 177 % 21.4% 18.6% 20.9%16 July 17, 2012
    • Profit bridge – by business area April – June 2012 vs. 2011 Q2 2012 Organic Growth Currency One-time items Q2 2011 MSEK Price/Volume Acq./Div. Compressor Technique Revenues 8 692 451 385 180 7 676 EBIT 1 910 -125 195 0 1 840 % 22.0% neg 24.0% Industrial Technique Revenues 2 420 280 90 250 1 800 EBIT 552 75 25 60 392 % 22.8% 26.8% 21.8% Mining and Rock Excavation Technique Revenues 8 846 1 387 370 95 6 994 EBIT 2 191 415 130 5 1 641 % 24.8% 29.9% 23.5% Construction Technique Revenues 3 697 -117 80 135 3 599 EBIT 488 -66 60 -5 499 % 13.2% 56.4% 13.9%17 July 17, 2012
    • Balance sheet MSEK June 30, 2012 Dec. 31, 2011 June 30, 2011 Intangible assets 15 873 15 352 13 245 Rental equipment 1 879 2 117 1 889 Other property, plant and equipment 6 855 6 538 5 856 Other non-current assets 3 658 3 983 3 972 Inventories 19 286 17 579 15 661 Receivables 23 376 21 996 19 152 Current financial assets 1 308 1 773 1 433 Cash and cash equivalents 4 160 5 716 4 481 Assets classified as held for sale 1 484 55 51 TOTAL ASSETS 77 879 75 109 65 740 Total equity 29 427 28 839 22 287 Interest-bearing liabilities 23 338 21 939 21 555 Non-interest-bearing liabilities 25 114 24 331 21 898 TOTAL EQUITY AND LIABILITIES 77 879 75 109 65 74018 July 17, 2012
    • Cash flow April – June MSEK 2012 2011 Operating cash surplus 5 522 4 817 of which depreciation added back 661 589 Net financial items -819 -993 Taxes paid -1 331 -982 Change in working capital -401 -1 469 Increase in rental equipment, net -193 -206 Cash flows from operating activities 2 778 1 167 Investments of property, plant & eq., net -438 -456 Other investments, net -449 -144 Cash flow from investments -887 -600 Operating cash flow 1 891 567 Company acquisitions/ divestments -139 -4319 July 17, 2012
    • Near-term outlook The overall demand for Atlas Copco’s products and services is expected to remain at the current high level.20 July 17, 2012
    • Committed to sustainable productivity.22 July 17, 2012
    • Cautionary Statement “Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially and adversely affected by other factors such as the effect of economic conditions, exchange-rate and interest-rate movements, political risks, the impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses.”23 July 17, 2012