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Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
Atlas Copco Group - Q4/2009 Results
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Atlas Copco Group - Q4/2009 Results

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Published 10/February 2010

Published 10/February 2010

Published in: Investor Relations
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  • 1. Atlas Copco Group Q4 Results February 2, 2010
  • 2. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 3. Q4 - Highlights <ul><li>Slight improvement in demand compared with previous quarters </li></ul><ul><ul><li>Noticeable in most emerging markets… </li></ul></ul><ul><ul><li>… and from the mining industry </li></ul></ul><ul><ul><li>Still low investment level </li></ul></ul><ul><li>Sales of aftermarket products and services increased </li></ul><ul><li>Healthy profit margins </li></ul><ul><ul><li>Low volumes continue to affect negatively </li></ul></ul><ul><ul><li>Cost reductions, favorable sales mix and low financial costs gave support </li></ul></ul><ul><li>Operating cash flow remained very strong </li></ul><ul><li>Proposed dividend of SEK 3.00 (3.00) per share and a share buyback program </li></ul>
  • 4. Q4 - Figures in summary <ul><li>Organic order intake down 9%... </li></ul><ul><ul><li>… but flat if adjusted for cancellations previous year </li></ul></ul><ul><li>Revenues of MSEK 15 942; 18% organic decline </li></ul><ul><li>Operating profit at MSEK 2 450 (3 288) </li></ul><ul><ul><li>Restructuring cost of MSEK 80 (258) </li></ul></ul><ul><ul><li>Adjusted operating margin of 15.9% (18.7) </li></ul></ul><ul><li>Profit before tax at MSEK 2 324 (3 508) </li></ul><ul><ul><li>Previous year included tax-free gain of MSEK 939 </li></ul></ul><ul><li>Earnings per share SEK 1.39 (2.39) </li></ul><ul><li>Operating cash flow MSEK 3 672 (2 401) </li></ul>
  • 5. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 6. Orders received - Local currency December 2009 Group total -27% YTD , 0% last 3 months Effect of cancellations 1% YTD, 9% last 3 months B C A Last 3 months vs. prev. year, % C = Year-to-date vs. prev. year, % B = Portion of sales, Year-to-date, % A = -15 +25 10 -38 -12 16 -30 0 36 -28 -23 12 -15 +15 21 -25 -9 5
  • 7. Q4 - The Americas <ul><li>Slight sequential improvement in North America </li></ul><ul><ul><li>Sales of industrial equipment and related aftermarket improved somewhat </li></ul></ul><ul><ul><li>Construction remain very weak </li></ul></ul><ul><li>Order growth in South America </li></ul><ul><ul><li>Improved demand for mining and construction equipment </li></ul></ul>December 2009 B C A Last 3 months vs. prev. year, % C = Year-to-date vs. prev. year, % B = Portion of sales, Year-to-date, % A = -15 +25 10 -38 -12 16
  • 8. Q4 - Europe and Africa/Middle East <ul><li>Overall demand remained low in Europe, but… </li></ul><ul><ul><li>…slight improvement in Germany and in the Nordic countries </li></ul></ul><ul><ul><li>…improved demand from mining industry in Eastern Europe </li></ul></ul><ul><ul><li>Solid aftermarket </li></ul></ul><ul><li>Weak quarter in Africa / Middle East </li></ul><ul><ul><li>Sales of gas and process compressors declined </li></ul></ul><ul><ul><li>No improvement in Southern Africa </li></ul></ul>December 2009 B C A Last 3 months vs. prev. year, % C = Year-to-date vs. prev. year, % B = Portion of sales, Year-to-date, % A = -30 0 36 -28 -23 12
  • 9. Q4 - Asia and Australia <ul><li>Positive development for all business areas in Asia </li></ul><ul><ul><li>Growth in China, India and many other markets in South Asia. </li></ul></ul><ul><ul><li>Negative development in Japan and South Korea </li></ul></ul><ul><li>Gradual recovery of demand in Australia </li></ul><ul><ul><li>Pick-up in the mining industry </li></ul></ul>December 2009 Last 3 months vs. prev. year, % C = Year-to-date vs. prev. year, % B = Portion of sales, Year-to-date, % A = B C A -15 +15 21 -25 -9 5
  • 10. Organic * Growth per Quarter <ul><li>Change in orders received in % vs. same quarter previous year </li></ul>Atlas Copco Group, continuing operations *Volume and price
  • 11. Atlas Copco Group – Sales Bridge * Cancellations in Q4 2008 and Q1 2009
  • 12. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 13. Atlas Copco Group Operating Profit and Return On Capital Employed (ROCE) by Business Area
  • 14. Compressor Technique <ul><li>Overall demand remained on low level </li></ul><ul><ul><li>12% organic order decline vs. Q4 2008 </li></ul></ul><ul><ul><li>Good development in emerging markets </li></ul></ul><ul><ul><li>Improved demand for standard compressors </li></ul></ul><ul><ul><li>Weak order intake for gas and process compressors </li></ul></ul><ul><ul><li>Stable aftermarket business </li></ul></ul><ul><li>Operating margin at 19.6% </li></ul><ul><ul><li>Improvement from previous quarters thanks to increased revenues and favorable sales mix </li></ul></ul><ul><li>Agreement to acquire Quincy Compressor </li></ul><ul><li>Investment in manufacturing facility in China </li></ul>,
  • 15. Compressor Technique Quarterly operating margins include Prime Energy from Q1 2006. *Volume and price
  • 16. Construction and Mining Technique <ul><li>Improved order intake compared with previous quarters </li></ul><ul><ul><li>Demand in mining and infrastructure construction developed positively </li></ul></ul><ul><ul><li>Growth in aftermarket and consumables </li></ul></ul><ul><ul><li>Organic order decline of 5% vs. Q4 2008 </li></ul></ul><ul><li>Operating margin at 14.1% </li></ul><ul><ul><li>Low volumes compared with previous year affected negatively, while cost savings gave support </li></ul></ul><ul><ul><li>Less favorable sales mix compared with Q3 </li></ul></ul>
  • 17. Construction and Mining Technique *Volume and price
  • 18. Industrial Technique <ul><li>Slight improvement in order intake compared with previous quarters </li></ul><ul><ul><li>Continued weak demand in most developed markets </li></ul></ul><ul><ul><li>Growth in Asia, both from the motor vehicle industry and the general industry. </li></ul></ul><ul><ul><li>Organic order intake down 14% vs. Q4 2008 </li></ul></ul><ul><li>Adjusted operating profit margin at 12.9% </li></ul><ul><ul><li>Restructuring costs of MSEK 80, primarily related to closure of manufacturing facilities in Germany and Japan. </li></ul></ul>
  • 19. Industrial Technique *Volume and price
  • 20. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 21. Group Total
  • 22. Profit Bridge October – December, 2009 vs 2008
  • 23. Profit Bridge – by Business Area October – December, 2009 vs 2008
  • 24. Balance Sheet
  • 25. Capital Structure Net Debt*/EBITDA *Net Debt adjusted for the fair value of interest rate swaps
  • 26. Atlas Copco AB’s Loan Maturity Profile
  • 27. Cash Flow
  • 28. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 29. 2009 - Figures in summary Revenues and operating margin 2004 pro forma, excluding divested businesses
  • 30. 2009 - Highlights <ul><li>Healthy profitability in very challenging business climate </li></ul><ul><li>Quick adaptation to low demand </li></ul><ul><li>Sustained strong focus on market presence and product development </li></ul><ul><li>Order intake declined 21%, 29% organic decline </li></ul><ul><li>Revenues decline 14% to 63 762, 22% organic decline </li></ul><ul><li>Operating profit down 34% to MSEK 9 090 </li></ul><ul><ul><li>Restructuring costs of MSEK 569, adjusted margin of 15.1% (19.0) </li></ul></ul><ul><li>Very strong cash flow of MSEK 13 290 (4 751) </li></ul>
  • 31. Atlas Copco Group Earnings per Share, Dividend and Redemption * Proposed by the Board of Directors
  • 32. Committed to Sustainable Productivity <ul><li>Committed to sustainable productivity means: </li></ul><ul><li>… that Atlas Copco people do everything they can to ensure reliable, lasting results with responsible use of resources; human, natural, and capital. </li></ul>New brand promise for Atlas Copco
  • 33. Contents <ul><li>Q4 Business Highlights </li></ul><ul><li>Market Development </li></ul><ul><li>Business Areas </li></ul><ul><li>Financials </li></ul><ul><li>2009 Summary </li></ul><ul><li>Outlook </li></ul>
  • 34. Near-term Outlook <ul><li>The overall demand for the Group’s products and services is expected to improve somewhat. </li></ul><ul><li>Many emerging markets are foreseen to have a continued favorable development and demand from the mining industry is expected to improve. </li></ul>
  • 35.
  • 36. Cautionary Statement <ul><li>“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.” </li></ul>

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