Atlas Copco Q1-2012 results handout
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Atlas Copco Q1-2012 results handout

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  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012
  • April 27, 2012

Atlas Copco Q1-2012 results handout Atlas Copco Q1-2012 results handout Presentation Transcript

  • Atlas Copco GroupQ1 2012 resultsApril 27, 2012
  • Q1 - highlights  Record order intake – Demand remained at a high level – Several important orders won in the mining and the automotive businesses – Strong growth in aftermarket  Healthy growth in the United States and sequential improvement in China  Continued investments in market presence and innovation  Continued strong value creation – Revenue growth, solid profit generation and positive cash flow 2April 27, 2012
  • Q1 - figures in summary  Orders received of MSEK 24 827 (21 675), 10% organic growth  Revenues of MSEK 22 254 (18 223), 17% organic growth  Operating profit increased by 15% to MSEK 4 604 (3 987) – Operating margin 20.7% (21.9)  Negative effects from revenue mix, acquisitions and long-term incentive programs  Positive effects from revenue growth, prices and currency  Profit before tax at MSEK 4 489 (4 056) – Previous year, MSEK 151 capital gain related to sale of shares in RSC Holdings  Basic earnings per share SEK 2.81 (2.48)  Operating cash flow at MSEK 1 441 (2 026) 3April 27, 2012
  • Orders received - local currency Group total +13% YTD Structural change +3% YTD 28 +11 19 +9 20 -10 13 +51 11 +25 9 +41 March 2012 A= Share of orders received, year-to-date, % A B B= Year-to-date vs. previous year, % 4April 27, 2012
  • Q1 - the Americas  Strong demand in North America – Record order intake – Strong growth in the United States and Canada 19 +9 – Order intake from the manufacturing industry developed positively – Sales of construction equipment improved  Record orders received in South America 11 +25 – Very strong demand from the mining industry March 2012 A= Share of orders received, year-to-date, % A B B= Year-to-date vs. previous year, % 5April 27, 2012
  • Q1 - Europe and Africa/Middle East  Orders received increased in Europe – Highest growth in Russia and Germany 28 +11 – Favorable development for industrial tools and assembly systems for the motor vehicle industry  Strong growth in Africa / Middle East 13 +51 – Important orders won for mining equipment and compressed air equipment March 2012 A= Share of orders received, year-to-date, % A B B= Year-to-date vs. previous year, % 6April 27, 2012
  • Q1 - Asia and Australia  Orders received increased sequentially in Asia – Lower compared to record order intake last year – Robust underlying demand for mining and industrial equipment – Sequential improvement in China 20 -10 – Road construction demand remained weak  Record orders received in Australia – Continued strong demand in mining 9 +41 March 2012 A= Share of orders received, year-to-date, % A B B= Year-to-date vs. previous year, % 7April 27, 2012
  • Organic* growth per quarter Atlas Copco Group, continuing operations  Change in orders received in % vs. same quarter previous year 40 30 20 10 0 -10 -20 -30 -40 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q 1 0 2 0 3 0 4 0 1 0 2 1 0 3 1 0 4 1 0 1 2 0 2 0 3 2 0 4 2 0 1 3 0 2 3 0 3 0 4 3 0 1 4 0 2 4 0 3 4 0 4 0 1 5 0 2 5 0 3 5 0 4 5 0 1 6 0 2 6 0 3 6 0 4 6 0 1 7 0 2 7 0 3 7 0 4 7 0 1 8 0 2 8 0 3 8 0 4 8 0 1 9 0 2 9 0 3 9 0 4 9 0 0 1 2 0 1 3 0 1 4 0 1 1 2 1 3 1 4 1 2 1 Order cancellations, % Organic growth, %*Volume and price 8April 27, 2012
  • Atlas Copco Group – sales bridge January - March Orders MSEK received Revenues 2011 21 675 18 223 Structural change, % +3 +3 Currency, % +2 +2 Price, % +2 +2 Volume, % +8 +15 Total, % +15 +22 2012 24 827 22 254 9April 27, 2012
  • Atlas Copco Group Revenues per business area Construction Technique 15% Compressor 39% Technique Mining 36% and Rock Excavation Technique 10% Industrial Technique12 months until March 2012April 10 2012 27,
  • Compressor Technique  Record order intake Organic* revenue growth: Change vs. same period previous year, % – 5% organic order growth Operating margin, % – Significant increase in orders for gas and +30 30 process compressors +25 25 – Demand for standard industrial +20 20 compressors remained healthy +15 15  Operating margin at 22.1% (24.3) +10 10 – Impacted primarily by revenue mix +5 5  Acquisitions in USA and China finalized +0 0 -5 -5 -10 -10 -15 -15 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1April 11 2012 27,
  • Industrial Technique  Record order intake Organic* revenue growth: Change vs. same period previous year, % – 10% organic order growth Operating margin, % – Strong demand from the motor vehicle +40 40 industry in all major regions +30 30 – Positive development of the aftermarket +20 20  Record revenues and operating profit +10 10 – Operating margin at 24.0% (22.7) +0 0  Awards for innovation and marketing -10 -10 -20 -20 -30 -30 -40 -40 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1April 12 2012 27,
  • Mining and Rock Excavation Technique  Record order intake Organic* revenue growth: Change vs. same period previous year, % Operating margin, % – Continued strong activity in mining – 22% organic order growth +50 50 – Strong growth in aftermarket +40 40  Record revenues and operating profit +30 30 – Operating margin at 24.6% (23.6) +20 20  Three acquisitions finalized in the +10 10 quarter +0 0 -10 -10 -20 -20 -30 -30 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1April 13 2012 27,
  • Construction Technique  Orders received -4%, organically Organic* revenue growth: Change vs. same period previous year, % – Orders received increased in North Operating margin, % America and Africa/Middle East +40 20 – Favorable development for portable +30 15 compressors and generators – Weak demand for road construction +20 10 equipment in China +10 5  Operating margin was 10.7% +0 0 – Affected by lower production volumes, -10 -5 Increased investments in R&D and establishment of new customer centers -20 -10 -30 -15 -40 -20 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1April 14 2012 27,
  • Group total January – March 2012 vs. 2011 January - March MSEK 2012 2011 % Orders received 24 827 21 675 15% Revenues 22 254 18 223 22% Operating profit 4 604 3 987 15% – as a percentage of revenues 20.7 21.9 Profit before tax 4 489 4 056 11% – as a percentage of revenues 20.2 22.3 Profit for the period 3 405 3 033 12% Basic earnings per share, SEK 2.81 2.48 Return on capital employed, % 37 32April 15 2012 27,
  • Profit bridge January – March 2012 vs. 2011 Q1 2012 Organic Growth Currency One-time items Q1 2011 MSEK Price/Volume Acq./Div. Atlas Copco Group Revenues 22 254 3 201 300 530 18 223 EBIT 4 604 397 200 20 3 987 % 20.7% 12.4% 21.9%April 16 2012 27,
  • Profit bridge – by business area January – March 2012 vs. 2011 Q1 2012 Organic Growth Currency One-time items Q1 2011 MSEK Price/Volume Acq./Div. Compressor Technique Revenues 8 306 1 032 135 150 6 989 EBIT 1 833 52 105 -25 1 701 % 22.1% 5.0% 24.3% Industrial Technique Revenues 2 471 428 30 245 1 768 EBIT 592 136 0 55 401 % 24.0% 31.8% 22.7% Mining and Rock Excavation Technique Revenues 8 434 1 788 105 25 6 516 EBIT 2 072 450 95 -10 1 537 % 24.6% 25.2% 23.6% Construction Technique Revenues 3 206 3 30 110 3 063 EBIT 342 -157 50 0 449 % 10.7% neg 14.7%April 17 2012 27,
  • Balance sheet MSEK Mar. 31, 2012 Dec. 31, 2011 Mar. 31 2011 Intangible assets 15 649 15 352 13 154 Rental equipment 2 164 2 117 1 774 Other property, plant and equipment 6 620 6 538 5 555 Other non-current assets 4 057 3 983 4 080 Inventories 18 509 17 579 13 969 Receivables 22 300 21 996 17 586 Current financial assets 2 080 1 773 1 369 Cash and cash equivalents 10 655 5 716 14 412 Assets classified as held for sale 46 55 59 TOTAL ASSETS 82 080 75 109 71 958 Total equity 31 819 28 839 29 730 Interest-bearing liabilities 26 040 21 939 21 003 Non-interest-bearing liabilities 24 221 24 331 21 225 TOTAL EQUITY AND LIABILITIES 82 080 75 109 71 958April 18 2012 27,
  • Atlas Copco AB’s loan maturity profile + 7-year back-up facility (undrawn) of BSEK 6.39 maturing 201719April 27, 2012
  • Cash flow January - March MSEK 2012 2011 Operating cash surplus 5 371 4 758 of which depreciation added back 648 586 Net financial items 372 440 Taxes paid -1 500 -751 Change in working capital -2 027 -2 350 Increase in rental equipment, net -194 -126 Cash flows from operating activities 2 022 1 971 Investments of property, plant & eq., net -405 -285 Other investments, net -176 340 Cash flow from investments -581 55 Operating cash flow 1 441 2 026 Company acquisitions/ divestments -561 -91April 20 2012 27,
  • Near-term outlook The overall demand for Atlas Copco’s products and services is expected to remain at the current high level.April 21 2012 27,
  • Committed to sustainable productivity.April 23 2012 27,
  • 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.”April 24 2012 27,