Atlas Copco Q3 2012 Results
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Atlas Copco Q3 2012 Results

on

  • 691 views

 

Statistics

Views

Total Views
691
Views on SlideShare
691
Embed Views
0

Actions

Likes
0
Downloads
9
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Atlas Copco Q3 2012 Results Presentation Transcript

  • 1. Atlas Copco GroupQ3 2012 resultsOctober 24, 2012
  • 2. Q3 - highlights Good quarter despite softer market Solid profitability Orders up 1% compared with Q3 2011 – Orders for equipment weakened somewhat compared to recent quarters – Aftermarket remained on a good level Strong cash flow Continued strong value creationOctober2 2012 24,
  • 3. Orders, revenues and operating margin Quarterly figures 25 000 25% 20 000 20% 15 000 15% 10 000 10% 5 000 5% 0 0% 10 Q1 10 Q2 10 Q3 10 Q4 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 Orders received, MSEK Revenues, MSEK Operating margin, %October3 2012 24,
  • 4. Q3 - figures in summary  Orders received increased to MSEK 21 379, organic growth of 1%  Revenues up 7% to MSEK 22 094, organic growth 6%  Operating profit increased to MSEK 4 918 (4 800), a margin of 22.3% (23.1) – Includes items affecting comparability of MSEK +68 (+134). Adjusted operating margin at 22.0% (22.5)  Profit before tax at MSEK 4 734 (4 703)  Basic earnings per share SEK 2.87 (2.96)  Operating cash flow at MSEK 4 611 (2 125) – Includes divestment of financial assets of approx. MSEK 1 400October4 2012 24,
  • 5. Orders received - local currency 100 +6 +4 29 +3 -2 20 +4 +7 22 -2 +2 12 +13 +10 10 +13 +3 7 +24 +13 September 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, %October5 2012 24,
  • 6. Q3 - the Americas  Healthy demand in North America – Orders received increased for compressors – Lower order intake for mining equipment 20 +4 +7 10 +13 +3  Small order growth year-on-year in South America – Lower order volumes sequentially for mining and rock excavation equipment September 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, %October6 2012 24,
  • 7. Q3 - Europe and Africa/Middle East  Orders received decreased in Europe – Negative trend in most countries 29 +3 -2 – Healthy order intake for compressors  Increased order intake in Africa / Middle East 12 +13 +10 – Healthy level of business for all business areas September 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, %October7 2012 24,
  • 8. Q3 - Asia and Australia  Mixed development in Asia – Orders increased year-on-year, but decreased somewhat sequentially – Good development in South East Asia and South Korea – China orders on good level, but slightly lower than Q2 22 -2 +2  Order growth vs. Q3 2011 in Australia – Orders declined sequentially 7 +24 +13 September 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, %October8 2012 24,
  • 9. Organic* growth per quarter Atlas Copco Group, continuing operations  Change in orders received in % vs. same quarter previous year*Volume and priceOctober9 2012 24,
  • 10. Atlas Copco Group – sales bridge July - September January - September Orders Orders MSEK received Revenues received Revenues 2011 21 151 20 739 65 028 58 913 Structural change, % +3 +3 +3 +3 Currency, % -3 -2 +1 +1 Price, % +2 +2 +2 +2 Volume, % -1 +4 +1 +9 Total, % +1 +7 +7 +15 2012 21 379 22 094 69 469 67 785 10October 24, 2012
  • 11. Atlas Copco Group Revenues per business area Construction Technique 14% Compressor 38% Technique Mining 37% and Rock Excavation Technique 11% Industrial Technique12 months until September 2012 11October 24, 2012
  • 12. Compressor Technique  Healthy level of order intake Organic* revenue growth: Change vs. same period previous year, % – Improvement for gas and process Operating margin, % compressors % % +30 30 – Growth in aftermarket +25 25  Operating margin at 24.0% (24.1) +20 20 – Supported by currency +15 15  Acquisition of nitrogen and oxygen +10 10 generator business +5 5 +0 0 -5 -5 -10 -10 -15 -15 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 12October 24, 2012
  • 13. Industrial Technique  Weaker demand for tools and assembly Organic* revenue growth: Change vs. same period previous year, % systems than in recent quarters Operating margin, % +40 40  The aftermarket continued to grow +30 30  Operating margin at 21.0% (21.9) – Negatively impacted by currency +20 20 +10 10 +0 0 -10 -10 -20 -20 -30 -30 -40 -40 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 13October 24, 2012
  • 14. Mining and Rock Excavation Technique  Lower order volumes for mining and Organic* revenue growth: Change vs. same period previous year, % rock excavation equipment Operating margin, % % % +50 50  Strong demand for service and parts +40 40  Customers cautious in replenishing consumables inventory +30 30  Operating margin at 24.5% (25.6) +20 20 – Negatively impacted by currency +10 10 +0 0 -10 -10 -20 -20 -30 -30 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 14October 24, 2012
  • 15. Construction Technique  Weaker demand for equipment Organic* revenue growth: Change vs. same period previous year, % Operating margin, % – Weak Europe, good North America % % +40 20  Healthy aftermarket +30 15  Operating margin at 11.5% (11.8) +20 10 – MSEK 30 in restructuring costs in Q3 2011 – adjusted margin 12.8% +10 5  Reorganization of production in +0 0 Karlskrona affects 78 employees -10 -5 -20 -10 -30 -15 -40 -20 2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3 15October 24, 2012
  • 16. Group total July – September 2012 vs. 2011 July - September MSEK 2012 2011 % Orders received 21 379 21 151 +1 Revenues 22 094 20 739 +7 Operating profit 4 918 4 800 +2 – as a percentage of revenues 22.3 23.1 Profit before tax 4 734 4 703 +1 – as a percentage of revenues 21.4 22.7 Profit for the period 3 486 3 601 -3 Basic earnings per share, SEK 2.87 2.96 Return on capital employed, % 37 36 16October 24, 2012
  • 17. Profit bridge July – September 2012 vs. 2011 Q3 2012 Organic Growth Currency One-time items Share related Q3 2011 MSEK Price/Volume Acq./Div. LTI-programs Atlas Copco Group Revenues 22 094 1 315 -530 570 0 20 739 EBIT 4 918 309 -180 185 -196 4 800 % 22.3% 23.5% 23.1% 17October 24, 2012
  • 18. Profit bridge – by business area July – September 2012 vs. 2011 Q3 2012 Organic Growth Currency One-time items Q3 2011 MSEK Price/Volume Acq./Div. Compressor Technique Revenues 8 599 395 -240 180 8 264 EBIT 2 065 55 20 0 1 990 % 24.0% 13.9% 24.1% Industrial Technique Revenues 2 280 234 -75 305 1 816 EBIT 479 51 -45 75 398 % 21.0% 21.8% 21.9% Mining and Rock Excavation Technique Revenues 8 278 671 -105 70 7 642 EBIT 2 031 202 -105 -25 1 959 % 24.5% 30.1% 25.6% Construction Technique Revenues 3 074 -118 -115 15 3 292 EBIT 355 -35 -35 35 390 % 11.5% 29.7% 11.8% 18October 24, 2012
  • 19. Balance sheet MSEK Sep. 30, 2012 Dec. 31, 2011 Sept. 30, 2011 Intangible assets 15 718 15 352 13 886 Rental equipment 1 900 2 117 2 103 Other property, plant and equipment 6 723 6 538 6 215 Other non-current assets 3 738 3 983 4 161 Inventories 18 642 17 579 16 961 Receivables 21 551 21 996 20 457 Current financial assets 1 395 1 773 1 625 Cash and cash equivalents 8 772 5 716 6 520 Assets classified as held for sale 1 55 48 TOTAL ASSETS 78 440 75 109 71 976 Total equity 31 386 28 839 26 525 Interest-bearing liabilities 22 522 21 939 22 537 Non-interest-bearing liabilities 24 532 24 331 22 914 TOTAL EQUITY AND LIABILITIES 78 440 75 109 71 976 19October 24, 2012
  • 20. Cash flow July - September MSEK 2012 2011 Operating cash surplus 5 333 5 132 of which depreciation added back 664 644 Net financial items -164 -159 Taxes paid -1 111 -857 Change in working capital -106 -925 Increase in rental equipment, net -53 -330 Cash flows from operating activities 3 899 2 861 Investments of property, plant & eq., net -350 -399 Other investments, net 1 062 -337 Cash flow from investments 712 -736 Operating cash flow 4 611 2 125 Company acquisitions/ divestments -349 -490 20October 24, 2012
  • 21. Near-term outlook The overall demand for Atlas Copco’s products and services is expected to decrease somewhat. 21October 24, 2012
  • 22. Committed to sustainable productivity. 23October 24, 2012
  • 23. 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.” 24October 24, 2012