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Gunnebo Interim Report January-June 2013
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Gunnebo Interim Report January-June 2013

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  • Rörelseresultat exkl. poster av engångskaraktär Q3: 74 (88) Rörelseresultat Q3: 61 (78) Rörelseresultat exkl. poster av engångskaraktär YTD: 179 (182) Rörelseresultat YTD: 158 (132)
  • SIFFROR Orderingång YTD i konstanta valutor -8% (-3 excl. centralbanksordern Afrika/Mellanöstern) Orderingång Q3 i konstanta valutor 3% Försäljning Q3 i konstanta valutor -2% Försäljning YTD: i konstanta valutor -2% Resultatkommentar: Fortsatt tillväxt på marknaderna i Asien och Mellanöstern har bidragit positivt till rörelseresultatet vilket delvis har kompenserat för den svagare resultatut-vecklingen i Europa under året. Lägre försäljningsvolymer i Europa vägs också upp av besparingar inom åtgärdsprogrammet Get It Right, främst i Italien och Frankrike. Det svagare rörelseresultatet i tredje kvartalet förklaras primärt av att en stor del av resultatet från en stor projektorder till en centralbank i regionen Afrika/ Mellanöstern redovisades i tredje kvartalet 2010. ORDER Viktiga order mottagna i Indien från ett tillväxtföretag inom ädelmetallbranchen som fortsätter sin expansion i landet Första ordern på bankfacksautomaten SafeStore Auto mottagen i Sydafrika Indonesiska United Overseas Bank Limited (UOB) har vänt sig till Gunnebo för att utrusta 165 kontor med inbrottslarm och CCTV-system Stor order på lösningar som effektiviserar och säkrar kontanthanteingen från en stor tysk skodetaljist Försäljningen av elektronisk säkerhet fortsätter att utvecklas väl i Italien INDIEN Gunnebos marknadsandel inom Retail Banking: +25% CAGR: 18% (år 2009) 2200 nya kontor varje år 6500 nya bankomater om året INDONESIEN Gunnebos marknadsandel retail banking 4% 900 nya kontor om året 3600 bnakomater om året SYDAFRIKA Gunnebos marknadsandel retail banking 18% 400 nya kontor om året MELLANÖSTERN Gunnebos marknadsandel retail banking 9% KINA 196 000 bankkontor i Kina 3 000 nya kontor öppnar varje år 271 000 bankomater Antalet växer med 20 procent årligen
  • Orderingång YTD i konstanta valutor 3% Orderingång Q3 i konstanta valutor 6% Nettoomsättning YTD i konstanta valutor 3% Nettoomsättning Q3 i konstanta valutor 4% Resultatkommentar: Marknaderna i Indien, Indonesen, Singapore, Kina, Mellanöstern samt Australien har levererat ett stabilt resultat under hela perioden tack vare en god volymutveckling. Resultatutvecklingen i norra Europa har varit svagare på grund av lägre efterfrågan samt pressade marginaler på produkter med lägre säkerhetsklass. God utveckling orderingången från globala OEM-tillverkare Första leveransen av säkerhets-skåp till Hitachi i Kina genomförd under september
  • Orderingång YTD i konstanta valutor 12% Orderingång Q3 i konstanta valutor -21% Nettoomsättning YTD: i konstanta valutor 4% Nettoomsättning Q3 i konstanta valutor : 5% Resultatkommentar Affärsområdet fortsätter att visa en god lönsamhetsutveckling. JP Morgan har tecknat avtal för planerat underhåll på all utrustning för tillträdeskontroll på sina kontor i Storbritannien Ett antal längre kontrakt för service av tillträdeskontroll och intrångsskydd har ingåtts med kunder inom det militära, bank- och logistiksektorn i Frankrike
  • Orderingång YTD i konstanta valutor +16% Orderingång Q3 i konstanta valutor t + 29% Net sales YTD i konstanta valutor 7% Net sales Q3 i konstanta valutor 3% Resultatkommentar Det förbättrade rörelseresultatet förklaras främst av en ökad omsättning samt åtgärder inom ramen för Get It Right programmet som bidragit till bibehållna bruttomarginaler och lägre kostnader (vilket även inkluderar nedläggningen av fabriken i Bedford under 2010). Bussnätverket i den colombianska staden Manizales har beställt Tripods Australiensiska gruvbolaget BHP har lagt en order på SpeedStiles och GlasStiles Petrochem i Sydafrika har lagt en tilläggsbeställning på explosions-säkra dörrar Det petrokemiska industriföretaget Repsol har beställt SpeedStiles till sin anläggning i Spanien Order på envägsslussar från flygplatser i Storbritannien, Polen och Sverige Order på 16 brand- och explosionssäkra dörrar till en tunnel i spanska Ourense Tillväxt: KINA: Infrastruktur Indien: Flera städer prospekterar såväl tunnelbana som flygplats
  • Operating Cash Flow: 2012 2013   -19 Kvartalet isolerat -47 YTD Jan- Juni +212 rullande 4 kvartal +96 Diff Q2 2013 vs Q2 2012
  • Kommentar nettolåneskuld: FSG Perimeter och Troax
  • Our Vision can be the strongest driver or motivator for us as a company and as individuals to strive for a better tomorrow. How do you feel when you see our bold ambition to be the “Leading global provider of a safer future”? Let’s break it down: “ Leading” stands for being first, creating the best value, being market leader, being a preferred supplier, and meeting and exceeding demands “ Global” stands for worldwide “ Provider” stands for customer focus, expertise, specialists, profitability, and the way we understand YOUR business “ Safer” stands for protection, security solutions & services “ Future” stands for long-term partnerships, dynamism, innovations, forward-thinking, and tomorrow

Transcript

  • 1. Interim Report January-June 2013 Telephone Conference July 17, 2013
  • 2. 18 juli 2013, page 2  Order intake during the quarter developed well  Organic growth: +13%.  Strong development in Asia-Pacific: +32%  Sales Company in Malaysia continues to develop well – first SSA order recorded  Good development in Americas  Break through order within cash handling in Brazil  Major order won in Mexico  Hamilton performing according to plan  Weak development on the majority of markets in Europe  Stable in Business Area Global Services  Fixed costs still too high; efforts to reduce the cost base intensified during the quarter, will continue during the second half of the year  SafePay business continuing to improve  Continued work to adapt costs in Europe and invest in growth in other parts of the world CEO Comments
  • 3. 18 juli 2013, page 3 Platform in South Korea acquired  ATG Entrance Corporation, distributor of Gunnebo turnstile product range into the South Korean market, acquired July 5  Annual turnover of some 4 MEUR and 13 employees in its sales office in Seoul  Solid customer base with leading South Korean corporations as LG, Samsung, Hyundai and the government of South Korea  Holds a market leading position on the South Korean market for turnstiles “The acquisition of ATG Entrance Corporation is very much in line with Gunnebo’s strategic agenda to move the point of gravity to markets outside Europe. ATG is the South Korean market leader in turnstiles with a strong existing customer base. We also see ATG as a good platform to introduce other offerings from Gunnebo into the South Korean market as well as to surrounding countries.”
  • 4. 18 juli 2013, page 4 Second Quarter 2013  Order intake increased to MSEK 1,454 (1,254), organically it increased by 13%. Acquired units contributed MSEK 107.  Net sales increased to MSEK 1,325 (1,270), organically they increased by 3%. Acquired units contributed MSEK 88.  Operating profit increased to MSEK 57 (42) and the operating margin to 4.3% (3.3%). Acquired units had a positive effect on operating profit of MSEK 15.  Operating profit excluding expenses of a non- recurring nature of MSEK -12 (-8) amounted to MSEK 69 (50) and the operating margin to 5.2% (3.9%).  Profit after tax for the period totalled MSEK 34 (24).  Earnings per share were SEK 0.45 (0.32).
  • 5. 18 juli 2013, page 5 January-June 2013  Order intake increased to MSEK 2,953 (2,849), organically it increased by 2%. Acquired units contributed MSEK 202.  Net sales increased to MSEK 2,480 (2,439), organically they were unchanged. Acquired units contributed MSEK 172.  Operating profit increased to MSEK 58 (52) and the operating margin to 2.3% (2.1%). Acquired units had a positive effect on operating profit of MSEK 25.  Operating profit excluding expenses of a non- recurring nature of MSEK -22 (-12) increased to MSEK 80 (64) and the operating margin to 3.2% (2.6%).  Profit after tax for the period totalled MSEK 22 (21).  Earnings per share were SEK 0.29 (0.28).
  • 6. 18 juli 2013, page 6 Market Development  Continued good growth in Asia  Good development in Americas  Weaker development in Europe & Middle East Profit analysis The continued strong profit development in the Asia-Pacific and Americas regions, along with implemented cost reductions, could not fully offset the weaker development in Europe. Market initiatives to launch concept solutions in cash handling on growth markets such as Brazil, Indonesia, China and Malaysia have incurred certain costs during the period. % of Group sales: 45% Business Area Bank Security & Cash Handling Full year MSEK 2013 2012 2013 2012 2012 Order intake 749 573 1,329 1,205 2,374 Net sales 606 556 1,122 1,050 2,386 Operating profit/loss excl. non-recurring items 33 33 34 46 158 Operating margin excl. non-recurring items, % 5.4 5.9 3.0 4.4 6.6 Non-recurring items -5 - -12 - -13 Operating profit/loss 28 33 22 46 145 April-June Jan-June
  • 7. 18 juli 2013, page 7 Gunnebo Seals Brazilian Cash Handling Order  First major order for cash handling solutions in Brazil from retail chain, Riachuelo, received in June “Previously we operated with a team specifically for dealing with cash, but with Intelisafe we now give every till operator the responsibility of depositing money directly into the safe, thereby getting the most out of our resources.” Lenivaldo Barros, Auditor at Riachuelo
  • 8. 18 juli 2013, page 8 Market Development  Strong order intake from global manufacturers of ATMs, especially in India and South Africa  Weaker development in Europe Profit analysis The improved operating profit can be attributed to a decrease in fixed costs, improved capacity utilisation at the Group’s production facilities and a favourable product mix. % of Group sales: 16% Business Area Secure Storage Full year MSEK 2013 2012 2013 2012 2012 Order intake 220 211 410 407 801 Net sales 209 207 388 385 781 Operating profit/loss excl. non-recurring items 14 11 21 13 30 Operating margin excl. non-recurring items, % 6.7 5.3 5.4 3.4 3.8 Non-recurring items -1 - -2 - -11 Operating profit/loss 13 11 19 13 19 April-June Jan-June
  • 9. 18 juli 2013, page 9 Market Development  Slow start of the year in Europe, improved order intake in the second quarter  Good development in Americas and Asia Profit analysis The operating profit and operating margin showed stable development, despite a weak market in parts of Europe. % of Group sales: 22% Business Area Global Services Full year MSEK 2013 2012 2013 2012 2012 Order intake 225 211 702 722 1,138 Net sales 274 283 542 570 1,143 Operating profit/loss excl. non-recurring items 26 25 48 47 110 Operating margin excl. non-recurring items, % 9.5 8.8 8.9 8.2 9.6 Non-recurring items -4 - -5 - -9 Operating profit/loss 22 25 43 47 101 Jan-JuneApril-June
  • 10. 18 juli 2013, page 10 Gunnebo Signs Major Order With Mexican BBVA Bancomer  MEUR 8.8 contract with Mexican BBVA Bancomer  The contract, which runs over three years, includes maintenance and equipment refurbishment of BBVA Bancomer branches in large parts of Mexico. “With this order BBVA Bancomer is declaring its trust in Gunnebo Mexico and emphasising its commitment with the continuous improvement of bank security in the process of consolidation and expansion of BBVA in Mexico.” Carlos Sanroma, Institutional Security Manager of BBVA Bancomer
  • 11. 18 juli 2013, page 11 Market Development  Stable development of order intake  Good growth in region Americas, China, Indonesia and South Europe Profit analysis The improved operating profit can mainly be attributed to the relocation of the Business Area’s production to low-cost countries. % of Group sales: 12% Business Area Entrance Control Full year MSEK 2013 2012 2013 2012 2012 Order intake 183 181 344 339 674 Net sales 159 161 290 308 663 Operating profit/loss excl. non-recurring items 7 2 7 2 47 Operating margin excl. non-recurring items, % 4.4 1.2 2.4 0.6 7.1 Non-recurring items -1 -1 -2 -1 -33 Operating profit/loss 6 1 5 1 14 Jan-JuneApril-June
  • 12. 18 juli 2013, page 12 SAFEPAY Full year MSEK 2013 2012 2013 2012 2012 Order intake 53 57 123 134 169 Net sales 53 40 93 81 167 Operating profit/loss excl. non-recurring items 0 -11 -7 -23 -35 Operating margin excl. non-recurring items, % 0.0 -27.5 -7.5 -28.4 -21.0 Non-recurring items 0 - 0 - -1 Operating profit/loss 0 -11 -7 -23 -36 April-June Jan-June SafePay  Zero result reported for the second quarter, which is an important milestone for SafePay  A result of streamlining within production, purchasing and quality, as well as efforts in recent years to streamline the service delivery Gateway  The market for Electronic Article Surveillance in the retail sector was weak during the first months of the year. We can, however, note increased demand towards the end of the period. % of Group sales: 5% Developing Businesses Full year MSEK 2013 2012 2013 2012 2012 Order intake 77 78 168 176 263 Net sales 77 63 138 126 263 Operating profit/loss excl. non-recurring items -1 -12 -11 -25 -42 Operating margin excl. non-recurring items, % -1.3 -19.0 -8.0 -19.8 -16.0 Non-recurring items 0 - 0 - -1 Operating profit/loss -1 -12 -11 -25 -43 April-June Jan-June
  • 13. 18 juli 2013, page 13 Gunnebo Global Market Trends January-June 2013  Asia-Pacific  Americas Europe, Middle East & Africa  North Europe  South Europe  France  Africa & Middle East
  • 14. 18 juli 2013, page 14 FINANCIALS Christian Johansson CFO
  • 15. 18 juli 2013, page 15 Full year MSEK 2013 2012 2013 2012 2012 Net sales 1,325 1,270 2,480 2,439 5,236 Cost of goods sold -918 -889 -1,745 -1,714 -3,666 Gross profit 407 381 735 725 1,570 Other operating costs, net -350 -339 -677 -673 -1,391 Operating profit/loss 57 42 58 52 179 Net financial items -7 -4 -16 -8 -66 Profit/loss after financial items 50 38 42 44 113 Taxes -16 -14 -20 -23 -89 Profit/loss for the period 34 24 22 21 24 Whereof attributable to: Parent company shareholders 34 24 22 21 19 Non-controlling interests 0 0 0 0 5 34 24 22 21 24 Earnings per share before dilution, SEK 0.45 0.32 0.29 0.28 0.26 Earnings per share after dilution, SEK 0.45 0.32 0.29 0.28 0.26 Summary Group income statement April-June Jan-June
  • 16. 18 juli 2013, page 16 Operating Cash Flow 4 quarters aggregated M SEK 137 185 1 2 3 4 1 2 3 4 1 2 2011 2012 2013
  • 17. 18 juli 2013, page 17 Loan Frame: June 2013 The Group’s credit framework amounted to MSEK 1,766 on June 30, 2013 Utilised on June 30, 2013: MSEK 1,241
  • 18. 18 juli 2013, page 18 Group Liquid Funds and Financial Position  The Group’s liquid funds at the end of the period amounted to MSEK 291 (350*)  Equity totalled MSEK 1,456 (1,533*), giving an equity ratio of 34% (36*).  Net debt amounted to MSEK 1,242 (1,026*). Excluding pension commitments it amounted to MSEK 899 (684*).  Debt/equity ratio amounted to 0.9 (0.7*). *at the beginning of the year
  • 19. 18 juli 2013, page 19 Gunnebo’s Key Priorities 2013  Growth  Gross Margin Improvements  Fixed Cost Savings in Europe  SafePay  Hamilton Safe
  • 20. 18 juli 2013, page 20 Financial Calendar Interim report January-September October 24, 2013 Year-end release 2013 January 31, 2014 AGM 2014 April 10, 2014 Interim report January-March 2014 April 29, 2014 Financial Calendar
  • 21. 18 juli 2013, page 21 Q&A
  • 22. 18 juli 2013, page 22 THE LEADING GLOBAL PROVIDER OF A SAFER FUTURE