• Like
Gunnebo Interim Report January-September 2013
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

Gunnebo Interim Report January-September 2013

  • 114 views
Published

Summary of Gunnebo's Interim Report for January-September 2013

Summary of Gunnebo's Interim Report for January-September 2013

Published in Business
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
114
On SlideShare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
3
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. nterim Report January-September 2013 elephone Conference October 24, 2013
  • 2. CEO Comments  The quarter has developed well and order intake grew organically by 10%.  Asia-Pacific continued to show excellent growth, organically it increased by 45%.  Americas grew organically by 8%.  Markets in Europe generally remained unstable and showed no signs of an actual recovery.   Focus on adapting costs in Europe has produced good results. Focus to move gravity to growth markets and adjust cost-structure in Europe continuing, contributed to improved margins during the quarter.  In the third quarter business outside of Europe accounted for 42% of net sales.  SafePay & EAS on the right track.  Moving point of gravity and cost reductions in Europe will continue.  Operating margin amounted to 7.1% in the quarter.
  • 3. CEO Comments  During the quarter, a number of orders that are fully in line with the Group’s strategy were received:  Brazil: breakthrough in the CIT customer segment with an order for cash handling solutions.  Korea: a major order from Samsung for entrance control.  Belgium: an important order for solutions to tighten security at airport check-in from TUI Airlines  Germany: a major retail chain is continuing to streamline cash handling in its stores with equipment from Gunnebo  Spain: Bankia has commissioned Gunnebo to upgrade security in its branch network in line with new legal requirements. 8 October 2013, page 3
  • 4. Platform In South Korea Acquired “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.”  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 8 October 2013, page 4
  • 5. Gunnebo Extends Reach in Southeast Asia  New offices opened in Bangkok, Thailand and in Yangon in the Republic of Myanmar "We expect a lot of development in the security sector in Thailand, mainly as a result of increasing wealth and improvements being made to the infrastructure. Our extended service offering here will allow us to better meet emerging customer needs.” “The second new site, a branch office of Gunnebo Singapore, is located in Yangon, Myanmar and will give Gunnebo direct access to the local market. By expanding our presence in Southeast Asia, Gunnebo continues to take advantage of the growing opportunities in the region.” 8 October 2013, page 5
  • 6. Third Quarter 2013  Order intake increased to MSEK 1,248 (1,084), organically it increased by 10%. Acquired units contributed MSEK 60.  Net sales increased to MSEK 1,314 (1,280), organically they increased by 3%. Acquired units contributed MSEK 36.  Operating profit increased to MSEK 61 (17) and the operating margin to 4.6% (1.3%). Acquired units had a positive effect on operating profit of MSEK 7.  Operating profit excluding expenses of a nonrecurring nature of MSEK -32 (-46) increased the operating profit to MSEK 93 (63) and the operating margin to 7.1% (4.9%).  Profit after tax for the period totalled MSEK 32 (1).  Earnings per share were SEK 0.39 (-0.02). 8 October 2013, page 6
  • 7. January-September 2013  Order intake increased to MSEK 4,201 (3,933), organically it increased by 4%. Acquired units contributed MSEK 262.  Net sales increased to MSEK 3,794 (3,719), organically they increased by 1%. Acquired units contributed MSEK 208.  Operating profit increased to MSEK 119 (69) and the operating margin to 3.1% (1.9%). Acquired units had a positive effect on operating profit of MSEK 32.  Operating profit excluding expenses of a nonrecurring nature of MSEK -54 (-58) increased the operating profit to MSEK 173 (127) and the operating margin to 4.5% (3.4%).  Profit after tax for the period totalled MSEK 54 (22).  Earnings per share were SEK 0.69 (0.26). 8 October 2013, page 7
  • 8. Business Area Bank Security & Cash Handling July-Sept MSEK Jan-Sept Full year 2013 2012 2013 2012 2012 Order intake 625 513 1,954 1,718 2,374 Net sales 617 602 1,739 1,652 2,386 Operating profit/loss excl. non-recurring items 45 46 79 92 158 Operating margin excl. non-recurring items, % 7.3 7.6 4.5 5.6 6.6 Non-recurring items -9 -4 -21 -4 -13 Operating profit/loss 36 42 58 88 145 Market Development  Good development of US Hamilton Safe  Good development in India & Australia  Weaker development in Europe, Africa & Middle East, especially within the banking sector Profit analysis Implemented cost reductions could not fully offset the weaker sales development in Europe. Market initiatives to launch concept solutions in cash handling have continued and have incurred some initial costs. 8 October 2013, page 8 % of Group sales: 46%
  • 9. Business Area Secure Storage July-Sept MSEK Jan-Sept Full year 2013 2012 2013 2012 2012 Order intake 164 182 574 589 801 Net sales 189 196 577 581 781 Operating profit/loss excl. non-recurring items 9 4 30 17 30 Operating margin excl. non-recurring items, % 4.8 2.0 5.2 2.9 3.8 Non-recurring items -1 - -3 - -11 Operating profit/loss 8 4 27 17 19 Market Development  Strong order intake from global manufacturers of ATMs, especially in India  Overall stable development of order intake  Good development from newly established sales company in Malaysia Profit analysis The increase in profit during the period can be explained by an increased focus on cost efficiency in the production and distribution of standard products. 8 October 2013, page 9 % of Group sales: 15%
  • 10. Business Area Global Services July-Sept MSEK Full year Jan-Sept 2013 2012 2013 2012 2012 Order intake 201 192 903 914 1,138 Net sales 276 271 818 841 1,143 Operating profit/loss excl. non-recurring items 35 26 83 73 110 Operating margin excl. non-recurring items, % 12.7 9.6 10.1 8.7 9.6 Non-recurring items -19 -6 -24 -6 -9 Operating profit/loss 16 20 59 67 101 Market Development  Stable development of order intake  Good development in Brazil supporting weaker development in Europe  Further improved customer service in Australia, US and Netherlands due to establishment of service-centers Profit analysis The operating profit and operating margin, adjusted for oneoff items, have improved thanks to increased efficiency in our service deliveries, partly due to a change in the distribution between outsourced and in-house services on a number of markets. 8 October 2013, page 10 % of Group sales: 22%
  • 11. Business Area Entrance Control July-Sept MSEK Full year Jan-Sept 2013 2012 2013 2012 2012 Order intake 202 163 546 502 674 Net sales 164 158 454 466 663 Operating profit/loss excl. non-recurring items 10 9 17 11 47 Operating margin excl. non-recurring items, % 6.1 5.7 3.7 2.4 7.1 Non-recurring items -1 -27 -3 -28 -33 Operating profit/loss 9 -18 14 -17 14 Market Development  Good development of order intake  Good growth in region Asia-Pacific and in the Middle East  Weaker development in Europe Profit analysis The Business Area’s margins have improved thanks to the relocation of assembly to China. Last year’s results included expenses of a non-recurring nature for compensation to a commercial agent following arbitration. 8 October 2013, page 11 % of Group sales: 12%
  • 12. Developing Businesses July-Sept MSEK Full year Jan-Sept 2013 2012 2013 2012 2012 Order intake 56 34 224 210 263 Net sales 68 53 206 179 263 Operating profit/loss excl. non-recurring items 2 -13 -9 -38 -42 Operating margin excl. non-recurring items, % 2.9 -24.5 -4.4 -21.2 -16.0 Non-recurring items -1 - -1 - -1 Operating profit/loss 1 -13 -10 -38 -43 SafePay  SafePay also showed an improvement in profit during the third quarter.  A seasonally strong sales quarter coupled with a continued focus on costs and product quality in close collaboration with our customers. Gateway  Increased demand for electronic article surveillance and consumables such as tags and labels resulted in a good quarter in terms of sales.  An improved gross margin and focus on cost savings have helped reverse the profit trend. 8 October 2013, page 12 % of Group sales: 5%
  • 13. Gunnebo Global Market Trends January-September 2013  Asia-Pacific  Americas Europe, Middle East & Africa  North Europe  South Europe  France  Africa & Middle East 8 October 2013, page 13
  • 14. FINANCIALS Christian Johansson CFO 8 October 2013, page 14
  • 15. Summary Group income statement July-Sept Full year Jan-Sept MSEK 2013 2012 2013 2012 2012 Net sales 1 314 1 280 3 794 3 719 5 236 -908 -900 -2 653 -2 614 -3 666 406 380 1 141 1 105 1 570 -345 -363 -1 022 -1 036 -1 391 Operating profit/loss 61 17 119 69 179 Net financial items -8 -6 -24 -14 -66 Profit/loss after financial items 53 11 95 55 113 -21 -10 -41 -33 -89 32 1 54 22 24 30,9 29,7 30,1 29,7 30,0 Operating margin, % 4,6 1,3 3,1 1,9 3,4 Operating profit excl. non-recurring items, MSEK 93 63 173 127 266 Operating profit excl. non-recurring items, % 7,1 4,9 4,5 3,4 5,1 0,39 -0,02 0,69 0,26 0,26 Cost of goods sold Gross profit Other operating costs, net Taxes Profit/loss for the period Gross margin, % Earnings per share, SEK 8 October 2013, page 15
  • 16. Good News in Q3  Improved margins related to increased sales outside Europe  Some price and mix effects inspite of soft markets  Developing Business (SafePay & EAS)  Sales  Gross margin improvements  Overhead cost reduction  Efficiency increase in Global Services  Cost reductions in Europe  Operations  Direct material  Assembly in China 8 October 2013, page 16
  • 17. Operating Cash Flow MSEK 4 Quarters Aggregated 8 October 2013, page 17
  • 18. Group Liquid Funds and Financial Position  The Group’s liquid funds at the end of the period amounted to MSEK 317 (350*)  Equity totalled MSEK 1,416 (1,533*), giving an equity ratio of 33% (36*).  Net debt amounted to MSEK 1,179 (1,026*). Excluding pension commitments it amounted to MSEK 817 (684*).  Debt/equity ratio amounted to 0.8 (0.7*). *at the beginning of the year 8 October 2013, page 18
  • 19. Gunnebo’s Key Priorities 2013  Growth  Gross Margin Improvements  Fixed Cost Savings in Europe  SafePay  Hamilton Safe 8 October 2013, page 19
  • 20. Financial Calendar Financial Calendar Year-end release 2013 January 31, 2014 Gunnebo CMD 2014 March 5, 2014 AGM 2014 April 10, 2014 April 29, 2014 Interim report January-March 2014 8 October 2013, page 20
  • 21. Q&A 8 October 2013, page 21
  • 22. THE LEADING GLOBAL PROVIDER OF A SAFER FUTURE 8 October 2013, page 22