Gunnebo Year-End Report 2013

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The Gunnebo Security Group's year-end release and fourth quarter report for 2013.

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Gunnebo Year-End Report 2013

  1. 1. Year-End Release 2013 Telephone Conference January 31, 2014 Highlights October - December  Strong quarter  Organic growth in order intake of 5%  Adjusted organisation strengthening Regions and Customer Focus  Operating margin seasonally strong, 9% excl. non-recurring costs  Operating cash flow strongest in several years  Launch of new strategic products © Gunnebo Security Group 31 January, 2014 page 2
  2. 2. Highlights Year To Date  Organic growth in order intake of 4% and net sales of 1%  Point of gravity shift continued successfully  Acquisition in South Korea  Integration work has increased Hamilton profitability  Restructuring activities to reduce European cost base continued  Operating margin improved  Strong operating cash flow and solid financial position © Gunnebo Security Group 31 January, 2014 page 3 Product Launches in the Fourth Quarter 2013 New Speedstile Range Mekanno © Gunnebo Security Group 31 January, 2014 page 4 CompacSAS EVairlock SafeCash Retail Deposit Fusion
  3. 3. Gunnebo Group October - December October ‐ December 2013 2012 Net Sales, MSEK Operating Profit, excluding non‐recurring, MSEK Operating Margin, excl. non‐recurring, % Non‐recurring items, MSEK Operating Profit, MSEK Operating Margin, (%) Operating Cash Flow, MSEK Net Profit, MSEK 1,477 133 9.0 ‐30 103 7.0 200 48 1,517 139 9.2 ‐29 110 7.3 185 2 © Gunnebo Security Group 31 January, 2014 page 5 Gunnebo Group January - December January ‐ December 2013 2012 Net Sales, MSEK Operating Profit, excluding non‐recurring, MSEK Operating Margin, excl. non‐recurring, % Non‐recurring items, MSEK Operating Profit (EBIT), MSEK Operating Margin, (%) Operating Cash Flow, MSEK Net Profit, MSEK 5,271 306 5.8 ‐84 222 4.2 261 102 5,236 266 5.1 ‐87 179 3.4 112 24 © Gunnebo Security Group 31 January, 2014 page 6
  4. 4. Region Europe, Middle East & Africa (EMEA) Oct-Dec MSEK 2013 Region % of Net Sales Full year 2012 2013 2012 Order intake Organic growth, % 880 6 821 3,558 -2 3,707 Net sales 999 -4 1,035 3,474 -5 3,736 Organic growth, % Operating profit/loss excl. non-recurring items 56 49 47 53 Operating margin excl. non-recurring items, % 5.6 4.7 1.4 1.4 Non-recurring items -26 -21 -74 -63 Operating profit/loss 30 28 -27 66% -10 October - December     Good order intake in Africa Demand from European markets still unstable Reduction of cost base in Sales Companies and Operations continued Margin improvement to 5.6%, excl. non-recurring items © Gunnebo Security Group 31 January, 2014 page 7 Region Asia-Pacific (APAC) Oct-Dec MSEK 2013 Region % of Net Sales Full year 2012 2013 2012 Order intake Organic growth, % 266 26 235 1,043 27 885 Net sales Organic growth, % 261 22 237 954 20 868 18% Operating profit/loss excl. non-recurring items 36 48 134 111 Operating margin excl. non-recurring items, % 13.8 20.3 14.0 12.8 Non-recurring items -2 -7 -8 -19 Operating profit/loss 34 41 126 92 October - December     Strong organic growth in India, China and South-East Asia India continues to contribute strongly Weaker margin in quarter comparison due to large project delivery in Australia in Q4 2012 Several important orders from Hyundai South Korea, Bank of China and for electronic security in India © Gunnebo Security Group 31 January, 2014 page 8
  5. 5. Region Americas Oct-Dec MSEK Order intake Organic growth, % Net sales Organic growth, % 2013 Region % of Net Sales Full year 2012 2013 2012 167 -16 261 913 9 658 217 -5 245 843 7 16% 632 Operating profit/loss excl. non-recurring items 41 42 125 102 Operating margin excl. non-recurring items, % 18.9 17.1 14.8 16.1 Non-recurring items -2 -1 -2 -5 Operating profit/loss 39 41 123 97 October - December     Sales to governmental customers impacted by federal budget cuts Brazil had a weak quarter, market uncertainty delayed customer orders and deliveries Successful Hamilton integration, cost reduction in administration and operations improved margins Operating margin of 18.9%, increase with 1.8 percentage points © Gunnebo Security Group 31 January, 2014 page 9 Organic Growth Development by Region October - December EMEA Orders: 6% Sales: -4% Americas Orders: -16% Sales: -5% © Gunnebo Security Group 31 January, 2014 page 10 APAC Orders: Sales: 26% 22%
  6. 6. Organic Growth Development by Region Year To Date EMEA Orders: -2% Sales: -5% APAC Orders: 27% Sales: 20% Americas Orders: 9% Sales: 7% © Gunnebo Security Group 31 January, 2014 page 11 Outlook Market Trends Europe, Middle East & Africa Asia‐Pacific Nordic India Central China South Australia/New Zealand United Kingdom & Ireland South East Asia France Americas Middle East North America Africa Latin America © Gunnebo Security Group 31 January, 2014 page 12
  7. 7. FINANCIALS Christian Johansson CFO © Gunnebo Security Group 31 January, 2014 page 13 Income Statement October - December (MSEK) Oct-Dec MSEK Net sales Cost of goods sold 2013 2012 1,477 1,517 -1,036 -1,052 441 465 -338 -355 Operating profit/loss 103 110 Net financial items -51 -52 52 58 Taxes -4 -56 Profit/loss for the period 48 2 29.9 30.7 Gross profit Other operating costs, net Profit/loss after financial items Gross margin, % Operating margin, % Operating profit excl. non-recurring items, MSEK Operating profit excl. non-recurring items, % Earnings per share, SEK © Gunnebo Security Group 31 January, 2014 page 14 7.0 7.3 133 139 9.0 9.2 0.61 0.00
  8. 8. Income Statement January – December (MSEK) Full year MSEK 2013 Net sales 2012 5,271 1,570 -1,360 -1,391 222 Other operating costs, net -3,666 1,582 Gross profit 5,236 -3,689 Cost of goods sold 179 Operating profit/loss Net financial items -75 -66 Profit/loss after financial items 147 113 Taxes -45 -89 Profit/loss for the period 102 24 Gross margin, % 30.0 30.0 Operating margin, % 4.2 Operating profit excl. non-recurring items, % 3.4 306 Operating profit excl. non-recurring items, MSEK 266 5.8 5.1 1.29 Earnings per share, SEK 0.26 © Gunnebo Security Group 31 January, 2014 page 15 Net Sales (MSEK) 6,500 6,000 5,500 5,000 4,500 4,000 Q1 Q2 Q3 Q4 Q1 2012 4 Quarters © Gunnebo Security Group 31 January, 2014 page 16 Q2 Q3 2013 2 Quarters x 2 1 Quarter x 4 Q4
  9. 9. Net Sales Organic Growth Quarter vs Quarter (%) 4% 3% 2% 1% 0% ‐1% ‐2% ‐3% ‐4% 1 2 3 4 1 2 2012 3 4 2013 © Gunnebo Security Group 31 January, 2014 page 17 Operating Profit by Quarter (MSEK) Full year Operating Profit 160 140 excl. Non‐recurring items 2013:  2012:  120 306 266 100 Operating Profit 2013:  222 2012:  179 80 60 40 20 0 1 2 3 2012 Operating Profit © Gunnebo Security Group 31 January, 2014 page 18 4 1 2 3 4 2013 Operating Profit, excl Non Recurring Items
  10. 10. Operating Margin by Quarter (%) Full year Operating Margin, 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% excl. Non‐recurring items 2013:  2012:  5.8 5.1 Operating Margin 2013:  4.2 2012:  3.4 1 2 3 4 2012 1 2 3 4 2013 Operating Margin %, Quarter Operating Margin % Quarter, excl. Non-Recurring Items Operating Margin %, 12M Operating Margin % 12M, excl. Non-Recurring Items © Gunnebo Security Group 31 January, 2014 page 19 Operating Cash Flow (MSEK) Year End 2013:   261 2012:   112 Operating Cash Flow 12M © Gunnebo Security Group 31 January, 2014 page 20
  11. 11. Net Debt (MSEK) 2012 Q1 Q2 2013 Q3 Q4 Q1 Q2 Q3 Q4 0 Gunnebo AB Dividend paid 2012 Q2 2013 Q2 ‐200 ‐400 ‐600 ‐800 ‐1000 ‐1200 ‐1400 Post‐employment benefits Net Debt, excluding Post‐employment Benefits © Gunnebo Security Group 31 January, 2014 page 21 Debt Structure (MSEK) Loan Frame and Drawn  1400 1200 1000 800 Unutilized 600 Utilized 400 200 0 < 12 months © Gunnebo Security Group 31 January, 2014 page 22 12‐24 months Maturity (year) 24‐36 months 76 76
  12. 12. Invitation to Gunnebo Capital Market Day 2014  March 5, Stockholm  Preliminary agenda:     An update on Gunnebo’s strategic agenda Presentation of Gunnebo’s Sales Regions Presentation of selected parts of Gunnebo’s offering Q&A session  For registration and more information, see www.gunnebogroup.com © Gunnebo Security Group 31 January, 2014 page 23 Financial Calendar Financial Calendar Gunnebo Capital Market Day 2014 March 5, 2014 Annual General Meeting 2014 April 10, 2014 Interim report January-March 2014 April 29, 2014 Interim report January-June 2014 July 16, 2014 Interim report January-September 2014 October 23, 2014 Year-end release February 4, 2015 © Gunnebo Security Group 31 January, 2014 page 24
  13. 13. Key Priorities 2014  Growth  Gross Margin Improvements  Fixed Cost Savings in Europe  Cash Flow © Gunnebo Security Group 31 January, 2014 page 25 Q&A © Gunnebo Security Group 31 January, 2014 page 26
  14. 14. www.gunnebogroup.com © Gunnebo Security Group 31 January, 2014 page 27

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