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Q1 2013 assa abloy investors presentation 24 april

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The ASSA ABLOY Group released its Interim report January-March 2013 on Wednesday 24 April 2013 at 12.00 noon (CET). A combined investors’ meeting and web conference was held at Operaterrassen in …

The ASSA ABLOY Group released its Interim report January-March 2013 on Wednesday 24 April 2013 at 12.00 noon (CET). A combined investors’ meeting and web conference was held at Operaterrassen in Stockholm at 13.00 (CET). The presentation is available as an on-demand webcast. Welcome to visit our Investor pages on http://www.assaabloy.com/investors/.

Published in: Business, Economy & Finance

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  • 1. 1Q1 Report 2013Johan MolinPresident & CEO
  • 2. Financial highlights Q1 2013 Good performance in a tough market– Good growth in Americas– Growth in APAC and stable in Global Tech– EMEA and ESD suffering from weak Europe– Maintained good profitability Sales 10,868 MSEK 0%-1% organic, +5% acquired growth, -4% currency EBIT 1,662 MSEK 0%Currency effect -63 MSEK EPS 3.07 SEK -1%*Forecasted tax rate 25%*) 2012 restated for changed pension accounting principles.2
  • 3. 3Market highlights Launch of full elmech and ANSIrange in Mexico & South America Growth in Africa driven by networkof 25 ASSA ABLOY brandedshowrooms in 23 cities Product awards at ISC West 2013for Aperio M100 and SecuritronM380 Series Magnalock HID’s pivCLASS® complete productsolution for the Federal IdentitymarketpivCLASS®
  • 4. pivCLASS® Federal Identity SolutionSolution Architecture4pivCLASS®CardsOCSP/SCVP/CRLValidation AuthorityPhysical Access ControlSystem (PACS)PACS ControllerpivCLASS®AuthenticationModulepivCLASS®ReaderspivCLASS®CardsHarvesting ofPIV IDsRegistrationand StatusUpdatespivCLASS®Registration EngineCertification ManagerReader ServiceValidation ofCertificatesCard Identifiervia WiegandHarvestingof PIV IDsOCSP – Online Status Verification protocolSCVP – Server Based Certificate ValidationProtocolCRL – Certificate Revocation list
  • 5. 5Group sales in local currencies Jan-Mar20132 +1332 +1914 +125 -21 +5Share of Group sales 2013 YTD, %Year-to-date vs previous year, %46 -6
  • 6. Organic growth indexRecovery from recession6Group +0%Division IndexEMEA -8%Americas -12%Asia Pacific +35%Global Tech +10%ESD *) 0%*) Entrance systems division excluding Cardo.
  • 7. -16-13-10-7-4-1258111417202326 00028 00030 00032 00034 00036 00038 00040 00042 00044 00046 0002006 2007 2008 2009 2010 2011 2012 2013Organic Growth Acquired Growth Sales in Fixed CurrenciesSales growth, currency adjusted72013 Q1 +4%Organic -1%Acquired +5%Sales MSEK Growth, %
  • 8. Operating income (EBIT), MSEK3 5004 0004 5005 0005 5006 0006 5007 0007 5008 0007008009001 0001 1001 2001 3001 4001 5001 6001 7001 8001 9002 0002 1002006 2007 2008 2009 2010 2011 2012 2013Quarter Rolling 12-monthsQuarter 12-monthsRun rate 7,509 MSEK (6,902) +9%8*) Excluding restructuring costs.
  • 9. 12,013,014,015,016,017,02006 2007 2008 2009 2010 2011 2012 2013Quarter Rolling 12-monthsQ1 2013 DilutionQTD -0.1%Operating margin (EBIT)*, %Run rate 2013 16.1% (15.7)Long term target range (average)9EBIT Margin*) Excluding restructuring costs.
  • 10. Manufacturing footprint10 Status manufacturing footprint programs 2006-2011:– 55 factories closed to date, 13 to go– 62 factories converted to assembly, 13 to go– 28 offices closed, 1 to go Personal reduction QTD 101p and total 6,866p 669p in further planned reductions 897 MSEK of the provision remains for all programs
  • 11. Margin highlights Q1 2013EBIT margin 15.3% (15.3) 0.0%+ Volume decrease -2%, price +1%+ Margin expansion 0.1%- Organic growth -1%+ Manufacturing footprint+ Capacity adjustments- Dilution from acquisitions -0.1%11
  • 12. Acquisitions 2013 Fully active pipeline 3 acquisitions done in 2013 Annualized sales 130 MSEK Completed acquisitions 2012 by 3.4% Dynaco, BE Securistyle, UK Sanhe Metal, China Helton, Canada Guoqiang, China 4Front, USA12
  • 13. Acquisitions in the quarter SHERLOCK, EMEALeader in security doors inSlovakia and Czech Republic withtotal sales of 60 MSEK Norport, ESDSpecialist in sales and service ofIndustrial doors in Oslo withsales of 60 MSEK ASL, EMEAProfessional end-user specialistand locksmith in Colombia withsales of 10 MSEK13
  • 14. Division - EMEA Suffering from weak Europe and Easter Growth in Africa, Middle east and Eastern Europe All other markets with declining sales Strong decline in Spain, Italy, France, Holland andFinland Good profit resilience due to savings despiteinvestment in front end and R&D Operating margin (EBIT)- Organic -6%+ Footprint savings= Material cost- SG&ASALESshare ofGroup total %2914131415161718192008 2009 2010 2011 2012 2013EBIT %
  • 15. Division - Americas Strong growth in Residential, Electromechanical andSouth America Growth in AHW, Doors, High security, Canada andMexico Improved margin from volume and efficiency gains Investments in R&D and front end Operating margin (EBIT)+ Organic +5%+ Material cost+ Efficiency improvement- SG&A16SALESshare ofGroup total %1718192021222008 2009 2010 2011 2012 2013EBIT%21
  • 16. Division - Asia Pacific Strong growth in Korea, South East Asia and NewZeeland Growth in China despite the decline in export to EMEA Small decline in Australia Continued adjustment of workforce in China Operating margin (EBIT)- Organic +2%+ Efficiency in China+ Material cost- Mix & cost pressure1218SALESshare ofGroup total %581114172008 2009 2010 2011 2012 2013EBIT %
  • 17. Division - Global Technologies HID– Good growth of Physical access– Growth in Project sales and flat in Logical access– Negative in Government ID and IDT– Strong profit improvement Hospitality– Continued good growth from the renovation market– Increased construction activity in the USA Operating margin (EBIT)+ Organic 0%+ Leverage from core business growth+ Good improvement of AI and Lasercard1320SALESshare ofGroup total %1012141618202008 2009 2010 2011 2012 2013EBIT%
  • 18. Division - Entrance Systems Suffering from weak Europe and Easter Negative growth in all channels in Europe Strong growth in Americas and growth in Asia Good start for new acquisition 4Front Sales +9% and EBIT +11% Operating margin (EBIT)- Organic -3%+ Smooth running of integration work+ Large savings on product cost2522SALESshare ofGroup total %1012141618202008 2009 2010 2011 2012 2013EBIT%
  • 19. 24Q1 Report 2013Carolina Dybeck HappeCFO
  • 20. Financial highlights Q1 2013MSEK 2012 2013 Change 2011 2012 ChangeSales 10,839 10,868 0% 41,786 46,619 +12%WhereofOrganic growth -1% +2%Acquired growth +5% +9%FX-differences -379 -4% 290 1%Operating income (EBIT) 1,655 1,662 0% 6,624 7,501 +13%EBIT-margin (%) 15.3 15.3 15.9 16.1Operating cash flow 483 498 +3% 6,080 7,044 +16%EPS (SEK)* 3.11 3.07 -1% 12.30 13.97 +14%1st Quarter Twelve months25*) excluding non comparable items
  • 21. Bridge Analysis – Jan-Mar 2013MSEK 2012Jan-MarOrganic Currency Acq/Div 2013Jan-Mar-1% -4% 5% 0%Revenues 10,839 -125 -379 534 10,868EBIT 1,655 -3 -63 73 1,662% 15.3% 2.2% 16.6% 13.7% 15.3%Dilution / Accretion 0.1% 0.0% -0.1%26
  • 22. P&L – Components as % of sales Direct material 32.7% 32.6% 32.8% Conversion costs 27.6% 27.2% 27.1% Gross Margin 39.7% 40.2% 40.1% S, G & A 24.4% 24.8% 24.8% EBIT 15.3% 15.4% 15.3%2013Q1 excludingacquisitions2012Q12013Q127
  • 23. Operating cash flow, MSEK3 0003 5004 0004 5005 0005 5006 0006 5007 0007 5008 00005001 0001 5002 0002 5003 0003 5002006 2007 2008 2009 2010 2011 2012 2013Quarter Cash Rolling 12-months EBT Rolling 12 months28Quarter 12 months
  • 24. Gearing % and net debt MSEK02040608010012005 00010 00015 00020 00025 00030 0002006 2007 2008 2009 2010 2011 2012 2013Net debt GearingDebt/Equity57 (71)Net debt/EBITDA1.8 (2.2)29Net Debt Gearing*) 2006-2011 Not restated for changed pension accounting principles.
  • 25. Earnings per share, MSEK4,006,008,0010,0012,0014,000,001,002,003,004,002006 2007 2008 2009 2010 2011 2012 2013Quarter Rolling 12-monthsQuarter SEK 12-months30*) Excluding restructuring costs.**) 2006-2011 Not restated for changed pension accounting principles.Dividend 2013: 5.10 SEK (4.50)
  • 26. 31Q1 Report 2013Johan MolinPresident & CEO
  • 27. Conclusions Q1 2013 Stable sales with 5% acquired, -1% organic and -4%currency Continued good growth in Americas APAC improving and stable Global Tech Declining situation in EMEA and ESD due to weak Europeand Easter Strong efficiency improvements supports profit Slight increase of EBIT to 1,662 MSEK32
  • 28. 33Q&A