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Q2 2013 ASSA ABLOY investors presentation 19 july

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The ASSA ABLOY Group released its interim report January-June 2013 on Friday 19 July 2013 at 08.00 am (CET). The presentation from the combined investors’ and analyst meeting and web conference is …

The ASSA ABLOY Group released its interim report January-June 2013 on Friday 19 July 2013 at 08.00 am (CET). The presentation from the combined investors’ and analyst meeting and web conference is available as an on-demand webcast. Welcome to visit our Investor pages on http://www.assaabloy.com/investors/.


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  • 1. Q2 Report 2013 Johan Molin President & CEO 1
  • 2. Financial highlights Q2 2013  Back to growth despite weak Europe – Strong growth in Americas and Global Tech – Growth in APAC – EMEA and ESD suffering from weak Europe – Important gains of efficiency and savings – Good sales from new products  Sales 12,239 MSEK +2% +3% organic, +4% acquired growth, -5% currency  EBIT Currency effect -96 MSEK  EPS 1,970 MSEK 3.71 SEK Forecasted tax rate 25% *) 2012 restated for changed pension accounting principles. 2 +5% +5%*
  • 3. Financial highlights Jan-Jun 2013  Solid performance in a tough market  Sales 23,108 MSEK +1% +1% organic, +4% acquired growth, -4% currency  EBIT 3,632 MSEK Currency effect -159 MSEK +3%  EPS +2%* 6.78 SEK Forecasted tax rate 25% *) 2012 restated for changed pension accounting principles. 3
  • 4. Market highlights  Strong growth of Digital door locks – Yale chosen for AT&T home security system  Oberthur adapts SEOS – NFC SIM cards preloaded with SEOS  Shine, new digital door lock for glass doors – Retail and light commercial doors  School security program launched 4
  • 5. 5
  • 6. Group sales in local currencies Jan-Jun 2013 44 32 -4 +18 16 2 +10 1 +12 -1 5 +2 Share of Group sales 2013 YTD, % Year-to-date vs previous year, % 6
  • 7. Sales growth, currency adjusted Sales MSEK Growth, % 2013 Q2 2007 +3% Acquired 2006 +7% Organic 48 000 46 000 44 000 42 000 40 000 38 000 36 000 34 000 32 000 30 000 28 000 26 000 +4% 2008 Organic Growth 2009 2010 Acquired Growth 7 2011 24 21 18 15 12 9 6 3 0 -3 -6 -9 -12 -15 2012 Sales in Fixed Currencies 2013
  • 8. Operating income (EBIT), MSEK Quarter 2 100 2 000 1 900 1 800 1 700 1 600 1 500 1 400 1 300 1 200 1 100 1 000 900 800 700 12-months 8 000 Run rate 7,594 MSEK (7,172) +6% 7 500 7 000 6 500 6 000 5 500 5 000 4 500 4 000 3 500 2006 2007 2008 2009 2010 Quarter 2011 Rolling 12-months 8 2012 2013
  • 9. Operating margin (EBIT)*, % EBIT Margin 17,0 Long term target range (average) 16,0 15,0 Run rate 2013 16.2% (15.8) 14,0 13,0 12,0 2006 2007 2008 2009 2010 Quarter 2011 Rolling 12-months 9 2012 2013 2013 Dilution QTD 0.0% H2 -0.1%
  • 10. Manufacturing footprint  Status manufacturing footprint programs 2006-2011: – 55 factories closed to date, 13 to go – 64 factories converted to assembly, 11 to go – 28 offices closed, 1 to go  Personal reduction QTD 91p and total 6,957p  578p in further planned reductions  793 MSEK of the provision remains for all programs 10
  • 11. Margin highlights Q2 2013 EBIT margin 16.1% (15.7) 0.4% + Volume increase +2%, price +1% + Margin expansion 0.4% + Organic growth + Manufacturing footprint + Capacity adjustments Dilution from acquisitions 0.0% 11
  • 12. Acquisitions 2013  Fully active pipeline  5 acquisitions done in 2013  Annualized sales 170 MSEK  Added sales 0,3% 12
  • 13. Acquisitions in the quarter  Glenridge, ESD Distributor of industrial doors in Canada with total sales of 20 MSEK  Toddco, ESD Manufacturer of Industrial doors in Australia with sales of 20 MSEK 13
  • 14. Division - EMEA  Stabilisation in Q2, but still weak  SALES share of Group total % Growth in Scandinavia, Germany, UK, Africa, Middle east and Eastern Europe 26  Continued decline in Spain, Italy, France, Holland and Finland  Good profit due to savings, despite maintaining front end EBIT %  Operating margin (EBIT) 19 - Organic 0% 17 ++ Footprint savings 15 - 16 14 Material cost - 18 SG&A 13 14 2008 2009 2010 2011 2012 2013
  • 15. Division - Americas  Strong general demand in the US with strong growth in AHW, Doors, Electromechanical and Residential  Slowing growth in Brazil, Chile and Colombia  Slightly negative in Mexico and Canada  SALES share of Group total % Record high margin despite investments in R&D and front end  21 EBIT % Operating margin (EBIT) 22 21 + Organic +8% 20 + Material cost 19 + Efficiency improvement 18 - SG&A 16 2008 2009 2010 2011 2012 2013
  • 16. Division - Asia Pacific SALES share of Group total %  Strong growth in Korea (DDL) and New Zeeland  Good growth in China despite the decline in export to EMEA  Small growth in Australia and South East Asia  Continued adjustment of workforce in China to mitigate high salary increases 15 EBIT % 17  Operating margin (EBIT) 15 = Organic +3% 11 13 9 + Material cost 7 5 + Efficiency in China - Mix & cost pressure 18 2008 2009 2010 2011 2012 2013
  • 17. Division - Global Technologies  HID – Strong growth of Access control and Secure Issuance – Good growth in Project sales – Negative in Government ID and IDT –  SALES share of Group total % Strong profit improvement 14 Hospitality – Continued good growth from the renovation market – Positive construction activity in the USA EBIT %  Operating margin (EBIT) + Organic 6% + Leverage from core business growth + Good improvement of AI and Lasercard 20 20 19 18 17 16 15 14 13 2008 2009 2010 2011 2012 2013
  • 18. Division - Entrance Systems  Europe weak while Americas & Asia are growing  Growth in Industrial and High speed doors  Flat in Door automatics  Very good start in 4Front with strong growth  SALES share of Group total % Sales +9% and EBIT +13% 24 EBIT %  Operating margin (EBIT) - Organic -1% - Dilution -0,2% + Smooth running of integration work 19 18 17 16 15 14 13 12 2008 + Large savings on product cost and operations 22 2009 2010 2011 2012 2013
  • 19. Q2 Report 2013 Carolina Dybeck Happe CFO 24
  • 20. Financial highlights Q2 2013 2nd Quarter Six months MSEK 2012 2013 Change Sales 11,997 12,239 2% Whereof Organic growth Acquired growth 2012 2013 22,835 23,108 +3% +4% FX-differences -509 Change +1% +1% +4% -5% -888 -4% Operating income (EBIT) EBIT-margin (%) 1,885 15.7 1,970 16.1 +5% 3,540 15.5 3,632 15.7 +3% Operating cash flow 1,435 1,589 +11% 1,918 2,087 +9% 3.54 3.71 +5% 6.65 6.78 +2% EPS (SEK)* *) excluding non comparable items 25
  • 21. Bridge Analysis – Apr-Jun 2013 MSEK 2012 Organic Currency Acq/Div Apr-Jun 2013 Apr-Jun 3% Revenues EBIT % -5% 4% 2% 11,997 318 -509 434 12,239 1,885 105 -96 76 1,970 15.7% 33.1% 18.8% 17.4% 16.1% 0.5% -0.1% 0.0% Dilution / Accretion 26
  • 22. P&L – Components as % of sales 2012 Q2 2013 2013 Q2 excluding acquisitions Q2  Direct material 35.0% 35.3% 35.6%  Conversion costs 25.9% 25.3% 25.3%  Gross Margin 39.1% 39.4% 39.1%  S, G & A 23.4% 23.3% 23.0%  EBIT 15.7% 16.1% 16.1% 27
  • 23. Operating cash flow, MSEK Quarter 12 months 3 500 8 000 7 500 3 000 7 000 2 500 6 500 2 000 6 000 5 500 1 500 5 000 1 000 4 500 4 000 500 3 500 0 3 000 2006 2007 Quarter 2008 2009 2010 Cash Rolling 12-months 28 2011 2012 EBT Rolling 12 months 2013
  • 24. Gearing % and net debt MSEK Net Debt Gearing Debt/Equity 62 (79) 30 000 25 000 120 100 20 000 80 15 000 60 10 000 40 5 000 20 0 0 2006 2007 2008 2009 2010 Net debt *) 2006-2011 Not restated for changed pension accounting principles. 29 2011 Gearing 2012 2013 Net debt/EBITDA 1.9 (2.3)
  • 25. Earnings per share, MSEK 12-months Quarter SEK 4,00 14,00 3,00 12,00 10,00 2,00 8,00 1,00 6,00 0,00 4,00 2006 2007 2008 2009 2010 Quarter 2011 Rolling 12-months *) Excluding restructuring costs. **) 2006-2011 Not restated for changed pension accounting principles. 30 2012 2013
  • 26. Q2 Report 2013 Johan Molin President & CEO 31
  • 27. Q&A 32
  • 28. Conclusions Q2 2013  Back to growth despite weak Europe  Strong growth in Americas and Global Tech  Growth in APAC  EMEA and ESD suffering from weak Europe  Strong efficiency improvements supports profit  Good sales from new products  Good increase of EBIT by 5% to 1,970 MSEK 33