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Q2 2009 Earning Report of Atlas Copco
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Q2 2009 Earning Report of Atlas Copco

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    Q2 2009 Earning Report of Atlas Copco Q2 2009 Earning Report of Atlas Copco Presentation Transcript

    • Atlas Copco Group Q2 Results July 17, 2009
    • Contents
      • Q2 Business Highlights
      • Market Development
      • Business Areas
      • Financials
      • Outlook
    • Q2 - Highlights
      • Demand remained low in all regions and for most types of equipment
        • Order intake significantly down compared to a strong Q2 2008
        • Better sentiment within mining and cancellations have stopped
      • Sales of aftermarket products and services doing well
      • Capacity and cost reductions continued in the quarter
        • Functional costs are coming down
        • Employee reduction of 1 600 in the quarter – 5 440 since September 2008
      • Strong operating cash flow at MSEK 2 492 (396)
        • Inventory reductions accelerated
    • Q2 - Figures in summary
      • -37% organic order intake
      • Revenues of MSEK 16 155; 27% organic decline
      • Operating profit at MSEK 2 066 (3 630)
        • Including restructuring costs of MSEK 259
        • MSEK 400 in positive currency effect compared to last year
        • Adjusted for non-recurring items, operating margin at 14.4%
      • Profit before tax at MSEK 1 943 (3 354)
      • Earnings per share SEK 1.20 (2.01)
      • Operating cash flow MSEK 2 492 (396)
    • Contents
      • Q2 Business Highlights
      • Market Development
      • Business Areas
      • Financials
      • Outlook
    • Orders received - Local currency June 2009 Group total -37% YTD (-35 excl. cancellations) , -37% last 3 months (Structural change 0% YTD, 0% last 3 months) A = Portion of sales, Year-to-date, % B = Year-to-date vs. prev. year, % 16 -49 -46 37 -39 -38 12 -31 -40 22 -28 -29 5 -24 -20 8 -31 -27 A B C A = Portion of sales, Year-to-date, % B = Year-to-date vs. prev. year, % C = Last 3 months vs. prev. year, %
    • Q2 - The Americas
      • Continued decline in North America
        • Weak demand from all customer segments
        • Stable aftermarket
      • Sales remained low in South America
        • Construction segment still better than mining
      June 2009 A B C 8 -31 -27 16 -49 -46 A = Portion of sales, Year-to-date, % B = Year-to-date vs. prev. year, % C = Last 3 months vs. prev. year, %
    • Q2 - Europe and Africa/Middle East
      • Weak demand from most customer segments across Europe
        • Sales relatively better in Italy and the Nordic countries
        • Substantial decline in Russia
        • Good development for light construction equipment in Eastern Europe
      • Order intake down in Africa / Middle East compared to strong previous year
        • Good demand for industrial equipment in Northern Africa
      June 2009 A B C 37 -39 -38 12 -31 -40 A = Portion of sales, Year-to-date, % B = Year-to-date vs. prev. year, % C = Last 3 months vs. prev. year, %
    • Q2 - Asia and Australia
      • Healthy level of demand in Asia
        • Orders down compared to record Q2 2008
        • Good demand for construction equipment and small compressors in China
      • Sales were relatively good in Australia but still below previous year
        • Somewhat better demand for mining equipment
      June 2009 A = Portion of sales, Year-to-date, % B = Year-to-date vs. prev. year, % C = Last 3 months vs. prev. year, % A B C 22 -28 -29 5 -24 -20
    • Organic * Growth per Quarter
      • Change in orders received in % vs. same quarter previous year
      Atlas Copco Group, continuing operations *Volume and price Order cancellations
    • Atlas Copco Group – Sales Bridge
    • Contents
      • Q2 Business Highlights
      • Market Development
      • Business Areas
      • Financials
      • Outlook
    • Atlas Copco Group Operating Profit and Return On Capital Employed (ROCE) by Business Area
    • Compressor Technique
      • 34% organic order decline
        • Compared to a strong quarter the previous year
        • Aftermarket sales still held up well
      • Operating margin at 17.5%, adjusted for MSEK 114 in restructuring costs
        • Affected by under-absorption
        • Positively affected by currency and
      • Unique energy saving certification
        • for range of compressors
      July 17, 2009, www.atlascopco.com reduced functional costs
    • Compressor Technique Quarterly operating margins include Prime Energy from Q1 2006. *Volume and price
      • Order intake still substantially down compared to last year
        • Organic order decline of 39%, cancellations stopped
        • Aftermarket continued on healthy level
        • Increased inquiries from customers
      • Operating profit at MSEK 875, including MSEK 85 in restructuring costs
        • Adjusted margin at 14.3%, supported by currency and
      Construction and Mining Technique functional cost reductions
    • Construction and Mining Technique *Volume and price
    • Industrial Technique
      • Considerable order decline
        • Both order intake and revenues down 45% organically
        • Continued weak demand, both from the motor vehicle industry and the general industry
      • Adjusted operating profit margin at 3.7% (19.7), excluding restructuring costs of MSEK 58
        • Margin heavily affected by under-absorption
    • Industrial Technique *Volume and price
    • Contents
      • Q2 Business Highlights
      • Market Development
      • Business Areas
      • Financials
      • Outlook
    • Group Total
    • Profit Bridge April – June, 2009 vs 2008 One-time items include restructuring costs as well as reversal of previous year’s one-time items.
    • Profit Bridge – by Business Area April– June, 2009 vs 2008 One-time items include restructuring costs in all three business areas as well as reversal of previous year’s one-time items.
    • Balance Sheet
    • Capital Structure Net Debt*/EBITDA *Net Debt adjusted for the fair value of interest rate swaps
    • Atlas Copco AB’s Loan Maturity Profile
    • Cash Flow
    • Contents
      • Q2 Business Highlights
      • Market Development
      • Business Areas
      • Financials
      • Outlook
    • Near-term Outlook
      • The demand is expected to remain weak in most industries and regions and stay around the current level.
    • Cautionary Statement
      • “ Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially and adversely affected by other factors such as the effect of economic conditions, exchange-rate and interest-rate movements, political risks, the impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses.”