H Aalberts Industries N.V.

Transcription

1 H Aalberts Industries N.V. 1

2 Agenda Highlights H Profile Strategy Financial review Operational review The Aalberts Industries share Outlook H

3 Highlights H % organic growth in turnover ( 30 million) Turnover increased by 11% to million Net profit rose by 24% to 31.7 million (7.3% of turnover) Net earnings per share increased by 21% to 1.31 Position strengthened in Scandinavia by acquistion of Raufoss Water & Gas Substantial position in the USA by acquisition of Elkhart Products H

4 Profile AALBERTS INDUSTRIES N.V. Industrial Services Flow Control Industrial Products Material Technology Water, Gas & Heating Dispense Systems Industrial Products NL AHC Group D Broen Group DK DSI Europe D Metalis Group F Métatherm Group F HSF NL DSI USA Nowak F Hauck Group D Raufoss Water & Gas N VTI Group D Mamesta Group NL Seppelfricke Group D AIMT Scandinavia S Standard Hidráulica E Trateriber Group E VSH Group NL TTI Group UK Yorkshire Fittings Group UK EPC, USA (as per Aug 04) H

5 Long term strategy Growth in earnings per share Average well above market level Continuous growth in turnover Organic growth and acquisitions Balanced distribution of turnover Independence on developments in any one segment (lowering risk for shareholders) Leading positions in the market One of the top 3 providers in all relevant markets Healthy balance sheet ratios Capital base >25%, interest cover >4 H

6 Financial Review

7 Financial highlights Strong increase of raw material and energy costs passed on to market Operational margins improved Limited currency fluctuations (USD/GBP) Increase in working capital by seasonal patterns in stocks, increased sales and acquisition of Raufoss Further improvement of important ratios 80% of dividend 2003 was taken in shares H

8 Profit & loss account (x EUR million) H H Change Turnover % Operating profit (EBITA) % Interest charges % Taxes % Dividend on cumprefs % Net profit % Goodwill amortisation % Cash flow (profit plus depreciation) % Investments % before amortisation of goodwill H

9 Balance sheet ASSETS (x EUR million) 30/06/04 31/12/03 30/06/03 Intangible fixed assets (goodwill) Tangible fixed assets Financial fixed assets Total fixed assets Stocks Debtors Cash at bank and in hand Total current assets Total assets H

10 Balance sheet LIABILITIES (x EUR million) 30/06/04 31/12/03 30/06/03 Group Equity Subordinated loan Capital Base Provisions Long-term liabilities Current liabilities (interest-bearing) Current liabilities (non interest-bearing) Total group equity & liabilities H

11 Cash flow statement (x EUR million) H H Operating profit Depreciation of tangible fixed assets Amortisation of goodwill EBITDA Changes in provisions (0.6) (0.3) Changes in working capital (40.4) (16.6) Cash flow from operations H

12 Cash flow statement (x EUR million) H H Interest charges (7.4) (9.2) Taxes (3.0) (8.5) Acquisitions of group companies (7.9) (15.2) Investments in tangible fixed assets (17.4) (12.8) Long-term liabilities contracted Repayments on long-term liabilities (29.8) (30.8) Dividend paid (3.6) (3.3) Other movements 1.2 (1.3) Net cash flow (38.2) (8.3) H

13 Key figures H H Change Operating profit (EBITA) as a % of turnover Net profit as a % of turnover Net profit per share (in EUR) % Cash flow per share (in EUR) % Average number of shares issued (in million) % Total number of employees 6,562 6,466 1% before amortisation of goodwill H

14 Key figures H H Interest cover (EBITA / Interest) Group equity % Capital base / Total assets Interest-bearing debt Debt to equity ratio (Gearing) H

15 Turnover & EBITA TURNOVER EBITA , ,4 11,4 11,5 EUR million EUR million , H H H H H H H H H H H

16 Operational Review

17 Geographic breakdown of turnover H H H in Change as a % of as a % of EUR million turnover turnover Germany % Netherlands % United Kingdom % France % Nordic countries % Spain % Eastern Europe % United States of America % Other European countries % Other non-european countries % H

18 Industrial Services

19 Industrial Services Production started in Poland (Metalis) Market growth in Spain, France and Germany Improved utilisation rates in Industrial Products due to pick-up in semi-conductor industry and telecom H

20 Industrial Services (x EUR million) H H Change Turnover % Operating profit (EBITA) % EBITA as a % of turnover Investments % Total number of employees (x 1) 3,695 3,667 1% before amortisation of goodwill H

21 Industrial Services TURNOVER EBITA ,0 11,8 11, ,4 EUR million EUR million ,0 0 H H H H H H H H H H H

22 Flow Control

23 Flow Control Acquisition: Raufoss, Norway Market growth in Eastern Europe, Spain, France and Germany Improved margins in Dispense Systems Raw material prices Announcement of acquisition: EPC, USA H

24 Flow Control (x EUR million) H H Change Turnover % Operating profit (EBITA) % EBITA as a % of turnover Investments % Total number of employees (x 1) 2,852 2,782 3% before amortisation of goodwill H

25 Flow Control TURNOVER EBITA ,9 12, EUR million EUR million ,7 10,7 11, H H H H H H H H H H H

26 The Aalberts Industries share

27 The Aalberts Industries share Jan-Sep Average trading volume (number of shares) 75,224 33,411 34,997 24,958 34,766 35,654 Closing share price (in EUR) Shares in issue (in EUR million) Market capitalisation (in EUR million) H

28 Outlook

29 Outlook Long term target Continuity of growth Organic Acquisitions Points of interest in H Integration of EPC, USA as per August 2004 Continued efficiency improvements Further development of IFRS project Possible acquisition(s) Influences Changes can soon occur, both positively and negatively H

30 Outlook Barring unforeseen circumstances, we expect business to continue developing positively throughout 2004 H