Financial update. Mr. Jan Allde CFO Alfa Laval Group.
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2 Financial update Mr. Jan Allde CFO Alfa Laval Group
3 Evolution over almost 20 years Four phases from Phase 3: Aquired growth Order intake: BnSEK Adjusted EBITA: 5-6 BnSEK Phase 4: Organic growth Order intake: 35- BnSEK Adjusted EBITA: 6- BnSEK 15 Phase 1: Creating the base Order intake: BnSEK Adjusted EBITA: 2 BnSEK Phase 2: Super cycle Order intake: BnSEK Adjusted EBITA: 3-6 BnSEK LTM
4 Organic volume development - Compared with same quarter last year (%), excluding currency effects Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 = Organic order intake development = Organic sales development 4
5 Adjusted EBITA/margin* - SEK millions (rolling 12 months) and in percent of sales ,0 17,5 17,6 17,1 16,9 16,3 15,9 15,6 15,5 15,5 15,6 15,9 16,2 16,3 16,5 18,0 17,5 17,0 16,5 16,0 15,5 Comments Positive impact from higher volumes, productivity improvements, and cost reductions Negative impact from capital sales & service mix , ,5 0 14,0 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 LTM = Adjusted EBITA LTM (SEK) = Adjusted EBITA LTM in % of invoicing (%) * Adjusted EBITA Earnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items. 5
6 Net income and EPS - SEK (rolling 12 months) ,73 8,39 9,07 9,15 9,17 8,83 6,22 5,46 5,24 6,03 7,09 7,74 9,26 10,22 12,0 10,0 8,0 6,0 Comments Tax rate expected at 26% of PBT ,17 4, ,0 0 0,0 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 LTM = Net income LTM (SEK million) = EPS, Earnings Per Share (SEK) 6
7 Productivity in Sales & Operations - Orders received and delivery / employees (rolling 12 months, SEK 1000 s) Global Sales & Service +40% Operations +15% = Orders received / White Collar employees in Global Sales & Service = Deliveries at standard cost / Total employees in Operations 7
8 Product cost reduction - Example Marine Division 250 3,5% ,1% 2,3% 2,0% 3,0% 2,5% 2,0% 100 1,5% 1,0% 50 0,5% Business xx Business yy Business zz Capital Sales COGS COGS savings % 0,0% 8
9 Quality cost reductions - Example Energy Division Quality & Delivery in project business Increased selectivity Standardization Project execution Early planning for service Quality cost reduction now visiable! 9
10 Development of R&D spend - SEK millions (rolling 12 months) and in percent of sales ,1% 2,0% 2,0% 1,9% 1,9% 2,1% 2,2% 2,3% 2,3% 2,4% 2,4% 2,5% 2,5% 2,5% 2,4% 3,0% 2,5% 2,0% 1,5% Comments R&D expenses increased by 10.5% YTD 2018* to develop new product platforms R&D expenses expected to remain at 2.5% of sales 600 1,0% 500 0,5% 400 0,0% Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 LTM = R&D expenses LTM (SEK) = R&D expenses LTM in % of invoicing (%) *) Excluding currency effects and acquisitions/divestments of businesses. 10
11 Capital expenditure - SEK millions (rolling 12 months) and in percent of sales ,5 3,0 2,5 2,0 1,5 1,0 Comments Increased investments for capacity expansions and manufacturing optimization Capex expected at 3% of sales in 2018 and 2019, and then start to normalize in ,5 0 0,0 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 LTM = Capital expenditure LTM (SEK) = Depreciation LTM (SEK) = Capital expenditure in % of invoicing LTM (%) 11
12 Capital expenditure - Major projects Footprint 1.0 during Executing program according to plan, most projects to be completed by 1H 2019 Total: SEK ~900 million Capacity Expansion during Extension of BHE production Extension of HSS production Extension of Scrubber production Total: SEK ~400 million Footprint 2.0 during New footprint projects identified Total: SEK ~600 million
13 Return on equity & capital employed - Rolling 12 months 25,0% Comments 21,8% 21,6% 22,1% Capital employed 21,1% 20,5% 20,3% 20,8% 19,9% impacted by: 20,0% 17,7% 18,5% Step-up values will be 17,0% reduced from SEK 15,3% 15,1% 15,3% 15,5% 4.0bn in 2018 to SEK 3.1bn in ,0% 10,0% 5,0% IFRS 16 require capitalization of leased assets, estimated impact of up to SEK 2.0bn in ,0% Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 LTM = Return on capital employed LTM (%) = Return on equity LTM (%) 13
14 Net debt and net debt/ebitda - SEK millions (rolling 12 months) , ,07 1,96 1,79 1,56 1,51 1,74 1,90 1,81 1,70 1,91 1,60 1,31 1,22 1,28 1,08 2,00 1, , , ,00 Q115 Q215 Q315 Q415 Q116 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 = Net debt LTM (SEK million) = Net debt / EBITDA (times) 14
15 Organic transformation Current situation (+/-) High organic growth Strong global economy Recovery in energy and marine markets Structural growth in marine environmental products Favourable FX rates Productivity and quality improvements Strengthened balance sheet (net debt/ebitda ratio) Portfolio management / greenhouse Increased R&D expenses to develop new product platforms Increased S&A expenses to launch new products, build e-business platform and ramp-up environmental business Increased investments and costs to increase capacity and optimize manufacturing footprint Strong growth in capital sales impacting CS/Service mix
16 Foreign exchange - Estimated impact on adjusted EBITA from FX fluctuations SEK million FY 2018 FY 2019* Transaction effect Revaluation - - Translation effect 80 0 Total *Based on EUR/USD and EUR/SEK Alfa Laval 16
17 Order backlog as per September , , ,068 15,496 15, ,400 22, ,674 17, , For next year, SEK 13.6 (10.8) Bn, SEK +2.8 Bn! = For delivery this year = For delivery in 2019 = For delivery after
18 Sales Full year 2019, SEK (bn) Full year 2018* Approx Change in OBL y-o-y FX translation +/- xx Acquisitions/divestments during Subtotal 43.6 Change In-for-out +/-? Price +/-? Acquisitions/divestments during /-? Full year 2019? *) SME Direkt, consensus estimate as per November Alfa Laval 18
19 Organic transformation Current situation (+/-) Going forward (+/-) High organic growth Strong global economy Recovery in Energy and Marine markets Structural growth in Marine Environmental products Favourable FX rates Productivity and Quality improvements Strengthened balance sheet (net debt/ebitda ratio) Portfolio management / greenhouse Increased R&D expenses to develop new product platforms Increased S&A expenses to launch new products, build e-business platform and ramp-up Environmental business Increased investments and costs to increase capacity and optimize manufacturing footprint Strong growth in capital sales impacting CS/Service mix Organic growth enablers Renewed product portfolio Service strategy in place, example global marine service New e-business and connectivity platforms Strong balance sheet enabling inorganic growth Optimized manufacturing footprint and supply chain Balanced capital sales/service growth Increased uncertainty of global economy FX development Retrofit part of marine environmental produts reaches plataeu
20 Guidance - A summary Capital expenditure in relation to total revenues, 3.0% in 2018/2019 and then start to normalize in 2020 Step-up amortization of SEK ~950 million in 2019, SEK ~850 million in 2020 Updated Updated R & D-spend in relation to total revenues, 2.5% Taxes in the P&L, 26.0 % of PBT Dividend pay-out ratio, % of adjusted EPS* *) Excluding net effect of step-up amortisation
21 Quarterly report makeover Based on a perception study we will make changes to our quarterly report. The changes will affect structure and disposition. No significant change to content, except for EBIT bridges that are already in place. New version to be launched with the Q report.
22
23 Capital expenditure (I) Footprint Major projects Plans presented at CMD 2017 Footprint in the USA, SEK 175 million Footprint in Poland, SEK 100 million Adjustment to global supply structure GPHE, SEK 150 million Relocation in Qingdao, China SEK 200 million Extension in Kunshan, China SEK 100 million Establish BHE production in Richmond, USA SEK 50 million Current Status Expected completion H (SEK 250 million) Söborg to stay open FY2019 due to high load. Krakow scope extended, completion expected H (SEK 100 million) Expected completion H (SEK 185 million*) Expected completion H (SEK 220 million**) Expected completion H (SEK 110 million**) Expected completion H (SEK 40 million) Upgrade and relocation in Pune, India SEK 75 million Scope change, new start 2019 as part of Footprint 2.0 Total investment: SEK ~850 million Total investment: SEK ~900 million *) Including MSEK 35 million capitalized tools. **) Increase due to scope change and higher metal prices impacting real estate costs
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