Atlas Copco Group Q1 Results April 27, 2004 April 27, 2004.

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Presentation transcript:

Atlas Copco Group Q1 Results April 27, 2004 April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook April 27, 2004

Q1 - Highlights Robust volume growth Improved profitability Demand continued to improve Increased activity in manufacturing and process industries and also among construction customers Improved profitability Strong volume gains across all product areas Efficiency improvements Negative currency effect continued Agreement signed to acquire Ingersoll-Rand Drilling Solutions April 27, 2004

Q1 - Figures in summary Order volume up 11% Operating margin at 12.1% (10.3) Profit after financial items MSEK 1 211 (956) Negative currency effect MSEK 210 Earnings per share at SEK 3.91 (3.03) Operating cash flow at MSEK 837 (1 191) ROCE at 18% (13) April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook April 27, 2004

Orders received - Local currency March 2004 Group total +14% YTD (+14%, 3 months) 35 +9 +9 41 +9 +9 12 +46 +46 6 +7 +7 3 +20 +20 3 +33 +33 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % April 27, 2004 C= Last 3 months vs prev. year, %

Q1 - The Americas Demand improved in North America March 2004 Demand improved in North America Increased activity in manufacturing and process industries No improvement in U.S. non-residential building, affecting demand for rental equipment Strong demand from mining Mining industry and general economic recovery drive demand in South America 41 +9 +9 3 +20 +20 North America excl. RSBA: -1% A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, % April 27, 2004

Q1 - Europe and Africa/Middle East March 2004 Volume growth in Europe Increased demand from both manufacturing and construction, benefiting industrial and portable compressors, drilling rigs and light construction equipment Best development in Germany, France, Spain and Russia Good demand from most industries in Africa/Middle East Gulf-region particularly strong 35 +9 +9 6 +7 +7 Western Europe: +3% Eastern Europe: +40% A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, % April 27, 2004

Q1 - Asia and Australia Continued strong demand in Asia March 2004 Continued strong demand in Asia China the main growth driver Recent positive trend in India confirmed and good development in South Korea and Japan. Another quarter of positive development in Australia 12 +46 +46 3 +33 +33 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, % April 27, 2004

Volume Growth per Quarter Change in orders received in % vs. same Quarter previous year April 27, 2004

Group Total Sales Bridge April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook April 27, 2004

Compressor Technique Order volume up 18% Significant growth for stationary industrial, portable, and gas- and process compressors New service products and increased presence support aftermarket growth Agreement to acquire Guimerá S.A. Margin at 18.0% (18.3) Revenue volumes, prices and efficiency measures mitigate negative currency effects April 27, 2004

Compressor Technique % % April 27, 2004

Rental Service Flat non-residential building activity Rental revenues increased 6% in USD Price +5%, volume +1% Same store volume +4% Record fleet utilization rate in first quarter Operating margin at 7.4% (4.2) EBITDA at 27% (26) Cost savings in payroll and depreciation were offset by higher benefits and insurance cost April 27, 2004

U.S. Construction February, 2004 April 27, 2004

Rental Service Rental Revenue Volume Development % April 27, 2004

Industrial Technique Order volume up 5% Good growth for industrial tools, both from motor vehicle industry and general industry Volumes for professional electric tools increased in the United States Aftermarket products and accessories, developed favorably Agreement to acquire Chinese industrial air tool manufacturer QQPMC Operating margin at 11.1% (7.6) Best Q1 since 1995 April 27, 2004

Industrial Technique % % April 27, 2004

Construction & Mining Technique Order volume growth 16% Significant growth in mining orders, both equipment and aftermarket General improvement in demand for construction equipment. Good demand for both drilling equipment and light construction equipment. Agreement signed to acquire Ingersoll- Rand Drilling Solutions Profit margin improved Higher revenue volume offset negative impact from currency April 27, 2004

Construction & Mining Technique % % April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook April 27, 2004

Income Statement April 27, 2004

Balance Sheet March 31, 2004 April 27, 2004

Cash Flow April 27, 2004

Net rental fleet investment Capital Expenditures in Tangible Fixed Assets Net rental fleet investment = MSEK 1 397 MSEK Quarterly 12 months 2000 2001 2002 2003 2004 April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook April 27, 2004

Near-term Outlook The positive demand trend for Atlas Copco’s products and services is expected to continue. The manufacturing and process industries are expected to continue to increase their investments and demand more aftermarket products and services. It is foreseen that the recent general improvement in demand for construction equipment will continue, even though the activity level in the important non-residential building sector in the United States is expected to remain largely flat. Demand from the mining industry is expected to remain high. April 27, 2004

The face of interaction This is the face of Atlas Copco. The visual head-hand combination symbolizes knowledge and experience, with a personal touch. The head represents the knowledge and skills required helping customers get the job done. The hand is the perfect partner and symbolizes the hands-on experience and the commitment to helping customers achieve results. April 27, 2004

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 effected by other factors like for example, the effect of economic conditions, exchange-rate and interest-rate movements, political risks, impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and the major customer credit losses.” April 27, 2004

Contents Q1 Business Highlights Market Development Business Areas Financials Outlook Additional Information April 27, 2004

Long Term Trend Excluding goodwill impairment charge in Q3 2002 April 27, 2004

Compressor Technique April 27, 2004

Rental Service Excluding goodwill impairment charge in Q3 2002 April 27, 2004

Industrial Technique April 27, 2004

Construction & Mining Technique April 27, 2004

Return on Capital Employed 12 month values 2000 2001 2002 2003 2004 Excluding goodwill impairment charge in Q3 2002 April 27, 2004

Atlas Copco Group Inventories, Customer Receivables and Net Rental Equipment Percent of Sales 12 Month Values 2000 2001 2002 2003 2004 April 27, 2004

RR29 / IAS 19 Employee benefits Effects of change in accounting principle Balance sheet (restatement of opening balance) Equity decrease MSEK 424 Provisions for pensions increase MSEK 773 Balance is mainly deferred tax receivables Income statement (Q1) Pension costs net of employee contribution affected operating profit positively by MSEK 8 Interest costs net of return on plan assets affected interest net negatively by MSEK 8 April 27, 2004

Capital Structure Net Debt / Equity April 27, 2004

Cash and Interest-Bearing Debt MSEK Net borrowings 20 078 Dec. 2001 13 694 Dec. 2002 7 613 Dec. 2003 8 386 Dec. 2003 Restated 7 933 March. 2004 April 27, 2004

The face of interaction This is the face of Atlas Copco. The visual head-hand combination symbolizes knowledge and experience, with a personal touch. The head represents the knowledge and skills required helping customers get the job done. The hand is the perfect partner and symbolizes the hands-on experience and the commitment to helping customers achieve results. April 27, 2004