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February 2, 2009, www.atlascopco.com1 Atlas Copco Group Q4 Results February 2, 2009
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February 2, 2009, www.atlascopco.com2 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com3 Q4 - Highlights Declining demand from most customer segments –Sharpest drop and order cancellations within the mining business Continued growth of the aftermarket business Measures taken in all three business areas to reduce capacity and costs Unchanged dividend proposed
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February 2, 2009, www.atlascopco.com4 Q4 - Figures in summary -19% organic order intake, -27% including cancellations Revenues of MSEK 19 731; 3% organic growth Operating profit at MSEK 3 288 (3 361) –Including redundancy costs of MSEK 258 –MSEK 350 in positive currency effect compared to last year –Adjusted for non-recurring items, operating margin at 18.0% (19.3) Profit before tax at MSEK 3 508 (2 134) –Including capital gains of MSEK 939 (tax-free) and MSEK 33 Earnings per share for continuing operations SEK 2.39 (1.12) Operating cash flow MSEK 2 401 (926)
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February 2, 2009, www.atlascopco.com5 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com6 Orders received - Local currency Group total +7% YTD, -27% last 3 months (Structural change +5% YTD, 0% last 3 months) December 2008 A =Portion of sales, Year-to-date, % B =Year-to-date vs. prev. year, % 180-36 39+1-30 12+29-4 18+3-26 5+9-22 8+23-15 ABC A =Portion of sales, Year-to-date, % B =Year-to-date vs. prev. year, % C =Last 3 months vs. prev. year, % (-19% organically)
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February 2, 2009, www.atlascopco.com7 Q4 - The Americas Demand declined in North America –The construction and automotive industries remained weak –Low demand and order cancellations from the mining industry –Relatively stable demand for compressors Drop in demand from most mining customers in South America, other segments holding up better December 2008 ABC 8+23-15 180-36 A =Portion of sales, Year-to-date, % B =Year-to-date vs. prev. year, % C =Last 3 months vs. prev. year, %
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February 2, 2009, www.atlascopco.com8 Q4 - Europe and Africa/Middle East Weak Europe –Continued low activity in the construction segment –Deteriorating demand from many manufacturing industries –Mining segment in Eastern Europe weak Demand declined also in Africa / Middle East but to a lesser extent. December 2008 ABC 39+1-30 12+29-4 A =Portion of sales, Year-to-date, % B =Year-to-date vs. prev. year, % C =Last 3 months vs. prev. year, %
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February 2, 2009, www.atlascopco.com9 Q4 - Asia and Australia Substantial slowdown in Asia –Weaker demand from most customer segments in the major countries –Good development of the aftermarket business –Good quarter in Japan Weaker demand in Australia –Mining segment relatively better than in other regions December 2008 A =Portion of sales, Year-to-date, % B =Year-to-date vs. prev. year, % C =Last 3 months vs. prev. year, % ABC 18+3-26 5+9-22
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February 2, 2009, www.atlascopco.com10 Organic * Growth per Quarter Change in orders received in % vs. same quarter previous year Atlas Copco Group, continuing operations *Volume and price Order cancellations
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February 2, 2009, www.atlascopco.com11 Atlas Copco Growth – Orders received Continuing operations (excl. Professional Electric Tools and Rental Service)
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February 2, 2009, www.atlascopco.com12 Atlas Copco Group – Sales Bridge
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February 2, 2009, www.atlascopco.com13 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com14 Atlas Copco Group Operating Profit and Return On Capital Employed (ROCE) by Business Area
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February 2, 2009, www.atlascopco.com15 Compressor Technique 15February 2, 2009, www.atlascopco.com 15% organic order decline –Lower demand in most customer segments and regions –Good aftermarket sales Sustained high operating margin –21.4% adjusted for MSEK 93 in Acquisition of Aggreko’s European redundancy costs compressor rental business
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February 2, 2009, www.atlascopco.com16 Compressor Technique Quarterly operating margins include Prime Energy from Q1 2006. *Volume and price
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February 2, 2009, www.atlascopco.com17 Sharp decline in order intake –Organic order decline of 27% and -16% from cancellations, mainly from mining customers –Good growth for aftermarket products Operating profit up 4%, including MSEK 100 in redundancy costs –Comparable operating margin unchanged at 17.2%, supported by currency Construction and Mining Technique
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February 2, 2009, www.atlascopco.com18 Construction and Mining Technique *Volume and price
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February 2, 2009, www.atlascopco.com19 Industrial Technique 20% organic order decline –Both general and motor vehicle industry down –Service business still growing Adjusted operating profit margin at 16.0%, excluding redundancy costs of MSEK 59 –Previous year at 23.1% adjusted for restructuring costs –Margin negatively affected by sales mix, production disturbances related to restructuring of pneumatic tools manufacturing, currency and under-absorption of fixed costs
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February 2, 2009, www.atlascopco.com20 Industrial Technique *Volume and price
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February 2, 2009, www.atlascopco.com21 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com22 Group Total * Adjusted operating margins 18.0% in 2008 and 19.3% in 2007
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February 2, 2009, www.atlascopco.com23 Profit Bridge October – December, 2008 vs 2007 One-time items include redundancy costs as well as reversal of previous year’s one-time items.
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February 2, 2009, www.atlascopco.com24 Profit Bridge – by Business Area October – December, 2008 vs 2007 One-time items include redundancy costs in all three business areas as well as reversal of previous year’s one-time items.
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February 2, 2009, www.atlascopco.com25 Balance Sheet The large increase in total assets is partly explained by currency translation effects that have had an impact of MSEK 4 000 since September and MSEK 5 400 since December 2007
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February 2, 2009, www.atlascopco.com26 Capital Structure Net Debt*/EBITDA *Net Debt adjusted for the fair value of interest rate swaps
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February 2, 2009, www.atlascopco.com27 Atlas Copco AB’s Loan Maturity Profile
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February 2, 2009, www.atlascopco.com28 Cash Flow Continuing operations
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February 2, 2009, www.atlascopco.com29 Atlas Copco Group Earnings per Share, Dividend and Redemption * Proposed by the Board of Directors
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February 2, 2009, www.atlascopco.com30 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com31 Revenues and operating margin 2004 pro forma, excluding divested businesses 2008 - Figures in summary
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February 2, 2009, www.atlascopco.com32 2008 - Figures in summary Strong demand from most customer segments and high growth in all regions until September, partly offset by a weak fourth quarter Order intake up 7%, 2% organic growth Revenues up 17% to 74 177, 12% organic growth Operating profit up 14% to MSEK 13 806, a margin of 18.6% (19.0) Profit before tax at MSEK 13 112 (10 534) Proposed dividend for 2008, at SEK 3.00 (3.00) per share
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February 2, 2009, www.atlascopco.com33 Contents Q4 Business Highlights Market Development Business Areas Financials 2008 Summary Outlook
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February 2, 2009, www.atlascopco.com34 Near-term Outlook The current economic situation makes the outlook very uncertain but demand is expected to remain very weak in most industries and regions.
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February 2, 2009, www.atlascopco.com36 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 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.”
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