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					Atlas Copco Group




Q3 Results
October 22, 2010
    Q3 - highlights

          Strong order growth
               – Sequentially higher volumes in all regions and in most customer segments
               – Record order intake, again, in Asia, South America and Australia
               – Strong performance in aftermarket

          Record operating profit and margin
               – Revenue volume, sales mix, price, and efficiency measures gave support

          Investments in market organization and logistics




2   October 22, 2010
    Q3 - figures in summary

          35% organic order growth
          Revenues of MSEK 17 743; 18% organic growth
          Operating profit at MSEK 3 782 (2 402)
               – Restructuring cost of MSEK 100
               – Adjusted operating margin of 21.9% (15.9)

          Profit before tax at MSEK 3 675 (2 210)
          Basic earnings per share SEK 2.17 (1.42)
          Operating cash flow MSEK 2 479 (4 275)




3   October 22, 2010
    Orders received - local currency
    Group total +33% YTD (+31% excl. cancellations), +37% last 3 months
    Structural change +2% YTD, +2% last 3 months




                                                      31    +20 +26

                       18   +51 +49
                                                                                    23    +46 +60




                                                           10   +11    +1

                                  11   +46 +30
                                                                                               7    +55 +96




                            September 2010   A=   Share of orders received, year-to-date, %
                             A    B     C    B=   Year-to-date vs. previous year, %
                                             C=   Last 3 months vs. previous year, %
4   October 22, 2010
    Q3 - the Americas

          Strong growth in North America
               – Sequential improvement for most types of equipment and
                 for the aftermarket.
               – The demand from manufacturing and construction                     18   +51 +49
                 industries developed particularly well.

          Record level of orders in South America
               – Continued strong demand from all countries and from most
                 customer segments
                                                                                             11    +46 +30




                       September 2010   A=   Share of orders received, year-to-date, %
                        A    B     C    B=   Year-to-date vs. previous year, %
                                        C=   Last 3 months vs. previous year, %
5   October 22, 2010
    Q3 - Europe and Africa/Middle East

          Slightly improved activity in Europe
               – Sequential improvement in most industries, but sales to
                 construction industry was somewhat weaker than in Q2                    31   +20 +26
               – Strong growth vs. weak Q3 2009
               – The best development in the east, with the south at the
                 bottom of the list

          Mixed picture in Africa / Middle East
               – Improved sales to mining industry in South Africa                            10   +11   +1
               – Lower sales in the Middle East
               – Aftermarket business developed favorably




                       September 2010   A=   Share of orders received, year-to-date, %
                        A    B     C    B=   Year-to-date vs. previous year, %
                                        C=   Last 3 months vs. previous year, %
6   October 22, 2010
    Q3 - Asia and Australia

          Record order intake in Asia
               – Strong growth in all major markets
               – High activity level in all industries supported strong
                 growth in aftermarket
               – Large mining order from Kazakhstan                              23    +46 +60

          Continued favorable mining demand in Australia
           contributed to record orders received



                                                                                            7    +55 +96




                       September 2010    A=    Share of orders received, year-to-date, %
                        A    B     C     B=    Year-to-date vs. previous year, %
                                         C=    Last 3 months vs. previous year, %
7   October 22, 2010
     Organic* growth per quarter
     Atlas Copco Group, continuing operations

           Change in orders received in % vs. same quarter previous year




*Volume and price
 8   October 22, 2010
    Atlas Copco Group – sales bridge

                                             July - September   January - September
                                          Orders                 Orders
             MSEK                        Received   Revenues    Received     Revenues
             2009                          14 309     15 088      43 175       47 820
             Cancellations, %                   -          -          +2 *          -
             Structural change, %             +2          +2          +2           +2
             Currency, %                      -2          -2          -4           -4
             Price, %                          +1         +1          +1           +1
             Volume, %                        +34        +17         +28           +7
             Total, %                         +35        +18         +29           +6
             2010                          19 316     17 743      55 804       50 474
             *Cancellations in Q1 2009




9   October 22, 2010
     Atlas Copco Group
     Revenues, operating profit and return on capital employed (ROCE) by
     business area


                                               Revenues   Operating   Operating    ROCE
         MSEK                                                profit     margin
         12 month values, period ending          sep-10     sep-10      sep-10    sep-10
         Compressor Technique                    33 295      7 483       22.5%      64%
         Construction and Mining Technique       27 378      4 507       16.5%      24%
         Industrial Technique                     6 042        956       15.8%      38%
         Eliminations/Common Group Functions       -299       -588
         Atlas Copco Group                       66 416     12 358       18.6%      25%




10   October 22, 2010
     Compressor Technique

           25% organic order growth vs. Q3 2009
                – Continued strong demand for stationary and portable
                  compressors
                – Strong growth in North and South America, Asia and
                  eastern Europe

           Very strong development in aftermarket with high
            growth in emerging markets
           Operating margin at 26.0%
                – Positively affected by volume, efficiency improvements,
                  sales mix, currency and price

           Acquisition of Cirmac in October.
                – Biogas upgrading and gas treatment systems




11   October 22, 2010
     Compressor Technique




*Volume and price
12   October 22, 2010
     Construction and Mining Technique

           Strong growth in both equipment and aftermarket
                – 47% organic order growth vs. Q3 2009
                – Continued strong demand from the mining industry
                – Orders for construction equipment somewhat weaker than in Q2

           Operating margin at 17.8%
                – MSEK 100 restructuring cost for consolidating production in Germany
                – Record high operating margin, excluding restructuring, at 19.2%

           Acquisition of manufacturer of mobile crushers and screeners




13   October 22, 2010
     Construction and Mining Technique




*Volume and price
14   October 22, 2010
     Industrial Technique

           Improved demand from all customer segments
                – 45% organic order growth vs. Q3 2009
                – Strong growth in Asia
                – Rapid growth of aftermarket, particularly in emerging markets

           Operating margin increased to 20.2%
                – Positively affected by increased volumes and cost savings

           Acquisition of a distributor business in Michigan, the United States




15   October 22, 2010
     Industrial Technique




*Volume and price
16   October 22, 2010
     Group total

                                                July - September         January - September
                MSEK                            2010       2009    %      2010      2009       %
                Orders received                 19 316    14 309   +35    55 804   43 175      +29
                Revenues                        17 743    15 088   +18    50 474   47 820      +6
                Operating profit                3 782     2 402    +57    9 908     6 640      +49
                - as a percentage of revenues   21.3      15.9            19.6      13.9
                Profit before tax               3 675     2 210    +66    9 575     5 947      +61
                - as a percentage of revenues   20.7      14.6            19.0      12.4
                Profit for the period           2 650     1 730    +53    7 028     4 576      +54
                Basic earnings per share, SEK   2.17      1.42            5.77      3.75
                Return on capital employed, %    25        21




17   October 22, 2010
     Profit bridge
     July – September, 2010 vs 2009

                                              Organic Grow th              One-tim e item s
                                    Q3 2010                     Currency                      Q3 2009
                MSEK                           Price/Volum e                  Acq./Div.
                Atlas Copco Group
                Revenues            17 743        2 565           -260           350          15 088
                EBIT                 3 782        1 575           -135           -60           2 402
                %                    21.3%         61%             -              -            15.9%




18   October 22, 2010
     Profit bridge – by business area
     July – September, 2010 vs 2009

                                                            Organic Grow th              One-tim e item s
                                                  Q3 2010                     Currency                      Q3 2009
                MSEK                                         Price/Volum e                  Acq./Div.
                Compressor Technique
                Revenues                           8 877         953            -190           315           7 799
                EBIT                               2 312         806            15             40            1 451
                %                                  26.0%         85%             -              -            18.6%
                Construction & Mining Technique
                Revenues                           7 357        1 346           10             25            5 976
                EBIT                               1 312         559            30            -100           823
                %                                  17.8%         42%             -              -            13.8%
                Industrial Technique
                Revenues                           1 569         381            -65            10            1 243
                EBIT                               317           244            -10             0             83
                %                                  20.2%         64%             -              -            6.7%




19   October 22, 2010
     Balance sheet

                MSEK                                  Sep 30, 2010    Dec 31, 2009   Sep 30, 2009

                Intangible assets                      13 539   20%   12 697   19%    12 593    19%
                Rental equipment                        1 867    3%    2 056    3%     2 048     3%
                Other property, plant and equipment     5 702    8%    5 993    9%     6 046     9%
                Other fixed assets                      4 452    7%    6 556   10%     6 060     9%
                Inventories                            12 287   18%   11 377   17%    12 623    19%
                Receivables                            16 575   25%   15 433   23%    15 883    24%
                Current financial assets                1 554    2%    1 530    2%     1 598     2%
                Cash and cash equivalents              11 388   17%   12 165   18%    10 005    15%
                Assets classified as held for sale         64    0%       67    0%        35     0%
                TOTAL ASSETS                           67 428         67 874          66 891

                Total equity                           26 124   39%   25 671   38%    23 404    35%
                Interest-bearing liabilities           21 913   32%   25 735   38%    27 498    41%
                Non-interest-bearing liabilities       19 391   29%   16 468   24%    15 989    24%
                TOTAL EQUITY AND LIABILITIES           67 428         67 874          66 891




20   October 22, 2010
     Capital structure
     Net Debt*/EBITDA




* Net Debt adjusted for the fair value of interest rate swaps

21    October 22, 2010
     Atlas Copco AB’s loan maturity profile




22   October 22, 2010
     Cash flow

                                                                                         July - September    January - September
                 MSEK                                                                      2010      2009         2010      2009
                 Operating cash surplus after tax                                          3 739    2 360         9 886    5 383
                    of which depreciation added back                                         639      661         1 834    1 840
                 Change in working capital                                                -1 035    2 032        -1 087    5 118
                 Increase in rental equipment, net                                            -92      -35         -274     -140
                    Cash flows from operating activities                                   2 612    4 357         8 525   10 361
                 Investments of property, plant & eq.                                       -274     -217          -644     -788
                 Sale of property, plant & eq.                                                 14       29           37        67
                 Other investments, net                                                      127      106          -369       -22
                 Cash flow from investments                                                 -133       -82         -976     -743
                    Operating cash flow                                                    2 479    4 275         7 549    9 618
                 Company acquisitions/ divestments                                          -282       -10       -1 668     -165




Operating cash surplus after tax is adjusted for equity hedges in net financial items.

23    October 22, 2010
     Capital Markets Day

           December 1, 2010, in Nacka, Sweden
           www.atlascopco.com/CMD2010




24   October 22, 2010
     Near-term outlook




                The overall demand for the Group’s products and services is expected to
                increase somewhat. The sequential improvement is primarily expected to
                come from emerging markets.




25   October 22, 2010
                             Committed to
                        sustainable productivity.




26   October 22, 2010
     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.”




28   October 22, 2010

				
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