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Atlas Copco Group
Q4 Results
February 2, 2009
1 February 2, 2009, www.atlascopco.com
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
2 February 2, 2009, www.atlascopco.com
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
3 February 2, 2009, www.atlascopco.com
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)
4 February 2, 2009, www.atlascopco.com
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
5 February 2, 2009, www.atlascopco.com
Orders received - Local currency
Group total +7% YTD, -27% last 3 months (-19% organically)
(Structural change +5% YTD, 0% last 3 months)
39 +1 -30
18 0 -36 18 +3 -26
12 +29 -4
8 +23 -15
5 +9 -22
December 2008 A = Portion of sales, Year-to-date, %
A B C B = Year-to-date vs. prev. year, %
C = Last 3 months vs. prev. year, %
6 February 2, 2009, www.atlascopco.com
Q4 - The Americas
Demand declined in North America
– The construction and automotive industries
remained weak
– Low demand and order cancellations from
the mining industry 18 0 -36
– Relatively stable demand for compressors
Drop in demand from most mining
customers in South America, other
8 +23 -15
segments holding up better
December 2008 A = Portion of sales, Year-to-date, %
A B C B = Year-to-date vs. prev. year, %
C = Last 3 months vs. prev. year, %
7 February 2, 2009, www.atlascopco.com
Q4 - Europe and Africa/Middle East
Weak Europe
– Continued low activity in the construction
39 +1 -30
segment
– Deteriorating demand from many
manufacturing industries
– Mining segment in Eastern Europe weak
12 +29 -4
Demand declined also in Africa /
Middle East but to a lesser extent.
December 2008 A = Portion of sales, Year-to-date, %
A B C B = Year-to-date vs. prev. year, %
C = Last 3 months vs. prev. year, %
8 February 2, 2009, www.atlascopco.com
Q4 - Asia and Australia
Substantial slowdown in Asia
– Weaker demand from most customer
segments in the major countries
– Good development of the aftermarket 18 +3 -26
business
– Good quarter in Japan
Weaker demand in Australia
– Mining segment relatively better than
in other regions 5 +9 -22
A = Portion of sales, Year-to-date, %
December 2008
B = Year-to-date vs. prev. year, %
A B C
C = Last 3 months vs. prev. year, %
9 February 2, 2009, www.atlascopco.com
Organic* Growth per Quarter
Atlas Copco Group, continuing operations
Change in orders received in % vs. same quarter previous year
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
-30
00 Q1
00 Q2
00 Q3
00 Q4
01 Q1
01 Q2
01 Q3
01 Q4
02 Q1
02 Q2
02 Q3
02 Q4
03 Q1
03 Q2
03 Q3
03 Q4
04 Q1
04 Q2
04 Q3
04 Q4
05 Q1
05 Q2
05 Q3
05 Q4
06 Q1
06 Q2
06 Q3
06 Q4
07 Q1
07 Q2
07 Q3
07 Q4
08 Q1
08 Q2
08 Q3
08 Q4
*Volume and price
Order cancellations
10 February 2, 2009, www.atlascopco.com
Atlas Copco
Growth – Orders received
Continuing operations (excl. Professional Electric Tools and Rental Service)
30%
20% 21%
14%
10%
0%
2004 2005 2006 2007 2008
Organic growth, % Structural changes, %
CAGR, 2004 - 2008, organic growth CAGR, 2004 - 2008, total excl. currency
11 February 2, 2009, www.atlascopco.com
Atlas Copco Group – Sales Bridge
October - December January - December
Orders Revenues Orders Revenues
MSEK Received Received
2007 18 816 17 549 69 059 63 355
Structural change, % 0 0 +5 +5
Currency, % +9 +9 0 0
Price, % +3 +3 +3 +3
Cancellations, % -8 - - -
Volume, % -22 0 -1 +9
Total, % -18 +12 +7 +17
2008 15 437 19 731 73 572 74 177
12 February 2, 2009, www.atlascopco.com
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
13 February 2, 2009, www.atlascopco.com
Atlas Copco Group
Operating Profit and Return On Capital Employed (ROCE)
by Business Area
Revenues Operating Operating ROCE
MSEK profit margin
12 month values, period ending Dec. 2008 Dec. 2008 Dec. 2008 Dec. 2008
Compressor Technique 35 587 7 291 20.5% 57%
Construction and Mining Technique 31 660 5 602 17.7% 29%
Industrial Technique 7 450 1 328 17.8% 43%
Eliminations/Common Group Functions -520 -415
Atlas Copco Group 74 177 13 806 18.6% 34%
14 February 2, 2009, www.atlascopco.com
Compressor Technique
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
redundancy costs
Acquisition of Aggreko’s European
compressor rental business
15 February 2, 2009, www.atlascopco.com
Compressor Technique
Organic* revenue growth: Change vs. same quarter previous year, %
25 Quarterly operating margin, % 25
20 20
15 15
10 10
5 5
0 0
-5 -5
-10 -10
01 Q1
01 Q2
01 Q3
01 Q4
02 Q1
02 Q2
02 Q3
02 Q4
03 Q1
03 Q2
03 Q3
03 Q4
04 Q1
04 Q2
04 Q3
04 Q4
05 Q1
05 Q2
05 Q3
05 Q4
06 Q1
06 Q2
06 Q3
06 Q4
07 Q1
07 Q2
07 Q3
07 Q4
08 Q1
08 Q2
08 Q3
08 Q4
*Volume and price
Quarterly operating margins include Prime Energy from Q1 2006.
16 February 2, 2009, www.atlascopco.com
Construction and Mining Technique
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
17 February 2, 2009, www.atlascopco.com
Construction and Mining Technique
Organic* revenue growth: Change vs. same quarter previous year, %
30 Quarterly operating margin, % 30
25 25
20 20
15 15
10 10
5 5
0 0
-5 -5
-10 -10
01 Q1
01 Q2
01 Q3
01 Q4
02 Q1
02 Q2
02 Q3
02 Q4
03 Q1
03 Q2
03 Q3
03 Q4
04 Q1
04 Q2
04 Q3
04 Q4
05 Q1
05 Q2
05 Q3
05 Q4
06 Q1
06 Q2
06 Q3
06 Q4
07 Q1
07 Q2
07 Q3
07 Q4
08 Q1
08 Q2
08 Q3
08 Q4
*Volume and price
18 February 2, 2009, www.atlascopco.com
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
19 February 2, 2009, www.atlascopco.com
Industrial Technique
Organic* revenue growth: Change vs. same quarter previous year, %
25 Quarterly operating margin, % 30
20 25
15 20
10 15
5 10
0 5
-5 0
-10 -5
03 Q1
03 Q2
03 Q3
03 Q4
04 Q1
04 Q2
04 Q3
04 Q4
05 Q1
05 Q2
05 Q3
05 Q4
06 Q1
06 Q2
06 Q3
06 Q4
07 Q1
07 Q2
07 Q3
07 Q4
08 Q1
08 Q2
08 Q3
08 Q4
*Volume and price
20 February 2, 2009, www.atlascopco.com
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
21 February 2, 2009, www.atlascopco.com
Group Total
October - December January - December
MSEK 2008 2007 % 2008 2007 %
Orders received 15 437 18 816 -18 73 572 69 059 +7
Revenues 19 731 17 549 +12 74 177 63 355 +17
Operating profit 3 288 3 361 -2 13 806 12 066 +14
- as a percentage of revenues 16.7* 19.2* 18.6 19.0
Profit before tax 3 508 2 134 +64 13 112 10 534 +24
- as a percentage of revenues 17.8 12.2 17.7 16.6
Profit from continuing operations 2 919 1 376 +112 10 006 7 416 +35
Profit from discontinued operations, net of tax - - 184 53
Profit for the period 2 919 1 376 10 190 7 469
Basic earnings per share, SEK 2.39 1.12 8.33 6.09
- of which continuing operations, SEK 2.39 1.12 8.18 6.05
Return on capital employed, % 34 29
* Adjusted operating margins 18.0% in 2008 and 19.3% in 2007
22 February 2, 2009, www.atlascopco.com
Profit Bridge
October – December, 2008 vs 2007
Organic Grow th One-tim e item s
Q4 2008 Currency Q4 2007
MSEK Price/Volum e Acq./Div.
Atlas Copco Group
Revenues 19 731 457 1 620 105 17 549
EBIT 3 288 -203 350 -220 3 361
% 16.7% -44% - - 19.2%
One-time items include redundancy costs as well as reversal of previous year’s one-time items.
23 February 2, 2009, www.atlascopco.com
Profit Bridge – by Business Area
October – December, 2008 vs 2007
Q4 2008 Organic Grow th Currency One-tim e item s Q4 2007
MSEK Price/Volum e Acq./Div.
Com pressor Technique
Revenues 9 866 270 900 20 8 676
EBIT 2 016 45 205 -120 1 886
% 20.4% 17% - - 21.7%
Construction & Mining Technique
Revenues 8 007 346 505 35 7 121
EBIT 1 280 -93 240 -95 1 228
% 16.0% -27% - - 17.2%
Industrial Technique
Revenues 2 001 -189 215 55 1 920
EBIT 261 -140 20 -45 426
% 13.0% - - - 22.2%
One-time items include redundancy costs in all three business areas as well as reversal of previous year’s one-time items.
24 February 2, 2009, www.atlascopco.com
Balance Sheet
MSEK Dec 31, 2008 Sep 30, 2008 Dec 31, 2007
Intangible assets 12 916 17% 12 177 19% 11 665 21%
Rental equipment 2 282 3% 1 992 3% 1 906 3%
Other property, plant and equipment 6 353 8% 5 698 9% 4 894 9%
Other fixed assets 7 977 11% 4 797 7% 4 245 7%
Inventories 17 106 23% 16 371 25% 12 725 22%
Receivables 21 603 29% 19 770 30% 16 627 29%
Current financial assets 1 659 2% 1 531 2% 1 124 2%
Cash and cash equivalents 5 455 7% 3 403 5% 3 473 6%
Assets classified as held for sale 43 0% 39 0%
TOTAL ASSETS 75 394 65 778 56 659
Total equity 23 768 32% 18 759 29% 14 640 26%
Interest-bearing liabilities 30 404 40% 27 694 42% 24 397 43%
Non-interest-bearing liabilities 21 222 28% 19 325 29% 17 622 31%
TOTAL EQUITY AND LIABILITIES 75 394 65 778 56 659
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
25 February 2, 2009, www.atlascopco.com
Capital Structure
Net Debt*/EBITDA
2,5
2,0
1,9
1,5
1,6
1,4 1,4 1,4 1,4
1,0 1,2
0,9
0,5 0,8 0,8
0,6
0,0
-0,5
-1,0 -1,1 -1,1
-1,5
2005 2006 2006 2006 2006 2007 2007 2007 2007 2008 2008 2008 2008
Q1 Q2 Q3 Q1 Q2 Q3 Q1 Q2 Q3
*Net Debt adjusted for the fair value of interest rate swaps
26 February 2, 2009, www.atlascopco.com
Atlas Copco AB’s Loan Maturity Profile
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Public Bonds Bank Loans
27 February 2, 2009, www.atlascopco.com
Cash Flow
Continuing operations
October- December January - December
MSEK 2008 2007 2008 2007
Operational cash surplus after tax 3 300 2 693 11 857 10 005
of which depreciation added back 597 498 2 080 1 800
Change in working capital 112 -865 -2 991 -2 326
Cash flows from operational activities 3 412 1 828 8 866 7 679
Investments in tangible fixed assets -891 -652 -2 899 -2 359
Sale of tangible fixed assets 145 180 515 712
Other investments, net -265 -430 -1 731 -1 443
Cash flow from investments -1 011 -902 -4 115 -3 090
Operating cash flow 2 401 926 4 751 4 589
Company acquisitions/ divestments -55 32 -278 -5 718
28 February 2, 2009, www.atlascopco.com
Atlas Copco Group
Earnings per Share, Dividend and Redemption
25
22,38
20
Earnings per
share
15 Dividend per
share
12,24
Dividend +
10 redemption
8,33 of share
6,09
4,84
5,22
5
3,71
2,61 3,00 3,00
2,33 2,44 2,32 2,13 2,38
2,00 1,92
1,25 1,50
0,79 0,88 0,92 0,96
0,72
0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008* * Proposed
by the
Board of
29 February 2, 2009, www.atlascopco.com
Directors
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
30 February 2, 2009, www.atlascopco.com
2008 - Figures in summary
Revenues and operating margin
MSEK % MSEK %
80 000 40 14 000
70 000 35 12 000
60 000 30 10 000
50 000 25
8 000
40 000 20
6 000
30 000 15
4 000
20 000 10
10 000 5 2 000
0 0 0
2004 2005 2006 2007 2008 2004 2005 2006 2007 2008
Revenues, MSEK Operating margin, % Operating profit, MSEK
2004 pro forma, excluding divested businesses
31 February 2, 2009, www.atlascopco.com
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
32 February 2, 2009, www.atlascopco.com
Contents
Q4 Business Highlights
Market Development
Business Areas
Financials
2008 Summary
Outlook
33 February 2, 2009, www.atlascopco.com
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.
34 February 2, 2009, www.atlascopco.com
35
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.”
36 February 2, 2009, www.atlascopco.com
