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Atlas Copco Group. Q4 Results February 2, 2010. Contents. Q4 Business Highlights Market Development Business Areas Financials 2009 Summary Outlook. Q4 - Highlights. Slight improvement in demand compared with previous quarters Noticeable in most emerging markets…

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Atlas copco group

Atlas Copco Group

Q4 Results

February 2, 2010


Contents
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook


Q4 highlights
Q4 - Highlights

  • Slight improvement in demand compared with previous quarters

    • Noticeable in most emerging markets…

    • …and from the mining industry

    • Still low investment level

  • Sales of aftermarket products and services increased

  • Healthy profit margins

    • Low volumes continue to affect negatively

    • Cost reductions, favorable sales mix and low financial costs gave support

  • Operating cash flow remained very strong

  • Proposed dividend of SEK 3.00 (3.00) per share and a share buyback program


Q4 figures in summary
Q4 - Figures in summary

  • Organic order intake down 9%...

    • …but flat if adjusted for cancellations previous year

  • Revenues of MSEK 15 942; 18% organic decline

  • Operating profit at MSEK 2 450 (3 288)

    • Restructuring cost of MSEK 80 (258)

    • Adjusted operating margin of 15.9% (18.7)

  • Profit before tax at MSEK 2 324 (3 508)

    • Previous year included tax-free gain of MSEK 939

  • Earnings per share SEK 1.39 (2.39)

  • Operating cash flow MSEK 3 672 (2 401)


Contents1
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook


Orders received local currency
Orders received - Local currency

Group total -27% YTD, 0% last 3 months

Effect of cancellations 1% YTD, 9% last 3 months

December 2009


Q4 the americas
Q4 - The Americas

  • Slight sequential improvement in North America

    • Sales of industrial equipment and related aftermarket improved somewhat

    • Construction remain very weak

  • Order growth in South America

    • Improved demand for mining and construction equipment

December 2009


Q4 europe and africa middle east
Q4 - Europe and Africa/Middle East

  • Overall demand remained low in Europe, but…

    • …slight improvement in Germany and in the Nordic countries

    • …improved demand from mining industry in Eastern Europe

    • Solid aftermarket

  • Weak quarter in Africa / Middle East

    • Sales of gas and process compressors declined

    • No improvement in Southern Africa

December 2009


Q4 asia and australia
Q4 - Asia and Australia

  • Positive development for all business areas in Asia

    • Growth in China, India and many other markets in South Asia.

    • Negative development in Japan and South Korea

  • Gradual recovery of demand in Australia

    • Pick-up in the mining industry

December 2009


Organic growth per quarter
Organic* Growth per Quarter

Atlas Copco Group, continuing operations

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

*Volume and price


Atlas copco group sales bridge
Atlas Copco Group – Sales Bridge

* Cancellations in Q4 2008 and Q1 2009


Contents2
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook


Atlas copco group1
Atlas Copco Group

Operating Profit and Return On Capital Employed (ROCE) by Business Area


Compressor technique
Compressor Technique

  • Overall demand remained on low level

    • 12% organic order decline vs. Q4 2008

    • Good development in emerging markets

    • Improved demand for standard compressors

    • Weak order intake for gas and process compressors

    • Stable aftermarket business

  • Operating margin at 19.6%

    • Improvement from previous quarters thanks to increased revenues and favorable sales mix

  • Agreement to acquire Quincy Compressor

  • Investment in manufacturing facility in China

14

February 2, 2010, www.atlascopco.com


Compressor technique1
Compressor Technique

*Volume and price

Quarterly operating margins include Prime Energy from Q1 2006.


Construction and mining technique
Construction and Mining Technique

  • Improved order intake compared with previous quarters

    • Demand in mining and infrastructure construction developed positively

    • Growth in aftermarket and consumables

    • Organic order decline of 5% vs. Q4 2008

  • Operating margin at 14.1%

    • Low volumes compared with previous year affected negatively, while cost savings gave support

    • Less favorable sales mix compared with Q3



Industrial technique
Industrial Technique

  • Slight improvement in order intake compared with previous quarters

    • Continued weak demand in most developed markets

    • Growth in Asia, both from the motor vehicle industry and the general industry.

    • Organic order intake down 14% vs. Q4 2008

  • Adjusted operating profit margin at 12.9%

    • Restructuring costs of MSEK 80, primarily related to closure of manufacturing facilities in Germany and Japan.


Industrial technique1
Industrial Technique

*Volume and price


Contents3
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook



Profit bridge
Profit Bridge

October – December, 2009 vs 2008


Profit bridge by business area
Profit Bridge – by Business Area

October – December, 2009 vs 2008



Capital structure
Capital Structure

Net Debt*/EBITDA

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




Contents4
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook


2009 figures in summary
2009 - Figures in summary

Revenues and operating margin

2004 pro forma, excluding divested businesses


2009 highlights
2009 - Highlights

  • Healthy profitability in very challenging business climate

  • Quick adaptation to low demand

  • Sustained strong focus on market presence and product development

  • Order intake declined 21%, 29% organic decline

  • Revenues declined 14% to 63 762, 22% organic decline

  • Operating profit down 34% to MSEK 9 090

    • Restructuring costs of MSEK 569, adjusted margin of 15.1% (19.0)

  • Very strong cash flow of MSEK 13 290 (4 751)


Atlas copco group2
Atlas Copco Group

Earnings per Share, Dividend and Redemption

* Proposed by the Board of Directors


Committed to sustainable productivity
Committed to Sustainable Productivity

Committed to sustainable productivity means:

… that Atlas Copco people do everything they can to ensure reliable, lasting results with responsible use of resources; human, natural, and capital.

New brand promise for Atlas Copco

32


Contents5
Contents

  • Q4 Business Highlights

  • Market Development

  • Business Areas

  • Financials

  • 2009 Summary

  • Outlook


Near term outlook
Near-term Outlook

The overall demand for the Group’s products and services is expected to improve somewhat.

Many emerging markets are foreseen to have a continued favorable development and demand from the mining industry is expected to improve.



Cautionary statement
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.”