atlas copco q1-2012 results handout

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Atlas Copco Group Q1 2012 results April 27, 2012

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Page 1: Atlas Copco Q1-2012 results handout

Atlas Copco Group

Q1 2012 results

April 27, 2012

Page 2: Atlas Copco Q1-2012 results handout

Q1 - highlights

Record order intake– Demand remained at a high level

– Several important orders won in the mining and the automotive businesses

– Strong growth in aftermarket

Healthy growth in the United States and sequential improvement in China

Continued investments in market presence and innovation

Continued strong value creation– Revenue growth, solid profit generation and positive cash flow

April 27, 20122

Page 3: Atlas Copco Q1-2012 results handout

Q1 - figures in summary

Orders received of MSEK 24 827 (21 675), 10% organic growth

Revenues of MSEK 22 254 (18 223), 17% organic growth

Operating profit increased by 15% to MSEK 4 604 (3 987)– Operating margin 20.7% (21.9)

Negative effects from revenue mix, acquisitions and long-term incentive programs Positive effects from revenue growth, prices and currency

Profit before tax at MSEK 4 489 (4 056)– Previous year, MSEK 151 capital gain related to sale of shares in RSC Holdings

Basic earnings per share SEK 2.81 (2.48)

Operating cash flow at MSEK 1 441 (2 026)

April 27, 20123

Page 4: Atlas Copco Q1-2012 results handout

Orders received - local currencyGroup total +13% YTDStructural change +3% YTD

March 2012

19 +9

A = Share of orders received, year-to-date, %

B = Year-to-date vs. previous year, %

11 +25

A B

28 +11

13 +51

20 -10

9 +41

4April 27, 2012

Page 5: Atlas Copco Q1-2012 results handout

Q1 - the Americas

Strong demand in North America– Record order intake

– Strong growth in the United States and Canada

– Order intake from the manufacturing industry developed positively

– Sales of construction equipment improved

Record orders received in South America– Very strong demand from the mining industry

April 27, 20125

March 2012 A = Share of orders received, year-to-date, %

B = Year-to-date vs. previous year, %A B

19 +9

11 +25

Page 6: Atlas Copco Q1-2012 results handout

Q1 - Europe and Africa/Middle East

April 27, 20126

Orders received increased in Europe– Highest growth in Russia and Germany

– Favorable development for industrial tools and assembly systems for the motor vehicle industry

Strong growth in Africa / Middle East – Important orders won for mining equipment and

compressed air equipment

March 2012 A = Share of orders received, year-to-date, %

B = Year-to-date vs. previous year, %A B

28 +11

13 +51

Page 7: Atlas Copco Q1-2012 results handout

Q1 - Asia and Australia

Orders received increased sequentially in Asia – Lower compared to record order intake last year

– Robust underlying demand for mining and industrial equipment

– Sequential improvement in China– Road construction demand remained weak

Record orders received in Australia– Continued strong demand in mining

April 27, 20127

March 2012 A = Share of orders received, year-to-date, %

B = Year-to-date vs. previous year, %A B

20 -10

9 +41

Page 8: Atlas Copco Q1-2012 results handout

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Q1

Order cancellations, % Organic growth, %

Organic* growth per quarter

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

April 27, 20128

Atlas Copco Group, continuing operations

*Volume and price

Page 9: Atlas Copco Q1-2012 results handout

Atlas Copco Group – sales bridge

April 27, 20129

Orders MSEK received Revenues2011 21 675 18 223Structural change, % +3 +3Currency, % +2 +2Price, % +2 +2Volume, % +8 +15Total, % +15 +222012 24 827 22 254

January - March

Page 10: Atlas Copco Q1-2012 results handout

Atlas Copco Group

April 27, 201210

12 months until March 2012

CompressorTechnique39%

Industrial Technique

10%

ConstructionTechnique

36%

Revenues per business area

Mining and Rock ExcavationTechnique

15%

Page 11: Atlas Copco Q1-2012 results handout

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Organic* revenue growth: Change vs. same period previous year, %

Operating margin, %

Compressor Technique

Record order intake– 5% organic order growth

– Significant increase in orders for gas and process compressors

– Demand for standard industrial compressors remained healthy

Operating margin at 22.1% (24.3)– Impacted primarily by revenue mix

Acquisitions in USA and China finalized

April 27, 201211

Page 12: Atlas Copco Q1-2012 results handout

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Organic* revenue growth: Change vs. same period previous year, %

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Industrial Technique

Record order intake– 10% organic order growth

– Strong demand from the motor vehicle industry in all major regions

– Positive development of the aftermarket

Record revenues and operating profit– Operating margin at 24.0% (22.7)

Awards for innovation and marketing

April 27, 201212

Page 13: Atlas Copco Q1-2012 results handout

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Organic* revenue growth: Change vs. same period previous year, %

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Mining and Rock Excavation Technique

Record order intake– Continued strong activity in mining

– 22% organic order growth

– Strong growth in aftermarket

Record revenues and operating profit– Operating margin at 24.6% (23.6)

Three acquisitions finalized in the quarter

April 27, 201213

Page 14: Atlas Copco Q1-2012 results handout

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Construction Technique

Orders received -4%, organically – Orders received increased in North

America and Africa/Middle East

– Favorable development for portable compressors and generators

– Weak demand for road construction equipment in China

Operating margin was 10.7%– Affected by lower production volumes,

Increased investments in R&D and establishment of new customer centers

April 27, 201214

Page 15: Atlas Copco Q1-2012 results handout

MSEK 2012 2011 %

Orders received 24 827 21 675 15%

Revenues 22 254 18 223 22%

Operating profit 4 604 3 987 15%

– as a percentage of revenues 20.7 21.9

Profit before tax 4 489 4 056 11%

– as a percentage of revenues 20.2 22.3

Profit for the period 3 405 3 033 12%

Basic earnings per share, SEK 2.81 2.48

Return on capital employed, % 37 32

January - March

Group total

April 27, 201215

January – March 2012 vs. 2011

Page 16: Atlas Copco Q1-2012 results handout

Q1 2012 Organic Growth Currency One-time items Q1 2011MSEK Price/Volume Acq./Div.Atlas Copco GroupRevenues 22 254 3 201 300 530 18 223EBIT 4 604 397 200 20 3 987% 20.7% 12.4% 21.9%

Profit bridge

April 27, 201216

January – March 2012 vs. 2011

Page 17: Atlas Copco Q1-2012 results handout

Q1 2012 Organic Growth Currency One-time items Q1 2011MSEK Price/Volume Acq./Div.Compressor TechniqueRevenues 8 306 1 032 135 150 6 989EBIT 1 833 52 105 -25 1 701% 22.1% 5.0% 24.3%Industrial TechniqueRevenues 2 471 428 30 245 1 768EBIT 592 136 0 55 401% 24.0% 31.8% 22.7%Mining and Rock Excavation TechniqueRevenues 8 434 1 788 105 25 6 516EBIT 2 072 450 95 -10 1 537% 24.6% 25.2% 23.6%Construction TechniqueRevenues 3 206 3 30 110 3 063EBIT 342 -157 50 0 449% 10.7% neg 14.7%

Profit bridge – by business area

April 27, 201217

January – March 2012 vs. 2011

Page 18: Atlas Copco Q1-2012 results handout

MSEK Mar. 31, 2012 Dec. 31, 2011 Mar. 31 2011

Intangible assets 15 649 15 352 13 154Rental equipment 2 164 2 117 1 774Other property, plant and equipment 6 620 6 538 5 555Other non-current assets 4 057 3 983 4 080Inventories 18 509 17 579 13 969Receivables 22 300 21 996 17 586Current financial assets 2 080 1 773 1 369Cash and cash equivalents 10 655 5 716 14 412Assets classified as held for sale 46 55 59TOTAL ASSETS 82 080 75 109 71 958

Total equity 31 819 28 839 29 730Interest-bearing liabilities 26 040 21 939 21 003Non-interest-bearing liabilities 24 221 24 331 21 225TOTAL EQUITY AND LIABILITIES 82 080 75 109 71 958

Balance sheet

April 27, 201218

Page 19: Atlas Copco Q1-2012 results handout

Atlas Copco AB’s loan maturity profile

+ 7-year back-up facility (undrawn) of BSEK 6.39 maturing 2017

April 27, 201219

Page 20: Atlas Copco Q1-2012 results handout

MSEK 2012 2011Operating cash surplus 5 371 4 758 of which depreciation added back 648 586Net financial items 372 440Taxes paid -1 500 -751Change in working capital -2 027 -2 350Increase in rental equipment, net -194 -126Cash flows from operating activities 2 022 1 971Investments of property, plant & eq., net -405 -285Other investments, net -176 340Cash flow from investments -581 55Operating cash flow 1 441 2 026Company acquisitions/ divestments -561 -91

January - March

Cash flow

April 27, 201220

Page 21: Atlas Copco Q1-2012 results handout

Near-term outlook

The overall demand for Atlas Copco’s products and services is expected to remain at the current high level.

April 27, 201221

Page 22: Atlas Copco Q1-2012 results handout
Page 23: Atlas Copco Q1-2012 results handout

Committed tosustainable productivity.

April 27, 201223

Page 24: Atlas Copco Q1-2012 results handout

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.”

April 27, 201224