q3-2015 interim report€¦ · • introduction to alimak group • ... q1 q2 q3 q4 q1 q2 q3 q4 q1...

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Tormod Gunleiksrud, CEO

Stefan Rinaldo, CFO

October 23, 2015

Q3-2015 Interim Report

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Agenda

•  Introduction to Alimak Group

•  Q3 summary and highlights

•  Q3 and 9-months 2015: Group and Business Areas

•  Update on strategic initiatives

•  Financial targets

•  Q&A-session

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Alimak at a Glance

•  Industrial Rack-and-Pinion Vertical Access Solutions pioneer, founded in 1948

• Headquartered in Sweden

• Elevators, hoists and platforms based on Rack-and-Pinion and Traction technologies

• 21,000 installed units world-wide

• Rack-and-Pinion market leader with 55% global market share in the industrial segment

• Approximately 1,100 full time employees

2014 figures

Revenues SEK 1,742 M

Growth (YoY) +15%

EBIT SEK 288 M

INTRODUCTION TO ALIMAK GROUP

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Global Footprint

Mexico

Houston Atlanta

Dominican Republic

Panama

Colombia

Venezuela

Chile

Argentina

Brazil

South Africa

Oman

Bahrain

Secunderabad

Sri Lanka

Saudi Arabia UAE

Kuwait

Iran Jordan

Syria Lebanon Israel

Egypt

Turkey

Spain

Portugal Italy

Austria Germany

Paris

UK

Denmark Stockholm

Finland Norway

Sweden

Singapore Malaysia

Philippines

Melbourne

Hong Kong

Vietnam

Thailand

Taiwan

Changshu

Korea Japan

Skellefteå

Indonesia

Botswana

Bulgaria

Albania

Estonia

Greece

Myanmar

Nigeria

Pakistan

Peru

Poland

Qatar

Switzerland Ukraine

New Zealand

Shelton Lyon

Antwerpen

Sydney Brisbane

Belgium

Shanghai

Russia

Iceland

Kazakhstan

China

Head Office

2 manufacturing sites (Sweden and China)

22 own sales offices

60+ distributors

Sweden Manufacturing

China Manufacturing

INTRODUCTION TO ALIMAK GROUP

Algeria

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Agenda



•  Q3 and 9 months 2015: Group and Business Areas



•  Q&A-session

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Q3 2015 summary

• Strong growth in order intake

• Construction and Rental

• Stable development in After Sales

• Oil & Gas market impacting BA Industrial

• Revenue of approx. MSEK 40 shifted over into Q4

• On track to deliver on full year financial targets

SUMMARY

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Market development – Q3

• Stable development in mature markets

• Positive development in emerging markets in South East Asia, Middle East and Africa

• Challenging market conditions in China (Construction) and Brazil (General)

• Continued low activity level in upstream oil and gas

HIGHLIGHTS

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Business highlights – Q3 HIGHLIGHTS

• Push to expand and strengthen sales and distribution network globally continues

• Good orders in BA Construction Equipment in Africa, Australia, Canada, Central America, Korea, Turkey, UK, US and Vietnam

• Good orders in Australia for BA Rental

• Well into execution on Johan Sverdrup Industrial project

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Agenda


• Q3 summary and highlights

• Q3 and 9 months 2015: Group and Business Areas

• Update on strategic initiatives

• Financial targets

• Q&A-session

10

357 418

485

Q3 2013 Q3 2014 Q3 2015

Order intake Q3 2015 Q3-REPORT GROUP

16 %

Order intake (MSEK) • Order intake MSEK 485 (418) +16 %

-  FX effects +6 p.p.

-  Strongest growth in Construction and Rental

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340

427 434

Q3 2013 Q3 2014 Q3 2015

Revenues Q3 2015 Q3-REPORT GROUP

Revenues (MSEK)

2 %

• Revenue MSEK 434 (427) +2 % of which

-  FX effects +7 p.p.

• Deliveries of approx. MSEK 40 shifted over to Q4

• Lower revenue in BA Industrial Equipment

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Q3-REPORT GROUP

Order intake and revenue - Quarterly & R12, MSEK

0

500

1,000

1,500

2,000

2,500

0100200300400500600700

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015

R-12Quarter

Revenues Q Order intake QRevenues R-12 Order intake R-12

13

55

72 66

Q3 2013 Q3 2014 Q3 2015

EBIT (adj.) Q3 2015 Q3-REPORT GROUP

EBIT (MSEK) • EBIT MSEK 66 (72)

•  EBIT in local currencies MSEK 70 (72)

• Lower EBIT vs. last year due to

• Deliveries shifted over into Q4

• Volume effect on profit in BA Industrial Equipment

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EBIT (adj.) margin Q3 2015 Q3-REPORT GROUP

EBIT Margin (%) • EBIT margin 15.2 % (16.9)

• EBIT margin in local currencies 17.2 (16.9) %

• Main impact from currency translation effects on After Sales and Construction

16.2

16.9

15.2

Q3 2013 Q3 2014 Q3 2015

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Q3-REPORT GROUP

EBIT (adj.), Quarterly and R12, MSEK

050100150200250300350400

0

20

40

60

80

100

120

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 2014 2015

R-12Quarter

EBIT Q, MSEK EBIT R-12, MSEK

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Cash flow and Net Debt, 9 months 2015

27.3

Q3-REPORT GROUP

• Cash flow from operating activities MSEK 121 (177)

• Net debt, MSEK 491 (662)

• Net debt/EBITDA ratio 1.5 (2.0)

177

121

9-months 2014 9-months 2015

Cash Flow (MSEK)

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EPS Q3 and 9-months 2015

27.3

EPS (SEK) Q3 EPS (SEK) 9-months

*Calculated based on the existing number of shares, 43 326 289

0.74

1.45

9-months 14* 9-months 15

0.11

0.84

Q3 14* Q3 15

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Financial summary – 9 months 2015 HIGHLIGHTS

• Order intake MSEK 1,683 (1,343) +25 %

-  Of which FX effects +11 p.p.

• Sales MSEK 1,449 (1,224) +18 %

-  Of which FX effects +12 p.p.

• EBIT (adj.) MSEK 246 (208) +18 %

• EBIT (adj.) margin 17.0 (17.0)%

• EPS SEK 1.45 (0.74*) *Calculated based on the existing number of shares, 43 326 289

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Alimak Group Business Areas

Revenues 9-months 2015 – share of group total

Construction Equipment 28 %

Industrial Equipment 22 %

Rental 15 %

After Sales 35 %

EBIT excl. XO costs 9-months 2015 – share of group total

Construction Equipment 16 %

Industrial Equipment 11 %

Rental 6 %

After Sales 67 %

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Business Area Construction Equipment SEGMENT REPORTING Q3 2015

Business Highlights • Good momentum in Australia, Canada,

Middle East, parts of South East Asia and US

• Expanded sales and distribution network in Africa, Eastern Europe and Middle East

Order intake • MSEK 134 (108), +24 %

Revenues

• MSEK 91 (74), +24 %

Adj. EBIT and margin

• MSEK 4 (-5)

• 4.3 % (-6.3). In local currencies 9.2 % (-6.3)

31%

9 24 151 119

74

-5

91

4

-50

0

50

100

Revenue EBIT

2014 Q3 2015 Q3

28 %

Share of group revenue 9-months 2015

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Business Area Industrial Equipment SEGMENT REPORTING Q3 2015

Business Highlights • Order from domestic China and Japan

• Good momentum in Ports

• Sales efforts geared towards general industry and downstream Oil & Gas

Order intake

• MSEK 84 (90), -7 %

Revenues

• MSEK 102 (123), -17 %

Adj. EBIT and margin • MSEK 7 (19) -61 %

• 7.0% (15.3). In local currencies 4.9 % (15.3)

21%

123

19

102

7 0

50

100

150

Revenue EBIT (adj.)

2014 Q3 2015 Q3

22 %


22

18%

Business Area Rental SEGMENT REPORTING Q3 2015

Business Highlights • Continued strong demand from Australian

market

• Europe gradually recovering with improved utilization levels

Order intake • MSEK 108 (77), +41 %

Revenues

• MSEK 74 (77), -4 %


• MSEK 6 (5) +12 %

• 7.5 % (6.4). In local currencies 8.3 % (6.4)

15 %


77

5

74

6 0

50

100

Revenue EBIT

2014 Q3 2015 Q3

23

30%

Business Area After Sales SEGMENT REPORTING Q3 2015

Business Highlights • Higher activity in mature markets

•  Increased penetration of services towards construction customers

Order intake

• MSEK 159 (143), +12 %

Revenues • MSEK 167 (154), +9 %


• MSEK 49 (53) -7 %

• 29.4 % (34.6). In local currencies 33.7 % (34.6)

35 %


154

53

167

49

0

100

200

Revenue EBIT

2014 Q3 2015 Q3

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Agenda



•  Q3 and 9-month report: Group and Business Areas



•  Q&A-session

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Strategic initiatives and business plan 2015

• Business development and sales into additional industries and application areas

• Development of mid market offering, sales and distribution network in mature and emerging markets

•  Increased penetration of After Sales services into our installed base

• Develop sales and profitability in Business Area Rental

• Utilize potential sales and product cost synergies from Heis-Tek acquisition

STRATEGIC INITIATIVES

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Agenda






•  Q&A-session

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Mid term financial targets SUMMARY

Financial targets

Revenue Growth: Mid term annual growth of 10%

EBIT Margin: Mid term EBIT margin of 17%

Leverage: Net Debt/EBITDA of around 2x, subject to flexibility for strategic activities

Dividend Policy: Intention to pay out around 50% of the annual net profit for the period, subject to the company’s financial position and strategic considerations

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Agenda






•  Q&A-session

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Q&A

q3-2015 interim report€¦ · • introduction to alimak group • ... q1 q2 q3 q4 q1 q2 q3 q4 q1...

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