Alfa Laval AB (publ) Interim report January 1 - March 31, 2012
Comment from Lars Renström, President and CEO
“Order intake was SEK 7.9 billion during the first quarter, an increase with 22 percent compared to the corresponding quarter 2011. Compared to the fourth quarter order intake increased with 17 percent. Large orders reached its highest level this far, SEK 950 million, partly due to a shift from the fourth quarter to the first.
The demand was solid for the Process Technology Division. Particularly strong was the demand from the oil and gas industry and power generation. Within the Marine & Diesel division marine systems developed well at the same time as the Equipment division had a stable demand. Most geographical regions showed good growth, with the best development in Central and Eastern Europe and North America.
Sales increased by 16 percent to SEK 6.8 billion compared to the first quarter 2011 at the same time as the operating result was SEK 1.1 billion, corresponding to an operating margin of 16.5 percent.
Compared to last year the operating margin was negatively affected by lower capacity utilization in some factories and product mix, as well as higher overhead costs mainly through investments in sales resources in the BRIC countries.”
First three months
Order intake increased by 21 percent* to SEK 7,895 (6,455) million.
Net sales increased by 15 percent* to SEK 6,831 (5,899) million.
Adjusted EBITA was SEK 1,128 (1,134) million.
Adjusted EBITA-margin was 16.5 (19.2) percent.
Result after financial items was SEK 1,020 (1,007) million.
Net income was SEK 735 (726) million.
Earnings per share was SEK 1.74 (1.71).
Cash flow from operating activities was SEK 1,037 (438) million.
Impact on EBITA of foreign exchange effects was SEK -25 (-85) million
* excluding exchange rate variations
The Board of Directors propose a dividend of SEK 3.25 (3.00) per share and a mandate for repurchase of up to 5 percent of the issued shares to the Annual General Meeting.
Outlook for the second quarter
“We expect that demand during the second quarter 2012 will be on about the same level as in the first quarter, excluding large orders.”
"Earlier published outlook (February 7, 2012): “We expect that demand during the first quarter 2012 will be in line with or somewhat higher than in the fourth quarter.”
The interim report has not been subject to review by the company’s auditors.
For more information, please contact:
Peter Torstensson, Senior Vice President, Communications
Phone: +46 46 36 72 31
Mobile: +46 709 33 72 31
Gabriella Grotte, Investor Relations Manager
Phone: +46 46 36 74 82
Mobile: +46 709 78 74 82
Alfa Laval AB (publ)
PO Box 73
SE-221 00 Lund
Corporate registration number: 556587-8054
Alfa Laval AB (publ) discloses the information provided herin pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 12.30 p.m. on April 23, 2012