Alfa Laval AB (publ) Interim report January 1 - March 31, 2013
Comment from Lars Renström, President and CEO
“Order intake was SEK 7.2 billion during the first quarter, unchanged compared with the fourth quarter and in line with our expectations. The demand in the Process Technology division was sequentially somewhat lower due to fewer large orders. The activity level in the markets continued to be high, especially within oil and gas exploration and refinery of vegetable oil. Equipment reported slightly lower order intake due to fewer larger orders, but for the aftermarket business a good development was noted. Marine & Diesel had good growth, boosted by the base business as well as larger orders for environmental and offshore applications.
Central and Eastern Europe developed best among the regions, thanks to a strong demand from refineries and oil and gas exploration in Russia. Also North America benefitted from investments within oil and gas and saw good growth in total for the base business as well as large orders. Order intake from Asia was flat as a consequence of a continued cautious attitude among the customers in China. Western Europe including the Nordic countries had growth in the base business, but decreased in total due to fewer large orders.
Sales were SEK 6.5 billion and the operating result was SEK 1.1 billion, corresponding to an operating margin of 16.3 percent. Sales and administration costs were reduced by 2.5 percent for comparable units, as a result of implemented savings measures.”
First three months
Order intake decreased by 5 percent* to SEK 7,160 (7,895) million.
Net sales were unchanged* at SEK 6,535 (6,831) million.
Adjusted EBITA was SEK 1,067 (1,128) million.
Adjusted EBITA-margin was 16.3 (16.5) percent.
Result after financial items was SEK 927 (1,020) million.
Net income was SEK 703 (735) million.
Earnings per share was SEK 1.67 (1.74).
Cash flow from operating activities was SEK 974 (1,037) million.
Impact on EBITA of foreign exchange effects was SEK -32 (-25) million.
* excluding exchange rate variations
The Board of Directors propose a dividend of SEK 3.50 (3.25) 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 2013 will be on about the same level as in the first quarter.”
Earlier published outlook (February 5, 2013): “We expect that demand during the first quarter 2013 will be on about the same level as 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 12.45 p.m. on April 23, 2013