Alfa Laval AB (publ) Fourth quarter and full year 2012
“Order intake was SEK 7.3 billion during the fourth quarter, an increase with 7 percent compared to the corresponding quarter 2011 and an unchanged level compared to the third quarter.
The demand was unchanged for the Process Technology division and on the same high level as during the third quarter, with a particularly good development within Process Industry and Food Technology. Also the Equipment division had a good quarter with unchanged order intake. The Marine & Diesel division saw a limited decline, as the growth within the after sales business not completely could compensate for somewhat lower capital sales.
Western Europe, including Nordic, had good growth since both the base business and large projects developed favourably. Also Asia showed growth, where South East Asia, India and the Middle East had a good order intake, whereas the customers in China had an awaiting attitude. In North America the demand was unchanged sequentially as the U.S. showed continued growth while Canada backed since large orders taken in the third quarter were not repeated in the fourth.
Sales were SEK 8.1 billion, which was an increase compared to the third quarter and an unchanged level compared to the fourth quarter 2011. The operating result was SEK 1.3 billion, corresponding to an operating margin of 16.2 percent. Sales and administration costs were reduced with 11.5 percent for comparable entities, as a result of the measures that were initiated at the end of 2011.”
Lars Renström, President and CEO
Summary: fourth quarter
Order intake increased by 11 percent* to SEK 7,252 (6,774) million.
Net sales increased by 2 percent* to SEK 8,119 (8,149) million.
Adjusted EBITA was SEK 1,316 (1,387) million.
Adjusted EBITA margin was 16.2 (17.0) percent.
Result after financial items ** was SEK 1,148 (1,381) million.
Net income was SEK 902 (934) million.
Earnings per share was SEK 2.13 (2.21).
Cash flow *** was SEK 917 (1,291) million.
Impact on EBITA of foreign exchange effects was SEK -63 (-80) million.
Impact on result after financial items of comparison distortion items was SEK -51 (-90) million.
Summary: full year 2012
Order intake increased by 6 percent* to SEK 30,339 (28,671) million.
Net sales increased by 4 percent* to SEK 29,813 (28,652) million.
Adjusted EBITA was SEK 4,910 (5,287) million.
Adjusted EBITA margin was 16.5 (18.5) percent.
Result after financial items ** was SEK 4,505 (4,676) million.
Net income was SEK 3,207 (3,251) million.
Earnings per share was SEK 7.61 (7.68).
Cash flow *** was SEK 3,586 (3,429) million.
Impact on EBITA of foreign exchange effects was SEK -139 (‑468) million.
Impact on result after financial items of comparison distortion items was SEK -51 (-170) million.
* excluding exchange rate variations
** full year 2012 includes financial exchange rate differences of SEK 259 (115) million
*** from operating activities
The Board of Directors will 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 first quarter
“We expect that demand during the first quarter 2013 will be on about the same level as in the fourth quarter.”
Earlier published outlook (October 23, 2012): “We expect that demand during the fourth quarter 2012 will be in line with or somewhat lower than in the third quarter.”
The fourth quarter and full year 2012 report has been reviewed by the company’s auditors, see page 25 for the review report.
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 07.30 a.m. on February 5, 2013