Alfa Laval AB (publ) Interim report April 1 - June 30, 2010

​“Order intake amounted to a very strong SEK 6.3 billion, a volume increase by 21 percent compared with the same quarter last year. Sequentially order intake grew by 22 percent. The growth we have seen during two quarters within Parts & Service is now also followed by higher capital sales. Medium-sized orders that for quite a long time have been marked by the customers’ hesitant behaviour, were realised at an accelerating pace during the quarter.

The base business showed growth for the first time in two years and almost all business segments grew, compared to both last year and the first quarter. The growth of Parts & Service continued as a result of our customers’ continued increased capacity utilization. The growth was 9 percent sequentially and 17 percent compared with the corresponding quarter 2009.

Sales amounted to SEK 6.4 billion, which resulted in a strong operating margin of 18.7 percent.”

Lars Renström, President and CEO

Summary: second quarter

Order intake increased by 25 percent * to SEK 6,267 (5,188) million.
Net sales decreased by 2 percent * to SEK 6,359 (6,746) million. 
Adjusted EBITA was SEK 1,192 (1,175) million.
Adjusted EBITA-margin was 18.7 (17.4) percent.
Result after financial items was SEK 1,147 (846) million.
Net income was SEK 838 (637) million.
Earnings per share was SEK 1.97 (1.49).
Cash flow from operating activities was SEK 892 (1,295) million.
Impact on EBITA of foreign exchange effects: SEK 105 (74) million.

Summary: first six months

Order intake increased by 9 percent * to SEK 11,356 (11,041) million.
Net sales decreased by 9 percent * to SEK 11,740 (13,669) million.
Adjusted EBITA was SEK 2,204 (2,430) million.
Adjusted EBITA-margin was 18.8 (17.8) percent.
Result after financial items was SEK 2,047 (1,960) million.
Net income was SEK 1,453 (1,401) million.
Earnings per share was SEK 3.42 (3.29).
Cash flow from operating activities was SEK 1,899 (2,353) million.
Impact on EBITA of foreign exchange effects: SEK 200 (198) million.

* excluding exchange rate variations

Outlook for the third quarter

“We expect demand during the third quarter to be in line with or somewhat lower than the second quarter.” 

Earlier published outlook (April 26, 2010): “We expect demand during the second quarter 2010 to be on about the same level as during the first quarter 2010.”

The interim report has been reviewed by the company’s auditors, see page 21 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
peter.torstensson@alfalaval.com

Gabriella Grotte, Investor Relations Manager
Phone: +46 46 36 74 82
Mobile: +46 709 78 74 82
gabriella.grotte@alfalaval.com

Alfa Laval AB (publ)
PO Box 73
SE-221 00 Lund
Sweden
Corporate registration number: 556587-8054

Alfa Laval AB (publ) discloses the information provided herein pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 12.00 o’clock, noon, on July 20, 2010.