Alfa Laval AB (publ) Interim report April 1 - June 30, 2014
“The order intake increased with 19 percent and reached a record level during the second quarter of the year, driven by a broad increase in demand for all three divisions. The recently acquired Frank Mohn AS, that is consolidated as per May 22, added SEK 0.6 billion. In total, the order intake was SEK 9.0 billion.
Process Technology saw a sequential upturn, driven by a very strong development for the base business. At the same time, the order intake for Marine & Diesel increased substantially, also excluding Frank Mohn AS, among other things due to a strong demand for boilers, that resulted in several larger orders during the quarter. Equipment saw a seasonally positive development and a strong demand from the food and beverage industry.
In the Central and Eastern Europe region a broad and strong increase in demand was seen. A contributing factor to the positive development was Russia, that recovered from a weak first quarter with increases within the base as well as the project business. The same factors were behind the upturns in Western Europe, North America and Asia, where the strong development in China was generated by all three divisions.”
Lars Renström, President and CEO
Summary: second quarter
Order intake increased by 18 percent** to SEK 8,969 (7,524) million.
Net sales increased by 12 percent** to SEK 8,423 (7,515) million.
Adjusted EBITA was SEK 1,348 (1,237) million.
Adjusted EBITA margin was 16.0 (16.5) percent.
Result after financial items was SEK 1,159 (969) million.
Net income was SEK 796 (644) million.
Earnings per share was SEK 1.89 (1.53).
Cash flow from operating activities was SEK 1,174 (1,038) million.
Impact on EBITA of foreign exchange effects was SEK -10 (-63) million.
Impact on result after financial items of comparison distortion items was SEK - (-) million.
Summary: first six months
Order intake increased by 12 percent** to SEK 16,443 (14,654) million.
Net sales increased by 7 percent** to SEK 15,020 (14,020) million.
Adjusted EBITA was SEK 2,410 (2,304) million.
Adjusted EBITA margin was 16.0 (16.4) percent.
Result after financial items was SEK 1,953 (1,896) million.
Net income was SEK 1,360 (1,347) million.
Earnings per share was SEK 3.23 (3.20).
Cash flow from operating activities was SEK 1,766 (2,009) million.
Impact on EBITA of foreign exchange effects was SEK ‑20 (‑95) million.
Impact on result after financial items of comparison distortion items was SEK -60 (-) million.
* 2013 restated to IFRS 11. ** Excluding currency effects.
Outlook for the third quarter
“We expect that demand during the third quarter 2014 will be on about the same level as in the second quarter.”´
Earlier published outlook (April 28, 2014): “We expect that demand during the second quarter 2014 will be on about the same level as in the first 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
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 08.30 CET on July 17, 2014.
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