Alfa Laval AB (publ) Interim report July 1 - September 30, 2011
“Order intake during the third quarter of the year reached a new record level of SEK 8.0 billion, out of which large orders again constituted more than SEK 500 million. Recently acquired Aalborg Industries contributed with SEK 700 million. Compared to the corresponding period last year order intake increased with 31 percent. On a like for like basis the increase was 21 percent. All regions showed growth and Asia, Latin America and Central and Eastern Europe accounted for 53 percent of the order intake for the Group.
Process Industry, Marine & Diesel and Food had the strongest development. A continued high activity level within refinery, petrochemicals, land based diesel power plants and plants for vegetable oil production were contributing factors. Demand for Sanitary and OEM, both fast moving businesses, decreased somewhat – a development that can be linked to the increased macro economic uncertainty.
Sales increased by 30 percent to SEK 7.6 billion at the same time as the operating result was SEK 1.4 billion, corresponding to an operating margin of 18.9 percent.”
Lars Renström, President and CEO
Summary: third quarter
Order intake increased by 37 percent* to SEK 8,018 (6,134) million.
Net sales increased by 37 percent* to SEK 7,571 (5,811) million.
Adjusted EBITA was SEK 1,431 (1,141) million.
Adjusted EBITA-margin was 18.9 (19.6) percent.
Result after financial items was SEK 1,113 (1,044) million.
Net income was SEK 780 (758) million.
Earnings per share was SEK 1.84 (1.78).
Cash flow from operating activities was SEK 1,031 (1,118) million.
Impact on EBITA of foreign exchange effects: SEK -114 (124) million.
Impact on result after financial items of:
- Aalborg integration costs was SEK - (-) million
- reversed restructuring provisions was SEK ‑ (-) million.
Summary: first nine months
Order intake increased by 36 percent* to SEK 21,897 (17,490) million.
Net sales increased by 27 percent* to SEK 20,503 (17,551) million.
Adjusted EBITA was SEK 3,900 (3,345) million.
Adjusted EBITA-margin was 19.0 (19.1) percent.
Result after financial items was SEK 3,295 (3,091) million.
Net income was SEK 2,317 (2,211) million.
Earnings per share was SEK 5.47 (5.20).
Cash flow from operating activities was SEK 2,138 (3,017) million.
Impact on EBITA of foreign exchange effects: SEK -388 (324) million.
Impact on result after financial items of:
- Aalborg integration costs was SEK -80 (-) million
- reversed restructuring provisions was SEK - (80) million.
* excluding exchange rate variations
Outlook for the fourth quarter
"We expect that demand during the fourth quarter 2011 will be in line with or somewhat lower than in the third quarter."
Earlier published outlook (July 19, 2011): “We expect demand during the third quarter 2011 to be higher than the third quarter of 2010.”
The interim report has been reviewed by the company’s auditors, see page 23 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 07.30 (CET) on October 21, 2011