Alfa Laval AB (publ) Interim report July 1 - September 30, 2015

“Net sales and result reached record levels for a third quarter. At the same time strong cash flows contributed to a reduction of the net debt in relation to EBITDA to below 1.8. The order intake was 8.7 billion – a sequential downturn of 5 percent, mainly explained by fewer large orders being booked.

Within Process Technology the order intake increased somewhat, thanks to the Food & Life Science segment. Demand from the oil and gas sector was on the whole slightly higher than the previous quarter, with good growth in the mid­stream business and petro­chemicals. Marine & Diesel showed a sequential downturn, reflecting lower demand for new equipment. A favourable mix of ship contracts dampened the downturn. Service showed growth, with a particularly good development within pumping systems. Within the Equipment division the order intake decreased sequentially, partly due to vacation effects and a large non-recurring order, partly due to lower demand within Sanitary.

Asia showed a positive development. The market in China grew somewhat, where especially the food related demand developed well. The U.S. showed a decline, primarily explained by larger orders not being repeated. The oil and gas related business was unchanged compared to the previous quarter.”

Lars Renström, President and CEO

Summary: third quarter 

Order intake decreased by 15 percent* to SEK 8,686 (9,708) million.
Net sales increased by 0.4 percent* to SEK 9,693 (9,272) million.
Adjusted EBITA was SEK 1,677 (1,545) million.
Adjusted EBITA margin was 17.3 (16.7) percent.
Result after financial items was SEK 1,338 (991) million.
Net income was SEK 988 (697) million.                                        
Earnings per share was SEK 2.34 (1.65).
Cash flow from operating activities was SEK 1,369 (1,667) million.
Impact on EBITA of foreign exchange effects was SEK 40 (-7) million.
Impact on result after financial items of comparison distortion items was SEK (-260) million.

Summary: first nine months

Order intake decreased by 2 percent* to SEK 27,676 (26,151) million.
Net sales increased by 11 percent* to SEK 28,941 (24,292) million.
Adjusted EBITA was SEK 5,065 (3,955) million.
Adjusted EBITA margin was 17.5 (16.3) percent.
Result after financial items was SEK 4,059 (2,944) million.
Net income was SEK 2,926 (2,057) million.                                        
Earnings per share was SEK 6.93 (4.88).
Cash flow from operating activities was SEK 3,975 (3,433) million.
Impact on EBITA of foreign exchange effects was SEK 370 (-27) million.
Impact on result after financial items of comparison distortion items was SEK (-320) million.

* Excluding currency effects.

Outlook for the fourth quarter:
“We expect that demand during the fourth quarter 2015 will be in line with or somewhat higher than in the third quarter.”
Earlier published outlook (July 16, 2015): “We expect that demand during the third quarter 2015 will be on about the same level as in the second quarter.”

The interim report has been reviewed by the company’s auditors, see page 24 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 27, 2015.



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About Us

Alfa Laval is a leading global provider of specialized products and engineering solutions based on its key technologies of heat transfer, separation and fluid handling. The company’s equipment, systems and services are dedicated to assisting customers in optimizing the performance of their processes. The solutions help them to heat, cool, separate and transport products in industries that produce food and beverages, chemicals and petrochemicals, pharmaceuticals, starch, sugar and ethanol. Alfa Laval’s products are also used in power plants, aboard ships, oil and gas exploration, in the mechanical engineering industry, in the mining industry and for wastewater treatment, as well as for comfort climate and refrigeration applications. Alfa Laval’s worldwide organization works closely with customers in nearly 100 countries to help them stay ahead in the global arena. Alfa Laval is listed on Nasdaq OMX, and, in 2016, posted annual sales of about SEK 35.6 billion (approx. 3.77 billion Euros). The company has about 17 000 employees.

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