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01 ANDRITZ GROUP OVERVIEW
02 RESULTS Q1 2018
03 OUTLOOK AND FINANCIAL TARGETS
CHAPTER OVERVIEW
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 2
ANDRITZ is a globally leading supplier of plants, equipment, systems and services for hydropower stations, the pulp and paper industry, the metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors as well as for animal feed and biomass pelleting.
Global presence Headquarters in Graz, Austria; over 250 production sites and service/sales companies worldwide KEY FINANCIAL FIGURES:
THE ANDRITZ GROUP
3
SALES BY REGION 2017 (%)
Emerging markets: 42% Europe &
North America: 58%
5,889 MEUR
UNIT Q1 2018 2017
Order intake MEUR 1,532.8 5,579.5
Order backlog (as of end of period) MEUR 6,553.2 6,383.0
Sales MEUR 1,291.0 5,889.1
Net income (including non-controlling interests) MEUR 44.0 265.6
Employees (as of end of period; without apprentices) - 25,822 25,566
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP
A WORLD MARKET LEADER WITH FOUR BUSINESS AREAS
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 4
Electromechanical equipment for hydropower plants (turbines, generators); pumps; turbo generators.
PRODUCT OFFERINGS
HYDRO
Equipment for production of all types of pulp, paper, tissue, and board; energy boilers.
PRODUCT OFFERINGS
PULP & PAPER
Presses/press lines for metal forming (Schuler); systems for production of stainless steel, carbon steel, and non-ferrous metal strip; industrial furnace plants.
PRODUCT OFFERINGS
METALS
Equipment for solid/liquid separation for municipalities and various industries; equipment for production of animal feed and biomass pellets.
PRODUCT OFFERINGS
SEPARATION
36 29 11 24 % order intake* % order intake* % order intake* % order intake*
* Share of total Group order intake 2017.
LONG-TERM GROWTH BASED ON ACQUISITIONS AND ORGANIC EXPANSION
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 5
Compound Annual Growth Rate (CAGR) of Group sales 2007-2017: +6% p.a. (thereof approximately half from organic growth)
3,283 3,610
3,198 3,554
4,596
5,177
5,711 5,859 6,377
6,039 5,889
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Sales (MEUR) Order intake (MEUR)
STRENGTHENING OF MARKET POSITION BY ACQUISITIONS
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 6
HYDRO PULP & PAPER METALS SEPARATION
2006 VA TECH HYDRO 1990 Sprout-Bauer 2006 Pilão 1997 Sundwig 1992 TCW Engineering
2007 Tigép 1992 Durametal 2007 Bachofen + Meier 1998 Thermtec 1995 Jesma-Matador
2008 GE Hydro business 1994 Kone Wood 2007 Sindus 2000 Kohler 1996 Guinard
2010 GEHI (JV) 1998 Kvaerner Hymac 2008 Kufferath 2002 SELAS SAS Furnace Div. 2000 UMT
2010 Precision Machine 1999 Winberg 2009 Rollteck 2004 Kaiser 2002 3SYS
2010 Hammerfest Strøm 2000 Ahlstrom Machinery 2010 Rieter Perfojet 2005 Lynson 2004 Bird Machine
2010 Ritz 2000 Lamb Baling Line 2010 DMT/Biax 2008 Maerz 2004 NETZSCH Filtration
2011 Hemicycle Controls 2000 Voith Andritz Tissue 2011 AE&E Austria 2012 Bricmont 2004 Fluid Bed Systems
2002 ABB Drying 2011 Iggesund Tools 2012 Soutec 2005 Lenser Filtration
2003 IDEAS Simulation 2011 Tristar Industries 2013 Schuler (> 95%) 2006 CONTEC Decanter
2003 Acutest Oy 2011 Asselin-Thibeau 2013 FBB Engineering 2009 Delkor Capital Equipment
2003 Fiedler 2012 AES 2014 Herr-Voss Stamco 2009 Frautech
2004 EMS (JV) 2013 MeWa 2016 Yadon (52.9%) 2010 KMPT
2005 Cybermetrics 2015 Euroslot 2016 AWEBA 2012 Gouda
2005 Universal Dynamics Group 2016 SHW Casting Technologies 2017 Powerlase (51%) 2013 Shende Machinery
2006 Küsters 2017 Paperchine 2016 ANBO
2006 Carbona
Acquisitions by business area since 1990
01 ANDRITZ GROUP OVERVIEW
02 RESULTS Q1 2018
03 OUTLOOK AND FINANCIAL TARGETS
CHAPTER OVERVIEW
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 7
SALES (MEUR)
1,386 1,291
Q1 2017 Q1 2018
GROUP SALES: SLOW START INTO THE YEAR
Sales in the coming months are expected to make up for the lower figure in Q1 2018.
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 8
SALES BY BUSINESS AREA (MEUR)
SALES BY REGION (%)
Emerging markets: 40%
Europe/North America: 60%
GEOGRAPHICAL EXPOSURE
1,291 MEUR
-7%
Q1 2018 Q1 2017
Europe 40 37
North America 20 21
China 15 14
Asia (without China) 13 12
South America 8 12
Africa, Australia 4 4
Q1 2018 Q1 2017 +/-
Hydro 350 356 -2%
Pulp & Paper 459 509 -10%
Metals 348 398 -13%
Separation 135 124 +9%
ORDER INTAKE (MEUR)
1,560 1,533
Q1 2017 Q1 2018
GROUP ORDER INTAKE: SOLID DEVELOPMENT
High order intake in Hydro, Metals, and Separation; Pulp & Paper significantly below very high reference figure of Q1 2017.
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 9
ORDER INTAKE BY BUSINESS AREA (MEUR)
ORDER INTAKE BY REGION (%)
Emerging markets: 47%
Europe/North America: 53%
WELL-BALANCED
GEOGRAPHICAL EXPOSURE
1,533 MEUR
-2%
Q1 2018 Q1 2017
Europe 37 42
China 17 14
North America 16 24
Asia (without China) 15 10
South America 4 5
Africa, Australia 11 5
Q1 2018 Q1 2017 +/-
Hydro 435 310 +40%
Pulp & Paper 457 653 -30%
Metals 468 443 +6%
Separation 173 155 +12%
RISING GROUP ORDER INTAKE SINCE Q2 2017
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 10
ORDER INTAKE BY BUSINESS AREA (MEUR)
1,211 1,341
1,467 1,533
Q2 2017 Q3 2017 Q4 2017 Q1 2018
Hydro
472 427
481 457
Q2 2017 Q3 2017 Q4 2017 Q1 2018
GROUP ORDER INTAKE (MEUR)
205
425 378
435
Q2 2017 Q3 2017 Q4 2017 Q1 2018
372 329
463 468
Q2 2017 Q3 2017 Q4 2017 Q1 2018
164 160 145 173
Q2 2017 Q3 2017 Q4 2017 Q1 2018
Pulp & Paper
Metals Separation
GROUP ORDER BACKLOG SLIGHTLY ABOVE YEAR-END 2017
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 11
7,324 6,789 6,974 6,383 6,553
2015 2016 Q1 2017 2017 Q1 2018
ORDER BACKLOG (AS OF END OF PERIOD; IN MEUR) -6%
ORDER BACKLOG BY BUSINESS AREA (AS OF END OF PERIOD; IN MEUR)
Hydro: 44%
Pulp & Paper: 29%
Metals: 21%
Separation: 6%
HYDRO AND PULP & PAPER ACCOUNT FOR 73% OF TOTAL BACKLOG
Q1 2018 Q1 2017 +/-
Hydro 2,840 3,184 -11%
Pulp & Paper 1,918 1,979 -3%
Metals 1,402 1,424 -2%
Separation 394 387 +2%
+3%
Earnings / profitability in Metals impacted by lower sales and cost overruns on some projects.
EARNINGS AND PROFITABILITY SIGNIFICANTLY DOWN, MAINLY DUE TO LOWER SALES
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 12
97.4
71.7
Q1 2017 Q1 2018
EBITA (MEUR)
• EBITA, at 71.7 MEUR, significantly below the previous year’s reference figure (-26% versus Q1 2017: 97.4 MEUR), mainly due to lower sales, but also due to cost overruns on some projects (Metals). Thus, EBITA margin decreased to 5.6% (Q1 2017: 7.0%).
• Profitability in Hydro and Separation basically unchanged compared to Q1 2017; Pulp & Paper margin decreased compared to very high reference period due to project-related lower sales generation as well as investments in the digitalization business.
EBITA MARGIN (%)
Q1 2017: 7.0%
Q1 2018:
5.6%
-26%
ORDER INTAKE Q1 2018 BY BUSINESS AREA
13
310
435
Q1 2017 Q1 2018
HYDRO (MEUR)
653
457
Q1 2017 Q1 2018
155 173
Q1 2017 Q1 2018
PULP & PAPER (MEUR) METALS (MEUR) SEPARATION (MEUR)
443 468
Q1 2017 Q1 2018
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP
+6%
+12%
+41%
-30%
EARNINGS AND PROFITABILITY BY BUSINESS AREA
EBITA (MEUR) and EBITA margin (%).
14
22 21
Q1 2017 Q1 2018
46
35
Q1 2017 Q1 2018
6 6
Q1 2017 Q1 2018
SEPARATION
6.2% 6.1%
9.1%
7.5%
4.7% 4.6%
23
10
Q1 2017 Q1 2018
5.8%
2.8%
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP
HYDRO PULP & PAPER METALS
KEY FIGURES Q1 2018 AT A GLANCE
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 15
Decrease mainly due to change in net working capital.
Decrease mainly due to dividend payment at the end of March 2018.
Decrease mainly due to lower average net liquidity, substantially lower interest rates in Brazil as well as interest expense for the Schuldscheindarlehen issued in June 2017.
UNIT Q1 2018 Q1 2017 +/- 2017
Order intake MEUR 1,532.8 1,560.0 -1.7% 5,579.5
Order backlog (as of end of period) MEUR 6,553.2 6,974.2 -6.0% 6,383.0
Sales MEUR 1,291.0 1,386.2 -6.9% 5,889.1
EBITDA MEUR 93.8 120.7 -22.3% 541.7
EBITA MEUR 71.7 97.4 -26.4% 444.0
EBIT MEUR 64.4 86.9 -25.9% 399.3
EBT MEUR 63.0 90.3 -30.2% 400.6
Financial result MEUR -1.4 3.4 -141.2% 1.3
Net income (including non-controlling interests) MEUR 44.0 63.1 -30.3% 265.6
Cash flow from operating activities MEUR -23.4 147.7 -115.8% 246.5
Capital expenditure MEUR 22.5 29.0 -22.4% 116.8
Equity ratio % 19.6 20.1 - 21.2
Liquid funds MEUR 1,606.9 1,613.0 -0.4% 1,772.3
Net liquidity MEUR 734.3 1,061.0 -30.8% 908.0
Net working capital MEUR -75.4 -254.1 +70.3% -121.0
EBITDA margin % 7.3 8.7 - 9.2
EBITA margin % 5.6 7.0 - 7.5
EBIT margin % 5.0 6.3 - 6.8
Employees (as of end of period; without apprentices) - 25,822 25,247 +2.3% 25,566
Increase in net working capital due to changes in Work in Process (increase in inventories).
01 ANDRITZ GROUP OVERVIEW
02 RESULTS Q1 2018
03 OUTLOOK AND FINANCIAL TARGETS
CHAPTER OVERVIEW
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 16
Good project activity on markets served by ANDRITZ; unchanged expectations for 2018.
OUTLOOK FOR REMAINDER OF 2018
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 17
Hydro
Separation Metals
Pulp & Paper
• Project activity for modernizations and new hydropower stations to remain at subdued level.
• Some larger, new hydropower projects are currently in the planning phase, especially in Southeast Asia and Africa; selective award of individual large-scale projects is likely.
• Satisfactory market activity for pumps to continue.
• Project and investment activity to continue at a good level in 2018, especially for modernization of existing plants and biomass boilers.
• Continued satisfactory investment activity for tissue and packaging, especially in the emerging markets.
• Project activity in Metal Forming to remain stable/improve slightly compared to 2017.
• Investment activity in Metals Processing to remain at solid level.
• Reasonable market activity in environment, mining, and chemicals.
• Low investment activity in food to continue.
For 2018, ANDRITZ expects stable sales compared to 2017 and solid profitability.
stable +/- stable + stable + stable +/-
5.3% 6.0% 6.2%
7.0-8.0%
2000-2004 2005-2009 2010-2014 2015-2019P
* Growth rates include organic growth and acquisitions
TARGET TO CONTINUE LONG-TERM PROFITABILE GROWTH Goal: further improve profitability with top-line sales growth
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 18
How to achieve long-term profitbale growth: • Price discipline • Launch of new service and digital
products • Continued cost optimization • Reduction of negative project cost
deviations • Focus on further acquisitions
Average EBITA margin
Sales CAGR: 16.4%
Sales CAGR*: 12.1%
Sales CAGR: 13.3%
Sales CAGR:
5-8% p.a.
UPDATE ON LONG-TERM EBITA MARGIN GOALS PER BUSINESS AREA
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 19
8.3 8.1 8.3 7.9 7.3 7.8
6.1
2012 2013 2014 2015 2016 2017 Q12018
5.9
-1.8
5.2
8.7 8.7 9.5
7.5
2012 2013 2014 2015 2016 2017 Q12018
6.2
4.1
7.1
4.1
7.2 6.0
2.8
2012 2013 2014 2015 2016 2017 Q12018
6.9
-0.1
3.7 3.6 2.9
4.6 4.6
2012 2013 2014 2015 2016 2017 Q12018
HYDRO
METALS
PULP & PAPER
SEPARATION
Long-term goal:
8.5-9.0% CONFIRMED
Long-term goal:
7.0-8.0% NEW:
6.0-7.0%
Long-term goal:
7.0-8.0% NEW: >8%
Long-term goal:
8.0-9.0% CONFIRMED
This presentation contains valuable, proprietary property belonging to ANDRITZ AG or its affiliates (“the ANDRITZ GROUP”), and no licenses or other intellectual property rights are granted herein, nor shall the contents of this presentation form part of any sales contracts that may be concluded between the ANDRITZ GROUP companies and purchasers of any equipment and/or systems referenced herein. Please be aware that the ANDRITZ GROUP actively and aggressively enforces its intellectual property rights to the fullest extent of applicable law. Any information contained herein (other than publically available information) shall not be disclosed or reproduced, in whole or in part, electronically or in hard copy, to third parties. No information contained herein shall be used in any way either commercially or for any purpose other than internal viewing, reading, or evaluation of its contents by the recipient, and the ANDRITZ GROUP disclaims all liability arising from the recipient’s use or reliance upon such information. Title in and to all intellectual property rights embodied in this presentation and all information contained therein is and shall remain with the ANDRITZ GROUP. None of the information contained herein shall be construed as legal, tax, or investment advice, and private counsel, accountants, or other professional advisers should be consulted and relied upon for any such advice. All copyrightable text and graphics, the selection, arrangement, and presentation of all materials, and the overall design of this presentation are © ANDRITZ GROUP 2018. All rights reserved. No part of this information or materials may be reproduced, retransmitted, displayed, distributed, or modified without the prior written approval of the owner. All trademarks and other names, logos, and icons identifying the owner’s goods and services are proprietary marks belonging to the ANDRITZ GROUP. If the recipient is in doubt whether permission is needed for any type of use of the contents of this presentation, please contact the ANDRITZ GROUP at [email protected].
DISCLAIMER
/ COMPANY PRESENTATION, MAY 2018 / © ANDRITZ GROUP 20