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Report for Q1 2009Report for Q1 2009
Mr. Lars RenstrMr. Lars Renströömm
President and CEOPresident and CEO
Alfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
© Alfa Laval Slide 3 www.alfalaval.com
Key figuresKey figures
�� Orders received dropped 31.6% to SEK 5,853 million.Orders received dropped 31.6% to SEK 5,853 million.
�� Net sales down 4.8% at SEK 6,923 million.Net sales down 4.8% at SEK 6,923 million.
�� Adjusted EBITA down 11% at SEK 1,255 million. Adjusted EBITA down 11% at SEK 1,255 million.
-- Positive currency effect SEK 124 million.Positive currency effect SEK 124 million.
January January –– March 2009March 2009
© Alfa Laval Slide 4 www.alfalaval.com
0
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
0
4 000
8 000
12 000
16 000
20 000
24 000
28 000
32 000
SEK millionSEK million
Orders receivedOrders received
SEK million R 12SEK million R 12
= rolling twelve months value= rolling twelve months value
= order intake per quarter= order intake per quarter
Q1
09
Q1
09
Q1
06
Q1
06
Q2
06
Q2
06
Q3
06
Q3
06
Q4
06
Q4
06
Q1
07
Q1
07
Q2
07
Q2
07
Q3
07
Q3
07
Q4
07
Q4
07
Q1
08
Q1
08
Q2
08
Q2
08
+28
%+
28
%
+35
%+
35
%
+17
%+
17
%
+40
%+
40
%
+36
%+
36
%
+13
%+
13
%
+30
%+
30
%
0%
0%
+9
%+
9%
+8
%+
8%
= % development at constant rates by = % development at constant rates by
quarter, year on yearquarter, year on year
++xx%xx%
-- 3%
3%
Q3
08
Q3
08
Q4
08
Q4
08
-- 15
%15
%
-- 32
%32
%
© Alfa Laval Slide 5 www.alfalaval.com
Order analysisOrder analysis
2008 2008 (SEK millions)(SEK millions)
Structural change, %Structural change, %
Currency effects,%Currency effects,%
Organic development, %Organic development, %
Total, %Total, %
2009 2009 (SEK million)(SEK million)
7,4337,433
January January –– March 2009March 2009
5,8535,853
+ 2.2 + 2.2
+10.3 +10.3
--33.833.8
-- 21.3 21.3
© Alfa Laval Slide 6 www.alfalaval.com
Organic development
4 000
5 000
6 000
7 000%%
Q1 08Q1 08 Q1 09Q1 09
-- 1.2%1.2%
-- 9%9%
-- 23.6%23.6%
MarineMarine
cancellationscancellationsMarineMarine
ordersorders
--64%64% OrdersOrders
otherother
segmentssegments
--27%27%
© Alfa Laval Slide 7 www.alfalaval.com
0
225
450
675
900
1 125
1 350
1 575
1 800
0,0
3,0
6,0
9,0
12,0
15,0
18,0
21,0
24,0
SEK millions and in percent of salesSEK millions and in percent of sales
* Adjusted EBITA * Adjusted EBITA –– ””Earnings before interests, taxes, amortization of goodwill and sEarnings before interests, taxes, amortization of goodwill and step up values and comparison distortion items.tep up values and comparison distortion items.””
Adjusted EBITA / margin *Adjusted EBITA / margin *
Q108Q108 Q109Q109Q106Q106 Q206Q206 Q306Q306 Q406Q406 Q107Q107 Q207Q207 Q307Q307 Q407Q407 Q208Q208 Q308Q308 Q408Q408
Mr. Lars RenstrMr. Lars Renströömm
President and CEOPresident and CEO
Alfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
Interim Report Q1 2009Interim Report Q1 2009
© Alfa Laval Slide 9 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
�� Heat exchanger order from Russian power plant. Heat exchanger order from Russian power plant.
Order value SEK 75 million. Delivery in 2010.Order value SEK 75 million. Delivery in 2010.
Large orders, total SEK 140 million (390) Large orders, total SEK 140 million (390)
© Alfa Laval Slide 10 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
�� Heat exchanger order from Russian power plant.Heat exchanger order from Russian power plant.
�� Heat exchanger order from Indian aluminum industry.Heat exchanger order from Indian aluminum industry.
Order value SEK 65 millionOrder value SEK 65 million. . Final delivery in 2010Final delivery in 2010..
Large orders, total SEK 140 million (390) Large orders, total SEK 140 million (390)
© Alfa Laval Slide 11 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
AcquisitionsAcquisitions
�� Two acquisitions expand aftermarket business.Two acquisitions expand aftermarket business.
Both companies are major providers of parts and service for a vaBoth companies are major providers of parts and service for a variety of riety of
products, applications and geographical areas. Combined sales ofproducts, applications and geographical areas. Combined sales of about about
SEK 300 million in 2008. SEK 300 million in 2008.
© Alfa Laval Slide 12 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
AcquisitionsAcquisitions
�� Two acquisitions expand aftermarket business.Two acquisitions expand aftermarket business.
�� OnnuriOnnuri -- South Korean systemSouth Korean system--builder.builder.
OnnuriOnnuri is a systemis a system--provider to the shipbuilding and diesel power provider to the shipbuilding and diesel power
markets. The company had sales of about SEK 150 million in 2008.markets. The company had sales of about SEK 150 million in 2008.
© Alfa Laval Slide 13 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
AcquisitionsAcquisitions
�� Two acquisitions expand aftermarket business.Two acquisitions expand aftermarket business.
�� OnnuriOnnuri -- South Korean systemSouth Korean system--builder.builder.
�� HES HES GmbH Heat GmbH Heat ExchangerExchanger Systems. Systems.
German provider of spiral heat exchangers, mainly to the processGerman provider of spiral heat exchangers, mainly to the process
industry. Sales of about SEK 85 million in 2008. industry. Sales of about SEK 85 million in 2008.
© Alfa Laval Slide 14 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
AcquisitionsAcquisitions
�� Two acquisitions expand aftermarket business.Two acquisitions expand aftermarket business.
�� OnnuriOnnuri -- South Korean systemSouth Korean system--builder.builder.
�� HES HES GmbH Heat GmbH Heat ExchangerExchanger Systems.Systems.
�� TwoTwo acquisitionsacquisitions extend Tranterextend Tranter’’s presence. s presence.
Local companies in Poland and Mexico with combined sales of abouLocal companies in Poland and Mexico with combined sales of about t
SEK 50 million expand TranterSEK 50 million expand Tranter’’s presence in sales and service.s presence in sales and service.
© Alfa Laval Slide 15 www.alfalaval.com
Highlights during the quarterHighlights during the quarter
AcquisitionsAcquisitions
�� Two acquisitions expand aftermarket business.Two acquisitions expand aftermarket business.
�� OnnuriOnnuri -- South Korean systemSouth Korean system--builder.builder.
�� HES HES GmbH Heat GmbH Heat ExchangerExchanger Systems.Systems.
�� TwoTwo acquisitionsacquisitions extend Tranterextend Tranter’’s presence. s presence.
�� ApproximatelyApproximately 12 12 percentpercent of Alfa Laval of Alfa Laval IndiaIndia Ltd.Ltd.
Alfa Laval AB increased its share in the Indian company to aboutAlfa Laval AB increased its share in the Indian company to about 89 89
percent. percent.
Mr. Lars RenstrMr. Lars Renströömm
President and CEOPresident and CEO
Alfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
Interim Report Q1 2009Interim Report Q1 2009
© Alfa Laval Slide 17 www.alfalaval.com
Orders received by customer segmentOrders received by customer segment
Comfort & Comfort &
RefrigerationRefrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & Utility
OEMOEM
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
January January –– March 2009, March 2009, at constant ratesat constant rates
Parts & ServiceParts & Service−−−−
−−−−
−−−−
−−−−
−−−−
−−−−
−−−−
−−−−
−−−−
−−−−
© Alfa Laval Slide 18 www.alfalaval.com
Orders received by customer segmentOrders received by customer segment
Life ScienceLife Science
Process IndustryProcess Industry
Energy & EnvironmentEnergy & Environment
FoodFood
Process Technology Division January Process Technology Division January –– March 2009, March 2009, at constant ratesat constant rates
−−−−
−−−−
−−−−
−−−−
�� Environment reported Environment reported
growth.growth.
�� Lower project activityLower project activity
affected Food and affected Food and
Process Industry.Process Industry.
© Alfa Laval Slide 19 www.alfalaval.com
Orders received by customer segmentOrders received by customer segment
Comfort & Comfort &
RefrigerationRefrigeration
SanitarySanitary
Marine & DieselMarine & Diesel
Fluids & UtilityFluids & Utility
OEMOEM
Equipment Division, January Equipment Division, January –– March 2009, March 2009, at constant ratesat constant rates
−−−−
−−−−
−−−−
−−−−
−−−−
� Largest drop in Marine due
to continued decline in
market activity.
� Good level of activity in
market for diesel power.
© Alfa Laval Slide 20 www.alfalaval.com
Growth in capital salesGrowth in capital salesrepresents opportunities for Parts & Servicerepresents opportunities for Parts & Service
Growth in capital sales (fixed rates)Growth in capital sales (fixed rates)
Q404Q404 Q205Q205 Q405Q405 Q206Q206 Q406Q406 Q207Q207Q403Q403 Q204Q204 Q407Q407 Q208Q208 Q408Q408
�� SalesSales growthgrowth
Alfa Laval +90%Alfa Laval +90%
�� Sales growth Sales growth
aftermarketaftermarket--
intensive areas: intensive areas:
+166%+166%
00
2525
5050
7575
100100
125125
150150
175175
Mr. Lars RenstrMr. Lars Renströömm
President and CEOPresident and CEO
Alfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
Interim Report Q1 2009Interim Report Q1 2009
© Alfa Laval Slide 22 www.alfalaval.com
Orders received by RegionOrders received by Region
Centr
Centr. &
East 8 %
. & E
ast 8 %
North
Am
erica
17 %
North
Am
erica
17 %
Asia 31 %Asia 31 %
L. A
merica 5
%
L. A
merica 5
%
Other 2 %
Other 2 %
Western Europe 27 %
Western Europe 27 %
Nord
ic 1
0 %
Nord
ic 1
0 %
January January –– March 2009, March 2009, at constant ratesat constant rates
--2929-2222--2222
--1616
--4545
--4242
© Alfa Laval Slide 23 www.alfalaval.com
North America North America
�� Unchanged order intake for Equipment, Unchanged order intake for Equipment,
Process Technology orders very weak.Process Technology orders very weak.
Latin America Latin America
�� Major decline in the region due to Major decline in the region due to
lower order intake in Brazil.lower order intake in Brazil.
�� Refinery did well in Chile, Mexico and Refinery did well in Chile, Mexico and
Ecuador.Ecuador.
Highlights AmericasHighlights AmericasJanuary January –– March 2009, March 2009, at constant ratesat constant rates
--4242
--2222
© Alfa Laval Slide 24 www.alfalaval.com
Highlights EuropeHighlights Europe
Western Europe incl. NordicWestern Europe incl. Nordic
�� Negative development for all Negative development for all
segments except Energy & segments except Energy &
Environment.Environment.
�� Sequential decline of 10 percent.Sequential decline of 10 percent.
Central and Eastern Europe Central and Eastern Europe
�� Overall weak development in most Overall weak development in most
markets.markets.
January January –– March 2009, March 2009, at constant ratesat constant rates
--2929
--1616
--2222
© Alfa Laval Slide 25 www.alfalaval.com
Highlights AsiaHighlights Asia
Asia Asia
�� General decline in most markets General decline in most markets --
India bucked the trend.India bucked the trend.
�� Sequential decline of 2 percent.Sequential decline of 2 percent.
January January –– March 2009, March 2009, at constant ratesat constant rates
--4545
Mr. Thomas ThuressonMr. Thomas Thuresson
CFOCFO
Alfa Laval GroupAlfa Laval Group
-- Orders received and marginsOrders received and margins
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
Interim Report Q1 2009Interim Report Q1 2009
© Alfa Laval Slide 27 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
5,8535,853
6,9236,923
SEK millionsSEK millions Jan Jan –– MarchMarch 20092009
© Alfa Laval Slide 28 www.alfalaval.com
Gross profit marginGross profit margin
20
30
40
50In percent of salesIn percent of sales
38.538.5
42.942.9
38.938.9
Q109Q109Q106Q106
38.938.9
Q206Q206 Q306Q306 Q406Q406 Q107Q107 Q207Q207 Q307Q307 Q407Q407 Q108Q108 Q208Q208 Q308Q308 Q408Q408
© Alfa Laval Slide 29 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
SEK millionsSEK millions Jan Jan –– MarchMarch 20092009
5,8535,853
6,9236,923
1,2551,255
18.1%18.1%
1,1141,114
© Alfa Laval Slide 30 www.alfalaval.com
Status report on JanuaryStatus report on January’’s works work--
force reduction programforce reduction program
• Program running as planned. Year on year reduction in S&A and R&D of 7% and 5% respectively.
• 323 had left the company by end of March.
• In addition work sharing utilized in the Netherlands and Italy and a number of contract labor has been reduced, particularly in India.
• Total cost for program SEK 270 million, charged to the 4Q 2008.
© Alfa Laval Slide 31 www.alfalaval.com
Earnings per shareEarnings per share
EarningsEarnings
Earnings, excluding stepEarnings, excluding step--upup
20092009
1.801.80
1.931.93
20082008
2.062.06
2.192.19
Jan Jan –– March March
© Alfa Laval Slide 32 www.alfalaval.com
HighlightsHighlights
Order intake Order intake
Net salesNet sales
Adjusted EBITAAdjusted EBITA
Adjusted EBITAAdjusted EBITA--marginmargin
Profit before taxProfit before tax
Cash flow from operating activitiesCash flow from operating activities
ROCEROCE
ROEROE
SEK millionsSEK millions January January –– March 2009March 2009
5,8535,853
6,9236,923
1,2551,255
18.1% 18.1%
1,1141,114
1,0581,058
64.3%64.3%
50.3%50.3%
© Alfa Laval Slide 33 www.alfalaval.com
Cash flow fromCash flow from
-- operating activitiesoperating activities
-- investing activitiesinvesting activities
Financial Financial net paidnet paid
TotalTotal
CashCash--flow statement flow statement
Pro Forma FreePro Forma Free--cashcash--flow*flow*
**Incl. operating activities, capital expenditure and financial neIncl. operating activities, capital expenditure and financial net paid. t paid.
SEK millionsSEK millionsQ1Q1
20092009Q1Q1
20082008
10581058
-- 12051205
--133133
--280280
835835
729729
--134134
1616
611611
651651
© Alfa Laval Slide 34 www.alfalaval.com
Foreign exchangeForeign exchange
SEK millionSEK million
Translation effectTranslation effect
Transaction effectTransaction effect
TotalTotal
*Based on EUR/USD 1. 32 and EUR/SEK 10.80*Based on EUR/USD 1. 32 and EUR/SEK 10.80
Estimated impact on adjusted EBITA from Estimated impact on adjusted EBITA from FxFx. fluctuations. fluctuations
Q1 09Q1 09
145145
-- 2121
124124
WY 10*WY 10*
00
500 500
500500
WY 09WY 09
465465
1010
475475
© Alfa Laval Slide 35 www.alfalaval.com
Order backlog as per March 31
SEK millionsSEK millions
For delivery during rest of current yearFor delivery during rest of current year
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
5,2465,246
10,168
15,41415,414
5,7255,725
9,818
15,54315,543
5,0515,051
8,780
13,83113,831
For delivery next year or laterFor delivery next year or later
2009200920072007 20082008
Mr. Lars RenstrMr. Lars Renströömm
President and CEOPresident and CEO
Alfa Laval GroupAlfa Laval Group
-- Orders received and operating margin Orders received and operating margin
-- HighlightsHighlights
-- Development per segmentDevelopment per segment
-- Geographical developmentGeographical development
-- Financials Financials
-- OutlookOutlook
Interim Report Q1 2009Interim Report Q1 2009
© Alfa Laval Slide 37 www.alfalaval.com
Outlook for the second quarterOutlook for the second quarter
““We expect demand during the We expect demand during the
second quarter to be in line with, second quarter to be in line with,
or somewhat lower than, the first or somewhat lower than, the first
quarter 2009.quarter 2009.””
© Alfa Laval Slide 38 www.alfalaval.com