Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
Company presentation November 2011The ANDRITZ GROUP
2 Company presentation November 20112
Contents
ANDRITZ GROUP: overview
Targets andoutlook
Results for Q3 2011
3 Company presentation November 2011
Systems for the production of animal feedand biomass pellets (wood, straw, etc.)
Systems for mechanical and thermal solid/liquid separation for municipalities and various industries
Systems for the production and processing of stainless steel and carbon steel strips
Systems for the production of all types of pulp and of certain paper grades (tissue, cartonboard)
Electromechanical equipment for hydropower plants (mainly turbines and generators); pumps
~ 5%*~ 10%*~ 10%*~ 30-35%*~ 40-45%*
FEED &BIOFUEL
SEPARATION**METALSPULP &PAPERHYDRO
* Long-term average share of the Group’s total order intake** The ENVIRONMENT & PROCESS business area was renamed SEPARATION as of October 1, 2011
Company profileA world market leader in most business areas
4 Company presentation November 2011
Compound Annual Growth Rate (CAGR)
of Group sales 2001-2010: +12% p.a.
(thereof approximately half organic growth)
Sales (MEUR)
Strengthening of the market positionGrowth through organic expansion and acquisitions
3,198
3,610
3,283
2,710
1,7441,481
1,2251,1101,319
3,554
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Order intake (MEUR)
1990 Sprout-Bauer1992 Durametal1994 Kone Wood1998 Kvaerner Hymac1999 Winberg2000 Ahlstrom Machinery2000 Lamb Baling Line2000 Voith Andritz Tissue LLC (JV)2002 ABB Drying2003 IDEAS Simulation 2003 Acutest Oy2003 Fiedler2004 EMS (JV)2005 Cybermetrics2005 Universal Dynamics Group2006 Küsters2006 Carbona2006 Pilão2007 Bachofen + Meier2007 Sindus2008 Kufferath2009 Rollteck2010 Rieter Perfojet2010 DMT/Biax2011 AE&E Austria2011 Iggesund Tools2011 Asselin-Thibeau
PULP & PAPER
1995 Jesma-Matador2000 UMT2005 Chemes Strojarne
FEED & BIOFUEL
2006 VA TECH HYDRO2007 Tigép2008 GE Hydro business2008 GEHI (JV)2010 Precision Machine2010 Hammerfest Strøm (33.3%)2010 Ritz
HYDRO
1992 TCW Engineering1996 Guinard2002 3SYS2004 Bird Machine2004 NETZSCH Filtration2004 Fluid Bed Systems of
VA TECH WABAG2005 Lenser Filtration2006 CONTEC Decanter2009 Delkor Capital Equipment2009 Frautech2010 KMPT
SEPARATION
1997 Sundwig1998 Thermtec2000 Kohler2002 SELAS SAS Furnace Div.2004 Kaiser2005 Lynson2008 Maerz
METALS
5 Company presentation November 20115
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1-Q3 11
77 103 55220
384 366 247409
678
1,3301,177
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1-Q32011
Net liquidity as of end of period (MEUR)
Strong net cash positionStable development despite acquisitions
Rollteck
Frautech
Delkor
Ahlströmrem. 50%
Guinardrem. 50%
Fläkt
Selas
Fiedler
IDEAS
Acutest
Thermtecrem. 24.5%
Kaiser
AFSR
Netzsch
Bird
Lenser
Universal
Lynson
VA TECH HYDRO
Kuesters
BMB
Tigép
Sindus
GE Hydro
GEHI
Kufferath
Maerz
AE&E Austria
IggesundTools
DMT/Biax
RieterPerfojet
PrecisionMachine
KMPT
Ritz
Hammer-fest(33.3%)
* Paid out after AGM for the previous year
Dividend* (MEUR):
11.5 11.7 12.9 18.0 25.6 38.7 51.1 56.3 51.7 86.9
6 Company presentation November 2011
AE&E added important technologies
Business area:PULP & PAPER
Employees:325
Annual sales:~ 250-300 MEUR
Products:Boilers Biomass RDF sludge Circulating fluidized bed
technology
Flue gas cleaning Thermal power business
Service ▲ Bubbling fluidized bed boiler, M-real Hallein AG, Austria
7 Company presentation November 2011
Business area:PULP & PAPER (Service)
Products and services:Knife systems for pulp wood chipping and saw mills
Synergy:Multiplies ANDRITZ’sexisting knife sales to the pulp industry
Employees:160
Annual sales:25 MEUR
ANDRITZ Iggesund Tools strengthens
▲ TurnKnife system by ANDRITZ Iggesund Tools
and complements PULP & PAPER’s wood processing area
8 Company presentation November 2011
Business area:PULP & PAPER (Service)
Products and services:Systems for drylaid nonwoven production, mainly for textile and hygiene applications
Synergy:With the existing nonwoven expertise of ANDRITZ Küsters and ANDRITZ Perfojet, ANDRITZ is able to supply complete vertical system solutions for production of nonwovens
Employees:200
Annual sales:40 MEUR
ANDRITZ Asselin-Thibeau strengthensnonwoven product portfolio
▲ Filtration line of ANDRITZ Asselin-Thibeau
9 Company presentation November 2011
Contents
ANDRITZ GROUP: overview
Targets andoutlook
Results for Q3 2011
10 Company presentation November 2011
Summary of key developments
Balance sheet
Q1-Q3 2011Q3 2011
1,330 MEUR, +13% vs. 31. 12. 2010Net liquidity: continuing high cash position
-630 MEUR, +13% vs. 31. 12. 2010
19.5% (31. 12. 2010: 19.7%)
90 MEUR, +34% yoy 7.7% (Q3 2010: 7.5%)
1,173 MEUR,+31% yoy
7,325 MEUR,+34% vs. 30. 09. 2010
1,254 MEUR,+35% yoy
221 MEUR, +34% yoy 7.0% (Q1-Q3 2010: 6.7%)
3,184 MEUR,+30% yoy
+38% vs. 31. 12. 2010
4,899 MEUR,+51% yoy
Equity ratio: stable
EBITA and margin: improvements mainly in HYDRO and PULP & PAPER EBITA: EBITA margin:
Net working capital: unchanged at solid level
Sales: strong increase in Q3 2011due to PULP & PAPER
Order backlog: substantial increase in HYDRO,PULP & PAPER, and SEPARATION
Order intake: strong rise in Q3 2011mainly due to HYDRO
11 Company presentation November 2011
Q1:924
Q1:732
Q2:830
Q2:1,087
Q3:897
Q3:1,173
Strong sales increase in Q3 2011Mainly driven by PULP & PAPER
Group sales (MEUR)Q1-Q3 2010 Q1-Q3 2011
2,459
3,184 3,184
Q1-Q3 2011
+26%
HYDRO: 1,223 (+12%)
PULP & PAPER: 1,273 (+66%)
METALS: 263 (+7%)
SEPARATION: 317 (+29%)FEED & BIOFUEL: 108 (-4%)
Sales of the business areas Q1-Q3 2011 in MEUR (+/- vs. Q1-Q3 2010):
+30%
+31%
+31%
12 Company presentation November 2011
Q1:908
Q1:1,666
Q2:1,979
Q2:1,395
Q3:1,254
Q3:932
High order intake in Q3 2011Strong increase in HYDRO
Group order intake (MEUR)Q1-Q3 2010 Q1-Q3 2011
3,236
4,899 4,899
Q1-Q3 2011
+83%
HYDRO: 1,813 (+18%)
PULP & PAPER: 2,351 (+119%)
METALS: 254 (+29%)
SEPARATION: 374 (+20%)FEED & BIOFUEL: 108 (-3%)
Order intake of the business areasQ1-Q3 2011 in MEUR (+/- vs. Q1-Q3 2010):
+51%
+42%
+35%
13 Company presentation November 201113
Q1-Q3 2011: Strong rise of order intake driven bysome large orders in HYDRO and PULP & PAPER
1.1901.378
1.0761.291
52 106252 320
351
435
1.060
14859
54
95831328
145
Q1-Q32010
Q1-Q32011
Q1-Q32010
Q1-Q32011
Q1-Q32010
Q1-Q32011
Q1-Q32010
Q1-Q32011
Q1-Q32010
Q1-Q32011
HY PP ME SE FB
█ Orders > 100 MEUR █ Orders > 100 MEUR █ Orders > 10 MEUR █ Orders > 5 MEUR █ Orders > 3 MEURBelo MonteMica
Ilisu
1,541
1,813
1,076
2,351
197 254 311374
111 108
EldoradoMontes d. P.
Order intake Q1-Q3 2010 vs. Q1-Q3 2011 in MEUR
14 Company presentation November 2011
Order intake and sales by regionWell balanced geographical exposure
15 Company presentation November 2011
3.3973.843
4.277 4.435
5.478 5.291
7.325
Order backlogSolid workload in all business areas
Group order backlog as of end of period (MEUR)
Sept. 30, 2011 vs.
Sept. 30, 2010: +34%
2006 2007 2008 2009 Sept. 30, 2010
2010 Sept. 30,2011
+38%
Order backlog of the business areasas of Sept. 30, 2011 vs. Sept. 30, 2010:
HYDRO: +13%
PULP & PAPER: +121%
METALS: -3%SEPARATION: +14%FEED & BIOFUEL: -13%
16 Company presentation November 2011
EBITA (MEUR)
Q1: 43.7 Q1: 56.1
Q2: 54.2Q2: 75.5
Q3: 67.0
Q3: 89.8
Q1-Q3 2010 Q1-Q3 2011
164.9
221.4EBITA margin (%)
6.77.5 7.0
7.7
Q1-Q3 2010 Q3 2010 Q1-Q3 2011 Q3 2011
+28%
+39%
Q3 2011 EBITA, at 89.8 MEUR (+34% vs. Q3 2010: 67.0 MEUR), rose slightly more than sales, mainly driven by
increases in HYDRO, PULP & PAPER, and SEPARATION EBITA margin amounted to 7.7% (Q3 2010: 7.5%)
Q1-Q3 2011 EBITA significantly increased to 221.4 MEUR (+34% vs. Q1-Q3 2010: 164.9 MEUR) EBITA margin improved to 7.0% (Q1-Q3 2010: 6.7%)
Increase in EBITA, margin improved
+34%
+34%
17 Company presentation November 2011
Results Q3 2011/Q1-Q3 2011 at a glance
+17.0%
-
-
-
+13.6%
-31.2%
+36.0%
+86.8%
+34.4%
+33.0%
+34.3%
+29.3%
+29.5%
+33.7%
+51.4%
+/-
14,267
6.4
6.7
8.2
36.7
494.2
111.6
3.8
160.1
156.3
164.9
202.1
2,458.8
5,477.6
3,235.8
Q1-Q3 2010
16,692
6.5
7.0
8.2
41.7
339.9
151.8
7.1
215.1
207.9
221.4
261.3
3,184.2
7,325.0
4,898.6
Q1-Q3 2011
16,692
7.2
7.7
8.9
18.2
133.1
62.1
3.1
88.0
84.8
89.8
104.3
1,173.1
7,325.0
1,254.1
Q3 2011
14,267
7.1
7.5
8.8
14.5
155.3
44.3
0.2
63.7
63.5
67.0
78.9
896.6
5,477.6
932.1
Q3 2010
+17.0%
-
-
-
+25.5%
-14.3%
+40.2%
+1,450%
+38.1%
+33.5%
+34.0%
+32.2%
+30.8%
+33.7%
+34.5%
+/-
7.2%EBITA margin
257.6MEUREBITA
14,655
6.9
8.6
68.8
704.5
177.0
2.4
247.9
245.5
307.3
3,553.8
5,290.9
4,131.9
2010
-Employees (as of end of period)
%
%
MEUR
MEUR
MEUR
MEUR
MEUR
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBT
EBIT margin
EBITDA margin
Capital expenditure
Cash flow from operating activities
Net income (including non-controlling interests)
Financial result
EBIT
EBITDA
Sales
Order backlog (as of end of period)
Order intake
18 Company presentation November 2011
HYDROFavorable business development
Market – unchanged solid market environment: High project activity for modernizations/upgrades of existing hydropower stations and pumped storage
power stations in Europe and North America. Good investment activity in emerging countries of South America and Asia.
Order intake in Q3 2011 significantly up due to booking of Belo Monte order.
Favorable development of sales, earnings, and margins.
+19.5%-
+20.6%-
+25.5%+9.7%
+13.4%+82.8%
+/-
6,1477.1
27.28.4
32.1381.0
3,509.5391.4
Q3 2010
7,3437.8
32.89.6
40.3417.9
3,978.8715.6
Q3 2011
+19.5%-
+25.6%-
+24.3%+12.4%+13.4%+17.6%
+/-
6,1476.8
73.98.3
90.51,087.73,509.51,541.4
Q1-Q3 2010
7,3437.6
92.89.2
112.51,223.03,978.81,812.7
Q1-Q3 2011
8.9%EBITDA margin
6,5307.5
118.0
139.91,579.23,376.01,870.1
2010
-Employees (as of end of period)
%
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBITA marginEBITA
EBITDASalesOrder backlog (as of end of period)
Order intake
19 Company presentation November 2011
PULP & PAPERGood development of sales, earnings, and profitability
Market – solid project and investment activity: Satisfactory project activity for modernizations and capacity increases. Good market environment for biomass/recovery boilers. Next order awards for greenfield pulp mills expected for 2012/2013
Order intake in Q3 2011 slightly down compared to last year’s reference period.
Favorable business development with slight margin improvement.
+21.8%-
+76.3%-
+60.5%+70.8%
+121.3%-4.5%
+/-
4,8497.3
21.18.9
25.6288.4
1,124.9327.2
Q3 2010
5,9057.6
37.28.3
41.1492.6
2,489.0312.6
Q3 2011
+21.8%-
+68.5%-
+52.4%+65.8%
+121.3%+118.5%
+/-
4,8496.6
50.58.3
63.9767.7
1,124.91,075.9
Q1-Q3 2010
5,9056.7
85.17.7
97.41,273.12,489.02,350.5
Q1-Q3 2011
8.9%EBITDA margin
4,8517.3
80.7
98.41,105.31,099.61,388.4
2010
-Employees (as of end of period)
%
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBITA marginEBITA
EBITDASalesOrder backlog (as of end of period)
Order intake
20 Company presentation November 2011
METALSContinuing moderate project activity
Market – continued moderate project activity: Low project activity in Europe and North America. Solid investment activity in emerging markets of Asia and South America.
Order intake in Q3 2011 higher compared to relatively low level of Q3 2010.
Despite sales increase, earnings down mainly due to order mix.
-1.7%-
-5.4%-
-7.8%+20.3%
-2.8%+28.3%
+/-
9686.75.67.66.4
84.2524.755.1
Q3 2010
9525.25.35.85.9
101.3510.270.7
Q3 2011
-1.7%-
-5.8%-
-9.2%+6.9%-2.8%
+29.0%+/-
9684.9
12.05.8
14.2246.3524.7196.7
Q1-Q3 2010
9524.3
11.34.9
12.9263.4510.2253.8
Q1-Q3 2011
6.2%EBITDA margin
9375.4
18.4
21.2340.2521.0302.72010
-Employees (as of end of period)
%
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBITA marginEBITA
EBITDASalesOrder backlog (as of end of period)
Order intake
21 Company presentation November 2011
SEPARATIONSatisfactory business development
Market – unchanged good market conditions: Satisfactory project activity for municipal sludge dewatering plants and industrial process applications. Increasing investment activity for municipal sludge drying plants and industrial drying plants.
Order intake in Q3 2011 slightly down compared to Q3 2010.
Sales and earnings further up, profitability at good level.
+9.0%-
+27.6%-
+23.0%+23.0%+14.0%
-6.3%+/-
1,7779.79.8
11.211.3
101.1259.7129.0
Q3 2010
1,93710.012.511.213.9
124.4296.0120.9
Q3 2011
+9.0%-
+26.2%-
+23.7%+29.2%+14.0%+20.2%
+/-
1,7778.4
20.610.024.5
245.6259.7310.9
Q1-Q3 2010
1,9378.2
26.09.6
30.3317.2296.0373.7
Q1-Q3 2011
9.3%EBITDA margin
1,8167.9
29.5
34.8375.4242.3424.32010
-Employees (as of end of period)
%
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBITA marginEBITA
EBITDASalesOrder backlog (as of end of period)
Order intake
22 Company presentation November 2011
FEED & BIOFUELGood market environment
Market – good investment activity for both feed and biomass equipment: Satisfactory project activity in the animal feed sector. Continued good project activity for biomass/wood pelleting equipment; rising number of projects for
straw pelleting.
Order intake in Q3 2011 up compared to reference level of last year.
Sales, earnings, and profitability decreased.
+5.5%-
-39.4%-
-16.2%-11.9%-13.3%+16.7%
+/-
5267.93.38.83.7
41.958.829.4
Q3 2010
5555.42.08.43.1
36.951.034.3
Q3 2011
+5.5%-
-21.5%-
-10.9%-3.6%
-13.3%-2.7%
+/-
5267.17.98.39.2
111.558.8
110.9Q1-Q3 2010
5555.86.27.68.2
107.551.0
107.9Q1-Q3 2011
8.5%EBITDA margin
5227.2
11.0
13.0153.752.0
146.42010
-Employees (as of end of period)
%
MEUR
MEUR
MEUR
MEUR
MEUR
Unit
EBITA marginEBITA
EBITDASalesOrder backlog (as of end of period)
Order intake
23 Company presentation November 2011
Contents
ANDRITZ GROUP: overview
Targets andoutlook
Results for Q3 2011
24 Company presentation November 2011
9371.319
1.110 1.2251.481
1.744
2.710
3.2833.610
3.1983.554
> 4,500
> 4,000
2.012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 H1 2011 2011E 2012E
Target to reach more than 4.5 bn. EUR sales in 2012, supported by receipt of some large orders in 2011 (especially Montes del Plata) as well as sales contributions from companies acquired in 2010 and 2011; however, achievement of goals might be negatively impacted by severe macroeconomic slowdown.
Due to extremely high order intake expected for 2011 and given the prevailing uncertainties with regard to the global economy, company growth rates for 2013 and 2014 might be lower than in recent past; however:
Confirmation of goal to increase sales long-term by 10% p.a. on average.
due to high order intake 2011Over 4.5 bn. EUR sales targeted for 2012
Sales of the ANDRITZ GROUP (MEUR)
25 Company presentation November 2011
2010 et seq.: 7.0% over the cycle
Update on Group EBITA margin goal 7.0% over the cycle
7.2
5.1
6.56.46.16.16.3
5.15.35.24.7
7.0
937
3,184
> 4,500
3,198
3,6103,2832,710
1,7441,481
1,2251,1101,319
3,554> 4,000
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Q1-Q32011
2011E 2012E0
1.000
2.000
3.000
4.000
5.000
6.000
EBITA margin (%) Sales (MEUR)
*
* Including restructuring expenses
2005-2009: avg. 6.0% 2000-2004: avg. 5.3%
26 Company presentation November 2011
Update on dividend goalSustainable dividend payout ratio on top of strong sales growth
Confirmation of dividend goals: Keep payout ratio at least at 50% Mid-term increase to ~ 60%
48.9%52.9%40.3%38.3%
32.5%32.6%34.3%44.2%44.1%
2002 2003 2004 2005 2006 2007 2008 2009 2010
1.00 1.101.000.75
0.500.350.250.23
1.70
2002 2003 2004 2005 2006 2007 2008 2009 2010
Dividend per share (EUR)
Payout ratio
27 Company presentation November 2011
Outlook
HYDRO: Unchanged good market environment with solid project activity for both modernizations/upgrades and new hydropower plants; continuing low market activity in China.
PULP & PAPER: Solid market environment and project activity for modernizations/upgrades of existing plants as well as for biomass/power boilers; continuing pipeline of greenfield pulp mills with next order awards expected for 2012/2013.
METALS: Weak market environment and moderate project activity in Europe and North America to continue; reasonable investment activity for selective projects in the emerging markets.
SEPARATION: Good market and project activity for solid/liquid separation equipment in the municipal and industrial segments.
FEED & BIOFUEL: Solid market and project activity for feed and biomass pelleting equipment.
Expectations for the business areas
Unchanged sales and earnings outlook for 2011: Sales expected to increase to over 4.0 bn. EUR, net income to rise compared to 2010.
Short-term uncertainties with regard to further development of global economy and/or China; however, long-term market drivers still in place to support long-term company growth.
Expectations for the Group
28 Company presentation November 2011
Certain statements contained in this presentation constitute ‛forward-looking statements.’ These statements, which contain the words ‛believe’, ‛intend’, ‛expect’ and words of similar meaning, reflect management’s beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially.
As a result, readers are cautioned not to place undue reliance on such forward-looking statements. The company disclaims any obligation to publicly announce the result of any revisions to the forward-looking statements made herein, except where it would be required to do so under applicable law.
According to IFRS.
Disclaimer