Alimak Group Q4 and Full Year 2018, 22 February 2019 Tormod Gunleiksrud, CEO Tobias Lindquist, CFO
Q4 Including acquired businesses Acquisitions still affecting Full Year comparisons, Q4 comparisons are like-for-like • Avanti Wind Systems was consolidated from 1 February 2017 • Facade Access Group was consolidated from 1 March 2017 2
Q4 Quarterly highlights: Continued strong order intake ▪ Strong order intake growth in Order intake & Revenue by Quarters Order intake & Revenue by R12M the quarter for both MSEK MSEK 4,621 4,503 Construction and Industrial. An 1,400 5,000 1,214 4,279 4,268 1,182 4,101 1,121 1,096 1,104 organic growth of 5%, up to 1,200 4,000 1,000 MSEK 1,214 (1,096) 3,000 800 ▪ Revenue for the quarter at 600 2,000 MSEK 1,150 (1,050), an 400 1,000 organic growth of 4% 200 1,050 960 1,112 1,099 1,150 4,001 4,184 4,101 4,220 4,320 0 0 ▪ Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. of MSEK 159 (145), representing a margin of 13.8% Revenue Order intake Revenue Order intake EBITA adj. & EBITA margin adj. by Quarters EBITA adj. & EBITA margin adj. by R12M MSEK MSEK % % 200 20 800 20 13.8 13.8 13.4 150 15 600 12.8 12.8 12.8 15 12.4 12.3 12.7 11.6 100 10 400 10 50 5 200 5 145 111 149 136 159 510 531 506 541 555 0 0 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. EBITA adj. % EBITA adj. EBITA adj. % 3
Q4 Construction Equipment ▪ Strong organic growth in order Order intake & Revenue by Quarters Order intake & Revenue by R12M intake of 111% to MSEK 248 MSEK MSEK (113), driven by good 300 1,000 248 830 816 226 749 development in the US 726 250 681 800 199 143 200 ▪ Revenues of MSEK 176 (228) 600 150 113 with an organic decrease of 27% 400 100 following low order intake during 200 50 previous quarter, especially in the 228 177 185 176 176 793 813 735 766 714 0 0 Middle East Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 – Also affected by external Revenue Order intake Revenue Order intake delivery delays ▪ EBITA adj. & EBITA margin adj. by Quarters EBITA adj. & EBITA margin adj. by R12M Strong EBITA margin adj. of 19.5% (17.8) stemming from MSEK MSEK % % 50 25 120 20 favourable market and product 19.5 14.9 mix 15.2 17.8 13.9 13.9 13.8 40 20 16.5 90 15 15.1 30 15 9.5 60 10 20 10 30 5 10 5 41 17 31 27 34 110 113 101 114 108 0 0 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. EBITA adj. % EBITA adj. EBITA adj. % 4
Q4 Industrial Equipment ▪ Organic decrease in order Order intake & Revenue by Quarters Order intake & Revenue by R12M intake of 9% to MSEK 600 MSEK MSEK 2,284 2,257 627 (627). Q4 2017 included the 700 2,500 600 585 2,071 2,038 539 533 1,857 MSEK 170 Sydney Harbour 600 2,000 500 Bridge order for BMU-solutions. 1,500 400 Growth in all other businesses 300 1,000 ▪ Organic revenue growth of 23% 200 500 to MSEK 580 (448) in the 100 448 429 523 537 580 1,795 1,894 1,887 1,938 2,069 0 0 quarter Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 ▪ EBITA adj. of MSEK 32 (21), Revenue Order intake Revenue Order intake translating into an improved margin of 5.5% (4.8) following EBITA adj. & EBITA margin adj. by Quarters EBITA adj. & EBITA margin adj. by R12M the increase in revenue, MSEK MSEK % % realised cost synergies and the 35 10 100 10 phasing of challenging BMU 30 8 80 8 backlog 25 5.5 6 60 6 4.8 20 3.8 3.6 3.6 3.4 3.3 15 4 40 4 2.9 2.7 2.5 10 2 20 2 5 21 11 14 18 32 69 68 55 64 75 0 0 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. EBITA adj. % EBITA adj. EBITA adj. % 5
Q4 After Sales ▪ Order intake of MSEK 254 Order intake & Revenue by Quarters Order intake & Revenue by R12M (263), an organic decrease of MSEK MSEK 314 9% due to lower orders of parts 350 1,400 303 1,167 1,158 286 1,081 1,092 263 1,048 and refurbishments 300 1,200 254 250 1,000 – Full year organic growth 200 800 of 3% 150 600 100 400 ▪ Revenue at MSEK 303 (297), 50 200 an organic decrease of 3% 296 274 316 290 303 1,108 1,166 1,158 1,177 1,183 0 0 – Organic development for Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 the full year was flat Revenue Order intake Revenue Order intake ▪ EBITA adj. of MSEK 78 (74), a EBITA adj. & EBITA margin adj. by Quarters EBITA adj. & EBITA margin adj. by R12M margin of 25.7% (25.0) MSEK MSEK % % following slow growth and 100 40 350 35 incurred costs in the BMU 26.9 26.9 26.7 300 27.1 30 26.7 29.1 26.2 service business 27.2 75 30 25.7 25.0 250 25 – Full year margin at 27.1% 200 20 50 20 150 15 100 10 25 10 50 5 74 74 92 76 78 295 311 311 316 320 0 0 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. EBITA adj. % EBITA adj. EBITA adj. % 6
Q4 Rental ▪ Order intake of MSEK 113 (93) Order intake & Revenue by Quarters Order intake & Revenue by R12M in the quarter, an organic MSEK MSEK increase of 17% 150 500 412 391 114 113 377 371 365 102 120 400 ▪ Organic revenue growth of 15% 93 to MSEK 91 (77) 90 300 61 60 200 ▪ Continued strong EBITA margin adj. of 15.9% (11.3), the result 30 100 77 80 87 95 91 305 311 320 340 354 of high fleet utilisation 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 Revenue Order intake Revenue Order intake EBITA adj. & EBITA margin adj. by Quarters EBITA adj. & EBITA margin adj. by R12M MSEK MSEK % % 14.4 16 20 60 13.3 15 12.5 12.1 11.8 15.9 15.8 50 14.0 12 12 15 11.6 11.3 40 9 8 10 30 6 20 4 5 3 10 9 9 12 15 15 36 39 39 45 51 0 0 0 0 Q417 Q118 Q218 Q318 Q418 Q417 Q118 Q218 Q318 Q418 EBITA adj. EBITA adj. % EBITA adj. EBITA adj. % 7
2018 FY 2018 Order intake, Revenue and Margin, by Years ▪ Order intake growth in all business areas except MSEK % Construction Equipment 5,000 25 4,000 20 ▪ Year of consolidation – 16.1 positive effects of integration 3,000 15 12.8 12.8 starting to materialise 2,000 10 ▪ Dividend of SEK 2.75 (2.30) 1,000 05 2,144 2,049 4,101 4,001 4,621 4,320 per share proposed by the 0 00 Board of Directors 2016 2017 2018 Order intake Revenue EBITA margin adj. % EPS and Dividend, by Years SEK SEK 8.00 8.00 6.00 6.00 4.00 4.00 2.75 Management assessment: If the acquired companies would have 2.30 2.3 been fully consolidated by 1 January 2017: 1.60 2.00 2.00 Order intake growth in 2018 would have been 4% 3.58 5.38 6.35 Revenue growth in 2018 would have been 3% 0.00 0.00 2016 2017 2018 EPS Dividend 8
Q4 Cash Flow and Net Debt ▪ Cash Flow, MSEK by Quarter Cash flow from operating activities in the fourth quarter was MSEK 148 (174) 200 174 – Full year cash flow 148 MSEK 240 (335), high working capital 150 113 in first half of the year 100 – Full year investments of MSEK 68 (37), in line with depreciation 50 ▪ Net debt at end of 2018 was 0 MSEK 867 (910) -7 -14 ▪ -50 Leverage (Net debt/EBITDA) Q417 Q118 Q218 Q318 Q418 at 1.55 (1.72) ▪ Net Debt, MSEK and Leverage by Quarter A strong financial position for the Group 1,200 1,090 4 980 919 910 867 900 3 600 2 300 1 0 0 Q417 Q118 Q218 Q318 Q418 Net Debt Leverage 9
Q4 Tax Expense ▪ Tax Expense and Tax Rate by Quarter Tax income for the fourth quarter was positive MSEK 22 (tax expense Q4 2017 was MSEK 8), supported by MSEK 47 of changes in deferred taxes MSEK – MSEK 40 of these from legal 29% 40 30% 25% 25% restructuring within the Group 30 ▪ 20% As of December 31, 2018, total tax losses carried forward amounted to 20 8% MSEK 517 (590) with related balance of 10% recognised deferred tax assets of 10 MSEK 68 (19) 0% 8 18 33 23 0 ▪ Tax rate for the full year of 13% (25) Q418 Q417 Q118 Q218 Q318 Q418 -10% -22 -10 -18% -20% -20 -30 -30% Tax, MSEK Tax Rate % 10
Q4 Net profit and EPS Net Profit and EPS ▪ Net profit of MSEK 144 (90) in the quarter – EPS was SEK 2.65 (1.67) in the quarter based on current number of shares MSEK SEK ▪ 160 3.00 Net profit MSEK 344 (292) for the full year 2.65 – EPS for the full year was SEK 6.35 (5.38) 140 2.50 ▪ Dividend of SEK 2.75 (2.30) per share proposed 120 by the Board of Directors 2.00 100 1.67 1.46 80 1.50 1.26 0.97 60 1.00 40 0.50 20 90 53 79 68 144 0 0.00 Q417 Q118 Q218 Q318 Q418 Net Profit EPS* *) Calculated on numbers of shares at 2018-12-31: 54,157,861 11
Q4 Integration update ▪ Synergies of 2 percentage points (baseline 12.0%, actual proforma 2016) on the EBITA margin with full effect by end of 2019 ▪ Procurement and manufacturing optimization ▪ After Sales Synergy potential – Increased footprint, size and utilization – Improved structure and service levels ▪ Strengthened organisation and structure ▪ Large portion of transformation completed – 15 cross functional work streams with the task to develop the best practice across the organization, majority finished ▪ Forward focus on areas including design and manufacturing with longer-term Integration plan perspective ▪ Integration costs ~MSEK 110 – Actions remaining in 2019 have been provisioned for in Q4 2018 12
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