Alimak Group Q1 2020, 24 April 2020 Tormod Gunleiksrud, CEO Tobias - - PowerPoint PPT Presentation

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Alimak Group Q1 2020, 24 April 2020 Tormod Gunleiksrud, CEO Tobias - - PowerPoint PPT Presentation

Jan 12, 2024 345 likes •491 views

Alimak Group Q1 2020, 24 April 2020 Tormod Gunleiksrud, CEO Tobias Lindquist, CFO COVID-19 impact and actions Industrial Equipment After Sales Construction Equipment Rental Restricted access to Restricted access to

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SLIDE 1

Alimak Group

Q1 2020, 24 April 2020 Tormod Gunleiksrud, CEO Tobias Lindquist, CFO

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SLIDE 2

COVID-19 impact and actions

▪ Production disruptions in China in February and March ▪ Production disruptions in China, Spain, Germany and Brazil during Q1

2

Construction Equipment Industrial Equipment ▪ Restricted access to sites ▪ The Group’s rental markets heavily affected from mid-March Rental After Sales ▪ Restricted access to customer sites ▪ Reduced utilisation following safety precautions ▪ Cost adaptions in Skellefteå in mid-April ▪ Temporary reductions

  • f workforce in

affected countries ▪ Operational focus for Q2 to stabilise supply and production capabilities ▪ Limited redundancies to keep core service technicians

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SLIDE 3

▪ Order intake decreased by 3% to MSEK 1,067 (1,101) with an

  • rganic decrease of 5%

– Drop for Construction and Industrial Equipment – Improved orders for Rental and After Sales ▪ Revenue decreased by 21% to MSEK 916 (1,167) with an organic decrease of 23% – Lower volumes in all business areas – COVID-19 impact on production and supply of equipment and services ▪ EBITA adj. decreased to MSEK 79 (153), margin 8.7% (12.9) – Lower margins for Industrial Equipment and After Sales

Quarterly highlights

Order intake & Revenue by R12M EBITA adj. & EBITA margin adj. by R12M

3

Q1

4,527 4,609 4,594 4,587 4,337 4,601 4,569 4,504 4,363 4,329

1,000 2,000 3,000 4,000 5,000

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

597 620 636 629 555 13.2 13.4 13.8 13.7 12.8

5 10 15 20 200 400 600 800

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

Order intake & Revenue by Quarters EBITA adj. & EBITA margin adj. by Quarters

MSEK

153 172 152 151 79 13.2 14.4 14.0 13.2 8.7

5 10 15 20 50 100 150 200

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

1,167 1,193 1,084 1,143 916 1,101 1,150 1,039 1,073 1,067

300 600 900 1,200 1,500

Q119 Q219 Q319 Q419 Q120

Revenue Order intake

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SLIDE 4

▪ Order intake decrease of 15%, down 18% organic, to MSEK 179 (212) – Sequential improvement – Strong UK and Nordics ▪ Revenue decrease of 40%, down 42% organic, to MSEK 124 (208) – Low backlog at beginning of year – COVID-19-related factory closure in China ▪ EBITA adj. at MSEK 12 (30), a margin of 9.7% (14.5) – Effect of low volumes and utilisation

Construction Equipment

Order intake & Revenue by R12M EBITA adj. & EBITA margin adj. by R12M

4

Q1

746 832 786 813 729 829 767 753 634 601

200 400 600 800 1,000

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

121 141 133 131 113 16.2 17.0 17.0 16.1 15.5

5 10 15 20 25 30 60 90 120 150

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

Order intake & Revenue by Quarters EBITA adj. & EBITA margin adj. by Quarters

208 271 131 204 124 212 164 128 129 179

50 100 150 200 250 300

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

30 50 19 31 12 14.5 18.5 14.6 15.4 9.7

5 10 15 20 25 10 20 30 40 50

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

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SLIDE 5

▪ Order intake increase of 24% to MSEK 113 (90), up 24%

  • rganically

– Strong quarter for Australia ▪ Revenue decrease of 5% in the quarter, down 6% organic, to MSEK 87 (91) – Limited access to construction sites in France and Australia ▪ EBITA adj. at MSEK 10 (12), margin at 11.4% (13.0)

Rental

Order intake & Revenue by R12M EBITA adj. & EBITA margin adj. by R12M

5

Q1

364 376 380 397 392 379 353 377 351 373

100 200 300 400 500

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

53 56 56 58 56 14.6 14.9 14.8 14.7 14.4

5 10 15 20 15 30 45 60

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

Order intake & Revenue by Quarters EBITA adj. & EBITA margin adj. by Quarters

91 99 100 107 87 90 89 85 86 113

30 60 90 120 150

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

12 15 15 16 10 13.0 14.8 15.3 11.4

5 10 15 20 4 8 12 16

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

15.5

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SLIDE 6

▪ Order intake decrease of 7%, down 9% organic, to MSEK 442 (477) – Low orders for Oil & Gas – Delayed contract signing in BMU but strong pipeline and underlying demand ▪ Revenue decrease of 28%, down 30%

  • rganically to MSEK 413 (570)

– COVID-19 impact on all units in terms of production and supply – Wind still facing revenue comps for tower internals ▪ EBITA adj. at MSEK -1 (34), a margin

  • f -0.3% (5.9) following drop in factory
  • utput and utilisation

Industrial Equipment

Order intake & Revenue by R12M EBITA adj. & EBITA margin adj. by R12M

6

Q1

2,209 2,179 2,177 2,115 1,958 2,201 2,213 2,151 2,110 2,075

500 1,000 1,500 2,000 2,500

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

98 101 115 108 73 4.4 4.6 5.3 5.1 3.7

2 4 6 8 30 60 90 120

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

Order intake & Revenue by Quarters EBITA adj. & EBITA margin adj. by Quarters

570 493 535 517 413 477 551 523 559 442

150 300 450 600 750

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

34 17 32 25

  • 1

5.9 3.5 6.0 4.8

  • 0.3
  • 2

2 4 6 8

  • 10

10 20 30 40

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

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SLIDE 7

▪ Order intake increase of 4% to MSEK 333 (321), up 1%

  • rganically

– Continued good momentum for Wind and BMU – Fewer refurbishment and spare part orders ▪ 2% decrease of revenue, down 4% organically, to MSEK 292 (297) – Restrictions on access to customer sites ▪ EBITA adj. at MSEK 59 (78), a margin of 20.1% (26.2) – Effect of mix and COVID-19 precautions lowering utilisation rate

After Sales

Order intake & Revenue by R12M EBITA adj. & EBITA margin adj. by R12M

7

Q1

1,206 1,221 1,250 1,263 1,258 1,193 1,236 1,223 1,269 1,281

400 800 1,200 1,600

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

324 322 331 332 313 26.8 26.4 26.5 26.3 24.9

10 20 30 40 90 180 270 360

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

Order intake & Revenue by Quarters EBITA adj. & EBITA margin adj. by Quarters

297 331 319 316 292 321 346 302 299 333

100 200 300 400

Q119 Q219 Q319 Q419 Q120

Revenue Order intake MSEK

78 90 85 79 59 26.2 27.2 26.7 25.1 20.1

10 20 30 40 25 50 75 100

Q119 Q219 Q319 Q419 Q120

EBITA adj. EBITA adj. % MSEK %

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SLIDE 8

Earnings summary

▪ Lower EBITA adj. – Revenue/volume driven – Industrial Equipment, After Sales and Construction Equipment – Expenses slightly down ▪ Financial net – Negative currency impact on loans – Lower interest costs (loan and rate) ▪ Taxes – Lower result – Tax rate stable

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MSEK Q1 2020 Q1 2019 △MSEK EBITA adj. 79 153

  • 74

Non-recurring costs (2) +2 EBITA 79 151

  • 72

Amortisations (12) (11)

  • 1

EBIT 68 140

  • 72

Financial net (14) (9)

  • 5

EBT 53 130

  • 77

Taxes (12) (32) +20 Result for the period 41 98

  • 53

Q1

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SLIDE 9

Tax Expense

▪ Tax expense for the quarter was MSEK 12 (32), a tax rate of 22% (24)

9

Q1

32 36 29 17 12 24% 25% 23% 16% 22% 0% 10% 20% 30% 40% 10 20 30 40

Q119 Q219 Q319 Q419 Q120

Tax, MSEK Tax Rate %

MSEK

Tax expense and Tax rate by Quarter

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SLIDE 10

Result for the period and EPS

10

Result for the period and EPS

98 108 100 88 41 1.82 2.00 1.83 1.62 0.76

1 2 3

50 100 150 Q119 Q219 Q319 Q419 Q120 Result for the period EPS*

Q1

▪ Result for the period MSEK 41 (98) – The decrease mainly came from the lower EBITA adj. result ▪ EPS thereby decreased to SEK 0.76 (1.94) for the quarter

MSEK SEK

*) Calculated on numbers of shares at 2020-03-31: 54,157,861

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SLIDE 11

Cash flow and Net debt

▪ Cash flow from operations in the quarter MSEK 12 (36) – Lower EBITA adj. result – Payments of Swedish tax relating to both 2018 and 2019 ▪ Working capital decreased by MSEK 40 – Lower receivables – increased focus on cash management – Higher inventory – delayed shipments ▪ Net debt totalled MSEK 1,045 (1,007 as of December 31, 2019) ▪ Leverage (Net Debt/EBITDA) at March 31, 2020 was 1.52 (1.33 as of December 31, 2019) ▪ Changed dividend proposal to SEK 1.75 to create increased flexibility in a time of uncertainty

11

Net debt, MSEK and Leverage by Quarter

36 106 134 226 12

50 100 150 200 250 Q119 Q219 Q319 Q419 Q120

1,234 1,321 1,262 1,007 1,045

1 2 3

500 1,000 1,500 Q119 Q219 Q319 Q419 Q120 Net Debt Leverage

Q1

Operating Cash flow, MSEK by Quarter

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SLIDE 12

Summary

▪ Good demand and order intake with continued growth for After Sales and sequential improvements in Construction Equipment ▪ Construction and Industrial Equipment supply and production

  • utput impacted by COVID-19 in Q1. After Sales and Rental

impacted by restrictions for access to customer sites ▪ Expecting weak Q2 followed by stronger second half of the year ▪ Strong financial position and maintained positive cash flow from

  • perations

▪ Leading market position and global footprint – foundation for future growth

12

Q1

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SLIDE 13

Q&A