Alfa Laval AB (publ) Interim Report July 1 - September 30, 2016
October 25 2016 - 1:38AM
Business Wire
Regulatory News:
“Order intake for the third quarter was sequentially somewhat
weaker. The development originated from a low activity level
within the marine sector and generally longer decision processes
for larger investment projects among our customers. We estimate
that the demand during the fourth quarter will be unchanged to
somewhat higher.
The adjusted EBITA margin in the quarter was sequentially
unchanged at 15.6 percent. In order to secure the profitability
going forward and to strengthen our competitiveness we are today
launching a programme. The programme comprises cost savings in
sales and admin - generated by the new structure, a reduction of
the number of manufacturing entities and that certain entities that
have not developed as expected are lifted out of Alfa Laval’s new
operating structure. The non-recurring cost is estimated to reach
SEK 1.5 billion in total, of which SEK 1.1 billion is charged
to the third quarter. Of these some SEK 600 million relate to
write-offs for predominately step-up and goodwill and is a
non-cash item. The program is expected to generate savings of SEK
300 million in sales and admin. Our on-going work with cost savings
in manufacturing, within procurement as well as staffing, aimed at
supporting the gross profit during a period of lower capacity
utilisation continues in parallel. The work with implementing the
new organisation is proceeding according to plan. More information
on the organisation as well as the strategic direction will be
given in connection with the Capital Markets Day on November
22.
During the quarter the ballast water convention was ratified,
which means that parts of the global merchant fleet will install
cleaning systems during the next six years. The activity on the
market is high, and the effect on order intake is expected in
2017.”
Tom Erixon, President and CEO
Summary: third quarter
Order intake decreased by 14 percent* to
SEK 7,540 ( 8,686 ) million.Net
sales decreased by 12 percent* to SEK
8,581 ( 9,693 ) million.Adjusted
EBITA **:
SEK 1,339 ( 1,675 ) million.Adjusted
EBITA
margin **: 15.6 ( 17.3 ) percent.Result
after financial items : SEK
93 (1,336) million.Net income :
SEK -106 ( 988 ) million.Earnings
per
share : SEK -0,27 ( 2.34 ).Cash
flow from operating activities : SEK
911 ( 1,369 ) million.Impact on
adjusted EBITA of foreign exchange effects :
SEK 107 ( 40 ) million.Impact on
result after financial items of comparison distortion
items : SEK -1,100
( - ) million.
Summary: first nine months
Order intake decreased by 14 percent* to
SEK 23,351 ( 27,676 ) million.Net
sales decreased by 9 percent* to SEK
25,730 ( 28,941 ) million.Adjusted
EBITA **:
SEK 4,065 ( 5,060 ) million.Adjusted
EBITA
margin **: 15.8 ( 17.5 ) percent.Result
after financial items :
SEK 2,448 ( 4,054 ) million.Net
income :
SEK 1,696 ( 2,926 ) million.Earnings
per share :
SEK 4.00 ( 6.93 ).Cash flow from
operating activities : SEK
3,054 ( 3,975 ) million.Impact on
adjusted EBITA of foreign exchange effects : SEK
337 (370) million.
Impact on result after financial items of comparison
distortion items : SEK -1,100 ( - )
million.
* Excluding currency effects.
** Alternative performance measures, defined on page 22.
Outlook for the fourth quarter:
“We expect that demand during the fourth quarter 2016 will be in
line with or somewhat higher than in the third quarter.” Earlier
published outlook (July 18, 2016): “We expect that demand during
the third quarter 2016 will be in line with or somewhat lower than
in the second quarter.”
The interim report has been reviewed by the company’s auditors,
see page 23 for the review report.
This information is information that Alfa Laval AB (publ) is
obliged to make public pursuant to the EU Market Abuse Regulation
and the Securities Markets Act. The information was submitted for
publication, through the agency of the contact person set out
below, at CET 7.30 on October 25, 2016.
This information was brought to you by Cision
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version on businesswire.com: http://www.businesswire.com/news/home/20161024006629/en/
Alfa LavalPeter TorstenssonSenior Vice President,
CommunicationsPhone: +46 46 36 72 31Mobile: +46 709 33 72
31peter.torstensson@alfalaval.comorGabriella GrotteInvestor
Relations ManagerPhone: +46 46 36 74 82Mobile: +46 709 78 74
82gabriella.grotte@alfalaval.com
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