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2017-01-31

Alfa Laval: Alfa Laval AB (publ) Fourth quarter and full year 2016

"As a result of the strategy review a restructuring programme was
launched during the autumn 2016. It developed well and the new
organisation became fully operational from first of January this
year. The remaining onetime cost of SEK 400 million related to the
initiative concerning the manufacturing structure burdened the result
in the fourth quarter. This initiative is estimated, in combination
with already announced changes, to give annual savings of SEK 500
million in total.

Order intake for the fourth quarter strengthened compared to the third
quarter, partly driven by large projects within Process Technology
and partly by an increased demand for marine equipment to new cruise
ships. A number of larger projects of SEK 545 million in total were
announced during the quarter, mainly from the refinery and
petrochemical sectors. At the same time, somewhat improved conditions
for other parts of the business directed to oil & gas was noted. The
order intake within Marine & Diesel was sequentially positive with
support from a good ship mix and an improved demand for pumping
systems as well as the exhaust gas cleaning system PureSOx. The U.S.
Coast Guard's approval of Alfa Laval PureBallast in December means
that the conditions for a gradually increased order intake for the
system are good, starting in 2017.

The cost development in the quarter was positive. Initiatives within
manufacturing and engineering delivered according to plan at the same
time as we started to see positive effects from the adjustments
within sales and administration. The tied up capital decreased and
the cash flow from operating activities was strong with SEK 1.9
billion in the quarter." Tom Erixon, President and CEO

Summary: fourth quarter

Order intake decreased by 11 percent* to SEK 8,709 (9,422) million.

Net sales decreased by 12 percent* to SEK 9,904 (10,805) million.

Adjusted EBITA**: SEK 1,488 (1,751) million.

Adjusted EBITA margin**: 15.0 (16.2) percent.

Result after financial items: SEK 877 (1,390) million.

Net income: SEK 616 (935) million.

Earnings per share: SEK 1.46 (2.22).

Cash flow from operating activities: SEK 1,925 (1,875) million.

Impact on adjusted EBITA of foreign exchange effects: SEK 141 (80)
million.

Impact on result after financial items of comparison distortion items:
SEK -400 (-) million.

Summary: full year 2016

Order intake decreased by 13 percent* to SEK 32,060 (37,098) million.

Net sales decreased by 10 percent* to SEK 35,634 (39,746) million.

Adjusted EBITA**: SEK 5,553 (6,811) million.

Adjusted EBITA margin**: 15.6 (17.1) percent.

Result after financial items: SEK 3,325 (5,444) million.

Net income: SEK 2,312 (3,861) million.

Earnings per share: SEK 5.46 (9.15).

Cash flow from operating activities: SEK 4,979 (5,850) million.

Impact on adjusted EBITA of foreign exchange effects: SEK 478 (450)
million.

Impact on result after financial items of comparison distortion items:
SEK -1,500 (-) million.

* Excluding currency effects.
** Alternative performance measures, defined on page 23.

Outlook for the first quarter

"We expect that demand during the first quarter 2017 will be somewhat
lower than in the fourth quarter."

Earlier published outlook (October 25, 2016): "We expect that demand
during the fourth quarter 2016 will be in line with or somewhat
higher than in the third quarter."

The Board of Directors will propose a dividend of SEK 4.25 (4.25) per
share to the Annual General Meeting.

The fourth quarter and full year 2016 report has been reviewed by the
company's auditors, see page 25 for the review report.

For more information, please contact:

Peter Torstensson
Senior Vice President, Communications
Phone: +46 46 36 72 31
Mobile: +46 709 33 72 31
peter.torstensson@alfalaval.com

Gabriella Grotte
Investor Relations Manager
Phone: +46 46 36 74 82
Mobile: +46 709 78 74 82
gabriella.grotte@alfalaval.com

Alfa Laval AB (publ)
PO Box 73
SE-221 00 Lund
Sweden
Corporate registration number: 556587-8054

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 January 31, 2017.

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http://news.cision.com/alfa-laval/r/alfa-laval-ab--publ--fourth-quarter-...
http://mb.cision.com/Main/905/2176756/621183.pdf

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