Alfa Laval AB (publ) Interim report April 1 - June 30, 2019

Strong sales and profit in Q2

  · Both sales and adjusted EBITA reached record levels, driven by a strong performance in the Marine Division.
  · Order intake decreased due to pumping systems and scrubbers.
  · Greenhouse divestment completed according to plan, but impacted Group order intake negatively with SEK 500 million.
  · Energy saw order intake reach all-time-high level, while also reporting higher sales and profit.
  · Service orders grew 11 percent in the quarter.

Summary 

Second quarter

Order intake decreased by 20 percent* to SEK 10,025 (12,062) million.
Net sales increased by 5 percent* to SEK 11,339 (10,475) million.
Adjusted EBITA**: SEK 1,870 (1,698) million.
Adjusted EBITA margin**: 16.5 (16.2) percent.
Result after financial items: SEK 1,832 (1,499) million.
Net income: SEK 1,412 (1,117) million.                                          
Earnings per share: SEK 3.36 (2.65).
Cash flow from operating activities: SEK 609 (1,377) million.
Impact on adjusted EBITA of foreign exchange effects: SEK 95 (-80) million.
Impact on result after financial items of comparison distortion items: SEK 196 (31) million.

First six months

Order intake decreased by 3 percent* to SEK 22,238 (22,087) million.
Net sales increased by 7 percent* to SEK 21,497 (19,326) million.
Adjusted EBITA**: SEK 3,598 (3,195) million.
Adjusted EBITA margin**: 16.7 (16.5) percent.
Result after financial items: SEK 3,454 (2,968) million.
Net income: SEK 2,637 (2,166) million.                                          
Earnings per share: SEK 6.26 (5.14). 
Cash flow from operating activities: SEK 1,584 (2,043) million.
Impact on adjusted EBITA of foreign exchange effects: SEK 190 (-45) million
Impact on result after financial items of comparison distortion items: SEK 196 (98) million
Return on capital employed (%) **: 22.2 (20.8)
Net debt to EBITDA, times **/***: 1.30 (1.28)
 

* Excluding currency effects. ** Alternative performance measures.
*** Net debt to EBITDA for Q1 2019 excluding IFRS 16 impact: 0.96.

Outlook for the third quarter

“We expect demand in the third quarter to be somewhat higher than in the second quarter.”

Earlier published outlook (April 24, 2019): “We expect demand in the second quarter to be somewhat lower than in the first quarter.”  

The Q2 2019 report has not been subject to review by the company’s auditors. 

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 above, at CET 12.00 on July 17, 2019.

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