zaterdag 5 december 2015
dinsdag 1 december 2015
Atlas Copco Group FY 2015 Return on Assets higher to 18.7 (2014 : 16.2)
Financiële Ratio's Atlas Copco Group
Source : EuropeanMarkets
Summary of nine-month results
Orders received in the first nine months of 2015 increased by 10% to MSEK 76 394 (69 498), corresponding to a 3% organic decline. Structural changes added 2%, and the currency effect was +11%. Revenues were MSEK 76 579 (68 361), corresponding to a 2% organic decline.
Operating profit was MSEK 14 904 (12 244). The operating margin was 19.5% (17.9). The positive impact of changes in exchange rates was to MSEK 2 680.
Profit before tax was MSEK 14 179 (11 655), corresponding to a margin of 18.5% (17.0). Profit for the period totaled MSEK 10 693 (8 840). Basic and diluted earnings per share were SEK 8.78 (7.27) and 8.72 (7.27) respectively.
Operating cash flow before acquisitions, divestments and dividends totaled MSEK 11 600 (9 040).
Source : Atlas Copco Group Third-quarter report 2015, Stockholm (Sweden) 20 October 2015
Source : EuropeanMarkets
Summary of nine-month results
Orders received in the first nine months of 2015 increased by 10% to MSEK 76 394 (69 498), corresponding to a 3% organic decline. Structural changes added 2%, and the currency effect was +11%. Revenues were MSEK 76 579 (68 361), corresponding to a 2% organic decline.
Operating profit was MSEK 14 904 (12 244). The operating margin was 19.5% (17.9). The positive impact of changes in exchange rates was to MSEK 2 680.
Profit before tax was MSEK 14 179 (11 655), corresponding to a margin of 18.5% (17.0). Profit for the period totaled MSEK 10 693 (8 840). Basic and diluted earnings per share were SEK 8.78 (7.27) and 8.72 (7.27) respectively.
Operating cash flow before acquisitions, divestments and dividends totaled MSEK 11 600 (9 040).
Near-term demand outlook
The overall demand for the Group is expected to remain at current level.
The overall demand for the Group is expected to remain at current level.
Alfa Laval AB FY 2015 Return on Assets higher to 10.9 (2014 : 8.4)
Financiële Ratio's Alfa Laval AB
Comment from Lars Renström, President and CEO

“Net sales and result reached record levels for a third quarter. At the same time strong cash flows contributed to a reduction of the net debt in relation to EBITDA to below 1.8. The order intake was 8.7 billion – a sequential downturn of 5 percent, mainly explained by fewer large orders being booked.
Within Process Technology the order intake increased somewhat, thanks to the Food & Life Science segment. Demand from the oil and gas sector was on the whole slightly higher than the previous quarter, with good growth in the mid- stream business and petrochemicals. Marine & Diesel showed a sequential downturn, reflecting lower demand for new equipment.
A favourable mix of ship contracts dampened the downturn. Service showed growth, with a particularly good development within pumping systems. Within the Equipment division the order intake decreased sequentially, partly due to vacation effects and a large non-recurring order, partly due to lower demand within Sanitary.
Asia showed a positive development. The market in China grew somewhat, where especially the food related demand developed well. The U.S. showed a decline, primarily explained by larger orders not being repeated. The oil and gas related business was unchanged compared to the previous quarter.”
Financial highlights first nine months of 2015
Order intake decreased by 2 percent* to SEK 27,676 (26,151) million.
Net sales increased by 11 percent* to SEK 28,941 (24,292) million.
Adjusted EBITA was SEK 5,065 (3,955) million.
Adjusted EBITA margin was 17.5 (16.3) percent.
Result after financial items was SEK 4,059 (2,944) million.
Net income was SEK 2,926 (2,057) million.
Earnings per share was SEK 6.93 (4.88).
Cash flow from operating activities was SEK 3,975 (3,433) million.
Impact on EBITA of foreign exchange effects was SEK 370 (-27) million.
Impact on result after financial items of comparison distortion items was SEK - (-320) million.
* Excluding currency effects.
Outlook for the fourth quarter
“We expect that demand during the fourth quarter 2015 will be in line with or somewhat higher than in the third quarter.”
maandag 30 november 2015
Assa Abloy AB FY 2015 Return on Assets higher to 12.3 (2014 : 10.6)
Financiële Ratio's Assa Abloy AB
Source : EuropeanMarkets
Comments by the President and CEO
“The third quarter and the first nine months continued very strongly for ASSA ABLOY, with a rise in sales of 19% for the quarter and totaling 21% for the first nine months of the year,” says Johan Molin, President and CEO. “Operating income grew very satisfactorily by a full 19% for the quarter and a total of 22% for the 9-month period.
“Organic growth for the quarter was 3%, with the mature markets in the USA, the Pacific and Europe continuing their strong growth. However, Global Technologies showed a weak development during the quarter because of delayed projects on the Government ID side and in Biometry. In Asia, the market downturn in China continued at the same time as other markets in the region showed strong growth.
“ASSA ABLOY’s leadership in the field of innovation was recognized once again at ASIS, the USA’s largest security exhibition, where four first prizes were won for innovation. The areas where ASSA ABLOY has been particularly successful include physical access and identity; energy-efficient locks; electromechanical locks; and on-line connected digital door locks for the private residential market. All these areas have great potential for the future, with energy-efficient solutions advancing especially strongly.
“Nergeco, which is the market leader in high-speed doors in the French market and with a strong position in southern Europe in general, was acquired during the quarter. Some further minor acquisitions were made during the quarter. One company acquired was Pickersgill Kaye in the UK, which complements the Group in the high-security lock segment.
“Operating income rose by a full 19% during the quarter. The organic growth of 3% resulted in a good underlying growth in the operating margin, to which continued efficiency improvements contributed especially strongly. However, the margin was unchanged this quarter, being affected by negative exchange-rate effects as well as the normal dilution due to acquisitions.
“My judgment is that the global economic trend remains weak. Although America is showing a positive trend, Europe and many of the Emerging Markets are stagnating. However, our strategy of expanding on the Emerging Markets remains unchanged, since in the long term they are expected to achieve very good economic growth. We are also continuing our investments in new products, especially in the growth area of electromechanics.”
First nine months of the year
Sales for the part-year period totaled SEK 49,799 M (40,996), representing an increase of 21%. Organic growth was 4% (3). Acquired units contributed 3% (10). Exchange-rate effects had a positive impact of SEK 5,561 M on sales, that is 14% (3), compared with the corresponding period of 2014. Operating income before depreciation and amortization, EBITDA, for the part-year period amounted to SEK 9,106 M (7,430). The corresponding margin was 18.3% (18.1). The Group’s operating income, EBIT, amounted to SEK 8,041 M (6,575), which was an increase of 22%. The corresponding EBIT operating margin was 16.1% (16.0).
Earnings per share for the part-year period amounted to SEK 5.02 (4.09), a rise of 23%. Operating cash flow totaled SEK 5,327 M (4,769).
Long-term outlook
Long term, ASSA ABLOY expects an increase in security-driven demand. Focus on end-user value and innovation as well as leverage on ASSA ABLOY's strong position will accelerate growth and increase profitability.
Organic sales growth is expected to continue at a good rate. The operating margin (EBIT) and operating cash flow are expected to develop well.
SKF B FY 2015 Return on Assets lower to 9.3 (2014 : 9.6)
Financiële Ratio's SKF B
Source : EuropeanMarkets
Alrik Danielson, President and CEO:
“The expected weakening of market demand that we flagged for in July materialised and gathered pace during the quarter, especially in Asia and North America. As a result, sales in local currency declined by 5%. Production rates were reduced during the quarter and inventories were kept under control. Our financial performance was impacted by the lower sales volumes.
Agreements have been reached with almost all of the 1 500 white-collar staff that is part of our cost reduction programme. Given current market conditions, these actions alone are, however, not sufficient and we will continue our cost reduction activities across the Group.
In Europe, we saw growth in the railway sector but significantly weaker demand in both the energy and metals sectors. In North America and Asia, overall industrial demand was significantly lower, with the exception of the energy sector in Asia, which saw significant growth.
Our automotive business grew in line with overall market development in Europe but not in North America.
The Automotive Market profit improvement programme is progressing, with a more detailed update to be presented at our upcoming Capital Markets Day.
Divestments of non-core businesses continued, with the sale of Canfield Technologies. The proceeds are being used to strengthen the balance sheet and to be reinvested in our core business.
Entering the fourth quarter, we expect the macro-economic uncertainty to continue and as a consequence we expect demand in the fourth quarter to be slightly lower sequentially and lower year-over-year. We are adjusting our production levels accordingly.”
Outlook for the fourth quarter 2015
Demand compared to the fourth quarter 2014
The demand for SKF’s products and services is expected to be lower for the Group where demand for the Auto motive Market is expected to be relatively unchanged, while demand for the Specialty Business is expected to be slightly lower and demand for the Industrial Market is expected to be lower. Split by markets, demand is expected to be relatively unchanged in Europe and Latin America and significantly lower in North America and Asia.
Demand compared to the third quarter 2015
The demand for SKF’s products and services is expected to be slightly lower for the Group where demand for the Industrial Market and the Automotive Market is expected to be slightly lower while demand for the Specialty Business is expected to be relatively unchanged. Split by markets, demand is expected to be relatively unchanged in Europe and slightly lower in North America, Latin America and Asia.
Source : Press Release SKF B Nine-month report 2015, Gothenburg (Sweden) 16 October 2015
Grifols SA FY 2015 Return on Assets slightly higher to 10.3 (2014 : 10.2)
Financial Ratio's Grifols SA
Source : EuropeanMarkets
Financial highlights
Grifols’ EBITDA to September 2015 reached Euros 856.8 million, a rise of +11.3% compared to the figure of Euros 769.8 million reported for the same period of 2014.
The EBITDA margin reached 29.8% of revenue. Margins were primarily affected by the competitive intravenous immunoglobulin market in the United States, that has not deteriorated during the third quarter; by the decrease of royalties income from the transfusion diagnostics unit; and by the simultaneous operation of two fractionation plants at Clayton (North Carolina, United States) while all production is gradually transferred to the new plant.
The geographic mix of revenues and a slight increase in the cost of plasma related to the opening of new plasma collection centers have been offset by the improvement in production and operational efficiencies obtained in the group's plants.
To September 2015, EBIT has risen by +13.7% to Euros 718.0 million, a figure that represents 25.0% of revenue.
Financial expenditure has declined by -2.3%, or -16.5% when exchange rate effects are excluded.
The net profit attributable to the group has risen by +18.5% to the third quarter and reached Euros 401.6 million, representing 14.0% of revenue.
Financial highlights
Grifols’ EBITDA to September 2015 reached Euros 856.8 million, a rise of +11.3% compared to the figure of Euros 769.8 million reported for the same period of 2014.
The EBITDA margin reached 29.8% of revenue. Margins were primarily affected by the competitive intravenous immunoglobulin market in the United States, that has not deteriorated during the third quarter; by the decrease of royalties income from the transfusion diagnostics unit; and by the simultaneous operation of two fractionation plants at Clayton (North Carolina, United States) while all production is gradually transferred to the new plant.
The geographic mix of revenues and a slight increase in the cost of plasma related to the opening of new plasma collection centers have been offset by the improvement in production and operational efficiencies obtained in the group's plants.
To September 2015, EBIT has risen by +13.7% to Euros 718.0 million, a figure that represents 25.0% of revenue.
Financial expenditure has declined by -2.3%, or -16.5% when exchange rate effects are excluded.
The net profit attributable to the group has risen by +18.5% to the third quarter and reached Euros 401.6 million, representing 14.0% of revenue.
Source : Financial Results Grifols, Barcelona (Spain), November 4, 2015
Técnicas Reunidas SA FY 2015 Return on Assets slightly higher to 6.7 (2014 : 6.5)
Financiële Ratio's Técnicas Reunidas SA
Source : EuropeanMarkets
Financial highlights
• At the end of September 2015, Tecnicas Reunidas’ backlog reached a new high of € 9,977 million, 14%, higher than the 9M 2014, due to a strong order intake. The main contract added to the order book during the 3Q 2015 was the Al Zour refinery project for KNPC in Kuwait.
• After the end of the third quarter, the company signed its first engineering and procurement contract (EP) for Sasol in the US and the ADOC upstream project in Abu Dhabi, to be included in the 4Q 2015 backlog.
• In 9M 2015, revenues grew by 31% to € 3,006 million, as a result of the backlog execution.
• Following sales growth, EBITDA and EBIT grew by 27.0% respectively, to € 159 million and € 148 million. In the 9M 2015, operating margins were slightly lower than the year before.
• Net profit went up 16% to € 115 million, despite a higher tax rate and a smaller financial income.
• Net cash position decreased to € 348 million at the end of September 2015. This is due to the combination of lower downpayments in the recent awarded projects and longer payment milestones in certain large projects under execution.
Outlook
Oil price "lower for longer"
Capex reduction depending on clients and geographies
Clients adapting to oil price scenario's
- longer payment terms
- efficiency plans
Source : 9M 2015 Financial Results Técnicas Reunidas SA, 16th of November 2015
MARR SpA FY 2015 Return on Assets lower to 8.1 (2014 : 10.7)
Financiële Ratio's Marr SpA
Source : EuropeanMarkets
At the end of third quarter the increase in revenues and profits in the first nine months of the year confirmed:
Total consolidated revenues of 1,152.7 million Euros (1,118.1 in 2014)
Consolidated EBITDA of 88.0 million Euros (84.6 in 2014)
Consolidated EBIT of 75.5 million Euros (72.6 in 2014)
Net consolidated result of 48.9 million Euros (43.6 in 2014) benefitting from a non-recurrent income of 1.7 million
Outlook
In a market context which in the last few months has shown a gradual improvement, also benefitting from favourable conditions such as the EXPO event and the good performance during the summer season, on the basis of the results of the first nine months, the management team confirms its objectives for the end of the business year: increase in market share, maintaining the profit levels achieved and keeping the absorption of the net trade working capital under control.
Source : Press Release Marr SpA, Rimini (Italy), 13 November 2015
zaterdag 28 november 2015
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