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Atlas Copco Group
Q3 2012 results
October 24, 2012
Q3 - highlights
Good quarter despite softer market
Solid profitability
Orders up 1% compared with Q3 2011– Orders for equipment weakened somewhat compared to recent quarters
– Aftermarket remained on a good level
Strong cash flow
Continued strong value creation
October 24, 20122
Orders, revenues and operating margin
0%
5%
10%
15%
20%
25%
0
5 000
10 000
15 000
20 000
25 000
10 Q1 10 Q2 10 Q3 10 Q4 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3
Orders received, MSEK Revenues, MSEK Operating margin, %
October 24, 20123
Quarterly figures
Q3 - figures in summary
Orders received increased to MSEK 21 379, organic growth of 1%
Revenues up 7% to MSEK 22 094, organic growth 6%
Operating profit increased to MSEK 4 918 (4 800), a margin of 22.3% (23.1)– Includes items affecting comparability of MSEK +68 (+134). Adjusted operating
margin at 22.0% (22.5)
Profit before tax at MSEK 4 734 (4 703)
Basic earnings per share SEK 2.87 (2.96)
Operating cash flow at MSEK 4 611 (2 125)– Includes divestment of financial assets of approx. MSEK 1 400
October 24, 20124
Orders received - local currency
October 24, 20125
A B C
September 2012
20 +4 +7
10 +13 +3
29 +3 -2
12 +13 +10
22 -2 +2
7 +24 +13
A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %
C = Last 3 months vs. previous year, %
100 +6 +4
Q3 - the Americas
Healthy demand in North America– Orders received increased for compressors
– Lower order intake for mining equipment
Small order growth year-on-year in South America– Lower order volumes sequentially for mining and rock
excavation equipment
October 24, 20126
A B C
September 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %
C = Last 3 months vs. previous year, %
20 +4 +7
10 +13 +3
Q3 - Europe and Africa/Middle East
Orders received decreased in Europe– Negative trend in most countries
– Healthy order intake for compressors
Increased order intake in Africa / Middle East – Healthy level of business for all business areas
October 24, 20127
A B C
September 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %
C = Last 3 months vs. previous year, %
29 +3 -2
12 +13 +10
Q3 - Asia and Australia
Mixed development in Asia – Orders increased year-on-year, but decreased
somewhat sequentially
– Good development in South East Asia and South Korea
– China orders on good level, but slightly lower than Q2
Order growth vs. Q3 2011 in Australia– Orders declined sequentially
October 24, 20128
A B C
September 2012 A = Share of orders received, year-to-date, %
B = Year-to-date vs. previous year, %
C = Last 3 months vs. previous year, %
22 -2 +2
7 +24 +13
Organic* growth per quarter
Change in orders received in % vs. same quarter previous year
October 24, 20129
Atlas Copco Group, continuing operations
*Volume and price
Orders Orders MSEK received Revenues received Revenues2011 21 151 20 739 65 028 58 913Structural change, % +3 +3 +3 +3Currency, % -3 -2 +1 +1Price, % +2 +2 +2 +2Volume, % -1 +4 +1 +9Total, % +1 +7 +7 +152012 21 379 22 094 69 469 67 785
July - September January - September
Atlas Copco Group – sales bridge
October 24, 201210
Atlas Copco Group
October 24, 201211
12 months until September 2012
CompressorTechnique38%
Industrial Technique
11%
ConstructionTechnique
37%
Revenues per business area
Mining and Rock ExcavationTechnique
14%
-15
-10
-5
0
5
10
15
20
25
30
-15
-10
-5
+0
+5
+10
+15
+20
+25
+30
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
% %
Compressor Technique
Healthy level of order intake – Improvement for gas and process
compressors
– Growth in aftermarket
Operating margin at 24.0% (24.1)– Supported by currency
Acquisition of nitrogen and oxygen generator business
October 24, 201212
-40
-30
-20
-10
0
10
20
30
40
-40
-30
-20
-10
+0
+10
+20
+30
+40
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
Industrial Technique
Weaker demand for tools and assembly systems than in recent quarters
The aftermarket continued to grow
Operating margin at 21.0% (21.9)– Negatively impacted by currency
October 24, 201213
-30
-20
-10
0
10
20
30
40
50
-30
-20
-10
+0
+10
+20
+30
+40
+50
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
% %
Mining and Rock Excavation Technique
Lower order volumes for mining and rock excavation equipment
Strong demand for service and parts
Customers cautious in replenishing consumables inventory
Operating margin at 24.5% (25.6)– Negatively impacted by currency
October 24, 201214
-20
-15
-10
-5
0
5
10
15
20
-40
-30
-20
-10
+0
+10
+20
+30
+40
2009 2010 11 Q1 11 Q2 11 Q3 11 Q4 12 Q1 12 Q2 12 Q3
Organic* revenue growth: Change vs. same period previous year, %
Operating margin, %
% %
Construction Technique
Weaker demand for equipment– Weak Europe, good North America
Healthy aftermarket
Operating margin at 11.5% (11.8)– MSEK 30 in restructuring costs in Q3
2011 – adjusted margin 12.8%
Reorganization of production in Karlskrona affects 78 employees
October 24, 201215
MSEK 2012 2011 %
Orders received 21 379 21 151 +1
Revenues 22 094 20 739 +7
Operating profit 4 918 4 800 +2
– as a percentage of revenues 22.3 23.1
Profit before tax 4 734 4 703 +1
– as a percentage of revenues 21.4 22.7
Profit for the period 3 486 3 601 -3
Basic earnings per share, SEK 2.87 2.96
Return on capital employed, % 37 36
July - September
Group total
October 24, 201216
July – September 2012 vs. 2011
Profit bridge
October 24, 201217
July – September 2012 vs. 2011
Q3 2012 Organic Growth Currency One-time items Share related Q3 2011MSEK Price/Volume Acq./Div. LTI-programsAtlas Copco GroupRevenues 22 094 1 315 -530 570 0 20 739EBIT 4 918 309 -180 185 -196 4 800% 22.3% 23.5% 23.1%
Q3 2012 Organic Growth Currency One-time items Q3 2011MSEK Price/Volume Acq./Div.Compressor TechniqueRevenues 8 599 395 -240 180 8 264EBIT 2 065 55 20 0 1 990% 24.0% 13.9% 24.1%Industrial TechniqueRevenues 2 280 234 -75 305 1 816EBIT 479 51 -45 75 398% 21.0% 21.8% 21.9%Mining and Rock Excavation TechniqueRevenues 8 278 671 -105 70 7 642EBIT 2 031 202 -105 -25 1 959% 24.5% 30.1% 25.6%Construction TechniqueRevenues 3 074 -118 -115 15 3 292EBIT 355 -35 -35 35 390% 11.5% 29.7% 11.8%
Profit bridge – by business area
October 24, 201218
July – September 2012 vs. 2011
MSEK Sep. 30, 2012 Dec. 31, 2011 Sept. 30, 2011
Intangible assets 15 718 15 352 13 886
Rental equipment 1 900 2 117 2 103
Other property, plant and equipment 6 723 6 538 6 215
Other non-current assets 3 738 3 983 4 161
Inventories 18 642 17 579 16 961
Receivables 21 551 21 996 20 457
Current financial assets 1 395 1 773 1 625
Cash and cash equivalents 8 772 5 716 6 520
Assets classified as held for sale 1 55 48TOTAL ASSETS 78 440 75 109 71 976
Total equity 31 386 28 839 26 525
Interest-bearing liabilities 22 522 21 939 22 537
Non-interest-bearing liabilities 24 532 24 331 22 914TOTAL EQUITY AND LIABILITIES 78 440 75 109 71 976
Balance sheet
October 24, 201219
MSEK 2012 2011Operating cash surplus 5 333 5 132 of which depreciation added back 664 644Net financial items -164 -159Taxes paid -1 111 -857Change in working capital -106 -925Increase in rental equipment, net -53 -330Cash flows from operating activities 3 899 2 861Investments of property, plant & eq., net -350 -399Other investments, net 1 062 -337Cash flow from investments 712 -736Operating cash flow 4 611 2 125Company acquisitions/ divestments -349 -490
July - September
Cash flow
October 24, 201220
Near-term outlook
The overall demand for Atlas Copco’s products and services is expected to decrease somewhat.
October 24, 201221
Committed tosustainable productivity.
October 24, 201223
Cautionary Statement
“Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially and adversely affected by other factors such as the effect of economic conditions, exchange-rate and interest-rate movements, political risks, the impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and major customer credit losses.”
October 24, 201224