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Electrolux Interim Report Q1 2015 - Presentation

Highlights of the first quarter of 2015. Net sales increased to SEK 29,087m (25,629). The sales increase is a result of strong positive currency translation. Sales increased by 13.5%, of which -0.5% was organic sales, 0.1% acquisitions and 13.9% currencies.

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Electrolux Interim Report Q1 2015 - Presentation

  1. 1. Q1 Report April 24, 2015 Q1 Report April 24, 2015 Keith McLoughlin, President and CEO Tomas Eliasson, CFO Keith McLoughlin, President and CEO Tomas Eliasson, CFO
  2. 2. (SEKm) Q1 2014 Q1 2015 Change % Sales 25,629 29,087 +13.5% Organic growth -0.5% Acquired growth 0.1% Currency 13.9% EBIT 731 516 -29.4% Margin % 2.9 1.8 -1.1% EPS 1.50 1.18 -21.3% Q1 Highlights • Continued mix improvement – Continued growth in Europe – Good performance in Latin America, Asia/Pacific and Professional – Currency translation effects • EBIT of SEK 516m – Price/mix improvements partly offset lower volumes – Earnings improvement in EMEA – Negative impact from the results in North American operations – Unfavourable currency impact 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 2 EBIT %
  3. 3. Market highlights • New Frigidaire Professional line to be launched in North America – High-end brand with professional-inspired look and performance – Fills strategic place in the existing portfolio with potential to drive future growth in the North American market • Electrolux largest launch of the Westinghouse brand in Australia – The range comprises kitchen appliances targeting the mass segments – Over 400 retailers attended the event in Sydney and Melbourne in March 2015 3
  4. 4. Sales in Local Currencies 95,000 100,000 105,000 110,000 115,000 120,000 125,000 -6% -4% -2% 0% 2% 4% 6% 8% 2011 2012 2013 2014 2015 Organic growth % Acquired growth % Sales in local currencies, 12M rolling 4 Growth% SalesSEK
  5. 5. Major Appliances EMEA • Strong margin improvement – Positive organic growth of 3.0% – Improved markets in Western Europe but demand in Eastern Europe impacted by decline in Russia – Continued positive mix trend – increased sales in built-in segments – Ongoing cost improvement and increased efficiency – Currency and price pressure affect earnings 5 (SEKm) Q1 2014 Q1 2015 Change % Sales 7,865 8,608 9.4% Organic growth 3.0% Currency 6.4% EBIT 142 371 161.3% Margin % 1.8 4.3 2.5% EBIT % -1% 0% 1% 2% 3% 4% 5% 6% 7% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  6. 6. -20% -15% -10% -5% 0% 5% 10% 2006 2007 2008 2009 2010 2011 2012 2013 European White Goods Market 6Core White market development % W. Eur. +4 +1 +1 +5 +1 +1 -1 -5 -4 -4 -5 -8 -9 -9 -4 -2 +1 0 0 0 -2 -2 -3 -3 -2 -4 -2 -2 -3 0 -1 -1 +2 +1 +1 +3 +4 E. Eur. +1 +9 +6 +7 +14 +5 +5 +10 +6 +5 +4 -15 -31 -30 -26 -17 -7 +1 +5 +13 +13 +12 +7 +9 +5 +3 +2 +2 +3 +2 +1 -2 +4 +1 -4 +1 -10 Quarterly comparison y-o-y 2014 2015
  7. 7. Major Appliances North America • Slow start of the year – Sales volumes impacted by seasonally weak market – Lower sales of air-conditioning – Earnings continued to be impacted by the product transition to comply with new energy requirements – Continued ramp-up costs and inefficiencies within the new cooking plant in Memphis – Actions initiated to restore profitability 7 (SEKm) Q1 2014 Q1 2015 Change % Sales 7,664 9,313 21.5% Organic growth -3.6% Currency 25.1% EBIT 382 -57 nm Margin % 5.0 -0.6 nm EBIT % -2% 0% 2% 4% 6% 8% 10% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  8. 8. -20% -15% -10% -5% 0% 5% 10% 15% 2008 2009 2010 2011 2012 2013 North American White Goods Market 8 Quarterly comparison y-o-y 2014 2015
  9. 9. Major Appliances Latin America • Good performance in challenging markets – Positive organic growth of 2% – Weak market conditions in Brazil and other Latin American countries – Price increases mitigated to a large extent negative currency effects – Continued measures to adjust cost base in a deteriorating market 9 (SEKm) Q1 2014 Q1 2015 Change % Sales 4,790 5,261 9.8% Organic growth 2.0% Currency 7.8% EBIT 211 177 -16.1% Margin % 4.4 3.4 -1.0% EBIT % 0% 2% 4% 6% 8% 10% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  10. 10. Major Appliances Asia Pacific • Earnings improvement in soft markets – Higher volumes in Australia and Asia while China declined – Negative mix in Australia – Lower product and transportation costs had a positive impact on earnings – BeefEater integration proceeding well 10 (SEKm) Q1 2014 Q1 2015 Change % Sales 1,928 2,241 16.2% Organic growth -2.3% Acquired growth 1.0% Currency 17.5% EBIT 11 52 nm Margin 0.6 2.3 1.7% EBIT % 0% 2% 4% 6% 8% 10% 12% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  11. 11. Small Appliances • Seasonally weak quarter – Sales impacted by lower volumes in the US and Latin America – Positive mix due to focus on more profitable new range products – Continued growth in SDA (Small domestic appliances) – Currencies continue to have a negative effect – Cost reduction activities continuing 11 (SEKm) Q1 2014 Q1 2015 Change % Sales 2,001 2,139 6.9% Organic growth -5.5% Currency 12.4% EBIT 33 -8 nm Margin % 1.6 -0.4 nm EBIT % -4% -2% 0% 2% 4% 6% 8% 10% 12% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  12. 12. Professional Products • Good margin development – Organic growth of +3.0% – Higher sales volumes and increased market share – Sales increased in Western Europe and in emerging markets – Strategic initiatives to grow in new markets and segments – Improved profitability thanks to higher sales volumes and efficiency gains – Announced acquisition of Veetsan 12 (SEKm) Q1 2014 Q1 2015 Change % Sales 1,380 1,525 10.5% Organic growth 3.0% Currency 7.5% EBIT 126 170 34.9% Margin % 9.1 11.1 2.0% EBIT % 0% 2% 4% 6% 8% 10% 12% 14% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115
  13. 13. Financials Q1-15 Financials Q1-15 Tomas Eliasson, CFOTomas Eliasson, CFO
  14. 14. Financials 14 SEKm Q1 2014 Q1 2015 Change Sales 25,629 29,087 +13.5% Organic 4.5% -0.5% Acquired - 0.1% Currency -3.3% 13.9% EBIT 731 516 -29.4% EBIT margin % 2.9 1.8 - Op cash flow after investments -123 -383 n.m. EPS 1.50 1.18 -21.3%
  15. 15. Q1 Sales and EBIT bridge 15 *Other includes SEK 17m costs related to the GE transaction booked in Group common cost SEKm Q1 2014 Volume Price/Mix Currency Translation Currency Transaction Acq Other* Q1 2015 Net sales 25,629 -1,321 1,185 3,572 - 22 - 29,087 Growth - -4.5% +4.0% +13.9% - +0.1% - 13.5% EBIT 731 -217 297 144 -422 0 -17 516 EBIT 2.9% -16.4% 25.1% 4.0% - - - 1.8% Accretion 0.1% -1.5% 0.0% -0.1% Organic 0.3 %
  16. 16. Currency Effects 16 Major transaction effects by, SEKm Q1 Q2 Q3 Q4 BRL -140 RUB -80 CLP -45 ARS -40 Total -422 Translation effects, SEKm Q1 Q2 Q3 Q4 Total 144 Total currency effects, SEKm -278 Price/mix effect 297
  17. 17. Pre-Closure Transaction Cost GEA 17 Total 2014 2015 Transaction (EBIT Group) M&A advisory, lawyers, auditors ~300m 110m 190m Integration (EBIT EMA NA) Integration team and external consultants ~180m 50m 130m Funding (finance net) *) Bridge facility ~240m - 240m Total estimated cost ~720m 160m 560m *) Incurred finance cost capitalized, recognised at closing
  18. 18. Q1 Cash Flow 18 SEKm 2014 Q1 2015 Q1 Operations 1,706 1,566 Net operating working capital 589 264 Other operating assets and liabilities -1,749 -1,418 Investments -669 -795 Cash flow after investments -123 -383 *Operating cash flow after investments
  19. 19. Cash flow, 2012-2015 19 SEKm -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2012 2013 2014 2015 Cash flow after investments
  20. 20. Outlook and summary Outlook and summary Keith McLoughlin, President and CEO Tomas Eliasson, CFO Keith McLoughlin, President and CEO Tomas Eliasson, CFO
  21. 21. Outlook 21 Q2 2015 FY 2015 Comments Market volumes Flat Slightly Positive Positive growth in NA and Europe Latin America negative Price/Mix Slightly Positive Slightly Positive Latin America and North America positive Europe: positive product mix Asia/Pacific: positive product mix Raw-material costs Positive Positive FY: ≥ SEK 500m Cost savings SEK 250- 300m SEK 1.0 – 1.2bn Efficiencies from global operations, manufacturing footprint and modularization Capex Stable Stable FY: ≤ SEK 4bn
  22. 22. 22 2222 Q&A
  23. 23. Summary Q1  Strong performance in EMEA, Professional Products and good performance in Latin America  Mix improvements in most business areas  Price increases and mix improvements partly mitigated currency headwinds  Earnings impacted by the operations in North America due to transition costs and inefficiencies due to the ramp-up of new cooking plant  Cost synergies from the pending GE Appliances have been revised upwards to USD 350m 23
  24. 24. 24 Factors affecting forward- looking statements Factors affecting forward-looking statements This presentation contains “forward-looking” statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Such statements include, among others, the financial goals and targets of Electrolux for future periods and future business and financial plans. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. These factors include, but may not be limited to the following: consumer demand and market conditions in the geographical areas and industries in which Electrolux operates, effects of currency fluctuations, competitive pressures to reduce prices, significant loss of business from major retailers, the success in developing new products and marketing initiatives, developments in product liability litigation, progress in achieving operational and capital efficiency goals, the success in identifying growth opportunities and acquisition candidates and the integration of these opportunities with existing businesses, progress in achieving structural and supply-chain reorganization goals.

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