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Q2 Report
July 17, 2015
Keith McLoughlin, President and CEO
Tomas Eliasson, CFO
(SEKm) Q2 2014 Q2 2015 Change
Sales 26,330 31,355 +19.1%
Organic growth 7.0%
Acquired growth 0.1%
Currency 12.0%
EBIT 63 9...
• Professional laundry bridging the gap in the professional market
– New range creates a great opportunity in a completely...
Sales in Local Currencies
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
-6%
-4%
-2%
0%
2%
4%
6%
8%
2011 2...
Major Appliances EMEA
• Continued strong performance
– Continued positive organic growth
– Market demand improved in most
...
-20%
-15%
-10%
-5%
0%
5%
10%
2006 2007 2008 2009 2010 2011 2012 2013
European White Goods Market
6 Core White market devel...
Major Appliances North America
• Sequential improvement of results
– Strong organic growth driven by
significant sales inc...
-20%
-15%
-10%
-5%
0%
5%
10%
15%
2006 2007 2008 2009 2010 2011 2012 2013
North American White Goods Market
8
Quarterly com...
Major Appliances Latin America
• Good execution in tough markets
– Strong organic growth of 11.4%
– Market demand for appl...
Major Appliances Asia/Pacific
• Solid earnings performance
– Strong sales growth in Australia while
sales in Southeast Asi...
Small Appliances
• Cost actions taken
– Organic growth of 3%
– Volumes declined as a result of
lower sales volumes in Nort...
Professional Products
• Steady margin development
– Organic growth of +5.1%
– Higher sales volumes driven by both
laundry ...
Financials
Q2-15
Tomas Eliasson, CFO
Financials
14
SEKm Q2 2014 Q2 2015 Change
Sales 26,330 31,355 +19.1%
Organic -3.8% 7.0%
Acquired - 0.1%
Currency -1.1% 12....
Q2 Sales and EBIT Bridge
15 *Other includes SEK 123m costs related to the GE transaction booked in Group common cost and S...
Currency Effects
16
Major transaction effects by, SEKm Q1 Q2 Q3 Q4
Latin America -140 -300
RUB -80 -35
AUD, CAD -45 -125
G...
Pre-Closure Transaction Cost GEA
17
SEKm Total 2014 H1 2015 H2 2015
At
closing
Transaction
(EBIT Group)
M&A
advisory,
lawy...
Q2 Cash Flow
18
SEKm 2014 Q2 2015 Q2
Operations 2,114 2,042
Net operating
working capital
1,496 1,560
Other operating asse...
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 ...
Outlook and
summary
Keith McLoughlin, President and CEO
Tomas Eliasson, CFO
Outlook
21
Q3 2015 FY 2015 Comments
Market volumes
Slightly
positive
Slightly
Positive
Positive growth in NA and Europe
La...
Q&A
Summary Q2
 Positive organic growth in all business areas driven mainly by
mix improvements
 Operating income in EMEA, A...
24
Factors affecting forward-
looking statements
Factors affecting forward-looking statements
This presentation contains “...
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Electrolux Interim Report Q2 2015 - Presentation

Highlights of the second quarter of 2015. Net sales increased to SEK 31,355m (26,330). Sales increased by 19.1%, of which 7.0% was organic sales growth, 0.1% acquisitions and 12.0% currency translation. Organic sales growth across all business areas.

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Electrolux Interim Report Q2 2015 - Presentation

  1. 1. Q2 Report July 17, 2015 Keith McLoughlin, President and CEO Tomas Eliasson, CFO
  2. 2. (SEKm) Q2 2014 Q2 2015 Change Sales 26,330 31,355 +19.1% Organic growth 7.0% Acquired growth 0.1% Currency 12.0% EBIT 63 921 n.m. Margin % 0.2 2.9 2.7 EPS -0.32 2.12 n.m. Q2 Highlights • Growth in all business areas – Organic growth of 7% – Good development in North America Latin America and Professional – Strong performance in EMEA – Positive currency translation • EBIT of SEK 921m – Price/mix and cost improvements contributed positively – Earnings improvement in EMEA, Asia/Pacific, SA and Professional – Unfavourable currency transaction impact • Strong cash flow generation 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 2 EBIT % Note: EBIT figure for Q2 2014 includes SEK 1,104m of restructuring charges Note: EBIT margin excluding restructuring charges
  3. 3. • Professional laundry bridging the gap in the professional market – New range creates a great opportunity in a completely new market segment – The myPro washer and dryer fills the gap between the professional and the small businesses, which includes small hotels, restaurants, hair salons and sport centers • North America launches the company’s first-ever connected appliance – The Frigidaire Cool Connect Air Conditioner entered the market in June – The appliance can be synced up to a smart phone and be controlled remotely through the “Frigidaire Smart Appliance App”, downloadable for free on Itunes Market Highlights 3
  4. 4. Sales in Local Currencies 95,000 100,000 105,000 110,000 115,000 120,000 125,000 130,000 -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% SalesSEKm
  5. 5. Major Appliances EMEA • Continued strong performance – Continued positive organic growth – Market demand improved in most Europan markets, while demand in Russia and Ukraine fell sharply – Electrolux sales volumes increased in Western Europe – Positive mix mitigated continued price pressure – Underlying EBIT more than doubled as a result of improved product mix and ongoing cost efficiency program 5 Note: EBIT margin excluding restructuring charges (SEKm) Q2 2014 Q2 2015 Change Sales 8,107 8,699 7.3% Organic growth 2.7% Currency 4.6% EBIT -901 426 n.m. Margin % -11.1 4.9 16.0 EBIT % -1% 0% 1% 2% 3% 4% 5% 6% 7% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Note: EBIT figure for Q2 2014 includes SEK 1,100m of restructuring charges
  6. 6. -20% -15% -10% -5% 0% 5% 10% 2006 2007 2008 2009 2010 2011 2012 2013 European White Goods Market 6 Core 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 +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 -23 Quarterly comparison y-o-y 2014 2015
  7. 7. Major Appliances North America • Sequential improvement of results – Strong organic growth driven by significant sales increase in air- conditioninig – Several categories in core white also increased – Earnings continued to be impacted by the DoE transition within cold products – Continued ramp-up costs and inefficiencies within the new cooking plant in Memphis – Actions underway to restore profitability 7 (SEKm) Q2 2014 Q2 2015 Change Sales 8,464 11,717 38.4% Organic growth 11.4% Currency 27.0% EBIT 680 401 -41.0% Margin % 8.0 3.4 -4.6 EBIT % -2% 0% 2% 4% 6% 8% 10% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215
  8. 8. -20% -15% -10% -5% 0% 5% 10% 15% 2006 2007 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 execution in tough markets – Strong organic growth of 11.4% – Market demand for appliances continued to decline in Brazil – Price increases mitigated to a large extent currency headwinds – Further actions taken to adapt the cost base – Uncertain macro-economic outlook 9 (SEKm) Q2 2014 Q2 2015 Change Sales 4,064 4,476 10.1% Organic growth 11.4% Currency -1.3% EBIT 138 107 -22.5% Margin % 3.4 2.4 -1.0 EBIT % 0% 2% 4% 6% 8% 10% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215
  10. 10. Major Appliances Asia/Pacific • Solid earnings performance – Strong sales growth in Australia while sales in Southeast Asia and China declined – Volumes in Australia grew in all categories, except air-con – Positive impact from higher prices offsets negative currency – Lower warranty and transportation costs had a positive impact on earnings 10 (SEKm) Q2 2014 Q2 2015 Change Sales 2,221 2,576 16.0% Organic growth 0.7% Acquired growth 0.8% Currency 14.5% EBIT 102 135 32.4% Margin 4.6 5.2 0.6 EBIT % 0% 2% 4% 6% 8% 10% 12% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215
  11. 11. Small Appliances • Cost actions taken – Organic growth of 3% – Volumes declined as a result of lower sales volumes in North America and Latin America – Positive mix contribution due to focus on more profitable products – Price increases in some markets but currency continues to have a negative net effect – Cost reduction measures taken during the quarter, mainly in North America 11 (SEKm) Q2 2014 Q2 2015 Change Sales 1,938 2,198 13.4% Organic growth 2.6% Currency 10.8% EBIT -41 -4 n.m. Margin % -2.1 -0.2 1.9 EBIT % -4% -2% 0% 2% 4% 6% 8% 10% 12% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215
  12. 12. Professional Products • Steady margin development – Organic growth of +5.1% – Higher sales volumes driven by both laundry and food business – Sales increased in Western Europe, NA and Middle East & Africa – Initiatives in new markets and segments are getting traction – Improved EBIT as a result of higher sales volumes and efficiency gains – Closed acquisition of Veetsan 12 (SEKm) Q2 2014 Q2 2015 Change Sales 1,536 1,689 10.0% Organic growth 5.1% Currency 4.9% EBIT 172 220 27.9% Margin % 11.2 13.0 1.8 EBIT % 0% 2% 4% 6% 8% 10% 12% 14% Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215
  13. 13. Financials Q2-15 Tomas Eliasson, CFO
  14. 14. Financials 14 SEKm Q2 2014 Q2 2015 Change Sales 26,330 31,355 +19.1% Organic -3.8% 7.0% Acquired - 0.1% Currency -1.1% 12.0% EBIT 63 921 n.m. EBIT margin % 0.2 2.9 2.7 Op cash flow after investments 3,307 3,107 -6.0% EPS -0.32 2.12 n.m.
  15. 15. Q2 Sales and EBIT Bridge 15 *Other includes SEK 123m costs related to the GE transaction booked in Group common cost and SEK 72m costs related to the GE integration cost booked in North America SEKm Q2 2014 Volume Price/Mix Currency Translation Currency Transaction Acq Other* Q2 2015 Net sales 26,330 1,360 704 2,952 - 19 - 31,355 Growth - +4.6% +2.4% +12.0% - +0.1% - 19.1% EBIT 1,167 -120 205 184 -330 10 -195 921 EBIT 4.4% -8.8% 29.1% 6.2% - - - 2.9% Accretion 0.2% -1.1% 0.0% -0.7% Organic 0.0 %
  16. 16. Currency Effects 16 Major transaction effects by, SEKm Q1 Q2 Q3 Q4 Latin America -140 -300 RUB -80 -35 AUD, CAD -45 -125 GBP, CHF -40 +130 Total -422 -330 Translation effects, SEKm Q1 Q2 Q3 Q4 Total 144 184 Total currency effects, SEKm -278 -146 Price/mix effect, SEKm 297 205
  17. 17. Pre-Closure Transaction Cost GEA 17 SEKm Total 2014 H1 2015 H2 2015 At closing Transaction (EBIT Group) M&A advisory, lawyers, auditors 395 110 140 145 0 Integration (EBIT EMA NA) Integration team and external consultants 230 50 120 60 0 Funding (finance net) *) Bridge facility 295 - - - 295 Total estimated cost 920 160 260 205 295 *) Incurred finance cost capitalized, depreciates as from closing
  18. 18. Q2 Cash Flow 18 SEKm 2014 Q2 2015 Q2 Operations 2,114 2,042 Net operating working capital 1,496 1,560 Other operating assets and liabilities 461 465 Investments -764 -960 Cash flow after investments 3,307 3,107 *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 Keith McLoughlin, President and CEO Tomas Eliasson, CFO
  21. 21. Outlook 21 Q3 2015 FY 2015 Comments Market volumes Slightly positive Slightly Positive Positive growth in NA and Europe Latin America negative Price/Mix Slightly Positive Slightly Positive Latin America, North America and Asia/Pacific: positive Europe: positive product mix Raw-material costs Positive Positive FY: ~SEK 700m 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. Q&A
  23. 23. Summary Q2  Positive organic growth in all business areas driven mainly by mix improvements  Operating income in EMEA, Asia/Pacific, Small Appliances and Professional improved  Sequential recovery in North America, but operations continued to be impacted by transition costs and the ramp-up of new cooking plant  Good cost execution and price increases in Latin America partly mitigated a weak market and currency headwinds  Strong cash flow generation and cash conversion in the quarter 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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