STOCKHOLM, Sweden, Aug. 16, 2004 (PRIMEZONE) -- Alfa Laval AB:
"The second quarter 2004 was another strong quarter for Alfa Laval.
The order intake increased by more than 20 percent, excluding exchange rate variations, compared to the same period 2003. All customer segments and geographical areas showed an increase.
Net sales increased by more than 15 percent, excluding exchange rate variations, compared to the same period 2003.
The EBITA margin has been affected by a lower gross margin in the quarter. This is mainly due to a combination of FX variations, larger portion of capital sales, competitive pricing on certain larger projects and an increased assertiveness by our sales force. We have taken measures with the aim to raise the gross margin to the previous higher level.
We believe that we have improved our competitive position and increased our market shares. We maintain our positive outlook for the year with an even more positive view on the order intake."
Sigge Haraldsson, President and CEO, Alfa Laval
Summary of the second quarter 2004:
-- Order intake increased to SEK 4,174 (3,554) million, meaning
an increase by 20.4 percent excluding exchange rate variations.
-- Net sales increased to SEK 3,798 (3,402) million, meaning an
increase by 15.4 percent excluding exchange rate variations.
-- Adjusted EBITA increased to SEK 420 (412) million, including
adverse foreign exchange effects of SEK 75 million.
-- Adjusted EBITA-margin was 11.1 percent (12.1).
-- Result after financial items increased to SEK 259 (214) million.
-- Cash flow from operating activities was SEK 198 (435) million.
Summary of the first six months 2004:
-- Order intake, excluding exchange rate variations, increased by
21.4 percent to SEK 8,103 (6,932) million.
-- Net sales, excluding exchange rate variations, increased by 13.8
percent to SEK 6,982 (6,397) million.
-- Adjusted EBITA increased to SEK 803 (734) million, including
adverse foreign exchange effects of SEK 143 million.
-- Adjusted EBITA-margin was 11.5 percent (11.5).
-- Result after financial items increased to SEK 470 (355) million.
-- Result after tax was SEK 259 (272) million.
-- Earnings per share were SEK 2.32 (2.44).
-- Cash flow from operating activities was SEK 519 (650) million.
Outlook 2004
The continued recovery in the market that Alfa Laval predicted in the Year End Report in February 2004 has been fulfilled during the first six months. Based on the outcome for the first half of 2004 we believe in a very strong increase in orders received during the full year 2004.
We assess that the EBITA-margin, excluding currency effects, will be improved.
Earlier published outlook (April 27, 2004): Markets recovered during the second half of 2003 within most of the customer segments in which Alfa Laval is active. It is our opinion that the recovery will continue during 2004. Assuming that the recovery will not be affected by unforeseen events in the world, we believe in a strong increase in orders received during 2004.
We assess that the EBITA-margin, excluding currency effects, will be improved.
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The following files are available for download:
http://www.waymaker.net/bitonline/2004/08/16/20040815BIT20020/wkr0001.pdf Interim Report April 1 - June 30, 2004