STOCKHOLM, Sweden, Feb. 16, 2004 (PRIMEZONE) -- Alfa Laval AB:
"Order intake was very strong during the fourth quarter, 15.7% better than the corresponding period 2002, excluding exchange rate differences.
The positive trend started already at the end of the second quarter and order intake during the last six months was 10.7% better than the corresponding period 2002, excluding exchange rate variations. The Equipment division is ahead and continued to show a stronger upturn. Also the Process Technology division improved and order intake during the fourth quarter showed an increase compared to the same period last year.
The EBITA-margin for the whole year was 11.7% and was impacted by a negative exchange rate effect of SEK 273 million. This was SEK 58 million more than earlier estimated, due to a further weakening of the dollar during the last quarter of the year. Adjusted for the currency effect the EBITA margin was 12.7% compared with 12.0% for 2002."
Sigge Haraldsson, President and CEO, Alfa Laval
Summary of the fourth quarter 2003:
-- Order intake increased to SEK 3,750 (3,501) million, meaning an
increase by 15.7 percent excluding exchange rate variations.
-- Net sales were SEK 4,086 (4,175) million, meaning an increase by 6.6
percent excluding exchange rate variations.
-- Adjusted EBITA was SEK 463 (535) million, including adverse foreign
exchange effects of SEK 121 million.
-- Adjusted EBITA-margin was 11.3 percent (12.8).
-- Result after financial items was SEK 275 (346) million.
-- Cash flow from operating activities increased to SEK 629 (580)
million.
Summary of the full year 2003: -- Order intake was SEK 14,145 (14,675) million, meaning an increase by 4.9 percent excluding exchange rate variations. -- Net sales were SEK 13,909 (14,595) million, meaning an increased by 3.6 percent excluding exchange rate variations. -- Adjusted EBITA was SEK 1,627 (1,755) million, including adverse foreign exchange effects of SEK 273 million. -- Adjusted EBITA-margin was 11.7 percent (12.0). -- Result after financial items increased to SEK 817 (372) million. -- Result after tax increased to SEK 646 (120) million. -- Earnings per share increased to SEK 5.78 (1.41). -- Cash flow from operating activities was SEK 1,654 (1,924) million. -- The Board of Directors will propose a dividend of SEK 4.00 (2.00) per share at the shareholders' meeting.
Outlook 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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http://www.waymaker.net/bitonline/2004/02/16/20040215BIT20040/wkr0001.pdf
http://www.waymaker.net/bitonline/2004/02/16/20040215BIT20040/wkr0003.doc