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NACON Investor Presentation 2010
1539_rns_2010-04-27_6ed5c545-6279-4268-bd6f-9d73b8cd5e1b.pdf
Investor Presentation
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VACON
DRIVEN BY DRIVES
Interim Report
January–March 2010
April 27th, 2010
Vesa Laisi, President and CEO
Eriikka Söderström, CFO
Vacon Plc
VACON DRIVEN BY DRIVES
Disclaimer
- The content of this presentation contains time-sensitive information that is accurate as of the time hereof.
- A number of forward-looking statements will be made during this presentation. Forward-looking statements are any statements that are not historical facts. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by Vacon.
- If any portion of this presentation is rebroadcast, retransmitted or redistributed at a later date, Vacon will not be reviewing or updating the material that is contained herein.
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Outline
- Highlights Q1/2010, Vesa Laisi, President and CEO
- Financial Report, Eriikka Söderström, CFO
- Outlook, Vesa Laisi, President and CEO
- Appendix
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Order intake on the growth path
- AC drive market showed signs of picking up during the first quarter 2010
- Order intake increased 15 % from Q4/2009 and 6 % from Q1/2009.
- In Asia orders up by 26 %, in Europe orders up by 5 % and North and South America orders down by 7 % from Q1/2009.
- The difficult market conditions in 2009 still affected revenues in the first quarter
- The strong order intake in Q1 will increase the Group's revenues in the second quarter.
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Highlights Q1/2010
| MEUR | Q1/2010 | Q1/2009 | Change |
|---|---|---|---|
| Order intake | 72.8 | 69.0 | +6 % |
| Revenues | 65.3 | 70.0 | -7 % |
| Operating profit | 4.6 | 7.1 | -35 % |
| Operating profit -% | 7.0 | 10.1 | |
| Operating cash flow | 1.9 | 6.3 | -70 % |
| EPS, eur | 0.17 | 0.29 | -41 % |
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Dividend and Annual General Meeting
- Vacon Plc's Annual General Meeting of Shareholders was held in Vaasa on 23 March 2010.
- The AGM decided to pay a dividend of EUR 0.70 per share.
- Juha Kytölä and Panu Routila were elected as new members of the board of directors.
- Jan Inborr was re-elected chairman and Mika Vehviläinen was elected vice-chairman of the Board of Directors at the Board's constituency meeting.
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Financial Report
Eriikka Söderström,
Chief Financial Officer,
Vacon Plc
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Revenues
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Orders and revenues
■ Order intake, meur
■ Revenues, meur
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Order intake and order book
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Revenues by region
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Revenues by sales channel
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EBIT
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Revenues and EBIT-%
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Research and development costs
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Operating Cash Flow
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Working capital
| MEUR | 31.3.2010 | 31.12.2009 | 31.3.2009 |
|---|---|---|---|
| Inventories | 21.8 | 19.3 | 23.1 |
| Non-interest bearing receivables | 57.7 | 51.3 | 60.4 |
| Non-interest bearing liabilities | 44.6 | 39.3 | 40.3 |
| Net working capital | 34.9 | 31.2 | 43.2 |
| Net working capital of rolling revenues, % | 13.1 | 11.5 | 14.5 |
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Key balance sheet ratios
Equity ratio
Net Debt and Gearing,%
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Outlook
Vesa Laisi, President and CEO
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Strategy
The Goal 2014
| Profitable Growth | 500 MEUR | EBIT > 14 % | ROE > 30 % |
|---|---|---|---|
Strategic Choices
| 100 % focus on AC drives | Product leadership | Multi-channel sales | Global presence and transnational operations |
|---|---|---|---|
Strategic Competences
| AC drives know-how | Common product platform design & product portfolio management | Customer relationship management | Mass customization, demand flow technology and global sourcing | Global ICT infrastructure and applications |
|---|---|---|---|---|
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Prospects 2010
| ACT 2009 | FC 2010 | |
|---|---|---|
| Revenues, MEUR | 272,0 | > 272 |
| EBIT margin, % | 8,3 % | ~ 8,3 % |
| EPS, EUR | 1.01 | > 1,01 |
| ROE, % | 20,5 % | ~ 20,5 % |
- During the first quarter of 2010 the AC drive market was showing signs of recovery.
- Vacon estimates that revenues in 2010 will increase from 2009. It expects relative profitability to be similar to that in 2009 and earnings per share to improve from 2009.
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Risks and factors causing uncertainty
| The uncertainty in general demand | The availability and quality of raw materials and components. |
|---|---|
| Foreign exchange risks | Price competition |
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Capital Markets Day
- Vacon is holding a Capital Markets Day in London on Tuesday, 25 May 2010 between 12 am and 3 pm local time, at the Vineyard, Vinopolis Wine world, No 1 Bank End, London, SE1 9BU.
- Registration to Johanna Koskinen by email [email protected], as soon as possible, no later than 6 May 2010.
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Major shareholders March 31, 2010
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Contacts
- Vesa Laisi, CEO,
- +358 40 8371 510, e-mail: [email protected]
- Eriikka Söderström, CFO,
- +358 40 8371 445, e-mail: [email protected]
- Johanna Koskinen, IR,
- +358 40 8371 528, e-mail: [email protected]
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BREVEN BY DRIVES
Every AC motor deserves a Vacon drive
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Calendar
Vacon is publishing two interim reports in 2010 as follows:
- January-June: 4 August 2010
- January-September: 27 October 2010
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