Alimak Group
Q3 2023, 24 October 2023
Ole Kristian Jødahl, CEO
Sylvain Grange, CFO
Alimak Group - a diversified global industrial company
Highlights
- Leading provider of premium vertical access and working at height solutions
- 3,000 employees, sales in +120 countries, presence in 28 countries
- Decentralised organisation with 5 customer centric divisions
Alimak Group entities
Drivers for success
Supported by global trends
Leading market position in
focused niches
Global footprint with a large
installed base
Spare parts and service
Strong balance sheet and cash conversion
2
New Heights programme - our strategic roadmap
1 | 2 | 3 |
Establish the base | Secure margin improvements | Profitable growth |
2020 | 2021 | 2022-2025 |
3
Financial targets and dividend policy
Market growth, product development, cross-
selling, and continued M&A
Continued operational efficiency, Tractel
synergies, and Facade Access improvements
Strong focus on working capital improvements
and limited capex need
Dividend pay-out ratio of 40-60%
Revenue growth
6-10%
EBITA margin
>18%
Leverage ratio
<2.5x
4
Business update - Q1 | FOR INTERNAL USE ONLY | |
New heights for profit and cash flow | Q3 | |
- Positive momentum and another solid quarter, despite an overall challenging macro environment
- Adjusted EBITA-margin of 16.1% (13.7%)
- Aggregated EBITA increased by 7%*
- Outstanding cash flow from operations
- Improved working capital management
- Deleveraging to net debt/EBITDA of 2.53 (2.47, incl R12 months Tractel EBITDA)
5 | * Aggregated numbers as if Tractel was acquired as of 1 January 2022 |
Group quarterly summary | Q3 |
- Order intake was MSEK 1,678, +55% (+55% from acquisitions. -4% organically)
- Strong organic growth in Construction and Wind
- Facade Access faced delayed award decisions, due to high interest rates
-
Revenue was MSEK 1,730 +58%
(53% from acquisitions. 1% organically) - Strong organic growth in Industrial and Wind
- EBITA adj. increased to MSEK 279 (150), margin at 16.1% (13.7). Adj. aggregated EBITA increased by 7%*
- High performance in Industrial, Wind and Construction
- Improved margin in Facade Access
Order intake & Revenue by Quarters
MSEK
2 200 | ||||||||
1 870 | 1 782 | |||||||
2 000 | ||||||||
1 678 | ||||||||
1 800 | ||||||||
1 396 | ||||||||
1 600 | ||||||||
1 400 | ||||||||
1 086 | ||||||||
1 200 | ||||||||
1 000 | ||||||||
800 | ||||||||
600 | ||||||||
400 | ||||||||
200 | 1 095 | 1 403 | 1 745 | 1 784 | 1 730 | |||
0 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA adj & EBITA adj by Quarters
MSEK | % | ||||
320 | 20 | ||||
16,6 | 16,5 | ||||
270 | |||||
15,5 | 16,1 | 17 | |||
220 13,7
170 | 14 | ||||||||
120 | 11 | ||||||||
70 | 8 | ||||||||
150 | 217 | 289 | 295 | 279 | |||||
20 | |||||||||
-30 | 5 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | |||||
EBITA adj. | EBITA adj. % | ||||||||
Order intake & Revenue by R12M
MSEK
7 000 | 6 726 | |||||||
6 134 | ||||||||
6 000 | 5 601 | |||||||
4 784 | ||||||||
5 000 | ||||||||
4 300 | ||||||||
4 000 | ||||||||
3 000 | ||||||||
4 137 | 4 512 | 5 321 | 6 027 | 6 662 | ||||
2 000 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA adj & EBITA adj by R12M
MSEK | % | ||||||||
1 200 | 15,0 | 15,8 | 16,2 | 18 | |||||
1 100 | 13,1 | 13,6 | 16 | ||||||
1 000 | |||||||||
14 | |||||||||
900 | |||||||||
12 | |||||||||
800 | |||||||||
700 | 10 | ||||||||
600 | |||||||||
8 | |||||||||
500 | |||||||||
6 | |||||||||
400 | |||||||||
4 | |||||||||
300 | 542 | 616 | 797 | 951 | 1 080 | ||||
200 | 2 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | |||||
EBITA adj. | EBITA adj. % | ||||||||
6 * Aggregated numbers as if Tractel was acquired as of 1 January 2022
Facade Access | Q3 |
- Order intake was MSEK 376, +9% (+55% from acquisitions. -48% organically)
- Service continues to contribute positively
- Impact of higher interest rates resulting in some projects being put on hold or delayed in all geographies
- Comparing to a strong Q3 last year, including a major project in Hong Kong
- Our higher margin expectations have led us to step out of a few tenders
- Revenue was MSEK 507, +56% (+68% from acquisitions. -16% organically)
- EBITA at MSEK 40 (12), margin 7.8% (3.7)
- Continued execution on the transformation program to deliver significantly improved margins over time
Order intake & Revenue by Quarters
MSEK | ||||||||
550 | ||||||||
493 | ||||||||
500 | ||||||||
450 | 433 | |||||||
376 | ||||||||
364 | ||||||||
400 | ||||||||
345 | ||||||||
350 | ||||||||
300 | ||||||||
250 | ||||||||
325 | 443 | 485 | 495 | 507 | ||||
200 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA & EBITA margin by Quarters
MSEK | EBITA % & EBITA By Quarters | % | ||||||||
50 | 10 | |||||||||
7,6 | 7,8 | |||||||||
40 | 6,0 | 5,3 | 7 | |||||||
3,7 | ||||||||||
30 | 4 | |||||||||
20 | 1 | |||||||||
10 | -2 | |||||||||
12 | 34 | 29 | 26 | 40 | ||||||
0 | -5 | |||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||||
EBITA | EBITA % | |||||||||
Order intake & Revenue by R12M
MSEK
2 000
1 800 | 1 617 | 1 635 | 1 666 | |||||
1 389 | ||||||||
1 600 | ||||||||
1 307 | ||||||||
1 400 | ||||||||
1 200 | ||||||||
1 000 | ||||||||
800 | ||||||||
1 258 | 1 372 | 1 566 | 1 748 | 1 930 | ||||
600 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA & EBITA margin by R12M
MSEK | % | |||||||||
160 | 15 | |||||||||
120 | 12 | |||||||||
9 | ||||||||||
80 | 5,2 | 5,8 | 6,7 | |||||||
6 | ||||||||||
4,1 | 4,1 | |||||||||
40 | ||||||||||
3 | ||||||||||
51 | 56 | 81 | 101 | 128 | ||||||
0 | 0 | |||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||||
EBITA | EBITA % | |||||||||
7
Facade Access - business update | Q3 |
- Transformation program well under way
- Organization 100% implemented, commercial 90%, operations work in progress
- Innovation on Integrated Design Services (upstream engineering design services offered to architects and general contractors)
- New web site to be launched Q1 2024, presenting all 3 brands and all offerings
- Strong focus on retrofit, refurbishment and replacement with local service teams
- Levers for CO2 reduction identified, work in progress
8
Facade Access - new projects | Q3 |
- Sky Towers, Dolmen City, Karachi, Pakistan
- 35-storeystwin towers (existing buildings)
- 2 Manntech Type 6 BMUs will be added to the existing 2 BMUs to meet the client requirements of improving the cleaning cycles
- Medical Properties Trust, Atlanta, USA
- Equipment for sprawling 4 story building. The top three levels will feature Davit systems and Travsmart HLL systems
- The main roof will have more than 1200 feet of lifelines, and the third floor more than 500 feet of lifelines
- Campus Point CP3, San Diego, USA
- Equipment for 9 story Campus Point CP3. The building will have our standard 8' 6" davits
- Tractel's 12'6" extended davits will be provided for hard-to-reach areas of the exterior of the building
9
Construction | Q3 |
- Order intake was MSEK 489, +65% (+26% from acquisitions. 36% organically)
- Strong rental and new equipment order intake
- Major rental orders received in Australia, Canada, France and Germany on large multi-storey projects
- Revenue was MSEK 440, +25% (+22% from acquisitions. -1% organically)
- High level of rental activity
- EBITA at MSEK 82 (65), margin 18.7% (18.6)
Order intake & Revenue by Quarters
MSEK | ||||||||
550 | ||||||||
494 | 469 | 476 | 489 | |||||
500 | ||||||||
450 | ||||||||
400 | ||||||||
350 | ||||||||
297 | ||||||||
300 | ||||||||
250 | ||||||||
351 | 387 | 467 | 402 | 440 | ||||
200 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA & EBITA margin by Quarters
MSEK | % | |||||||||
100 | 25 | |||||||||
90 | ||||||||||
18,6 | 18,8 | 18,5 | 17,5 | 18,7 | 20 | |||||
80 | ||||||||||
70 | 15 | |||||||||
60 | ||||||||||
10 | ||||||||||
50 | ||||||||||
65 | 73 | 86 | 71 | 82 | ||||||
40 | 5 | |||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||||
EBITA | EBITA % | |||||||||
Order intake & Revenue by R12M
MSEK
2 000 | 1 928 | |||||||
1 900 | ||||||||
1 735 | ||||||||
1 800 | ||||||||
1 613 | ||||||||
1 700 | ||||||||
1 600 | ||||||||
1 466 | ||||||||
1 500 | ||||||||
1 400 | ||||||||
1 228 | ||||||||
1 300 | ||||||||
1 200 | ||||||||
1 100 | ||||||||
1 249 | 1 346 | 1 543 | 1 607 | 1 695 | ||||
1 000 | ||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||
Revenue | Order intake | |||||||
EBITA & EBITA margin by R12M
MSEK | % | |||||||||
350 | 20 | |||||||||
18,7 | ||||||||||
18,3 | 18,4 | |||||||||
18,1 | 18,1 | |||||||||
300 | ||||||||||
18 | ||||||||||
250 | ||||||||||
16 | ||||||||||
200 | ||||||||||
225 | 243 | 288 | 295 | 312 | ||||||
150 | 14 | |||||||||
Q3-22 | Q4-22 | Q1-23 | Q2-23 | Q3-23 | ||||||
EBITA | EBITA % | |||||||||
10
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Disclaimer
Alimak Group AB published this content on 24 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 October 2023 08:27:33 UTC.