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Aalberts Industries: Earnings and EPS guidance fell short

Aalberts Industries: Earnings and EPS guidance fell short

15.8.2013 9:23

Group sales were € 1,017m (KBC: 1,072, CSS: 1,038), a decline of 1.3% y/y of which organic growth was -1.7%. The gross margin rose 70bp y/y to 60.3%. EBITA was € 107.4m (KBC: 118.5, CSS 112). Interest costs declined 25% y/y to € -8m, but the net financial result was flat y/y at € -10m because it included € -2m in IFRS-adjustments for FX, hedges and pensions, vs. € +0.8m in 1H12. The amortisation-adjusted tax-rate was 24.5% (+60bp y/y). Net profit before amortization was € 73.0m (KBC: 83.2, CSS 78.1).

Sales and earnings in 2Q13 were clearly better than in 1Q13, acc to mgt.

Industrial Services:
Sales were € 302m (KBC: 325, CSS: 312), EBITA was € 37.7m (KBC: 43.9, CSS: 2.2) and the margin was 12.5% (KBC and CSS: 13.5%). Organic sales growth was -4.3% (KBC: +3%).

Flow Control:
Sales were € 714m (KBC: 746, CSS: 729), EBITA was € 69.7m (KBC: 74.6, CSS: 71.9), the margin was 9.8% (KBC: 10.0%, CSS: 9.9%). Organic sales growth was -0.5% (KBC: +3%).

Balance sheet and cash flow:
Net debt was € 668m, net debt/EBITDA was 2.3x (2.3x end 1H12) and WC was € 473m or 23.5% of 12-months rolling sales (21.0% end 1H12). The jump in WC was due to other current liabilities (€ -25m y/y); there were no large swings in inventories, debtors, and creditors. CF from WC was € -130m (-113 in 1H12) which reflects mid-year seasonality and should reverse in 2H13. CF from operations was € -20m (-2 in 1H12).

Guidance FY 2013 repeated, and now also includes EPS guidance:
Management expects sales and EBITA to grow y/y, which is similar to previous guidance. A very small acquisition was announced recently, but it carries sales of only € 5m per annum and it will only partly be consolidated so it should have no material impact on guidance. Management added an outlook on EPS, which they believe to be flat y/y, which we believe falls short of consensus expectations. The gap between EBITA and EPS should be in IFRS-related adjustments in the net financial result, a slightly difficult base for the tax-rate in 2H13, and a rise in the number of shares owed to stock dividends. Management indicated that capex will be more orless flat y/y, compared to previous indications of growth in capex.

Conclusion:
We expect a negative share price reaction today since the numbers and guidance on EPS fell short on expectations. We are curious to learn the pace of sales recovery in 2Q13 over 1Q13 as that may shed some light on trends for 2H13.

Analyst meeting at 14.00 CET. No webcast.


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