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Atlas Copco Group

Atlas Copco Group. Q3 Results October 23, 2003. Contents. Q3 Business Highlights Market Development Business Areas Financials Outlook. Q3 - Highlights. Increased volume Improved demand from manufacturing and mining customers Strong growth in priority markets Improved profitability

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Atlas Copco Group

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  1. Atlas Copco Group Q3 Results October 23, 2003

  2. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook

  3. Q3 - Highlights • Increased volume • Improved demand from manufacturing and mining customers • Strong growth in priority markets • Improved profitability • High revenue volume and a favourable sales mix • Further efficiency improvements mitigate negative currency effect • Continued improvement in Rental Service • Strong cash flow

  4. Q3 - Figures in summary • Order and revenue volume up 5% • Operating margin at 12.7% (11.8) • Profit after financial items MSEK 1,368 (1,241) • Negative currency effect MSEK 300 • Earnings per share up 15% to SEK 4.25 • Operating cash flow at MSEK 1,702 (1,645)

  5. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook

  6. Orders received - Local currency September 2003 Group total +4% YTD (+7%, 3 months) 35 +6 +6 43 -3 +1 11 +22 +35 6 +4 +19 3 +5 +10 2 +10 +12 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, %

  7. Q3 - The Americas September 2003 • Unchanged demand in North America • U.S. non-residential building remained at recent low levels, affecting demand for rental equipment and light construction equipment • Demand for investment related equipment unchanged • Positive development for mining and some industrial segments in South America 43 -3 +1 3 +5 +10 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, %

  8. Q3 - Europe and Africa/Middle East September 2003 • Slightly better demand in Europe • Strong development in Eastern Europe, particularly in Russia • Improved demand from manufacturing and process industries • Still low construction activity • Improved demand in Africa/Middle East 35 +6 +6 6 +4 +19 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, %

  9. Q3 - Asia and Australia September 2003 • Good development overall • Strong growth in China • Favorable demand trends in most markets in the region 11 +22 +35 2 +10 +12 A= Portion of Group sales last 12 months, % A B C B= Year-to-date vs prev. year, % C= Last 3 months vs prev. year, %

  10. Volume Growth per Quarter • Change in orders received in % vs. same Quarter previous year

  11. Group Total Sales Bridge

  12. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook

  13. Compressor Technique • Order volume up significantly, +15% • Growth in orders for industrial compressors, fuelled by demand in Asia and Europe • Recovery in orders for portable compressors and generators • Aftermarket continued to grow in all regions • Margin at 18.6% (19.4%) • Volumes, prices and efficiency measures mitigate large negative currency effects • Acquisition of Puska Pneumatic, Spain

  14. Compressor Technique % %

  15. Rental Service • No improvement in non-residential building • Still down year-on-year • Rental revenues increased 2% in USD • Price increase of 3% • Same store volume growth • Double digit operating margin at 10.2% • An effect of better rental rates, high fleet utilization and efficiency improvements • Another quarter of strong cash flow

  16. U.S. Construction August, 2003

  17. Rental Service Rental Revenue Volume Development % %

  18. Rental Service EBIT - Bridge

  19. Industrial Technique • Order volume down 4% • Up for industrial tools in all regions except North America but down for professional electric tools • Restructuring projects on track and contributing to recent margin improvement • Operating margin at 10% • Product cost reductions and favorable sales mix offset negative currency effects

  20. Industrial Technique % %

  21. Construction & Mining Technique • Order volume growth, +8% • Mining orders continued to improve • Stabilization of order trend for light construction equipment • Very high invoicing offset sharply negative impact from currency • Acquisition of Chinese rock drilling equipment manufacturer

  22. Construction & Mining Technique % %

  23. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook

  24. Income Statement

  25. Balance Sheet September 30, 2003

  26. Cash Flow

  27. Capital Expenditures in Tangible Fixed Assets Net rental fleet investment = MSEK 1,254 MSEK 12 months Quarterly 1999 2000 2001 2002 2003

  28. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook

  29. Near-term Outlook The overall demand for the Group’s products and services, seasonally adjusted, is expected to improve slightly. The demand for industrial equipment is expected to continue to increase gradually in most geographical markets, and the demand from the mining industry is foreseen to remain favorable. Construction activity is expected to stay at a relatively low level in the biggest markets, the United States and the European Union.

  30. The face of interaction

  31. Cautionary Statement • “Some statements herein are forward-looking and the actual outcome could be materially different. In addition to the factors explicitly commented upon, the actual outcome could be materially effected by other factors like for example, the effect of economic conditions, exchange-rate and interest-rate movements, political risks, impact of competing products and their pricing, product development, commercialization and technological difficulties, supply disturbances, and the major customer credit losses.”

  32. Contents • Q3 Business Highlights • Market Development • Business Areas • Financials • Outlook • Additional Information

  33. Long Term Trend • Excluding goodwill impairment charge in Q3 2002

  34. Compressor Technique

  35. Rental Service • Excluding goodwill impairment charge in Q3 2002

  36. Industrial Technique

  37. Construction & Mining Technique

  38. Return on Capital Employed 12 month values 1999 2000 2001 2002 2003 • Excluding goodwill impairment charge in Q3 2002

  39. Atlas Copco Group Inventories, Customer Receivables and Net Rental Equipment Percent of Sales 12 Month Values 1999 2000 2001 2002 2003

  40. Capital Structure Net Debt / Equity

  41. Cash and Interest-Bearing Debt MSEK Net borrowings 19,325 Dec. 1999 22,270 Dec. 2000 20,078 Dec. 2001 13,694 Dec. 2002 9,442 Sept. 2003

  42. The face of interaction

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