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Nederman Holding AB, Sweden
COMPANY WATCH
Amiad Filtration Systems Ltd, Israel Key Figures (US$ million) Year ended 31.12 2011
2010
Revenue
Nederman Holding AB, Sweden Key Figures (SEK million) First quarter ended 31.3 2012
2011
117.3
89.4
Net Sales
505.9
459.0
Cost of Sales
66.1
50.8
Cost of Goods Sold
293.6
264.7
Gross Profit
51.2
38.7
Gross Profit
212.3
194.3
Selling and Marketing Costs
28.2
22.7
Selling Expenses
139.8
119.6
Administrative and General Expenses
12.3
11.6
R&D Expenses
5.7
5.8
Operating Profit
8.9
4.3
Operating Profit
29.6
5.7
Profit before Income Tax
8.3
3.5
Profit/(Loss) before Taxes
24.0
(4.3)
Net Profit
7.0
3.1
Net Profit/(Loss)
18.5
(3.3)
COMMENT Amiad, the Israel-based water filter and filtration systems manufacturer, has posted fiscal 2011 revenues of US$117.3 million, an increase of 31.1% on the year earlier. The bottom line also grew strongly, with operating profit up 109.9% to US$8.9 million and net profit up 130.3% on the 2010 equivalent at US$7.0 million. “We are pleased to announce such a strong increase in sales and profits, reflecting the organic growth in Amiad’s traditional segments and the first full-year contribution from Arkal,” Arik Dayan, Amiad’s CEO, said. The irrigation segment, which constituted approximately 43% of Amiad’s total revenues, increased by 36% compared with the 2010 comparator, while they grew 33% in the industrial and municipal to account for 53% of sales. Revenues generated by the ballast water and oil & gas segments were up 80% on the year earlier to represent 4% of total revenues. Amiad reported continued good growth in Asia. This included a large oil & gas project in China, together with two significant irrigation contracts. In India, the company reported continued expansion at its subsidiary 10
Filtration Industry Analyst
following the completion of the product assembly line in late 2010, which is now producing a small number of filters for the steel industry. Among the highlights in the Americas, was the opening of Amiad Brazil during the year to focus on a range of markets including the oil & gas and municipal segments. In June 2011, Amiad secured a significant project to provide its proprietary Arkal SpinKlin Disc Filters for the Aquapolo tertiary wastewater treatment project in São Paulo, Brazil. Amiad also enjoyed its best ever year in Australia in terms of both revenues and profits. This success has continued into the new year, with two recently awarded significant contracts in Australia, for reverse osmosis and pre-filtration membrane protection for desalination and oil & gas projects. “Looking ahead, we continue to expand our footprint globally and have entered 2012 with a much higher backlog than this time last year,” Dayan said. “With the global trend of investment in water infrastructure projects persisting, we expect demand for Amiad’s products to rise, resulting in year-on-year growth.” ■ www.amiad.com
COMMENT Nederman has posted net sales for the first quarter of fiscal 2012 of SEK505.9 million, up 10.2% on the year earlier. Adjusted for currency effects and the impact of acquisitions, the company said the increase was equivalent to 4.9%. Net profit for the period was significantly stronger, with the company reversing a year earlier loss of SEK3.3 million to record a profit of SEK18.5 million. New order development was more mixed, with the overall figure of SEK493.7 million representing a 1.6% gain on 2011, but a decrease of 4.3% when adjusted. Despite the year-on-year progress, Sven Kristensson, Nederman’s CEO, expressed some disappointment with the quarter’s results. “After a very strong finish to 2011 and a good start to 2012, the first quarter ended weaker than expected,” Sven Kristensson, Nederman’s CEO, said. “The general economic picture remains complex, even if some of the more troubled countries are reaching firmer ground.” During the quarter Nederman acquired Netherlands-based
distribution firm Lebon & Gimbrair, as well as its Turkish counterpart Havak Endüstri Tesisleri. Nederman had previously cooperated with both firms for many years. In terms of geography, Nederman’s Europe, Middle East and Africa (EMEA) segment saw net sales increase 10.2% (adjusted: 4.3%) on the year earlier to SEK363.7 million, equivalent to 71.9% of total revenues. Incoming orders for the quarter were SEK357.7 million, up 4.9% on 2011 (although down 2.1% when adjusted for currency effects and acquisition). The company’s International segment saw net sales climb 10.2% (adjusted: 6.4%), although new orders were down 6.0% (adjusted 9.3%). Nederman’s profit excluding acquisition and restructuring costs was SEK36.5 million, with an adjusted operating margin of 7.2%. “Our reading of demand for Nederman’s solutions and products continues to be positive although we must remember that orders received in the first half of 2011 were strong,” Kristensson said. ■ www.nederman.com
May 2012
Amiad Filtration Systems Ltd, Israel Key Figures (US$ million) Year ended 31.12 2011
2010
Revenue
Nederman Holding AB, Sweden Key Figures (SEK million) First quarter ended 31.3 2012
2011
117.3
89.4
Net Sales
505.9
459.0
Cost of Sales
66.1
50.8
Cost of Goods Sold
293.6
264.7
Gross Profit
51.2
38.7
Gross Profit
212.3
194.3
Selling and Marketing Costs
28.2
22.7
Selling Expenses
139.8
119.6
Administrative and General Expenses
12.3
11.6
R&D Expenses
5.7
5.8
Operating Profit
8.9
4.3
Operating Profit
29.6
5.7
Profit before Income Tax
8.3
3.5
Profit/(Loss) before Taxes
24.0
(4.3)
Net Profit
7.0
3.1
Net Profit/(Loss)
18.5
(3.3)
COMMENT Amiad, the Israel-based water filter and filtration systems manufacturer, has posted fiscal 2011 revenues of US$117.3 million, an increase of 31.1% on the year earlier. The bottom line also grew strongly, with operating profit up 109.9% to US$8.9 million and net profit up 130.3% on the 2010 equivalent at US$7.0 million. “We are pleased to announce such a strong increase in sales and profits, reflecting the organic growth in Amiad’s traditional segments and the first full-year contribution from Arkal,” Arik Dayan, Amiad’s CEO, said. The irrigation segment, which constituted approximately 43% of Amiad’s total revenues, increased by 36% compared with the 2010 comparator, while they grew 33% in the industrial and municipal to account for 53% of sales. Revenues generated by the ballast water and oil & gas segments were up 80% on the year earlier to represent 4% of total revenues. Amiad reported continued good growth in Asia. This included a large oil & gas project in China, together with two significant irrigation contracts. In India, the company reported continued expansion at its subsidiary 10
Filtration Industry Analyst
following the completion of the product assembly line in late 2010, which is now producing a small number of filters for the steel industry. Among the highlights in the Americas, was the opening of Amiad Brazil during the year to focus on a range of markets including the oil & gas and municipal segments. In June 2011, Amiad secured a significant project to provide its proprietary Arkal SpinKlin Disc Filters for the Aquapolo tertiary wastewater treatment project in São Paulo, Brazil. Amiad also enjoyed its best ever year in Australia in terms of both revenues and profits. This success has continued into the new year, with two recently awarded significant contracts in Australia, for reverse osmosis and pre-filtration membrane protection for desalination and oil & gas projects. “Looking ahead, we continue to expand our footprint globally and have entered 2012 with a much higher backlog than this time last year,” Dayan said. “With the global trend of investment in water infrastructure projects persisting, we expect demand for Amiad’s products to rise, resulting in year-on-year growth.” ■ www.amiad.com
COMMENT Nederman has posted net sales for the first quarter of fiscal 2012 of SEK505.9 million, up 10.2% on the year earlier. Adjusted for currency effects and the impact of acquisitions, the company said the increase was equivalent to 4.9%. Net profit for the period was significantly stronger, with the company reversing a year earlier loss of SEK3.3 million to record a profit of SEK18.5 million. New order development was more mixed, with the overall figure of SEK493.7 million representing a 1.6% gain on 2011, but a decrease of 4.3% when adjusted. Despite the year-on-year progress, Sven Kristensson, Nederman’s CEO, expressed some disappointment with the quarter’s results. “After a very strong finish to 2011 and a good start to 2012, the first quarter ended weaker than expected,” Sven Kristensson, Nederman’s CEO, said. “The general economic picture remains complex, even if some of the more troubled countries are reaching firmer ground.” During the quarter Nederman acquired Netherlands-based
distribution firm Lebon & Gimbrair, as well as its Turkish counterpart Havak Endüstri Tesisleri. Nederman had previously cooperated with both firms for many years. In terms of geography, Nederman’s Europe, Middle East and Africa (EMEA) segment saw net sales increase 10.2% (adjusted: 4.3%) on the year earlier to SEK363.7 million, equivalent to 71.9% of total revenues. Incoming orders for the quarter were SEK357.7 million, up 4.9% on 2011 (although down 2.1% when adjusted for currency effects and acquisition). The company’s International segment saw net sales climb 10.2% (adjusted: 6.4%), although new orders were down 6.0% (adjusted 9.3%). Nederman’s profit excluding acquisition and restructuring costs was SEK36.5 million, with an adjusted operating margin of 7.2%. “Our reading of demand for Nederman’s solutions and products continues to be positive although we must remember that orders received in the first half of 2011 were strong,” Kristensson said. ■ www.nederman.com
May 2012