Ronnie LetenOkay, thank you Hans Ola and good afternoon all of you here and good morning of those who are dialing in from the other side of the world. As usually I will go through the presentation and refer to the slides when I move on so that we are talking about the same slide. Now let’s go immediately to the business highlights. As you have already seen in the press release we have put out, I think is a very strong order growth and we saw that they in all business areas and we saw that almost in all customer segments and in all regions. So it’s an easiest statement to make on that one. We had record orders received in Asia. We got fantastic order received in South America as well as in Australia. And one thing I would like to say here when you see the third point is a very strong performance in aftermarket. I think our investments what we have done since years already is really now proven also to yield very good development. It has been so good even that we do not have a mix difference between quarter one compared to quarter two, although you see that the equipment has been growing rapidly. Record operating margin, if we compare comparable businesses coming from of course very good volume, solid pricing, our efficiency measures, our innovation which we have done over the last 18 months, something, I think is also yielding good result, and of course we should not forget the currency. I think one thing we should make is if we make a comparison sequentially with quarter one to quarter two, it more or less had 1% coming from revaluation of the receivables. And then this was my biggest surprise, I think a very strong operating cash flow.
We then take slide number 4. The figures, they speak for themselves. Operating margins SEK 3.5 billion almost compared to last year. It is 69% up. The earnings per share, more than SEK 2 billion, which is a very solid development and the operating cash flow SEK 2.8 billion.If I go then to slide number 6, giving you an overview of the different continents, you see its very nice to make a presentation like this when you’ll have double digit, high double digit figures and maybe one could say and I will comment later on when I talk about Australia, we see only plus 15, but I will make my remark later on that one. But anyhow, a very solid development plus 35% in the last three months and in the year if we exclude cancellations almost to 30%. If I then go to the different continents and we take the Americans and more specific, North America, a very strong development compared to of course to last year when we should also not forget that last year quarter two was a softer quarter, but we see a good development from equipment and also a solid development from the aftermarket. Now one particular remark here is the demand on industrial equipment, this is really developing well, you see that specially on the Industrial Technique side as well on the compressor side. When we look to the figures plus 56, it is a bit inflated by the Quincy acquisition, which is a bit more than 10%, so if we exclude that it would be come to plus 45. On Quincy maybe another remark on that, I think it goes very well. The integration is up today according to plan. I think also our distributors from Quincy are on Board and we only have our nose in the direction of growth.
Let me take then South America, all countries are doing extremely well. Of course we always talked about Brazil and Chile but I can say also Argentina and Colombia are doing very well and you see it also in the figures.Then I go to slide number 8, Europe and Africa. Europe is maybe if we compare with quarter one is maybe the biggest change. We see a bit of a mixed view in Europe where the Nordic as it says here, Eastern Europe and Russia are developing solidly where Southern European and I think it is no surprise for anyone of you, is weak and that’s also what we see. But anyhow, compared to last year, plus 28. Of course it comes if you have countries like Russia, they were really down because they come up now at a reasonable level. Read the rest of this transcript for free on seekingalpha.com