HALDEX INTERIM REPORT REPORT JANUARY – MARCH 2013
Q1: Stable margins in spite of lower volumes
Haldex Group, January – March 2013
- Sales amounted to SEK 951 m compared to SEK 1,073 m in the corresponding period last year. Adjusted for exchange rate fluctuations, sales decreased 7% compared to the same period prior year.
- Operating income and operating margin amounted to SEK 55 m (64) and 5.8% (6.0), respectively.
- Earnings after tax amounted to SEK 28 m (35). Earnings per share amounted to SEK 0.61 (0.75).
- Cash-flow from operating activities amounted to SEK 29 (65). The cash flow was negatively impacted by SEK 11 m due to restructuring in 2012.
- Changes in Haldex Group Management with Andreas Ekberg as new Chief Financial Officer, CFO, and Pramod Mistry as Senior Vice President, Business Development.
- In North America, Haldex signed supply agreements for the Automatic Brake Adjuster and Actuator to a total value of SEK 225 m over a five year period.
- During the quarter, Haldex secured contracts in the Emerging Markets totalling SEK 75 m. In China Haldex has been certified as a high technology enterprise by the Chinese Government. Haldex has also been nominated as supplier of Air Disc Brake by Dongfeng Commercial Vehicle Company.
Key ratios, Haldex Group
|Amounts in SEK m||Jan-March
|Operating margin, %||5.8||6.0|
|Earnings after tax||28||35|
|Earnings per share, SEK||0.61||0.75|
Comments from the President and CEO Bo Annvik;
“After a weak fourth quarter 2012 with destocking and factory shutdowns by our major OE customers we experienced a stronger demand during the first quarter 2013, especially during the second half of the quarter. All regions showed improved sales this quarter compared to last quarter 2012. Even though we saw positive market signs, our sales decreased 7% compared to the same quarter 2012. Despite the lower volumes Q1-2013, compared to Q1-2012, we were able to keep a stable return on sales, mainly driven by our restructuring program finalized during 2012, and our constant work and efforts to optimize our processes and improve our efficency. I am pleased that we have secured important contracts with both new as well as existing customers in North America and in the Emerging Markets during the quarter. One of our key products, the Automatic Brake Adjuster, continues to bring new business to Haldex around the globe.”
This report has been prepared in accordance with the altered IAS 19 “Employee benefits”. The revised standard affects the Income statement (Financial net and Taxes), the Balance sheet (Equity, Pension liability and Deferred taxes) and Other Comprehensive Income. All comparison numbers have been restated according to the altered standard, including key figures. For further information please see Accounting principles.
Q1: Interim report, January – March, 2013, April 25
Annual General Meeting
Time: 16.00, CET, Venue: IVAs Konferenscenter,
Wallenbergsalen, Grev Turegatan 16, Stockholm, April 25
Haldex Capital Markets Day, Venue: Berns, Stockholm, May 22
Q2: Interim report January – June, 2013, July 19
Q3: Interim report, January – September, 2013, November 6
Media and analysts are invited to a press conference at which the report will be presented with comments by Bo Annvik, President and CEO, and Andreas Ekberg, CFO. The presentation will also be webcasted live and you can participate with questions by telephone.
Date/Time: Thursday, April 25, at 11:00 CET
Venue: IVA, Grev Turegatan 16, Stockholm – Conference room: ”Rausing”
Sandwiches and coffee will be served at 10:30 CET.
To join the telephone conference:
You can participate with questions by telephone.
SE: +46 (0)8 505 564 74
UK: +44 203 364 5374
US: +1 855 753 2230
The presentation will be web casted live at:
The webcast will also be available afterwards and you can download the Interim Report and
the presentation from Haldex website:
Andreas Ekberg, CFO
phone: +46 (0) 418 47 60 00
Kristina Brink, Corporate Communications Manager / Investor Relations
phone: +46 (0) 418 47 61 88 or +46 (0) 705 90 91 40
Haldex AB (publ)
Corporate Registration Number 556010-1155
Haldex (www.haldex.com), headquartered in Landskrona, Sweden, is a provider of proprietary and innovative solutions to the global commercial vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock Exchange and had net sales of approx 3.9 billion SEK in 2012. The number of employees amounts to about 2,200.
Haldex discloses the information in this Interim Report according to the Swedish Securities Market Act and/or the Swedish Financial Trading Act. The information was provided for public release at 8:30 CET on Thursday April 25, 2013.