BT INDUSTRIES, January-December 2003

BT INDUSTRIES, January-December 2003 Global lift truck market rebounding. January - December Amounts in SEK m. 2003 2002 Orders received 12,083 12,556 Net sales 11,877 12,329 Income after net 736 796 financial items Net income 471 478 Number of employees 8,026 7,794 Positive market development Global demand for lift trucks rose by nearly 7% in 2003, with the largest share attributable to combustion-powered counterbalanced trucks. The most substantial increases were outside mature markets in Europe and North America. The total market is estimated at 633,000 trucks (594,000). Of this amount, around 250,000 (242,000) are in the warehouse truck segment, where BT Industries has its core business. This segment grew by 3 percent during the year. BT's global market share in warehouse trucks declined slightly during the year and is estimated at slightly over 20 percent. "One of the reasons is that we have had an unfavorable market mix," says Per Zaunders, CEO of BT Industries. "The markets where BT Industries has strong positions have experienced weaker development than markets where BT Industries traditionally has a low market share. The most important example of this is the U.S., where BT Industries has a relatively high share. Because of the trend in recent years, this region now represents a smaller share of the global market than before." Orders, net sales and income The Group's orders received amounted to SEK 12,083 m., a decrease of 4 percent compared with the previous year. Net sales amounted to SEK 11,877 m., also a decrease of 4 percent compared with the previous year. At comparable exchange rates and with comparable organizational structures, both orders received and net sales rose by approximately 3 percent. "The predominant reason for the decrease in orders received and net sales are the translation of the weaker U.S. dollar," continues CEO Per Zaunders. At comparable exchange rates, the order backlog rose by around 7 percent. Of the Group's net sales, 54 percent was in Western Europe, 36 percent in North America and 10 percent in the rest of the world. Income after net financial items decreased by 8 percent to SEK 736 m. The profit margin declined somewhat from 6.5% in the previous year to 6.2%. "Economic conditions going forward in BT Industries' priority segments are looking better. We are well prepared for a likely upswing, and we anticipate maintaining a high rate of product renewal to capitalize on increasingly positive market conditions," concludes Per Zaunders. Handling Innovation BT Industries is the world's leading supplier of warehouse trucks and related services. We are around 8,000 employees and have a turnover of approximately SEK 12 billion. Production takes place at seven plants in four countries and our sales network covers the entire world. Our customers are mainly large, consumer-oriented companies with very high demands on efficient material handling. BT Industries is owned by Toyota Industries Corporation. For further information, please contact CEO Per Zaunders (+46 142 860 32) CFO Håkan Dahllöf (+46 142 863 38) or Corporate Information Manager Anders Stålhammar (+46 142 861 21). The complete Annual Accounts and other press material are available on BT Industries' home page, www.bt-industries.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/03/05/20040304BIT00530/wkr0001.pdf http://www.waymaker.net/bitonline/2004/03/05/20040304BIT00530/wkr0002.pdf The full report