HALDEX YEAR-END REPORT 2012
Q4: Strong cash flow on lower volumes
Haldex Group, October – December 2012
- Sales amounted to SEK 864 m compared to SEK 1,035 m in the corresponding period last year, primarily due to the continued destocking in Q4, especially in December. Adjusted for exchange rate fluctuations, sales decreased 14% compared with the same period (Q4) prior year.
- Operating income and operating margin excluding restructuring costs amounted to SEK 34 m (49) and 3.9% (4.8), respectively. Operating income and operating margin including restructuring cost amounted to SEK 28 m and 3.2% respectively.
- The cost reduction program of SEK 60 m initiated 2012 is finalized with annual savings expected in the region of SEK 35 – 40 m from Q2 2013. One-off expenses related to the cost reduction program amounted to SEK 6 m during the fourth quarter.
- Earnings after tax amounted to SEK -4 m (24), negatively impacted by the revaluation of the Swedish tax assets of SEK 15 m due to a decrease of the Swedish corporate tax rate from 26,3 % to 22 % from January 1, 2013. Earnings per share amounted to SEK -0.09 (0.52).
- Cash-flow from operating activities, excluding restructuring, was strong in the period amounting to SEK 108 m (178).
- Despite the strong cash flow the Board of Directors has decided to propose a dividend of SEK 1:00 per share in order to manage future potential strategic options.
- Two new members of the Haldex Group Management have been appointed; Ed Meador as Senior Vice President, North American Sales, and Per-Erik Kronqvist as Senior Vice President, Research and Development.
Key ratios, Haldex Group
| Amounts in SEK m | Jan-Dec, 2012 |
Jan-Dec, 2011 |
Oct-Dec, 2012 |
Oct-Dec, 2011 |
| Net sales | 3,933 | 4,030 | 864 | 1,035 |
| Operating income1) | 210 | 235 | 34 | 49 |
| Operating income | 150 | 235 | 28 | 49 |
| Operating margin, % 1) | 5.3 | 5.8 | 3.9 | 4.8 |
| Operating margin, % | 3.8 | 5.8 | 3.2 | 4.8 |
| Earnings after tax | 49 | 142 | -4 | 24 |
| Earnings per share, SEK | 1.02 | 3.08 | -0.09 | 0.52 |
1)Excluding restructuring costs
Comments from the President and CEO Bo Annvik;
“In the fourth quarter we experienced a weaker development of our sales, particularly in December due to destocking by our major OE customers and lower vehicle demand which drove further extended factory shutdowns. In light of the lower volumes and impact on our earnings our focus turned to managing our capital base and we significantly reduced our inventories in the quarter and delivered a robust cash flow. For the full year our sales, currency adjusted, were down 3%, with flat sales in North America and Europe and a weakening development in Asia and South America. 2013 has started more positive, which make us cautiously optimistic about the market development.”
Haldex Group, January – December 2012
- Sales for Haldex Group totaled SEK 3,933 m (4,030). Adjusted for exchange rate fluctuations, sales decreased 3% compared with the same period prior year.
- Operating income and operating margin for Haldex Group excluding restructuring costs amounted to SEK 210 m (235) and 5.3% (5.8) respectively. Operating income and operating margin for Haldex Group including restructuring cost amounted to SEK 150 m and 3.8% respectively.
- Earnings after tax for Haldex Group amounted to SEK 49 m (142). Earnings per share were SEK 1.02 (3.08).
Calendar 2013
Q1: Interim report, January – March, 2013, April 25, 2013
Annual General Meeting
Time: 16.00, CET, Venue: IVAs Konferenscenter,
Wallenbergsalen, Grev Turegatan 16, Stockholm, April 25, 2013
Q2: Interim report January – June, 2013, July 19, 2013
Q3: Interim report, January – September, 2013, November 6, 2013
Invitation to telephone conference / webcast
Media and analysts are invited to a telephone conference at which the report will be presented with comments by Bo Annvik, President and CEO, and Pramod Mistry, CFO. The presentation will also be webcasted live.
Date/Time: Thursday, February 14, at 11:00 CET
To join the telephone conference:
You can participate with questions by telephone.
Dial-in numbers:
SE: + 46 8 505 598 53
UK: +44 203 043 2436
DK: +45 369 541 87
US: +1 866 458 40 87
Internet:
The presentation will be web casted live at:
http://storm.zoomvisionmamato.com/player/haldex/objects/9hxsqzcg/
The webcast will also be available afterwards and you can download the Interim Report and
the presentation from Haldex website:
http://www.haldex.com/en/GLOBAL/Investors/Report-archive/Interim-Reports/
Contact persons:
Pramod Mistry, 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
E-post: info@haldex.com
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 February 14, 2013.
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