Q2: Operating Margin improved to 7.1% Haldex Group, April – June 2013 · Sales amounted to SEK 1,067 m compared to SEK 1,065 m in the corresponding period last year. Adjusted for exchange rate fluctuations, sales increased 5% compared to the same period prior year. · Operating income and operating margin excluding one-off items amounted to SEK 76 m (60) and 7.1% (5.6), respectively. Operating income and operating margin including one-off items amounted to SEK -44 m (26) and -4.1% (2.4) respectively. · Haldex hosted a Capital Markets Day, May 22, in Stockholm where President and CEO, Bo Annvik, communicated the new strategy and that Haldex financial objectives remains unchanged. · In May 2013 Haldex announced a global restructuring program including a transformation of the European footprint, with annual savings of SEK 100 m. Total expenses for the program is approximately SEK 250 m, of which SEK 120 m has been expensed in the second quarter. · Earnings after tax amounted to SEK -48 m (8). Earnings per share amounted to SEK -1.09 (0.16). · Cash-flow from operating activities amounted to SEK 88 m (33). The cash flow was negatively impacted in the quarter by SEK 23 m due to ongoing restructuring programs. · Changes in Haldex Group Management, Staffan Olsson appointed as Senior Vice President, Global Operations. Effective latest January 1, 2014. · Haldex takes a further step to strengthen and develop Haldex Corporate Social Responsibility (CSR) by creating a new Corporate function, Haldex CSR. Key ratios, Haldex Group +---------------+-----+-----+---------+----------+----------+----------+ |Amounts in SEK | Jan| Jan| Change|April-June|April-June| Change| |m |-June|-June| Jan-June| 2013| 2012|April-June| | | 2013| 2012|2013/2012| | | 2013/2012| +---------------+-----+-----+---------+----------+----------+----------+ |Net sales |2,018|2,138| -6%| 1,067| 1,065| 0%| +---------------+-----+-----+---------+----------+----------+----------+ |Operating | 130| 124| 5%| 76| 60| 27%| |income1) | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Operating | 11| 90| -88%| -44| 26| -| |income/loss | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Operating | 6.5| 5.8| 0.7| 7.1| 5.6| 1.5| |margin, %1) | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Operating | 0.5| 4.2| -3.7| -4.1| 2.4| -6.5| |margin, % | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Return on cap. | 10.4| 10.9| -0.5| 10.4| 10.9| -0.5| |employed,% 1,2)| | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Return on cap. | 3.4| 9.4| -6.0| 3.4| 9.4| -6.0| |employed,% 2) | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Earnings after | -20| 43| -| -48| 8| -| |tax | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ |Earnings per |-0.49| 0.91| -| -1.09| 0.16| -| |share, SEK | | | | | | | +---------------+-----+-----+---------+----------+----------+----------+ 1) Excluding one-off items 2) Rolling 12 months Comments from the President and CEO Bo Annvik; “The strong demand we experienced in the later part of the first quarter continued into the second quarter and the quarterly sales amounted to SEK 1,067 m. All regions showed improved sales this quarter compared to the first quarter of 2013. During the second quarter 2013 we have been able to manage our cost base well, which positively affected our operating income. One of Haldex overall targets is an operating margin of 7% over a business cycle, I am therefore especially pleased to deliver an operating margin of 7.1% in the second quarter. In Europe we have entered into the final stages of the global restructuring program, and together with a more focused strategy, we are well on the way of creating a stable platform of sustainable, profitable growth”. 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. Calendar reports 2013 Q2: Interim report January – June, 2013 July, 19 Q3: Interim report, January – September, 2013 November, 6 Q4: Year-end report January – December, 2013 February, 2014 Invitation: 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 Andreas Ekberg, CFO. The presentation will also be webcasted live and you can participate with questions by telephone. Date/Time: Friday, July 19, at 11:00 CET To join the telephone conference: You can participate with questions by telephone. Dial-in numbers: SE: +46 (0)8 505 564 74 UK: +44 203 364 5374 US: +1 855 753 2230 Internet: The presentation will be web casted live at: http://storm.zoomvisionmamato.com/player/haldex/objects/6mpryq3h/ 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: 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 E-post: info@haldex.com www.haldex.com This report is unaudited. 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 Friday July 19, 2013, at 08.30 CET.
HALDEX INTERIM REPORT JANUARY – JUNE 2013
| Source: Haldex AB
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