Alrik Danielson, President and CEO:
”Demand was in line with our expectations, with reported sales growth in local
currencies of 1,4%. All three business areas showed an increase in sales in
local currencies. Geographically, Asia continued to show a good growth followed
by Europe and Latin America which were relatively unchanged while in North
America the business slowed somewhat due to lower activity in some of our key
industries. Cash flow from operations was strong, even though we built some
working capital in the quarter due to seasonality.
There has been a high focus on implementing the already announced restructuring
programme and I am pleased to see the good progress so far, around 40%.
The high focus on innovations is continuing throughout the organization and we
have launched several new innovations to help our customers improve their
productivity and reduce energy usage. For example, we introduced a new
generalized bearing life concept enabling customers to much better account for
real-life conditions when calculating SKF bearing life in their machines.
Looking forward, there is continued uncertainty from a macro perspective.
Sequentially and year on year we expect the demand to be relatively unchanged
for the Group.
I am also pleased to welcome a new Senior Vice President and CFO for the Group,
Christian Johansson.’’
Key figures Q1 2015 Q1 2014
Net sales, SEKm 19 454 16 734
Operating profit, SEKm 1 721 2 024
Operating margin, % 8.8 12.1
One-time items (- costs, + income) -655 117
Operating profit excluding one-time items, SEKm 2 376 1 907
Operating margin excl. one-time items % 12.2 11.4
Profit before taxes, SEKm 1 592 1 787
Net profit, SEKm 1 165 1 275
Basic earnings per share, SEK 2.46 2.72
One-time items in Q1 2015 include SEK -535 million for the ongoing cost
-reduction programme, and the remainder relates to write-offs of assets.
31 March 2015 31 December 2014 31 March 2014
Net working 32.1 30.6 32.8
capital, % of
annual sales
ROCE for the 12 12.6 13.9 8.4
-month period, %
Net debt/equity, % 122.2 126.6 117.6
Net debt/EBITDA, % 3.2 3.0 4.2
Net sales change y-o-y, %: Organic Structure Currency Total
Q1 2015 1.4 0 14.9 16.3
Organic sales change in local Europe NorthAmerica Latin Asia Middle
currencies, per region y-o-y, America East &
%: Africa
Q1 2015 1.0 -2.4 0.4 5.6 14.2
Outlook for the second quarter of 2015
Demand compared to the second quarter 2014
The demand for SKF’s products and services is expected to be relatively
unchanged for the Group and for Europe. For Asia it is expected to be higher and
for North and Latin America slightly lower. Per business area, for both
Industrial Market and Automotive Market it is expected to be relatively
unchanged, and for Specialty Business to be slightly higher.
Demand compared to the first quarter 2015
The demand for SKF’s products and services is expected to be relatively
unchanged for the Group, Europe and North America. For Asia it is expected to be
higher and for Latin America slightly lower. Per business area, for both
Industrial Market and Automotive Market it is expected to be relatively
unchanged, and for Specialty Business to be slightly higher.
Manufacturing
Manufacturing is expected to be relatively unchanged year over year and compared
to the first quarter.
Gothenburg, 17 April 2015
Aktiebolaget SKF
(publ)
A teleconference will be held on 17 April at 09.00 (CET), 08.00 (UK):
SE: +46 8 5033 6538
UK: +44 20 3427 1902
US: +1 212 444 0895
You will find all information regarding SKF First-quarter results 2015 on the IR
website. investors.skf.com/quarterlyreporting
AB SKF is required to disclose the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication at around 08.00 on 17 April 2015.
For further information, please contact:
MEDIA HOTLINE: 46 31 337 2400
PRESS: Theo Kjellberg, Director, Press Relations
tel: 46 31 337 6576, mobile: 46 725-776576, e-mail:
theo.kjellberg@skf.com (rebecca.janzon@skf.com)
INVESTOR RELATIONS: Marita Björk, Head of Investor Relations
tel: 46 31-337 1994, mobile: 46 705-181994, e-mail: marita.bjork@skf.com
SKF is a leading global supplier of bearings, seals, mechatronics, lubrication
systems, and services which include technical support, maintenance and
reliability services, engineering consulting and training. SKF is represented in
more than 130 countries and has around 15,000 distributor locations worldwide.
Annual sales in 2014 were SEK 70 975 million and the number of employees was 48
593. www.skf.com
® SKF is a registered trademark of the SKF Group.
SKF First-quarter report 2015
| Source: SKF, AB
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