Q3: Strong Operating Margin and Cash Flow Haldex Group, July – September 2013 · Sales amounted to SEK 994 m compared to SEK 931 m in the corresponding period last year. Adjusted for exchange rate fluctuations, sales increased 9% compared to the same period prior year. · Operating income and operating margin excluding one-off items amounted to SEK 84 m (52) and 8.4% (5.6), respectively. Operating income and operating margin including one-off items amounted to SEK 89 m (32) and 9.0% (3.4) respectively. · Earnings after tax amounted to SEK 46 m (13). Earnings per share amounted to SEK 1.03 (0.26). · Cash-flow from operating activities amounted to SEK 94 m (41). · Haldex signed a new syndicated facility of USD 95 m in September 2013 which matures in September 2016. This replaces the previous EUR 75 m facility. · A facility in North America was divested during the quarter, resulting in a gain of SEK 5 m. Key ratios, Haldex Group +---------------+-----+-----+---------+---------+---------+-------------+ |Amounts in SEK |Jan |Jan |ChangeJan|July |July |ChangeJuly | |m |-Sept|-Sept|-Sept |-Sept2013|-Sept2012|-Sept2013/201| | |2013 |2012 |2013/2012| | |2 | +---------------+-----+-----+---------+---------+---------+-------------+ |Net sales |3,012|3,069|-2% |994 |931 |7% | +---------------+-----+-----+---------+---------+---------+-------------+ |Operating |215 |176 |22% |84 |52 |62% | |income1) | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Operating |100 |122 |-18% |89 |32 |178% | |income | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Operating |7.1 |5.7 |1.4 |8.4 |5.6 |2.8 | |margin, %1) | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Operating |3.3 |4.0 |-0.7 |9.0 |3.4 |5.6 | |margin, % | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Return on cap. |12.6 |10.4 |2.2 |12.6 |10.4 |2.2 | |employed,% 1,2)| | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Return on cap. |6.4 |7.9 |-1.5 |6.4 |7.9 |-1.5 | |employed,% 2 | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Earnings after |26 |56 |-54% |46 |13 |254% | |tax | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ |Earnings per |0.54 |1.17 |-0.63 |1.03 |0.26 |0.77 | |share, SEK | | | | | | | +---------------+-----+-----+---------+---------+---------+-------------+ 1) Excluding one-off items 2) Rolling 12 months Comments from the President and CEO Bo Annvik; “We have had focus on our improvement and stabilization program during the year and we are now experiencing improving results in terms of cost and efficiency gains. This in combination with a favorable product- and market mix resulted in a very good operating margin of 8.4% for the quarter, which is very positive for us. Sales were up 9% currency adjusted year over year, however, down sequentially 7% to the second quarter 2013, ending up at SEK 994 m. The restructuring program continued as planned and our efforts of managing our working capital paid off in the quarter and I was pleased to see a good cash flow performance of SEK 94 m.” 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 2014 Q4: Year-end report January – December, 2013, February 14, 2014 AGM: Haldex, Landskrona, Sweden, April 29, 2014 Q1: Interim report, January – March, 2014, April 29, 2014 Q2: Half year report, January – June, 2014 , July 18, 2014 Q3: Interim report, January – September, 2014, November 5, 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: Wednesday, November 6, 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 DK: +45 354 455 80 US: +1 855 753 2230 Internet: The presentation will be web casted live at: http://storm.zoomvisionmamato.com/player/haldex/objects/8v1x92j4/ 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 Bo Annvik, CEO, phone: +46 (0) 418 47 60 00 Haldex AB (publ) Corporate Registration Number 556010-1155 E-post: info@haldex.com www.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 Wednesday, November 6, 2013.
HALDEX INTERIM REPORT JANUARY – SEPTEMBER 2013
| Source: Haldex AB
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