July 21, 2011  | 
Press release

HALDEX SIX-MONTH REPORT JANUARY - JUNE 2011

Q2: Continued strong results with an operating margin of 6.4%
  • The Group’s structural programs were completed during this second quarter. Haldex Continued Operations consist of the former Commercial Vehicle Systems Division.

Haldex Continued Operations:

  • Sales for Haldex Continued Operations totaled SEK 1,978 m (1,858). Adjusted for exchange rate fluctuations, sales increased 19% compared with the same period prior year. The increase, predominantly in the OE segment, shows the solid underlying demand continuing in our served markets.
  • Operating income and operating margin for Haldex Continued Operations amounted to SEK 121 m (73) and 6.1% (3.9) respectively. The margins continue to improve due to the higher volumes and new cost structure. In North America we have now finished the consolidation of our manufacturing facilities and continue to improve the operating productivity globally of our factories.
  • Earnings after tax for Haldex Continued Operations amounted to SEK 83 m (24). Earnings per share were SEK 1.77 m (0.55).
Key ratios, Continuing Operations
SEK m
Jan-Jun
2011
Jan-Jun
2010
Apr-Jun 2011 Apr-Jun
2010
Net sales 1,978 1,858 1,026 977
Operating income 121 73 66 43
Operating margin 6.1 3.9 6.4 4.4
Earnings after tax 83 24 45 15
Earnings per share 1.77 0.55 0.95 0.34


The Group in total (including Discontinued Operations*):

  • Consolidated sales for Haldex Group totaled SEK 3,005 m (3,394). Operating income for Haldex Group totaled SEK 2,086 m (137). Earnings per share were SEK 45.75 (0.99).
  • On June 16, 2011 the new management was appointed. Jay C. Longbottom assumed the responsibility as the President and CEO and Pramod Mistry was appointed CFO of Haldex AB. The operations of Haldex are conducted in two segments: Air Controls and Foundation Brake.

President and CEO Jay C. Longbottom Comments on the second quarter of 2011;
“Haldex continued to deliver strong results during the second quarter of 2011 with an operating margin of 6.4%. The recovery in our served markets continued during the quarter, especially in North America, industry forecasts maintain an optimistic outlook. Increased sales volume, strong factory productivity and the new leaner cost structure, boosted earnings. Our focused strategy will drive growth in revenues and in operating margins.”

Invitation to press conference or telephone conference on July 21 at 12:00 p.m CET
Venue: Scandic Anglais, Humlegårdsgatan 23, Stockholm. A salad lunch will be served at 11:30 a.m. CET.
Internet: The press conference will be web casted live at: http://storm.zoomvisionmamato.com/player/haldex/objects/75mp0ars/
The webcast will also be available afterwards and you can download the Interim Report and the presentation. Information regarding the telephone conference, please see the Report.


For further information, please contact:
Investors/Analysts: Pramod Mistry, CFO, phone: +46 (0) 703 81 16 10
Kristina Brink, Corporate Communications Manager, 46 (0) 418 476188
Media: Andreas Richter, SVP Corporate Communications

Haldex (www.haldex.com (http://www.haldex.com/)), headquartered in Landskrona, Sweden, is a provider of proprietary and innovative solutions to the global vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock Exchange and had net sales of nearly 3.7 billion SEK in 2010. The number of employees amounts to about 2,200.

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 July 21, 2011.