November 6, 2013  | 
Press release

HALDEX INTERIM REPORT JANUARY – SEPTEMBER 2013

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 m Jan-Sept 2013 Jan-Sept 2012 ChangeJan-Sept 2013/2012 July-Sept2013 July-Sept2012 ChangeJuly-Sept2013/2012
Net sales 3,012 3,069 -2% 994 931 7%
Operating income1) 215 176 22% 84 52 62%
Operating income 100 122 -18% 89 32 178%
Operating margin, %1) 7.1 5.7 1.4 8.4 5.6 2.8
Operating margin, % 3.3 4.0 -0.7 9.0 3.4 5.6
Return on cap. employed,% 1,2) 12.6 10.4 2.2 12.6 10.4 2.2
Return on cap. employed,% 2 6.4 7.9 -1.5 6.4 7.9 -1.5
Earnings after tax 26 56 -54% 46 13 254%
Earnings per share, SEK 0.54 1.17 -0.63 1.03 0.26 0.77

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">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.