SKF First-quarter report 2015
April 17 2015 - 2:22AM
Business Wire
Regulatory News:
Alrik Danielson, President and CEO:
SKF (Pink Sheets:SKFRY) (STO:SKAB) (STO:SKFB)(STO:SKFA)
”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-Mar-15
31-Dec-14 31-Mar-14 Net working
capital, % of annual sales 32.1 30.6 32.8 ROCE for the 12-month
period, % 12.6 13.9 8.4 Net debt/equity, % 122.2 126.6 117.6 Net
debt/EBITDA, % 3.2 3 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
currencies, per region y-o-y, %: Europe
NorthAmerica Latin America Asia Middle East
& Africa Q1 2015 1 -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.
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.
This information was brought to you by Cision
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SKFPRESS:Theo KjellbergDirector, Press Relationstel: 46
31 337 6576mobile: 46 725-776576e-mail:
theo.kjellberg@skf.com (rebecca.janzon@skf.com)orINVESTOR
RELATIONS:Marita Bj�rkHead of Investor Relationstel: 46 31-337
1994mobile: 46 705-181994e-mail: marita.bjork@skf.comorMEDIA
HOTLINE: 46 31 337 2400
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