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Haldex Year-End Report 2012

Thursday, February 14, 2013 2:42 AM


Regulatory News:

Haldex: (STO:HLDX)

Q4: Strong cash flow on lower volumes

Haldex Group, October – December 2012

· Sales amounted to SEK 864 m compared to SEK 1,035 m in the corresponding period last year, primarily due to the continued destocking in Q4, especially in December. Adjusted for exchange rate fluctuations, sales decreased 14% compared with the same period (Q4) prior year.

· Operating income and operating margin excluding restructuring costs amounted to SEK 34 m (49) and 3.9% (4.8), respectively. Operating income and operating margin including restructuring cost amounted to SEK 28 m and 3.2% respectively.

· The cost reduction program of SEK 60 m initiated 2012 is finalized with annual savings expected in the region of SEK 35 – 40 m from Q2 2013. One-off expenses related to the cost reduction program amounted to SEK 6 m during the fourth quarter.

· Earnings after tax amounted to SEK -4 m (24), negatively impacted by the revaluation of the Swedish tax assets of SEK 15 m due to a decrease of the Swedish corporate tax rate from 26,3 % to 22 % from January 1, 2013. Earnings per share amounted to SEK -0.09 (0.52).

· Cash-flow from operating activities, excluding restructuring, was strong in the period amounting to SEK 108 m (178).

· Despite the strong cash flow the Board of Directors has decided to propose a dividend of SEK 1:00 per share in order to manage future potential strategic options.

· Two new members of the Haldex Group Management have been appointed; Ed Meador as Senior Vice President, North American Sales, and Per-Erik Kronqvist as Senior Vice President, Research and Development.

Key ratios, Haldex Group

Amounts in SEK m   Jan-Dec,
2012
  Jan-Dec,
2011
  Oct-Dec,
2012
  Oct-Dec,
2011
Net sales 3,933 4,030 864 1,035
Operating income1) 210 235 34 49
Operating income 150 235 28 49
Operating margin, % 1) 5.3 5.8 3.9 4.8
Operating margin, % 3.8 5.8 3.2 4.8
Earnings after tax 49 142 -4 24
Earnings per share, SEK 1.02 3.08 -0.09 0.52

1)Excluding restructuring costs

Comments from the President and CEO Bo Annvik; “In the fourth quarter we experienced a weaker development of our sales, particularly in December due to destocking by our major OE customers and lower vehicle demand which drove further extended factory shutdowns. In light of the lower volumes and impact on our earnings our focus turned to managing our capital base and we significantly reduced our inventories in the quarter and delivered a robust cash flow. For the full year our sales, currency adjusted, were down 3%, with flat sales in North America and Europe and a weakening development in Asia and South America. 2013 has started more positive, which make us cautiously optimistic about the market development.”

Haldex Group, January – December 2012

· Sales for Haldex Group totaled SEK 3,933 m (4,030). Adjusted for exchange rate fluctuations, sales decreased 3% compared with the same period prior year.

· Operating income and operating margin for Haldex Group excluding restructuring costs amounted to SEK 210 m (235) and 5.3% (5.8) respectively. Operating income and operating margin for Haldex Group including restructuring cost amounted to SEK 150 m and 3.8% respectively.

· Earnings after tax for Haldex Group amounted to SEK 49 m (142). Earnings per share were SEK 1.02 (3.08).

Calendar 2013

Q1: Interim report, January – March, 2013, April 25, 2013

Annual General Meeting

Time: 16.00, CET, Venue: IVAs Konferenscenter,

Wallenbergsalen, Grev Turegatan 16, Stockholm, April 25, 2013

Q2: Interim report January – June, 2013, July 19, 2013

Q3: Interim report, January – September, 2013, November 6, 2013

Invitation to telephone conference / webcast 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 Pramod Mistry, CFO. The presentation will also be webcasted live. Date/Time: Thursday, February 14, at 11:00 CET

To join the telephone conference: You can participate with questions by telephone.

Dial-in numbers: SE: + 46 8 505 598 53 UK: +44 203 043 2436 DK: +45 369 541 87 US: +1 866 458 40 87

Internet: The presentation will be web casted live at: http://storm.zoomvisionmamato.com/player/haldex/objects/9hxsqzcg/

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/

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 Thursday February 14, 2013.

This information was brought to you by Cision http://www.cisionwire.com

(Source: Business Wire )
(Source: Quotemedia)

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