GOTEBORG, Sweden, Jan. 28, 2003 (PRIMEZONE) -- The SKF Group's (Nasdaq:SKFR) (LSE:SKFB) profit before taxes for the fourth quarter 2002 amounted to MSEK 979 (824), an increase of 18.8%. The profit for the full-year 2002 increased to MSEK 3 542 (3 120).
Earnings per share for the full-year 2002 increased 13.8% to SEK 21.67 (19.04). The Board proposes that a dividend of SEK 8.00 (6.00) per share be paid for the 2002 financial year.
The sales of SKF's products and services increased 7% in the fourth quarter and 3% for the full-year, measured in local currencies. After a weak start, sales in Europe grew in the second half of the year while sales leveled off in North America in the fourth quarter. Sales in Asia were strong throughout the year. SKF improved its positions in a number of market segments.
The Group's production volume increased by 4% compared to the figure for 2001, which led to better capacity utilization.
Outlook
The recovery in the market demand for SKF's products and services is expected to continue during the first quarter. The production volume will be kept at the present level.
Summary
-- The operating profit for the fourth quarter 2002 amounted to
MSEK 1 121 (931). The figure for the full-year was MSEK 4 022
(3 634).
-- The operating margin for the fourth quarter 2002 amounted to 10.5%
(8.4), and for the full-year to 9.5% (8.4).
-- Cash flow after investments before financing for the fourth
quarter 2002 was MSEK 559 (1 433), and for the full-year
MSEK 2 644 (4 271).
-- Net sales for the fourth quarter 2002 amounted to MSEK 10 665
(11 088), a decrease of 3.8% compared with 2001. Net sales for the
full-year amounted to MSEK 42 430 (43 370), a decrease of 2.2%
compared with 2001.
-- The decrease in net sales for the fourth quarter 2002 was
attributable to: structure 1.4%, volume 3.9%, price/mix 1.7% and
currency effect -10.8% compared to the fourth quarter 2001. A
comparison between the full years 2002 and 2001 shows: structure
1.6% volume -0.1%, price/mix 1.5% and currency effect -5.2%.
-- Net profit for the fourth quarter amounted to MSEK 719 (596), an
increase of 20.6% compared to the fourth quarter 2001. Net profit
for the full-year 2002 was MSEK 2 466 (2 167).
The Group's financial net for the fourth quarter 2002 was MSEK -142 (-107) and for the full-year MSEK -480 (-514). Interest-bearing loans at year-end 2002 totaled MSEK 2 409 (3 541), while pension liabilities amounted to MSEK 6 076 (7 044). At year-end, the Group had financial assets of MSEK 6 873 (6 797), of which MSEK 5 530 (5 387) were short-term financial assets. The equity/assets ratio at year-end was 43.4% (41.1%).
Additions to tangible assets totaled for the fourth quarter 2002 MSEK 471 (362) and for the full-year MSEK 1 442 (1 403). Of the Group's total additions to tangible assets, approximately MSEK 76 (43) were invested in measures to improve the environment both internally and externally. Depreciation according to plan was MSEK 1 723 (1 714).
Further information can be obtained from:
Lars G Malmer, Group Communication tel 31-3371541, 705-371541 e-mail: lars.g.malmer@skf.com Marita Bjork, Investor Relations tel 31-3371994, 705-181994 e-mail: marita.bjork@skf.com This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: www.waymaker.net/bitonline/2003/01/28/20030128BIT00530/wkr0001.doc The full year-end report www.waymaker.net/bitonline/2003/01/28/20030128BIT00530/wkr0002.pdf The full year-end report