Tom Johnstone, President and CEO: “Our cash flow was good in the quarter. We continued to improve our operating margin sequentially despite the negative mix and a stronger than expected currency headwind. This shows that the actions which we are taking to improve our product portfolio, invest in our business and reduce costs are giving results. SKF sales in the quarter developed well within our automotive business but were somewhat lower than expected in our industrial business. Within industrial we see a positive development in our aerospace, renewable energy and railway businesses. However, we see some lack of traction in a number of other industrial markets - not getting worse but not getting better yet either. The automotive business benefitted from an improved demand and better mix of sales particularly within trucks and the vehicle service market and this, combined with the steps we are taking, positively helped their margin. During the quarter we took another important step to strengthen SKF through announcing the agreement to acquire Kaydon Corporation. Kaydon is an excellent fit for SKF in so many ways and will enable us to better serve our customers and distributors. The tender offer for the shares closes today and hopefully we can quickly complete the acquisition. Looking forward into the fourth quarter we expect to keep our sales and manufacturing on the same level overall.” Key figures Q3 2013 Q3 2012 YTD 2013 YTD 2012 Net sales, SEKm 15,623 15,486 47,167 49,591 Operating profit, 1,923 1,908 5,240 6,093 SEKm Operating margin, % 12.3 12.3 11.1 12.3 Operating margin 12.9 12.3 12.2 12.6 excluding one-off costs, % Profit before taxes, 1,717 1,709 4,581 5,439 SEKm Net profit, SEKm 1,165 1,251 3,087 3,821 Basic earnings per 2.47 2.67 6.57 8.11 share, SEK The operating profit was affected by one-off costs in the third quarter by around SEK 85 million, mainly write-down and impairment not part of the previously announced restructuring programme. The operating profit in the first nine months was affected by one-off costs by around SEK 525 million (140). Net sales change y-o-y, Volume Price/ Structure Currency Total in SEK,attributable to: mix effect Q3 2013 2.2% -0.2% 1.1% -2.2% 0.9% Year to date 2013 -3.0% 0.0% 1.8% -3.7% -4.9% Sales in the third quarter in local currencies and excluding structure increased by 1% in Europe, by 9% in Latin America, by 5% in Asia and by 8% in Middle East and Africa. In North America they decreased by 2%. Manufacturing in the third quarter was slightly higher compared to last year. Sales in the first nine months in local currencies and excluding structure decreased by 4% in Europe and North America, by 3% in Asia and are relatively unchanged in Middle East and Africa. In Latin America they increased by 10%. Manufacturing in the first nine months was relatively unchanged compared to last year. Outlook for the fourth quarter of 2013 Demand compared to the fourth quarter 2012 The demand for SKF’s products and services is expected to be slightly higher for the Group, Asia and Europe and relatively unchanged for North America and Latin America. It is expected to be slightly higher for Strategic Industries and Regional Sales and Service and higher for Automotive. Demand compared to the third quarter 2013 The demand for SKF’s products and services is expected to be relatively unchanged for the Group, Europe, North America and Latin America as well as for all the business areas. It is expected to be slightly higher for Asia. Manufacturing Manufacturing is expected to be higher year over year and relatively unchanged compared to the third quarter Gothenburg, 15 October 2013 Aktiebolaget SKF (publ) A teleconference will be held on 15 October at 13.00 CEST, 12.00 (UK), 07.00 (US): SE: +46 (0)8 506 307 79 UK: +44 (0)844 571 8957 US: +1 866 682 8490 You will find all information regarding SKF Nine-month results 2013 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 12.00 on 15 October 2013. For further information, please contact: Press Relations: Ingalill Östman, 46 31-337 3260, mobile: 46 706-973260, ingalill.ostman@skf.com Investor Relations: Marita Björk, 46 31-337 1994, mobile: 46 705-181994, marita.bjork@skf.com SKF is a leading global supplier of bearings (http://www.skf.com/portal/skf/home/products?contentId=876709&lang=en), seals (http://www.skf.com/portal/skf/home/products?contentId=238358&lang=en), mechatronics (http://www.skf.com/portal/skf/home/products?contentId=447144&lang= e n), lubrication systems (http://www.skf.com/portal/skf_lub?lang=en), and services (http://www.skf.com/portal/skf_lub/home/services?contentId=867934&lang= e n) 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 2012 were SEK 64,575 million and the number of employees was 46,775. www.skf.com ® SKF is a registered trademark of the SKF Group. ™ BeyondZero is a trademark of the SKF Group.
SKF Nine-month report 2013
| Quelle: SKF, AB
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