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October 21, 2010 | Interim Report
HALDEX INTERIM REPORT JANUARY – SEPTEMBER 2010
  • Sales amounted to SEK 5,201 m (4,237). Adjusted for exchange-rate fluctuations and divestments, sales increased 36% compared with the year-earlier period. 
     
  • Earnings after tax amounted to SEK 80 m (105). Earnings per share amounted to SEK 1.71 (3.29).Earnings per share at September 30, 2009, calculated on the basis of the same number of shares that are outstanding in 2010, amounted to SEK 2.53.
  • Adjusted for divested operations, earnings amounted to a loss of SEK 227 m in the year-earlier period.
  • Adjusted* operating income and adjusted* operating margin increased sharply and totaled SEK 331 m (loss: 155) and 6.4% (minus: 2.6), respectively.
  • Cash flow remained strong and amounted to SEK 242 m (690), reducing the Group’s net debt to SEK 721 m (1,675).  
     
  • Haldex has secured an order for a new all-wheel drive system from a European super sports-car manufacturer. The total order value is estimated at approximately SEK 100 m over a five-year period. 
     
  • Early in July, Haldex announced an order for a new generation of disc brakes for SAF Holland. The order value is expected to total approximately SEK 1,000 m over a five-year period. Deliveries will commence in 2011.  
     
  • Haldex’s Board of Directors will be proposing a demerger of the company’s divisions allowing Haldex shareholders to hold shares in three separate companies instead of one. The aim is to present the motion to shareholders in conjunction with the Annual General Meeting that will take place on June 8, 2011. The internal demerger process has been initiated and is progressing according to plan (announced July 16).  

President and Chief Executive Officer Joakim Olsson comments on the third quarter of 2010:

 “Haldex delivered strong results during the third quarter. The distinct market upswing in the first six-months of the year continued in the third quarter, resulting in higher sales than normal during the vacation period.  

The strong operating margin of 7.6% in the quarter is the highest margin in ten years and implies that the Group’s goal of 7% has been achieved.  

The earnings trend is positive confirmation that the change effort and cost-reduction program have been successful.”

* Continuing operations excluding restructuring costs, non-recurring items and amortization of
   acquisition-related surplus values.

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