• Sales amounted to SEK 1,600 m (1,562). Adjusted for currency-exchange fluctuations and divestments, sales increased 23% compared with the corresponding period in the preceding year. • Earnings after tax amounted to SEK 12 m (loss: 145). Earnings per share amounted to SEK 0.24 (loss: 4.22). • During the first quarter, currency-adjusted sales rose 15% compared with the preceding quarter. Increases were noted in all divisions and regions. • Operating income and operating margin amounted to SEK 46 m (loss: 156) and 2.9% (minus 10.0), respectively. • Adjusted* operating income and adjusted* operating margin* amounted to SEK 76 m (loss: 48) and plus 4.8% (minus 3.4). • The Group’s net debt was SEK 977 m (2,625), a year-on-year reduction of SEK 1,675 m. • Haldex secured an order for an all-wheel drive system from Volvo Cars. The order is an extension of the existing program for Volvo. The system is the fifth generation of the Haldex AWD system. Production is scheduled to begin in 2010 (Published in March). President and Chief Executive Officer Joakim Olsson comments on the first quarter of 2010 Haldex delivered strong earnings during the quarter, reflecting an upturn in demand among our customers from very low levels. Higher manufacturing and delivery volumes are instilling hopes that the worst is now over when it comes to the global vehicle industry. The improvement in operating margins also shows that the cost reductions that we have implemented are having a significant impact on earnings at volumes that are much lower that what may be regarded as normal. The improvement trend continued throughout the quarter and was amplified considerably during March. It is gratifying to note that all of our divisions achieved improvements in terms of both earnings and demand, which bodes well for the future. * Continuing operations, excluding restructuring costs, nonrecurring items and amortization of acquisition-related surplus values.
April 23, 2010 | Interim ReportHALDEX THREE-MONTH REPORT - JANUARY – MARCH 2010