January - March
Net sales amounted to SEK 1,041 (951) m, equivalent to a growth of 9% compared with the equivalent period of the previous year. After currency adjustments, net sales increased by 9%.
Operating income excluding one-off items amounted to SEK 84 (55) m, corresponding to an operating margin of 8.1 (5.8)%. Including one-off items, operating income was SEK 83 (55) m and the operating margin was 7.9 (5.8)%.
Net income after tax increased to SEK 48 (28) m and earnings per share increased to SEK 1.03 (0.61).
The cash flow from operating activities decreased to SEK 3 (29) m, which is mainly due to an expanded production and sales volume in Q1, and thereby higher capital commitments.
The Board of Directors proposes to the annual general meeting a dividend of SEK 2.00 per share, and an authorisation to buy treasury shares, with the intention of buying treasury shares up to a value of SEK 100 m on an annual basis. The dividend recording date is proposed to be May 5, 2014.
Key figures for January - March
(same period previous year in brackets)
Net sales, SEK m 1,041 (951)
Operating income, excl. one-off items, SEK m 84 (55)
Operating income, SEK m 83 (55)
Operating margin, excl. one-off items, % 8.1 (5.8)
Operating margin, % 7.9 (5.8)
Return on capital employed, excl. one-off items,%1 16.1 (9.5)
Return on capital employed,%1 9.4 (6.6)
Net income, SEK m 48 (28)
Earnings per share, SEK 1.03 (0.61)
Cash flow, operating activities, SEK m 3 (29)
1) Rolling twelve months
Comment from Bo Annvik, President and CEO:
”We commenced 2014 with a strong Q1. The operating margin continued to improve compared to both Q4 and Q1 of the previous year. With an operating margin of approximately 8%, we exceeded our long-term objective of 7%.
Net sales increased by no less than 9%. It should be noted, however, that revenue was unevenly distributed on the first two quarters of the previous year, with a weaker Q1 than normal, and a stronger Q2 than normal. Disregarding the comparative figures, sales in Q1 2014 exceeded expectations. The negative pre-buy effects relating to Euro6 in Europe, that we anticipated at the beginning of the year, were less pronounced than expected for Haldex. The high level of net sales also affected capital commitments, resulting in lower cash flows in 2014 than in Q1 2013. We regard this as a positive challenge that will be addressed during the year.
We consider the net sales level in absolute figures achieved in Q1 to be a good foundation for our future development. On the other hand, we do not expect the same growth figures in the next quarter as we reported for Q1.”
Full interim report
Press and analyst meeting
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 Andreas Ekberg, CFO. The presentation will also be webcasted live and you can participate with questions by telephone.
Date & Time: Tuesday April 29 at 11.00 CEST
The press conference is broadcasted at: http://www.media-server.com/m/p/rd8fbx4v
To join the telephone conference:
Sweden: +46 8 505 564 74
UK: +44 203 364 5374
Denmark: +45 354 455 80
USA: +1 855 753 2230
The webcast will also be available afterwards and you can download the Interim report and the presentation from Haldex website: http://www.haldex.com/financialreports
For further information, please contact
Catharina Paulcén, SVP Corporate Communications
Phone: +46 418 47 61 57
Andreas Ekberg, Chief Financial Officer
Phone: +46 418 47 60 00
Bo Annvik, President & CEO
Phone: +46 418 47 60 00
Haldex AB (publ) is required to publish the above information under the Swedish Financial Instruments Trading Act. The information was submitted for publication on April 29, 2014 at 7.20 am CEST.
Haldex (www.haldex.com), headquartered in Landskrona, Sweden, is a provider of proprietary and innovative solutions to the global commercial vehicle industry, with focus on products in vehicles that enhance safety, environment and vehicle dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock Exchange and had net sales of approx 3.9 billion SEK in 2013. The number of employees amounts to about 2,135.