Sales amounted to SEK 3,394 m (2,971). Adjusted for exchange-rate changes and divestments, sales increased 32% compared with the year-earlier period.
Earnings after tax amounted to SEK 46 m (142). Earnings pershare amounted to SEK 0.99 (4.37). Previous year result adjusted for discontinued operations amounted to SEK -190 m.
Adjusted* operating income and adjusted* operating margin*amounted to SEK 194 m (loss: 93) and 5.7% (minus: 3.4), respectively.
Cash flow remained strong, amounting to SEK 118 m
(neg: 152), which reduced the Group’s net debt to SEK 873m
(1,848).
The Cost-Reduction Program continues with a review of the production structure in North America and further personnel cutbacks in certain areas of CVS’ other operations.

Business events after the reporting period

In early July, Haldex announced an order for a new generation of disc brakes for SAF Holland. The total order value is expected to amount to about SEK 1,000 m over a five-year period. Deliveries will commence in the second quarter of 2011.
The Haldex Board of Directors will propose a reorganisation of the divisions of Haldex, so that the Haldex shareholders will subsequently own shares in three separate listed companies instead of a single company. The intention is to submit this proposal to shareholders at the AGM in the second quarter of 2011.

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

“Haldex generated strong earnings also during the second quarter of the year. The clear market rise late in the first quarter in the global vehicle industry stabilized at a higher level. For some of the segments in which Haldex is active, the recovery was very strong, although from low levels.

“The strong operating margin during the second quarter of 6.5% is the highest margin in a decade. The earnings trend is a positive indicator that the change efforts and Cost-Reduction Program have been successful.”

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