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The SKF Group

The SKF Group. First-quarter results 2009 Tom Johnstone, President and CEO. Highlights in the first quarter 2009. SKF

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The SKF Group

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  1. The SKF Group First-quarter results 2009 Tom Johnstone, President and CEO

  2. Highlights in the first quarter 2009 • SKF • gained an order from CSR Zhuzhou ElectricLocomotive Co., Ltd. ZELC. 500 electriclocomotives, for Chinese railways, will beequipped with SKF axleboxes and drivesystem bearings. Order value: EUR 14 m. • won a new contract for the supply oftapered roller bearings to GuangdongFuwa Engineering Manufacturing Co Ltd.Order value: USD 14 m. Photo: CSR Zhuzhou Electric Locomotive

  3. First quarter 2009

  4. Growth in local currency Long-term target level: 6-8% per annum % y-o-y 13.2 7.1 - 18.4 Acquisitions/Divestments Organic growth

  5. Sales in local currencies (excl. structural changes) % change y-o-y 2009 2008 2007

  6. Sales volume % change y-o-y 2008 2009 2007

  7. Components in net sales 2007 2009 2008 Percent y-o-y

  8. Operating margin Long-term target level: 12% % 13.3* 12.7* 12.9 12.2 6.4* 5.2 Restructuring and one-time items * Excluding restructuring and one-time items

  9. Operating margin Long-term target level: 12% % 2009 2007 2008

  10. Operating margin per division % Service Industrial Automotive 2009 2007 2008 Excluding one-off items (eg. restructuring, impairments, capital gains)

  11. Activities to adapt to lower demand • Restructuring/impairment programmesPeople Costs charged to operating profit • - announced Q4 2008, around 2,500 SEK 340 m • - announced Q1 2009, around 500 SEK 175 m • 3,000 SEK 515 m • At the end of March 2009, around 1,300 people had left • under the programmes. • In total, around 2,600 people left the Group during H2 2008 • and Q1 2009. • Around 6,000 people in short-time working (Q1 2009).

  12. Inventories as % of annual sales Long-term target level: 18% % x excl. currency effects 2007 2008 2009 Inventories versus Q4 2008, in local currencies, were reduced by around SEK 500 million.

  13. Return on capital employed Long-term target level: 24% % 24.9 24.0 18.7 ROCE: Operating profit plus interest income, as a percentage of twelve months average of total assets less the average of non-interest bearing liabilities.

  14. Net debt(Short-term financial assets minus loans and post-employment benefits) SEKm AB SKF, dividend paid (SEKm): 2006 Q2 1,821 2007 Q2 2,049 2008 Q2 2,277 Redemption (SEKm): 2007 Q2 4,554 2008 Q2 2,277 2009 2007 2008

  15. AB SKF, long-term debt structure Amount in million Maturity Euro Bond EUR 250 2010-06 SEK Bond SEK 1,500 2011-06 Term loan in euro EUR 150 2013-06 Euro Bond EUR 500 2013-12 Euro loan EUR 100 2016-06 Euro loan EUR 100 2014-03

  16. Cash flow, after investments before financial items SEKm Cash out from acquisitions (SEKm): 2007 1,209 2008 1,284 2009 2007 2008

  17. April 2009: Outlook for the second quarter 2009 The demand for SKF products and services is expected to be significantly lower in the second quarter compared to the second quarter last year for the Group in total, for all the Divisions and for all regions. Compared to the first quarter, demand is expected to be slightly lower for the SKF Group in total and lower in Europe, slightly lower in North America and relatively unchanged in Asia and Latin America. Demand is expected to be relatively unchanged for the Automotive Division and slightly lower for both the Industrial and Service Division. The manufacturing level will be significantly lower year on year and relatively unchanged compared to the first quarter.

  18. Volume trends(based on current assumptions)

  19. Volume trend for main segment Q2 2009(based on current assumptions) Net sales 2008

  20. Guidance for the second quarter 2009 • Tax level: around 30% • Financial net for the second quarter:SEK -220 million • Exchange rates on operating profit versus 2008 Q2: SEK 300 million • Full year: SEK 1 billion • Additions to PPE: Around SEK 2 billion for 2009 Guidance is approximate and based on current assumptions and exchange rates

  21. Key focus areas ahead 2009 • Profit and cash flow • - maintain positive price/mix • - drive operational efficiency and cost reduction • - reduce working capital and investments • Adjustment of manufacturing output to new demand levels • - restructuring • - short-time working • Growing segments and geographies • Strengthening the platform/segment approach • Competence development SKF Care and Six Sigma as guiding lights

  22. SKF Care Business Care Employee Care Operating margin SKF Care BeyondZeroTM Community Care Environmental Care

  23. SKF Group Vision To equip the world with SKF knowledge

  24. Cautionary statement • This presentation contains forward-looking statements that are based on the current expectations of the management of SKF. • Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors mentioned in SKF's latest annual report (available on www.skf.com) under the Administration Report; "Most important factors influencing the financial results", "Financial risks" and "Sensitivity analysis”.

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