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The SKF Group

The SKF Group. SKF Investor Relations January 2014. SKF - A truly global company. Established: 1907 Sales 2013: SEK 63,597 million Employees 2013: 48,401 Production sites: around 165 in 28 countries SKF presence: in over 130 countries Distributors/dealers: 15,000 locations

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The SKF Group

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  1. The SKF Group SKF Investor Relations January 2014

  2. SKF - A truly global company • Established: 1907 • Sales 2013: SEK 63,597 million • Employees 2013: 48,401 • Production sites: around 165 in 28 countries • SKF presence: in over 130 countries • Distributors/dealers: 15,000 locations • Global certificates: ISO 14001 • OHSAS 18001 certification

  3. Net sales - 2013 Middle East & Africa Cars and light trucks North America Industrial distribution Asia/Pacific Aerospace Railway Latin America Off-highway Eastern Europe Trucks Sweden Two-wheelers and Electrical Vehicle aftermarket Energy Industrial, general 9% Western Europe Industrial, heavy and special * Previously published shares have been restated in February 2013

  4. (1998) (2002) % of group total SKF 2013 Net sales Average number of employees (44) (53) (48) Tangible asset (47) (46) (53) (10) (9) (12) (14) (13) (8) (14) (25) (19) (26) (13) (18) (14) (12) (5) (9) (3) (3) (6) (5) (4) (5) (12) (15) (3) (9) (3) (4) (3) (4) (2) (0) (3) (2) (2) (0) North America WesternEurope Eastern Europe Sweden Latin America Middle East and Africa Asia/Pacific

  5. Operating margin as reported %

  6. Return on capital employed %

  7. Growth in local currencies %

  8. Long-term financial targets • 20% • Return on capital employed 8% Changes in sales in local currency, incl. structure 15% Operating margin, level

  9. SKF’s priorities • Sustainable profitable growth • Expand the platform concept • Exploit the asset life cycle approach • Develop new products and grow SKF BeyondZero portfolio • Extend and grow second brands • Acquisitions • Investments & Innovation • New and existing facilities • Research and development • IT systems and mobility • Capital efficiency • Fixed capital • Net working capital • Cost reduction • Business Excellence • Consolidation of manufacturing • Optimization and productivity improvements • Reduction in purchasing costs

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

  11. SKF BeyondZero • SKF launched the BeyondZeroTM portfolio with products and solutions, which will both improve energy efficiency and reduce the environmental impact. • SKF revised targets for its climate strategy and also partnered with the WWF in their Climate Savers Programme. SKF’s climate strategy targets: • Increase revenue from SKF BeyondZero portfolio from SEK 2.5 bn to SEK 10 bn by 2016 •Reduce total annual energy use by 5% below the 2006 level by 2016 • Reduce energy use per production output by 5% y-o-y from 2012 to 2016 • Reduce CO2 emissions per tonne-kilometre by 30% 2016 vs 2011 for transports managed by SKF Logistics Services • Major suppliers certified according to ISO 50001 by 2016

  12. 27 SKF Solution Factories 2013 Nordic (Gothenburg) Moscow Edmonton UK The Netherlands Poland Urumqui Rumania Toronto Germany France Tianjin Spain Italy Cleveland Istanbul Shanghai Manesar Houston Abu Dhabi Taiwan Monterrey Mexico Pune Colombia Brasil “IXION” Johannesburg Perth Opened Planned

  13. SKF Solution Factory Platforms & Technology Competence Segments & Application Knowledge SKF Solution Factory Capabilities Sealing Solutions Lubrication Solutions Mechanical Services Remote Monitoring Center Bearing Service Workshop Condition Monitoring Services A & MC MaPro/CoMo Product Repair Training Center

  14. Slab continuous caster – metal industry Telescopic actuators for mould adjustment SKF ConRo Compact roll line units SKF ConRo Low roll line units SKF ConRo Top roll line units SKF DryLube Bearings and SNL Housings for roll out table SKF sealed self-aligning bearing system (CARB and spherical roller bearings) and centralized lubrication system for roll lines SKF Caster Analyst System for roll lines

  15. Wheel-loader – Construction Chassis lubrication Centralized lubrication systems Central gear Hybrid pinion units Motor hood Electromechanical actuators Wheel end • Integrated smart wheel bearing units with sensors • SKF Mudblock cassette seals

  16. Wind turbine - Energy New CRB-design with extra-high carrying capacity for wind-gearboxes. New pitch bearing design with improved corrosion protection SKF WindCon 3.0/Webcon Intranet supervised condition monitoring DRTRB-unit SKF Nautiluswith segmented cage for minimized friction Automatic centralized lubrication kits for reduced maintenance cost XL Hybrid bearings with ceramic balls for superior insulation

  17. SKF’s environmentally positive customer solutions SKF’s solutions which realize significant environmental benefits Designed for environment Applied for environment Up to 15% better fuel economy of the car Stop-start system SKF sensor bearing E2 - 30% less energy compared to a standard bearing A solution that enables improved environmental performance in a specific application A solution that is primarily designed to improve environmental performance by itself

  18. SKF energy efficient (E2) bearings Peru Industria Textil Piura 60,000 E2 deep groove ball bearing • Indonesia • Leuwijaya Textile • 30,000 E2 bearing • potential 325,000 for 3 different customers • China • Conveyors used in mining industry. 130,000 E2 bearing • India • Sangam Group

  19. What is SKF knowledge?

  20. SKF technology platforms Bearings and units

  21. SKF technology platforms Seals

  22. SKF technology platforms Mechatronic

  23. SKF technology platforms Lubrication systems

  24. SKF technology platforms Service

  25. Acquisition 2003-2013Identifying gaps and opportunities in all platforms Bearings and units Lubrication systems Mechatronics Services Seals Safematic(2006) ABBA(2007) Economos(2006) SNFA(2006) Baker(2007) Jaeger(2005) Macrotech(2006) Macrotech (2009) GLO(2008) S2M(2007) Kaydon(2013) Vogel(2004) Lincoln Industrial(2010) PMCI(2007) ALS(2007) QPM(2008) TCM (2003) Sommers(2005) PB&A(2006) Scandrive(2003) Monitek(2006) Cirval(2008) Peer(2008) BVI(2013) GBC(2012)

  26. SKF Year-end results 2013 Tom Johnstone, President and CEO

  27. Key achievements 2013 • Acquisitions and divestments: • acquisition of German-based ship components provider Blohm + Voss Industries (BVI) • acquisition of US-based Kaydon Corporation • divestment of the aerospace metallic rods business • New facilities: • lubrication systems laboratory in SKF Global Technical Centre, India • manufacturing unit in Pune in India for producing housings for bearings • gearbox remanufacturing centre in Tianjin, China • SKF opened six new SKF Solution Factories: in Toronto, Canada, in Manesar, India, in Urumqi, China and in Abu Dhabi, United Arab Emirates. There are now 27 SKF Solution Factories worldwide. Bearing

  28. Key achievements 2013 • In 2013, SKF provided around SEK 4 billion in verified savings for customers and since 2003 the accumulated figure is over SEK 27 billion. • SKF Distributor College awarded its 200,000th certificate. The recipient is Yang Chunxiao, an employee of Shandong Jiarui Industry Develop Co, Ltd, one of SKF’s Certified Maintenance Partners in China, who completed a course on ”selling value”. • SKF’s factories in Ahmedabad, India and in Dalian, China was awarded LEED Gold certification. SKF was included in the FTSE4Good Index Series for the 13th successive year SKF was included in the Dow Jones Sustainability Indexes for the 14th successive year

  29. Examples of new business in Q4 2013 • SKF started deliveries of wheel hub bearing units and MacPherson suspension bearing units to Volvo Car Corporation in their new factory in Chengdu, China for the delivery of the newly launched Volvo S60L car model. • SKF received an order from Hyundai Motors as a supplier of the recently launched robust MacPherson suspension bearing unit. The value of the order is around SEK 370 million. • SKF is providing bearings, lubrication systems and engineering support for a US-based pump producer for London’s Lee Tunnel Project is building its largest-ever waste water pump, which will contribute to London’s storm water and sewage overflow issues. • SKF received an order for compact tapered bearing unit from Tikhvin Freight Car Building Plant, affiliated to United Wagon Company LLC. The value of the order is around SEK 120 million. • SKF was awarded by CSR ZHUZHOU ELECTRIC CO., LTD in China a contract for locomotive bearings for a value of SEK 76 million. • SKF gained lubrication business worth SEK 38 million from a heavy industry customer in Peru.

  30. Examples of new business in Q1 – Q3 2013 • New business • with Pratt & Whitney, to supply engine main shaft bearings • with Nordex for delivery of main shaft bearings and lubrication systems • for automated lubrication systems installed in the MSC Home Terminal cranes in Belgium’s Port of Antwerp • with Turbomeca a 10-year contract worth SEK 900 million • with Fiat for the delivery of wheel hub bearing units, worth SEK 1 billion • with Great Wall Motors in China for high pressure valve stem seals, hub bearing units and bearing retainers. SKF and Great Wall Motors also signed a strategic partnership for developing sustainable solutions in energy efficient vehicles. • with Goldwind for SKF Nautilus bearing units, worth SEK 100 million • with Tangshan Loco and Changchun Railway Co for wheel set bearings for high speed trains • with Wuhan Iron & Steel Heavy Industry Group Co, Ltd (WISCO Heavy) to establish a remanufacturing centre in Wuhan, China.

  31. Examples of new technologies, products and solutions 2013 Sealed SKF single row angular contact ball bearings Super precisions bearings for wood-working applications SKF Extended Life spherical plain bearing SKF Condition Based Lubrication An energy efficient high speed permanent magnet solution SKF Telescopic pillars series CPMA and CPMB for medical equipment SKF InsightTMInternally powered sensors and data acquisition electronics sensing directly on the bearing Reinforced all-rubber HSS seals Robust angular steering column bearing High pressure valve stem seal with lower friction SKF extreme temperature bearings SKF Axial excluder seal

  32. SKF Group – Q4 2013 • Financial performance 2013 2012 • Net sales, SEKm 16,430 14,984 • Operating profit, SEKm -1,547 1,221 • Operating margin, % -9.4 8.1 • Operating margin excl. one-time costs,% 11.0 10.2 • Profit before tax, SEKm -1,760 969 • Cash flow, SEKm -6,732 1,076 • Organic sales growth in local currency: • SKF Group: 6.9% • Strategic Industries: 6.5% • Regional Sales and Service: 4.6% • Automotive: 10.8% • Key points • Sales volumes up by 7.1% y-o-y • Manufacturing higher compared to last year • Inventories 21.5% of sales (20.9% excluding Kaydon) Europe: 3% North America: 4% Asia: 15% Latin America: 11%

  33. SKF Group – 2013 Financial performance 2013 2012 Net sales, SEKm 63,597 64,575 Operating profit, SEKm 3,693 7,314 Operating margin, % 5.8 11.3 Operating margin excl. one-time costs,% 11.9 12.0 Profit before tax, SEKm 2,821 6,408 Cash flow, SEKm -5,342 3,555 Organic sales growth in local currency: SKF Group: -0.7% Strategic Industries: -4.1% Regional Sales and Service: -2.1% Automotive: 5.3% Key points Sales volumes down by -0.7% y-o-y Manufacturing relatively unchanged compared to last year Inventories 21.5% of sales (20.9% excluding Kaydon) Europe: -3% North America: -3% Asia: 2% Latin America: 10% Slide 32 28 January 2014

  34. Operating profit excluding one-time costs Slide 33 28 January 2014

  35. Adjusted 2013 key figures Slide 34 28 January 2014

  36. Organic sales growth in local currency % change y-o-y 2011 2012 2013

  37. Growth development by geographyOrganic growth in local currency Q4 2013 vs Q4 2012 Europe3% North America 4% Asia/Pacific 15% Latin America 11% Middle East & Africa 16%

  38. Growth development by geographyOrganic growth in local currency 2013 vs 2012 Europe-3% North America -3% Asia/Pacific 2% Latin America 10% Middle East & Africa 3%

  39. Components in net sales 2013 2011 2012

  40. Growth in local currency, including structure % y-o-y 16.3% 1.8% -2.1% Structure in 2011: 4.8% Structure in 2012: 0.4% Structure in 2013: 2.5%

  41. Operating profit as reported SEKm 2012 2011 2013

  42. Operating profit excluding one-time items SEKm 2012 2011 2013

  43. Operating margin % 14.7* 11.9* 12.0* 14.5 11.4 5.8 One-time items * Excluding one-time items

  44. Operating margin per business area % Regional Sales and Service Strategic Industries Automotive 2012 2013 2011 Excluding one-time items(eg. restructuring, impairments, capital gains)

  45. Inventories as % of annual sales % excl. Kaydon 2011 2012 2013

  46. Return on capital employed One-time costs * Excluding one-time costs % 23.9* 23.6 17.2* 15.1* 16.2 7.5 ROCE: Operating profit plus interest income, as a percentage of twelve months rolling average of total assets less the average of non-interest bearing liabilities.

  47. New ROCE and Net working capital targets

  48. Key elements of capital efficiency Flat over 11 years -8 percentage points in 11 years Net working capital as % of sales Plant and property as % of sales * Excluding Kaydon * Excluding Kaydon • Main actions • Continue PPE and sales ratio going forward • Step-up activities to: • - work with flexibility in our factories to reduce inventory • - improve collection of accounts receivables • - get effects on A/P from new purchasing activities

  49. Cash flow, after investments before financing SEKm * **** *** ** 2012 2013 2011 Excl. acquisitions and divestments: * Q3 2012 SEK 1,707 million ** Q1 2013 SEK -69 million *** Q3 2013 SEK 871 million **** Q4 2013 SEK 1,170 million

  50. Net debt SEKm AB SKF, dividend paid (SEKm): 2011 Q2 2,277 2012 Q2 2,504 2013 Q2 2,530 Cash out from acquisitions (SEKm): 2012 Q3 829 2013 Q1 823 2014 Q4 7,900 2012 2013 2011 Net debt: Loans and net provisions for post-employment benefits less short-term financial assets excluding derivatives.

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