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HALDEX YEAR-END REPORT 2011

2012-02-15 08:30:00

Q4: Stable sales performance and a strong cash-flow

Haldex Group (Continued Operations*) October - December 2011:
  • Sales for Haldex Continued Operations amounted to SEK 1,035 m compared to SEK 875 m in the corresponding period last year. Adjusted for exchange rate fluctuations, sales is slightly up compared to the third quarter and has increased 20% compared with the same period prior year.
  • Cash-flow from operating activities was strong in the period amounting to SEK 178 m (13).
  • Operating income and operating margin for Haldex Continued Operations amounted to SEK 49 m (38) and 4.8% (4.3), respectively. The fourth quarter's operating income and margin are down compared to the third quarter mainly due to expenses related the ongoing consolidation in the Brazil operation. The underlying margin is in level with the third quarter.
  • Earnings after tax for Haldex Continued Operations amounted to SEK 24 m (17). Earnings per share amounted to SEK 0.52 (0.39).
  • Due to the earning capabilities and the strong balance sheet The Board of Directors intend to propose a dividend of SEK 2.00 per share that is more than the policy prescribes.
  • In December Haldex and Master Sistemas Automotivos Limita signed a long-term collaboration agreement in which the companies undertake to cooperate in the manufacturing, sales and technical support of commercial vehicle trailer anti-lock systems for pneumatic brakes (Trailer ABS) for the Brazilian market. The annual trailer production volume in Brazil amounts to 60,000 vehicles.
  • Ulf Ahlén, was appointed acting CEO & President of Haldex AB from December 1, 2011.

Key ratios, Haldex Group (Continued Operations):

+------------------+-------+--------+------------+-------+
|SEK m |Jan-Dec|Jan-Dec |Oct-Dec 2011|Oct-Dec|
| |2011 |2010 | |2010 |
+------------------+-------+--------+------------+-------+
|Net sales |4,030 |3,710 |1,035 |875 |
+------------------+-------+--------+------------+-------+
|Operating income |235 |162  1) |49 |38 |
+------------------+-------+--------+------------+-------+
|Operating margin |5.8% |4.4%  1)|4.8% |4.3% |
+------------------+-------+--------+------------+-------+
|Earnings after tax|142 |29  |24 |17 |
+------------------+-------+--------+------------+-------+
|Earnings per share|3.08 |0.55 |0.52 |0.39 |
+------------------+-------+--------+------------+-------+

1) Excluding restructuring costs.

President and CEO Ulf Ahlén comments on the fourth quarter of 2011;

"Haldex's solid sales performance in quarter four reflected the continued strength in OE production in our served markets, especially in North America. Net sales, currency adjusted, of SEK 1,035 m for the fourth quarter were 20% higher, year-on-year. Operating margin was in line with quarter three and cash flow generation was very strong. The improved profitability and strong cash flow have strengthened the Group's balance sheet which is comforting in the current uncertain macroeconomic environment."

*Haldex Continued Operations excludes the divested Hydraulics Systems Division and Traction Systems Division.

January - December 2011

Haldex Continued Operations:
  • Sales for Haldex Continued Operations totaled SEK 4,030 m (3,710). Adjusted for exchange rate fluctuations, sales increased 17% compared with the same period prior year.
  • Operating income and operating margin for Haldex Continued Operations amounted to SEK 235 m (162) and 5.8% (4.4) respectively.
  • Earnings after tax for Haldex Continued Operations amounted to SEK 142 m (29). Earnings per share were SEK 3.08 m (0.55).
The Group in total (including Discontinued Operations**):
  • Consolidated sales for Haldex Group totaled SEK 5,057 m (6,906). Operating income for Haldex Group totaled SEK 2,200 m (282). Earnings per share were SEK 46.94 (2.87).
  • Following the AGM's decision the proceeds from the sale of Traction Systems have been distributed to the shareholders via a share redemption. On July 28, 2011 the redemption amount of total SEK 1,326 m was settled.
** Discontinued Operations relates to Hydraulics Systems Division and Traction Systems Division

Calendar 2012
Annual Report 2011 (available at www.haldex.com), March 28
Annual General Meeting
at 16:00 PM CET in Landskrona, April 18
Q1: Interim report January - March, April 24
Q2: Six Month report January - June, July 20
Q3: Interim report January - October, November 2
Invitation to telephone conference
Haldex invites media and analysts to a teleconference in connection to the company's year-end report 2011. Ulf Ahlén, CEO and President of Haldex, and Pramod Mistry, CFO of Haldex, will present and comment on the report. The presentation will also be web casted live.
Date: Wednesday, February 15, 2012
Time: 11:00 AM CET

To join the telephone conference:
You can participate with questions by telephone.

Dial-in numbers:
SE: + 46 8 505 598 53
UK: +44 203 043 2436
DK: +45 369 541 87
US: +1 866 458 40 87

Internet:
The presentation will be web casted live at:
https://storm.zoomvisionmamato.com/player/haldex/objects/kamq900t/

The webcast will also be available afterwards and you can download the Year End Report and
the presentation from Haldex website: ¨
http://www.haldex.com/en/GLOBAL/Investors/Report-archive/Interim-Reports/

Contact persons:
Pramod Mistry, CFO
phone: +46 (0) 418 47 60 00
                       
Kristina Brink, Corporate Communications Manager / Investor Relations        
phone: +46 (0) 418 47 61 88 or +46 (0) 705 90 91 40                   
Haldex AB (publ)
Corporate Registration Number 556010-1155
E-post: info@haldex.com

www.haldex.com

                                  
Haldex discloses the information in this Interim Report according to the Swedish Securities Market Act and/or the Swedish Financial Trading Act. The information was provided for public release at 8:30 CET on Thursday February 15, 2012

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 nearly 3.7 billion SEK in 2010. The number of employees amounts to about 2,200.

http://www.cisionwire.com/haldex/r/haldex-year-end-report-2011,c9220306

http://feed.ne.cision.com/client/waymaker1/WOLReleaseFile.aspx?id=2088414&fn=wkr0006.pdf

 

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