September 25, 2017

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Haldex Interim Report, January – June 2017: A Quarter With Slightly Weaker Growth Than the Market

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STOCKHOLM, July 18, 2017 /PRNewswire/ —During Q2, the market continued to be positive and Haldex experienced strong growth in Europe. However, growth in North America was slightly weaker, and as a whole Haldex’ growth is somewhat weaker than in the market. The sale of actuators, which was previously the primary cause behind the fall in sales, stabilized, and only a slight reduction was noted in Q2. A number of product areas experienced positive development, and the disc brake continued to show the most growth.  Operating profit dropped slightly, largely due to lower sales in North America, where the operating margin is higher than in the other Haldex regions. The quarter continued to be burdened by the bidding process, which draws focus and resources away from the core operations.  

Net sales for Q2 totaled SEK 1,184 (1,147) m, which corresponds to a 3 percent increase compared with the same period of the previous year. After currency adjustments, net sales decreased by 2 percent. Net sales for the first six months of the year totaled SEK 2,332 (2,244) m, which is equivalent to a currency-adjusted decrease of 1 percent.

Operating income excluding one-off items totaled SEK 78 (87) m for Q2 and SEK 159 (164) m for the first six months of the year, which corresponds to an operating margin of 6.6 (7.6) per cent for Q2 and 6.8 (7.3) per cent for the first six months of the year. The operating margin including one-off items totaled SEK 2.6 (7.6) percent for Q2 and SEK 2.9 (7.3) for the first six months of the year. One-off items for Q2 amounted to SEK 47 (0) m net and for the first six months of the year to SEK 91 (0) m net.

Net income after tax for Q2 totaled SEK 10 (62) m and earnings per share for Q2 totaled SEK 0.22 (1.39). The corresponding figures for the first six months of the year are SEK 39 (110) m for net income before tax and SEK 0.86 (2.47) for earnings per share.

Cash flow from operating activities totaled SEK 39 (61) m in Q2 and SEK 58 (103) m for the first six months of the year.

A bidding process for Haldex was initiated on July 14, 2016, and is still ongoing. Knorr-Bremse’s bid of SEK 125 m is conditional and dependent on authorization from relevant competition authorities.

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