SKF Q2 results Alrik Danielson, President and CEO. SKF Group
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1 SKF Q2 results 2016 Alrik Danielson, President and CEO
2 Q2 Summary Alrik Danielson, CEO
3 Q2 summary Net sales 20.0 bn 18.4 bn Net sales and earnings affected by lower demand in China and the US Q2 Q3 Q4 Q1 Q2 16 Sales SEK M, -8.0% yoy Organic sales -4.4% Operating profit* 2.6 bn 2.0 bn Operating profit* SEK M (2 577) Operating margin* 11.0% (12.9) Cash flow SEK M (1 654) Profit before tax SEK M (2 241) Q2 Q3 Q4 Q1 Q % Operating margin* * Excluding one-time items
4 Sales development by geography Organic growth in local currency Q vs Q Europe +1.8% North America -13.1% Asia/Pacific -5.9% Latin America -2.1% Middle East & Africa +1.8%
5 Sales development by Customer Industry
6 New long-term contract with Rolls-Royce Long standing co-operation with Rolls-Royce Supply of main shaft bearings for new gas turbine engine programmes Contract worth over SEK 1 billion Increasing our market share
7 New contract with copper mine in Peru Antamina invests in their copper mine in Peru one of the largest mining investments in Peru s history SKF provides proactive reliability maintenance services Agreement on a three-year contract
8 New business in Automotive New low friction truck hub unit 30% lower friction significant fuel reduction compared to standard wheel bearing sets. a European truck manufacturer has already placed an order for this low friction wheel end solution. New multi-year agreement to manufacture and supply bonded pistons for dual clutch transmission system. First manufacturing programme for bonded pistons in Europe. Manufactured on new fully automated lines in Leverkusen, Germany. The deal is worth about SEK 350 million.
9 New lubrication factory opened in St Louis, Missouri Will act as North American headquarter for LBU Brings latest systems and knowledge closer to our customers in the region Engineering, manufacturing and testing facilities Lubrication systems complementing rest of our offering and role in rotating equipment performance
10 Consolidating the manufacturing footprint recently announced activities New plant for production of automotive seals in Mexico Consolidation of production of spherical roller bearings & large roller bearings to one site in the US Investing for world class manufacturing in the US Closure of seals plant in Baltimore, US Closure of production channels in Puebla, Mexico Manufacturing and development of condition monitoring solutions moved from San Diego, California, to Europe Production of bearings transferred from Pinghu, China to other manufacturing facilities. Slide 10
11 Logistics efficiency improvements Consolidation Hebron to Crossville, USA Added capacity and efficiency improvements in EDC, Belgium Consolidation to fewer stocking locations in LAM Consolidation to fewer stocking locations in India. New IDC in Pune. Slide 11
12 Q2 results the details Christian Johansson, CFO
13 Sales development Net sales, SEK bn Percent y-o-y Q2 Q3 Q4 Q1 Q2 Organic Structure Currency Net sales Q2 Q3 Q4 Q1 Q2 16
14 Organic sales growth % change y-o-y
15 Operating profit excluding one-time items , , ,
16 Operating profit
17 Operating performance by segment Industrial Net sales SEK M Organic sales -5.5% Operating margin* declined to 12.7% Industrial Operating margin* 15.0% 15.5% Automotive Operating margin* 12.7% Automotive 5.7% 6.5% 7.1% Net sales SEK M Organic sales -1.8% Operating margin* improved to 7.1% * Excluding one-time items
18 SKF Group Q Financial performance (SEKm) Net sales Cost of goods sold Gross profit Gross margin, % Selling and administrative expenses Other operating expenses Operating profit One-time items Operating profit excl. one-time items Operating margin, % Operating margin excl. one-time items, % Financial income and expense, net Profit before taxes Taxes Net profit Basic earnings per share, SEK
19 110 Fixed cost index Cost management Continuous reduction in fixed cost, fixed cost index increased to 98 in Q2 due to annual wage inflation (Q4 2014=100) Reduction with 768 employees in the quarter (Fly-by-wire and Kaydon velocity control) Activity-based cost reductions continue with high focus Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Employees, including agency and temporary personnel 51,729 47,984 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Fixed cost index: 98
20 Cash flow after investments before financing* SEKm * After investments before financing (excluding acquisitions and divestments and EU payment in Q ) 2013 and 2014 are restated
21 Net working capital as % of annual sales % 21.1% 18.5% 8.7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Total NWC 30.0% Target: 25% Inventories 20.8% Trade receivables 18.2% Trade payables 9.0%
22 Divestments completed in June Fly-by-wire Net sales EUR 37 million 155 registered employees Agreement announced on March 17, 2016 Purchase consideration EUR 39 million Buyer: LORD Corporation Kaydon Velocity Control Net sales USD 120 million 548 registered employees Agreement announced on April 26, 2016 Purchase consideration USD 339 million Buyer: Stabilus Closing: June 30, 2016 Closing: June 30, 2016 Financial effects Cash flow, net proceeds in Q2 SEK 3,125 million Taxes to be paid in coming quarters SEK -386 million Cash flow, net after tax payment SEK 2,739 million Net income effect in Q2 SEK -380 million
23 Increased net debt due to lower discount rates for post-employment benefits
24 Guidance for 2016* Q3 2016: Financial net: around -250 million Currency impact on the operating profit is expected to be around -100 million compared with 2015 based on exchange rates per June : Tax level: around 30% for 2016, excluding effects from divestments Additions to property, plant and equipment: around 2,000 million for 2016 * Guidance is approximate and based on current assumptions and exchange rates.
25 SKF demand outlook - Definition The demand outlook for SKFs products and services represents management's best estimate based on current information about the future demand from our customers. The demand outlook is the expected volume development in the markets where our customers operate.
26 July 2016: SKF demand outlook Q Demand compared to the third quarter 2015 The demand for SKF s products and services is expected to be relatively unchanged for the Group, including both Automotive and Industrial. Demand is expected to be slightly higher in Europe, relatively unchanged in Latin America, slightly lower in Asia and significantly lower in North America. Demand compared to the second quarter 2016 The demand for SKF s products and services is expected to be lower for the Group. Demand for Industrial is expected to be slightly lower and demand for Automotive is expected to be lower. Demand is expected to be relatively unchanged in Latin America, slightly lower in Asia and North America and lower in Europe.
27 Financial calendar Report on the third quarter 2016 October 26 Report on the fourth quarter February 2
28 SKF Q2 results 2016 Q & A
29 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 under the Administration Report; Important factors influencing the financial results", "Financial risks" and "Sensitivity analysis.
30
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