The SKF Group saw a significant drop in sales volumes in the first quarter of 2009 compared to the same period in 2008. Net sales decreased 4.8% while operating profit declined significantly. Demand is expected to remain low in the second quarter, with a similar decline in volume year-over-year. The company has implemented actions to reduce costs and focus on profitability and cash flow. Looking ahead, the outlook remains weak given continued economic uncertainty and risks in the business environment.
SKF reported strong financial results for the first quarter of 2010, with operating margin of 11.8% compared to 5.2% in the first quarter of 2009. Demand increased across most regions and industries, particularly in Asia and for the automotive business. For the second quarter, SKF expects demand to be significantly higher than the previous year and slightly higher than the first quarter. SKF will maintain higher manufacturing levels to meet demand.
SKF reported financial results for Q4 2009 and full year 2009. While sales and profits declined compared to previous year, cash flow for 2009 was a record high. Demand improved slightly in Q4 but was still lower than a year ago. Additional cost reduction efforts were undertaken. For Q1 2010, demand is expected to be slightly higher than Q4 2009. The company will continue adapting costs while increasing activities in growing areas and new environmental offerings.
1. NTN's financial results for FY2019 showed a net loss of 44 billion yen, the worst in company history. This was largely due to an impairment loss of 29 billion yen related to unprofitable factories and businesses.
2. The impairment loss was significantly higher than initial estimates of under 2 billion yen due to the auditor requiring COVID-19's impact to be included in calculations. This led to more conservative business forecasts and higher impairment losses.
3. Several cost cutting measures were undertaken, leading to reductions in labor costs and expenses. However, declining sales volumes had a major negative scale effect on profits, and price competition in the automotive sector continued to be a challenge.
1) Arezzo&Co reported net revenue growth of 7.5% in 3Q13 and 15.2% in the first nine months compared to the same period in 2012. Gross profit grew 8.4% in 3Q13 and 17.9% in the first nine months.
2) EBITDA was R$46.8 million in 3Q13, a 9.6% increase, with margins expanding 20 bps. Net income grew 19.3% in the first nine months to R$29.4 million.
3) The company invested
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co SE
The document discusses Klöckner & Co SE's financial results for the second quarter of 2012, including a 5.7% increase in turnover driven by acquisitions and organic growth. It also provides an update on the company's restructuring efforts to adapt to declining demand in Europe, which includes expanding measures and closing additional sites. The summary also outlines Klöckner & Co SE's overall financial position, with a strong balance sheet and stable net working capital.
Rio Tinto half year results presentation slides 2009Rio Tinto plc
- Rio Tinto reported lower earnings and EBITDA for the first half of 2009 compared to the same period in 2008, due to a sharp decline in commodity prices from their peak in early 2008.
- The company took decisive actions to improve its financial position, including successful rights issues raising $15.2 billion, divestments of $3.7 billion, and achieving $0.8 billion of its $2.5 billion operating cost savings target for 2009.
- While the global economic outlook remains uncertain, Rio Tinto expects demand from China to continue supporting commodity prices, having driven domestic activity and inventory rebuilding through policy responses to the downturn.
The Timken Company reported third quarter results with the following highlights:
- Sales increased slightly year-over-year to $1.27 billion due to strong industrial markets offsetting declines in the automotive sector.
- Net income increased to $46.5 million compared to $39.8 million in the prior year period. Excluding special items, earnings per share were $0.57.
- Industrial markets continued to drive demand while the automotive sector faced significant volume reductions in North America, posing challenges. Actions are underway to adapt to the decline in automotive demand.
- Klöckner & Co SE is a leading multi-metal distributor based in Germany that presented at the German Corporate Forum in London on October 1, 2012.
- In Q2 2012, sales increased 4.2% year-over-year but EBITDA declined due to restructuring expenses of €17 million mainly related to structural changes in Spain.
- The company expanded restructuring measures significantly in response to a 25% decline in steel demand from peak levels and overcapacity in distribution. Measures aimed to adapt the business and position it for potential recovery.
SKF reported strong financial results for the first quarter of 2010, with operating margin of 11.8% compared to 5.2% in the first quarter of 2009. Demand increased across most regions and industries, particularly in Asia and for the automotive business. For the second quarter, SKF expects demand to be significantly higher than the previous year and slightly higher than the first quarter. SKF will maintain higher manufacturing levels to meet demand.
SKF reported financial results for Q4 2009 and full year 2009. While sales and profits declined compared to previous year, cash flow for 2009 was a record high. Demand improved slightly in Q4 but was still lower than a year ago. Additional cost reduction efforts were undertaken. For Q1 2010, demand is expected to be slightly higher than Q4 2009. The company will continue adapting costs while increasing activities in growing areas and new environmental offerings.
1. NTN's financial results for FY2019 showed a net loss of 44 billion yen, the worst in company history. This was largely due to an impairment loss of 29 billion yen related to unprofitable factories and businesses.
2. The impairment loss was significantly higher than initial estimates of under 2 billion yen due to the auditor requiring COVID-19's impact to be included in calculations. This led to more conservative business forecasts and higher impairment losses.
3. Several cost cutting measures were undertaken, leading to reductions in labor costs and expenses. However, declining sales volumes had a major negative scale effect on profits, and price competition in the automotive sector continued to be a challenge.
1) Arezzo&Co reported net revenue growth of 7.5% in 3Q13 and 15.2% in the first nine months compared to the same period in 2012. Gross profit grew 8.4% in 3Q13 and 17.9% in the first nine months.
2) EBITDA was R$46.8 million in 3Q13, a 9.6% increase, with margins expanding 20 bps. Net income grew 19.3% in the first nine months to R$29.4 million.
3) The company invested
Klöckner & Co - Global Industrial and A&D Conference 2012Klöckner & Co SE
The document discusses Klöckner & Co SE's financial results for the second quarter of 2012, including a 5.7% increase in turnover driven by acquisitions and organic growth. It also provides an update on the company's restructuring efforts to adapt to declining demand in Europe, which includes expanding measures and closing additional sites. The summary also outlines Klöckner & Co SE's overall financial position, with a strong balance sheet and stable net working capital.
Rio Tinto half year results presentation slides 2009Rio Tinto plc
- Rio Tinto reported lower earnings and EBITDA for the first half of 2009 compared to the same period in 2008, due to a sharp decline in commodity prices from their peak in early 2008.
- The company took decisive actions to improve its financial position, including successful rights issues raising $15.2 billion, divestments of $3.7 billion, and achieving $0.8 billion of its $2.5 billion operating cost savings target for 2009.
- While the global economic outlook remains uncertain, Rio Tinto expects demand from China to continue supporting commodity prices, having driven domestic activity and inventory rebuilding through policy responses to the downturn.
The Timken Company reported third quarter results with the following highlights:
- Sales increased slightly year-over-year to $1.27 billion due to strong industrial markets offsetting declines in the automotive sector.
- Net income increased to $46.5 million compared to $39.8 million in the prior year period. Excluding special items, earnings per share were $0.57.
- Industrial markets continued to drive demand while the automotive sector faced significant volume reductions in North America, posing challenges. Actions are underway to adapt to the decline in automotive demand.
- Klöckner & Co SE is a leading multi-metal distributor based in Germany that presented at the German Corporate Forum in London on October 1, 2012.
- In Q2 2012, sales increased 4.2% year-over-year but EBITDA declined due to restructuring expenses of €17 million mainly related to structural changes in Spain.
- The company expanded restructuring measures significantly in response to a 25% decline in steel demand from peak levels and overcapacity in distribution. Measures aimed to adapt the business and position it for potential recovery.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
Klöckner & Co - Capital Goods & Steel Conference 2012Klöckner & Co SE
The document summarizes Klöckner & Co SE's financial results for the second quarter of 2012. Key points include:
- Sales increased 4.2% year-over-year but EBITDA decreased due to €17 million in restructuring expenses.
- The company expanded restructuring measures in response to weak steel demand and overcapacity in Europe.
- Net income was negatively impacted by impairments and restructuring costs, though adjusted net income was slightly positive.
- Net working capital and net debt levels remained stable sequentially.
The Timken Company reported strong financial results for the first quarter of 2006, with record sales and increased net income compared to the first quarter of 2005. Net income grew 13% while earnings per share increased 11%. All three of the company's business segments - Industrial, Automotive, and Steel - performed well. The company also increased its full-year 2006 earnings guidance and expects continued strength in industrial markets and margin improvement across its business segments for the remainder of the year.
Klöckner & Co - UBS Best of Germany Conference 2012Klöckner & Co SE
- Klöckner & Co SE is a leading multi-metal distributor that presented at the UBS Best of Germany Conference in New York on September 12, 2012.
- In Q2 2012, turnover increased 5.7% year-over-year driven by acquisitions and organic growth in the US, while EBITDA was €50 million meeting guidance despite a worsening market environment in Europe.
- Restructuring measures were expanded significantly in response to weak steel demand and overcapacity, with the initial measures almost concluded and expected to realize €70 million in EBITDA improvements.
Voltas FY14: Products lead growth; Projects weigh on profits - Motilal OswalIndiaNotes.com
VOLT's Projects business continued to face challenges from legacy projects in FY14, reporting losses for the third consecutive year. However, the company was able to reduce losses compared to previous years. RIEL achieved EBITDA breakeven but continued to report cash losses. VOLT's net working capital improved on a standalone basis but remained elevated on a consolidated level. The company rationalized its workforce to reduce costs. Its Unitary Cooling products division grew revenues by 39% and expanded margins, while demand for textile machinery remained subdued.
Masco Corporation reported financial results for the fourth quarter and full year of 2015. Total company sales increased 6% in the fourth quarter excluding foreign currency effects. North American sales increased 5% while international sales grew 4% locally. For the full year, adjusted operating profit increased 21% to $927 million and adjusted earnings per share increased 35% to $1.19 due to continued execution of strategic initiatives, sales growth, operating leverage and cost reductions.
Klöckner & Co SE reported Q2 2013 results, with sales down 13.5% year-over-year due to declining steel markets and restructuring efforts. EBITDA improved to €43 million compared to €33 million in Q2 2012, driven by cost reductions of €24 million from the restructuring program despite lower sales. Management expects operating EBITDA of €30-40 million for Q3 2013 and maintains the full-year target of €140 million despite a weaker first half, as restructuring efforts take effect.
Jagran Prakashan reported mixed quarterly results, with top-line growth of 12% driven by a 13% rise in advertising revenue, while margins contracted due to higher newsprint costs. Earnings grew 10% aided by a spike in other income. While the company expects 17-18% advertising revenue growth for FY2011, analysts maintain a buy rating due to strong long term growth prospects and attractive valuations following the company's acquisition of Mid-Day's print business.
GM reported a $16.8 billion adjusted net loss and $30.9 billion reported net loss for 2008. In Q4 2008, GM had a $5.9 billion adjusted net loss and $9.6 billion reported net loss. Revenue declined significantly from 2007 due to the economic crisis and collapse in vehicle demand. GM is accelerating restructuring actions and received $13.4 billion in loans from the U.S. Treasury to implement a global restructuring plan aimed at achieving long-term viability.
The Timken Company reported record second quarter results for 2005, with a 17% increase in sales and more than doubling of earnings per share compared to the previous year. While industrial markets remained strong, automotive markets continued to be challenging. As a result, Timken will restructure its Automotive Group globally over the next quarter to reduce fixed costs and deliver annual savings of approximately $40 million. Due to strong second quarter performance, Timken raised its full-year earnings per share outlook, excluding special items, to $2.40 to $2.55 from $2.05 to $2.20.
PPG Industries reported strong financial performance in the second quarter of 2008. Sales grew 42% to a record $4.4 billion due to acquisition and organic growth. Segment earnings increased 18% despite inflationary pressures. Price increases contributed to growth, offsetting weak demand in automotive and construction. The company expects moderating growth and higher prices to offset costs in the third quarter.
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013Klöckner & Co SE
- Klöckner & Co's Q2 2013 financial results showed declines in turnover, sales, and gross profit compared to Q2 2012 due to weak steel markets and ongoing restructuring efforts. The EBITDA of €43m met guidance due to cost reductions from restructuring measures.
- Turnover decreased 9.3% to €1,698m and sales decreased 13.5% to €1,690m as a result of market declines, site closures, and exiting low-margin business. However, the gross margin improved.
- Restructuring measures have significantly reduced costs and are on track to achieve the targeted annual EBITDA impact of around €160m, with €17m
Rexnord Corporation (RXN) Third Quarter Fiscal Year 2017 Financial ResultsRexnord
Supply Chain Optimization & Footprint Repositioning Program
• Final pj , $ g roject initiated, remain on track to $30 million of annual cost savings
• RHF product line exit essentially complete
Process & Motion Control
• Sequential increase in First-Fit wins, on track to exceed FY17 target
• Cambridge acquisition continues to perform well
Water Management
• Matthew Stillings joins Rexnord as Water Management Group Executive
• Zurn establishes new global headquarters in Milwaukee
Cash Flow & Balance Sheet
• Net debt leverage ratio declines to 3.3x
• Term debt maturity extended to 2023, coupon reduced by 25 bps
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
The Timken Company reported record third quarter sales and net income that more than doubled from the previous year. Sales increased 15% to $1.3 billion due to strong performance in the industrial and steel groups. However, the automotive group continued to struggle in the challenging North American market. The company increased its full-year earnings outlook due to strong global industrial demand and expects its restructuring programs to improve automotive group performance and reduce costs.
Ply Gem Holdings reported results for the third quarter of 2014, with net sales increasing 7.5% year-over-year to $437.8 million. Gross profit margin expanded 180 basis points to 22.5% due to price increases and efficiency gains. Adjusted EBITDA grew 14.7% to $55.4 million. Both the Windows & Doors and Siding, Fencing & Stone segments saw sales growth and gross margin expansion through price increases and synergies from recent acquisitions, despite higher raw material costs and integration expenses. The company expects continued growth in US housing starts and full-year 2014 adjusted EBITDA of $23-28 million for the fourth quarter.
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013Klöckner & Co SE
- Gisbert Rühl, CEO of Klöckner & Co SE, presented Q3 2013 results and outlook. Key points include:
- Q3 EBITDA of €39M met guidance despite weak European markets, due to cost cutting measures.
- Restructuring program KCO 6.0 is far advanced, with 61 of 71 sites closed and over 2,000 job cuts realized.
- Additional optimization measures called KCO WIN are expected to contribute €20M to EBITDA in 2014 and €30M from 2015 onward.
- Full year EBITDA target of €140M and positive free cash flow are confirmed. The outlook remains cautious due to
CFO Message in NTN Report 2021 (English Version)TETSUYA SOGO
1. The document discusses the financial results for the fiscal year ending March 31, 2021 and forecasts for the fiscal year ending March 31, 2022 for NTN Corporation.
2. For fiscal year 2021, net sales decreased due to COVID-19 but the company achieved an operating loss turnaround in the second half through cost reductions. However, an operating loss of 3.1 billion yen and loss attributable to owners of 11.6 billion yen were recorded.
3. For fiscal 2022, net sales are forecast to recover to 660 billion yen level with operating income planned at 15 billion yen through demand recovery and fixed cost control, though uncertainties like semiconductor shortages remain.
- Sales increased 6% to $1.26 billion in Q3 2007 due to strong industrial demand, while earnings grew modestly to $41.2 million due to higher costs.
- For the first nine months of 2007, sales increased 4% to $3.89 billion while earnings grew 6% to $171.1 million, constrained by higher material and manufacturing expenses.
- The company expects full-year 2007 earnings per share of $2.40-$2.50, anticipating stronger performance driven by industrial growth and improvements offsetting cost pressures.
SKF reported lower sales and profits for the third quarter of 2009 compared to the previous year, due to the economic downturn reducing demand, but cash flow remained strong. While some divisions like automotive struggled, others like industrial showed signs of stabilizing. SKF continued restructuring efforts and expected a slight sequential improvement in the fourth quarter, but sales would still be significantly lower than the previous year.
SKF reported lower sales and profits in the first half of 2009 compared to 2008 due to a decline in demand. While demand continued to decrease, the rate of decline showed signs of leveling off. SKF implemented cost reduction activities and restructuring programs that resulted in annual savings of SEK 800 million. For the third quarter, SKF expects year-on-year sales declines to be slightly less than the first half, and manufacturing levels to remain relatively unchanged.
- SKF's sales increased 10.9% in Q2 2010 driven by strong automotive sales and improved industrial sales. Higher production and cost reductions led to record operating profit and margin.
- In Q3 2010, SKF expects continued sales growth significantly higher than the previous year for all regions and divisions. Production will remain at Q2 2010 levels, higher than the previous year.
- Key financial figures for Q2 2010 show increases in net sales, operating profit, profit before taxes, and net profit compared to Q2 2009.
Klöckner & Co - Roadshow Presentation August 2012Klöckner & Co SE
Klöckner & Co SE is a leading multi-metal distributor that saw turnover increase 5.7% year-over-year in Q2 2012 driven by acquisitions and organic growth in the US. However, the worsening market environment in Europe makes achieving last year's EBITDA unlikely. The company has significantly expanded the scope of its restructuring measures, closing 11 sites in Spain and about 10 sites in France. Net income was negatively impacted by €17 million in restructuring costs and €30 million in impairments.
Klöckner & Co - Capital Goods & Steel Conference 2012Klöckner & Co SE
The document summarizes Klöckner & Co SE's financial results for the second quarter of 2012. Key points include:
- Sales increased 4.2% year-over-year but EBITDA decreased due to €17 million in restructuring expenses.
- The company expanded restructuring measures in response to weak steel demand and overcapacity in Europe.
- Net income was negatively impacted by impairments and restructuring costs, though adjusted net income was slightly positive.
- Net working capital and net debt levels remained stable sequentially.
The Timken Company reported strong financial results for the first quarter of 2006, with record sales and increased net income compared to the first quarter of 2005. Net income grew 13% while earnings per share increased 11%. All three of the company's business segments - Industrial, Automotive, and Steel - performed well. The company also increased its full-year 2006 earnings guidance and expects continued strength in industrial markets and margin improvement across its business segments for the remainder of the year.
Klöckner & Co - UBS Best of Germany Conference 2012Klöckner & Co SE
- Klöckner & Co SE is a leading multi-metal distributor that presented at the UBS Best of Germany Conference in New York on September 12, 2012.
- In Q2 2012, turnover increased 5.7% year-over-year driven by acquisitions and organic growth in the US, while EBITDA was €50 million meeting guidance despite a worsening market environment in Europe.
- Restructuring measures were expanded significantly in response to weak steel demand and overcapacity, with the initial measures almost concluded and expected to realize €70 million in EBITDA improvements.
Voltas FY14: Products lead growth; Projects weigh on profits - Motilal OswalIndiaNotes.com
VOLT's Projects business continued to face challenges from legacy projects in FY14, reporting losses for the third consecutive year. However, the company was able to reduce losses compared to previous years. RIEL achieved EBITDA breakeven but continued to report cash losses. VOLT's net working capital improved on a standalone basis but remained elevated on a consolidated level. The company rationalized its workforce to reduce costs. Its Unitary Cooling products division grew revenues by 39% and expanded margins, while demand for textile machinery remained subdued.
Masco Corporation reported financial results for the fourth quarter and full year of 2015. Total company sales increased 6% in the fourth quarter excluding foreign currency effects. North American sales increased 5% while international sales grew 4% locally. For the full year, adjusted operating profit increased 21% to $927 million and adjusted earnings per share increased 35% to $1.19 due to continued execution of strategic initiatives, sales growth, operating leverage and cost reductions.
Klöckner & Co SE reported Q2 2013 results, with sales down 13.5% year-over-year due to declining steel markets and restructuring efforts. EBITDA improved to €43 million compared to €33 million in Q2 2012, driven by cost reductions of €24 million from the restructuring program despite lower sales. Management expects operating EBITDA of €30-40 million for Q3 2013 and maintains the full-year target of €140 million despite a weaker first half, as restructuring efforts take effect.
Jagran Prakashan reported mixed quarterly results, with top-line growth of 12% driven by a 13% rise in advertising revenue, while margins contracted due to higher newsprint costs. Earnings grew 10% aided by a spike in other income. While the company expects 17-18% advertising revenue growth for FY2011, analysts maintain a buy rating due to strong long term growth prospects and attractive valuations following the company's acquisition of Mid-Day's print business.
GM reported a $16.8 billion adjusted net loss and $30.9 billion reported net loss for 2008. In Q4 2008, GM had a $5.9 billion adjusted net loss and $9.6 billion reported net loss. Revenue declined significantly from 2007 due to the economic crisis and collapse in vehicle demand. GM is accelerating restructuring actions and received $13.4 billion in loans from the U.S. Treasury to implement a global restructuring plan aimed at achieving long-term viability.
The Timken Company reported record second quarter results for 2005, with a 17% increase in sales and more than doubling of earnings per share compared to the previous year. While industrial markets remained strong, automotive markets continued to be challenging. As a result, Timken will restructure its Automotive Group globally over the next quarter to reduce fixed costs and deliver annual savings of approximately $40 million. Due to strong second quarter performance, Timken raised its full-year earnings per share outlook, excluding special items, to $2.40 to $2.55 from $2.05 to $2.20.
PPG Industries reported strong financial performance in the second quarter of 2008. Sales grew 42% to a record $4.4 billion due to acquisition and organic growth. Segment earnings increased 18% despite inflationary pressures. Price increases contributed to growth, offsetting weak demand in automotive and construction. The company expects moderating growth and higher prices to offset costs in the third quarter.
Klöckner & Co - UBS Best of Germany Conference, September 17, 2013Klöckner & Co SE
- Klöckner & Co's Q2 2013 financial results showed declines in turnover, sales, and gross profit compared to Q2 2012 due to weak steel markets and ongoing restructuring efforts. The EBITDA of €43m met guidance due to cost reductions from restructuring measures.
- Turnover decreased 9.3% to €1,698m and sales decreased 13.5% to €1,690m as a result of market declines, site closures, and exiting low-margin business. However, the gross margin improved.
- Restructuring measures have significantly reduced costs and are on track to achieve the targeted annual EBITDA impact of around €160m, with €17m
Rexnord Corporation (RXN) Third Quarter Fiscal Year 2017 Financial ResultsRexnord
Supply Chain Optimization & Footprint Repositioning Program
• Final pj , $ g roject initiated, remain on track to $30 million of annual cost savings
• RHF product line exit essentially complete
Process & Motion Control
• Sequential increase in First-Fit wins, on track to exceed FY17 target
• Cambridge acquisition continues to perform well
Water Management
• Matthew Stillings joins Rexnord as Water Management Group Executive
• Zurn establishes new global headquarters in Milwaukee
Cash Flow & Balance Sheet
• Net debt leverage ratio declines to 3.3x
• Term debt maturity extended to 2023, coupon reduced by 25 bps
- Third quarter earnings results presentation from Masco Corporation dated October 27, 2015
- Sales increased 4% excluding foreign currency effects, with North American sales up 3% and international up 4%
- Improved demand, operating leverage, cost control and cost productivity drove profit margin expansion and earnings growth despite currency headwinds
- All business segments showed strong profitability with margins expanding across most segments
The Timken Company reported record third quarter sales and net income that more than doubled from the previous year. Sales increased 15% to $1.3 billion due to strong performance in the industrial and steel groups. However, the automotive group continued to struggle in the challenging North American market. The company increased its full-year earnings outlook due to strong global industrial demand and expects its restructuring programs to improve automotive group performance and reduce costs.
Ply Gem Holdings reported results for the third quarter of 2014, with net sales increasing 7.5% year-over-year to $437.8 million. Gross profit margin expanded 180 basis points to 22.5% due to price increases and efficiency gains. Adjusted EBITDA grew 14.7% to $55.4 million. Both the Windows & Doors and Siding, Fencing & Stone segments saw sales growth and gross margin expansion through price increases and synergies from recent acquisitions, despite higher raw material costs and integration expenses. The company expects continued growth in US housing starts and full-year 2014 adjusted EBITDA of $23-28 million for the fourth quarter.
Klöckner & Co - Q3 2013 Results, Press Telephone Conference, November 6, 2013Klöckner & Co SE
- Gisbert Rühl, CEO of Klöckner & Co SE, presented Q3 2013 results and outlook. Key points include:
- Q3 EBITDA of €39M met guidance despite weak European markets, due to cost cutting measures.
- Restructuring program KCO 6.0 is far advanced, with 61 of 71 sites closed and over 2,000 job cuts realized.
- Additional optimization measures called KCO WIN are expected to contribute €20M to EBITDA in 2014 and €30M from 2015 onward.
- Full year EBITDA target of €140M and positive free cash flow are confirmed. The outlook remains cautious due to
CFO Message in NTN Report 2021 (English Version)TETSUYA SOGO
1. The document discusses the financial results for the fiscal year ending March 31, 2021 and forecasts for the fiscal year ending March 31, 2022 for NTN Corporation.
2. For fiscal year 2021, net sales decreased due to COVID-19 but the company achieved an operating loss turnaround in the second half through cost reductions. However, an operating loss of 3.1 billion yen and loss attributable to owners of 11.6 billion yen were recorded.
3. For fiscal 2022, net sales are forecast to recover to 660 billion yen level with operating income planned at 15 billion yen through demand recovery and fixed cost control, though uncertainties like semiconductor shortages remain.
- Sales increased 6% to $1.26 billion in Q3 2007 due to strong industrial demand, while earnings grew modestly to $41.2 million due to higher costs.
- For the first nine months of 2007, sales increased 4% to $3.89 billion while earnings grew 6% to $171.1 million, constrained by higher material and manufacturing expenses.
- The company expects full-year 2007 earnings per share of $2.40-$2.50, anticipating stronger performance driven by industrial growth and improvements offsetting cost pressures.
SKF reported lower sales and profits for the third quarter of 2009 compared to the previous year, due to the economic downturn reducing demand, but cash flow remained strong. While some divisions like automotive struggled, others like industrial showed signs of stabilizing. SKF continued restructuring efforts and expected a slight sequential improvement in the fourth quarter, but sales would still be significantly lower than the previous year.
SKF reported lower sales and profits in the first half of 2009 compared to 2008 due to a decline in demand. While demand continued to decrease, the rate of decline showed signs of leveling off. SKF implemented cost reduction activities and restructuring programs that resulted in annual savings of SEK 800 million. For the third quarter, SKF expects year-on-year sales declines to be slightly less than the first half, and manufacturing levels to remain relatively unchanged.
- SKF's sales increased 10.9% in Q2 2010 driven by strong automotive sales and improved industrial sales. Higher production and cost reductions led to record operating profit and margin.
- In Q3 2010, SKF expects continued sales growth significantly higher than the previous year for all regions and divisions. Production will remain at Q2 2010 levels, higher than the previous year.
- Key financial figures for Q2 2010 show increases in net sales, operating profit, profit before taxes, and net profit compared to Q2 2009.
SKF had a strong first quarter with record sales, operating profit, and operating margin. Sales increased significantly across all regions and divisions due to higher demand. The steps taken to reduce costs and offset higher material costs improved the operating result. SKF expects slightly higher demand overall in the second quarter but possibly lower sales to the automotive industry due to impacts from the Japan crisis.
SKF reported record operating profit and operating margin in 2010. It opened three new factories and acquired Lincoln Industrial to strengthen its lubrication systems business. In Q4 2010, all regions and divisions showed strong growth. However, higher raw material costs and currency headwinds will pose challenges in 2011. SKF will increase investments to support long-term profit and growth targets of 15% operating margin, 8% sales growth, and 27% return on capital employed.
SKF reported strong financial results for the third quarter and first nine months of 2010, with record operating profits and margins. Sales and manufacturing levels increased significantly compared to the same periods in 2009. SKF also announced new, higher financial targets and the acquisition of Lincoln Industrial, a leading lubrication systems company, for $1 billion.
Metso's financial results improved in 2012 compared to 2011. Orders received decreased 14% to EUR 6.865 billion due to economic uncertainty delaying some large projects. However, services business orders increased 5% to EUR 3.264 billion, accounting for 49% of total orders. Net sales increased 13% to EUR 7.504 billion, with services sales up 11% to EUR 3.174 billion, accounting for 44% of sales. Earnings before interest, tax and amortization increased 9% to EUR 684 million, with a margin of 9.1% of sales. The company expects similar earnings in 2013 but net sales possibly slightly below 2012 levels.
Metso Financial Statements Review 2013 - reportMetso Group
- Metso's orders received and net sales declined in 2013 compared to 2012, driven by soft demand in the mining industry while oil & gas remained strong. Orders received were EUR 3.7 billion and net sales were EUR 3.9 billion.
- EBITA margin improved to 12.8% in 2013 from 11.4% in 2012, due to cost efficiency actions despite lower sales volumes.
- The Mining and Construction segment saw a 17% decline in orders received due to cautious investment among mining customers, while services demand remained good. The segment accounted for over half of Metso's total orders and sales.
Acergy S.A. announced its first quarter results for 2009, reporting lower revenue compared to the first quarter of 2008 due to anticipated lower activity levels in its Africa and Mediterranean region. However, the company delivered a strong operating performance with an adjusted EBITDA margin of 20.2%. While market conditions are challenging in 2009, Acergy expects to maintain resilience in its adjusted EBITDA margin through executing its current backlog, which as of February 2009 was $2.4 billion.
This document provides details of Nokia's Q3 2018 conference call, including an outline, disclaimer on forward-looking statements, and financial results. Key highlights include Nokia reporting 1% year-over-year decline in net sales for Q3 2018 but growth of 1% excluding catch-up licensing sales from Q3 2017. Non-IFRS diluted EPS was €0.06 compared to €0.09 year-over-year, driven by lower gross profit across Networks segments. Nokia also provided an outlook for 2018-2020 targets and details on its cost savings program.
- Illinois Tool Works reported a loss of 6 cents per share in the first quarter of 2009 compared to earnings of 70 cents per share in the first quarter of 2008. Revenues declined 24% due to weak global end markets.
- The company recorded $90 million in impairment charges and $28 million in tax charges in the quarter. Excluding these charges, earnings would have been 17 cents per share.
- Cash flow from operations remained strong at $447 million in the quarter, driven by reductions in working capital. The company expects revenues to increase 5-11% in the second quarter and forecasts earnings of 25-37 cents per share.
Mahindra and Mahindra (M&M) reported quarterly results that beat expectations. Net sales increased 19.2% year-over-year to Rs. 5,434 crore, supported by a 21% growth in core volumes. Operating performance and profit also exceeded forecasts due to better operating leverage and higher other income. EBITDA margins were 16.5%, ahead of estimates. Net profit grew 7.9% to Rs. 758 crore, driven by strong operating performance and higher other income. Overall, healthy volume growth and better cost management supported M&M's financial performance in the quarter.
- Intel reported first-quarter revenue of $8.9 billion, operating income of $1.7 billion, and earnings per share of 23 cents. Excluding share-based compensation, operating income was $2.1 billion and EPS was 27 cents.
- Revenue declined 5% year-over-year and 12% sequentially due to moderating PC growth rates leading to slower chip-level inventory reductions and affecting revenue.
- The outlook for the second quarter expects revenue between $8.0-8.6 billion and gross margin of 49%, plus or minus a couple points.
The interim report was published on 24 April at 7.30 (CET). For more information please visit Saab Investor Relations: http://saabgroup.com/investor-relations/
The Indian stock markets ended the week lower, mirroring global cues. The Sensex and Nifty closed 0.7% and 0.8% lower respectively. Among sectors, the BSE Realty index saw the biggest fall of 4.3% due to profit booking. Earnings of companies like RIL, ONGC, and ICICI Bank were largely in line with expectations. The report provides updates on the 2QFY2011 results of these companies and maintains a 'Buy' rating on them.
Electrolux Q2 interim report 2019: Good price momentum and focus on innovationElectrolux Group
Highlights of the second quarter of 2019
Net sales amounted to SEK 31,687m (31,354). Sales decline of 2.7%, driven by lower volumes.
Operating income amounted to SEK 1,619m (827), corresponding to a margin of 5.1% (2.6). The comparison period included non-recurring items of SEK -818m.
Price increases fully offset the headwinds from higher raw material costs, trade tariffs and currency as well as lower volumes. Mix improvements mitigated higher investments in marketing and R&D.
Operating cash flow after investments amounted to SEK 384m (1,805).
Income for the period increased to SEK 1,132m (517), and earnings per share was SEK 3.94 (1.80).
The Board has reconfirmed its plan to propose to the shareholders that the Professional Products business area is distributed to the shareholders with the aim to achieve listing on the Nasdaq Stockholm during the first quarter of 2020 or, at the latest, the second quarter of 2020.
Bajaj Electricals reported a 21.5% quarter-over-quarter rise in net sales to Rs. 588 crore for Q2FY11, though margins fell. Operating margins declined to 7.6% from 10.7% in the prior year period due to lower margins in the engineering and projects division. Net profit fell 19.8% to Rs. 23.4 crore for the quarter as a result of lower margins and higher interest costs. While sales growth was strong in the consumer durables segment, overall results were impacted by flat revenues and margins in the engineering division where most projects were in completion stages with lower margins.
The interim report summarizes Kemira's financial performance from January to March 2013. Key points include:
- Organic revenue growth of 3% and operative EBIT increased 9% to EUR 42.2 million due to cost savings and sales volume growth.
- Earnings per share decreased to EUR 0.01 mainly due to a EUR 23 million write-down related to divesting shares in a joint venture.
- Net debt decreased to EUR 357 million due to proceeds from divesting food/pharmaceutical and joint venture businesses.
The document provides financial results for transcosmos inc. for Q1-Q2 FY2019/3 (April-September 2018).
Key points:
- Consolidated sales increased 8.7% year-over-year driven by growth in the parent company and overseas affiliates.
- Consolidated operating income was flat year-over-year as growth in domestic and overseas affiliates offset a decline in the parent company.
- Net income increased significantly due to higher ordinary income and extraordinary gains from selling affiliate shares.
- The balance sheet strengthened with increases in cash/cash equivalents and retained earnings.
- Rockwood Specialties reported first quarter 2009 results with net sales down 21.8% versus prior year due to declines across all business units exposed to automotive and construction end-markets.
- Adjusted EBITDA was $109.2 million, down 35.5% year-over-year, and adjusted EBITDA margin was 16.5% despite the 22% decline in net sales due to cost cutting measures.
- The company generated $18.9 million in free cash flow in the first quarter through tight working capital management and debt repayment reduced net debt to adjusted EBITDA ratio to 3.75x.
Daimler reported its Q3 2009 results, with the automotive market continuing to experience a slump. Key points include:
- Group sales were €19.3 billion in Q3, with an EBIT of €0.5 billion excluding special items.
- Mercedes-Benz Cars achieved a positive EBIT of €355 million in Q3 due to the availability of new models and cost measures.
- Daimler Trucks reported an EBIT loss of €127 million in Q3 due to weak demand and charges from repositioning.
- Daimler aims to further improve earnings in Q4 through new models and ongoing efficiency programs.
A. Schulman reported fiscal fourth-quarter and full-year 2009 results, with strong margins and excellent liquidity. For the quarter, gross margins reached 16.3% compared to 12.1% last year. North America approached break-even despite lower volumes. Cash on hand exceeded $228 million with over $300 million available in credit lines. For the full year, net sales were $1.28 billion, down 35.5% from last year. Gross margins increased to 13.3% from 11.8% last year, and income from continuing operations was $11.2 million.
BB&T Corporation presented its fourth quarter 2009 investor presentation. The presentation highlighted BB&T's strategic acquisition of Colonial Bank, which enhanced its franchise in key Southeastern markets. The Colonial transaction was deemed financially attractive and expected to be accretive to earnings, exceeding BB&T's merger criteria. BB&T has a proven track record of successfully integrating acquisitions and anticipated achieving annual cost savings of $170 million from the Colonial deal.
Brown & Brown Inc. reported a 1% increase in net income for the third quarter of 2009 compared to the same period in 2008. Total revenue decreased 1% for the quarter. Net income for the first nine months of 2009 was up slightly compared to the same period last year, while total revenue increased slightly. The company stated that results reflected a challenging operating environment with declines in insurable exposure units and soft market rates.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
Boston Scientific reported financial results for the third quarter of 2009. Net sales increased 3% to $2.025 billion and adjusted EPS was $0.19. Reported GAAP EPS was $0.13. The company maintained its leadership in the worldwide DES market with a 41% share. Worldwide CRM product sales increased 8% and Endosurgery sales increased 8%. Guidance for Q4 2009 estimates net sales of $2.025-$2.125 billion and adjusted EPS of $0.17-$0.21. Full year 2009 guidance estimates net sales of $8.134-$8.234 billion and adjusted EPS of $0.75-$0.79.
This document is Atheros Communications' quarterly report filed with the SEC for the quarter ended September 30, 2009. It includes Atheros' condensed consolidated financial statements, with assets of $676 million and liabilities of $103 million. It also provides management's discussion of the company's financial condition and operating results, and discusses risks including the economic downturn and competition in the wireless LAN market. The report includes certifications of the CEO and CFO regarding financial controls.
- The document is Apple Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 27, 2009.
- It provides Apple's condensed consolidated financial statements and notes to the financial statements for the quarter.
- The financial statements show that Apple's net sales increased 12% to $8.3 billion for the quarter compared to $7.5 billion in the same quarter the previous year, while net income increased 15% to $1.2 billion from $1.1 billion.
Hancock Holding Company announced its financial results for the third quarter of 2009. Net income increased 10.7% from the previous quarter to $15.2 million. Key factors were lower loan loss provisions and an expanded net interest margin. Non-performing assets rose slightly while net charge-offs decreased. Total assets declined 3.4% but the company remained well capitalized, with tangible equity ratio rising to 8.71%.
This document provides an agenda and highlights for Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with investors. It includes introductions, a discussion of 4Q and FY performance and strategies, financial results, and a Q&A session. Key metrics highlighted are 7.6% sales growth and a 1.5% decline in net earnings for 4Q, and 7.3% sales growth and a 7% decline in net earnings for FY2009. The document also outlines Walgreen's strategies around healthcare reform, the flu season, and expanding their business model.
1) Infosys Technologies reported financial results for the quarter ending September 30, 2009, with revenues of $1.154 billion, a 5.1% decline from the previous year. Net income was $317 million, a 0.9% decline.
2) For the quarter ending December 31, 2009, Infosys expects revenues between $1.155-1.165 billion, a 1.4-0.5% decline from the previous year, and earnings per share of $0.50, a 13.8% decline.
3) For the full fiscal year ending March 31, 2010, Infosys expects revenues between $4.60-4.62 billion, a 1
Marriott International reported financial results for the third quarter of 2009. Key highlights include:
- Revenue declined to $2.5 billion compared to $3 billion in Q3 2008 due to weaker demand.
- Net income declined 57% to $53 million compared to the prior year.
- REVPAR declined 23.5% worldwide and 20.6% in North America.
- The company added 79 new properties and expects to open over 33,000 new rooms in 2009.
PepsiCo held its 2009 Q3 earnings call on October 8, 2009. In the call, PepsiCo reaffirmed its guidance for 2009 of mid-to-high single digit constant currency net revenue and core EPS growth. PepsiCo also set a 2010 target of 11-13% core constant currency EPS growth, assuming the closing of acquisitions of PBG and PAS in early 2010. PepsiCo reported 5% constant currency net revenue growth and 8% core constant currency EPS growth in Q3 2009. PepsiCo highlighted investments planned for 2010 in areas such as R&D, emerging markets, brands, IT infrastructure, sustainability, and developing its employees.
- Alcoa held its 3rd quarter 2009 earnings conference call on October 7, 2009
- The call discussed Alcoa's financial results for the 3rd quarter of 2009 as well as the current state and outlook of the aluminum market
- Key highlights included income from continuing operations of $73 million, revenue up 9% sequentially, and initiatives offsetting currency and energy headwinds
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
- Jean Coutu Group reported an increase in sales and revenues for the second quarter of 2010 compared to the same period last year. Total sales increased 7.7% to $549 million while revenues from franchising increased 7.3% to $608.7 million.
- Net earnings for the quarter were $14.9 million compared to a net loss of $39.1 million in the previous year. Earnings per share were $0.07 compared to a loss per share of $0.16 last year.
- Rite Aid also reported financial results for the second quarter, with revenues of $6.3 billion and a net loss of $116 million. Rite Aid revised its guidance
Minerva plc presented preliminary results for the year ended 30 June 2009. Key points included successfully restructuring and extending £750 million in loan facilities with no scheduled maturities in the current or next fiscal year. Development projects such as The Walbrook and St. Botolphs were on time and on budget. Tenant interest was improving for office developments in London's financial district despite a difficult real estate market.
This document is Worthington Industries' quarterly report filed with the SEC for the quarter ended August 31, 2009. It includes financial statements and notes for the quarter, as well as a discussion of financial results by management. Some key details include:
- Net sales for the quarter were $417.5 million, down from $913.2 million in the prior year quarter. The company reported a net loss of $4.5 million compared to net income of $79.7 million in the previous year.
- Inventories totaled $232.9 million as of August 31, 2009, down from $270.6 million as of May 31, 2009 as the company worked to reduce inventory levels.
The document provides the agenda and highlights from Walgreen Co.'s 4th quarter and fiscal year 2009 conference call with analysts held on September 29, 2009. It discusses 4th quarter and fiscal year financial results including net sales growth of 7.6% and 7.3% respectively, adjusted earnings per share of $0.44 and $2.02, and prescription sales growth. The document also summarizes Walgreen's strategies around healthcare reform, the H1N1 flu pandemic, expanding health services and 90-day prescriptions to lower costs.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
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Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Upanishads summary with explanations of each upnishad
Q1 2009 Earning Report of SKF AB
1. SKF First-quarter report 2009
Tom Johnstone, President and CEO:
“We saw a very significant drop in our sales volumes in the first quarter and reduced our
manufacturing level even more. The actions which we have put in place to focus on profit and
cash flow are having the right effect. Looking at the second quarter we expect to see a similar
level of decline in volume year on year as we saw in the first quarter. However, we can see
that the speed of decline sequentially is reducing which indicates that demand may be leveling
outquot;.
Q1 Q1
2009 2008
Net sales, SEKm 14,849 15,596
Operating profit, SEKm 768 2,040
Operating margin, % 5.2 13.1
Profit before taxes, SEKm 531 1,924
Net profit, SEKm 394 1,296
Basic earnings per share, SEK 0.86 2.77
The decrease of 4.8% in net sales for the quarter, in SEK, was attributable to:
volume -26.9%, structure 1.4%, price/mix 7.1% and currency effects 13.6%.
The quarter included expenses for restructuring activities and other one-time items of around
SEK 175 million (0), of which around SEK 65 million are write downs and impairments.
Approximately SEK 100 million of these expenses were announced already in December 2008
to be taken in 2009.
Outlook for the second quarter of 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.
2. Page 2 of 13
First quarter development
The trend of weakening demand increased during the quarter and sales in local currencies
were significantly lower for the Group in total, for all of the Divisions and in all regions of the
world. While this dramatically lower business is affecting nearly all parts of the SKF Group,
sales to certain segments such as energy, aerospace and passenger railways showed positive
growth.
SKF gained a number of new businesses during the quarter, for example a contract for the
supply of tapered roller bearings to Guangdong Fuwa Engineering Manufacturing Co Ltd. The
contract is valid for three years and is worth up to USD 4.5 million per year. Fuwa supplies
trailer axles to both Chinese and international manufacturers. SKF also gained an order for
axleboxes and drive system bearings to CSR Zhuzhou Electric Locomotive Co., Ltd. ZELC. The
order value is EUR 14 million.
SKF started programmes in the second half of last year to adapt both the manufacturing level
and the cost level to the new market situation. Cumulatively, by the end of the first quarter
around 2,600 people had left the Group and an additional 1,700 will leave as a result of the
programmes combined with other actions. Flexibility and increased time banks are being used
throughout the Group and around 6,000 people are now on short-time working mainly in
Germany and Italy.
Manufacturing output is being continuously adjusted. In the first quarter it was 34% lower
compared to the same quarter last year. Manufacturing will continue to be kept lower than
sales to reflect demand and to further reduce inventory.
Financial
Key figures Q1 Q4 Q1
2009 2008 2008
Inventories, % of annual sales 24.2 24.0 19.4
ROCE for the 12-month period, % * 18.7 24.0 26.2
ROE for the 12-month period, % * 20.8 26,3 26.5
Equity/assets ratio, % * 35.9 35.1 39.8
Gearing, % * 50.1 50.1 38.2
Net debt/equity, % * 77.2 84.2 47.8
Registered number of employees on 31 March 43,653 44,799 42,944
* 2008 has been restated for change in accounting principle IAS 19 “Employee benefits”, see enclosure 8.
Cash flow, after investments and before financing, was SEK 523 million (-131) for the first
quarter.
Inventories versus Q4 2008, in local currencies, were reduced by around SEK 500 million.
The financial net in the first quarter of 2009 was SEK -237 million (-116), including
revaluation of share swaps of SEK -5 million (14).
Exchange rates for the first quarter of 2009, including the effects of translation and
transaction flows, had a positive effect on SKF’s operating profit of around SEK 225 million.
Based on current assumptions and exchange rates, it is estimated that the positive effect for
the second quarter of 2009 will be SEK 300 million and for the full year will be SEK 1 billion.
3. Page 3 of 13
Industrial Division
The operating profit for the first quarter amounted to SEK 623 million (1,026), resulting in an
operating margin of 7.7% (12.4) on sales including intra-Group sales. The quarter included
expenses for restructuring activities of around SEK 20 million (0). Sales including intra-Group
sales for the quarter were SEK 8,138 million (8,256).
Net sales for the first quarter amounted to SEK 5,752 million (5,535). The increase of 3.9%
for the quarter was attributable to:
organic growth -12.3%, structure 0.1%, and currency effects 16.1%.
Sales in local currency for the first quarter were significantly lower in all regions.
Service Division
The operating profit for the first quarter amounted to SEK 601 million (685), resulting in an
operating margin of 11.6% (13.1). Sales including intra-Group sales for the quarter were SEK
5,167 million (5,210).
Net sales for the first quarter amounted to SEK 5,060 million (5,099). The decrease of 0.8%
for the quarter was attributable to:
organic growth -13.2%, structure 0%, and currency effects 12.4%.
Sales in local currencies for the first quarter were significantly lower in all regions.
Automotive Division
The operating loss for the first quarter amounted to SEK -441 million (381), resulting in an
operating margin of -9.6% (6.5). The quarter included expenses for restructuring activities
and other one-time items of around SEK 155 million (0). Sales including intra-Group sales for
the quarter were SEK 4,601 million (5,889).
Net sales for the first quarter amounted to SEK 3,747 million (4,864). The decrease of 23%
for the quarter was attributable to:
organic growth -34.1%, structure 0.4%, and currency effects 10.7%.
Sales in local currencies for the first quarter were significantly lower to the car and light truck,
the heavy truck, the vehicle service market and the electrical industries in all the regions of
the world. However, sales to the two wheeler industry in Asia were relatively unchanged.
Previous outlook statement
Outlook for the first quarter of 2009
(compared to the fourth quarter of 2008 and the first quarter last year)
The demand for SKF products and services is expected to be significantly lower for the Group
in total and for all regions. It is also expected to be significantly lower for the Automotive and
Service Divisions and lower for the Industrial Division.
The manufacturing level will be significantly lower to reflect both the new demand situation
and to reduce inventory.
4. Page 4 of 13
Risks and uncertainties in the business
SKF Group operates in many different industrial, automotive and geographical segments that
are at different stages of the economic cycle. A general economic downturn at global level, or
in one of the world’s leading economies, could reduce the demand for the Group’s products,
solutions and services for a period of time. In addition, terrorism and other hostilities, as well
as disturbances in worldwide financial markets, could have a negative effect on the demand
for the Group’s products and services.
The SKF Group is subject to both transaction and translation of currency exposure. For
commercial flows the SKF Group is primarily exposed to the USD and to US dollar-related
currencies. As the major part of the profit is made outside Sweden, the Group is also exposed
to translational risks in all the major currencies. The Parent company performs services of a
common Group character. The financial position of the parent company is dependent on the
financial position and development of the subsidiaries. A general decline in the demand for the
products and services provided by the Group could mean lower dividend income for the Parent
company, as well as a need for writing down values of the shares in the subsidiaries.
Cautionary statement
This report 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;
quot;Most important factors influencing the financial resultsquot;, quot;Financial risksquot; and quot;Sensitivity
analysisquot;, and in this quarterly report under quot;Risks and uncertainties in the business.quot;
Göteborg, 21 April 2009
Aktiebolaget SKF
(publ.)
Tom Johnstone
President and CEO
Presentation
On SKF’s website http://investors.skf.com/ (click on Presentations).
Teleconference
On 21 April at 13.00 (CET), 12.00 (UK), 7.00 (US Eastern Standard Time):
+46 (0)8 5052 0110 Swedish participants
+44 (0)20 7162 0077 European participants
+1 334 323 6201 US participants
Please note that the use of a loudspeaker when taking part in the teleconference has a
negative influence on the quality of the sound, which affects all participants.
It is also possible just to listen to the teleconference on http://investors.skf.com/
5. Page 5 of 13
AB SKF may be required to disclose the information provided herein
according to the Securities Markets Act and/or the Financial Instruments
Trading Act. The information was submitted for publication at 12.00 (CET)
on 21 April 2009.
Enclosures:
Financial statements
1. Consolidated income statements
2. Consolidated statements of comprehensive income and consolidated statements of changes in
shareholders’ equity
3. Consolidated balance sheets
4. Consolidated statements of cash flow
Other financial statements
5. Consolidated financial information - yearly and quarterly comparisons
6. Segment information - yearly and quarterly comparisons
7. Parent company income statements, balance sheets and footnotes.
8. Changes in accounting principles
The consolidated financial statements of the SKF Group are prepared in accordance with International
Financial Reporting Standards as adopted by EU. The SKF Group applies the same accounting policies and
methods of computation in the interim financial statements as compared with the Annual Report 2008
including Sustainability Report, except as described in Changes in accounting principles (enclosure 8).
The consolidated quarterly report has been prepared in accordance with IAS34. The report for the parent
company has been prepared in accordance with the Annual Accounts Act and RFR 2.2. The report has not
been reviewed by the company’s auditors.
The SKF Half-year report 2009 will be published on Wednesday, 15 July 2009.
Further information can be obtained from:
Ingalill Östman, Group Communication
tel: +46-31-3373260, mobile: +46-706-973260, e-mail: ingalill.ostman@skf.com
Marita Björk, Investor Relations
tel: +46-31-3371994, mobile: +46-705-181994, e-mail: marita.bjork@skf.com
Aktiebolaget SKF, SE-415 50 Göteborg, Sweden, Company reg.no. 556007-3495,
tel: +46-31-3371000, fax: +46-31-3372832, www.skf.com
6. Page 6 of 13
Enclosure 1
CONSOLIDATED INCOME STATEMENTS (SEKm)
Jan-Mar 2009 Jan-Mar 2008
Net sales 14,849 15,596
Cost of goods sold -11,844 -11,526
Gross profit 3,005 4,070
Selling and administrative expenses -2,219 -1,983
Other operating income/expenses - net -14 -44
Profit/loss from jointly controlled and
associated companies -4 -3
Operating profit 768 2,040
Operating margin, % 5.2 13.1
Financial income and expense - net -237 -116
Profit before taxes 531 1,924
Taxes -137 -628
Net profit 394 1,296
Net profit attributable to
Shareholders of the parent 390 1,261
Minority 4 35
Basic earnings per share, SEK* 0.86 2.77
Diluted earnings per share, SEK* 0.86 2.77
Additions to property, plant and equipment 494 538
Number of employees registered 43,653 42,944
Return on capital employed for the
12-month period ended 31 March, %** 18.7 26.2
* Basic and diluted earnings per share are based on net profit attributable to shareholders of the parent.
** 2008 has been restated for change in accounting principle IAS 19 “Employee benefits”.
NUMBER OF SHARES
Total number of shares 455,351,068 455,351,068
- whereof A shares 47,746,004 48,996,034
- whereof B shares 407,605,064 406,355,034
Total number of diluted shares outstanding 455,351,068 455,942,847
Total weighted average number of diluted
shares 455,408,941 455,979,288
7. Page 7 of 13
Enclosure 2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (SEKm)
Jan-Mar 2009 Jan-Mar 2008
Net profit 394 1,296
Other comprehensive income
Exchange differences arising on translation of
foreign operations 499 -760
Available-for-sale assets 87 -235
Cash-flow hedges -56 41
Actuarial gains and losses 231 -681
Income tax relating to components of other
comprehensive income -72 209
Other comprehensive income, net of tax 689 -1,426
Total comprehensive income 1,083 -130
Total comprehensive income attributable to
Shareholders of AB SKF 1,039 -102
Minority 44 -28
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (SEKm)
March 2009 March 2008
Opening balance 1 January 19,689 18,355
Change in accounting principles - 655
Total comprehensive income 1,083 -130
Exercise of options and cost for share
programmes, net -10 -3
Other, including transactions with minority
owners - 5
Total cash dividends -1 -
Closing balance 20,761 18,882
8. Page 8 of 13
Enclosure 3
CONSOLIDATED BALANCE SHEETS* (SEKm)
March 2009 December 2008
Goodwill 3,181 3,119
Other intangible assets 1,535 1,535
Property, plant and equipment 14,829 14,556
Deferred tax assets 1,377 1,342
Other non-current assets 1,504 1,366
Non-current assets 22,426 21,918
Inventories 15,136 15,204
Trade receivables 10,880 11,041
Other current assets 3,471 3,310
Other current financial assets 5,861 4,627
Current assets 35,348 34,182
TOTAL ASSETS 57,774 56,100
Equity attributable to shareholders of AB SKF 19,784 18,750
Equity attributable to minority interests 977 939
Long-term financial liabilities 14,025 12,809
Provisions for post-employment benefits 6,335 6,356
Provisions for deferred taxes 1,164 1,210
Other long-term liabilities and provisions 1,669 1,738
Non-current liabilities 23,193 22,113
Trade payables 4,075 4,841
Short-term financial liabilities 858 899
Other short-term liabilities and provisions 8,887 8,558
Current liabilities 13,820 14,298
TOTAL EQUITY AND LIABILITIES 57,774 56,100
* 2008 has been restated for change in accounting principle IAS 19 “Employee benefits”.
9. Page 9 of 13
Enclosure 4
CONSOLIDATED STATEMENTS OF CASH FLOW* (SEKm)
Jan-Mar 2009 Jan-Mar 2008
Operating activities:
Operating profit 768 2,040
Depreciation, amortization and impairment 581 440
Net loss on sales of intangible assets, PPE, equity
securities, businesses and assets held for sale 3 1
Taxes -269 -603
Other including financial and non-cash items -129 -337
Changes in working capital 73 -1,083
Net cash flow from operations 1,027 458
Investing activities:
Investments in intangible assets, PPE, businesses and
equity securities -508 -601
Sales of intangible assets, PPE, businesses, assets held
for sale, equity securities and pre-liquidation proceeds 4 12
Net cash flow used in investing activities -504 -589
Net cash flow after investments before financing 523 -131
Financing activities:
Change in short- and long-term loans 999 -56
Payment of finance lease liabilities -2 5
Cash dividends -1 0
Investments in short-term financial assets -273 -122
Sales of short-term financial assets 175 446
Net cash flow used in financing activities 898 273
NET CASH FLOW 1,421 142
Change in cash and cash equivalents:
Cash and cash equivalents at 1 January 2,793 2,946
Cash effect, excl. acquired businesses 1,421 142
Cash effect of acquired businesses 0 0
Exchange rate effect 64 -85
Cash and cash equivalents at 31 March 4,278 3,003
Change in net interest- Opening Translation Cash Businesses Other Closing
bearing liabilities balance effect change acquired/ non cash balance
1 Jan 2009 sold changes 31 Mar 2009
Loans, long- and short-term 13,447 25 999 - 56 14,527
Post-employment benefits, net 6,323 149 -106 - -63 6,303
Financial assets, others -1,168 -28 -98 - -1 -1,295
Cash and cash equivalents -2,793 -64 -1,421 - - -4,278
Net interest-bearing
liabilities 15,809 82 -626 - -8 15,257
* Certain reclassifications have been made to the statements of cash flow. The starting point is now operating profit
rather than profit before tax. In addition, investments in and sales of short-term financial assets, being part of the Group
overall financing program, are classified as financing rather than investing activities. These reclassifications have had no
effect on net cash flow. 2008 has been restated accordingly.
10. Page 10 of 13
Enclosure 5
CONSOLIDATED FINANCIAL INFORMATION - YEARLY AND QUARTERLY COMPARISONS
(SEKm unless otherwise stated)
Full year
1/08 2/08 3/08 4/08 2008 1/09
Net sales 15,596 16,077 15,381 16,307 63,361 14,849
Cost of goods sold -11,526 -11,860 -11,420 -12,269 -47,075 -11,844
Gross profit 4,070 4,217 3,961 4,038 16,286 3,005
Gross margin, % 26.1 26.2 25.8 24.8 25.7 20.2
Selling and administrative
expenses -1,983 -2,123 -1,914 -2,523 -8,543 -2,219
Other operating income/
expenses - net -44 38 37 -65 -34 -14
Profit/loss from jointly
controlled and associated
companies -3 3 1 - 1 -4
Operating profit 2,040 2,135 2,085 1,450 7,710 768
Operating margin, % 13.1 13.3 13.6 8.9 12.2 5.2
Financial income and
expense - net -116 -157 -226 -343 -842 -237
Profit before taxes 1,924 1,978 1,859 1,107 6,868 531
Profit margin before taxes,% 12.3 12.3 12.1 6.8 10.8 3.6
Taxes -628 -609 -602 -288 -2,127 -137
Net profit 1,296 1,369 1,257 819 4,741 394
Net profit attributable to
Shareholders of the parent 1,261 1,341 1,217 797 4,616 390
Minority 35 28 40 22 125 4
Basic earnings per share, SEK* 2.77 2.95 2.67 1.75 10.14 0.86
Diluted earnings per share, SEK* 2.77 2.94 2.67 1.75 10.13 0.86
Return on capital employed
for the 12-month period, %*** 26.2 26.6 26.6 24.0 24.0 18.7
Gearing, %** *** 38.2 49.0 49.2 50.1 50.1 50.1
Equity/assets ratio, %*** 39.8 32.3 33.7 35.1 35.1 35.9
Net worth per share, SEK* *** 40 33 36 41 41 43
Additions to property, plant
and equipment 538 584 696 713 2,531 494
Registered number of employees 42,944 43,158 45,035 44,799 44,799 43,653
* Basic and diluted earnings per share and Net worth per share are based on net profit attributable to shareholders
of the parent.
** Current- plus non-current loans plus provisions for post-employment benefits, net, as a percentage of the sum of
current- plus non-current loans, provisions for post-employment benefits, net, and shareholders equity, all at end of
interim period/year end.
*** 2008 has been restated for change in accounting principle IAS 19 “Employee benefits”.
11. Page 11 of 13
Enclosure 6
SEGMENT INFORMATION - YEARLY AND QUARTERLY COMPARISONS
(SEKm unless otherwise stated)
Full year
1/08 2/08 3/08 4/08 2008 1/09
Industrial Division
Net sales 5,535 5,676 5,500 6,151 22,862 5,752
Sales incl. intra-Group sales 8,256 8,420 8,114 8,940 33,730 8,138
Operating profit 1,026 995 1,021 1,001 4,043 623
Operating margin* 12.4% 11.8% 12.6% 11.2% 12.0% 7.7%
Assets and liabilities, net 14,351 14,809 15,959 18,098 18,098 18,725
Registered number of employees 18,765 18,890 19,195 19,166 19,166 18,766
Service Division
Net sales 5,099 5,417 5,393 5,998 21,907 5,060
Sales incl. intra-Group sales 5,210 5,515 5,501 6,092 22,318 5,167
Operating profit 685 773 823 1,045 3,326 601
Operating margin* 13.1% 14.0% 15.0% 17.2% 14.9% 11.6%
Assets and liabilities, net 5,149 5,435 5,521 5,668 5,668 5,471
Registered number of employees 5,655 5,817 5,906 6,018 6,018 5,941
Automotive Division
Net sales 4,864 4,872 4,371 3,779 17,886 3,747
Sales incl. intra-Group sales 5,889 5,920 5,342 4,699 21,850 4,601
Operating profit 381 403 306 -544 546 -441
Operating margin* 6.5% 6.8% 5.7% -11.6% 2.5% -9.6%
Assets and liabilities, net 8,791 9,060 9,911 10,070 10,070 10,426
Registered number of employees 15,828 15,737 15,713 15,256 15,256 14,612
Previously published amounts have been restated to conform to the current Group structure in 2009. The structural
changes include business units being moved between the divisions and between other operations and divisions.
* Operating margin is calculated on sales including intra-Group sales.
Reconciliation to profit before tax for the Group
Jan-Mar 2009 Jan-Mar 2008
Operating profit:
Industrial Division 623 1,026
Service Division 601 685
Automotive Division -441 381
Other operations outside the divisions 38 25
Unallocated Group activities and adjustments, net -53 -77
Financial net -237 -116
Profit before tax for the Group 531 1,924
12. Page 12 of 13
Enclosure 7
PARENT COMPANY INCOME STATEMENTS (SEKm)
Note Jan-Mar 2009 Jan-Mar 2008
Net sales 401 392
Cost of services provided -401 -392
Gross profit 0 0
Administrative expenses -57 -26
Other operating income/expenses – net 0 1
Operating loss -57 -25
Financial income and expenses - net 1 61 682
Profit before taxes 4 657
Taxes 25 16
Net profit 29 673
PARENT COMPANY BALANCE SHEETS (SEKm)
Note March 2009 March 2008
Investments in subsidiaries 14,779 12,605
Receivables from subsidiaries 13,582 7,194
Other non-current assets 459 373
Non-current assets 28,820 20,172
Receivables from subsidiaries 989 1,182
Other receivables 302 293
Current assets 1,291 1,475
TOTAL ASSETS 30,111 21,647
Shareholders’ equity 2 8,365 9,350
Untaxed reserves 1,095 1,120
Provisions 174 138
Non-current liabilities 13,578 7,031
Current liabilities 6,899 4,008
TOTAL SHAREHOLDERS’ EQUITY,
PROVISIONS AND LIABILITIES 30,111 21,647
Assets pledged 0 0
Contingent liabilities 4 3
Note 1. Financial income and expenses - net
The net change in financial income and expenses 2009 is primarily attributable to less dividends from
investments in subsidiaries.
Note 2. Shareholders’ equity (SEKm) March 2009 March 2008
Opening balance 1 January 8,258 8,915
Net profit 29 673
Other changes 78 -238
Closing balance 8,365 9,350
13. Page 13 of 13
Enclosure 8
CHANGES IN ACCOUNTING PRINCIPLES
Post-employment benefits
The Group has changed the method of recognizing actuarial gains and losses (as allowed
by IAS 19 “Employee benefits”) for post-employment defined benefit plans. Effective from
1 January 2009, actuarial gains and losses will be immediately recognized in equity. The
cumulative effect of this change at 1 January 2009 is:
Previously reported equity 31 December 2008 20,598
Effect of IAS 19 change, net of tax of 479 -909
Adjusted opening balance 1 January 2009 19,689
New and/or amended accounting standards and interpretations issued by IASB
In accordance with IFRS the Group is required to include a description of the nature and effect
of new accounting standards and interpretations that will be effective for the next annual
financial statements.
The new items listed below are effective January 2009 and have not had any material
accounting impact on the Groups financial statements, however certain additional footnotes
disclosures will be required in the Annual Report 2009.
− IFRS 1 amendment “First-time Adoption of IFRS, Cost of an Investment” together with IAS
27 amendment, Consolidated Financial Statements “Cost of an Investment”*
− IFRS 2 amendment “Share Based Payments: Vesting Conditions and Cancellations”
− IFRS 7 amendment “Improving Disclosures About Financial Instruments”*
− IFRS 8 “Operating Segments”, requires that segment disclosures be based on the internal
reporting structure as presented to the highest level of Group management. The Groups
segments, being the divisional structure, have not changed as a result of this standard.
− IAS 1 amendment “Financial Statement Presentation: A Revised Presentation” effects only
the presentation of the Group’s financial statements. The most significant change is the
requirement to present non-owner changes in equity separately from other changes in
equity. This is shown in the new “Statement of Comprehensive Income” which is included in
the enclosures to this quarter report.
− IAS 23 amendment “Borrowing Costs: Comprehensive Revision to Prohibit Immediate
Expensing”
− IAS 32 amendment “Financial Statement Disclosures: Financial Instruments Puttable at Fair
Value and Obligations Arising on Liquidation” together with consequential amendment to IAS
1 “Financial Statement Presentation”
− IAS 39 amendment and IFRIC 9 amendment “Embedded Derivatives”*
− Annual improvements May 2008
− IFRIC 13 “Customer Loyalty Programmes”
− IFRIC 15 “Agreements for the Construction of Real Estate”*
− IFRIC 16 “Hedges of a Net Investment in a Foreign Operation”*
The impact of IFRIC 18 quot;Transfers of assets from customersquot;*, effective July 2009, has not yet
been determined.
* indicates that approval by EU is pending.