The SKF Group First-quarter result 2003
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Transcript of The SKF Group First-quarter result 2003
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The SKF GroupFirst-quarter result 2003
Sune Carlsson, President and CEO
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Net sales 10 541 10 665 -1.2%
Operating profit 944 903 +4.5%
Operating margin 9.0% 8.5%
Profit before taxes 802 761 +5.4%
Net profit 562 529
Earnings per share, SEK 4.94 4.64 +6.5%
Cash flow* 47 -112
*after investments before financing
MSEK 2003 2002
Result for the first quarterSKF Group
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0100200300400500600700800900
1 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
1999 2000
Profit before taxes excl. non-recurring items
2001
MSEK
2002 2003
SKF Group
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0
1
2
3
4
5
6
7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
SEK
Earnings per share
1999 2000 2001 2002 2003
SKF Group
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0
2 000
4 000
6 000
8 000
10 000
12 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Net salesMSEK
1999 2000 2001 2002 2003
SKF Group
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-6
-4
-2
0
2
4
6
8
10
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
% change y-o-y
Sales in local currency
2000 2001 2002 2003
SKF Group
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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
0.3 0.4 0.4 1.0 1.4 1.9 2.0 1.4 0.7
1.1 - 2.7 - 3.2 - 3.8 - 7.3 -0.5 3.3 3.9 6.2
1.9 1.9 1.6 2.1 1.5 1.4 1.2 1.7 1.2
3.3 - 0.4 - 1.2 - 0.7 - 4.4 2.8 6.5 7.0 8.1
7.7 11.1 8.9 6.7 2.2 -3.7 -8.3 -10.8 -9.3
11.0 10.7 7.7 6.0 - 2.2 -0.9 -1.8 -3.8 -1.2
Structure
Volume
Price / Mix
Sales in local currency
Currency
Net sales development per quarter
2002
Net sales
2001Percent
y-o-y Q1
2003
SKF Group
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0
1
2
3
4
5
6
7
8
9
10
11
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
%
Operating marginexcl. non-recurring items
1999 2000 2001 2002 2003
SKF Group
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0
2
4
6
8
10
12
14
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Operating margin per division
2001
IndustrialService
Aero andSteel
ElectricalAutomotive
%
20022000 2003
SKF Group
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-5 000
-4 000
-3 000
-2 000
-1 000
0
1 000
2 000
3 000
4 000
5 000
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2000 2001
Accumulated change in the number of employees
2002
acquisitions
capacity adjustmentand restructuring
Employees
2003
SKF Group
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-200
0
200
400
600
800
1 000
1 200
1 400
1 600
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Cash flow after investments before financing
2000
MSEK
1999 2001 2002 2003
SKF Group
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18
19
20
21
22
23
24
25
26
27
%
1999 2000 2001
Inventories as % of annual sales
2002 2003
Target: 20 %
SKF Group
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Additions to tangible assets
0
500
1 000
1 500
2 000
MSEK Depreciation according to plan
1999 2000 2001 2002March2003
SKF Group
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Net cash*
-7000
-6000
-5000
-4000
-3000
-2000
-1000
0
1000
2000
3000
4000
1999 20022000 2001
Mkr
SKF Group
2003
*Short-term financial assets - Loans
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Volume trend, bearings
Europe 55 %
26 %
13 %
4 %
North America
Asia Pacific
Latin America
Externalsales 2002 April 2003Jan 2003
SKF Group
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Volume trend, bearings
Automotive 32
4
32
Electrical
Service
Externalsales 2002
23Industrial
Aero (excl.forging and steel) 5
Jan 2003 April 2003
SKF Group
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Outlook April 2003
The overall market demand for the Group's products and services is expected to remain relatively unchanged in the second quarter.
Manufacturing levels which were higher thansales in the first quarter will be adjusteddownwards during the second quarter.
SKF Group
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SKF GroupTarget
10 % operating margin level
10 BSEK additional annual net sales
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SKF Group Focused areas
Drive operational excellence
Grow new markets and segments
Introduce new products and solutions
Develop our people and competencies
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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 form 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 20-F report on file with the SEC (United States Securities and Exchange Commission) under "Forward-Looking Statements" and "Risk Factors".
Cautionary Statement
SKF Group