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Dienstag, 20.07.2021 07:15 von | Aufrufe: 147

SKF Half-year report 2021: Record operating profit

Zeitungsständer (Symbolbild). © AdrianHancu / iStock Editorial / Getty Images Plus / Getty Images

PR Newswire

GOTHENBURG, Sweden, July 20, 2021 /PRNewswire/ --
Rickard Gustafson, President and CEO:

"The second quarter saw a record in adjusted operating profit of SEK 3,118 million (1,565 million) and an adjusted operating margin of 15.0% (9.4%).

The result was especially strong, given continued headwinds in the form of negative currency impact and rising input costs. Through mitigating actions we have been able to compensate for approximately 50% of this cost increase. We've done well to serve our customers under these circumstances, and we're doing our outmost to capture additional growth opportunities.

Organic sales development in the quarter was just above 33%, with net sales of SEK 20,735 million (SEK 16,599 million). Sales were significantly higher on all main geographical markets with organic growth of 91% in Latin America, 40% in EMEA, 27% in North America and 19% in APAC.

The Industrial business delivered a record set of results, with an adjusted operating margin of 18.0% (14.0%). The Automotive business delivered an adjusted operating margin of 7.6% (-7.6%).

Cash flow generation in the quarter was SEK 509 million (negative 838 million), an improvement compared to last year as well as the last quarter.

We continue to invest in and consolidate our manufacturing footprint. Since 2019 we have permanently closed six sites and are currently in the process of closing an additional 11. Regretfully, some of these initiatives have a negative impact on some employees which we try to mitigate to the extent possible. Nevertheless, they are necessary to align our presence and capabilities with customer demand and, thereby enabling growth opportunities.


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Investments in our factories are expected to reach SEK 3.8 billion for the year, 200 million higher than our previous guidance. These investments make us more flexible and efficient as well as being an important foundation for winning more business from customers in fast-growing segments and regions.

These investments and consolidation efforts have, on an annual basis, realized SEK 1.1 billion of the 5 billion in savings we expect to generate by 2025.

We are moving towards a more sustainable future and we already have an ambitious net zero CO2 emissions target from our own operations by 2030. By also committing to the Science Based Targets Initiative, we're now taking steps to further increase our ambition and transparency levels throughout our supply chain. This will also ensure that our efforts are fully aligned with the ambitions of the Paris Agreement.

The record high operating result for the quarter is a proof point on SKF's ability to drive efficiency and effectiveness in a volatile and demanding market environment. Together with opportunities to further capitalize on our strong market position and industrializing new offerings and business models, we have a solid platform to fuel future growth.

I'm thrilled and eager to embark on the exciting journey that lies ahead of us!

Looking ahead, demand is expected to remain strong but there is also uncertainty related to both Covid and to the supply situation. For the third quarter we expect an organic growth of about 10 percent compared to Q3 2020."

Key figures, SEKm

Q2 2021

Q2 2020

Half year 2021

Half year 2020

Net sales

20,735

16,599

40,600

36,684

Adjusted operating profit

3,118

1,565

5,907

4,137

Adjusted operating margin, %

15.0

9.4

14.5

11.3

Operating profit

2,878

669

5,577

2,937

Operating margin, %

13.9

4.0

13.7

8.0

Adjusted profit before taxes

3,040

1,476

5,626

3,635

Profit before taxes

2,801

580

5,296

2,436

Net cash flow after investments before financing

509

-838

-193

1,902

Basic earnings per share

4.59

0.75

8.50

3.50

Adjusted earnings per share

5.11

2.72

9.23

6.13

Net sales change y-o-y, %, Q2

Organic

Structure

Currency

Total

SKF Group

33.2

-

-8.3

24.9

Industrial

21.7

-

-7.9

13.8

Automotive

75.9

-

-9.8

66.1

Net sales change y-o-y, %, Half year

Organic

Structure

Currency

Total

SKF Group

19.6

-

-8.9

10.7

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