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Trelleborg — Earnings Release 2012
Jun 25, 2012
2985_rns_2012-06-25_c810100c-23ab-4335-a2b4-e1809c46ff7f.pdf
Earnings Release
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UPDATED QUARTERLY KEY FIGURES
| Net sales | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations | |||||||||
| Trelleborg Wheel Systems | 1 128 | 954 | 953 | 1 006 | 950 | 738 | 732 | 795 | 725 |
| Trelleborg Sealing Solutions | 1 973 | 1 706 | 1 864 | 1 905 | 1 813 | 1 574 | 1 630 | 1 713 | 1 520 |
| Trelleborg Engineered Systems | 2 780 | 2 562 | 2 498 | 2 763 | 2 567 | 2 765 | 2 518 | 2 809 | 2 600 |
| Other companies | 1 | 14 | 30 | -16 | 83 | 76 | 61 | 64 | 56 |
| Eliminations | -109 | -77 | -108 | -116 | -111 | -109 | -93 | -111 | -148 |
| Continuing operations | 5 773 | 5 159 | 5 237 | 5 542 | 5 302 | 5 044 | 4 848 | 5 270 | 4 753 |
| Trelleborg Automotive *) | 1 890 | 1 794 | 1 779 | 1 827 | 1 712 | 1 618 | 1 584 | 1 715 | 1 579 |
| Discontinuing operations | 110 | 153 | 175 | 214 | 256 | 383 | 433 | 829 | 722 |
| Trelleborg Group | 7 773 | 7 106 | 7 191 | 7 583 | 7 270 | 7 045 | 6 865 | 7 814 | 7 054 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
| EBITDA | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 179 | 122 | 123 | 132 | 115 | 77 | 101 | 82 | 100 |
| Trelleborg Sealing Solutions | 481 | 359 | 472 | 469 | 397 | 280 | 318 | 348 | 261 |
| Trelleborg Engineered Systems | 250 | 161 | 275 | 321 | 285 | 316 | 322 | 381 | 268 |
| Other companies | -9 | -20 | -18 | -19 | -20 | -22 | -21 | -12 | -25 |
| Group items | -60 | -72 | -68 | -67 | -48 | -83 | -64 | -50 | -26 |
| Total excl. items affecting comparability | 841 | 550 | 784 | 836 | 729 | 568 | 656 | 749 | 578 |
| Items affecting comparability | |||||||||
| Trelleborg Wheel Systems | - | - | - | - | - | -8 | -1 | -3 | -4 |
| Trelleborg Sealing Solutions | -3 | -4 | -9 | -5 | -3 | - | -8 | 1 | -5 |
| Trelleborg Engineered Systems | -6 | -48 | -27 | -10 | 3 | -39 | -38 | -22 | -13 |
| Other companies | 0 | -12 | -3 | -11 | -1 | -9 | -6 | -5 | -1 |
| Group items | -10 | - | -1 | - | - | -1 | - | - | -3 |
| Total items affecting comparability | -19 | -64 | -40 | -26 | -1 | -57 | -53 | -29 | -26 |
| Continuing operations | 822 | 486 | 744 | 810 | 728 | 511 | 603 | 720 | 552 |
| Trelleborg Automotive *) | 137 | 185 | 94 | 92 | 113 | 144 | 142 | 166 | 169 |
| Discontinuing operations | 13 | 18 | 22 | 27 | 284 | 44 | 69 | -130 | 46 |
| Trelleborg Group | 972 | 689 | 860 | 929 | 1 125 | 699 | 814 | 756 | 767 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
| EBITDA % | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| % | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 15,9 | 12,8 | 12,9 | 13,1 | 12,1 | 10,4 | 13,8 | 10,3 | 13,8 |
| Trelleborg Sealing Solutions | 24,4 | 21,0 | 25,4 | 24,6 | 21,9 | 17,7 | 19,5 | 20,3 | 17,1 |
| Trelleborg Engineered Systems | 9,0 | 6,3 | 11,0 | 11,6 | 11,1 | 11,4 | 12,8 | 13,5 | 10,3 |
| Total excl. items affecting comparability | 14,6 | 10,7 | 15,0 | 15,1 | 13,7 | 11,3 | 13,5 | 14,2 | 12,2 |
| Including items affecting comparability | |||||||||
| Trelleborg Wheel Systems | 15,9 | 12,9 | 12,9 | 13,1 | 12,1 | 9,3 | 13,6 | 10,0 | 13,1 |
| Trelleborg Sealing Solutions | 24,3 | 20,8 | 24,9 | 24,3 | 21,7 | 17,8 | 19,0 | 20,4 | 16,8 |
| Trelleborg Engineered Systems | 8,8 | 4,4 | 9,9 | 11,3 | 11,2 | 10,0 | 11,4 | 12,7 | 9,8 |
| Continuing operations | 14,2 | 9,4 | 14,2 | 14,6 | 13,7 | 10,1 | 12,5 | 13,6 | 11,6 |
| Trelleborg Automotive *) | 7,0 | 10,1 | 5,1 | 4,9 | 6,4 | 8,7 | 8,8 | 9,4 | 10,5 |
| Trelleborg Group | 12,5 | 9,6 | 11,9 | 12,2 | 15,5 | 9,9 | 11,8 | 9,6 | 10,9 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
Operating profit
| SEK M | Q1 2012 |
Q4 2011 |
Q3 2011 |
Q2 2011 |
Q1 2011 |
Q4 2010 |
Q3 2010 |
Q2 2010 |
Q1 2010 |
|---|---|---|---|---|---|---|---|---|---|
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 156 | 99 | 98 | 108 | 96 | 51 | 77 | 59 | 76 |
| Trelleborg Sealing Solutions | 429 | 301 | 422 | 420 | 352 | 234 | 262 | 297 | 209 |
| Trelleborg Engineered Systems | 160 | 77 | 188 | 241 | 199 | 229 | 235 | 283 | 175 |
| Other companies | -10 | -21 | -20 | -21 | -23 | -23 | -25 | -14 | -27 |
| Group items | -64 | -74 | -71 | -69 | -50 | -85 | -66 | -54 | -27 |
| Total excl. items affecting comparability | 671 | 382 | 617 | 679 | 574 | 406 | 483 | 571 | 406 |
| Items affecting comparability | |||||||||
| Trelleborg Wheel Systems | - | 0 | - | - | - | -8 | -1 | -3 | -4 |
| Trelleborg Sealing Solutions | -3 | -2 | -9 | -6 | -3 | -7 | -9 | - | -5 |
| Trelleborg Engineered Systems | -6 | -47 | -34 | -10 | 3 | -40 | -36 | -23 | -13 |
| Other companies | 0 | -12 | -3 | -11 | -1 | -8 | -7 | -4 | -1 |
| Group items | -10 | -2 | - | -1 | - | -1 | - | - | -3 |
| Total items affecting comparability | -19 | -63 | -46 | -28 | -1 | -64 | -53 | -30 | -26 |
| Continuing operations | 652 | 319 | 571 | 651 | 573 | 342 | 430 | 541 | 380 |
| Trelleborg Automotive *) | 81 | 125 | 32 | 34 | 53 | 48 | 63 | 88 | 91 |
| Discontinuing operations | 11 | 15 | 18 | 19 | 279 | 33 | 52 | -146 | 30 |
| Trelleborg Group | 744 | 459 | 621 | 704 | 905 | 423 | 545 | 483 | 501 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
| ROS % | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| % | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 13,8 | 10,4 | 10,3 | 10,8 | 10,1 | 7,0 | 10,5 | 7,4 | 10,5 |
| Trelleborg Sealing Solutions | 21,7 | 17,7 | 22,6 | 22,0 | 19,4 | 14,8 | 16,1 | 17,3 | 13,8 |
| Trelleborg Engineered Systems | 5,7 | 3,0 | 7,5 | 8,7 | 7,7 | 8,3 | 9,3 | 10,1 | 6,7 |
| Total excl. items affecting comparability | 11,6 | 7,4 | 11,8 | 12,2 | 10,8 | 8,0 | 10,0 | 10,8 | 8,5 |
| Including items affecting comparability | |||||||||
| Trelleborg Wheel Systems | 13,8 | 10,4 | 10,3 | 10,8 | 10,1 | 6,0 | 10,4 | 7,0 | 9,9 |
| Trelleborg Sealing Solutions | 21,6 | 17,5 | 22,2 | 21,7 | 19,3 | 14,4 | 15,5 | 17,3 | 13,5 |
| Trelleborg Engineered Systems | 5,5 | 1,1 | 6,2 | 8,4 | 7,9 | 6,9 | 7,9 | 9,3 | 6,2 |
| Continuing operations | 11,3 | 6,2 | 10,9 | 11,8 | 10,8 | 6,8 | 8,9 | 10,3 | 8,0 |
| Trelleborg Automotive *) | 4,1 | 6,7 | 1,7 | 1,7 | 2,9 | 2,7 | 3,8 | 4,9 | 5,6 |
| Trelleborg Group | 9,5 | 6,4 | 8,6 | 9,3 | 12,5 | 6,0 | 7,9 | 6,2 | 7,1 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
| Capital employed | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations | |||||||||
| Trelleborg Wheel Systems | 2 395 | 2 191 | 2 347 | 2 182 | 2 150 | 1 712 | 1 823 | 1 876 | 1 897 |
| Trelleborg Sealing Solutions | 7 373 | 7 339 | 7 541 | 7 350 | 6 839 | 6 841 | 6 746 | 7 273 | 7 187 |
| Trelleborg Engineered Systems | 7 442 | 7 260 | 7 401 | 7 063 | 6 761 | 6 574 | 6 779 | 7 122 | 6 971 |
| Other companies | -32 | 102 | 75 | 119 | 102 | 78 | 93 | 179 | 132 |
| Group items | -43 | -172 | -126 | -119 | -170 | -32 | -17 | 6 | 53 |
| Provision for restructuring costs and legal costs | -75 | -93 | -125 | -125 | -166 | -193 | -232 | -279 | -345 |
| Total | 17 060 | 16 627 | 17 113 | 16 470 | 15 516 | 14 980 | 15 192 | 16 177 | 15 895 |
| Trelleborg Automotive *) | 2 908 | 2 810 | 2 817 | 2 730 | 2 754 | 2 617 | 2 753 | 2 882 | 2 918 |
| Discontinuing operations | 74 | 137 | 122 | 188 | 177 | 493 | 555 | 564 | 894 |
| Trelleborg Group | 20 042 | 19 574 | 20 052 | 19 388 | 18 447 | 18 090 | 18 500 | 19 623 | 19 707 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
Return on capital employed R12, % (ROCE)
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
|---|---|---|---|---|---|---|---|---|---|
| % | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 20,1 | 18,2 | 17,0 | 16,9 | 14,9 | 14,1 | 13,7 | 12,3 | 13,2 |
| Trelleborg Sealing Solutions | 21,4 | 20,7 | 20,2 | 18,2 | 16,4 | 14,1 | 12,8 | 10,6 | 7,2 |
| Trelleborg Engineered Systems | 9,1 | 9,9 | 12,3 | 13,1 | 13,7 | 13,3 | 12,6 | 12,1 | 10,0 |
| Total excl. items affecting comparability | 13,9 | 13,6 | 14,1 | 13,5 | 12,8 | 11,6 | 10,8 | 9,6 | 7,3 |
| Including items affecting comparability | |||||||||
| Trelleborg Wheel Systems | 20,1 | 18,3 | 16,7 | 16,5 | 14,3 | 13,3 | 13,2 | 11,3 | 12,3 |
| Trelleborg Sealing Solutions | 21,1 | 20,4 | 19,9 | 17,8 | 16,2 | 13,9 | 11,9 | 9,8 | 5,2 |
| Trelleborg Engineered Systems | 7,8 | 8,7 | 11,2 | 12,0 | 12,4 | 11,8 | 9,6 | 9,5 | 7,7 |
| Continuing operations | 13,1 | 12,9 | 13,4 | 12,7 | 12,0 | 10,7 | 9,0 | 8,0 | 5,5 |
| Trelleborg Automotive *) | 9,6 | 8,8 | 6,1 | 7,1 | 9,0 | 10,1 | 11,0 | 10,3 | 7,2 |
| Trelleborg Group | 12,8 | 13,9 | 14,0 | 13,7 | 12,4 | 10,1 | 8,7 | 7,7 | 6,0 |
*) operations included in Trelleborg Vibracoustic joint venture as from beginning Q3.
Below: Operating cashflow figures with each subcomponent
| EBITDA | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 184 | 125 | 125 | 135 | 118 | 81 | 102 | 85 | 103 |
| Trelleborg Sealing Solutions | 488 | 356 | 478 | 474 | 402 | 283 | 321 | 355 | 264 |
| Trelleborg Engineered Systems | 259 | 180 | 303 | 331 | 295 | 333 | 332 | 390 | 278 |
| Other companies | -2 | -26 | 31 | -10 | -13 | -26 | -12 | -8 | -17 |
| Group items | -87 | -101 | -99 | -95 | -74 | -107 | -87 | -77 | -50 |
| Operating cash flow | 842 | 534 | 838 | 835 | 728 | 564 | 656 | 745 | 578 |
| Capital expenditure | |||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | -32 | -78 | -35 | -27 | -16 | -39 | -14 | -32 | -19 |
| Trelleborg Sealing Solutions | -35 | -128 | -49 | -42 | -22 | -115 | -31 | -30 | -13 |
| Trelleborg Engineered Systems | -86 | -136 | -135 | -68 | -40 | -105 | -57 | -56 | -47 |
| Other companies | 0 | -12 | -4 | -4 | -5 | -5 | -1 | 0 | 0 |
| Group items | -14 | -3 | -2 | -6 | -6 | -2 | -1 | -2 | -1 |
| Operating cash flow | -167 | -357 | -225 | -147 | -89 | -266 | -104 | -120 | -80 |
| Sold non current assets | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | 0 | 2 | 1 | 1 | 0 | 0 | 1 | 0 | 1 |
| Trelleborg Sealing Solutions | 3 | 4 | 2 | 2 | 2 | -2 | 7 | 9 | 0 |
| Trelleborg Engineered Systems | 0 | 5 | 4 | 2 | 3 | 3 | 9 | 1 | 1 |
| Other companies | 0 | 0 | 0 | 0 | 0 | 1 | - | - | 0 |
| Group items | 0 | 1 | 0 | 1 | 0 | 1 | 9 | 0 | 6 |
| Operating cash flow | 3 | 12 | 7 | 6 | 5 | 3 | 26 | 10 | 8 |
| Change in working capital | |||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | -277 | 170 | -83 | 2 | -255 | 127 | -65 | 44 | -124 |
| Trelleborg Sealing Solutions | -192 | 114 | 28 | -80 | -180 | 46 | 59 | -69 | -88 |
| Trelleborg Engineered Systems | -316 | 86 | 16 | -180 | -319 | 226 | -130 | -100 | -290 |
| Other companies | -8 | -6 | 8 | -11 | 2 | 13 | 4 | -11 | 6 |
| Group items | 38 | 62 | 1 | -47 | 76 | -14 | 6 | 12 | -3 |
| Operating cash flow | -755 | 426 | -30 | -316 | -676 | 398 | -126 | -124 | -499 |
| Operating cash flow | |||||||||
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations excluding items | |||||||||
| affecting comparability | |||||||||
| Trelleborg Wheel Systems | -125 | 219 | 8 | 111 | -153 | 169 | 24 | 97 | -39 |
| Trelleborg Sealing Solutions | 264 | 346 | 459 | 354 | 202 | 212 | 356 | 265 | 163 |
| Trelleborg Engineered Systems | -143 | 135 | 188 | 85 | -61 | 457 | 154 | 235 | -58 |
| Other companies | -10 | -44 | 35 | -25 | -16 | -17 | -9 | -19 | -11 |
| Group items | -63 | -41 | -100 | -147 | -4 | -122 | -73 | -67 | -48 |
| Operating cash flow | -77 | 615 | 590 | 378 | -32 | 699 | 452 | 511 | 7 |
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