AI assistant
Trelleborg — Earnings Release 2012
Apr 19, 2012
2985_10-q_2012-04-19_fbfec6d0-7468-4bb9-a347-ac74116efe4d.pdf
Earnings Release
Open in viewerOpens in your device viewer
First quarter 2012
President and CEO Peter Nilsson
"The first quarter of 2012 was so far the best operational quarter for Trelleborg. The favorable demand in the majority of segments resulted in an increase in organic sales of 7 percent.
In the offshore oil/gas segment in Trelleborg Engineered Systems, there was a significant improvement. The segment has during previous quarters recorded lower sales and earnings mainly due to production disruptions.
The pace of change remained brisk within the Group. Events during the quarter included the divestment of an operation and organizational changes that strengthened and focused the Group
During the quarter, we signed final agreements with Freudenberg concerning the formation of a joint venture in antivibration solutions for light and heavy vehicles. We expect approval of the relevant competition authorities during summer.
The market is characterized by great uncertainty, but our preparedness to manage a volatile market is good."
Continuing operations:
- Net sales during the first quarter of 2012 increased to SEK 7,773 M (7,226). Organic sales rose 7 percent (19).
- Operating profit amounted to SEK 744 M (645). Items affecting comparability amounted to an expense of SEK 28 M (expense: 9). Operating profit excluding items affecting comparability totaled SEK 772 M (654).
- The EBITDA margin, excluding items affecting comparability, was 12.8 percent (12.1).
- Net profit amounted to SEK 501 M (423) and earnings per share increased to SEK 1.80 (1.55). Earnings per share excluding items affecting comparability were SEK 1.90 (1.55).
- The operating cash flow was negative in the amount of SEK 193 M (neg: 182). Free cash flow was negative in the amount of SEK 454 M (neg: 528).
The Group in total:
Consolidated net sales totaled SEK 7,773 M (7,270). Operating profit amounted to SEK 744 M (9051 ).
| Key ratios, continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Net sales | 7,773 | 7,226 | 29,653 | 29,106 |
| Operating profit | 744 | 645 | 2,530 | 2,431 |
| Net profit | 501 | 423 | 1,656 | 1,578 |
| Earnings per share, SEK | 1.80 | 1.55 | 6.00 | 5.75 |
Market outlook for the second quarter 2012. Demand is expected to be in line with the first quarter of 2012, adjusted for seasonal variations. Market outlook for the second quarter 2012
1 Including the divestment of the roofing operation that generated a positive earnings effect after tax of SEK 262 M.
The Group, January – March 2012
| Key ratios, continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Net sales | 7,773 | 7,226 | 29,653 | 29,106 |
| Operating profit | 744 | 645 | 2,530 | 2,431 |
| Profit before tax | 689 | 602 | 2,309 | 2,222 |
| Net profit | 501 | 423 | 1,656 | 1,578 |
| - equity holders of the parent | 494 | 417 | 1,636 | 1,559 |
| - non-controlling interest | 7 | 6 | 20 | 19 |
| Earnings per share, SEK | 1.80 | 1.55 | 6.00 | 5.75 |
Organic sales increased 7 percent (19)
Net sales. The Trelleborg Group's net sales for the first quarter of 2012 for continuing operations totaled SEK 7,773 M (7,226), an increase of 8 percent (10). Organic sales increased 7 percent (19). The effects of structural changes were 0 percent (1) while exchange-rate effects were a positive 1 percent (neg: 10).
| Change in net sales, continuing operations | Jan - Mar | Jan - Mar |
|---|---|---|
| % | 2012 | 2011 |
| Organic sales | +7 | +19 |
| Structural changes | 0 | + 1 |
| Exchange-rate effects | +1 | -10 |
| Total | +8 | +10 |
The Group's sales in all segments surpassed the levels recorded in the first quarter of 2011.
Sales to the segment infrastructure construction was on a par with the fourth quarter of 2011, adjusted for seasonal effects. Sales to the other segments were higher compared to the fourth quarter of 2011, adjusted for seasonal effects.
Operating profit rose to SEK 744 M (645)
Earnings. Operating profit for the quarter increased to SEK 744 M (645). Currency translation effects had a negative impact on operating profit of approximately SEK 10 M compared with the corresponding period in 2011.
The financial net expense was SEK 55 M (expense: 43), corresponding to an average interest rate of 3.3 percent (2.7).
Profit before tax increased to SEK 689 M (602).
Net profit amounted to SEK 501 M (423) and the tax rate was 27 percent (30).
Earnings per share were SEK 1.80 (1.55).
Operating profit, excluding items affecting comparability, increased to SEK 772 M (654). Items affecting comparability pertaining to restructuring costs within the previously announced scope for structural projects had a negative impact on earnings of SEK 28 M (neg: 9). The operating margin was 9.9 percent (9.0). Operating profit before depreciation and amortization (EBITDA) rose to SEK 1,000 M (874). The EBITDA margin was 12.8 percent (12.1). Earnings per share, excluding items affecting comparability, totaled SEK 1.90 (1.55).
EBITDA margin amounted to 12.8 percent (12.1)
| Operating key ratios, continuing operations | ||||
|---|---|---|---|---|
| excl. items affecting comparability | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Operating profit | 772 | 654 | 2,753 | 2,635 |
| Operating margin (ROS), % | 9.9 | 9.0 | 9.2 | 9.0 |
| EBITDA, % | 12.8 | 12.1 | 12.3 | 12.1 |
| Earnings per share, SEK | 1.90 | 1.55 | 6.65 | 6.30 |
Sales within the offshore oil/gas segment in Trelleborg Engineered Systems rose during the quarter in relation to the preceding quarter. The previously communicated problems have been resolved and development in the segment is progressing toward a steady and clear stepwise improvement in orders received as well as sales, in addition to improved earnings.
Return. The return on capital employed, excluding items affecting comparability, for the past 12-month period was 13.8 percent (full-year 2011: 13.5), while the return on shareholders' equity, excluding items affecting comparability, was 13.9 percent for the same period (full-year 2011: 13.4).
| Continuing operations |
Excl. items affecting comparability |
|||
|---|---|---|---|---|
| Apr 2011 - | Full year | Apr 2011 - | Full year | |
| % | Mar 2012 | 2011 | Mar 2012 | 2011 |
| Return on capital employed, ROCE | 12.8 | 12.6 | 13.8 | 13.5 |
| Return on shareholders' equity | 12.6 | 12.3 | 13.9 | 13.4 |
Cash flow. Operating cash flow for the period amounted to a negative SEK 193 M (neg: 182). Compared with the preceding quarter, cash flow was impacted by seasonal effects. The higher level of sales increased tied-up working capital during the period. The higher level of capital expenditure amounting to SEK 219 M (161) also adversely impacted cash flow. Free cash flow was negative at SEK 454 M (neg: 528).
| Continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Operating cash flow | -193 | -182 | 1,644 | 1,655 |
| Utilization of restructuring provisions | -51 | -37 | -308 | -294 |
| Dividend - non-controlling interest | 0 | - | -3 | -3 |
| Financial items | -102 | -205 | -181 | -284 |
| Paid tax | -108 | -104 | -484 | -480 |
| Free cash flow | -454 | -528 | 668 | 594 |
Return on shareholders' equity was 13.9 percent (13.4)
Free cash flow was negative SEK 454 M (neg: 528)
Debt/equity ratio was 48 percent (51)
Net debt. Compared with the preceding quarter, net debt grew by SEK 193 M to SEK -6,618 M (-6,388).
The debt/equity ratio was 48 percent (51). Net debt in relation to EBITDA was 1.8 (1.9).
| Change in net debt | Jan - Mar | Jan - Mar | Full year |
|---|---|---|---|
| SEK M | 2012 | 2011 | 2011 |
| Net debt, opening balance | -6,425 | -6,409 | -6,409 |
| Net cash flow for the period | -342 | -430 | -67 |
| Disposals | - | 139 | 98 |
| Exchange rate differences | 149 | 312 | -47 |
| Net debt, closing balance | -6,618 | -6,388 | -6,425 |
| Debt/equity ratio, % | 48 | 51 | 48 |
| Net Debt/EBITDA excl items aff comp. | 1.8 | 1.9 | 1.8 |
Important events during the quarter
Structural changes January-March 2012
Agreement on the formation of a joint venture in antivibration solutions. The final agreements concerning the formation of the joint venture in antivibration solutions for light and heavy vehicles were signed. Completion of the transaction is subject to approval of the relevant competition authorities.
Background: Trelleborg and Freudenberg intend to form a 50/50 jointventure company in antivibration solutions for light and heavy vehicles. Trelleborg and Freudenberg currently command strong positions in the market. The companies' customer portfolios complement each other favorably, while Trelleborg's broad geographical presence is complemented by Freudenberg's product portfolio. Overall, this means that the company will attain a world-leading position and will be able to offer automakers across the globe the market's best geographical coverage and the broadest portfolio in antivibration solutions.
The new company will comprise of Trelleborg Automotive and Freudenberg's operations in antivibration solutions, Vibracoustic. At yearend, the combined annual sales were approximately SEK 13.4 billion, of which Trelleborg Automotive accounted for approximately SEK 7.1 billion.
Trelleborg strengthens and focuses the Group. The Trelleborg Group implemented organizational changes in order to strengthen and focus the company.
Trelleborg Automotive in being focused on antivibration solutions. Trelleborg Automotive's other operations – polymer boots for drive shafts and steering applications and noise-damping solutions for brake systems – are being strengthened by integrating them into Trelleborg Engineered Systems and Trelleborg Sealing Solutions, respectively.
Trelleborg Engineered Systems is being focused on three prioritized areas: offshore and infrastructure construction, general industrial applications and polymer-coated fabrics for advanced industrial applications. As a consequence, three people will assume new positions in Trelleborg's Group Management: Fredrik Meuller, Mikael Fryklund and Dario Porta. Trelleborg's President and CEO Peter Nilsson will assume responsibility for Trelleborg Engineered Systems.
Lennart Johansson, Trelleborg Engineered Systems' current President, and current President of Trelleborg Automotive, Jim Law, have been appointed as the Trelleborg Group's representatives on the management board of the joint venture in antivibration solutions for light and heavy vehicles that is planned between Trelleborg and Freudenberg. Trelleborg's President and CEO Peter Nilsson will become the company's Chairman.
On account of the organizational changes, previously reported quarterly data for the business areas in 2010 and 2011 has been restated to coincide with the new operational structure.
Information on the key figures was published in a press release on April 17, 2012.
Divestment of the light-vehicle component operation. Trelleborg completed the divestment of the operation that manufactures hightechnology rubber, plastic and foam components and systems for the light vehicles industry. The operation is primarily located in France and was part of the Trelleborg Automotive business area. The buyer is Bavaria Industriekapital AG with its registered office in Munich, Germany. The divestment is a further step in the Trelleborg Group's strategy of focusing on selected segments.
Agreement on the formation of a joint venture in antivibration solutions
Organisational changes
New quarterly data
Completed divestment of the light-vehicle component operation
Agreement to divest protective products operation
Events after the close of the period
Divestment of protective products operation Trelleborg has signed an agreement for the divestment of an operation that produces high-technology protective products for professional users. Operations are mainly based in Sweden and Lithuania and are part of Trelleborg Engineered Systems. The buyer is Ansell Limited whose operational head office is in Red Bank, New Jersey, in the US. The divestment is a further step in the Trelleborg Group's strategy of focusing on selected segments. The divested operation had annual sales of approximately SEK 170 M during 2011. The purchase consideration amounted to approximately SEK 210 M and is expected to lead to a capital gain in accounting terms of approximately SEK 130 M after tax. The transaction is expected to be finalized in the second quarter of 2012.
Risk management
Risk/risk management at Trelleborg. Trelleborg focuses continuously on identifying, evaluating and managing risks arising in the Group's companies, business areas, business units and processes. Trelleborg has an Enterprise Risk Management process (ERM process) which aims to provide a Groupwide overview of Trelleborg's risks, deliver a basis for risk management decisions and enable assessment of the risks and of how they are managed.
The principal risks and uncertainties currently faced by the Group relate to the economy's effect on demand, supply and price movements of raw materials and components, structural programs and financial business environment risks.
For further information regarding the Group's risks, risk exposure and risk management, refer to the Trelleborg Annual Report and www.trelleborg.com.
The Group's market outlook
Market outlook for the second quarter of 2012. Demand is expected to be in line with the first quarter of 2012, adjusted for seasonal variations.
Outlook from the year-end report published on February 15, 2012: Market outlook for the first quarter of 2012. Demand is expected to be in line with or slightly higher than the fourth quarter of 2011, adjusted for seasonal variations.
Trelleborg, April 19, 2012 Board of Directors of Trelleborg AB (publ)
This report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable rules of the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Reports. Unless otherwise stated, the accounting policies applied by the Group and Parent Company correspond to the accounting policies applied in the preparation of the most recent annual report.
This report has not been subject to special review by the company's auditors.
_____________________________________________________________
Trelleborg Wheel Systems
| Continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Excluding items affecting comparability | ||||
| Net sales | 1,128 | 950 | 4,041 | 3,863 |
| Operating profit | 156 | 96 | 461 | 401 |
| Operating margin (ROS), % | 13.8 | 10.1 | 11.4 | 10.4 |
| EBITDA margin, % | 15.9 | 12.1 | 13.8 | 12.7 |
| Operating cash flow | -125 | -153 | 213 | 185 |
| Including items affecting comparability | ||||
| Operating profit | 156 | 96 | 461 | 401 |
| ROS, % | 13.8 | 10.1 | 11.4 | 10.4 |
Additional key ratios on pages 14 - 17
Market trend. Underlying demand remained high compared with the yearearlier period.
Net sales. Net sales during the quarter rose 19 percent compared with the year-earlier period. Organic sales increased 18 percent, structural changes represented a positive 1 percent and exchange-rate effects were 0 percent.
Operating profit and cash flow. Operating profit increased significantly compared with the first quarter of 2011. The operating margin was impacted by a favorable product mix, where sales in prioritized segments were particularly strong. Margins were also affected by high capacity utilization.
Operating cash flow was charged mainly with tied-up working capital driven by volume increases.
Other. The integration of acquired units is proceeding according to plan and the new operations are strengthening the business area's earnings. A brand consolidation process was initiated for the materials-handling vehicles operation. The operation mainly focused on the production of agricultural tires in Xingtai, in eastern China, will officially be inaugurated, as planned, at the end of the second quarter of 2012.
| Continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Excluding items affecting comparability | ||||
| Net sales | 1,973 | 1,813 | 7,448 | 7,288 |
| Operating profit | 429 | 352 | 1,572 | 1,495 |
| Operating margin (ROS), % | 21.7 | 19.4 | 21.1 | 20.5 |
| EBITDA margin, % | 24.4 | 21.9 | 23.9 | 23.3 |
| Operating cash flow | 264 | 202 | 1,423 | 1,361 |
| Including items affecting comparability | ||||
| Operating profit | 426 | 349 | 1,552 | 1,475 |
| ROS, % | 21.6 | 19.3 | 20.8 | 20.2 |
Trelleborg Sealing Solutions
Additional key ratios on pages 14 - 17
Market trend. Underlying demand was favorable in most main segments, especially aerospace, and in the majority of geographical areas.
Net sales. Net sales for the quarter rose 9 percent compared with the yearearlier period. Organic sales increased 4 percent, effects of structural changes represented a positive 3 percent and exchange-rate effects were a positive 2 percent.
Operating profit and cash flow. Operating profit improved significantly compared with the year-earlier period as a result of healthy volumes, particularly in the aerospace segment, effective cost control and good capacity utilization.
Operating cash flow remained strong due to favorable earnings generation and continued efficient management of working capital.
Other. Previously, decisions were taken regarding new investments in the Life Science segment in the form of expanded production capacity in Europe and establishment of a new full-scale production unit in North America. The business area continues to focus on selected segments.
Using digital technologies, the business area continued to further develop market-oriented activities with the aim of additionally strengthening its relationships with the customer and the market.
Organizational changes were implemented aimed at strengthening and focusing the Group (see page 5). From Trelleborg Automotive, the noisedamping solutions for brake systems operation was integrated into the business area.
| Continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Excluding items affecting comparability | ||||
| Net sales | 2,818 | 2,607 | 10,768 | 10,557 |
| Operating profit | 164 | 203 | 687 | 726 |
| Operating margin (ROS), % | 5.8 | 7.8 | 6.4 | 6.9 |
| EBITDA margin, % | 9.0 | 11.1 | 9.6 | 10.1 |
| Operating cash flow | -148 | -52 | 277 | 373 |
| Including items affecting comparability | ||||
| Operating profit | 158 | 206 | 590 | 638 |
| ROS, % | 5.6 | 7.9 | 5.5 | 6.0 |
Trelleborg Engineered Systems
Additional key ratios on pages 14 - 17
Market trend. The underlying market in the general industry segment performed favorably. Inquiries in the offshore oil/gas segment are at a high level.
Net sales. Net sales rose 8 percent compared with the corresponding period in the preceding year. Organic sales increased 6 percent, effects of structural changes were 0 percent and exchange-rate effects were 2 percent.
Operating profit and cash flow. Operating profit was lower compared with the year-earlier period due mainly to a less favorable product mix and continued start-up costs in Brazil.
Operating cash flow was lower during the quarter than in the corresponding period in 2011, which was primarily attributable to higher sales and a higher level of tied-up capital as well as lower earnings.
Other. Sales in the offshore oil/gas segment in Trelleborg Engineered Systems were healthy during the quarter. The previously communicated problems have been resolved and development in the segment is progressing toward a steady and distinct improvement with rising orders received and sales and improved earnings.
Organizational changes were carried out with the aim of strengthening and focusing the Group (see page 5). From Trelleborg Automotive, the operation for polymer boots for drive shafts and steering applications was integrated into the business area.
After the close of the period, an agreement was signed to divest the protective products operation (see page 6).
Trelleborg Automotive
| Continuing operations | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Excluding items affecting comparability | ||||
| Net sales | 1,890 | 1,712 | 7,290 | 7,112 |
| Operating profit | 90 | 61 | 339 | 310 |
| Operating margin (ROS), % | 4.6 | 3.4 | 4.5 | 4.2 |
| EBITDA margin, % | 7.5 | 6.9 | 7.7 | 7.5 |
| Operating cash flow | -69 | -177 | 167 | 59 |
| Including items affecting comparability | ||||
| Operating profit | 81 | 53 | 272 | 244 |
| ROS, % | 4.1 | 2.9 | 3.6 | 3.3 |
Additional key ratios on pages 14 - 17
Market trend. Global production and sales of light vehicles remained positive during the quarter, with favorable growth in North America and parts of Asia. In Europe, the trend has been mixed.
Net sales. Net sales during the quarter rose 10 percent compared with the year-earlier period as a result of favorable demand and a positive customer mix. Organic sales increased 8 percent, effects of structural changes represented a positive 2 percent and exchange-rate effects were 0 percent.
Operating profit and cash flow. The operating profit and operating margin in the quarter were higher than in the corresponding period in 2011 as a result of increased volumes and a favorable customer mix. Earnings were affected by costs associated with the formation of the planned joint venture in antivibration solutions and by adjustments of the operation in Brazil to current and future market trends.
Operating cash flow was charged mainly with tied-up working capital driven by volume increases.
Other. Final agreements were signed covering the formation of the joint venture in antivibration solutions for light and heavy vehicles between Trelleborg and Freudenberg (see page 5).
Organizational changes were implemented aimed at strengthening and focusing the Group (see page 5). Trelleborg Automotive is being focused on antivibration solutions.
The divestment of a light-vehicles component operation was completed (see page 5).
Financial statements
| Income Statements | ||||
|---|---|---|---|---|
| Group | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations | ||||
| Net sales | 7,773 | 7,226 | 29,653 | 29,106 |
| Cost of goods sold | -5,684 | -5,325 | -21,842 | -21,483 |
| Gross profit | 2,089 | 1,901 | 7,811 | 7,623 |
| Selling expenses | -558 | -543 | -2,215 | -2,200 |
| Administrative expenses | -649 | -597 | -2,642 | -2,590 |
| Research and development costs | -152 | -146 | -580 | -574 |
| Other operating income/expenses | 10 | 27 | 144 | 161 |
| Profit from part. in assoc. companies | 4 | 3 | 12 | 11 |
| Operating profit | 744 | 645 | 2,530 | 2,431 |
| Financial income and expenses | -55 | -43 | -221 | -209 |
| Profit before tax | 689 | 602 | 2,309 | 2,222 |
| Tax | -188 | -179 | -653 | -644 |
| Net profit | 501 | 423 | 1,656 | 1,578 |
| Discontinued operations | ||||
| Net sales | - | 44 | 0 | 44 |
| Operating profit | - | 260 | -2 | 258 |
| Profit before tax | - | 260 | -2 | 258 |
| Net profit | - | 262 | -2 | 260 |
| Group, total | ||||
| Net sales | 7,773 | 7,270 | 29,653 | 29,150 |
| Operating profit | 744 | 905 | 2,528 | 2,689 |
| Profit before tax | 689 | 862 | 2,307 | 2,480 |
| Total net profit | 501 | 685 | 1,654 | 1,838 |
| of which attributable to: | ||||
| - equity holders of the parent | 494 | 679 | 1,634 | 1,819 |
| - non-controlling interest | 7 | 6 | 20 | 19 |
| Earnings per share | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| SEK | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations | 1.80 | 1.55 | 6.00 | 5.75 |
| Discontinued operations | 0.00 | 0.95 | 0.00 | 0.95 |
| Group, total | 1.80 | 2.50 | 6.00 | 6.70 |
| Number of shares | ||||
| End of period | 271,071,783 | 271,071,783 | 271,071,783 | 271,071,783 |
| Average number | 271,071,783 | 271,071,783 | 271,071,783 | 271,071,783 |
Statements of comprehensive income
| Jan - Mar | Jan - Mar | Apr 2011 - | Full year | |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Total net profit | 501 | 685 | 1,654 | 1,838 |
| Other comprehensive income | ||||
| Cash flow hedges | 22 | 39 | -91 | -74 |
| Hedging of net investment | 186 | 232 | -118 | -72 |
| Translation difference | -467 | -546 | 94 | 15 |
| Income tax relating to components of other | ||||
| comprehensive income | -50 | -64 | 60 | 46 |
| Other comprehensive income, net of tax | -309 | -339 | -55 | -85 |
| Total comprehensive income | 192 | 346 | 1,599 | 1,753 |
| Total profit for the period | ||||
| - equity holders of the parent | 189 | 346 | 1,576 | 1,733 |
| - non-controlling interest | 3 | 0 | 23 | 20 |
| Group | Mar 31 | Mar 31 | Dec 31 |
|---|---|---|---|
| SEK M | 2012 | 2011 | 2011 |
| Property, plant and equipment | 5,716 | 5,518 | 5,958 |
| Intangible assets | 10,248 | 9,873 | 10,457 |
| Financial assets | 1,292 | 1,343 | 1,284 |
| Total non-current assets | 17,256 | 16,734 | 17,699 |
| Inventories | 3,927 | 3,665 | 4,001 |
| Current operating receivables | 6,952 | 6,271 | 6,025 |
| Current interest-bearing receivables | 221 | 94 | 213 |
| Cash and cash equivalents | 757 | 704 | 753 |
| Total current assets | 11,857 | 10,734 | 10,992 |
| Total assets | 29,113 | 27,468 | 28,691 |
| Equity holders of the parent | 13,527 | 12,425 | 13,338 |
| Non-controlling interest | 169 | 118 | 166 |
| Total equity | 13,696 | 12,543 | 13,504 |
| Non-current interest-bearing liabilities | 5,820 | 4,674 | 5,452 |
| Other non-current liabilities | 1,058 | 1,092 | 1,125 |
| Total non-current liabilities | 6,878 | 5,766 | 6,577 |
| Interest-bearing current liabilities | 2,040 | 2,751 | 2,171 |
| Other current liabilities | 6,499 | 6,408 | 6,439 |
| Total current liabilities | 8,539 | 9,159 | 8,610 |
| Total equity and liabilities | 29,113 | 27,468 | 28,691 |
| Specification of changes in equity | Mar 31 | Mar 31 | Dec 31 |
|---|---|---|---|
| SEK M | 2012 | 2011 | 2011 |
| Attributable to equity holders of the parent | |||
| Opening balance, January 1 | 13,338 | 12,079 | 12,079 |
| Total comprehensive income | 189 | 346 | 1,733 |
| Dividend | - | - | -474 |
| Closing balance | 13,527 | 12,425 | 13,338 |
| Attributable to non-controlling interest | |||
| Opening balance, January 1 | 166 | 117 | 117 |
| Total comprehensive income | 3 | - | 20 |
| Acquisition | - | 1 | 32 |
| Dividend | 0 | - | -3 |
| Closing balance | 169 | 118 | 166 |
| Sum total equity, closing balance | 13,696 | 12,543 | 13,504 |
| Group | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Operating activities | ||||
| Operating profit | 744 | 645 | 2,530 | 2,431 |
| Adjustments for items not included in cash flow: | ||||
| Depreciation, property, plant and equipment | 201 | 192 | 806 | 797 |
| Amortization, intangible assets | 23 | 28 | 108 | 113 |
| Impairment losses, property, plant and equipment | 4 | - | 10 | 6 |
| Impairment losses, intangible assets | - | - | -3 | -3 |
| Provision for restructuring costs | 28 | 9 | 213 | 194 |
| Other, non cash-flow affecting items | -12 | -4 | -40 | -32 |
| 988 | 870 | 3,624 | 3,506 | |
| Interest received and other financial items | 5 | - | 22 | 17 |
| Interest paid and other financial items | -107 | -205 | -203 | -301 |
| Taxes paid | -108 | -104 | -484 | -480 |
| Cash flow from operating activities before changes in working | ||||
| capital | 778 | 561 | 2,959 | 2,742 |
| Cash flow from changes in working capital: | ||||
| Change in inventories | -49 | -292 | -251 | -494 |
| Change in operating receivables | -1,024 | -699 | -626 | -301 |
| Change in operating liabilities | 78 | 95 | 23 | 40 |
| Utilization of restructuring provisions | -51 | -37 | -308 | -294 |
| Cash flow from operating activities | -268 | -372 | 1,797 | 1,693 |
| Investing activities | ||||
| Acquisitions | - | -329 | -417 | -746 |
| Disposals | 112 | 427 | 244 | 559 |
| Capital expenditure, property, plant and equipment | -206 | -155 | -1,125 | -1,074 |
| Capital expenditure in intangible assets | -13 | -6 | -68 | -61 |
| Sale of non-current assets | 33 | 5 | 67 | 39 |
| Cash flow from investing activities | -74 | -58 | -1,299 | -1,283 |
| Financing activities | ||||
| Change in interest-bearing investments | 118 | 307 | -341 | -152 |
| Change in interest-bearing liabilities | 247 | 32 | 368 | 153 |
| Dividend - equity holders of the parent | - | - | -474 | -474 |
| Dividend - non-controlling interest | 0 | - | -3 | -3 |
| Cash flow from financing activities | 365 | 339 | -450 | -476 |
| Cash flow for the period | 23 | -91 | 48 | -66 |
| Cash and cash equivalents: | ||||
| At beginning of the period | 753 | 832 | 704 | 832 |
| Exchange rate differences | -19 | -37 | 5 | -13 |
| Cash and cash equivalents at end of period | 757 | 704 | 757 | 753 |
Cash flow statements
TRELLEBORG AB INTERIM REPORT JANUARY – MARCH 2012
| Group review | ||||
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Apr 2011 - | Full year | |
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations excluding items | ||||
| affecting comparability | ||||
| Net sales | 7,773 | 7,226 | 29,653 | 29,106 |
| EBITDA | 1,000 | 874 | 3,664 | 3,538 |
| Operating profit | 772 | 654 | 2,753 | 2,635 |
| Net profit | 521 | 429 | 1,819 | 1,727 |
| Net sales | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations | ||||
| Trelleborg Wheel Systems | 1,128 | 950 | 4,041 | 3,863 |
| Trelleborg Sealing Solutions | 1,973 | 1,813 | 7,448 | 7,288 |
| Trelleborg Engineered Systems | 2,818 | 2,607 | 10,768 | 10,557 |
| Trelleborg Automotive | 1,890 | 1,712 | 7,290 | 7,112 |
| Other companies | 95 | 264 | 580 | 749 |
| Eliminations | -131 | -120 | -474 | -463 |
| Total | 7,773 | 7,226 | 29,653 | 29,106 |
| EBITDA | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations excluding items affecting comparability |
||||
| Trelleborg Wheel Systems | 179 | 115 | 556 | 492 |
| Trelleborg Sealing Solutions | 481 | 397 | 1,781 | 1,697 |
| Trelleborg Engineered Systems | 255 | 290 | 1,031 | 1,066 |
| Trelleborg Automotive | 146 | 121 | 572 | 547 |
| Other companies | -1 | -1 | -9 | -9 |
| Group items | -60 | -48 | -267 | -255 |
| Total excl. items affecting comparability | 1,000 | 874 | 3,664 | 3,538 |
| Items affecting comparability | ||||
| Trelleborg Wheel Systems | - | - | - | - |
| Trelleborg Sealing Solutions | -3 | -3 | -21 | -21 |
| Trelleborg Engineered Systems | -6 | 3 | -91 | -82 |
| Trelleborg Automotive | -9 | -8 | -64 | -63 |
| Other companies | - | -1 | -26 | -27 |
| Group items | -10 | - | -11 | -1 |
| Total items affecting comparability | -28 | -9 | -213 | -194 |
| Total incl. items affecting comparability | 972 | 865 | 3,451 | 3,344 |
| EBITDA | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
| EBITDA | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| % | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations excluding items affecting comparability |
||||
| Trelleborg Wheel Systems | 15.9 | 12.1 | 13.8 | 12.7 |
| Trelleborg Sealing Solutions | 24.4 | 21.9 | 23.9 | 23.3 |
| Trelleborg Engineered Systems | 9.0 | 11.1 | 9.6 | 10.1 |
| Trelleborg Automotive | 7.5 | 6.9 | 7.7 | 7.5 |
| Total excl. items affecting comparability | 12.8 | 12.1 | 12.3 | 12.1 |
| Including items affecting comparability | ||||
| Trelleborg Wheel Systems | 15.9 | 12.1 | 13.8 | 12.7 |
| Trelleborg Sealing Solutions | 24.3 | 21.7 | 23.6 | 23.0 |
| Trelleborg Engineered Systems | 8.8 | 11.3 | 8.7 | 9.3 |
| Trelleborg Automotive | 7.0 | 6.4 | 6.8 | 6.6 |
| Total incl. items affecting comparability | 12.5 | 11.9 | 11.6 | 11.4 |
TRELLEBORG AB INTERIM REPORT JANUARY – MARCH 2012
| Operating profit | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations excluding items | ||||
| affecting comparability | ||||
| Trelleborg Wheel Systems | 156 | 96 | 461 | 401 |
| Trelleborg Sealing Solutions | 429 | 352 | 1,572 | 1,495 |
| Trelleborg Engineered Systems | 164 | 203 | 687 | 726 |
| Trelleborg Automotive | 90 | 61 | 339 | 310 |
| Other companies | -3 | -8 | -28 | -33 |
| Group items | -64 | -50 | -278 | -264 |
| Total excl. items affecting comparability | 772 | 654 | 2,753 | 2,635 |
| Items affecting comparability | ||||
| Trelleborg Wheel Systems | - | - | - | 0 |
| Trelleborg Sealing Solutions | -3 | -3 | -20 | -20 |
| Trelleborg Engineered Systems | -6 | 3 | -97 | -88 |
| Trelleborg Automotive | -9 | -8 | -67 | -66 |
| Other companies | - | -1 | -26 | -27 |
| Group items | -10 | - | -13 | -3 |
| Total items affecting comparability | -28 | -9 | -223 | -204 |
| Total incl. items affecting comparability | 744 | 645 | 2,530 | 2,431 |
| Operating margin, (ROS) | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| % | 2012 | 2011 | Mar 2012 | 2011 |
| Continuing operations excluding items affecting comparability |
||||
| Trelleborg Wheel Systems | 13.8 | 10.1 | 11.4 | 10.4 |
| Trelleborg Sealing Solutions | 21.7 | 19.4 | 21.1 | 20.5 |
| Trelleborg Engineered Systems | 5.8 | 7.8 | 6.4 | 6.9 |
| Trelleborg Automotive | 4.6 | 3.4 | 4.5 | 4.2 |
| Total excl. items affecting comparability | 9.9 | 9.0 | 9.2 | 9.0 |
| Including items affecting comparability | ||||
| Trelleborg Wheel Systems | 13.8 | 10.1 | 11.4 | 10.4 |
| Trelleborg Sealing Solutions | 21.6 | 19.3 | 20.8 | 20.2 |
| Trelleborg Engineered Systems | 5.6 | 7.9 | 5.5 | 6.0 |
| Trelleborg Automotive | 4.1 | 2.9 | 3.6 | 3.3 |
| Total incl. items affecting comparability | 9.5 | 8.9 | 8.5 | 8.3 |
| Capital employed | Mar 31 | Mar 31 | Dec 31 |
|---|---|---|---|
| SEK M | 2012 | 2011 | 2011 |
| Continuing operations | |||
| Trelleborg Wheel Systems | 2,395 | 2,150 | 2,191 |
| Trelleborg Sealing Solutions | 7,373 | 6,839 | 7,339 |
| Trelleborg Engineered Systems | 7,504 | 6,814 | 7,315 |
| Trelleborg Automotive | 2,915 | 2,772 | 2,824 |
| Other companies | -19 | 227 | 184 |
| Group items | -43 | -170 | -172 |
| Provision for restructuring costs and legal costs | -83 | -185 | -107 |
| Total | 20,042 | 18,447 | 19,574 |
| Return on capital employed, (ROCE) | Apr 2011 - | Apr 2010 - | Full year |
|---|---|---|---|
| % | Mar 2012 | Mar 2011 | 2011 |
| Continuing operations excluding items affecting comparability | |||
| Trelleborg Wheel Systems | 20.1 | 14.9 | 18.2 |
| Trelleborg Sealing Solutions | 21.4 | 16.4 | 20.7 |
| Trelleborg Engineered Systems | 9.3 | 13.8 | 10.1 |
| Trelleborg Automotive | 11.9 | 11.9 | 11.1 |
| Total excluding items affecting comparability | 13.8 | 12.8 | 13.5 |
| Including items affecting comparability | |||
| Trelleborg Wheel Systems | 20.1 | 14.3 | 18.3 |
| Trelleborg Sealing Solutions | 21.1 | 16.2 | 20.4 |
| Trelleborg Engineered Systems | 8.1 | 12.6 | 8.9 |
| Trelleborg Automotive | 9.6 | 9.0 | 8.8 |
| Total including items affecting comparability | 12.8 | 11.7 | 12.6 |
| Cash flow report | Capital | Sold non | Change in | Total cash flow | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA 1) | expenditure | current assets | working capital | Jan - Mar | ||||||
| SEK M | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 | 2012 | 2011 |
| Trelleborg Wheel Systems | 184 | 118 | -32 | -16 | 0 | 0 | -277 | -255 | -125 | -153 |
| Trelleborg Sealing Solutions | 488 | 402 | -35 | -22 | 3 | 2 | -192 | -180 | 264 | 202 |
| Trelleborg Engineered Systems | 264 | 299 | -89 | -40 | 1 | 3 | -324 | -314 | -148 | -52 |
| Trelleborg Automotive | 140 | 119 | -48 | -72 | 29 | 0 | -190 | -224 | -69 | -177 |
| Other companies | -1 | 6 | -1 | -5 | - | 0 | -50 | 1 | -52 | 2 |
| Group items | -87 | -74 | -14 | -6 | - | - | 38 | 76 | -63 | -4 |
| Operating cash flow | 988 | 870 | -219 | -161 | 33 | 5 | -995 | -896 | -193 | -182 |
| Utilization of restructuring provisions | -51 | -37 | ||||||||
| Dividend - non-controlling interest | 0 | - | ||||||||
| Financial items | -102 | -205 | ||||||||
| Paid tax | -108 | -104 | ||||||||
| Free cash flow | -454 | -528 | ||||||||
| Acquisitions | - | -329 | ||||||||
| Disposals | 112 | 427 | ||||||||
| Sum net cash flow | -342 | -430 |
1) Excluding other non cash-flow affecting items
Acquisitions
There were no acquisitions during the quarter.
Key ratios per quarter
| Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | |
|---|---|---|---|---|---|---|---|---|---|
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations | |||||||||
| Net sales | 7,773 | 7,106 | 7,191 | 7,583 | 7,226 | 6,852 | 6,601 | 7,187 | 6,556 |
| Operating profit | 744 | 459 | 621 | 706 | 645 | 400 | 505 | 643 | 488 |
| Profit for the period | 501 | 266 | 420 | 469 | 423 | 234 | 327 | 415 | 308 |
| Operating cash flow | -193 | 726 | 644 | 467 | -182 | 929 | 391 | 792 | 78 |
| Items aff. comparability in operating profit | -28 | -70 | -80 | -45 | -9 | -118 | -54 | -51 | -27 |
| Operating profit, excl. items aff. comp. | 772 | 529 | 701 | 751 | 654 | 518 | 559 | 694 | 515 |
| EBITDA, %, excl. items aff. comparability | 12.8 | 10.6 | 13.0 | 12.8 | 12.1 | 11.0 | 12.3 | 13.2 | 11.7 |
Net sales by business area
| 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 | 2,818 | 2,610 | 2,537 | 2,803 | 2,607 | 2,806 | 2,555 | 2,842 | 2,639 |
| Trelleborg Automotive | 1,890 | 1,794 | 1,779 | 1,827 | 1,712 | 1,618 | 1,584 | 1,715 | 1,579 |
| Other companies | 95 | 141 | 178 | 166 | 264 | 234 | 203 | 243 | 248 |
| Eliminations | -131 | -99 | -120 | -124 | -120 | -118 | -103 | -121 | -155 |
| Total | 7,773 | 7,106 | 7,191 | 7,583 | 7,226 | 6,852 | 6,601 | 7,187 | 6,556 |
EBITDA % by business area
| 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 | 6.4 | 11.0 | 11.7 | 11.1 | 11.5 | 12.9 | 13.5 | 10.4 |
| Trelleborg Automotive | 7.5 | 10.3 | 7.1 | 5.8 | 6.9 | 10.7 | 8.8 | 10.6 | 10.6 |
| Total | 12.8 | 10.6 | 13.0 | 12.8 | 12.1 | 11.0 | 12.3 | 13.2 | 11.7 |
Operating profit by business area
| 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 | 156 | 99 | 98 | 108 | 96 | 51 | 77 | 59 | 76 |
| Trelleborg Sealing Solutions | 429 | 301 | 422 | 420 | 352 | 234 | 262 | 297 | 209 |
| Trelleborg Engineered Systems | 164 | 83 | 193 | 247 | 203 | 234 | 240 | 287 | 180 |
| Trelleborg Automotive | 90 | 132 | 66 | 51 | 61 | 102 | 64 | 109 | 92 |
| Other companies | -3 | -12 | -7 | -6 | -8 | -18 | -18 | -4 | -15 |
| Group items | -64 | -74 | -71 | -69 | -50 | -85 | -66 | -54 | -27 |
| Total | 772 | 529 | 701 | 751 | 654 | 518 | 559 | 694 | 515 |
| Income Statements | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Group | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| SEK M | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations | |||||||||
| Net sales | 7,773 | 7,106 | 7,191 | 7,583 | 7,226 | 6,852 | 6,601 | 7,187 | 6,556 |
| Cost of goods sold | -5,684 | -5,358 | -5,239 | -5,561 | -5,325 | -5,045 | -4,848 | -5,195 | -4,809 |
| Gross profit | 2,089 | 1,748 | 1,952 | 2,022 | 1,901 | 1,807 | 1,753 | 1,992 | 1,747 |
| Selling expenses | -558 | -558 | -547 | -552 | -543 | -548 | -511 | -542 | -523 |
| Administrative expenses | -649 | -706 | -638 | -649 | -597 | -698 | -576 | -626 | -590 |
| Research and development costs | -152 | -149 | -141 | -138 | -146 | -143 | -140 | -149 | -145 |
| Other operating income/costs | 10 | 121 | -8 | 21 | 27 | -22 | -24 | -36 | -4 |
| Profit from part. in assoc. companies | 4 | 3 | 3 | 2 | 3 | 4 | 3 | 4 | 3 |
| Operating profit | 744 | 459 | 621 | 706 | 645 | 400 | 505 | 643 | 488 |
| Financial income and expenses | -55 | -63 | -54 | -49 | -43 | -43 | -56 | -50 | -69 |
| Profit before tax | 689 | 396 | 567 | 657 | 602 | 357 | 449 | 593 | 419 |
| Tax | -188 | -130 | -147 | -188 | -179 | -123 | -122 | -178 | -111 |
| Net profit | 501 | 266 | 420 | 469 | 423 | 234 | 327 | 415 | 308 |
| Discontinued operations | |||||||||
| Net sales | - | - | - | - | 44 | 193 | 264 | 627 | 498 |
| Operating profit | - | - | - | -2 | 260 | 23 | 40 | -160 | 13 |
| Profit before tax | - | - | - | -2 | 260 | 23 | 38 | -159 | 12 |
| Net profit | - | - | - | -2 | 262 | 28 | 28 | -141 | -16 |
| Group, total | |||||||||
| Net sales | 7,773 | 7,106 | 7,191 | 7,583 | 7,270 | 7,045 | 6,865 | 7,814 | 7,054 |
| Operating profit | 744 | 459 | 621 | 704 | 905 | 423 | 545 | 483 | 501 |
| Profit before tax | 689 | 396 | 567 | 655 | 862 | 380 | 487 | 434 | 431 |
| Total net profit | 501 | 266 | 420 | 467 | 685 | 262 | 355 | 274 | 292 |
| - equity holders of the parent | 494 | 262 | 413 | 465 | 679 | 257 | 351 | 269 | 285 |
| - non-controlling interest | 7 | 4 | 7 | 2 | 6 | 5 | 4 | 5 | 7 |
| Earnings per share | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| SEK | 2012 | 2011 | 2011 | 2011 | 2011 | 2010 | 2010 | 2010 | 2010 |
| Continuing operations | 1.80 | 0.95 | 1.55 | 1.70 | 1.55 | 0.85 | 1.20 | 1.50 | 1.10 |
| Discontinued operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.95 | 0.10 | 0.10 | -0.50 | -0.05 |
| Group, total | 1.80 | 0.95 | 1.55 | 1.70 | 2.50 | 0.95 | 1.30 | 1.00 | 1.05 |
Parent Company
Income Statements
| Parent company | Jan - Mar | Jan - Mar | Apr 2011 - | Full year |
|---|---|---|---|---|
| SEK M | 2012 | 2011 | Mar 2012 | 2011 |
| Administrative expenses | -59 | -66 | -348 | -355 |
| Other operating income | 1 | 9 | 221 | 229 |
| Operating profit | -58 | -57 | -127 | -126 |
| Financial income and expenses | -249 | 129 | 1,086 | 1,464 |
| Profit before tax | -307 | 72 | 959 | 1,338 |
| Tax | 76 | 53 | 27 | 4 |
| Net profit | -231 | 125 | 986 | 1,342 |
| Statements of comprehensive income | ||||
|---|---|---|---|---|
| Net profit | -231 | 125 | 986 | 1,342 |
| Other comprehensive income | ||||
| Fair value | - | -9 | 9 | - |
| Income tax relating to components of other comprehensive income |
- | 2 | -2 | - |
| Other comprehensive income, net of tax | - | -7 | 7 | - |
| Total comprehensive income | -231 | 118 | 993 | 1,342 |
| Balance Sheets | |||
|---|---|---|---|
| Parent company | Mar 31 | Mar 31 | Dec 31 |
| SEK M | 2012 | 2011 | 2011 |
| Property, plant and equipment | 22 | 25 | 23 |
| Intangible assets | 4 | 8 | 4 |
| Financial assets | 34,846 | 34,523 | 34,732 |
| Total non-current assets | 34,872 | 34,556 | 34,759 |
| Current operating receivables | 64 | 67 | 53 |
| Current tax assets | 75 | 55 | - |
| Current interest-bearing receivables | 224 | 844 | 597 |
| Cash and cash equivalents | 0 | 0 | 0 |
| Total current assets | 363 | 966 | 650 |
| Total assets | 35,235 | 35,522 | 35,409 |
| Shareholders' equity | 13,256 | 12,727 | 13,477 |
| Total equity | 13,256 | 12,727 | 13,477 |
| Non-current interest-bearing liabilities | 29 | 51 | 29 |
| Other non-current liabilities | 19 | 17 | 16 |
| Total non-current liabilities | 48 | 68 | 45 |
| Interest-bearing current liabilities | 21,860 | 22,651 | 21,789 |
| Other current liabilities | 71 | 76 | 98 |
| Total current liabilities | 21,931 | 22,727 | 21,887 |
| Total equity and liabilities | 35,235 | 35,522 | 35,409 |
Financial definitions
Return on shareholders' equity, %
Profit for the period, attributable to shareholders of the Parent Company as a percentage of average shareholders' equity, excluding non-controlling interests.
Return on capital employed (ROCE), %
Operating profit divided by the average capital employed.
EBITDA
Operating profit excluding depreciation and amortization of PPE and intangible assets.
EBITDA margin, %
EBITDA excluding profit from participations in associated companies as a percentage of net sales.
Free cash flow
Operating cash flow, cash flow from financial items, taxes and the effect of restructuring measures on cash flow.
Net debt
Interest-bearing liabilities less interest-bearing assets, cash and cash equivalents.
Operating cash flow
EBITDA excluding undistributed participation in the earnings of associated companies, investments, sold non-current assets and changes in working capital but excluding cash flow pertaining to restructuring.
Operating cash flow/operating profit, %
Operating cash flow as a percentage of operating profit.
Earnings per share
Profit for the period, attributable to shareholders of the Parent Company, divided by the average number of shares outstanding.
Operating margin (ROS), %
Operating profit excluding participation in the earnings of associated companies as a percentage of net sales.
Operating profit
Operating profit as stated in the income statement.
Debt/equity ratio, %
Net debt divided by total equity.
Net debt/EBITDA
Net debt divided by EBITDA.
Equity/assets ratio, %
Total equity divided by total assets.
Capital employed
Total assets less interest-bearing financial assets and noninterest-bearing operating liabilities (including pension liabilities) and excluding tax assets and tax liabilities.
Invitation to a telephone conference on April 19 at 2:00 p.m.
A telephone conference will be held on April 19 at 2:00 p.m. To participate in the telephone conference, call +46 (0)8 505 629 32 or +44 (0)20 7750 9950 or +1866 676 58 69. Code: "Trelleborg". The conference will also be broadcast on the Internet in real time. Visit our website at: www.trelleborg.com/en/Investerare/Presentationer for the Internet link and presentation materials.
Calendar
Annual General Meeting (Trelleborg) April 19, 2012, 5:00 p.m. Interim report April-June July 19, 2012 Interim report July-September October 24, 2012 Year-end report February 13, 2013
For further information, please contact:
Investors/analysts Media Christofer Sjögren, VP Investor Relations Karin Larsson, VP Media Relations Phone: +46 (0)410 670 68Phone: +46 (0)410 670 15 Mobile: +46 (0)708 66 51 40 Mobile: +46 (0)733 74 70 15 E-mail: [email protected] E-mail: [email protected]
For information about the Trelleborg Group, Annual Reports, the stakeholder magazine T-TIME and other information, please visit Group's website: www.trelleborg.com.
Trelleborg AB (publ) Corp. Reg. No. 556006-3421 Box 153, SE-231 22 Trelleborg Sweden Tel: +46 (0)410 670 00 www.trelleborg.com
This report contains forward-looking statements that are based on the current expectations of the management of Trelleborg. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove 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.
This is information of the type that Trelleborg AB (publ) is obligated to disclose in accordance with the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was issued for publication on Thursday, April 19, 2012, at 1:00 p.m.