Sales totaled SEK 8,403 m (7,940).
Adjusted for currency exchange rates, sales rose 6%. Order intake
totaled SEK 7,923 m (8,098). After adjustments for currency exchange
rates, the decrease was 3%.
Earnings after tax amounted to SEK -43 m (141). Earnings per share
amounted to SEK -1.92 (6.24).
Operating income* and the operating
margin* amounted to SEK 250 m (339) and 3.0% (4.3) respectively.
Cash Flow from operating activities
was strong in the period amounting to SEK 857 m (312).
Haldex has expanded its earlier
announced cost reduction program involving a decrease of the number
of employees to include approximately 1,500 employees, whereof 1,000
employees already have left the company. The expanded program also
includes structural measures. The annual saving is expected to
amount to approximately SEK 425 m.
The restructuring cost of the
extended cost reduction program is estimated at SEK 150 m, whereof
SEK 85 m has been charged in the fourth quarter, while the remaining
SEK 65 m will be charged against earnings during the first quarter
of 2009. Additional one-off items amounting to SEK 41 m have been
posted in the fourth quarter.
The financing has been secured by
renegotiating of the USD 250 m revolving credit facility, with an
unutilized amount of USD 157 m. The facility will mature in 2012.
Haldex completed the acquisition of
Concentric on April 1. The integration is running ahead of plan.
Haldex reached an agreement with
Suzuki Metal Industry, to divest the Garphyttan Wire division. The
purchase price, which will be paid in cash, is estimated to SEK 800
m on a cash and debt free basis.
The Board proposes that no dividend
will be paid for fiscal year 2008.
Against the background of the
exceptional uncertainty in the market, Haldex will not give any
outlook for earnings for 2009.
* Excluding restructuring costs,
one-off items and amortization of acquisition-related surplus
values. Operating income amounted to SEK 92 m (289).
Haldex (www.haldex.com), headquartered
in Stockholm, Sweden, is a provider of proprietary and innovative
solutions to the global vehicle industry, with focus on products in
vehicles that enhance safety, environment and vehicle dynamics.
Haldex is listed on the Stockholm Stock Exchange and has annual
sales of nearly 8 billion SEK with 6,000 employees.
Source: Haldex Press Release