SKF BEARINGS THROUGH THE SOUND BARRIER
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1 SKF BEARINGS THROUGH THE SOUND BARRIER The British Thrust SSC is the first car to pass through the sound barrier. It reached a speed of km/h (10 km/h faster than sound) in the Black Rock Desert in Nevada in October. One of the components that contributed to making this record possible was SKF's wheel bearing. The wheel bearings were required to withstand extremely high centrifugal forces and had been specially adapted for Thrust SSC. SKF hybrid angular contact ball bearings with steel rings and ceramic balls were chosen. They proved to be more than a match for the demands made on them. Would you like to know more about the record, products and items of interest in the SKF world? Visit our homepage at Aktiebolaget SKF SE Göteborg, Sweden Telephone Fax Fenix Reklambyrå AB, photos by Magnus Pajnert and SKF, printed by Typografia, printed on environmentally friendly stock Munken Lynx. JANUARY MARCH F I R S T - Q U A R T E R R E P O R T
2 Pictured on the front page is a Ferrari Formula 1 car. SKF has sponsored Ferrari since 1947 and has supplied a range of different bearings for this year's car, including special thin section bearings and high precision angular contact ball bearings for the wheels as well as specially designed, sealed bearing units for various parts of the engine. K E Y F I G U R E S Jan-March Jan-March C O O P E R A T I O N I S T H E K E Y T O S U C C E S S Net sales, SEK m Operating income, SEK m Income after financial income and expense, SEK m Additions to tangible capital assets, SEK m Earnings per share after tax, SEK Return on capital employed for the 12-month period ended March 31, % Solvency, % Number of employees registered This report has not been audited by the Company s auditors. The SKF Group earnings for the first six months of will be published on Wednesday, July 15,. SKF has built up an excellent reputation for high product and service quality. Cooperation with customers is vitally important to future success. SKF is also aware of how crucial it is to remain attentive to the demands and wishes of end-customers. This quarterly report concludes with a presentation of the SKF Automotive Division. The division is at the leading edge of product development and is creating new forms of collaboration with customers. A great deal of what is normal within the SKF Automotive Division today will apply to all SKF divisions in a few years. To the left are the SKF key figures for the first quarter of. More detailed information about operations and earnings can be found on the following pages of this report. The SKF Group is divided into divisions and segments with global responsibility. Operations are based on the different products and service requirements of the customers. A presentation is made of one of the SKF divisions in each quarterly report. First-Quarter Report : SKF Industrial Division Half-Year Report : SKF Steel Division Nine-Month Report : SKF Seals Division First-Quarter Report : SKF Automotive Division Half-Year Report : SKF Electrical Division Nine-Month Report : SKF Emerging and Specialty Division. SKF Automotive Division manufactures and sells bearings and bearing-related products to the automotive industry worldwide. Pictured is an automatic belt-tension unit, an example of where SKF not only supplies the bearing but also solves a problem and provides the customer with a complete and maintenance-free part. 2 3
3 F I R S T - Q U A R T E R R E P O R T Spherical roller bearing from SKF The SKF Group s consolidated income after financial income and expense for the first quarter of totaled SEK 466 m, compared with SEK 501 m in the corresponding period of. Earnings were affected to a large extent by the negative development of the Group s operations in Asia together with the negative development of its textile machinery components, which are also highly dependent on Asia. Combined, these operations accounted for a decline in earnings of approximately SEK 100 m compared with the first quarter of. Group sales rose by 7 percent during the first quarter, from SEK m in to SEK m in. Changes in exchange rates, when translating into Swedish kronor, had a positive effect corresponding to 2 percent of sales, or approximately SEK 160 m. Volumes increased by 9.5 percent. Structural changes (operations that were added or divested) accounted for -1.5 percent, and price/mix changes (volume shifts between different customer segments with different price levels) for -3 percent. The negative business climate in Indonesia and Korea two of the most severely affected countries led to a drastic reduction in demand for the products manufactured by SKF s new joint-venture companies in these countries. In India, sales were weak during the initial months of the year, at the same time as a de-stocking program was implemented. The total drop in sales in Southeast Asia exceeded 30 percent during the first quarter. The structural change between the first quarter of and was mainly attributable to the sale of FlexLink Systems. In the first quarter of, this company accounted for approximately SEK 160 m of sales and SEK 45 m of income after financial income and expense. Demand from customer segments where SKF has low margins continued to grow faster than the more profitable segments. The market is still very competitive. The price adjustments implemented by SKF during the first quarter should gradually lead to stabilized price levels. Demand for the Group s products continued to be good during the first three months of the year. The exceptions were Southeast Asia and Brazil, which was expected. Sales to the Group s two most important markets, Western Europe and the U.S., increased compared with the first and the last quarters of. B E A R I N G S Operating income for rolling bearings for the first quarter of amounted to SEK 548 m (568) and sales to SEK m (7 694). The positive business climate in most European countries, now also supported by domestic consumption, and continued growth in the U.S. economy, led to an increased demand for bearings in both markets. Sales to most of the customer segments in the machinery sector were strong during the beginning of the year. New business initiatives are starting to give positive results. Sales within segments supplying the investment goods markets had a slow start, as customers adjust to the lower demand from Asia. Sales to the industrial after-market also got off to a slow start due to continued inventory adjustments, mainly among distributors in North America. Southeast Asia s problems, with lack of liquidity among customers and distributors, high interest rates, credit restrictions and de-stocking at all levels, led to a sales reduction in these countries of slightly more than 30 percent. For SKF, this negative development was partially offset by continued strong growth in China and Japan. The Group s sales to the Central and Eastern European markets continued to develop positively and exceeded market growth. The improvement in demand for textile machinery components, which started to become noticeable during the latter part of, ceased in the first quarter due to the sharp decline in demand in Southeast Asia, which is the main market for these products. The loss, after financial income and expense during the quarter, increased to slightly more than SEK 30 m. Sales to car and truck customers continued to grow both in Europe and the U.S. during the first three months of the year. Sales to the automotive after-market also showed a positive trend. Demand is still weak in Brazil and Korea. The restructuring of SKF s Brazilian subsidiary is in progress and losses should decrease gradually during the year. After financial income and expense, the loss for the first three months of was SEK 15 m. SKF s sales to the electrical industry and manufacturers of two-wheelers continued to increase at a favorable rate both in Western Europe and the U.S., in spite of increased competition from Eastern European manufacturers. Instability in Asia had a negative impact on SKF s deliveries to two-wheeler customers in Indonesia, where SKF during acquired a majority ownership in a bearing factory. The sharp decline in demand for two-wheelers, and consequently for bearings, led to low capacity utilization in the new factory. 4 5
4 F I R S T - Q U A R T E R R E P O R T F I R S T - Q U A R T E R R E P O R T Seals from Chicago Rawhide Steel ingot from Ovako Steel The strongest demand and growth in S E A L S approximately SEK 250 m annually. stake in a Korean seals company. The the bearing industry continues to come Operating income for seals declined Shipments will commence in May. joint-venture company will be named from OEM customers (who buy bea- from SEK 87 m for the first quarter Additionally, in Canada, a contract CR Korea. This company had sales rings for use in their own products). to SEK 79 m in the first three was obtained from a new spare-parts of approximately SEK 25 m in. SKF has low margins in these segments and consequently, the customer mix trend was unfavorable for the Group. The bearing market is highly competitive and the price increases implemented during the first quarter in Western Europe, have not yet contributed to any overall improvement in profitability. months of. Sales during the first quarter of amounted to SEK m (921). The main reason for the decline in operating income is a weaker automotive after-market in the U.S. The mild winter reduced the need for auto repairs and the ongoing restructuring of the industry has impacted the customers sales channels. This resulted in a certain build up of inventories at distributors, which in turn led to lower demand. During the first quarter, Chicago Rawhide was awarded the contract to supply taper roller bearings and seals to NAPA, the leading U.S. automotive spare-parts chain. The contract is worth customer where shipments started at the end of March. In the Western European market, demand for bearing seals and valve-stem seals was strong. Sales from the Chinese joint-venture company developed positively. In India, Chicago Rawhide obtained an approval to establish a wholly owned subsidiary, CR India. Production will start during the fourth quarter of. Until then, this fast growing business will supply the market with imports. During the first quarter Chicago Rawhide also secured a 50-percent S P E C I A L S T E E L S Ovako Steel s operating income for the first three months of amounted to SEK 51 m (37). Sales during the same period amounted to SEK 916 m (839). Demand for Ovako Steel s products continued at the same high level as the fourth quarter of, reflecting the improved business climate in Western Europe. Capacity utilization at the steel mill in Hofors increased gradually during the period and has now reached an all-time high. The demand came from SKF and from other bearing manufacturers and customer segments. In spite of the high demand, Ovako Steel was able to maintain a high market service level, thereby strengthening its competitive position. G R O U P E A R N I N G S The SKF Group reported operating income of SEK 678 m (695) for the first quarter of, after depreciation. The financial net was SEK -212 m (-194). Earnings per share after tax amounted to SEK 2.30 (2.60). Additions to tangible capital assets totaled SEK 496 m (570). The average number of employees was (41 943) and the registered number of employees was (42 960). At the end of the quarter, the Group s inventories amounted to 27.9 percent (30.7) of annual sales. The return on capital employed during the 12-month period ended March 31, was 12.6 percent (13.3) and on shareholders equity 12.5 percent (13.4). Group solvency was 33.7 percent (33.5). Göteborg, April 24, Aktiebolaget SKF PETER AUGUSTSSON Managing Director Net sales, SEK m Operating income, SEK m Income after financial income and expense, SEK m Earnings per share after tax, SEK Additions to tangible capital assets, SEK m 6 7
5 F I R S T - Q U A R T E R R E P O R T F I R S T - Q U A R T E R R E P O R T C O N S O L I D A T E D F I N A N C I A L I N F O R M A T I O N * C O N S O L I D A T E D B A L A N C E S H E E T S * Jan-March Jan-March SEK m % SEK m % Net sales Cost of goods sold Gross income Selling and administrative expenses Other operating income/expense - net Result of associated companies Operating income Financial income and expense - net Income after financial income and expense Taxes Income after taxes Minority interest Net income Earnings per share after tax, SEK** Number of shares** Additions to tangible capital assets Number of employees registered*** Return on capital employed for the 12-month period ended March 31, % * The Group s acquisition of the share majority of Lutsk Bearing Plant in the Ukraine is included as an investment per March 31,. ** Earnings per share as at March have been recalculated to take into account the conversion of shares in July. *** Acquired and sold companies and businesses have led to a net increase of 126 employees in compared with. March Dec SEK m SEK m Intangible capital assets Tangible capital assets Financial capital assets Total capital assets Inventories Short-term assets Short-term financial assets Total short-term assets TOTAL ASSETS Shareholders equity Provisions for pensions and other postretirement benefits Provisions for taxes Other provisions Total provisions Long-term loans Other long-term liabilities, including minority interest Total long-term liabilities Short-term loans Other short-term liabilities Total short-term liabilities SHAREHOLDERS EQUITY AND TOTAL LIABILITIES * The Group s acquisition of the share majority of Lutsk Bearing Plant in the Ukraine is included as an investment per March 31,. 8 9
6 F I R S T - Q U A R T E R R E P O R T F I R S T - Q U A R T E R R E P O R T C O N S O L I D A T E D S T A T E M E N T S O F C A S H F L O W * Jan-March Jan-March SEK m SEK m Operating income Depreciation on tangible capital assets and goodwill amortization Net gain(-)/loss on sales of businesses and tangible capital assets -6 1 Changes in working capital Cash flow from operations Investment in companies and additions to tangible capital assets Sales of businesses and tangible capital assets Cash flow after investments Financial income and expense - net Taxes Change in other long-term assets, liabilities and provisions - net Translation adjustments Cash flow before financing Change in loans Change in short-term financial assets * The consolidated statements of cash flow have been adjusted for sold businesses. C O N S O L I D A T E D F I N A N C I A L I N F O R M A T I O N - Q U A R T E R L Y C O M P A R I S O N S Full Full Full (SEK m unless year year year otherwise stated) /97 2/97 3/97 4/97 1/98 GROUP Net sales Operating income Income after financial income and expense Earnings per share after tax, SEK Additions to tangible capital assets BUSINESS AREAS Total sales Bearings Seals Special steels Operating income Bearings Seals Special steels Invested capital* Bearings Seals Special steels KEY FIGURES Net worth per share, SEK Solvency, % Return on capital employed for the 12-month period ended March 31, % * Invested capital is defined as the sum of Goodwill, Inventories, Trade Accounts Receivable and Tangible Capital Assets less Trade Accounts Payable and Customer Advances at the end of the period
7 P A R T O F A C A R S P A S T A N D F U T U R E The consumers of today demand a lot of their cars. To satisfy their demands, SKF and the automotive manufacturers are cooperating more closely than ever. This mutual trust is to the benefit of all concerned. (The car on the picture symbolises cars in general, it does not exist in reality.) The year is A truck is being driven from Malmö to Stockholm, in Sweden, with the founder of SKF, Sven Wingquist, behind the wheel. Seven hundred kilometres along bumpy country roads. A test is taking place. A test of an SKF bearing used in the wheel. It was a way of demonstrating the durability and energy-saving effect of the bearing. Sven Wingquist s journey, like the subsequent cooperation with the automotive industry, proved to be highly successful. SKF is a world leader in the development and manufacturing of rolling bearings for the automotive industry. Operations are divided into three customer segments: passenger cars account for 52% of sales, trucks for 21% and the after-market for 27%. The SKF Automotive Division is the second largest of SKF s divisions in terms of sales. Approximately one-third of the SKF Group turnover comes from sales to automotive customers. 80% of this is within the Automotive Division. CONSUMERS CONTROL DEVELOPMENT A person who purchases a car today also exerts an influence on the development of future cars. Consumers demand cars which are defect free. We the consumers don t want any SKF is a world leader in the development and manufacturing of rolling bearings for the automotive industry. Operations are divided into three customer segments: passenger cars account for 52% of sales, trucks for 21% and the after-market for 27%. The SKF Automotive Division is the second largest of SKF s divisions in terms of sales. Approximately onethird of the SKF Group turnover comes from sales to automotive customers. 80% of this is within the Automotive Division. CONSUMERS CONTROL DEVELOP- MENT A person who purchases a car today also exerts an influence on the development of future cars. Consumers demand cars which are defect free. We the consumers don t want any problems whatsoever with our cars, says Tom Johnstone, head of the SKF Automotive Division. We want 100% reliability, more features and more refinement at the same or a lower price, and we want increased safety. The cars should be fuel efficient and as environmentally friendly as possible. When we study demands and analyse new products together with the automotive manufacturers, we always arrive at the same conclusion. It is the consumers who demand changes and improvements. It is we you and I who control development through our demands. SKF is a driving force in the bearing field. If the demands being made in the automotive industry are to be satisfied there must be even closer cooperation between SKF and the automotive manufacturers. There is a considerable 12 13
8 P A R T O F A V E H I C L E S P A S T A N D F U T U R E P A R T O F A V E H I C L E S P A S T A N D F U T U R E difference between the situation today and the situation ten years ago. Tom Johnstone explains: At that time we came up with the ideas, the car manufacturers gave their approval if they Approximately one-quarter of all Hub Units used around the world come from SKF. In Europe, over half the Hub Units are manufactured by SKF. The technology employed to manufacture Hub Units are tailored for a specific car, a bearing in a Ford is different from a bearing in a Volvo. What began as standardised units has been continually developed into make-specific products. Two examples of maintenance-free bearings. To the right is a compact clutch bearing unit. To the left is a lightweight bearing for a MacPherson strut. The far right picture shows Truck Hub Unit 2, a single flanged unit for the front axle of a medium weight truck were interested and we manufactured Hub Units has been developed by SKF, of new products and in doing so rein- and Asia is extremely important. This is shops. SKF checks what needs to be the product. The car manufacturers were responsible for tests and adaptation. which intends to retain its leading position on the market. LONG-TERM, STABLE CUSTOMER RELATIONSHIPS forces both its own and its customers competitiveness. reflected in the recent investment in a new factory in Aiken, South Carolina, included in each kit and ensures that the parts that do not come from SKF Today cooperation is different. Now The first Hub Unit was developed by Cooperation is evident at every stage For the SKF Group and for the Auto- which last year started making Hub still maintain the same high quality. we find out together what the consumer SKF back in A Hub Unit consists in the automotive industry and is an motive Division in particular, Europe Units for Chrysler and this year will SKF s name is a guarantee of high needs and find a way of satisfying these of a bearing, seals and other hub com- important competitive tool within the is at present the biggest market. How- also supply Volkswagen and Meritor. quality and SKF kits could be used for needs through joint development and ponents. They are advanced and now- automotive industry, establishing ever, SKF is working for a greater global Also the new technical centre in repairs to nearly all vehicles. testing. Avoiding duplication brings adays can contain ABS sensors for the long-term, stable relationships. From balance and expansion in North America Detroit is strong evidence of SKF s SKF has kits for light vehicles wheel new products to the market quicker anti-lock braking and speed measure- the development of new car models commitment to the automotive industry bearings kits, timing belt kits, water and at a lower cost. A win-win-win ment and traction control systems. to service and replacement parts, SKF in North America. pumps, suspension kits and clutch situation for all, the customers, the car The Automotive Division is moving provides its customers with expert Investments in Asia, in the last two release bearings kits. For heavy vehi- manufacturers and SKF. more and more to selling solutions, knowledge and a high level of quality years, include new facilities in South cles there are wheel bearing kits, Being the biggest supplier to the car often including integrated electronics. and customer service. SKF works with Korea and China to support these clutch release bearings kits and trans- industry means there is close, parallel SKF has developed active sensors its customers to reduce the total deve- markets. This year a new automotive mission kits. These kits are made at cooperation with many different auto- which can detect speed down to zero. lopment development centre will be opened in dedicated kit centres in each of the motive manufacturers. Mutual trust In the future, these will be used by in- cost Japan to strengthen the cooperation major vehicle regions of North leads to benefits for both parties. car satellite navigation systems. and support to the new business gained America, Europe and Asia. These are Working with several makes at the same with Suzuki, Nissan, Toyota, Daihatsu supported by operations for specific time is not a source of conflict. We and Mazda. markets such as the kit operations in must maintain full insight and under- Brazil and South Africa. stand all demands if we are to provide the automotive manufacturers with what they want, says Tom Johnstone. Naturally all these discussions and projects remain 100% classified, for both parties. TAILORED HIGH TECHNOLOGY The trend is for SKF to develop complete systems or modules. Hub Units are an example of this. In Hub Unit 5, which has been developed for small and medium-sized passenger cars, the brake drum has been built together with the bearing. This simplifies both logistics and handling and reduces weight. It also eliminates vibrations when braking. Hub Unit 5 is currently being tested by different customers. HIGH PRIORITY ON THE SERVICE MARKET After-market sales are developing positively. SKF was the first bearing manufacturer to launch kits where the rolling bearing is supplied together with other components required by the customer to carry out a particular repair. This makes it easier for both car owners and work
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