Interim report January-September 2002
INTERIM REPORT Nine months ended September 30, 2002 Net sales of comparable units, with comparable exchange rates, increased by 1 percent during the third quarter. During Q3, net sales amounted to SEK 4,186 M (4,609). Net sales during the nine-month period amounted to SEK 13,516 M (14,226). See page 2 ¨ Profit after financial items (excluding non-comparable items) amounted to SEK 210 M (222) during the third quarter. The total for the nine-month period was SEK 663 M (762). See page 2 ¨ Earnings per share (excluding non-comparable items) amounted to SEK 1.60 (1.60) during the third quarter Total during the nine-month period: SEK 5.25 (5.40). See page 2 ¨ Cash flow from the operations of current units increased by SEK 130 M during the period. See page 2 Group Net sales and earnings. Operating profit for the Group's operating units during the third quarter was in line with the preceding year. The Group's net sales for the nine-month period amounted to SEK 13,516 M (14,226). Net sales of comparable units, with comparable exchange rates, declined by approximately 3 percent. Net sales during the third quarter amounted to SEK 4,186 M (4,609). Net sales of comparable units, with comparable exchange rates, increased by 1 percent during the third quarter. Operating profit, excluding non-comparable items, amounted to SEK 759 M (885). Non-comparable items reduced operating profit during the period by SEK 43 M (increase: SEK 20 M) and were attributable to the divestments of Metech and White Goods. Profit from the Group's operating units during the third quarter was in line with the preceding year but profit as a whole was down slightly due to temporarily higher central costs and the preceding year's operating result for Metech. The Group's net financial expense amounted to SEK 96 M (expense: 123). Boliden shares affected non-comparable items negatively in the amount of SEK 159 M (neg: 121), of which expenses of SEK 121 (0) related to the third quarter. Group profit after financial items amounted to SEK 461 M (661), and to SEK 663 M (762) excluding non-comparable items. For the third quarter, Group profit after financial items, excluding non-comparable items, amounted to SEK 210 M (222). Outlook Production in the North American light vehicle industry has developed strongly during the year and is estimated to increase by 5 percent compared with 2001. Following a very weak first quarter, European car production has shown more robust development and estimates for the full year now indicate that production will be down approximately 4 percent on the preceding year. Demand in many of the segments of the Group's other business areas has stabilized and there are signs of gradual improvements in the second half of the year. The medium-term trend of demand is continously difficult to assess in our most important markets. The work of integrating acquisitions in the Automotive Business Area, including further reductions in personnel, is proceeding according to plan. The restructuring program that was decided for Wheel Systems has now been largely implemented and the business area is expected to gradually increase its earnings during the remainder of the year. To cope with a weak market trend, the Group has continued to focus on improvements in efficiency, on cash flow and on lower costs. Implemented and planned rationalization and cost-efficiency measures mean that the earlier assessment of a reduction in the number of employees by approximately 1,000 during the year remains. Trelleborg, November 5, 2002 Fredrik Arp President This interim report has been prepared in accordance with recommendations of the Swedish Financial Accounting Standards Council (RR). The accounting principles applied are the same as in the most recent annual accounts. The report has not been examined in detail by the Group's auditors. This interim report as well as other information on the Trelleborg Group, including the T-TIME magazine for persons with a stake in the Group, are also available on the Internet at the following address: www.trelleborg.com The preliminary year-end report for 2002 will be released on February 5, 2003. The interim report for the first three months of 2003 will be released on April 24, 2003. For additional information, please call Trelleborg AB's Chief Financial Officer, Jan Björck: Telephone: 0410-670 28 / Mobile: 0708-46 02 07, or Mikael Byström, Senior Vice President Corporate Communications: Telephone: 0410-670 37 / Mobile: 0708- 55 21 69. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/11/05/20021105BIT00700/wkr0001.doc The full report http://www.waymaker.net/bitonline/2002/11/05/20021105BIT00700/wkr0002.pdf The full report