f106c4987dde58c7bebb907754405285.ppt
- Количество слайдов: 59
The SKF Group SKF Investor Relations October 2013
SKF - A truly global company Established: 1907 Sales 2012: SEK 64, 575 million Employees 2012: 46, 775 Production sites: around 140 in 28 countries SKF presence: in over 130 countries Distributors/dealers: 15, 000 locations Global certificates: ISO 14001 OHSAS 18001 certification © SKF Group Slide 1 15 October 2013
Net sales - 2012 Cars and light trucks Industrial distribution Middle East & Africa Aerospace Railway Off-highway Trucks Two-wheelers and Electrical Vehicle aftermarket Energy 9% Industrial, heavy and special Industrial, general * Previously published shares have been restated in February 2013 © SKF Group Slide 2 15 October 2013 Asia/Pacific North America Latin America Eastern Europe Sweden Western Europe
SKF 2012 (2002) (1998) % of group total Net sales Average number of employees Tangible asset (48)(44)(53) (47)(46)(53) (10)(12) (9) (13) (14) (8) (25)(14)(19) (26)(13)(18) (5)(14)(12) (6) (5) (4) (5) (12)(15) (4) (3) (3) (9) (3) (2) (0) North America © SKF Group Slide 3 Latin America 15 October 2013 Western Europe Sweden Eastern Europe Middle East Asia/Pacific and Africa
Operating margin % © SKF Group Slide 4 15 October 2013
Return on capital employed % © SKF Group Slide 5 15 October 2013
Growth in local currencies % © SKF Group Slide 6 15 October 2013
Long-term financial targets 15% 8% 27% Operating margin, level Changes in sales in local currency, Return on capital employed incl. structure September 2013 © SKF Group
SKF’s priorities Sustainable profitable growth • Expand the platform concept • Exploit the asset life cycle approach • Develop new products and grow SKF Beyond. Zero portfolio • Extend and grow second brands • Acquisitions Capital efficiency • Fixed cost reduction • Working capital efficiency Investments & Innovation • New and existing facilities • Research and development Cost reduction • Consolidation of manufacturing • Optimization and productivity improvements • Reduction in purchasing costs © SKF Group Slide 8 15 October 2013
SKF Group Vision To equip the world with SKF knowledge © SKF Group Slide 9 15 October 2013
SKF Beyond. Zero • SKF launched the Beyond. Zero. TM portfolio with products and solutions, which will both improve energy efficiency and reduce the environmental impact. • SKF revised targets for its climate strategy and also partnered with the WWF in their Climate Savers Programme. SKF’s climate strategy targets: • Increase revenue from SKF Beyond. Zero portfolio from SEK 2. 5 bn to SEK 10 bn by 2016 • Reduce total annual energy use by 5% below the 2006 level by 2016 • Reduce energy use per production output by 5% y-o-y from 2012 to 2016 • Reduce CO 2 emissions per tonne-kilometre by 30% 2016 vs 2011 for transports managed by SKF Logistics Services • Major suppliers certified according to ISO 50001 by 2016 © SKF Group Slide 10 15 October 2013
23 SKF Solution Factories 2013 Nordic (Gothenburg) Edmonton UK France Cleveland Monterrey Mexico Spain Moscow Poland Rumania Germany Italy Istanbul Tianjin Shangha i Houston Pune Colombia Brasil “IXION” Opened Planned © SKF Group Slide 11 15 October 2013 Johannesburg Perth Taiwan
SKF Solution Factory Segments & Application Knowledge Platforms & Technology Competence SKF Solution Factory Capabilities Sealing Solutions Bearing Service Workshop Ma. Pro/Co. Mo Product Repair © SKF Group Slide 12 15 October 2013 Mechanical Services Lubrication Solutions Condition Monitoring Services Remote Monitoring Center A & MC Training Center
Slab continuous caster – metal industry Telescopic actuators for mould adjustment SKF Con. Ro Compact roll line units SKF Con. Ro Low roll line units SKF Con. Ro Top roll line units SKF Dry. Lube Bearings and SNL Housings for roll out table SKF sealed selfaligning bearing system (CARB and spherical roller bearings) and centralized lubrication system for roll lines SKF Caster Analyst System for roll lines © SKF Group Slide 13 15 October 2013
Wheel-loader – Construction Central gear Hybrid pinion units Chassis lubrication Centralized lubrication systems Motor hood Electromechanical actuators Wheel end © SKF Group Slide 14 15 October 2013 • Integrated smart wheel bearing units with sensors • SKF Mudblock cassette seals
Wind turbine - Energy New CRB-design with extra-high carrying capacity for wind-gearboxes. New pitch bearing design with improved corrosion protection SKF Wind. Con 3. 0/Webcon Intranet supervised condition monitoring DRTRB-unit SKF Nautilus with segmented cage for minimized friction Automatic centralized lubrication kits for reduced maintenance cost XL Hybrid bearings with ceramic balls for superior insulation © SKF Group Slide 15 15 October 2013
SKF’s environmentally positive customer solutions SKF’s solutions which realize significant environmental benefits Designed for environment Applied for environment Stop-start system E 2 - 30% less energy compared to a standard bearing A solution that is primarily designed to improve environmental performance by itself © SKF Group Slide 16 15 October 2013 Up to 15% better fuel economy of the car SKF sensor bearing A solution that enables improved environmental performance in a specific application
SKF energy efficient (E 2) bearings China India Peru Indonesia Conveyors used in mining industry. 130, 000 E 2 bearing Sangam Group Industria Textil Piura Leuwijaya Textile • • • © SKF Group Slide 17 15 October 2013 60, 000 E 2 deep groove ball bearing 30, 000 E 2 bearing potential 325, 000 for 3 different customers
What is SKF knowledge? © SKF Group Slide 18 15 October 2013
SKF technology platforms Bearings and units © SKF Group Slide 19 15 October 2013
SKF technology platforms Seals © SKF Group Slide 20 15 October 2013
SKF technology platforms Mechatronics © SKF Group Slide 21 15 October 2013
SKF technology platforms Lubrication systems © SKF Group Slide 22 15 October 2013
SKF technology platforms Services © SKF Group Slide 23 15 October 2013
Acquisition 2003 -2013 Identifying gaps and opportunities in all platforms Bearings and units Products SNFA (2008) S 2 M (2007) Economos (2006) Macrotech (2006) GLO Seals Services Lubrication systems Safematic (2006) Baker (2007) Scandrive PMCI (2007) ALS PB&A (2003) (2006) Sommers Monitek Industries Slide 24 15 October 2013 (2008) GBC © SKF Group Peer (2012) BVI (2013) (2005) (2004) Lincoln Industrial (2008) (2007) (2009) Vogel QPM ABBA Jaeger Technologies Geographies (2006) Mechatronics (2006) (2010) TCM (2003) (2007) Cirval (2005) (2008)
SKF Nine-month results 2013 Tom Johnstone, President and CEO
Highlights Q 3 2013 • Acquisition of Kaydon Corporation announced. New business • Agreements with Fiat, worth SEK 1 billion for the delivery of wheel hub bearing units. • Agreements with Great Wall Motors in China for high pressure valve stem seals and bearing retainers. SKF and Great Wall Motors also signed a strategic partnership for developing sustainable solutions in energy efficient vechicles. • A supply agreement with Goldwind, worth SEK 100 million for SKF Nautilus bearing units. • Major orders from Tangshan Loco and Changchun Railway Co for wheel set bearings for high speed trains. • Order from a Chinese customer, worth SEK 22 million for bearings for upgrading local coal power plants. • An order from an European customer, worth SEK 21 million for cryogenic bearings. © SKF Group Slide 26 15 October 2013
Highlights Q 3 2013 • A three-year service contract, worth SEK 43 million with a major oil and gas company in Latin America. • An agreement with Wuhan Iron & Steel Heavy Industry Group Co, Ltd (WISCO Heavy) to establish a remanufacturing centre in Wuhan, China. SKF’s factory in Dalian, China was awarded LEED Gold certification. SKF was included in the Dow Jones Sustainability Indexes for the 14 th successive year. • SKF opened a gearbox remanufacturing centre in Tianjin, China. • SKF Distributor College awarded its 190, 000 th certificate. © SKF Group Slide 27 15 October 2013
Kaydon Corporation Key facts and figures - 2012 • Headquarters in Ann Arbor, Michigan U. S. • Established 1941 Friction control 54% Slide 28 Velocity control 23% Specialty products 23% Ring & Seal Bearing © SKF Group • USD 475 million in sales • 2, 187 employees 15 October 2013
Kaydon net sales – 2012 Industries Geographies Automation & Robotics Asia Other Power Generation Semicond. Petroleum Processing Medical Equipment Heavy Military Equipment © SKF Group Slide 29 15 October 2013 Europe North America Aerospace
New products - examples Sealed SKF single row angular contact ball bearings SKF Axial excluder seal Reinforced all-rubber HSS seals Super precisions bearings for woodworking applications SKF Condition Based Lubrication Maintenance products: Oil storage station © SKF Group Slide 30 15 October 2013 Grid and gear coupling grease Digital oil pressure gauge
SKF Group – Q 3 2013 Financial performance Net sales, SEKm Operating profit, SEKm Operating margin, % Operating margin excl. restructuring, % Profit before tax, SEKm Cash flow, SEKm Organic sales growth in local currency: SKF Group: 2. 0% Strategic Industries: -0. 9% Regional Sales and Service: 0. 3% Automotive: 7. 5% 2013 15, 623 1, 923 12. 9 1, 717 1, 135 2012 15, 486 1, 908 12. 3 1, 709 1, 097 Europe: North America: Asia: Latin America: Key points Sales volumes up by 2. 2% y-o-y Manufacturing slightly higher compared to last year Inventories 21. 3% of sales © SKF Group Slide 31 15 October 2013 1% -2% 5% 9%
Organic sales growth in local currency % change y-o-y 2011 © SKF Group Slide 32 15 October 2013 2012 2013
Growth development by geography Organic growth in local currency Q 3 2013 vs Q 3 2012 Europe 1% North America -2% Asia/Pacific 5% Latin America 9% © SKF Group Slide 33 15 October 2013 Middle East & Africa 8%
Growth development by geography Organic growth in local currency YTD 2013 vs YTD 2012 Europe -4% North America -4% Asia/Pacific -3% Latin America 10% © SKF Group Slide 34 15 October 2013 Middle East & Africa 0%
Components in net sales 2011 2013 2012 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 20. 1 12. 6 6. 2 0. 0 -0. 8 -2. 8 -5. 0 -5. 9 -8. 7 -1. 6 2. 2 Structure 5. 0 4. 4 5. 1 4. 8 -0. 1 0. 0 0. 8 1. 0 1. 5 2. 6 1. 1 Price/mix 1. 3 1. 6 2. 0 2. 8 1. 9 2. 0 0. 5 0. 7 -0. 6 -0. 2 26. 4 18. 6 13. 3 7. 6 1. 0 -0. 8 -3. 7 -4. 2 -6. 5 0. 4 3. 1 -10. 8 -12. 2 -6. 3 -2. 1 0. 4 3. 6 -2. 7 -3. 6 -4. 0 -5. 0 -2. 2 7. 0 5. 5 1. 4 2. 8 -6. 4 -7. 8 -10. 5 -4. 6 0. 9 Percent y-o-y Volume Sales in local currency Currency Net sales © SKF Group Slide 35 15. 6 15 October 2013 6. 4
Growth in local currency, including structure % y-o-y 16. 3% -2. 1% © SKF Group Slide 36 15 October 2013 Structure in 2011: 4. 8% Structure in 2012: 0. 4% Structure in YTD 2013: 1. 8% -1. 2%
Operating profit SEKm 2011 One-time items © SKF Group Slide 37 15 October 2013 2012 2013
Operating margin % 2011 One-time items © SKF Group Slide 38 15 October 2013 2012 2013
Operating margin % 14. 7* One-time items * Excluding one-time items © SKF Group Slide 39 15 October 2013 12. 0* 12. 2* 11. 4 14. 5 11. 1
Operating margin per business area % Regional Sales and Service Strategic Industries Automotive 2011 2012 Excluding one-off items © SKF Group Slide 40 15 October 2013 (eg. restructuring, impairments, capital gains)
Inventories as % of annual sales % 2011 © SKF Group Slide 41 15 October 2013 2012 2013
Return on capital employed One-off costs * Excluding one-off costs % 23. 9* 23. 6 17. 2* 16. 2 15. 2* 13. 5 ROCE: Operating profit plus interest income, as a percentage of twelve months rolling average of total assets less the average of non-interest bearing liabilities. © SKF Group Slide 42 15 October 2013
Cash flow, after investments before financing SEKm * ** 2011 2012 2013 * SEK 1, 707 million, excluding acquisitions and divestments. ** SEK -69 million, excluding acquisitions and divestments. *** SEK 871 million, excluding acquisitions and divestments. © SKF Group Slide 43 15 October 2013
Net debt SEKm AB SKF, dividend paid (SEKm): 2011 Q 2 2, 277 2012 Q 2 2, 504 2013 Q 2 2, 530 Cash out from acquisitions (SEKm): 2012 Q 3 829 2013 Q 1 823 2011 2012 2013 Net debt: Loans and net provisions for post-employment benefits less short-term financial assets excluding derivatives. © SKF Group Slide 44 15 October 2013
Debt structure, maturity years EURm 500 265 100 • Available credit facilities: EUR 500 million 2017 SEK 3, 000 million 2017 © SKF Group Slide 45 15 October 2013 100 110 100 • No financial covenants nor material adverse change clause
Third quarter 2013 2012 15, 623 15, 486 1, 923 1, 908 Operating margin, % 12. 3 Operating margin excl. one-offs, % 12. 9 12. 3 Profit before taxes 1, 717 1, 709 Net profit 1, 165 1, 251 2. 47 2. 67 1, 135 1, 097 SEKm Net sales Operating profit Basic earnings per share, SEK Cash flow, after investments before financing © SKF Group Slide 46 15 October 2013
Nine-month 2013 2012 47, 167 49, 591 5, 240 6, 093 Operating margin, % 11. 1 12. 3 Operating margin excl. one-offs, % 12. 2 12. 6 Profit before taxes 4, 581 5, 439 Net profit 3, 087 3, 821 6. 57 8. 11 1, 390* 2, 479* SEKm Net sales Operating profit Basic earnings per share, SEK Cash flow, after investments before financing * excluding acquisitions and divestments, SEK 1, 947 million (3, 112). © SKF Group Slide 47 15 October 2013
October 2013: SKF demand outlook Q 4 2013 Demand compared to the fourth quarter 2012 The demand for SKF’s products and services is expected to be slightly higher for the Group, Asia and Europe and relatively unchanged for North America and Latin America. It is expected to be slightly higher for Strategic Industries and Regional Sales and Service and higher for Automotive. Demand compared to the third quarter 2013 The demand for SKF’s products and services is expected to be relatively unchanged for the Group, Europe, North America and Latin America as well as for all the business areas. It is expected to be slightly higher for Asia. Manufacturing is expected to be higher year over year and relatively unchanged compared to the third quarter. © SKF Group Slide 48 15 October 2013
SKF demand outlook Q 4 2013, regions Share of net sales 2012 Sequential trend for Q 4 2013 vs Q 4 2012 Europe 43% + Asia Pacific 24% + North America 23% +/- Latin America 7% +/+ Total © SKF Group Slide 49 15 October 2013
SKF demand outlook Q 4 2013, business areas Share of net sales 2012 Sequential trend for Q 4 2013 vs Q 4 2012 Strategic Industries 31% + Regional Sales and Service 39% + Automotive 27% ++ + Total © SKF Group Slide 50 15 October 2013
SKF sequential volume trend Q 4 2013, main segments Share of net sales 2012 6% Aerospace 5% Trucks 4% Railway 2% Two-wheelers and electrical 29% Industrial distribution 13% Industrial, heavy, special and off-highway 13% Cars and light vehicles 12% Industrial, general 10% Vehicle after market 6% Energy © SKF Group Slide 51 15 October 2013
Guidance for the fourth quarter 2013* • Tax level: a little above 30% • Financial net for the fourth quarter: Around SEK 210 million excluding Kaydon acquisition • Currency impact on operating profit versus 2012 Q 4: SEK 120 million Full year: SEK 630 million • Additions to PPE: Around SEK 1. 7 billion for 2013 * Guidance is approximate and based on current assumptions and exchange rates © SKF Group Slide 52 15 October 2013
Key focus areas 2013 • Managing the uncertain and different demand environment - Profit and cash flow • Initiatives and actions to support long-term financial targets - New factories in Mysore and Bengaluru in India - New warehouse in Shanghai, China - SKF Campus in Shanghai, China, including: ‣ New factory for automotive ‣ Global Technical Centre China ‣ SKF Solution Factory ‣ SKF College - Integration of new acquisitions, GBC and BVI - Cost reduction and efficiency programme - New IT systems • Business Excellence and competence development One SKF and SKF Care as guiding lights © SKF Group Slide 53 15 October 2013
SKF’s priorities Sustainable profitable growth • Expand the platform concept • Exploit the asset life cycle approach • Develop new products and grow SKF Beyond. Zero portfolio • Extend and grow second brands • Acquisitions Capital efficiency • Fixed cost reduction • Working capital efficiency Investments & Innovation • New and existing facilities • Research and development Cost reduction • Consolidation of manufacturing • Optimization and productivity improvements • Reduction in purchasing costs © SKF Group Slide 54 15 October 2013
Cost reduction – specific programme 2012 -2015 Main activities: • Consolidation of manufacturing - merger between sites - transfer to faster growing markets with more local production • Optimization and productivity improvements - in the manufacturing and demand chain processes - in administration and support functions • Reduction in purchasing cost - mainly through standardization and rationalization of the supplier base. Reduction of annual cost by SEK 3 billion by the end of 2015 - Total cost for the programme around SEK 1. 5 billion - 2, 500 people impacted, © SKF Group Slide 55 15 October 2013
Cautionary statement This presentation contains forward-looking statements that are based on the current expectations of the management of SKF. Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been 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 mentioned in SKF's latest annual report (available on www. skf. com) under the Administration Report; “Important factors influencing the financial results", "Financial risks" and "Sensitivity analysis”. © SKF Group Slide 56 15 October 2013
© SKF Group Slide 57 15 October 2013
Welcome to the IR website – www. skf. com > Investors Investor Relations function: Head: Marita Björk Tel: +46 31 3371994 Mobile: +46 705 181994 E-mail: marita. bjork@skf. com © SKF Group Slide 58 15 October 2013 Investor Relations: Anna Alte Tel: +46 31 3371988 Mobile: +46 705 271988 E-mail: anna. alte@skf. com Event and road shows coordinator: Helena Karlsson Tel: +46 31 3372142 Mobile: +46 705 642142 E-mail: helena. karlsson@skf. com
f106c4987dde58c7bebb907754405285.ppt