Earnings conference call Q3 2016

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1 Earnings conference call Q Bo Annvik, CEO / Åke Bengtsson, CFO October 25,

2 Agenda Business Highlights Market Update Sales Financials Outlook Public offer 2

3 Business Highlights Q Solid operating margin in spite of continuing weak market conditions Market conditions continued to be weak in North America in Q3, which was the main factor contributing to lower sales Disc brake sales increased significantly, but didn t compensate for lower actuator and brake adjuster sales. Operating margin excl one-offs of 7.4 percent, which is in line with previous quarters in spite of lower net sales. Earnings per share for the first nine months of the year were were up to SEK 3.29 (3.20). 3

4 Market update 4

5 Build rates Heavy truck Thousands of units North America official build rates decreased by 36% in Q The North American market is expected to decrease by 28% in Europe official build rates decreased with 3% in Q The European market is expected to grow with 1% in China Europe North America India Brazil India and China are expected to grow in 2016 while Brazil will decline. Source: the information pertaining to trucks is based on statistics from JD Powers. Information pertaining to the trailer market in Europe is based on statistics from CLEAR, the information pertaining to trucks and trailers in North America is based on statistics from FTR and the trailer information from South America and Asia is based on local sources. 5

6 Build rates - Trailer Thousands of units North America official build rates decreased by 14% in Q The North American market is expected to decrease by 8% in European build rates increased with 6% in Q The European market is expected to grow with 10% in China Europe North America India Brazil China and India and are forecasted to show growth while Brazil is expected to decline in Source: the information pertaining to trucks is based on statistics from JD Powers. Information pertaining to the trailer market in Europe is based on statistics from CLEAR, the information pertaining to trucks and trailers in North America is based on statistics from FTR and the trailer information from South America and Asia is based on local sources. 6

7 Sales 7

8 Sales, Haldex Group SEK m Q3/16 Q3/15 9M/16 9M/15 Net sales, SEK million 1,076 1,189 3,320 3,725 Growth, currency adjusted -10% -5% -10% -1% 8

9 Growing products Significant growth of disc brake sales in Q3. In North America, the ambition is to secure a larger trailer contract for disc brakes before the end of the year. EBS revenue has been growing in Q3. Disc brake and EBS are focus areas within R&D with high future growth potential. 9

10 Actuator sales The market decline of Truck in North America, where Haldex has a strong market position for actuators, is the major reason for the decline of actuator sales. Product recall still having some effect on sales. Major quality analysis done after recall. Quality level to exceed customer expectations. Replacement product to be launched in Most customers are planning to reintroduce the Haldex actuator during an upcoming change window. 10

11 Sales per product line Foundation Brake: Disc brake sales continued to increase in Q3. Sales of actuators declined due to lower market demand and the product recall campaign. Lower sales of brake adjusters linked to market decline and higher disc brake penetration. SEK m Sales Air Controls: ABS and EBS increased in Q3. The largest decline in sales was in Reman. An older version of an Air Controls product has been phased out as part of the restructuring program. 1/15 2/15 3/15 4/15 1/16 2/16 3/16 Foundation Brake Air Controls SEK million Q3/16 Q3/15 change 1 9M/16 9M/15 change 1 Foundation Brake % 1,843 2,134-13% Air Controls % 1,477 1,591-6% 1 currency adjusted 11

12 Sales per region SEK m Europe SEK m North America Europe: Disc brake sales to Trailer customers have increased. Decreased sales of brake adjusters and an old Air Controls product. North America: The weaker market demand has negatively affected the actuator sales. Lower Reman sales due to a customer with financial difficulties. 1/15 2/15 3/15 4/15 1/16 2/16 3/16 1/15 2/15 3/15 4/15 1/16 2/16 3/16 Asia: The Indian market has continued to grow while the Chinese market have been weak. South America: In Brazil, revenue grew, despite the weak market climate. Asia & Middle East South America SEK m SEK m 1/15 2/15 3/15 4/15 1/16 2/16 3/16 1/15 2/15 3/15 4/15 1/16 2/16 3/16 SEK million Q3/16 Q3/15 change 1 Europe % North America % Asia & Middle East % South America % 1 currency adjusted 12

13 Sales per customer category Truck: Sales have mainly decreased due to the weaker market in North America. Minor decrease in Europe. SEK m Trailer: Continued success for the disc brake in Europe but somewhat lower sales to Trailer customers in North America, due to weaker market conditions. Aftermarket: Stable sales in Europe and South America, decline in North America and Asia. Truck Trailer Aftermarket 1/15 2/15 3/15 4/15 1/16 2/16 3/16 SEK million Q3/16 Q3/15 change 1 9M/16 9M/15 change 1 Truck % 770 1,010-22% Trailer % 1,049 1,085-3% Aftermarket % 1,501 1,630-7% 1 currency adjusted 13

14 Joint venture for electromechanical brakes Joint venture with VIE to develop electromechanical brake systems for commercial vehicles with an initial focus on the electric bus market in China. The Chinese market for electrical buses is forecasted to grow by 47% between 2015 and 2020, to well over vehicles produced during Recruitment in progress. New facilities. Different prototypes are being tested. 14

15 Financials 15

16 Earnings Operating income & margin* Sales & Margins* Earnings per share SEK m % SEK SEK Income Operating margin Revenue Gross margin Operating margin 1/15 2/15 3/15 4/15 1/16 2/16 3/16 1/15 2/15 3/15 4/15 1/16 2/16 3/16 1/15 2/15 3/15 4/15 1/16 2/16 3/16 Q3/16 Q3/15 change Gross margin, % Operating income (excl one-off items), SEK million % Operating income, SEK million % Operating margin (excl. one-off items), % Operating margin, % Net income, SEK million % Earnings per share, SEK % 12 MSEK in one-off items related to the public offer in Q3. * Excluding one-off items 16

17 Operating margin analysis Q3/16 Q3/15 Sales mix Product mix Volume Exchange rates Gross margin Restructuring program 17

18 Cash Flow Working Capital & Cash Conversion Days SEK m Cash flow operating activities SEK m Working capital & Cash conversion days Days Working capital Cash conversion days 1/15 2/15 3/15 4/15 1/16 2/16 3/16 1/15 2/15 3/15 4/15 1/16 2/16 3/16 SEK million Q3/16 Q2/16 Q1/16 Q4/15 Q3/15 Q2/15 Q1/15 Cash flow from operating activities Cash flow after net investments* * excluding one-off items 18

19 Financial Key Figures Q vs. Q SEK million Sep 30 Jun 30 Quarterly change Working capital % Intangible assets % Capital employed 2,148 2,087 +3% Total assets 2,904 2,922-1% Equity 1,374 1,340 +3% Net debt % Return on capital employed (excl. one-off items)* Return on capital employed* Equity ratio, % Net debt/equity ratio, % *) Rolling twelve months 19

20 Outlook 20

21 Market outlook 2016 North America Continues to be weak. Europe Stable development. China Good first half of the year, weaker development in second half of the year. India Positive market conditions. Brazil Not expected to recover in

22 Haldex in 2016 Forecast unchanged since previous report. Haldex s overall forecast is that net sales for 2016 will be lower than the net sales for Our goal is to continue ensuring solid profitability. The operating margin for first nine months can be considered realistic under current market conditions. 22

23 Public offer July 14, the first offer was announced. Of three bidders SAF-HOLLAND, ZF and Knorr-Bremse only Knorr- Bremse, with an offer of 125 SEK per share, remains. The acceptance period for Knorr- Breme s offer expires on December 5. 23

24 Questions? Thank You! 24

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