Earnings conference call. Q4 and Full year 2015

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1 Earnings conference call Q4 and Full year 2015 Bo Annvik, CEO / Åke Bengtsson, CFO 11 February

2 Agenda Business Highlights Market Update Sales Financials Outlook 2

3 2015 in numbers Operating margin of 9.3 (9.3) %, excluding one-off items. Earnings per share nearly doubled to SEK 4.28 (2.32). Sales revenue of -3% (currency adjusted) with net sales reaching SEK 4,777 (4,380) million. Cash flow from operating activities at SEK 220 (435) million. The board proposes a dividend of SEK 2.00 (3.00) and shares to be repurchased. 3

4 Business Highlights Full year 2015 Continued success for the new generation of disc brakes. The fastest growing product for Haldex. Disc brake revenue expected to increase with one third in Qualified by one major truck manufacturer to the next step in the negotiation process. Growing revenue for EBS for trailers. R&D project for next generation on-going. Growth in aftermarket sales in Europe and South America. Low sales volumes in North America due to declining actuator sales and lower Reman sales. 4

5 Business Highlights Q North American market has continued to weaken. Customers are adjusting their inventory levels. Trailer sales and aftermarket sales in Asia have increased in Q4 despite weak Asian market in general. Restructuring program in Germany finalized. Product recall campaign is running according to plan. 5

6 Market update 6

7 Build rates Heavy truck Thousands of units North America official build rates increased by 9% in The North American market is expected to decrease by 18% in Europe official build rates increased by 9% in The European market is expected to grow with 1% in China Europe North America India Brazil Brazil and China are expected to grow in 2016 while India stays on the same level. 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. 7

8 Build rates - Trailer Thousands of units North America official build rates increased with 14% in The North American market is expected to decrease with 8% in European build rates are 5% higher in The European market is expected to grow with 11% in China Europe North America India Brazil China and India is forecasted to show growth in 2016 while Brazil will be stabilized. 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. 8

9 Sales 9

10 Sales, Haldex Group Currency adjusted revenue decline of -3% in 2015 and of -9% in Q4. SEK m Net sales 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 Q4/15 Q4/ Net sales, SEK million 1,052 1,092 4,777 4,380 Growth, currency adjusted -9% 10% -3% 8% 10

11 Sales per region SEK m Europe SEK m North America Europe: Disc brake sales of our newest models to Trailer customers have increased. Good aftermarket sales. Decreased sales of brake adjusters. North America: The recall campaign has negatively affected the actuator sales. Lower Reman sales due to a customer with financial difficulties. 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 Asia: The Indian market has continued to recover, with sales growth as a result, while the Chinese market was weak in Asia & Middle East South America South America: In Brazil, the market has been very week in SEK m SEK m 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 SEK million change 1 Europe 1,573 1,522 1% North America 2,641 2,280-5% Asia & Middle East % South America % 1 currency adjusted 11

12 Sales per product line Foundation Brake: Disc brake sales increased substantially in Sales of actuators declined due to the product recall campaign. Lower sales of brake adjusters because of higher disc brake penetration. Air Controls: ABS sales in South America decreased while EBS sales in Europe increased. In North America, Reman sales is still slow, which accounts for a significant share of total sales in Air Controls. An older version of an Air Controls product has been phased out as part of the restructuring program. SEK m Sales 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 Foundation Brake Air Controls SEK million change 1 Foundation Brake 2,712 2,420-1% Air Controls 2,065 1,960-6% 1 currency adjusted 12

13 Sales per customer category Truck: Sales have mainly decreased in North America and Europe due to lower actuator and brake adjuster sales. Truck sales have increased in Asia in Trailer: Continued success for the disc brake in Europe but lower sales to Trailer customers in North America, due to weaker market conditions. Trailer sales in South America has increased. 2015: 27% Truck 29% Trailer 44% Aftermarket Aftermarket: Good sales to the European and South American aftermarket. SEK million change 1 Truck 1,276 1,276-14% Trailer 1,380 1,269-1% Aftermarket 2,121 1,835 2% 1 currency adjusted 13

14 Financials 14

15 Earnings Operating margin for 2015 of 9.3 (9.3)%, excluding one-off items. Good cost control and higher sales to the aftermarket had a positive impact while lower total sales had a negatively impact on the margin. Increased cost for the product recall campaign was the main item in the one-offs. SEK m Operating income & margin % Income Margin SEK Earnings per share 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/15 1/14 2/14 3/14 4/14 1/15 2/15 3/15 4/ change 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, (excl one-off items), SEK % Earnings per share, SEK % 15

16 Sales & Operating Margin Sales, SEK m % 4.8% 5.6% 3.9% 7.1% 8.4% 7.3% 8.1% 9.7% 10.1% 9.3% 9.3% 10.6% Operating Margin, % 12,0% 10,0% 7.3% 9.7% 8,0% 6,0% % 6.4% 6.0% 5.6% 5.8% 4,0% ,0% 600 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Sales, SEK m Operating Margin, % 0,0% 16

17 Statement of Financial Position Q vs. Q SEK million Dec 31 Sept 30 Quarterly change Working capital % Intangible assets % Capital employed % Total assets % Equity % Net debt % Equity ratio, % Net debt/equity ratio, % Contingent liabilities

18 Cash Flow Working Capital & Cash Conversion Days Working Capital, MSEK Cash Conversion Cycle, days Working Capital Cash Conversion Days SEK million Q4/15 Q3/15 Q2/15 Q1/15 Q4/14 Q3/14 Q2/14 Q1/14 Operating cash flow Cash flow after net investments excluding one-off items 18

19 Outlook 19

20 Market outlook 2016 North America Lower, but still good volumes, compared with the strong year of Europe A couple of percentage points up. China Continues to be weak. India Good improvement. Brazil Somewhat weaker than

21 Haldex in 2016 As a result of the weaker market conditions and the effects of the product recall, Haldex s overall forecast is that net sales for 2016 will be lower than the net sales for Our goal is to achieve a stable operating margin, even if net sales are on the decline. Our ambition for 2016 is good profitability in line with 2015, but with a softer market it will be a challenge to reach this objective for the full year. 21

22 Thank You! Questions? 22

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