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27th
April 2009 - Haldex Reports First Quarter 2009 Results
Haldex reports first quarter 2009
results:
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Sales totaled
SEK 1,562 m (2,131). Adjusted for currency exchange rates,
sales declined 37%. |
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Earnings after
tax amounted to SEK -145 m (63). Earnings per share amounted
to SEK -6.47 (2.85). |
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Operating
income* and the operating margin* amounted to SEK -80 m
(112) and -5.1% (5.3) respectively. |
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The cost
reduction program is ahead of plan. 1700 employees have left
the company since mid 2008 and the new estimate is set to
1900 employees, which is a 30% reduction by mid 2009. The
cost savings are expected to be approximately SEK 600m on an
annual basis. |
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A restructuring
cost of SEK 69 m, which is the last part of the earlier
announced cost reduction program estimated to SEK 150 m, has
been charged in the first quarter of 2009. |
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Haldex received
its largest single order ever amounting to SEK 4.5 billion
from VW for All-Wheel-Drive systems for VW’s new modular
platform. |
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The divestment
of Garphyttan Wire division is proceeding according to plan.
Closing is expected in the second quarter. The purchase
price, which will be paid in cash, is estimated to SEK 800 m
on a cash and debt free basis. |
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Excluding
restructuring costs, one-off items and amortization of
acquisition-related surplus values. Operating income,
including items above, amounted to SEK -156 m (112). |
For further information,
please contact Joakim Olsson, President and CEO, Stefan Johansson,
CFO, or Lena Olofsdotter, SVP Corporate Communications, at Tel. +46
(0)8 545 049 52.
Haldex (www.haldex.com),
headquartered in Stockholm, Sweden, is a provider of proprietary and
innovative solutions to the global vehicle industry, with focus on
products in vehicles that enhance safety, environment and vehicle
dynamics. Haldex is listed on the Nasdaq OMX Stockholm Stock
Exchange and had net sales of nearly 8.5 billion SEK in 2008. The
number of employees amounts to about 5,000.
Source:
Haldex Press Release
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