Source: Haldex announcement

LANDSKRONA, Sweden — Strong adjusted operating margin with growth across all regions and customer segments is the headline of Haldex second-quarter results for 2022.

SECOND QUARTER 2022

  • Sales increased to SEK 1,434m (1,138), corresponding to an organic growth of 14 percent, largely driven by the price increases introduced to mitigate the increased costs within the supply chain. Sales in the quarter are the highest since the split of the Group in 2011.
  • The gross margin amounted to 28.5 percent (27.5). Compared to the first quarter 2022, the gross margin increased by 0.8 percentage points.
  • Adjusted operating profit amounted to SEK 118m (82), corresponding to an adjusted operating margin of 8.2 percent (7.2).
  • The reported operating profit amounted to SEK 100m (79), which corresponds to a margin of 6.9 percent (6.9). Items affecting comparability of net SEK -18m (-3) affected earnings.
  • Earnings per share, basic and diluted, amounted to SEK 1.07 (1.11).
  • Cash flow from operating activities amounted to SEK -63m (19).
  • Haldex has entered into a multi-year agreement with Schmitz Cargobull, the leading trailer manufacturer in Europe, for the delivery of Haldex air disc brakes. Deliveries are expected to begin in the third quarter 2023. 
  • Haldex has refinanced its debt with until April 2024. See page 5.
  • SAF-HOLLAND has made a public cash offer to Haldex’s shareholders to transfer their shares in Haldex to SAF-HOLLAND.  SAF-HOLLAND is offering SEK 66 per Haldex share in cash, which values the issued share capital of Haldex at approximately SEK 3.2 billion. The Board has unanimously recommended that Haldex’s shareholders accept the Offer.
  • The challenges within the supply chain has eased somewhat although the situation is still strained due to increased raw material and shipping costs as well as component and semiconductor shortages.

Related post:
SAF-Holland to Buy Control of Haldex

Events After the End of the Quarter

A new Executive Vice President APAC and member of Group Management has been appointed.

Comment from Jean-Luc Desire, President & CEO:

“Net sales in the second quarter amounted to SEK 1,434m (1,138), equivalent to an organic growth of 14 percent, which is the highest since the split of the Group in 2011. We achieved sales growth in across all customer segments in all three regions. Region Americas and region EMEA reported an organic growth of 21 and 6 percent respectively, largely driven by the price increases introduced to handle the increased costs in the supply chain. I am particularly pleased that region APAC achieved an organic growth of 12 percent and successfully increased sales despite the continued market downturn in China and the logistics challenges following Covid-19 outbreaks in the country. The aftermarket segment had an organic growth of 19 percent while both the trailer and truck segments grew 9 percent organically. According to our assessment of external market data, we are taking market share in the quarter on a global basis. Compared with the previous quarter, net sales increased by 13 percent.”

To view the entire announcement, click HERE.