SKF Half-year Report 2005

15.07.2005

SKF reports an increase in sales of 11.4% for the second quarter 2005, measured in local currencies and compared to last year. Profit before taxes increased by 26%. The operating margin was 10,9% for the second quarter.

The SKF Group reports a profit before taxes for the second quarter

2005 of MSEK 1 319 (1 049). The profit for the first half of 2005 was MSEK 2 443

(1 864).

Net profit for the second quarter amounted to MSEK 905 (733). Net profit for the first half-year was MSEK 1 684 (1 402).

Earnings per share for the second quarter were SEK 1.95 (1.49), and for the first half-year, SEK 3.60 (2.80).

Net sales for the second quarter amounted to MSEK 12 739 (11 417), and for the first half-year to MSEK 24 610 (22 106).

The operating profit for the second quarter 2005 was MSEK 1 383 (1 159).

The operating profit for the first half-year was MSEK 2 571 (2 062). The profit for the second quarter was affected by one-time items; a charge of MSEK 190 for the closure of two factories in the USA, a gain of MSEK 50 related to the disposal of the shares in the previous subsidiary FlexLink and a gain of MSEK 50 related to the Ovako transaction. The operating margin for the second quarter amounted to 10.9% (10.2), and for the first half-year to 10.4% (9.3).

The increase of 11.6% in net sales for the quarter, in SEK, was attributable to: volume 7.6%, structure 0.2%, price/mix 3.6% and currency effect 0.2%. For the first half-year, the increase of 11.3%, in SEK, was attributable to: volume 8.0%, structure 1.2%, price/mix 3.6% and currency effect -1.5%.

Sales development

Sales for the SKF Group in the second quarter, calculated in local currencies and compared to the same quarter last year, were higher in Europe, significantly higher in North America, Latin America and Asia.

The manufacturing level for the second quarter 2005 was unchanged compared to the first quarter, but higher than for the second quarter last year.

Outlook for the third quarter 2005

The market demand for SKF's products and services in the third quarter, compared to the previous quarter, is expected to remain on a high level in Europe, to be slightly higher in North America, higher in Latin America and significantly higher in Asia. However, the third quarter is seasonally lower than the second quarter.

The manufacturing level will be unchanged during the third quarter, compared to the second quarter, while lower in absolute terms due to normal seasonality.

Source: SKF Group

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