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Trelleborg reports highest sales to date for a single quarter  

Tuesday, July 28, 2015

Trelleborg, Sweden - The second quarter of the year entailed somewhat improved organic sales for Trelleborg compared with the beginning of the year. However, the organic sales trend was still weak, which was primarily due to the prevailing challenging market situation in agriculture and oil/gas, but also by continued margin discipline. Sales increased for all business areas and for the TrelleborgVibracoustic joint venture compared with the year-earlier period, impacted mainly by positive currency effects and acquisitions made. Operating profit rose for four of the five business areas, and also for TrelleborgVibracoustic. At group level, this generally meant that the percentage increase in both sales and operating profit was in double digits. The TrelleborgVibracoustic joint venture performed well, with continued organic sales that outperformed the underlying market. The company achieved its highest operating margin to date for a single quarter. Activities aimed at preparing TrelleborgVibracoustic for a potential initial public offering are progressing. In Europe, the markets continued to perform in line with the first quarter, but with relatively large differences between the regions and the various market segments. The signs of weaker market conditions in the U.S. that we noted at the beginning of the year continued into the second quarter. It is apparent that our export-dependent customers in the U.S. are being impacted by the stronger U.S. dollar. Uncertainty is also growing in China, underlined by stock market turbulence in the region. The lower world market price of oil is continuing to impact parts of the group, and is having a negative effect on demand from customers and increases uncertainty for our deliveries to the oil/gas industry. Our agricultural tire operation continues to be affected by the challenging market situation in the segment. Other market segments, such as the aerospace and automotive industries, continue to develop satisfactorily. Our overall assessment is that the market is continuing to move sideways. We are continuously monitoring developments and are maintaining preparedness to adjust our various businesses to fluctuating demand,” says Peter Nilsson, president and CEO. Net sales for the second quarter of 2015 increased by 14 percent to SEK 6,531 million. Sales were the group’s highest to date for a single quarter. Organic sales declined by 1 percent. Effects of structural changes made a positive contribution of 4 percent, while the effects of exchange rate movements were a positive 11 percent. Operating profit, excluding the participation in TrelleborgVibracoustic and items affecting comparability, rose 10 percent to SEK 883 million, equivalent to an operating margin of 13.5 percent. The operating profit was the group’s highest to date for a single quarter. Items affecting comparability for the quarter amounted to an expense of SEK 23 million, which was fully attributable to previously announced restructuring programs. Operating profit in the quarter for TrelleborgVibracoustic, excluding items affecting comparability, increased 20 percent and amounted to EUR 47.3 million. This corresponded to an operating margin of 9.6 percent. Both operating profit and margin were the highest to date for the company for a single quarter. Trelleborg’s participation in TrelleborgVibracoustic’s profit amounted to SEK 137 million after tax. Items affecting comparability amounted to an expense of SEK 28 million and is in line with communicated full-year levels. Earnings per share rose 43 percent to SEK 2.78. The operating cash flow was SEK 603 million.


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