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SKF Year-end Report 2007
SKF reports record profits and record sales for the full year. The Board proposes a 11.1% increase in the dividend to SEK 5.00 per share and an extra distribution of SEK 2,277 million, corresponding to SEK 5.00 per share, adding up to a total distribution to shareholders of SEK 4,554 million. The outlook is for continued good volume growth for the first quarter of 2008.
Net sales for the fourth quarter of 2007 were SEK 15,070 m (13,895), and for the full year SEK 58,559 m (53,101).
Operating profit for the fourth quarter was SEK 1,831 m (1,858), and the operating margin was 12.1% (13.4). Excluding expenses for restructuring activities and other one-time items, the operating profit for the fourth quarter was SEK 2,131 m (1,778), and the operating margin 14.1% (12.8).
Operating profit for the full year was SEK 7,539 m (6,707), and the operating margin was 12.9% (12.6). Excluding restructuring and other one-time items the operating profit was SEK 7,839 m (6,382), and the operating margin 13.4% (12.0).
Profit before taxes for the fourth quarter was SEK 1,710 m (1,846). The profit before taxes for the full year was SEK 7,138 m (6,387).Net profit for the fourth quarter was SEK 1,105 m (1,257). Net profit for the full year was SEK 4,767 m (4,432).
Basic earnings per share for the fourth quarter were SEK 2.33 (2.67), and for the full year SEK 10.09 (9.48). Diluted earnings per share for the fourth quarter were SEK 2.33 (2.66), and for the full year SEK 10.07 (9.45).
The increase of 8.5% in net sales for the quarter, in SEK, was attributable to:volume 6.3%, structure 1.0%, price/mix 3.2% and currency effects -2.0%.
For the full year, the increase of 10.3%, in SEK, was attributable to:
volume 7.7%, structure 3.1%, price/mix 2.4% and currency effects -2.9%.
The fourth quarter included expenses for restructuring activities and other one-time items of around SEK 300 million (400). 2006 also included an income from the associated company Oy Ovako Ab of SEK 725 million, whereof SEK 480 million in the fourth quarter.
Outlook for the first quarter of 2008 (compared to the fourth quarter 2007)
The market demand for SKF's products and services in the first quarter of 2008 is expected to be higher for the Group. The demand is expected to be higher in Europe, significantly higher in Asia and Latin America and relatively unchanged in North America. The demand is expected to be higher in all divisions.
The manufacturing level for the first quarter 2008 will be unchanged compared to the fourth quarter 2007, and higher than the first quarter 2007.
AB SKF may be required to disclose the information provided herein according to the Securities Markets Act and/or the Financial Instruments Trading Act. The information was submitted for publication at 12.30 am on 31 January 2008.
Further information can be obtained from:
Ingalill Östman, Group Communication, tel: +46-31-3373260, +46-706-973260, e-mail: ingalill.ostman@skf.com
Marita Björk, Investor Relations, tel: +46-31-3371994, +46-705-181994, e-mail: marita.bjork@skf.com
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| WR400 bearing | |||
| WR390 bearing |