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CONSOLIDATED INCOME STATEMENTS Consolidated income statements sek m Note 2015 2014 Continuing operations: Net sales 2 24,803 22,533 Cost of goods sold –16,522 –15,026 Gross profit 8,281 7,507 Selling expenses –2,044 –1,881 Administrative expenses –2,731 –2,418 Research & development costs –383 –348 Other operating income 5 429 387 Other operating expenses 5 –335 –247 Participations in TrelleborgVibracoustic 6 739 445 Tax attributable to TrelleborgVibracoustic –230 –147 Share of profit or loss in associated companies 6 2 1 Items affecting comparability 7 –257 –226 Operating profit 3,4,8,9 3,471 3,073 Financial income 10 36 50 Financial expenses 10 –189 –184 Profit before tax for continuing operations 3,318 2,939 Tax 11 –713 –703 Net profit for continuing operations 2,605 2,236 Net profit for discontinuing operations 24 – –9 Net profit 2,605 2,227 – shareholders of the Parent Company 2,603 2,221 – non-controlling interests 12 2 6 Earnings per share 1) , sek Continuing operations: Earnings 9.60 8.23 Earnings, excluding items affecting comparability 2) 10.27 8.88 Total: Earnings 9.60 8.20 Dividend 3) 4.00 3.75 Number of shares Average 271,071,783 271,071,783 1) No dilution effects arose 2) Net earnings have been adjusted for items affecting comparability, sek m –181 –178 3) As proposed by the Board of Directors and the President Statements of comprehensive income sek m 2015 2014 Net profit 2,605 2,227 Other comprehensive income Items that will not be reclassified to the income statement Reassessment of net pension obligation 3 –94 Translation differences 0 –9 Income tax relating to components of other comprehensive income –1 33 2 –70 Items that may be reclassified to the income statement Cash-flow hedges –175 –108 Hedging of net investment –32 –1,021 Translation differences –471 2,242 Income tax relating to components of other comprehensive income 20 242 Other comprehensive income attributable to TrelleborgVibracoustic –66 316 –724 1,671 Other comprehensive income, net of tax –722 1,601 Total comprehensive income 1,883 3,828 Total comprehensive income attributable to: Shareholders of the Parent Company 1,882 3,819 Non-controlling interests 1 9 76 Annual Report 2015 Trelleborg AB
CONSOLIDATED INCOME STATEMENTS apart from South and Central America where the organic sales trend was strong as a result of local establishment in Mexico, along with strengthened market positions. Organic sales for the Trelleborg Offshore & Construction business area rose by 4 percent year-on-year. The substantial order backlog in the oil & gas segment at the beginning of the year resulted in higher sales, despite the challenging market situation. The global market price for oil continued to fall throughout the year, which resulted in gradually diminishing order backlog for oil & gas. For the Trelleborg Sealing Solutions business area, organic sales declined by 1 percent year-on-year. Europe reported marginally negative organic growth, as a decline in general industry was partially offset by higher sales to the light vehicle and aerospace industries. North America reported negative organic sales, primarily related to a weaker trend for general industry. Positive organic growth in Asia was predominantly driven by healthy sales to the automotive and aerospace industries, which was offset by lower activity in general industry in the region. For the Trelleborg Wheel Systems business area, organic sales declined by 6 percent year-on-year. Agriculture-related sales declined, impacted by considerably lower production levels of agricultural machinery by OE manufacturers. The organic sales trend for tires for material handling vehicles was slightly negative for the full-year. Sales reported under Group items largely relate to the Group’s joint compound mixing units. Net sales per market, excluding project deliveries Organic sales in Western Europe declined by 3 percent compared with 2014, with relatively large differences between the various countries. The organic sales trend in Trelleborg’s key markets of Germany, the U.K. and Sweden was negative, although performance was marginally positive in France and Italy. A positive trend was noted in Turkey, Poland and the Czech Republic. Sales in the U.S. fell by 6 percent, while sales in the Canadian market increased. Sales in Brazil declined by 7 percent during the year, whereas performance in Mexico was positive, up 9 percent. In Asia and other markets, organic sales were unchanged compared with 2014. The sales trend in China, Japan and India was positive, while organic sales declined in South Korea. Western Europe accounted for 48 percent (51) of the Group’s sales. In the Rest of Europe, the share was 6 percent (6). The share in North America increased to 24 percent (22). South and Central America accounted for 4 percent (4), while the combined share for the markets in Asia and the Rest of the world was 18 percent (17). Net sales per geographic market sek m 2015 2014 Net sales, Share of Net sales, Share of sek m total sales, % sek m total sales, % Western Europe 11,792 48 11,396 51 Rest of Europe 1,414 6 1,406 6 North America 5,916 24 5,048 22 South and Central America 1,096 4 803 4 Rest of the World 4,585 18 3,880 17 Total 24,803 100 22,533 100 Organic growth 2015 Excluding project Total, % deliveries 1) , % Western Europe –2 –3 Rest of Europe –3 4 North America –10 –5 South and Central America 32 –1 Rest of the World 3 0 Total –2 –3 1) Project deliveries refer to all of Trelleborg Offshore & Construction and Trelleborg Industrial Solutions’ marine hose operations for oil & gas applications. Operating profit continuing operations, excluding items affecting comparability and participations in TrelleborgVibracoustic Consolidated operating profit excluding items affecting comparability and participations in TrelleborgVibracoustic amounted to sek 3,219 m (3,001), up 7 percent. Exchange rate effects from the translation of foreign subsidiaries had a positive impact, primarily during the first half of the year, with a full-year effect of sek 300 m (135). Operating profit was maintained at the same level as in the preceding year despite a generally weak sales trend. This development was driven by continued high efficiency and cost control and was a result of strong market positions. Companies acquired during the year made a positive contribution to the earnings trend. Trelleborg’s efforts in recent years to actively and systematically achieve operational improvements based on the excellence program in manufacturing, purchasing, capital management and sales also had a positive effect on earnings. Both implemented and ongoing action programs continued to generate positive effects in the form of more efficient structures and lower costs. The operating margin was 13.0 percent (13.3), the second best margin to date for the Group on a full-year basis. Operating profit for the Trelleborg Coated Systems business area rose year-on-year, mainly as a result of acquisitions, Annual Report 2015 Trelleborg AB 77
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INTERVIEW WITH THE PRESIDENT AND CE
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TRELLEBORG SHARE 2015 Stock market
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TRELLEBORG SHARE 2015 Trelleborg AB
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THE GROUP IN BRIEF Target Average a
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THE GROUP IN BRIEF Key figures, con
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BUSINESS AREA TRELLEBORG COATED SYS
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BUSINESS AREA TRELLEBORG INDUSTRIAL
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BUSINESS AREA TRELLEBORG OFFSHORE &
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BUSINESS AREA TRELLEBORG SEALING SO
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BUSINESS AREA TRELLEBORG WHEEL SYST
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JOINT VENTURE trend in Brazil, comb
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