Exhibit 99.1
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SKF First-quarter report 2006
SKF reports record profits and record sales for the first quarter of 2006. Operating profit increased by 33% and sales were up 12%. Earnings per share increased by more than 40%.
· | Net sales for the first quarter amounted to MSEK 13,289 (11,871). |
· | Operating profit for the first quarter 2006 was MSEK 1,609 (1,207). The operating margin was 12.1% (10.2). |
· | The SKF Group reports a profit before taxes for the first quarter 2006 of MSEK 1,599 (1,179). |
· | Net profit for the first quarter was MSEK 1,138 (816). |
· | Basic earnings per share for the first quarter were SEK 2.45 (1.73). Diluted earnings per share for the first quarter were 2.44 (1.73). |
The increase of 12.0% in net sales in SEK was attributable to:
volume 6.0%, structure -4.9%, price/mix 2.9% and currency effects 8.0%.
Sales development (excl. Ovako Steel in 2005)
Sales for the SKF Group in the first quarter calculated in local currencies and compared to sales in the same quarter last year, were significantly higher in Europe, North America and Asia. Sales in Latin America were higher. The first quarter was positively effected by Easter being in the second quarter 2006.
The manufacturing level for the first quarter of 2006 was slightly higher compared to the fourth quarter 2005 and higher compared to the first quarter last year.
Outlook for the second quarter of 2006
The market demand for SKF's products and services in the second quarter of 2006 is expected to be slightly higher compared to the first quarter 2006. The demand is expected to be slightly higher in Europe and North America, significantly higher in Asia and to remain on a high level in Latin America.
The manufacturing level for the second quarter of 2006 will be unchanged compared to the first quarter 2006.
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Financial
The Group’s financial net for the first quarter 2006 was MSEK -10 (-28). The financial net was positively impacted by approximately MSEK 40, owing to the revaluation of share swaps.
Some key figures for the first quarter 2006 (first quarter 2005):
- Additions to property, plant and equipment, MSEK 368 (265)
- Inventories, % of annual sales, 20.1% (21.0)
- ROCE for the 12-month period, 22.7% (20.5)
- ROE for the 12-month period, 22.3% (18.3)
- Equity/assets ratio, 45.8% (50.2)
- Gearing, 32.0% (24.0)
- Tax rate, 28.8% (30.8)
- Registered number of employees, 38,752 (39,460)
- Cash flow after investments before financing, MSEK 184 (144)
Income from the jointly controlled company Oy Ovako Ab, reported as operating profit for the first quarter was MSEK 88. Excluding this the operating margin for the Group was 11.4%.
Exchange rates for the first quarter 2006, including the effects of translation and transaction flows, had a positive effect on SKF’s operating profit of approximately MSEK 150. Based on current assumptions and exchange rates, it is estimated that there will be a positive effect of approximately MSEK 150 for the second quarter of 2006, and of approximately MSEK 450 for the full year.
Major events during the first quarter
· | Rautaruukki Corporation, AB SKF and W’rtsil’ Corporation, the shareholders of Oy Ovako Ab, are conducting a review of strategic options for their shareholdings in Ovako, which may include partial or total divestment. Ovako was established in May 2005, when the owners combined their long steel businesses into a jointly controlled new company. Rautaruukki, SKF and W’rtsil’ currently own 47.0%, 26.5% and 26.5% of Ovako, respectively. |
· | SKF and the owners of the French company SNFA S.A.S have signed a Memorandum of Understanding related to the acquisition by SKF of 100% of the shares of SNFA. SNFA is a leading manufacturer of bearings for aerospace and machine tool applications. In 2004 SNFA sales were 73,1 MEuro with an operating profit of approximately 10 MEuro. The number of employees is approximately 700. Slightly more than half of SNFA's business is attributable to aerospace applications. The acquisition is subject to finalization of a definitive share purchase agreement, merger control clearance by the European Commission and the approval by the French Ministry of Economy, required in respect of foreign investments made in certain French business. |
· | SKF acquired 51% of the shares of the North American seals company Macrotech Polyseal Inc. As part of the agreement SKF will acquire the remaining 49% within three years. Macrotech is a leader in fluid power seals based on polyurethane technologies and engineered plastics, mainly PolyTetraFluoroEthylene for the industrial customers in the US market. Macrotech is based in Salt Lake City, Utah, with two factories and 397 employees. Annual sales amount to approximately USD 33 million. The purchase price for 51% of the shares of the company was approximately USD 21 million. Macrotech will be part of SKF's Automotive Division. |
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Divisions
Comments on sales per geographical region are based on local currencies and compared to the corresponding period for 2005. The operating margin has been calculated on sales including intra-Group sales.
Industrial Division
The operating profit for the first quarter 2006 amounted to MSEK 822 (531), resulting in an operating margin of 12.4% (9.6) on sales including intra-Group sales.
Net sales for the first quarter amounted to MSEK 4,261 (3,527), an increase of 20.8%. Sales including intra-Group sales were MSEK 6,613 (5,520).
Sales for the first quarter were significantly higher in Europe and North America. Sales in Asia were slightly lower. Many segments showed a strong development, particularly Energy, Material handling, Metal and Aerospace showed significantly higher sales.
SKF received an order from Alstom for approximately 1,500 axleboxes equipped with compact tapered roller bearing units for the new generation of Italian Pendolino tilting trains. The bearing units incorporate SKF sensors to monitor the bearing temperature as well as speed and train positioning.
The German spot welding equipment manufacturer NIMAK will manufacture welding guns using an SKF electromechanical solution to replace a pneumatic solution. This will increase productivity and lower the total cost of ownership for the end user. In 2007, the spot welding equipment will be used by a leading German automotive manufacturer.
SKF signed a cooperation agreement covering machine tool spindle services with the Japanese company Niigata Machine Techno Co Ltd., a global machine tool builder and supplier. This means that SKF will provide spindle services for Niigata Machine Techno's customers.
SKF signed a global service agreement with Alteams Oy in Finland for the reconditioning of machine tool spindles used in their production locations in Finland, Sweden, China, and Russia. Alteams Oy is a leading manufacturer of cast light metal components and has several light metal foundries in Europe.
Service Division
The operating profit for the first quarter 2006 amounted to MSEK 520 (397), resulting in an operating margin of 11.1% (10.5).
Net sales for the first quarter amounted to MSEK 4,284 (3,443), an increase of 24.4%. Sales including intra-Group sales were MSEK 4,680 (3,791).
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Sales in the first quarter were significantly higher in Europe, Asia, North America and Latin America.
During the quarter, the Wyko Group Plc became the latest SKF authorized distributor to sign the SKF Certified Maintenance Partner (CMP) agreement. The agreement, the largest signed to date, combines both companies' industrial competencies to enable the Wyko Group to offer improved value propositions to their customers. The initial agreement is signed for four service centers; other services centers are expected to be added during the next few years.
SKF has signed an agreement to acquire the remaining 50% of the Norwegian company RC DEI Norge AS from the AGR Group, subject to the approval of the Norwegian Competition Authority. RC DEI has a turnover of approximately MNOK 12. The RC DEI business mainly consists of services for condition-based maintenance principally servicing the oil and gas industry on the continental shelf of the North Sea. SKF gained the initial 50% shareholding in RC DEI when the UK company DEI in 1999 was acquired.
Automotive Division
The operating profit for the first quarter 2006 was MSEK 261 (202), resulting in an operating margin of 4.6% (4.0).
Net sales for the first quarter amounted to MSEK 4,725 (4,176), an increase of 13.1%. Sales including intra-Group sales were MSEK 5,640 (5,040).
Sales to the car and light truck industry were slightly higher in Europe and relatively unchanged in North America. Sales to the heavy truck industry were higher in Europe and North America. Sales to the vehicle service market were higher in Europe and significantly higher in North America and Asia.
The trend in sales for the electrical business in Europe continued to be negative. Sales to the producer of two-wheelers in Asia were significantly lower due to lower demand in Indonesia. Sales for the Automotive Division as a whole, measured in local currencies, were slightly higher.
The Macrotech Polyseal Inc. acquisition in the US strengthens SKF's position in reciprocating seals. This will enable SKF to offer a wider product range to its customers in the fluid power (mainly hydraulics) and process equipment segments not only in North America, where Macrotech's customers are based, but also in Europe and Asia through SKF's global organization.
SKF has expanded the X-Tracker™ product line with a taper-taper version to complete its family of X-Tracker hub units. This new version is in addition to its ball unit and its hybrid ball-roller unit, making SKF the only supplier to offer three different hub bearing solutions for the light vehicle market where performance, safety, brake noise, vibration and harshness upgrades are needed. SKF recently received the American prestigious Premier Automotive Suppliers' Contribution to Excellence Award (PACE) for product innovation for its ball bearing version of the X-Tracker hub bearing unit. Both Dodge and Cadillac use this unit.
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Accounting policies
IFRS amendments and interpretations effective on January 1, 2006, had no material effect on SKF. They were:
- | Amendment IAS 39 (April 2005) "Cash flow hedges of forecast intra-group transactions", which stipulates that forecasted intra-group sales qualify as a hedged item if and when intra-group sales result in an onward sale to a party external to the Group. At that point in time the gain or loss related to the hedge is recognized in the profit and loss account. The Group decided to apply cash flow hedge accounting only to forecasted intra-group sales in USD and to hedge currency flows from three months to one year. |
- | Amendment IAS 21 (December 2005) "Net investment in a foreign operation" |
- | IFRIC 6 "Liabilities arising from participating in a specific market - waste electrical and electronic equipment" |
- | IFRIC 4 "Determining whether an arrangement contains a lease." |
Previous outlook statement
Year-end report 2005:
The market demand for SKF's products and services in the first quarter of 2006, compared to the previous quarter, is expected to remain on a high level in Europe, to be slightly higher in North America, significantly higher in Asia and to remain on a high level in Latin America. This is in addition to normal seasonality.
The manufacturing level will be unchanged for the first quarter of 2006, compared to the fourth quarter of 2005, while higher in absolute terms due to normal seasonality.
Presentation from SKF
A presentation will be published on SKF’s website at the following address:
investors.skf.com (click on Presentations).
Cautionary statement
This report contains forward-looking statements that are based on the current expectations of the management of SKF.
Although management believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those implied in the forward-looking statements as a result of, among other factors, changes in economic, market and competitive conditions, changes in the regulatory environment and other government actions, fluctuations in exchange rates and other factors mentioned in SKF’s latest 20-F report on file with the SEC (United States Securities and Exchange Commission) under "Forward-Looking Statements" and "Risk Factors".
Göteborg, 25 April 2006
Aktiebolaget SKF
(publ.)
Tom Johnstone
President and CEO
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Enclosures:
Financial statements
1. Consolidated income statements
2. Consolidated balance sheets and Consolidated statements of changes in shareholders' equity
3. Consolidated statements of cash flow
Other financial statements
4. Consolidated financial information - yearly and quarterly comparisons (Group)
5. Consolidated segment information - yearly and quarterly comparisons (Divisions/Segments)
The consolidated financial statements of the Group are prepared in accordance with International Financial Reporting Standards. For further details see note 1 in the SKF Annual Report including Sustainability Report 2005.
This quarterly report has been prepared in accordance with IAS34. The report has not been audited by the Company's auditors.
The SKF Half-year report 2006 will be published on Friday, 14 July 2006.
Further information can be obtained from:
Lars G Malmer, Group Communication, tel: +46-31-3371541, +46-705-371541, e-mail: lars.g.malmer@skf.com
Marita Björk, Investor Relations, tel: +46-31-3371994, +46-705-181994, e-mail: marita.bjork@skf.com
Aktiebolaget SKF, SE-415 50 Göteborg, Sweden, Company reg.no. 556007-3495,
tel: +46-31-3371000, fax: +46-31-3372832, www.skf.com
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Enclosure 1
CONSOLIDATED INCOME STATEMENTS (MSEK)
Jan-March 2006 | Jan-March 2005 | ||||||
Net sales | 13,289 | 11,871 | |||||
Cost of goods sold | -9,915 | -9,028 | |||||
Gross profit | 3,374 | 2,843 | |||||
Selling and administrative expenses | -1,868 | -1,662 | |||||
Other operating income/expenses - net | 16 | 28 | |||||
Profit/loss from jointly controlled and associated companies | 87 | -2 | |||||
Operating profit | 1,609 | 1,207 | |||||
Operating margin, % | 12.1 | 10.2 | |||||
Financial income and expense - net | -10 | -28 | |||||
Profit before taxes | 1,599 | 1,179 | |||||
Taxes | -461 | -363 | |||||
Net profit | 1,138 | 816 | |||||
Net profit attributable to | |||||||
Shareholders of the parent | 1,114 | 790 | |||||
Minority | 24 | 26 | |||||
KEY FIGURES | |||||||
Basic earnings per share, SEK* | 2.45 | 1.73 | |||||
Diluted earnings per share, SEK* | 2.44 | 1.73 | |||||
Additions to property, plant and equipment | 368 | 265 | |||||
Number of employees registered | 38,752 | 39,460 | |||||
Return on capital employed for the 12-month period ended March 31, % | 22.7 | 20.5 |
NUMBER OF SHARES | March 31, 2006 | December 31, 2005 | |||||
Total number of shares | 455,351,068 | 455,351,068 | |||||
- whereof A shares | 50,504,326 | 50,735,858 | |||||
- whereof B shares | 404,846,742 | 404,615,210 |
* Basic and diluted earnings per share are based on net profit attributable to shareholders of the parent.
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Enclosure 2
CONSOLIDATED BALANCE SHEETS (MSEK)
March 2006 | December 2005 | ||||||
Intangible assets | 2,392 | 2,445 | |||||
Property, plant and equipment | 11,019 | 11,119 | |||||
Investments, non-current financial and other assets | 2,373 | 2,263 | |||||
Non-current assets | 15,784 | 15,827 | |||||
Inventories | 10,215 | 9,931 | |||||
Current assets | 10,771 | 9,519 | |||||
Current financial assets | 5,264 | 5,072 | |||||
Current assets | 26,250 | 24,522 | |||||
TOTAL ASSETS | 42,034 | 40,349 | |||||
Equity attributable to shareholders of AB SKF | 18,656 | 17,629 | |||||
Equity attributable to minority interests | 601 | 604 | |||||
Non-current loans | 4,078 | 4,145 | |||||
Provisions for post-employment benefits | 4,867 | 4,916 | |||||
Provisions for deferred taxes | 1,035 | 1,092 | |||||
Other non-current liabilities and provisions | 1,558 | 1,518 | |||||
Non-current liabilities | 11,538 | 11,671 | |||||
Current loans | 117 | 151 | |||||
Other current liabilities and provisions | 11,122 | 10,294 | |||||
Current liabilities | 11,239 | 10,445 | |||||
TOTAL EQUITY AND LIABILITIES | 42,034 | 40,349 | |||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (MSEK) | March 2006 | March 2005 | December 2005 | |||||||
Opening balance January 1 | 18,233 | 17,245 | 17,245 | |||||||
Change in accounting principle, IAS 39 | - | 200 | 200 | |||||||
Exchange differences arising on translation of foreign operations | -160 | 535 | 1,625 | |||||||
Other transactions with minority owners | - | -6 | -54 | |||||||
Net profit | 1,138 | 816 | 3,607 | |||||||
Recognition of share-based payments | - | - | 1 | |||||||
Exercise of share options | -10 | -18 | -39 | |||||||
Cash dividends | -18 | -25 | -1,399 | |||||||
Redemption of shares | - | - | -2,846 | |||||||
Release on disposal of investments in equity securities and cash flow hedges | -1 | -38 | -95 | |||||||
Change in fair value of investments in equity securities and cash flow hedges | 75 | -40 | -12 | |||||||
Closing balance | 19,257 | 18,669 | 18,233 |
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Enclosure 3
CONSOLIDATED STATEMENTS OF CASH FLOW
(MSEK) | Jan-March 2006 | Jan-March 2005 | |||||
Operating activities | |||||||
Profit before taxes | 1,599 | 1,179 | |||||
Depreciation, amortization and impairment | 412 | 394 | |||||
Net gain (-) on sales of intangible assets, PPE and businesses | 0 | -10 | |||||
Taxes | -358 | -286 | |||||
Other including non-cash items | -179 | -135 | |||||
Changes in working capital | -910 | -779 | |||||
Net cash flow from operations | 564 | 363 | |||||
Investing activities | |||||||
Investments in intangible assets, PPE, businesses, and equity securities | -400 | -304 | |||||
Sales of intangible assets, PPE, businesses and equity securities | 20 | 85 | |||||
Net cash flow used in investing activities | -380 | -219 | |||||
Net cash flow after investments before financing | 184 | 144 | |||||
Financing activities | |||||||
Change in short- and long-term loans | -30 | -61 | |||||
Payment of finance lease liabilities | 0 | -2 | |||||
Change in marketable securities and other liquid assets | 617 | -1,274 | |||||
Cash dividends | -18 | -25 | |||||
Net cash flow used in financing activities | 569 | -1,362 | |||||
Increase(+)/decrease(-) in cash and cash equivalents | 753 | -1,218 | |||||
Cash and cash equivalents at January 1 | 2,379 | 3,076 | |||||
Cash effect, excl. acquired businesses | 753 | - | |||||
Cash effect of acquired businesses | - | - | |||||
Cash effect of sold businesses | - | - | |||||
Exchange rate effect | -17 | 71 | |||||
Cash and cash equivalents at March 31 | 3,115 | 1,929 |
Change in net interest-bearing liabilities | Opening balance Jan 1, 2006 | Exchange rate effect | Change in items | Acquired and sold businesses | Other | Closing balance March 31, 2006 | |||||||||||||
Loans, long- and short-term | 4,296 | -30 | -30 | - | -41 | 4,195 | |||||||||||||
Post-employment benefits, net | 4,779 | -52 | -124 | - | 114 | 4,717 | |||||||||||||
Financial assets, others | -2,999 | 10 | 624 | - | - | -2,365 | |||||||||||||
Cash and cash equivalents | -2,379 | 17 | -753 | - | - | -3,115 | |||||||||||||
Net interest-bearing liabilities | 3,697 | -55 | -283 | - | 73 | 3,432 |
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Enclosure 4
CONSOLIDATED FINANCIAL INFORMATION - YEARLY AND QUARTERLY COMPARISONS
(MSEK unless otherwise stated)
Full year | Full year | |||||||||||||||||||||
2004 | 1/05 | 2/05 | 3/05 | 4/05 | 2005 | 1/06 | ||||||||||||||||
Net sales | 44,826 | 11,871 | 12,739 | 12,027 | 12,648 | 49,285 | 13,289 | |||||||||||||||
Cost of goods sold | -33,766 | -9,028 | -9,622 | -8,882 | -9,399 | -36,931 | -9,915 | |||||||||||||||
Gross profit | 11,060 | 2,843 | 3,117 | 3,145 | 3,249 | 12,354 | 3,374 | |||||||||||||||
Gross margin, % | 24.7 | 23.9 | 24.5 | 26.1 | 25.7 | 25.1 | 25.4 | |||||||||||||||
Selling and administrative expenses | -6,695 | -1,662 | -1,869 | -1,754 | -1,999 | -7,284 | -1,868 | |||||||||||||||
Other operating income/ expenses - net | 72 | 28 | 60 | 15 | -18 | 85 | 16 | |||||||||||||||
Profit/loss from jointly controlled and associated companies | -3 | -2 | 80 | 58 | 36 | 172 | 87 | |||||||||||||||
Operating profit | 4,434 | 1,207 | 1,388 | 1,464 | 1,268 | 5,327 | 1,609 | |||||||||||||||
Operating margin, % | 9.9 | 10.2 | 10.9 | 12.2 | 10.0 | 10.8 | 12.1 | |||||||||||||||
Financial income and expense - net | -347 | -28 | -69 | 16 | 7 | -74 | -10 | |||||||||||||||
Profit before taxes | 4,087 | 1,179 | 1,319 | 1,480 | 1,275 | 5,253 | 1,599 | |||||||||||||||
Profit margin before taxes,% | 9.1 | 9.9 | 10.4 | 12.3 | 10.1 | 10.7 | 12.0 | |||||||||||||||
Taxes | -1,111 | -363 | -415 | -455 | -413 | -1,646 | -461 | |||||||||||||||
Net profit | 2,976 | 816 | 904 | 1,025 | 862 | 3,607 | 1,138 | |||||||||||||||
Net profit attributable to | ||||||||||||||||||||||
Shareholders of the parent | 2,926 | 790 | 887 | 1,000 | 844 | 3,521 | 1,114 | |||||||||||||||
Minority | 50 | 26 | 17 | 25 | 18 | 86 | 24 | |||||||||||||||
Basic earnings per share, SEK* | 6.42 | 1.73 | 1.95 | 2.20 | 1.85 | 7.73 | 2.45 | |||||||||||||||
Diluted earnings per share, SEK* | 6.42 | 1.73 | 1.93 | 2.19 | 1.85 | 7.70 | 2.44 | |||||||||||||||
Return on capital employed for the 12-month period, % | 19.0 | 20.5 | 21.6 | 22.2 | 21.8 | 21.8 | 22.7 | |||||||||||||||
Equity/assets ratio, % | 49.3 | 50.2 | 42.1 | 43.9 | 45.2 | 45.2 | 45.8 | |||||||||||||||
Net worth per share, SEK* | 34 | 37 | 35 | 36 | 39 | 39 | 41 | |||||||||||||||
Additions to property, plant and equipment | 1,401 | 265 | 405 | 379 | 574 | 1,623 | 368 | |||||||||||||||
Registered number of employees | 39,867 | 39,460 | 37,610 | 38,624 | 38,748 | 38,748 | 38,752 | |||||||||||||||
* | Basic and diluted earnings per share and Net worth per share are based on net profit attributable to shareholders of the parent. |
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Enclosure 5
CONSOLIDATED SEGMENT INFORMATION - YEARLY AND QUARTERLY
COMPARISONS (MSEK unless otherwise stated)
Full year | Full year | |||||||||||||||||||||
2004 | 1/05 | 2/05 | 3/05 | 4/05 | 2005 | 1/06 | ||||||||||||||||
Industrial Division | ||||||||||||||||||||||
Net sales | 12,527 | 3,527 | 3,842 | 3,576 | 3,805 | 14,750 | 4,261 | |||||||||||||||
Sales incl. intra-Group sales | 20,635 | 5,520 | 6,100 | 5,831 | 6,165 | 23,616 | 6,613 | |||||||||||||||
Operating profit | 1,807 | 531 | 615 | 612 | 596 | 2,354 | 822 | |||||||||||||||
Operating margin* | 8.8 | % | 9.6 | % | 10.1 | % | 10.5 | % | 9.7 | % | 10.0 | % | 12.4 | % | ||||||||
Assets and liabilities, net | 8,649 | 9,106 | 9,559 | 9,710 | 10,070 | 10,070 | 10,406 | |||||||||||||||
Registered number of employees | 15,464 | 15,297 | 15,330 | 16,359 | 16,427 | 16,427 | 16,447 | |||||||||||||||
Service Division | ||||||||||||||||||||||
Net sales | 14,216 | 3,443 | 4,056 | 4,126 | 4,490 | 16,115 | 4,284 | |||||||||||||||
Sales incl. intra-Group sales | 15,655 | 3,791 | 4,459 | 4,510 | 4,893 | 17,653 | 4,680 | |||||||||||||||
Operating profit | 1,701 | 397 | 512 | 578 | 585 | 2,072 | 520 | |||||||||||||||
Operating margin* | 10.9 | % | 10.5 | % | 11.5 | % | 12.8 | % | 12.0 | % | 11.7 | % | 11.1 | % | ||||||||
Assets and liabilities, net | 3,056 | 3,175 | 3,616 | 3,344 | 3,316 | 3,316 | 3,601 | |||||||||||||||
Registered number of employees | 4,650 | 4,695 | 4,766 | 4,769 | 4,836 | 4,836 | 4,868 | |||||||||||||||
Automotive Division | ||||||||||||||||||||||
Net sales | 15,972 | 4,176 | 4,604 | 4,311 | 4,332 | 17,423 | 4,725 | |||||||||||||||
Sales incl. intra-Group sales | 19,387 | 5,040 | 5,580 | 5,147 | 5,223 | 20,990 | 5,640 | |||||||||||||||
Operating profit | 797 | 202 | 109 | 251 | -2 | 560 | 261 | |||||||||||||||
Operating margin* | 4.1 | % | 4.0 | % | 2.0 | % | 4.9 | % | 0.0 | % | 2.7 | % | 4.6 | % | ||||||||
Assets and liabilities, net | 7,731 | 8,537 | 8,858 | 8,830 | 8,802 | 8,802 | 9,414 | |||||||||||||||
Registered number of employees | 16,212 | 16,137 | 16,165 | 16,086 | 16,084 | 16,084 | 16,069 | |||||||||||||||
Previously published amounts have been reclassified to conform to the current Group structure in 2006.
* Operating margin is calculated on sales including intra-Group sales.