UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 20, 2012
Autoliv, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-12933 | 51-0378542 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
Vasagatan 11, 7th floor, SE-111 20,
Box 70381, SE-107 24 Stockholm, Sweden
(Address of principal executive offices, including zip code)
+46 8 587 20 600
(Registrants telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre- commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
On July 20, 2012 Autoliv, Inc. (the Company) issued a press release announcing its financial results for the second quarter of 2012. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference. This press release contains certain references to financial measures identified as organic sales, operating margin (excluding certain costs), operating working capital, net debt, leverage ratio and interest coverage ratio which are adjustments from comparable measures calculated and presented in accordance with accounting principles generally accepted in the United States of America (GAAP). These financial measures, as used herein, differ from financial measures reported under GAAP and management believes that these financial presentations provide useful supplemental information which is important to a proper understanding of the Companys core business results by investors. These presentations should not be viewed as a substitute for results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial measures presented by other companies. For an explanation of the reasons for which management uses these figures see the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with SEC on February 23, 2012, as amended by our Form 10-K/A filed with the SEC on March 7, 2012.
Item 7.01 Regulation FD disclosure
On July 20, 2012 the Company issued a press release announcing its financial results for the second quarter of 2012. A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.
The information in this Form 8-K and the exhibit attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) EXHIBITS
99.1 | Press Release of Autoliv, Inc. dated July 20, 2012 reporting Autoliv, Inc.s financial results for the second quarter of 2012. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AUTOLIV, INC. | ||||||
Date: July 20, 2012 | ||||||
By: | /s/ Lars A. Sjöbring | |||||
Name: | Lars A. Sjöbring | |||||
Title: | Group Vice President Legal Affairs General Counsel and Secretary |
Exhibit 99.1
Financial Report
April - June 2012
Organic growth and operating margin slightly better than expected
(Stockholm, July 20, 2012) For the three-month period ended June 30, 2012, Autoliv Inc. (NYSE: ALV and SSE: ALIV.Sdb) the worldwide leader in automotive safety systems reported quarterly sales of $2,089 million and an operating income of $190 million, generating an operating margin of 9.1%.
Organic sales rose by slightly less than 8% compared to an expected growth of approximately 7% at the beginning of the quarter. Operating margin excluding costs related to capacity alignments and the antitrust investigations amounted to 9.4% compared to more than 9% expected at the beginning of the quarter.
Income before taxes amounted to $182 million, net income to $126 million and earnings per share assuming dilution to $1.33.
Cash flow from operations amounted to $219 million and to $138 million before financing.
The indication for the full year 2012 is for an organic sales growth of approximately 6% and a consolidated sales increase of about 1%. The guidance for the third quarter is a decrease in consolidated sales around 3%, while organic sales are expected to grow by nearly 4%. An operating margin around 10% is expected for the third quarter. The indication for the full year is also around 10%. Both the guidance and the indication of the operating margins exclude costs for capacity alignments and the antitrust investigations.
An earnings conference call will be held at 2:30 p.m. (CET) today, July 20. To follow the webcast or to obtain pin code and phone number, please access www.autoliv.com. The conference slides will be available on our web site as soon as possible following the publication of this earnings report.
Q2 Report 2012
Q2 Report 2012
First Six Months 2012
Q2 Report 2012
Q2 Report 2012
Q2 Report 2012
Key Ratios
Quarter April - June | First 6 months | Latest 12 months |
Full year 2011 |
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2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
Earnings per share, basic |
$ | 1.35 | $ | 1.62 | $ | 2.48 | $ | 3.66 | $ | 5.80 | $ | 6.99 | ||||||||||||
Earnings per share, diluted1) |
$ | 1.33 | $ | 1.54 | $ | 2.40 | $ | 3.47 | $ | 5.58 | $ | 6.65 | ||||||||||||
Total parent shareholders equity per share |
$ | 37.38 | $ | 36.36 | $ | 37.38 | $ | 36.36 | $ | 37.38 | $ | 37.33 | ||||||||||||
Cash dividend paid per share |
$ | 0.47 | $ | 0.43 | $ | 0.92 | $ | 0.83 | $ | 1.82 | $ | 1.73 | ||||||||||||
Operating working capital, $ in millions2) |
554 | 599 | 554 | 599 | 554 | 514 | ||||||||||||||||||
Capital employed, $ in millions3) |
3,298 | 3,393 | 3,298 | 3,393 | 3,298 | 3,257 | ||||||||||||||||||
Net (cash) debt, $ in millions2) |
(283 | ) | 132 | (283 | ) | 132 | (283 | ) | (92 | ) | ||||||||||||||
Net debt to capitalization, %4) |
N/A | 4 | N/A | 4 | N/A | N/A | ||||||||||||||||||
Gross margin, %5) |
20.2 | 20.5 | 20.2 | 21.3 | 20.5 | 21.0 | ||||||||||||||||||
Operating margin, %6) |
9.1 | 10.0 | 8.1 | 11.0 | 9.3 | 10.8 | ||||||||||||||||||
Return on total equity, %7) |
14.4 | 18.3 | 13.2 | 21.1 | 15.5 | 19.6 | ||||||||||||||||||
Return on capital employed, %8) |
23.0 | 25.0 | 21.0 | 28.7 | 23.4 | 27.5 | ||||||||||||||||||
Average no. of shares in millions1) |
95.1 | 94.0 | 94.4 | 94.0 | 93.9 | 93.7 | ||||||||||||||||||
No. of shares at period-end in millions9) |
95.4 | 89.3 | 95.4 | 89.3 | 95.4 | 89.3 | ||||||||||||||||||
No. of employees at period-end10) |
39,947 | 37,139 | 39,947 | 37,139 | 39,947 | 38,500 | ||||||||||||||||||
Headcount at period-end11) |
49,832 | 46,299 | 49,832 | 46,299 | 49,832 | 47,919 | ||||||||||||||||||
Days receivables outstanding12) |
69 | 71 | 68 | 69 | 73 | 67 | ||||||||||||||||||
Days inventory outstanding13) |
30 | 31 | 29 | 30 | 31 | 32 |
1) | Assuming dilution and net of treasury shares. |
2) | Non-GAAP measure; for reconciliation see enclosed tables below. |
3) | Total equity and net debt. |
4) | Net debt in relation to capital employed. |
5) | Gross profit relative to sales. |
6) | Operating income relative to sales. |
7) | Net income relative to average total equity. |
8) | Operating income and equity in earnings of affiliates, relative to average capital employed. |
9) | Excluding dilution and net of treasury shares. |
10) | Employees with a continuous employment agreement, recalculated to full time equivalent heads. |
11) | Includes temporary hourly personnel. |
12) | Outstanding receivables relative to average daily sales. |
13) | Outstanding inventory relative to average daily sales. |
Consolidated Statements of Income
(Dollars in millions, except per share data)
Quarter April - June | First 6 months | Latest 12 | Full year | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | months | 2011 | |||||||||||||||||||
Net sales |
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Airbag products |
$ | 1,371.2 | $ | 1,352.4 | $ | 2,793.3 | $ | 2,737.8 | $ | 5,448.3 | $ | 5,392.8 | ||||||||||||
Seatbelt products |
668.3 | 670.2 | 1,377.5 | 1,356.5 | 2,700.4 | 2,679.4 | ||||||||||||||||||
Active safety products |
49.3 | 38.9 | 96.9 | 75.8 | 181.3 | 160.2 | ||||||||||||||||||
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Total net sales |
2,088.8 | 2,061.5 | 4,267.7 | 4,170.1 | 8,330.0 | 8,232.4 | ||||||||||||||||||
Cost of sales |
(1,666.7 | ) | (1,639.9 | ) | (3,404.5 | ) | (3,282.5 | ) | (6,626.5 | ) | (6,504.5 | ) | ||||||||||||
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Gross profit |
422.1 | 421.6 | 863.2 | 887.6 | 1,703.5 | 1,727.9 | ||||||||||||||||||
Selling, general & administrative expenses |
(93.9 | ) | (95.1 | ) | (187.5 | ) | (186.0 | ) | (370.2 | ) | (368.7 | ) | ||||||||||||
Research, development & engineering expenses, net |
(126.9 | ) | (117.5 | ) | (253.2 | ) | (232.0 | ) | (462.7 | ) | (441.5 | ) | ||||||||||||
Amortization of intangibles |
(5.1 | ) | (5.6 | ) | (9.7 | ) | (9.3 | ) | (19.0 | ) | (18.6 | ) | ||||||||||||
Other income (expense), net |
(5.8 | ) | 2.0 | (69.1 | ) | (0.1 | ) | (78.9 | ) | (9.9 | ) | |||||||||||||
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Operating income |
190.4 | 205.4 | 343.7 | 460.2 | 772.7 | 889.2 | ||||||||||||||||||
Equity in earnings of affiliates, net of tax |
1.4 | 1.9 | 3.5 | 3.2 | 7.1 | 6.8 | ||||||||||||||||||
Interest income |
0.7 | 1.1 | 1.5 | 2.0 | 4.4 | 4.9 | ||||||||||||||||||
Interest expense |
(9.2 | ) | (15.5 | ) | (21.7 | ) | (30.9 | ) | (52.8 | ) | (62.0 | ) | ||||||||||||
Loss on extinguishment of debt |
| (6.3 | ) | | (6.3 | ) | 0.1 | (6.2 | ) | |||||||||||||||
Other financial items, net |
(0.9 | ) | (1.6 | ) | (3.5 | ) | (3.4 | ) | (4.5 | ) | (4.4 | ) | ||||||||||||
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Income before income taxes |
182.4 | 185.0 | 323.5 | 424.8 | 727.0 | 828.3 | ||||||||||||||||||
Income taxes |
(56.2 | ) | (39.3 | ) | (95.9 | ) | (96.6 | ) | (200.6 | ) | (201.3 | ) | ||||||||||||
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Net income |
$ | 126.2 | $ | 145.7 | $ | 227.6 | $ | 328.2 | $ | 526.4 | $ | 627.0 | ||||||||||||
Less; Net income attributable to non-controlling interest |
(0.2 | ) | 0.7 | 0.7 | 1.7 | 2.6 | 3.6 | |||||||||||||||||
Net income attributable to controlling interest |
$ | 126.4 | $ | 145.0 | $ | 226.9 | $ | 326.5 | $ | 523.8 | $ | 623.4 | ||||||||||||
Earnings per share1) |
$ | 1.33 | $ | 1.54 | $ | 2.40 | $ | 3.47 | $ | 5.58 | $ | 6.65 |
1) | Assuming dilution and net of treasury shares. |
Q2 Report 2012
Consolidated Balance Sheets
(Dollars in millions)
June 30 2012 |
March 31 2012 |
December 31 2011 |
September 30 2011 |
June 30 2011 |
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Assets |
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Cash & cash equivalents |
$ | 917.3 | $ | 732.0 | $ | 739.2 | $ | 630.7 | $ | 559.7 | ||||||||||
Receivables, net |
1,570.0 | 1,660.8 | 1,457.8 | 1,527.8 | 1,610.1 | |||||||||||||||
Inventories, net |
595.7 | 620.8 | 623.3 | 619.4 | 626.8 | |||||||||||||||
Other current assets |
199.6 | 182.1 | 180.0 | 165.4 | 183.0 | |||||||||||||||
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Total current assets |
3,282.6 | 3,195.7 | 3,000.3 | 2,943.3 | 2,979.6 | |||||||||||||||
Property, plant & equipment, net |
1,133.4 | 1,156.4 | 1,121.2 | 1,102.7 | 1,124.9 | |||||||||||||||
Investments and other non-current assets |
281.9 | 289.4 | 279.6 | 256.9 | 243.4 | |||||||||||||||
Goodwill assets |
1,604.1 | 1,611.5 | 1,607.0 | 1,612.1 | 1,624.2 | |||||||||||||||
Intangible assets, net |
105.2 | 105.5 | 109.2 | 114.3 | 112.6 | |||||||||||||||
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Total assets |
$ | 6,407.2 | $ | 6,358.5 | $ | 6,117.3 | $ | 6,029.3 | $ | 6,084.7 | ||||||||||
Liabilities and equity |
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Short-term debt |
$ | 171.3 | $ | 209.3 | $ | 302.8 | $ | 221.8 | $ | 205.9 | ||||||||||
Accounts payable |
1,074.8 | 1,092.8 | 1,083.9 | 1,058.1 | 1,123.0 | |||||||||||||||
Other current liabilities |
787.3 | 826.3 | 699.2 | 703.6 | 745.8 | |||||||||||||||
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Total current liabilities |
2,033.4 | 2,128.4 | 2,085.9 | 1,983.5 | 2,074.7 | |||||||||||||||
Long-term debt |
472.9 | 468.7 | 363.5 | 480.2 | 487.9 | |||||||||||||||
Pension liability |
195.7 | 198.2 | 193.1 | 141.3 | 146.2 | |||||||||||||||
Other non-current liabilities |
124.3 | 125.9 | 125.8 | 122.2 | 115.1 | |||||||||||||||
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Total non-current liabilities |
792.9 | 792.8 | 682.4 | 743.7 | 749.2 | |||||||||||||||
Total parent shareholders equity |
3,565.6 | 3,420.7 | 3,333.4 | 3,287.8 | 3,247.3 | |||||||||||||||
Non-controlling interest |
15.3 | 16.6 | 15.6 | 14.3 | 13.5 | |||||||||||||||
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Total equity |
3,580.9 | 3,437.3 | 3,349.0 | 3,302.1 | 3,260.8 | |||||||||||||||
Total liabilities and equity |
$ | 6,407.2 | $ | 6,358.5 | $ | 6,117.3 | $ | 6,029.3 | $ | 6,084.7 |
Consolidated Statements of Cash Flows
(Dollars in millions)
Quarter April - June | First 6 months | Latest 12 months |
Full year 2011 |
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2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
Net income |
$ | 126.2 | $ | 145.7 | $ | 227.6 | $ | 328.2 | $ | 526.4 | $ | 627.0 | ||||||||||||
Depreciation and amortization |
69.0 | 66.0 | 135.7 | 131.4 | 272.6 | 268.3 | ||||||||||||||||||
Other, net |
18.8 | 14.3 | 24.4 | 16.7 | 45.8 | 38.1 | ||||||||||||||||||
Changes in operating assets and liabilities |
4.6 | (94.1 | ) | (71.1 | ) | (203.0 | ) | (43.3 | ) | (175.2 | ) | |||||||||||||
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Net cash provided by operating activities |
218.6 | 131.9 | 316.6 | 273.3 | 801.5 | 758.2 | ||||||||||||||||||
Capital expenditures, net |
(85.2 | ) | (90.5 | ) | (163.6 | ) | (170.6 | ) | (350.0 | ) | (357.0 | ) | ||||||||||||
Acquisitions of businesses and other, net |
4.6 | (1.4 | ) | 4.2 | 0.5 | (12.0 | ) | (15.7 | ) | |||||||||||||||
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Net cash used in investing activities |
(80.6 | ) | (91.9 | ) | (159.4 | ) | (170.1 | ) | (362.0 | ) | (372.7 | ) | ||||||||||||
Net cash before financing1) |
138.0 | 40.0 | 157.2 | 103.2 | 439.5 | 385.5 | ||||||||||||||||||
Net decrease in short-term debt |
(25.6 | ) | 114.7 | (6.7 | ) | 124.5 | (28.1 | ) | 103.1 | |||||||||||||||
Issuance of long-term debt |
6.4 | 47.1 | 6.4 | 47.1 | 6.4 | 47.1 | ||||||||||||||||||
Repayments and other changes in long-term debt |
(4.1 | ) | (208.1 | ) | (8.4 | ) | (208.1 | ) | (20.0 | ) | (219.7 | ) | ||||||||||||
Dividends paid |
(44.8 | ) | (38.4 | ) | (85.0 | ) | (74.0 | ) | (165.3 | ) | (154.3 | ) | ||||||||||||
Cash paid for extinguishment of debt |
| (6.3 | ) | | (6.3 | ) | | (6.3 | ) | |||||||||||||||
Common stock options exercised |
4.1 | 4.9 | 9.8 | 12.0 | 10.7 | 12.9 | ||||||||||||||||||
Common stock issue, net |
106.3 | | 106.3 | | 106.3 | | ||||||||||||||||||
Dividend paid to non-controlling interests |
(0.8 | ) | (0.4 | ) | (0.8 | ) | (0.4 | ) | (0.8 | ) | (0.4 | ) | ||||||||||||
Other, net |
(0.5 | ) | (4.7 | ) | (0.9 | ) | (4.7 | ) | (1.5 | ) | (5.3 | ) | ||||||||||||
Effect of exchange rate changes on cash |
6.3 | 5.7 | 0.2 | (21.3 | ) | 10.4 | (11.1 | ) | ||||||||||||||||
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Increase (decrease) in cash and cash equivalents |
185.3 | (45.5 | ) | 178.1 | (28.0 | ) | 357.6 | 151.5 | ||||||||||||||||
Cash and cash equivalents at period-start |
732.0 | 605.2 | 739.2 | 587.7 | 559.7 | 587.7 | ||||||||||||||||||
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Cash and cash equivalents at period-end |
$ | 917.3 | $ | 559.7 | $ | 917.3 | $ | 559.7 | $ | 917.3 | $ | 739.2 | ||||||||||||
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1) | Non-GAAP measure comprised of Net cash provided by operating activities and Net cash used in investing activities. |
Q2 Report 2012
RECONCILIATION OF NON-U.S. GAAP MEASURES TO U.S. GAAP
(Dollars in millions, except per share data)
In this report we sometimes refer to non-U.S. GAAP measures that we and securities analysts use in measuring Autolivs performance. We believe that these measures assist investors and management in analyzing trends in the Companys business for the reasons given below. Investors should not consider these non-U.S. GAAP measures as substitutes, but rather as additions, to financial reporting measures prepared in accordance with U.S. GAAP. It should be noted that these measures, as defined, may not be comparable to similarly titled measures used by other companies.
Operating Working Capital
Due to the need to optimize cash generation to create value for shareholders, management focuses on operationally derived working capital as defined in the table below. The reconciling items used to derive this measure are, by contrast, managed as part of our overall management of cash and debt, but they are not part of the responsibilities of day-to-day operations management.
June 30 2012 |
March 31 2012 |
December 31 2011 |
September 30 2011 |
June 30 2011 |
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Total current assets |
$ | 3,282.6 | $ | 3,195.7 | $ | 3,000.3 | $ | 2,943.3 | $ | 2,979.6 | ||||||||||
Total current liabilities |
(2,033.4 | ) | (2,128.4 | ) | (2,085.9 | ) | (1,983.5 | ) | (2,074.7 | ) | ||||||||||
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Working capital |
1,249.2 | 1,067.3 | 914.4 | 959.8 | 904.9 | |||||||||||||||
Cash and cash equivalents |
(917.3 | ) | (732.0 | ) | (739.2 | ) | (630.7 | ) | (559.7 | ) | ||||||||||
Short-term debt |
171.3 | 209.3 | 302.8 | 221.8 | 205.9 | |||||||||||||||
Derivative asset and liability, current |
6.0 | 1.6 | (4.0 | ) | (15.5 | ) | 8.0 | |||||||||||||
Dividends payable |
44.8 | 44.7 | 40.2 | 40.2 | 40.2 | |||||||||||||||
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Operating working capital |
$ | 554.0 | $ | 590.9 | $ | 514.2 | $ | 575.6 | $ | 599.3 | ||||||||||
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Net (Cash) Debt
As part of efficiently managing the Companys overall cost of funds, we routinely enter into debt-related derivatives (DRD) as part of our debt management. Creditors and credit rating agencies use net debt adjusted for DRD in their analyses of the Companys debt. By adjusting for DRD, the total economic liability of net debt is disclosed without grossing it up with currency or interest fair market values that are offset by DRD reported in other balance sheet captions.
June 30 2012 |
March 31 2012 |
December 31 2011 |
September 30 2011 |
June 30 2011 |
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Short-term debt |
$ | 171.3 | $ | 209.3 | $ | 302.8 | $ | 221.8 | $ | 205.9 | ||||||||||
Long-term debt |
472.9 | 468.7 | 363.5 | 480.2 | 487.9 | |||||||||||||||
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Total debt |
644.2 | 678.0 | 666.3 | 702.0 | 693.8 | |||||||||||||||
Cash and cash equivalents |
(917.3 | ) | (732.0 | ) | (739.2 | ) | (630.7 | ) | (559.7 | ) | ||||||||||
Debt-related derivatives |
(10.1 | ) | (12.9 | ) | (19.1 | ) | (30.8 | ) | (2.3 | ) | ||||||||||
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Net (cash) debt |
$ | (283.2 | ) | $ | (66.9 | ) | $ | (92.0 | ) | $ | 40.5 | $ | 131.8 | |||||||
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Components in Sales Increase/Decrease
Since the Company generates almost 80% of sales in currencies other than in the reporting currency (i.e. U.S. dollars) and currency rates have proven to be very volatile, and due to the fact that the Company has historically made several acquisitions and divestitures, we analyze the Companys sales trends and performance as changes in organic sales growth. This presents the increase or decrease in the overall U.S. dollar net sales on a comparable basis, allowing separate discussions of the impact of acquisitions/divestitures and exchange rates. The tabular reconciliation below presents changes in organic sales growth as reconciled to the change in the total U.S. GAAP net sales.
Quarter April - June
Europe | Americas | Japan | China | RoA | Total | |||||||||||||||||||||||||||||||||||||||||||
% | $ | % | $ | % | $ | % | $ | % | $ | % | $ | |||||||||||||||||||||||||||||||||||||
Organic change |
(8.2 | ) | $ | (68.6 | ) | 18.7 | $ | 118.8 | 42.8 | $ | 62.6 | 18.4 | $ | 41.5 | 0.2 | $ | 0.5 | 7.5 | $ | 154.8 | ||||||||||||||||||||||||||||
Currency effects |
(11.0 | ) | (92.5 | ) | (3.8 | ) | (24.3 | ) | 1.6 | 2.4 | 2.5 | 5.6 | (6.8 | ) | (14.7 | ) | (6.0 | ) | (123.5 | ) | ||||||||||||||||||||||||||||
Acquisitions/divestitures |
(0.4 | ) | (3.4 | ) | | | | | | | (0.3 | ) | (0.6 | ) | (0.2 | ) | (4.0 | ) | ||||||||||||||||||||||||||||||
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Reported change |
(19.6 | ) | $ | (164.5 | ) | 14.9 | $ | 94.5 | 44.4 | $ | 65.0 | 20.9 | $ | 47.1 | (6.9 | ) | $ | (14.8 | ) | 1.3 | $ | 27.3 | ||||||||||||||||||||||||||
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First 6 months January - June
Europe | Americas | Japan | China | RoA | Total | |||||||||||||||||||||||||||||||||||||||||||
% | $ | % | $ | % | $ | % | $ | % | $ | % | $ | |||||||||||||||||||||||||||||||||||||
Organic change |
(6.3 | ) | $ | (104.3 | ) | 14.6 | $ | 191.1 | 33.4 | $ | 110.5 | 10.2 | $ | 46.4 | 4.0 | $ | 16.5 | 6.2 | $ | 260.2 | ||||||||||||||||||||||||||||
Currency effects |
(7.7 | ) | (127.9 | ) | (2.6 | ) | (34.3 | ) | 2.8 | 9.1 | 3.4 | 15.3 | (4.5 | ) | (18.3 | ) | (3.7 | ) | (156.1 | ) | ||||||||||||||||||||||||||||
Acquisitions/divestitures |
(0.2 | ) | (3.4 | ) | | | | | | | (0.7 | ) | (3.1 | ) | (0.2 | ) | (6.5 | ) | ||||||||||||||||||||||||||||||
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Reported change |
(14.2 | ) | $ | (235.6 | ) | 12.0 | $ | 156.8 | 36.2 | $ | 119.6 | 13.6 | $ | 61.7 | (1.2 | ) | $ | (4.9 | ) | 2.3 | $ | 97.6 | ||||||||||||||||||||||||||
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Q2 Report 2012
ITEMS AFFECTING COMPARABILITY
The following items have affected the comparability of reported results from year to year. We believe that, to assist in understanding Autolivs operations, it is useful to consider certain U.S. GAAP measures exclusive of these items. Accordingly, the tables below reconcile from U.S. GAAP to the equivalent non-U.S. GAAP measure.
Quarter April - June 2012 | Quarter April - June 2011 | |||||||||||||||||||||||
Non-U.S. GAAP |
Adjustments 1) | Reported U.S. GAAP |
Non-U.S. GAAP |
Adjustments 1) | Reported U.S. GAAP |
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Operating income |
$ | 196.0 | $ | (5.6 | ) | $ | 190.4 | $ | 208.1 | $ | (2.7 | ) | $ | 205.4 | ||||||||||
Operating margin, % |
9.4 | (0.3 | ) | 9.1 | 10.1 | (0.1 | ) | 10.0 | ||||||||||||||||
Income before taxes |
$ | 188.0 | $ | (5.6 | ) | $ | 182.4 | $ | 187.7 | $ | (2.7 | ) | $ | 185.0 | ||||||||||
Net income |
$ | 131.6 | $ | (5.4 | ) | $ | 126.2 | $ | 147.8 | $ | (2.1 | ) | $ | 145.7 | ||||||||||
Return on capital employed, % |
23.3 | (0.3 | ) | 23.0 | 25.3 | (0.3 | ) | 25.0 | ||||||||||||||||
Return on total equity, % |
14.8 | (0.4 | ) | 14.4 | 18.5 | (0.2 | ) | 18.3 | ||||||||||||||||
Earnings per share, diluted 2) |
$ | 1.39 | $ | (0.06 | ) | $ | 1.33 | $ | 1.56 | $ | (0.02 | ) | $ | 1.54 | ||||||||||
First 6 months 2012 | First 6 months 2011 | |||||||||||||||||||||||
Non-U.S. GAAP |
Adjustments 1) | Reported U.S. GAAP |
Non-U.S. GAAP |
Adjustments 1) | Reported U.S. GAAP |
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Operating income |
$ | 412.9 | $ | (69.2 | ) | $ | 343.7 | $ | 465.4 | $ | (5.2 | ) | $ | 460.2 | ||||||||||
Operating margin, % |
9.7 | (1.6 | ) | 8.1 | 11.2 | (0.2 | ) | 11.0 | ||||||||||||||||
Income before taxes |
$ | 392.7 | $ | (69.2 | ) | $ | 323.5 | $ | 430.0 | $ | (5.2 | ) | $ | 424.8 | ||||||||||
Net income |
$ | 278.9 | $ | (51.3 | ) | $ | 227.6 | $ | 332.2 | $ | (4.0 | ) | $ | 328.2 | ||||||||||
Capital employed |
$ | 3,349 | $ | (51 | ) | $ | 3,298 | $ | 3,397 | $ | (4 | ) | $ | 3,393 | ||||||||||
Return on capital employed, % |
24.9 | (3.9 | ) | 21.0 | 29.0 | (0.3 | ) | 28.7 | ||||||||||||||||
Return on total equity, % |
16.0 | (2.8 | ) | 13.2 | 21.4 | (0.3 | ) | 21.1 | ||||||||||||||||
Earnings per share, diluted 2) |
$ | 2.95 | $ | (0.55 | ) | $ | 2.40 | $ | 3.52 | $ | (0.05 | ) | $ | 3.47 | ||||||||||
Total parent shareholders equity per share |
$ | 37.91 | $ | (0.53 | ) | $ | 37.38 | $ | 36.41 | $ | (0.05 | ) | $ | 36.36 |
1) | Capacity alignment and antitrust investigations. |
2) | Assuming dilution on and net of treasury shares. |
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