EX-10 5 f20_exh10.htm EXHIBIT 10 Exhibit 10

Exhibit 10.1

Three-year review of SKF’s Divisions *

Amounts in millions of Swedish kronor unless otherwise stated

Full year

Full year

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Full year

 

2000

2001

2002

2002

2002

2002

2002

               
Industrial Division              
External sales

8 800

9 965

2 493

2 513

2 339

2 397

9 742

Total sales

14 417

15 978

3 950

4 040

3 708

3 952

15 650

Operating result

1 675

1 662

376

430

360

456

1 622

Operating margin, %

11.6

10.4

9.5

10.6

9.7

11.5

10.4

Invested capital

6 832

6 970

7 235

6 815

6 740

6 583

6 583

Registered number of employees

10 645

10 343

10 567

10 457

10 455

10 449

10 449

               
Automotive Division            
External sales

12 634

13 438

3 457

3 604

3 194

3 228

13 483

Total sales

13 976

15 022

3 831

3 979

3 553

3 567

14 930

Operating result

479

407

123

197

110

93

523

Operating margin, %

3.4

2.7

3.2

5.0

3.1

2.6

3.5

Invested capital

7 910

7 906

7 759

7 145

6 921

6 694

6 694

Registered number of employees

10 860

9 994

9 993

10 012

9 995

9 943

9 943

               
Electrical Division              
External sales

1 765

1 941

492

503

459

478

1 932

Total sales

7 084

6 989

1 674

1 770

1 568

1 692

6 704

Operating result

465

314

75

112

97

143

427

Operating margin, %

6.5

4.5

4.5

6.3

6.2

8.5

6.4

Invested capital

3 564

3 563

3 118

2 975

2 983

2 920

2 920

Registered number of employees

7 086

6 637

6 596

8 119

8 082

8 072

8 072

               
Service Division              
External sales

12 899

13 972

3 176

3 462

3 219

3 644

13 501

Total sales

14 096

15 552

3 539

3 858

3 582

4 053

15 032

Operating result

1 023

1 299

275

362

357

427

1 421

Operating margin, %

7.3

8.4

7.8

9.4

10.0

10.5

9.5

Invested capital

3 824

3 234

3 189

3 004

2 922

2 823

2 823

Registered number of employees

4 536

4 462

4 536

4 650

4 658

4 721

4 721

               
Aero and Steel Division            
External sales

3 602

3 990

1 043

963

832

907

3 745

Total sales

6 400

6 638

1 733

1 629

1 404

1 559

6 325

Operating result

235

195

58

61

28

58

205

Operating margin, %

3.7

2.9

3.3

3.7

2.0

3.7

3.2

Invested capital

3 597

3 669

3 443

3 486

3 420

3 330

3 330

Registered number of employees

5 521

5 274

5 163

5 353

5 211

5 168

5 168

* Previously published amounts have been restated to conform to the current Group structure in 2002.


The financial information per Division is based on SKF’s Management reporting, which in certain areas differs from the Group reporting. Total sales are sales and deliveries to external and internal customers. Invested capital is defined as the sum of Inventories, external Trade Accounts Receivable, other Short-term Assets and Tangible Assets less external Trade Accounts Payable and other Short-term Liabilities.

 

Exhibit 10.2

Seven-year review of the SKF Group

Amounts in millions of Swedish kronor unless otherwise stated

1996

1997

1998

1999

2000

2001

2002

               
Income statements              
Net sales

33 589

36 922

37 688

36 693

39 848

43 370

42 430

Sweden

1 869

1 967

1 983

1 674

1 850

1 793

1 924

Operating expenses

-31 122

-34 717

-37 648

-34 576

-36 363

-39 852

-38 480

Other operating income/expense – net

407

799

-928

403

182

104

40

Profit/loss in associated companies

-55

-111

7

12

32

               
Operating profit/loss

2 874

2 949

-999

2 520

3 674

3 634

4 022

Financial income and expense, net

-462

-843

-1 064

-751

-672

-514

-480

               
Profit/loss before taxes

2 412

2 106

-2 063

1 769

3 002

3 120

3 542

Taxes

-701

-583

377

-650

-1 001

-909

-1 055

               
Profit/loss after taxes

1 711

1 523

-1 686

1 119

2 001

2 211

2 487

Minority interest

-19

35

44

-8

-39

-44

-21

               
Net profit/loss for the year

1 692

1 558

-1 642

1 111

1 962

2 167

2 466

               
Balance sheets              
Intangible assets

1 261

1 291

2 239

1 829

1 545

1 678

1 418

Tangible assets

12 541

13 631

14 568

13 074

13 089

13 599

12 418

Long-term financial assets

1 063

1 185

1 084

1 114

1 404

1 814

1 762

Inventories

9 476

9 924

10 183

8 640

9 262

9 113

8 987

Short-term assets

7 627

8 599

8 757

8 483

9 116

9 306

8 868

Short-term financial assets

2 091

3 931

2 353

1 976

3 481

5 387

5 530

               
Total assets

34 059

38 561

39 184

35 116

37 897

40 897

38 983

               
Shareholders’ equity

11 310

12 588

10 932

11 367

13 594

16 224

16 365

Provisions for pensions and other postretirement benefits

6 030

6 171

7 139

6 478

6 746

7 044

6 076

Provisions for taxes

1 701

1 642

1 488

1 509

1 596

1 893

2 165

Other provisions

2 130

2 981

4 095

2 795

3 046

3 429

3 271

Long-term loans (including convertible loans)

4 846

6 538

4 842

4 753

4 263

2 830

1 777

Other long-term liabilities, including minority interest

362

359

455

477

561

667

635

Short-term loans

1 693

1 853

3 337

1 223

705

711

632

Other short-term liabilities

5 987

6 429

6 896

6 514

7 386

8 099

8 062

               
Total shareholders’ equity, provisions and liabilities

34 059

38 561

39 184

35 116

37 897

40 897

38 983

               
Key figures (in percentages unless otherwise stated)        
Return on total assets

9.9

8.9

- 1.9

7.5

10.9

9.8

10.9

Return on capital employed

14.7

13.0

- 2.8

11.2

16.2

14.9

17.1

Return on shareholders’ equity

15.9

13.0

- 13.3

10.2

16.0

14.3

15.6

Operating margin

8.6

8.0

- 2.7

6.9

9.2

8.4

9.5

Profit margin

10.0

9.0

- 2.0

7.5

9.9

9.2

10.2

Turnover of total assets, times

0.99

1.00

0.97

0.98

1.08

1.07

1.06

Portion of risk-bearing capital

39.0

37.7

32.6

37.8

41.3

45.7

49.0

Equity/assets ratio

34.1

33.4

28.8

33.5

37.1

41.1

43.4

               
Investments and employees            
Additions to tangible assets

2 710

2 664

2 148

1 230

1 388

1 403

1 442

 Sweden

655

918

434

211

304

233

145

Research and development expenses

751

757

702

756

710

871

767

Patents - number of first filings

130

146

145

129

144

171

158

Average number of employees

42 451

41 863

44 958

40 747

39 557

37 636

38 609

 Sweden

6 348

6 290

6 144

5 353

5 219

4 884

4 614

Number of employees registered at December 31

43 123

43 241

45 436

40 637

40 401

38 091

39 739

Salaries, wages and social charges

13 066

13 681

14 497

13 068

13 608

14 812

14 321

 Sweden

2 464

2 480

2 697

2 317

2 360

2 375

2 243

 

Exhibit 10.3

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Aktiebolaget SKF (the "Company") on Form 20-F for the period ending December 31, 2002 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned hereby certify that to the best of our knowledge:

 

 

  1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: May 28, 2003

Name: /s/ Tom Johnstone
Title: President and Group Chief Executive


Date: May 28, 2003

Name: /s/ Tore Bertilsson
Title: Chief Financial Officer

 

* * *

A signed original of this written statement required by Section 906 has been provided to Aktiebolaget SKF and will be retained by Aktiebolaget SKF and furnished to the Securities and Exchange Commission or its staff upon request.

* * *

In accordance with the interim guidance for Section 906 certification issued by the United States Securities and Exchange Commission on March 21, 2003 in Release No. 33-8212, this certification will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act 1933 or the Securities Exchange Act of 1934, except to the extent that Aktiebolaget SKF specifically incorporates it by reference.