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SKF Year-end report 2018
<p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <strong style="font-size:15px;border-top:0px;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;font-weight:bold;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"><em style="font-size:15px;border-top:0px;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"><span style="font-size:12px;font-family:Arial;color:#000000;">Alrik Danielson, President and CEO:</span></em></strong> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">¡°2018 was an excellent year for SKF, with record results and a significantly strengthened balance sheet. In recognition of this, the Board has decided to propose an increased dividend of SEK 6.00 per share to the Annual General Meeting.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> &nbsp; </p> <img alt="" src="http://www.bearing.com.cn/membcentre/editor/attached/image/20190130/20190130120341_18638.png" /> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> &nbsp; </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">During the fourth quarter, we delivered an organic sales growth of 5% for the Group, with net sales at SEK 21.2 billion.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">Operating profit was SEK 2.9 billion. Operating margin was 13.7%, impacted positively by the divestment of SKF Motion Technologies. Impairments of assets and customer settlements and restructuring had a negative impact. The net of the above had a positive impact on operating profit of SEK 705 million.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">Cash flow was very strong at SEK 4.3 billion, supported by strong operational performance, including continued reductions in finished goods inventories and the divestment of SKF Motion Technologies.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">The industrial business had a strong organic sales growth of 9%. Operating performance remained strong, with a reported operating margin of 18.3% (12.8% in the previous year).</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">The automotive business also remained resilient, but due to costs for restructuring and customer settlements it reports an operating margin of 2.1%. Organic sales development was -3.7%, with European sales continuing to be impacted by the WLTP test cycles. In China, demand for trucks and cars softened.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">The fourth quarter was a busy one in terms of our efforts to improve competitiveness in our manufacturing and consolidate our footprint. We announced investments and footprint optimizations in France, Germany, China and UK.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">Investments in automation and technology step-up continues, with a further investment in Schweinfurt, Germany announced in November, as well as the inauguration of an automated assembly line for LEAP aero-engine bearings in Valenciennes, France.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">As presented at our Capital Markets Day in November, we now have around 4 million connected bearings, of which half are connected to our REP Centers around the world enabling us to provide customers with reliable rotation.</span> </p> <p class="c1" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:12px;font-family:Arial;color:#000000;">Entering the first quarter of 2019, we expect to see relatively unchanged volumes for the Group, slightly higher for Industrial and lower for Automotive.¡±</span> </p> <div class="table-wrapper" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;position:relative;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;clear:none;border-left:0px;orphans:2;widows:2;margin:9px 0px 0px;letter-spacing:normal;outline-color:invert;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <table class="c2 ke-zeroborder" style="border-top:#dadada 1px solid;border-right:#dadada 1px solid;width:auto;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-collapse:collapse;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-spacing:0px;border-left:#dadada 1px solid;margin:9px 0px 0px;outline-color:invert;padding-right:0px;" cellspacing="0" cellpadding="0" border="0"> <tbody style="font-size:15px;border-top:0px;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Key figures, SEKm</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Q4 2018</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Q4 2017</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">2018</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">2017</span> </td> </tr> <tr class="even" style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Net sales</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">21,192</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">19,481</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">85,713</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">77,938</span> </td> </tr> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Operating profit</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">2,902</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">2,017</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">11,049</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">8,592</span> </td> </tr> <tr class="even" style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Operating margin, %</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">13.7</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">10.4</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">12.9</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">11.0</span> </td> </tr> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Profit before taxes</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">2,636</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">1,784</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">10,188</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">7,658</span> </td> </tr> <tr class="even" style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Net cash flow after investments before financing</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">4,259</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">1,704</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">8,326</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">4,753</span> </td> </tr> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Basic earnings per share</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">4.63</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">4.12</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">16.0</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">12.02</span> </td> </tr> </tbody> </table> <span class="corner cornerTL" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px 0px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;top:0px;padding-right:0px;"></span><span class="corner cornerTR" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px -5px;right:0px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;top:0px;padding-right:0px;"></span><span class="corner cornerBL" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px -10px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;padding-right:0px;bottom:0px;"></span><span class="corner cornerBR" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px -15px;right:0px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;padding-right:0px;bottom:0px;"></span> </div> <p style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;orphans:2;widows:2;margin:9px 0px 1em;letter-spacing:normal;outline-color:invert;line-height:1.5em;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <span style="font-size:15px;border-top:0px;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"><br /> </span> </p> <div class="table-wrapper" style="font-size:15px;border-top:0px;font-family:Arial, Helvetica, sans-serif;border-right:0px;vertical-align:baseline;background:#ffffff;white-space:normal;word-spacing:0px;border-bottom:0px;position:relative;text-transform:none;font-weight:400;color:#5e5e5e;outline-width:0px;padding-bottom:0px;font-style:normal;padding-top:0px;outline-style:none;padding-left:0px;clear:none;border-left:0px;orphans:2;widows:2;margin:9px 0px 0px;letter-spacing:normal;outline-color:invert;padding-right:0px;text-indent:0px;font-variant-ligatures:normal;font-variant-caps:normal;-webkit-text-stroke-width:0px;text-decoration-style:initial;text-decoration-color:initial;"> <table class="c2 ke-zeroborder" style="border-top:#dadada 1px solid;border-right:#dadada 1px solid;width:auto;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-collapse:collapse;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-spacing:0px;border-left:#dadada 1px solid;margin:9px 0px 0px;outline-color:invert;padding-right:0px;" cellspacing="0" cellpadding="0" border="0"> <tbody style="font-size:15px;border-top:0px;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Net sales change y-o-y, %, Q4</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Organic</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Structure</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Currency</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Total</span> </td> </tr> <tr class="even" style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">SKF Group</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">5.0</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">-1.0</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">4.8</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">8.8</span> </td> </tr> <tr style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Industrial</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">8.8</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">-1.4</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">5.6</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#ffffff;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">13.0</span> </td> </tr> <tr class="even" style="font-size:15px;border-top:0px;border-right:0px;background:none transparent scroll repeat 0% 0%;border-bottom:0px;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;"> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">Automotive</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">-3.7</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">0.0</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">3.1</span> </td> <td style="font-size:15px;border-top:#dadada 1px solid;border-right:#dadada 1px solid;vertical-align:top;background:#f9f9f9;border-bottom:#dadada 1px solid;outline-width:0px;padding-bottom:10px;padding-top:10px;outline-style:none;padding-left:10px;border-left:#dadada 1px solid;margin:0px;outline-color:invert;padding-right:10px;"> <span style="font-size:12px;border-top:0px;font-family:Arial;border-right:0px;vertical-align:baseline;background:none transparent scroll repeat 0% 0%;border-bottom:0px;color:#000000;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;outline-color:invert;padding-right:0px;">-0.6</span> </td> </tr> </tbody> </table> <span class="corner cornerTL" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px 0px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;top:0px;padding-right:0px;"></span><span class="corner cornerTR" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px -5px;right:0px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;top:0px;padding-right:0px;"></span><span class="corner cornerBL" style="font-size:15px;overflow:hidden;border-top:0px;height:5px;border-right:0px;width:5px;vertical-align:baseline;background:-5px -10px;border-bottom:0px;position:absolute;outline-width:0px;padding-bottom:0px;padding-top:0px;outline-style:none;padding-left:0px;left:0px;border-left:0px;margin:0px;z-index:10;outline-color:invert;padding-right:0px;bottom:0px;"></span><span class="corner cornerBR" style="font-siz
30 Jan,2019
Naqi Trading Singapore Pte Ltd.
Naqi Trading Singapore Pte Ltd.     Copyright 2012-2016
Tel£º+65 97728133      Fax£º+65 62421009
Email£ºshrrd111@163.com   
Website£ºwww.nqbearing.com
Address£º111, North Bridge Road, #21-01. Peninsula Plaza. Singapore 179098.
»¦ICP±¸16043139ºÅ-1    
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