A World of Safer Vehicles

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A World of Safer Vehicles A world of safer vehicles 2020 Annual report Innovative brake specialist Haldex is a leading manufacturer of reliable and innovative brake systems and air suspen- sion solutions that enhance the safety, dynamics and durability of heavy vehicles. Haldex’s customers are mainly large manufacturers of trucks, buses and trailers in North America, Europe and Asia. On the aftermarket Haldex offers spare parts and servicing to distri- butors, workshops and large logistics companies. Haldex was founded in Landskrona in 1887 and has since been notable for innovative research and development work that has created groundbreaking technological vehicle solutions. Development today is focused on safety and the future of electrified and connected heavy vehicles. Haldex’s operations are global, with approximately 2,000 employees spread across 19 countries. 2 HALDEX ANNUAL REPORT 2020 Content 4 The year in brief 6 Sustainable brake systems 8 CEO´s statement 10 Market Vision and strategy 12 Goals and outcome 13 Vision and mission 14 Strategy 16 Technology that drives change Safety 18 Business Model Sustainability report Products for safer traffic 21 Overview, goals and outcome environment and vehicles 22 Four pillars of sustainability 24 Safe Haldex 26 Ethical Haldex 28 Green Haldex 30 Humane Haldex Innovation Haldex regions 32 Region: Americas Innovative technology 34 Region: Europe that drives change 36 Region: Asia 39 Directors’ report 42 Risks and risk management Group Service 52 Income statement 52 Statement of comprehensive income High level of service and 53 Balance sheet good availability 54 Change in equity 55 Cash flow statement 56 Group notes Parent Company 72 Income statement 72 Statement of comprehensive income 73 Balance sheet 74 Change in equity 75 Cash flow statement 76 Parent Company notes 80 Assurance by the Board of Directors 81 Audit report 86 Board 88 Management 90 Corporate Governance Report 95 The share 97 Key ratios and annexes 101 Definitions and glossary 103 Other information HALDEX ANNUAL REPORT 2020 3 b The year in brief 2020 was a challenging year, but we passed several milestones and ended the year in a positive momentum. The outbreak of the COVID-19 pandemic led to a dramatic decli- ne in demand and new production of trucks and trailers, mainly in North America and Europe, fell sharply. The aftermarket was initially impacted, but the entire transport sector gradually recovered during the second half of the year. OEM production volumes followed, and at the end of the fourth quarter production ended on par with 2019. Haldex’s sales developed in line with or better than the market. A sharp decline in March and April was followed by a gradual recovery. The aftermarket was affected to a somewhat lesser extent and total currency-adjusted sales decreased by 20%. To respond to the situation, we intensified sales to the trailer segment and aftermar- ket. We also launched an extensive short- and long-term savings programs to improve profitability and financial stability. The adjusted operating margin of 4.1% was mainly affected from lower sales in North America and Europe while an increased share of sales in the aftermarket had a positive effect on the gross margin. Implemented savings made a strong contribution to the fourth quarter’s adjusted operating margin, rising to 6.7%, the highest since 2015 for the corresponding period. • Agreement signed with a Chinese electric bus manufacturer re- • Earnings were affected by non-recurring items of net SEK -263m, garding pre-series production of electromechanical brake system. of which SEK 109m are related to savings programs, and SEK In addition, strategic agreements regarding test installation were 176m to impairement of intangible assets. Sales of a property in signed with two European global truck manufacturers. Blue Springs contributed positively with SEK 35m. • Agreement signed with Wielton Group, one of Europe’s leading • Haldex received government grants related to covid-19 totaling SEK trailer manufacturers, for the supply of EBS and air suspension 12m. systems. The contract is the first for Haldex’s new generation • In May, a new directed share issue of SEK 157m was conducted EB+4.0. and loan financing was extended. • Agreements renewed with two world-leading suppliers of trans- • At the Annual General Meeting on June 23, 2020 Helene Svahn port solutions in EMEA and South America, and position retained was re-elected as member of the board. Stefan Charette, Viveka role as sole supplier of Automatic Brake Adjusters (ABA). Ekberg, Håkan Karlsson and Catharina Modahl Nilsson were elec- • Agreement signed with Gigant GmbH, part of the Krone Group, ted as new members of the board. Stefan Charette was elected for the supply of Haldex ModulT disc brake system for trailers. chairman of the board. • Savings programs for production optimization were completed • At an Extraordinary General Meeting on December 29, 2020 two during the year, which meant that production in Heidelberg, Ger- new Board members were elected, Detlef Borghardt and Dzeki many, was closed and its R&D operations moved to the United Mackinovski. Kingdom and Sweden. In addition, production in Blue Springs, • Lottie Saks was appointed CFO on 1 June 2020, thus replacing USA, was moved to Monterrey, Mexico. The consolidation of Fric- Andreas Larsson. tion Centers was also successfully completed. • The Board proposes that no dividend be paid for 2020. • Three new savings programs were introduced during the year: a short-term program to offset lower sales and two long-term pro- Important events after the year-end grams with the goal of reducing the cost base. • The Board appointed Jean-Luc Desire to succeed Helene Svahn as President and CEO. Jean-Luc Desire to take office no later than July 1, 2021. 4 HALDEX ANNUAL REPORT 2020 / THE YEAR IN BRIEF b 4,007 1,990 4.1% Sales (SEKm) Employees Adjusted operating margin SALES SALES SALES Per region Per product line Per customer category 36% Europe 55% Foundation Brake 18% Truck 52% Americas 45% Air Controls 29% Trailer 12% Asia 53% Aftermarket KEY RATIOS IN 2020 2020 2019 Change Net Sales, SEKm 4,007 5,151 –22% Operating profit, SEKm –100 105 –195% Adjusted operating profit, SEKm 163 317 –49% Operating margin, % –2.5 2.0 –4.5 Adjusted operating margin, % 4.1 6.1 –2.0 Profit after tax, SEKm –300 5 n/a Earnings per share, SEK –6.44 0.12 n/a Dividend, SEK 1) 0 0 0 Return on capital employed, % 2) –3.8 3.1 –6.9 Return on capital employed, excluding non-recurring items, % 2) 5.0 9.4 –4.4 Equity/assets ratio, % 30 35 –5 Cash flow, operating activities, SEKm 215 328 –113 Employees 1,990 2,172 –8% 1) Proposed dividend which has to be approved at the AGM. 2) Rolling twelve months. The effect of IFRS16 Leases has been excluded. HALDEX ANNUAL REPORT 2020 / THE YEAR IN BRIEF 5 Sustainable brake systems Over 120 years of innovation have provided Haldex with competitive expertise in brake and air suspension systems for heavy trucks, buses, and trailers. Trucks Trailers In North America and Europe, there are The trailer market is concentrated and consists around fifteen manufacturers of heavy trucks of about ten manufacturers in the dominant and buses. In Asia, the market is more frag- 18% markets of North America and Europe. This 29% mented with several local manufacturers. The customer group acts as a springboard toward lead times for introducing products in large Share of total the more demanding truck customers. Share of total manufacturers' development programs are sales sales about five years. Foundation Brakes Automatic brake ad- Actuators are used Disc brakes perform justers (ABA) are used for both drum and disc better than drum brakes. in drum brakes to regulate brakes. Available in sev- Haldex manufactures the distance between the eral versions. A transition complete disc brake brake shoes and the brake is taking place from systems for both trucks drum. ABA is a market drum brake to disc brake and trailers. The disc brake leading component variants with the same dominates in Europe and that is gradually being technology. Haldex’s key penetration is increasing replaced by disc brakes in markets: Trucks and trail- in North America and newly produced vehicles. ers in North America. Asia. Haldex's key market: Haldex’s key markets: Trailers in Europe. Trucks and trailers in North America, South America and Asia. Air Controls Electronic EBS controls Raising and lower- Parking brake con- the braking system elec- ing of the trailer for trol ensures that trailers tronically. EBS distributes adaptation to the loading cannot roll away and brake pressure so that, in bay is accomplished with cause accidents when contrast to ABS, there is manual control of the air parked without a tractor. always optimal braking suspension system. Domi- Standard in Europe power on the vehicle. nant in Europe. Electronic with varying degree of Dominant technology regulation occurs. Hal- integrated functions. in Europe, with increas- dex's key market: Trailers Haldex's key market: ing functionality and in Europe. Trailers in Europe. equipment. Haldex's key market: Trailers in Europe. New Technology EMB (Electromechanical Braking system) is a braking system that can be used in all types of vehicles. EMB activates the brakes electronically without using compressed air. The product has been developed by Haldex VIE in China and is being tested by several OEM manufacturers in China and Europe. The product will be manufactured in China starting in 2021. The system has a positive impact on energy consumption, noise level, driving characteristics and stopping distance. The product is in a early market phase. Haldex key market: Buses in China (initially). 6 HALDEX ANNUAL REPORT 2020 / SUSTAINABLE BRAKE SYSTEMS Aftermarket The aftermarket consists of truck and trailer manufacturers’ own distributors and inde- pendent distributors.
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