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Bearings, Seals and Related Products

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Bearings, Seals and Related Products Annual Report SKF's vision is to be recognized as the world leader in bearings, seals and related products. We will achieve this by being the best company in the industry in: • providing customer value • developing our employees • creating shareholder value Accordingly, we focus our operations on: • quality • cost • growth • speed This is SKF SKF was founded in 1907 and since then has always occupied a position in the front line of technical innovation. Since its start, SKF has been responsible for most of the pioneering inventions within rolling bearing technology. Thanks to having adopted an aggressive focus from the start, SKF is today the world's leading producer of rolling bearings and also holds a leading position within special steels and elastomeric seals. With some 80 production sites in 23 countries and sales through the Group's own sales companies and/or via authorized distributors in virtually all of the world's countries, SKF is always close to the customer. KEY FIGURES 1997 1996 1995 Net sales, SEK m 36 922 33 589 36 700 Operating income, SEK m 2 949 2 874 4 000 Income after financial income and expense, SEK m 2 106 2 412 3 389 Additions to tangible capital assets, SEK m 2 664 2 710 2 296 Earnings per share after tax, SEK 13.70 14.90 18.10 Dividend per share, SEK 5 25* 5.25 5.25 Return on capital employed, % 13.0 14.7 19.0 Solvency, % 33.5 34.3 31.2 Number of employees registered 43 241 43 123 43 754 * Dividend according to the Board’s proposed distribution of surplus PHOTO: Bertil Strandell, Håkan Ludwigsson, Magnus Pajnert PRODUCTION: Malmer & Partners AB PREPRESS & PRINT: Elanders Wezäta AB, 1998 PRINTED ON: Arctic Silk and Munken Lynx, Environmentally friendly Financial information and reporting AB SKF will publish the following financial reports in 1998: Report on 1997 operations . .January 30 Report on first quarter 1998 . .April 24 Report on first six months 1998 . .July 15 Report on first nine months 1998 . .October 21 The Annual Report for 1997 will be published on March 16. The reports are available in Swedish and English and can be ordered from SKF Group Communication SE-415 50 Göteborg Sweden tel +46-31-337 19 88, fax +46-31-337 17 22 SKF’s financial reports are also published on Internet http://www.skf.com In addition to the above reports, an annual report, Form 20-F, is produced for the Securities and Exchange Commission in the U.S. Annual General Meeting The Annual General Meeting will be held at SKF Kristinedal, Byfogdegatan 4, Göteborg, Sweden, at 3.30 p.m. on Friday, April 24, 1998. In order to participate in the meeting, shareholders must be recorded in the shareholders’ register maintained by the Securities Register Center (VPC AB) by Tuesday, April 14, must notify the Company before noon on Tuesday, April 21, of their intention to attend (AB SKF, Group Legal, SE-415 50 Göteborg, Sweden, tel +46-31-337 24 36), giving details of name, address, telephone and share- holding. Payment of dividends April 29, 1998 is proposed as the record date for share- holders entitled to receive dividends for 1997. If this date is accepted by the Annual General Meeting it is expected that the Securities Register Center will send out notices of pay- ment on May 7, 1998. SKF Environmental Report 1997 The Environmental Report, which is distributed together with the Annual Report, is a comprehensive description of the SKF Group’s environmental activities during the year. Aktiebolaget SKF, SE-415 50 Göteborg, Sweden Telephone +46-31-337 10 00, fax: +46-31-337 28 32, http://www.skf.com Contents SKF Group The Chairman’s Review Letter from the President – Efficiency enhancement and increased competence as competitive weapons Board of Directors' Report – Bearings – Seals – Special steels Financial objectives and dividend policy Financial risk management SKF and European Monetary Union Environment – Towards ISO 14001 Towards Year 2000 SKF 100 – A sprint that never ends Financial information Consolidated income statements Consolidated balance sheets Consolidated statements of cash flow Notes to the consolidated financial statements U.S. GAAP Parent Company income statements Parent Company statements of cash flow Parent Company balance sheets Notes to the financial statements for the Parent Company Proposed distribution of surplus Auditor’s report Shares and shareholders Cover picture Board of Directors At least 50 million people in the world today are active Management inline roller skaters. And interest is increasing. Each Seven-year review of the SKF Group wheel contains two deep groove ball bearings, a total of 16 bearings per pair. Thus, the market potential is Words in SKF’s world substantial. SKF sells bearings to inline manufacturers, Financial glossary such as Bauer in Canada and Salomon in France, as 1 well as to the after-market through authorized distribu- tors, sport shops and via the Internet. Words in SKF’s world After-market Those customers, such as Lead time Time from the ordering of raw Seals are also used in many other applica- distributors, who buy bearings for resale material to delivery of the finished bear- tions (e g Valve stem seal, Shock absorber as spare parts. ing. seal). Auto-Balancing A unit where free- Light trucks A designation used in the Sensor Electric transmitter which registers running balls automatically counteract U.S. to cover everything from jeeps and revolutions, speed, temperature, etc. Inte- imbalance and thereby reduce vibration in vans to lightweight trucks. grated in wheel bearing units and certain such applications as hand-held tools, deep groove ball bearings. Needle roller bearing (NRB) Bearing washing machines, centrifuges and with long, thin cylindrical rollers. Used in Shock absorber seal Sealing ring, spe- electric motors. applications where space is limited, e g cially designed for short, shock-loaded axial Axial load Load acting in the direction in gearboxes. movements. along the shaft/axis. OEM customers Original Equipment SKF Engineering & Research Centre B.V. Ball bearing Bearing with balls as rolling Manufacturers – those customers who (ERC) SKF’s research center in the elements. May contain one or more rows buy bearings to use them in their own Netherlands. of balls. products, e g manufacturers of cars, Slewing bearing Large rolling bearing for household appliances, machines, etc. Bearing Machine element for reducing cranes and tunnel-boring machines. May be the friction between moving machine Oil film A very thin film of oil (one thou- several meters in diameter. parts. Most bearings nowadays are rolling sandth of a millimeter) which prevents the Spherical bearing Ball bearing (SABB) or bearings, consisting of inner ring, outer rolling elements in a bearing from coming roller bearing (SRB) where the inside sur- ring, a number of rolling elements (balls or into direct contact with the rings. face of the outer ring is part of a sphere, rollers) and a cage. Most bearings are Oil seals Common name for seals used which means that the bearing can adapt made from steel. for oil greasing. itself to misalignment of the shaft. SKF was Bearing housing Product in which a founded on Sven Wingquist’s revolutionary Precision bearing Bearing for machine rolling bearing is mounted for protection invention of the double row spherical ball tools with very high rotating speed. Used and support. Made of cast metal or plastic bearing. in such applications as spindle units. and used in many different applications, Spindle unit Complete bearing unit with such as fans, paper-making machines, etc. Radial bearing Ball or roller bearing for precision bearings for machine tools. radial loads. Bearing unit Product in which the bear- Taper roller bearing (TRB) Roller bearing ing has been integrated with other compo- Radial load Load acting in a direction with tapered rollers. nents in a single unit. The bearing is perpendicular to the shaft/axis, i e along greased for its entire lifetime. the radius. Sport utility vehicles Robust, usually four- wheel-drive vehicles (such as jeeps), which Cage Bearing component which keeps Radial seal A type of oil seal. were formerly used in more extreme situa- the balls or rollers separated from each Roller bearing Bearing with rollers as tions. Today’s models are lighter and offer other when the bearing is rotating. Nor- rolling elements. May contain one or more passenger car comfort. Could belong to the mally made of steel, but sometimes of rows of rollers. light truck category. brass or plastic. Rolling bearing steel Very clean special Thrust bearing Ball or roller bearing for CARB™ New bearing type which can steel for rolling bearing production. axial loads. accomodate misalignment and axial dis- placement of the shaft, and also is com- Rolling bearings Common name for ball TQM Total Quality Management – quality pact. It has not been possible to combine and roller bearings. concept within SKF comprising production, these properties in one bearing before. products, employees, service and attitudes. Rolling elements Common name for the Cylindrical roller bearing (CRB) Roller balls and rollers in a bearing. Trouble-Free Operation (TFO) A concept, bearing with cylindrical rollers. developed by SKF, which aims at giving the Rolling/milling Method of processing customer as trouble-free an operation as Deep groove ball bearing (DGBB) Ball steel to produce the desired products (bar, possible. The concept is often tailor-made bearing where the balls run in grooves in wire, sheet and tube). and includes products and service, mainte- the inner and outer ring. The bearing is a Rolling mill Production unit for the rolling nance products, training, monitoring and radial bearing but can also take a certain of steel (see above). other equipment.
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