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SKF AB is a leading global supplier of quality bearings, seals, lubrication systems, mechatronics, and services, encompassing everything from commuter vehicles to wind turbines. Their latest achievement in sustainable energy includes two Renewable Energy Certificate purchase agreements in North America. By investing in wind and solar energy, SKF is committed to reducing carbon emissions and supporting renewable energy projects. With ambitious sustainability targets aiming for decarbonization by 2030 and net zero status by 2050, SKF continues to lead the industry towards a cleaner, greener future.
The Annual General Meeting (AGM) of Aktiebolaget SKF was held on March 24, 2022, via postal voting due to Covid-19 restrictions. The income statements and balance sheets were approved, along with a dividend of SEK 7.00 per share, payable to shareholders registered by March 28, 2022. Board fees were set, including SEK 2,530,000 for the Chairman and SEK 825,000 for other members. Hans Stråberg was re-elected Chairman. New principles for executive remuneration and a Performance Share Programme for 2022 were also approved.
AB SKF announces a conversion of shares from Series A to Series B effective February 28, 2022. The new share capital totals SEK 1,138,377,670 with 29,403,933 Series A shares and 425,947,135 Series B shares issued. This adjustment results in 71,998,646.5 total votes within the company. Notably, AB SKF does not possess any own shares. This disclosure fulfills the obligations under the Financial Instruments Trading Act and was published at 8:00 CET on the stated date.
SKF reported net sales for Q4 2021 of SEK 20,986 million, reflecting a 4% organic growth. The full-year net sales reached SEK 81,732 million, up from SEK 74,852 million in 2020. However, the adjusted operating margin declined to 10.8% in Q4 from 13.2% the previous year. Despite strong industrial growth of 9%, the automotive sector faced a -8% decline. SKF anticipates 5-10% organic sales growth for 2022, with plans for price increases to offset rising costs.
SKF will announce its FY 2021 Results and an updated strategic framework on 3 February 2022. The year-end results will be released at 8:00 CET, followed by a live webcast for investors and analysts from 9:00 to 10:30 CET. Participants are encouraged to log in 10 minutes prior to the event. The webcast can be accessed via a provided link. Further details will be available on SKF's Investor Relations website. For media inquiries, contact Carl Bjernstam via email.
On January 10, 2022, SKF announced the acquisition of Laser Cladding Venture n.v. (LCV), a Belgium-based additive manufacturing company. This strategic move aims to enhance SKF's service and remanufacturing offerings through advanced manufacturing technologies. The acquisition supports SKF's commitment to circular economy principles and reducing the CO2 footprint, positioning the company to meet future customer demand more effectively. The integration of LCV's capabilities is expected to strengthen SKF's overall value proposition in the industry.
SKF has signed a license agreement with Christof Global Impact, granting exclusive rights to commercialize its multi-feedstock slop-oil recovery technology. Originally part of SKF's acquisition of RecondOil in 2019, this technology is not central to SKF's business focus. Instead, SKF will concentrate on developing the RecondOil Double Separation Technology for industrial lubricants. Thomas Fröst, SKF Industrial Technologies President, expressed confidence in the partnership's potential to maximize technology value, while Christof's CEO highlighted their competence in industrialization.
On October 29, 2021, AB SKF announced a conversion of shares from Series A to Series B, resulting in a total share capital of SEK 1,138,377,670. The company's total shares now comprise 30,503,933 Series A shares and 424,847,135 Series B shares, while the total voting rights amount to 72,988,646.5. AB SKF does not hold any treasury shares. This disclosure is mandated under the Financial Instruments Trading Act.
SKF reported solid demand in Q3 2021, achieving net sales of SEK 20,146 million, up from SEK 18,596 million year-over-year, driven primarily by a 13% organic growth in its Industrial segment. However, the Automotive sector faced challenges with a -5% decline in sales due to reduced production from key customers. The group's adjusted operating profit was SEK 2,672 million, maintaining a 13.3% margin. SKF anticipates continued supply chain issues and plans to close six manufacturing sites by year-end. The company targets a net zero greenhouse gas supply chain by 2050.
SKF commits to achieving a net zero greenhouse gas emissions supply chain by 2050, building on progress to reach net zero emissions in its own operations by 2030. The company aims for a 45% reduction of CO2 emissions in its supply chain by 2035 and 60% by 2040. Additionally, SKF plans to source 40% of steel from carbon-neutral plants and cut transport-related emissions by 80% by 2040. The Gothenburg facility will achieve net zero status by utilizing green energy and improved processes.
SKF announced it will release its nine-month results for 2021 on October 26, 2021, at 08:00 (CET). Investors, analysts, and media are invited to participate in a webcast starting at 09:00 (CET). To join, stakeholders must log in at least 10 minutes prior to the event. Detailed results will also be available on the Group's website. Post-webcast interviews can be scheduled with company representatives.
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