AB SKF - SKFRY STOCK NEWS

SKF reported strong sales growth in Q1 2021, with net sales at SEK 19,865 million, an 8.6% organic increase year-over-year. The adjusted operating result improved to SEK 2,789 million, yielding a margin of 14%. However, cost inflation and currency fluctuations negatively impacted operations by SEK 1.3 billion. The company plans to enhance cash flow, which was SEK -702 million this quarter. SKF is focusing on sustainability, reporting a sales increase in renewable sectors from SEK 4 billion to SEK 7 billion over two years.

SKF will announce its first quarter results for 2021 on April 22, 2021, at approximately 08:45 CET. Investors, analysts, and media are invited to participate in a Webcast at 10:00 CET, where questions can be submitted via chat. The webcast can be accessed through a provided link. For more details and results, visit SKF's investor relations website. Media inquiries can be directed to Theo Kjellberg.

SKF plays a crucial role in NASA's Mars Perseverance Rover mission by providing Kaydon RealiSlim thin-section ball bearings. These bearings are essential for the rover's main robotic arm, sample collection turret, and other operations during its mission in Jezero Crater. Designed to withstand harsh Martian conditions, they are customized for optimal weight, size, and reliability. SKF's involvement in space missions dates back over 40 years, showcasing its long-standing commitment to advancing aerospace technology.

The Annual General Meeting of Aktiebolaget SKF was held on March 25, 2021, focusing on key corporate governance matters amid Covid-19 restrictions. The income statements and balance sheets were approved, along with a dividend of SEK 6.50 per share, record date March 29, 2021. The Board's fee was set at SEK 2,300,000 for the Chairman, SEK 750,000 for other members, and various amounts for committee roles. Board members were re-elected with Rickard Gustafson joining as a new member. Deloitte was appointed as auditor, and amendments to the Articles of Association were approved.

SKF is investing SEK 400 million to expand and modernize its manufacturing facility in Airasca, Italy. This investment focuses on producing super-precision bearings (SuPBs) and will include the installation of fully automated manufacturing channels, with the first expected to be operational by 2022. The plan involves consolidating operations from two other factories in Northern Italy, optimizing manufacturing processes and improving product performance.

On February 26, 2021, AB SKF announced a conversion of shares from Series A to Series B, confirming its share capital amounts to SEK 1,138,377,670. The total number of shares is 31,319,602 Series A shares and 424,031,466 Series B shares, resulting in a total of 73,722,748.6 votes in the company. AB SKF holds no own shares. This disclosure complies with the Financial Instruments Trading Act and was published at 09:00 CET on February 26, 2021.

SKF has announced its Annual General Meeting (AGM) set for March 25, 2021, which will be conducted entirely via postal voting due to COVID-19 restrictions. Shareholders must be recorded in the register by March 17 and submit their postal votes by March 24. Key agenda items include the election of Board members, approval of profit distribution, and the SKF Performance Share Programme 2021, which proposes the allotment of up to 1,000,000 shares based on achieving defined Total Value Added targets. A proposed dividend of SEK 6.50 per share is also on the agenda.

SKF will announce its nine-month results for 2020 on 27 October 2020 at approximately 13:00 (CET). A Webcast will follow at 14:00 (CET), allowing investors and analysts to engage directly via a chat function. The Webcast will be accessible through Microsoft Teams, with full information available on the Group's website. Additionally, SKF Capital Markets Day 2020 is set for 4 November, featuring key executives including Alrik Danielson and Niclas Rosenlew. Further details and registration info will be shared shortly.

On September 25, 2020, AB SKF announced the representatives of its Nomination Committee for the Annual General Meeting 2021, in accordance with a resolution from March 26, 2020. The committee includes Marcus Wallenberg (FAM), Anders Jonsson (Skandia), Anders Algotsson (AFA Försäkring), and Evert Carlsson (Swedbank Robur Fonder). The Annual General Meeting is scheduled for March 25, 2021. Shareholders can submit proposals related to the board and audit fees until one month prior to the meeting.