SKF Annual Report 2022 published online; major milestone reached for own renewable energy use

Rhea-AI Summary

SKF has achieved a significant milestone in its Net Zero journey, with over half of its electricity consumption now sourced from renewable energy. This achievement is highlighted in the Annual Report 2022, which outlines the company's strategic progress and commitment to sustainability. Launched in early 2022, SKF's new strategic framework aims to accelerate profitable growth despite external challenges. The report emphasizes the integration of sustainability measures and strong stakeholder partnerships for renewable energy sourcing. The full report is available for download at SKF's investor website.

Positive

• First time over 50% of electricity from renewable sources.
• Successful implementation of new strategic framework for profitable growth.
• Integration of sustainability in business operations.

Negative

• None.

In 2022, for the first time more than half of all electricity used by SKF was renewable, which is a major milestone in the Group's Net Zero journey. This contributed to keeping SKF well on course for its climate targets as explained in the AB SKF's Annual Report, which now has been published online.

GOTHENBURG, Sweden, March 1, 2023 /PRNewswire/ -- AB SKF's Annual Report 2022 has been published today on the Group's website. The report focuses on SKF's strategic and operational progress as well as value creation for customers, employees, shareholders, and surrounding communities.

In the Annual Report, the implementation of SKF's new strategic framework which was launched early 2022 is described. These activities include a new organization and operating model with six business areas with full end-to-end accountability. Sustainability is integrated in the Annual Report where the Group's Sustainability report, which has been prepared in accordance with the GRI Standards 2021, also is included.

Rickard Gustafson, President and CEO, says: "In 2022, we kick-started our Intelligent and Clean strategic framework to accelerate profitable growth across our business units, while having to navigate several very difficult external challenges throughout the year. This was to a great extent accomplished thanks to our employees in all geographies and their hard work in supporting each other and our customers while taking necessary measures to safeguard our business."

"In 2022, we also reached an additional major milestone in our journey towards Net Zero. For the first time, more than half of all electricity used in our operations around the world was generated from renewable energy sources like wind and solar."

In accomplishing this Net Zero journey milestone, SKF has been working with various stakeholders, such as local renewable energy providers, as well as with on-site solar installations for example. Having electricity secured from renewable sources has a big impact since it is the major energy source for SKF operations.

The SKF Annual Report is available for download on https://investors.skf.com.

Aktiebolaget SKF
     (publ)

This is information that AB SKF is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication at 13:00 CET on 1 March 2023.

For further information, please contact:

PRESS: Carl Bjernstam, Group Communication
tel: 46 31-337 2517; mobile: 46 722-201 893; e-mail: carl.bjernstam@skf.com

INVESTOR RELATIONS: Patrik Stenberg, Head of Investor Relations
tel: 46 31-337 2104; mobile: 46 705-472 104; patrik.stenberg@skf.com

The following files are available for download:

https://mb.cision.com/Main/637/3725597/1883909.pdf	SKF_AR2022_ENG
https://mb.cision.com/Main/637/3725597/1883910.zip	skf-2022-12-31-en.zip
https://news.cision.com/skf/i/dsc6842,c3150246	DSC6842
https://news.cision.com/skf/i/skf--dsc8701-low,c3150247	SKF- DSC8701 LOW
https://mb.cision.com/Public/637/3725597/8b7e41b97dfcf7a8.pdf	20230301 SKF Annual Report 2022 is published online major milestone reached for own renewable energy use
https://mb.cision.com/Public/637/3725597/bded512869214560.xhtml	skf-2022-12-31-en

 

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SOURCE SKF

FAQ

What was a major milestone for SKF in 2022?

SKF achieved over 50% of its electricity consumption from renewable energy for the first time in 2022.

When was SKF's Annual Report for 2022 published?

SKF published its Annual Report for 2022 on March 1, 2023.

What is the focus of SKF's Annual Report 2022?

The report focuses on strategic progress, operational achievements, and sustainability efforts.

What strategic framework did SKF launch in 2022?

SKF launched the Intelligent and Clean strategic framework to enhance profitable growth.

Where can I access SKF's Annual Report 2022?

SKF's Annual Report 2022 is available for download on their investor website.