Schaeffler Confirms Preliminary Results for the First Half of 2017

  Enquire / contact me

The company grew its revenue by 3.8 per cent to approximately EUR 7.0 billion at constant currency

Schaeffler Confirms Preliminary Results for the First Half of 2017
Schaeffler Confirms Preliminary Results for the First Half of 2017

Schaeffler published its interim financial report as at June 30, 2017, confirming the preliminary key figures it had announced on July 18, 2017.

Revenue

The company grew its revenue by 3.8 per cent to approximately EUR 7.0 billion at constant currency (prior year: around EUR 6.7 billion), and generated EBIT before special items of EUR 780 million (prior year: EUR 859 million).

Automotive division

The Automotive division increased its revenue by 4.2 per cent at constant currency in the first half of 2017, once again outpacing global production of passenger cars and light commercial vehicles, which rose by 2.6 per cent during the reporting period. The increase was largely driven by the Greater China region, which experienced a growth rate of over 20 per cent. As a result of slower growth in global automobile production and temporary supply chain shortages in the Aftermarket business, the second quarter was less dynamic than the first.

Industrial division

The Industrial division experienced an encouraging second quarter, reporting revenue growth of 2.3 per cent at constant currency for the first six months. The power transmission and industrial automation sectors and the Americas and Greater China regions showed a particularly positive trend. On this basis, the company generated an EBIT margin before special items of 11.1 per cent (prior year: 12.8 per cent). Following a good start to the year with compelling results for the first quarter of 2017, the decline in second quarter earnings was largely attributable to the weak performance of the Automotive division. The Automotive EBIT margin before special items amounted to 11.8 per cent during the first half of 2017 (prior year: 14.2 per cent). In contrast, the Industrial division further stabilised its earnings in the second quarter. The EBIT margin of the Industrial business rose to 8.5 per cent during the first six months (prior year: 8.1 per cent).

Net income

Net income for the first half of 2017 remained stable compared to the prior year period, amounting to EUR 485 million (prior year: EUR 494 million). Earnings per common non-voting share were EUR 0.73 (prior year: EUR 0.75).

Free cash flow

Free cash flow for the first six months of minus EUR 89 million was below the prior year amount of EUR 216 million. The decrease was primarily due to lower cash flow from operating activities for the first half of 2017, which was affected by factors including the decline in earnings in the second quarter of 2017 and additional cash outflows.

Anticipations

For 2017, the Schaeffler Group anticipates revenue growth of 4 to 5 per cent at constant currency, an EBIT margin of 11 to 12 per cent before special items, and free cash flow of approximately EUR 500 million before external growth.

Posted on August 30, 2017 - (1300 views)
Related articles
3D-printed Humanoid Robot
Robot Table Tennis Tutor
Industrial Grade Edge Computing Device
A Convention for European AI-holics
Predictive Intelligence Platform
Record Sales Turnover for Resolve Optics Ltd
Unitronics Launches its New VFD Line
On the Road to Energy Sustainability
How to optimise gas engine performance
FIVE-YEAR SOLE SUPPLY AGREEMENT FOR EXXONMOBIL AND INFINIS
Mercury: Mobile, multi-protocol diagnostics for all environments
System-based High Precision Linkages
Hannay Works Here
Sure Signs of Excellence: Top Notch Products Offering Added Value
HOT! Innovative Infrared Technology
Temperature Sensors in Stock for Immediate Worldwide Despatch
FANDIS' FF Series of Filter Fans
Sensing Innovation in Process and Control
Innovative Systems Solutions Made by LAPP
SAFETY? That's our top Priority
Robot Table Tennis Tutor
On the Road to Energy Sustainability
Hexagon PPM and Ditio Established a Partnership to Foster Digital Transformation
Digitalization will be the Number 1 Trend at ADIPEC 2018
Monitoring receiver
3D Surround View System
Flow Measurement Device
PTFE Membrane Filters
Comprehensive Bonding Technologies
Stainless Drives Take Over at Fish Processing Plat