Schaeffler Group Reports Continued Profitable Growth for First Half of 2011

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Sales of €5.4 billion approximately 18 per cent above previous year period

Schaeffler Group Reports Continued Profitable Growth for First Half of 2011
Schaeffler Group Reports Continued Profitable Growth for First Half of 2011

The Schaeffler Group, one of the world's leading automotive and industrial suppliers, has set new records in sales and operating results in the first six months of 2011. "Our business has developed excellently in the first half of this year. Once again, we managed to significantly exceed the very good levels in sales and net income achieved in the previous half-year period," said Dr. Juergen M. Geissinger, Schaeffler Group President & CEO. "Thanks to our innovative product portfolio, we were able to benefit beyond proportion from our customers' economic recovery in all sectors and regions."
The Schaeffler Group sales in the first six months rose by 18 per cent to approximately €5.4 billion. The European region excluding Germany recorded the highest increase in sales of 21 per cent, followed by Asia with 18 per cent and Germany with 17 per cent. The Automotive Division surpassed the sales level of the last period, by 16 per cent to €3.6 billion. In the Industrial division it was in particular the production machinery, power transmission and aftermarket sectors that were able to further expand their businesses. Overall sales in the division climbed 25 per cent to approximately €1.7 billion.
Compared with the 2010 period, the operating result (EBIT) in the first six months increased by 20 per cent to €883 million. Return on sales based on EBIT rose accordingly to 16.4 per cent, having reached 16.2 per cent in the previous year. Net income in the first half of 2011 improved by €901 million to €641 million.
By the end of the first half of 2011, the Schaeffler Group employed over 70,000 staff. "Compared with the end of 2010 this is an increase of about 5 per cent. With this we are enjoying an excellent position worldwide," said Schaeffler Group CEO, Dr. Juergen M. Geissinger. In Germany the workforce comprises approx. 29,000 employees, which is an increase of 3.2 per cent.
Dr. Juergen M. Geissinger stated: "We have slightly raised our sales expectations for 2011 as a whole, due to the excellent development in the first six months of the year. We are now expecting a sales increase of more than 10 per cent. Against the backdrop of our planned capacity building measures and the anticipated rise in material and personnel costs, we continue to expect an EBIT margin of over 13 per cent."

Posted on September 20, 2011 - (192 views)
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