12.05.2016
Schaeffler AG DE000SHA0159
DGAP-News: Schaeffler AG: Schaeffler off to a good start into 2016
DGAP-News: Schaeffler AG / Key word(s): Quarter Results
Schaeffler AG: Schaeffler off to a good start into 2016
12.05.2016 / 08:10
The issuer is solely responsible for the content of this announcement.
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1st quarter 2016
Schaeffler off to a good start into 2016
- Revenue of EUR 3.3 billion slightly above prior year - increase of 2.4
% at constant currency
- Automotive division again growing faster than market - demanding market
environment for Industrial division
- Earnings quality remains high - EBIT margin before special items at
12.6 %
- Net income increases by 52 % to EUR 253 million
- Outlook for 2016 confirmed
HERZOGENAURACH, May 12, 2016. Automotive and industrial supplier Schaeffler
has had a good start in 2016. At EUR 3.3 billion, revenue for the first
quarter of 2016 was slightly above the prior year level. At constant
currency, the growth rate was 2.4 percent.
The Automotive business reported a growth rate of 2.4 percent compared to
the prior year (+5.0 percent at constant currency), once more outpacing the
increase in production volumes of passenger cars and light commercial
vehicles (+0.9 percent). From a regional perspective, it was primarily
strong demand in China and Asia/Pacific that contributed to the additional
revenue. The Aftermarket business was also very successful. Schaeffler AG
CEO Klaus Rosenfeld said: "Despite the challenging environment, 2016 has
started off well for us. At constant currency, our Automotive business
continues to grow significantly more rapidly than the market".
Revenue in the Industrial business decreased by 6.9 percent (-5.5 percent
at constant currency). While certain sectors, such as wind energy and two
wheelers, reported considerable growth rates, the low commodities and oil
prices and the resulting economic uncertainties have adversely affected
revenue, especially in the raw materials sector and the distribution
business. Klaus Rosenfeld commented: "The environment in the industrial
business remains demanding. We are continuing to work diligently on
improving the efficiency and competitiveness of our Industrial business
under our 'CORE' program".
Trends in the four Schaeffler Group regions' revenue differed. Revenue in
Schaeffler's Europe region was down slightly by 0.5 percent (+0.2 percent
at constant currency). The Americas region reported a drop in revenue of
5.6 percent (-0.1 percent at constant currency), a reflection not only of
the weak industrial business but also of the uncertain economic situation
in Brazil. Driven by the buoyant Automotive business, revenue in the
Greater China and Asia/Pacific regions increased significantly by 5.5
percent (+8.0 percent at constant currency) and 9.9 percent (+13.4 percent
at constant currency) despite the adverse impact of currency translation.
EBIT (earnings before interest and taxes) declined by 3.0 percent to EUR
421 million compared to the prior year. At 12.6 percent, the EBIT margin
level remained high. The company increased its net income by approximately
52 percent to EUR 253 million (prior year: EUR 167 million). CFO Dr. Ulrich
Hauck stated: "The improvement in net income is mainly the result of our
significantly improved financial result". The financial result for the
first quarter of 2016 amounted to minus EUR 65 million (prior year: minus
EUR 176 million). The prior year financial result had reflected one-time
charges related to the early redemption of bonds.
The Schaeffler Group generated cash flows from operating activities of EUR
206 million (prior year: EUR 184 m) in the first quarter of 2016,
representing an improvement of 12 percent over the prior year quarter.
Capital expenditures amounted to EUR 318 million (prior year: EUR 244
million), bringing the capex ratio (capital expenditures in relation to
consolidated revenue) to 9.5 percent (prior year: 7.3 percent). The
resulting free cash flow was minus EUR 112 million (prior year: minus EUR
60 million).
Net financial debt amounted to EUR 4.9 billion as at March 31, 2016
(December 31, 2015: EUR 4.9 billion). On this basis, the ratio of net debt
to EBITDA before special items was 2.1 at the end of the quarter (December
31, 2015: 2.1). On April 28, 2016, rating agency Standard & Poor's upgraded
Schaeffler AG's company rating to BB from BB-. The rating improved as a
result of the reduction in Schaeffler AG's debt using the proceeds of the
listing in October 2015 as well as the successful placement of additional
common non-voting shares in April 2016.
The company confirmed its guidance for 2016 as a whole. The Schaeffler
Group continues to anticipate revenue growth of 3 to 5 percent at constant
currency, an EBIT margin of 12 to 13 percent before special items, and a
free cash flow of approximately EUR 600 million for the year as a whole.
Forward-looking statements and projections
Certain statements in this press release are forward-looking statements. By
their nature, forward-looking statements involve a number of risks,
uncertainties and assumptions that could cause actual results or events to
differ materially from those expressed or implied by the forward-looking
statements. These risks, uncertainties and assumptions could adversely
affect the outcome and financial consequences of the plans and events
described herein. No one undertakes any obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise. You should not place any undue
reliance on forward-looking statements which speak only as of the date of
this press release. Statements contained in this press release regarding
past trends or events should not be taken as representation that such
trends or events will continue in the future. The cautionary statements set
out above should be considered in connection with any subsequent written or
oral forward-looking statements that Schaeffler, or persons acting on its
behalf, may issue.
You can download the interim report as at March 31, 2016 from
www.schaeffler.com/ir.
About Schaeffler
The Schaeffler Group is a leading global integrated automotive and
industrial supplier. The company stands for the highest quality,
outstanding technology, and strong innovative ability. The Schaeffler Group
makes a key contribution to "mobility for tomorrow" with high-precision
components and systems in engine, transmission, and chassis applications as
well as rolling and plain bearing solutions for a large number of
industrial applications. The technology company generated sales of
approximately EUR 13.2 billion in 2015. With around 84,000 employees,
Schaeffler is one of the world's largest family companies and, with
approximately 170 locations in more than 50 countries, has a worldwide
network of manufacturing locations, research and development facilities,
and sales companies.
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12.05.2016 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
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Language: English
Company: Schaeffler AG
Industriestr. 1-3
91074 Herzogenaurach
Germany
Phone: 09132 - 82 0
E-mail: [email protected]
Internet: www.schaeffler.com
ISIN: DE000SHA0159
WKN: SHA015
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange; Luxemburg
End of News DGAP News Service
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