15.03.2016
Schaeffler AG DE000SHA0159
DGAP-News: Schaeffler AG: Schaeffler AG revenue increases to above EUR 13 billion
DGAP-News: Schaeffler AG / Key word(s): Final Results
Schaeffler AG: Schaeffler AG revenue increases to above EUR 13 billion
15.03.2016 / 07:59
The issuer is solely responsible for the content of this announcement.
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Financial press conference, March 15, 2016
Schaeffler AG revenue increases to above EUR 13 billion
- Revenue rises by more than 9% - EBIT margin before special items at
12.7%
- Automotive division growing more rapidly than market - realignment of
Industrial division well under way
- Over EUR 1 billion invested - 1,900 new jobs created
- Dividend proposal of 35 cents per share - special dividend of 15 cents
per share
- Technology and innovation driving future growth - revenue growth of
3 to 5% at constant currency expected for 2016
HERZOGENAURACH, March 15, 2016. Automotive and industrial supplier
Schaeffler was able to continue moving along its successful course in 2015.
The company expanded its revenue by 9.1 percent to EUR 13.2 billion. "We
were able to considerably increase our revenue in the previous year,
despite the challenging environment. We are planning to continue on our
profitable growth path in 2016, as well. Our strategic concept "mobility
for tomorrow" puts us in a good position to do that," said Klaus Rosenfeld,
CEO.
Automotive division growing more rapidly than market - realignment of
Industrial division well under way
With its growth rate of 11.2 percent compared to the prior year, the
Automotive division once more clearly outpaced the increase in production
volumes of passenger cars and light commercial vehicles of 1 percent. The
OEM business benefitted from the high level of demand for Schaeffler
products in the U.S. and strong growth in China in the first half of 2015.
During the latter half, demand in the Asia/Pacific region picked up
noticeably. The Automotive division also profited from above-average
revenue growth in the Aftermarket business.
The company's Industrial business generated growth of 3.0 percent in 2015.
Especially the wind power and motorcycle sector businesses contributed to
the growth. The realignment of the Industrial division (CORE program) is
progressing on schedule. The realignment is aimed at improving the
efficiency and competitive position of the Industrial business for the long
term in order to facilitate profitable growth. The division is aiming for
an EBIT margin of 13 percent by 2018.
All four of the Schaeffler Group's regions reported revenue increases in
2015, with currency translation making a favorable impact on revenue. The
growth dynamic varied widely across regions. Revenue grew fastest in the
Schaeffler Group's Greater China region, rising by 23.5 percent over prior
year there, followed by the group's Americas region, where revenue
increased by 17.5 percent. The Asia/Pacific region reported revenue growth
of 13.5 percent, while the Europe region grew by 2.1 percent.
Earnings quality remains high - EBIT margin before special items at 12.7%
Earnings before interest and taxes (EBIT) excluding special items increased
by EUR 115 million to EUR 1,676 m. The corresponding EBIT margin amounted
to 12.7 percent. The special items adversely affecting EBIT consisted of
the EUR 238 million provision for legal risks recognized for potential
third party claims in connection with the EU antitrust proceedings
finalized in March 2014 and EUR 36 million in restructuring provisions
related to the CORE program. Including these special items, the Schaeffler
Group's EBIT for 2015 amounted to EUR 1,402 million (prior year: EUR 1,523
million) and the EBIT margin was 10.6 percent (prior year: 12.6 percent).
Cash flows from operating activities were EUR 1,372 million (prior year:
EUR 900 million). "We generated sustainable positive free cash flow of EUR
370 million in 2015, significantly higher than the prior year amount of EUR
48 million," explained CFO Dr. Ulrich Hauck.
Over EUR 1 billion invested - 1,900 new jobs created
The Schaeffler Group has significantly raised its total capital
expenditures, investing EUR 1,025 million (prior year: EUR 857 million) in
new products and technologies as well as in the expansion of the group's
global production network. This represents an increase of approximately 20
percent from the prior year. The company's capex ratio (capital
expenditures as a percentage of revenue) was 7.7 percent (prior year: 7.1
percent). In addition to the construction and expansion of new
manufacturing locations such as the ones in Chonburi, Thailand and in
Puebla, Mexico, capital expenditures made in 2015 also related to the
"European Distribution Center" (EDC) project.
The Schaeffler Group had 84,198 employees as at December 31, 2015, about
1,900 or about 2 percent more than in the prior year. In Germany, the
Schaeffler Group employed a total of about 30,800 staff at year-end (prior
year: approximately 30,500). Worldwide, about 2,900 trainees or about 3
percent of the group's workforce were pursuing an apprenticeship at the
Schaeffler Group. This represents an increase in the number of trainees by
about 6 percent compared to the prior year.
Listing completed successfully - financial debt reduced considerably
With its listing on October 9, 2015, the company has laid the foundation
for successfully continuing its profitable growth in the coming years. The
proceeds of the listing have helped improve its equity ratio and reduce its
debt to EBITDA ratio. Net financial debt fell by EUR 889 million to EUR
4,889 million (prior year: EUR 5,778 million). The adjusted net debt to
EBITDA ratio was 2.1 at December 31, 2015 (prior year: 2.6).
Dividend proposal of 35 cents per share - special dividend of 15 cents per
share
The Board of Managing Directors and the Supervisory Board will propose a
dividend of EUR 0.35 per common non-voting share to the annual general
meeting. This represents a dividend yield of 28.9 percent of net income
before special items attributable to shareholders. In addition, the company
intends to exercise the option to pay a special dividend that was created
in connection with the listing. A special dividend of EUR 0.15 per share
will be proposed to the annual general meeting.
Technology and innovation driving future growth - revenue growth of 3 to 5%
at constant currency expected for 2016
The Schaeffler Group anticipates revenue growth of 3 to 5 percent at
constant currency in 2016. The group expects its Automotive division to
continue growing faster than global automobile production of passenger cars
and light commercial vehicles in 2016. In the Industrial division, sluggish
order intake in the fourth quarter 2015 and the still strained economic
environment in certain sectors suggest flat or slightly declining revenue
levels in 2016.
Based on these considerations, the company expects to generate an EBIT
margin before special items of 12 to 13 percent in 2016. The Schaeffler
Group is anticipating approximately EUR 600 million in free cash flow for
2016.
As Klaus Rosenfeld explained: "Even if the environment remains challenging,
we still see good growth opportunities for our business. Our extensive
technology expertise and comprehensive systems know-how make the Schaeffler
Group a valued development partner to the automotive and industrial
sectors. We want to further expand this strength."
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.
The online version of the current annual report is available at:
http://www.schaeffler-annual-report.com
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.
CONTACT: Christoph Beumelburg
Schaeffler AG
Senior Vice President Communications,
Marketing and Investor Relations
Industriestr. 1-3
91074 Herzogenaurach
tel.: +49 9132 82-5000
fax: +49 9132 82-4444
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15.03.2016 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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