19.11.2015
Schaeffler AG DE000SHA0159
DGAP-News: Schaeffler AG reports strong revenue growth
DGAP-News: Schaeffler AG / Key word(s): 9-month figures
Schaeffler AG reports strong revenue growth
19.11.2015 / 08:00
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Results for the first nine months of 2015
Schaeffler AG reports strong revenue growth
- Revenue for first nine months of 2015 increased by 10.6 percent to
EUR 10.0 Billion
- EBIT margin for the first nine months remains high at 12.5 percent
- Free cash flow at EUR 264 million in the third quarter
- Outlook 2015 unchanged - revenue growth of 4 to 5 percent at constant
currency, EBIT margin 12 to 13 percent
HERZOGENAURACH, November 19, 2015. Global automotive and industrial
supplier Schaeffler has maintained its successful business trend. The
company increased its revenue for the first nine months of 2015 by 10.6
percent to EUR 10.0 billion. Excluding the impact of currency translation,
the growth rate was 4.2 percent.
The Automotive business reported revenue growth of 12.6 percent compared to
the prior year (+6.5 percent at constant currency), once more clearly
outpacing the increase in global production volumes of passenger cars and
light commercial vehicles (+1.2 percent). Product ramp-ups, new customer
projects, and capacity expansions at manufacturing locations in the growth
regions were the drivers behind this growth. Revenue for the Industrial
business was up 5.0 percent. Excluding the favorable impact of currency
translation, Industrial division revenue declined by 2.2 %.
Klaus Rosenfeld, CEO of Schaeffler AG, stated: "Our Automotive division
continues to perform very well. We were able to once more generate
above-average revenue growth in a challenging market environment. The
realignment of our Industrial division is on track. We are optimistic that
with our program CORE we will be able to gradually improve the
profitability in our industrial business".
In August of this year, Schaeffler AG had announced a realignment aimed at
improving the efficiency and competitive position of its Industrial
business for the long term. The key elements of this realignment are
increased sales growth, enhanced delivery performance and service quality,
stronger customer orientation as well as cost savings and efficiency
improvements.
All four of the Schaeffler Group's regions reported revenue increases
during the first nine months of 2015, with currency translation having a
favorable impact on non-Euro region revenue. The growth dynamic varied
widely across regions. Revenue grew fastest in the Schaeffler Group's
Greater China region, rising by 26.3 percent (+5.8 percent at constant
currency) over prior year there, followed by the Americas region, where
revenue increased by 21.2 percent (+9.8 percent at constant currency). The
Asia/Pacific region reported revenue growth of 12.1 percent (+2.4 percent
at constant currency), while the Europe region grew its revenue by 3.4
percent (+2.2 percent at constant currency).
The Schaeffler Group's EBIT (earnings before interest and taxes) increased
by
1,7 percent to EUR 1.3 billion for the first nine months of 2015 from the
prior year period. The company's EBIT margin measured in terms of revenue
remained high at 12.5 percent. CFO Dr. Ulrich Hauck explained: "Thanks to
our strong Automotive business and good cost discipline we were able to
raise our margin compared to the first six months of 2015".
The Schaeffler Group generated cash flows from operating activities of EUR
912 m (prior year: EUR 410 m) for the first nine months of 2015. Capital
expenditures were EUR 743 million (prior year: EUR 500 million). The capex
ratio (capital expenditures as a percentage of consolidated revenue)
amounted to 7.4 percent (prior year: 5.5 percent). The result was positive
free cash flow of EUR 192 million, significantly higher than the prior year
amount of negative EUR 87 million.
The number of employees has increased by approximately 2.100 staff since
the end of 2014, rising to approximately 84.400 at the end of the third
quarter of 2015. The Schaeffler Group recruited skilled personnel primarily
in production and production-related areas.
Schaeffler AG confirmed its guidance for 2015 as a whole, which it had
adjusted on September 21, 2015. "Despite the weaker market trend in the
Automotive business in China and worldwide in the Industrial business, we
continue to anticipate revenue growth of 4 to 5 percent at constant
currency. Our objective of achieving an EBIT margin of 12 to 13 percent
before special items remains unchanged," said Rosenfeld.
About Schaeffler:
The Schaeffler Group is a leading integrated global supplier to the
automotive and industrial sectors. The company stands for top quality,
outstanding technology and strong innovative ability. Its precision
components and systems for engines, transmissions, and chassis as well as
rolling and plain bearing solutions for numerous industrial applications
make the Schaeffler Group a key contributor to the "Mobility for tomorrow".
The technology company generated sales of approximately EUR 12.1 billion in
2014. With around 84,000 employees, Schaeffler is one of the world's
largest family companies and, with approximately 170 locations in 50
countries, has a worldwide network of manufacturing locations, research and
development facilities, and sales companies.
The full interim report as at September 30, 2015 is available for download
at
www.schaeffler.com/de/ir
Schaeffler shapes the mobility for tomorrow - already today. Learn more!
http://www.schaeffler-mobility.de
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Contact:
Christoph Beumelburg
Senior Vice President Communications, Marketing and Investor Relations
Schaeffler AG
tel.: +49 9132 82-5000
email: [email protected]
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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.
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19.11.2015 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.
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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
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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