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Schaeffler AG: Schaeffler Group starts 2022 with good first quarter and publishes new full-year Guidance

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DGAP-News: Schaeffler AG / Key word(s): Forecast
Schaeffler AG: Schaeffler Group starts 2022 with good first quarter and publishes new full-year Guidance
09.05.2022 / 20:12
The issuer is solely responsible for the content of this announcement.

Schaeffler Group starts 2022 with good first quarter and publishes new full-year Guidance

 

HERZOGENAURACH | 9 May 2022 | Global automotive and industrial supplier Schaeffler released its new full-year guidance for 2022 today. On 8 March 2022, the Board of Managing Directors of Schaeffler AG had suspended the full-year guidance 2022 adopted on 22 February 2022, when the annual financial statements were prepared, due to the developments in Ukraine in the days following the approval of the annual financial statements. For the first quarter 2022, the following key financials are pre-released.


Key financials Q1 2022

 

Schaeffler Group

Q1 2022

Q1 2021

Revenues

EUR 3,758 mn

EUR 3,560 mn

Revenue growth1)

+1.9%

+12.3%

EBIT2)

EUR 258 mn

EUR 397 mn

EBIT margin2)

6.9%

11.2%

Free cash flow3)

EUR 14 mn

EUR 130 mn

1) at constant currency; 2) before special items; 3) before cash in- and outflows for M&A activities


The Schaeffler Group reported 3,758 million euros (prior year: 3,560 million euros) in first-quarter revenue, representing constant-currency revenue growth of 1.9 percent. EBIT before special items amounted to 258 million euros (prior year: 397 million euros), resulting in an EBIT margin before special items of 6.9 percent (prior year: 11.2 percent).

First-quarter free cash flow before cash in- and outflows for M&A activities was positive at 14 million euros (prior year: 130 million euros).

Divisions

Autom. Technologies
Q1 2022

Autom. Aftermarket
Q1 2022

Industrial
Q1 2022

Revenues

EUR 2,293 mn

EUR 463 mn

EUR 1,002 mn

Revenue growth1)

-3.2%

+2.1%

+15.7%

EBIT2)

EUR 80 mn

EUR 63 mn

EUR 115 mn

EBIT margin2)

3.5%

13.6%

11.4%

1) at constant currency; 2) before special items


The Automotive Technologies division generated 2,293 million euros in revenue (prior year: 2,281 million euros). At constant currency, revenue decreased by 3.2 percent from the prior year. EBIT before special items amounted to 80 million euros (prior year: 240 million euros). The EBIT margin before special items was 3.5 percent, considerably below the extraordinarily strong prior year level of 10.5 percent.

The Automotive Aftermarket division reported 463 million euros (prior year: 444 million euros) in revenue for the reporting period, representing constant-currency revenue growth of 2.1 percent. The division earned 63 million euros (prior year: 58 million euros) in EBIT before special items. This represents an EBIT margin before special items of 13.6 percent (prior year: 13.1 percent).

The Industrial division reported 1,002 million euros (prior year: 836 million euros) in first-quarter revenue, representing considerable constant-currency revenue growth of 15.7 percent. The division earned 115 million euros (prior year: 98 million euros) in EBIT before special items, which represents an EBIT margin before special items of 11.4 percent (prior year: 11.8 percent).


New full-year Guidance for 2022

 

Schaeffler Group

New Guidance 2022

(as of 9 May 2022)

Suspended Guidance 2022

(as of 8 March 2022)

Revenue growth1)

6 to 8%

7 to 9%

EBIT margin2)

5 to 7%

6 to 8%

Free cash flow3)

> EUR 250 mn;
below prior year

> EUR 300 mn;
below prior year

1) at constant currency; 2) before special items; 3) before cash in- and outflows for M&A activities


The new guidance is based on the assumption that the growth of the global economy as a whole will slow down noticeably and that this will have an impact on Schaeffler Group’s sales and procurement markets. The economic sanctions imposed against the backdrop of the war in Ukraine, the impact on supply chains, raw material and energy prices, as well as transportation costs have been taken into account to the existing extent until year end. Influences of the coronavirus pandemic, which has not yet been overcome, on the Group’s value chain have been taken into account at the current level. With regard to China, economic activity is assumed to normalize by the end of June 2022.

The Schaeffler Group expects its full-year revenue to grow by 6 to 8 percent at constant currency in 2022. In addition, the Schaeffler Group expects to generate a full-year EBIT margin before special items of 5 to 7 percent. The Schaeffler Group also anticipates more than 250 million euros in free cash flow before cash in- and outflows for M&A activities for 2022, but below previous year.


For the divisions, the guidance KPIs are the following:

Divisions

Autom. Technologies

Guidance 2022

Autom. Aftermarket

Guidance 2022

Industrial

Guidance 2022

Revenue growth1)

Moderate revenue growth;
2 to 5% points above LVP growth4)

Moderate revenue growth

Considerable revenue growth

EBIT margin2)

> 2.5%;
below prior year

> 12%;
below prior year

> 11%;
below prior year

 

Current market assumptions for 2022

- Automotive Technologies: LVP4) around prior year level (previous year 77.2 million)

- Automotive Aftermarket: Increase of global GDP by 3 to 3.5%

- Industrial: Increase in relevant industrial production of 3.5 to 4%

1) at constant currency; 2) before special items; 3) before cash in- and outflows for M&A activities; 4) LVP: global production of passenger cars and light commercial vehicles

 

The interim statement of Schaeffler AG for the first three months 2022 as well as the detailed press and IR release and the IR presentation will be published as planned on 10 May 2022.

 

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.

Schaeffler Group – We pioneer motion
As a leading global supplier to the automotive and industrial sectors, the Schaeffler Group has been driving forward groundbreaking inventions and developments in the fields of motion and mobility for over 75 years. With innovative technologies, products, and services in the fields of CO₂-efficient drives, electric mobility, Industry 4.0, digitalization, and renewable energies, the company is a reliability partner for making motion and mobility more efficient, intelligent, and sustainable. The technology company produces precision components and systems for drive train and chassis applications as well as rolling and plain bearing solutions for a multitude of industrial applications. The Schaeffler Group generated sales of approximately EUR 13.9 billion in 2021. With around 83,000 employees, the Schaeffler Group is one of the world's largest family companies. With more than 1,800 patent applications in 2021, Schaeffler is Germany’s second most innovative company according to the DPMA (German Patent and Trademark Office).

 

Contact

Renata Casaro
Head of Investor Relations,
Schaeffler AG, Herzogenaurach
Germany

phone +49 9132 82-4440,
email: ir@schaeffler.com

Dr. Axel Lüdeke
Head of Group Communications & Public Affairs,
Schaeffler AG, Herzogenaurach
Germany

phone +49 9132 82-5000,
email: presse@schaeffler.com


09.05.2022 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, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Schaeffler AG

Industriestr. 1-3

91074 Herzogenaurach

Germany

Phone:

09132 - 82 0

E-mail:

ir@schaeffler.com

Internet:

www.schaeffler.com

ISIN:

DE000SHA0159

WKN:

SHA015

Indices:

SDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1347547


 

End of News

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