DGAP-News Schaeffler AG: Schaeffler closes 2020 with strong fourth quarter
DGAP-News: Schaeffler AG / Key word(s): Annual Results
- Schaeffler Group weathers crisis well despite constant currency revenue decline of 10.4 percent
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- Diversification with three divisions and four regions drives operating earnings (EBIT margin before special items at 6.4 percent; prior year: 8.1 percent)
- Free cash flow before cash in- and outflows for M&A activities of 539 million euros ahead of prior year (prior year: 473 million euros)
- Proposed dividend of 25 cents per common non-voting share
- Guidance based on cautious market assessment
Herzogenaurach | March 4, 2021 |Global automotive and industrial supplier Schaeffler presented its results for 2020 today. The global coronavirus pandemic resulted in a significant revenue decline. The Schaeffler Group's revenue amounted to approximately 12.6 billion euros (prior year: approximately 14.4 billion euros). At constant currency, revenue was down 10.4 percent. All divisions were affected by the decrease. However, the second half of the year, and especially the fourth quarter, improved noticeably over the first six months with all three divisions contributing. Of the four regions, China recovered most rapidly, closing the year with 8.7 percent in additional revenue at constant currency. In the Americas, Europe, and Asia/Pacific regions, revenue declined.
Earnings before financial result, income (loss) from equity-method investees, and income taxes (EBIT) were adversely affected by 946 million euros in special items (prior year: 372 million euros). Special items related primarily to the expansion of the transformation and efficiency programs RACE (Automotive Technologies), GRIP (Automotive Aftermarket), and FIT (Industrial) established in 2019 as well as an impairment of goodwill allocated to the Automotive Technologies division, and resulted in EBIT of -143 million euros (prior year: 790 million euros).