Press release
103KB
march 10, 2022 - Schaeffler
Schaeffler Group closes 2021 with strong results and raises dividend
- Schaeffler Group increases revenue by 9.7 percent at constant currency
- EBIT margin before special items of 9.1 percent (following 6.3 percent in the prior year), EBIT before special items increased by 59 percent
- Diversification and resilience are paying off, #automotive Aftermarket and Industrial divisions deliver more than 50 percent of earnings
- Strong free cash flow before cash in- and outflows for M&A activities of 523 million euros in line with prior year level (prior year: 539 million euros)
- Proposed dividend of 50 cents per common non-voting share doubled from prior year
- Guidance suspended due to current developments
Global #automotive and industrial supplier #schaeffler presented its results for 2021 today. The #schaeffler Group’s revenue for the reporting period amounted to approximately 13.9 billion euros (prior year: approximately 12.6 billion euros). At constant currency, revenue was up 9.7 percent. The year was marked by considerable revenue growth at all divisions and in all regions.
Earnings before financial result, income (loss) from equity-method investees, and income taxes (EBIT) were impacted by 1 million euros in special items (prior year: 946 million euros) and amounted to 1,266 million euros following 798 million euros in the prior year, an increase of approximately 59 percent. The #schaeffler Group generated an EBIT margin before special items of 9.1 percent in 2021 (prior year: 6.3 percent), mainly driven by a further improvement in earnings at the Industrial division and during the first half of the year at #automotive Technologies. Structural cost reduction measures had a favorable impact as well.
Net income attributable to shareholders of the parent company for the reporting period amounted to 756 million euros following a net loss of 428 million euros in the prior year. Earnings per common non-voting share were 1.14 euros (prior year: -0.64 euros).
Before special items, net income attributable to shareholders of the parent company was 748 million euros (prior year: 321 million euros). On that basis, #schaeffler AG’s Board of Managing Directors will propose a dividend of 50 cents per common non-voting share (prior year: 25 cents) to the annual general meeting. This represents a dividend payout ratio of approximately 44 percent (prior year: approximately 50 percent) of net income before special items attributable to shareholders and twice the proposed dividend per share of the prior year.
Strong E-Mobility order intake at #automotive Technologies
The #automotive Technologies division generated 8,436 million euros in revenue (prior year: 7,816 million euros). At constant currency, revenue increased by 7.4 percent from the prior year. The revenue growth during the reporting period was driven by recovery tendencies following the coronavirus pandemic, particularly during the first six months, while global automobile production experienced an offsetting trend in the second half of the year. Automobile production increased by approximately 3.4 percent worldwide during the reporting period.
In total, the #automotive Technologies division outperformed global automobile production of passenger cars and light commercial vehicles by a considerable 4.0 percentage points. The division generated order intake of 10.2 billion euros in 2021. 3.2 billion euros of these orders related to the E-Mobility business division and considerably exceeded the original target of 1.5 to 2 billion euros.
Despite the unexpectedly restrained growth in global automobile production in 2021, the #automotive Technologies division reported considerable revenue increases in all regions. The Europe region grew the most in absolute terms, its revenue rising by 7.1 percent at constant currency. In the Americas, Greater China, and Asia/Pacific regions, revenue was up 6.8 percent, 5.7 percent, and 13.8 percent, respectively, at constant currency.
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