SCHAEFFLER AG Q4 and
FY 2023 Schaeffler AG earnings
March 5, 2024
Herzogenaurach
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Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 2 |
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1
2
3
Overview
Business Highlights Q4 and FY 2023
Financial Results Q4 and FY 2023
4 Outlook
Mar 5, 2024Q4 and FY 2023 Schaeffler AG earningsAGENDA3
1 O V E R V I E W
Schaeffler Group with solid performance in FY 2023
Key messages FY 2023
- FY Sales1 +5.8% - Good growth driven by positive volume and pricing
- FY EBIT margin2 7.3% - Margin increase driven by Automotive Divisions performance
- FY FCF3 EUR 421 mn - Strong cash flow generation even with sustained investment
- Dividend for FY 2023 EUR 45 cents4 - Increase of dividend payout range to 40 - 60%5
- FY 2023 Guidance achieved - In transitory FY 2024, Guidance is being given on Group level only
- Deal execution on track, preliminary exchange ratio of 1:11.4 agreed - AGMs in April, Closing expected in Q4
Sales growth1 FYEBIT margin2 FY
+5.8% | 7.3% |
EUR 16,313 mn | FY 2022: 6.6% |
EUR 421 mn | EUR 45 cents |
FY 2022: EUR 280 mn | Payout Ratio 47%5 |
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 1 | FX-adjusted, yoy | 2 Before special items | 3 Before cash in- and outflows for M&A activities| 4 Proposed dividend to AGM per common non- | 4 |
voting share | 5 In % of Net income before special items, attributable to shareholders of the parent company | ||||
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1 O V E R V I E W
Schaeffler Group FY 2023 - Highlights and lowlights
Group performance
Strong portfolio management across all Divisions paying off, leading to resilient earnings, strong balance sheet and a self-financed transformation
Cash generation
Good profitability and effective working capital management leading to strong FCF, enabling an attractive dividend payout to our shareholders
Stronger together
Merger with Vitesco. Highly complementary portfolio to create a leading Motion Technology Company with 4 pure play Divisions
Group Topline
Automotive Technologies temporarily lagging global vehicle production growth, whereas in Industrial topline under pressure due to overall weakening economic environment
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 5 |
PUBLIC
1
2
3
Overview
Business Highlights Q4 and FY 2023
Financial Results Q4 and FY 2023
4 Outlook
Mar 5, 2024Q4 and FY 2023 Schaeffler AG earningsAGENDA6
2 B U S I N E S S H I G H L I G H T S Q 4 A N D F Y 2 0 2 3
Group - Positive sales and EBIT development
Sales
in EUR mn
+5.8%1 |
16,313 |
EBIT2
in EUR mn
+141 mn
KEY ASPECTS
All Regions and Divisions growing in 2023, Europe and Automotive Aftermarket double-digit. Positive volume and pricing
FY EBIT margin2 above PY driven
15,809 | |||||||||||||||||||
+3.3%1 | |||||||||||||||||||
4,019 | 4,043 | ||||||||||||||||||
Q4 | Q4 | FY | FY | ||||||||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||||||||||
Gross | |||||||||||||||||||
22.2% | 20.3% | 22.6% | 22.0% | ||||||||||||||||
margin | |||||||||||||||||||
EBIT margin2
-11 mn | 1,046 | 1,187 | |
233 | 222 | ||
Q4 | Q4 | FY | FY |
2022 | 2023 | 2022 | 2023 |
5.8% | 5.5% | 6.6% | 7.3% |
by both Automotive Divisions
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 1 FX-adjusted | 2 Before special items | 7 |
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2 B U S I N E S S H I G H L I G H T S Q 4 A N D F Y 2 0 2 3
Sales Performance FY 2023 - All Divisions and Regions growing
Automotive | Automotive | Industrial | |||
Technologies | Aftermarket | ||||
FY 20231 | % of Group | 60% | 14% | 26% | Region Growth |
Sales | |||||
Europe | 44% | +12.4% | +10.3% | +7.0% | +10.5% |
Americas | 22% | -2.8% | +12.0% | +11.3% | +2.0% |
Greater | 21% | +2.0% | +28.7% | -6.3% | +0.2% |
China | |||||
Asia/ | 13% | +7.3% | +11.8% | +5.3% | +7.0% |
Pacific | |||||
Division | +5.4% | +11.8% | +3.9% | +5.8% | |
Growth | |||||
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 1 FY FX-adjusted Sales growth, please refer to the Annual Report for further details |
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FY Sales growth1 | 8 |
2 B U S I N E S S H I G H L I G H T S Q 4 A N D F Y 2 0 2 3
Automotive Technologies - Market growth and pricing continued to push profitability
Sales
in EUR mn
+5.4%1 |
EBIT2
in EUR mn
+143 mn
KEY ASPECTS
Performance driven by Mature Business in FY 2023. Very promising order intake, both in Mature and New business
9,772 | |||||||||||||||||||
+5.3%1 | 9,498 | ||||||||||||||||||
2,430 | 2,492 | ||||||||||||||||||
Q4 | Q4 | FY | FY | ||||||||||||||||
2022 | 2023 | 2022 | 2023 | ||||||||||||||||
Gross | |||||||||||||||||||
17.6% | 15.4% | 17.7% | 17.1% | ||||||||||||||||
margin | |||||||||||||||||||
EBIT margin2
+8 mn | 435 | ||
292 | |||
78 | 86 | ||
Q4 | Q4 | FY | FY |
2022 | 2023 | 2022 | 2023 |
3.2% | 3.5% | 3.1% | 4.5% |
Positive price effects resulting from successful negotiations with OEMs
Positive scale effects in Overhead costs, more than compensating negative impacts such as FX
Sales growth temporarily lagging market
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 1 FX-adjusted | 2 Before special items | 9 |
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2 B U S I N E S S H I G H L I G H T S Q 4 A N D F Y 2 0 2 3
Automotive Technologies - E-Mobility Order Intake of EUR 5.1 bn in 2023, overachieving our EUR 2-3 bn target
Order Intake1 | ||||
in EUR bn | ||||
Thereof | 2.7 | 3.2 | 5.0 | 5.1 |
E-Mobility | ||||
12.3 | 13.0 | |||
10.2 | 10.2 | |||
5.5 | 4.8 | 5.7 | 8.9 | |
H2 | ||||
H1 | 4.6 | 5.4 | 6.6 | 4.1 |
2020 | 2021 | 2022 | 2023 |
Book-to-bill-ratio2
H2 | 1.2x | 1.2x | 1.2x | 1.8x |
H1 | 1.4x | 1.3x | 1.6x | 0.9x |
FY | 1.3x | 1.3x | 1.4x | 1.3x |
Key aspects
Introducing our innovative DHT platform into the strongly growing China PHEV market for two Chinese OEMs
New order intake for Electric Cam Phaser supporting the emission limits for "Tier 4" US emission standards
Strong order intake of EUR 13 bn in FY 2023, thereof EUR 5.1 bn in BD E-Mobility;Book-to-bill-ratio accelerated to 1.8x in H2 2023
Mar 5, 2024 | Q4 and FY 2023 Schaeffler AG earnings | 1 Nominations to customer projects | 2 Lifetime Sales / Current period revenue | 10 |
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Schaeffler AG published this content on 05 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 March 2024 07:04:14 UTC.
