Schaeffler : financial figures Q4 and FY 2023

March 05, 2024 at 02:04 am EST

Schaeffler Financial Figures

Q4 2023

Overview Group	p. 2

Divisions	p. 3-5

Income statement	p. 6

Special items	p. 7

Balance sheet	p. 8-9

Cash flow statement	p. 10

Net financial position	p. 11

Definitions	p. 12

As of Q4 2023 (Mrz 5, 2024)

PUBLIC

Overview Group

	2018	2019	2020	2021				2022 - Adjusted comparative figures					2023
	FY		FY		FY		FY		1st quarter		2nd quarter		3rd quarter		4th quarter	FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Revenue	14,241	14,427	12,589	13,852	3,758	3,790	4,242	4,019	15,809	4,152	4,056	4,062	4,043	16,313

	3.9%	0.1%	-10.5%	10.2%	1.9%	4.4%	20.2%	11.8%	9.4%	10.4%	9.8%	0.5%	3.3%	5.8%

Gross profit	3,683	3,574	2,859	3,440	871	832	984	893	3,579	984	886	906	820	3,596

	25.9%	24.8%	22.7%	24.8%	23.2%	22.0%	23.2%	22.2%	22.6%	23.7%	21.8%	22.3%	20.3%	22.0%

EBITDA	2,175	1,769	1,111	2,186	493	429	638	404	1,963	493	531	567	245	1,836

EBITDA (excl. non recurring items)	2,202	2,116	1,788	2,180	503	445	598	483	2,030	585	537	585	482	2,189

	15.5%	14.7%	14.2%	15.7%	13.4%	11.7%	14.1%	12.0%	12.8%	14.1%	13.2%	14.4%	11.9%	13.4%

Income (loss) from equity-accounted investees1)	0	0	0	-44	-11	-11	-11	-3	-36	0	0	0	0	1

EBIT	1,354	790	-149	1,220	247	186	395	145	974	244	283	322	-15	834

	9.5%	5.5%	-1.2%	8.8%	6.6%	4.9%	9.3%	3.6%	6.2%	5.9%	7.0%	7.9%	-0.4%	5.1%

EBIT before special items	1,381	1,161	798	1,222	258	200	355	233	1,046	336	289	340	222	1,187

	9.7%	8.1%	6.3%	8.8%	6.9%	5.3%	8.4%	5.8%	6.6%	8.1%	7.1%	8.4%	5.5%	7.3%

Financial result	-155	-137	-185	-98	-29	-37	-37	-18	-121	-47	-45	-58	-109	-259

Earnings before income taxes	1,195	636	-368	1,122	218	149	357	128	852	198	238	264	-124	576

Income taxes	-300	-196	-51	-348	-75	-30	-124	-39	-268	-62	-93	-108	23	-240

Net income	895	440	-419	775	143	120	233	89	585	135	145	156	-101	335

Net income (attributable to shareholders of the parent company)	881	428	-428	756	136	113	226	82	557	129	138	150	-107	310

Net income (attributable to non-controlling interests)	14	12	9	19	6	7	7	7	27	6	7	7	6	26

	1.33	0.65	-0.64	1.14	0.21	0.17	0.34	0.12	0.84	0.19	0.22	0.22	-0.16	0.47

	1.32	0.64	-0.65	1.13	0.21	0.16	0.34	0.12	0.83	0.19	0.21	0.22	-0.16	0.46

Free cash flow before M&A	384	473	539	523	14	-219	240	244	280	-73	103	182	210	421

Capital expenditures	1,232	1,045	632	671	156	175	219	240	791	221	198	247	273	938

Schaeffler Value Added before special items2)	556	284	2	404	256	136	210	170	170	222	293	265	239	239

ROCE before special items (in %)	16.7%	13.2%	10.0%	14.9%	13.1%	11.6%	12.4%	11.9%	11.9%	12.5%	13.2%	12.8%	12.5%	12.5%

Net financial debt	2,547	2,526	2,312	1,954	1,992	2,552	2,331	2,235	2,235	2,999	3,231	3,072	3,189	3,189

	1.2	1.2	1.3	0.9	1.0	1.3	1.1	1.1	1.1	1.4	1.5	1.4	1.5	1.5

	83.2%	86.6%	114.4%	61.7%	54.4%	65.4%	53.9%	54.0%	54.0%	71.0%	81.1%	72.1%	81.7%	81.7%

Dividend	363	364	295	162	0	336	0	0	336	0	306	0	0	306

Employees (headcount)	92,478	87,748	83,297	82,981	83,089	82,790	82,702	82,773	82,773	84,060	83,705	83,600	83,362	83,362

Revenue by region

Europe	7,313	6,506	5,379	5,823	1,583	1,620	1,678	1,676	6,557	1,848	1,790	1,763	1,820	7,221

	2.9%	-4.5%	17.0%	8.5%	4.3%	7.6%	22.8%	17.5%	12.8%	17.3%	10.8%	5.7%	8.8%	10.5%

Americas	2,874	3,154	2,601	2,821	834	868	937	887	3,526	920	911	903	835	3,569

	4.9%		6.4%		-12.6%		10.9%		3.6%		16.4%		16.4%		15.1%	12.6%	5.4%	5.9%	0.1%	-3.0%	2.0%
Greater China	2,562		2,763		2,941		3,294		842		778		1,072		917	3,609	829	813	855	861	3,358
	6.7%		6.7%		8.7%		9.0%		-3.4%		-12.5%		24.8%		-0.1%	1.9%	1.0%	12.8%	-9.6%	0.3%	0.2%
Asia/Pacific	1,493		2,003		1,668		1,915		499		524		555		539	2,117	554	542	543	527	2,165
	3.3%	-0.7%	-13.2%	16.6%	0.4%	6.6%	11.2%	12.2%	7.5%	12.9%	8.9%	4.8%	2.0%	7.0%

earnings before financial result and income taxes (EBIT) have been expanded to include income (loss) from equity-accounted investees starting January 1, 2022. This change in policy was made by a retrospective adjustment to the comparative figures for the period 2021
LTM EBIT before special items minus Cost of Capital (10% x Ø Capital Employed)

PUBLIC

Automotive Technologies

	2018	2019	2020	2021				2022 - Adjusted comparative figures							2023

		FY		FY		FY		FY		1st quarter		2nd quarter		3rd quarter		4th quarter		FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Revenue	8,996	9,044	7,816	8,436	2,292	2,221	2,554	2,430	9,498	2,440	2,400	2,440	2,492	9,772

	2.1%	-0.8%	-11.7%	7.8%	-3.2%	1.3%	25.2%	9.9%	7.7%	6.0%	10.7%	0.2%	5.3%	5.4%

Cost of sales	-6,986	-7,163	-6,382	-6,629	-1,858	-1,865	-2,090	-2,002	-7,814	-2,000	-1,991	-2,006	-2,109	-8,106

Gross profit	2,010	1,881	1,434	1,807	434	357	464	428	1,683	439	409	435	383	1,666

	22.3%	20.8%	18.4%	21.4%	18.9%	16.1%	18.2%	17.6%	17.7%	18.0%	17.0%	17.8%	15.4%	17.1%

Research and development expenses	-680	-672	-540	-602	-162	-147	-141	-154	-604	-156	-147	-142	-134	-579

Selling and administrative expenses	-674	-696	-616	-672	-183	-190	-186	-189	-749	-187	-174	-185	-191	-737

EBIT	662	286	-344	579	78	1	165	9	253	44	107	143	-63	231

	7.4%	3.2%	-4.4%	6.9%	3.4%	0.0%	6.5%	0.4%	2.7%	1.8%	4.4%	5.9%	-2.5%	2.4%

Special items	11	210	608	-35	3	10	-43	69	39	61	-4	-1	149	204

EBIT before special items	673	496	263	544	81	11	122	78	292	105	102	142	86	435

	7.5%	5.5%	3.4%	6.4%	3.5%	0.5%	4.8%	3.2%	3.1%	4.3%	4.3%	5.8%	3.5%	4.5%

Revenue by business division

							1,038	307	293	390	356	1,346	336	296	335	345	1,312

									18.4%	7.8%	62.7%	14.0%	24.1%	9.5%	3.6%	-9.4%	-0.8%	0.0%

							4,688	1,257	1,212	1,381	1,302	5,153	1,340	1,318	1,315	1,333	5,306

									-5.9%	-0.1%	20.4%	5.7%	4.5%	5.8%	11.2%	-0.3%	5.2%	5.3%

							2,422	643	631	682	670	2,625	659	664	682	692	2,697

									-7.6%	-1.7%	16.7%	13.9%	4.6%	2.6%	8.5%	5.0%	6.3%	5.6%

							288	86	86	102	101	374	104	121	109	122	457

									11.6%	27.3%	47.4%	29.0%	28.3%	21.3%	44.1%	10.6%	23.0%	24.1%

Revenue by region

Europe	4,014	3,570	2,883	3,075	850	837	883	872	3,443	977	955	919	1,006	3,857

	0.9%	-6.0%	-19.7%	6.8%	-2.0%	2.4%	33.6%	18.0%	11.6%	15.1%	14.5%	4.7%	15.6%	12.4%

Americas	1,939	2,154	1,772	1,870	565	576	624	586	2,350	599	587	585	521	2,291

	5.6%	7.4%	-13.7%	7.3%	0.3%	19.6%	22.0%	17.9%	14.3%	0.8%	1.6%	-3.8%	-9.6%	-2.8%

Greater China	1,910	1,959	2,023	2,210	557	477	687	615	2,336	498	510	582	619	2,210

	1.2%	1.8%	5.8%	5.9%	-5.3%	-14.8%	24.7%	-7.4%	-1.3%	-8.2%	15.2%	-4.1%	7.8%	2.0%

Asia/Pacific	1,133	1,360	1,138	1,281	320	331	360	356	1,368	365	349	354	346	1,414

	2.3%	-0.7%	-13.2%	14.2%	-8.3%	-0.5%	12.9%	15.8%	4.5%	15.5%	10.1%	4.1%	0.5%	7.3%

PUBLIC

Automotive Aftermarket

	2018	2019	2020	2021				2022 - Adjusted comparative figures							2023

		FY		FY		FY		FY		1st quarter		2nd quarter		3rd quarter	4th quarter	FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Revenue	1,862	1,848	1,642	1,848	464	506	548	523	2,040	582	549	584	537	2,253

	2.2%	-1.1%	-6.9%	13.9%	2.1%	4.4%	5.6%	16.8%	7.1%	25.7%	10.2%	8.8%	4.2%	11.8%

Cost of sales	-1,200	-1,215	-1,073	-1,263	-319	-352	-373	-353	-1,398	-376	-373	-376	-361	-1,485

Gross profit	661	634	569	585	145	154	174	170	643	206	177	209	176	767

	35.5%	34.3%	34.6%	31.6%	31.2%	30.4%	31.8%	32.5%	31.5%	35.3%	32.2%	35.7%	32.8%	34.1%

Research and development expenses	-29	-26	-18	-16	-5	-4	-4	-5	-18	-5	-4	-5	-5	-20

Selling and administrative expenses	-306	-305	-287	-320	-75	-91	-97	-107	-370	-100	-96	-103	-105	-404

EBIT	341	290	228	274	63	64	74	54	255	102	87	99	49	336

	18.3%	15.7%	13.9%	14.8%	13.6%	12.6%	13.5%	10.3%	12.5%	17.5%	15.8%	17.0%	9.0%	14.9%

Special items	-2	15	30	-18	1	0	-1	5	5	1	3	-2	29	31

EBIT before special items	339	305	258	256	64	64	73	59	260	103	89	98	77	367

	18.2%	16.5%	15.7%	13.9%	13.8%	12.7%	13.4%	11.2%	12.8%	17.7%	16.3%	16.7%	14.4%	16.3%

Revenue by region

Europe	1,395	1,308	1,184	1,276	306	337	359	356	1,358	394	354	389	359	1,497

	2.5%	-3.1%	-7.8%	8.2%	-2.0%	1.3%	5.4%	22.7%	6.5%	30.3%	5.1%	8.2%	0.2%	10.3%

Americas	339	362	301	363	99	110	118	107	434	120	121	127	110	478

	-5.2%	6.6%	-4.3%	26.5%	11.3%	12.4%	0.6%	3.0%	6.5%	15.9%	12.5%	11.8%	7.9%	12.0%

Greater China	76	81	77	101	30	26	37	24	117	34	38	34	33	139

	36.5%	5.7%	-1.9%	27.5%	9.8%	-9.5%	23.9%	2.5%	6.8%	17.2%	59.1%	6.5%	43.8%	28.7%

Asia/Pacific	51	96	80	109	29	34	35	36	132	34	37	34	35	139

	12.5%	-5.4%	-12.3%	38.2%	15.8%	33.0%	7.8%	13.0%	16.6%	20.1%	16.3%	7.2%	5.3%	11.8%

PUBLIC

Industrial

	2018	2019	2020	2021				2022 - Adjusted comparative figures							2023

		FY		FY		FY			FY		1st quarter		2nd quarter		3rd quarter	4th quarter	FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Revenue	3,383	3,535	3,132	3,568	1,002	1,062	1,140	1,066	4,271	1,130	1,107	1,038	1,014	4,288

	10.1%	3.1%	-9.4%	14.2%	15.7%	11.7%	17.8%	13.7%	14.7%	13.4%	7.9%	-3.0%	-1.7%	3.9%

Cost of sales	-2,371	-2,476	-2,275	-2,520	-710	-741	-795	-771	-3,018	-791	-807	-775	-753	-3,126

Gross profit	1,012	1,059	856	1,048	292	322	345	295	1,253	339	300	262	261	1,162

	29.9%	30.0%	27.3%	29.4%	29.1%	30.3%	30.3%	27.7%	29.3%	30.0%	27.1%	25.3%	25.7%	27.1%

Research and development expenses	-139	-152	-126	-130	-36	-37	-36	-37	-146	-45	-41	-41	-43	-169

Selling and administrative expenses	-512	-534	-469	-526	-143	-153	-164	-156	-616	-173	-171	-169	-171	-684

EBIT	351	214	-33	367	106	121	155	82	465	98	89	80	-1	266

	10.4%	6.0%	-1.1%	10.3%	10.6%	11.4%	13.6%	7.7%	10.9%	8.7%	8.1%	7.7%	-0.1%	6.2%

Special items	19	147	309	55	7	3	4	14	28	30	8	21	60	118

EBIT before special items	370	361	276	421	113	125	159	97	493	128	97	100	59	385

	10.9%	10.2%	8.8%	11.8%	11.3%	11.7%	13.9%	9.1%	11.5%	11.3%	8.8%	9.7%	5.8%	9.0%

Revenue by region

Europe	1,904	1,627	1,312	1,472	427	445	436	448	1,756	477	481	454	455	1,867

	7.3%	-2.4%	-18.4%	12.4%	26.3%	25.4%	19.4%	12.9%	20.7%	12.2%	8.1%	5.5%	2.2%	7.0%

Americas	596	638	528	588	170	182	196	194	742	201	203	191	204	800

	9.7%	2.9%	-13.5%	14.2%	11.1%	9.1%	10.4%	13.9%	11.1%	14.4%	15.5%	5.3%	10.6%	11.3%

Greater China	575	723	840	983	255	275	348	277	1,156	297	265	238	209	1,009

	25.4%	23.4%	18.1%	14.5%	-0.3%	-8.3%	25.2%	20.7%	8.8%	19.1%	4.2%	-22.2%	-20.1%	-6.3%

Asia/Pacific	308	547	451	525	150	160	160	147	617	155	157	154	146	612

	5.6%	-0.1%	-13.6%	18.9%	22.5%	19.3%	8.2%	4.0%	13.0%	5.9%	4.9%	5.8%	4.8%	5.3%

PUBLIC

Income statement

	2018	2019	2020	2021			2022 - Adjusted comparative figures							2023

		FY		FY		FY	FY	1st quarter		2nd quarter		3rd quarter		4th quarter	FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Revenue	14,241	14,427	12,589	13,852	3,758	3,790	4,242	4,019	15,809	4,152	4,056	4,062	4,043	16,313

Cost of sales	-10,558	-10,853	-9,730	-10,412	-2,887	-2,958	-3,258	-3,126	-12,230	-3,167	-3,170	-3,157	-3,222	-12,717

Gross profit	3,683	3,574	2,859	3,440	871	832	984	893	3,579	984	886	906	820	3,596

Research and development expenses	-847	-849	-684	-748	-203	-188	-182	-196	-768	-205	-192	-188	-182	-768

Selling expenses	-1,004	-976	-881	-977	-257	-283	-291	-296	-1,126	-302	-292	-288	-295	-1,176

Administrative expenses	-487	-557	-491	-540	-145	-151	-156	-157	-609	-159	-149	-169	-172	-649

Other income	87	80	103	222	8	18	97	90	213	21	58	93	87	258

Other expenses	-78	-482	-1,055	-131	-16	-32	-46	-186	-280	-95	-28	-31	-274	-428

Income (loss) from equity-accounted investees 1)		0		0		0	-44	-11		-11		-11		-3	-36	0	0	0	0	1
Earnings before financial result and income taxes (EBIT) 1)	1,354	790	-149	1,220	247	186	395	145	974	244	283	322	-15	834

Financial income	45	57	19	50	12	10	8	22	51	10	10	6	51	77

Financial expenses	-199	-194	-204	-148	-41	-47	-45	-40	-172	-56	-55	-65	-159	-336

Financial result	-155	-137	-185	-98	-29	-37	-37	-18	-121	-47	-45	-58	-109	-259

Income (loss) from equity-accounted investees 1)		-4		-17		-33	0	0		0		0		0	0	0	0	0	0	0
Earnings before income taxes	1,195	636	-368	1,122	218	149	357	128	852	198	238	264	-124	576

Income taxes	-300	-196	-51	-348	-75	-30	-124	-39	-268	-62	-93	-108	23	-240

Net income	895	440	-419	775	143	120	233	89	585	135	145	156	-101	335

Attributable to shareholders of the parent company	881	428	-428	756	136	113	226	82	557	129	138	150	-107	310

Attributable to non-controlling interests	14	12	9	19	6	7	7	7	27	6	7	7	6	26

	1.32	0.64	-0.65	1.13	0.21	0.16	0.34	0.12	0.83	0.19	0.21	0.22	-0.16	0.46

	1.33	0.65	-0.64	1.14	0.21	0.17	0.34	0.12	0.84	0.19	0.22	0.22	-0.16	0.47

earnings before financial result and income taxes (EBIT) have been expanded to include income (loss) from equity-accounted investees starting January 1, 2022. This change in policy was made by a retrospective adjustment to the comparative figures for the period 2021

PUBLIC

Special items

	2018	2019	2020	2021			2022 - Adjusted comparative figures							2023

	FY		FY		FY		FY	1st quarter		2nd quarter		3rd quarter		4th quarter	FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

EBIT	1,354	790	-149	1,220	247	186	395	145	974	244	283	322	-15	834

Special items	27	372	946	1	11	14	-40	88	72	92	6	18	238	353

	-21	-13	21	-32	0	0	0	0	0	0	-7	0	22	15

	48	384	676	-10	11	14	30	119	173	12	-8	-4	-3	-3

	0	0	0	7	0	0	0	-5	-5	2	1	10	219	231

	0	0	0	0	0	0	-78	-26	-105	0	98	13	21	131

	0	0	249	35	0	0	9	0	9	78	-78	0	-21	-21

EBIT before special items	1,381	1,161	798	1,222	258	200	355	233	1,046	336	289	340	222	1,187

EBITDA before special items	2,202	2,116	1,788	2,180	503	445	598	483	2,030	585	537	585	482	2,189

	-7	-115	-197	14	-3	-3	14	-28	-20	-26	-2	-5	-6	-38

Net income before special items	901	686	321	748	144	122	199	146	610	195	143	163	122	623

PUBLIC

Balance Sheet

		2018	2019	2020	2021	2022 - Adjusted comparative figures				2023

		FY		FY		FY		FY	1st quarter		2nd quarter		3rd quarter	FY		1st quarter		2nd quarter	3rd quarter	FY

ASSETS

Intangible assets	627	728	470	497	629	640	651			916	1,592	1,592			1,615	1,617

Right of Use Assets		193	183	208	210	231	237			222	232	227			227	236

Property, plant and equipment	5,318	5,355	4,865	4,748	4,692	4,672	4,681			4,607	4,593	4,544			4,576	4,555

Investments in equity-accounted investees	160	144	110	70	59	49	369			350	7	7			7	7

Contract cost assets				372	367	367	366	369			350	346	340			333	330

Contract assets	11	6	0	0	0	0	0			0	0	0			0	0

Other financial assets	106	126	77	209	231	226	364			216	198	201			200	192

Other assets	85	122	121	244	253	232	227			191	195	195			179	174

Income tax receivables	0	0	1	9	11	11	11			11	11	12			12	75

Deferred tax assets	520	713	911	842	775	690	648			662	739	736			712	783

Total non-current assets	6,827	7,387	7,110	7,194	7,227	7,116	7,226			7,180	7,911	7,853			7,861	7,971

Inventories	2,183	2,132	1,881	2,495	2,795	2,998	3,005			2,796	2,983	2,978			2,981	2,812

Contract assets	45	66	57	52	57	56	56			54	55	58			58	65

Trade receivables	2,003	2,130	2,160	2,274	2,390	2,571	2,866			2,519	2,725	2,605			2,726	2,575

Other financial assets	131	120	182	80	119	145	203			205	195	208			152	389

Other assets	267	273	290	324	388	392	396			364	424	430			408	363

Income tax receivables	102	89	61	46	52	58	49			45	42	33			35	38

Cash and cash equivalents	801	668	1,758	1,822	1,243	681	977			1,063	799	572			796	769

Assets held for sale	2	5	8	77	83	87	21			58	63	61			58	25

Total current assets	5,534	5,483	6,399	7,170	7,127	6,988	7,575			7,104	7,286	6,946			7,214	7,036

Total assets	12,362	12,870	13,509	14,364	14,354	14,105	14,801			14,284	15,197	14,799			15,076	15,006

PUBLIC

Balance Sheet

		2018	2019	2020	2021	2022 - Adjusted comparative figures				2023

		FY		FY		FY		FY	1st quarter		2nd quarter		3rd quarter	FY		1st quarter	2nd quarter	3rd quarter	FY

SHAREHOLDERS' EQUITY AND LIABILITIES

Share capital	666	666	666	666	666	666	666			666	666	666			666	666

Retained earnings	3,214	3,280	2,741	3,336	3,472	3,257	3,484			3,566	3,695	3,538			3,688	3,581

Accumulated other comprehensive income (loss)	-907	-1,124	-1,479	-949	-598	-143	39			-216	-270	-349			-226	-476

Equity attributable to shareholders of the parent company	2,973	2,822	1,928	3,053	3,540	3,779	4,189			4,016	4,091	3,856			4,128	3,771

Non-controlling interests	87	95	93	112	119	121	132			125	130	126			135	135

Total shareholders' equity	3,060	2,917	2,022	3,165	3,659	3,900	4,321			4,141	4,221	3,982			4,263	3,905

Provisions for pensions and similar obligations	2,173	2,637	2,800	2,454	2,174	1,678	1,556			1,606	1,668	1,707			1,585	1,832

Provisions	172	168	510	304	298	285	281			288	300	266			241	208

Financial debt	3,188	3,026	4,028	3,231	3,235	3,228	3,229			3,238	2,942	2,944			3,069	3,068

Contract liabilities	2	7	105	118	124	121	134			143	141	138			152	173

Income tax payables	103	103	10	36	38	40	45			47	65	57			59	62

Other financial liabilities	8	36	18	35	79	89	98			90	105	107			111	91

Lease Liabilities		144	135	159	160	177	174			162	168	166			166	175

Other liabilities	3	15	18	11	9	8	8			7	5	5			5	6

Deferred tax liabilities	131	137	177	169	204	194	192			192	263	249			243	199

Total non-current liabilities	5,780	6,273	7,801	6,516	6,320	5,821	5,719			5,772	5,657	5,638			5,631	5,813

Provisions	244	462	616	492	427	436	385			404	402	374			378	313

Financial debt	160	168	43	545	0	5	79			60	856	859			799	890

Contract liabilities	45	60	80	94	108	129	147			170	170	170			156	136

Trade payables	1,967	1,732	1,704	2,068	2,382	2,385	2,503			2,339	2,485	2,418			2,398	2,357

Income tax payables	69	101	124	118	124	119	130			108	150	110			137	114

Other financial liabilities	481	545	593	724	548	578	770			626	473	535			596	811

Lease Liabilities		50	50	52	54	57	60			57	64	62			62	63

Refund liabilities	236	232	224	274	261	229	264			263	260	222			261	282

Other liabilities	320	329	252	286	439	425	423			341	458	429			393	320

Liabilities held for sale	0	0	0	30	32	19	0			5	0	1			1	0

Total current liabilities	3,521	3,680	3,686	4,683	4,375	4,384	14,801			14,284	5,319	5,179			5,182	5,287

Total shareholders' equity and liabilities	12,362	12,870	13,509	14,364	14,354	14,105	4,761			4,372	15,197	14,799			15,076	15,006

PUBLIC

Cash flow statement

		2018	2019	2020	2021			2022 - Adjusted comparative figures							2023

		FY		FY		FY		FY	1st quarter		2nd quarter		3rd quarter		4th quarter		FY	1st quarter	2nd quarter	3rd quarter	4th quarter	FY

Operating activities

EBIT		1,354		790		-149		1,220	247		186		395		145		974	244	283	322	-15	834
Interest paid	-94	-95	-121	-120	-44	-6	-3	-62	-115	-41	-12	-16	-99	-168

Interest received	15	17	12	14	4	3	2	13	23	4	3	3	9	19

Income taxes paid		-355		-222		-316		-348	-74		-88		-78		-88		-328	-92	-99	-76	-93	-359
Depreciation, amortization, and impairment losses	821	980	1,260	966	245	242	244	258	990	249	248	245	260	1,002

(Gains) losses on disposal of assets		-3		-8		6		2	0		-3		-1		-3		-7	-5	-7	-13	-19	-44
Changes in:

		-166	77	142	-552	-262	-157	22	122	-275	-151	-13	18	136	-9

		135		-156		-165		-46	-142		-125		-265		247		-286	-240	90	-102	109	-142
		63	-145	13	311	308	-34	93	-147	220	180	-68	-25	-39	48

		-29		5		1		50	18		-17		-8		-14		-20	-1	-17	-12	-17	-47
		-135	337	571	-219	-101	-32	76	20	-37	7	-100	83	224		214
Cash flows from operating activities	1,606	1,578	1,254	1,277	199	-30	477	492	1,139	156	307	428	457	1,348

Investing activities
Proceeds from disposals of property, plant and equiptment	13	25	17	16	3	8	6	9	25	10	12	18	44	84

Capital expenditures on intangible assets		-14		-22		-24		-37	-13		-16		-17		-19		-65	-19	-20	-18	-20	-77
Capital expenditures on property, plant and equiptment	-1,218	-1,023	-609	-634	-143	-159	-202	-221	-726	-202	-179	-228	-252	-861

Acquisition of subsidiaries	-163	-105	15	-19	-60	0	-2	-89	-151	-681	-9	-22	-2	-715

Acquisition of interests in joint ventures, and other equity investments1)									-1		0		-35		-3		-40	-4	-9	-4	-309	-327
Proceeds from disposal of subsidiaries	0	4	-3	-4	0	1	-6	1	-4	4	0	0	-8	-4

Proceeds from disposal of interests in joint ventures, and other equity
investments1)									0		0		0		0		0	0	0	0	1	1
Other investing activities	-3	-26	-40	-39	-16	-6	-7	0	-29	-1	0	0	0	-1

Cash used in investing activities		-1,384		-1,147		-642		-716	-231		-172		-264		-323		-990	-893	-205	-254	-548	-1,900
Financing activities

Dividends paid to shareholders and non-controlling interests	-363	-364	-298	-165	0	-336	0	0	-336	0	-306	0	0	-306

Receipts from loans		404		2,424		2,100		0	0		0		74		-19		55	500	10	115	90	716
Repayments of loans	-153	-2,572	-1,216	-302	-544	-3	0	0	-547	-2	-9	-51	0	-62

Principal repayments on lease liabilities				-60		-60		-59	-15		-16		-16		-17		-64	-18	-18	-18	-18	-72
Cash used in financing activities	-111	-572	526	-527	-559	-354	58	-35	-891	480	-322	46	72	276

Net increase/decrease in cash and cash equivalents	110	-140	1,138	33	-591	-556	271	134	-743	-257	-220	219	-19	-276

Effects of foreign exchange rate changes on cash and cash equivalents		-8		8		-50		34	12		8		12		-42		-10	-7	-9	5	-12	-24
Change in cash and cash equivalents due to changes in the scope of
consolidation	0	0	0	-3	0	0	0	0	0	0	0	0	0	0

Cash and cash equivalents as at beginning of period		698		801		668		1,758	1,822		1,243		681		977		1,822	1,069	805	576	800	1,069
Cash and cash equivalents	801	668	1,758	1,822	1,243	694	964	1,069	1,069	805	576	800	769	769

Less cash and cash equivalents classified as assets held for sale	0	0	0	0	0	13	-13	7	7	6	4	4	0	0

Cash and cash equivalents (consolidated statement of financial position)	801	668	1,758	1,822	1,243	681	977	1,063	1,063	799	572	796	769	769

additional information from H1 2023 onwards; until now the values were shown in the line "Acquisition of subsidiaries "

PUBLIC

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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 07:04:11 UTC.

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May. 08	SCHAEFFLER : Warburg Research remains its Buy rating	ZD
May. 07	Dpa-AFX Overview: COMPANIES from 07.05.2024 - 15:15	DP

SCHAEFFLER : Warburg Research remains its Buy rating	May. 08	ZD
Dpa-AFX Overview: COMPANIES from 07.05.2024 - 15:15	May. 07	DP
Schaeffler impresses with start to the year - Vitesco also rises	May. 07	DP
SCHAEFFLER : UBS maintains a Sell rating	May. 07	ZD
Transcript : Schaeffler AG, Q1 2024 Earnings Call, May 07, 2024	May. 07
Schaeffler earns more than expected - revenue stable at constant currency	May. 07	DP
Schaeffler AG Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 06	CI
Schaeffler Shareholders Green-light Vitesco Technologies Merger	Apr. 26	MT
New million-euro fine in emissions scandal - Continental to pay too	Apr. 25	DP
Auto parts maker Schaeffler India posts rise in Q1 profit on better demand	Apr. 25	RE
Dpa-AFX Overview: COMPANIES from 25.04.2024 - 15:15	Apr. 25	DP
Schaeffler, Siemens Team Up to Boost AI Use in Industrial Sector	Apr. 22	MT
SCHAEFFLER : Gets a Sell rating from UBS	Apr. 10	ZD
Schaeffler Issues EUR850 Million Corporate Bond	Mar. 22	MT
SCHAEFFLER : UBS reiterates its Sell rating	Mar. 21	ZD
'MM': BMW sidelines Conti for the time being due to brake problems	Mar. 21	DP
INDEX-MONITOR: Morphosys and Bilfinger in the MDax as of today - Dax unchanged	Mar. 18	DP
US automakers race to build more hybrids as EV sales slow	Mar. 15	RE
Global markets live: Robinhood, Dollar General, KKR, Boeing, Oracle...	Mar. 14
Dpa-AFX Overview: COMPANIES from 14.03.2024 - 15:15	Mar. 14	DP
SCHAEFFLER : Warburg Research remains its Buy rating	Mar. 14	ZD
Schaeffler subsidiary Vitesco posts loss and expects decline in sales	Mar. 14	DP
Schaeffler, Vitesco Technologies Sign Merger Deal	Mar. 14	MT
Schaeffler and Vitesco sign merger agreement	Mar. 13	DP
SCHAEFFLER : DZ Bank reaffirms its Buy rating	Mar. 11	ZD

	1st Jan change	Capi.
SCHAEFFLER AG	+13.94%	4.48B
DENSO CORPORATION	+23.34%	49.44B
APTIV PLC	-6.72%	22.64B
WEICHAI POWER CO., LTD.	+27.61%	19.99B
FUYAO GLASS INDUSTRY GROUP CO., LTD.	+33.81%	17.56B
HYUNDAI MOBIS CO.,LTD	-4.64%	15.41B
MAGNA INTERNATIONAL INC.	-18.96%	13.53B
CONTINENTAL AG	-21.22%	13.24B
SUMITOMO ELECTRIC INDUSTRIES, LTD.	+34.45%	12.02B
BOSCH LIMITED	+34.78%	10.62B

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