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SCHAEFFLER HOLDING (CHINA) CO., LTD., HERZOGENAURACH / SHANGHAI
Revenue down slightly to approximately €2.8 billion
Automotive division growing at around 3 percent
EBIT margin at 12.9 percent
Free cash flow positive
Forecast for the year confirmed
Schaeffler Group made a solid start in 2013, despite the challenging market environment. With revenue decreasing slightly to approximately €2.8 billion compared to the very strong first quarter of 2012 due to market conditions, Schaeffler continued to maintain the high quality of its earnings, generating an EBIT margin of 12.9 percent. “We successfully remained on course in the first quarter of 2013 despite the still challenging market environment, improving both revenue and net income over those of the previous two quarters. It was mainly the positive trend in the Automotive division that enabled us to maintain our profitability at a high level”, stated Schaeffler AG CEO Dr. Juergen M. Geissinger.
Revenue for the first three months of 2013 declined by 3.6 percent to €2.8 billion compared to the prior year quarter, with revenue trends differing between the Automotive and Industrial divisions. Revenue in the Automotive division increased by about three percent to approximately €2.0 billion. Industrial division revenue declined to €768 million or by about 15 percent compared to the prior year quarter, which was this division’s strongest quarter to date in terms of revenue.
The company generated EBIT of €355 million (prior year: €401 million). Net income for the period was €233 million (prior year: €235 million).
Operating cash flow increased significantly by around 25 percent to €172 million (prior year: €137 million). Cash used in investing activities amounted to €120 million, falling short of the high prior year level of €244 million as expected. Given the investments in intangible assets and property, plant and equipment made last year and the uncertain economic environment, as a percentage of revenue these investments are expected to fall considerably below last year’s ratio. This is the basis for positive free cash flow for the first quarter of 2013 of €52 million (prior year: minus €107 million).
Net financial debt decreased by approximately €300 million to €6.8 billion at the end of the first quarter of 2013 compared to the prior year quarter-end. Favorable capital market conditions and Schaeffler Group’s sustainably good operating results enabled the company to significantly reduce the interest terms of its institutional loan tranches in March. At March 31, 2013, the company’s debt to EBITDA ratio (ratio of net financial debt to EBITDA for the last twelve months) of 3.3 was slightly higher than the corresponding figure of 3.2 as at year-end 2012.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| 6018N NSK | 90 | 140 | 24 |
| 6918N NSK | 90 | 125 | 18 |