Plus ten percent: Schaeffler-share, despite a more cautious Outlook on high-altitude flight

automotive and industrial supplier Schaeffler looks in the light of the feeble downturn in the auto industry, and the Coronavirus-crisis on the fiscal year 2020

Plus ten percent: Schaeffler-share, despite a more cautious Outlook on high-altitude flight

automotive and industrial supplier Schaeffler looks in the light of the feeble downturn in the auto industry, and the Coronavirus-crisis on the fiscal year 2020. The Board to the group chief Klaus Rosenfeld expects sales on a currency-adjusted decline of up to two percent. In the best case, and is expected to reach the revenue level of the previous year, informed the companies in the SDax, at the time of submission of the annual balance sheet on Tuesday in Herzogenaurach, Germany. In 2019, sales stagnated adjusted at 14.4 billion euros.

Of the Proceeds should remain in the new year to 6.5 to 7.5 percent as adjusted earnings before interest and taxes (adjusted Ebit) left. That would be significantly less than in the previous year. Since the margin was already declined by 1.6 percentage points to 8.1 percent. Adjusted earnings before interest and taxes slumped in 2019 by 16 percent to 1.16 billion euros. The specialist for couplings, gearboxes and roller bearings, got the weakness of the auto markets clearly felt and had to cap its forecast for the year in the summer. The bottom line of the shareholders ' profit fell by more than half to 428 million euros. Special effects of EUR 258 million loaded in the course of the current tag.

Schaeffler-share on the flight

in The capital market came the news, nevertheless, is very good. Probably because of the free cash inflow (Free cash flow) increased significantly, and Rosenfeld with growing Confidence to the beleaguered Chinese car market looks, which is experiencing an unprecedented lull. The Schaeffler-boss is expecting a catch-up move and a recovery towards the second half of the year, if the novel Coronavirus remains a temporary phenomenon. The Schaeffler preference shares to put on for lunch by a good ten percent and was the top of the Index, the smaller companies. Since the beginning of the year the titles have lost about a fifth of their value.

Positive, there was A free cash inflow before - and to report payments for merger and acquisition activities. This improved compared to the previous year, to 89 to 473 million euros. The measure is primarily for analysts and investors is an important indicator because it indicates the financial strength of a company.

Nevertheless, Schaeffler has a difficult year behind. "The market environment was anything but easy," concluded Rosenfeld. While revenues in the automotive supply business declined slightly, could Schaeffler growth in the industrial division. In the regions of China and America, the Swiss franc increased sales in Europe and the Asia-Pacific Region, he was a currency-adjusted basis, however, declining.

With views of the novel Coronavirus in Europe, Rosenfeld spoke of a "worrying Situation". Corona is not a risk, you knew so far, and you should be set. However, there is no reason to panic. Schaeffler have to be crisis management in the handle and see currently no reason to close a factory, said Rosenfeld. Regardless of this, watch the Situation carefully.

In China, where the Virus took its beginning, worked 95 percent of the employees. All the works were in operation, the capacity utilization was 80 percent, and supply chains were not affected, said the Manager.

Schaeffler-reduction successes in small steps

In the course of the ongoing round of cuts and the ongoing restructuring of Schaeffler employees at the end of 2019, around 5000 employees less than at the beginning of the previous year, and had about 87.700 employees. The reduction of success in small steps, stressed Rosenfeld. A Healthy correction was not the goal.

Schaeffler in the view of analysts

Analyst Patrick Hummel of the large Swiss Bank UBS, pointed to the free cash inflow, which had positively surprised. In addition, sales and operating earnings would have exceeded expectations by five percent. However, the gloomy Outlook to 2020 is likely to lead to a reduction in analysts ' forecasts, he expects. Tim Schuldt from the analysis of the house Pareto Securities noted, meanwhile, that the weaker Outlook has been factored in the market already.

From the point of view of Jose Asumendi from the US Bank JPMorgan, the capital market day is now two weeks into the focus. Schaeffler wants to give its strategy and medium-term objectives. Rose field believes the company is on a good way. Since Schaeffler has not arrived in the E-mobility only, but always a better one. The francs are still relatively strong from the internal combustion engine is dependent on the swing to electric mobility is therefore quite large.

The shareholders will receive a dividend of 45 cents per preference share, 10 cents less than a year earlier.

Date Of Update: 10 March 2020, 16:00

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