DGAP-News: SAF-HOLLAND SE / Key word(s): Rating 
SAF-HOLLAND SE: Scope Hamburg confirms investment grade rating - outlook raised to stable 
2021-06-09 / 09:06 
The issuer is solely responsible for the content of this announcement. 
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Corporate News 
SAF-HOLLAND: Scope Hamburg confirms investment grade rating - outlook raised to stable 
 
Bessenbach, June 9, 2021. SAF-HOLLAND SE ("SAF-HOLLAND"), one of the world's leading suppliers of trailer and truck 
components, today published the combined rating report for 2021 from Scope Hamburg GmbH (formerly Euler Hermes Rating 
GmbH). The report confirms the investment grade rating and sets the outlook from negative to stable. 
https://corporate.safholland.com/en/investor-relations/rating 
 
In its rating, Scope Hamburg particularly emphasizes the sustainable growth prospects from the increasing global 
transport volumes and the Group's leading market positions in the markets for axle and suspension systems for trailers 
in the EMEA region and India as well as fifth wheels in the Americas region and the less cyclical, high-margin spare 
parts business. The global production and service network, the broad customer base and the structural cost reduction 
and process optimisation measures are also viewed positively. 
At the same time, the assessment of the slightly increased business risk reflects the high dependency on the cyclical 
commercial vehicle sector and the intense competition, which was recently once again briefly exacerbated by the 
COVID-19 pandemic. 
Scope Hamburg rates the financial risk of SAF-HOLLAND as low to moderate, with reference to its high internal financial 
resources and solid capital structure and financing base. 
Inka Koljonen, CFO of SAF-HOLLAND SE says: "Overall, we are very satisfied with the rating. In the past financial year 
we have impressively demonstrated that we have a resilient business model that generates comfortable margins. The main 
contributory factors in this regard were the extensive program initiated in September 2019 already to sustainably 
reduce our selling and administrative expenses, the voluntary waiver of the Management Board and the Supervisory Board 
of their fixed remuneration, the supplementary collective agreement for the Bessenbach location, salary cuts at the US 
locations and short-time work at the two German locations in Bessenbach and Singen." 
"Furthermore, in terms of financing, we are on a better footing today than we were one year ago. At EUR 371 million 
(previous year: EUR 243 million) SAF-HOLLAND SE enjoyed a particularly strong gross cash position as at December 31, 
2020. The successful placement of our promissory note loan in March 2020 and the very strong operating free cash flow 
contributed to this. This is particularly attributable to the positive contribution from net working capital 
management. The Cash-is-King project initiated in April 2020 played a major role in this regard. As a result, it was 
possible to sustainably reduce overdue receivables in all regions and improve the management of inventories." 
 
About SAF-HOLLAND 
SAF-HOLLAND SE, located in Bessenbach, is one of the leading international manufacturers of chassis-related assemblies 
and components, primarily for trailers and trucks. In addition to axle and suspension systems, the product range 
includes fifth wheels, coupling systems, kingpins and landing gear, which are sold under the SAF, Holland, Neway, KLL, 
V.Orlandi and York brands. SAF-HOLLAND supplies original equipment manufacturers (OEM) on six continents. In the 
Aftermarket business, the Company supplies replacement parts to manufacturers' service networks (OES), wholesalers, 
and, with the help of distribution centers, to end customers and service centers via an extensive global sales network. 
With the innovation offensive "SMART STEEL - ENGINEER BUILD CONNECT", SAF-HOLLAND combines mechanics with sensors and 
electronics and is driving forward the digital networking of commercial vehicles and logistics chains. Around 3,000 
committed employees worldwide are already working on the future of the transport industry today. Further information is 
available at: https://corporate.safholland.com/en 
Contact 
Michael Schickling 
Head of Investor Relations and Corporate Communications 
Tel: +49 (0) 6095 301 617 
michael.schickling@safholland.de 
 
Future-oriented statements 
This press release contains certain future-oriented statements that are based on current assumptions and forecasts made 
by the management of SAF-HOLLAND SE. Various known and unknown risks, uncertainties and other factors may lead to the 
actual results, financial position, development or performance of the company deviating considerably from the 
appraisals specified here. The company assumes no obligation to update future-oriented statements of this nature or 
adapt them to future events or developments. 
Note 
This announcement is for information purposes only and does neither constitute an offer to sell, purchase, exchange or 
transfer any securities nor a solicitation of any offer to sell, purchase, exchange or transfer any securities. The 
securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as 
amended (the "Securities Act") and may not be offered or sold in the United States absent registration or an exemption 
from registration under the Securities Act. SAF-HOLLAND SE does not intend to register any securities referred to 
herein under the Securities Act or with any securities regulatory authority of any state or other jurisdiction in the 
United States in connection with this announcement. 
 
Contact: 
Michael Schickling 
Head of Investor Relations and Corporate Communications 
SAF-HOLLAND SE 
Hauptstraße 26 
63856 Bessenbach 
Phone +49 6095 301-617 
michael.schickling@safholland.de 
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2021-06-09 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
The issuer is solely responsible for the content of this announcement. 
The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. 
Archive at www.dgap.de 
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Language:     English 
Company:      SAF-HOLLAND SE 
              Hauptstraße 26 
              63856 Bessenbach 
              Germany 
Phone:        +496095301117 
Fax:          +49 6095 301 - 260 
E-mail:       ir@safholland.de 
Internet:     www.safholland.com 
ISIN:         DE000SAFH001 
WKN:          SAFH00 
Indices:      SDAX 
Listed:       Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, 
              Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange 
EQS News ID:  1205811 
 
End of News   DGAP News Service 
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1205811 2021-06-09


 
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June 09, 2021 03:07 ET (07:07 GMT)