DGAP-Ad-hoc: Schaeffler AG / Key word(s): Change in Forecast
Schaeffler AG: Schaeffler adjusts 2019 full-year guidance
29-Jul-2019 / 19:02 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Schaeffler adjusts 2019 full-year guidance
HERZOGENAURACH, July 29, 2019. Schaeffler AG (ISIN DE000SHA0159, WKN SHA015) today decided to adjust its 2019 full-year guidance for the Schaeffler Group as a whole and for its divisions.
Schaeffler Group now expects global automobile production to decline by 4 percent for 2019. On February 19, 2019 Schaeffler Group had anticipated a decline of 1 percent. This deterioration in market conditions for the group's Automotive OEM division, in particular in China and Europe, since the beginning of the year and the associated volume effects require an adjustment of the 2019 full-year guidance. Moreover, lower demand from certain key accounts in the Automotive Aftermarket let to a downward revision of the divisional sales guidance, while higher than expected demand in certain sectors in the Industrial division led to an upward revision.
Against this background, the Schaeffler Group now anticipates revenue growth (at constant currency) of minus 1 to plus 1 percent (previously 1 to 3 percent) for 2019, an EBIT margin (before special items) of 7 to 8 percent (previously 8 to 9 percent), and a free cash flow before cash in- and outflows for M&A activities of EUR 350 to 400 million (previously approximately EUR 400 million).
The guidance for each of the three divisions now is as follows:
Divisional guidance
Automotive OEM
Automotive AM
Industrial
Old
New
Old
New
Old
New
Revenue growth1)
(in %)
1-3%
-2-0%
1-3%
-2-0%
1-3%
2-4%
EBIT margin2)
(in %)
6-7%
5-6%
15-16%
15-16%
10-11%
10-11%
1) at constant currency 2) before special items
"Revenue growth (at constant currency)", "EBIT margin (before special items)" and "Free cash flow before cash in- and outflows for M&A activities" are defined in the Annual Report 2018 on pages 34f and 56f, which is available at www.schaeffler.com."
Contact:
Thorsten Möllmann, Senior Vice President Global Communications
& Branding, Schaeffler AG, Herzogenaurach, Germany
Phone +49 9132 82-5000, e-mail: presse@schaeffler.com
Renata Casaro, Head of Investor Relations,
Schaeffler AG, Herzogenaurach, Germany
Phone +49 9132 82-4440, e-mail: ir@schaeffler.com
Dr. Axel Lüdeke, Vice President Business and Financial Communications & PR, Schaeffler AG, Herzogenaurach, Germany
Phone +49 9132 82-5000, e-mail: presse@schaeffler.com
29-Jul-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
Schaeffler AG
Industriestr. 1-3
91074 Herzogenaurach
Germany
Phone:
09132 - 82 0
E-mail:
ir@schaeffler.com
Internet:
www.schaeffler.com
ISIN:
DE000SHA0159
WKN:
SHA015
Indices:
SDAX
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange; Luxembourg Stock Exchange
Schaeffler AG is a Germany-based company primarily engaged in the manufacture of automotive parts. Its activities are divided into two business segments: Automotive and Industrial. The Automotive segment comprises four subdivisions: Engine Systems, such as rolling bearing solutions, products for belt and chain drives, as well as valve train components; Transmission Systems, torsion and vibration dampers, clutches and double clutch systems, torque converters, bearing solutions and gearshift components; Chassis Systems, such as wheel bearings, steering components and power-assisted steering systems; and Automotive Aftermarket, offering repair service, among others. The Industrial segment is managed based on regions: Europe, Americas, Greater China and Asia/Pacific. The Company is also active in the field of digitalization of production.