SCHAEFFLER AG Q1 2021 Schaeffler AG earnings
Earnings Call
May 12, 2021
Herzogenaurach
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May 12, 2021 Q1 2021 Schaeffler AG earnings | 2 |
Agenda
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4
Overview
Business Highlights Q1 2021
Financial Results Q1 2021
Outlook
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1 Overview
Strong Q1 2021 - Sales growth driven by China, double-digit margins in all divisions
Key messages
Q1 sales +11.2%1, with recovery in Greater China in Automotive
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Technologies as main driver (+74%1)
Q1 Gross margin with positive yoy development driven by - Automotive Technologies; double-digit EBIT margin2 in all divisions, supported by continuous overhead cost control
FCF3 positive with EUR 130 mn, supported by higher EBITDA and - lower Capex; below PY due to restructuring cash-outs and Net Working Capital outflows
ROCE4 sequentially clearly up at 12.5% (Q1 20: 12.8%), supported by - strict capital discipline leading to a substantial decrease of Capital Employed
Restructuring program initiated in September 2020 progressing well - - Overall Net HCO reduction agreed as planned, financial impact unchanged
Guidance for 2021 upgraded - Higher sales growth1 and EBIT margin2, - FCF3 more than EUR 300 mn
1 FX-adjusted | 2 Before special items | 3 Before cash in- and outflows for M&A activities | 4 Before special items, LTM
Sales growth1Gross margin
+11.2% | 26.9% |
EUR 3,560 mn | Q1 2020: 24.0% |
11.3% | EUR 130 mn |
Q1 2020: 6.5% | Q1 2020: EUR 137 mn |
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1 Overview
Schaeffler Group Q1 2021 - Highlights and lowlights
All regions growing in Q1, only Europe flattish; Region China with outstanding growth in all divisions, Region Americas with clear indications of a strong recovery
Increased need for individual mobility solutions leading to strong demand in all divisions
Beginning cyclical recovery in infrastructure and equipment as well as sustained high demand for renewable energy fueling orderbook
Cost and capital discipline continued, cost inflation in procurement still limited in Q1
Covid-19 pandemic situation in many European countries and even more in India still tense, requiring a clear focus on employee´s health and safety
Market headwinds (especially semiconductor shortage and Covid-19 pandemic)
Special freights on a high level, indicating challenging supply chain situation
Cost inflation, especially for raw materials, will weigh on earnings 2021 and require proactive steering and preparedness
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Schaeffler AG published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 06:05:02 UTC.
