Results H1 2012
Schaeffler Group
Herzogenaurach, August 28, 2012
Disclaimer
This presentation contains forward-looking statements. The words "anticipate", "assume", "believe", "estimate", "expect", "intend",
"may",
y "plan",
p
"project",
p j
"should" and similar expressions
p
are used to identifyy forward-looking
g statements. Forward-looking
g
statements are statements that are not historical facts; they include statements about Schaeffler Group's beliefs and expectations
and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently
available to the management of Schaeffler AG. Forward-looking statements therefore speak only as of the date they are made, and
Schaeffler Group undertakes no obligation to update any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. These statements are based on Schaeffler AG
management's current expectations and are subject to a number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. Actual results may differ from those set forth in the forwardlooking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market
conditions affecting
g the automotive industry,
y, intense competition
p
in the markets in which we operate
p
and costs of compliance
p
with
applicable laws, regulations and standards, diverse political, legal, economic and other conditions affecting our markets, and other
factors beyond our control).
This presentation is intended to provide a general overview of Schaeffler Group’s business and does not purport to deal with all
aspects and details regarding Schaeffler Group. Accordingly, neither Schaeffler Group nor any of its directors, officers, employees or
advisers nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance should
be placed on, the accuracy or completeness of the information contained in the presentation or of the views given or implied. Neither
Schaeffler Group nor any of its directors, officers, employees or advisors nor any other person shall have any liability whatsoever for
any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this information or its contents or
otherwise arising in connection therewith.
therewith
The material contained in this presentation reflects current legislation and the business and financial affairs of Schaeffler Group
which are subject to change and audit.
Page 2
Schaeffler ● Results H1 2012 ● August 28, 2012
Agenda
Overview
Results H1 2012
Outlook
Page 3
Schaeffler ● Results H1 2012 ● August 28, 2012
1 Overview
H1 2012 – Strong results despite challenging environment
Continuous growth and profitability:
f H1 sales growth of 5% y-o-y
f Profitability still on a high level with EBIT margin at 13.8%
Strong
g operating
p
g cash flow in Q2:
f Positive free cash flow in H1 of EUR 30 mn despite
one-off effects in Q1 2012
Quality recognitions:
f Honda award for Schaeffler Brazil (4th year in a row)
f Steel Innovation Prize '12 for centrifugal pendulum-type absorber
R fi
Refinancing
i closed:
l
d
f Successful placement of EUR 326 mn retail/employee bond
f Consortium of 8 banks expanded to 11 banks
Rating upgrade:
f S&P upgrades company and issue rating from 'B' to 'B+'
Dual mass flywheel with centrifugal pendulum-type absorber
Page 4
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Overview results Schaeffler Group
H1 2012
H1 2011
Q2 2012
Q2 2011
in EUR mn
in EUR mn
in EUR mn / %
in EUR mn
in EUR mn
in EUR mn / %
Sales
5,652
5,379
+5.1%
2,794
2,682
+4.2%
EBITDA
1,079
1,165
-7.4%
530
552
-4.0%
19.1%
21.7%
-2.6%pts.
19.0%
20.6%
-1.6%pts.
780
883
-11.7%
379
411
-7.8%
13.8%
16.4%
-2.6%pts.
13.6%
15.3%
-1.7%pts.
505
641
-21.2%
269
203
+32.5%
Free cash flow
30
77
-47mn
47mn
137
66
+71mn
71mn
Leverage ratio¹
3.2x
2.7x
+0.5
3.2x
2.7x
+0.5
EBITDA margin
EBIT
EBIT margin
Net income
∆
1) Excl. shareholder loans
Page 5
Schaeffler ● Results H1 2012 ● August 28, 2012
∆
2 Results H1 2012
Sales growth continued
Sales
Sales by region1
in EUR mn
H1 2012 share in % / vs. H1 2011 in %
+5.1%
vs. H1 2011
2,697 2,682 2,703
2,402
2,452 2,481
Germany
Asia/Pacific
2,858 2,794
+5% (Q2: +2%)
+13% (Q2: +12%)
22%
2,612
27%
2,160
South America
-12% (Q2: -17%)
5%
15%
31%
North America
+19% (Q2: +22%)
Europe (w/o Germany)
-2% (Q2: -2%)
9,495
Q1
Q2
10,694
Q3
Q4
2010
Gross
profit 31% 32% 33%
margin
Q1
Q2
Q3
5,652
Q4
2011
30%
32% 30% 31% 28%
Q1
Q2
2012
31% 30%
Sales by division
in EUR mn
H1 2012
H1 2011
Δ
Automotive
3,842
3,589
+7.0%
Industrial
1,773
1,733
+2.3%
Other
37
57
-20mn
Total
5,652
5,379
+5.1%
1) Market view (= location of customers)
Page 6
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Automotive – Continuous growth and strong profitability
Highlights Automotive
Sales Automotive
Q2 2012
in EUR mn
+7.0%
vs. H1 2011
1,938
1,821
1,904
1,768 1,814 1,754
1,608 1,598 1,628
Balanced growth across all business
divisions driven by scale effects and strong
growth in innovative new products
1,491
Strongest growth rates in Asia/Pacific
and North America
6,325
Q1
Q2
Q3
3,842
7,157
Q4
Q1
2010
Q2
Q3
Q4
Q1
Q2
2012
2011
Gross
profit 29%
margin
29% 31% 27%
29%
27%
28%
25%
28%
28%
EBIT
margin 16%
17% 16% 14%
17%
15%
16%
12%
13%
14%
Page 7
Above proportional growth in
d d
dry
double
bl clutches,
l t h
cam shaft
h ft shifters
hift
and torque converters
Nissan „Global
Ni
Gl b l Q
Quality
lit A
Award"
d"
for outstanding performance as a supplier
and service partner
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Automotive – Above average growth in most regions
Production of light
vehicles in H1 2012
vs. H1 2011
(IHS Global Insight)
excluding Japan
Europe
(w/o Germany)
Germany
World
+9%
+9%
+7%
-3%
+4%
-7%
-1%
Asia / Pacific
(w/o Japan)
North America
+23%
+21%
+6%
Sales growth
Schaeffler Automotive1
H1 2012 vs. H1 2011
(by location of
customer)
South America
+21%
-6%
+15%
-7.0%
-15%
1) Schaeffler Automotive sales growth by region is not necessarily an indication of actual end-customer demand by region
(e.g. German sales includes components and systems sold to customers in Germany but later exported to customer locations in North America and Asia/Pacific)
Page 8
Schaeffler ● Results H1 2012 ● August 28, 2012
Production of light
vehicles in H1 2012
vs. H1 2011
(IHS Global Insight)
including Japan
2 Results H1 2012
Industrial – Weakening momentum in key markets and regions
Highlights Industrial
Sales Industrial
Q2 2012
in EUR mn
Sales driven by Heavy Industries and
Aerospace – sales decrease in Wind
Power and Production Machinery
+2.3%
vs. H1 2011
905
748
810
803
856
877
876
854
868
641
3,002
Q1
Q2
Q3
3,463
Q4
2010
Q1
Q2
Q3
1,773
Q4
2011
Q1
Continuous extension of X-life ranges for all
product
d t groups, e.g. llaunch
h off INA X
X-life
lif
radial insert ball bearings
Q2
2012
Gross
profit 37% 39% 39% 37%
margin
39% 36% 38% 34%
39%
36%
EBIT
margin 15% 18% 18% 18%
20% 17% 20% 14%
17%
14%
Page 9
Strong growth in Eastern Europe and
North America – sales decrease in
W t
Western
Europe
E
and
d Asia
A i
IImplementation
l
t ti off 21 local
l
l 'S
'Schaeffler
h ffl
Technology Centers' providing engineering
and service knowledge for the customer
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Above average profitability maintained – EBIT margin at 13.8%
EBIT
∆ EBIT
in EUR mn
in EUR mn
-11.7%
883
vs. H1 2011
472
404
398
+273
-213
-50
-28
780
-37
-48
466
411
401
372
379
340
335
EBIT
Sales
H1 2011
EBIT
margin
1,509
1,689
780
COGS
R&D
Selling
Admin
Other1
16.4%
EBIT
H1 2012
13.8%
EBIT by
b division
di i i
in EUR mn
Q1
Q2
Q3
Q4
2010
EBIT
margin 15.5% 16.8% 16.2% 15.0%
Q1
Q2
Q3
Q4
2011
17.5% 15.3% 17.2% 13.0%
Q1
Q2
H1 2012
EBIT
H1 2011
EBIT
Δ
in mn
H1 2012
margin
H1 2011
margin
Automotive
504
563
-59
13.1%
15.7%
Industrial
276
320
-44
15.6%
18.5%
Total
780
883
-103
13.8%
16.4%
2012
14.0% 13.6%
1) Other income / expenses; mainly related to currency effects
Page 10
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Positive net income of EUR 505 mn
Net income¹ H1 2012
Net income¹
in EUR mn
in EUR mn
438²
5,652
,
147
203
176
269
236
146
102
97
39
505
889
63
780
-4,872
One-off
dilution loss of
EUR -396 mn
286
505
-177
-384
1
Sales
Costs
EBIT
Interest
result
-357
2
Taxes/
Investment
minorities
result
1) Net income attributable to the shareholders of the parent company
Page 11
Q1
Net
income
Q2
Q3
2010
Q4
Q1
Q2
Q3
2011
Q4
Q1
Q2
2012
2) Q1 2011 result includes mark-to-market gains from interest rate derivatives of EUR 156 mn
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
1
H1 cash interest at EUR 192 mn
Interest result¹
H1 composition of interest result
in EUR mn
in EUR mn
384
24
Interest expenses financial debt
51
310
37
287
240
192
231
214
269
210
80
174
141
144
119
45
810
Q1
Q2
1
Q3
2010
Q4
Q1
733
Q2
Q3
384
Q1
Q4
Q2
2012
2011
3
Non-Cash
Interest
result
(P&L)
Mark-toOther Amortization Accrued Cash
Cash Hedging Transaction
interest transaction interest interest Interest
market
&
costs
costs
(mainly
interest accrued
result expenses others
bonds)
financial
rate
debt
derivatives
(loans)
1) For presentation purposes negative results are shown as positive figures
Page 12
Cash
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
2
At equity result further improved
Net income Continental
At equity result Schaeffler
in EUR mn
in EUR mn
483
2012
2011
520
Q1
Q2
Q3
Q4
FY
Q1
Q2
Net Income
Continental
368
315
211
348
1,242
483
520
Conti shares (per
30/06/12: 36.14%)
155
120
76
126
477
175
189
PPA effects
-49
-44
-42
-31
-166
-39
-40
0
13
0
0
13
0
0
106
89
34
95
324
136
149
368
348
315
228
213
211
121
14
1,242
576
Q1
Q2
Q3
Q4
Q1
Q2
2010
Sales 5,997 6,658
EBIT 494
Page 13
517
Q3
1,003
Q4
Q1
Q2
2012
2011
Other
6,490
6,903
7,346
7,533
7,714
7,912
8,320
8,187
365
559
634
647
636
680
766
843
At Equity Result
Schaeffler ● Results H1 2012 ● August 28, 2012
2 Results H1 2012
Free cash flow EUR 30 mn
EBITDA
Free cash flow H1 2012
in EUR mn
in EUR mn
Free cash flow
152
137
90
66
80
11
613
553
545
484
605
549
552
515
-107
530
473
1,079
Q1
-263
Q2
Q3
2011
Q4
Q1
Q2
2012
-472
-255
2,097
1,079
2,243
+80
Q1
Q2
Q3
Q4
Q1
2010
EBITDA
margin 22.4
in %
23.0
22.2
Q2
Q3
Q4
LTM
EBITDA1,381 1,701 1,899 2,097
22.7
20.6
22.4
30
Q2
2012
2011
20.8
Q1
18.1
2,226 2,225 2,285 2,243
19.2
-139
EBITDA
Δ Net
Working
Capital
Capex
530
-40
-222
19.0
2,179 2,157
Q2
2012
I t
Interest
t Dividends
payments
-91
80
Free
Taxes1/
Other cash flow
-120
1) Thereof 'Income taxes paid' as cash out of EUR -132 mn (2011: EUR -92 mn)
Page 14
Schaeffler ● Results H1 2012 ● August 28, 2012
137
2 Results H1 2012
Working capital level maintained – Capex decreased sequentially
Working Capital¹
Capex spent³
in EUR mn
in EUR mn
2,547 2,562
2,642
2,667
2,723
2,411
2,424 2,405 2,325
259
250
222
2,268
206
188
162
120
72
Inven1,269 1,375 1,424 1,482
tories
1,537 1,580 1,612 1,562
1,603 1,653
76
51
361
Q1
Q2
Q3
Q4
Q1
2010
in %
29.2
of
sales²
28.8 26.8 24.5
Q2
Q3
2011
25.4
24.8
25.2 22.5
1) Trade payables without provisions for outstanding invoices
2) Calculation based on LTM sales
Page 15
Q4
Q1
Q2
Q1
2012
24.3
24.8
Q2
Q3
773
Q4
Q1
Q2
2010
in %
2.4
of
sales
3.0
3.1
3.8%
3) Cash view
Schaeffler ● Results H1 2012 ● August 28, 2012
472
Q3
Q4
4.4
7.0
7.6
7.2%
Q2
2012
2011
6.5
Q1
9.9
8.7
7.9
8.4%
2 Results H1 2012
Leverage ratio at 3.2x – Solid liquidity position
Net financial debt / Leverage ratio¹
Available funds
in EUR mn
in EUR mn
7,145 7,088
7,164 7,094
6,124 6,069
6,020
,
5,930
1 475
1 481 1,475
1,481
5,763 5,744
1,325
1,243
1,190
1,049
4.4x
1,140
1,093
1,091 1,165
3.5x
3.0x
2.7x
Q2
Q1
Q3
Q4
2.7x
Q1
2.7x
Q2
2010
584
740
3.0x
733
3.2x
420
280
266
Q3
Q4
Q1
Q2
2012
6,482
6,422
7,645
7,485
358
353
500
397
Leverage ratio (Net financial debt / LTM EBITDA)
3.2x
600
2011
Gross 6,468 6,514 6,503 6,477
debt
Cash
448
position
2.9x
Q1
Q2
Q3
Q1
2010
Q2
Q3
2011
Q4
Q1
Q2
2012
7,455 7,412
291
318
Shareholder loans
Revolver
1) Excluding shareholder loans
Page 16
Q4
Schaeffler ● Results H1 2012 ● August 28, 2012
Ancillary lines
Cash and cash equivalents
2 Results H1 2012
Strong bond performance – S&P upgrade from 'B' to 'B+'
Maturity Profile
Key aspects
in EUR mn
Successful p
placement of €326 mn
retail/employee bond in June/July 2012
Consortium of 8 banks expanded to
y
closed
11 banks – Bank syndication
8,000
7,000
S&P upgrades corporate and issue rating
from 'B' to 'B+'
6,000 Senior Term Loan B
~ €2.7 bn – 3 years
5,000
Bond Performance
4,000 Senior Term Loan C1 ~ €0.5 bn – 5 years
in %
3,000 ~ €1.4 bn – 5 years
Institutional Loan C2 (EUR/USD)
112
2,000 High-Yield-Bond 2017 (EUR/USD)
108
110
~ €1.2 bn – 5 years
1,000
106
104
High Yield Retail Bond – €0.3 bn – 5 years
102
g Yield-Bond 2019 ((EUR/USD)) – ~ €0.8 bn – 7 y
years
High
100
HY1 HY2 HY1 HY2 Hy1 HY2 HY1 HY2 HY1 HY2 HY1 HY2 HY1 HY2 HY1
2012
2013
2014
2015
2016
2017
2018
2019
98
10.2
11.3
Euro 2017
Page 17
Schaeffler ● Results H1 2012 ● August 28, 2012
10.4
Euro 2019
10.5
9.6
USD 2017
9.7
USD 2019
3 Outlook
On track to meet our targets for 2012 – Guidance unchanged
Growth
Profitability
Target 2012
Target 2012
Sales growth
>5%
EBIT margin
> 13 %
Capex
6-8 % of Sales
Free cash flow
Sustainably positive
Quality
Innovation
Target 2012
Target 2012
Quality policy
Employees
Page 18
Further improve
> 3,500 new jobs
R&D expenses
~ 5 % of Sales
Innovation
Maintain leading
position in patent
applications
Schaeffler ● Results H1 2012 ● August 28, 2012
Schaeffler IR contact
Investor Relations
Financial Calendar 2012
phone: + 49 9132 82 4440
f
fax:
+ 49 9132 82 4444
ir@schaeffler.com
www.schaeffler-group.com/ir
Q 2012 results: November 28, 2012
Q3
Q4 2012 results: March 21, 2013
Backup
Bond data
Issuer
Schaeffler Finance
B.V.
Schaeffler Finance
B.V.
Schaeffler Finance
B.V.
Schaeffler Finance
B.V.
Schaeffler Finance
B.V.
Issue
Senior Secured Notes
Senior Secured Notes
Senior Secured Notes
Senior Secured Notes
Senior Secured Notes
Principal Amount
€800 mn
$600 mn
€400 mn
$500 mn
€326 mn
Offering Price
98.981%
98.981%
100.000%
100.000%
98.981%
Rating
B1 (Moody's)
B+ (S&P)
B1 (Moody's)
B+ (S&P)
B1 (Moody's)
B+ (S&P)
B1 (Moody's)
B+ (S&P)
B1 (Moody's)
B+ (S&P)
Coupon
7.75%
7.75%
8.75%
8.50%
6.75%
Issue Date
February 9, 2012
February 9, 2012
February 9, 2012
February 9, 2012
June 29, 2012
Maturity
February 15, 2017
February 15, 2017
February 15, 2019
February 15, 2019
July 1, 2017
Interest Payment
Feb. 15 / Aug. 15
Feb. 15 / Aug. 15
Feb. 15 / Aug. 15
Feb. 15 / Aug. 15
May 15 / Nov. 15
ISIN
XS0741938624
US806261AC75
XS0741939788
US806261AA10
XS0801261156
Denomination
€1,000 with minimum
tradable amount
€100,000
$2,000 with minimum
tradable amount
$200,000
€1,000 with minimum
tradable amount
€100,000
$2,000 with minimum
tradable amount
$200,000
€1,000 with minimum
tradable amount
€1,000
Page 20
Schaeffler ● Results H1 2012 ● August 28, 2012
Backup
Summary – Quarterly development
2011
In EUR mn
2012
Q1
Q2
Q3
Q4
Q1
Q2
Revenue
2,697
2,682
2,703
2,612
2,858
2,794
EBITDA
613
552
605
473
549
530
- in % of revenue
EBIT
22.7
20.6
22.4
18.1
19.2
19.0
472
411
466
340
401
379
- in % of revenue
17.5
15.3
17.2
13.0
14.0
13.6
438
203
102
146
236
269
Income statement
Net income
1)
Statement of financial position
Total assets
13,372
12,738
13,001
12,989
13,449
13,806
2)
3,288
2,719
1,498
1,714
1,617
1,865
- in % of total assets
24.6
21.3
11.5
13.2
12.0
13.5
6,108
6,063
6,529
6,668
6,884
6,828
27
2.7
27
2.7
29
2.9
30
3.0
32
3.2
32
3.2
122
190
212
322
235
224
11
66
152
90
-107
137
69,517
71,084
72,951
74,031
74,948
75,868
Shareholders' equity
3)
Net financial debt
- Financial debt to EBITDA ratio 4)
Capital expenditures
Statement of cash flows
Free cash flow
Employees
Headcount (at end of reporting period)
Attributable to shareholders of the parent company.
2)
Including non-controlling interests.
3)
Excluding shareholder loans.
1)
Page 21
4)
EBITDA based on the last 12 months.
Schaeffler ● Results H1 2012 ● August 28, 2012
Backup
Consolidated statement of income
H1 2012
In EUR mn
Revenue
Cost of sales
Gross profit
Research and development expenses
Selling expenses
Administrative expenses
Other income
Other expenses
Earnings before financial result and income
taxes (EBIT)
Share of net income of equity-accounted
investees
Interest income
Interest expense
Financial result
Earnings before income taxes
Income taxes
Net income
Attributable to shareholders of the parent
company
Attributable to non-controlling interests
Page 22
Q2 2012
2012
2011
Change
g in %
2012
2011
Change
g in %
5,652
-3,933
1,719
5,379
-3,720
1,659
5.1
5.7
3.6
2,794
-1,960
834
2,682
-1,885
797
4.2
4.0
4.6
-294
294
-382
-241
99
-121
-244
244
-354
-204
134
-108
20.5
20
5
7.9
18.1
-26.1
12.0
-147
147
-191
-114
72
-75
-123
123
-181
-103
73
-52
19.5
19
5
5.5
10.7
-1.4
44.2
780
883
-11.7
379
411
-7.8
286
195
46.7
150
89
68.5
33
-417
-98
682
22
-237
-20
863
50.0
75.9
> 100
-21.0
1
-175
-24
355
8
-222
-125
286
-87.5
-21.2
-80.8
24.1
-170
512
-215
648
-20.9
-21.0
-82
273
-79
207
3.8
31.9
505
641
-21.2
269
203
32.5
7
7
0.0
4
4
0.0
Schaeffler ● Results H1 2012 ● August 28, 2012
Backup
Consolidated balance sheet – Assets
6/30/2012
12/31/2011
6/30/2011
Change in % 1)
556
553
562
0.5
Property, plant and equipment
3,510
3,328
3,033
5.5
Investments in equity-accounted investees
5,067
4,772
4,636
6.2
14
14
7
0.0
109
95
170
14.7
18
22
0
-18.2
384
350
280
97
9.7
Total non-current assets
9,658
9,134
8,688
5.7
Inventories
1,653
1,562
1,580
5.8
Trade receivables
1,876
1,607
1,698
16.7
Other assets
198
200
342
-1.0
Income tax receivables
103
89
77
15.7
Cash and cash equivalents
318
397
353
-19.9
19 9
4,148
3,855
4,050
7.6
13,806
12,989
12,738
6.3
In EUR mn
ASSETS
Intangible assets
Other investments
Other assets
Income tax receivables
Deferred tax assets
Total current assets
Total assets
1)
June 30, 2012 compared to December 31, 2011.
Page 23
Schaeffler ● Results H1 2012 ● August 28, 2012
Backup
Consolidated balance sheet – Equity and liabilities
6/30/2012
12/31/2011
6/30/2011
Change in % 1)
500
500
500
00
0.0
Reserves
1,544
1,324
2,279
16.6
Accumulated other comprehensive income (loss)
Equity attributable to shareholders of the parent
-236
-163
-110
44.8
1,808
1,661
2,669
8.9
57
53
50
7.5
Total shareholders' equity
1,865
1,714
2,719
8.8
Provisions for pensions and similar obligations
1,391
1,217
1,109
14.3
73
79
126
-7.6
6 869
6,869
7 168
7,168
6 410
6,410
-4.2
42
Income tax payables
204
172
99
18.6
Other liabilities
298
261
279
14.2
Deferred tax liabilities
102
124
145
-17.7
8,937
9,021
8,168
-0.9
Provisions
193
208
341
-7.2
Financial debt
543
317
12
71.3
Trade payables
930
873
850
6.5
In EUR mn
SHAREHOLDERS' EQUITY AND LIABILITIES
Share capital
Non-controlling interests
Provisions
Financial debt
Total non-current liabilities
Income tax payables
195
184
192
60
6.0
Other liabilities
1,143
672
456
70.1
Total current liabilities
3,004
2,254
1,851
33.3
13,806
12,989
12,738
6.3
Total shareholders' equity and liabilities
1)
June 30, 2012 compared to December 31, 2011.
Page 24
Schaeffler ● Results H1 2012 ● August 28, 2012
Backup
Consolidated statement of cash flow
1st six months
In EUR mn
Operating activities
EBIT
Interest paid
Interest received
Income taxes paid
Dividends received
Depreciation, amortization and impairments
Gains (losses) on disposal of assets
Other non
non-cash
cash items
Changes in:
Working Capital
Provisions for pensions and similar obligations
Other assets, liabilities and provisions
Cash flows from operating activities 1)
Investing
g activities
Proceeds from disposals of intangible assets and property, plant and equipment
Capital expenditures on intangible assets
Capital expenditures on property, plant and equipment
Investments in other investments
Inflows from other investing activities
Cash used in investing activities
2nd quarter
2012
2011
Change in %
2012
2011
Change in %
780
-259
259
4
-132
80
299
0
-30
30
883
-315
315
6
-92
0
282
-1
-22
22
-11.7
-17.8
17 8
-33.3
43.5
6.0
-100
36.4
379
-93
93
2
-78
80
151
1
-11
11
411
-144
144
4
-22
0
141
0
-1
1
-7.8
-35.4
35 4
-50.0
> 100
7.1
> 100
-263
-33
49
495
-301
-25
-44
371
12.6
32.0
< -100
33.4
-40
-25
-8
358
-16
-18
-109
246
> 100
38.9
-92.7
45.5
8
-20
-452
-1
0
-465
9
-7
-301
-1
6
-294
-11.1
> 100
50.2
0.0
-100
58.2
1
-11
-211
0
0
-221
3
-3
-185
0
5
-180
-66.7
> 100
14.1
-100
22.8
-1
170
-102
-13
0
-166
166
-112
-82
3
397
318
-1
4
-21
0
-400
-26
26
-444
-367
-13
733
353
0.0
> 100
> 100
-100
> 100
-74.8
-77.7
< -100
-45.8
-9.9
-1
0
-91
0
0
-22
22
-114
23
4
291
318
Financing activities
Dividends paid to non-controlling interests
Receipts from loans
Repayments of loans
Acquisitions in stages
Dividends paid to Schaeffler Verwaltungs GmbH
Payments made for other financing activities 2)
Cash used in financing activities
Net increase (decrease) in cash and cash equivalents
Effects of foreign exchange rate changes on cash and cash equivalents
Cash and cash equivalents as of beginning of period
Cash and cash equivalents as of end of period
1)
Excluding
g interest p
payments,
y
cash flow s from operating
p
g activities for the p
period from 01/01/2012 to 06/30/2012 amount to EUR 754 m (p
(prior yyear: EUR 686 m).
)
o parent company.
2) T
Page 25
Schaeffler ● Results H1 2012 ● August 28, 2012
-1
-49
-11
00
-9
9
-70
-4
-1
358
353
0.0
-100
> 100
> 100
62.9
< -100
< -100
-18.7
-9.9
Backup
Financials Automotive and Industrial divisions
Automotive
1st six months
In EUR mn
Revenue
EBITDA
- in % of revenue
EBIT
- in % of revenue
2012
2011
3,842
711
18.5
504
13.1
3,589
765
21.3
563
15.7
Change
7.0
-7.1
71
-2.8
-10.5
-2.6
%
%
%-pts.
%
%-pts.
Prior year information presented based on 2012 segment structure
structure.
Industrial
In EUR mn
Revenue
EBITDA
- in % of revenue
EBIT
- in % of revenue
2012
1st six months
2011
1,773
368
20.8
276
15.6
1,733
400
23.1
320
18.5
Prior year information presented based on 2012 segment structure.
Page 26
Schaeffler ● Results H1 2012 ● August 28, 2012
Change
2.3
-8.0
-2.3
-13.8
-2.9
%
%
%-pts.
%
%-pts.
%
p
Backup
Useful links and references
Schaeffler Investor
Relations website
http://www.schaeffler-group.com/content.schaefflergroup.de/en/investorrelations/IR.jsp
Annual and
interim reports
http://www.schaefflergroup.com/content.schaefflergroup.de/en/investorrelations/newsir/reports/reports.jsp
Investor Relations news
and publications
http://www.schaefflergroup.com/content.schaefflergroup.de/en/investorrelations/newsir/irreleases/News.jsp
Schaeffler press releases
http://www.schaeffler-group.com/content.schaefflergroup.de/en/press/press-releases/press-releases.jsp
Sustainability
at Schaeffler
http://www.schaeffler-group.com/content.schaefflergroup.de/en/mediathek/library/library-detaillanguage.jsp?id=3448715
Schaeffler FAQ
Page 27
http://www schaeffler-group com/content schaefflergroup de/en/investorrelations/faq/faq jsp
http://www.schaeffler-group.com/content.schaefflergroup.de/en/investorrelations/faq/faq.jsp
Schaeffler ● Results H1 2012 ● August 28, 2012