Schaeffler office area In 2016, the Automotive Parts Business Group achieved encouraging results with revenue growth of 6 percentage points year-on-year, outperforming global sales of passenger cars and commercial vehicles (4.8%). Among them, Schaeffler's business in Greater China has grown faster than any other region, making it the best in all regions of the world. In addition, Schaeffler's sales in the aftermarket of automotive parts increased by 10.8% compared to 2015.
Due to the weak market demand, sales of the Industrial Components Division fell by 4.8%. Although the business of Schaeffler wind power generation, two-wheeled vehicles, and aviation continued to grow in 2016, the overall sales volume of the business division was declining due to weak demand from the raw materials and rail transportation business.
From a global perspective, Schaeffler's European business increased slightly by 1.8%, and North America was equal to 2015. The Asia Pacific region performed slightly better, with an increase of 4.7%. Due to the continuous growth and successful operation of the auto market in Schaeffler Greater China, last year's revenue increased by 13.3% year-on-year.
Klaus Rosenfeld, Chairman of Schaeffler Group's Board of Directors, was very satisfied with the Group's performance in the last financial year: “We enjoyed very strong growth in 2016. Our net profit has increased by 45% and shareholder dividends have increased by 34%.â€
The core figures of the Schaeffler Group (from left to right): Georg FW Schaeffler, Maria-Elisabeth Schaeffler-Thumann and Klaus Rosenfeld
Net profit soared, shareholders benefit
The Group’s EBIT was Euro 1.7 billion, up from last year’s 1.676 billion. EBIT margin was 12.7%, which was higher than 10.5% in Germany, 7.2% in GKN, 5.8% in Bosch, and 3.4% in Faurecia. It is worth mentioning that the net profit of the group has soared from 591 million euros in the previous year to 859 million euros. The increase of up to 45% is really a good thing!
This high profit growth has also brought great benefits to the shareholders. Schaeffler management decided to increase the 2016 share dividend from the previous year's 0.35 Euro per share to 0.5 Euro. This dividend of light accounted for approximately 34% of the group's net profit, which means that shareholders will receive a dividend of 300 million euros!
Debt reduction, free cash flow doubled
As revenue and profits both rose, another important measure for Schaeffler's management, net debt, was reduced by nearly 2.3 billion euros: from 4.689 billion euros to 2.636 billion euros. Given that Schaeffler greatly improved its debt ratio last year, the world-famous rating agency Moody's upgraded the Schaeffler Group's credit rating in October 2016.
With the reduction of group debt, Schaeffler's free cash flow is even more abundant: from 370 million euros last year, it has doubled directly to 735 million euros. In response, Dr. Ulrich Hauck, Schaeffler’s financial director, said: “We have very good free cash flow, partly because our revenues continue to grow, and on the other hand we reduce our interest expenses.â€
Increased investment and climbing number of employees
In the 2016 fiscal year, Schaeffler continued to increase its investment worldwide, with the amount raised from 1.025 billion Euros in the previous year to 1.146 billion Euro. Of these, 657 million went to Europe and 234 million to Greater China. These funds are mainly used to further expand the Group's global production capacity and purchase a large number of new production equipment.
At the same time, the number of Schaeffler employees worldwide continues to grow: As of December 31, 2016, the group had 86,662 employees, an increase of 2,500 from the previous year. The number of local employees in Germany was 31,000, an increase of 400 over the same period of last year.
"Mobilität für morgen" strategy
Schaeffler believes that the group's achievements last year are inextricably linked to its previously planned "Mobilität für morgen" strategy. Under the guidance of this strategy, the Group continued to exert its power to drive, Industry 4.0 and digitization.
With electric drive increasingly becoming the driving method widely used by automobiles in the future, Schaeffler took advantage of the acquisition of Compact Dynamics, a well-known German motor manufacturer, last year. Together with Semikron International, the world's leading power module and semiconductor manufacturer, Schaeffler has developed a highly competitive technology. Electric drive system. It is reported that Schaeffler has received six orders for electric drive and hybrid modules.
In the field of Industry 4.0, Schaeffler announced in 2016 that it will jointly develop Internet of Things (IoT) technology with IBM, a leading provider of information technology and business solutions, to continuously increase production efficiency. For example, digital sensors are added to the bearings to collect and send bearing operation data to the system in real time, which facilitates the pre-maintenance and maintenance of the bearings. In addition, Schaeffler will also apply the Internet of Things technology to the field of rail transit to provide customers with online monitoring solutions.
Digital technology will not only be used for product development and manufacturing processes, but also directly affect the entire process from product development to customer hands. Schaeffler developed a "digital calendar" for product tracking, equipment engineering, analysis simulation, and user feedback tracking. At present, Schaeffler is actively developing new business models based on digitalization.
In 2017, the Group set annual targets as follows: sales growth target was 4 to 5%; EBIT margin was 12 to 13%, and free cash flow remained at around 600 million euros.
Mr. Klaus Rosenfeld concludes: “We have a good start in 2017. We will continue to strive for quality, technology, innovation and other areas, and work towards goals such as electric drive, industrial 4.0 and digitalization!â€
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