Schaeffler Capital Market Presentation
September 2015 Agenda
1 Schaeffler at a glance 2 Mobility for tomorrow 3 Financial Results H1 2015
2 Schaeffler Group | Capital Market Presentation | September 2015 Disclaimer
This presentation contains forward-looking statements. The words "anticipate", "assume", "believe", "estimate", "expect", "intend", "may", "plan", "project“, "should" and similar expressions are used to identify forward-looking statements. Forward- looking 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 forward-looking statements as a result of various factors (including, but not limited to, future global economic conditions, changed market conditions affecting the automotive industry, intense competition in the markets in which we operate and costs of compliance 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. The material contained in this presentation reflects current legislation and the business and financial affairs of Schaeffler Group which are subject to change.
3 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Leading integrated automotive and industrial supplier
Schaeffler at a glance Key financials (in EUR mn unless otherwise indicated)
Leading integrated automotive and industrial 2014 H1 2015 Sales 12,124 6,732 supplier of high-precision components and systems % growth (y-o-y) 8.2% 12.4% Global footprint with around 84,000 employees at EBITDA 2,172 1,161 about 170 locations in more than 50 countries % margin 17.9% 17.2% Above industry average revenue growth and EBIT 1,523 818 profitability % margin 12.6% 12.2% EBIT margin (Automotive) 13.7% 12.8% EBIT margin (Industrial) 9.2% 10.3%
Sales by division (2014) Sales by region (2014)
Industrial OEM Asia/Pacific 16% 10%
Industrial Greater China 2) Aftermarket 13% 10% 77% 23% Europe1) Automotive 57% OEM Americas Automotive 61% Aftermarket 20% 13%
1) EMEA, Russia and India 2) China, Hong Kong and Taiwan
4 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Strong track record of above-average growth and profitability
Development of sales 2006 – LTM 20151) Development of EBIT and EBIT margin 2006 – LTM 2015 in EUR bn in EUR bn
12.9 1.7 CAGR +5% 12.1 1.5 11.1 11.2 1.5 1.5 10.7 1.5 1.42) 9.5 9.0 8.9 1.1 8.3 1.1 1.0 7.3
1.0
0.4
2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM 2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM H1 15 H1 15 Sales growth (y-o-y) EBIT margin 2) 4.7% 8.4% -1.2% -17.6% 29.4% 12.6% 4.0% 0.7% 8.2% 11.1% 12.9% 12.6% 11.7% 6.1% 15.9% 16.2% 13.2% 12.4% 12.6% 12.0%
1) 2006-2010 relates to financials of a different entity (Schaeffler VZ GmbH) 2) Before provision for EU antitrust fine of EUR 380 mn
5 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Leader for critical components and systems in automotive
Rolling Engine systems Valve train bearings components Strut bearings
Variable Torque camshaft timer converter
Transmission systems
Ball screw drives for steering systems
Belt & Chain drive systems
Thermo- Wheel bearings management Balancer shaft Chassis systems Roll stabilizer
6 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Leading bearing supplier to over 60 industrial sectors
Rotary table Linear guidance systems bearings with measuring Active system magnetic Spherical bearings plain Cylindrical bearings roller bearings with disc cage Radial insert ball bearings
Cage-guided cylindrical roller bearings Yoke type and stud type Engine track rollers Main Direct drives bearings Axial/radial Housings spindle roller bearings with an Spherical bearings outside diameter Needle roller of up to 4,250 mm roller bearings (up to 12,000 mm available on special request) Tapered bearings roller bearings
Smallest ball bearing with a 1 mm inside diameter
7 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Integrated global manufacturing and R&D footprint
Global footprint
US Europe w Cheraw (2) w Danbury China Germany Italy w Fort Mill (2) Europe w Anting w Bühl w Momo w Joplin w Nanjing w Herzogenaurach w Spartanburg w Suzhou w Homburg (3) Troy w Taicang (3) w Schweinfurt (2) w Wooster w Yinchuan (2) w + 17 other Portugal German sites w Caldas da Rainha
South Korea Austria Romania w Ansan w Berndorf-St. Veit w Braşov w Changwon Canada w Jeonju Mexico w Stratford (2) Japan w Irapuato Czech Republic Russia w Yokohama w Puebla w Lanskroun w Uljanowsk Thailand w Rayong Vietnam France Slovakia Brazil w Bien Hoa City w Calais w Kysucké Nové Mesto w Chevilly w Skalica w Sorocaba (2) w Haguenau (2) South Africa India w Port Elizabeth w Hosur Great Britain Spain w Pune w Vadodara (2) w Llanelli w Elgoibar w Plymouth w Sheffield
Europe Americas Greater China Asia/Pacific Total Hungary Switzerland w Debrecen w Romanshorn Manufacturing sites 48 14 7 5 74 w Szombathely
R&D Centers 9 4 1 2 16
8 Schaeffler Group | Capital Market Presentation | September 2015 1 Schaeffler at a glance Quality, Technology and Innovation – More than 2,500 new patents in 2014
Quality Innovation
Number of new patent registrations in Germany1) 4 More than 50 quality awards received in 2014
4 General Motors recognized 24 Schaeffler plants 2,518 with "Supplier Quality Excellence Award 2014“ 4 Murakami Seiki recognized Schaeffler China with 2,100 1,832 1,854 "Excellent Quality Award“ for outstanding product 1,641 quality and service
2010 2011 2012 2013 2014
Rank in Germany
# 4 # 4 # 4 # 2 # 2
GM Supplier Murakami Seiki Excellence Award Quality Award
9 Schaeffler Group | Capital Market Presentation | September 2015 2 Mobility for tomorrow Long-term growth from “Mobility for tomorrow”
Key mega trends 4 focus areas
1 2 u Urbanization Eco-friendly drives Urban mobility Society trends u Population growth
u Increasing complexity Technology trends u Digitalization
3 Interurban mobility Energy chain 4 Environmental u Renewable energies trends u Availability of resources
u Globalization Economic trends u Affordability
Offering solutions in Automotive… … and in Industrial
10 Schaeffler Group | Capital Market Presentation | September 2015 2 Mobility for tomorrow 1 Eco-friendly drives to increase energy efficiency and reduce CO2 emissions
Combustion engine dominant but will be further electrified... …to meet CO2 reduction targets
Powertrain concepts 220 CO2 legislation enacted worldwide 2% 1% 9% 19% 185 35% m k / 2 O 98% C 150 China: 117g in 80% g 20201) 56% US: 97g 115 Japan: 122g in in 2025 2020 EU: 95g in 2020 2013 2020 2030 80 Combustion engine Hybrids Electric 2000 2005 2010 2015 2020 2025 1) Proposed 2020 targets Source: University of Duisburg-Essen, 2012 Source: icct (November 2014)
Meeting stringent US 2025 emission targets already today… …through comprehensive offering of fuel reduction technologies Technology Improvement (in %)2) Locally developed Valve train friction optimization 0.5 technologies to meet Balance shaft bearings 0.5 specific NA fuel Thermal management module 1.0 economy demands Engine start-stop 3.5 and customer AWD disconnect 5 requirements TC with optimized damper 1.0 Economical solutions Low rolling resistance tires 3.5 achieve 44% Ride height adjustment 2.6 Transmission Driven Accessories – improvement in fuel 26 economy and meet 48V hybrid system 2025 CAFE standards Total ~44 2) Denotes fuel reduction potential in %
11 Schaeffler Group | Capital Market Presentation | September 2015 2 Mobility for tomorrow Mobility and energy chain
2 Urban mobility 3 Interurban mobility 4 Energy chain
Population growth and urbanization Chinese cities connected by high- Global investments in new power plants speed trains and infrastructure 2011 – 2020 1990 Other Regenerative 4% 5.3bn people Solar PV 7% 10 megacities (> 10 mn people) Water 8% Power grids 44% 2025 Wind 12% (Infrastructure) 8.0bn people Nuclear 6% 37 megacities Oil 1% Gas Coal 6% 12%
Schaeffler solution Schaeffler solution Schaeffler solution
E-bikes / New Energy Vehicles Mechatronic functions in axlebox bearings Wave power Wind power E-scooters (NEVs)
Source: United Nations, The 2011 Revision Source: Morgan Stanley Research (15-May-11): China High- Source: International Energy Agency (2011): World Energy Speed Rail; On the Outlook. Economist Fast Track
12 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Overview key financials H1 2015
H1 15 Q2 15 in EUR mn H1 14 H1 15 Q2 14 Q2 15 vs. H1 14 vs. Q2 14 Sales 5,990 6,732 +12.4% 3,014 3,387 +12.4%
EBITDA 1,113 1,161 +4.3% 541 557 +3.0%
EBITDA margin 18.6 17.2 -1.4%-pts. 17.9 16.4 -1.5%-pts.
EBIT 801 818 +2.1% 383 384 +0.3%
EBIT margin 13.4 12.2 -1.2%-pts. 12.7 11.3 -1.4%-pts.
Net income 210 309 +99 mn -10 142 +152 mn
Capex 298 501 +203 mn 143 257 +114 mn
Capex ratio 5.0 7.4 +2.4%-pts. 4.7 7.6 +2.9%-pts.
Free cash flow -3252) -72 +253 mn -3062) -12 +294 mn
Net debt1) 5,778 6,245 +467 mn 5,778 6,245 +467 mn
Leverage ratio1) 3) 2.7 2.8 2.7 2.8 –
1) Prior year figure as per December 31, 2014 2) Includes EU-antitrust fine of EUR 371 mn paid in June 2014 3) Net financial debt excl. shareholder loans to LTM EBITDA ratio
13 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Sales H1 2015 up 12.4%
Sales H1 2015 sales by region in EUR mn Y-o-y growth (w/o FX effects) +12.4%1) Asia/Pacific vs H1 2014 +12% (-1%)
3,345 3,387 3,100 Greater China 10% 2,976 3,014 3,034 +35% (+12%) 14%
54%
Americas 22% Europe +26% (+12%) +3% (+2%) 5,990 6,134 6,732
Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 H1 2015 sales by division Y-o-y growth
y-o-y excl. FX Gross profit margin in % H1 14 H1 15 growth effects 28.7 27.7 28.9 27.5 28.3 28.0 28.2 28.1 Automotive 4,439 5,064 14.1% 6.9%
Industrial 1,551 1,668 7.5% -0.8%
Total 5,990 6,732 12.4% 4.9% 1) Includes positive FX effects of 7.5%
14 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Automotive division again strongly outperforms market
Sales development Automotive (w/o FX effects) Sales split Y-o-y growth (w/o FX effects) Automotive Aftermarket Europe Americas +13% (+10%) +17% 17%
Chassis Systems 42% 15% +3% +3% +9% (+3%) Transmission Systems +15% (+7%) -1% Engine Systems 26% +18% (+8%) World production : +0.8% Schaeffler Automotive: +6.9% (w/o FX effects) Asia/Pacific Greater China Key aspects 4 Engine Systems: Ramp-up of new Thermal Management Module; Strong demand for valve train +13% components (e.g. for UniAir engine) 4 Transmission Systems: Significant growth with Torque +5% +2% Converters (automatic transmission) and Dual Mass Fly Wheels 4 Chassis Systems: Strong demand for 3rd generation of -6% wheel bearings compensates weakness in South America and Asia/Pacific Production of light vehicles Sales growth (w/o FX effects) 4 Automotive Aftermarket: Strong demand for service H1/2015 vs H1/2014 Schaeffler Automotive kits in Europe and Americas in second quarter (IHS Automotive) H1/2015 vs H1/2014
15 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Industrial division with mixed development across sectors
Sales development Industrial Key aspects
H1 14 H1 15 D D excl. FX effects 4 Industrial OEM business with mixed development Industrial across sectors 994 1,063 6.9% -1.4% Applications 4 Mobility: FX-adjusted sales down Industrial 557 605 8.6% 0.2% Aftermarket Organic growth in Railway and Motorcycle sector 1,551 1,668 7.5% -0.8% Off-highway equipment (esp. agriculture) remains under Total pressure
4 Production Machinery: FX-adjusted sales down Slight decrease in tooling machinery Sales split Textile and printing machinery remain weak Industrial Industrial Applications ~64% 4 Energy and Raw Materials: FX-adjusted sales up Aftermarket ~36% Positive development in renewable energy sector Mobility (especially Wind) in Europe and Greater China
Energy and Raw Material Stabilization in Heavy Industries on a low level but no quick recovery expected Production Machinery 4 Aerospace: FX-adjusted sales slightly down Aerospace 4 Industrial Aftermarket: FX-adjusted sales slightly up
16 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 EBIT margin H1 2015 12.2%
EBIT Key aspects in EUR mn H1 15 EBIT margin down by 1.2%-points mainly due to:
+2.1% 4 Reduced gross profit margin in Industrial business vs H1 2014 (-0.5%-pts), mainly due to sales mix effects 4 Increase in R&D and selling expenses on group level 434 418 429 (-0.4%-pts) 383 384 4 One-off items from antitrust cases (-0.4 %-pts) 293
EBIT by division 801 722 818 in EUR mn
Q1 Q2 Q3 Q4 Q1 Q2 H1 14 H1 15 D H1 14 H1 15 D margin margin in %-pts. 2014 2015 EBIT margin in % Automotive 627 647 +3.2% 14.1% 12.8% -1.3 14.0 12.7 14.1 9.5 13.0 11.3 Industrial 174 171 -1.7% 11.2% 10.3% -0.9 13.4 11.8 12.2
Total 801 818 +2.1% 13.4% 12.2% -1.2
17 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Financial Result H1 2015 EUR -337 mn
Financial result1) Reconciliation Financial Result in EUR mn in EUR mn 337
-11 375 EUR -138 mn vs H1 2014 142 -184
H1 Non-cash One-off H1 2015 2015 valuation effects excl. one-offs and 176 effects loans / refinancing as reported valuation effects 161 bonds Q2 2015 122 100 in EUR mn H1 14 H1 15 D Cash interest 112 132 20 337 475 145 23 Accrued interest 54 33 -21 23 Other 74 -23 -97 Q1 Q2 Q3 Q4 Q1 Q2 Financial Result excl. one-offs 240 142 -98 2014 2015 and valuation effects
Non-cash valuation effects 0 11 11
One-off effects refinancing 2352) 184 -51
1) For presentation purposes negative results are shown as positive figures Reported Financial Result 475 337 -138 2) Including non-cash valuation effects of EUR 106 mn from refinancing transaction in Q2 2014
18 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Net income H1 2015 EUR 309 mn
Net income1) Reconciliation of net income in EUR mn in EUR mn 53 309 3 138
210 17 229 220 215
167 142 H1 2014 Δ EBIT Δ Financial Δ Taxes Δ Minorities H1 2015 Result
Key aspects 210 444 309
-10 4 Net income increased by EUR 99 mn vs H1 2014
Q1 Q2 Q3 Q4 Q1 Q2 4 Improved financial result leads to higher net income
2014 2015
1) Attributable to the shareholders of the parent company
19 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Free cash flow EUR -72 mn
Free cash flow H1 2015 Operating cash flow in EUR mn in EUR mn 490 439
1,161 238 184 134 233
-1632)
Q1 Q2 Q3 Q4 Q1 Q2 501 2014 2015 -29 929 422
Free cash flow 166 in EUR mn 238 135 1731)
-19 -12 158 -60 2 -72 EBITDA Δ Capex Interest Tax Other Free cash -3062) Working flow Capital Q1 Q2 Q3 Q4 Q1 Q2 2014 2015
1) One-off effect from refinancing transaction in Q2 2015 -325 373 -72 2) Includes EU-antitrust fine of EUR 371 mn paid in June 2014
20 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Working Capital improved – Capex on track
Working capital Capex1) in EUR mn in EUR mn
357 3,022 2,900 2,944 2,696 2,778 2,548 244 257 202
155 143
298 559 501
Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 2014 2015
In % of sales In % of sales 5.2 4.7 6.7 11.5 7.3 7.6 23.6 24.0 24.6 21.0 24.2 22.9 7.1 7.4
1) Cash view
21 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Leverage ratio as of June 30, 2015 2.8x
Net financial debt Change in net financial debt in EUR mn in EUR mn 216 202 36 6,245 223 5,778 -210 6,190 6,245 5,768 5,778 5,529 5,755
2.6 2.7 2.6 2.7 2.8 2.8 Q4 2014 FX effect Δ Cash Repayment Bond Other H1 2015 Position Term Loan1) refinancing2)
Key aspects Q1 Q2 Q3 Q4 Q1 Q2
2014 2015 4 Net financial debt significantly impacted by FX effects (high portion of US denominated debt) Leverage ratio (Net financial debt w/o shareholder loans / LTM EBITDA) 4 Partial repayment of institutional loans (USD and
Gross debt EUR tranche) on June 30, 2015 5,751 6,226 6,443 6,414 6,799 6,665 4 Leverage ratio stable
Cash & cash equivalents 222 471 675 636 609 420 1) EUR 210 m voluntary prepayment of institutional term loans (EUR 125 m for OpCo and EUR 85 m for Intercompany loan to HoldCo) 2) The value of the bonds issued in April exceeds the value of the redeemed bonds.
22 Schaeffler Group | Capital Market Presentation | September 2015 3 Financial Results H1 2015 Guidance 2015
Growth Profitability
Sales growth 4-5%1) EBIT margin 12-13%2)
Capex 6-8% of sales Free cash flow Sustainably positive
1) At constant currency 2) Does not include restructuring provisions for CORE
Quality Innovation
Quality policy Further improve R&D expenses 5% of sales
Maintain leading position Employees 3,000 new jobs Innovation ~ in patent applications
23 Schaeffler Group | Capital Market Presentation | September 2015 IR contact
Investor Relations Financial calendar 2015 phone: + 49 9132 82 4440 Results 9M 2015 November 19, 2015 fax: + 49 9132 82 4444 Results FY 2015 March 15, 2016 Email: [email protected] Web: www.schaeffler.com/ir
24 Schaeffler Group | Capital Market Presentation | September 2015 Backup Overview of current corporate and financing structure
Current structure Financing structure (as of June 2015)
Debt instrument Nominal Interest Maturity Rating TopCo INA-Holding Schaeffler GmbH & Co. KG Loans: 100% HoldCo Term Loan (EUR) 500 E+4.50% Oct-19 Not rated Schaeffler Holding HoldCo RCF (EUR 200 mn) - E+4.50% Oct-19 Not rated g
GmbH & Co. KG n i d
l Bonds: 100% o 5) H 6.875% SSNs 2018 (EUR) 800 6.875% Aug-18 B1 / B r e
HoldCo l 5) HoldCo f Schaeffler f 6.875% SSNs 2018 (USD) 1.000 6.875% Aug-18 B1 / B e
Verwaltungs a 5)
Loans h 6.25% SSNs 2019 (USD) 475 6.25% Nov-19 B1 / B GmbH c S 5.75% SSNs 2021 (EUR)5) 350 5.75% Nov-21 B1 / B 5) HoldCo Schaeffler 100% 6.75% SSNs 2022 (USD) 675 6.75% Nov-22 B1 / B Holding Bonds Finance B.V. 100% 16.7% Loans: Senior Term Loan B (EUR) 675 E6)+3.50% May-20 Ba2 /BB- Guarantee1) Schaeffler Senior Term Loan B (USD) 1.150 L6)+3.50% May-20 Ba2 /BB- Verwaltung Zwei Senior RCF (EUR 1,000 mn) - E+2.75% Oct-19 Not rated GmbH IC Loan Bonds:
EUR 986m p 4.25% SSNs 2018 (EUR) 600 4.25% May-18 Ba2 / BB- 2)4) 100% Schaeffler Free u
+ EUR 270m o Beteiligungs- float r 2.75% SSNs 2019 (EUR) 500 2.75% May-19 Ba2 / BB- G
83.3% holding 10.0% r e
l 3.25% Unsec.Ns 2019 (EUR) 500 3.25% May-19 B1 / B 54.0% f 36.0% f e
OpCo a 2.50% SSNs 2020 (EUR) 400 2.50% May-20 Ba2 / BB-
IC Loan h OpCo 3)4) c EUR 629m S Schaeffler AG Continental AG 4.75% SSNs 2021 (USD) 850 4.75% May-21 Ba2 / BB- Loans 4.25% SSNs 2021 (USD) 700 4.25% May-21 Ba2 / BB- 3.50% SSNs 2022 (EUR) 500 3.50% May-22 Ba2 / BB- 4.75% SSNs 2023 (USD) 600 4.75% May-23 Ba2 / BB- Schaeffler OpCo Schaeffler Technologies 3.25% SSNs 2025 (EUR) 600 3.25% May-25 Ba2 / BB- Finance B.V. Bonds AG & Co. KG 2) Loan receivables resulting from capital increase in Dec. '14 (EUR 986m) and residual from previous cash management between Schaeffler AG and Schaeffler Verwaltung Zwei GmbH (EUR270m) 3) Loan receivable resulting from capital increase in Dec. '14 1) Schaeffler Beteiligungsholding guarantee and Schaeffler Verwaltung Zwei GmbH guarantee 4) Secured by share pledges of 20.4m shares of Continental AG remains in place until Schaeffler requests a guarantee fall-away event. Since the redemption of 5) Senior Secured PIK Toggle Notes 6) Floor of 0.75 % the 2017 bonds, this guarantee fall-away is at the sole discretion of Schaeffler.
25 Schaeffler Group | Capital Market Presentation | September 2015 Backup Overview permitted upstream payments
Chart simplified Current structure for illustration 1) purposes Financing structure (as of June 2015) INA Holding 4 Permitted Upstream Payments in OpCo loan and Schaeffler GmbH & Co. KG bond documents allow OpCo cash to be upstreamed HoldCo each year, providing material cash interest coverage on HoldCo level Schaeffler Verwaltungs 10% Conti dividend 4 Different restricted groups for OpCo loans and OpCo GmbH bonds define different permitted upstream OpCo Bond Permitted B payments Bond Upstream Payments OpCo Upstream 4 HoldCo has access to dividends from 46.0% of all Cash Payment Continental shares 4 As per 30 June 2015, the cash balance at Schaeffler Schaeffler 36% Conti Verwaltungs GmbH was EUR 3.1 mn Verwaltung Zwei dividend GmbH OpCo upstream cash payments OpCo Loan Permitted A Loan in EUR mn Q1 Q2 H1 2015 Upstream Payments OpCo Upstream OpCo Cash Free Cash Flow OpCo -60 -12 -72 Payment
Cash upstream payments Schaeffler AG 16 254 270 Schaeffler AG A Permitted upstream payments 20151) 325
Cash upstream payments Schaeffler 30 31 61 1) Annual Floor Amount for the financial year 2015 pursuant to Schaeffler AG loan agreement dated Verwaltung Zwei GmbH 27 October 2014 without carry forward amount. B 2) 2) Permitted Upstream Payments for the financial year 2015 pursuant to the bond indentures of Permitted upstream payments 2015 425 Schaeffler AG.
26 Schaeffler Group | Capital Market Presentation | September 2015