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Schaeffler Annual Report 2018

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Schaeffler Annual Report 2018 Annual Report 2018 Mobility for tomorrow Staying in motion Company profile The SCHAEFFLER Group is a global automotive and industrial supplier. Top quality, outstanding technology, and exceptionally innovative spirit form the basis for the continued success of the company. By delivering high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, the Schaeffler Group is already shaping “Mobility for tomorrow” to a significant degree. Schaeffler Group at a glance Key figures Income statement (in € millions) 2018 2017 Change Revenue 14,241 14,021 1.6 % • at constant currency 3.9 % EBIT 1,354 1,528 -11.4 % • in % of revenue 9.5 10.9 -1.4 %-pts. EBIT before special items 1) 1,381 1,584 -12.8 % • in % of revenue 9.7 11.3 -1.6 %-pts. Net income 2) 881 980 -10.1 % Earnings per common non-voting share (basic/diluted, in €) 1.33 1.48 -10.1 % Statement of financial position (in € millions) 12/31/2018 12/31/2017 Change Total assets 12,362 11,537 7.2 % Shareholders’ equity 3) 4) 3,060 2,581 479 € millions • in % of total assets 24.8 22.4 2.4 %-pts. Net financial debt 2,547 2,370 7.5 % • Net financial debt to EBITDA ratio before special items 1) 1.2 1.0 • Gearing Ratio (Net financial debt to shareholders’ equity 3), in %) 83.2 91.8 -8.6 %-pts. Statement of cash flows (in € millions) 2018 2017 Change EBITDA 2,175 2,295 -5.2 % Cash flows from operating activities 1,606 1,778 -172 € millions Capital expenditures (capex) 5) 1,232 1,273 -41 € millions • in % of revenue (capex ratio) 8.7 9.1 -0.4 %-pts. Free cash flow (FCF) before cash in- and outflows for M&A activities 384 515 -131 € millions • FCF conversion ratio (ratio of FCF before cash in- and outflows for M&A activities to EBITDA before special items, in %) 1) 17.4 21.9 -4.5 %-pts. Value-based management Change Schaeffler Value Added before special items (in € millions) 1) 556 787 -29.4 % ROCE before special items (in %) 1) 16.7 19.9 -3.2 %-pts. Employees 12/31/2018 12/31/2017 Change Headcount 92,478 90,151 2.6 % Automotive OEM division 6) (in € millions) 2018 2017 Change Revenue 8,997 8,991 0.1 % • at constant currency 2.1 % EBIT 682 951 -28.3 % • in % of revenue 7.6 10.6 -3.0 %-pts. EBIT before special items 1) 693 973 -28.8 % • in % of revenue 7.7 10.8 -3.1 %-pts. Automotive Aftermarket division 6) (in € millions) Change Revenue 1,859 1,880 -1.1 % • at constant currency 2.2 % EBIT 319 333 -4.2 % • in % of revenue 17.2 17.7 -0.5 %-pts. EBIT before special items 1) 316 358 -11.7 % • in % of revenue 17.0 19.0 -2.0 %-pts. Industrial division 6) (in € millions) Change Revenue 3,385 3,150 7.5 % • at constant currency 10.1 % EBIT 353 244 44.7 % • in % of revenue 10.4 7.7 2.7 %-pts. EBIT before special items 1) 372 253 47.0 % • in % of revenue 11.0 8.0 3.0 %-pts. 1) Please refer to pp. 56 et seq. for the definition of special items. 4) Amount for 2017 adjusted retrospectively as a result of a change in the accounting policy 2) Attributable to shareholders of the parent company. for interest and penalties related to income taxes. See Note 1.4 “Change in accounting 3) Including non-controlling interests. policy IAS 8” to the consolidated financial statements for further details. 5) Capital expenditures on intangible assets and property, plant and equipment. 6) Prior year information presented based on 2018 segment structure. Key financials Revenue 2014 – 2018 EBIT 2014 – 2018 in € millions in € millions 14,021 14,241 13,179 13,338 12,124 1,676 1,700 1,561 1,584 1,381 1,523 1,556 1,528 1,402 1,354 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Revenue growth vs. prior year EBIT margin before special items + 8.2% + 8.7% + 1.2% + 5.1% + 1.6% 12.9% 12.7% 12.7% 11.3% 9.7% Revenue growth at constant currency EBIT margin + 3.9% 12.6% 10.6% 11.7% 10.9% 9.5% EBIT before special items Schaeffler Group revenue Schaeffler Group revenue by division by region in percent in percent by market view Asia/Pacific 10.5 Industrial 23.8 Greater China 18.0 Europe 51.3 Automotive Automotive OEM 63.2 Aftermarket 13.0 Americas 20.2 Highlights 2018 Challenging environment, revenue increased by 3.9% at constant currency Revenue at EUR 14.2 bn (prior year: EUR 14.0 bn) Automotive business EBIT margin declines, Industrial significantly improved Schaeffler Group EBIT margin before special items at 9.7% (prior year: 11.3%) Free cash flow held back by reduced earnings Free cash flow before cash in- and outflows for M&A activities at EUR 384 m (prior year: EUR 515 m) Net income decreases by 10.1% Net income at EUR 881 m (prior year: EUR 980 m) i2 Contents Contents Company profile C2 Corporate Governance Schaeffler Group at a glance C3 Corporate governance report including Highlights 2018 i1 corporate governance declaration 89 2018 – a dynamic year i4 Report of the Supervisory Board 97 Message from the shareholders i6 Governance structure 101 Introduction by the Chief Executive Officer i8 Remuneration report 105 Executive Board i12 Governing bodies of the company 118 Agility is vitally important i14 Consolidated financial statements Schaeffler Mover – shaping autonomous mobility i18 Consolidated income statement 123 E-Mobility – electrifying drive technology i22 Consolidated statement of comprehensive income 124 Industry 4.0 – connecting machines, digitizing production i26 Consolidated statement of financial position 125 Automotive Aftermarket – bringing digital service to the customer i30 Consolidated statement of cash flow 126 Consolidated statement of changes in equity 127 Schaeffler on the capital markets i34 Consolidated segment information 128 Group management report Notes to the consolidated financial statements Fundamental information about the group 3 General information 131 Overview of the Schaeffler Group 3 Principles of consolidation 145 Business activities 6 Notes to the consolidated income statement 146 Group strategy and management 26 Notes to the consolidated statement of financial position 150 Employees 37 Other disclosures 181 Corporate responsibility 43 Report on the economic position 44 Independent Auditors’ Report 192 Economic environment 44 Responsibility statement by the company’s legal Course of business 49 representatives 197 Earnings 54 Financial position and finance management 64 Additional information Net assets and capital structure 68 Glossary 199 Overall assessment of the 2018 business year 70 List of figures 204 Net assets, financial position, and earnings of Schaeffler AG 71 Index 207 Other components of the group management report 73 Contact details/imprint 208 Supplementary report 74 Summary 1st quarter 2017 to 4th quarter 2018 209 Report on opportunities and risks 75 Multi-year comparison 210 Risk management system 75 Financial calendar 211 Internal control system 77 Risks 78 Opportunities 83 Overall assessment of Schaeffler Group opportunities and risks 85 Navigation aid Report on expected developments 86 Expected economic and sales market trends 86 Further details in the Further details online Schaeffler Group outlook 87 report Schaeffler Group I Annual Report 2018 Staying in motion i3 Contents Staying in motion Co-shaping the future – Schaeffler Group employees are working on visionary projects in all divisions around the world. Four examples of movers in motion. i18 Schaeffler Mover – shaping autonomous mobility The concept car is pointing the way toward an autonomous automobile future. i22 E-Mobility – electrifying drive technology More driving pleasure, more efficiency – hybrid drive systems for the U.S. automobile market. i26 Industry 4.0 – connecting machines, digitizing production Networked machines, digital factories – Schaeffler is realizing the next industrial transition. i30 Automotive Aftermarket – bringing digital service to the customer Schaeffler is developing innovative solutions for the automotive aftermarket in China. i4 Staying in motion 2018 – a dynamic year 2018 – a dynamic year March Yokohama, Japan Kick-off for the “Leadership & Corporate Values” initiative, which is part of Schaeffler’s program for the future “Agenda 4 plus One”, in the Asia/Pacific region: In local workshops, Schaeffler executives provide information about the new corporate leadership culture. The roadshow in Yokohama marks the opening event. June Langen/Halle, Germany The Automotive Aftermarket division starts the construction phase for its new assembly and packaging center, called Aftermarket Kitting Operation (AKO). The state-of-the-art logistics facility represents a EUR 180 million investment and is one of 20 initiatives of Schaeffler’s program for the future “Agenda 4 plus One”. August Herzogenaurach, Germany Schaeffler and Paravan sign a master agreement for the formation of a joint venture. Called Schaeffler Paravan Technologie GmbH & Co. KG, this company will work on the further development of Paravan’s purely electronic “Space Drive” “Drive-by-Wire”-Technology as well as the development and sale of mobility systems. September Sorocaba, Brazil Schaeffler Brazil celebrates its 60th anniversary. It was the group’s first manufacturing operation outside Europe. Brazil holds special significance in the Schaeffler Group’s history. The decision to follow its customer Volkswagen to Brazil back in 1958 was a milestone in its corporate history. Schaeffler Group I Annual Report 2018 Staying in motion i5 2018 – a dynamic year September Hamburg, Germany At the global flagship trade fair, WindEnergy, Schaeffler presents solutions for reducing the levelized costs in wind turbines. A rotor bearing system fitted with sensors provides real operating data.
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