The Schaeffler Group reported 3,758 million euros (prior year: 3,560 million euros) in first-quarter revenue, representing constant-currency revenue growth of 1.9 percent. EBIT before special items amounted to 258 million euros (prior year: 397 million euros), resulting in an EBIT margin before special items of 6.9 percent (prior year: 11.2 percent).

First-quarter free cash flow before cash in- and outflows for M&A activities was positive at 14 million euros (prior year: 130 million euros).

The Automotive Technologies division generated 2,293 million euros in revenue (prior year: 2,281 million euros). At constant currency, revenue decreased by 3.2 percent from the prior year. EBIT before special items amounted to 80 million euros (prior year: 240 million euros). The EBIT margin before special items was 3.5 percent, considerably below the extraordinarily strong prior year level of 10.5 percent.

The Automotive Aftermarket division reported 463 million euros (prior year: 444 million euros) in revenue for the reporting period, representing constant-currency revenue growth of 2.1 percent. The division earned 63 million euros (prior year: 58 million euros) in EBIT before special items. This represents an EBIT margin before special items of 13.6 percent (prior year: 13.1 percent).

The Industrial division reported 1,002 million euros (prior year: 836 million euros) in first-quarter revenue, representing considerable constant-currency revenue growth of 15.7 percent. The division earned 115 million euros (prior year: 98 million euros) in EBIT before special items, which represents an EBIT margin before special items of 11.4 percent (prior year: 11.8 percent).

New full-year Guidance for 2022

The new guidance is based on the assumption that the growth of the global economy as a whole will slow down noticeably and that this will have an impact on Schaeffler Group’s sales and procurement markets. The economic sanctions imposed against the backdrop of the war in Ukraine, the impact on supply chains, raw material and energy prices, as well as transportation costs have been taken into account to the existing extent until year end. Influences of the coronavirus pandemic, which has not yet been overcome, on the Group’s value chain have been taken into account at the current level. With regard to China, economic activity is assumed to normalize by the end of June 2022.

The Schaeffler Group expects its full-year revenue to grow by 6 to 8 percent at constant currency in 2022. In addition, the Schaeffler Group expects to generate a full-year EBIT margin before special items of 5 to 7 percent. The Schaeffler Group also anticipates more than 250 million euros in free cash flow before cash in- and outflows for M&A activities for 2022, but below previous year.

The interim statement of Schaeffler AG for the first three months 2022 as well as the detailed press and IR release and the IR presentation will be published as planned on 10 May 2022.

Forward-looking statements and projections

Certain statements in this press release are forward-looking statements. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. No one undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You should not place any undue reliance on forward-looking statements which speak only as of the date of this press release. Statements contained in this press release regarding past trends or events should not be taken as representation that such trends or events will continue in the future. The cautionary statements set out above should be considered in connection with any subsequent written or oral forward-looking statements that Schaeffler, or persons acting on its behalf, may issue.