SCHAEFFLER AG Q1 2024 Schaeffler AG earnings
May 7, 2024
Herzogenaurach
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May 7, 2024 Q1 2024 Schaeffler AG earnings | Copyright Schaeffler AG, 2024 - All rights reserved. | | 2 |
AGENDA
1 O V E R V I E W
Schaeffler Group - Strong Q1 results in a continued difficult market environment
Key messages Q1 2024
- Q1 Sales flat1 on high comps - Automotive Technologies with positive outperformance, Vehicle Lifetime Solutions up strongly, weaker sales in Bearings & Industrial Solutions
- Q1 Order Intake - Strong Order Intake of EUR 1.5 bn in E-Mobility, Orderbook Industrial gaining momentum
- Q1 EBIT margin3 7.9% - Strong in Automotive Technologies, very strong in Vehicle Lifetime Solutions, solid in Bearings & Industrial Solutions
- Q1 FCF4 EUR -166 mn - Higher-than-expected working capital due to higher sales in inventory-intensive areas
- FY 2024 Guidance - Confirmed for all metrics
- Transaction update - Integration well on track, strong focus on business continuity and preparation for Day One
Sales growth1 Q1Gross Margin2 Q1
flat | 26.6% |
EUR 4,085 mn | Q1 2023: 23.1% |
EBIT margin3 Q1Free Cash Flow4 Q1
7.9% | EUR -166 mn |
Q1 2023: 8.1% | Q1 2023: EUR -73 mn |
1 FX-adjusted, yoy | 2 Gross profit includes extraordinary one-off gains of EUR 117 mn due to change in accounting estimate regarding the valuation of inventories, adjusted for in the EBIT margin | 3 Before special items | 4 Before cash in- and outflows for M&A activities
May 7, 2024 Q1 2024 Schaeffler AG earnings | Copyright Schaeffler AG, 2024 - All rights reserved. | | 4 |
1 O V E R V I E W
Schaeffler Group Q1 2024 - Highlights and lowlights
Automotive Technologies
Strong Order Intake driven by new business, strong EBIT margin2 by mature business
Vehicle Lifetime Solutions
Further strong growth1 momentum, continued strong EBIT margin2
Bearings & Industrial Solutions
Orderbook Industrial bottoming and signaling declining market pressure across multiple sectors
1 FX-adjusted, yoy | 2 Before special items May 7, 2024 Q1 2024 Schaeffler AG earnings
Bearings & Industrial Solutions
Topline impacted by continued challenging market environment, in particular Wind in China
Copyright Schaeffler AG, 2024 - All rights reserved. | | 5 |
AGENDA
2 B U S I N E S S H I G H L I G H T S Q 1 2 0 2 4
Group - Extraordinary impact in Gross Profit by new inventory valuation, not impacting our adj. EBIT margin
Sales
in EUR mn
flat1
4,152 4,085
EBIT3
in EUR mn
-13 mn | |
335 | 322 |
Key Aspects
Growth1 driven by automotive divisions despite high comps; Americas growing1 across all Divisions
Resilient Q1 EBIT margin3 in a challenging market environment
Gross margin2
Q1 | Q1 |
2023 | 2024 |
23.1% | 26.6% |
Q1 | Q1 | |
2023 | 2024 | |
EBIT | ||
8.1% | 7.9% | |
margin3 | ||
1 FX-adjusted | 2 Gross profit includes extraordinary one-off gains of EUR 117 mn due to change in accounting estimate regarding the valuation of inventories, adjusted for in the EBIT margin | 3 Before special items
May 7, 2024 Q1 2024 Schaeffler AG earnings | Copyright Schaeffler AG, 2024 - All rights reserved. | | 7 |
2 B U S I N E S S H I G H L I G H T S Q 1 2 0 2 4
Sales Performance Q1 2024 - Flat sales, heterogeneous development vs. strong comps
Automotive | Vehicle Lifetime | Bearings & | |||||||||||
Industrial | |||||||||||||
Technologies2 | Solutions2 | ||||||||||||
Solutions2 | |||||||||||||
% of Group | |||||||||||||
Q1 20241 | 43% | 15% | 41% | Region Growth | |||||||||
Sales | |||||||||||||
Europe | 45% | ||||||||||||
+1.9% | +3.7% | -5.4% | -0.4% | ||||||||||
Americas | 23% | ||||||||||||
+0.7% | +17.7% | +4.1% | +4.2% | ||||||||||
Greater | 19% | ||||||||||||
-0.4% | +29.4% | -9.8% | -3.6% | ||||||||||
China | |||||||||||||
Asia/ | 13% | ||||||||||||
+0.1% | +11.7% | -2.6% | -0.5% | ||||||||||
Pacific | |||||||||||||
Division | |||||||||||||
+0.8% | +8.6% | -4.1% | flat | ||||||||||
Growth | |||||||||||||
Q1 Sales growth1
1 Q1 FX-adjusted Sales growth, please refer to the Interim Report for further details | 2 Reclassification of Divisions as per slide 34; Divisions do not add up to 100% due to new "Others" segment
May 7, 2024 Q1 2024 Schaeffler AG earnings | Copyright Schaeffler AG, 2024 - All rights reserved. | | 8 |
2 B U S I N E S S H I G H L I G H T S Q 1 2 0 2 4
Automotive Technologies1 - Slight sales growth, EBIT margin4 improving
Key Aspects
Sales
in EUR mn
+0.8%2 | ||
1,778 | 1,770 | |
Q1 | Q1 | |
2023 | 2024 | |
Gross | 19.2% | 21.1% |
margin3 | ||
EBIT4
in EUR mn
+6 mn
93 | ||
87 | ||
Q1 | Q1 | |
2023 | 2024 | |
EBIT | 4.9% | 5.3% |
margin4 | ||
E-Mobility continues growth path in Europe and Americas, double-digit growth2 in Chassis Systems
Strong Q1 EBIT margin of 5.3%4 driven by favorable product mix in Engine & Transmission Systems
1 Reclassification of Division and restated figures as per slide 34 | 2 FX-adjusted | 3 Gross profit includes extraordinary one-off gains of EUR 30 mn due to change in accounting estimate regarding the valuation of inventories, adjusted for in the EBIT margin | 4 Before special items
May 7, 2024 Q1 2024 Schaeffler AG earnings
Copyright Schaeffler AG, 2024 - All rights reserved. | | 9 |
2 B U S I N E S S H I G H L I G H T S Q 1 2 0 2 4
Automotive Technologies - Strong Q1 Order Intake of EUR 1.5 bn in E-Mobility
Order Intake1,2
in EUR bn
Thereof | 3.2 | 5.0 | 5.1 | 1.5 |
E-Mobility | ||||
8.2 | 9.5 | 10.5 | ||
H2 | 3.9 | 4.1 | 7.4 | |
H1 | 4.3 | 5.4 | 3.1 | 2.1 |
2021 | 2022 | 2023 | Q1 | |
2024 | ||||
Book-to-bill-ratio2,3 | |||||
H2 | 1.4x | 1.2x | 2.1x | - | |
H1 | 1.4x | 1.8x | 0.9x | Q1 | 1.2x |
FY | 1.4x | 1.5x | 1.5x | - | |
1 Nominations to customer projects | 2 Prior-year values restated | 3 Lifetime Sales / Current period revenue May 7, 2024 Q1 2024 Schaeffler AG earnings
Key aspects
New OEM nominations for E-Motor and Inverter in our strongly growing global E-Mobility Heavy Duty Business
New Order Intake by global OEM in the medium duty sector, proofing the strength of our mature business
Strong start into the year with important orders in E-Mobility
and a book-to-bill-ratio of 1.2x
Copyright Schaeffler AG, 2024 - All rights reserved. | 10
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Schaeffler AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 06:12:07 UTC.
