Schaeffler Group Profitable growth continues Q2 2011 results August 31, 2011
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 GmbH. 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 GmbH 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 and audit. Page 2 Page 2 Schaeffler Q2 2011 Results ● 31 August 2011
Agenda Overview Q2 2011 Results Outlook Page 3 Schaeffler Q2 2011 Results ● 31 August 2011
1 Overview Highlights Q2 2011 All regions and business units contribute to sales growth of 11.7% in Q2 2011 Automotive: sales growth driven by underlying market growth, new business contracts and new products High growth rates in torque converters, tapered roller bearings, valve lash adjustment elements, dry double clutches Industrial: sales growth driven by Production Machinery, Power Transmission and Aftermarket Positive book-to-bill ratio in both divisions Bundling our comprehensive electric mobility expertise in "eMobility System House" Investment agreement for new rolling bearings production plant in Nanjing (China) signed Supplier awards from Porsche, Volkswagen, Daimler, Siemens, Fiat, Great Wall Motors, Motortec, Goldwind and others Page 4 Schaeffler Q2 2011 Results ● 31 August 2011
1 Overview Profitable growth continues H1 2011 H1 2010 ∆ in EUR mn in EUR mn in EUR mn / % Sales 1 5,379 4,562 +17.9% 2 EBIT 883 739 +19.5% 2 EBIT margin 16.4% 16.2% +0.2 %-pts Net income 3 641 -260 +901 mn 4 Free cash flow 77 336 -259 mn Leverage ratio 5 2.7x 3.5x -0.8x ROCE 6 27.4% 18.0% +9.4 %-pts Page 5 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Sales growth +12% versus Q2 2010 1 Sales Schaeffler Group Sales by region Schaeffler Group in EUR mn share in % / vs. Q2 2010 in % +12% vs. Q2 2010 2,697 2,682 2,4022,452 2,481 Asia / Pacific Germany +9% +12% 2,160 21% 1,8761,971 27% 1,7211,768 6% South America +3% 13% North America 33% 3,489 3,847 4,562 4,933 5,379 +8% Europe 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 +17% 2009 2010 2011 Gross profit 23% 22% 27% 25% 31% 32% 33% 30% 32% 30% 1) without Germany margin Page 6 Page 6 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Automotive sales at high level – Growth in Industrial continues 1 Sales Automotive Sales Industrial in EUR mn in EUR mn +10% vs. Q2 2010 1,822 1,769 1,6081,5981,628 +17% 1,491 vs. Q2 2010 1,351 1,254 877 1,130 855 810 803 1,008 748 703 641 623 600 587 2,138 2,605 3,099 3,226 3,591 1,326 1,187 1,389 1,613 1,732 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 2009 2010 2009 2010 2011 2011 Gross Gross profit profit 17% 20% 27% 24% 29% 29% 31% 27% 29% 27% 32% 26% 29% 28% 37% 39% 39% 37% 39% 36% margin margin Page 7 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results EBIT margin stabilizes at high level 2 EBIT Schaeffler Group Δ EBIT Schaeffler Group in EUR mn in EUR mn +2% 817 vs. Q2 2010 472 404 398 372 411 883 335 -594 -17 739 -48 -14 187 151 71 37 108 338 739 770 883 xx xx Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 EBIT Sales COGS R&D Selling Admin & EBIT H1 2010 others H1 2011 2009 2010 2011 EBIT EBIT 15.0% 17.5% 15.3% 16.2% 16.4% 2.1% 4.0% 10.0% 7.7% 15.5%16.8% 16.2% margin margin Page 8 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Automotive EBIT slightly down – Industrial EBIT further improves 2 EBIT Automotive EBIT Industrial in EUR mn in EUR mn -4% vs. Q2 2010 302 273 +15% 261 249 239 vs. Q2 2010 229 170 151 150 149 143 133 131 96 78 40 36 31 18 -1 284 512 478 563 109 54 227 292 320 -41 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q4 Q1 Q2 2009 2010 2009 2010 2011 2011 EBIT EBIT -4.1% 3.5% 12.0% 9.8% 16.0%17.0% 15.6% 14.1% 16.6% 14.8% 11.1% 5.0% 6.0% 3.1% 15.0%17.5% 18.4% 17.8% 19.9% 17.1% margin margin Page 9 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Net income significantly above prior year 3 Net income H1 2001 Net income in EUR mn in EUR mn 438 5,379 203 147 176 97 39 -260 323 641 -625 -579 Interest 883 result 195 One-off dilu- -4,496 tion loss of EUR -396 mn -203 -215 At-equity -235 641 result Conti -222 -344 -357 -422 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Sales Costs EBIT Taxes/ Net Financial minorities income 2009 2010 result 2011 Q2 2,682 -2,271 411 -125 -83 203 2011 Page 10 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Interest result impacted by mark-to-market adjustments 3 Interest result 1 Composition of interest result YTD 2/3 in EUR mn in EUR mn 156 109 3 279 47 45 310 215 289 246 240 Q1 Q2 224 214 170 141 94 119 185 1 Non-Cash Cash 416 513 550 260 215 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 P&L Mark-to-market Others Δ Interest expenses Others interest rate derivatives Cash financial debt 2009 2010 2011 2) Debt push down of EUR 600 mn not included (conducted in July 2011) 3) Includes effects from the discontinuation of hedge accounting 1) For presentation purposes, results are shown as positive figures Page 11 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results At-equity result Continental at EUR89 mn 3 Net income Continental AG in EUR mn 2010 2011 368 315 228 213 Q1 Q2 Q3 Q4 FY Q1 Q2 14 121 349 227 683 Net Income 228 121 14 213 576 368 315 Conti -457 -1,192 Conti Shares -153 99 51 6 90 246 155 133 1 -190 (as of 05/11: 36.1%) -267 -52 -51 -51 -45 -199 -49 -44 PPA -396 0 0 0 -396 0 0 Dilution Loss -1,039 At-equity -349 0 -45 45 -349 106 89 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Result 2009 2010 2011 7,346 7,533 4,302 4,761 5,337 5,696 5,997 6,658 6,490 6,903 Sales 559 634 647 EBIT -165 39 -912 -2 494 517 365 1) Incl. one-off effect of EUR 13 mn Page 12 Schaeffler Q2 2011 Results ● 31 August 2011
2 Q2 2011 Results Positive free cash flow despite higher capex 4 Free cash flow H1 2011 Free cash flow in EUR mn in EUR mn 1,165 331 209 -301 190 184 127 104 40 66 11 -1,835 435 336 230 -308 77 -279 77 -200 -2,019 EBITDA Capex Interest Tax/ Free Δ Net Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Others cash flow working capital 2009 2010 2011 Q2 552 -16 -188 -141 -141 66 2011 Page 13 Schaeffler Q2 2011 Results ● 31 August 2011
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