Schaeffler, the global automotive and industrial supplier, today published its results for the 2021 financial year. The Schaeffler Group's revenue amounted to approximately 13.9 billion euros in the reporting period (prior year: approximately 12.6 billion euros). At constant currency, revenue increased by 9.7 percent. The year was characterized by significant revenue growth in all divisions and all regions.

Strong growth thanks to e-mobility

The Automotive Technologies division achieved sales of 8,436 million euros (previous year: 7,816 million euros). Adjusted for currency effects, sales increased by 7.4% compared to the previous year. The positive sales trend in the reporting year was driven by the signs of recovery following the coronavirus pandemic, particularly in the first half of the year, while global automotive production developed in the opposite direction in the second half of the year. On this basis, car production rose by around 3.4% in the reporting period.

Overall, the Automotive Technologies division achieved a significant outperformance of 4.0 percentage points compared to the global production of passenger cars and light commercial vehicles. The division achieved an order intake volume of 10.2 billion euros in the reporting year. Of this, 3.2 billion euros was attributable to the E-mobility division. This significantly exceeded the original target of 1.5 to 2 billion euros.

Although growth in global automotive production was subdued in 2021, contrary to original expectations, the Automotive Technologies division recorded significant sales growth in all regions. The Europe region, where sales rose by 7.1% after adjusting for currency effects, recorded the strongest growth in absolute terms. In the Americas, Greater China and Asia/Pacific regions, sales adjusted for currency effects rose by 6.8%, 5.7% and 13.8% respectively.

Industrial division grows strongly

The Industrial division successfully continued its course of profitable growth in 2021 and achieved sales of 3,568 million euros (previous year: 3,132 million euros), which corresponds to a currency-adjusted increase of 13.6%. The sector clusters developed differently. Particularly strong growth was achieved in the Industrial Automation, Power Transmission and Offroad sector clusters as well as in the trading business (Industrial Distribution).

In the Europe region, currency-adjusted sales rose by 12.3%, with the Industrial Automation, Power Transmission and Industrial Distribution sector clusters recording significant growth rates in the second half of the year in particular. Growth in the Americas region of 13.8% on a currency-adjusted basis was mainly attributable to Industrial Distribution. In the Greater China region, currency-adjusted sales rose by 14.5%, although the expiry of subsidies had the expected impact on demand in the wind sector cluster. In the Asia/Pacific region, sales were up 18.3% on the previous year after adjusting for currency effects. The increase was largely due to the rise in volume in the wind sector cluster in India.

Investments in the future

The Schaeffler Group is systematically implementing its planned measures to increase competitiveness with the preparations for the construction of the central laboratory, the establishment of the competence center for hydrogen technology at the Herzogenaurach location and the start of construction for the new tool technology center at the Höchstadt location.

The Industrial division is also implementing the measures adopted in September 2020 to consolidate the German sites. In this context, production capacities were bundled at the headquarters in Schweinfurt, the vertical integration at the site was significantly expanded and the production of high-precision gear parts for robots was started.

At the same time, the strengthening of regions outside Europe is being continued by relocating locally necessary production and assembly lines. In Nanjing, China, a new production hall for manufacturing large bearings for the wind energy sector was opened. This expansion strengthens the group's Asian plant network and consolidates Schaeffler's position as a leading supplier in this important growth market.

In the Automotive Technologies division, the bundling of expertise for e-mobility at the Bühl site and the start of production at the new plant for components and systems for electrified powertrains in Szombathely, Hungary, were successful milestones in the past financial year.

In addition, the Schaeffler Group has succeeded in reaching decisive agreements with employee representatives. The corresponding restructuring measures have been agreed for all locations affected by the measures announced in September 2020 and have already been implemented in part. The costs for these measures are below the originally planned expenses.

Forecast for 2022 suspended
Due to the events in Ukraine and the resulting impact on the global economy, the Board of Managing Directors of Schaeffler AG has suspended the forecast for 2022 for the Schaeffler Group and its divisions published on March 8, 2022. On February 22, 2022, the Board of Managing Directors of Schaeffler AG had issued an outlook for the year 2022 when preparing the financial statements, which cannot be maintained due to the events in the days since the date of preparation. From today's perspective, neither the further course of events nor the economic impact can be reliably estimated. A new forecast will be issued as soon as this is possible.

Klaus Rosenfeld, CEO of Schaeffler AG, said: "Despite a difficult environment, 2021 was a successful year for the Schaeffler Group in which we were able to increase the Group's revenue by around 10 percent at constant currency and our operating profit before special items by around 60 percent. Due to the dramatic developments in connection with Ukraine and the resulting increasing uncertainty and turmoil, we have decided to suspend our forecast, which was approved internally by the Executive Board on February 22, 2022 before the invasion. Our diversified positioning with three divisions and four regions, the quality of our operating business and our solid finances will help us to get through the current crisis. The strategic initiatives and priorities defined in our Roadmap 2025 remain valid. This applies in particular to the topic of sustainability."