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Schaeffler AG financial position and net assets

Balance sheet of Schaeffler AG (abbreviated)

ASSETS
12/31/2018
12/31/2017
Change
Fixed assets
14,282
14,302
-0.1 %
Current assets
8,920
8,744
-2.0 %
Prepaid expenses and deferred charges
1
0
-
Excess of plan assets over postemployment benefit liability
5
9
-44.4 %
Total assets
23,208
23,055
0.7 %
SHAREHOLDERS' EQUITY AND LIABILITIES
12/31/2018
12/31/2017
Change
Shareholders' equity
7,197
7,059
2.0 %
Provisions
294
314
-6.4 %
Liabilities
15,713
15,676
0.2 %
Deferred income
4
6
-33.3 %
Total shareholders' equity and liabilities
23,208
23,055
0.7 %

in € millions.

Fixed assets consisted primarily of shares in Schaeffler Technologies AG & Co. KG.

Short-term loans and other financial receivables included in current assets related to Schaeffler AG’s cash pooling function and responsibility for the internal group financing of the Schaeffler Group. Other receivables largely consisted of Schaeffler AG’s claim to the net income of Schaeffler Technologies AG & Co. KG of EUR 800 m (prior year: EUR 675 m) that had not yet been paid out to Schaeffler AG as at December 31, 2018. Schaeffler Technologies AG & Co. KG paid EUR 675 m in respect of the prior year’s net income to Schaeffler AG in 2018. Schaeffler AG in turn used these funds entirely to pay off existing liabilities due to Schaeffler Technologies AG & Co. KG.

Schaeffler AG managed the Schaeffler Group’s cash pool and held bank balances of EUR 191 m (prior year: EUR 189 m) at the end of the reporting period.

On April 20, 2018, Schaeffler AG’s annual general meeting passed a resolution to pay a dividend of EUR 361 m to Schaeffler AG’s shareholders and to add the remaining retained earnings of EUR 92 m to revenue reserves.

Provisions declined by EUR 20 m to EUR 294 m (prior year: EUR 314 m), primarily due to lower income tax provisions for expected income tax payments and the reversal of a provision recognized for a compliance case in the past that was included in other provisions. These decreases were partially offset by an increase in provisions for pending losses on financial derivatives by EUR 19 m to EUR 93 m compared to December 31, 2017.

Liabilities included primarily short-term loans payable to affiliated companies related to Schaeffler AG’s cash pooling function and responsibility for the internal group financing of the Schaeffler Group. Amounts payable to affiliated companies included amounts payable to Schaeffler Finance B.V. of EUR 2,106 m (prior year: EUR 2,104 m) largely relating to the transfer of the proceeds from the bond issuances by Schaeffler Finance B.V.

The company’s bank debt increased by EUR 251 m to EUR 1,344 m (prior year: EUR 1,093 m), mainly as a result of drawings under the credit facility of a capital investment loan and under the Revolving Credit Facility.

More on financial debt in chapter "Financial position and finance management".

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