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Income statement of Schaeffler AG (abbreviated)

2018
2017
Change
Revenue
35
100
-65.0 %
Cost of sales
-31
-94
-67.0 %
Gross profit
4
6
-33.3
General and administrative expenses
-116
-60
93.3 %
Net other operating income
55
101
-45.5 %
Income from equity investments
800
675
18,5 %
Interest result
-142
-171
-17.0 %
Income taxes
-102
-98
4.1 %
Earnings after income taxes
499
453
10.2 %
Net income for the year
499
453
10.2 %
Retained earnings brought forward
0
0
0,0 %
Retained earnings
499
453
10.2 %

in € millions.

Being the ultimate parent company of the Schaeffler Group, Schaeffler AG exclusively performs the management functions of a corporate center. For this reason, employees fulfilling other functions were transferred to other subsidiaries during the year. As a result, Schaeffler AG has been earning only minor amounts of revenue from services for subsidiaries since the second quarter of 2018. In light of this, the system for recharging services within the group has been revised as well. Therefore, the structure of revenue, cost of sales, and administrative expenses for the year has changed from that of the prior year. This structure will stabilize further in 2019, the first full year of reporting under the new organizational structure.

In performing its function as management holding company of the Schaeffler Group, Schaeffler AG incurred EUR 116 m (prior year: EUR 60 m) in general and administrative expenses.

Schaeffler AG performs most of the Schaeffler Group’s hedging activities related to currency risk. Foreign exchange gains and losses related to the group’s financing arrangements and hedges of currency risk arising from operations represent a significant proportion of net other operating income.

Income from equity investments consisted entirely of withdrawals from Schaeffler Technologies AG & Co. KG.

Interest expense included interest paid and accrued on the company’s institutional loans of EUR 18 m (prior year: EUR 16 m). The proceeds of the bond issuance, which Schaeffler Finance B.V. transferred to Schaeffler AG via intercompany loans, resulted in interest paid and accrued of EUR 73 m (prior year: EUR 84 m).

Income tax expense for 2018 amounted to EUR 102 m (prior year: EUR 98 m) and consisted entirely of current tax expense of EUR 102 m (prior year: EUR 98 m). Schaeffler AG has had deferred tax assets since 2016. It has opted out of recognizing deferred tax assets in accordance with section 274 (1) sentence 2 HGB. Consequently, just as in the prior year, the company did not have any deferred tax expense or benefit in 2018.

Net income for the year amounted to EUR 499 m (prior year: EUR 453 m) in 2018 and equalled retained earnings for 2018.

The Board of Managing Directors and the Supervisory Board will propose a dividend for 2018 of EUR 0.54 (prior year: EUR 0.54) per common share and EUR 0.55 (prior year: EUR 0.35) per common non-voting share to the annual general meeting.

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