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Report on the Economic Position

Net assets and capital structure

The Schaeffler Group had EUR 11,537 m in total assets as at December 31, 2017 (prior year: EUR 11,564 m).

Consolidated statement of financial position (abbreviated)

12/31/2017
12/31/2016
Change
Total noncurrent assets
6,178
5,979
3.3 %
Total current assets
5,359
5,585
-4.0 %
assets
11,537
11,564
-0.2 %
Total shareholders’ equity
2,548
1,997
27.6 %
Total noncurrent liabilities
5,676
6,361
-10.8 %
Total current liabilities
3,313
3,206
3.3 %
Total shareholders’ equity andliabilities
11,537
11,564
-0.2 %

in € millions

Non-current assets rose by EUR 199 m to EUR 6,178 m as at December 31, 2017 (prior year: EUR 5,979 m), primarily due to an increase in property, plant and equipment of EUR 358 m. Additions to intangible assets and property, plant and equipment amounted to EUR 1,287 m and were partially offset by the termination of the cross-currency swaps in connection with the bond redemption as well as negative changes in the fair value of the remaining noncurrent derivatives. In addition, deferred tax assets dropped by EUR 80 m; reasons for the decline include the bond redemption and a slight increase in the discount rate for pension obligations.

Current assets decreased by EUR 226 m to EUR 5,359 m (prior year: EUR 5,585 m) in 2017. The decrease was largely attributable to the reduction in cash and cash equivalents (see “Cash flow”, pp. 61 et seq.). Trade receivables decreased by EUR 26 m in 2017. At December 31, 2017, trade receivables with a carrying amount of EUR 123 m (prior year: EUR 0 m) net of retained default risks had been sold under the ABCP program. The decrease was partially offset by an increase in inventories and favorable changes in the fair value of derivatives used to hedge currency risk.

Shareholders’ equity including noncontrolling interests rose by EUR 551 m to EUR 2.548 m as at December 31, 2017 (prior year: EUR 1,997 m). Net income of EUR 997 m increased shareholders’ equity. The increase was partially offset by EUR 328 m in dividends paid to Schaeffler AG’s shareholders. Other comprehensive loss totaled EUR 116 m for the period ended December 31, 2017, and consisted mainly of the impact of translating the net assets of foreign group companies (EUR 247 m), of remeasurements of pensions and similar obligations (EUR 63 m), and of cash flow hedges (EUR 46 m). The equity ratio was 22.1% at December 31, 2017 (December 31, 2016: 17.3%).

Non-current liabilities declined by EUR 685 m to EUR 5,676 mas at December 31, 2017 (prior year: EUR 6,361 m). The decline was largely due to the redemption of the USD bond in May 2017. The decrease in provisions for pensions and similar obligations by EUR 58 m, which resulted primarily from a slight increase in the average discount rate to 2.2% (December 31, 2016: 2.1%), and a decrease in other financial liabilities also contributed to the decline. These decreases were partially offset by a new capital investment loan of EUR 90 m and an increase in provisions, including EUR 39 m related to setting up a shared service center in Europe.

Current liabilities increased by EUR 107 m to EUR 3,313 m (prior year: EUR 3,206 m) as at December 31, 2017. The increase was largely attributable to higher trade payables, partially offset by reductions in other provisions and in restructuring provisions.

The acquisitions and disposals of companies had no significant impact on the Schaeffler Group’s net assets and capital structure.

The Schaeffler Group’s significant off-balance sheet commitments include obligations under operating rental and lease agreements and contingent liabilities. The Schaeffler Group’s obligations under noncancellable operating rental and lease agreements totaled EUR 133 m at December 31, 2017 (prior year: EUR 123 m); obligations under finance leases were insignificant.

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