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Income statement of Schaeffler AG (abbreviated)

2017
2016
Change
Revenue
100
88
13.6 %
Cost of sales
-94
-84
11.9 %
Gross profit
6
4
50.0
General and administrative expenses
-60
-71
-15.5 %
Net other operating income
101
118
-14.4 %
Income from equity investments
675
600
12.5 %
Interest result
-171
-289
-40.8 %
Income taxes
-98
204
-
Earnings after income tax
453
566
-20.0 %
Net income for the year
453
566
-20.0 %
Retained earnings brought forward
0
0
0.0 %
Retained earnings
453
566
-20.0 %

in € millions

As Schaeffler AG is the ultimate parent company of the Schaeffler Group, it generated revenue from managing the group, including from public relations activities, treasury, legal consulting, tax consulting, compliance, human resources, internal audit, quality management, and general management.

In performing its function as management holding company of the Schaeffler Group, Schaeffler AG incurred EUR 60 m (prior year: EUR 71 m) in general and administrative expenses.

As part of its financing function, Schaeffler AG performed 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 16 m (prior year: EUR 25 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 84 m (prior year: EUR 169 m). The prepayment penalty of EUR 13 m (prior year: EUR 48 m) payable in connection with the early redemption of a bond was also transferred to Schaeffler AG.

Income tax expense for 2017 amounted to EUR 98 m (prior year: income tax benefit of EUR 204 m) and consisted entirely of current tax expense of EUR 98 m (prior year: EUR 109 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, the company did not have any deferred tax expense or benefit in 2017 (prior year: benefit of EUR 313 m from the reversal of deferred tax liabilities).

Net income for the year amounted to EUR 453 m (prior year: EUR 566 m) in 2017 and equalled retained earnings for 2017.

The Board of Managing Directors and the Supervisory Board will propose a dividend for 2017 of EUR 0.54 (prior year: EUR 0.49) per common share and EUR 0.55 (prior year: EUR 0.35) per common nonvoting share to the annual general meeting.

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