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Net Assets, Financial Position and Earnings of Schaeffler AG

Schaeffler AG financial position and net assets

Statement of financial position of Schaeffler AG (abbreviated)

ASSETS
31.12.2017
31.12.2016
Change
Fixed assets
14,302
14,229
0.5 %
Current assets
8,744
12,239
-28.6 %
Excess of plan assets over post-employment benefit liability
9
8
12.5 %
Total
23,055
26,476
-12.9 %
SHAREHOLDERS' EQUITY AND LIABILITIES
12/31/2017
12/31/2016
Change
Shareholders' equity
7,059
6,934
1.8 %
Provisions
314
268
17.2 %
Liability
15,676
19,266
-18.6 %
Deferred income
6
8
- 25.0 %
Total
23,055
26,476
-12.9 %

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 675 m (prior year: EUR 3,600 m) that had not yet been paid out to Schaeffler AG as at December 31, 2017.

Schaeffler Technologies AG & Co. KG paid EUR 3.6 bn in respect of prior years’ net income to Schaeffler AG in 2017. 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 189 m (prior year: EUR 635 m) at the end of the reporting period.

On April 26, 2017, Schaeffler AG’s annual general meeting passed a resolution to pay a dividend of EUR 328 m to Schaeffler AG’s shareholders and to add the remaining retained earnings of EUR 238 m to revenue reserves.

Provisions rose by EUR 46 m to EUR 314 m (prior year: EUR 268 m), primarily due to higher income tax provisions for expected income tax payments and higher provisions for pensions and similar obligations.

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 2,104 m (prior year: EUR 2,772 m) largely relating to the transfer of the proceeds from the bond issuances by Schaeffler Finance B.V. In May 2017, Schaeffler Finance B.V. redeemed one USD bond. The redemption was funded using available liquidity and a portion of the Revolving Credit Facility and was transferred to Schaeffler Finance B.V. by repaying an existing loan.

The signing of a new loan agreement increased the company’s bank debt by EUR 93 m to EUR 1,093 m (prior year: EUR 1,000 m).

More on financial debt see chapter financial position and finance management.

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