Duyuru • Oct 02
Schaeffler AG (XTRA:SHA) completed the acquisition of additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC). Schaeffler AG (XTRA:SHA) reached preliminarily agreement to acquire additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for approximately €320 million on February 26, 2024. Vitesco Technologies has preliminarily agreed with Schaeffler on an exchange ratio between Vitesco Technologies shares and Schaeffler shares of 11.4 Schaeffler shares for 1 Vitesco Technologies share in the context of the intended merger with Vitesco Technologies as the transferring entity into Schaeffler as the acquiring entity. IHO, the management holding of the Schaeffler family, continues to hold approximately 49.94% the shares in Vitesco. Together with the IHO Holding, Schaeffler now holds approximately 88.81% of the share capital and voting rights in Vitesco. This agreement is subject to the condition that the joint valuation expert appointed by both parties and the court-appointed merger auditor confirm the exchange ratio as appropriate. In addition, the agreement is also subject to the approval of the supervisory boards of Vitesco Technologies and Schaeffler. The effectiveness of the merger agreement is subject to the approval of the respective Annual General Meetings of both companies, which are scheduled for April 24, 2024 (Vitesco Technologies) and April 25, 2024 (Schaeffler), as well as the subsequent registration in the respective commercial registers. The completion of the transaction continues to be expected in the fourth quarter of 2024. As of March 13, 2024. Schaeffler and Vitesco Technologies entered into a merger agreement, following the approval of their respective Supervisory Boards. Lazard & Co. GmbH acted as financial advisor to Vitesco Technologies. BofA Securities, Inc. acted as financial advisor to Schaeffler AG. As on April 25, 2024, The Annual General Meeting of Schaeffler AG approved the merger of Vitesco Technologies. After Vitesco shareholders at their Annual General Meeting had already voted in favour of the merger agreement the day before, the Annual General Meeting of Schaeffler has also given the green light for the merger. Today’s Annual General Meeting also approved all other resolutions proposed by the management.
Schaeffler AG (XTRA:SHA) completed the acquisition of additional 11.18649% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) on October 1, 2024. Listing of and trading in the new Schaeffler shares with full voting rights will commence on October 2, 2024. J.P. Morgan Securities plc acted as financial advisor and fairness opinion provider to Vitesco Technologies Group Aktiengesellschaft. Duyuru • Sep 28
Schaeffler AG Announces Chief Financial Officer Changes Schaeffler AG announced that it has appointed Christophe Hannequin as chief financial officer, effective October 1, 2025. He will succeed Claus Bauer, who will fulfill his contract until the end of its term on August 31, 2025. Hannequin has been the group chief financial officer at the JCB Group in Britain, since 2022. Earlier, he held various management positions primarily in the field of finance at Michelin in the US, Canada, and France. New Risk • Aug 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.9% Last year net profit margin: 3.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 121% Cash payout ratio: 96% Minor Risk Profit margins are more than 30% lower than last year (1.9% net profit margin). Reported Earnings • Aug 07
Second quarter 2024 earnings released: EPS: €0.04 (vs €0.21 in 2Q 2023) Second quarter 2024 results: EPS: €0.04 (down from €0.21 in 2Q 2023). Revenue: €4.19b (up 3.3% from 2Q 2023). Net income: €33.0m (down 76% from 2Q 2023). Profit margin: 0.8% (down from 3.4% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Auto Components industry in Europe. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • May 07
First quarter 2024 earnings released First quarter 2024 results: EPS: €0.35. Revenue: €4.09b (down 1.6% from 1Q 2023). Net income: €231.0m (up 79% from 1Q 2023). Profit margin: 5.7% (up from 3.1% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.7% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Auto Components industry in Europe. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Apr 19
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 26 April 2024. Payment date: 30 April 2024. Payout ratio is on the higher end at 97%, however this is supported by cash flows. Trailing yield: 7.3%. Within top quartile of Swiss dividend payers (4.0%). Higher than average of industry peers (3.4%). Reported Earnings • Mar 06
Full year 2023 earnings released: EPS: €0.46 (vs €0.84 in FY 2022) Full year 2023 results: EPS: €0.46 (down from €0.84 in FY 2022). Revenue: €16.3b (up 3.2% from FY 2022). Net income: €310.0m (down 44% from FY 2022). Profit margin: 1.9% (down from 3.5% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Auto Components industry in Europe. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Feb 12
Dividend of €0.45 announced Shareholders will receive a dividend of €0.45. Ex-date: 26th April 2024 Payment date: 30th April 2024 Dividend yield will be 6.2%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by both earnings (52% earnings payout ratio) and cash flows (63% cash payout ratio). The dividend has increased by an average of 3.2% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 3.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Duyuru • Jan 24
Schaeffler AG (XTRA:SHA) entered into an agreement to acquire additional 9% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) from BofA Securities Europe SA. Schaeffler AG (XTRA:SHA) entered into an agreement to acquire additional 9% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) from BofA Securities Europe SA on January 23, 2024. As part of acquisition, Schaeffler will acquire 3.6 million shares. After completion of acquisition, Schaeffler holding in Vitesco Technologies will increases to approximately 38.87%. Duyuru • Nov 20
Schaeffler AG Appoints Astrid Fontaine as Chief Human Resources Officer The Supervisory Board of Schaeffler AG has appointed Dr. Astrid Fontaine as Chief Human Resources Officer and as a full member of the Board of Managing Directors of Schaeffler AG, effective January 1, 2024. Dr. Fontaine has extensive and long-term international experience in the HR departments of well-known major automobile manufacturers. Dr. Astrid Fontaine is coming to Schaeffler from the Volkswagen Group, where she was most recently responsible for “People & Transformation” on the Board of Management at Volkswagen Commercial Vehicles since September 2021. Before that, she was Head of “People, Digitalization and IT” at Bentley Motors in the UK from January 2018 to August 2021, also at Board level. Other activities in HR between 1994 and 2017 included positions at Porsche Cars North America and at DaimlerChrysler and Mercedes-Benz AG in Germany and the US. Dr. Fontaine, who has both German and US citizenship, holds multiple Supervisory Board mandates within the Volkswagen Group. She has a degree in business administration and mechanical engineering and was awarded a doctorate in the field of “Information Systems” after completing a PhD program in the US. She has been a member of the Expert Group on the Transformation of the Automotive Industry at the German Federal Ministry of Economics since 2022. Reported Earnings • Nov 09
Third quarter 2023 earnings released Third quarter 2023 results: EPS: €0.22. Revenue: €4.06b (down 4.2% from 3Q 2022). Net income: €150.0m (down 11% from 3Q 2022). Profit margin: 3.7% (down from 4.0% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Auto Components industry in Europe. Duyuru • Oct 27
Schaeffler AG (XTRA:SHA) acquired Aerosint from Desktop Metal, Inc. (NYSE:DM). Schaeffler AG (XTRA:SHA) acquired Aerosint from Desktop Metal, Inc. (NYSE:DM) on October 26, 2023. The startup will be renamed Schaeffler Aerosint SA and integrated into the Schaeffler Group as an additional location for Schaeffler Special Machinery, the Schaeffler Groups special machine construction unit. Desktop Metal will continue to work with Schaeffler on developing the technology for binder jet 3D printing, where Desktop Metal retains an option for commercial use.Schaeffler AG (XTRA:SHA) completed the acquisition of Aerosint from Desktop Metal, Inc. (NYSE:DM) on October 26, 2023. Duyuru • Oct 11
Schaeffler AG (XTRA:SHA) made a bid to acquire 50.1% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for €1.8 billion. Schaeffler AG (XTRA:SHA) made a bid to acquire 50.1% stake in Vitesco Technologies Group Aktiengesellschaft (XTRA:VTSC) for €1.8 billion on October 9, 2023. Vitesco shareholders are offered a cash consideration in the amount of €91 per share. The tender offer will not be subject to a minimum acceptance threshold but to other customary conditions, including the receipt of potentially applicable foreign direct investment approval. The transaction should be wrapped up in the fourth quarter of 2024, subject to shareholder approval. IHO Holding does not tender because they have entered into a non-tender agreement. So the offer is for the remaining outstanding shares approximately 20 million shares. Schaeffler has arranged a comprehensive financing package including an acquisition bridge facility to finance the tender offer. The financing package is fully underwritten by Bank of America, BNP Paribas and Citigroup, which act as financial advisors to Schaeffler. The acceptance period is expected to last until mid-December 2023. Schaeffler expects the tender offer to be closed in January 2024. The completion of the overall transaction is expected to take place in the fourth quarter of 2024. Duyuru • Aug 19
Schaeffler AG Develops Next-Generation Bipolar Plates for Fuel Cell Drives Schaeffler AG is demonstrating its development capabilities in the field of hydrogen-powered mobility with a new generation of metallic bipolar plates for PEM fuel cells. All fuel cell systems rely on bipolar plates. But the plates developed by Schaeffler feature a new design optimized for large-series production and leverage an innovative coating process for long fuel cell life. Moreover, stacks made using the new Schaeffler plates achieve a power density about 20% greater than that of stacks made using previous-generation plates. At a purpose-built pilot production facility in Herzogenaurach, the company is now manufacturing the new plates in runs of up to several tens of thousands of units for use by international vehicle manufacturers in prototype and small-series production. Schaeffler is due to start production of bipolar plates under the name of Innoplate, a joint venture with Symbio, in Haguenau, France, at the start of 2024. To the untrained eye, bipolar plates aren't much to look at, being only about the size of a DIN A4 envelope and weighing just 60 grams. But they are core components of fuel cells, where they perform a number of vital functions, including providing channels both for the separation and distribution of the process gasses and coolant and for the removal of the water resulting from the chemical reaction. For vehicle applications, several hundred of these plates are layered on top of one another, each separated by a membrane electrode assembly (MEA), to form a stack. The plates account for up to 80% of the stack’s weight, and up to 65% of its volume. Stacks comprising up to 400 of these cell units have a total power output of up to 140 kW – enough for light commercial vehicles. Heavy commercial vehicles up to 40 tons generally require two stacks. Schaeffler’s new generation of bipolar plates is also designed from the ground up for industrialization at large scale – an approach known as design for manufacturing (DFM). The aim is to achieve a level of cost-effectiveness and scalability of manufacturing sufficient for hydrogen-powered mobility to reach market breakthrough. In terms of production, the company is leveraging its many years of experience and expertise in metal stamping and forming, and has achieved the high level of precision needed to stamp the necessary ultrafine structures on the surface of the plates, which have a thickness of only 50 to 100 micrometers. Another unique feature of the metallic bipolar plates made by Schaeffler is the coating system used. The purpose of coatings is to maintain a high level of electrical conductivity over the fuel cell’s entire service life. Schaeffler’s solution is “Enertect” – a family of high-performance coating systems developed specifically for bipolar plates. Depending on the customer’s requirements, the coatings can be engineered for maximum plate service life, minimum carbon footprint, or an optimized price-performance ratio. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: €0.21 (vs €0.17 in 2Q 2022) Second quarter 2023 results: EPS: €0.21 (up from €0.17 in 2Q 2022). Revenue: €4.06b (up 7.0% from 2Q 2022). Net income: €138.0m (up 22% from 2Q 2022). Profit margin: 3.4% (up from 3.0% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Auto Components industry in Europe. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Upcoming Dividend • Apr 14
Upcoming dividend of €0.45 per share at 6.2% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 25 April 2023. Payout ratio is a comfortable 54% and the cash payout ratio is 94%. Trailing yield: 6.2%. Within top quartile of Swiss dividend payers (4.3%). Higher than average of industry peers (3.1%). Reported Earnings • Mar 10
Full year 2022 earnings released Full year 2022 results: Revenue: €15.8b (up 14% from FY 2021). Net income: €557.0m (down 26% from FY 2021). Profit margin: 3.5% (down from 5.5% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Auto Components industry in Europe. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: €0.16 (vs €0.34 in 2Q 2021) Second quarter 2022 results: EPS: €0.16 (down from €0.34 in 2Q 2021). Revenue: €3.79b (up 9.7% from 2Q 2021). Net income: €113.0m (down 50% from 2Q 2021). Profit margin: 3.0% (down from 6.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.8%, compared to a 12% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.13 (up from €0.64 loss in FY 2020). Revenue: €13.9b (up 9.9% from FY 2020). Net income: €756.0m (up €1.18b from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 7.4%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.13 (up from €0.64 loss in FY 2020). Revenue: €13.9b (up 9.9% from FY 2020). Net income: €756.0m (up €1.18b from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 09
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: €1.13 (up from €0.64 loss in FY 2020). Revenue: €13.9b (up 9.9% from FY 2020). Net income: €756.0m (up €1.18b from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.9%, compared to a 11% growth forecast for the industry in Switzerland. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 10
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: €3.33b (down 1.9% from 3Q 2020). Net income: €149.0m (up €321.0m from 3Q 2020). Profit margin: 4.5% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: €3.45b (up 51% from 2Q 2020). Net income: €227.0m (up €395.0m from 2Q 2020). Profit margin: 6.6% (up from net loss in 2Q 2020). Executive Departure • Aug 04
CFO, Member of Board of Managing Directors & Member of Executive Board Klaus Patzak has left the company On the 31st of July, Klaus Patzak's tenure as CFO, Member of Board of Managing Directors & Member of Executive Board ended after less than a year in the role. We don't have any record of a personal shareholding under Klaus' name. Klaus is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.79 years. Executive Departure • Aug 04
CFO, Member of Board of Managing Directors & Member of Executive Board Klaus Patzak has left the company On the 31st of July, Klaus Patzak's tenure as CFO, Member of Board of Managing Directors & Member of Executive Board ended after less than a year in the role. We don't have any record of a personal shareholding under Klaus' name. Klaus is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.79 years. Executive Departure • Aug 04
CFO, Member of Board of Managing Directors & Member of Executive Board Klaus Patzak has left the company On the 31st of July, Klaus Patzak's tenure as CFO, Member of Board of Managing Directors & Member of Executive Board ended after less than a year in the role. We don't have any record of a personal shareholding under Klaus' name. Klaus is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 3.79 years. Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.35 (vs €0.28 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: €3.56b (up 8.5% from 1Q 2020). Net income: €235.0m (up €419.0m from 1Q 2020). Profit margin: 6.6% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 67 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 19
Upcoming dividend of €0.25 per share Eligible shareholders must have bought the stock before 26 April 2021. Payment date: 28 April 2021. Trailing yield: 3.0%. Lower than top quartile of Swiss dividend payers (3.5%). Higher than average of industry peers (2.0%). Analyst Estimate Surprise Post Earnings • Mar 05
Revenue beats expectations Revenue exceeded analyst estimates by 0.07%. Over the next year, revenue is forecast to grow 10%, compared to a 9.7% growth forecast for the Auto Components industry in Switzerland. Reported Earnings • Mar 05
Full year 2020 earnings released: €0.64 loss per share (vs €0.64 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: €12.6b (down 13% from FY 2019). Net loss: €424.0m (down 199% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 82% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. 
