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Schaeffler raises forecast for 2021
Despite the ongoing corona pandemic, there are positive trends at Schaeffler due to a strong first half of 2021: The forecast for 2021 will be adjusted accordingly.
Schaeffler raises forecast for 2021
The global automotive and industrial supplier Schaeffler has presented its interim report for the first half of 2021. In the first six months, the Schaeffler Group's sales amounted to 7,014 million euros (previous year: 5,572 million euros). The significant increase in sales revenue of 27.4 percent after adjusting for currency effects in the first half of 2021 compared to the same period last year was due to the strong increase in demand in all divisions and regions. In the second quarter of 2021, sales revenue increased currency-adjusted by 50.6 percent to 3,454 million euros (previous year: 2,291 million euros). These growth rates are also a result of the low comparison basis, as the effects of the coronavirus pandemic were reflected in a noticeable decline in sales in the first half of 2020.
On July 26, 2021, the Management Board of Schaeffler AG decided to raise the forecast for the 2021 financial year again and now expects currency-adjusted sales growth of more than 11 percent (previously more than 10 percent). After a strong first half of the year, this step will take place in the second half of the year despite ongoing uncertainties that are currently difficult to assess. At the same time, the company now expects to achieve an EBIT margin before special items of 8 to 9.5 percent (previously 7 to 9 percent) in the 2021 financial year. The forecast for free cash flow before deposits and withdrawals for M&A activities has also been increased; over 400 million euros are expected (previously over 300 million euros).