Auto and industrial production
Schaeffler suspends forecast for 2022 due to the Ukraine war
Schaeffler reported significant increases in sales and earnings for the past year. Photo: Paul Zinken/dpa
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Automotive supplier and industrial group Schaeffler is not making any forecast for the current fiscal year. The reason: great geopolitical and economic uncertainty.
The automotive supplier and industrial group Schaeffler has suspended its forecast for the current year because of the Ukraine war.
Due to the great geopolitical and economic uncertainty, it is currently not possible to make a well-founded forecast for the 2022 financial year, the company announced on Tuesday when the annual balance sheet was presented in Herzogenaurach. It is therefore impossible to estimate what effects the war will have on the supply chains, especially on the customer side, global automotive and industrial production, freight rates, raw material and energy prices, inflation and global economic development.
Schaeffler’s management approved an outlook for 2022 when preparing the annual financial statements, but this cannot be maintained due to the events.
Schaeffler reported significant increases in sales and earnings for the past year. Revenue rose from around 12.6 to around 13.9 billion euros. This corresponds to a currency-adjusted increase of 9.7 percent. The consolidated result was reportedly 756 million euros after a loss of 428 million euros a year earlier. Schaeffler therefore intends to pay shareholders twice the dividend of 50 cents per share compared to the previous year.