ERJ staff report (DS)
Herzogenaurach, Germany -- Schaeffler AG has reported sales for the first nine months 2011 up 15 percent from prior year at reach euro 8.1 billion. EBIT increased by 19 percent to euro 1.3 billion.
The March 2011 refinancing arrangement, which has now been fully implemented, has increased net financial debt to approximately euro 7.1 billion at the end of the third quarter. The leverage ratio, calculated as net financial debt over EBITDA for the past twelve months, amounted to 3.1.
Schaeffler Group is monitoring the current financial and debt crisis very closely. Continuing turmoil in the financial markets and a further deepening of the debt crisis in Europe and the US may have a sustained negative impact on economic growth. In addition, increasing commodity prices, particularly for steel, and higher labor costs may have a negative effect on margins.
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Press release from Schaeffler AG