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• Schaeffler Group increases revenue for the first half of 2023 by 10.1 percent at constant currency to 8.2 billion euros (prior year: 7.5 billion euros)
• EBIT margin before special items at 7.6 percent (prior year: 6.1 percent)
• Automotive Technologies generates robust earnings, Automotive Aftermarket continues very strong performance, weaker earnings at Industrial
• Strong improvement in free cash flow before cash in- and outflows for M&A activities to 29 million euros in H1 (prior year: -204 million euros)
• Structural measures in Germany finalised, agreement with employee representatives reached
• Overall Group guidance for 2023 raised

Birmingham, UK | August 2, 2023 | Schaeffler AG published its interim financial report for the first half of 2023 today. The Schaeffler Group’s revenue for the first six months amounted to 8,208 million euros (prior year: 7,548 million euros). The 10.1 percent constant-currency increase in revenue in the first half of 2023 was primarily attributable to growing volumes at the Automotive divisions. A favourable impact from sales prices in all three divisions further bolstered the revenue trend. Revenue for the second quarter of 2023 rose by 9.8 percent at constant currency to 4,056 million euros (prior year: 3,790 million euros).

In the Automotive Technologies division, the 8.3 percent constant-currency revenue growth in the first half of 2023 resulted from higher volumes in all business divisions. The constant-currency rise in revenue in the Automotive Aftermarket division amounted to 17.6 percent in the first six months of the year, thanks in particular to the strong increase in volumes at the Independent Aftermarket business in the Europe region. In the Industrial division, the constant-currency increase in revenue of 10.6 percent was largely attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year, and the favourable impact of sales prices.

All regions contributed to revenue growth in the first half of 2023. The Europe region generated the highest constant-currency growth rate, increasing its revenue by 14.0 percent. Asia/Pacific region revenue was up 10.9 percent at constant currency, while revenue in the Greater China and Americas regions was 6.6 percent and 5.6 percent above the prior-year level, respectively, at constant currency.

The Schaeffler Group generated 625 million euros (prior year: 458 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 7.6 percent (prior year: 6.1 percent). The increase in the EBIT margin before special items in the first half of 2023 was primarily attributable to the favourable impact of volumes and sales prices.

“The Schaeffler Group once again performed well in a challenging market environment in the second quarter,” said Klaus Rosenfeld, CEO of Schaeffler AG. “All divisions and regions contributed to revenue growth. On the whole, our earnings improved significantly year on year. The Automotive Technologies and Automotive Aftermarket divisions reported double-digit growth rates at constant currency in the second quarter and further improved their operating earnings, offsetting the declining earnings trend in the Industrial division.”

Automotive Technologies – operating earnings improved
The Automotive Technologies division generated 4,840 million euros in revenue in the first half of 2023 (prior year: 4,514 million euros). The constant-currency revenue growth of 8.3 percent resulted mainly from a market-driven increase in volumes contributed to by all business divisions. Sales prices had an additional favourable impact on revenue, especially since considerable rises in costs were largely passed on to customers by adjusting sales prices. Overall, the Automotive Technologies division’s revenue growth at constant currency fell slightly short of the trend in global automobile production.

The division generated 207 million euros (prior year: 92 million euros) in EBIT before special items in the first six months. The EBIT margin before special items for the same period was 4.3 percent, significantly ahead of the 2.0 percent reported in the prior year. The increase in the EBIT margin before special items was mainly due to the favourable impact of sales prices and volumes, bolstered by structural improvements.

Automotive Aftermarket – strong growth, strong EBIT margin
In the first half of the year, the Automotive Aftermarket division generated revenue of 1,131 million euros (prior year: 970 million euros), representing constant-currency revenue growth of 17.6 percent. The constant-currency increase in revenue was mainly the result of considerably higher volumes compared to a relatively low prior-year period. Sales prices had a favourable impact on revenue as well, since increases in procurement costs were passed on to the market.

The constant-currency revenue growth was driven especially by the 17.1 percent increase in Europe – the region generating the highest revenue. Revenue in the Greater China region was 36.6 percent above the prior-year level at constant currency. In the Asia/Pacific region, revenue increased by 18.1 percent at constant currency, while the Americas region generated constant-currency revenue growth of 14.1 percent.

EBIT before special items amounted to 192 million euros (prior year: 128 million euros), which represents an EBIT margin before special items of 17.0 percent (prior year: 13.2 percent). The increase in EBIT margin before special items was predominantly the result of a higher gross profit margin due to a favourable revenue mix during the reporting period, as well as a favourable impact of sales prices.

Industrial – EBIT margin down, countermeasures initiated
The Industrial division generated 2,237 million euros in revenue in the first six months of the year (prior year: 2,065 million euros). The constant-currency revenue growth of 10.6 percent was primarily attributable to the contribution made by the Ewellix Group, which was acquired at the beginning of the year. That contribution was reflected in the Industrial Automation sector cluster. Especially a favourable impact of sales prices contributed to growth as well.

At 15.0 percent, the Americas region generated the largest constant-currency increase in revenue in the first six months. In Greater China, revenue was up 11.4 percent at constant currency. Revenue in the Europe region grew by 10.1 percent, while the Asia/Pacific region reported constant-currency revenue growth of 5.4 percent.

The Industrial division generated 225 million euros (prior year: 238 million euros) in EBIT before special items in the first six months, representing an EBIT margin before special items of 10.1 percent (prior year: 11.5 percent). The decline in EBIT margin before special items was primarily attributable to the gross margin trend, which was adversely affected by the revenue mix as well as by higher costs as a result of relocations and other factors. Based on this and in connection with the adjusted outlook for the second half of the year, the division has initiated countermeasures that include reducing inventories and expanding cost reduction measures.    

Free cash flow – significantly improved year on year
Free cash flow before cash in- and outflows for M&A activities was 29 million euros in the first six months of the year (prior year: -204 million euros). The growth compared to the first half of 2022 was primarily attributable to improved EBITDA and to the less extensive expansion of working capital.

“The positive free cash flow is primarily attributable to the improvement in the Schaeffler Group’s profitability in the first half of 2023,” said Claus Bauer, CFO of the Schaeffler Group. “In addition, we succeeded in reducing net current assets through effective management of inventories and receivables.”

Net income attributable to shareholders of the parent company increased to 267 million euros in the first half of 2023 (prior year: 249 million euros). Net income before special items amounted to 338 million euros (prior year: 265 million euros). Earnings per common non-voting share were 0.41 euros (prior year: 0.38 euros).

Structural measures – agreements with employee representatives reached
In November 2022, the Board of Managing Directors of Schaeffler AG adopted and announced additional structural measures. The plans primarily affected the Engine & Transmission Systems and Bearings business divisions within the Automotive Technologies division, as well as the company’s corporate functions. Agreements to secure the Schaeffler Group’s competitiveness and ability to realise future opportunities have now been reached with local works councils for the Morbach, Ingolstadt, and Herzogenaurach locations. As a result, the Morbach location will continue to operate at least until the end of 2026 and the Ingolstadt location at least until the end of 2027. Schaeffler will also be able to avoid relocating product groups away from Herzogenaurach for the time being by reducing employee working hours at the plant. At the same time, investments at the Herzogenaurach location will create more suitable conditions for attracting new products. “We are consistently working on focusing Schaeffler on the electrification of drive trains. However, our technological strength in e-mobility and in new mobility solutions alone is not enough to maintain our ability to realise future opportunities and accelerate the transformation of our business. In fact, competitive cost structures are key to this as well,” said Matthias Zink, CEO Automotive Technologies. “With the agreements reached, we have achieved a landmark result together with the local employee representatives, which shows that we are all working together to take responsibility for the transformation.” The Schaeffler Group continues to expect the measures to generate savings of up to 100 million euros a year, most of which will be achieved by 2026. The amendment is expected to result in a partial reversal of the provision for the restructuring measures in the amount of 29 million euros in the third quarter of 2023.

Overall Group guidance for 2023 raised
In light of the performance of the business in the first half of 2023, the Board of Managing Directors of Schaeffler AG adjusted the outlook issued on February 27, 2023, at its meeting on July 25, 2023 as follows.

Current market assumptions for 2023

• Automotive Technologies: LVP² with growth of 2 to 4% to up to 85,6 million vehicles^[5]
• Automotive Aftermarket: Growth in global vehicle population a little less strong than in the prior year, with a slight rise in average age (2022: growth of 2.2%, average age: 10.7 years)^[6]
• Industrial: Slight increase in relevant industrial production

Based on the expected performance of the divisions, the Schaeffler Group continues to expect its revenue to grow by 5 to 8 percent at constant currency in 2023. In addition, the company has increased the guidance for the EBIT margin before special items in 2023 to 6 to 8 percent (previously 5.5 to 7.5 percent). The Schaeffler Group anticipates free cash flow before cash in- and outflows for M&A activities of 300 to 400 million euros for 2023 (previously 250 to 350 million euros).

The Schaeffler Group now expects its Automotive Technologies division to grow by 0 to 3 percentage points more than global automobile production of passenger cars and light commercial vehicles in 2023. On that basis, the company continues to expect the Automotive Technologies division to generate moderate constant-currency revenue growth year on year. Additionally, the Automotive Technologies division now expects an EBIT margin before special items of 3 to 5 percent for 2023 (previously 2 to 4 percent).

The guidance for the Automotive Aftermarket division has been corrected upward in terms of both revenue and EBIT margin before special items. The group now anticipates constant-currency revenue growth of 10 to 12 percent (previously 5 to 7 percent) and an EBIT margin before special items of 14 to 16 percent (previously 12 to 14 percent) for the division in 2023.

The company now expects its Industrial division to generate constant-currency revenue growth of 6 to 8 percent (previously 9 to 11 percent) and an EBIT margin before special items of 9 to 11 percent (previously 11 to 13 percent) in 2023.

“Our updated guidance reflects the results of a successful first six months of the year,” said Klaus Rosenfeld, CEO of Schaeffler AG. “The second half of the year is likely to be challenging for our business. The current negotiations with our customers give us reason to be confident that we will once more comfortably achieve our electric mobility order intake target in 2023. At the same time, all signs point to a continuation of the positive trend in the Automotive Aftermarket business going forward. We have already taken countermeasures in the Industrial division against the negative margin trend.”

^[1] at constant currency

^[2] LVP growth: global growth in production of passenger cars and light commercial vehicles

^[3] before special items

^[4] before cash in- and outflows for M&A activities

^[5] Includes content supplied by S&P Global © [IHS Markit Light Vehicle Production Forecast (Base), July 2023]. All rights reserved.

^[6] Includes content supplied by S&P Global © [IHS Markit Vehicles In Operation (VIO) Forecast, April 2023]. All rights reserved.

Landia has seen a marked increase in demand for its wastewater JetMix system, with new orders received from two of the UK’s largest water companies.

The first, in the north, sees seven Landia JetMix units going into operation in sludge tanks, whilst in the south, a further nine mixing systems have also been specified.

One of the many simple, yet highly effective mixing solutions from Landia, JetMix incorporates the first and original Chopper Pump (invented by Landia in 1950), fitted with jetting nozzles specially configured for each tank.

Similar to Landia’s proven AirJet aeration system, which continuously reduces the particle sizes of solids, and reduces odours, JetMix is externally-mounted for easy servicing.

Howard Burton, Technical Sales Engineer at Landia, commented: “We were approached by a leading water company who expressed interest in Landia’s technology, and after many meetings and a raft of CFD modelling, they began their rolling programme of upgrades, appointing Framework contractors to handle each project.  Around the same time, the other water company was embarking on a major upgrade of one site, and they too chose Landia JetMix. It is very encouraging to see that water companies are embracing the benefits of low energy usage and total cost of ownership from a product that will give long-lasting, reliable service.”

Previously, at Glatfelter, the leading global supplier of engineered materials, Landia’s JetMix replaced a very troublesome mixing system for an open-topped 1000m³ above-ground (7m) glass-lined steel tank used for pH correction.

The mixer that was replaced was extremely cumbersome to retrieve, causing health & safety issues and significantly costly downtime due to numerous breakdowns. Now, the retrofitted Landia JetMix ensures that there is no build-up of crust in the centre of the tank, which regularly used to clog up the old pump.

Following the success of the first JetMix system, Glatfelter invested in a further four Landia units, two for a 1500m³ vessel, one for a 500m³ tank, and one for a below-ground 150m³ pit, solving significant crusting issues.

www.landia.co.uk

Thorite has expanded its Ingersoll Rand portfolio with the introduction of Robuschi blower and vacuum products to its range.

The Bradford based compressed air and fluid power specialist is already a leading UK supplier for Ingersoll Rand’s Gardner Denver, Champion and Elmo Rietschle industrial equipment.

The introduction of Robuschi blowers and vacuums to its stock of more than 100 leading brands will strengthen Thorite’s drive to help customers eliminate energy waste and reduce costs.

Stephen Wright, Managing Director of Thorite, said: “Robuschi blowers will enable our customers to balance the air demands of their site to minimise energy use while maximising efficiency, across the equipment’s entire lifecycle.

“Their addition to our product portfolio is another important step in helping customers optimise the total cost of ownership (TCO) of their equipment.”

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With increasing demand for lightweight, more portable tools, Enerpac has developed the RACH and RARH - Series aluminium hollow plunger cylinders. Up to 150-ton capacity cylinders provide engineers with a lighter, more portable tool for applications such as tensioning, pulling and pull testing.

Enerpac RACH-Series Single Acting Aluminium Hollow Plunger Cylinders (sometimes called centre-hole cylinders) have a threaded collar inside the plunger, allowing attachments or threaded rods to be connected to the hydraulic cylinder. They provide a lighter alternative to other tensioning and pulling systems. The RACH-Series includes cylinder capacities ranging from 20 to 150 T, and 50 to 250mm stroke. All RACH-Series cylinders are rated for up to 10,000 psi (700 bar).

RACH-Series cylinders are single-acting and use a high-strength return spring for rapid retraction. All are equipped with bolt-on hardened steel saddles and a steel base plate for increased durability. Combined with a lightweight Enerpac hand pump, engineers now have a highly portable tension and pulling tool set for remote working.

For an even quicker and more controlled retraction, the RARH double acting models are available. Featuring the same advantages of the RACH, they are more lightweight due to their lower collapsed height.

“The Enerpac RACH-Series offers outstanding durability; their design enables longer service life and increased push/pull capability,” says Senthil Vijayakumar, Cylinder Product Manager at Enerpac. “Hollow shafts offer great versatility in pulling and tensioning applications, which combined with the lighter weight of aluminium provides the perfect tool with a longer service life and reduced maintenance. All of which means that users can confidently take on the most demanding tensioning and pulling applications with the RACH and RARH – Series cylinders.”

Typical applications for the RACH and RARH - Series include rod and cable pulling and tensioning, rock-bolt testing, as well as shaft removal. All the cylinders are compatible with a broad range of pumps, from the economic hand pumps to the most sophisticated, split flow pumps and the Enerpac EVO-Series synchronised lifting systems.

For more information on Enerpac RACH and RARH - Series, visit www.enerpac.com.

Photo 1: Enerpac RACH-Series cylinder - ideal for shaft removal.

Photo 2: Enerpac RACH-Series, single acting, aluminium hollow plunger cylinders.

 This article can also be found in the issue below.

Survey data by Deloitte suggests that businesses with a comprehensive Industry 4.0 strategy are becoming more profitable. Every area of manufacturing requires different technologies that make the Fourth Industrial Revolution easier to realize. In process heating applications, one of the most important technologies manufacturers must be aware of is data recording. Here, Austin Johannes, controls specialist at industrial technology company Watlow, explores why data recording is key to bringing heating technologies into Industry 4.0.

With the right tools and experience, Industry 4.0 can optimize a facility’s production, making it smarter, more efficient and more profitable. In sectors that use process heating, such as medical equipment, semiconductor processing and food manufacturing, one of the most useful technologies to implement is data recording.

A data recording transition

Previously, facilities were manned by technicians with clipboards that would manually monitor equipment and processes. For obvious reasons, this method was inefficient compared to the technology available today. The advancement of analog electronics brought strip recorders into the industry. Using strip recorders, technicians relied on small pens and rolling paper to record vital processes. While this freed them from continuously monitoring a single machine, they were bulky and expensive to implement.

Today, the average smart factory generates millions of gigabytes (GB) of data per week. With that in mind, it’s vital that facilities collect and understand their data so that it can be used to benefit the entire production line. Digital data recorders avoid the time and expense of sending a technician to take measurements in a remote location, and they enable much higher data recording density than is achievable through manual recording, providing higher quality data.

The benefits of digital data recording

So why should data recording be an essential part of any manufacturing facility that wants to advance with Industry 4.0?

Greater insight into areas for improvement allows design engineers to optimize systems and understand which steps in their process are most critical to achieve the desired outcome. Digital data logs also make it easier for information to be distributed and shared, which improves communication among team members working on a system.

When issues inevitably occur, having a historical log of what caused the incident ensures the problem can be identified and addressed, preventing future downtime from overlooked issues.

Perhaps though, the most significant benefit of data recording is that it supports efficient preventative maintenance. Having access to real time data engineers and technicians can act before issues become downtime. It’s estimated that every factory loses at least five per cent of its productivity because of downtime. Eventually, this adds up to extreme revenue loss.

The data collected can highlight variations or anomalies, suggesting that something has changed in the system. Take for example, a foam sheet manufacturer, which used a Watlow controller with built in data recording to quickly react to a quality issue indicated by specific temperature variations in their curing process. The information allowed engineers to identify and resolve the cause of the problem, saving costs and minimizing waste.

Depending on the application, data recorders can be incorporated as one integrated solution or as an extra to a system. Watlow, which is continuously piloting and implementing Industry 4.0 technology programs, manufactures advanced heating products, including sensors, controllers and data recording equipment.

Manufacturers looking to implement digital data recording can choose an integrated system such as the F4T® temperature controller, with built in data recording, or the D4T™, a dedicated data recording device. With these solutions, customers can log parameters that are preconfigured, saving setup time and complexity. Watlow’s solutions also feature a list of popular setup configurations to help manufacturers optimize data recording that’s tailored to their specific needs.

Data recorders of the future

Among influencing many industrial changes, Industry 4.0 is significantly transforming the way that data is exchanged. The increasingly rapid rate of digital transformation might lead to mainstream integration of artificial intelligence (AI) data recording capabilities. This would grant manufacturers with the advantages of advanced algorithms that calculate and rectify value discrepancies, without the need for routine manual intervention.

With the incorporation of wireless and cloud-based technology, data recorders of the future may be able to broadcast real-time data to the cloud and may also present themselves as smartphones, tablets and web applications, offering greater remote control of data.

Data recorders eliminate hourly inspections on an autoclave and instead free engineers’ schedules from periodic recording. The future will see these devices become smarter and more reliable. This will enable workforces to focus on more value-adding tasks, such as product development and system improvements, to promote growth and scalability across industries.

While data collection is crucial in any facility, it is understanding how to act on that data that is key to realizing the benefits of Industry 4.0. Gone are the days of engineers with clipboards in hand. Data recorders do the work so that engineers don’t have too, freeing up schedules to improve performance and streamline operational efficiency.

For more information about Watlow’s equipment solutions, visit watlow.com.

ISO 20560 is the first standard to provide internationally accepted rules on how and where to identify tanks. They make efficient maintenance and first responder interventions a lot easier. In addition, the tank markers correspond with ISO 20560 pipe markers, and offer fast insight into how installations are connected. Brady can advise on matching stored substances to ISO 20560 colour codes for optimal compliance. On top of that Brady provides clear marker layouts that are easily legible and understandable.

Compliant. Clear. Visible where it matters.

ISO 20560 tank markers from Brady clearly indicate hidden substance risks and provide important safety information on the tank itself about personal protection equipment to wear and warnings or prohibitions to take into account. This information contributes considerably to safe and efficient maintenance operations.

In addition, ISO 20560 rules for tank marking also apply to pipe markers, enabling maintenance teams to quickly recognise which pipes to close.

Protect your plant

The tank marking standard is also aligned with the needs of first responders. The standard prescribes two markers: one at eye level, and a larger, second one higher up the tank to provide vital information from a distance.

With visible GHS symbols, NFPA diamond and HIN/UN number, informed decisions can be made faster, enabling first responders to better protect themselves, and your plant.

Discover Brady’s ISO 20560 pipe markers >>

Brady Corporation

Applus UK Ltd is the newest member of EEMUA’s Associate Scheme. The company’s Tank Inspection Team falls within scope of the Associate status.

The Applus Team has wide experience in the field of storage tank testing and inspection and assisting tank owners to optimise their inspection intervals based on detailed inspection data and the application of remaining-life and RBI principles. The Team’s tank inspectors are supported by tank engineers who provide specialist advice relating to storage tank inspection, repair, modification, and maintenance.

One key area of EEMUA’s activity is helping its Members, and the wider industry, in all aspects of the design, inspection, maintenance and repair of storage tanks, to keep them operating safely and efficiently. The sharing of good practice provided by involvement in EEMUA will help support the Applus UK Tank Inspection Team, and therefore their clients, in the continued safe operation of these important assets.

SPIRAC has won a new order to supply four of its proven screens to wastewater treatment plants in the Midlands.

In the West Midlands, two of SPIRAC’s high-efficiency BANDGUARD screens are due to be installed at the inlet works of a strategically important WWTP.

A dual-flow traveling fine screen, SPIRAC’s BANDGUARD prevents screenings accumulation with an exceptional capture rate that significantly reduces maintenance costs in downstream equipment.

The high level of screening is achieved by passing sewage through a vertical band-shaped screen curtain. This comprises an assembly of plastic perforated panels, clipped and fastened into stainless-steel frames that are fastened to stainless-steel conveyor chains to form two endless loops.

Screenings enter the centre of the screen (inside of the screen curtain), where solids are retained and transported out of the flow by driving the band, moving the dirty panels from the screening zone to the panel cleansing area.

Robert Gericke, General Manager of SPIRAC UK, said: “During a phased install, we can ensure that there is no downtime. Demand for our screens, which are designed and manufactured in England for strength and rigidity, is increasing. Together with our conveyors, grit and biosolids handling equipment, as well as dewaterers, we offer a complete package.”

For a water company’s inlet works in the East Midlands, SPIRAC is also supplying two of its FINEGUARD screens. 

FINEGUARD uses a two-stage panel cleaning process. The first stage includes a self-adjusting rotating brush that removes most of the debris. The second stage uses water jets to prevent screen panels becoming blinded by hair-pinning and rag-stapling. The fully retractable spray bar allows cleaning if necessary.

Each panel has a replaceable side seal manufactured from wear-resistant Ultra-high-molecular-weight polyethylene (UHMWPE). To minimize head-loss, the plates incorporate side outlet passages at flow level to allow passage of screened flow.

WWW.SPIRAC.COM