Continental Cap Hike Causes Schaeffler H1 Net Loss

Resource from: Schaeffler Likes:2945

Sep 02,2010

(Reuters) - Auto parts supplier Schaeffler posted a first-half net loss of 260 million euros ($329 million) after a one-off charge related to a capital increase at Continental AG (CONG.DE) dragged it into the red. On an operating level, the company dramatically improved earnings, but the privately-owned bearings maker was forced to book a 396 million euro charge after its stake in Continental was diluted to 75 percent earlier this year from a previous level of almost 90 percent. The privately owned bearings maker reduced its net debt slightly to 5.93 billion euros at June 30 versus the end of December, bringing its leverage down to 3.5 times earnings before interest, tax, depreciation and amortisation (EBITDA). The company posted a free cash flow of 336 million euros in the first half, after burning 46 million in the year ago period, before including the acquisition of Conti shares in January 2009. Schaeffler's financial situation is a key factor for credit rating agencies judging the default risk of Continental since the bearings maker effectively dominates the company.

(Schaeffler)

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