Global automotive and industrial supplier Schaeffler presented its interim report for the first three months of 2020 today. The Schaeffler Group's revenue for the reporting period amounts to 3,282 million euros (prior year: 3,622 million euros). At constant currency, revenue for the period decreased by 9.2 percent, mainly driven by volumes. Revenue declined in all four regions during the first quarter. The decrease at constant currency amounted to 11.2 percent in the Greater China region, 10.4 percent in Europe, 9.3 percent in Asia/Pacific, and 6 percent in the Americas region.

The Schaeffler Group generated 215 million euros (prior year: 272 million euros) in EBIT before special items for the first three months, representing an EBIT margin before special items of 6.5 percent (prior year: 7.5 percent). The decline from the prior year was primarily attributable to the decrease in gross margin. The margin decrease was mainly driven by the adverse impact of volumes on fixed costs.

EBIT for the reporting period was adversely affected by 302 million euros (prior year: 42 million euros) in special items. These included an impairment of goodwill allocated to the Automotive OEM division by EUR 249 million, since the coronavirus pandemic has led to increased uncertainty regarding the development of Schaeffler Group's business going forward. Special items additionally comprise 53 million euros in expenses incurred to expand the programs RACE and FIT, especially in connection with reducing headcount. The resulting EBIT amounted to  88 million euros (prior year: +230 million euros).

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