At December 31, 2011, the Schaeffler Group had open commitments under fixed contracts to [--break--] purchase property, plant and equipment in the amount of EUR 261 m (prior year: EUR 101 m). These commitments are expected to be settled as follows:
|in € millions||12/31/2011||12/31/2010|
|Less than one year||249||101|
|Between one and five years||12||0|
|More than five years||0||0|
5.2 Contingent liabilities
|in € millions||12/31/2011||12/31/2010|
|Obligations under guarantees and warranties||10||11|
|Security pledged to third parties||0||1|
As in the prior year, obligations under guarantees and warranties consist primarily of security given and payment guarantees.
Other contingent liabilities consist primarily of claims raised by current and former employees as well as possible reassessments issued by taxation authorities. Due to the remote probability of an outflow of resources in each of these cases, they do not meet the conditions to be recognized as provisions.
In late 2011, several antitrust authorities have commenced investigations of several manufacturers [--break--] of rolling and plain bearings for the automotive and other industrial sectors. The authorities are investigating possible agreements violating antitrust laws. Schaeffler AG and some of its subsidiaries are subject to these investigations. Schaeffler is cooperating with the investigating authorities [--break--] and supports their work. To date, the investigations have not yet been specified in more detail. There is a risk that the antitrust authorities will impose penalties, and that third parties may claim dam[--break--]ages. The amount of potential penalties or subsequent claims is uncertain, but could be significant.
5.3 Additional disclosures on the consolidated statement
of cash flows
The consolidated statement of cash flows has been adjusted for exchange differences arising on translation to the Euro, as these amounts do not represent cash flows.
Additional disclosures on the consolidated statement of cash flows
|in € millions||2011||2010|
|Income taxes paid||-238||-298|
Free cash flow for 2011 amounts to EUR 319 m (prior year: EUR 566 m). The significant decline in free cash flow in 2011 compared to the prior year was driven by the very substantial increase in cash outflows for capital expenditures.
Cash flows from operating activities were EUR 1,084 m (prior year: EUR 890 m). This inflow results primarily from improved earnings in 2011 as reflected in EBIT of EUR 1,689 m (prior year: EUR 1,509 m).
In 2011, cash totaling EUR 765 m was used in investing activities (prior year: EUR 324 m). Capital expenditures on intangible assets and property, plant and equipment amount to EUR 773 m, [--break--] significantly more than the EUR 361 m spent in the prior year due to the growth-related expansion of capacity.
Cash of EUR 646 m (prior year: EUR 200 m) was used in financing activities. The dividend of [--break--] EUR 400 m paid to Schaeffler Verwaltungs GmbH and the repayment of a loan due to Schaeffler Verwaltungs GmbH of EUR 186 m were the largest cash outflows. Other payments also include the repayment of a loan due to a IHO Group company (see Note 5.5 for this term) of EUR 30 m.
At December 31, 2011, cash and cash equivalents amount to EUR 397 m (prior year: EUR 733 m), including EUR 95 m (prior year: EUR 168 m) held by subsidiaries in Argentina, Brazil, China, Chile, Colombia, India, Indonesia, South Korea, South Africa, Taiwan, the Philippines, Venezuela and Vietnam. These subsidiaries are subject to exchange controls and other legal restrictions. As a result, the availability of these funds to the parent entity is restricted.
5.4 Segment reporting
In accordance with IFRS 8, segment information is reported under the management approach, reflecting the internal organizational and management structure including the internal reporting system to the Schaeffler Group executive board. Schaeffler engages in business activities (1) from which it may earn revenues and incur expenses, (2) whose EBIT is regularly reviewed by the Schaeffler Group executive board and used as a basis for future decisions on how to allocate resources to the segments and to assess their performance, and (3) for which discrete financial information is available.
Schaeffler’s operating segments are reported in a manner consistent with the internal reporting provided to the Schaeffler Group executive board. The Schaeffler Group is divided into the two segments Automotive and Industrial as described below, each focusing on a specific customer group worldwide. The segments offer different products and services and are managed separately because they require different technology and marketing strategies. The following summary describes the operations of each of the Schaeffler Group’s two reportable segments:
Automotive: Product and service business with customers in the automotive sector. These include [--break--] manufacturers of passenger cars and their suppliers ( OEM, Tier 1 and Tier 2) as well as companies [--break--] focusing on the distribution of spare parts for passenger cars and commercial vehicles (aftermarket). Products range from wheel bearings as well as chassis and steering components through transmission systems and developments to engine components and valve control systems.
Industrial: Product and service business with manufacturers of investment goods. These customers operate in the production machinery, rail traffic, wind power, consumer goods, heavy industries, power transmission and industrial aftermarket (MRO) sectors. The business with customers in the aerospace industry, i. e. aircraft manufacturers and their suppliers, is also included in this segment. The key products of this segment are rolling and plain bearings, [--break--] linear guidance systems and direct drives.
In 2011, Schaeffler generated revenue of EUR 1,154 m (prior year: EUR 991 m) from one key customer, representing approximately 10.8 % (prior year: 10.4 %) of total group revenue and approximately 16.1 % (prior year: 15.7 %) of Automotive segment revenue.
Since segment reporting information is based on internal management accounting requirements and not all items can be allocated, the information for segment reporting purposes [--break--] differs from that reported in accordance with IFRS.
Revenue from transactions in connection with materials provided to external service providers (contract manufacturing and subcontracting) is not allocated to the segments.
Information on the operating activities of the two reportable segments is included below. Performance is measured based on EBIT as the executive board believes that such information is most relevant in evaluating the results of the segments in relation to other entities that operate within these industries.
The amounts for revenue, EBIT, assets, capital expenditures, as well as amortization, depreciation, and impairments are reported based on the current allocation of customers to segments. In the past, assets, capital expenditures and amortization, depreciation, and impairments were reported based on an allocation of products to segments. Prior year figures were adjusted accordingly for comparability. Gains on transactions between operating segments are not included.
The allocation of customers to segments is reviewed at least annually and adjusted where [--break--] necessary. To ensure that segment information is comparable, prior year information is also [--break--] presented using the current year’s customer structure.
Reconciliation of segment earnings
Reconciliation to earnings before income taxes
in € millions
|EBIT Automotive 1)||1,074||990|
|EBIT Industrial 1)||615||519|
|Earnings before income taxes||1,280||350|
1) Prior year information presented based on 2011 segment structure.
The reportable divisions Automotive and Industrial are managed on a global basis and operate production and distribution facilities in the geographical areas Germany, Europe excluding Germany, North America, South America and Asia/Pacific.
Information about geographical areas
|Revenue 1)||Non-current assets 2)|
|in € millions||2011||2010||12/31/2011||12/31/2010|
|Europe excluding Germany||3,452||3,037||969||1,064|
1) Revenue by customer location. Prior year information presented based on 2011 segment structure.
2) Non-current assets by production location. Non-current assets consist of property, plant and equipment and intangible assets.
For purposes of reporting information by geographical area, revenue is allocated to geographical [--break--] areas based on the geographic location of customers, while assets are allocated based on the geographic location of the assets.
5.5 Related parties
Under the definitions of IAS 24, Maria-Elisabeth Schaeffler and Georg F.W. Schaeffler are related parties of the Schaeffler Group.
Related parties of the Schaeffler Group include the members of the executive board of Schaeffler [--break--] AG: The members of the statutory board of directors Dr Juergen M. Geissinger, Wolfgang Dangel (since October 13, 2011), Professor Dr Peter Gutzmer, Kurt Mirlach, Klaus Rosenfeld, and Robert [--break--] Schullan, as well as the other members of the executive board Rainer Hundsdoerfer, Norbert Indlekofer, Oliver Jung, Professor Dr Peter Pleus and Dr Gerhard Schuff.
The Schaeffler Group’s related parties also encompass the members of the supervisory board [--break--] of Schaeffler AG, which, in addition to Maria-Elisabeth Schaeffler and Georg F. W. Schaeffler, [--break--] include the following: Professor Dr Hans-Joerg Bullinger, Dr Eckhard Cordes, Dr Hubertus [--break--] Erlen, Professor Dr Bernd Gottschalk, Jochen Homburg, Franz-Josef Kortuem, Norbert Lenhard, Dr Siegfried Luther, Thomas Moelkner, Wolfgang Mueller, Tobias Rienth (since March 28, 2011), Stefanie Schmidt, Dirk Spindler, Robin Stalker, Juergen Stolz (until March 28, 2011), Salvatore Vicari, Juergen Wechsler, Dr Otto Wiesheu, and Juergen Worrich.
The Schaeffler Group’s related companies consist of the direct and indirect parent companies of Schaeffler AG as well as other companies controlled by these parent companies. These related companies are referred to as “parent IHO companies” below.
In addition, the Continental AG Group companies are related to the Schaeffler Group.
The following table summarizes income and expenses from transactions with related parties recognized in the Schaeffler Group consolidated financial statements. The summary also shows receivables and payables related to such transactions included in the consolidated financial statements as at the end of each reporting period.
Receivables and payables from transactions with related parties
|in € millions||12/31/2011||12/31/2010||12/31/2011||12/31/2010|
|Parent IHO companies||1||0||422||33|
|Continental Group companies||10||12||4||3|
Income and expenses from transactions with related parties
|in € millions||2011||2010||2011||2010|
|Parent IHO companies||12||5||1||1|
|Continental Group companies||24||19||75||72|
The shares in Schaeffler AG are indirectly held by Maria-Elisabeth Schaeffler and Georg F. W. Schaeffler. The immediate parent company of Schaeffler AG is Schaeffler Verwaltungs GmbH. The ultimate parent company is INA-Holding Schaeffler GmbH & Co. KG (IHO).
In 2011 and 2010, Schaeffler Group companies had various business relationships with the [--break--] parent IHO companies. These include fees for bank guarantees of bills of exchange and vari [--break--] ous services recharged to the Schaeffler Group as well as shareholder loans from a parent IHO company. The shareholder loans consist primarily of the EUR 417 m loan from Schaeffler [--break--] Verwaltungs GmbH discussed in 4.10 Current/Non-current financial debt .
In 2011, 12,043,528 Continental AG shares were distributed to Schaeffler Verwaltungs GmbH as [--break--] a dividend in kind (see 2.1 Scope of consolidation and 4.9 Shareholders’ equity ) and a derivative financial instrument with a positive fair value was assigned on an arm’s length basis to Schaeffler Verwaltungs GmbH for EUR 8 m.
Related-party business relationships exist with Continental Group companies in the form of the supply of vehicle components and tools, the rendering of development and other services, and the lease of commercial real estate. The transactions with the Continental AG Group were entered into at arm’s length conditions.
In addition, on August 20, 2008, the Schaeffler Group entered into an investor agreement with Continental AG which is non-cancellable until the close of the Continental AG annual general meeting in 2014. The agreement stipulates, among other things, that Schaeffler AG commit itself to restricting its investment in Continental AG to 49.99 % until August 31, 2012 and to compensating Continental AG for certain tax disadvantages resulting from Continental AG losing the ability to utilize certain tax loss carryforwards.
In 2010, Schaeffler AG acquired a non-controlling interest in Schaeffler Immobilien GmbH & Co. KG consisting of 5.1 % of the limited partner shares from Georg F. W. Schaeffler for a purchase price of EUR 13 m. Mr Schaeffler converted the purchase price to an interest-free loan that was outstanding at December 31, 2011 and was repaid in January 2012.
The Schaeffler Group does not have any other significant direct business relations with Maria-Elisabeth and Georg F. W. Schaeffler.
In 2011, short-term employee benefits of EUR 17 m (prior year: EUR 16 m) were paid to members of the Schaeffler AG executive board, including EUR 10 m to members of the statutory board of directors (prior year: EUR 16 m to members of the executive management board). Post-employment benefit expenses of EUR 2 m (prior year: EUR 1 m) were recognized for members of the executive board. No termination benefits were incurred in 2011 (prior year: EUR 4 m). Total executive board remuneration for 2011 was EUR 19 m.
No advances or loans were granted to members of Schaeffler AG’s executive board or supervisory board. The composition of the executive board of Schaeffler AG (in 2011: executive board of Schaeffler AG/executive management board of Schaeffler GmbH) has changed from the prior year (executive management board of Schaeffler GmbH).
The supervisory board was created in August 2010 due to legal requirements regarding employee co-determination. Short-term benefits paid to members of Schaeffler AG’s supervisory board amounted to EUR 1 m in 2011 (prior year: EUR 0.4 m).
Former members of the executive board (and their surviving dependants) of the company and its legal predecessor companies received remuneration of EUR nil in 2011 (prior year: EUR 1 m).
Provisions for pension obligations, net of related plan assets, for former members of the executive board (and their surviving dependants) of the company and its legal predecessor companies amount to EUR 6 m at December 31, 2011 (prior year: EUR 6 m).
5.6 Auditors’ fees
Fees paid to the group auditors and their related companies for services rendered in 2011 and required to be disclosed by section 314 (1)(9) HGB total EUR 3,948 thousand (prior year: [--break--] EUR 3,252 thousand) and consist of EUR 1,674 thousand (prior year: EUR 1,407 thousand) for financial statement audit services, EUR 1,068 thousand (prior year: EUR nil) for other attestation services, EUR 242 thousand (prior year: EUR 759 thousand) for tax advisory services, and EUR 964 thousand (prior year: EUR 1,086 thousand) for other services.
These fees were paid for services rendered to Schaeffler AG and its German subsidiaries. KPMG AG Wirtschaftspruefungsgesellschaft is considered to be the auditor. Prior year figures were adjusted to ensure comparability because they included fees paid to other firms of KPMG’s [--break--] European network.
5.7 Exemptions under section 264 (3) HGB
The following domestic subsidiaries meet the requirements set out in section 264 (3) HGB to be eligible for the exemption for 2011 and are availing themselves of that exemption:
- AFT Atlas Fahrzeugtechnik GmbH, Werdohl
- AS Auslandsholding GmbH, Buehl
- Duerkopp Maschinenbau GmbH, Schweinfurt
- Egon von Ruville GmbH, Hamburg
- FAG Industrial Services GmbH, Herzogenrath
- FAG Kugelfischer GmbH, Schweinfurt
- Gesellschaft fuer Arbeitsmedizin und Umweltschutz mbH - AMUS, Homburg
- IAB Holding GmbH, Herzogenaurach
- IAB Verwaltungs GmbH, Herzogenaurach
- INA Automotive GmbH, Herzogenaurach
- INA Beteiligungsverwaltungs GmbH, Herzogenaurach
- Industrieaufbaugesellschaft Buehl mbH, Buehl
- Industriewerk Schaeffler INA-Ingenieurdienst GmbH, Herzogenaurach
- LuK Auslandsholding GmbH, Buehl
- LuK Beteiligungsgesellschaft mbH, Buehl
- LuK Vermoegensverwaltungsgesellschaft mbH, Buehl
- PD Qualifizierung und Beschaeftigung GmbH, Schweinfurt
- Schaeffler Beteiligungsverwaltungs GmbH, Herzogenaurach
- Schaeffler Europa Logistik GmbH, Herzogenaurach
- Schaeffler Versicherungs-Vermittlungs GmbH, Herzogenaurach
5.8 Events after the reporting period
On January 27, 2012, Schaeffler AG entered into a new EUR 8 billion loan agreement with eight banks. The new agreement replaces the existing loan agreements dated November 2009, improves the maturity profile of the financial debt and the collateral package and optimizes Schaeffler’s debt financing.
The new loan agreement replaces the existing credit facility totaling EUR 7.7 billion, which would have been available until the end of June 2014 including the option to extend it by one year. The new refinancing package includes EUR 5.0 billion in loans repayable at maturity (Term Loans), one tranche to be replaced by corporate bonds, and a revolving credit facility of EUR 1.0 billion. The loans have staggered maturities of up to five years.
The new loan agreement became effective on February 9, 2012. As the Schaeffler Group issued corporate bonds with a total volume of EUR 2.0 billion at the same time, the tranche that was to be replaced by the corporate bonds did not need to be drawn upon.
The corporate bonds consist of two Euro- and two Dollar-denominated tranches. The two Euro-tranches totaling EUR 1.2 billion carry maturities of five and seven years and bear interest at [--break--] 7.75 % p.a. and 8.75 % p.a. The two Dollar-tranches totaling approximately EUR 1.1 billion also carry maturities of five and seven years and bear interest at 7.75 % p.a. and 8.50 % p.a.
In addition, Schaeffler AG plans to place parts of the loan with additional banks and institutional investors. Schaeffler has already been able to syndicate a total volume of EUR 1.4 billion, consisting of a EUR 450 m Euro-tranche and a Dollar-tranche of approximately USD 1.3 billion, to institutional investors in mid-February 2012. This transaction enabled the Schaeffler Group to obtain favorable terms: A margin of 500 basis points above EURIBOR for the Euro-tranche and a margin of 475 basis points above LIBOR for the Dollar-tranche.
On February 20, 2012, Continental AG announced its intention to propose a dividend of EUR 1.50 per share for 2011 to its annual general meeting. This would result in a gross dividend of approximately EUR 108 m on the investment in Continental AG held by Schaeffler Beteiligungsholding GmbH & Co. KG.
No other material events occurred after December 31, 2011 that we expect to have a significant impact on the company’s net assets, financial position and results of operations of Schaeffler AG.
5.9 List of shareholdings required by section 313 (2) HGB
The parent company is Schaeffler AG with its registered office located in Herzogenaurach.
List of shareholdings
interest in %
A. Entities fully consolidated
I. Germany (50)
|AFT Atlas Fahrzeugtechnik GmbH||Werdohl||DE||100.00|
|AS Auslandsholding GmbH||Buehl||DE||100.00|
|CBF Europe GmbH||Wuppertal||DE||100.00|
|CVT Beteiligungsverwaltungs GmbH||Buehl||DE||100.00|
|CVT Verwaltungs GmbH & Co. Patentverwertungs KG||Buehl||DE||100.00|
|Duerkopp Maschinenbau GmbH||Schweinfurt||DE||100.00|
|Egon von Ruville GmbH||Hamburg||DE||100.00|
|FAG Aerospace GmbH||Schweinfurt||DE||100.00|
|FAG Aerospace GmbH & Co. KG||Schweinfurt||DE||100.00|
|FAG Industrial Services GmbH||Herzogenrath||DE||100.00|
|FAG Kugelfischer GmbH||Schweinfurt||DE||100.00|
|Gesellschaft fuer Arbeitsmedizin und Umweltschutz mbH - AMUS||Homburg||DE||100.00|
|GURAS Beteiligungs GmbH & Co. Vermietungs-KG||Pullach||DE||99.00|
|IAB Grundstuecksverwaltungsgesellschaft mbH||Buehl||DE||100.00|
|IAB Holding GmbH||Herzogenaurach||DE||100.00|
|IAB Verwaltungs GmbH||Herzogenaurach||DE||100.00|
|IDAM Beteiligungs GmbH||Herzogenaurach||DE||100.00|
INA - Drives & Mechatronics GmbH & Co. oHG
(since 1/1/2012: INA - Drives & Mechatronics AG & Co. KG)
|INA Automotive GmbH||Herzogenaurach||DE||100.00|
|INA Beteiligungsgesellschaft mbH||Herzogenaurach||DE||100.00|
|INA Beteiligungsverwaltungs GmbH||Herzogenaurach||DE||100.00|
|Industrieaufbaugesellschaft Buehl mbH||Buehl||DE||100.00|
|Industriewerk Schaeffler INA-Ingenieurdienst GmbH||Herzogenaurach||DE||100.00|
KWK Kraftfahrzeug-Werkstatt-Konzept Verwaltungs-
|LuK ASG GmbH||Buehl||DE||100.00|
|LuK Auslandsholding GmbH||Buehl||DE||100.00|
|LuK Beteiligungsgesellschaft mbH||Buehl||DE||100.00|
|LuK GmbH & Co. KG||Buehl||DE||100.00|
|LuK Management GmbH||Buehl||DE||100.00|
|LuK Truckparts GmbH & Co. KG||Kaltennordheim||DE||100.00|
|LuK Unna GmbH & Co. KG||Unna||DE||100.00|
|LuK Vermoegensverwaltungsgesellschaft mbH||Buehl||DE||100.00|
|MEDUSA Beteiligungsverwaltungs-Gesellschaft Nr. 64 mbH||Buehl||DE||100.00|
|PD Qualifizierung und Beschaeftigung GmbH||Schweinfurt||DE||100.00|
|Raytech Composites Europe GmbH||Morbach||DE||100.00|
|REDON Beteiligungs GmbH & Co. Vermietungs-KG||Pullach||DE||99.90|
|Schaeffler Automotive Aftermarket GmbH & Co. KG||Langen||DE||100.00|
|Schaeffler Beteiligungsgesellschaft mbH||Herzogenaurach||DE||100.00|
|Schaeffler Beteiligungsverwaltungs GmbH||Herzogenaurach||DE||100.00|
Schaeffler Elfershausen GmbH & Co. oHG
(since 1/1/2012: Schaeffler Elfershausen AG & Co. KG)
|Schaeffler Europa Logistik GmbH||Herzogenaurach||DE||100.00|
|Schaeffler Friction Products GmbH||Morbach||DE||100.00|
|Schaeffler Friction Products Hamm GmbH||Hamm/Sieg||DE||100.00|
Schaeffler Immobilien GmbH & Co. KG
(since 1/1/2012: Schaeffler Immobilien AG & Co. KG)
Schaeffler Motorenelemente GmbH & Co. KG
(since 1/1/2012: Schaeffler Motorenelemente AG & Co. KG)
Schaeffler Technologies GmbH & Co. KG
(since 1/1/2012: Schaeffler Technologies AG & Co. KG)
|Schaeffler Versicherungs-Vermittlungs GmbH||Herzogenaurach||DE||100.00|
|Unterstuetzungskasse der FAG Kugelfischer e. V.||Schweinfurt||DE||100.00|
|WPB Water Pump Bearing Beteiligungsgesellschaft mbH||Herzogenaurach||DE||100.00|
|WPB Water Pump Bearing GmbH & Co. KG||Herzogenaurach||DE||100.00|
|II. Foreign (104)|
|Schaeffler Middle East FZE||Jebel Ali||AE||100.00|
|Schaeffler Argentina S.R.L.||Buenos Aires||AR||100.00|
|Schaeffler Austria GmbH||Berndorf-St. Veit||AT||100.00|
|Schaeffler Australia Pty Ltd.||Frenchs Forest||AU||100.00|
|Schaeffler Belgium SPRL||Braine L’ Alleud||BE||100.00|
|Schaeffler Bulgaria OOD||Sofia||BG||100.00|
|FAG Servicos Industriais Ltda.||São Paulo||BR||100.00|
|LuK do Brasil Embreagens Ltda.||Sorocaba||BR||100.00|
|Schaeffler Brasil Ltda.||Sorocaba||BR||100.00|
|FAG Aerospace Inc.||Stratford||CA||100.00|
|Schaeffler Canada Inc.||Oakville||CA||100.00|
|Grico Invest GmbH||Chur||CH||100.00|
|INA Invest GmbH||Horn||CH||100.00|
|Schaeffler Chile Rodamientos Ltda.||Santiago||CL||100.00|
|Schaeffler (China) Co., Ltd.||Taicang||CN||100.00|
|Schaeffler (Nanjing) Co., Ltd.||Nanjing City||CN||100.00|
|Schaeffler (Ningxia) Co., Ltd.||Yinchuan||CN||100.00|
|Schaeffler Aerospace Bearings (Taicang) Co., Ltd.||Taicang||CN||100.00|
|Schaeffler Friction Products (Suzhou) Co., Ltd.||Suzhou||CN||100.00|
|Schaeffler Holding (China) Co., Ltd.||Shanghai||CN||100.00|
|Schaeffler Trading (Shanghai) Co., Ltd.||Shanghai||CN||100.00|
|Schaeffler Colombia Ltda.||Bogotá||CO||100.00|
|INA Lanskroun, s.r.o.||Lanskroun||CZ||100.00|
|LuK-Aftermarket Service s.r.o.||Prague||CZ||100.00|
|Schaeffler CZ s.r.o.||Prague||CZ||100.00|
|Schaeffler Danmark ApS||Aarhus||DK||100.00|
|Schaeffler Iberia, S.L.U.||Barcelona||ES||100.00|
|Schaeffler Finland Oy||Espoo||FI||100.00|
|FAG France SAS||Chatillon||FR||100.00|
|Schaeffler Chain Drive Systems SAS||Calais||FR||100.00|
|Schaeffler France SAS||Haguenau||FR||100.00|
|LuK (Hereford) Limited||Hereford||GB||100.00|
|LuK (UK) Limited||Sheffield||GB||100.00|
|LuK Leamington Limited||Leamington Spa.||GB||100.00|
|Schaeffler (UK) Limited||Sutton Coldfield||GB||100.00|
|Schaeffler Automotive Aftermarket (UK) Limited||Hereford||GB||100.00|
|The Barden Corporation (UK) Ltd.||Plymouth||GB||100.00|
|Schaeffler Hong Kong Company Limited||Hong Kong||HK||100.00|
|Schaeffler Hrvatska d.o.o.||Zagreb||HR||100.00|
|FAG Magyarorszag Ipari Kft.||Debrecen||HU||100.00|
|LUK Savaria Kft.||Szombathely||HU||100.00|
|Schaeffler Magyarorszag Ipari Kft.||Budapest||HU||100.00|
|Schaeffler Bearings Indonesia, PT||Jakarta||ID||100.00|
|FAG Bearings India Ltd.||Baroda||IN||51.33|
|FAG Roller Bearings Private Ltd.||Baroda||IN||87.83|
|INA Bearings India Private Limited||Pune||IN||100.00|
|LuK India Private Limited||Madras||IN||100.00|
|FAG Railway Products G.e.i.e.||Milan||IT||75.00|
|Schaeffler Italia S.r.l.||Momo||IT||100.00|
|Schaeffler Japan Co., Ltd.||Yokohama||JP||100.00|
|Schaeffler Ansan Corporation||Ansan-shi||KR||100.00|
|Schaeffler Korea Corporation||Seoul||KR||100.00|
|INA Mexico S.A. de C.V.||Mexico City||MX||100.00|
|LuK Puebla, S.A. de C.V.||Puebla||MX||100.00|
|Rodamientos FAG S.A. de C.V.||Mexico City||MX||100.00|
|Schaeffler Automotive Aftermarket Mexico, S.A. de C.V.||Puebla||MX||100.00|
|Schaeffler Mexico Holding, S. de R.L. de C.V.||Guanajuato||MX||100.00|
|Schaeffler Mexico Servicios, S. de R.L. de C.V.||Guanajuato||MX||100.00|
|Schaeffler Mexico, S. de R.L. de C.V.||Guanajuato||MX||100.00|
|Schaeffler Bearings (Malaysia) Sdn. Bhd.||Kuala Lumpur||MY||100.00|
|Schaeffler Finance B.V.||Barneveld||NL||100.00|
|Schaeffler Nederland B.V.||Barneveld||NL||100.00|
|Schaeffler Nederland Holding B.V.||Barneveld||NL||100.00|
|LuK Norge AS||Oslo||NO||100.00|
|Schaeffler Norge AS||Oslo||NO||100.00|
|Schaeffler Philippines Inc.||Makati City||PH||100.00|
|Schaeffler Polska Sp. z.o.o.||Warsaw||PL||100.00|
|Gestfag SGPS. LDA||Caldas da Rainha||PT||100.00|
|INA Rolamentos Lda.||Porto||PT||100.00|
|Schaeffler Portugal S.A.||Caldas da Rainha||PT||100.00|
|SC Schaeffler Romania S.R.L.||Brasov||RO||100.00|
|Schaeffler Russland GmbH||Moscow||RU||100.00|
|Schaeffler Sverige AB||Arlandastad||SE||100.00|
|Schaeffler (Singapore) Pte. Ltd.||Singapore||SG||100.00|
|Schaeffler Slovenija d.o.o.||Maribor||SI||100.00|
|INA Kysuce, a.s.||Kysucke Nove Mesto||SK||100.00|
|INA Skalica spol. s.r.o.||Skalica||SK||100.00|
|Schaeffler Slovensko spol s.r.o.||Kysucke Nove Mesto||SK||100.00|
|Schaeffler (Thailand) Co., Ltd.||Bangkok||TH||49.00|
|Schaeffler Holding (Thailand) Co., Ltd.||Bangkok||TH||49.00|
|Schaeffler Manufacturing (Thailand) Co., Ltd.||Rayong||TH||100.00|
|Schaeffler Rulmanlari Ticaret Ltd. Sti.||Istanbul||TR||100.00|
|Schaeffler Taiwan Co., Ltd.||Taipei||TW||100.00|
|Schaeffler Ukraine GmbH||Kiev||UA||100.00|
|FAG Bearings LLC||Danbury||US||100.00|
|FAG Holding LLC||Danbury||US||100.00|
|FAG Interamericana A.G.||Miami||US||100.00|
|LMC Bridgeport, Inc.||Danbury||US||100.00|
|LuK Clutch Systems, LLC||Wooster||US||100.00|
|LuK Transmission Systems LLC||Wooster||US||100.00|
|LuK USA LLC||Wooster||US||100.00|
|LuK-Aftermarket Services, LLC||Valley City||US||100.00|
|Schaeffler Group USA, Inc.||Fort Mill||US||100.00|
|The Barden Corporation||Danbury||US||100.00|
|Schaeffler Venezuela, C.A.||Valencia||VE||100.00|
|Schaeffler Vietnam Co., Ltd.||Ho Chi Minh City||VN||100.00|
|ABCOM Holdings (Proprietary) Limited||Port Elizabeth||ZA||100.00|
|INA Bearing (Pty) Ltd.||Port Elizabeth||ZA||100.00|
|Schaeffler South Africa (Pty.) Ltd.||Johannesburg||ZA||100.00|
B. Associated companies/Joint ventures
I. Germany (5)
|Contitech-INA Beteiligungsgesellschaft mbH 1)||Hanover||DE||50.00|
|Contitech-INA GmbH & Co. KG 1)||Hanover||DE||50.00|
|IFT Ingenieurgesellschaft fuer Triebwerkstechnik mbh||Clausthal-Zellerfeld||DE||49.00|
|PStec Automation and Service GmbH||Niederwerrn||DE||40.00|
|Schaeffler Beteiligungsholding GmbH & Co. KG 1) 2)||Herzogenaurach||DE||100.00|
|II. Foreign (4)|
|Endorsia International AB||Gothenburg||SE||30.00|
|Roland Corporate Housing LLC||Cheraw||US||49.00|
C. Entities not consolidated and investments
I. Germany (11)
|Bauverein Schweinfurt eG||Schweinfurt||DE||0.05|
|GKS – Gemeinschaftskraftwerk Schweinfurt GmbH||Schweinfurt||DE||10.31|
|GSB Sonderabfall-Entsorgung Bayern GmbH||Baar-Ebenhausen||DE||0.18|
|GURAS Beteiligungs GmbH||Pullach||DE||1.00|
|IAV GmbH Ingenieurgesellschaft Auto und Verkehr||Berlin||DE||10.00|
|PARTSLIFE Recycling Systems GmbH||Neu-Isenburg||DE||9.68|
|TECDOC Informations System GmbH||Cologne||DE||3.03|
|twin-gears AG i. L. 3)||Schweinfurt||DE||100.00|
|Wohnungsbaugenossenschaft Hammelburg eG||Hammelburg||DE||3.00|
|II. Foreign (1)|
|Consolidated Bearings Co. Ltd.||Cedar Knolls||US||10.00|
1) Joint ventures accounted for using the equity method.
2) Schaeffler Beteiligungsholding GmbH & Co. KG holds 36,14 % of the voting interest in Continental AG, Hanover.
3) Further details omitted in accordance with section 313 (2)(4)(3) HGB.
5.10 Preparation of consolidated financial statements
The statutory board of directors of Schaeffler AG prepared the consolidated financial statements on March 13, 2012 and released them for submission to the supervisory board. The supervisory board is responsible for examining and approving the consolidated financial statements.
Herzogenaurach, March 13, 2012
The Executive Board