ZF has recorded first-half adjusted operating profit of EUR1.2bn (US$1.4bn) with sales up 2.7% to EUR18.3bn.
“ZF has invested heavily in the future during the first half of the year – we are quickly ramping up our efforts when it comes to electromobility and autonomous driving,” said ZF CEO, Stefan Sommer.
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“Our improved margin and a solid cash flow are helping us to achieve this, as well as several new cooperative partnerships which we are using to complete our technology portfolio.”
Excluding exchange rate effects and with adjustment for buying and selling of company shares, organic growth rate was 3%.
“Despite investing more in research and development as well as electromobility and autonomous driving, we were able to further improve our margin,” added ZF CFO, Konstantin Sauer.
“We were able to achieve this by boosting operating performance and realising synergies resulting from the acquisition of TRW.”
ZF predicts business will remain stable throughout 2017. “We continue to expect an adjusted EBIT margin of more than 6% and an adjusted EBITDA margin of over 10%,” noted Sauer.
“2017 sales will exceed EUR36bn from today’s perspective.”
