Mahle has posted 2020 sales down 16.7% to EUR9.8bn.

The Chinese market was an exception, where, adjusting for negative exchange rate effects, business grew by almost 4% to EUR1.3bn compared with the previous year.

In the year in review, the Group boosted its cash flow from operations, from EUR514m to EUR877m.

EBIT before restructuring expenses was positive, at around EUR155m.

“Mahle is a healthy company with sound financing,” said interim Mahle chairman, Michael Frick. “We steered a clear, strong course through the special year of 2020. Despite the Covid crisis, we generated strong cash flow, reduced our debt and closed the year positively in operational terms.

“2021 started well and we have the clear objective of significantly boosting our sales and recording positive results for the year. In these efforts, we are guided by strict cost and cash discipline.”

The supplier added despite the continuing risks as a result of a variety of factors including the pandemic, delivery bottlenecks and political regulation, the Group expects a significant rise in sales and a positive result for the year as a whole.