Schaeffler has posted first-half revenue down to EUR5.57bn (US$6.55bn), from EUR7.23bn the previous year.

As a result of lower demand due to the coronavirus pandemic, revenue for the period decreased considerably at constant currency, falling by 21.8%; the decline for the second quarter amounted to 34.5%.

The decrease was driven by revenue declines at all three divisions, with the 26.8% constant-currency drop in Automotive OEM division revenue for the first half of 2020, by far the largest.

"Due to proactive management we have been able to generate a better free cash-flow in the first half of 2020 than in the previous year," said Schaeffler CEO, Klaus Rosenfeld. The strict discipline with respect to capital and costs exercised in recent months has paid off. We will maintain this discipline in the second half of 2020 as well.

"Thanks to the consistent implementation of counter measures and the solid earnings contributed by our Automotive Aftermarket and Industrial divisions we have so far weathered the crisis better than anticipated.

"The upturn in demand in June is an indication that – following the low point in April – things are gradually improving. Nevertheless, uncertainty as to when we will return to pre-crisis levels remains high. For us that means we have to continue to act with great foresight and discipline."

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