Schaeffler CEO on 2020 Targets, Job Cuts, Auto Sector, Brexit

The transcript discusses a company's achievements and challenges, particularly in the automotive sector. It highlights the company's growth, margin, and cash flow achievements, while addressing challenges in Europe and China. Strategies for efficiency and portfolio optimization are outlined, along with preparations for market turbulence and external factors like US-EU tariffs and Brexit. The company is cautious with its outlook and is taking steps to adapt to a difficult environment.

What achievements did the company highlight to reassure investors?

• Launch of a new product line

• Increased market share in Asia

• Reduction in operational costs by 20%

• 3.9% growth, 9.7% margin, and 384 million free cash flow

What is the primary focus of the 'Race' program?

• Expanding into new markets

• Efficiency and portfolio optimization in the automotive sector

• Increasing marketing efforts

• Developing new technologies

What measures are included in the 'Race' program?

• Consolidating plant networks and reducing headcount

• Enhancing customer service

• Increasing employee benefits

• Expanding the product line

How does the company plan to address the turbulent auto market environment?

• By launching new products

• By implementing the 'Race' program with multiple phases

• By increasing advertising

• By cutting research and development

What is the expected outcome of the first phase of the 'Race' program?

• A reduction in employee turnover

• A 90 million profitability improvement

• A new product launch

• A 50% increase in sales

How is the company preparing for potential US-EU auto tariffs?

• By further localizing production

• By expanding into new markets

• By increasing exports

• By reducing prices

What action has the company taken in response to Brexit?

• Launched a new marketing campaign

• Reduced its UK plant network and brought jobs back to Germany

• Increased investment in the UK

• Opened new offices in Europe