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Schaeffler reduces cash interest in 2014

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– Close-out of Interest rate derivatives with notional volume of ?3.5 billion
– Interest payments in 2014 reduced by approx. ?60 million
– Further optimization of capital structure
As part of a transaction executed on November 19th, 2013, Schaeffler AG has closed out interest rate derivatives with a notional volume of ?3.5 billion.
The close out of the interest rate derivatives will reduce interest payments in 2014 by approx. ?60 million.
The significant interest rate derivative position still resulted from the financing for the acquisition of the Continental AG shares in 2008 and served the purpose of hedging financial debt with variable interest rates.
“The close out of the interest rate derivatives is another important step to streamline the capital structure of the Schaeffler Group as well as to reduce future interest payments,” stated Klaus Rosenfeld, CEO of Schaeffler AG.

Schaeffler with its product brands INA, LuK and FAG is a leading provider of rolling bearing and plain bearing solutions and of linear and direct drive technology, as well as a renowned supplier to the automotive industry of high-precision products and systems for engines, transmissions, and chassis applications. The group of companies with operations around the world generated sales of approximately ?11.1 billion in 2012. With more than 76,000 employees worldwide, Schaeffler is one of the largest German and European industrial companies in family ownership. With 180 locations in over 50 countries, Schaeffler has a worldwide network of manufacturing locations, research and development facilities, distribution companies, engineering offices, and training centers.