Mobi l it y for tomor row H 1 I n t e r i m F i n a n c i a l R e p o r t a s a t Ju n e 3 0 , 2 0 1 6

Te c h n o l o g i c a l E x p e r t i s e a n d Sy stem s K now-how

S c hae f f le r Group at a g la nce

Key f ig u re s

Income statement (i n € m i l l ion s)	2016	2015		C ha nge
Revenue	6,71 2	6,7 2 1	- 0.1	%
• at con st a nt c u r re nc y			2 .9	%
EBI T	859	818	5.0	%
• i n % of r e v e nue	12.8	12.2	0.6	% -pt s.
E BI T b efore sp e cia l item s 1)	859	82 5	4.1	%
• i n % of r e v e nue	12.8	12.3	0. 5	% -pt s.
Net i ncome 2)	49 4	309	59.9	%
E a r n i ng s p e r com mon non-vot i ng sh a re ( b a sic/d i lute d , i n €) 3)	0.75	0.78	-3.8	%
Statement of financial position (i n € m i l l ion s)	06/30/2016	12/31/2015		C ha nge
Tot a l a s s et s	1 2,55 4	1 2 ,4 8 0	0.6	%
Sha reholders' e qu it y 4)	1,42 5	1,568	-143	€ m i l l ion s
• i n % of to t a l a s s e t s	11.4	1 2 .6	-1 . 2	% -pt s.
Net f i na ncia l debt	4,8 74	4,8 89	- 0. 3	%
• Net f i n a nc i a l debt to E BI T DA r at io b e fore sp e c i a l ite m s) 1) 5)	2 .0	2 .1
		1s t si x mont h s
Statement of cash flows (i n € m i l l ion s)	2016	2015		C ha nge
E BI T DA	1, 2 17	1,161	4.8	%
• i n % of r e v e nue	18.1	17. 3	0.8	% -pt s.
E BI T DA b e fore sp e c i a l ite m s 1)	1, 2 17	1,16 8	4. 2	%
• i n % of r e v e nue	18.1	17.4	0.7	% -pt s.
C a sh f low s f rom op erat i ng act iv it ie s	777	42 2	355	€ m i l l ion s
C apit a l e x p e nd it u re s (c ap e x) 6)	5 61	501	6 0	€ m i l l ion s
• i n % of r e v e nue (c ap e x r at io)	8.4	7. 5	0.9	% -pt s.
Fre e ca sh f low	2 16	-7 2	288	€ m i l l ion s
		1s t si x mont h s
Value added	2016	2015		C ha nge
RO C E (ret u r n on c apit a l e mploye d , i n %) 5)	1 9.0	2 1.4	-2 .4	% -pt s.
RO C E b e fore sp e c i a l ite m s (i n %) 1) 5)	2 2.5	22.2	0. 3	% -pt s.
S c h ae f f le r Va lue Adde d 5)	684	821	-16.7	%
S c h ae f f le r Va lue Adde d b e fore sp e c i a l ite m s 1) 5)	951	878	8.3	%
Employees	06/30/2016	06/30/2015		C ha nge
Headcou nt	85,2 2 5	83,7 74	1.7	%
1) E BI T, debt to E BI T DA rat io, E BI T DA . RO C E , a nd S chaef f ler Va lue Adde d b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng.

2) At t r ibut able to sha reholders of t he p a rent comp a ny.

3) E a r n i ng s p er sha re were c a lc u late d i n accord a nce w it h I A S 33. 4) I nclud i ng non- cont rol l i ng i ntere st s.

5) E BI T/E BI T DA b a se d on t he la st t welve mont h s.

6) C apit a l e x p end it u re s on i nt a ng ible a s set s a nd prop er t y, pla nt a nd e qu ipment .

		1s t si x mont h s
Automotive (i n € m i l l ion s)	2016	2015		C ha nge
Revenue	5,179	5,0 69	2.2	%
• at con st a nt c u r re nc y			5.4	%
EBI T	739	651	1 3.5	%
• i n % of r e v e nue	14. 3	12.8	1.5	% -pt s.
E BI T b efore sp e cia l item s 1)	739	658	12.3	%
• i n % of r e v e nue	14. 3	1 3.0	1.3	% -pt s.
		1s t si x mont h s
Industrie (i n € m i l l ion s)	2016	2015		C ha nge
Revenue	1,533	1,652	-7. 2	%
• at con st a nt c u r re nc y			-4.9	%
EBI T	120	167	-2 8.1	%
• i n % of r e v e nue	7. 8	10.1	-2 . 3	% -pt s.
E BI T b efore sp e cia l item s 1)	120	167	-2 8.1	%
• i n % of r e v e nue	7. 8	10.1	-2 . 3	% -pt s.

P r ior yea r i n for mat ion pre sente d b a se d on 2016 seg ment st r uc t u re.

1) E BI T b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng.

H ig h l ig ht s H1 2 016

Revenue increased slight ly

Revenue at EUR 6.7 bn (2.9 % at constant currency)

Ea r nings qua lit y st rong

EBIT margin at 12.8 % (prior year: 12.3 % before special items)

Free cash f low ra ised considerably

Free cash f low at EUR 216^m (prior year: EUR -72 m)

Implementat ion of COR E project on schedule

Industrial EBIT margin for 2nd quarter improved to 9.3 % (1st quarter: 6.4 %)

Schaef f ler Group at a gla nce	C 2
Highlight s H1 2016	3
Schaef f ler on t he capita l ma rket s	5
Group interim management report
Repor t on t he econom ic posit ion	8
Supplementa r y repor t	23
Repor t on oppor t unit ies a nd r isk s	23
Repor t on expected development s	2 4
Consolidated interim financial statements
Consolidated income statement	27
Consolidated statement of comprehensive income	28
Consolidated statement of f ina ncia l posit ion	29
Consolidated statement of cash f lows	30
Consolidated statement of cha nges in equit y	31
Consolidated seg ment infor mat ion	3 2
Condensed notes to t he consolidated inter im f ina ncia l statement s	33
Additional information
Sum ma r y 1st qua r ter 2015 to 2nd qua r ter 2016	41
List of f ig ures	4 2
Contact deta ils/impr int	43
Fina ncia l ca lenda r	4 4

Schaeff ler on the capital markets

Re cent event s – se cond qu a r ter

Schaeffler AG advances to MDAX

Follow ing a rev iew of it s m id- cap index, Deut sche Börse decided on June 03 , 2016, to include Schaef f ler AG in it s M DA X index ef fect ive June 20, 2016. Schaef f ler AG's com mon non-vot ing sha res were listed on t he Fra nk f ur t Stock E xcha nge on October 09, 2015 , a nd were added to t he SDA X last December.

Capital structure improved, rating upgraded

Schaef f ler AG entered into a new loa n ag reement w it h sig nif ica nt ly improved ter ms on July 18, 2016. T he f unds w ill be used to repay t he prev ious loa n ag reement a nd to redeem t he EU R- denom inated bonds due in May 2018.

T he new loa n ag reement consist s of a EU R 1.0 bn ter m loa n a nd a EU R 1.3 bn revolv ing cred it facilit y a nd is prov ided by a consor t ium of 15 inter nat iona l ba nk s. In add it ion to of fer ing considerably lower interest rates a nd sig nif ica nt ly bet ter cred it ter ms, t he new loa n ag reement a lso a llows for t he release of nea rly a ll asset s pledged as in rem secur it y, ref lect ing t he cont inued improvement in t he Schaef f ler Group's cred it sta nd ing.

Schaef f ler AG is ta rget ing a n invest ment g rade rat ing in t he med ium ter m. T his object ive was f irst com municated at t he a nnua l genera l meet ing on Apr il 2 2, 2016.

Schaeffler AG's first capital markets day

At it s f irst capita l ma rket s day since it s successf ul list ing in October 2015 , which was held on July 20, 2016, Schaef f ler AG presented it s pla ns for g row t h a nd it s f ina ncia l a mbit ions for t he com ing yea rs. T he g roup stated t hat it pla ns to increase revenue before t he impact of cur renc y t ra nslat ion by a n average of 4 to 6 % per yea r by 2020. T he ta rgeted EBI T ma rg in of 1 2 to 13 % is desig ned to ma inta in t he compa ny 's high ea r nings qua lit y. T he compa ny a lso intends to consistent ly f ur t her deleverage using inter na l sources. It is ta rget ing a n invest ment g rade rat ing in t he med ium ter m.

Schaef f ler sha res

Inter nat iona l capita l ma rket t rends were cha racter ized by volat ile pr ices dur ing t he f irst ha lf of 2016. T he t ur moil in t he M idd le East, but even more so t he econom ic wea k ness in A sia a nd t he result ing cr isis in t he inter nat iona l com mod it y ma rket s, led to fa lling pr ices. T he referendum in t he United K ingdom a nd t he pla nned ex it f rom t he Europea n Union a lso cont r ibuted to t he t urbulence in t he capita l ma rket s. In t his env ironment, t he DA X closed t he second qua r ter of 2016 dow n 2.9 % f rom t he f irst qua r ter of 2016.

Schaeffler share performance (ISIN: DE000SHA0159)

Schaeffler share price

		1s t si x mont h s		in percent (12/31/2015 = 100)
	2016	C ha nge i n %	110
Schaef f ler sha re (Xet ra pr ice i n €)	11.85	-27.1	100
DA X	9,680	-9.9
SDA X	19,8 43	-4.5
S T OX X Eu rop e 6 0 0 Automobi le s & Pa r t s	424	-25.0	90
		1s t si x mont h s	80
Average number of shares	2016	2015
• Com mon sha res		50 0,0 0 0,0 0 0 50 0,0 0 0,0 0 0	70
• C om mon non-vot i ng sha re s		166,0 0 0,0 0 0 10 0,0 0 0,0 0 0		01/01/2016	03/31/2016		06/30/2016
Earnings per share 1) (in €)
• Com mon sha res	0.74	0.46		Schaeffler		DAX
• C om mon non-vot i ng sha re s	0.75	0.78		MDAX		STOXX Europe 600 Automobiles & Parts

1) E a r n i ng s p e r sh a r e w e r e c a lc u l ate d i n acco r d a nce w it h I A S 33.

On June 30, 2016, t he com mon non-vot ing sha res of Schaef f ler AG were quoted at EU R 11.85 , approx imately 16.1 % less t ha n on Ma rch 31, 2016. Schaef f ler's sha res d id not escape t he below-average t rend in automot ive sector equit ies compa red to t he DA X a nd t he M DA X a nd per for med approx imately in line w it h t he Europea n Euro Stox x Automobiles & Pa r t s sector index (-15 .5 % compa red to Ma rch 31, 2016). T he sha re pr ice reached it s high on May 2 4, 2016 (EU R 1 4 .80) a nd it s low on June 27, 2016 (EU R 11.65). T he Schaef f ler sha res were quoted at EU R 13 .05 on July 29, 2016.

S chaef f ler b ond s a nd rat i ng s

T he Schaef f ler Group has nine ser ies of bonds out sta nd ing at t he end of June 2016, si x of t hem denom inated in EU R a nd t hree in USD. T he EU R bonds w it h a mat ur it y of May 2018 a re scheduled for redempt ion on Aug ust 18, 2016. A ll of t he bonds were issued by Schaef f ler Fina nce B.V., Ba r neveld, Net herla nds. Please refer to pages 20 et seq. for f ur t her deta il on t he compa ny 's bonds.

T he prem ium for Schaef f ler AG 5-yea r cred it default swaps decreased slight ly f rom 2 25 basis point s at Ma rch 31, 2016, to 208 basis point s as at June 30, 2016.

T he rat ing agenc y Sta nda rd & Poor's upg raded t he Schaef f ler AG's compa ny rat ing to BB w it h a stable out look on Apr il 28, 2016, while t he rat ing for t he secured bonds was ra ised to BB a nd t he rat ing for t he unsecured bonds to B+. On July 20, 2016, rat ing agenc y Moody 's upg raded t he unsecured bond rat ing to Ba3 . T he upg rade ref lect s t he improved posit ion of t he unsecured bonds follow ing t he release of nea rly a ll asset s pledged as in rem secur it y under t he secured bond ag reement s. T he release of such secur it y was ag reed upon in connect ion w it h t he new loa n ag reement entered into on July 18, 2016.

Schaeffler Group ratings

		Company	Bonds secured	Bond unsecured
S chaef f ler Group rat i ng s	Rating	Outlook	Rating	Rating
Sta nda rd & Poor's	BB	stable	BB	B +
Moody's	Ba2	stable	Ba2	Ba3

Group interim management report

1. Report on the economic position	8
1.1 Econom ic env ironment	8
1.2 Course of business	8
1.3 Ea r nings	10
1. 4 Fina ncia l posit ion	19
1.5 Net asset s a nd capita l st r uct ure	2 2
2. Supplementary report	23
3. Report on opportunities and risks	23
4. Report on expected developments	24
4 .1 E xpected econom ic a nd sa les ma rket t rends	2 4
4 .2 Schaef f ler Group out look	25

Impact of currency translation/constant currency

Revenue a nd ea r n i ngs f ig u res at con sta nt cu r renc y, i.e. e xclud i ng t he i mpact of cu r renc y t ra n slat ion, a re ca lcu late d by t ra n slati ng revenue a nd ea r n i ngs u si ng t he sa me e xcha nge rate for b ot h t he cu r rent a nd t he pr ior yea r or compa r i son rep or t i ng p er io d .

Special items

1. Report on the economic position

1.1 E conom ic env i ron ment

T he globa l economy exper ienced wea kened a nd more f rag ile moment um overa ll dur ing t he f irst ha lf of 2016. In t he U. S., t he wea k sta r t to t he yea r was more recent ly followed by ind icat ions of a n econom ic upt ur n. T he moderate recover y in t he Euro reg ion persisted dur ing t he ea rly mont hs of t his yea r, while prelim ina r y infor mat ion ind icates a somewhat less dy na m ic econom ic moment um in t he second qua r ter. T he g radua l slow ing of t he economy in C hina cont inued dur ing t he repor t ing per iod.

Compa red to t he pr ior yea r, globa l g ross domest ic product1 g rew by 3 .0 % dur ing t he repor t ing per iod (Ox ford Econom ics, July 2016). Europe reg ion2 g ross domest ic product increased by 3 .0 %, as well. T he economy in t he A mer icas reg ion2 stag nated, generat ing a g row t h rate of 0.9 %, while t he Greater C hina reg ion2 expa nded by 6.1 %. A sia/Pacif ic reg ion2 g ross domest ic product was up 2.6 %.

In t he cur renc y ma rket s, t he Euro rose aga inst t he U. S. Dolla r a nd t he Chinese Renm inbi, closing at USD 1.11 on June 30, 2016 (December 31, 2015: USD 1.09; June 30, 2015: USD 1.1 2). Please refer to page 3 4 for add it iona l key excha nge rates.

Globa l automobile product ion, measured as t he number of vehicles up to si x tons in weight produced, increased by 2.2 % dur ing t he repor t ing per iod (IHS, July 2016). Automobile product ion in Schaef f ler's Europe reg ion for t he repor t ing per iod was up 4 .3 %. Cer ta in count r ies (includ ing Spa in, t he United K ingdom, a nd Turkey) generated double - d ig it g row t h rates, while G er ma ny only g rew slight ly faster overa ll t ha n t he reg iona l average, despite a st rong second qua r ter. Automobile product ion in t he A mer icas reg ion stag nated at t he pr ior yea r level dur ing t he repor t ing per iod, as a n encourag ing t rend in t he U. S. a nd Ca nada was of fset by a decline in Mex ico a nd especia lly in Brazil. Automobile product ion in t he Greater C hina reg ion increased by 6.0 % dur ing t he repor t ing per iod. In t he A sia/Pacif ic reg ion, automobile product ion fell by 3 .3 % dur ing t he repor t ing per iod, w it h declines repor ted in Japa n as well as in Sout h Korea.

Accord ing to prelim ina r y infor mat ion, globa l indust r ia l product ion only repor ted a low g row t h rate dur ing t he f irst ha lf of 2016 (Ox ford Econom ics, June 2016, based on consta nt pr ices a nd excha nge rates), which was in line w it h expectat ions for t he yea r 2016 as a whole. Indust r ia l product ion in t he Europe reg ion rose slight ly. P roduct ion in t he A mer icas reg ion decreased below t he level of t he pr ior yea r per iod, as t he U. S. a nd pa r t icula rly Brazil repor ted declines. T he Greater C hina reg ion's indust r ia l product ion was up sig nif ica nt ly, while t he A sia/Pacif ic reg ion as a whole saw a slight decline due to a cont ract ion in Japa n.

1. 2 Cou rse of busi ness

Re su lt s of op erat ion s – f i rst ha l f 2016

T he Schaef f ler Group's revenue for t he f irst ha lf of 2016 a mounted to EU R 6,71 2 m (- 0.1 %; pr ior yea r: EU R 6,7 21 m). Numerous cur rencies wea kening aga inst t he Euro had a n unfavorable ef fect on t he company 's revenue t rend dur ing t he f irst si x mont hs. E xclud ing t he impact of cur renc y t ra nslat ion, revenue rose by 2.9 %. T he Automot ive d iv ision cont r ibuted revenue g row t h of 5 . 4 %, exclud ing t he impact of cur renc y t ra nslat ion. T he Indust r ia l d iv ision, on t he ot her ha nd, repor ted a decline in revenue of 4 .9 % for t he f irst ha lf of 2016, exclud ing t he impact of t ra nslat ion.

T he Schaef f ler Group's EBIT increased by EU R 41 m or 5 .0 % to EU R 859 m dur ing t he repor t ing per iod ( pr ior yea r: EU R 818 m). T he pr ior yea r included t he unfavorable ea r nings impact of specia l items related to lega l cases in t he a mount of EU R 7 m. P r ior yea r EBI T adjusted for specia l items was EU R 825 m.

¹ For g ro s s dome st ic pro duc t a nd i ndu st r ia l pro duc t ion, qu a r terly d at a a re av a i lable on ly for sele c te d , repre sent at ive cou nt r ie s a nd t hei r agg reg ate s. Fu r t her more, on ly prel i m i na r y proje c t ion s a re av a i lable for a l l i nd ic ators ment ione d for t he f i rst ha l f of 2 016, i nclud i ng automobi le pro duc t ion.

² Schaef f ler Group reg ion.

Consequent ly, Schaef f ler's adjusted EBI T ma rg in improved by 0.5 percentage point s to 1 2.8 % ( pr ior yea r: 1 2.3 %), due pr ima r ily to t he volume - a nd m i x-based increase in t he Automot ive d iv ision's ma rg in to 1 4 .3 %. T he Indust r ia l d iv ision's EBI T ma rg in, however, declined to 7.8 %.

Free cash flow for t he f irst si x mont hs of 2016 a mounted to EU R 216 m, EU R 288 m more t ha n t he pr ior yea r a mount of EU R -7 2 m. T his increase was d r iven by cash f lows f rom operat ing act iv it ies, which rose f rom EU R 4 2 2 m to EU R 7 7 7 m. However, t he pr ior yea r a mount was a f fected by t he prepay ment pena lt y of EU R 17 3 m pa id in connect ion w it h t he ref ina ncing t ra nsact ions. Capita l expend it ures (capex) increased f rom EU R 501 m to EU R 561 m for t he f irst ha lf of 2016.

Return on average capital employed (ROCE), based on t he last t welve mont hs, a mounted to 19.0 % ( pr ior yea r: 21. 4 %). ROC E before specia l items was 2 2.5 %, higher t ha n in t he pr ior yea r ( pr ior yea r: 2 2.2 %). T he increase is pr ima r ily due to a n improvement in adjusted EBI T.

M ajor event s – f i rst ha l f 2016

At it s meet ing on Ma rch 11, 2016, Schaef f ler AG's Super v isor y Boa rd appointed Mat t hias Zink, Globa l Head of t he Tra nsm ission Systems business d iv ision, to t he Boa rd of Ma nag ing Directors of Schaef f ler AG ef fect ive Ja nua r y 01, 2017. Mat t hias Zink w ill succeed Norber t Ind lekofer, whose cont ract was not extended at his ow n request. Norber t Ind lekofer w ill leave t he compa ny as at December 31, 2016, a nd w ill cont inue to per for m his role as Co - C EO of t he Automot ive d iv ision unt il t hat t ime. T he Super v isor y Boa rd a lso decided to extend t he cont ract of P rof. Dr.-Ing. Peter Pleus, a lso Co - C EO of t he Automot ive d iv ision, by a f ur t her t wo yea rs unt il December 31, 2018.

On Apr il 05 , 2016, Schaef f ler Ver wa lt ungs GmbH sold it s rema ining hold ing of com mon non-vot ing Schaef f ler AG sha res, a tota l of 94 . 4 m illion sha res. A s a result, a ll of Schaef f ler AG's com mon non-vot ing bea rer sha res a re now w idely held. T he placement of t hese sha res has increased t he f ree f loat f rom approx imately 10.8 % to approx imately 2 4 .9 % of Schaef f ler AG's tota l com mon a nd com mon non-vot ing sha re capita l.

Schaef f ler AG's a nnua l genera l meet ing held on Apr il 2 2, 2016, passed a resolut ion to pay a d iv idend of EU R 0.3 4 per com mon sha re a nd EU R 0.35 per com mon non-vot ing sha re to Schaef f ler AG's sha reholders for 2015 . In add it ion, t he compa ny pa id a specia l d iv idend for 2015 as prev iously suggested in connect ion w it h t he list ing. T he specia l d iv idend a mounted to EU R 0.15 per com mon sha re a nd com mon non-vot ing sha re.

Follow ing a rev iew of it s m id- cap index, Deut sche Börse decided on June 03 , 2016, to include Schaef f ler AG in it s M DA X index ef fect ive June 20, 2016. Schaef f ler AG's com mon non-vot ing sha res have been listed on t he Fra nk f ur t Stock E xcha nge since October 09, 2015 , a nd were added to t he SDA X last December.

1.3 E a r n i ng s S chaef f ler Group ea r n i ng s

Revenue E U R 6,71 2 m E BI T b efore sp e c ia l item s E U R 859 m

Revenue up 2.9 % at consta nt cur renc y // Revenue g row t h la rgely d r iven by higher volumes in Automot ive // Increased R& D act iv it ies to create new technolog ies a nd innovat ions

Schaeffler Group earnings No. 001

		1st si x mont h s		2nd qua r ter
i n € m i l l ion s	2016	2015	C ha nge i n %	2016	2015	C ha nge i n %
Revenue	6,712	6,721	-0.1	3,369	3,382	-0.4
• at con st a nt c u r re nc y			2.9			3.3
Revenue by d iv i sion
Automot ive	5,179	5,069	2.2	2,6 03	2,554	1.9
• S h a r e of r e v e nue i n %	77.2	75.4		77.3	75.5
I ndu st r ia l	1,533	1,652	-7.2	766	828	-7.5
• S h a r e of r e v e nue i n %	22.8	24.6		22.7	24.5
Revenue by reg ion 1)
Eu rope	3,679	3,627	1.4	1,863	1,801	3.4
• S h a r e of r e v e nue i n %	54.8	54.0		55.3	53.3
A mer ica s	1,417	1,499	-5.5	711	751	-5.3
• S h a r e of r e v e nue i n %	21.1	22.3		21.1	22.2
Greater C h i na	939	931	0.9	463	480	-3.5
• S h a r e of r e v e nue i n %	14.0	13.8		13.7	14.2
A sia/Pacif ic	677	664	2.0	332	350	-5.1
• S h a r e of r e v e nue i n %	10.1	9.9		9.9	10.3
Cost of sa les	- 4,792	- 4,837	- 0.9	-2,393	-2,439	-1.9
Gross prof it	1,920	1,88 4	1.9	976	943	3.5
Fu nct iona l e x pen ses 2)	-1,0 46	-1,019	2.6	-530	-517	2.5
Earnings before financial result and income taxes (EBIT)	859	818	5.0	438	384	14.1
• i n % of r e v e nue	12.8	12.2	-	13.0	11.4	-
EBIT before special items 3)	859	825	4.1	438	384	14.1
• i n % of r e v e nue	12.8	12.3	-	13.0	11.4	-
Fi na ncia l re su lt	-153	-337	-54.6	-88	-161	- 45.3
I ncome ta xes	-206	-165	24.8	-106	-76	39.5
Net i ncome 4)	494	309	59.9	241	142	69.7
E a r n i ng s p e r com mon non-vot i ng sh a re ( b a sic/d i lute d , i n €)	0.75	0.78	-3.8	0.37	0.36	2.8

1) B a s e d o n m a rke t (c u s to me r lo c at io n).

2) Re sea rch a nd development , sel l i ng a nd ad m i n i st rat ion.

3) E BI T b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng.

4) At t r i b ut a ble to sh a r e holde r s of t he p a r e nt co mp a ny.

T he Schaef f ler Group generated EU R 6,71 2 m (- 0.1 %; pr ior yea r: EU R 6,7 21 m) in revenue in t he f irst ha lf of 2016. E xclud ing t he impact of cur renc y t ra nslat ion, revenue g rew by 2.9 %. T he Automot ive d iv ision cont r ibuted revenue g row t h of 5 . 4 % exclud ing t he impact of t ra nslat ion, exceed ing globa l g row t h in t he product ion of passenger ca rs a nd light com mercia l vehicles of 2.2 %. T he Indust r ia l d iv ision, on t he ot her ha nd, repor ted a decline in revenue of 4 .9 % for t he f irst ha lf of t he yea r, exclud ing t he impact of t ra nslat ion.

No. 0 02

Revenue

EU R 6.7 bn

Schaeffler Group revenue by region Umsatzerlöse der Sparte Automotive nach Regionen

Trends in t he four Schaef f ler Group reg ions' revenue d if fered. Revenue in Schaef f ler's Europe reg ion was up slight ly by 1. 4 % (+2.7 % at consta nt cur renc y), w it h t he added revenue in t he Automot ive d iv ision more t ha n of fset t ing a slight decline in Indust r ia l d iv ision revenue. T he A mer icas reg ion repor ted a d rop in revenue of 5 .5 % (+0.3 % at consta nt cur renc y), includ ing, in pa r t icula r, t he unfavorable impact of cur renc y t ra nslat ion. T he declining business in Brazil a nd lower Indust r ia l revenue in t he U. S. a lso held back revenue. T he revenue t rend in t he Greater C hina a nd A sia/Pacif ic reg ions rema ined posit ive. Despite t he unfavorable impact of cur renc y t ra nslat ion, t hese

reg ions' revenue increased by 0.9 % (+5 .3 % at consta nt cur renc y) a nd 2.0 % (+5 .9 % at consta nt cur renc y), respect ively, d r iven by t he Automot ive d iv ision in bot h reg ions.

Cost of sa les decreased by 0.9 % to EU R 4,792 m ( pr ior yea r: EU R 4,837 m) in t he f irst ha lf of 2016. Gross prof it improved by a tota l of EU R 36 m or 1.9 % to EU R 1,920 m ( pr ior yea r: EU R 1,884 m). T he compa ny 's g ross ma rg in of 28.6 % was a head of t he pr ior yea r per iod ( pr ior yea r: 28.0 %), w it h cost increases, la rgely due to collect ively ba rga ined wage increases, more t ha n of fset pr ima r ily by t he posit ive impact of volumes on f i xed cost s a nd by increased product ion ef f icienc y. Lower raw mater ia ls pr ices a lso had a posit ive ef fect on g ross ma rg in.

Resea rch a nd development expenses increased by 8.0 % to EU R 378 m ( pr ior yea r: EU R 350 m) or 5 .6 % ( pr ior yea r: 5 .2 %) of revenue dur ing t he repor t ing per iod. Besides cost increases due to inf lat ion, t he increase is pr ima r ily due to a focused increase in headcount in product a nd systems development in t he Automot ive d iv ision.

Selling a nd ad m inist rat ive expenses of EU R 668 m were in line w it h pr ior yea r ( pr ior yea r: EU R 669 m). Tota l f unct iona l cost s rose by 2.6 % to EU R 1,046 m ( pr ior yea r: EU R 1,019 m), g row ing to 15 .6 % of revenue ( pr ior yea r: 15 .2 %).

EBI T increased by EU R 41 m or 5 .0 % to EU R 859 m ( pr ior yea r: EU R 818 m) dur ing t he repor t ing per iod. The Schaeff ler Group's EBIT margin was 12.8 % (prior year: 12.2 %). The prior year included the unfavorable ea r nings impact of a prov ision for lega l cases in t he a mount of EU R 7 m. E xclud ing t his specia l item, t he compa ny 's pr ior yea r EBI T a mounted to EU R 825 m a nd it s pr ior yea r EBI T ma rg in to 1 2.3 %. Adjusted for specia l items, t he EBI T ma rg in improved by 0.5 percentage point s to 1 2.8 %. T he increase in EBI T ma rg in was at t r ibutable to higher g ross prof it, d r iven pr ima r ily by higher volumes a nd lower product ion cost. Funct iona l cost s, pa r t icula rly resea rch a nd development expenses, had a n of fset t ing ef fect.

EBI T ma rg in

12.8 %

T he Schaef f ler Group's f ina ncia l result improved by EU R 184 m to EU R -153 m ( pr ior yea r: EU R -337 m) in t he f irst si x mont hs of 2016.

Schaeffler Group financial result	No. 0 03
-----------------------------------	----------

		1s t si x mont h s
i n € m i l l ion s	2016	2015
I ntere st e x p en se on f i na ncia l debt 1)	-145	-362
I ntere st i ncome on sha reholder loa n s	33	32
Fore ig n e xc h a nge g a i n s a nd lo s s e s	26	-153
Fa i r v a lue c h a nge s a nd comp e n s at ion p ay me nt s on de r iv at ive s	-21	174
Fa i r v a lue c h a nge s on e mb e dde d de r iv at ive s	-28	-11
I ntere st i ncome a nd e x p en se on p en sion s a nd pa r t ia l ret i rement obl igat ion s	-22	-21
Ot her	4	4
Total	-153	-337

1) I ncl. a mor t i z at ion of t ra n s ac t ion co st s a nd prep ay ment p ena lt ie s.

Interest expense on f ina ncia l debt a mounted to EU R 1 45 m in t he f irst si x mont hs of 2016 ( pr ior yea r: EU R 362 m) a nd includes EU R 25 m in a mor t izat ion of t ra nsact ion cost s a nd prepay ment pena lt ies related to t he ref ina ncing t ra nsact ion in July 2016. Please refer to t he supplementa r y repor t for f ur t her deta il. T he pr ior yea r a mount included a prepay ment pena lt y of EU R 17 3 m for t he ea rly redempt ion of bonds.

Interest income on loa ns to sha reholders was EU R 33 m ( pr ior yea r: EU R 3 2 m).

Foreig n excha nge ga ins on f ina ncia l asset s a nd liabilit ies a mounted to EU R 26 m ( pr ior yea r: losses of EU R 153 m) a nd resulted pr ima r ily f rom t ra nslat ing f ina ncing inst r ument s denom inated in U. S. Dolla r to Euro (see condensed notes to t he consolidated inter im f ina ncia l statement s Cur rent a nd non- cur rent f ina ncia l debt). T he compa ny has hedged t his f ina ncia l debt using cross- cur renc y der ivat ives a nd repor t s t he result ing of fset t ing impact of EU R -21 m ( pr ior yea r: EU R 174 m) under fa ir va lue cha nges a nd compensat ion pay ment s on der ivat ives.

Fa ir va lue cha nges on embedded der ivat ives, pr ima r ily prepay ment opt ions for exter na l f ina ncing inst r ument s, resulted in net losses of EU R 28 m ( pr ior yea r: EU R 11 m).

Income ta x expense a mounted to EU R 20 6 m in t he f irst si x mont hs of 2016 ( pr ior yea r: EU R 165 m), represent ing a n ef fect ive ta x rate of 29.2 % ( pr ior yea r: 3 4 .3 %). T he decrease in t he ta x rate is pr ima r ily due to lower non- deduct ible expenses a nd t he one -t ime ef fect of a ref ina ncing t ra nsact ion in t he pr ior yea r.

Net income at t r ibutable to sha reholders of t he pa rent compa ny for t he f irst ha lf of 2016 a mounted EU R 494 m ( pr ior yea r: EU R 309 m).

Basic a nd d iluted ea r nings per com mon sha re for t he f irst si x mont hs increased to EU R 0.74 ( pr ior yea r: EU R 0. 46) in 2016. Basic a nd d iluted ea r nings per com mon non-vot ing sha re a mounted to EU R 0.75 ( pr ior yea r: EU R 0.78). T he number of sha res used to ca lculate ea r nings per com mon sha re a nd ea r nings per com mon non-vot ing sha re was 500 m illion sha res ( pr ior yea r: 500 m illion sha res) a nd 166 m illion sha res ( pr ior yea r: 100 m illion sha res), respect ively.3

³ E a r n i ng s p er sha re were c a lc u late d i n accord a nce w it h I A S 33 . A s t he com mon non-vot i ng sha re s newly i s sue d i n O c tob er 2 015 (6 6 m i l l ion sha re s) p a r t ic ip ate d i n prof it s for t he ent i re yea r 2 015 , ea r n i ng s p er com mon non-vot i ng sha re for t he f i rst si x mont h s of 2 015 were c a lc u late d u si ng prop or t ionate net i ncome b a se d on 16 6 m i l l ion com mon non-vot i ng sha re s.

Automot ive d iv i sion

Revenue E U R 5 ,179 m E BI T b efore sp e c ia l item s E U R 7 39 m

Revenue g row t h out paced increase in globa l automobile product ion // Above average increase in A f ter ma rket revenue // Higher g ross ma rg in ref lect s prof itable g row t h // Increased R& D act iv it ies to create new technolog ies a nd innovat ions

Automotive division earnings No. 004

		1st si x mont h s			2nd qua r ter
i n € m i l l ion s	2016	2015	C ha nge i n %	2016	2015	C ha nge i n %
Revenue	5,179	5,069	2.2	2,603	2,554	1.9
• at con st a nt c u r re nc y			5.4			5.8
Revenue by bu si ne ss d iv i sion
BD E ng i ne Sy stem s	1,324	1,321	0.2	671	661	1.5
• S h a r e of r e v e nue i n %	25.6	26.1		25.8	25.9
BD Tr a n sm i s sion Sy ste m s	2,180	2,141	1.8	1,074	1,076	- 0.2
• S h a r e of r e v e nue i n %	42.1	42.2		41.3	42.1
BD C ha ssi s Sy stem s	774	746	3.8	389	369	5.4
• S h a r e of r e v e nue i n %	14.9	14.7		14.9	14.5
BD Automot ive A f ter ma rket	901	861	4.6	469	448	4.7
• S h a r e of r e v e nue i n %	17.4	17.0		18.0	17.5
Revenue by reg ion 1)
Eu rope	2,762	2,696	2.4	1,4 0 4	1,34 0	4.8
• S h a r e of r e v e nue i n %	53.3	53.2		53.9	52.4
A mer ica s	1,133	1,179	-3.9	572	594	-3.7
• S h a r e of r e v e nue i n %	21.9	23.3		22.0	23.3
Greater C h i na	753	692	8.8	369	354	4.2
• S h a r e of r e v e nue i n %	14.5	13.6		14.2	13.9
A sia/Pacif ic	531	502	5.8	258	266	-3.0
• S h a r e of r e v e nue i n %	10.3	9.9		9.9	10.4
Cost of sa les	-3,698	-3,687	0.3	-1,853	-1,862	- 0.5
Gross prof it	1,4 81	1,382	7.2	750	692	8.4
EBIT	739	651	13.5	367	308	19.2
• i n % of r e v e nue	14.3	12.8	-	14.1	12.1	-
EBIT before special items 2)	739	658	12.3	367	308	19.2
• i n % of r e v e nue	14.3	13.0	-	14.1	12.1	-

P r io r y e a r i n fo r m at io n p r e s e nte d b a s e d o n 2016 s e g me nt s t r uc t u r e .

1) B a s e d o n m a rke t (c u s to me r lo c at io n).

2) E BI T b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng.

Automot ive d iv ision revenue increased by 2.2 % to EU R 5 ,179 m ( pr ior yea r: EU R 5 ,0 69 m) in t he f irst si x mont hs of 2016. E xclud ing t he impact of cur renc y t ra nslat ion, t he g row t h rate for t he f irst ha lf of 2016 was 5 . 4 %. Second- qua r ter g row t h a mounted to 5 .8 %, follow ing 5 .0 % in t he f irst qua r ter of 2016. Globa l product ion volumes of passenger ca rs a nd light com mercia l vehicles increased by 2.2 % f rom t he pr ior yea r compa r ison per iod. T hus, t he Automot ive d iv ision's business out paced t he r ise in globa l automobile product ion, pr ima r ily due to t he increasing va lue of Schaef f ler product s insta lled per vehicle. From a reg iona l perspect ive it was pr ima r ily high dema nd in C hina t hat cont r ibuted to t he add it iona l revenue. T he A f ter ma rket was a lso ver y successf ul.

O vera ll, revenue t rends va r ied w idely across ma rket reg ions in t he f irst si x mont hs of 2016. T he Europe reg ion repor ted 2. 4 % (+3 .7 % at consta nt cur renc y) in add it iona l revenue, slight ly less t ha n average reg iona l g row t h in product ion volumes (+4 .3 %). T his was pr ima r ily due to project s w ind ing dow n t hat were not f ully of fset by sta r t-ups. T he A mer icas reg ion repor ted a decline in revenue of 3 .9 %, la rgely due to t he unfavorable impact of cur renc y t ra nslat ion. T he reg ion's revenue increased by 2. 4 % at consta nt currenc y while automobile product ion rema ined f lat w it h pr ior yea r. T he Automot ive d iv ision a lso expa nded it s revenue sig nif ica nt ly in t he Greater C hina reg ion, ma inly t hrough ra mp -ups, generat ing add it iona l revenue of 8.8 % (+1 4 .2 % at consta nt cur renc y) while t hat reg ion's vehicle product ion increased by 6.0 %. T he reasons for t he increase in A sia/Pacif ic reg ion revenue by 5 .8 % (+9. 4 % at consta nt cur renc y) included ra mp -ups, w it h vehicle product ion t here declining by 3 .3 %.

T he Automot ive d iv ision business is orga nized in t he Eng ine Systems, Tra nsm ission Systems, C hassis Systems, a nd Automot ive A f ter ma rket business d iv isions (BD), each of which repor ted g row ing revenue at consta nt cur renc y in t he f irst ha lf of 2016.

Revenue for t he Engine Systems BD rose slight ly by 0.2 %. E xclud ing t he impact of cur renc y t ra nslat ion, revenue was up 2. 4 %. T his g row t h was pr ima r ily d r iven by t he ca msha f t phasing unit s product g roup, which repor ted considerably higher volumes w it h t he sta r t of volume product ion of t he elect romecha nica l ca msha f t phasing system. T he accessor y d r ive product g roup a nd t he innovat ive t her ma l ma nagement module, which helps reduce f uel consumpt ion a nd CO2 em issions, a lso generated considerable add it iona l revenue. Revenue for t he t im ing d r ive a nd va lve t ra in component s product g roups, on t he ot her ha nd, was below t hat of t he pr ior yea r compa r ison per iod.

Transmission Systems BD revenue rose by 1.8 % (+4 .8 % at consta nt cur renc y), pr ima r ily d r iven by t he increase in volumes in t he dua l-mass f ly wheel product g roup. Dema nd for component s for automated t ra nsm issions, such as torque conver ters, a lso g rew sig nif ica nt ly.

T he Chassis Systems BD generated revenue g row t h of 3 .8 % (+6.6 % at consta nt cur renc y) ma inly based on t he solid per for ma nce of t he newest generat ion of wheel bea r ings, highly integ rated unit s conta ining mount ing bracket s for t he bra ke d isk, r im, a nd wheel ca r r ier t hat ensure top r unning accurac y. Volume product ion of t he elect romecha nica l act ive roll cont rol a lso considerably increased revenue in t he chassis act uators product g roup.

T he Automotive Aftermarket BD g rew it s revenue by 4 .6 % (+10.6 % at consta nt cur renc y) in t he f irst ha lf of 2016. T he increase was pr ima r ily due to higher sa les in t he A mer icas a nd Europe reg ions. Reasons for t he add it iona l revenue in A mer icas include increased requirement s of automobile ma nufact urers (OE S customers). Europe not only repor ted st rong g row t h in Sout her n a nd Wester n Europe, but a lso generated considerable add it iona l revenue in Cent ra l a nd Easter n Europe. T he ma in reason behind t he higher revenue was increased ma rket coverage as a result of a n expa nded customer base.

Cost of sa les increased by 0.3 % to EU R 3 ,698 m in t he f irst ha lf of 2016 ( pr ior yea r: EU R 3 ,687 m). In tota l, t he Automot ive d iv ision improved it s g ross prof it by EU R 99 m or 7.2 % to EU R 1, 481 m ( pr ior yea r: EU R 1,382 m). T he d iv ision's g ross ma rg in of 28.6 % was a head of t he pr ior yea r compa r ison per iod ( pr ior yea r: 27.3 %). T he Automot ive d iv ision has t hus cont inued it s prof itable g row t h, more t ha n of fset t ing cost increases, pr ima r ily due to collect ively ba rga ined wage a nd sa la r y increases, w it h consistent cost improvement s a nd a more prof itable revenue m i x. Slight ly lower raw mater ia ls pr ices a lso had a posit ive ef fect on g ross ma rg in.

Funct iona l cost s increased 4 .2 % to EU R 719 m ( pr ior yea r: EU R 69 0 m), r ising slight ly to 13 .9 % of revenue ( pr ior yea r: 13 .6 %). T he ma in d r iver of t his increase was t he r ise in resea rch a nd development expenses by 10.0 % to EU R 308 m ( pr ior yea r: EU R 280 m) or 5 .9 % ( pr ior yea r: 5 .5 %) of revenue, ref lect ing increased act iv it ies a imed at of fer ing solut ions for f ut ure mobilit y concept s for motor vehicles, ra ng ing f rom chassis innovat ions a nd opt im izing t he classic d r ive t ra in w it h a n inter na l combust ion eng ine as well as t he t ra nsm ission to hybr id solut ions a nd elect r ic mobilit y applicat ions. Selling a nd ad m inist rat ive expenses of EU R 411 m were in line w it h pr ior yea r (+0.2 %; pr ior yea r: EU R 410 m).

Automot ive d iv ision EBI T g rew by 13 .5 % to EU R 7 39 m ( pr ior yea r: EU R 651 m) dur ing t he repor t ing per iod, a nd it s EBI T ma rg in increased to 1 4 .3 % ( pr ior yea r: 1 2.8 %). E xpenses for lega l cases of EU R 7 m were recog nized in t he f irst ha lf of 2015 . E xclud ing t his specia l item, pr ior yea r EBI T a mounted to EU R 658 m or 13 .0 % of revenue. T he EBI T ma rg in adjusted for specia l items t hus improved by 1.3 percentage point s to 1 4 .3 %, pr ima r ily due to t he volume - a nd m i x-based improvement in g ross ma rg in. Enha nced product ion ef f icienc y a nd lower raw mater ia ls expenses a lso cont r ibuted to t he increase. Funct iona l cost s, pa r t icula rly resea rch a nd development expenses, had a n of fset t ing ef fect.

I ndu st r ia l d iv i sion

Revenue E U R 1,5 33 m E BI T b efore sp e c ia l item s E U R 1 2 0 m

Revenue at consta nt cur renc y decreased in a ll reg ions // Ma rg in decline ma inly d r iven by lower sa les volumes a nd less prof itable revenue m i x

Industrial division earnings No. 005

1st si x mont h s 2nd qua r ter i n € m i l l ion s 2016 2015 C ha nge i n % 2016 2015 C ha nge i n % Revenue 1,533 1,652 -7.2 766 828 -7.5 • at con st a nt c u r re nc y - 4.9 -4.3 Revenue by reg ion 1) Eu rope 917 931 -1.5 459 461 - 0.4 • S h a r e of r e v e nue i n % 59.8 56.3 59.9 55.7 A mer ica s 284 320 -11.3 139 157 -11.5 • S h a r e of r e v e nue i n % 18.6 19.4 18.1 19.0 Greater C h i na 186 239 -22.2 94 126 -25.4 • S h a r e of r e v e nue i n % 12.1 14.5 12.3 15.2 A sia/Pacif ic 146 162 -9.9 74 8 4 -11.9 • S h a r e of r e v e nue i n % 9.5 9.8 9.7 10.1 Cost of sa les -1,0 94 -1,150 - 4.9 -54 0 -577 - 6.4 Gross prof it 439 502 -12.5 226 251 -10.0 EBIT 120 167 -28.1 71 76 -6.6 • i n % of r e v e nue 7.8 10.1 - 9.3 9.2 - EBIT before special items 2) 120 167 -28.1 71 76 -6.6 • i n % of r e v e nue 7.8 10.1 - 9.3 9.2 -

P r io r y e a r i n fo r m at io n p r e s e nte d b a s e d o n 2016 s e g me nt s t r uc t u r e .

1) B a s e d o n m a rke t (c u s to me r lo c at io n). 2) E BI T b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng. Indust r ia l d iv ision revenue declined by 7.2 % to EU R 1,533 m ( pr ior yea r: EU R 1,65 2 m) in t he f irst ha lf of 2016. E xclud ing t he impact of cur renc y t ra nslat ion, revenue fell 4 .9 %.

T he Indust r ia l business is pr ima r ily ma naged by t he reg ions. On t his basis, t he Europe, A mer icas, Greater C hina, a nd A sia/Pacif ic reg ions operate as prof it centers responsible for t he Indust r ia l business in t heir respect ive ma rket s. Wit hin t he reg ions, t he Indust r ia l business is g rouped into eight sectors: w ind, raw mater ia ls, aerospace, ra il, of f road, t wo wheelers, power t ra nsm ission, a nd indust r ia l automat ion. Sa les to d ist r ibutors (Indust r ia l Dist r ibut ion) round out t he Indust r ia l d iv ision's reg iona l business.

Low com mod it y pr ices a nd t he d rast ic d rop in oil pr ices combined w it h econom ic uncer ta int ies negat ively a f fected customers' invest ing act iv it ies, especia lly in t he raw mater ia ls a nd power t ra nsm ission sectors. Sig nif ica nt declines in revenue in t he ra il sector a nd in Indust r ia l Dist r ibut ion a lso had a considerable ef fect on t he d iv ision's revenue t rend. However, t he w ind a nd t wo wheelers sectors generated double - d ig it g row t h rates, exclud ing t he impact of cur renc y t ra nslat ion. T he aerospace sector a lso repor ted considerable add it iona l revenue, exclud ing t he impact of cur renc y t ra nslat ion.

A ll reg ions exper ienced a decline in revenue f rom t he pr ior yea r compa r ison per iod.

Revenue in t he d iv ision's Europe region was dow n slight ly by 1.5 %. E xclud ing t he impact of cur renc y t ra nslat ion, revenue was nea rly in line w it h pr ior yea r at - 0.2 %. Revenue t rends va r ied w idely across ind iv idua l sectors. Especia lly t he persistent ly low com mod it y pr ices a nd related wea k ness in t he oil, gas, m ining, a nd steel indust r y considerably reduced revenue in t he raw mater ia ls a nd power t ra nsm ission sectors. R a il sector a nd Indust r ia l Dist r ibut ion revenue sim ila rly lagged considerably behind t he pr ior yea r, while t he aerospace, indust r ia l automat ion a nd of f road sectors repor ted revenue increases. T he w ind a nd t wo wheelers sectors repor ted double - d ig it posit ive g row t h rates at consta nt cur renc y.

In t he Americas region, revenue declined by 11.3 % (-7.3 % at consta nt cur renc y). T he negat ive t rend was pr ima r ily d r iven by double - d ig it declines in revenue in t he raw mater ia ls, power t ra nsm ission, ra il, of f road, a nd indust r ia l automat ion sectors. T hese declines were at t r ibutable to t he cha lleng ing sit uat ion in t he U. S. ma rket s, pa r t icula rly in t he oil a nd gas indust r y. Indust r ia l Dist r ibut ion a lso exper ienced percentage revenue declines in t he double - d ig it s. E xclud ing t he impact of cur renc y t ra nslat ion, aerospace sector revenue rose slight ly. T he w ind a nd t wo wheelers sectors exper ienced a n encourag ing t rend, generat ing double - d ig it g row t h rates at consta nt cur renc y.

T he Greater China region repor ted a considerable d rop in revenue of 2 2.2 % (-20.1 % at consta nt cur renc y). E xcept for t he w ind a nd aerospace sectors, a ll sectors as well as Indust r ia l Dist r ibut ion saw double - d ig it declines in revenue at consta nt cur renc y due to wea k ma rket requirement s, declining invest ing act iv it y, a nd t he result ing pressure on ma rket pr ices.

T he decrease in revenue for t he Asia/Pacific region by 9.9 % (-4 .9 % at consta nt cur renc y) was pr ima r ily at t r ibutable to Indust r ia l Dist r ibut ion a nd t he of f road sector.

Indust r ia l d iv ision cost of sa les decreased by 4 .9 % to EU R 1,094 m ( pr ior yea r: EU R 1,150 m). Gross prof it declined by 1 2.5 % to EU R 439 m ( pr ior yea r: EU R 502 m) a nd, consequent ly, g ross ma rg in fell by 1.8 percentage point s to 28.6 % ( pr ior yea r: 30. 4 %). T he decrease was d r iven by t he unfavorable impact of volumes on f i xed cost s, a less prof itable revenue m i x, a nd t he unfavorable impact of cur renc y t ra nslat ion.

Funct iona l cost s decreased slight ly by EU R 2 m to EU R 3 27 m ( pr ior yea r: EU R 3 29 m) dur ing t he f irst ha lf of 2016, a nd rose to 21.3 % of revenue ( pr ior yea r: 19.9 %). Resea rch a nd development expenses of EU R 70 m were in line w it h pr ior yea r ( pr ior yea r: EU R 70 m). Selling a nd ad m inist rat ive expenses decreased slight ly by EU R 2 m to EU R 257 m ( pr ior yea r: EU R 259 m).

Indust r ia l d iv ision EBI T decreased to EU R 1 20 m ( pr ior yea r: EU R 167 m) dur ing t he f irst ha lf of 2016. T he d iv ision's EBI T ma rg in adjusted for specia l items a mounted to 7.8 % for t he f irst si x mont hs of 2016 ( pr ior yea r: 10.1 %). T he second- qua r ter EBI T ma rg in was 9.3 %, follow ing 6. 4 % in t he f irst qua r ter of 2016. T he decline in t he second ha lf of 2016 compa red to t he pr ior yea r was pr ima r ily at t r ibutable to lower volumes, t he result ing lower ut ilizat ion of product ion capacit ies, a nd a less prof itable revenue m i x. T he "COR E" prog ra m init iated last yea r is prog ressing on schedule a nd is beg inning to ma ke a posit ive impact.

In a ma rket env ironment cha racter ized by low g row t h rates, t he Indust r ia l d iv ision is a im ing for a n EBI T ma rg in of 10 to 11 % by 2018. T his represent s a ma rg in improvement of 2 to 3 percentage point s f rom t he cur rent level. T he Indust r ia l d iv ision pla ns to increase t he EBI T ma rg in to a level of 11 to 13 % by 2020.

Per for ma nce i nd ic ators a nd sp e cia l item s

In order to facilitate a t ra nspa rent eva luat ion of t he compa ny 's result s of operat ions, t he Schaef f ler Group repor t s EBI T, EBI T DA, debt to EBI T DA rat io, ROC E , a nd Schaef f ler Va lue Added before specia l items (=adjusted). Specia l items a re items whose nat ure, f requenc y, a nd/or size may render t he f ina ncia l ind icators less mea ning f ul for eva luat ing t he susta inabilit y of t he Schaef f ler Group's prof itabilit y. In add it ion to present ing specia l items, t he compa ny a lso a ims to ma ke t he eva luat ion of t he compa ny 's result s of operat ions as t ra nspa rent as possible by present ing it s revenue f ig ures exclud ing t he impact of cur renc y t ra nslat ion. Revenue f ig ures at consta nt cur renc y, i.e. exclud ing t he impact of t ra nslat ion, a re ca lculated by t ra nslat ing f unct iona l cur renc y revenue using t he sa me excha nge rate for bot h t he cur rent a nd t he pr ior yea r or compa r ison repor t ing per iod. Please refer to pages 68 et seq. of t he Schaef f ler Group's a nnua l repor t 2015 for a deta iled d iscussion.

In 2015 a nd 2016, specia l items represent sig nif ica nt issues in t he categor ies lega l cases a nd rest r uct ur ing.

Reconciliation						No. 0 06
		Tot a l		Automot ive		I ndu st r ia l
						1s t si x mont h s
i n € m i l l ion s	2016	2015	2016	2015	2016	2015
EBIT	859	818	739	651	120	167
• i n % of r e v e nue	12.8	12.2	14.3	12.8	7.8	10.1
Special items
L ega l ca ses	0	7	0	7	0	0
Re st r uct u r i ng	0	0	0	0	0	0
EBIT before special items	859	825	739	658	120	167
• i n % of r e v e nue	12.8	12.3	14.3	13.0	7.8	10.1
EBITDA	1,217	1,161
• i n % of r e v e nue	18.1	17.3
Special items
L ega l ca ses	0	7
Re st r uct u r i ng	0	0
EBITDA before special items	1,217	1,168
• i n % of r e v e nue	18.1	17.4
Net f i n a nc ia l debt (06/30)	4,874	6,245
/ E BI T DA1)	2,152	2,220
Debt to EBITDA ratio (06/30)	2.3	2.8
Net f i n a nc ia l debt (06/30)	4,874	6,245
/ E BI T DA b e fore sp e c ia l ite m s 1)	2,419	2,277
Debt to EBITDA ratio before special items (06/30)	2.0	2.7
EBI T 1)	1,4 43	1,54 0
/ Ave r age c apit a l e mploye d 1)	7,594	7,195
ROCE (in %) 1) 2)	19.0	21.4
E BI T b efore sp e cia l item s 1)	1,710	1,597
/ Ave r age c apit a l e mploye d 1)	7,594	7,195
ROCE before special items(in %) 1) 2)	22.5	22.2
EBI T 1)	1,4 43	1,54 0
– C ost of c apit a l 3)	759	719
Schaeffler Value Added1)	684	821
E BI T b efore sp e cia l item s 1)	1,710	1,597
– C ost of c apit a l 3)	759	719
Schaeffler Value Added before special items 1)	951	878

1) B a se d on t he la st t welve mont h s.

2) E B I T i n r e l at io n to av e r a g e c ap it a l e mploy e d ( p r op e r t y, pl a nt a nd e q u ip me nt + i nt a ng i ble a s s e s t s + wo rk i ng c ap it a l).

3) C o s t of c ap it a l i s c a lc u l ate d b y ap pl y i ng a s e t m i n i mu m r e t u r n of 10 % p. a . ( b e fo r e t a x) to av e r a g e c ap it a l e mploy e d .

1. 4 Fi na ncia l p osit ion

C a sh f low a nd l iqu id it y

T he Schaef f ler Group generated f ree cash f low of EU R 216 m ( pr ior yea r: EU R -7 2 m) for t he f irst ha lf of 2016.

Cash flow						No. 0 07
		1s t si x mont h s			2nd qua r ter
i n € m i l l ion s	2016	2015	C ha nge i n %	2016	2015	C ha nge i n %
C a sh f low s f rom op erat i ng act iv it ie s	777	422	8 4.1	571	238	> 10 0
C a sh u se d i n i nve st i ng act iv it ie s	-561	- 494	13.6	-243	-250	-2.8
Free cash flow	216	-72	-	328	-12	-
C a sh prov ide d by f i na nci ng act iv it ie s	- 438	-16 0	> 10 0	- 452	-168	> 10 0
Net increase (decrease) in cash and cash equivalents	-222	-232	-4.3	-124	-180	-31.1
E f fe c t s of fore ig n e xc h a nge r ate c h a nge s on c a sh a nd c a sh e qu iv a le nt s	-5	16	-	3	-9	-
C a sh a nd c a sh e qu iv a lent s a s at b eg i n n i ng of p er io d	799	636	25.6	693	609	13.8
Cash and cash equivalents	572	420	36.2	572	420	36.2

T he increase in cash f lows f rom operat ing act iv it ies by EU R 355 m to EU R 7 7 7 m ( pr ior yea r: EU R 4 2 2 m) was t he result of sig nif ica nt ly lower interest pay ment s as well as higher EBI T DA . Interest pay ment s d ropped to EU R 107 m ( pr ior yea r: EU R 379 m). T he pr ior yea r a mount included a prepay ment pena lt y of EU R 17 3 m for t he ea rly redempt ion of bonds. T he compa ny pa id EU R 161 m ( pr ior yea r: EU R 158 m) in income ta xes. Cash out f lows of EU R 287 m ( pr ior yea r: EU R 233 m) related to expa nd ing work ing capita l were higher t ha n in t he pr ior yea r per iod.

Capita l expend it ures on proper t y, pla nt a nd equipment a nd inta ng ible asset s (capex) a mounted to EU R 561 m ( pr ior yea r: EU R 501 m) in t he f irst si x mont hs of 2016. T he capex rat io was 8. 4 % of revenue in t he f irst ha lf of 2016 ( pr ior yea r: 7.5 %). EU R 331 m a nd EU R 1 21 m of t he EU R 561 m in tota l capita l expend it ures were made in t he Europe a nd Greater C hina reg ions, respect ively. In order to st reng t hen it s compet it ive posit ion, t he Schaef f ler Group pr ima r ily invested in expa nd ing capacit y a nd in new product sta r t-ups.

T hese development s resulted in f ree cash f low of EU R 216 m ( pr ior yea r: EU R -7 2 m) for t he f irst ha lf of 2016.

EU R 438 m in cash was used in f ina ncing act iv it ies ( pr ior yea r: EU R 160 m) dur ing t he repor t ing per iod. EU R 3 28 m of t he EU R 3 29 m in d iv idends pa id dur ing t he second qua r ter of 2016 represented t he d iv idends pa id to Schaef f ler AG's sha reholders. EU R 207 m in cash was used to pa r t ia lly prepay t he inst it ut iona l loa n t ra nches a nd to ter m inate t he related cross- cur renc y der ivat ives in May 2016. Fur t her more, ot her f ina ncing act iv it ies include a cash inf low of EU R 98 m received by Schaef f ler AG f rom it s sha reholder Schaef f ler Ver wa lt ung Zwei GmbH in pa r t ia l repay ment of a n out sta nd ing loa n receivable.

Free Cash F low

EU R 216 m

Cash a nd cash equiva lent s decreased by EU R 2 27 m to EU R 57 2 m as at June 30, 2016 (December 31, 2015: EU R 799 m).

At June 30, 2016, cash a nd cash equiva lent s a mounted to EU R 57 2 m (December 31, 2015: EU R 799 m) a nd consisted pr ima r ily of ba nk ba la nces. EU R 2 4 2 m (December 31, 2015: EU R 198 m) of t his a mount related to count r ies w it h foreig n excha nge rest r ict ions a nd ot her lega l rest r ict ions. In add it ion, t he Schaef f ler Group had a revolv ing cred it facilit y of EU R 1.0 bn (December 31, 2015: EU R 1.0 bn), of which EU R 13 m (December 31, 2015: EU R 2 4 m) were ut ilized at June 30, 2016, pr ima r ily in t he for m of let ters of cred it.

Fi na ncia l debt

Net f ina ncia l debt decreased slight ly to EU R 4,874 m (December 31, 2015: EU R 4,889 m) in t he f irst ha lf of 2016.

T he debt to EBI T DA rat io, def ined as t he rat io of net f ina ncia l debt to ea r nings before f ina ncia l result, income ta xes, depreciat ion a nd a mor t izat ion a nd impa ir ment losses (EBI T DA), a mounted to 2.3 at June 30, 2016 (December 31, 2015: 2.3). E xclud ing specia l items related to lega l cases a nd rest r uct ur ings, t he net debt to EBI T DA rat io was 2.0 (December 31, 2015: 2.1).

Net financial debt			No. 009
i n € m i l l ion s	06/30/2016	12/31/2015	C ha nge i n %
Bonds	5,020	5,0 4 8	- 0.6
Fac i l it ie s Ag re e me nt lo a n t r a nc he s	417	632	-34.0
Ot her f i na ncia l debt	9	8	12.5
Total financial debt	5,446	5,688	-4.3
C a sh a nd c a sh e qu iv a lent s	572	799	-28.4
Net financial debt	4,874	4,889	-0.3

T he Schaef f ler Group has ta ken extensive measures to ref ina nce it s ex ist ing f ina ncia l liabilit ies in prev ious yea rs. T hese t ra nsact ions have d iversif ied t he Group's f ina ncing resources, extended t he mat ur it y prof ile of it s debt, a nd lowered it s bor row ing cost. No ref ina ncing t ra nsact ions occur red in t he f irst ha lf of 2016. Please refer to t he supplementa r y repor t for ref ina ncing t ra nsact ions completed a f ter June 30, 2016.

In May 2016 Schaef f ler AG volunta r ily prepa id approx imately EU R 2 29 m of it s inst it ut iona l loa n t ra nches. T he compa ny pa id of f EU R 85 m of it s Senior Ter m Loa n B EU R a nd USD 160 m of it s Senior Ter m Loa n B USD.

T he Facilit ies Ag reement consist s of t he follow ing loa n t ra nches at June 30, 2016:

Facilities Agreement loan tranches No. 010

		06/30/2016	12/31/2015	06/30/2016	12/31/2015	06/30/2016	12/31/2015
Tr a nc he	Cu r renc y	Face v a lue i n m i l l ion s		C a r r y i ng a mou nt i n € m i l l ion s		C oup on	M at u r it y
S e n ior Te r m L o a n B	EUR	165	250	165	251	Eur ibor + 3.50 %1)	Eur ibor + 3.50 %1)	05/15/2020
S e n ior Te r m L o a n B	USD	280	440	252	392	Libor + 3.50 %2)	Libor + 3.50 %2)	05/15/2020
Re volv i ng C re d it Fac i l it y 3)	EUR	1,0 0 0	1,0 0 0	0	-11	Eur ibor + 2.375 %4)	Eur ibor + 2.6875 %4)	10/27/2019
Total				417	632

1) Eu r i b o r f lo o r of 0.75 % .

2) L i b o r f lo o r of 0.75 % .

3) E U R 13 m ( D e ce m b e r 31, 2015: E U R 24 m) w e r e d r aw n dow n a s at Ju ne 30, 2016, p r i m a r i l y i n t he fo r m of le t te r s of c r e d it . 4) Si nce M ay 20, 2016.

T he follow ing bonds issued by Schaef f ler Fina nce B.V., Ba r neveld, Net herla nds, were out sta nd ing as at June 30, 2016:

Schaeffler Group bonds No. 011

		06/30/2016	12/31/2015	06/30/2016	12/31/2015
ISIN	Cu r renc y	Face v a lue i n m i l l ion s		C a r r y i ng a mou nt i n € m i l l ion s		C oup on	M at u r it y
X S 0 92361306 0 1)	EUR	600	600	606	597	4.25 %	05/15/2018
X S106786 4 881 2)	EUR	50 0	50 0	497	497	3.25 %	05/15/2019
X S1067862919	EUR	50 0	50 0	497	497	2.75 %	05/15/2019
X S1212469966	EUR	400	400	397	396	2.50 %	05/15/2020
US 806261 AJ29	USD	70 0	70 0	625	637	4.25 %	05/15/2021
US 806261 A E 32	USD	850	850	762	777	4.75 %	05/15/2021
X S106786 4 022	EUR	50 0	50 0	499	499	3.50 %	05/15/2022
US 806261 A M 57	USD	600	600	542	553	4.75 %	05/15/2023
X S1212470 972	EUR	600	600	595	595	3.25 %	05/15/2025
Total				5,020	5,048

1) C a r r y i ng a mou nt i nc lude s a p r e p ay me nt p e n a lt y of E U R 6 m due to t he pl a n ne d r e de mp t io n o n Aug u s t 18, 2016. 2) B ond i s u n se c u re d .

T he Schaef f ler bonds a re listed on t he Euro M T F ma rket of t he Lu xembourg Stock E xcha nge.

T he compa ny 's mat ur it y prof ile, which consist s of t he t wo inst it ut iona l loa n t ra nches a nd t he bonds issued by Schaef f ler Fina nce B.V., Ba r neveld, Net herla nds, was as follows as at June 30, 2016:

1.5 Net a sset s a nd c apit a l st r uct u re

T he Schaef f ler Group's tota l asset s increased by EU R 74 m to EU R 1 2,55 4 m as at June 30, 2016 (December 31, 2015: EU R 1 2, 480 m).

	Consolidated statement of financial position (abbreviated)
i n € m i l l ion s	06/30/2016	12/31/2015	C ha nge i n %
Non- c u r rent a sset s	7,397	7,438	- 0.6
Cu r rent a sset s	5,157	5,0 42	2.3
Total assets	12,554	12,480	0.6
Sha reholders' e qu it y	1,425	1,568	-9.1
Non- c u r rent l iabi l it ie s	8,286	8,14 4	1.7
Cu r rent l iabi l it ie s	2,8 43	2,768	2.7
Total assets	12,554	12,480	0.6

Non-current assets declined by EU R 41 m to EU R 7,397 m as at June 30, 2016 (December 31, 2015: EUR 7,438 m), primarily due to a voluntar y partial loan repay ment of EUR 98 m received from the company's sha reholder Schaef f ler Ver wa lt ung Zwei GmbH; t he rema ining loa n ba la nce a mounted to EU R 1,674 m as at June 30, 2016. T he increase was pa r t ia lly of fset ma inly by a EU R 118 m increase in defer red ta x asset s due to a reduct ion in t he d iscount rate for pension obligat ions compa red to December 31, 2015 . Add it ions to inta ng ible asset s a nd proper t y, pla nt a nd equipment a mounted to EU R 456 m a nd were pr ima r ily made to expa nd capacit y a nd to rea lize new product sta r t-ups in t he Automot ive d iv ision. In t he f irst ha lf of 2016, t he Automot ive d iv ision accounted for approx imately 80 % of tota l add it ions.

Current assets increased by EU R 115 m to EU R 5 ,157 m as at June 30, 2016 (December 31, 2015: EU R 5 ,04 2 m). T he increase in inventor ies a nd t rade receivables was pa r t ia lly of fset by t he decrease in cash a nd cash equiva lent s (see Cash f low, pages 19 et seq.).

Shareholders' equity includ ing non- cont rolling interest s declined by EU R 1 43 m to EU R 1. 4 25 m as at June 30, 2016 (December 31, 2015: EU R 1,568 m). Net income of EU R 500 m increased sha reholders' equit y. T he increase was pa r t ia lly of fset pr ima r ily by t he pay ment of t he d iv idend a nd t he specia l d iv idend – prev iously suggested in connect ion w it h t he list ing – tota ling EU R 3 28 m to Schaef f ler AG's sha reholders. Ot her comprehensive loss on t he la rgely d iscount-rate - d r iven remeasurement of pensions a nd sim ila r obligat ions (EU R 297 m) a lso reduced sha reholders' equit y. T he equit y rat io was 11. 4 % at June 30, 2016 (December 31, 2015: 1 2.6 %).

Non-current liabilities increased by EU R 1 4 2 m to EU R 8,286 m as at June 30, 2016 (December 31, 2015: EU R 8,1 4 4 m). T he increase resulted f rom a n increase in prov isions for pensions a nd sim ila r obligat ions by EU R 416 m, ma inly as a result of t he reduct ion in t he d iscount rate for t he compa ny 's pension obligat ions to 1.8 % (December 31, 2015: 2.6 %). T he increase was pa r t ia lly of fset by t he reduct ion in non- cur rent f ina ncia l debt as a result of t he volunta r y prepay ment of t he inst it ut iona l loa n t ra nches. T he compa ny pa id of f EU R 85 m of it s Senior Ter m Loa n B EU R a nd USD 160 m of it s Senior Ter m Loa n B USD.

Current liabilities increased by EU R 75 m to EU R 2,843 m as at June 30, 2016 (December 31, 2015: EU R 2,768 m), pr ima r ily d r iven by higher accr ued vacat ion a nd over t ime account s.

2. Supplementar y report

Schaef f ler AG sig ned a new loa n ag reement on July 18, 2016. T he f unds were f irst used to repay t he prev ious loa n ag reement includ ing t he t wo rema ining inst it ut iona l ter m loa ns tota ling approx imately EU R 417 m. In a second step, t he compa ny pla ns to redeem on Aug ust 18, 2016, t he EU R bonds w it h a pr incipa l of EU R 600 m, a coupon of 4 .25 %, a nd a n or ig ina l mat ur it y of May 2018.

T he new loa n ag reement consist s of a EU R 1.0 bn ter m loa n a nd a EU R 1.3 bn revolv ing cred it facilit y. Bot h facilit ies have a f ive yea r mat ur it y plus cer ta in renewa l opt ions a nd a re prov ided by a consor t ium of 15 inter nat iona l ba nk s. In add it ion to of fer ing considerably bet ter interest ter ms, t he new loa n ag reement especially enhances t he Schaeff ler Group's operat ing and f inancial f lex ibilit y by prov iding for sig nif icant ly more favorable genera l cred it ter ms a nd t he release of nea rly a ll asset s pledged as in rem secur it y, which w ill subsequent ly a lso be released f rom such pledges under t he secured bond ag reement s.

On July 20, 2016, rat ing agenc y Moody 's upg raded t he unsecured bond rat ing to Ba3 . T he upg rade ref lect s t he improved posit ion of t he unsecured bonds follow ing t he release of nea rly a ll asset s pledged as in rem secur it y under t he secured bond ag reement s. T he release of such secur it y was ag reed upon in connect ion w it h t he new loa n ag reement entered into on July 18, 2016.

No ot her mater ia l event s expected to have a sig nif ica nt impact on t he result s of operat ions, f ina ncia l posit ion, or net asset s of t he Schaef f ler Group occur red a f ter June 30, 2016.

3. Report on opportunities and risks

Please refer to pages 93 et seq. of t he Schaef f ler Group's a nnua l repor t 2015 for a d iscussion of Schaef f ler's r isk ma nagement system a nd potent ia l oppor t unit ies a nd r isk s. T he statement s made in t he a nnua l repor t 2015 rega rd ing t he oppor t unit ies a nd r isk s a re la rgely uncha nged.

Cur rent a nd f ut ure invest igat ions rega rd ing v iolat ions of a nt it r ust law a nd ot her complia nce v iolat ions could have a n adverse impact on t he net asset s, f ina ncia l posit ion, a nd result s of operat ions of t he Schaef f ler Group as well as on it s reputat ion. Possible pay ment obligat ions in connect ion w it h t hese invest igat ions a nd proceed ings may result in cash out f lows. T he Schaef f ler Group cooperates w it h t he invest igat ing aut hor it ies in cur rent a nd f ut ure invest igat ions as a mat ter of pr inciple. T he imposit ion of pena lt ies ca nnot be r uled out. T he Schaef f ler Group has recog nized appropr iate prov isions. In Spa in a nd Korea, t he compa ny has appea led judg ment s imposing pena lt ies.

In add it ion, cla ims for da mages have been f iled aga inst Schaef f ler Group compa nies as a result of a nt it r ust proceed ings. T he Schaef f ler Group has recog nized appropr iate prov isions for t hese cla ims.

T he Schaef f ler Group's r isk s a re lim ited, bot h ind iv idua lly a nd in combinat ion w it h ot her r isk s, a nd do not jeopa rd ize t he cont inued ex istence of t he compa ny.

4. Report on expected developments

4 .1 E x p e cte d e conom ic a nd sa le s ma rket t rend s

T he outcome of t he referendum in t he United K ingdom in favor of leav ing t he Europea n Union has increased econom ic uncer ta int y. In t he shor t ter m, a ny sig nif ica nt negat ive impact is expected to pr ima r ily a f fect t he United K ingdom it self. Dur ing t he lat ter ha lf of 2016, t he Br it ish economy w ill likely suf fer considerably due to reduced invest ment, a mong ot her t hings.

T he Inter nat iona l Moneta r y Fund (I M F) had a nt icipated a globa l economy g row t h of 3 .2 % t his yea r in it s spr ing forecast (Apr il 2016) a nd has since ( July 2016) lowered t hat expectat ion slight ly to 3 .1 %. Ox ford Econom ics ( July 2016), however, is st ill expect ing g row t h of 3 .0 %. In light of t hese forecast s, t he Schaef f ler Group cont inues to expect a globa l econom ic g row t h rate of approx imately 3 % in 2016.

T he cur rent forecast of automobile product ion does not conta in a ny sig nif ica nt cha nges compa red to t he forecast s in t he 2015 a nnua l repor t. T herefore, t he Schaef f ler Group cont inues to believe t hat automobile product ion w ill g row by approx imately 2 % in 2016. Indust r ia l product ion is st ill expected to g row only slight ly. However, for t he core business w it h indust r ia l rolling bea r ings, t his is expected to result in a declining t rend in t he globa l indust r ia l rolling bea r ing ma rket in 2016, due, a mong ot her t hings, to volat ilit y related to inventor y reduct ions.

Cer ta in com mod it y pr ices a re subject to la rge f luct uat ions worldw ide. Pa r t icula rly higher steel pr ices ca n increase t he Schaef f ler Group's cost.

Outlook 2016		No. 014
	O ut lo ok 2016	Ac t u a l H1 2016
Revenue g row t h i n % compa red w it h pr ior yea r (at consta nt cu r renc y)	3 to 5 %	2.9 %
E BI T ma rg i n ( b e fore sp e c ia l ite m s)	12 to 13 %	12.8 %
Free ca sh f low	approx . E U R 60 0 m	E U R 216 m

4.2 Schaef f ler Group out lo ok

T he Schaef f ler Group conf ir ms it s out look for 2016.

T he Schaef f ler Group cont inues to expect it s revenue to g row by 3 to 5 % exclud ing t he impact of cur renc y t ra nslat ion in 2016. T his out look is based on t he assumpt ion t hat globa l automobile product ion w ill expa nd by approx imately 2 % a nd worldw ide indust r ia l product ion w ill g row slight ly.

Based on t hese considerat ions, t he compa ny cont inues to a nt icipate a n EBI T ma rg in before specia l item⁴ of 1 2 to 13 %.

T he Schaef f ler Group st ill expect s to generate approx imately EU R 600 m in f ree cash f low for 2016.

Herzogenaurach, Aug ust 08, 2016

T he Boa rd of Ma nag ing Directors

4 Plea se refer to p age 18 for f u r t her det a i l of sp e c ia l item s.

Consolidated interim financial statements

1. Consolidated income statement	27
2. Consolidated statement of comprehensive income	28
3. Consolidated statement of financial position	29
4. Consolidated statement of cash flows	30
5. Consolidated statement of changes in equity	31
6. Consolidated segment information	32
7. Condensed notes to the consolidated interim financial statements	33

1. Consolidated income statement

		1s t si x mont h s	2nd qua r ter
i n € m i l l ion s	2016	2015	C ha nge i n %	2016	2015	C ha nge i n %
Revenue	6,712	6,721	- 0.1	3,369	3,382	- 0.4
Cost of sa les	- 4,792	- 4,837	- 0.9	-2,393	-2,439	-1.9
Gross profit	1,920	1,884	1.9	976	943	3.5
Re sea rch a nd development e x p en se s	-378	-350	8.0	-194	-174	11.5
Sel l i ng e x p en se s	- 450	- 461	-2.4	-228	-241	-5.4
Ad m i n i st rat ive e x p en ses	-218	-208	4.8	-108	-102	5.9
Ot her i ncome	15	19	-21.1	11	3	> 10 0
Ot her e x p en ses	-30	-66	-54.5	-19	- 45	-57.8
Earnings before financial result and income taxes (EBIT)	859	818	5.0	438	384	14.1
Fi na ncia l i ncome	112	213	- 47.4	10	-153	-
Fi na ncia l e x pen ses	-265	-550	-51.8	-98	-8	> 10 0
Financial result	-153	-337	-54.6	-88	-161	-45.3
Earnings before income taxes	706	481	46.8	350	223	57.0
I ncome ta xes	-206	-165	24.8	-106	-76	39.5
Net income	500	316	58.2	244	147	66.0
At t r ibut able to sha reholders of t he pa rent compa ny	494	309	59.9	241	142	69.7
At t r ibutable to non- cont rol l i ng i ntere st s	6	7	-14.3	3	5	- 4 0.0
E a r n i ng s p e r com mon sh a re ( b a sic/d i lute d , i n €)	0.74	0.46	6 0.9	0.36	0.21	71.4
E a r n i ng s p e r com mon non-vot i ng sh a re ( b a sic/d i lute d , i n €)	0.75	0.78	-3.8	0.37	0.36	2.8

2. Consolidated statement of comprehensive income

						1s t si x mont h s						2nd qua r ter
			2016			2015			2016			2015
i n € m i l l ion s	b e fore ta xes	ta xes	a f te r ta xes	b e fore ta xes	ta xes	a f te r ta xes	b e fore ta xes	ta xes	a f te r ta xes	b e fore ta xes	ta xes	a f te r ta xes
Net income	706	-206	500	481	-165	316	350	-106	244	223	-76	147
Fore ig n c u r re nc y t r a n slat ion d i f ference s for foreig n op erat ion s	-30	0	-30	193	0	193	4 8	0	4 8	-10 4	0	-10 4
Net c h a nge f rom he dge s of net i nve st ment s i n foreig n op erat ion s	14	- 4	10	-77	22	-55	-18	5	-13	22	- 6	16
E f fe c t ive p or t ion of c h a nge s i n f a i r v a lue of c a sh f low he dge s	4	-1	3	22	-5	17	-17	5	-12	42	-12	30
Net c h a nge i n f a i r v a lue of av a i lable -for- s a le f i n a nc ia l a s s et s	0	0	0	0	0	0	0	0	0	-1	0	-1
Total other comprehensive income (loss) that may be reclassified subsequently to profit or loss	-12	-5	-17	138	17	155	13	10	23	-41	-18	-59
Re me a su re me nt of net de f i ne d b enef it l iabi l it y	- 413	116	-297	75	-21	54	-168	46	-122	377	-101	276
Total other comprehensive income (loss) that will not be reclassified to profit or loss	-413	116	-297	75	-21	54	-168	46	-122	377	-101	276
Total other comprehensive income (loss)	-425	111	-314	213	-4	209	-155	56	-99	336	-119	217
Total comprehensive income (loss) for the period	281	-95	186	694	-169	525	195	-50	145	559	-195	364
Tot a l compre he n sive i ncome ( lo s s) at t r ibut able to sh a re holde r s of t he pa rent compa ny	275	-91	18 4	678	-165	513	190	-48	142	556	-192	36 4
Tot a l compre he n sive i ncome ( lo s s) at t r ibut able to non- cont rol l i ng i ntere st s	6	- 4	2	16	- 4	12	5	-2	3	3	-3	0

3. Consolidated statement of f inancial position

i n € m i l l ion s	06/30/2016	12/31/2015	06/30/2015	C ha nge i n %
ASSETS
I nt a ng ible a sset s	585	589	566	- 0.7
P rop e r t y, pla nt a nd e qu ipme nt	4,242	4,180	3,942	1.5
Ot her f i na ncia l a sset s	1,922	2,123	2,06 4	-9.5
Ot her a sset s	41	57	56	-28.1
I ncome ta x receiv ables	4	4	8	0.0
D efer red ta x a sset s	6 03	4 85	493	24.3
Total non-current assets	7,397	7,438	7,129	-0.6
I nventor ie s	1,914	1,812	1,810	5.6
Tr ade re ce iv able s	2,266	2,023	2,215	12.0
Ot her f i na ncia l a sset s	119	123	362	-3.3
Ot her a sset s	222	211	228	5.2
I ncome ta x receiv ables	6 4	74	57	-13.5
C a sh a nd c a sh e qu iv a lent s	572	799	420	-28.4
Total current assets	5,157	5,042	5,092	2.3
Total assets	12,554	12,480	12,221	0.6
SHAREHOLDERS' EQUITY AND LIABILITIES
Sha re c apit a l	666	666	600	0.0
C apit a l re ser ve s	2,348	2,348	1,6 0 0	0.0
Ot her reser ves	-769	-935	-1,217	-17.8
Acc u mu late d ot he r compre he n sive i ncome ( lo s s)	-909	-599	-533	51.8
Equity attributable to shareholders of the parent company	1,336	1,480	450	-9.7
Non- cont rol l i ng i ntere st s	89	88	82	1.1
Total shareholders' equity	1,425	1,568	532	-9.1
P rov i sion s for p en sion s a nd si m i la r obl igat ion s	2,358	1,942	1,945	21.4
P rov isions	138	182	72	-24.2
Fi na ncia l debt	5,4 42	5,685	6,653	-4.3
I ncome ta x pay ables	219	210	254	4.3
O t her f i na ncia l l iabi l it ie s	7	12	13	- 41.7
O t her l iabi l it ie s	6	6	7	0.0
D efer re d t a x l iabi l it ie s	116	107	95	8.4
Total non-current liabilities	8,286	8,144	9,039	1.7
P rov isions	419	431	289	-2.8
Fi na ncia l debt	4	3	12	33.3
Tr ade p ay able s	1,38 4	1,4 05	1,287	-1.5
I ncome ta x pay ables	135	112	203	20.5
O t her f i na ncia l l iabi l it ie s	506	512	476	-1.2
O t her l iabi l it ie s	395	305	383	29.5
Total current liabilities	2,843	2,768	2,650	2.7
Total shareholders' equity and liabilities	12,554	12,480	12,221	0.6

4. Consolidated statement of cash f lows

No. 018

		1s t si x mont h s	2nd qua r ter
			C ha nge			C ha nge
i n € m i l l ion s Operating activities	2016	2015	i n %	2016	2015	i n %
EBI T	859	818	5.0	438	38 4	14.1
I ntere st pa id	-107	-379	-71.8	-72	-30 4	-76.3
I ntere st re ceive d	73	4 0	82.5	70	38	84.2
I ncome ta xes pa id	-161	-158	1.9	- 62	-73	-15.1
D epre ciat ion, a mor t i z at ion a nd i mpa i r ment s	358	343	4.4	181	173	4.6
(G a i n s) lo s s e s on d i sp o s a l of a s s et s	1	0	-	0	-1	-10 0
C ha nge s i n:
• I nventor ie s	-112	- 41	> 10 0	-36	-27	33.3
• Tr ade re ce iv able s	-26 4	-245	7.8	-38	24	-
• Tr ade p ay able s	89	53	67.9	37	16	> 10 0
• P rov i sion s for p en sion s a nd si m i la r obl igat ion s	-19	6	-	-11	12	-
• O t her a sset s, l iabi l it ie s a nd prov i sion s	6 0	-15	-	6 4	- 4	-
Cash flows from operating activities 1)	777	422	84.1	571	238	> 100
Investing activities
P ro ce e d s f rom d i sp o s a l s of prop e r t y, pla nt a nd e qu ipme nt	1	8	-87.5	0	7	-10 0
C apit a l e x p end it u re s on i nt a ng ible a sset s	-10	-18	- 4 4.4	-5	-11	-54.5
C apit a l e x p e nd it u re s on prop e r t y, pla nt a nd e qu ipme nt	-551	- 4 83	14.1	-238	-246	-3.3
O t her i nve st i ng act iv it ie s	-1	-1	0.0	0	0	0.0
Cash used in investing activities	-561	-494	13.6	-243	-250	-2.8
Financing activities
D iv idend s pa id to sha reholders a nd non- cont rol l i ng i ntere st s	-329	-251	31.1	-329	-251	31.1
Re ceipt s f rom loa n s	1	215	-99.5	-14	207	-
Repay ment s of loa n s 2)	-208	-20 9	- 0.5	-207	-20 9	-1.0
O t her f i na nci ng act iv it ie s	98	85	15.3	98	85	15.3
Cash provided by financing activities	-438	-160	> 100	-452	-168	> 100
Net increase (decrease) in cash and cash equivalents	-222	-232	-4.3	-124	-180	-31.1
E f fe c t s of fore ig n e xc h a nge r ate c h a nge s on c a sh a nd c a sh e qu iv a lent s	-5	16	-	3	-9	-
C a sh a nd c a sh e qu iv a lent s a s at b eg i n n i ng of p er io d	799	636	25.6	693	609	13.8
Cash and cash equivalents as at end of period	572	420	36.2	572	420	36.2

1) E xc lud i ng i nte r e s t p ay me nt s , c a sh f low s f r o m op e r at i ng ac t i v it ie s fo r t he p e r io d f ro m 01/01 to 0 6/30/2016 a mou nt to E U R 8 8 4 m ( p r io r y e a r: E U R 8 01 m).

5. Consolidated statement of changes in equit y

	Sh a re c apita l	C apit a l reser ves	O t he r reser ves				Acc u mu l ate d ot he r compre he n s ive i ncome ( lo s s)	Subtota l	Non cont rol l i ng i ntere st s	Tot a l
i n € m i l l ion s				Tr a n sl at ion reser ve	He dg i ng reser ve	Fa i r v a lue reser ve	D e f i ne d b e ne f it pl a n remeasure me nt reser ve
Balance as at January 01, 2015	600	1,600	-1,276	-109	-75	1	-554	187	71	258

Net i ncome			309					309	7	316
O t he r compre he n sive i ncome ( lo s s)				133	17		54	20 4	5	20 9
Total comprehensive income (loss) for the period	0	0	309	133	17	0	54	513	12	525
Div idend s		0	-250					-250	-1	-251
Total amount of transactions with
shareholders Balance as at June 30, 2015	0 600	0 1,600	-250 -1,217	24	-58	1	-500	-250 450	-1 82	-251 532
Balance as at January 01, 2016	666	2,348	-935	-79	-29	0	-491	1,480	88	1,568
Net i ncome			494					494	6	50 0
O t he r compre he n sive i ncome ( lo s s)				-16	3		-297	-310	- 4	-314
Total comprehensive income (loss) for the period	0	0	494	-16	3	0	-297	184	2	186
Div idend s			-328					-328	-1	-329
Total amount of transactions with shareholders	0	0	-328					-328	-1	-329
Balance as at June 30, 2016	666	2,348	-769	-95	-26	0	-788	1,336	89	1,425

6. Consolidated seg ment information

(Part of the condensed notes to the consolidated interim financial statements)

						No. 020
		Automot ive		I ndu st r ia l		Tot a l
		1s t si x mont h s	1s t si x mont h s		1s t si x mont h s
i n € m i l l ion s	2016	2015	2016	2015	2016	2015
Revenue	5,179	5,069	1,533	1,652	6,712	6,721
Cost of sa les	-3,698	-3,687	-1,0 94	-1,150	- 4,792	- 4,837
Gross prof it	1,4 81	1,382	439	502	1,920	1,88 4
EBI T	739	651	120	167	859	818
• i n % of r e v e nue	14.3	12.8	7.8	10.1	12.8	12.2
D epre ciat ion, a mor t i z at ion a nd i mpa i r ment s	-262	-245	-96	-98	-358	-343
I nventor ie s 1)	1,221	1,14 8	693	662	1,914	1,810
Tr ade re ce iv able s 1)	1,752	1,661	514	554	2,266	2,215
P rop e r t y, pla nt a nd e qu ipme nt 1)	3,185	2,927	1,057	1,015	4,242	3,942
Add it ion s to i nt a ng ible a s s et s a nd prop e r t y, pla nt a nd e qu ipme nt	376	351	93	8 4	469	435

		Automot ive	I ndu st r ia l 2nd qua r ter		Tot a l 2nd qua r ter
		2nd qua r ter
i n € m i l l ion s	2016	2015	2016	2015	2016	2015
Revenue	2,6 03	2,554	766	828	3,369	3,382
Cost of sa les	-1,853	-1,862	-54 0	-577	-2,393	-2,439
Gross prof it	750	692	226	251	976	943
EBI T	367	308	71	76	438	38 4
• i n % of r e v e nue	14.1	12.1	9.3	9.2	13.0	11.4
D epre ciat ion, a mor t i z at ion a nd i mpa i r ment s	-133	-124	-48	- 49	-181	-173
I nventor ie s 1)	1,221	1,14 8	693	662	1,914	1,810
Tr ade re ce iv able s 1)	1,752	1,661	514	554	2,266	2,215
P rop e r t y, pla nt a nd e qu ipme nt 1)	3,185	2,927	1,057	1,015	4,242	3,942
Add it ion s to i nt a ng ible a s s et s a nd prop e r t y, pla nt a nd e qu ipme nt	202	194	50	54	252	24 8

P r io r y e a r i n fo r m at io n p r e s e nte d b a s e d o n 2016 s e g me nt s t r uc t u r e .

1) A mou nt s a s at Ju ne 30.

7. Condensed notes to the consolidated interim f inancial statements

Repor t ing ent it y

Schaef f ler AG, Herzogenaurach, is a publicly listed cor porat ion dom iciled in G er ma ny w it h it s reg istered of f ice located at Indust r iest ra ße 1–3 , 91074 Herzogenaurach. T he compa ny was founded on Apr il 19, 1982, a nd is reg istered in t he Com mercia l Reg ister of t he Für t h Loca l Cour t (HR B No. 1 47 38). T he condensed consolidated f ina ncia l statement s of Schaef f ler AG as at June 30, 2016, compr ise Schaef f ler AG a nd it s subsid ia r ies, invest ment s in associated compa nies, a nd joint vent ures (toget her refer red to as "Schaef f ler" or "Schaef f ler Group"). T he Schaef f ler Group is a lead ing globa l integ rated automot ive a nd indust r ia l supplier.

Basis of preparation

T hese consolidated inter im f ina ncia l statement s have been prepa red in accorda nce w it h Inter nat iona l Fina ncia l Repor t ing Sta nda rds (IFR S) as applicable in t he Europea n Union a nd ef fect ive at t he end of t he repor t ing per iod a nd in accorda nce w it h t he Inter pretat ions by t he IFR S Inter pretat ions Com m it tee (IFR IC).

The consolidated interim f inancial statements of Schaeff ler AG, Herzogenaurach, for the reporting period ended June 30, 2016, have been prepa red in accorda nce w it h Inter nat iona l Account ing Sta nda rd (I A S) 3 4 "Inter im Fina ncia l Repor t ing". T hey do not include a ll infor mat ion necessa r y for a complete set of consolidated f ina ncia l statement s.

T he account ing policies used in t hese consolidated inter im f ina ncia l statement s a re la rgely based on t he account ing policies used in t he 2015 consolidated f ina ncia l statement s, where t he lat ter a re d iscussed in deta il. E xcept as descr ibed below, t hese account ing policies have been applied consistent ly in t hese consolidated inter im f ina ncia l statement s.

In t he past, customer pay ment s for development ser v ices were presented in t he consolidated income statement as ser v ice revenue. Sta r t ing in 2016, t hese customer pay ment s a re net ted aga inst t he related development cost s a nd repor ted under resea rch a nd development expenses in t he consolidated income statement. Fig ures for t he compa r ison per iod, t he f irst ha lf of 2015 , for revenue (decrease of EU R 11 m) a nd resea rch a nd development expenses (decrease of EU R 11 m) were adjusted ret rospect ively. T he cha nge was made to prov ide bet ter f ina ncia l infor mat ion a nd to br ing t he presentat ion into line w it h com mon indust r y pract ice.

T he a mend ment s to a nd new requirement s of IFR S ef fect ive sta r t ing in 2016 do not have a sig nif ica nt impact on t hese consolidated inter im f ina ncia l statement s.

In t he prepa rat ion of f ina ncia l statement s in accorda nce w it h IFR S, ma nagement exercises judg ment in ma k ing est imates a nd assumpt ions. Such est imates a nd judg ment s a re uncha nged f rom t he mat ters descr ibed in t he consolidated f ina ncia l statement s of t he Schaef f ler Group as at a nd for t he yea r ended December 31, 2015 . T he only cha nge relates to t he assumpt ions rega rd ing t he d iscount rate used to measure t he compa ny 's pension obligat ions. T hese assumpt ions were adjusted to ref lect cur rent ma rket t rends. T he adjust ment has led to a n increase in pension obligat ions a nd a reduct ion in sha reholders' equit y. Please refer to "P rov isions for pensions a nd sim ila r obligat ions" below for more deta iled infor mat ion.

P rocesses a nd systems of Group compa nies ensure appropr iate recog nit ion of income a nd expenses on t he accr ua l basis. Due to t he nat ure of t he Schaef f ler Group's business, t he compa rabilit y of it s consolidated inter im f ina ncia l statement s is not sig nif ica nt ly a f fected by seasona lit y.

Income ta xes were deter m ined based on best est imate.

A s a mount s (in EU R m) a nd percentages have been rounded, round ing d if ferences may occur.

Foreign currency translation

T he excha nge rates bet ween t he g roup's most sig nif ica nt cur rencies a nd t he Euro a re as follows:

Selected foreign exchange rates No. 021

		C losi ng rate s
					1s t si x mont h s
1 Eu ro e qu a l s	06/30/2016	12/31/2015	06/30/2015	2016	2015
BR L (Bra z i l)	3.62	4.31	3.47	4.14	3.31
C N Y (C h i n a)	7.38	7.06	6.94	7.29	6.94
USD (U. S . A .)	1.11	1.0 9	1.12	1.12	1.12
K RW (Kore a)	1,278.0 0	1,280.78	1,251.27	1,318.99	1,227.07
I N R (I nd ia)	75.0 9	72.02	71.19	74.99	70.15
M X N (M e x ico)	20.6 4	18.92	17.53	20.16	16.89

Scop e of con sol id at ion

T he consolidated f ina ncia l statement s of Schaef f ler AG as at June 30, 2016, cover, in add it ion to Schaef f ler AG, 153 (December 31, 2015: 153) subsid ia r ies; 51 (December 31, 2015: 51) ent it ies a re dom iciled in G er ma ny a nd 102 (December 31, 2015: 102) in ot her count r ies.

T he scope of consolidat ion of Schaef f ler AG d id not cha nge sig nif ica nt ly compa red to December 31, 2015 , w it h respect to t he consolidated f ina ncia l statement s of t he Schaef f ler Group.

In t he consolidated f ina ncia l statement s as at June 30, 2016, f ive (December 31, 2015: f ive) invest ment s (includ ing t wo joint vent ures; December 31, 2015: t wo) a re accounted for at equit y.

Cu r rent/Non- c u r rent f i na ncia l debt

Financial debt (current/non-current) No. 022

			12/31/2015
i n € m i l l ion s	Tot a l	D ue i n up to 1 ye a r	D ue i n more t ha n 1 yea r	Tot a l	D ue i n up to 1 ye a r	D ue i n more t ha n 1 yea r
B a n k a nd i n st it ut iona l loa n s	421	4	417	635	3	632
Bonds	5,020	0	5,020	5,0 4 8	0	5,0 4 8
Ot her f i na ncia l debt	5	0	5	5	0	5
Financial debt	5,446	4	5,442	5,688	3	5,685

T he decrease in f ina ncia l debt compa red to December 31, 2015 , was pr ima r ily at t r ibutable to t he prepay ment of inst it ut iona l loa n t ra nches a nd t he impact of t ra nslat ing t he f ina ncia l debt denom inated in U. S. Dolla r to Euro.

In May 2016, Schaef f ler AG volunta r ily prepa id approx imately EU R 2 29 m of it s inst it ut iona l loa n t ra nches, pay ing of f EU R 85 m of it s Senior Ter m Loa n B EU R a nd USD 160 m of it s Senior Ter m Loa n B USD.

Tra nsact ion cost s related to t he ref ina ncing t ra nsact ion in July 2016 have increased f ina ncia l debt by EU R 25 m. Please refer to t he d iscussion of event s a f ter t he repor t ing per iod for f ur t her deta il.

P rov i sion s for p en sion s a nd si m i la r obl ig at ion s

Interest rate levels as at June 30, 2016, have declined compa red to December 31, 2015 . A s a result, t he Schaef f ler Group has adjusted t he d iscount rate used to va lue it s key pension pla ns as at t he repor t ing date. T he Schaef f ler Group's average d iscount rate as at June 30, 2016, a mounted to 1.8 % (December 31, 2015: 2.6 %). T he result ing remeasurement of t he compa ny 's obligat ions under def ined benef it pension pla ns resulted in act ua r ia l losses of EU R 413 m as at June 30, 2016, which were recog nized in t he consolidated statement of comprehensive income a nd a re repor ted under accumulated ot her comprehensive income net of defer red ta xes.

P rov isions

Non- cur rent prov isions decreased by EU R 4 4 m to EU R 138 m (December 31, 2015: EU R 182 m), pr ima r ily because cer ta in non- cur rent prov isions were reclassif ied to cur rent prov isions as t hey had become cur rent.

Cur rent prov isions decreased by EU R 1 2 m to EU R 419 m (December 31, 2015: EU R 431 m), since t he impact of t he reclassif icat ion descr ibed was of fset by t he ut ilizat ion of a prov ision for potent ia l t hird pa r t y cla ims in connect ion w it h t he EU a nt it r ust proceed ings f ina lized in Ma rch 201 4 .

Fi na ncia l I n st r u ment s

T he ca r r y ing a mount s a nd fa ir va lues of f ina ncia l inst r ument s by class of t he consolidated statement of f ina ncia l posit ion a nd by categor y per IFR S 7.8 a re sum ma r ized below. Invest ment s in associated compa nies a nd der ivat ives subject to hedge account ing a re a lso show n, a lt hough t hey do not fa ll under a ny of t he I A S 39 measurement categor ies. No f ina ncia l inst r ument s were reclassif ied bet ween categor ies.

Financial instruments by class and category in accordance with IFRS 7.8 No. 023

			06/30/2016		12/31/2015		06/30/2015
i n € m i l l ion s	C ate gor y p e r I F R S 7.8	L e ve l p e r I F R S 13	C a r r y i ng a mou nt	Fa i r v a lue	C a r r y i ng a mou nt	Fa i r v a lue	C a r r y i ng a mou nt	Fa i r v a lue
Financial assets, by class
Tr ade re ce iv able s	LaR		2,266	2,266	2,023	2,023	2,215	2,215
Ot her f i na ncia l a sset s
• I nve st ment s i n a ssociate s1)	n . a .		3	-	3	-	3	-
• O t her i nve st ment s 2)	AfS		14	-	17	-	14	-
• M a rket able se c u r it ie s	AfS	1	15	15	14	14	14	14
• D e r iv at ive s de sig n ate d a s he dg i ng i n st r u me nt s	n . a .	2	47	47	127	127	97	97
• D er iv at ive s not de sig nate d a s he dg i ng i n st r u ment s	Hf T	2	252	252	235	235	374	374
• M iscel la neou s ot her f i na ncia l a sset s	LaR	23)	1,710	1,728	1,850	1,856	1,924	1,863
C a sh a nd c a sh e qu iv a lent s	LaR		572	572	799	799	420	420
Financial liabilities, by class
Fi na ncia l debt	F L AC	1, 24)	5,4 46	5,521	5,688	5,793	6,665	6,863
Tr ade p ay able s	F L AC		1,38 4	1,38 4	1,4 05	1,4 05	1,287	1,287
O t her f i na ncia l l iabi l it ie s
• D er iv at ive s de sig nate d a s he dg i ng i n st r u ment s	n . a .	2	17	17	16	16	56	56
• D er iv at ive s not de sig nate d a s he dg i ng i n st r u ment s	Hf T	2	41	41	33	33	35	35
• M i scel la ne ou s ot her f i na ncia l l iabi l it ie s	F L AC		455	455	475	475	398	398
Summary by category
Av a i lable -for- s a le f i n a nc ia l a s s et s (A f S)			29	-	31	-	28	-
Fi na ncia l a sset s held for t rad i ng (H f T)			252	-	235	-	374	-
L oa n s a nd receiv ables (L a R)			4,54 8	-	4,672	-	4,559	-
Fi n a nc ia l l iabi l it ie s at a mor t i z e d co st (F L AC)			7,285	-	7,568	-	8,350	-
Fi na ncia l l iabi l it ie s held for t rad i ng (H f T)			41	-	33	-	35	-

1) E qu it y-accou nte d i nve ste e s.

2) I nve st ment s accou nte d for at co st .

3) L e v e l show n b a s e d o n lo ng-te r m lo a n r e ce i v a ble of E U R 1,674 m ( D e ce m b e r 31, 2015: E U R 1,773 m).

4) L e v e l 1: E U R 5,0 82 m ( D e ce m b e r 31, 2015: E U R 5,0 69 m; Ju ne 30, 2015: E U R 0 m); L e v e l 2: E U R 439 m ( D e ce m b e r 31, 2015: E U R 724 m; Ju ne 30, 2015: E U R 6,863 m)

T he ca r r y ing a mount s of t rade receivables, m iscella neous ot her f ina ncia l asset s a nd cash a nd cash equiva lent s, t rade payables, as well as m iscella neous ot her f ina ncia l liabilit ies a re assumed to equa l t heir fa ir va lue due to t he shor t mat ur it ies of t hese inst r ument s. However, t his does not apply to loa ns receivable of EU R 1,674 m (December 31, 2015: EU R 1,7 7 3 m) included in m iscella neous ot her f ina ncia l asset s, which mat ure in December 202 4 .

Ot her invest ment s include invest ment s (sha res in incor porated compa nies a nd cooperat ives) for which quoted pr ices in a n act ive ma rket a re not ava ilable. A s a result, t he fa ir va lue of t hese inst r ument s ca nnot be measured reliably. T hese invest ment s a re t herefore accounted for at cost. T here were no pa r t ia l d isposa ls of such invest ment s in t he f irst si x mont hs of 2016, a nd no ( pa r t ia l) d isposa ls a re pla nned in t he foreseeable f ut ure.

T he fa ir va lues of f ina ncia l asset s a nd liabilit ies t hat a re eit her measured at fa ir va lue or for which fa ir va lue is d isclosed in t he consolidated inter im f ina ncia l statement s were deter m ined using t he follow ing va luat ion met hods a nd input s:

Level 1: T he fa ir va lue of ma rketable secur it ies as well as bonds payable included in f ina ncia l debt is deter m ined using t he excha nge - quoted pr ice as at t he repor t ing date.
Level 2: C ross- cur renc y swaps a nd foreig n excha nge cont ract s a re measured using d iscounted cash f low va luat ion models a nd t he excha nge rates in ef fect at t he end of t he repor t ing per iod, as well as r isk-adjusted interest a nd d iscount rates appropr iate to t he inst r ument s' ter ms. T hese models ta ke into account counter pa r t y cred it r isk v ia cred it va lue adjust ment s. Embedded der ivat ives a re measured using a Hull-W hite model. Key input s to t his model a re interest rates, volat ilit ies, a nd cred it default swap rates (C DS rates).

T he fa ir va lue of m iscella neous ot her f ina ncia l asset s a nd of f ina ncia l debt (except for t he publicly listed bonds payable) is t he present va lue of expected cash in- or out f lows d iscounted using r isk-adjusted d iscount rates t hat a re appropr iate to t he ter m of t he item being va lued a nd t hat a re in ef fect at t he end of t he repor t ing per iod.

• Level 3: T he Schaef f ler Group does not have a ny f ina ncia l inst r ument s in t his level.

T he compa ny rev iews it s f ina ncia l inst r ument s at t he end of each repor t ing per iod for a ny required t ra nsfers bet ween levels. No such t ra nsfers were made bet ween t he va r ious levels of t he fa ir va lue hiera rchy (Level 1-3) dur ing t he per iod.

C ont i ngent l iabi l it ie s

T he statement s made in t he a nnua l repor t 2015 w it h respect to cont ingent liabilit ies in connect ion w it h invest igat ions for possible ag reement s v iolat ing a nt it r ust law a nd t hird pa r t y cla ims for da mages as well as lega l cases a re la rgely uncha nged.

S eg ment rep or t i ng

T he a llocat ion of customers a nd product s to seg ment s is rev iewed reg ula rly a nd adjusted where necessa r y. To ensure t hat t he infor mat ion on t he Automot ive d iv ision a nd Indust r ia l d iv ision seg ment s is compa rable, pr ior yea r infor mat ion is a lso presented using t he cur rent yea r's customer a nd product st r uct ure.

Since Ja nua r y 01, 2016, t he Indust r ia l d iv ision seg ment is pr ima r ily ma naged by t he reg ions due to it s broad customer a nd business st r uct ure. On t he basis, t he Europe, A mer icas, Greater C hina, a nd A sia/ Pacif ic reg ions operate as prof it centers responsible for t he Indust r ia l business in t heir respect ive ma rket s. Wit hin t he reg ions, t he Indust r ia l business is g rouped into eight sectors: w ind, raw mater ia ls, aerospace, ra il, of f road, t wo wheelers, power t ra nsm ission, a nd indust r ia l automat ion. Sa les to d ist r ibutors (Indust r ia l Dist r ibut ion) round out t he Indust r ia l d iv ision's reg iona l business.

Reconciliation of segment information		No. 024
		1s t si x mont h s
Re conci l iat ion to ea r n i ng s b efore i ncome t a xe s i n € m i l l ion s	2016	2015
E BI T Automot ive 1)	739	651
E BI T I ndu st r ia l 1)	120	167
EBIT	859	818
Fi na ncia l re su lt	-153	-337
Earnings before income taxes	706	481

1) P r io r y e a r i n fo r m at io n p r e s e nte d b a s e d o n 2016 s e g me nt s t r uc t u r e .

Relate d pa r t ie s

T he extent of t ra nsact ions w it h related persons a nd ent it ies rema ined la rgely uncha nged compa red to t he 2015 consolidated f ina ncia l statement s.

Due to a pa r t ia l repay ment of EU R 98 m, t he ba la nce of loa ns receivable f rom Schaef f ler Ver wa lt ung Zwei GmbH declined to EU R 1,674 m (December 31, 2015: EU R 1,7 7 3 m). Interest income ea r ned on t hese loa ns in 2016 a mounted to EU R 33 m.

On Apr il 2 2, 2016, t he Schaef f ler AG a nnua l genera l meet ing decla red a d iv idend of EU R 3 28 m in respect of 2015 , includ ing EU R 2 45 m for t he com mon sha res held by Schaef f ler Ver wa lt ung Zwei GmbH.

Tra nsact ions w it h associated compa nies a nd joint vent ures were insig nif ica nt in t he f irst ha lf of 2016.

Event s a f ter t he rep or t i ng p er io d

Herzogenaurach, Aug ust 08, 2016

T he Boa rd of Ma nag ing Directors

Rev iew Report

To Schaef f ler AG, Herzogenaurach

We have rev iewed t he condensed inter im consolidated f ina ncia l statement s of t he Schaef f ler AG – compr ising t he Consolidated Income Statement, t he Consolidated Statement of Comprehensive Income, t he Consolidated Statement of Fina ncia l Posit ion, t he Consolidated Statement of Cash F lows, t he Consolidated Statement of C ha nges in Sha reholders' Equit y a nd condensed Notes – toget her w it h t he inter im g roup ma nagement repor t of t he Schaef f ler AG, for t he per iod f rom Ja nua r y 1 to June 30, 2016 t hat a re pa r t of t he sem i a nnua l f ina ncia l repor t accord ing to § 37 w WpHG ["Wer t papierha ndelsgesetz": "G er ma n Secur it ies Trad ing Act"]. T he prepa rat ion of t he condensed inter im consolidated f ina ncia l statement s in accorda nce w it h Inter nat iona l Account ing Sta nda rd I A S 3 4 "Inter im Fina ncia l Repor t ing" as adopted by t he EU, a nd of t he inter im g roup ma nagement repor t in accorda nce w it h t he requirement s of t he WpHG applicable to inter im g roup ma nagement repor t s, is t he responsibilit y of t he Compa ny 's ma nagement. Our responsibilit y is to issue a repor t on t he condensed inter im consolidated f ina ncia l statement s a nd on t he inter im g roup ma nagement repor t based on our rev iew.

We per for med our rev iew of t he condensed inter im consolidated f ina ncia l statement s a nd t he inter im g roup ma nagement repor t in accorda nce w it h t he G er ma n genera lly accepted sta nda rds for t he rev iew of f ina ncia l statement s promulgated by t he Inst it ut der Wir t scha f t spr üfer (IDW). T hose sta nda rds require t hat we pla n a nd per for m t he rev iew so t hat we ca n preclude t hrough cr it ica l eva luat ion, w it h a cer ta in level of assura nce, t hat t he condensed inter im consolidated f ina ncia l statement s have not been prepa red, in mater ia l respect s, in accorda nce w it h I A S 3 4, "Inter im Fina ncia l Repor t ing" as adopted by t he EU, a nd t hat t he inter im g roup ma nagement repor t has not been prepa red, in mater ia l respect s, in accorda nce w it h t he requirement s of t he WpHG applicable to inter im g roup ma nagement repor t s. A rev iew is lim ited pr ima r ily to inquir ies of compa ny employees a nd a na ly t ica l assessment s a nd t herefore does not prov ide t he assura nce at ta inable in a f ina ncia l statement aud it. Since, in accorda nce w it h our engagement, we have not per for med a f ina ncia l statement aud it, we ca nnot issue a n aud itor's repor t.

Based on our rev iew, no mat ters have come to our at tent ion t hat cause us to presume t hat t he condensed inter im consolidated f ina ncia l statement s have not been prepa red, in mater ia l respect s, in accorda nce w it h I A S 3 4, "Inter im Fina ncia l Repor t ing" as adopted by t he EU, or t hat t he inter im g roup ma nagement repor t has not been prepa red, in mater ia l respect s, in accorda nce w it h t he requirement s of t he WpHG applicable to inter im g roup ma nagement repor t s.

Munich, Aug ust 09, 2016

K PMG AG

Wir t scha f t spr üf ungsgesellscha f t

A lt-Scherer Koeplin

Wir t scha f t spr üfer in Wir t scha f t spr üfer

Responsibilit y statement by the company's legal representatives

To t he best of our k nowledge, a nd in accorda nce w it h t he applicable inter im repor t ing pr inciples, t he consolidated inter im f ina ncia l statement s prov ide a t r ue a nd fa ir v iew of t he asset s, liabilit ies, f ina ncia l posit ion a nd prof it or loss of t he g roup, a nd t he g roup inter im ma nagement repor t includes a fa ir rev iew of t he development a nd per for ma nce of t he business a nd t he posit ion of t he g roup, toget her w it h a descr ipt ion of t he pr incipa l oppor t unit ies a nd r isk s associated w it h t he expected development of t he g roup dur ing t he rema inder of t he yea r.

Herzogenaurach, Aug ust 08, 2016

Schaef f ler A kt iengesellscha f t

T he Boa rd of Ma na ng ing Directors

C hief E xecut ive Of f icer

K laus Rosenfeld P rof. Dr.-Ing. Peter Gutzmer

Dr. U lr ich Hauck Norber t Ind lekofer

Oliver Jung P rof. Dr. Peter Pleus

Cor inna Schit tenhelm Dr. Stefa n Spind ler

Summar y 1st quarter 2015 to 2nd quarter 2016

No. 025

				2015		2016
Income statement (i n € m i l l ion s)	1s t qua r ter	2nd qua r ter	3r d qua r ter	4t h qua r ter	1s t qua r ter	2nd qua r ter
Revenue	3,339	3,3 82	3, 2 37	3, 2 2 1	3,3 43	3,3 69
EBI T	43 4	384	433	1 51	42 1	43 8
• i n % of r e v e nue	1 3.0	11.4	1 3.4	4.7	1 2 .6	1 3.0
E BI T b efore sp e cia l item s 1)	4 41	384	433	418	42 1	43 8
• i n % of r e v e nue	1 3.2	11.4	1 3.4	1 3.0	1 2 .6	1 3.0
Net i ncome 2)	167	142	212	70	2 53	2 41
E a r n i ng s p e r com mon non-vot i ng sh a re ( b a sic/d i lute d , i n €) 3)	0.42	0. 3 6	0. 5 3	0.11	0. 3 8	0. 3 7
Statement of financial position (i n € m i l l ion s)
Tot a l a s s et s	1 2 ,8 4 4	12,221	1 2 ,45 0	1 2 ,4 8 0	1 2 ,6 07	1 2,55 4
Sha reholders' e qu it y 4)	418	532	631	1,568	1,6 0 9	1,42 5
• i n % of to t a l a s s e t s	3.3	4.4	5.1	1 2 .6	12.8	11.4
Net f i na ncia l debt	6,1 9 0	6, 245	5,950	4,8 89	4,9 0 9	4,8 74
• Ne t f i n a nc i a l de b t to E B I T DA r at io b e fo r e s p e c i a l ite m s 1) 5)	2 .7	2 .7	2 .6	2 .1	2 .1	2 .0
Statement of cash flows (i n € m i l l ion s)
E BI T DA	604	557	604	331	598	61 9
• i n % of r e v e nue	18.1	16. 5	18.7	10. 3	17.9	18.4
E BI T DA b e fore sp e c i a l ite m 1)	611	557	604	598	598	61 9
•i n % of r e v e nue	18.3	16. 5	18.7	18.6	17.9	18.4
C a sh f low s f rom op erat i ng act iv it ie s	18 4	238	49 0	460	206	571
C apit a l e x p e nd it u re s (c ap e x) 6)	244	2 57	242	282	318	243
• i n % of r e v e nue (c ap e x r at io)	7. 3	7.6	7. 5	8.8	9. 5	7. 2
Fre e ca sh f low	-60	-1 2	264	178	-11 2	328
Value added
RO C E (ret u r n on c apit a l e mploye d , i n %) 5)	2 2 .0	2 1.4	2 1.1	18.8	18.5	1 9.0
RO C E b e fore sp e c i a l ite m s (i n %) 1) 5)	2 2.8	22.2	2 1.9	2 2.5	2 2 .1	2 2.5
S c h ae f f le r Va lue Adde d 5)	839	821	81 3	657	639	684
S c h ae f f le r Va lue Adde d b e fore sp e c i a l ite m s 1) 5)	896	878	870	931	906	951
Employees
He adcou nt (at e nd of rep or t i ng p e r io d)	83,331	83,7 74	8 4,414	8 4,1 98	85,016	85,2 2 5
Automotive (i n € m i l l ion s) 7)
Revenue	2 ,51 5	2,55 4	2 ,4 42	2 ,4 6 6	2 , 5 76	2 ,6 03
EBI T	3 43	308	356	128	372	3 67
• i n % of r e v e nue	1 3.6	1 2 .1	14.6	5.2	14.4	14.1
E BI T b efore sp e cia l item s 1)	350	308	356	359	372	3 67
• i n % of r e v e nue	1 3.9	1 2 .1	14.6	14.6	14.4	14.1
Industrial (i n € m i l l ion s) 7)
Revenue	824	828	795	755	767	76 6
EBI T	91	76	7 7	2 3	49	7 1
• i n % of r e v e nue	11 .0	9. 2	9.7	3.0	6.4	9. 3
E BI T b efore sp e cia l item s 1)	91	76	7 7	59	49	7 1
• i n % of r e v e nue	1 1 .0	9. 2	9.7	7. 8	6.4	9. 3

1) E BI T, debt to E BI T DA rat io, E BI T DA , RO C E , a nd S chaef f ler Va lue Adde d b efore sp e c ia l item s for leg a l c a se s a nd re st r uc t u r i ng.

2) At t r ibut able to sha reholders of t he p a rent comp a ny.

3) E a r n i ng s p er sha re were c a lc u late d i n accord a nce w it h I A S 33.

4) I nclud i ng non- cont rol l i ng i ntere st s.

5) E BI T/E BI T DA b a se d on t he la st t welve mont h s.

6) C apit a l e x p end it u re s on i nt a ng ible a s set s a nd prop er t y, pla nt a nd e qu ipment .

7) P r ior yea r i n for mat ion pre sente d b a se d on 2016 seg ment st r uc t u re.

List of f ig ures

Chapter	No.	Description/title	Page
		Key f ig u re s	C 2
		Key f ig u re s Automot ive	C 2
		Key f ig u re s I ndu st r ia l	C 2
S c h ae f f le r on t he		Schaef f ler sha re p er for ma nce	6
c apit a l ma rket s		Schaef f ler sha re pr ice	6
		S chaef f ler Group rat i ng s	6
Group i nte r i m ma nagement rep or t	0 01	S chaef f ler Group ea r n i ng s	10
	0 02	S chaef f ler Group revenue by reg ion	11
	0 03	S chaef f ler Group f i na nc ia l re su lt	12
	004	Automot ive d iv i sion ea r n i ng s	13
	0 05	I ndu st r ia l d iv i sion ea r n i ng s	16
	006	Reconci l iat ion	18
	0 07	C a sh f low	19
	008	C ha nge i n c a sh a nd c a sh e qu iv a lent s	20
	009	Net f i na ncia l debt	20
	010	Fac i l it ie s Ag re e me nt lo a n t r a nc he s	21
	011	S chaef f ler Group b ond s	21
	012	M at u r it y prof i le ( pr i nc ip a l out st a nd i ng a s at Ju ne 30, 2016)	21
	013	C on s ol id ate d st ate me nt of f i n a nc i a l p o sit ion (abbre v i ate d)	22
	014	O ut lo ok 2016	25
C on s ol id ate d i nte r i m f i na ncia l statement s	015	Con sol id ate d i ncome statement	27
	016	C on sol id ate d st atement of comprehen sive i ncome	28
	017	C on sol id ate d st atement of f i na ncia l p osit ion	29
	018	Con sol id ate d statement of c a sh f low s	30
	019	C on sol id ate d st atement of cha nge s i n e qu it y	31
	020	Con sol id ate d seg ment i n for mat ion	32
C onde n s e d note s to t he con s ol id ate d i nte r i m f i n a nc ia l statement s	021	S ele cte d foreig n e xcha nge rate s	34
	022	Fi n a nc i a l debt (c u r re nt /non- c u r re nt)	34
	023	Fi n a nc ia l i n st r u me nt s b y c la s s a nd c ategor y i n accord a nce w it h I F R S 7.8	36
	024	Re conci l iat ion of seg ment i n for mat ion	37
Add it ion a l i n for mat ion	025	Su m ma r y 1s t qu a r te r 2015 to 2nd qu a r te r 2016	41

Contact details/imprint

Forward-looking statements

T his document conta ins for wa rd-look ing statement s t hat ref lect ma nagement 's cur rent v iews w it h respect to f ut ure event s. Such statement s a re subject to r isk s a nd uncer ta int ies t hat a re beyond Schaef f ler's abilit y to cont rol or est imate precisely, such as f ut ure ma rket a nd econom ic cond it ions, t he behav ior of ot her ma rket pa r t icipa nt s, t he abilit y to successf ully integ rate acquired businesses a nd achieve a nt icipated sy nerg ies, a nd t he act ions of gover nment reg ulators. If a ny of t hese or ot her r isk s a nd uncer ta int ies occur, or if t he assumpt ions underly ing a ny of t hese statement s prove incor rect, t hen act ua l result s may be mater ia lly d if ferent f rom t hose expressed or implied by such

statement s. Schaef f ler does not intend or assume a ny obligat ion to update a ny for wa rd-look ing statement s to ref lect event s or circumsta nces a f ter t he date of t his repor t.

Round ing d if ferences may occur.

T his English version of t he inter im f ina ncia l repor t is a t ra nslat ion of t he or ig ina l G er ma n version; in t he event of va r ia nces, t he G er ma n version sha ll ta ke precedence over t he English t ra nslat ion.

Bot h la ng uage versions of t he inter im f ina ncia l repor t ca n be dow nloaded f rom t he inter net at w w w.schaef f ler.com/ir.

Schaef f ler AG Indust r iest r. 1-3 91074 Herzogenaurach

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Published by: Schaef f ler AG Indust r iest r. 1-3 91074 Herzogenaurach

Responsible for content: Cor porate Account ing Schaef f ler AG, Herzogenaurach

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Financial calendar

P ublicat ion of result s for t he f irst si x mont hs 2016

August 11, 2016

P ublicat ion of result s for t he f irst nine mont hs 2016

November 10, 2016

P ublicat ion of a nnua l result s 2016

March 08, 2017

Schaeffler AG

I ndu st r ie st r. 1-3 91074 Herz ogenau rach G er ma ny

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Mobi l it y for tomor row H 1 I n t e r i m F i n a n c i a l R e p o r t a s a t Ju n e 3 0 , 2 0 1 6

Te c h n o l o g i c a l E x p e r t i s e a n d Sy stem s K now-how

S c hae f f le r Group at a g la nce

Key f ig u re s

H ig h l ig ht s H1 2 016

Contents

Schaeff ler on the capital markets

Re cent event s – se cond qu a r ter

Schaeffler AG advances to MDAX

Capital structure improved, rating upgraded

Schaeffler AG's first capital markets day

Schaef f ler sha res

Schaeffler share performance (ISIN: DE000SHA0159)

Schaeffler share price

S chaef f ler b ond s a nd rat i ng s

Schaeffler Group ratings

Group interim management report

Impact of currency translation/constant currency

Special items

1. Report on the economic position

1.1 E conom ic env i ron ment

1. 2 Cou rse of busi ness

Re su lt s of op erat ion s – f i rst ha l f 2016

M ajor event s – f i rst ha l f 2016

1.3 E a r n i ng s S chaef f ler Group ea r n i ng s

Schaeffler Group earnings No. 001

Revenue

EBI T ma rg in

Automot ive d iv i sion

Revenue E U R 5 ,179 m E BI T b efore sp e c ia l item s E U R 7 39 m

Automotive division earnings No. 004

I ndu st r ia l d iv i sion

Revenue E U R 1,5 33 m E BI T b efore sp e c ia l item s E U R 1 2 0 m

Industrial division earnings No. 005

Per for ma nce i nd ic ators a nd sp e cia l item s

1. 4 Fi na ncia l p osit ion

C a sh f low a nd l iqu id it y

Fi na ncia l debt

Facilities Agreement loan tranches No. 010

Schaeffler Group bonds No. 011

1.5 Net a sset s a nd c apit a l st r uct u re

2. Supplementar y report

3. Report on opportunities and risks

4. Report on expected developments

4 .1 E x p e cte d e conom ic a nd sa le s ma rket t rend s

4.2 Schaef f ler Group out lo ok

Consolidated interim financial statements

1. Consolidated income statement

2. Consolidated statement of comprehensive income

3. Consolidated statement of f inancial position

4. Consolidated statement of cash f lows

5. Consolidated statement of changes in equit y

6. Consolidated seg ment information

(Part of the condensed notes to the consolidated interim financial statements)

7. Condensed notes to the consolidated interim f inancial statements

Repor t ing ent it y

Basis of preparation

Foreign currency translation

Selected foreign exchange rates No. 021

Scop e of con sol id at ion

Cu r rent/Non- c u r rent f i na ncia l debt

Financial debt (current/non-current) No. 022

P rov i sion s for p en sion s a nd si m i la r obl ig at ion s

P rov isions

Fi na ncia l I n st r u ment s

Financial instruments by class and category in accordance with IFRS 7.8 No. 023

C ont i ngent l iabi l it ie s

S eg ment rep or t i ng

Relate d pa r t ie s

Event s a f ter t he rep or t i ng p er io d

Rev iew Report

Responsibilit y statement by the company's legal representatives

Summar y 1st quarter 2015 to 2nd quarter 2016

List of f ig ures

Contact details/imprint

Forward-looking statements

Investor Relations

Schaeffler AG Interim / Quarterly Report 2016