Friedrichshafen (dpa/lsw) – The automotive supplier ZF is sticking to its annual target for 2022 despite the crises caused by the Ukraine war and inflation. The company, based in Friedrichshafen, continues to expect annual sales to grow to more than 40 billion euros for the first time, ZF announced on Wednesday in the balance sheet for the first half of 2022. However, the prognosis remains conditional. Because also because of the shortage of semiconductors and corona lockdowns in China, “persistent negative influences” can be expected. In addition, it is unclear what effects a gas supply stop from Russia would have.
Nevertheless, the technology group’s sales rose to 21.2 billion euros in the first half of the year, almost 2 billion euros more than in the same period last year. However, adjusted earnings before interest and taxes fell in the first six months of the year from 1.0 billion euros in the same period last year to 851 million euros.
One reason for this is the worldwide drop in production of cars and commercial vehicles, said ZF CEO Wolf-Henning Scheider. In the second half of the year, too, the company expects “continued weak demand” on the vehicle market.
Nevertheless, ZF invested 160 million euros more in the first half of the year, primarily in the development of e-mobility, than in the first half of 2021, emphasized Scheider. The orders for electric drives show that the supplier “set the course in good time” in this area: The volume up to the year 2030 amounts to around 23 billion euros. This ensures capacity utilization in the plants.
ZF is one of the world’s largest automotive suppliers with around 157,500 employees at 188 locations in 31 countries. The group is majority owned by the Zeppelin Foundation of the city of Friedrichshafen.
