ZF : Negative earnings as expected and Strategic Responses
In the fiscal year 2024, ZF reported sales of approximately €41.4 bn, marking an 11% decline from €46.6 bn in 2023 (with organic growth at -3.8%). This downturn is a direct result of a challenging market environment characterized by lower demand for electric vehicles (EVs), geopolitical uncertainties, a general economic slowdown, negative FX effects, and perimeter changes. Adjusted Free Cash-Flow (FCF) was €0.3 bn, but excluding adjustments, FCF was negative due to lower operating activities and higher capital expenditure levels. Credit metrics worsened as expected , with a adj. debt-to-EBI...