ZF increased its sales to € 18,3 billion in the first six months of 2017, despite a strong growth in R&D expenses. The sales increase is by 2,7% over the first six months of 2016, with adjusted operating profit increased to 1,2 billion, and improved adjusted Ebit margin of 6,6% (6,3% in the same period of 2016). The results have been possible by boosting operating performances and realizing synergies resulting from the acquisition of TRW.
At the same time, the company has been able to reduce its debt load, which was a result of the TRW acquisition itself, by roughly € 684 million, to € 7,6 billion, thanks to an operative free cash flow at 322 million (€ 401 million in the previous year). In the first half of 2017, ZF invested heavily in R&D and in the field of electro mobility and autonomous driving, creating several new cooperative partnerships which allow the company to complete its technology portfolio. ZF predicts a stable business through 2017, expecting sales to exceed € 36 billion, adjusted Ebit margin of more than 6% and an adjusted Ebitda margin of over 10%.