ZF Friedrichshafen tempered expectations for 2022, saying growth will be "moderate" because of rising inflation, supply chain bottlenecks tied to the war in Ukraine and the continuing COVID-19 pandemic.
The supplier reported that sales last year grew by 18 percent to 38.3 billion euros ($42.2 billion).
Adjusted earnings before interest and taxes (EBIT) was 1.9 billion euros, compared with 1 billion euros in 2020. Adjusted EBIT margin was 5 percent versus 3.2 percent in 2020.
Adjusted free cash flow was 991 million euros, compared with 994 million euros in 2020.
"Despite the arrival of strong headwinds during the course of the year, we have remained firmly on course and achieved the targets we set at the start of the year," said CEO Wolf-Henning Scheider, who announced that he would be stepping down at the start of 2023.