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Company NameSAPFeintoolSMA Solar TechnologiesAMS OrsamBertrandtThyssenKruppThyssenKruppNurnberger VersicherungBASFBASFForvia HellaInfineonContinentalGoodyearEpirocLanxessSappiProSieben Sat1VartaVodafoneMerckFord EuropeBorgWarnerZF FriedrichhafenZF FriedrichhafenSiemens EnergyVolkswagenSchaefflerAverage
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Restructuring Data Google Doc Reference576062636566676868.b697071747576777981828485227227.b2283229
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Announcement dateDec 2024Dec 2024Nov 2024Nov 2024Sept 202420242019/2020July 2024July 2024Feb 2023June 2024May 2024March 2024Nov 2023Nov 2023Oct 2023Aug 2023July 2023April 2023March 2023March 2023Feb 2023Feb 2023May 2020Jan 2024Feb 2021Dec 2024Nov 2024
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Employee reduction (nb)10,0002001,1001421,0001,59113,0006003002,6004205001,4001,5001304601,1174002402,3002004,9242667,5009,2007,8003,0004,700
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Provisions for restructuring (m euro)3,14425334350281376287114020845015851280672547050978744116261,0631,029488
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Restructuring Costs per employee (k euro)3141243030350177622421692801493001,2151112511681042042501992785568136343104
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Personnel cost m euros17,1352284049257,08235011,24110,9501,8304,61211,21922012,9621,4049927132515,8426,5177,43610,0358,21049,6866,099
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Workforce109,9733,0964,80414,02899,2544,242111,526111,99137,38159,109183,3581,50017,92312,84912,3297,3103,33198,10363,642177,000153,522165,52392,000682,72491,228
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Personnel cost per employee k euros1567484100667183101984978791477231098098757710260704861897367
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Restructuring costs in months of personnel expenses
242043693093041432325201237211732294048141318571930
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Restructuring Duration15 months48 months
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Comments on durationRestructuring that was announced in Q4 2023 was completed in Q1 2025 (cf. sap-2025-q1-statement). We estimate it took a minimum of 15 months, in spite of concernning mostly voluntary departures and re-skilling measures. In 2023/24 annual report (p.99): "by September 2024, Thyssen had completed 95% of the planned job reductions"Duration is expected to be 4.5 yearsDuration is expected to be 3 years
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Scope3479 jobs in Germany within 10 000 layoffsMostly Germany660 in Germany out of 1100 ww142 in Germany within 500 ww800 to 1200 jobs in Germany. Mostly GermanyGermany onlyMostly germany: 2500 out of 2600Germany onlyGermany only1400 in Germany, out of 7150 wwGermany onlyGermany only460 in Germany, out of 870 ww550 in Germany, 567 in BelgiumGermany onlyGermany onlyGermany only2300 in Germany, 1300 in the UK, 1124 in SpainGermany onlyGermany only2,600 in GermanyOnly Brussels
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CommentsNot reflective of Germany. Could be 59 months in Germany if we assume 6 months in the RoWProbableVery low value, difficult to believe in Germany. Because of temps?Restructuring costs are not very clear. Assumptions on German salariesUncertainty on the number of layoffs. Low levels of restructuring costs. Were there temps?SolidLooks solid, but low result. Were there temps?Restructuring costs are not clearRestructuring costs are not clear. To be checked furtherSolidSolidRestructuring costs are not clearSolidSolidRestructuring costs are not clearSolid, but includes non cash elementsSolid, severance onlyRestructuring costs are not clearCredibleTo be checked, but credibleVoluntary only. Not sure whether the restructuring costs include writeoffs or impairment. 40 months is possible for a voluntary plan in autormotiveRestructuring costs are solid. Personnel expenses are assumptions. Order of magnitude is solidDoes the restructuring cost pertain to employees worldwide (12 to 15,000 jobs) or just Germany? Not clear - and very low numberIt could well be that the number of temp workers is higher than expectedTotal restructuring costs won't be known before Q3 2025We only look at the Brussels plant closure
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Additional CommentsRestructuring cost can still be computed as a conservative estimatePart of the restructuring is in SwitzerlandNot relevantNot solid enoughNot solid enoughNot solid enoughNot solid enoughNot solid enoughNot solid enoughNeed more analysis: this is a 7 year restructuring plan, costs have to be much higherConservative in spite of uncertainties on reported restructuring chargesConservative and seems solid
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Salaries / personnel expenses71%81%85%84%82%73%80%80%78%86%82%83%87%79%85%81%85%83%84%80%76%82%
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Restructuring costs in months of salaires3425361237535030244624373649581622702536
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Employee reduction34792001,59160025004205001,500130550400130020023002669,2007,8003,0004,70040636
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Months x Employee117891.08474991.19496957632.281087391.53972692500.1727322312.3245125036.5880745058.05463158.63125425163.733279474.68201448396.979917206.114361111812.083715524.76463149376.3546169932.2328211045.6357115584.41541239488.868
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