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DGAP-News: Vitesco Technologies Group AG
/ Key word(s): Preliminary Results/Annual Results
Vitesco Technologies reports a successful fiscal year 2021 according to preliminary figures - Successful transformation: operating profit improved considerably despite additional costs related to semiconductor supply shortages - Revenue of € 8.3 billion (2020: € 8.0 billion) at the upper end of the forecast range - Adjusted EBIT margin at 1.8 percent slightly above company guidance (2020: -1.2 percent) - Operational improvements resulted in a positive free cash flow of € 113.3 million despite an increase in investments (2020: € -455.7 million) - Business unit Electrification Technology recorded strongest revenue growth with +44.6 percent to € 587.1 million (2020: € 405.9 million) - Order intake of over € 2.5 billion for electrification products in Q4 2021
Since its listing on the stock exchange in September 2021 following the spin-off from Continental, Vitesco Technologies operates as an independent company. The company is satisfied with the results: its transformation strategy has proven successful, even in the face of the Corona pandemic, delays in delivery and the ongoing semiconductor shortage. "We look back with pride on a good year," says Andreas Wolf, CEO of Vitesco Technologies: "The volume of new orders booked for electrification components was over 2.5 billion euros in the fourth quarter alone. Our transformation strategy, the early consistent focus on electrification, is paying off." Vitesco Technologies raised its group revenues to € 8.3 billion in the reporting period (2020: € 8.0 billion). Adjusted for changes in the scope of consolidation and exchange rate fluctuations, revenues rose by 4.1 percent. With this increase, the company slightly outperformed the overall market, which experienced a growth of Adjusted EBIT amounted to € 148.6 million (2020: € -94.5 million). The adjusted EBIT margin at 1.8 percent (2020: -1.2 percent) was slightly above the announced target range of 1.5 percent to With a free cash flow of € 113.3 million (2020: € -455.7 million), the company reached the upper end of the projected bandwidth of € 70 to 120 million. The increase is attributable to significant operating improvements. Free cash flow comprises cash outflows for capital expenditure on property, plant and equipment and software (without considering values in use) in the amount of € 441.3 million (2020: € 428.4 million). This corresponds to 5.3 percent of revenues and is within the expected range of 5.2 to 5.5 percent. The balance sheet of Vitesco Technologies remains very solid with an equity ratio of 36.3 percent as of December 31, 2021 (December 31, 2020: 32.9 percent). The group's net liquidity stood at € 345.1 million at the end of the fiscal year (December 31, 2020: € 405.7 million). "We have fully met our forecast for 2021 for all key financial figures. Thanks to strict cost discipline and our successful transformation, we noticeably improved our operating profit. We are even slightly above the forecast range," adds Werner Volz, CFO of Vitesco Technologies. "Despite the persistent weakness in the market for semiconductors, resulting additional costs and higher stockpiling of selected products, we achieved a positive free cash flow of about 113 million euros." Business unit results Business unit Electrification Technology recorded a considerable revenue growth of 44.6 percent to € 587.1 million (2020: € 405.9 million), driven by the high demand for high-voltage electric drives and power electronics. Adjusted EBIT improved to € -273.0 million (2020: € -345.7 million) despite continued high upfront costs for future projects. This corresponds to an adjusted EBIT margin of -46.5 percent (2020: -85.2 percent). In Electronic Controls, revenues in 2021 decreased slightly to € 3.5 billion (2020: € 3.6 billion). Adjusted EBIT, by contrast, increased to € 117.2 million (2020: € 85.6 million), corresponding to an adjusted EBIT margin of 3.3 percent (2020: 2.4 percent). Continued transformation activities were the main reason for the improvement in profit. Contrary effects resulted from higher costs related to semiconductor supply shortages. Revenues in the fourth business unit Contract Manufacturing, which bundles order production for Continental AG, amounted to € 1.1 billion in fiscal year 2021 (2020: € 1.1 billion). Adjusted EBIT decreased to € 42.7 million (2020: € 53.3 million), the adjusted EBIT margin fell to 4.1 percent, as expected. In the previous year, it had been 4.9 percent. At our Annual Press Conference on March 25, 2022, we will publish a comprehensive overview of the Group's performance in the past fiscal year 2021 and guidance for the current fiscal year 2022.
Vitesco Technologies is a leading international developer and manufacturer of state-of-the-art powertrain technologies for sustainable mobility. With smart system solutions and components for electric, hybrid and internal combustion drivetrains, Vitesco Technologies makes mobility clean, efficient, and affordable. The product range includes electrified drivetrain systems, electronic control units, sensors and actuators, and exhaust-gas aftertreatment solutions. In 2020, Vitesco Technologies recorded sales of €8 billion and employs more than 40,000 employees at about 50 locations worldwide. Vitesco Technologies is headquartered in Regensburg, Germany.
Contacts for Journalists Fabian Kutz Simone Geldhäuser News portal https://www.vitesco-technologies.com/en-us/press Social Media www.linkedin.com/company/vitesco-technologies www.facebook.com/VitescoTechnologies www.instagram.com/vitesco_technologies
21.02.2022 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. |
| Language: | English |
| Company: | Vitesco Technologies Group AG |
| Siemensstraße 12 | |
| 93055 Regensburg | |
| Germany | |
| Phone: | +49 941 2031 0 |
| E-mail: | ir@vitesco.com |
| Internet: | www.vitesco-technologies.com |
| ISIN: | DE000VTSC017 |
| WKN: | VTSC01 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1283523 |
| End of News | DGAP News Service |
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1283523 21.02.2022
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