Nuremberg, 15 November 2022 – “Leoni has had a difficult 3rd quarter. Not without reason, experts are talking about a perfect storm that is confronting the automotive supply sector. Widespread inflation affecting everything from materials to logistics and energy through to wages, stressed supply chains and volatile product call-offs: all of that is leaving its mark. We are continuing on the path mapped out towards Leoni’s recovery with all the more determination. We are rigorously keeping control of costs, conducting in-depth discussions with our customers and investing in our future.” (Aldo Kamper, CEO of Leoni AG)
- Consolidated sales of continuing operations1 up significantly to € 955 million in the 3rd quarter (previous year: € 893 million); Wiring Systems Division with a 30% sales increase to € 915 million in the 3rd quarter, thereof organic growth of 17.5% thanks, among other factors, to continued ramp-up of key product series and receipt of reimbursements; nine-month sales in continuing operations of € 2,841 million (previous year: € 2,990 million)
- EBIT before exceptional items of the continuing operations down significantly in the 3rd quarter to a loss of € 56 million (previous year: a loss of € 3 million) due particularly to increased raw material and logistics costs not yet fully passed on and persistently high volatility of call-offs as well as to forming contingent losses for expected, inflation-driven cost increases in a net amount of € 31 million; result after nine months likewise significantly lower with a loss of € 86 million (previous year: profit of € 10 million)
- Free cash flow (FCF) of the continuing operations of negative € 63 million (previous year: negative € 85 million) affected mainly by negative EBIT; nine-month FCF of the continuing operations at negative € 2 million (previous year: negative € 182 million), including the FCF of about € 278 million provided by the sale of the BG IN business group.
- Tackling the current unprecedented headwinds: Establishing, among others, methods to pass on increased costs based on the material cost index approach.
- Outlook for 2022 financial year revised based on the continuing operations: from today’s perspective, consolidated sales expected to amount to about € 3.8 billion; EBIT before exceptional items to show a loss in the high eight-digit euro range; FCF from today’s perspective in a high positive eight-digit euro range, including the aforementioned FCF boost from the sale of BG IN. The expected effect on FCF of the sale of the BG AM business group is not yet considered here. This transaction is expected to be closed in the fourth quarter.
- On the way to the wiring system of the future – with high levels of automation: Newly opened Innovation Industrialization Center (IIC) in Kitzingen synchronises product and process development, strengthening Leoni’s position as an innovation partner to the automotive industry.
Aldo Kamper, CEO Leoni AG
Press contact
Gregor le Claire
Corporate Press Officer
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