Vitesco Technologies’ preliminary results for 2022 report sales rise by 4% to EUR 9.07 billion, Auto News, ET Auto

New Delhi: Vitesco Technologies, a leading international supplier of modern drive systems for sustainable mobility, increased its sales in 2022 to EUR 9.07 billion (2021: EUR 8.35 billion; market consensus: EUR 9.08 billion). The company published its guidance, ranging from EUR 9.0 billion to EUR 9.2 billion. Adjusted for changes in the scope of consolidation and exchange rate effects, sales rose by 4%. Its core business achieved an organic growth rate of 9.2%, compared with an overall market growth rate of 6.2%, the company said in its preliminary results for 2022.

Vitesco Technologies generated sales of around EUR 1.1 billion from electrification components in 2022. The core businesses of all three business units contributed to this result, with the Electrification Technology business unit registering the strongest percentage growth in sales of 17.9% from EUR 587.1 million in 2021 to EUR 691.9 million in fiscal year 2022.

Adjusted EBIT rose to EUR 222.9 million published its preliminary results for 2022.

“We look back on a successful year, despite the historic challenges such as Russia’s war of aggression in Ukraine and ongoing disruption to supply chains,” Chief Executive Officer Andreas Wolf said.

(2021: EUR 148.5 million; market consensus: EUR 213 million). The company’s adjusted EBIT margin of 2.5% (2021: 1.8%) was at the upper end of its forecast range of 2.3% to 2.5% and exceeded expectations (market consensus: 2.3%t).

Due to reporting date related effects, the free cash flow for the fiscal year 2022 came to EUR 123.2 million (2021: EUR 113.3 million). This exceeded Vitesco Technologies’ own forecast of more than EUR million as well as the market consensus of €68 million.

Free cash flow included a cash outflow of EUR 446.6 million (2021: EUR 441.3 million) for capital expenditure on property, plant, and equipment and software (without consideration for right-of-use assets in accordance with IFRS 16). As a percentage of sales, the capital expenditures ratio is at 4.9% (2021: 5.3%).

In 2022, Vitesco Technologies received new orders totaling around EUR 14 billion (2021: EUR 11.2 billion). Roughly EUR 10.4 billion of the order intake was attributable to components for electrified vehicles (2021: EUR 5.1 billion). “This means around 75% of our orders were related to e-mobility. That is a record for the company. The volume of new orders we received around the world shows once again that the OEMs have now fully embraced the electrification trend,” Wolf said.

With an equity ratio of 40.3% as of December 31, 2022 (December 31, 2021: 36.3 percent), Vitesco Technologies’ balance sheet remains exceptionally solid. The company reported net liquidity of EUR 333.4 million as of December 31, 2022 (December 31, 2021: EUR 345.1 million).

Chief Financial Officer Werner Volz expressed his satisfaction with this performance in view of the difficult market conditions. He said, “Despite the headwinds, we were able to fully meet our forecast for 2022 in all key financial indicators, and even exceed it in some areas. This gives us a further boost in our transformation toward e-mobility.”

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New Delhi: Vitesco Technologies, a leading international supplier of modern drive systems for sustainable mobility, increased its sales in 2022 to EUR 9.07 billion (2021: EUR 8.35 billion; market consensus: EUR 9.08 billion). The company published its guidance, ranging from EUR 9.0 billion to EUR 9.2 billion. Adjusted for changes in the scope of consolidation and exchange rate effects, sales rose by 4%. Its core business achieved an organic growth rate of 9.2%, compared with an overall market growth rate of 6.2%, the company said in its preliminary results for 2022.

Vitesco Technologies generated sales of around EUR 1.1 billion from electrification components in 2022. The core businesses of all three business units contributed to this result, with the Electrification Technology business unit registering the strongest percentage growth in sales of 17.9% from EUR 587.1 million in 2021 to EUR 691.9 million in fiscal year 2022.

Adjusted EBIT rose to EUR 222.9 million published its preliminary results for 2022.

“We look back on a successful year, despite the historic challenges such as Russia’s war of aggression in Ukraine and ongoing disruption to supply chains,” Chief Executive Officer Andreas Wolf said.

(2021: EUR 148.5 million; market consensus: EUR 213 million). The company’s adjusted EBIT margin of 2.5% (2021: 1.8%) was at the upper end of its forecast range of 2.3% to 2.5% and exceeded expectations (market consensus: 2.3%t).

Due to reporting date related effects, the free cash flow for the fiscal year 2022 came to EUR 123.2 million (2021: EUR 113.3 million). This exceeded Vitesco Technologies’ own forecast of more than EUR million as well as the market consensus of €68 million.

Free cash flow included a cash outflow of EUR 446.6 million (2021: EUR 441.3 million) for capital expenditure on property, plant, and equipment and software (without consideration for right-of-use assets in accordance with IFRS 16). As a percentage of sales, the capital expenditures ratio is at 4.9% (2021: 5.3%).

In 2022, Vitesco Technologies received new orders totaling around EUR 14 billion (2021: EUR 11.2 billion). Roughly EUR 10.4 billion of the order intake was attributable to components for electrified vehicles (2021: EUR 5.1 billion). “This means around 75% of our orders were related to e-mobility. That is a record for the company. The volume of new orders we received around the world shows once again that the OEMs have now fully embraced the electrification trend,” Wolf said.

With an equity ratio of 40.3% as of December 31, 2022 (December 31, 2021: 36.3 percent), Vitesco Technologies’ balance sheet remains exceptionally solid. The company reported net liquidity of EUR 333.4 million as of December 31, 2022 (December 31, 2021: EUR 345.1 million).

Chief Financial Officer Werner Volz expressed his satisfaction with this performance in view of the difficult market conditions. He said, “Despite the headwinds, we were able to fully meet our forecast for 2022 in all key financial indicators, and even exceed it in some areas. This gives us a further boost in our transformation toward e-mobility.”

Also Read:

It is one of the main conclusions of a recent MIT study that looked at the possible energy use and associated carbon emissions if driverless cars were extensively used.