Drive supplier Vitesco plans cautiously for 2022
The automotive supplier Vitesco is planning cautiously for the current year due to the lack of chips and rising costs. The company assumes that it has been adjusted for special effects Earnings margin before interest and taxes of 2.2 to 2.7 percent as Vitesco announced in Regensburg on Friday. CEO Andreas Wolf assumes additional costs because semiconductors are still scarce, wages are rising and material costs are increasing. In addition, management expects a Burden from special effects in the amount of 100 to 150 million euros. Vitesco has not yet taken into account the effects of the Ukraine war in its outlook. The sales volume wants Vitesco from 8.35 billion euros increased to 8.6 to 9.1 billion last year, also thanks to increasing business with electrification products.
The company, which was spun off from the automotive supplier and tire manufacturer Continental in September, had already presented key data for the past year. The group, which specializes in powertrains, increased sales by 4 percent. The adjusted operating profit turned from a loss of 94.5 million euros the year before to an operating profit of 148.6 million eurosthe corresponding Margin was 1.8 percent. The bottom line, however, was one more net loss on with 122 million euros. This had been significantly higher in the previous year at EUR 376.7 million. There shouldn’t be a dividend.