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    GGS   DE0005156004

GIGASET AG

(GGS)
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Gigaset AG adjusts outlook 2022: Significant revenue increase expected due to short-term improvement in material availability in Q4

11/18/2022 | 09:39am EST

EQS-News: Gigaset AG / Key word(s): Change in Forecast
Gigaset AG adjusts outlook 2022: Significant revenue increase expected due to short-term improvement in material availability in Q4

18.11.2022 / 15:37 CET/CEST
The issuer is solely responsible for the content of this announcement.


Press Release
Bocholt, November 18th, 2022


Gigaset AG adjusts outlook 2022: Significant revenue increase expected due to short-term improvement in material availability in Q4

 Bocholt, November 18th, 2022 - Gigaset AG (ISIN: DE0005156004), an international communications technology company, today announced in an ad hoc release that the forecast at the beginning of the year, which called for a slight increase in revenues and EBITDA as well as a moderately positive free cash flow, has been adjusted. The reasons for this are negative exchange rate effects between the Euro and the US Dollar, a short-term improvement in the materials situation in Q4 and the first positive earnings from sales price adjustments.

The ad hoc announcement to the capital market was made after the Management Board of Gigaset AG became aware of a change in the information position and a current assessment of the further course of business in 2022.

Previously, the company had forecast a slight increase in revenue and EBITDA as well as a moderately positive free cash flow:

  1. Now an increase in revenue in the range between EUR 235 million and EUR 250 million (cf. 2021 EUR 217.1 million) is expected. This is due to a short-term improvement in material availability in Q4 and first positive effects from sales price adjustments. Due to the poor material availability in the first half of the year, the company also assumed significant bottlenecks in the second half of the year when preparing the outlook at the beginning of 2022. Thanks to spot transactions and additional deliveries of central components, it is now possible to produce significantly more than expected in the fourth quarter. The new revenue forecast is also positively influenced by sales price adjustments and the constantly high demand on the market.
  2. EBITDA was previously expected to increase slightly compared to 2021. As Gigaset pays for the majority of the necessary materials and components in US Dollars, the exchange rate effects that set in with the start of the Ukraine war are having a negative impact. The strongest effect comes from the depreciation of the euro against the US Dollar. This led to a significant increase in the cost of materials for Gigaset. Accordingly, the adjusted forecast now expects earnings of between EUR 6 million and EUR 15 million (2021 EUR 16.5 million).
  3. The initial forecast for the free cash flow remains unaffected. It is expected to be moderately positive, between EUR 0.1 million and EUR 3 million (2021 minus EUR 14.2 million).

"Overall, more would have been possible for Gigaset in 2022," says Thomas Schuchardt, CFO of Gigaset AG. "The demand was there, the material not always. The Ukraine war came just as unexpectedly as the Corona pandemic two years ago and also and again caused serious consequences. Gigaset was hit hardest by the exchange rate and inflation effects, so that the costs on the procurement side presented us with major challenges. Accordingly, we are positive about the improved availability of materials at the end of the year and the expected increase in sales as a result."

 

Gigaset AG, Bocholt, is an internationally active company in the field of communications technology. The company is Europe's market leader in DECT phones and is also a leading international player with around 850 employees and sales activities in over 50 countries. In addition to DECT phones, its business activities include Android-based smartphones, cloud-powered smart home applications and business telephony solutions for SoHo, SMEs and enterprise customers. The long-established company is looking back on a 175 years history and is characterized in a special way by its production "Made in Germany". The company is headquartered in Bocholt, Germany. It also maintains a software development center in Wroclaw, Poland and numerous sales offices in Europe and Asia.

Gigaset AG is listed in the Prime Standard of the German Stock Exchange and is therefore subject to the highest transparency requirements. The shares are traded on the Frankfurt Stock Exchange under the symbol GGS (ISIN: DE0005156004).

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18.11.2022 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com


Language: English
Company: Gigaset AG
Frankenstr. 2
46395 Bocholt
Germany
Phone: +49 (0)89 444 456 866
Fax: +49(0)89 444 456 930
E-mail: info@gigaset.com
Internet: www.gigaset.com
ISIN: DE0005156004
WKN: 515600
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1491785

 
End of News EQS News Service

1491785  18.11.2022 CET/CEST

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Net Debt 2022 82,9 M 89,0 M 89,0 M
P/E ratio 2022 -51,8x
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Klaus We▀ing Chief Executive Officer
Thomas Schuchardt Chief Financial Officer
Hau Yan Wong Chairman-Supervisory Board
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