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    GGS   DE0005156004

GIGASET AG

(GGS)
  Report
Delayed Xetra  -  11:36 2022-12-02 am EST
0.2140 EUR   -2.73%
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Gigaset : Quarterly Statement for the second quarter 2022

09/19/2022 EST

Gigaset AG

Interim Report

2022 | January - June | Q2

Klaus Wessing, CEO der Gigaset AG

KEY FIGURES

KEY FACTS

01/01 -

01/01 -

EUR millions

06/30/2022

06/30/2021

Consolidated revenues

103.4

102.0

Earnings before interest, taxes, depreciation and amortization

5.8

4.2

(EBITDA)

Earnings before interest and taxes (EBIT)

-2.1

-3.1

Consolidated net loss for the year

-2.4

-3.0

Free cashflow

-8.5

-16.5

Earnings per share (diluted in EUR)

-0.02

-0.02

06/30/2022

12/31/2021

Total assets

180.5

192.2

Consolidated equity

25.4

8.0

Consolidated net loss for the year EUR -2.4 million (PY: EUR -3.0 million)

4.2

Equity ratio (in %)

14.1

Number of employees

855

868

The Gigaset Share

Q2 2022

Q2 2021

Closing price in EUR (at the end of the period)

0.28

0.40

Highest price in EUR (in the period)

0.32

0.48

Lowest price in EUR (in the period)

0.22

0.27

Number of shares in circulation (at the end of the period)

132,455,896

132,455,896

Market capitalization in EUR million (at the end of the period)

37.1

53.0

  • Consolidated half-year revenues up by 1.4 % compared with same period last year
  • EBITDA up by 37.2 % for the six-month period
  • Consolidated net loss for the year EUR -2.4 million (PY: EUR -3.0 million)
  • Growth in the Professional segment remains strong

"Despite the adverse conditions we are still seeing, Gigaset has shown a high degree of resilience. We identified changes in the economic environment early on and took countermeasures very quickly, being flexible and efficient in our approach to ensuring the continued success of Gigaset AG, even when times got tough. And as we head into increasing economic headwinds on top of the ongoing supply shortages, we will continue to draw on these strengths".

"In light of the general situation, we are delighted with the half-year figures. The fact that we have considerably improved on our results in particular shows that we have steered Gigaset well through the unprecedented crises of late, thanks to an effective business strategy and response measures. After two years of the pandemic, Gigaset too has been affected by the supply chain problems that continue to dominate the landscape, and now the war in Ukraine is also leaving a profound mark on the macroeconomic environment. With all this in mind, we are all the more delighted with the very positive developments observed in two of our four segments - Smartphones and Professional - in the

second quarter of 2022 compared with the same time last year."

Thomas Schuchardt, CFO der Gigaset AG

Combined Management Report

GIGASET INTERIM REPORT 1ST HALF 2022

1 BUSINESS MODEL

Gigaset AG is a global enterprise operating in the area of telecommunications. The Company is headquartered in Bocholt, Germany, which is also where the Company's highly automated production site is located. There are additional branch offices in Munich, Germany, in Wroclaw, Poland, as well as in ten other countries. As of the reporting date of June 30, 2022, the company had 855 employees and conducted distribution activities in 48 countries.

On the operating level, Gigaset conducts business worldwide in the segments of Phones, Smartphones, Smart Home and Professional. The regional segments of the Gigaset Group are Germany, Europe (excluding Germany) and Rest of World. The most important markets for Gigaset, where it generates the highest revenues, are Germany and the other European markets of France, Italy, Switzerland, the Netherlands and Spain (EU6).

1.2 Smartphones

Since 2016, the company has operated in the Smartphones segment offering products in the low to medium price range at prices of currently up to EUR 350. The strategic goal is to further increase brand familiarity and market share in this segment and to anchor the unique selling point "Made in Germany" in the public's minds for some smartphone models.

By producing smartphones that are "Made in Germany", the company is also able to increasingly offer products for the B2B sector. The business strategy is designed to generate further growth in the future, and the company has already been successful in winning its first tenders, e.g. with Deutsche Bahn.

1.1 Phones

In the Phones segment, Gigaset produces and sells DECT cordless telephones and DECT/CAT-iq mobile handsets (Gigaset HX portfolio). Nearly all DECT products for the Phones segment are made in Gigaset's own production facility in Bocholt, meaning that the company can advertise its products using the label "Made in Germany".

Gigaset offers its customers a broad product portfolio with various price points, including corded and cordless DECT telephones in different designs and for different target groups, e.g. the elderly. These products are aligned with the demographic transformation of western societies and are aimed at older persons or persons with special physical needs.

1.3 Smart Home

Gigaset has been active in the Smart Home segment since 2012. At the present time, the company offers products and solutions in the areas of security, convenience, energy and nursing care in support of older persons and those in need of assistance. The portfolio is primarily aimed at users in private households.

Gigaset's sensor-based system enables users to tailor the products to their individual needs. The software-based cloud approach makes it possible for customers to remain in constant contact with their homes and to be informed of various occurrences and events.

Gigaset's objective is to offer a comprehensive complete solution. The sensors and actuators, as well as the cloud and app, are fully integrated and adapted to each other. The system is continually developed to integrate security improvements, new applications and third-party solutions.

3

Combined Management Report

GIGASET INTERIM REPORT 1ST HALF 2022

1.4 Professional

Gigaset has served B2B corporate customers with its Professional segment since 2011. The products in this area include DECT-IP single- and multi-cell systems as well as DECT-based stationary and mobile telephones. On the one hand, Gigaset sells its products under the PRO product line, and on the other hand directly through OEMs (Original Equipment Manufacturers).

The aim of the company is to scale up its provision of solutions to larger customers (enterprise level). As such, Gigaset has developed new single-cell and multi-cell variants that can be scaled for up to 20,000 terminal devices in a single company, whether centralized or decentralized.

The exclusive partnership with Unify Software and Solutions GmbH & Co. KG concluded in late 2020 is a key example of this. Under this agreement, Unify will exclusively purchase the next-generation family of desktop telephones developed by Gigaset. The first half of 2022 saw Gigaset deliver the first of these products. In total, the company expects to supply more than 5 million telephones to Unify and Gigaset's direct customers.

4

Combined Management Report

GIGASET INTERIM REPORT 1ST HALF 2022

2 GENERAL ECONOMIC AND INDUSTRY-SPECIFIC FRAMEWORK CONDITIONS

2.1 General economic conditions

2.2 Telecommunications market

According to a study by the International Monetary Fund (IMF) in April 2022, global growth is projected to fall from an estimated 6.1 % in 2021 to an anticipated 3.6 % this year and next, respectively. In January, IMF experts forecast global growth for 2022 and 2023 to rise by an additional

0.8 and 0.2 percentage points, respectively, attributing this to the war in Ukraine, with the economic damage caused by the conflict predicted to significantly slow down global growth this year and ramp up inflation. Multilateral effects to manage the humanitarian crisis, prevent further economic fragmentation, maintain global liquidity, overcome debt problems, address climate change and end the pandemic are of vital importance, according to the IMF study.

2.2.1. Phones market

Germany

According to GfK figures, based on units sold, the market for cordless telephones in Germany contracted by 18.4 % in the first half of 2022 compared with the first half of 2021. Based on revenues, the market shrank by 15.0 % compared with the first half of last year. Gigaset increased its market share, as measured by units, by 13.0 % to 60.0 %. Measured by revenues, Gigaset's market share rose by 9.0 % to 57.0 %. Gigaset thus outperformed its competitors in the market.

In the industrial nations, the IMF now predicts economic growth in 2022 of just 3.8 %, compared with

  1. % in the eurozone countries. In the most important European markets for Gigaset, the IMF predicts economic growth of 2.1 % for Germany, 2.9 % for France, 4.8 % for Spain, 2.2 % for Switzerland, and
  1. % for Italy. The economic output of the Netherlands is expected to grow by 3.0 % in 2022.

France

According to GfK, based on revenues, the market for cordless telephones in France declined by 23.8 % in the first half of 2022 compared with the first half of 2021. Gigaset performed well in the French market despite strong local competition, increasing its market share as measured by units sold by

2.0 % to 39.0 % in the first half of 2022 compared with the first half of 2021. Based on revenues, Gigaset recorded a decline of 3.0 % to 42.0 % compared with the first half of 2021.

EU-6 region

According to GfK statistics, based on revenues, the market for cordless telephones in the most important markets in Europe monitored by Gigaset (Germany, France, Switzerland, Italy, Spain and the Netherlands) registered a sharp 20.8 % decline in the first half of 2022 compared with the first half of 2021. In terms of unit volume, Gigaset recorded a decline of 25.7 % compared with the previous year. Gigaset performed better than the overall market, both in terms of unit volume and revenues, by

5

Disclaimer

Gigaset AG published this content on 19 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 07:20:01 UTC.


ę Publicnow 2022
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Financials
Sales 2022 238 M 249 M 249 M
Net income 2022 -3,90 M -4,09 M -4,09 M
Net Debt 2022 85,0 M 89,1 M 89,1 M
P/E ratio 2022 -7,13x
Yield 2022 -
Capitalization 28,3 M 29,7 M 29,7 M
EV / Sales 2022 0,48x
EV / Sales 2023 0,42x
Nbr of Employees -
Free-Float 26,5%
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Number of Analysts 2
Last Close Price 0,21 €
Average target price 0,70 €
Spread / Average Target 225%
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Managers and Directors
Klaus We▀ing Chief Executive Officer
Thomas Schuchardt Chief Financial Officer
Hau Yan Wong Chairman-Supervisory Board
Paolo Vittorio di Fraia Member-Supervisory Board
Ulrich Burkhardt Member-Supervisory Board
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