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    HGEA   DE000A3CMGN3

HGEARS AG

(HGEA)
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PRESS RELEASE : hGears Group continues its highly profitable growth path during the first six months of 2021

08/02/2021 | 01:01am EDT
DGAP-News: hGears AG / Key word(s): Half Year Report 
hGears Group continues its highly profitable growth path during the first six months of 2021 
2021-08-02 / 07:00 
The issuer is solely responsible for the content of this announcement. 
=---------------------------------------------------------------------------------------------------------------------- 
hGears Group continues its highly profitable growth path during the first six months of 2021 
HALF YEAR 2021 HIGHLIGHTS 
 
- Group revenues at EUR 70.5 million, up 22.2% y-o-y 
- Gross profit increased by 28.6% y-o-y to EUR 41.1 million, gross margin improved to 58.3% 
- At EUR 13.1 million, adjusted EBITDA increased by 61.5% with adjusted EBITDA margin up 450 bps to 18.5% 
- Market share in e-bikes sold in Europe remained very strong at around 50% 
- Performance in the first half of 2021 fully in line with the guidance for 2021 
 
Schramberg, 2 August 2021. hGears AG ("hGears" or "Company"), a global manufacturer of high-precision gears and 
components with a focus on products for e-mobility applications, continued on its successful path in the first six 
months. Revenues increased 22.2% y-o-y, mainly due to the sustained positive trend in e-mobility, underscoring the 
strengths of the company's business model. 
Pierluca Sartorello, CEO of hGears, comments: "Our first-half 2021 performance demonstrates that our strategic focus on 
e-mobility is paying off, as evidenced in the successful conversion of sales into earnings growth. Moreover, in June we 
received an initial order for serial production from a new promising e-bike customer. The increasing awareness of 
climate change-related issues, urbanization, and the constantly increasing need for micro-mobility solutions have 
underpinned a booming market for e-bikes and registrations of electric and hybrid vehicles are rising continuously. Our 
high-quality products combined with our strong market position enable us to take full advantage of the strong tailwinds 
offered by the dynamically growing markets for both e-bikes and electric and hybrid vehicles." 
Daniel Basok, CFO of hGears adds: "We are delighted with our performance in the first six months of 2021 and proud to 
show our shareholders that our profitable growth path remains fully intact. With the ramp-up of production underway, 
following an increase of production capacities at our plants, and our full order books, we remain confident in 
achieving our growth targets. In 2021, hGears expects to contribute components to roughly 2.8 million e-bikes out of 
the 5.6 million estimated to be sold in Europe." 
OVERVIEW OF H1 2021 FIGURES 
 
Group figures (in EUR million)  H1 2021 H1 2020 ? 
Revenues                        70.5    57.7    +22.2% 
Gross profit                    41.1    31.9    +28.6% 
Gross profit margin             58.3%   55.4%   +2.9 bps. 
Adj. EBITDA                     13.1    8.1     +61.5% 
Adj. EBITDA margin              18.5%   14.0 %  +4.5 bps. FINANCIAL REVIEW Group revenues in the first six months 2021 increased by 22.2% to EUR 70.5 million (previous year: EUR 57.7 million), fully in line with management expectations. At EUR 41.1 million, gross profit increased 28.6% compared to EUR 31.9 million in the prior-year period. The gross margin rose correspondingly to 58.3% (previous year: 55.4%). The adjusted EBITDA increased significantly to EUR 13.1 million, up 61.5% compared to EUR 8.1 million in the prior year period. The adjusted EBITDA margin in the first six months of 2021 increased to 18.5% (previous year: 14.0%). In the e-Mobility business area, which accounted for 35.2% of total revenue (previous year: 33.6%), revenues grew significantly to EUR 24.8 million (previous year: EUR 19.4 million). Revenues in the e-Tools and Conventional business areas rose to EUR 22.5 million (previous year: EUR 18.7 million) and EUR 22.4 million (previous year: EUR 19.2 million) respectively. OUTLOOK Based on performance for the first half of 2021, the Management Board remains confident to meet the forecast for the financial year 2021: 

- Strong single-digit growth in Group revenues

- Continued double-digit revenue growth in the e-Mobility business area

- Single-digit growth in the e-Tools and Conventional business areas

- Share of revenues of the e-Mobility business area is expected to increase further in 2021 The full report for the first six months of 2021 can be accessed on the Company's website at ir.hgears.com in the "Publications" section. Contact cometis AG Dr. Daniela Diedrich Unter den Eichen 7 65195 Wiesbaden T: +49 611 205855 - 22 E: diedrich@cometis.de About hGears hGears is a global manufacturer of mission-critical high-precision gears and components with a focus on products for e-mobility applications. The Company's strategic focus is on the e-Mobility business area where products include gears, shafts, and other mission-critical components to be used in combustion-free electrical drive applications for e-bikes and electric and hybrid vehicles. In the e-bikes segment, hGears is the European market leader in the supply of high-precision gears and components and its parts are contained in approximately two million of the total 4.6 million e-bikes sold in Europe in 2020. This puts the company in a good position to capitalize on the dynamically growing end-markets for e-bikes and electric and hybrid vehicles. hGears has three distinct business areas for which it develops and manufactures high-precision components: e-Mobility, e-tools, and Conventional (i.e. premium and luxury cars, motorcycles and industrial applications). hGears combines over 60 years of experience in advanced machined steel metal processing and state-of-the-art powder metal production. It is one of the few companies offering customers both processes worldwide. hGears works together with its customers in a "co-development" role to design components and find technologically optimal solutions to meet its customers' specifications. hGears' blue chip customer base includes a number of major suppliers as well as original equipment manufacturers. The Company benefits from long, stable and sustainable relationships with its partners and has worked with many key customers for over 15 years. hGears is headquartered in Schramberg, Germany, and operates globally with production facilities in Schramberg, Germany, Padua, Italy, and Suzhou, China. Visit hGears on the Internet at www.hgears.com -----------------------------------------------------------------------------------------------------------------------

2021-08-02 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de -----------------------------------------------------------------------------------------------------------------------

Language:     English 
Company:      hGears AG 
              Brambach 38 
              78713 Schramberg 
              Germany 
Phone:        +49 (7422) 566 0 
Fax:          +49 (7422) 566 883 
E-mail:       info@hgears.com 
Internet:     https://hgears.com 
ISIN:         DE000A3CMGN3 
WKN:          A3CMGN 
Listed:       Regulated Market in Frankfurt (Prime Standard) 
EQS News ID:  1223226 
 
End of News   DGAP News Service 
=------------ 

1223226 2021-08-02

 
Image link: 
https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=show_t_gif&application_id=1223226&application_name=news 
 

(END) Dow Jones Newswires

August 02, 2021 01:00 ET (05:00 GMT)

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Financials
Sales 2021 142 M 167 M 167 M
Net income 2021 8,00 M 9,38 M 9,38 M
Net cash 2021 20,4 M 23,9 M 23,9 M
P/E ratio 2021 29,5x
Yield 2021 -
Capitalization 253 M 296 M 296 M
EV / Sales 2021 1,63x
EV / Sales 2022 1,46x
Nbr of Employees -
Free-Float 96,4%
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Last Close Price 24,30 €
Average target price 34,00 €
Spread / Average Target 39,9%
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