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    LEO   DE0005408884

LEONI AG

(LEO)
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Delayed Xetra  -  05/20 11:36:15 am EDT
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CEO Aldo Kamper: “It's no fluke that premium brands are choosing LEONI wiring systems”

05/19/2021 | 10:04am EDT
CEO Aldo Kamper: 'It's no fluke that premium brands are choosing LEONI wiring systems' - Alternative drives: Nuremberg-based company announces successful launch of key projects for the car industry
- Business stabilisation: Great progress made in implementing the VALUE 21 performance and strategy programme

Nuremberg - LEONI recently and successfully began producing wiring systems for several models on which the car industry is pinning its hopes. 'Not only have we arrived in the age of e-mobility, we are already supporting our customers in projects than go far beyond what is presently visible,' CEO Aldo Kamper emphasized at the Company's Annual General Meeting on Wednesday.

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He said the technological transformation in the sector is accelerating, yet that does not in any way unsettle Leoni: 'On the contrary, we are completely there,' Kamper emphasized to the shareholders. He added such contracts as for the Audi e-tron and the Mercedes EQS speak for themselves: 'It is, I believe, no fluke that premium brands are choosing Leoni wiring systems.' He said the Company is well-positioned with respect to alternative drive systems.

'We are already working closely together with many of our customers on concept development,' Kamper explained. He said that, thanks to ever more elegant and more economical architectures, Leoni's wiring systems are contributing to, for example, saving weight, space and costs. 'We are working hard on making electromobility more cost-effective and therefore accessible for all.'

Kamper expressed his satisfaction to shareholders with the way the year has gone so far. Leoni had only recently raised its own sales and earnings forecasts for 2021. 'It is not yet that everything is fine again. But much has already improved,' the CEO said. 'We have proven particularly in the past two and a half years that we are not only addressing problems at Leoni, but also eliminating them.'

VALUE 21 the key to success

The CEO regards not least the VALUE 21 performance and strategy programme, which he launched for the Nuremberg-based company back in early 2019, as the basis for the significant progress made in the past financial year. Its clear focus on cash before growth, streamlining of the portfolio and optimising internal processes as well as on operating performance has made a crucial contribution to stabilising business performance. And it did so even in the coronavirus-hit year of 2020.

Kamper was pleased to say that Leoni has already more than met the cost reduction targets under VALUE 21. The Company originally planned for gross cost savings of about EUR 500 million from 2022. The CEO said that the Company has meanwhile, however, already applied measures that promise savings of EUR 600 million.

LEONI has arrived in the age of e-mobility

Kamper promised the shareholders who had logged in to participate virtually that, despite the gains made, there would be no easing up now and, in particular, that VALUE 21 would continue to be resolutely applied. 'Let's not delude ourselves: Covid-19 will still be weighing on our performance in 2021.' He said that, in addition, there are the bottlenecks in the sector's supply chains, concerning especially semiconductors, plastics and connectors. Leoni's continued overhaul still needs our full attention.

Kamper: 'There are still demanding tasks ahead of us, which we will be addressing with respect and humility. But we have already made important progress in the past few years in terms of getting the Company back on track. And we won't stop doing that.'

Participation in the virtual Annual General Meeting was high with about 33 percent of outstanding shares represented. Shareholders discharged the members of both the Supervisory Board and the Board of Directors.

Klaus Rinnerberger, a proven expert in the automotive supply industry, was newly elected to the Supervisory Board. He succeeded Dirk Kaliebe, who helped to drive forward the stabilisation of Leoni's business performance in recent months with his extensive experience in the areas of restructuring and transformation.

Disclaimer

Leoni AG published this content on 19 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 May 2021 14:03:04 UTC.


© Publicnow 2021
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Financials
Sales 2022 4 849 M 5 115 M 5 115 M
Net income 2022 22,8 M 24,1 M 24,1 M
Net Debt 2022 1 531 M 1 615 M 1 615 M
P/E ratio 2022 11,3x
Yield 2022 -
Capitalization 259 M 273 M 273 M
EV / Sales 2022 0,37x
EV / Sales 2023 0,36x
Nbr of Employees 99 607
Free-Float 73,5%
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Number of Analysts 5
Last Close Price 7,93 €
Average target price 9,10 €
Spread / Average Target 14,8%
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Managers and Directors
Aldo Kamper President & Chief Executive Officer
Harald Nippel Chief Financial Officer
Klaus Probst Chairman-Supervisory Board
Franz Spieß Deputy Chairman-Supervisory Board
Karl-Heinz Lach Member-Supervisory Board
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