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LEONI AG

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LEONI : continues positive trajectory in the first quarter of 2021 – Initial WCS carve-out milestones reached

05/12/2021 | 01:06am EDT
LEONI continues positive trajectory in the first quarter of 2021 - Initial WCS carve-out milestones reached

Nuremberg, 12 Mai 2021 - 'We continued our operational recovery of the preceding quarters in the first quarter of 2021. We reached initial milestones in the improvement of our portfolio with the sale of LEONI Schweiz AG as well as the agreement on the disposal of business units of LEONI Kerpen GmbH. Overall, our progress in operational and strategic terms gives us confidence that we have embarked on the right course to stabilise our business on a sustainable basis. Our focus continues to be on diligently implementing all measures needed to further improve LEONI's performance and efficiency in the future.' Aldo Kamper, CEO of Leoni AG

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  • Consolidated sales (€ 1.35 billion) well up on the previous year in the first quarter of 2021
  • EBIT before exceptional items as well as before VALUE 21 costs was, with earnings of € 39 million, up substantially from the level of same quarter of the previous year (a loss of € 17 million) thanks to a sales increase and operational improvements
  • Resolute implementation of our VALUE 21 performance and strategy programme; about € 600 million of the gross cost savings potential realised as of 31 March 2021
  • As expected, negative free cash flow of € 100 million substantially below the previous year's neutral figure, which benefited considerably at the time from sale-and-leaseback transactions; free cash flow in the first quarter of 2021 was weighed down by the trend in net working capital related to the operational recovery
  • Progress made with respect to strengthening our portfolio by having closed the sale of the first WCS unit, namely LEONI Schweiz AG, at the end of March 2021
  • Agreement signed with a consortium of buyers on sale of LEONI Kerpen GmbH's low-margin business units based in Stolberg; more than 160 jobs could be saved by continuing to operate these units in the hands of new owners at the site
  • Sales and earnings outlook for fiscal 2021 raised: despite the persisting Covid-19 pandemic and bottlenecks in our global supply chains, outlook for Group sales now lifted to a significant increase (previously only a low double-digit percentage range); EBIT before exceptional items as well as before VALUE 21 costs should also improve significantly and now reach at least the break-even point

Leoni performance overview

Group key figures

Q1 2021

Q1 2020

Consolidated sales [€ million]

1,353

1,128

EBITDA [€ million]

106

(4)

EBIT [€ million]

51

(57)

EBIT before exceptional items as well as before VALUE 21 costs (1) [€ million]

39

(17)

Consolidated net result [€ million]

28

(67)

Earnings per share [€]

0.85

(2.05)

Free cash flow (2) [€ million]

(100)

0

Capital expenditure [€ million]

52

98

Equity ratio [%]

7.8

15.7

Employees (as at 31 March)

100,515

91,872


(1) This key figure is EBIT adjusted for exceptional non-recurring effects to allow a better comparison between periods and interpretation of the operating profitability. Exceptional items comprise material impairment of goodwill, intangible assets, property, plant and equipment as well as other assets, material expenses for contingent losses on customer contracts, costs in preparation for carving out the Wire & Cable Solutions Division (excl. internal costs), refinancing costs (incl. consultant, bank and solicitor fees; apart from the costs that are attributed to interest expenses), other non-recurring expenses incurred by strategic decisions as well as external additional expenses in connection with the Covid-19 pandemic (for example additional coach transfers, protective clothing, masks and disinfectants). Costs for the VALUE 21 programme comprise all the related restructuring and severance costs as well as external consultant fees.

(2) Prior-year figure adjusted (presentation change: interest paid and received is classified in full as a financing)

Disclaimer

Leoni AG published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 05:05:02 UTC.


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Financials
Sales 2022 4 863 M 5 217 M 5 217 M
Net income 2022 14,9 M 15,9 M 15,9 M
Net Debt 2022 1 533 M 1 645 M 1 645 M
P/E ratio 2022 16,9x
Yield 2022 -
Capitalization 250 M 269 M 269 M
EV / Sales 2022 0,37x
EV / Sales 2023 0,37x
Nbr of Employees 99 607
Free-Float 73,5%
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Number of Analysts 4
Last Close Price 7,67 €
Average target price 8,63 €
Spread / Average Target 12,5%
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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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