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MarketScreener Homepage  >  Equities  >  Xetra  >  LEONI AG    LEO   DE0005408884

LEONI AG

(LEO)
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Leoni AG: Leoni plans stock market listing or sale of its Wire & Cable Solutions division

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07/09/2019 | 06:40pm EDT

DGAP-Ad-hoc: Leoni AG / Key word(s): Strategic Company Decision
Leoni AG: Leoni plans stock market listing or sale of its Wire & Cable Solutions division

10-Jul-2019 / 00:34 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Leoni plans stock market listing or sale of its Wire & Cable Solutions division

Nuremberg, 10 July 2019 - Leoni AG of Nuremberg (ISIN DE 0005408884 / WKN 540888) is preparing a separation of its Wire & Cable Solutions (WCS) division through a a stock market listing or sale, including the option of a partial sale. To date, no final decision has been taken in this regard. Following a potential separation, Leoni's primary focus would be on the development of its Wiring Systems Division (WSD). To this end, Leoni has begun to mandate respective advisors. Leoni will inform shareholders and the public as soon as relevant developments arise.

The decision to prepare a separation of its WCS division followed a further review of the existing group structure and strategy for each division in the context of the previously announced VALUE 21 programme. This also included a review of the optimal future ownership structure of WCS and WSD to determine how both divisions can achieve their full potential.

As communicated, Leoni's Board of Directors sees only very limited synergies between both divisions and intends to increase their operational independence. In this context, corporate support functions will transfer from the holding company to the divisions. WCS increasingly focuses on advanced and intelligent cable solutions and services and WSD further enhances its energy and data solutions and services related capabilities.

The implementation of the VALUE 21 programme is progressing according to plan to achieve sustainable gross cost savings targets of EUR 500 million per year by 2022 for the existing group (with a targeted EBIT margin impact of +2-3%-pts and a targeted FCF yield impact of +4-5%-pts). Around 75% of the savings are expected to be realized in WSD.

Furthermore, Leoni is working on its refinancing requirements for which all options are being considered.

***

This announcement contains certain forward-looking statements that are based on the current assumptions and forecasts of Leoni AG's management. Various known and unknown risks, uncertainties and other factors could cause Leoni's actual results, its financial position, growth or performance to differ materially from the estimates presented herein. Leoni assumes no responsibility whatsoever to update such forward-looking statements or to conform them to future events or developments. Explanations of and reconciliations with key financial figures used can be found in the Annual Report 2018 of Leoni AG (accessible at https://d1619fmrcx9c43.cloudfront.net/fileadmin/corporate/publications/reports/2018/annual_report_2018.pdf?1552974803), particularly on pages 137, 159, 170 et seq. and 240.


Contact person responsible for the announcement
Sven Schmidt
Corporate Public & Media Relations
Phone +49 (0)911-2023-467
Fax +49 (0)911-2023-10467
E-mail presse@leoni.com


10-Jul-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


Language: English
Company: Leoni AG
Marienstraße 7
90402 Nuremberg
Germany
Phone: +49 (0)911 20 23-234
Fax: +49 (0)911 20 23-382
E-mail: veroeffentlichung@leoni.com
Internet: www.leoni.com
ISIN: DE0005408884
WKN: 540888
Indices: SDAX
Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Regulated Unofficial Market in Tradegate Exchange; Madrid
EQS News ID: 838821

 
End of Announcement DGAP News Service

838821  10-Jul-2019 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=838821&application_name=news&site_id=zonebourse
© EQS 2019

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