Vitesco Technologies : Q2 2022 Quarterly Financial Statements VT Group AG

Vitesco Technologies Group

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Consolidated statement of income
	January 1 through June 30	Second Quarter
€ million	2022	2021	2022	2021
Revenue	4,423.6	4,396.9	2,165.0	2,094.9
Cost of sales	-3,842.6	-3,744.3	-1,899.8	-1,760.7
Gross profit	581.0	652.6	265.2	334.2
Research and development costs	-498.1	-503.2	-257.0	-253.8
Distribution and logistics costs	-71.6	-67.8	-36.1	-35.4
General administrative costs	-92.8	-114.8	-48.3	-60.4
Other income	232.3	314.5	137.2	132.5
Other expenses	-85.3	-241.7	-32.6	-91.7
Income from equity-accounted investees	0.8	0.2	0.3	0.2
EBIT	66.3	39.8	28.7	25.6

Interest income Interest expense

Effects from currency translation

Effects from changes in the fair value of derivative instruments, and other measurement effects

15.6	9.7	11.1	6.3
-22.6	-13.5	-9.7	-7.1
-30.9	15.5	-33.9	11.0
18.3	-2.3	28.7	3.6

Finance income	-19.6	9.4	-3.8	13.8
Earnings before tax	46.7	49.2	24.9	39.4
Income tax	-21.3	-80.7	11.8	-39.2
Net income	25.4	-31.5	36.7	0.2
Net income attributable to noncontrolling interests	-	-	-	-
Net income attributable to the shareholders of the parent	25.4	-31.5	36.7	0.2
Basic earnings per share in €	0.63	n. a.	0.92	n. a.
Diluted earnings per share in €	0.63	n. a.	0.92	n. a.

Consolidated statement of comprehensive income
	January 1 through June 30	Second Quarter
€ million	2022	2021	2022	2021
Net income	25.4	-31.5	36.7	0.2
Items that will not be reclassified to profit or loss
Remeasurement of defined-benefit plans	359.5	95.0	237.4	-1.3
Fair value adjustments	359.8	95.7	237.6	-1.2
Currency translation	-0.3	-0.7	-0.2	-0.1
Tax on other comprehensive income	-20.5	0.1	-18.1	0.7
Items that can subsequently be reclassified to profit or loss
Currency translation	107.4	65.3	57.3	-10.2
Cash flow hedges	4.5	-	2.9	-
Fair value adjustments	4.5	-	2.9	-
Other comprehensive income	450.9	160.4	279.5	-10.8
Comprehensive income	476.3	128.9	316.2	-10.6
Attributable to noncontrolling interests	-	-	-	-
Attributable to the shareholders of the parent	476.3	128.9	316.2	-10.6

Consolidated statement of financial position
Assets
€ million	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Goodwill	817.5	803.0	793.1
Other intangible assets	193.1	173.5	161.1
Property, plant, and equipment	2,502.7	2,544.9	2,371.0
Investments in equity-accounted investees	17.7	16.9	16.0
Other investments	23.8	23.8	15.2
Deferred tax assets	299.5	269.3	261.2
Defined benefit assets	6.5	6.3	3.9
Noncurrent derivative instruments and interest-bearing investments	21.7	14.4	13.3
Other noncurrent financial assets	11.4	18.7	27.7
Other noncurrent assets	9.2	8.3	5.2

Noncurrent assets	3,903.1	3,879.1	3,667.7
Inventories	890.1	805.7	729.4
Trade receivables	1,577.8	1,518.9	1,630.2
Current contract assets	1.4	1.2	2.8
Other current financial assets	72.9	63.6	40.3
Other current assets	494.5	470.0	437.0
Income tax receivables	26.1	29.1	24.0
Current derivative instruments and interest-bearing investments	26.6	26.5	768.9
Cash and cash equivalents	810.1	614.0	971.8
Noncurrent assets held for sale	-	-	17.5
Current assets	3,899.5	3,529.0	4,621.9
Total assets	7,802.6	7,408.1	8,289.6
Shareholders´ equity and liabilities
€ million	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Subscribed capital	100.1	100.1	n.a.
Capital reserves	3,504.7	3,504.7	n.a.
Retained earnings	-776.7	-791.2	n.a.
Invested equity attributable to Continental	-	-	2,904.2
Accumulated other comprehensive income	325.7	-125.3	-247.6
Equity attributable to the shareholders of the parent	3,153.8	2,688.3	2,656.6
Noncontrolling interests	-	-	-
Equity	3,153.8	2,688.3	2,656.6
Long-term employee benefits	537.3	866.4	874.3
Deferred tax liabilities	57.0	57.0	48.3
Noncurrent provisions for other risks and obligations	280.3	273.1	325.2
Long-term debt	406.9	199.1	192.7
Other noncurrent financial liabilities	7.3	7.3	-
Noncurrent contract liabilities	97.5	5.9	15.2
Other noncurrent liabilities	3.5	93.6	5.8
Noncurrent liabilities	1,389.8	1,502.4	1,461.5
Short-term employee benefits	257.6	244.1	244.2
Trade payables	2,052.5	1,958.2	2,050.5
Current contract liabilities	48.6	54.5	105.0
Income tax payables	89.5	83.2	82.8
Current provisions for other risks and obligations	450.0	504.5	463.2
Short-term debt	62.9	69.8	963.4
Other current financial liabilities	202.3	205.1	164.8
Other current liabilities	95.6	98.0	87.2
Noncurrent liabilities held for sale	-	-	10.4
Current liabilities	3,259.0	3,217.4	4,171.5
Total equity and liabilities	7,802.6	7,408.1	8,289.6

Consolidated statement of cash flows

€ million Net income

Income tax

Finance income

EBIT

Interest paid Interest received Income tax paid

Depreciation, amortization, impairment, and reversal of impairment losses Income from equity-accounted investees and other investments, including impairment and reversal of impairment losses

Gains/losses from the disposal of assets, companies, and business operations Changes in

Inventories

Trade receivables Trade payables

Employee benefits and other provisions Other assets and liabilities

Cash flow arising from operating activities

Cash flow from the disposal of assets

Capital expenditure on property, plant, and equipment and software Capital expenditure on intangible assets from development projects and miscellaneous

Cash flow from the disposal of companies and business operations Cash flow from the acquisition of companies and business operations

Cash flow arising from investing activities

Cash flow before financing activities (free cash flow)

Changes in debt; derivatives, and interest-bearing financial instruments Financial transactions with the Continental Group

Cash flow arising from financing activities

Change in cash and cash equivalents Cash and cash equivalents as at Jan. 1

Effect of exchange-rate changes on cash and cash equivalents

Cash and cash equivalents as at Jun. 30

January 1 through June 30	Second Quarter
2022	2021	2022	2021
25.4	-31.5	36.7	0.2
21.3	80.7	-11.8	39.2
19.6	-9.4	3.8	-13.8
66.3	39.8	28.7	25.6
-6.6	-29.0	-2.9	-13.1
12.8	8.8	9.7	5.6
-55.2	-73.3	-27.1	-38.9
276.4	304.7	141.5	147.9
-0.8	-0.2	-0.3	-0.2
-7.3	-4.6	-6.3	-4.7
-59.3	-159.5	-21.7	-102.4
-57.8	389.4	63.4	409.1
57.2	-207.2	-35.8	-199.1
-42.3	76.8	-109.2	-44.2
30.0	0.1	65.2	-80.6
213.4	345.8	105.2	105.0
25.5	30.7	17.1	14.1
-164.6	-146.0	-112.5	-101.7
-33.0	-16.7	-15.9	-9.2
8.5	91.0	7.7	57.5
-	-	-	-
-163.6	-41.0	-103.6	-39.3
49.8	304.8	1.6	65.7
125.2	-41.9	-58.8	-5.1
-	443.9	-	632.6
125.2	402.0	-58.8	627.5
175.0	706.8	-57.2	693.2
614.0	255.0	857.4	273.6
21.1	10.0	9.9	5.0
810.1	971.8	810.1	971.8