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VARTA AG: New forecast for the 2022 financial year and forecast for the 2023 financial year

VARTA AG / Key word(s): Forecast
VARTA AG: New forecast for the 2022 financial year and forecast for the 2023 financial year

15-Nov-2022 / 12:16 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

VARTA AG, Ellwangen, ISIN: DE000A0TGJ55 

Release of inside information pursuant to Article 17 of Regulation (EU) No 596/2014


New forecast for the 2022 financial year and forecast for the 2023 financial year

Ellwangen, 15th November 2022

VARTA AG: New forecast for the 2022 financial year and forecast for the 2023 financial year

New forecast for the 2022 financial year:

  • Revenue 2022: EUR 805-820 million (2021: EUR 902.9).

  • Adjusted EBITDA 2022: EUR 55-60 million (2021: EUR 282.9 million).

  • CAPEX: EUR 105-115 million (2021: EUR 175 million)

Forecast financial year 2023:

  • Revenue: EUR 850-880 million

  • Adjusted EBITDA: EUR 90-110 EUR million

 

Ellwangen, 15th November 2022 - Due to the difficult-to-estimate effects of further increases in energy costs and raw material prices with limited or delayed opportunities to pass them on to customers, as well as delayed delivery releases and reduced call-offs for two large orders with OEMs, the previous forecast for the current financial year was withdrawn on 23 September 2022. In the meantime, the business figures for the third quarter of 2022 are available and the Executive Board has better visibility regarding the further expected business development, so that a new forecast for the 2022 business year and already a forecast for the 2023 business year could be formulated on this basis.

In the 2022 financial year, the Executive Board of VARTA AG now expects to achieve revenue of between EUR 805 and 820 million (2021: EUR 902.9 million). This corresponds to a decline in revenue of about 10 % compared to the 2021 financial year. The preliminary adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) in the 2022 financial year will amount to EUR 55-60 million (2021: EUR 282.9 million) according to the estimates of the Executive Board and is thus significantly below the previous year's result.

In order to meet the current and future challenges, the Executive Board has developed a comprehensive package of measures to reduce costs, which also includes temporary short-time work at the production site in Nördlingen.

For the financial year 2023, the Executive Board of VARTA AG expects revenue between EUR 850 and 880 million and assumes an adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) in the financial year 2023 of EUR 90-110 million. This forecast is based on the assumption that the challenging economic situation and the existing global crises will continue in 2023, with corresponding negative consequences for costs, supply chains and consumer demand. The forecast ranges take these expected negative developments into account. However, the further course of developments in energy costs, raw material prices and supply chains can currently only be estimated to a very limited extent with regard to 2023.Therefore, the forecast for the 2023 financial year is subject to higher uncertainties than is otherwise the case.
 

15-Nov-2022 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com

Language:

English

Company:

VARTA AG

VARTA-Platz 1

73479 Ellwangen

Germany

Phone:

+49 (0)791-921-0

E-mail:

info@varta-ag.com

Internet:

www.varta-ag.com

ISIN:

DE000A0TGJ55

WKN:

A0TGJ5

Indices:

MDAX, TecDax

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1487987


 

End of Announcement

EQS News Service

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