LEONI AG (FRA:LEO) Leoni: Preliminary figures for the 2019 financial year: Leoni burdened by exceptional items in the fourth quarter - full year sales and EBIT before exceptional items as well as before VALUE 21 costs in line with forecast, free cashflow noticea
Transparency directive : regulatory news
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DGAP-Ad-hoc: Leoni AG / Key word(s): Miscellaneous Preliminary figures for the 2019 financial year: Leoni burdened by exceptional items in the fourth quarter - full year sales and EBIT before exceptional items as well as before VALUE 21 costs in line with forecast, free cash flow noticeably better Nuremberg, 24 February 2020 - Based on preliminary figures for the 2019 financial year, Leoni AG, Nuremberg (ISIN DE 0005408884 / WKN 540888) generated sales of EUR 4.8 billion (forecast: sales moderately below previous year's level; 2018: EUR 5.1 billion), EBIT before exceptional items as well as before VALUE 21 costs of EUR -66 million (forecast: up to a negative mid double-digit million-euro figure; 2018: EUR 157 million) and free cash flow of EUR -308 million (forecast: in the range of plus or minus a low double-digit million euros compared to the level reported in the first half of 2019 of EUR -385 million; 2018: EUR -140 million, adjusted). Based on current findings, the Executive Board today decided that a provision for expected losses from an onerous contract of around EUR 80 million is necessary. This is a result of changed conditions related to a major project in the Wiring Systems division with an order period end of 2016. The formation of this provision impacted the result for the fourth quarter of 2019. Losses could become cash-effective in the course of 2021 and over a period of several years thereafter. In addition, non-cash write-downs of assets of EUR 20 million impacted the divisional result of the Wire & Cable Solutions division. The preliminary reported Group earnings before interest and taxes (EBIT) for the full year was burdened by exceptional items as well as VALUE 21 costs amounting to a total of EUR 318 million (Q3/2019: EUR 173 million) resulting in reported EBIT of EUR -384 million (financial year 2018: EUR 144 million). Available liquidity at the end of 2019 amounted to EUR 624 million (as per end of Q3 2019: EUR 583 million; 2018: EUR 1,001 million). *** Explanations of and reconciliations with key financial figures used can be found in the Annual Report 2018 of Leoni AG (accessible at https://www.leoni.com/fileadmin/corporate/publications/reports/2018/annual_report_2018.pdf), particularly on pages 133, 159, 169f., 244.
25-Feb-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| 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: | 982119 |
| End of Announcement | DGAP News Service |
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982119 25-Feb-2020 CET/CEST