hGears AG
ISIN: DE000A3CMGN3
WKN: A3CMGN
07 November 2024 07:30AM

EQS-News: hGears AG Group: Destocking and the automotive crisis result in a decline in sales and earnings - structural and cost-cutting measures take effect

hGears AG · ISIN: DE000A3CMGN3 · EQS - Company News
Land: Deutschland · Primärmarkt: Deutschland · EQS News ID: 2024095

EQS-News: hGears AG / Key word(s): 9 Month figures
hGears AG Group: Destocking and the automotive crisis result in a decline in sales and earnings - structural and cost-cutting measures take effect

07.11.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.


hGears AG Group: Destocking and the automotive crisis result in a decline in sales and earnings - structural and cost-cutting measures take effect

FIRST-HALF 2024 HIGHLIGHTS

  • Group sales of EUR 72.6 million 13.6 % lower than in the previous year
  • Sales of e-Tools down, but further stabilisation in sequential quarterly comparison; e-Bike and [e]-Mobility with sales declines
  • Adjusted gross profit at EUR 33.7 million due to lack of volume and resulting inefficiencies, margin at half-year level of 46.5 %
  • The adjusted EBITDA reached EUR 0.4 million, adjusted EBITDA margin 0.6 %
  • Stable balance sheet and solid financing, cash and cash equivalents EUR 19.2 million

 

Schramberg, 7 November 2024 – In the first nine months of 2024, hGears AG generated consolidated revenue of EUR 72.6 million and adjusted EBITDA of EUR 0.4 million. The revenues of e-Tools developed positively in a quarter-on-quarter comparison, but also declined in the nine-month period. Meanwhile, revenue development in [e]-Mobility and especially in e-Bike was weaker on both a quarterly and annualised basis.

hGears is facing a weak business environment, marked by ongoing economic imponderabilities, resulting in poor consumer sentiment. The e-Tools business area’s sales performance declined by 8.8 % year-on-year to EUR 24.0 million in the first nine months of 2024, but recorded its third consecutive sequential increase in the third quarter of 2024. The crisis in the automotive industry was reflected in the [e]-Mobility business area with a decline in sales of 9.4% to EUR 33.8 million. This means that the business area is once again comparatively resilient due to its focus on premium and luxury vehicles. The e-Bike business area recorded a year-on-year sales decline of 28.0% to EUR 14.3 million, as destocking across all sales channels in the bicycle industry continues to progress much more slowly than expected.

Adjusted gross profit totalled EUR 33.7 million in the first nine months of 2024, which corresponds to an adjusted gross margin of 46.5 % and is thereby only slightly below the level of the first half of 2024. This is due to inefficiencies related to start-stop costs and an unfavourable product mix. The resulting year-on-year decline in adjusted gross profit of EUR 9.0 million was largely offset thanks to cost optimisations and ongoing savings programmes, meaning that the decline in adjusted EBITDA was only EUR 3.6 million. The company thus achieved an adjusted EBITDA of EUR 0.4 million, resulting in an adjusted EBITDA margin of 0.6 %. hGears' balance sheet is solid with an equity ratio of 52.5 %, cash and cash equivalents of EUR 19.2 million and net debt of EUR 7.7 million.

Sven Arend, CEO of hGears:

"Contrary to our expectations, economic development at Group level did not stabilise in the third quarter, which is reflected in a further decline in sales and earnings in the reporting period. Due to the economic and political situation, we do not expect a positive turnaround in demand in the short term, particularly in the [e]-Mobility business area. Meanwhile, the destocking in the e-Bike segment is continuing. We are responding to the current challenges with personnel adjustments and more stringent cost-cutting measures. At the same time, however, we remain well prepared - also thanks to a solid balance sheet - to benefit from a resurgence in the end markets as soon as the key megatrends of sustainable mobility and electrification recover.”

 

OVERVIEW OF 9M 2024 FIGURES

Group figures (in EUR million) 9M 2024 9M 2023
Revenues 72.6 84.1 -13.6 %
Adj. Gross profit 33.7 42.7 - 21.0 %
Adj. Gross profit margin 46.5 % 50.8 % - 430 bps
Adj. EBITDA 0.4 4.0 - 89.4 %
Adj. EBITDA margin 0.6 % 4.8 % - 420 bps
       
Revenues by Business Area (in EUR million) 9M 2024 9M 2023
e-Bike 14.3 19.9 - 28.0 %
[e]-Mobility 33.8 37.3 - 9.4 %
e-Tools 24.0 26.3 - 8.8 %

Note: Numbers may be subject to rounding


OUTLOOK

In light of the uncertainties and challenges in the global markets, accompanied by persistently high inventory levels and shifts in demand trends, the Management Board of hGears expects for the fiscal year 2024:

• Group revenue of EUR 90 - 95 million

• Adjusted EBITDA of minus EUR 1 – plus EUR 1 million

• Negative free cash flow of EUR 2 - 5 million

In addition, the Management Board of hGears is reviewing its medium-term targets due to the economic and political uncertainties.

 

 

Contact

 

hGears AG

Christian Weiz

Brambach 38

78713 Schramberg

 

T: +49 (7422) 566 222

E: christian.weiz@hgears.com

 

 

About hGears

hGears is a global manufacturer of mission-critical high-precision gears and components with a focus on products for e-mobility applications. The Company’s strategic focus is on the e-Mobility business area, where products include gears, shafts, and other mission-critical components to be used in electrical drive applications for e-bikes and electric and hybrid vehicles. In the e-bikes segment, hGears is the European market leader in the supply of high-precision gears and components. This puts the Company in a good position to capitalize on the growing end-markets for e-bikes and electric and hybrid vehicles. hGears has three distinct business areas for which it develops and manufactures high-precision components: e-Bike, [e]-Mobility (i.e. for premium and luxury cars, EHVs and powersports vehicles) and e-Tools.

hGears combines over 65 years of experience in advanced machined steel metal processing and state-of-the-art powder metal production. It is one of the few companies offering customers both processes worldwide. hGears works together with its customers in a “co-development” role to design components and find technologically optimal solutions to satisfy the customer’s specifications. hGears’ blue-chip customer base includes several major suppliers (Tier 1) as well as original equipment manufacturers (OEMs). The Company benefits from long, stable and sustainable relationships with its customers and has worked with many key customers for over 15 years.

hGears is headquartered in Schramberg (Germany) and operates globally with production facilities in Schramberg (Germany), Padua (Italy) and Suzhou (China). Find us on the web: www.hgears.com

 



07.11.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: hGears AG
Brambach 38
78713 Schramberg
Germany
Phone: +49 (7422) 566 0
Fax: +49 (7422) 566 883
E-mail: info@hgears.com
Internet: https://hgears.com
ISIN: DE000A3CMGN3
WKN: A3CMGN
Listed: Regulated Market in Frankfurt (Prime Standard)
EQS News ID: 2024095

 
End of News EQS News Service

2024095  07.11.2024 CET/CEST

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Die wichtigsten Finanzdaten auf einen Blick
  2018 2019 2020 2021 2022 2023 2024e
Umsatzerlöse1 126,21 121,84 126,26 134,91 135,33 112,48 92,00
EBITDA1,2 8,78 10,77 19,34 19,08 11,99 2,32 -1,30
EBITDA-Marge3 6,96 8,84 15,32 14,14 8,86 2,06 -1,41
EBIT1,4 1,37 0,47 8,79 8,45 0,72 -10,79 -13,00
EBIT-Marge5 1,09 0,39 6,96 6,26 0,53 -9,59 -14,13
Jahresüberschuss1 -2,09 -4,74 6,71 2,35 -0,84 -13,79 -15,00
Netto-Marge6 -1,66 -3,89 5,31 1,74 -0,62 -12,26 -16,30
Cashflow1,7 2,24 12,52 17,27 10,15 7,42 4,11 0,00
Ergebnis je Aktie8 -0,20 -0,46 0,65 0,33 -0,08 -1,33 -1,45
Dividende8 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben
Legende

1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

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INVESTOR-INFORMATIONEN
©boersengefluester.de
hGears
WKN ISIN Rechtsform Börsenwert IPO Einschätzung Plus Code
A3CMGN DE000A3CMGN3 AG 17,21 Mio € 21.05.2021 Halten 8FWC6CVP+P2
* * *
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV KBV KCV KUV
12,73 0,00 0,00 -16,39 0,23 4,19 0,15
Dividenden
Dividende '2022
in €
Dividende '2023
in €
Dividende '2024e
in €
Div.-Rendite '2024e
in %
0,00 0,00 0,00 0,00%
Finanztermine
Hauptversammlung Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
11.06.2025 13.05.2025 13.08.2025 07.11.2024 26.03.2025
Performance-Angaben
Abstand 60-Tage-Linie Abstand 200-Tage-Linie Performance YtD Kursveränderung 52 Wochen IPO
Akt. Kurs (EoD)
-3,22%
1,66 €
ATH 27,60 €
-17,91% -30,35% -53,38% -51,04% -93,63%

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