HELLA GmbH & Co. KGaA
ISIN: DE000A13SX22
WKN: A13SX2
23 July 2024 07:00AM

EQS-News: FORVIA HELLA publishes half-year results 2024: Slight improvement in sales and earnings in a challenging market environment

HELLA GmbH & Co. KGaA · ISIN: DE000A13SX22 · EQS - Company News
Country: Germany · Primary market: Germany · EQS NID: 1951475

EQS-News: HELLA GmbH & Co. KGaA / Key word(s): Half Year Results/Half Year Report
FORVIA HELLA publishes half-year results 2024: Slight improvement in sales and earnings in a challenging market environment

23.07.2024 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.


LIPPSTADT (GERMANY)

23 July 2024

 
FORVIA HELLA publishes half-year results 2024:
Slight improvement in sales and earnings in a challenging market environment          

  • Currency-adjusted sales increase by 1.6 percent to €4.06 billion; reported growth of 0.9 percent
  • Operating income amounts to €248 million, operating income margin increases slightly to 6.2 percent
  • Net cash flow in relation to sales largely at the previous year's level at 2.1 percent
  • Lighting increases sales due to full consolidation of a joint venture; electronics sales decline due to customer mix and temporary slowdown in electrification in Europe; declining market volumes of key customer groups impact sales of Lifecycle Solutions
  • Further details for competitiveness program for Europe: Around two thirds of the targeted gross savings to be implemented via performance levers
  • Company outlook confirmed and specified within the expected ranges 

HELLA GmbH & Co. KGaA ("FORVIA HELLA") today announced its financial results for the first half of the fiscal year 2024 (1 January to 30 June 2024). Currency-adjusted sales improved by 1.6 percent to €4.06 billion (previous year: €3.99 billion); the reported growth amounted to 0.9 percent. Global vehicle production on the other side stagnated in the first six months of the year; market research institutes had previously forecasted a slight growth for this period.

Operating income amounted to €248 million in the first half of 2024 (previous year: €245 million), while the operating income margin rose slightly to 6.2 percent (previous year: 6.1 percent). At 2.1 percent, net cash flow in relation to sales is slightly below prior year’s level (previous year: 2.2 percent) but has significantly improved compared to the first quarter, as expected.

"We improved slightly in terms of sales and earnings in the first half of the year. Thanks to significant improvements in the second quarter, cash flow in the six-month period is also broadly in line with the previous year's level. In addition, we were once again able to win high-tech, large-volume series projects over the past three months," says Bernard Schäferbarthold, CEO of FORVIA HELLA. "Overall, we achieved very solid results in a challenging industry environment. The automotive market continued to weaken in the second quarter in particular, falling short of the production volumes originally forecasted for this period. With our performance in the first six months of the fiscal year, we have therefore once again proven to be very resilient and adaptable."

Lighting increases sales through full consolidation of the joint venture
Beijing Hella BHAP Automotive Lighting

In the first half of the fiscal year 2024, sales in the Lighting business group increased by 3.0 percent to €2.01 billion (previous year: €1.95 billion). This is primarily due to the full consolidation of the joint venture Beijing Hella BHAP Automotive Lighting since the start of the fiscal year. The lighting business was also supported by moderate growth in the Americas and Europe, including new series launches. Operating income in the Lighting business group rose slightly to €66 million (previous year: €64 million), meaning that the operating income margin remained at the previous year's level of 3.3 percent.

Electronics sales fall due to customer mix and a temporary slowdown in electrification in Europe

In the Electronics business group, sales fell slightly by 1.7 percent to €1.66 billion (previous year: €1.69 billion). The radar business in particular has developed successfully, including new series launches for 77 GHz radar sensors in the American market. However, the business group's performance was impacted primarily by customer and product mix effects in the Chinese market and the temporary slowdown of the electrification in Europe. Operating income improved to €127 million (previous year: €109 million), while the operating income margin rose to 7.6 percent (previous year: 6.5 percent).

 

Declining market volumes of key customer groups impact sales of
Lifecycle Solutions

In the Lifecycle Solutions business group, sales in the first six months of 2024 fell by 2.6 percent to €0.54 billion (previous year: €0.55 billion). The independent aftermarket business has developed positively in key markets in Europe as a result of an expansion of the electrics/electronics portfolio. In contrast to that, significant other customer groups invested noticeably less in new commercial vehicles due to the economic slow-down and the overall higher interest rate level. Operating income in the Lifecycle Solutions business group fell to €63 million in the reporting period (previous year: €74 million), meaning that the operating income margin fell to 11.7 percent (previous year: 13.5 percent).

Further details for competitiveness program for Europe: Realization of around two thirds of the targeted gross savings via performance levers

In view of the increasing cost and competitive pressure, particularly in Europe, FORVIA HELLA announced a comprehensive competitiveness program on 16 February 2024. Around two thirds of the annual gross savings of €400 million targeted by 2028 are to be realized via so-called performance levers. The focus here is on improving product costs, operational improvements as well as shortening development cycles and simplifying processes – for example through the use of artificial intelligence. The remaining third of the targeted total savings is to be achieved through structural levers, primarily by reducing overcapacities and relocating and bundling activities in the global network.

Company outlook confirmed and specified within the expected ranges

"Market conditions will remain challenging. On the one hand, we see that global production volumes will develop worse in the second half of the year than assumed only a few months ago. On the other hand, we expect impacts from our customer mix, particularly in China, as well as slower-than-anticipated series launches for individual customer programs to continue in the second half of the year. In the context of this difficult industry environment, we are confirming our company outlook, but specifying it within the given ranges," says CEO Bernard Schäferbarthold.

 

Accordingly, FORVIA HELLA continues to expect to generate currency and portfolio-adjusted Group sales of between around €8.1 billion and 8.6 billion in 2024. The operating income margin is still forecasted to be between around 6.0 and 7.0 percent. Both adjusted sales and the operating income margin are now expected to be in the lower half of the given forecast range. With regard to the net cash flow in relation to sales, FORVIA HELLA continues to forecast a figure of approximately 3 percent.

Selected key financial figures in € million or as a percentage of reported sales for the first half of the fiscal year (1 January to 30 June in each case):
 

  H1 Fiscal year 2024 H1 Fiscal year 2023 Change
Sales adjusted 4,060 3,995 +1.6%
Sales reported 4,030 3,995 +0.9%
Operating income 248 245 +1.4%
Operating income
in relation to reported sales
6.2% 6.1% +0.1 percentage points
Net cash flow 86 89 -3.7 percent
Net cash flow
in relation to reported sales
2.1% 2.2% -0.1 percentage points

The financial report for the first half of fiscal year 2024 is now available on the
website of HELLA GmbH & Co. KGaA.

Note: You can also find this text and suitable images in our press database at: www.hella.com/press  

 

 

 



23.07.2024 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.
Archive at www.eqs-news.com


Language: English
Company: HELLA GmbH & Co. KGaA
Rixbecker Str. 75
59552 Lippstadt
Germany
Phone: +49 (0)2941 38-7125
Fax: +49 (0)2941 38-6647
E-mail: Investor.Relations@hella.com
Internet: www.hella.de/ir
ISIN: DE000A13SX22, DE000A3E5DP8
WKN: A13SX2, A3E5DP
Indices: MDAX
Listed: Regulated Market in Frankfurt (Prime Standard), Munich, Stuttgart; Regulated Unofficial Market in Berlin, Dusseldorf, Tradegate Exchange; Luxembourg Stock Exchange
EQS News ID: 1951475

 
End of News EQS News Service

1951475  23.07.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=1951475&application_name=news&site_id=boersengefluester~~~ace3d64b-2049-452a-8d18-fbc8044c4b5f

Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.

The most important financial data at a glance
  2018 2019 2020 2021 2022 2023 2024e
Sales1 6.989,98 5.829,42 6.379,73 6.326,12 4.410,04 7.954,14 8.000,00
EBITDA1,2 1.190,78 575,57 894,10 703,24 369,00 1.020,73 1.030,00
EBITDA-Margin3 17,04 9,87 14,02 11,12 8,37 12,83 12,88
EBIT1,4 807,54 -343,01 453,62 278,32 382,75 464,03 470,00
EBIT-Margin5 11,55 -5,88 7,11 4,40 8,68 5,83 5,88
Net Profit (Loss)1 630,41 -431,67 359,95 183,99 352,08 266,32 270,00
Net-Margin6 9,02 -7,41 5,64 2,91 7,98 3,35 3,38
Cashflow1,7 758,96 635,80 703,83 292,47 637,98 825,69 0,00
Earnings per share8 5,67 -3,88 3,22 1,63 3,15 2,38 2,40
Dividend per share8 3,35 0,00 0,96 0,49 2,88 0,71 0,85
Quelle: boersengefluester.de and Company information
Explanation

1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de

Auditor: Forvis Mazars

All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.

INVESTOR-INFORMATION
©boersengefluester.de
Hella
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A13SX2 DE000A13SX22 GmbH & Co. KGaA 9.533,33 Mio € 11.11.2014 Halten 9F3CM9F5+9F
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
28,60 21,94 1,30 35,48 3,39 11,55 1,20
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
2,88 0,71 0,85 0,99%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
26.04.2024 25.04.2024 23.07.2024 17.10.2024 10.03.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+0,00%
85,80 €
ATH 92,70 €
-1,70% -0,30% +4,00% +3,87% +223,77%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2024          
The news manufactory

Good luck with all your investments

Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.

Contact

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2024 by Gereon Kruse #BGFL