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hGears AG
Earnings Release • Oct 4, 2022
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Ad-hoc | 4 October 2022 21:27
hGears AG adjusts its 2022 guidance
hGears AG / Key word(s): Change in Forecast
hGears AG adjusts its 2022 guidance
04-Oct-2022 / 21:27 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS – a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Schramberg, 4 October 2022 – hGears AG adjusts its 2022 guidance
Based on the most recent information and expectations for the business development for the remainder of the year, the Management Board of hGears AG has adjusted its full-year 2022 guidance.
The main reasons for the guidance adjustment are postponements and cancellations of demanded volumes across different business areas, which in the view of the Management Board is likely to result in lower-than-expected revenues in 2022. These expected lower revenues will have a direct impact on operational leverage, and combined with an increase of costs, due to inflationary pressures (for certain non-transferrable expenses, e.g. tools, supplies, trade goods, outsourced manufacturing) and the higher energy costs that are partially not covered by pass-through clauses, negatively affect the company’s adjusted EBITDA.
After evaluating the impact of these effects and in the context of the persistently challenging macroeconomic and geopolitical environment, the Management Board of hGears AG is now expecting the Group to achieve revenue of EUR 134 – 138 million (2021: EUR 134.9 million; previous guidance: high single-digit growth) and an adjusted EBITDA of EUR 14 – 17 million (2021: EUR 22.9 million; previous guidance: previous year’s level) for the fiscal year 2022. At the same time, the Management Board expects a free cash flow in the negative high-single digits (previous: negative mid-single digits).
In a persistently challenging and unprecedented environment, hGears AG will continue to drive operational excellence at its plants and operations to achieve efficiency gains while further optimizing its cost structures. The Group remains in a position to react quickly to customer demand and is continuing to ramp up new customer projects. The Company’s mid-term target of EUR 250 million in revenues, of which the e-Mobility business will generate EUR 150 million, remains unchanged.
Christian Weiz
Head of Investor Relations
hGears AG
Brambach 38
78713 Schramberg
T +49 (7422) 566 222
M +49 (1525) 4580505
04-Oct-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: | hGears AG |
| Brambach 38 | |
| 78713 Schramberg | |
| Germany | |
| Phone: | +49 (7422) 566 0 |
| Fax: | +49 (7422) 566 883 |
| E-mail: | [email protected] |
| Internet: | https://hgears.com |
| ISIN: | DE000A3CMGN3 |
| WKN: | A3CMGN |
| Listed: | Regulated Market in Frankfurt (Prime Standard) |
| EQS News ID: | 1456821 |
| End of Announcement | EQS News Service |