Vitesco Technologies publishes prospectus, stock exchange listing planned for September 16
Vitesco Technologies, leading international developer and manufacturer of powertrain technologies for sustainable mobility, published its prospectus which was approved by the German Federal Financial Supervisory Authority. The company, Continental AG’s former Powertrain business area, plans a listing on the Frankfurt Stock Exchange on September 16, 2021.
“Very early on in our planning we set our strategy decisively toward e-mobility and initiated the crucial first steps for getting there. From September 16 onwards, we will be an independent company, enabling us to benefit even more from the opportunities offered by the fast-growing e-mobility market,” said Andreas Wolf, CEO Vitesco Technologies.
The first half of 2021 has reinforced the positive upward trend despite difficult market conditions. Globally, around 500,000 vehicles were electrified by Vitesco Technologies in the first half of 2021. “This is an enormous increase. In comparison, we were able to equip more than two million vehicles with the electrification solutions of our business unit Electrification Technology since 2006,” Wolf continued.
In total, Vitesco Technologies generated sales of €4.4 billion in the first six months (HY1 2020: €3.4 billion, +29 percent). Adjusted EBIT increased year-on-year to €84.2 million (HY1 2020: -€218.1 million), and the adjusted EBIT margin therefore increased to +1.9 percent (HY1 2020: -6.4 percent). Adjusted EBIT increased mainly due to higher production volumes and strict fixed cost discipline, despite additional headwinds due to material shortages.
The volume of new orders booked in the first half of 2021 was €3.8 billion, of which nearly half, approximately €1.8 billion, was for electrification products across all business units. “Margin recovery, consistent cost management, continued disciplined capital expenditure, a positive working capital and special effects relating to the Spin-off contributed to strong cash generation overall in the first six months 2021. While the figures are very encouraging, we may continue to face challenges in the coming months due to global material shortages,” said Werner Volz, CFO Vitesco Technologies.