Vitesco Technologies generated sales of around €1.1 billion from electrification components in 2022. The company's electrification technology business unit registered the strongest sales growth of 17.9 percent from €587.1 million in 2021 to €691.9 million in fiscal 2022.
Andreas Wolf, CEO, Vitesco Technologies, said, “We look back on a successful year, despite the historic challenges such as Russia’s war of aggression in Ukraine and ongoing disruption to supply chains.”
In 2022, Vitesco increased its sales to €9.07 billion (2021: €8.35 billion; market consensus: €9.08 billion) while its guidance ranged between €9 billion and €9.2 billion. Adjusted for changes in the scope of consolidation and exchange rate effects, sales rose by 4%. Vitesco's core business achieved an organic growth of 9.2%, compared with an overall market growth of 6.2%.
In 2022, the company received new orders of around €14 billion (2021: €11.2 billion) of which roughly €10.4 billion was from components for electrified vehicles (2021: €5.1 billion). Wolf added, “This means around 75 percent of our orders were related to e-mobility. That is a record for the company.'
The company's adjusted EBIT rose to €222.9 million (2021: €148.5 million; market consensus: €213 million) while the margin was 2.5% (2021: 1.8% was at the upper end of its forecast range of 2.3% to 2.5% and exceeded expectations (market consensus: 2.3%).
Werner Volz, Chief Financial Officer, Vitesco Technologies, added, “Despite the headwinds, we were able to fully meet our forecast for 2022 in all key financial indicators, and even exceed it in some areas. This gives us a further boost in our transformation toward e-mobility.”
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