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Vitesco Technologies Group
Vitesco Technologies Group (VTS) investor relations material
Vitesco Technologies Group has been acquired by Schaeffler AG
Vitesco Technologies Group Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary8 Aug, 2024
Executive summary
Sales for H1 2024 slightly exceeded €2 billion in Q2 and €4,016.4 million for H1, down 17% and 15.5% year-over-year respectively, mainly due to divestitures and planned declines in Contract Manufacturing.
Adjusted EBIT margin improved to 4% in Q2, with adjusted EBIT at €82 million, driven by positive mix effects, cost containment, and improved Core ICE results.
Electrification sales showed early recovery, reaching €348 million in Q2 and €1,519.1 million for H1, with order intake over €3 billion, including €1.3 billion from Electrification.
Free cash flow was significantly negative at -€388 million in Q2 and -€478.1 million for H1, mainly due to changes in payment terms, higher investments, and settlements.
Net income improved to €57.0 million from a prior loss, and EBIT rose to €58.4 million, supported by fixed cost savings.
Financial highlights
Organic sales decreased by 11.5% year-over-year, with total sales decline mainly from Non-Core and FX effects.
Core technologies (Electrification and Core ICE) sales reached €1.6 billion, with adjusted EBIT margin at 4.5%.
CapEx rose to 5.9% of sales, driven by Electrification product launches and new contract investments.
Net debt position of €189 million at end of June, with net debt/adjusted EBITDA at 0.2.
Equity ratio remained solid at 39%–39.4%.
Outlook and guidance
Group sales for FY 2024 now forecast at €8.1 billion ±€150 million, reflecting volatile OEM call-offs and weak demand.
Adjusted EBIT margin expected at 4% ±0.2%, mainly due to lower sales and contribution margin.
CapEx ratio projected at 7% of sales for the year, focused on Electrification investments.
Free cash flow for FY 2024 expected around €-400 million, with positive cash flow anticipated in H2.
Electrification expected to reach profitability in Q3, with further improvement in Q4.
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Vitesco Technologies Group
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Frequently asked questions
Vitesco Technologies Group AG specializes in the development and manufacturing of powertrain technologies for sustainable mobility. The company’s portfolio includes components and systems for electric, hybrid, and internal combustion engine vehicles, with a focus on electrification solutions such as power electronics, battery management systems, and e-axles. Vitesco serves global automotive manufacturers, contributing to the transition toward cleaner and more energy-efficient transportation. The company is headquartered in Regensburg, Germany, and its shares are listed on the Frankfurt Stock Exchange.
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