- WKN: A0TGJ5
- ISIN: DE000A0TGJ55
- Land: Deutschland
Nachricht vom 29.10.2019 | 06:58
VARTA AG: VARTA AG further accelerates high growth momentum in the first nine months of 2019 - guidance for FY 2019 raised once again
DGAP-News: VARTA AG
/ Key word(s): Quarterly / Interim Statement
Ellwangen, October 29, 2019
VARTA AG further accelerates high growth momentum in the first nine months of 2019 - guidance for FY 2019 raised once again
VARTA AG is today announcing its financial figures for the first nine months of 2019. Thanks to a very strong third quarter, the Group has further accelerated its high growth momentum and has again improved its profitability very significantly. Highly dynamic growth of 22.0% to EUR 242.8m was again registered for Group revenue. Adjusted EBITDA again recorded a significantly above-average increase of 66.5% to EUR 63.0m. The Adjusted EBITDA margin improved very sharply by 6.9 percentage points to 25.9%. Group net profit increased by 66.1% to EUR 33.0m.
Herbert Schein, CEO of VARTA AG: "In the first nine months of 2019, we again increased revenue and profits significantly. This success is above all due to our lithium-ion technology - as a leader in innovation and technology, we are benefitting from the strong growth seen in the market segment for premium headsets. To this end, we are investing massively in the expansion of our production capacities and will, as a result, further accelerate growth."
Steffen Munz, CFO, added: "We have again accelerated high growth momentum due to a very strong third quarter and achieved further step-change improvement in profitability. On the back of these impressive first nine months during which we have had an enormous and steadily growing order volume, we have taken the decision to again revise upwards our sales and profit forecast for financial year 2019."
the third quarter of the year, revenue increased by 38.5% year on year. By far the strongest revenue growth is again being recorded for rechargeable lithium-ion batteries for high-tech consumer products, particularly premium true wireless headsets. This is a consequence of continued high customer demand in a market that is growing by more than 30% annually. As leaders in technology and innovation, VARTA AG has carved out unique competitive advantages and is therefore growing significantly faster than the market as a whole. In terms of hearing aid batteries, VARTA's market-leading position in the structurally growing hearing aid market was further expanded. The Group is currently benefiting from the trend towards rechargeable hearing aids and, as a leader in technology, is playing its part in this technological shift. Adjusted EBITDA in the "Microbatteries" segment grew very significantly in the first nine months of the year, rising by 72.0% to EUR 60.7m. As a result, a step-change improvement in the Adjusted EBITDA margin of 8.1PP to 30.1% of revenue was recorded.
Continued high investment expenses from expansion of production capacities for lithium-ion batteries - further expansion to over 150 million cells per year in 2022
In the first nine months of 2019, CAPEX stood at EUR 67.9m. The focus of investment activities remains on the massive expansion of production capacities for rechargeable lithium-ion batteries for high-tech consumer products, particularly premium true wireless headsets.
On account of the continued very high level of customer demand for lithium-ion batteries, particularly with regard to premium true wireless headsets, VARTA AG announced in September its intention to further expand production facilities - from the previous target of 100 million cells per year in 2020 to more than 150 million cells per year by 2022. Work to implement this further capacity expansion will be initiated in the current fiscal year. The capacity expansion requires an additional investment of around
Revenue and Adjusted EBITDA guidance for fiscal year 2019 raised again - higher CAPEX from further production capacity expansion
After the financial results for the first nine months of 2019 exceeded expectations and due to the enormous and steadily growing order backlog, VARTA AG has again raised its revenue and Adjusted EBITDA guidance for fiscal year 2019. The revenue guidance has now been raised from EUR 320m-330m up to EUR 330m-340m. This equates to revenue growth of approximately 21% to 25%. The Adjusted EBITDA guidance has been increased from the previously communicated range of EUR 72m-76m to
The acquisition of VARTA Consumer Batteries has not been factored into either the revenue or Adjusted EBITDA guidance. The closing of the transaction is currently expected on January 02, 2020. On account of the further expansion of production capacities to more than 150 million cells per year by 2022 outlined above, CAPEX is anticipated to range between EUR 95m and EUR 110m for fiscal year 2019 (previously: EUR 75m-90m).
* Changes to the previous year's figures due to conversion to IFRS 15
About VARTA AG
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||898479|
|End of News||DGAP News Service|
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