Publication of Insider Information according to [Art. 17 MAR]
Revision of earnings forecast 2019
Bergisch Gladbach, 14 October 2019 – Further unexpected burdens in the Automotive Technology segment require that INDUS Holding AG has to revise the earnings forecast published on 8 August 2019. The following factors lead to this assessment:
– Turnovers in the Automotive Technology segment widely drop by around 20 percent as compared to last year starting in August 2019.
– Restructuring costs in the Automotive Technology Segment will significantly increase until the end of the year.
– The insolvency of a Northern Irish customer and the market exit of a Turkish customer in the area of air conditioning systems for buses lead to one-off charges in the Automotive Technology segment.
Based on the assumption that the unexpected significant drop of turnover in the Automotive Technology segment will continue until the end of the year, INDUS now expects an operating result (EBIT) in the range from EUR 129 to 135 million for the full year 2019 instead of EUR 152 to 158 million as previously predicted. This takes into account the contribution to earnings from the sale of a minority interest amounting to EUR 16.5 million (as reported in Ad-hoc release from 23 July 2019) that has been realized by now.
The breakdown of EBIT is shown on page 12 of the H1 2019 Interim Report of INDUS Holding AG.