Leoni FY22 Preliminary EBIT Before Exceptional Items Drops

(RTTNews) - Leoni AG (LEOGN), a German cable and harnessing maker, reported that its preliminary EBIT before exceptional items for fiscal year 2022 dropped to about 11 million euros from last year's 130 million euros.

It is likely that the company's refinancing will trigger the need for significant impairments. The exact amount cannot be quantified at present; it cannot be ruled out that the impairments will amount to a low to mid three-digit million euro figure. The impairments weigh on reported EBIT for the 2022 financial year, Leoni said.

Annual sales declined to about 5.1 billion euros from 5.12 billion euros in the prior year.

Looking ahead for the financial year 2023, Leoni anticipates sales of about 5.5 billion euros, EBIT before exceptional items, reaching a high double-digit million euro amount and neutral free cash flow.

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