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The Vitesco Technologies Group became part of the Schaeffler Group as of October 1, 2024, due to the merger of Vitesco Technologies Group AG into Schaeffler AG.
Please note: Legal or actual changes since October 1, 2024, are therefore no longer reflected in the content of the website.
As the website is no longer updated, we assume no liability for the content of this website, or the linked websites contained therein. The operators of the linked sites are solely responsible for their content.
Irrespective of this, you can still find the current BPCoC and the General Terms and Conditions of Purchase at Vitesco Technologies - Suppliers (vitesco-technologies.com)
Under the following link you will find the current Schaeffler website:
Regensburg, August 8, 2024. Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, published its results for the second quarter and first half of 2024 today.
The current decrease in call-offs from vehicle manufacturers and the planned ramp down of non-core business meant that Vitesco Technologies generated consolidated sales of €2.02 billion in the second quarter of 2024 (Q2 2023: €2.44 billion). This included sales in electrification products of €347.8 million (Q2 2023: €354.3 million). Adjusted for changes in the scope of consolidation and exchange-rate effects, consolidated sales were thus down by 11.5 percent.
Strict cost discipline in a volatile environment enabled growth in adjusted EBIT to €81.7 million (Q2 2023: €66.6 million). This equates to an adjusted EBIT margin of 4.0 percent (Q2 2023: 2.9 percent).
Compared to the first six months of the previous year, the Group’s sales decreased to €4.02 billion (H1 2023: €4.76 billion). Adjusted for changes in the scope of consolidation and exchange-rate effects, the decline amounted to 9.5 percent. The expected reduction in contract manufacturing for Continental and the divestures of business segments particularly impacted sales. Vitesco Technologies’ adjusted EBIT improved to €114.7 million (H1 2023: €97.4 million), which corresponds to an adjusted EBIT margin of 2.9 percent (H1 2023: 2.1 percent).
Free cash flow declined to -€387.5 million in the second quarter (Q2 2023: -€20.6 million) due mainly to planned negative non-recurring items in connection with contract manufacturing for Continental. For the first half of 2024, free cash flow came in at -€478.1 million (H1 2023: -€61.7 million). Capital expenditure1 on property, plant, and equipment and software amounted to €120.4 million (Q2 2023: €92.8 million). The capex ratio was therefore at 5.9 percent (Q2 2023: 3.8 percent). Vitesco Technologies showed a solid balance sheet as of June 30, 2024, with an equity ratio of 39.4 percent (June 30, 2023: 38.9 percent).
In the second quarter of 2024, Vitesco Technologies’ order intake came in at around €3.2 billion, with electrification components accounting for €1.3 billion.
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Vitesco Technologies also increased its activities in the growth market of China and further expanded its market presence with the recent launch of battery management production.
The Powertrain Solutions division generated sales of €1.25 billion in the second quarter of 2024 (Q2 2023: €1.63 billion), which equates to organic growth of -16.3 percent. The planned phase-out of contract manufacturing for Continental and the divestures of business segments contributed to the decrease in sales. In the same period, adjusted EBIT increased to €118.1 million (Q2 2023: €100.7 million). The division’s adjusted EBIT margin therefore stood at 9.4 percent (Q2 2023: 6.6 percent), with the core business contributing an adjusted EBIT margin of 13.0 percent.
Electrification sales declined slightly year on year because deliveries of battery-powered electric vehicles are fairly stagnant in the European market. Sales generated by the Electrification Solutions division amounted to €786.9 million in the second quarter of 2024 (Q2 2023: €825.2 million). This equates to negative organic growth of 2.7 percent. The division’s adjusted EBIT stood at -€30.9 million (Q2 2023: -€31.0 million), with an adjusted EBIT margin of -3.9 percent (Q2 2023: -3.8 percent).
A further year on year decline in global vehicle production is expected in the second half of 2024. Vitesco Technologies therefore continues to anticipate a challenging market environment for 2024. The company forecasts sales of €8.1 billion in fiscal year 2024 (+/‑€150 million). Vitesco Technologies is also predicting an adjusted EBIT margin for 2024 of around 4.0 percent (+/-0.2 percent) and free cash flow for 2024 of approximately -€400 million (excluding integration costs in connection with the merger with Schaeffler AG).
1 Excluding right-of-use assets under IFRS 16.
