EDAG Engineering Group AG:
Significant increase in revenue and earnings in 2021 - outlook for 2022 confirmed
 

- Revenue up by 5.7%

- adjusted EBIT increases to EUR 30.6 million

- International share of revenue rises to about 44%

- Dividend of EUR 0.20 per share proposed

- Continued growth for 2022 projected
 

Arbon, 31 March 2022 EDAG, leading independent engineering services provider to the global mobility industry, has published its figures for the fiscal year 2021, today. Following the pandemic-related decline in 2020, revenue and earnings recovered significantly in fiscal 2021.

At EUR 687.6 million, Group revenues were 5.7 percent above the previous year's level of EUR 650.3 million. All three segments contributed to the growth in revenue. The strongest growth dynamic was recorded in the Electrics/Electronics segment with an increase of 11.9%, followed by Vehicle Engineering with 5.4% and Production Solutions with 0.4%. The successful internationalization strategy made a significant contribution to the positive revenue development - the international share of revenue rose to around 44% (previous year: 39.2%).

The adjusted Group EBIT increased significantly to EUR 30.6 million (previous year: EUR -4.7 million). This corresponds to an adjusted EBIT margin of 4.5 percent (previous year: -0.7 percent). Earnings after taxes in fiscal 2021 were up to EUR 11.4 million accordingly (previous year: EUR -23.4 million).

Free cash flow was at EUR 5.2 million for the full year (previous year: EUR 134.6 million). Net financial debt (w/o leasing) developed very solid to a positive figure of EUR 12.0 million at the end of the year (previous year: EUR +33.1 million). Order intake increased by EUR 11.9 million year-on-year to EUR 701.7 million. As of December 31, 2021, the company had 7,880 employees worldwide (previous year: 7,984 employees).

"The development in fiscal 2021 has clearly shown that the measures we took in 2020 to improve performance have been effective across the board", explains Cosimo De Carlo, CEO of the EDAG Group. "We have launched strategic initiatives at different levels for 2022. We want to further increase our efficiency in service delivery and drive forward the expansion of our competencies in the areas of software and digitization. In addition, we will increasingly support our customers in their transformation to sustainable business and expand our portfolio of services to this end. Overall, we look forward to the coming quarters with confidence."

For fiscal year 2022, EDAG expects accelerated growth momentum and a positive development in key performance indicators. This estimation depends largely on the war in Ukraine and possible further geopolitical disputes, as well as ongoing disruptions in global supply chains and further pandemic developments.

Revenue is expected to grow by around 6 percent to 9 percent.
The adjusted EBIT margin is expected in a range of around 6 percent to 8 percent.
The investment rate is expected in a range of around 4 percent to 5 percent.

Against the background of the business development in 2021 and the positive outlook for 2022, the Board of Directors will propose to the Annual General Meeting on June 23, 2022, to distribute a dividend of EUR 0.20 per share for 2021.
 

Selected key financial figures

About EDAG

The EDAG Group is the world's largest independent engineering service provider to the global mobility industry. We regard mobility as a fully integrated ecosystem, and offer our customers technological solutions for more sustainable, emission-free and intelligently networked mobility. With a global network of some 60 branches, EDAG provides engineering services in the Vehicle Engineering, Electrics/Electronics and Production Solutions segments.

With our interdisciplinary expertise in the fields of software and digitalization, we possess the key skills to help actively shape the dynamic transformation process the mobility industry is currently undergoing. Digital features, autonomous driving, artificial intelligence, alternative powertrains, new mobility concepts and the vision of a networked smart city have become an integral part of our portfolio. Embedded in EDAG's own 360 degree approach to the development of complete vehicles and production facilities, we are a competent partner for sustainable mobility projects. It is in the DNA of the company to actively shape the future of mobility and transfer new technologies and concepts into series production. Today, EDAG is one of the TOP 20 IT service providers in the German mobility sector.

Our customers include leading international OEMs, tier 1 suppliers and startup companies from the automotive and non-automotive industries, all of whom we serve globally with our workforce of approximately 8,000 experts in 360-degree engineering.

In 2021, the company generated sales of € 688 million. On December 31, 2021, EDAG employed a global workforce of 7,880 (including apprentices).

Contacts:

Public Relations
Felix Schuster
Head of Marketing & Communications
Mobile: +49 (0) 173 - 7345473
Mail: [email protected]
www.edag.com
 

Investor Relations
Sebastian Lehmann
Head of Investor Relations
Phone: +49 (0) 611- 7375 168
Mobile: +49 (0) 175- 8020 226
Mail: [email protected]
www.edag.com
 

Forward-looking statements

This release contains forward-looking statements. These statements are based on current estimates and projections of EDAG Executive Board and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not be accurate. Many factors could cause the actual results, performance or achievements of EDAG to be materially different from those that may be expressed or implied by such statements. EDAG does not assume any obligation to update the forward-looking statements contained in this release.