EDAG Engineering Group AG: Significant increase in revenue and earnings in FY 2022 – dividend proposal considerably increased to EUR 0.55 per share

EDAG Engineering Group AG:

Significant increase in revenue and earnings in FY 2022 –
dividend proposal considerably increased to EUR 0.55 per share

 

• Revenue up by 15.8%
• Adjusted EBIT up to EUR 50.5 million
• Earnings after tax up to EUR 28.9 million
• Record order intake of EUR 850.2 million
• Further growth for 2023 projected

 

Arbon, 30 March 2023 EDAG, leading independent engineering services provider to the global mobility industry, has published its figures for the fiscal year 2022, today. In a dynamic market environment, the Group continued on its growth course and improved its key performance indicators.

Group revenues were up by 15.8 percent to EUR 796.1 million (previous year: EUR 687.6 million) and thus exceeded the pre-crisis level of 2019 (EUR 781.3 million). This was also the highest revenue figure in the company's history. All three segments contributed to the growth. The strongest growth momentum was recorded in the segment Electrics/Electronics with an increase of 20.0 percent, followed by Production Solutions with 12.9 percent and Vehicle Engineering with 9.3 percent.

The adjusted Group EBIT increased by 65 percent to EUR 50.5 million (previous year: EUR 30.6 million). This corresponds to an adjusted EBIT margin of 6.3 percent (previous year: 4.5 percent). Earnings after tax in fiscal 2022 were up to EUR 28.9 million accordingly (previous year: EUR 11.4 million).

Order intake increased significantly in the reporting period. With a total volume of EUR 850.2 million, this was not only EUR 148.5 million higher than the previous year's figure of EUR 701.7 million, but also marked a new record in the history of the EDAG Group. As of December 31, 2022, the company had 8,412 employees worldwide (previous year: 7,880 employees).

 

„In the financial year 2022, we were able to further strengthen and expand the good position of the EDAG Group both in Germany and in the international markets. Our globally networked competencies in complete vehicle development, software & digitalization and smart factory contributed to this in particular“, explains Cosimo De Carlo, CEO of the EDAG Group. „On the one hand, we see good prospects for our corporate development in 2023, driven in particular by the continued transformation of the mobility industry."

"On the other hand, we are keeping a very watchful eye on the partially overlapping risk factors such as still very high inflation and the weak growth projections for Europe and the USA. Overall, despite all the challenges, we are cautiously optimistic about the coming quarters”, adds Holger Merz, CFO of the EDAG Group.

 

For the 2023 financial year, EDAG expects further growth and a stable earnings development. These estimates are, however, subject to considerable uncertainties, which arise in particular from the war in Ukraine and possible further geopolitical conflicts, energy price and wage cost developments, as well as the availability of sufficient qualified personnel.

Revenue is expected to grow by around 4 percent to 7 percent.

The adjusted EBIT margin is expected in a range of around 4 percent to 7 percent.

 

Against the background of the business development in 2022 and the positive outlook for 2023, the Board of Directors will propose to the Annual General Meeting on June 28, 2023, to distribute a dividend of EUR 0.55 per share for 2022 (previous year: EUR 0.20 per share).

 

Selected key financial figures

 

(m€) FY 2022 FY 2021 Group Revenues 796,1 687,6 Vehicle Engineering 475,7 435,1 Electrics/Electronics 228,3 190,3 Production Solutions 109,9   97,3 Group adjusted EBIT   50,5   30,6 Vehicle Engineering   33,9   23,3 Electrics/Electronics   14,9   10,8 Production Solutions     1,8    -3,5 EAT   28,9   11,4 Trade Working Capital 101,4   29,7 CapEx   30,1   18,7 Free Cash-Flow     4,3     5,2 Net financial debt/assets [-/+]
(w/o leasing)  -15,5   12,0

 

 

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 8,400 experts in 360-degree engineering.

In 2022, the company generated sales of € 796 million. On December 31, 2022, EDAG employed a global workforce of 8,412 (including apprentices).

 

Contacts:

Public Relations

Felix Schuster 
Head of Marketing & Communications   

Mobile:    +49 (0) 173 - 7345473  

Mail:       pr@edag.de 

www.edag.com

 

Investor Relations

Sebastian Lehmann  

Head of Investor Relations   

Phone:  +49 (0) 611- 7375 168  

Mobile:    +49 (0) 175- 8020 226

Mail:        ir@edag-group.ag

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.