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Vitesco Technologies Group AG / Key word(s): Miscellaneous/Annual Results Vitesco Technologies Group AG: Impairment reversal in high-voltage applications within Electrification Technology business unit Regensburg, January 10, 2022. Based on the approval of the strategic financial planning in January 2022, Vitesco Technologies sees the need of an impairment reversal in its high-voltage applications within the Electrification Technology business unit. The reversal is the outcome of the annual impairment test according to IAS 36 Impairment of Assets. The impairment reversal potential equals the difference between the value in use and the book value of the high-voltage applications, the reversal is made for the different individual assets and is limited to a maximum of amortized costs at the date of the impairment test result. Following proper examination of the underlying assumptions regarding the future development of the high-voltage applications business, the impairment reversal on the previous years' impairments amounts to around 120 million euros based on the higher value in use. The impairment reversal will have a positive effect of around 120 million euros on the reported earnings before interest and taxes (EBIT) of the fourth quarter 2021 and the fiscal year 2021. Information and Explanation of the Issuer to this News: *** This announcement contains certain forward-looking statements that are based on the current assumptions and forecasts of Vitesco Technologies Group AG's management. Various known and unknown risks, uncertainties and other factors could cause Vitesco Technologies' actual results, its financial position, growth or performance to differ materially from the estimates presented herein. Vitesco Technologies Group AG assumes no responsibility whatsoever to update such forward-looking statements or to conform them to future events or developments. Explanations and reconciliations of key financial figures used can be found in the glossary of financial terms of the prospectus of Vitesco Technologies Group AG (available at https://ir.vitesco-technologies.com/websites/vitesco/German/4000/berichte-_-praesentationen.html#prospectus), in particular on pages F-117 ff.
10-Jan-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Vitesco Technologies Group AG |
| Siemensstraße 12 | |
| 93055 Regensburg | |
| Germany | |
| Phone: | +49 941 2031 0 |
| E-mail: | ir@vitesco.com |
| Internet: | www.vitesco-technologies.com |
| ISIN: | DE000VTSC017 |
| WKN: | VTSC01 |
| Indices: | SDAX |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1266656 |
| End of Announcement | DGAP News Service |