Leoni outperforms expectations in the 1st half of 2017
Operational improvements in the Wiring Systems Division as well as the sale of the Wire & Cable Solutions Division’s electrical appliance assemblies business completed in the second quarter of 2017 drive a stronger increase in profit than anticipated at the beginning of the year. Deconsolidation of this business provides income of about EUR 25 million. After six months, consolidated Group earnings before interest and taxes (EBIT) more than doubled year on year to approx. EUR 137 million (first half of 2016: EUR 62 million).
Given its better earnings performance in the first half, Leoni AG’s Board of Directors has decided today to raise its EBIT forecast for the whole of 2017 from previously EUR 180-200 million to now EUR 190-210 million.
A comprehensive report on the results of the second quarter of 2017 will be provided with release of the interim report on 9 August 2017.
This announcement contains certain forward-looking statements that are based on the current assumptions and forecasts of Leoni AG’s management. Various known and unknown risks, uncertainties and other factors could cause Leoni’s actual results, its financial position, growth or performance to differ materially from the estimates presented herein. Leoni assumes no responsibility whatsoever to update such forward-looking statements or to conform them to future events or developments. Explanations of and reconciliations with key financial figures used can be found in the Annual Report 2016 of Leoni AG (accessible at https://www.leoni.com/fileadmin/corporate/publications/reports/ 2016/annual_report_2016.pdf), particularly on pages 155 and 252.