Leoni with a muted start to fiscal 2013
Forecast for the year reaffirmed based on provisional first-quarter figures
Consolidated sales for the period from January to March amount to EUR 959.0 million (previous year: EUR 969.1 million) and thus almost match last year's very good level. Good sales to the automotive industry for the Asian and the North American market were a mainstay of the business.
According to provisional calculations, earnings before interest and taxes (EBIT) came to EUR 38.5 million (previous year: EUR 94.2 million). This significant year-on-year decrease is attributable mostly to the fact that a large amount of non-recurring income boosted the result in the first quarter of 2012. Furthermore, this reflected budgeted start-up costs and pre-production spending on numerous new wiring system projects, as well as spending on larger IT projects, during the period under report.
Leoni is confident of better performance in the second half of 2013 than in the first six months. The Company therefore reaffirms its forecast for the year as a whole, targeting sales of approx. EUR 3.7 billion and EBIT of approx. EUR 170 million.