Ad hoc disclosure
(pursuant to article 17 of Regulation (EU) No. 596/2014, published on November 23, 2020 at 6.49 p.m.)
DEUTZ postpones its medium-term targets from 2022 to 2023/2024
DEUTZ AG has today adjusted its existing outlook for 2022. The Company was previously aiming for an increase in revenue to €2 billion, along with an EBIT margin before exceptional items of 7 to 8 percent for 2022. At the present time, DEUTZ believes that these targets will not be reached until 2023/2024. In particular, this is due to the macroeconomic impact of the coronavirus crisis, which has caused DEUTZ's engine business to contract sharply this year. Over the months ahead, customers are expected to remain reluctant to invest and demand will therefore recover more slowly than originally anticipated.
Looking ahead to the 2021 financial year, it is still very difficult to make predictions about business due to the ongoing uncertainty about how the coronavirus crisis will continue to unfold. However, the main key figures are expected to improve significantly year on year. DEUTZ is aiming to lower its break-even point to around 130,000 engines in 2021 as a result of initiatives such as the cost-cutting measures put in place as part of the global efficiency program. This should allow the Company, at the very least, to break even in terms of operating profit (EBIT before exceptional items) next year.
Firmer guidance for 2021 will be provided when the full-year results for 2020 are published on March 18, 2021.
Contact
DEUTZ AG / Leslie Isabelle Iltgen / Senior Vice President Communications & Investor Relations Tel: +49 (0)221 822 3600 / Email: Leslie.Iltgen@deutz.com
Further information is available at www.deutz.com.
DEUTZ AG · www.deutz.com | Vorsitzender des Aufsichtsrates / Chairman of the Supervisory Board: Dr.-Ing. Bernd Bohr |
Sitz und Registergericht / Domicile and Register Court: Köln / Cologne | Vorstand / Board of Management: |
Nr. des Handelsregisters / Commercial Register No.: 42 HRB 281 | Dr.-Ing. Frank Hiller (Vorsitz / Chairman), |
Dr. Andreas Strecker, Michael Wellenzohn | |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Deutz AG published this content on 23 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2020 18:28:03 UTC