Leoni AG (LEOGN), a provider of energy and data management solutions in the automotive market, reported 2019 preliminary sales of 4.8 billion euros, lower than prior year's 5.1 billion euros.
EBIT before exceptional items as well as before VALUE 21 costs to report negative of 66 million euros versus 157 million euros last year.
The preliminary reported Group EBIT for full year was burdened by exceptional items as well as VALUE 21 costs amounting to 318 million euros resulting in reported EBIT to report negative of 384 million euros.
Based on current findings, the Executive Board decided that a provision for expected losses from an onerous contract of around 80 million euros is necessary. The formation of this provision impacted the result for the fourth quarter of 2019, the company stated.
The company also noted that the losses could become cash-effective in the course of 2021 and over a period of several years thereafter. In addition, non-cash write-downs of assets of 20 million euros impacted the divisional result of the Wire & Cable Solutions division.
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