Reversal of depreciation in high voltage applications within the Electrification Technology business unit

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Vitesco Technologies Group AG / Keyword (s): Miscellaneous / Annual results
Vitesco Technologies Group AG: Reversal of depreciation in high voltage applications within the Electrification Technology business unit

10-Jan-2022 / 10:51 CET / CEST
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Vitesco Technologies Group AG: Reversal of depreciation in high voltage applications within the Electrification Technology business unit

Regensburg, January 10, 2022. Based on the approval of strategic financial planning in January 2022, Vitesco Technologies sees the need for a reversal of depreciation in its high voltage applications within the Electrification Technology business unit. The reversal is the result of the annual impairment test in accordance with IAS 36 Impairment of assets.

The potential for reversal of depreciation is equal to the difference between the value in use and the book value of high voltage applications, the reversal is carried out for the various individual assets and is limited to a maximum of amortized costs at the date of the result of the impairment test.

After a good examination of the underlying assumptions concerning the future development of the high voltage applications activity, the reversal of depreciation on the depreciations of the previous years amounts to approximately 120 million euros on the basis of the value in use. higher.

The reversal of impairment will have a positive effect of approximately € 120 million on the published earnings before interest and taxes (EBIT) for the fourth quarter of 2021 and fiscal year 2021.

Information and explanation from the issuer to this news:

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This announcement contains certain forward-looking statements based on current assumptions and forecasts made by the management of Vitesco Technologies Group AG. Various risks, uncertainties and other known and unknown factors could cause Vitesco Technologies’ actual results, financial condition, growth or performance to differ materially from the estimates presented here. Vitesco Technologies Group AG assumes no responsibility to update these forward-looking statements or to conform them to future events or developments. Explanations and reconciliations of the key financial figures used can be found in the glossary of financial terms in 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 and following.

10-Jan-2022 CET / CEST DGAP’s distribution services include regulatory announcements, financial / corporate news and press releases.
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