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Mahle is slowly getting back on track
Automotive supplier Mahle achieved an operational turnaround in 2021. But no forecast is made for 2022.
Mahle is slowly getting back on track
The automotive supplier Mahle was able to increase sales and profitability in 2021 despite difficult conditions, but is preparing for increasing problems for the global automotive industry. First Corona, then a semiconductor shortage, now the war in Ukraine and massively rising costs - the Stuttgart-based company is cautious and is therefore foregoing forecasts for the current year. “While Mahle has taken on a large part of the burden over the past two years, I am convinced that in the current situation, automobile manufacturers and suppliers are called upon to work together as partners to find a fair distribution of burdens from this difficult situation,” said Michael Frick, Deputy Chairman of the Mahle Group Management Board and CFO, at the annual press conference. Mahle is continuing to drive forward its structural and technological transformation with high spending and cost discipline.
After the corona-related dip in 2020, the technology company's sales increased by 11.9 percent to 10.9 billion euros in the 2021 financial year, adjusted for currency effects. Business increased in all regions and business areas. However, the collapse in demand in the second half of the year slowed further growth. The operating result before financial results and taxes (EBIT) was positive again at 169 million euros (previous year -192 million euros).
"This positive development is, on the one hand, due to the increase in sales and lower restructuring costs. On the other hand, our cost and expenditure discipline as well as the restructuring programs had the desired effect," explained Frick when presenting the company figures. The bottom line, of course, was still a deficit of minus 108 million euros - meaning the loss was 75 percent lower than in the previous year.
According to company management, the focus of the business will increasingly shift towards e-mobility in the coming years. In 2030, Mahle plans to increase the proportion of sales that are independent of passenger car combustion engines from over 60 percent to 75 percent. Among other things, a completely new electric motor that does not contain rare earths has met with a positive response from numerous vehicle manufacturers.
The board did not want to give a specific forecast for the 2022 financial year due to high geopolitical risks and increased cost burdens.