Eberspaecher Group said the 2021 fiscal year was “a year of transformation that also saw severe impacts to supply chains”.
Net revenue was down 1.2% year on year to EUR2.3 billion and consolidated net income EUR21.0m (EUR42.9m loss a year ago).
The supplier aims to generate 47% of its net revenue “independently of the passenger car combustion engine” in 2025. It also aims to achieve CO2-neutral production by 2030.
In 2021, all three divisions of the group felt the consequences of the global shortage of semiconductors and commodities. Though net revenue was down, consolidated revenue of around EUR 6 billion was up significantly from EUR4.9 billion in fiscal 2020. The steep rise was due to higher prices for precious metals used in catalysts.
The group was targeted by hackers last October, “the consequences of which are still being felt”.
Despite difficult circumstances, EBIT rose to EUR52.8 million from EUR33.5 million. Around 84% of revenues were generated outside Germany.
Globally, the company employed an average of 10,600 employees at 80 sites.
Managing partner Martin Peters said: “In 2021 outside influences and difficult structural conditions prevented the realisation of higher net revenues.”
Purem by Eberspaecher
Since May 2021, the Exhaust Technology Division has been operating under the Purem by Eberspaecher brand. It generated gross revenue of around EUR 5.3 billion (EUR 4.4 billion) but this large increase gives a distorted picture, as it is largely driven by rising raw commodity prices for monoliths used in exhaust systems.
Net revenue adjusted for this effect amounted to EUR1.6 billion, a fall of 6.3% year on year. The fiscal year was marked by sharp fluctuations in customer call-offs – a consequence of the ongoing global supply bottlenecks for various components in the automotive sector. While revenues in Asia fell significantly, in Europe and the Americas they matched the previous year’s level.
Outlook
“Business performance in 2022 continues to be affected by the ongoing Covid pandemic, semiconductor shortages and supply chain bottlenecks, as well as geopolitical uncertainties,” the supplier said.