on Vitesco Technologies Group AG (isin : DE000VTSC017)
Vitesco Technologies Adjusts 2024 Guidance Following Settlement with Continental AG
Regensburg, September 26, 2024 – Vitesco Technologies Group AG and Continental AG have reached a settlement on their Group separation agreement. As part of the settlement, Vitesco Technologies will pay 125 million euros to Continental AG. This payment relates to investigations into the manipulation of exhaust values, which have now been discontinued.
The cash outflow will affect Vitesco’s free cash flow for fiscal year 2024. The company now expects free cash flow to be around -525 million euros, down from the previously forecasted -400 million euros. This figure excludes integration costs associated with the Schaeffler AG merger. Other financial key performance indicators for 2024 remain unchanged.
Various risks and uncertainties could still impact Vitesco's actual results. More detailed explanations can be found in the company’s 2023 annual report.
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