(RTTNews) - HELLA GmbH & Co. KGaA (HLKHF) reported that preliminary lower currency and portfolio-adjusted Group sales for the fiscal year 2019/2020 declined to EUR 5.8 billion from EUR 6.8 billion in the prior year. Adjusted EBIT declined to EUR 233 million from EUR 572 million in last year.
The reported EBIT amounts to minus EUR 343 million, due to non-cash impairments totalling to EUR 533 million.
HELLA CEO Rolf Breidenbach, stated, "In an already declining market environment, our business development last year was additionally burdened by the Covid-19 pandemic,"
Looking ahead, for the current fiscal year 2020/2021, HELLA expects currency and portfolio-adjusted Group sales in the range of around EUR 5.6 billion to EUR 6.1 billion. The company noted that this outlook reflects high market uncertainty and reduced vehicle production.
In addition, the company plans to reduce the number of administrative and development positions at its headquarters in Lippstadt by around 900.