Standard Profil - comment

Tesla are stopping production in their Berlin factory from Jan 29th to Feb 11th due to the disruption in the supply chain from the ongoing conflict in the Red Sea. Tesla was Standard Profil’s largest client in Q3, at c.20%, although this was inflated due to production issues in Q3 for VW. Quarterly revenue from Tesla is c. €20m, and a simple assumption of a two-week shutdown is c. €3-4m of revenue to Standard Profil, equivalent to 1% of annual revenue. The shutdown in itself is not material, but we will be keeping an eye on other OEM production plans. The overall driver of performance for Standard Profil is Annual vehicle production levels, which will be driven by new car launches from VW and others.