AKWEL: PUBLICATION OF RESULTS FOR THE 1st HALF OF 2022
22 September 2022 - 5:45PM
AKWEL: PUBLICATION OF RESULTS FOR THE 1st HALF OF 2022
Thursday 22
September 2022
PUBLICATION OF RESULTS FOR THE
1st HALF OF
2022
AKWEL (FR0000053027, AKW, PEA-eligible), the
automotive and HGV equipment and systems manufacturer, published
its 2022 half-yearly results, as approved by the executive board,
on 19 September 2022. Audit reports are in the process of being
issued.
|
Consolidated data - in € millions |
30.06.2022 |
30.06.2021 |
Var. in % |
|
Revenue |
491.0 |
487.6 |
0.7% |
|
EBITDA |
42.3 |
64.7 |
(34.6)% |
|
Current operating income |
17.7 |
50.0 |
(64.6)% |
|
Current operating margin |
3.6% |
10.3% |
-6.7 pts |
|
Operating income |
17.2 |
50.7 |
(66.1)% |
|
Financial income |
(10.0) |
(0.6) |
- |
|
Net result (group share) |
1.9 |
38.0 |
(95.0)% |
|
Net margin |
0.4% |
7.8% |
-7.4 pts |
INCREASING ACTIVITY IN AN AUTOMOTIVE
MARKET THAT REMAINS TURBULENT
In the first half of 2022, AKWEL posted a
consolidated turnover of €491.0 m, stable compared to the first
half of 2021, but up by 5% on a like-for-like basis, while global
vehicle production has remained down over the period
(-1.8%1). For the first time, the posted turnover
includes the application of the IAS 29 standard (“financial
reporting in hyperinflationary economies”) impacting the Turkish
subsidiaries, generating a readjustment of +€2.9 m compared to the
figure posted in July. In a market that remains widely disrupted by
supply limitations, the Group has achieved strong growth in North
America (+18.4%).
A MARKED DECREASE IN HALF-YEAR
RESULTS
As noted by the Group when publishing its
half-year turnover, the half-year results have seen a significant
drop. They have been affected by the significant price inflation
undergone by raw materials, components, energy, transport, and
labour. For AKWEL, these substantial rises represent a cost
increase of €31.6 m over the half year and are partially and
gradually reflected in sales prices in line with negotiation
periods and conditions.
In this context, gross operating surplus was
down 34.6% to €42.3 m, and current operating income fell by 64.6%
to €17.7 m, i.e. a current operating margin of 3.6% of turnover,
down by 6.7 points. Financial income fell by €9.4 m as a result of
the application of the IAS 29 standard mentioned above. Tax charges
accounted for €5.1 m compared to €12.2 m in the first half of 2021,
leading to a net income Group share of €1.9 m (net margin of
0.4%).
Free cash-flow generation was €16.9 m compared
to €44.4 m in the first half of 2021. After payment of the dividend
and loan repayments totalling €22.1 m, the Group’s net cash
position (including debts on lease obligations) at 30 June 2022 was
€105.7 m, compared with €98.2 m at 31 December 2021.
CREATION OF A THIRD AREA OF
EXPERTISE
Among its priorities, the Group has set itself
the target of accelerating the development of its product potential
in 2022 as part of the transition to new electric- or
hydrogen-powered vehicles while also continuing its existing
development of the TAMIC brake particle recovery solution. In
addition to fluid management and mechanisms, AKWEL also develops
structural components for electric vehicles, with examples
including electronic modules, battery pack interiors, EV flaps,
service battery casings, and cable ducts. As such, the Group will
be able to seize the many opportunities linked to the rapid
roll-out of electric vehicles while building on its existing
technological expertise and resources, resulting in easier
management of product and industrial risks.
OUTLOOKS FOR THE 2022 FINANCIAL
YEAR
In a global automotive market that continues to
be very turbulent, AKWEL confirms its forecast of moderate turnover
growth for the 2022 financial year, with the third quarter expected
to bring good performance. Against the backdrop of inflation and
the continued impact of supply difficulties on manufacturers’
activities, the Group nonetheless remains cautious about forecasts
for the sector, despite the fact that the first effects of sales
price increases should be seen in the second half of the year.
|
Next press release: turnover for the third quarter of 2022, 10
November 2022, after markets close. |
|
An independent, family-owned group listed on the Euronext
Paris Stock Exchange, AKWEL is an automotive and HGV equipment and
systems manufacturer specialising in fluid management, mechanisms,
and structural components for electric vehicles. The Group achieves
this by relying on state-of-the-art industrial and technological
expertise in applying and processing materials (plastics, rubber,
metal) and mechatronic integration.Operating in
20 countries across every continent, AKWEL employs
9,700 people worldwide.Euronext Paris – Compartment B
– ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP |
ContactsAKWELGrégory Voisin –
Financial VP – Tel.: +33 4 50 56 99 25
EKNO – Press RelationsJean-Marc
Atlan – jean-marc.atlan@ekno.fr – Tel.: +33 6
07 37 20 44
CALYPTUS – Investor
RelationsMathieu Calleux – akwel@calyptus.net – Tel.: +33
1 53 65 68 68
1 Source: S&P Global
Mobility
- 2022-09-22_AKWEL_HY_2022_EN
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