AKWEL: 2021 TURNOVER TOTALS €922.4 MILLION
10 Février 2022 - 5:45PM
AKWEL: 2021 TURNOVER TOTALS €922.4 MILLION
Thursday 10
February 2022
2021 TURNOVER
TOTALS €922.4 MILLION
-
Turnover up when comparing like-for-like
figures
-
Record net cash position at €108.3 million
-
Confirmation of a marked decrease in the 2021 current
operating income
AKWEL (FR0000053027, AKW, PEA-eligible), the
automotive and HGV equipment and systems manufacturer specialising
in fluid management and mechanisms, posted consolidated turnover of
€922.4m in 2021, down by -1.6%, but up +2.8% comparing
like-for-like figures.
Consolidated turnover
(1 January to 31 December)
In € millions - unaudited |
2021 |
2020 |
Variation |
Like-for-like variation (1) |
1st half-year |
487.5 |
387.1 |
+25.9% |
+33.7% |
3rd quarter |
211.4 |
262.0 |
-19.3% |
-17.3% |
4th quarter |
223.5 |
288.1 |
-22.4% |
-20.6% |
Total for 12 months |
922.4 |
937.2 |
-1.6% |
+2.8% |
(1) Comparing like-for-like
figures.
ACTIVITY CONTINUING TO FALL IN Q4
2021
Compared to the second half of 2020, which saw a
clear upturn in activity following the near-stoppage of global
automobile production in Q2 2020, Q4 2021 was part of a downward
trend that is comparable to the previous year. Production levels in
the global automotive industry remained low in a context that
continues to pose difficulties in terms of raw materials and
electronic components. Over the course of the 2021 financial year
as a whole, which was characterised both by an upturn in activity
following the 2020 crisis and by a major lack of visibility
regarding supply, which disrupted its manufacturer clients’
production, AKWEL recorded growth of 2.8% when comparing
like-for-like figures. Currency fluctuations resulted in a
significant annual impact of -€40.3m, with the Turkish lira
accounting for -€30.8m and the US dollar accounting for -€9.8m.
Products & Functions turnover reached
€882.0m in 2021, with slight growth experienced in Cooling
activities (+2.5%), which now represents 24.9% of the total
turnover, and Mechanisms (+1.9%). The Depollution product line
limited its contraction to -2.9% with aftermarket sales. Tooling
turnover stood at €30.7m, down by -27.3% after two atypical
financial years in 2019 and 2020.
ANALYSIS OF THE BREAKDOWN OF
REVENUE
The annual growth trends are relatively similar
across geographical zones, aside from Asia and the Middle East
where the drop is more pronounced as a result of the more
significant reductions in production volumes among supplied
manufacturers, particularly in Turkey. The geographical breakdown
by production zone was as follows in 2021:
-
France: €264.8 million (-3.9%)
-
Europe (excluding France) and Africa: €278.1 million (+1.8%)
-
North America: €234.8 million (+0.7%)
-
Asia and the Middle East (including Turkey): €137.7 million
(-8.3%)
-
South America: €7.0 million (+37.3%)
A STRONG IMPROVEMENT IN NET CASH
POSITION
Net cash excluding lease obligations increased
by €10.0m in Q4 to reach €108.3m by financial year end, an increase
of €47.7m over the year, confirming that the group is continuing to
generate strong free cash flow.
OUTLOOK
In a context of low visibility and high
volatility in terms of manufacturers’ production levels, AKWEL has
succeeded in keeping up with its clients’ demand, thanks in
particular to an intentionally cautious stock management approach.
Disruption to production and cost increases resulting from supply
limitations will, as predicted, weigh heavily on the group’s
current operating income for 2021. This is expected to have fallen
by around 35%, including an additional provision for warranty
returns of around €7m, for a similar level of current operating
margin to the 2018 and 2019 financial years.
Visibility regarding the global vehicle market
over 2022 remains poor at this time, making all forecasting
exercises difficult. In this context, AKWEL nonetheless anticipates
an increase in its turnover and will focus its efforts on its
industrial model to ensure it efficiently adapts to these market
conditions and to better serve its manufacturer clients. Bolstered
by a solid financial position, the group will also continue to
invest in its long-term development by focusing on product
developments in its sector, particularly new mobility
solutions.
Next press release: 2021 annual results, 07 April 2022, after the
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 and
mechanisms, offering first-rate industrial and technological
expertise in applying and processing materials (plastics, rubber,
metal) and mechatronic integration.Operating in
20 countries across every continent, AKWEL employs more than
10,000 people worldwide.Euronext Paris – Compartment
B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP |
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