AKWEL: CURRENT OPERATING INCOME OF €30.2M IN THE FIRST HALF OF 2023
21 Septembre 2023 - 5:45PM
AKWEL: CURRENT OPERATING INCOME OF €30.2M IN THE FIRST HALF OF 2023
Thursday 21
September 2023
CURRENT OPERATING INCOME OF
€30.2MIN THE FIRST HALF OF 2023
-
2.1-point increase in the current operating
margin
-
Net income of €19.2m
-
Benoit Coutier appointed
Chief Financial Officer
AKWEL (FR0000053027, AKW, PEA-eligible), the
automotive and HGV equipment and systems manufacturer, published
its 2023 half-yearly results, as approved by the executive board,
on 18 September 2023. Audit reports are in the process of being
issued.
Consolidated data - in € millions |
30.06.2023 |
30.06.2022 |
Var. in % |
Revenue |
533.2 |
491.0 |
+8.6% |
EBITDA |
49.0 |
42.3 |
+15.8% |
Current operating income |
30.2 |
17.7 |
+70.6% |
Current operating margin |
5.7% |
3.6% |
+2.1 pts |
Operating income |
30.0 |
17.2 |
+74.4% |
Financial income |
(2.5) |
(10.0) |
+77.0% |
Net result (group share) |
19.2 |
1.9 |
- |
Net margin |
3.6% |
0.4% |
+3.2 pts |
LEVEL OF ACTIVITY CLOSE TO PRE-CRISIS
PERFORMANCE
In the first half of 2023, AKWEL posted a
consolidated turnover of €545.8m, up by 11.8% when comparing
published figures and by 16.2% when taking exchange rates and scope
as constants. Business growth was particularly significant in
Europe and Africa, with an increase of 17.5%. The application of
IAS29 led to a restatement of the half-yearly turnover published on
27 July, for an amount of -€12.6m, following the continued
devaluation of the Turkish lira. This restatement has no impact on
the performances communicated at constant scope and exchange
rates.
IMPROVED PROFITABILITY
Continued growth in business volumes, combined
with better control of costs and sales prices, have led to a return
to a more significant level of profitability. Pressures on costs
remain high, however, particularly on the wage bill, although
energy and transport prices are now more contained.
In this context, gross operating surplus was up
by 15.8% to €49.0m, and current operating income rose by 70.6% to
€30.2m, i.e. a current operating margin of 5.7% of turnover. With a
financial income of -€2.5m and a tax expense representing €8.5m,
the net income Group share stood at €19.2m for the half-year, i.e.
a net margin of 3.6%, up by more than 3 points.
The investment envelope for this half-year
stands at €220.9m, compared with €12.7m in the first half of 2022,
and the change in WCR was €32.1m, to finance the increase in
activity. After payment of the dividend and loan repayments
totalling €7.2m, the Group’s net cash position, including debts on
lease obligations, at 30 June 2023 was €91.5m, compared with
€113.7m at 31 December 2022.
OUTLOOK FOR THE 2023 FINANCIAL
YEAR
At its last publication, AKWEL confirmed that it
anticipated an increase in turnover of around 10% for 2023, thanks
to the favourable prospects of the automotive and HGV sector at
global level, with potential strikes being likely to create further
uncertainty in the North American market. The performances recorded
in the first half of the year and better control of costs and sales
prices make it possible to forecast an increase in operating
profitability over the entire year.
APPOINTMENT OF BENOIT COUTIER TO THE
POSITION OF CHIEF FINANCIAL OFFICER
The Group announces the appointment of Benoit
Coutier to the position of Chief Financial Officer from 1 October
2023. A plastics engineer in transformation process engineering
with a Masters from ESSEC specialising in International Business
Strategy and Engineering, Benoit Coutier has worked in the family
company since 2003. He successively held the positions of Cost
Controller (2003-2004), External Growth Analysis Manager
(2005-2009), before leading the Brazilian subsidiary (2010-2015)
and then serving as Legal Vice President from 2015. He has also
been a member of the Management Board since 2013.
Next press release: revenue for the third quarter of 2023, Thursday
09 November 2023, 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 21 countries across
every continent, AKWEL employs 9,500 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
- 2023-09-21_AKWEL_RES-HY_2023_EN
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