AKWEL: FIRST-HALF 2024 NET INCOME OF €20.2M
September 19 2024 - 10:45AM
UK Regulatory
AKWEL: FIRST-HALF 2024 NET INCOME OF €20.2M
Champfromier,
Thursday, September 19, 2024
FIRST-HALF 2024 NET INCOME OF
€20.2M
-
Recurring operating margin of 4.6% of sales
-
Net cash position of €106 million at June 30,
2024
AKWEL (FR0000053027, AKW, PEA eligible), a
systems supplier to the automotive and truck industries,
specializing in fluid management, mechanisms and structural parts
for electric vehicles, announces its half-year results for 2024,
approved by the Board on September 18, 2024. The audit reports are
currently being issued.
|
Consolidated data - In M€ |
30.06.2024 |
30.06.2023 |
30.06.2023
retired (1) |
% change
/ retired |
|
Sales figures |
528,8 |
533,2 |
545,8 |
-3,1 % |
|
Gross operating surplus |
49,2 |
49,0 |
49,8 |
-1,3 % |
|
Current operating income |
24,4 |
30,2 |
31,1 |
-21,6 % |
|
Operating margin before non-recurring items |
4,6 % |
5,7 % |
5,7 % |
-1.1 pts |
|
Operating income |
28,9 |
30,0 |
30,6 |
-5,4 % |
|
Net financial income |
0,0 |
(2,5) |
0,1 |
- |
|
Net income (pdg) |
20,2 |
19,2 |
22,2 |
-9,0 % |
|
Net margin |
3,8 % |
3,6 % |
4,1 % |
-0.2 pts |
(1) restated in
accordance with IAS 21 for Turkish
subsidiaries.
CONSOLIDATED SALES DOWN
-3.1%
In the first half of 2024, AKWEL sales totaled
€528.8 million, down -3.1% as reported and -2.8% on a like-for-like
basis, after a positive currency impact of €2.0 million. The
Group's sales declined more sharply in France (-13.5%) and Europe
excluding France (-1.6%), and remained more buoyant in North
America (+4.4%) and Asia (+0.5%).
LOWER OPERATING
PROFITABILITY
While the upward pressure on energy and raw
materials costs is less severe than in 2023, the ability to pass on
increases to customers proved more complex in the first half. In
addition, pressure on labor costs remains very high, particularly
in Turkey and Mexico, and is weighing on the Group's operating
profitability.
Against this backdrop, EBITDA fell by -1.3% to
€49.2 million, while operating income recurring fell by -21.6% to
€24.4 million, giving an operating margin on sales of 4.6%. After a
tax charge of €8.9 million, net income (Group share) for the first
half came to €20.2 million, giving a net margin of 3.8%.
Capital expenditure for the half-year was
€23.8m, compared with €22.9m in the first half of 2023, and working
capital remained stable. After payment of the dividend and
repayment of €11.1 million in borrowings, the Group's net cash
position, including liabilities on rental bonds, stood at €106.0
million at June 30, 2024, compared with €105.0 million at December
31.
FULL-YEAR OUTLOOK
In view of the Group's first-half performance,
the declining outlook for the global market, and over-stocking by
certain automakers, AKWEL anticipates a slight decline in sales for
the current financial year, including a drop in the SCR series
business before a scheduled end to production in 2025 (excluding
the SCR spare parts business).
In a changing automotive market, marked by many
uncertainties, the major investments made by the Group have given
AKWEL an agile industrial base with enhanced technical
capabilities. It is now in a position to adapt to the uncertain
evolution of the balance between electric and hybrid powertrains on
the one hand, and internal combustion engines on the other.
SHARE CAPITAL REDUCTION
AKWEL is also planning to cancel 190,800 of its
own shares, representing 0.7% of the share capital at
August 31, 2024, following the share buyback program
implemented in 2023.
Next press release: Q3 2024 sales, November 07, 2024,
after close of trading.
|
AKWEL is an independent, family-owned group listed on Euronext
Paris, and a systems supplier to the automotive and truck
industries, specializing in fluid management, mechanisms and
structural parts for electric vehicles. The Group draws on
first-rate industrial and technological know-how in the application
and transformation of materials (plastic, rubber, metal) and in
mechatronics integration.
Present in 20 countries on five continents, AKWEL employs 9,600
people worldwide.
Euronext Paris - Compartment B - ISIN: FR0000053027 - Reuters:
AKW.PA - Bloomberg: AKW:FP
|
|
Contact
AKWEL
Benoit Coutier - Chief Financial Officer - Tel: +33 4 50 56 98
68
EKNO - Press relations
Jean-Marc Atlan - jean-marc.atlan@ekno.fr - Tel.: +33 6 07 37 20
44
CALYPTUS - Investor
Relations
Mathieu Calleux - akwel@calyptus.net - Tel.: +33 1 53 65 68 68
- 2024-09-19_AKWEL_HY_2024_EN
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