AKWEL: PUBLICATION OF TURNOVER FIGURES FOR THE 1st HALF OF 2020

                                                                                                                                                                   Thursday 30 July 2020

PUBLICATION OF TURNOVER FIGURES FOR THE 1^st HALF OF 2020

• Turnover down by 31.7%
• Gradual recovery of the business
• A high level of cash flow generation

AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €387m in the first half of 2020, down by 31.7% compared to the first half of 2019.

Consolidated turnover (1 January to 30 June 2020)

      ⁽¹⁾   Comparing like-for-like figures.

THE FULL IMPACT OF THE HEALTH CRISIS WAS FELT IN THE SECOND QUARTER

The virtual stoppage of global car production for more than two months was felt to full effect in April and May 2020, particularly in Europe and North America, whereas China gradually began to recover. In this context, AKWEL’S turnover in the second quarter of 2020 was down by 58.5% (57.8% when comparing like-for-like figures, including an exchange rate impact of -€1.9m chiefly for the Turkish lira). These developments produced highly contrasting monthly results, with a fall of almost 90% in April, the low point for the global market, a fall of 70% in May and one of 22% in June 2020 for a comparable number of days worked. During the first half year, AKWEL outperformed its market with global production falling by 34% and 40% in Europe and North America.

ANALYSIS OF THE BREAKDOWN OF REVENUE

The geographical breakdown of turnover by production zone was as follows:

• France: €110.6m (-38.2%)
• Europe (excluding France) and Africa: €118.1m (-32.9%)
• North America: €97.3m (-26.2%)
• Asia and the Middle East (including Turkey): €59m (-21.7%)
• South America: €2m (-55.3%)

Against this backdrop of a global downturn, the early recovery of the market in China enabled the group to achieve positive half-yearly figures thanks to the ramp-up of new projects and the commercial success of a number of models for which AKWEL is well positioned.

Published turnover for Products and Functions was down by 32.3% at €364.8m. All activities saw a significant downturn but the Air products line resisted this trend, limiting its falls to 7.9%, and accounted for almost 10% of consolidated turnover for the period. The turnover for Tooling was also down by 27.8% at €18.1m.

NET DEBT DOWN AS OF 30 JUNE 2020

Thanks to financial management adapted to this crisis situation, the net financial debt (excluding the impact of IFRS 16) fell by €42m over the half-year, with a new fall of €17.5m in the second quarter after disbursement of the dividend. The group now has a positive net cash position (excluding IFRS 16) of €17.5m, with available cash reserves of €158m, to which should be added its confirmed and unused financing facilities, bringing the overall total to €200m.

FORECASTS

The group’s financial solidity has enabled it to come through this unprecedented crisis in global car production, with an upturn in its activities confirmed in the first available figures for July 2020. It should be remembered that AKWEL has suspended its growth objectives for the financial year in view of the lack of visibility of developments in the global market up to the end of 2020.

Contacts





AKWEL

Jean-Louis Thomasset – Vice-President of the Executive Board/Financial VP – Tel.: 25

EKNO – Press Relations

Christine Savoie – Jean-Marc Atlan – – Tel.: 23 / 44

CALYPTUS – Investor Relations

Mathieu Calleux – Gregory Bosson – – Tel.: 68

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