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Compagnie Plastic Omnium SE
Earnings Release • Feb 22, 2022
1603_iss_2022-02-22_274f6f69-a08b-427b-b2da-1c5c4bcf4c9d.pdf
Earnings Release
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PROJET
Levallois, February 22, 2022, 7AM CET,
Full-year results 2021
Outperformance in key markets amidst volatile market backdrop
Solid cash generation
Record order book volumes
Increased flexibility to absorb the impact of the global semiconductor shortage
- Economic revenue1: €8.0 billion, +4.6% on a like-for-like2 basis
- Operating margin3: €303 million, or 4.2% of consolidated revenue4, of which 5.2% for Plastic Omnium Industries
- Free cash flow5: €251 million versus FY 2021 guidance of > €220 million
- Net result group share: €126 million
- Enhanced liquidity: €2,670 million
- Proposed dividend of €0.28, payout of 32%
Record order book provides strong visibility
1 Dans tous les pays où une telle offre est disponible - Acceleration in fast-growing segments
Strengthened position in both China and electrification
- Outperformance in China (4.1 points) with a 10.7% increase in revenue driven by battery electric vehicles
- Launch of new division in hydrogen with of a comprehensive offer and fully operational production capacities
Enhanced cost-management and priority on cash flow
- Increased cost flexibility to counter the impact from production stoppages
- Strict monitoring of investments and operational inventories while maintaining the Group's capacity for innovation
2022 Outlook
- Outperformance relative to global automotive production (based on IHS projection for FY 2022 of -5%)
- Operating margin3 between 5-6% of revenue
- Free cash flow5 in excess of €260 million
"In the context of the unprecedented challenges that our industry is facing, we achieved our objectives for the year. This performance reflects the highly effective measures that we took to increase flexibility and reduce costs, the active mobilisation of our teams, and significant commercial outperformance, particularly in Asia and in electrification. We have also continued to invest in hydrogen, enabling us to establish the Group's position across all mobility sectors.
2021 also marked a crucial milestone in the Group's journey with the rollout of an ambitious carbon neutrality roadmap that we are now deploying site by site. Whilst the short-term situation continues to present its challenges, our long-term ambitions remain steadfast, and we are well-positioned to continue to gain market share and seize new opportunities in growth areas." Laurent Favre, Chief Executive Officer of Compagnie Plastic Omnium SE
1/10 As a world leader in its market, Plastic Omnium is designing and producing innovative solutions for smart, sustainable mobility. With 137 plants in 25 countries, 31 research and development centers, Plastic Omnium and its 30,000 employees are serving 93 automotive brands in the world. Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120
and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
in 2050. Plastic Omnium is rated A by MSCI, platinum by Ecovadis and B by CDP. Financial information Tel. : +33 (0)1 40 87 66 78 Fax : +33 (0)1 40 87 96 62 [email protected]
The Board of Directors of Compagnie Plastic Omnium SE, chaired by Laurent Burelle, met on February 17, 2022 to approve the consolidated financial statements for the year ended December 31, 2021.
PROJET
| In € millions | 2020 | 2021 | Change | |
|---|---|---|---|---|
| Economic revenue1 | 7,732 | 8,017 | +3.7% | |
| +4.6% LfL2 | ||||
| Consolidated revenue4 | 7,073 | 7,233 | +2.3% | |
| +3.3% LfL2 | ||||
| Gross margin | 642 | 830 | +29.2% | |
| (% of consolidated revenue4) | 9.1% | 11.5% | ||
| Operating margin³ | 118 | 303 | +€185 million | |
| (% of consolidated revenue4) | 1.7% | 4.2% | +2.5 pts | |
| Net result group share | -251 | 126 | +€377 million | |
| EBITDA6 | 1 Dans tous les pays où une telle offre est disponible 648 |
771 | +€123 million | |
| (% of consolidated revenue4) | 9.2% | 10.7% | +1.5 pt | |
| Investments | 374 | 294 | -€80 million | |
| Free cash-flow5 | 34 | 251 | +€217 million | |
| Net debt7 at 31/12 | 807 | 854 | +€47 million | |
| Net debt7/equity | 41% | 41% | stable | |
| Net debt7/EBITDA6 | 1.2 | 1.1 | -0.1 |
Plastic Omnium's financial performance in 2021 reflects a stark contrast between the first and second semesters, reflecting market conditions and in particular, the shortages of electronic components.
In the first half of 2021, Plastic Omnium reported a sharp rebound in earnings as the market recovered from COVID-related plant shutdowns in the prior year, this despite the first signs of disruptions caused by semiconductor shortages.
In the second half of 2021, the market faced an acceleration in semiconductor shortages with a loss of production of 5.5 million vehicles worldwide. Against this backdrop, the Group recorded a decline in revenue and operating margin3 compared to H2 2020. This decline has been contained thanks to reinforced measures to improve flexibility and optimise costs.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
| PROJET | |||
|---|---|---|---|
| In € millions | H1 2021 | H2 2021 | H2 2020 |
| Economic revenue1 | 4,138 | 3,879 | 4,499 |
| Consolidated revenue4 | 3,784 | 3,449 | 4,111 |
| Operating margin3 | 234 | 69 | 234 |
| (% of consolidated revenue4) | 6.2% | 2.0% | 5.7% |
| Net result group share | 142 | -16 | 152 |
| EBITDA6 | 461 | 310 | 477 |
| (% of consolidated revenue4) | 12.2% | 9.0% | 11.6% |
| Investments | 149 | 144 | 148 |
| Free cash-flow5 | 151 | 100 | 605 |
| Net debt7 at the end of the period | 890 | 854 | 807 |
| Net debt7/Equity | 44% | 41% | 41% |
| Net debt7/EBITDA6 (rolling 12 months) | 0.9 | 1.1 | 1.2 |
| Net debt7/EBITDA6 (half year basis annualised) 1 Dans tous les pays où une telle offre est disponible |
1.0 | 1.4 | 0.8 |
Economic revenue1 of €8,017 million, up 4.6% on a like-for-like2 basis
In 2021, semiconductor shortages reduced global automotive production by 9.6 million vehicles compared to the initial IHS forecast at the start of the year. Global production output came to 74.1 million vehicles in 2021 versus 71.5 million in 2020, a year that saw the onset of the pandemic.
In this context, the Group's economic revenue1 (including the share of revenue of joint ventures, notably in China) amounted to €8,017 million, up by 3.7%, and 4.6% at constant scope and exchange rates2 compared to 2020, including a negative currency impact of €66 million.
Plastic Omnium business activities significantly outperformed automotive production in Europe (outperformance of 5.3 points), North America (outperformance of 2.9 points), China (outperformance of 4.1 points) and Asia, excluding China (outperformance of 10.3 points).
The Group's geographical mix led to a 1-point outperformance at Group level, driven by both the Industries (+0.9 point) and Modules (+1.2 point) business segments.
Plastic Omnium's 2021 consolidated revenue4 amounted to €7,233 million, up by 3.3% at constant scope and exchange rates2.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
| In € millions by business line |
2020 | 2021 | Change | Change LfL2 |
|---|---|---|---|---|
| Plastic Omnium Industries | 5,628 | 5,826 | +3.5% | +4.5% |
| Plastic Omnium Modules | 2,104 | 2,191 | +4.1% | +4.8% |
| Economic revenue1 | 7,732 | 8,017 | +3.7% | +4.6% |
| Joint ventures | 659 | 784 | +19.0% | +17.6% |
| Plastic Omnium Industries | 5,143 | 5,239 | +1.9% | +3.1% |
| Plastic Omnium Modules | 1,931 | 1,994 | +3.3% | +4.0% |
| Consolidated revenue4 | 7,073 | 7,233 | +2.3% | +3.3% |
PROJET
Plastic Omnium continues to strengthen its position in markets with high-growth potential
The fast-growing electric vehicle segment accounted for 8% of the Group's economic revenue1 (outperforming the total market by 2 points) in 2021 compared with 5% in 2020. Excluding the fuel systems market, the Group's share reached 12% (outperformance of 6 points) versus 7% in 2020, demonstrating strong momentum in market share gains. Performance was driven by the success of Plastic Omnium's attractive range of automotive parts that help reduce the weight and fuel consumption of electric vehicles, as well as by its range of modules that optimize production processes.
1 Dans tous les pays où une telle offre est disponible China, the world's largest automotive market, accounts for a growing share of the Group's economic revenue1. In 2021, revenue in China rose 10.7% at constant scope and exchange rates2 to €939 million, representing an outperformance of 4.1 points. The country now accounts for 12% of Plastic Omnium's economic revenue1, versus 11% in 2020 and 9% in 2019. This growth was driven by the reinforced leadership positions of the Industries business and by the ramp-up of Modules, particularly in the electric vehicle segment.
| In € millions and in % of turnover By geographical area |
2020 | 2021 | Change | Change LfL2 | Outperformance vs. automotive production |
|---|---|---|---|---|---|
| Europe | 4,186 | 4,210 | +0.6% | +0.5% | +5.3 pts |
| 54.1% | 52.5% | ||||
| North America | 2,064 54,1% 26.6% |
2,048 52,5% 25.5% |
-0.8% | +2.9% | +2.9 pts |
| China | 823 | 939 | +14.2% | +10.7% | +4.1 pts |
| 10.6% | 11.7% | ||||
| Asia excluding China | 497 | 571 | +14.9% | +17.9% | +10.3 pts |
| 10,6% 6.4% |
11,7% 7.1% |
||||
| Other | 163 | 11,7% 249 |
+53.1% | +62.3% | - |
| 6,4% 2.1% |
7,1% 3.1% |
||||
| Economic revenue1 | 7,732 2,1% |
8,017 3,2% |
+3.7% | +4.6% | +1.0 pt |
| Joint ventures | 659 | 784 | +19.0% | +17.6% | - |
| Consolidated revenue4 | 7,073 | 7,233 | +2.3% | +3.3% | -0.3 pt |
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
In Europe, Plastic Omnium's revenue amounted to €4,210 million, up 0.5% at constant scope and exchange rates2, while automotive production declined by 4.8%. The 5.3 point outperformance was driven primarily by the success of the modular offering in Germany and growth in Plastic Omnium Industries revenue in France.
In North America, Plastic Omnium's revenue amounted to €2,048 million, up 2.9% at constant scope and exchange rates2 thanks to the ramp-up of the plants launched since 2018 and this, despite a stable automotive production output.
In Asia excluding China, Plastic Omnium's revenue amounted to €571 million, a climb of 17.9% at constant scope and exchange rates2 in a market that grew by 7.5%. The business benefited from good growth dynamics in Japan, India, Thailand and Malaysia.
In the fourth quarter of 2021, global automotive production declined by 10.3% compared with the same period in 2020, with a strong impact in Europe and, to a lesser extent, North America. Given the Group's geographic mix, Plastic Omnium recorded economic revenue1 of €2,087 million in the fourth quarter, down 13.1% and 14.3% at constant scope and exchange rates2.
Resilient financial performance
PROJET
In 2021, the consolidated gross margin amounted to €830 million versus €642 million in 2020, representing 11.5% of consolidated revenue4 versus 9.1% in 2020.
1 Dans tous les pays où une telle offre est disponible Market volatility in 2021 and the slowdown of the rebound post-Covid due to global semiconductor shortages have led to erratic interruptions in production and plant closures lasting several weeks. At the same time, raw material and transportation costs rose in several countries. The impact of these exogenous factors is estimated to be €160 million on the level of operating margin, with production stoppages representing by far the major part of these costs.
In addition to aforementioned flexibility improvement measures, the OMEGA transformation plan, initiated in 2020, enabled the Group to limit the financial impact of production losses. The two key initiatives, indirect purchasing and design and development, contributed as planned to €100 million in run-rate savings in 2021.
At the same time, the Greer plant in the United States generated positive operating margin and net income in 2021 thanks to a rigorous action plan and a sustained ramp-up.
In 2021, EBITDA6 was €771 million (10.7% of consolidated revenue4) compared to €648 million (9.2% of consolidated revenue4) in 2020. The Industries business achieved an EBITDA6 margin of 12.9% compared to 11% in 2020. In the second half of the year, EBITDA6 amounted to €310 million (9.0% of revenue) compared to €477 million in the second half of 2020 (11.6% of revenue) and €461 million in the first half of 2021 (12.2% of revenue).
In 2021, the Group's operating margin3 amounted to €303 million and represented 4.2% of consolidated revenue4, of which €271 million for Plastic Omnium Industries (5.2% of revenue) and €32 million for Plastic Omnium Modules (1.6% of revenue). The Modules business provides design, development, assembly and logistics for front-end modules and requires relatively lower investment and performance should be assessed in light of this context.
In the second half of the year, given the sharp acceleration in the shortage of semiconductors, the Group's operating margin3 amounted to €69 million, representing 2.0% of revenue (2.5% for Plastic Omnium Industries and 0.7% for Plastic Omnium Modules), compared to €234 million or 5.7% of revenue in the second half of 2020.
5/10 As a world leader in its market, Plastic Omnium is designing and producing innovative solutions for smart, sustainable mobility. With 137 plants in 25 countries, 31 research and development centers, Plastic Omnium and its 30,000 employees are serving 93 automotive brands in the world.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
| PROJET | ||||
|---|---|---|---|---|
| In € millions and in % of revenue By business |
2020 | 2021 | H2 2020 | H2 2021 |
| Consolidated revenue4 | 7,073 | 7,233 | 4,111 | 3,449 |
| Plastic Omnium Industries | 5,143 | 5,239 | 2,940 | 2,501 |
| Plastic Omnium Modules | 1,931 | 1,994 | 1,172 | 948 |
| Operating margin3 | 118 1.7% |
303 4.2% |
234 5.7% |
69 2.0% |
| Plastic Omnium Industries | 100 1.9% |
271 5.2% |
205 7.0% |
62 2.5% |
| Plastic Omnium Modules | 19 19 1.0% |
32 19 1.6% |
29 2.5% |
7 0.7% |
Net result group share of €126 million
The Group recorded non-recurring expenses of €56 million in 2021 compared to €334 million in 2020. The sharp reduction is due to the absence of any significant impairment of assets in 2021. In 2020, the fall in volumes attributable to the pandemic and the slow recovery in global automotive production resulted in higher asset impairment charges.
1 Dans tous les pays où une telle offre est disponible Net financial expenses amounted to €51 million in 2021 (0.7% of revenue) compared to expenses of €69 million in 2020 as a result of a lower average cost of debt. In 2021, the Group recorded a tax expense of €60 million compared to a tax benefit of €31 million in 2020, related to deferred tax effects.
As a result, net result group share totalled €126 million in 2021, compared to a loss of €251 million in 2020, related to asset impairments of €255 million. In the second semestrer of 2021, in the context of deteriorating market conditions, net result group share amounted to -€16 million, with losses reduced by flexibility and cost optimization actions.
Free cash flow5 of €251 million compared to €34 million in 2020
In a volatile market with low visibility in the second half of 2021, the Company has been particularly prudent in its capital expenditure and working capital management.
Investments were limited to €294 million, or 4.1% of consolidated revenue4 (compared with €374 million, or 5.3% in 2020), translating into a reduction of €80 million or 21.4% against 2020. With manufacturing capacity now in place to support future growth, Plastic Omnium is prioritizing investments in innovation, newgeneration radars, modules for electric vehicles and hydrogen, one of the Company's future growth drivers.
Working capital amounted to -€498 million at the end of 2021, compared to -€539 million in 2020. The modest deterioration of €41 million needs to be appreciated in a context unprecedented supply-chain pressures where erractic interruptions to production schedules has made inventory management particularly complex.
Thanks to this prudent approach, operating cash flow came to €616 million (versus €453 million in 2020) and free cash flow5 €251 million, or 3.5% of consolidated revenue4, versus €34 million in 2020 (0.5%). After generating €151 million in free cash flow5 in the first semester, the Company generated €100 million in free cash flow5 in the second half of 2021.
6/10 As a world leader in its market, Plastic Omnium is designing and producing innovative solutions for smart, sustainable mobility. With 137 plants in 25 countries, 31 research and development centers, Plastic Omnium and its 30,000 employees are serving 93 automotive brands in the world.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
A solid financial structure to support future growth
PROJET
As of December 31, 2021, net debt7 totalled €854 million, close to that of 2020 at €807 and considerably lower when excluding investments in EKPO.
In 2021, Compagnie Plastic Omnium SE paid €87 million in dividends based on its 2020 results (dividend of €0.49 per share, stable compared to 2019).
The Group's gearing ratio equates to 41% and net debt/EBITDA6 to 1.1x leaving Plastic Omnium significant financial leeway to support future growth.
As of December 31, 2021, the Group had €2.7 billion of liquidity, including €0.8 billion in available cash and €1.9 billion of confirmed, undrawn credit facilities, with an average maturity of 3.9 years and no covenants.
Dividend of €0.28 per share, pay-out of 32%
The Board of Directors will propose a dividend of €0.28 per share at the Shareholders' General Meeting on April 21, 2022,
The dividend will be paid on May 2, 2022, after approval by the Shareholders' General Meeting.
Strengthened potential for growth and value creation in 2021
1 Dans tous les pays où une telle offre est disponible Operational excellence: high level of activity in China
In 2021, Plastic Omnium completed 165 production launches, including 58 in China (35% of total launches), where momentum remains strong. Battery-electric vehicles now account for 21% of launches compared to 18% in 2020, reflecting Plastic Omnium's outperformance in this booming segment.
At the same time, in 2021, Plastic Omnium increased the content per vehicle with certain customers, particularly in regions with high development potential, both in electric vehicles and in ICE technologies in China (Geely), in Asia excluding China ( Mitsubishi) and North America (GM, Honda).
Creation of New Energies to capitalize on the boom in hydrogen
On January 1, 2022, Plastic Omnium launched it's New Energies division after regrouping existing hydrogen activities from its Clean Energy Systems' division and thus enabling the Group to expand its development across all mobility modes, including cars, trucks, buses, trains and aircraft.
With a promising order book (85 customers for 100 international projects), the New Energies activity realized significant progress in 2021 in its inductrial ramp-up with the creation of a full-scope offer (high-pressure tanks, fuel cells and integrated systems) and the set-up of a unique production capacity (10,000 highpressure tanks per year in Belgium and 10,000 fuel cells per year in Germany with EKPO, a joint venture with ElringKlinger).
Supported by 300 employees (including 200 engineers with 2 R&D centres in Europe and China), New Energies has also accelerated its commercial development: in addition to orders from integrators of hydrogen equipment for light commercial vehicles, the business has been chosen by Hyundai, one of the world's leading hydrogen players, to manufacture 33,000 hydrogen tanks per year in South Korea for a new automotive project (production starting from 2023). In early 2022, New Energies is the preferred partner to Airbus, via EKPO, to develop fuel cells for aviation.
7/10 As a world leader in its market, Plastic Omnium is designing and producing innovative solutions for smart, sustainable mobility. With 137 plants in 25 countries, 31 research and development centers, Plastic Omnium and its 30,000 employees are serving 93 automotive brands in the world.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
3 strategic partnerships have also been established with:
PROJET
- Alstom, to produce high-end hydrogen storage systems for the rail industry from 2022 onwards;
- McPhy, to optimise hydrogen refuelling performance and establish a wider commercial offer;
- AVL, (an Austrian group specializing in powertrain engineering and electrification) to accelerate the market launch of high-powered integrated hydrogen systems.
Connected cars: strategic partnership to create a revolutionary radar
In 2021, Intelligent Exterior Systems signed a partnership with Greenerwave, a start-up specialising in the control of electromagnetic waves. This agreement covers the development of a 4D imaging radar, a real technological breakthrough in the field of autonomous vehicles. This unique technology makes it possible to use the entire body of a vehicle as an active surface and to achieve accuracy comparable to that of Lidars, but without the limitations (light, weather, etc.) that are otherwise associated with them. The new architecture of this radar makes it easy to integrate into vehicles and simplifies maintenance.
Sustainable development: an ambitious carbon neutrality plan
On December 8, 2021, Plastic Omnium detailed its carbon-neutrality roadmap with objectives qualified by the Science-Based Target initiative (SBTi) as being aligned with a 1.5°C trajectory. The Company commits to achieving carbon neutrality for scopes 1 and 2 in 2025, a 30% reduction in CO2 emissions for scope 3 in 2030, and finally, carbon neutrality for all three scopes in 2050.
The success of this programme relies on the following levers:
- 1 Dans tous les pays où une telle offre est disponible - A 12% reduction in energy consumption across all sites by 2025, supported in partnership by Schneider Electric;
- Extensive sourcing of renewable electricity through solar panels and wind turbines installed on-site (more than 20 sites equipped by the end of 2022), as well as through long-term contracts (Power Purchase Agreements, PPA) in Europe and North America. By 2025, the Group will use almost exclusively renewable electricity;
- The use of carbon footprint as a criterion for supplier selection. The Group plans to set up training and a best practice exchange platform with all its suppliers;
- The development of a circular economy, by increasing the proportion of recycled material in our products, including painted parts, and by developing eco-design to prepare for products end of life cycle;
- Continued innovation in terms of product weight and aerodynamics to reduce impact during vehicle utilisation;
- Gaining market share in electric mobility (battery and hydrogen) where Scope 3 usage is reduced.
2022 Outlook
Plastic Omnium has set its 2022 targets based on IHS' global automotive production forecast of 81 million vehicles (passenger vehicles < 3.5 T + light commercial vehicles), discounted by 5%*.
This precautionary assumption takes into consideration the short-term challenges of the market (reduced visibility, inflation and tensions in labour markets) for which the Group will continue to respond with agility.
In the longer term, the Group's ambition is to actively participate in the automotive industry's transformation. In this regard, Plastic Omnium will continue to deploy production facilities in growth areas and pursue innovation to maintain its leadership positions and increase content per vehicle.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
Plastic Omnium's sets it's 2022 targets as follows:
PROJET
- Economic revenue1 outperformance relative to global automotive production growth
- Operating margin3 of between 5-6% of revenue
- Free cash flow5 in excess of €260 million
Capital Markets Day on May 12, 2022: presentation of the Group's strategic vision 11:30 AM - 4:30 PM CET 8 AM - 10:30 AM EST
Webcast of the full-year results presentation
Compagnie Plastic Omnium SE's full-year 2021 results will be presented via a webcast on Tuesday, February 22, 2022 at 9:00 am (CET).
1 Dans tous les pays où une telle offre est disponible To follow the webcast, please click on the following link: https://channel.royalcast.com/landingpage/plasticomnium-en/20220222\_1/
If you wish to access the conference call, simply dial one of the following numbers:
- France: +33 (0) 1 70 37 71 66
- UK-Wide: +44 (0) 33 0551 0200
- Germany: +49 (0) 30 3001 90612
- Spain: +34 91 787 0777
- US: +1 202 204 1514
Then provide the operator with the code: Plastic Omnium
More detailed financial information is available at www.plasticomnium.com.
Global or regional automotive production data refers to IHS Markit's February 2022 forecast (passenger vehicles < 3.5 tonnes and light commercial vehicles). Data relating to the impact of the shortage of semiconductors on production and on the breakdown of sales by powertrain are taken from the IHS Markit's January 2022 forecasts.
* Supply disruptions - particularly of semiconductor components - continue to cause production cuts at several car manufacturers and suppliers. Plastic Omnium, which is indirectly affected, is managing this situation as closely as possible. Any significant change impacting these forecasts will be reported.
9/10 As a world leader in its market, Plastic Omnium is designing and producing innovative solutions for smart, sustainable mobility. With 137 plants in 25 countries, 31 research and development centers, Plastic Omnium and its 30,000 employees are serving 93 automotive brands in the world.
As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes in 2050. Plastic Omnium is rated A by MSCI, platinum by Ecovadis and B by CDP. Financial information Tel. : +33 (0)1 40 87 66 78 Fax : +33 (0)1 40 87 96 62 [email protected]
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570).
PROJET Calendar
April 21, 2022 – Shareholders' General Meeting
April 27, 2022 – First-quarter 2022 revenue
May 12, 2022 – Capital Markets Day: presentation of the Group's strategic vision
July 25, 2022 – First-half 2022 results
Glossary
- (1) Economic revenue reflects the Group's operational and managerial reality. It corresponds to consolidated revenue plus revenue from the Group's joint ventures consolidated at their percentage of ownership: BPO (50%) and YFPO (50%) for Plastic Omnium Industries and SHB Automotive modules (33%) for Plastic Omnium Modules.
- (2) Like-for-like: at constant scope of consolidation and exchange rates.
- a. The currency effect is calculated by applying the exchange rate of the previous period to the revenue of the current period. In 2021, currency effects had a €66 million negative impact on economic revenue and €73 million negative impact on consolidated revenue.
- b. The scope effect is not significant in 2021.
- (3) Operating margin includes the share of results of companies which have been consolidated using the equity method, and the amortisation of acquired intangible assets acquired, before other operating income and expenses.
- (4) Consolidated revenue does not include the share of joint ventures, which are accounted for by the equity method, in accordance with IFRS 10-11-12.
- 1 Dans tous les pays où une telle offre est disponible (5) Free cash flow corresponds to operating cash flow less tangible and intangible investments net of disposals, taxes and net financial interest paid +/-variation in working capital requirements (cash surplus from operations).
- (6) EBITDA corresponds to the operating margin, plus the share of profit of associates and joint ventures, before depreciation, amortization and operating provisions.
- (7) Net financial debt includes all long-term borrowings, short-term loans and bank overdrafts less loans, marketable debt instruments and other non-current financial assets, cash and cash equivalents.
This press release is published in French and English. In the event of any discrepancy between these versions, the original French version shall prevail.
Plastic Omnium is listed on Euronext Paris, compartment A. It is eligible for the Deferred Settlement Service (SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code: FR0000124570). As an actor of sustainable development since the start, the Group aims at attaining carbon neutrality for scopes 1&2 in 2025 and for all scopes
in 2050. Plastic Omnium is rated A by MSCI, platinum by Ecovadis and B by CDP. Financial information Tel. : +33 (0)1 40 87 66 78 Fax : +33 (0)1 40 87 96 62 [email protected]