Earnings Release • Jul 29, 2021
Earnings Release
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Press release
Thursday 29 July 2021
AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has posted consolidated turnover of €487.6m in the first half of 2021, up by 26.0% compared to the first half of the previous year. Activity remains down by -13.9% compared to the first half of 2019.
| In € millions - unaudited | 2021 | 2020 | Variation | Like-for-like variation(1) |
|---|---|---|---|---|
| 1st quarter | 273.3 | 273.5 | -0.1% | +6.3% |
| 2nd quarter | 214.3 | 113.5 | +88.7% | +99.7% |
| 1st half-year | 487.6 | 387.0 | +26.0% | +33.7% |
(1) Comparing like-for-like figures.
In the second quarter of 2021, AKWEL saw its turnover increase by 88.7% when comparing published figures and by 99.7% when taking exchange rates and scope as constants. The negative currency impact was -€12.6m, of which the Turkish lira accounts for -€7.6m and the US dollar accounts for -€5.2m.
Although the group's quarterly turnover was up sharply, this was in comparison to a second quarter of 2020 in which worldwide vehicle production virtually ceased for two months and was down by -21.7% compared to 2019. Activity has continued to be impacted by major procurement difficulties for the main raw materials and electronic components. This situation is affecting the organisation of the entire supply chain, resulting in unplanned production stoppages among the manufacturers.
The geographical breakdown of turnover by production zone was as follows during this six-month period:
On a like-for-like basis, AKWEL continues to outperform its benchmark markets in its two main regions of operation, in Europe and North America.
The turnover for Products and Functions increased for the six-month period by +28.1% at €467.2m, with additional market share being gained in the Oil, Fuel and Cooling activities and a sustained Aftermarket activity for SCR tanks. The turnover for Tooling was down by -15.9% at €15.2m.
Press release
On 30 June, the AKWEL group had a record positive net cash position, at €95.9m (excluding debts on lease obligations) with a further increase of €4.7m in the second quarter after disbursement of the dividend of €12m in June 2021.
In view of the tensions observed with raw materials and electronic components, which some manufacturers see as continuing over the coming months, visibility remains particularly poor for the whole international automotive industry in 2021. AKWEL confirms that it is expecting to see activity increasing over the year underway, in view of the favourable base effect for 2020, but remaining below that of the year 2019, before the arrival of the pandemic.
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 almost 10,500 people worldwide.
Euronext Paris – Compartment B – ISIN: FR0000053027 – Reuters: AKW.PA – Bloomberg: AKW:FP
Jean-Louis Thomasset – Vice-President of the Executive Board/Financial VP – Tel.: +33 4 50 56 99 25
EKNO – Press Relations Christine Savoie – Jean-Marc Atlan – [email protected] – Tel.: +33 6 70 08 11 09 / +33 6 07 37 20 44
CALYPTUS – Investor Relations
Mathieu Calleux – Gregory Bosson – [email protected] – Tel.: +33 1 53 65 68 68
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