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AKWEL
Earnings Release • Jul 27, 2023
1092_iss_2023-07-27_1b3d6d2a-23a5-4a3b-b7c6-d37f2a9bbbf0.pdf
Earnings Release
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Press release
Thursday 27 July 2023
HALF-YEAR REVENUE UP +11.8%
- 16.2% like-for-like increase
- Net cash position of €101.1m
- Implementation of a share buyback programme
AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid and mechanism management and structural parts for electric vehicles, posted consolidated revenue of €545.8m over the first half of 2023, up by 11.8% compared to the same period in 2022.
Consolidated revenue (1 January to 30 June 2023)
| In € millions - unaudited | 2023 | 2022 | Variation | Like-for-like variation (1) |
|---|---|---|---|---|
| st quarter 1 |
274.6 | 245.8 | +11.7% | +14.6% |
| nd quarter 2 |
271.2 | 242.3 | +11.9% | +17.7% |
| st half-year 1 |
545.8 | 488.1 | +11.8% | +16.2% |
(1) Comparing like-for-like figures
CONTINUED DOUBLE-DIGIT QUARTERLY GROWTH
With the global automotive market once again experiencing growth, AKWEL recorded an 11.9% increase in reported revenue in the second quarter of 2023 and a 17.7% increase comparing like-for-like figures. The Group posted a fifth consecutive quarter of double-digit growth, approaching 2019's performance, the last standard financial year before the pandemic and the decline on the global market. The foreign exchange impact over the quarter was -€14m, including -€10.0m on the Turkish lira and -€1.7m on the US dollar.
In the first half, AKWEL's revenue growth comparing like-for-like figures was +16.2%.
BREAKDOWN OF HALF-YEAR REVENUE
The geographical breakdown of revenue by production zone was as follows during the six-month period:
- France: €153.5m (+12.2%)
- Europe (excluding France) and Africa: €159.6m (+17.5%)
- North America: €152.0m (+5.4%)
- Asia and the Middle East (including Turkey): €78.4m (+14.6%)
- South America: €2.4m (-17.2%)
Products and Functions revenue was up by 11.8% to €529.3m. The Washer Systems (+22.0%), Mechanisms (+18.0%) and Cooling (+15.5%) businesses were the most dynamic over the period, and Electric Vehicle Structural Parts (+85%) continued to ramp up in the Group's offerings. Meanwhile, Tooling revenue increased by 16.4% to €12.8m.
NET CASH POSITION OF €101.1m
The consolidated net cash position excluding lease obligations and after the dividend payout progressed to €101.1m at 30 June 2023, with €23.8m in investments made over the half-year period.
2023 OUTLOOK
Given the performance achieved in the first half of the year and the more favourable business outlook for the automotive and HGV sector worldwide, AKWEL confirms that it expects around 10% revenue growth in the 2023 financial year.
IMPLEMENTATION OF THE SHARE BUYBACK PROGRAMME
In connection with the implementation of the share buyback programme, authorised by the General Meeting of 25 May 2023 (20th resolution), AKWEL signed a share buyback agreement with the investment service provider Gilbert Dupont. This takes effect today and will cover a maximum of €133.4 million, corresponding to a maximum purchase price of €50 and a maximum number of shares of 2,668,060. The purpose of the programme is to cancel the shares thus redeemed, under the conditions provided for by law.
The authorisation granted by the General Meeting is valid until 25 November 2024.
Next press release: 2023 half-year results, 21 September 2023, after the 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
Contacts
AKWEL Grégory Voisin – Financial VP – Tel.: +33 4 50 56 99 25
EKNO – Press Relations Jean-Marc Atlan – [email protected] – Tel.: +33 6 07 37 20 44
CALYPTUS – Investor Relations Mathieu Calleux – [email protected] – Tel.: +33 1 53 65 68 68