Earnings Release • Oct 21, 2010
Earnings Release
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2010 Revenue Forecast Revised Upwards
On 8 September 2010, Plastic Omnium increased its holding in Inergy Automotive Systems to 100% with the purchase of Solvay's 50% stake in the company for $E$ 270 million. In the third quarter, Compagnie Plastic Omnium's consolidated revenue rose 23.4% as reported and 16.5% at constant exchange rates and scope of consolidation.
| In $\epsilon$ millions, by business | 3rd Quarter | Change | 9 months | Change | ||
|---|---|---|---|---|---|---|
| 2009 | 2010 | 2009 | 2010 | |||
| Plastic Omnium Automotive | 453.1 | 649.0 | $+43.2%$ | 1,420.7 | 1,940.5 | $+36.6%$ |
| Plastic Omnium Environment | 108.3 | 116.1 | $+7.2%$ | 321.6 | 342.6 | $+6.5%$ |
| Consolidated revenue | 561.4 | 765.1 | $+36.3%$ | 1,742.3 | 2,283.1 | $+31.0%$ |
| In $\epsilon$ millions and as a % of revenue | 3 rd Quarter | Change | 9 months | Change | ||
| by region | 2009 | 2010 | 2009 | 2010 | ||
| France | 141.9 | 148.1 | $+4.4%$ | 541.9 | 488.2 | $-9.9%$ |
| 25% | 19% | 31% | 21% | |||
| Europe (excluding France) | 234.6 | 283.5 | $+20.8%$ | 702.2 | 858.1 | $+22.2%$ |
| 42% | 37% | 40% | 38% | |||
| North America | 95.2 | 186.5 | $+95.9%$ | 270.9 | 532.1 | $+96.4%$ |
| 17% | 24% | 16% | 23% | |||
| South America | 63.4 | 103.8 | $+63.7%$ | 157.0 | 290.2 | $+84.8%$ |
| 11% | 14% | 9% | 13% | |||
| Asia | 26.3 | 43.2 | $+64.3%$ | 70.3 | 114.5 | $+62.9%$ |
| 5% | 6% | 4% | 5% | |||
| Consolidated revenue | 561.4 | 765.1 | $+36.3%$ | 1,742.3 | 2,283.1 | $+31.0%$ |
| 100% | 100% | 100% | 100% |
Thanks to the solid positioning of its manufacturing facilities around the world, Plastic Omnium Automotive again saw very sustained growth in the third quarter with revenue rising by 43.2% (27.7% at constant scope of consolidation). The Company was boosted by the very sharp recovery in North America (up 95.9%), sustained demand in Europe, and its rapid expansion in fast-growing automobile markets (up 64% in both Asia and South America).
Seven new plants are being built and will be brought on stream next year: four in China for exterior parts, structural components and fuel tanks; one in Poland for exterior components; one in Morocco to produce gasoline tanks for Renault-Nissan; and one in India for Inergy Automotive Systems, in partnership with Suzuki-Maruti, the Indian market leader.
Environment
Since acquiring Peguform's plant in Vigo, Spain in September 2009, Plastic Omnium has received sizeable orders for new mid-range models produced by PSA Peugeot Citroën that will triple the plant's revenue in 2014.
The Environment Division continued to enjoy strong growth in the third quarter, with revenue increasing by 7.2%. Pursuing its strategy of expanding the product and service portfolio, Plastic Omnium Environment was awarded Europe's biggest contract to supply and install underground and semi-underground containers for the Greater Rouen Urban Community.
With demand remaining high, the Company is increasing its full-year 2010 forecast for organic growth of more than 20%. Combined with the full consolidation of Inergy Automotive Systems over four months of the year, this growth should result in revenue of around $63.2$ billion, a 30% increase compared with 2009.
Investor Relations Tel: +33 (0)1 40 87 64 49 / Fax: +33 (0)1 40 87 96 62 Email: [email protected] www.plasticomnium.com
PLASTIC OMNIUM is the world leader in automotive components and plastic body modules, automotive fuel tanks and systems, and waste container solutions for local communities and companies. The Company employs around 18,000 people and operates 96 plants in 27 countries around the world. Plastic Omnium is listed on the NYSE Euronext Paris stock exchange, Compartment B, and is eligible for the "long-only" Deferred Settlement Service (SRD). It is included in the SBF 250 and CAC Mid 100 indices (ISIN code: FR0000124570).
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