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DELFINGEN Industry Earnings Release 2020
1252_iss_2020-11-06_95ddce33-8c67-4cf9-b22f-4fcc13f6c96e.pdf
Earnings Release
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DELFINGEN, a global leader in protection and routing solutions for electric and fluid on-board networks.
Press release
Net Sales for 3rd quarter 2020
DELFINGEN gets back to growth and significantly outperforms the market
In the third quarter, in a 5 %** market down, the Automotive Division grew by 7 % on a constant perimeter basis. In September, Delfingen achieved its highest ever revenue level, up + 15 % compared to September 2019 at constant scope of consolidation and + 63 % with the consolidation of Schlemmer's Europe-Africa activities.
Consolidated sales for 3rd quarter
| In millions euro | Q3 2020* | Q3 2019 | Published |
|---|---|---|---|
| Net sales | 67.1 | 58.4 | 14.9 % |
| In millions euro | Q3 2020* | Q3 2019 | Published |
|---|---|---|---|
| Automotive | 49.0 | 47.5 | 3.3 % |
| Industrial | 8.8 | 10.9 | - 19.8 % |
| Schlemmer | 9.3 | - | - |
| Organic | Exchange rates |
Change of perimeter |
|
|---|---|---|---|
| 2.3 % | - 3.3 % | 16.0 % |
| Organic | Exchange rates |
Change of perimeter |
|---|---|---|
| 6.7 % | - 3.4 % | - |
| - 16.7 % | - 3.0 % | - |
| - | - | 16.0 % |
* Unaudited
Consolidated sales at the end of September 2020
| In millions euro | 2020* | 2019 | Published |
|---|---|---|---|
| Net sales | 151.1 | 172.9 | - 12.6 % |
| In millions euro | 2020* | 2019 | Published |
|---|---|---|---|
| Automotive | 115.5 | 139.1 | - 17.0 % |
| Industrial | 26.3 | 33.8 | - 22.1 % |
| Schlemmer | 9.3 | - | - |
| Organic | Exchange rates |
Change of perimeter |
|
|---|---|---|---|
| - 17.3 % | - 0.6 % | 5.4 % | |
| Organic | Exchange rates |
Change of perimeter |
|
| - 16.2 % | - 0.8 % | - | |
| - 22.1 % | 0.0 % | - | |
| - | - | 5.4 % |
* Unaudited
** Source IHS october 2020
Automotive market : a 17 % decline in a market that went down by 26 %**
Sales at constant exchange rates went down by 16 % at the end of September 2020 (-17 % based on published data), while worldwide automotive production fell by 23 % **.
The impact of exchange rates on -Automotive- sales at the end of September was unfavorable at €1.1 million mainly due to the exchange rate (€/\$).
By business
All businesses outperformed the automotive market, with the exception of the "Interior Trim Fastening" business, which was mainly impacted by the sharp decline in the Indian market.
| In millions euro | 2020 | 2019 | Published | Organic | Exchange rates |
|---|---|---|---|---|---|
| Protection systems | 82.0 | 100.4 | - 18.3 % | - 17.4 % | - 0.8 % |
| Fluid transfer | 24.1 | 27.3 | - 11.5 % | -11.4% | - 0.1 % |
| Logistics and Assembly Services |
6.7 | 7.4 | - 9.4 % | - 8.9 % | - 0.5 % |
| Interior Trim Fastening |
2.7 | 4.0 | - 33.8 % | - 29.9 % | - 3.9 % |
By region
All regions have been affected at the same level by the crisis.
| In millions euro | 2020 | 2019 | Published | Organic | Exchange rates |
|---|---|---|---|---|---|
| Americas | 58.9 | 70.7 | - 16.7 % | - 16.1 % | - 0.6 % |
| Europe - Africa | 40.0 | 47.2 | - 15.2 % | - 14.6 % | - 0.6 % |
| Asia | 16.6 | 21.2 | - 21.7 % | - 19.9 % | - 1.8 % |
In the Americas and Europe - Africa regions, which account for 85 % of its automotive sales, DELFINGEN clearly outperformed the market.
| In millions euro | Published | Automotive market evolution |
Performance | |
|---|---|---|---|---|
| Americas | - 16.7 % | - 29.0 % | 12.3 pts | |
| Europe - Africa | - 15.2 % | - 29.0 % | 13.8 pts | |
| Asia | - 21.7 % | - 17.0 % | - 4.7 pts |
By quarters
| In millions euro |
2020 | 2019 | Published | Organic | Exchange rates |
Automotive market evolution |
Performance |
|---|---|---|---|---|---|---|---|
| Q1 | 48.2 | 45.8 | 5.2 % | 3.6 % | 1.6 % | - 23.0 % | 26.6 pts |
| Q2 | 18.3 | 45.8 | - 60.1 % | - 59.7 % | - 0.4 % | - 39.4 % | - 20.3 pts |
| Q3 | 49.0 | 47.5 | 3.3 % | 6.7 % | - 3.4 % | - 4.6 % | 11.3 pts |
Industrial Market
Industrial Market decreased by 22.1 % at constant exchange rates and on a published data.
At constant exchange rates,
- Drossbach North America sales went down by 19.8 % (same change on a published data);
- The "Electrical and thermal insulation" business went down by 17.4 % (-17.5 % in published data);
- The "Technical Belts and straps" business went down by 29.4 % (same change on a published data).
The impact of the exchange rates on - Industrial market - sales was not significant at the end of September.
CHANGE IN PERIMETER
Schlemmer's Europe-Africa activities
Schlemmer's Europe-Africa perimeter was integrated on September 1st. The September figures are in line with those expected at the time of acquisition. The proforma analysis of sales shows a breakdown of approximately 93 % in the Automotive Market and 7 % in the Industrial Market.
Perspectives
Delfingen's strong commercial performance in the third quarter confirms the company's strategic positioning in a fast-changing automotive market with accelerating demand for hybrid and electric vehicles. Delfingen's mission is to protect the electrical wiring, the true vehicles' nervous system.
The Group estimates the decline in activity for the 2020 fiscal year (excluding changes in the scope of consolidation) to be in the range of -15 to -20 % with, nevertheless, a positive operating margin from recurring operations.
Investors are invited to refer to the Press Release regarding the launch of a capital increase with maintenance of the preferential subscription right, published today.
EURONEXT GROWTH Paris Code ISIN : FR 0000054132 Mnémonique : ALDEL
Next press release : February 5th, 2021 Fourth quarter 2020 net sales Contact : Mr. Christophe CLERC : +33 (0)3.81.90.73.00