Champfromier, Thursday, May 2, 2024

TURNOVER FOR THE FIRST QUARTER OF 2024

  • Turnover down -3.3% at constant scope and exchange rates
  • Net cash position €111.8M

AKWEL (FR0000053027, AKW, PEA-eligible), parts and systems manufacturer for the automotive and heavy-vehicle industry, specialist in fluid management, mechanisms and structural parts for electric vehicles, has recorded, over the first quarter of 2024, a consolidated turnover of €263.5M, down -4.0% compared to the results published for the first quarter 2023.

Consolidated turnover for the first quarter of 2024 (from January 1 to March 31)

in €m — unaudited 2024 2023 Variation PCC variation (*)
1st quarter 263.5 274.6 -4.0% -3.3%

(*) At constant scope and exchange rates

DECREASE IN CONSOLIDATED TURNOVER

Against a backdrop of low global automotive production at the beginning of 2024, down in Europe and with limited growth in North America in particular, AKWEL recorded a decrease of -4.0% in its published turnover and decrease of -3.3% at constant scope and exchange rates. This is compared to the performance from the first quarter of 2023, which was the highest of the financial year for the Group. The impact of foreign exchange rates amounted to €-2M this quarter, of which the US dollar accounts for €-0.9M. This also takes into account the fact that results from Turkish subsidiaries are now consolidated in euro.

TURNOVER DISTRIBUTION

The turnover is distributed by geographic production area as follows:

  • France: €69.0M (-10.9%)
  • Europe (excluding France) and Africa: €77.2M (-4.1%)
  • North America: €77.3M (+4.3%)
  • Asia and the Middle East (including Türkiye): €39.4M (-4.6%)
  • South America: €0.5M (-53.0%)
     

Turnover for Products and Functions reached €256.3M this quarter, down -4.0%. With the exception of the Air intake (+17.6%) and Cooling (+1.2%) product lines, most activities are down. This includes the Decontamination line, which is down -20.8%. Turnover from Tooling totaled €5.6M for this quarter.

NET CASH POSITION €111.8M

Excluding the impact of rental obligations, the company reached a net cash position of €111.8M at the end of March 2024, down €6.5M from December 31, 2023, taking into account a significantly increased investment envelope of €20.0M compared to €11.0M in the first quarter of 2023.

PERSPECTIVES FOR 2024

In view of the performance recorded during this first quarter, AKWEL maintains its expectation of stable activity for the current year.

 

Next press release: Turnover for the first half of 2024, on July 25, 2024, after markets close.
 
An independent family business, trading on Euronext Paris, AKWEL is a parts and systems manufacturer for the automotive and heavy-vehicle industry, and a specialist in fluid management, mechanisms and structural parts for electric vehicles. The Group achieves this with their first-rate industrial and technological know-how in mastering the application and processing of materials (plastic, rubber, metal) and mechatronic integration.

Operating in 20 countries across 5 continents, AKWEL employs 9,600 people worldwide.

Euronext Paris — Sub-fund B — ISIN: FR0000053027 — Reuters: AKW.PA — Bloomberg: AKW:FP
 		  

Contacts

AKWEL
Benoit Coutier — Financial Director — Tel.: +33 (0) 4 50 56 98 68

EKNO — Public Relations
Jean-Marc Atlan — jean-marc.atlan@ekno.fr — Tel: +33 (0) 6 07 37 20 44

CALYPTUS — Investor Relations
Mathieu Calleux — akwel@calyptus.net — Tel.: +33 (0) 1 53 65 68 68