The fourth quarter was marked by growth in the French operations, despite one less working day and what remains a challenging economic environment.
MBtech recorded sequential revenue growth for the second consecutive quarter.
Further to this stabilisation, 2013 saw AKKA Technologies lay the foundations for the success of MBtech's integration and its deployment in Germany.
2013 revenue
AKKA Technologies reported Q4 revenue of €231.1 million, a decline of 1.6% compared with the fourth quarter of 2012, and a decline of 1.3% at constant scope and exchange rates. At constant scope, exchange rates and working days, the Group posted growth of 0.25%.
France confirmed its return to growth in the third quarter. Germany benefited from further sequential revenue growth for MBtech.
In total, the Group recorded 2013 revenue of €878.4 million, slightly above its target of €875 million.
2013 revenue by region – At constant scope and exchange rates
France recorded a 0.4% increase in fourth-quarter revenue to €119.6 million. At constant working days, the increase was 2% despite what remains a competitive environment. France reported 2013 revenue of €450.5 million, up very slightly compared with the €448.9 million consolidated in 2012. Revenue was flat at constant scope. Growth in the second half (+1.5%) offset the decline in the first half (-1.5%). At constant working days, revenue growth was 0.8% in 2013.
Germany recorded a 5.0% decline in fourth-quarter revenue to €81.9 million. AKKA Technologies' legacy German businesses reported growth of 11.6% in Q4 and 13.4% over the full year. MBtech continued its gradual recovery: the Group's new subsidiary reported a decline of 6.4% in revenue in Germany in the fourth quarter, compared with declines of 12.2% in the third quarter and 19.0% in H1.
Revenue from international operations (excluding Germany) totalled €29.5 million, an increase of 2.6% compared with the fourth quarter of 2012. Excluding MBtech, international operations grew by 7.2% over the full year. After a decline of 21.3% in the first nine months of the year, MBtech's international operations (excluding Germany) saw their revenue stabilise in Q4: +0.6% to €7.3 million.
Medium-term outlook
Management remains very confident about its medium-term growth plan for the Group.
Maurice Ricci, Group Chairman and CEO, said: “Further to the sequential stabilisation of MBtech's revenue achieved during the third and fourth quarters, 2013 saw us lay the foundations for the success of MBtech's integration and our deployment in Germany. MBtech has given AKKA Technologies global positioning via a differentiated offering and a single European base, offering many levers in terms of international growth.”
Combined with the Group's technological DNA, this positioning is reflected in the Group's ability to discuss a very diverse range of strategic projects – in terms of size, value added and comprehensive understanding of their needs – with its customers and prospects. This should enable it to step up its diversification policy starting in 2014.
The Group's DNA and innovation capacity were rewarded twice during the second half:
On 7 November, the French Ministries for the Environment, Sustainable Development and Energy and for Productive Recovery awarded it the 2013 National Engineering Grand Prix for its autonomous and futuristic Link & Go electric concept car.
AKKA Technologies was ranked third (among medium-sized companies) in the Deloitte In Extenso Technology Fast 50, which rewards fast-growing technology companies.
2013 enabled the Group to lay the foundations for the success of MBtech's integration and its deployment in Germany. This reinforced its ability to meet its medium-term target of €100 million in operating income* without compromising its financial equilibrium.
Next release: 2013 earnings, on 8 April 2014 before trading.
* Operating income before non-recurring items and expenses relating to stock options and bonus shares
Fourth-quarter 2013
In millions of euros
Q4 2013
Q4 2012
% change
% change
Like-for-like*
Revenue
231.1
234.9
-1.6%
-1.3%
France
119.6
118.8
+0.7%
+0.4%
Germany
81.9
86.8
-5.7%
-5.0%
Of which MBtech
74.4
79.5
-6.4%
-6.4%
Germany excluding MBtech
7.5
7.3
+1.6%
+11.6%
International (excluding Germany)
29.5
29.3
+0.8%
+2.6%
Of which MBtech
7.3
7.7
-5.5%
+0.6%
International excluding MBtech
22.3
21.6
+3.1%
+3.3%
Total AKKA legacy businesses
149.4
147.7
+1.1%
+1.3%
Total MBtech
81.7
87.1
-6.3%
-5.8%
MBtech has been consolidated since 1 April 2012.
Restated for a transnational contract gained in 2012 by Octogon in Germany, registered in France, Spain and the UK in 2013.
Quarterly revenue
In millions of euros
Like-for-like change*
Q1
Q2
Q3
Q4
2013
Revenue
225.4
210.3
211.7
231.1
878.4
-6.2%
-9.1%
-2.6%
-1.3%
-4.8%
France
115.7
108.6
106.6
119.6
450.5
-1.4%
-1.6%
+2.9%
+0.4%
0.0%
Germany
81.2
71.7
76.6
81.9
311.4
-12.1%
-21.4%
-10.6%
-5.0%
-12.4%
Of which MBtech
74.4
64.7
69.5
74.4
283.0
-14.3%
-23.9%
-12.2%
-6.4%
-14.4%
Germany excluding MBtech
6.8
7.0
7.2
7.5
28.4
+21.0%
+13.9%
+8.4%
+11.6%
+13.4%
International (excluding Germany)
28.5
29.9
28.6
29.5
116.5
-6.7%
+0.5%
+2.0%
+2.6%
-0.5%
Of which MBtech
7.3
8.1
8.2
7.3
30.9
-32.9%
-17.9%
-11.4%
+0.6%
-17.1%
International excluding MBtech
21.3
21.8
20.3
22.3
85.7
+7.6%
+9.7%
+8.7%
+3.3%
+7.2%
Total AKKA legacy businesses
143.8
137.5
134.1
149.4
564.6
+0.7%
+0.8%
+4.0%
+1.3%
+1.7%
Total MBtech
81.6
72.9
77.7
81.7
313.8
-16.3%
-23.3%
-12.1%
-5.8%
-14.6%
MBtech has been consolidated since 1 April 2012.
Restated for a transnational contract gained in 2012 by Octogon in Germany, registered in France, Spain and the UK in 2013.
Full-year revenue
In millions of euros
2013
2012
% change
% change
Like-for-like*
Revenue
878.4
827.3
+6.2%
-4.8%
France
450.5
448.9
+0.4%
0.0%
Germany
311.4
271.4
+14.8%
-12.4%
Of which MBtech
283.0
243.7
+16.1%
-14.4%
Germany excluding MBtech
28.4
27.7
+2.6%
+13.4%
International (excluding Germany)
116.5
107.0
+8.9%
-0.5%
Of which MBtech
30.9
27.5
+12.4%
-17.1%
International excluding MBtech
85.7
79.6
+7.6%
+7.2%
Total AKKA legacy businesses
564.6
556.2
+1.5%
+1.7%
Total MBtech
313.8
271.1
+15.8%
-14.6%
MBtech has been consolidated since 1 April 2012.
Restated for a transnational contract gained in 2012 by Octogon in Germany, registered in France, Spain and the UK in 2013.
“The best way to predict the future is to invent it.
Let's share our passion for technology. ”
AKKA Technologies is a European Engineering and Technology Consulting Group that supports large manufacturing and tertiary services companies, seeing their projects through from the initial studies and R&D to large-scale production. AKKA Technologies is an expert in various complementary business lines, and brings real added value to customers in sectors including aerospace, automotive, space/defence, consumer electronics, telecommunications, chemicals, pharmaceuticals, steel, energy, rail, marine and service industries.
AKKA Technologies is the leader in the automotive and aerospace sectors in Germany and France, and thanks to the mobility of its staff and its international positioning, it collaborates on state-of-the-art technology projects around the world.
The AKKA Technologies Group has nearly 11,000 employees and operates in 20 countries, including Belgium, Canada, China, Czech Republic, France, Germany, Hungary, India, Italy, Morocco, Netherlands, Romania, Russia, Spain, Switzerland, Tunisia, Turkey, UAE, UK and US.
AKKA Technologies is listed on Euronext Paris TM - Segment B, ISIN code FR0004180537.
CAC® Small, CAC® Mid & Small, CAC® All-Tradable, CAC® All-Share indices
For more information, please visit www.akka.eu
In case of discrepancy between the French and English versions of this statement, only the French version should be deemed valid.
Akka Technology contacts
Nicolas Valtille
Group CFO
Tel.: +33 4 7892 6083
finances@akka.eu
Dov Lévy
Investor Relations & Corporate Development
Tel.: +33 1 5669 2652
dov.levy@akka.eu
Actus contacts
Amalia Naveira
Analyst/Investor Relations
Tel.: +33 4 7218 0497
anaveira@actus.fr
Marie-Claude Triquet
Press Relations
Tel.: +33 4 7218 0493
mctriquet@actus.fr
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