MONTUPET: Strong growth in 2013 financial results
Press release - Clichy, March 25, 2014 - 18h
Strong growth in 2013 financial results
Turnover up by 5,3% at 420,7 M€
Gross profit up by 31,7% at 43,4 M€
Net profit up by 18,3% at 34,6 M€
The board of the Montupet Group has closed the accounts on March 25, 2014, for the financial year ending December 31, 2013. The relevant audits on the consolidated accounts have been performed and certification by the financial auditors is underway.
In M€
31/12/2013
31/12/2012
Variation
Turnover
420,7
399,5
+5,3%
EBITDA
74,6
61,3
+21,4%
EBITDA margin
17,7%
15,3%
-
Gross profit
43,4
33,0
+31,6%
Gross profit margin
10,3%
8,2%
-
Financial result
-3,2
-3,5
Net profit
34,6
29,3
+18,3%
Net margin
8,2%
7,3%
-
Commenting on these results, Stéphane Magnan, Montupet CEO, said : « 2013 has illustrated the capacity of our Group to pursue a strategy linking increased production with growth in profitability.
Throughout the year, Montupet has reinforced its competitive stance and pursued its positioning as key supplier to the world's major car manufacturers. The effectiveness of our industrial strategy has been further improved by the growing importance of our plants in low-cost countries, allowing us to satisfy the most demanding requirements of our customers while optimising our production costs, thus enabling us to gain market share.
With a full order book we have the visibility that allows us to embark on 2014 with confidence, and we expect continued significant growth in this coming year. »
Strong growth in profitability during 2013
Against a backdrop of global automotive market growth of 3.9%, Montupet Group turnover came to 420.7M€ in 2013, up by 5.3 % compared with 2012 (+6.6 % at constant metal and exchange rates). Growth even accelerated for the Group in the last three months of the year, increasing by 11.7% compared with the same period in 2012, in part due to Montupet's increasing market share with non-domestic carmakers, but also due to favourable underlying trends.
As expected, gross profit for the second half of the year is significantly higher - +76% - than in the same period in 2012. As a result, gross profit for 2013 comes to 43.4 M€, up by 31.7 % compared with 2012. This performance can be explained by the combined effect of an increasingly favourable geographical production mix and improvements in productivity across all sites, thanks to the efforts of all the company's staff.
Cash at the end of 2013 amounted to 66 M€, up by 27 % compared with 2012, and net profit was up by 18% at 34.6M€ after the integration of an exceptional charge of 1.5 M€. This compares with an exceptional profit of 2.6 M€ in 2012. Excluding these items, net profit would have shown an increase of 36% as compared with 2012.
Debt well under control despite an increase in cash requirements at the end of 2013
The year saw a continued high level of investment, 43.1 M€ against 43.7 M€ one year earlier. Having won business somewhat earlier than expected on new programmes, these investments included 9.3M€ for development activity whereas this item came to 5.6M€ in 2012. Investment in tangible assets is down by 14% at 32.8 M€.
Net debt came to 80.9 M€ compared with 73.8 M€ at the end of 2012, due to the increase in cash requirements at the end of 2013. Assets are up slightly to 198 M€ (170.7 M€ in 2012) giving a gearing of 41% at the end of 2013 against 43% at the end of 2012.
Dividend of 0,80€ per share
The board will propose a dividend of 0,80€ per share at the next shareholders' Annual General Meeting.
A very dynamic forecast : further increase in growth and profit expected in 2014
The current order book shows that there will be an increase in activity in 2014 beyond what was observed in the fourth quarter of 2013. With 4% growth expected in the worldwide automotive market, helped along by the rebound which would appear to be starting in Europe, all sites in the group should benefit, thus generating a significant increase in profitability for the fifth year in a row, without any increase in the rhythm of investments.
In the medium term, growth should continue, due amongst others to an increased market share at General Motors, to the start of production of a 2-litre Diesel cylinder head for Volvo, and due to significant orders awarded by Daimler at the beginning of the year.
Next publication : First-quarter 2014 turnover, April 24, 2014 after the closure of the markets.
About Montupet
The Montupet Group specialises in the design and production of highly-stressed cast aluminium components, principally for automotive applications. Since 1987, the Group has pursued a strategy of international development, resulting in a world-wide presence with seven production sites in France, Spain, Northern Ireland, Bulgaria, Mexico and India. Montupet is today a key supplier to global automotive manufacturers such as Renault-Nissan, VW-Audi, BMW, GM and Ford. In 2013, Group turnover came to 420,7 M€ with 3132 employees throughout the world.
Montupet is quoted in Compartment B on the Euronext Paris stock exchange and is eligible for the French PEA and PEA-PME investment products.
Montupet is part of the Next 150, CAC Mid & Small and CAC Small indices and is eligible for SRD « Long-only ».
ISIN code: FR0000037046 - Mnemo : MON - Bloomberg : MON:FP - Reuters : MNT.PA
Contact
Marc Majus, Deputy CEO
E-mail : m.majus@montupet.fr - Tél. : +33 (0)1 47 56 47 56
More on www.montupet.fr
Montupet 2013 financial statements
ASSETS in k€
2 013
2 012
Development costs
16 116
8 551
Others
1 765
1 462
Total Intangible assets
17 881
10 012
Land
2 095
2 101
Building
28 136
28 257
Machinery & equipment
119 274
111 166
Others
11 096
11 733
Assets under construction
9 432
14 067
Total fixed assets
170 033
167 323
Non current assets (activities for sale)
2 766
5 545
Financial assets
Shares in unconsolidated subsidiaries
34
34
Loans and other non current financial assets
645
528
Total Financial assets
679
562
Recoverable deferred taxes
23 589
23 463
Other non current assets
TOTAL NON CURRENT ASSETS
214 949
206 906
Raw materials
27 428
31 400
Spare-parts
10 772
5 494
Tooling
7 507
5 282
Work in progress & finished goods
24 963
25 474
Total stocks
70 671
67 650
Advances & deposits on orders
161
397
Accounts receivable & related
63 146
63 808
Other trade debtors
3 839
4 501
Total trade debtors
67 146
68 706
Other debtors
10 818
7 107
Prepayment
956
981
Marketable securities
-
-
Cash
15 853
29 538
Non current assets (activities for sale)
1 048
366
TOTAL CURRENT ASSETS
166 493
174 348
TOTAL ASSETS
381 442
381 254
EQUITY & LIABILITIES in k€
2 013
2 012
Called-up Share Capital
16 390
16 390
Additional paid-in capital
20 514
20 514
Reserves & retained earnings
151 919
128 751
Translation adjustment
(26 926)
(25 569)
CURRENT YEAR PROFIT - INSIDE GROUP
34 583
29 212
Total stockholders'equity - Inside Group
196 479
169 298
Minority interests as per January 1st
1 446
1 388
Current year profit - outside group
44
59
Total minority interests
1 490
1 446
TOTAL STOCKHOLDERS'EQUITY
197 969
170 744
Regulated provisions
0
0
Provisions for liabilities & charges
765
337
Provisions for retirement commitments
5 864
6 284
Deferred taxation
2 484
1 758
Total non current provisions
9 113
8 380
Non current financial liabilities
36 633
46 873
Other non current liabilities
369
419
Non current liabilities (activities for sale)
852
1 424
TOTAL NON CURRENT LIABILITIES
46 968
57 096
Financial debts
16 428
12 315
Short-term bank debts
43 740
44 137
Deposits on orders
5 095
21 994
Accounts payable
42 372
42 914
Taxation & social security
13 430
13 360
Other liabilities - current portion
7 638
9 417
Other liabilities
5 292
6 890
Advance payments
1 090
1 218
Current liabilities (activities for sale)
1 420
1 168
TOTAL CURRENT LIABILITIES
136 505
153 414
TOTAL LIABILITIES & STOCKHOLDERS'EQUITY
381 442
381 254
INCOME STATEMENT in k€
2 013
2 012
Sales
420 735
399 543
Changes in Inventory
(347)
492
Own work capitalized
10 020
6 289
Operating charge transfers and subsidies
786
1 001
Other operating income
1 821
4 284
Total operating income
433 015
411 608
Cost of raw materials & other supplies
162 458
165 967
Purchases and other external charges
85 312
72 894
Taxes
2 916
3 253
Salaries & wages
102 169
101 383
Depreciation charges on fixed assets
31 015
28 729
Provision charges on current assets
239
(403)
Other operating costs
5 022
5 986
Total operating expenses
389 131
377 808
Other operating income and expenses
(512)
(850)
CURRENT OPERATING PROFIT (LOSS)
43 372
32 950
Other non current income and expenses
0
0
OPERATING PROFIT (LOSS)
43 372
32 950
Interest received from debts and deposits
20
35
Interest paid
(2 440)
(3 501)
Net cost of debt
(2 420)
(3 466)
Exchange gains & losses
(865)
(298)
Provisions and release of provisions and charge transfers
11
(39)
Other financial income and expenses
75
265
FINANCIAL PROFIT (LOSS)
(3 199)
(3 538)
Income tax
(3 751)
(2 939)
Deferred tax
(292)
168
NET INCOME ( except activities stopped or transferred)
36 129
26 641
Gross income of activities stopped or transferred
(2 047)
1 656
Income tax of activities stopped or transferred
544
(54)
Deferred tax of activities stopped or transferred
0
1 027
NET INCOME
34 626
29 271
Minority interests
44
59
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS
34 583
29 212
In Euros per share:
Net income attributable to shareholders per share
3,21
2,71
Diluted net income attributable to shareholders per share
3,21
2,71
Number of issued shares
10 782 769
10 782 769
Number of issued ans issuable shares
10 782 769
10 782 769
2013
2012
CASH FLOW STATEMENT in k€
Strategic
Discontinued
Conso
activities
activities
Conso
1- Cash flow relating to operating activities
Gross Cash flow
65 980
67 483
(1 504)
51 889
Net income attributable to shareholders
34 583
36 086
(1 504)
29 212
Minority interests
44
44
0
59
Depreciation, amortization and provisions
30 850
30 850
0
30 409
Grants apportioned to income
547
547
177
Provision for impairment in value of financial assets
0
0
0
0
Losses/ (gains) on sales of assets
212
212
0
(6 582)
Variation of deferred taxes
292
292
0
(1 209)
Changes in working capital (except variation in def. taxes)
(23 616)
(24 202)
586
9 309
Net Cash flow provided by operating activities (A)
42 364
43 281
(917)
61 198
2-Cash flow relating to investing activities
Intangible & tangible investments
(42 993)
(42 993)
0
(43 653)
Financial investments
(138)
(138)
0
(160)
Outflow relating to entry in scope
0
0
0
0
Transfers or decreases of intangible & tangible assets
215
215
0
418
Transfers or decreases of financial assets
14
14
0
1 022
Inflow relating to changes in scope
0
0
0
(464)
Increase (decrease) in investments & deposits
144
144
0
0
Net Cash flow provided by investing activities (B)
(42 758)
(42 758)
0
(42 836)
3-Cash flow relating to financing activities
Cumulated movements on Equity
(6 470)
(6 470)
0
(2 588)
Increase in the parent company capital
0
0
0
0
Dividends paid to the parent company shareholders
(6 470)
(6 470)
0
(2 588)
Investment grants received
475
475
0
271
Cumulated change in debt
(6 125)
(6 125)
0
(9 919)
Increase in debt
1 875
1 875
0
0
Decrease in debt
(8 000)
(8 000)
0
(9 919)
Net Cash flow provided by financing activities ( C)
(12 120)
(12 120)
0
(12 236)
4-Change in cash
Effects of exchange rate
(623)
(620)
(2)
63
Others
0
0
Cumulated miscellaneous cash flows (D)
(623)
(620)
(2)
63
Net current cash flow
(13 137)
(12 217)
(920)
6 189
Effects of exchange rates
(623)
(620)
(2)
63
Net cash flow
(12 514)
(11 597)
(917)
6 252
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