MONTUPET: Strong growth in profitability in the first half 2014
Press release - Clichy, September 19 2014, 17:40
Strong growth in profitability in the first half 2014
- Turnover up by 7,5% at 239,1 M€
- Gross profit up by 45,7% at 34,5 M€
- Net profit up by 33,0% at 26,2 M€
On September 19, 2014, the Board of the Montupet Group has closed the accounts up to June 30, 2014. A limited review has been carried out by the financial auditors and a full report will be published in due course.
| Half-year data, in M€ | 30/06/2014 | 30/06/2013 | Variation |
| Turnover | 239,1 | 224,4 | +7,5% |
| EBITDA | 51,4 | 39,9 | +29,0% |
| EBITDA margin | 21,5% | 17,9% | - |
| Gross profit | 34,5 | 23,7 | +45,7% |
| Operating profit | 14,4% | 10,7% | - |
| Financial profit | -1,1 | -1,1 | |
| Net profit | 26,2 | 19,7 | +33,0% |
| Net margin | 10,9% | 8,8% | - |
Commenting on these results, Stéphane Magnan, Montupet CEO says :
“ Montupet's operating profit has shown remarkable growth over the first half of 2014.
This performance is thanks to the development of our activity in line with our productivity plan, blending continuous process improvement with production capacity utilisation.
The pursuit of our industrial strategy associated with expanding order books, gives us confidence in the Group's ability to attain even better operational performance in the medium and long terms. “
A first-half marked by significant growth in profitability
Montupet Group turnover is up by 7,5% for the first half of 2014, compared with 3,8% growth in the worldwide automotive market.
This growth stems particularly from the French and Bulgarian sites, respectively the most sensitive to volume fluctuations and the most profitable in the Group. Their performance has contributed to a 3,7-point increase in profitability to 14,4% of turnover.
Reinforced financial structure
Investment for the first half came to 21,7 M€, compared with 19,4 M€ for the same period last year. It was principally aimed at improving the productivity of the Group's factories and increasing capacity in Mexico.
At the end of the first six months, the Group's financial structure is further reinforced, with shareholder's equity valued at 218M€ (against 198M€ on December 31, 2013) and net debt of 69,6M€, making for a gearing ratio of 32%, compared with 41% six months earlier.
The Group is now generating sufficient cash to allow it to reimburse its debts at a rapid pace, to finance the investments necessary for growth and for the productivity plan.
Solid forecast
The Group expects the second half of the year to continue along the lines of the first half, confirming the excellent performance of the first six months.
In the longer term, with a full order book, Montupet expects further growth in 2015, especially in Mexico and Bulgaria.
The forecast is further reinforced on a 5-year horizon, thanks to the new contracts which the Group continues to win on a regular basis, confirming Montupet's capacity to pursue its strategy of profitable growth.
Next publication : Third quarter 2014 turnover, November 13, 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 SBF 120, CAC Mid & Small and CAC PME and is eligible for SRD.
ISIN code: FR0000037046 - Mnemo : MON - Bloomberg : MON:FP - Reuters : MNT.PA
Contact
Marc Majus, Directeur Général Délégué
E-mail : [email protected] - Tél. : +33 (0)1 47 56 47 56
Plus d'information sur www.montupet.fr
Montupet 2014 Half-year financial statements
Financial Structure at end of June 2014
| ASSETS in k€ | JUN 2014 | DEC 2013 | JUN 2013 |
| Development costs | 17 592 | 16 116 | 11 943 |
| Others intangible assets | 1 890 | 1 765 | 1 397 |
| Fixed assets | 174 902 | 170 033 | 167 178 |
| Non-current financial assets | 694 | 679 | 541 |
| Investments in associates | 2 745 | 0 | |
| Deferred tax assets | 23 464 | 23 589 | 23 518 |
| Non-current assets | 221 287 | 212 183 | 204 578 |
| Inventories | 71 466 | 70 671 | 71 758 |
| Trade and other receivables | 94 203 | 67 219 | 90 184 |
| Current tax receivable | 11 033 | 9 885 | 8 461 |
| Other current assets | 2 727 | 1 816 | 1 987 |
| Cash and cash equivalents | 21 740 | 15 853 | 13 568 |
| Current assets | 201 169 | 165 444 | 185 958 |
| Assets held for sale and discontinued operations | 2 169 | 3 814 | 5 878 |
| TOTAL ASSETS | 424 625 | 381 442 | 396 414 |
| EQUITY AND LIABILITIES in k€ | JUN 2014 | DEC 2013 | JUN 2013 |
| Share Capital | 16 390 | 16 390 | 16 390 |
| Additional paid-in capital | 20 514 | 20 514 | 20 514 |
| Retained earnings | 177 725 | 151 919 | 151 995 |
| Translation adjustment | (24 625) | (26 926) | (27 503) |
| Current year profit (Group share) | 26 159 | 34 583 | 19 668 |
| Stockholders'equity (Group share) | 196 479 | 181 065 | |
| Non-controlling interests | 1 600 | 1 490 | 1 647 |
| Stockholders'equity incl. non-controlling interests | 197 969 | 182 712 | |
| Provisions for retirement commitments | 5 864 | 6 237 | |
| Other provisions | 1 195 | 765 | 1 493 |
| Loans and bank debt - long-term portion | 76 808 | 76 633 | 86 875 |
| Other non-current liabilities | 75 | 369 | 419 |
| Deferred tax liabilities | 2 395 | 2 484 | 1 692 |
| Non-current liabilities | 86 669 | 86 116 | 96 716 |
| Loans and bank debt - short term portion | 14 504 | 20 168 | 12 342 |
| Trade and other payables | 83 013 | 68 535 | 89 042 |
| Current tax payable | 3 785 | 2 435 | 2 505 |
| Other current liabilities | 16 715 | 3 947 | 10 518 |
| Current liabilities | 118 017 | 95 084 | 114 407 |
| Liabilities held for sale and discontinued operations | 2 177 | 2 273 | 2 579 |
| TOTAL EQUITY AND LIABILITIES | 424 625 | 381 442 | 396 414 |
Income statement and Global result at end of June 2014
| INCOME STATEMENT in k€ | JUN 2014 | DEC 2013 | JUN 2013 |
| Revenues from operations | 239 988 | 420 387 | 220 146 |
| Other operating income | 4 588 | 12 628 | 6 030 |
| Cost of raw materials & other supplies | (99 236) | (193 610) | (91 963) |
| Other operating expenses | (38 636) | (61 294) | (38 908) |
| Taxes | (1 574) | (2 916) | (1 468) |
| Salaries & wages | (53 685) | (100 058) | (53 783) |
| Depreciation charges on fixed assets | (16 549) | (31 015) | (15 312) |
| Provision charges on current assets | (348) | (239) | (861) |
| Other operating income and expenses | (30) | (512) | (183) |
| Current operating profit (loss) | 34 518 | 43 372 | 23 696 |
| Other income and expenses | 0 | ||
| Operating profit (loss) | 34 518 | 43 372 | 23 696 |
| Financial profit ( loss) | (1 081) | (3 199) | (1 108) |
| Share of the profit or loss of associates | 0 | 0 | 0 |
| Net income before tax | 33 436 | 40 173 | 22 589 |
| Income taxes | (5 332) | (4 044) | (2 702) |
| Net income from continuing operations | 28 104 | 36 129 | 19 887 |
| Income (loss) from discontinued operations, net of tax | (1 836) | (1 503) | (18) |
| NET INCOME | 26 268 | 34 626 | 19 869 |
| Attributable to: | |||
| - shareholders | 26 159 | 34 583 | 19 668 |
| - minority interests | 109 | 44 | 201 |
For the sake of comparability and in order to provide a better economic overview, the presentation of 2013 half-year and full-year income statements has been adjusted.
| JUN 2014 | DEC 2013 | JUN 2013 | |
| Number of outstanding common shares | 10 782 769 | 10 782 769 | 10 782 769 |
| Number of potentially dilutive common shares | |||
| Number of outstanding and potentially dilutive common shares | 10 782 769 | 10 782 769 | |
| Earnings per share | |||
| Basic Earnings per share from continuing operations attributable to shareholders | 3,35 | 1,84 | |
| Basic Earnings per share attributable to shareholders | 2,43 | 3,21 | 1,82 |
| Diluted earnings per share | |||
| Diluted Earnings per share from continuing operations attributable to shareholders | 3,35 | 1,84 | |
| Diluted Earnings per share attributable to shareholders | 2,43 | 3,21 | 1,82 |
| GLOBAL RESULT in k€ | JUN 2014 | DEC 2013 | JUN 2013 |
| Net result | 26 268 | 34 626 | 19 869 |
| Translation adjustment | 2 301 | (1 357) | (1 933) |
| Other comprehensive income "OCI" | |||
| Tax effect on other OCI recycled to income | (247) | ||
| Other comprehensive income (loss) recycled to income | 2 301 | (1 604) | (1 933) |
| Actuarial gain (losses) for pension costs | (298) | 264 | |
| Other comprehensive income "OCI" | 48 | 503 | 503 |
| Tax effect on other OCI not recycled to income | 99 | (94) | |
| Other comprehensive income (loss) not recycled to income | (151) | 673 | 503 |
| GLOBAL RESULT | 30 569 | 33 695 | 18 439 |
| attributable to shareholders | 30 460 | 33 652 | 18 238 |
| attributable to minority | 109 | 44 | 201 |
Cash flow statement at end of June 2014
| CASH FLOW STATEMENT in k€ | JUN 2014 | DEC 2013 | JUN 2013 |
| Net income attributable to shareholders | 26 159 | 34 583 | 19 668 |
| Minority interests | 109 | 44 | 201 |
| Share in net earnings of associates | 0 | ||
| Net dividends received from associates | 0 | ||
| Depreciation, amortization and provisions | 17 796 | 30 850 | 16 473 |
| Losses/ (gains) on sales of assets | 188 | 212 | (12) |
| Variation of deferred taxes | (19) | 292 | (59) |
| Gross Cash flow | 44 233 | 65 980 | 36 271 |
| Changes in working capital (except variation in def. taxes) | (10 262) | (23 616) | (27 817) |
| NET CASH FLOW FROM OPERATING ACTIVITIES | 33 972 | 42 364 | 8 454 |
| Intangible & tangible investments | (21 698) | (42 993) | (19 414) |
| Transfers or decreases of intangible & tangible assets | 0 | 215 | 10 |
| Financial investments | 423 | 6 | 567 |
| Transfers or decreases of financial assets | 32 | 14 | 55 |
| Outflow relating to entry in scope | (1 357) | 0 | |
| Inflow relating to changes in scope | 0 | 0 | |
| NET CASH FLOW FROM INVESTING ACTIVITIES | (22 600) | (42 758) | (18 782) |
| Dividends paid to the parent company shareholders | (0) | (6 470) | |
| Increase in debt | 186 | 1 875 | 106 |
| Decrease in debt | (4 014) | (8 000) | (2 243) |
| Investment grants received | 140 | 475 | (179) |
| NET CASH FLOW FROM FINANCING ACTIVITIES | (3 689) | (12 120) | (2 316) |
| Effects of exchange rate changes on cash | 280 | (623) | (785) |
| NET CURRENT CASH FLOW | 7 964 | (13 137) | (13 430) |
| Portion of cash-related assets and liabilities from discontinued operations | (61) | (920) | 7 |
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires
Communiqué intégral et original au format PDF :
http://www.actusnews.com/documents_communiques/ACTUS-0-37253-Montupet-press-release-2014-half-year-results.pdf
© Copyright Actusnews Wire
Recevez gratuitement par email les prochains communiqués de la société en vous inscrivant sur www.actusnews.com
Receive by email the next press releases of the company by registering on www.actusnews.com, it's free
Quelle: Actusnews
