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 : m.majus@montupet.fr - 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
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