AKWEL : CURRENT OPERATING INCOME UP 64% TO €61M
In This Article:
Thursday, April 4, 2024
CURRENT OPERATING INCOME UP 64% TO €61M
-
Current operating margin of 5.7% of turnover
-
Net cash position €105m
-
Proposed dividend of €0.30 per share
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, posted its 2023 annual results, as approved by the executive board, on April 3, 2024. Audit reports are in the process of being issued.
| Consolidated data - in € millions | 2023 | 2022 | 2022 revised | Var. in % |
| Revenue | 1,066.4 | 990.5 | 989.5 | +7.8% |
| EBITDA | 101.9 | 81.3 | 80.8 | +26.1% |
| Current operating income | 61.0 | 38.6 | 37.2 | +64.0% |
| Current operating margin | 5.7% | 3.9% | 3.8% | +1.9 pts |
| Operating income | 49.3 | 37.7 | 36.3 | +35.8% |
| Financial income | 0.3 | 0.6 | 0.4 | -21.5% |
| Net result (group share) | 35.7 | 11.1 | 25.3 | +41.1% |
| Net margin | 3.3% | 1.1% | 2.6% | +0.8 pts |
CORRECTION RELATED TO THE CONSOLIDATION OF TURKISH SUBSIDIARIES
As a reminder, the results from the Turkish subsidiaries have now been consolidated, with the euro now considered the functional currency. This rule applies as of January 1, 2022. Therefore, the Group has revised its 2022 accounts and drawn up its 2023 accounts in accordance with the IAS 21 standard.
ACTIVITY UP +7.8%
In 2023, the AKWEL Group recorded a consolidated turnover up by 7.8% to €1,066.4m, representing a return to a similar level of activity to 2019, the last financial year before the decline of the global automotive market in the wake of the pandemic. On a like-for-like basis with constant exchange rates, the increase in annual turnover was +9.6%.
INCREASE IN CURRENT OPERATING PROFIT
Against a backdrop of lower inflationary pressure, AKWEL's positive business developments and the continued gradual impact of some price rises have helped to improve current operating profit. Gross operating surplus (GOS) is up +26.1% to €101.9m and current operating income has grown +64% to €61m. The current operating margin stands at 5.7% of turnover, an increase of almost 2 points. A provision of €9.4m associated with the exceptional costs of restructuring the Gournay (France) site in 2024 weighed on the operating income, which is up +35.8% to €49.3m. After an income tax provision of €13m, the net result (group share) is up +41.1% to €35.7m, resulting in a net margin of 3.3%.
NET CASH POSITION OF €105M
In 2023, the Group's self-financing capacity was €84.7m. The WCR rose €20.7m, leading to an operating cash flow of €63.9m. With investments up sharply to €59.3m over the financial year, nearly double the previous 2 years, AKWEL has generated free cash flow of €4.6m and a positive end-of-year net cash position of €105m (including rental obligations), compared with €113.7m at the end of 2022.