FY 2021 Results
2 0 2 1
Frederic SIPAHI - CEO
February 25th, 2022
1 I
AGENDA
FY 2021 RESULTS
A SUSTAINABLE TRANSFORMATION
2022 PERSPECTIVES
2 I
FY 2021 Results
3 I
FY 2021 Highlights
Revenues at €1320.6m
vs 1,439.4m in 2019
EBITDA at € 192.5m
vs €174.6m in 2019
EBIT at € 58.4m
vs €46.4m in 2019
Net Income at € 2.0
vs € 3.2m in 2019
FCF1 at € 35.0m
vs €9.3m in 2019
Net debt1 at € 258.2
vs € 256.2m end December 2019
Up 11.0% on a reported basis (+11.3% at constant exchange rate) outperforming the market in all areas. 2021 still behind 2019 (-8.3% vs -14.1% of the market)
- EBITDA: 14.6% vs 11.5% in 2020 and 12.1% in 2019 benefiting of lower restructuring costs (€ 7.1m vs € 28.9 in 2020 and € 8.7 in 2019)
- EBITDA excluding non-recurring charges at € 180.4 (13.7%)
- Gross fixed costs down by € 39.4m vs 2019 (-14.8% )
- EBIT: 4.4% vs 0.6% in 2020 and 3.2% in 2019
- EBIT excluding non-recurring charges at € 51.7m (3.9%)
Net income at € 2.0m vs € -35.1m in 2020 and € 3.2m in 2019. 2021 includes € - 20.8m (non-cash of impact of disposal of Filtration Argentina)
Free Cash Flow positive at € 35.0m (€-34.1m in 2020 and € +9.3m in 2019) thanks to higher EBITDA margin and better working capital
Net debt of € 258.2m versus vs € 291.3m end of 2020 and € 256.2m end December 2019
Figures with IFRS 5 -"Non-current assets held for sale and discontinued operations" (Filtration Brazilian/Spanish subsidiaries sold in December 2020/January 2021) | ||
1. FCF and Net debt excluding IFRS 16 | 4 | I |
Sales by Geography
reported | constant | reference | performance | |||
2020 | 2021 | exchange | market | vs market | ||
change | ||||||
rates | production | (bps) | ||||
€m | ||||||
Europe 27 | 754.9 | 813.5 | 7.8% | 7.5% | -6.2% | 1370 |
North America | 250.8 | 262.4 | 4.6% | 5.6% | 0.1% | 550 |
South America | 46.3 | 77.8 | 67.9% | 85.2% | 16.2% | 6900 |
Asia | 144.9 | 176.9 | 22.0% | 21.4% | 6.6% | 1480 |
- of which China | 86.0 | 100.5 | 16.9% | 13.4% | 4.0% | 940 |
Intercompany | (6.7) | (10.0) | ||||
Total | 1190.2 | 1320.6 | 11.0% | 11.3% | 2.5% | 880 |
Outperformance
in all areas
reported | constant | reference | performance | ||
2019 | 2021 | exchange | market | vs market | |
change | |||||
change | production | (bps) | |||
923.5 | 813.5 | -11.9% | -11.7% | -27.9% | 1620 |
288.7 | 262.4 | -9.1% | -5.8% | -20.1% | 1430 |
85.6 | 77.8 | -9.1% | 56.8% | -19.4% | 7620 |
150.0 | 176.9 | 17.9% | 22.9% | -1.0% | 2390 |
75.5 | 100.5 | 33.0% | 31.5% | -0.6% | 3210 |
(8.4) | (10.0) | ||||
1439.4 | 1320.6 | -8.3% | -4.6% | -14.1% | 950 |
2021 still behind 2019
5 I
Source: Sogefi and IHS data. Passenger cars and Light commercial vehicles only. Asia is China + India
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Sogefi S.p.A. published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 15:04:09 UTC.