-
Reported revenue of €363 million, up 50.1%
-
Outperformance of the automotive market by 12.2 pts in 2021 in a very difficult market context
-
25% growth in the “Protection systems” activity in 2021
-
Good performance of the “industrial” activity at +29%
Sales
Consolidated sales at the end of December 2021
|
In €m |
2021* |
2020 |
Published |
Organic |
Foreign exchange effect |
Perimeter change | |
|
Turnover |
363.0 |
241.9 |
50.1% |
11.5% |
-2.4% |
40.9% | |
|
Automotive |
190.6 |
169.7 |
12.3% |
14.7% |
-2.5% | ||
|
Industrial |
40.8** |
35.8 |
14.0% |
29.6% |
-3.5% |
-12.1% | |
|
Schlemmer |
131.6 |
36.4*** |
261.7% |
-19.8% |
-1.0% |
282.5% |
Consolidated sales for the 4th quarter of 2021
|
In €m |
Q4 2021* |
Q4 2020 |
Published |
Organic |
Foreign exchange effect |
Perimeter change | |
|
Turnover |
83.5 |
90.8 |
-8.0% |
-15.9% |
2.3% |
5.6% | |
|
Automotive |
46.8 |
54.2 |
-13.8% |
-16.8% |
3.0% |
– | |
|
Industrial |
9.0** |
9.5 |
-4.9% |
11.8% |
4.5% |
-21.2% | |
|
Schlemmer |
27.8 |
27.1*** |
2.5% |
-21.9% |
0.2% |
24.3% |
*unaudited
** 2021 scope: disposal of the technical straps and belts business as of June 30, 2021
*** 2020 scope: acquisition of Lot 1 (Germany, Romania, Russia, Spain) from Schlemmer on September 1, 2020 and acquisition of lot 2 (Italy, Morocco, Tunisia) from Schlemmer on December 31, 2020.
-
Automotive market: organic growth of 14.7%
At the end of December 2021, revenue at constant exchange rates and scope was up 14.7% (+12.3% in published data) in a market up 2.5%. The effect of cumulative exchange rates at the end of December was negative -€4.6 million, mainly due to the parity (€/$).
In the 4th quarter, revenue at constant scope and exchange rates was down 16.8% (-13.8% in published data) in a market down 12.8%. The market was penalized on the one hand by supply disruptions in semiconductors and on the other hand by an unfavorable comparison base, the last quarter of 2020 having been very dynamic in catching up with a very weak. Moreover, the FTT activity largely underperformed the market due to overexposure to a client whose sales were particularly impacted by the semiconductor crisis.
Cumulative turnover:
By activity:
|
In €m |
2021* |
2020 |
Published |
Organic |
Foreign exchange effect | |
Protection systems | 148.4 | 120.6 | 23.0% | 25.5% | -2.5% | |
Transfer of fluids | 32.9 | 35.8 | -8.1% | -5.4% | -2.8% | |
Attachment for interior trim | 6.1 | 4.2 | 45.5% | 50.3% | -4.9% | |
Logistics and assembly services | 3.2 | 9.1 | -64.8% | -64.8% | 0.0% |
(1) Termination of activity at the Tangier site in December 2020.
|
In €m |
Q4 2021* |
Q4 2020 |
Published |
Organic |
Foreign exchange effect | |
Protection systems | 36.7 | 38.6 | -5.1% | -8.2% | 3.1% | |
Transfer of fluids | 8.0 | 11.6 | -30.9% | -34.2% | 3.4% | |
Attachment for interior trim | 1.4 | 1.5 | -5.6% | -14.2% | 8.6% | |
Logistics and assembly services | 0.7 | 2.4 | -69.8% | -72.8% | 3.1% |
(1) Termination of activity at the Tangier site in December 2020.
By region:
All regions are outperforming the automotive market, particularly in the Americas and Asia:
|
In €m |
2021* |
2020 |
Published |
Organic |
Foreign exchange effect |
Evolution of the Automotive Market **** |
Performance vs Organic (in pts) | |
Americas | 97.0 | 85.7 | 13.2% | 17.6% | -4.3% | 2.4% | +15.2 | |
Europe – Africa | 60.0 | 59.0 | 1.7% | 1.8% | -0.1% | -3.4% | +5.2 | |
Asia | 33.6 | 25.1 | 33.8% | 35.5% | -1.7% | 5.1% | +30.4 |
**** Source: IHS December 2021
By trimester:
|
In €m |
2021* |
2020 |
Published |
Organic |
Foreign exchange effect | |
T1 | 51.2 | 48.2 | 6.3% | 13.2% | -6.9% | |
T2 | 46.1 | 18.3 | 152.6% | 165.9% | -13.3% | |
T3 | 46.5 | 49.0 | -5.2% | -5.3% | 0.1% | |
T4 | 46.8 | 54.2 | -13.8% | -16.8% | 3.0% |
Industrial Market sales were up 29.6% at constant scope and exchange rates (+14% in reported data).
At constant exchange rate,
– Drossbach North America sales increased by 32.8% (+28.1% in published data);
– The “Electrical and thermal insulation” activity increased by 37.8% (+33.8% in published data);
– The “Technical straps and belts” activity is down -41.5% following the sale of this activity on June 30, 2021.
The effect of exchange rates at the end of December was unfavorable by -€1.2 million.
Sales within the Schlemmer scope, 100% integrated from January 1, 2021, amounted to €131.6 million at the end of December 2021, representing 36% of the group’s total revenue.
The level of activity is higher than expected at the time of acquisition.
Outlook
In a still unstable market context (variability in demand, shortage of materials and components, soaring purchase prices, logistical difficulties, etc.), DELFINGEN is doing its utmost to adapt the management of its operations and its cost structure and thus strengthen its leadership as a privileged partner of its customers by offering a unique service and quality.
Furthermore, DELFINGEN is developing its range of products and services to meet the challenges of transforming the automotive industry towards clean and sustainable mobility.
In this chaotic market situation, DELFINGEN is outperforming its latest revenue guidance of €345 million (see press release of November 5, 2021 ‘Revenue for the 3rd quarter of 2021’) and therefore anticipates for the year 2021 an operating margin of around 6% versus 5% in the last guidance.
Safe Harbor Statement
Although DELFINGEN’s management considers these forward-looking statements to be reasonable as of the date of publication of this document, investors are warned that these forward-looking statements are subject to numerous elements, risks and uncertainties, which are difficult to predict and generally outside the scope of control of DELFINGEN, which may imply that the results and events actually achieved differ materially from those expressed or anticipated in the forward-looking statements.
DELFINGEN, a world leader in protection solutions
and routing of on-board electrical and fluid networks
WWW.DELFINGEN.COM
EURONEXT Growth Paris | Next press release: April 1, 2022 |
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Regulated information:
Inside information:
– Information on annual turnover
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