Paris (awp/afp) – The activity of the French automotive supplier Plastic Omnium suffered from the shortage of semiconductors but also from the war in Ukraine in the first quarter with a turnover of 2.1 billion euros (2.2 billion Swiss francs), down 2.7% compared to the first quarter of 2021.
Despite the uncertainties, the group maintained its financial outlook for 2022 on Wednesday with an operating margin expected between 5 and 6%.
The decline in global automotive production (-4% according to S&P Mobility), particularly sustained in Europe (-18.2%), where Plastic Omnium achieves nearly half of its sales, has greatly disrupted the activity of the band.
Turnover fell by 16.7% on the old continent compared to the same period in 2021. The shutdown of automotive production chains linked to the shortage of semiconductors and the war in Ukraine “was particularly pronounced for Plastic Omnium in France (Stellantis, Renault), in Germany and in Eastern Europe (Volkswagen, Daimler, BMW), “said the equipment manufacturer in a press release.
“The month of March and the war in Ukraine considerably reduced the lead that we had acquired in January and February”, explained during a conference in front of analysts the financial director of the group Kathleen Wantz-O’Rourke.
Elsewhere in the world, the group which designs and manufactures exterior body parts (particularly bumpers), fuel tanks and vehicle pollution control systems has held up better.
In North America, Plastic Omnium “outperformed” (revenue up 9.7%) thanks to “a better allocation of semiconductors to manufacturers present in North America, and in particular at General Motors in Mexico” , details the press release.
In Asia excluding China, sales jumped 7.7% driven by India and Thailand. In China (the only market where automobile production has increased), Plastic Omnium’s business is holding up well thanks to the joint ventures which “show very sustained growth” and make it possible to achieve a 2.7% increase in turnover. business.
A start of confinement in Shenyang (north-east) and the Olympic Games have however slowed down the group’s reservoir activity in the country.
The group also welcomed numerous commercial successes “especially in hydrogen” for the construction of tanks in France or the United States, a sector which “will play a key role in the medium term”, according to Kathleen Wantz-O’ Rourke.
The group finally defended its positions in electric mobility by welcoming the opening of “exclusive negotiations for the acquisition of Actia Power, a supplier of solutions primarily for heavy electric mobility.”
afp/jh