Thursday, February 8, 2024
ANNUAL TURNOVER FOR 2023 UP BY +7.9%
Turnover up 9.6% at constant scope and exchange rates.
Net cash of €118.3M
Expected impact of restructuring on net income for 2023
Consolidated turnover (from
in €m — unaudited | 2023 | 2022 | Variation | PCC variation (1) |
1st quarter | 274.6 | 245.8 | +11.7% | +10.9% |
2nd quarter | 271.2 | 242.3 | +12.0% | +13.6% |
3rd quarter | 253.1 | 251.1 | +0.8% | +4.6% |
Nine-month total | 799.0 | 739.2 | +8.1% | +9.6% |
Nine-month report published | 781.9 | 739.2 | +5.8% | +12.3% |
4th quarter | 267.4 | 249.4 | +7.2% | +9.4% |
Twelve-month total | 1,066.4 | 988.5 | +7.9% | +9.6% |
(1) At constant scope and exchange rates.
CHANGE IN ACCOUNTING POLICY FOR TURKISH SUBSIDIARIES
At the request of the Group’s statutory auditors, results for the Turkish subsidiaries will henceforth be consolidated with the euro as the functional currency, with an analysis of contracts in Turkish lira having shown beneficial indexation to the euro. This change, which will entail changes to financial statements from previous years, will offset the effect of exchange rates on integrating local activities. The turnover for each quarter in 2023 has been reprocessed accordingly in the table above.
EVOLUTION IN 2023 TURNOVER IN LINE WITH FORECASTS
The Group recorded a turnover of €267.4M in the fourth quarter of financial year 2023, an increase of +7.2% as reported and +9.4% at constant scope and exchange rates.
This strong quarterly performance allowed
At constant scope and exchange rates, annual turnover was up by +9.6%, in line with forecasts released by the Group when it published its quarterly results. The negative impact of currency fluctuations amounted to -€16.8M for the year, including -€8.4M on the US dollar.
ANALYSIS OF THE TURNOVER DISTRIBUTION
In terms of geographic areas, growth in turnover is mainly driven by the French and European regions:
France : €306.1M (+13.9%)Europe (excludingFrance ) andAfrica : €302.6M (+12.7%)North America : €296.1M (-0.9%)Asia and theMiddle East (including Türkiye): €157.0M (+6.9%)South America : €4.7M (-15.8%)
In terms of business activity, Products and Functions turnover increased by +8.5% to €1,031.8M over the period. The Air intake (+26.3%), Washer systems (+17.3%) and Cooling (+9.6%) product lines were the strongest drivers in 2023, and recent activity from structural parts for electric vehicles totaled €21.5M (+77.9%). Turnover from Tooling rose by 24.7% to €26.6M.
NET CASH OF €118.3M
Net cash excluding lease obligations grew by €10.2M in the fourth quarter of the financial year and reached €118.3M by year-end, representing an annual increase of €3.2M.
PROSPECTS
A growth in business activity, as well as the Group’s ability to gradually pass on some of the cost increases it has faced, lend credence to a growth in current operating income in 2023 compared to 2022. However, costs relating to industrial restructuring in
As for the current financial year, based on forecasts of stable global automotive production in its main markets in
Next press release: Annual results 2023,
An independent family business, trading on Euronext Paris, Working in 21 countries across 5 continents, Euronext Paris — Sub-fund B — ISIN: FR0000053027 — Reuters: AKW.PA — Bloomberg: AKW:FP |
Attachment
- 2024-02-08_AKWEL_TO-2023_EN
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