SOGEFI S.P.A. 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
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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.
