PRESS RELEASE Wednesday 11 February 2015
Q4 2014 SALES UP 7.9% 2014 SALES TOTAL €692.1 MILLION
In € m - unaudited | 2014 | 2013 | Growth |
4th quarter | 172.9 | 160.3 | +7.9% |
Full year | 692.1 | 663.8 | +4.3% |
Fourth quarter sales totalled €172.9 million, up 7.9% unadjusted and down 3.5% on a like-for-like basis. Currency translation effects (US dollar, Argentinian peso, Turkish lira and Swedish krona) had a positive impact of €1.9 million during the period.
The Group's performance during the period, however, suffered from weak sales in tooling and discontinued products, which were not fully offset by the start-up of new activities.
Sales of Products & Functions during the fourth quarter totalled €166.4 million, up 10.3% unadjusted, with contrasting levels of performance depending on the scope. Avon Automotive posted growth of 8% while the historical scope contracted by 7.7%.
Over all of 2014, the Group achieved sales of €692.1 million, up 4.3% unadjusted and down 0.2% on a like- for-like basis. Currency translation effects had a significant negative impact of €18.3 million, having already had a negative impact of €17.2 million in 2013.
For the first time, the Group's historical scope represented just under half of the Group's consolidated sales, contributing €341.2 million.
Sales of Products & Functions totalled €662.5 million, up 5.1% unadjusted and up 0.4% on a like-for-like basis.
Sales of AdBlue reservoirs for SCR exceeded their objectives, totalling €15.4 million.
The historical scope posted sales of €324.9 million, down 5.4% unadjusted and down 3.2% on a like-for-like basis.
Avon Automotive delivered sales of €287.4 million, up 0.3% unadjusted.
Autotube AB, consolidated since 1 April 2014, contributed €50.2 million to sales during the period.
From a geographical perspective, several countries including China, Romania, Turkey and the Czech Republic, posted record levels of activity.
Over all of 2014, sales by geographical region broke down as follows: Europe (excl. France) 41.5%, North America 23.3%, France 20.3% and the Rest of the World 14.9%.
French automotive manufacturers now represent 34% of sales, and PSA remains the Group's largest customer. Ford's contribution to the top line has increased to 19%. Two new major customers, Volvo Car- Geely and Scania, now rank among the Group's top 10 customers following the acquisition of Autotube AB.
The Group's overall performance is expected to give rise to operating profitability of approximately 7.5% in respect of FY 2014, even after accounting for the considerable investment in AdBlue reservoirs for SCR.
The Group's debt increased by €24.4 million during the financial year as the net result of positive cash flow generation over the year and an outflow to acquire Autotube AB. As a reminder, net financial debt totalled
€40.1 million on 31 December 2013.
In 2015, MGI Coutier will continue to implement its development plan with the ambitious objective of achieving sales of over €800 million. We will achieve this objective by progressively ramping up SCR, still in its start-up phase, and accelerating the launch of new business activities.
Double-digit sales growth in 2015 will enable MGI Coutier to generate operating profitability of 7-8%.
Next press release: Full-year 2014 earnings on 22 April 2015 after the market close
Automotive component manufacturer MGI Coutier is active in two main product lines: fluid transfer and mechanisms.
The Group has 7,800 employees worldwide.
Euronext Paris - Segment C - ISIN: FR0000053027 - Reuters: MGIP.PA - Bloomberg: MGIC
Contacts: MGI Coutier
Jean-Louis Thomasset - Vice-Chairman of the Executive Board/CFO - Tel.: +33 (0)4 50 56 99 25
Actus Lyon
Amalia Naveira - Marie-Claude Triquet - Analysts/Investors/Press relations - Tel.: +33 (0)4 72 18 04 93 - anaveira@actus.fr - mctriquet@actus.fr
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