PRESS RELEASE Thursday 28 July 2016 after the market close
H1 2016 SALES OF €496.2 MILLION UP 15.3% Consolidated sales (1 January to 30 June)In € m - unaudited | H1 2016 | H1 2015 | Chg. in % |
1st quarter | 242.8 | 210.2 | +15.5% |
2nd quarter | 253.4 | 220.1 | +15.2% |
Total 1st half | 496.2 | 430.3 | +15.3% |
MGI Coutier delivered another quarter of strong growth, achieving record high sales in June. Over the second quarter, sales totalled €253.4 million, up 15.2% unadjusted and up 17.2% on a like-for-like basis, as currencies had a negative impact of €5.3 million.
Sales of Products & Functions amounted to €243.4 million, up 15.2% unadjusted from €211.3 million in the year-earlier period.
Deliveries of AdBlue tanks for the SCR system represented sales of €43.3 million over the period.
ON A LIKE-FOR-LIKE BASIS, SALES INCREASED BY 17.1% IN H1 2016Over the full first half, the Group achieved sales of €496.2 million, up 15.3% unadjusted and up 17.1% on a like-for-like basis. Sales of Products & Functions increased by 15.2% unadjusted to €476.2 million, vs.
€413.5 million in the year-earlier period.
Tooling sales totalled €17.7 million, up 25% vs. the year-earlier period, illustrating the ongoing success of the Group's sales efforts.
MGI Coutier's historical scope and Avon Automotive both returned particularly strong growth, increasing respectively by 21.4% to €262.1 million and 11.3% to €197.6 million unadjusted. Autotube's sales remained virtually unchanged at €36.4 million (-1.1%) from the year-earlier period.
By geographical area, all production sites continued to deliver strong performances and robust growth, except Asia and South America, whose combined sales declined by 11.6%. Sales increased in France by 30.4%, North America by 8.3%, Europe excluding France by 5.5% and the Rest of the World by 22.1%.
Strong cash generation in second quarterDuring the second quarter, MGI Coutier generated significant cash and thus further reduced its debt by
€12.0 million. During the first half overall, MGI Coutier reduced its net indebtedness by €20.0 million from its level of €56.6 million as of 31 December 2015.
MGI COUTIER'S SALES WILL BE WELL IN EXCESS OF €900 MILLION IN 2016Given this strong first-half performance, MGI Coutier Group is now confident it will achieve sales in excess of
€900 million in 2016. Income from ordinary activities is expected to rise compared with 2015. Capital expenditure will remain high to support the Group's innovation and international development.
As previously reported, management's objective is to achieve annual sales of €1 billion by 2018 with an operating margin between 7% and 8%.
Next press release: First-half 2016 earnings on 22 September 2016 after the market close Information meeting: 23 September 2016 at 10.00 a.m. at SFAF, 135 boulevard Haussmann, 75008 Paris.Automotive component manufacturer MGI Coutier is active in two main product lines: Fluids management and mechanisms.
The Group has more than 9,500 employees worldwide.
Euronext Paris - Segment B - 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
MGI Coutier SA published this content on 28 July 2016 and is solely responsible for the information contained herein.
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