H1 2021 RESULTS
2 0 2 1
Frederic SIPAHI - CEO
Yann ALBRAND - CFO
July 26th, 2021
1 I
AGENDA
H1 2021 RESULTS
A SUSTAINABLE TRANSFORMATION
PERSPECTIVES
2 I
H1 2021 Results
3 I
Revenues at €682.5m
vs 750.2m in H1 2019
EBITDA at € 110.0m
vs €87.9m in H1 2019
EBIT at € 48.9m
vs €27.9m in H1 2019
Net Income at € 21.4
vs € +6.9m in H1 2019
FCF1 at € 32.5m
vs €-3.3m in H1 2019
Net debt1 at € 261.4
vs € 267.3m end June 2019
H1 2021 Highlights
Up 34.9% on a reported basis (+38.5% at constant exchange rate) outperforming the market in all areas. H1 2021 still behind H1 2019 (-9.0%)
- EBITDA: 16.1% vs 10.3% in H1 2020 and 11.7% in H1 2019. EBITDA adjusted by excluding non recurring and non operating items at 14.5% vs 12.3% in H1 2019
- Gross fixed costs down by € 22.3m vs H1 2019 (-16.0% )
- EBIT: 7.2% vs -2.4% in H1 2020 and 3.7% in H1 2019
- EBIT adjusted at 5.5% vs 4.3% in H1 2019
Net income at € 21.4m vs € -28.8m in H1 2020 and € 6.9m in H1 2019
Free Cash Flow positive at € 32.5m (-€70.8m in H1 2020 and € -3.3m in H1 2019) thanks to higher EBITDA margin and favorable working capital
Net debt of € 261.4m versus vs € 291.3m end of 2020 and € 327.0m end June 2020
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 |
H1 2021 Main Takeaways
- Sales performance vs Market in first semester 2021 vs 2019:
- Market down by -12.6%, of which -23.5% in Europe, -19.7% in Nafta
- Sogefi at constant -4.5%, of which -11.5% in Europe, -3.5% in Nafta
- A&C and Filtration performed better than the market with sales substantially in line with 2019 (+2.8% for Filtration, -0.7% for A&C) thanks to new business start, IAM & OES resilience and balanced customer portfolio / geographical mix.
- Suspension decreased by -13.7% due to customer portfolio and geographical mix
- Raw material market prices are booming with issues to get right quantities at right time:
- Steel prices have increased by 50% vs January 2019 and doubled for tubes
- Plastics and media are following same trend with an increase by 30% vs January 2019
- In first semester thanks to strong defensive, Sogefi Group has been able to contain impact on purchasing prices, keeping prices lower than 2019 and 2020
5 I
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Sogefi S.p.A. published this content on 26 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2021 06:47:05 UTC.