9M 2022 Results
October 24, 2022
Frédéric SIPAHI - CEO
Olivier PROUST - CFO
AGENDA
- 9M 2022 Results
- A resilient business model and a Sustainable Transformation
- Market Outlook 2022
01
9M 2022 Results
9M 2022: Strong Results in an Unprecedented Market Scenario
Sales up thanks to market outperformance and benefiting of price increase related to pass-thought
Managing raw and energy price increase with pass-thought, indexation and internal efficiency actions to reduce energy intensity
Rapid cost base and organization adaptation to current market conditions thanks to execution of
strong structural actions
- Despite of supply chain disruption, Covid, Russia/Ukraine and customer stop and go's'
- Despite of huge material price and energy costs increase group defending margin / cash
- The current unprecedented scenario (material shortage, lockdowns, customers/suppliers stop and go's) was faced with a more agile internal organization
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Revenues at €1165.6m
vs 990.0m in 9M 2021
EBITDA at € 151.3m
vs €144.1m in 9M 2021
EBIT
Net Income
FCF1 at € 35.3m
vs €26.5m in 9M 2021
Net debt1 at € 219.7
vs € 258.2m Dec. 2021
1. FCF and Net debt excluding IFRS 16
9M 2022 Financial Highlights
- +11.7% at constant exchange benefiting of price increase related to pass-thought and good Aftermarket performance, over performing the market (+7.5%)
- Volume positive (+3.4%)
- Contribution margin € 322.8m vs € 310.8m in 9M 2021
- EBITDA excluding non-recurring: € 145.9 m€ vs € 133.2m in 9M 2021
- Gross fixed costs substantially stable at € 175.0m vs € 170.0m in 9M 2021 with ratio to sales down from 17.2% to 15.0%
- € 62.3m vs € 49.4m in 9M 2021 with higher growth in value excluding non recurring
- (€ 56.8m vs € 40.3m)
Net income substantially up at € 34.2m vs € 24.3m in 9M 2021 excluding the accounting impact of Argentina disposal
Free Cash Flow positive at € 35.3m (€26.5m in 9M 2021) thanks to the positive operating results and a change in working capital less unfavorable than 9M 2021
Net debt of € 219.7m versus € 258.2m end of 2021 and € 267.4m end September 2021
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