1Q 2022 Results
April 25, 2022
Frederic SIPAHI - CEO
Olivier PROUST - Head of Finance
AGENDA
Q1 2022 Results
A Sustainable Transformation
Market Outlook 2022
Q1 2022 Results
Revenues at €381.1m vs 352.8m in Q1 2021
+5.4% at constant exchange benefiting of price increase related to pass-thought
EBITDA at € 50.0m vs €54.2m in Q1 2021
EBITNet Income
FCF1 at € 42.8m vs €33.0m in Q1 2021
Net debt1 at € 213.4
vs € 258.2m Dec. 2020
1. FCF and Net debt excluding IFRS 16
• Contribution margin € 106.8m vs € 108.3m in Q1 2021
• EBITDA excluding non-recurring: € 49.1 M€ vs € 49.8m in Q1 2021
• Gross fixed costs reduce to € 58m vs € 60.3m in Q1 2021
€ 21.2m vs € 25.4m in Q1 2021
Net income at € 10.7m vs € 11.8m in Q1 2021
Free Cash Flow positive at € 42.8m (€33.0m in Q1 2022) thanks to specific actions on working capital put in place to balance higher raw materials and finished goods necessary in this unprecedented period
Net debt of € 213.4m versus € 258.2m end of 2021 and € 261.1m end March 2021
Sales by Geography
€m | Q1 2021 | Q1 2022 | reported change | constant exchange rates | reference market production | performance vs market (bps) | weight based on Q1 2022 |
Europe 27 | 224.9 | 234.1 | 4.1% | 3.7% | -17.0% | 2070 | 61.4% |
North America | 69.9 | 79.4 | 13.5% | 5.6% | -1.8% | 740 | 20.8% |
South America | 15.9 | 21.0 | 31.9% | 32.5% | -13.3% | 4580 | 5.5% |
Asia | 44.7 | 48.1 | 7.6% | 0.5% | 4.7% | -420 | 12.6% |
- of which China | 23.8 | 24.6 | 3.6% | -5.5% | 6.1% | -1160 | 6.5% |
Intercompany | (2.6) | (1.5) | |||||
Total | 352.8 | 381.1 | 8.0% | 5.4% | -4.5% | 990 | 100.0% |
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• Outperformance in most areas except China, where Q1 2021 recorded strong growth thanks to the launch of new programs
• Russia / Ukraine represents very small amount ( 0.7% of turnover)
Source: Sogefi and IHS data. Passenger cars and Light commercial vehicles only. Asia is China + India
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