PRESS RELEASE - DELFINGEN
2018 1st HALF-YEAR RESULTS
Anteuil, September 10th, 2018
Acceleration in organic growth
| Sales | Current operating income | Net income Group share | Cashflow from operating activities | |
| + 9.6 % (+ 0.9 % in published data) | 5.5 % of net sales (i.e. 5.9 M€) | + 4.1 % (Soit 3.1 M€) | 0.5 M€ | |
| In millions euros | 1st HY 2018 | 1st HY 2017 |
| Net sales | 108.1 | 107.1 |
| Ebitda | 9.1 | 10.6 |
| Current operating income | 5.9 | 7.6 |
| Operating income | 5.9 | 7.6 |
| Net income Group share | 3.1 | 3.0 |
| Cashflow from operating activities | 0.5 | 2.9 |
| Net financial debt | 56.2 | 51.7 |
| Equity | 64.4 | 58.1 |
Net sales increased by 9.6 % at constant exchange rates (+ 0.9 % in published data).
Sales in the Automotive division, representing 79 % of the overall net sales, are up by 11 % at constant exchange rates (+ 2.1 % in published data). Global automotive growth for the same period is +1.8 %(1).
Sales in the "on-board networks protection" business are up by 6 % at constant exchange rates (- 2.6 % in published data).
The "technical tubing for fluid transfer" business increased by 50 % at constant exchange rates (+ 37.8 % in published data). The "mechanical parts assembly" business went down by 1 % at constant exchange rates (- 5.8 % in published data).
Sales in the Specialty markets division are up by 4.6 % at constant exchange rates (- 3.4 % in published data).
The impact of the exchange rates on sales was unfavorable of - 9.3 M€.
DELFINGEN Industry generated a current operating income of 5.9 M€, i.e. 5.5 % of sales (7.6 M€ in the 1st half-year of 2017) with a decrease in gross margin by 1.1 percentage points (raw materials price increase and adverse impact of product mix), non-recurring fright costs of 1.1 M€ for the Celaya plant in order to meet the production ramp-up of the "technical tubing for fluid transfer" business and an unfavorable effect of currencies of 0.3 M€.
The financial result is - 1.6 M€ compared to - 3.0 M€ in the 1st half-year of 2017, which had been affected by a negative effect of currencies by 1.7 M€.
The effective tax rate reduced from 34.4 % to 28.5 %, due to the American tax reform which brought the income tax rate down from 34 % to 21 %. The net income is 3.1 M€ (up by 4.1 %).
The net financial debt is at 56.2 M€ on June 30th, 2018 compared to 51 M€ on December 31st, 2017 due to an investment level of 4.3 M€ and a 7.3 M€ working capital requirement.
The Gearing is at 87 %.
In a context where the automotive production is expected to grow by 2 %, and currency exchange rates remain in line with the actual levels, DELFINGEN Industry expects further growth of its net sales in 2018.
(1) source: IHS
DELFINGEN, a global leader in protection and routing solutions
for electric and fluid on-board networks
EURONEXT Growth Paris - Code ISIN : FR 0000054132 - Mnemonic: ALDEL
Next press release: November 5th, 2018 - 2018 3rd Quarter Sales
Contact: Mr. Christophe Clerc : +33 (0)3.81.90.73.00 - www.delfingen.com
