2016, 1st HALF-YEAR RESULTS
Anteuil, September 12, 2016
DELFINGEN, a global automotive supplier, and a leading manufacturter of on-board networks protection solutions and fluid transfer tubing.
A presence in 19 countries
35 sites: R&D, Logistics, Production and Sales
Strong sales growth in India and China
Recurring operating income up by 29%
| Net sales | Recurring operating income | Group share of net profit | Investments |
| + 1,8% | 7,7 M€ | 2.8 M€ | 4.5 M€ |
| + 3,0% CER1 | 8.5% of sales | 3,1% of sales |
| In M€ | 1st HY 2016 | 1st HY 2015 |
| Sales | 90.4 | 88.8 |
| Gross margin | 47.6 | 45.5 |
| Recurring operating income | 7.7 | 5.9 |
| Operationg income | 6.6 | 5.9 |
| Group share of net profit | 2.8 | 3.8 |
| Cashflow from operating activities | 1.2 | 2.2 |
| Net financial debt | 38.8 | 34.1 |
| Equity | 53.8 | 51.7 |
Sales are up by 1.8% (3.0% CER = at constant exchange rate).
Sales in the Automotive Division (88% of overall sales) are up by 4% (up by 5.4% CER1), outperforming the global automotive production increase (+ 2.3% for the same period). The most dynamic regions were India (+ 21% CER1) and China (+ 12% CER1). Growth was also sustained in Europe (5.5% CER1) and in North America (+ 5.9% CER1). Market conditions were more difficult in the ASEAN and South America.
Sales in the on-board networks protection activity is up by 3.7%. Sales of technical tubing for fluid transfer solutions is up by 10.2%. Sales in the mechanical parts assembly activity decreased by 1.7%.
DELFINGEN reports a recurring operating income of 7.7 M€ (8.5% of the sales) for the first half-year, which represents an increase of 29%. Net income is 2.8%, down by 20% due to non-recurring charges of 1.1 M€, adverse exchange rates and an increase of the effective tax rate.
The net financial debt of the group stands at 38.8 M€ on June 30, 2016, compared to 34.1 M€ on December 31, 2015. Over the same period, the WCR has deteriorated (5.8 M€), due to a substantial seasonality effect. Investments reach 4.5 M€. Level of indebtedness is 72%.
If global automotive production grows by 2 to 3% as expected and if the exchange rates and raw material prices are on line with the present levels, DELFINGEN forecasts for 2016 an operational performance on line with the first half-year and an improvement of its financial performance.
(1) CER: at constant exchange rate
NYSE Alternext Paris - ISIN code: FR 0000054132 - Mnemonic code: ALDEL
Next press release: November 7, 2016 - 2016 3rd quarter sales
Contact: M. Christophe Clerc : +33 (0)3.81.90.73.00 - www.delfingen.com
The full press release and all financial information pertaining to the DELFINGEN Group are available on www.delfingen.com
