During the third quarter the results of France have been improved despite a difficult business environment.
A slower than anticipated integration of MBtech impacted the Group's German and international businesses less than during the first half of 2013.
Measures taken since the beginning of 2013 confirm the strategic interest of the MBtech acquisition and the Group's mid-term potential in Germany.
Q3 2013 revenue
- AKKA Technologies posted 3rd quarter revenue of ¤211.7 million, down 3.1% (2.6% like for like) compared to Q3 2012 revenue of ¤218.4 million.
- The Group improved earnings in France and Germany compared to previous quarters. France has returned to growth. Germany has benefited from a slight increase in MBtech sales compared to previous quarters.
|¤ million||Q3 2013||Q3 2012||Change %||Like-for-like change % *|
|Of which MBtech||69.5||79.1||-12.2%||-12.2%|
|International (excl. Germany)||28.6||28.9||-1.3%||+2.0%|
|Of which MBtech||8.2||9.7||-15.2%||-15.2%|
|Total AKKA (excl. MBtech)||134.1||129.6||+3.4%||+4.0%|
MBtech is consolidated since April 1st, 2012.
* Adjusted for a transnational contract gained in 2012 by Octogone in Germany, registered in France, Spain and the UK in 2013
Q3 2013 revenue by region
- After a 1.1% decline in the first half, France posted 3.2% growth in the third quarter, generating revenue of ¤106.6 million (up 2.9% like for like). This improvement is due to reorganizations launched in 2012.
- In Germany revenue fell by 11.2% to ¤76.6 million. AKKA Technologies' historical German businesses increased revenue by 8.4% like for like. MBtech's sales has begun to show signs of stabilization: Q3 revenue fell by 12.2% in Germany compared to a 19% pro forma decline in the first half.
- International revenue (excl. Germany) came in at ¤28.6 million, down just 1.3% compared to Q3 2012. Excluding MBtech, the international businesses posted 8.7% like-for-like growth.
- Given this improvement, the Group is confident that it will achieve full-year 2013 revenue of at least ¤875 million.
- Nevertheless, Group margins continue to be squeezed by MBtech reorganization. This will limit the potential improvement in the second half in comparison to the first half.
- Management remains highly confident in its mid-term growth plan for the Group.
- In line with expectations, MBtech's know-how and industrial technological expertise have turned out to be first rate. The Company's future growth in Germany is underpinned by these qualities.
- Backed by MBtech, AKKA Technologies benefits from a global positioning, based on a clearly distinguished offering and an unique European platform (the Group earns nearly half of its revenue outside France), which will provide numerous opportunities for international growth.
- This positioning, combined with the Group's technological DNA, enables it to deliver a highly diversified range of strategic projects in terms of size, added value and overall understanding of requirements with existing and potential customers.
- The 2013 national engineering prize (Grand Prix National de l'Ingénierie) was awarded to the Group last week for Link&Go, our futuristic autonomous electric concept vehicle by the French Ministry of Ecology, Sustainable Development and Energy and the Ministry of Productive Recovery.
The measures taken since the beginning of the year confirm the merits of the MBtech acquisition and enable us to perceive the first benefits reflected in current Group projects. As a result, AKKA Technologies' mid-term target of achieving operating income* of ¤100 million while controlling its financial equilibrium is thereby confirmed.
Next update: Q4 revenue February 12th, 2014 after market close
* Net operating profit before non-recurring items and costs related to stock options and bonus shares
Revenue for the 9 months ended September 30th
|¤ million||9 months
Sept. 30, 2013
Sept. 30, 2012
|Change %||Like-for-like change % *|
|Of which MBtech||208.6||164.2||+27.0%||-16.9%|
|International (excl. Germany)||87.0||77.8||+11.9%||-1.5%|
|Of which MBtech||23.6||19.8||+19.4%||-21.3%|
|Total AKKA (excl. MBtech)||415.2||408.5||+1.7%||+1.8%|
"The best way to predict the future is to invent it.
Let's spread a passion for technology."
AKKA Technologies, a European Engineering and Technology Consulting Group, supports large industrial and service companies in the various stages of their projects, from R&D and research to industrialisation. Through its expertise in complementary businesses, AKKA Technologies provides genuine value-added to its customers across all industry sectors, including aeronautics, automotive, space & defence, consumer electronics, telecommunications, chemicals, pharmaceuticals, steel, energy, railways, marine, and services, etc.
As a market leader in the Automotive and Aerospace sectors in France and Germany, and thanks to the mobility of its staff and its international positioning, AKKA Technologies is involved in cutting-edge technology projects throughout the world.
The AKKA Technologies Group has over 11,000 employees and operates in 20 countries, including Germany, Belgium, Canada, China, the UAE, Spain, France, Hungary, Italy, India, Morocco, the Netherlands, the Czech Republic, Romania, the United Kingdom, Russia, Switzerland, Tunisia, Turkey, and the US.
AKKA Technologies is listed on EuronextTM Paris - Compartment B - ISIN Code: FR0004180537.
CAC® Small, CAC® Mid & Small, CAC® All-Tradable, and CAC® All-Share indices.
Further details are available at www.akka.eu
Nicolas Valtille - Group CFO - Tel.: 04 78 92 60 83 - firstname.lastname@example.org
Dov Lévy - Investor Relations - Tel.: 06 22 67 41 41 - email@example.com
Amalia Naveira - Relations analystes/investisseurs - Tel.: 04 72 18 04 97 - firstname.lastname@example.org
Marie-Claude Triquet - Relations presse - Tel.: 04 72 18 04 93 - email@example.com
* Adjusted for a transnational contract gained in 2012 by Octogone in Germany, registered in France, Spain and the UK in 2013Information réglementée
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|AKKA TECHNOLOGIES||Euronext Paris||45.30 (c)||-0.20%||11 594|