Consolidated Results (1st Jan - 31 December)
|Sales revenue||381,6||236,0||+ 62%|
|Income from operations||29.8||17.6||+ 70%|
|As a % of sales.||7.8%||7.4%|
|Current operating income||27.0||15.0||+ 80%|
|Consolidated net income||16.6||9.2||+ 80%|
|Cash flow generation||34.9||20.7||+ 69%|
|Net debt||10.3||46.1||- 78%|
Sustained Organic Growth
Sales revenue increased by 62% to 381.6 M¤ in spite of a compression in Coframi's operations and a more sluggish Q4.
The 17% in organic growth is the result of dynamic business activities outside France and increased diversification in sectors where the Group operates, along with significant breakthroughs in rail, energy, aerospace, telecommunications and defence.
Rise in operating margin
Owing to tighter control over growth and to the successful recovery of Coframi, operating profits come out at 7.8%, exceeding expectations.
Coframi, which was renamed AKKA I&S on 1st January 2009, is now profitable and generates a positive cash flow. Over the period, Coframi contributed 130.7 M¤ to the consolidated sales revenue and 8.4 M¤ to operating income.
International business activities generated 39.8 M¤ and contributed 5.3 M¤ to operating income.
After taking into account 5.4 M¤ in interest expenses and a corporate tax of 4.7 M¤, consolidated net income increased to 16.6 M¤.
Robust financial resources
Due to a rise to 34.6 M¤ in net cash flows generated by business activities, to the improvement in Working Capital Requirements (WCR) and to the disposal of real estate assets, the cash position advanced to 71.1 M¤.
Owner's equity stands at 69.9 M¤.
Debt-to-equity ratio (gearing) stands at 0.15 as against 0.87 at 31 December 2007 thus demonstrating the Group's capacity to absorb and integrate a large company while controlling its financials. Gearing is set to turn negative again in 2009.
In order to pursue its expansion, the Group has at its disposal substantial financial resources as well as both short and medium term credit lines of more than 86 M¤, which are yet to be drawn.
Guidance for 2009
Faced with a worsening economic environment and a steep and sudden downturn in the automotive sector, AKKA Technologies quickly put in train management measures to adapt the new situation.
In the first half of 2009, both management and supervisors will take decisions concerning the re-alignment of the organisation (training, mobility, redeployment of staff to other sectors) and cost reduction programmes. Priority will be given to cash generation.
Several factors will also contribute to sustaining the Group's dynamic:
- The sales and marketing action plan is to be strengthened in high-growth segments where AKKA Technologies has a well-established position such as energy.
- International business will confirm its role as a driver for growth
- Managerial teams remain attentive to emerging opportunities
At the same time, thanks to its strengthened financial resources and sturdy fundamentals, AKKA Technologies will pursue its international development and will come out of the current period as a stronger player.
Next press release: Q1 revenue on 13 May 2009 after the close of the trading day
About AKKA Technologies
AKKA Technologies, a high-technology and engineering Consultancy is providing guidance to industrial companies across the various stages of their projects, from R&D and design to assembly-line production.
AKKA Technologies through its expertise in complementary fields delivers real added value to industrial companies in every market segment: automotive, aeronautics, space/defence, consumer electronics, telecommunications, chemicals, pharmaceuticals, steelmaking, energy, rail, naval operations and services.
Thanks to its highly mobile teams and its global footprint, AKKA Technologies is capable of participating in cutting-edge projects across the world.
At 31 December 2008, AKKA Technologies employed 5,300 staff and had 40 subsidiaries in France, Belgium, Italy, UK, Germany, Switzerland, Morocco, India and Romania
AKKA Technologies is listed on EuronextTM Paris Eurolist - Compartment C - ISIN Code: FR0004180537.
SBF 250 Index, CAC IT and CAC Small 90
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|AKKA TECHNOLOGIES||Euronext Paris||48.15||0.54%||14 814|