MONTUPET SA : Montupet: First half results 2015


Press release - Clichy, September 16, 2015, 18:00

First half results 2015

  • Turnover up by 13,7% (+6% at constant metal and exchange rates)
  • EBITDA(1) up by 9,0% to 55,8 M€
  • Operating profit up by 5,1% to 36,8 M€
  • Net profit up by 14,8% to 29,4 M€
  • Confirmation of objectives for annual growth in turnover and profit

The Board of the Montupet Group closed the accounts up to June 30, 2015, on September 16 last. The consolidated results have been reviewed by the financial auditors and a full report will be published shortly.

in M€ 30/06/2015 30/06/2015 30/06/2014 (2) Variation Variation
at constant metal and exchange rates
at constant metal and exchange rates
Turnover 271,8 253,4 239,1 13,7% 6,0%
EBITDA(1) 55,8 56,6 51,2 9,0% 10,5%
 As % of turnover 20,5% 22,3% 21,4%    
Operating profit 36,8 37,8 35,0 5,1% 8,0%
 As % of turnover 13,5% 14,9% 14,6%    
Financial result -0,6   -1,1    
Net profit (Group share) 29,4   25,6 14,8%  
 As % of turnover 10,8%   10,7%    
  1. EBITDA : Earnings before interest, tax, depreciation and amortisation

  2. Results up to June 30, 2014, corrected following the application of the revised standard IFRIC 21.Correction also related to the accounting treatment of the Research Tax Credit.

Strong increase in activity with marked acceleration in the second quarter
In the first half of 2015, Montupet's turnover came to 271,8 M€, up by 13,6% (+9,2% at constant exchange rates, +6,0% at constant metal and exchange rates) compared with the first half 2014. Having grown by 8% in the first quarter, (+5,2% at constant metal and exchange rates), turnover went up by 19,8% in the second quarter (+10,2% at constant metal and exchange rates).

Net profit up by 14,8%
EBITDA comes to 55,8 M€. Up by 9,0% with respect to the first half 2014, it represents 20,5% of Group turnover.

Operating profit comes to 36,8M€, or 13,5% of turnover. It includes :

  • 0,5 M€ positive exchange rate impact;

  • 1,5 M€ negative impact from the increase of metal costs that has not yet been fully passed into sales prices.

After the integration of a 6,7 M€ corporate tax and the cost of debt of 0,65 M€, net profit (Group share) comes to 29,4 M€, or 10,8% of turnover.

Stéphane Magnan, Montupet CEO, had this to say about these results:

“The Montupet Group has shown strong growth in the first half.

 The Group is fully engaged in a process of improvement of productivity across all sites.

The Group continues to demonstrate a high degree of profitability, despite the increase in metal costs which has not yet been fully passed on to our sales prices, and also despite the added overhead costs driven by the preparations for upcoming strong growth in volume.

This growth is a direct result of the competitiveness of our technologies which are especially well adapted to cater to the demands of our customers.”
Net debt at 25%, down by 8 points
Net debt came to 65,1 M€ at the end of June 2015. Based on assets of 260,2 M€, gearing works out at 25% as opposed to 32% one year before, and 34% at the end of December 2014.

As part of its programme to optimise production equipment and to increase productivity, the Group invested 24,6M€ in the first half of which 19,4 M€ in tangible assets. This compares with 21,7 M€, of which 18,8 M€ in tangible assets, one year previously.

Expectations confirmed
At the end of this first half, the Group expects growth in turnover and profit for the full year. The seasonal influence observed last year should be diminished this year because for the third quarter, all the production sites are seeing an increase in growth. 
The outlook, whether in Europe or in North America, is excellent, thanks to the ramp up of several existing programmes. This effect will carry forward into 2017 and beyond.

Montupet boasts a solid order book with visibility for more than five years into the future. The development of a new engine takes approximately three years and production runs for an average of seven years after that. The Group continues to work with its traditional customers who increasingly seek to benefit from its technological leadership, helping the Group to win additional market share. For these reasons the Group is confident in its ability to continue pursuing its strategy of profitable growth.

Next publication : Third quarter 2015 turnover, October 14, 2015 after the closure of the markets.

About Montupet

The Montupet Group specialises in the design and production of highly-stressed cast aluminium components, principally for automotive applications. Since 1987, the Group has pursued a strategy of international development, resulting in a world-wide presence with seven production sites in France, Spain, Northern Ireland, Bulgaria, Mexico and India. Montupet is today a key supplier to global automotive manufacturers such as Renault-Nissan, VW-Audi, BMW, GM and Ford. In 2014, Group turnover came to 451,8 M€ with 3300 employees throughout the world.

Montupet is quoted in Compartment B on the Euronext Paris stock exchange and is eligible for the French PEA and PEA-PME investment products.
Montupet is part of the SBF 120, CAC Mid & Small, CAC PME and EnterNext PEA-PME 150 indices and is eligible for SRD.

 ISIN code: FR0000037046 - Mnemo : MON - Bloomberg : MON:FP - Reuters : MNT.PA


Marc Majus, Directeur Général Délégué

E-mail : - Tél. : +33 (0)1 47 56 47 56

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