MONTUPET SA : Montupet: Full year 2014 financial results: strong growth maintained

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

 

Full year 2014 financial results : strong growth maintained

  • Turnover up by 7,4% to 451,8 M¤
  • EBITDA up by 23% to 91,8 M¤
  • Gross profit up by 33% to 57,6 M¤
  • Net profit- Group share up by 31% to 45,3 M¤

On March 16, 2015, the Board of the Montupet Group has closed the accounts up to December 31, 2014. The review of the consolidated accounts has been completed by the financial auditors and their certification report is being prepared for release.

In M¤ 31/12/2014 31/12/2013 (1) Variation
Turnover 451,8 420,7 +7,4%
EBITDA 91,8 75,3 +22,0%
EBITDA margin 20,3% 17,9% -
Operating profit 57,6 44,3 +29,9%
Operating margin 12,7% 10,5% -
Financial profit -0,1 -3,2  
Net profit - Group share 45,3 33,3 +36,0%
Net margin - Group share 10,0% 7,9% -

(1) : 2013 figures, as published, have been restated accordingly to IAS 8 (Correction of Prior Period Accounting Errors). The correction relates to the accounting treatment of the Research Tax Credit, with a positive impact of 0,9M¤ on 2013 operating profit and a negative impact of 1,3 M¤ on 2013 net result. 2013 published and restated financial statments are attached to this release.

 

Commenting on these results, Stéphane Magnan, Montupet CEO said:

 "2014 has set yet another record in profitability, giving further strength to our ambition for development of the business based on a combination of increased activity and growth in profits.

Our strategy remains unchanged and continues to focus on the development of our 'low cost' production sites, on increased productivity at our historic plants, and on an increased market share through the addition of new customers to our portfolio.

Thanks to our three key points of competitive advantage, which are recognised by our customers - technological leadership, company management and significant capacity for investment - we are very confident looking forward to 2015.

Further strong growth in profitability

The Montupet Group finished 2014 with turnover of 451,8M¤, up by 7,4%, i.e twice that of the worldwide automotive market. The year saw strong growth in profit, coming to a historically high level with operating profit up by 30%. Despite seasonal effects which affected volumes in August and December, operating profit still reached almost 11% in the second half.

Investment was particularly high in 2014 (56,7M¤ as compared with 43,1M¤ in 2013) both to add capacity for new programmes (GM, Volvo, Ford, BMW, Porsche) and to modernise existing plant, making it more productive and adapting it to the latest OEM's technical requirements. The increase in investment has led to an increase of 3M¤ in amortisation.

Gross cashflow is up by 25% compared with 2013 at 80,5 M¤.

Net debt came to 78,6 M¤ (80,9M¤ in 2013) for shareholders' equity of 234,6 M¤ (195 M¤ in 2013), giving gearing of 33% compared with 41% in 2013.

Solid order book and good visibility on the forecast

The Group has an order book with excellent visibility, further reinforced with orders won in 2014. This allows us to predict further growth in volumes and profitability for Montupet in the years to come, with immediate effect in 2015.

Furthermore, the US dollar, Mexican peso and UK pound exchange rates, low oil prices, interest rates and absence of inflation, are all elements of a macroeconomic environment favourable to the Group, helping to reinforce productivity and to create ideal conditions for further growth in profit.

Aside from the market for cylinder heads, the Group's core activity, new market demands have arisen for complex cast aluminium parts for the vehicles of the future (turbo compressor housings, turbines and intercoolers, suspension parts). Montupet, already producing this sort of component, is in a position to gain a significant share of this new market thanks to its technological leadership.

Dividend of 1 ¤ per share

The board will propose the payment of a dividend of 1¤ per share at the next Shareholder's Meeting. 

Next press release : First quarter 2015 turnover, May 12, 2015 after the close 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 refers to the MIDDLENEXT corporate governance code.

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 Next 150, CAC Mid & Small and CAC Small indices and is eligible for SRD « Long-only ».

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

Contact

Marc Majus, Deputy CEO

E-mail : m.majus@montupet.fr - Tél. : +33 (0)1 47 56 47 56

More on www.montupet.fr

 

Montupet Group - Fiscal year 2014      
       
INCOME STATEMENT in k¤ DEC 2014 2013 restated 2013 published
       
Revenues from operations 457 518 420 387 420 387
Other operating income 13 666 13 306 12 628
Cost of raw materials & other supplies (192 938) (186 835) (186 835)
Other operating expenses (77 872) (65 956) (65 956)
Taxes (2 926) (2 916) (2 916)
Salaries & wages (105 828) (102 169) (102 169)
Depreciation charges on fixed assets (33 932) (30 736) (31 015)
Provision charges on current assets (326) (239) (239)
Other operating income and expenses 224 (512) (512)
Current operating profit (loss) 57 587 44 329 43 372
       
Other income and expenses 0    
Operating profit (loss) 57 587 44 329 43 372
       
Financial profit ( loss) (132) (3 199) (3 199)
       
Share of the profit or loss of associates (144) 0 0
       
Net income before tax 57 311 41 130 40 173
Income taxes (9 897) (6 290) (4 044)
Net income from continuing operations 47 414 34 840 36 129
       
Income (loss) from discontinued operations, net of tax (1 872) (1 503) (1 503)
       
NET INCOME 45 542 33 337 34 626
Attributable to:      
- shareholders 45 286 33 294 34 583
- minority interests 256 44 44
       
  DEC 2014 2013 restated 2013 published
       
Number of outstanding common shares 10 782 769 10 782 769 10 782 769
Number of potentially dilutive common shares      
Number of outstanding and potentially dilutive common shares 10 782 769 10 782 769 10 782 769
       
Earnings per share      
Basic Earnings per share from continuing operations
attributable to shareholders
4,40 3,23 3,35
Basic Earnings per share attributable to shareholders 4,20 3,09 3,21
       
Diluted earnings per share      
Diluted Earnings per share from continuing operations
attributable to shareholders
4,40 3,23 3,35
Diluted Earnings per share attributable to shareholders 4,20 3,09 3,21

 

Montupet Group - Fiscal year 2014      
       
ASSETS in k¤ DEC 2014 2013 restated 2013 published
       
Development costs 17 791 13 144 16 116
Others intangible assets 1 851 1 765 1 765
Fixed assets 185 842 170 033 170 033
Non-current financial assets 836 679 679
Investments in associates 2 778 0 0
Deferred tax assets 23 132 23 589 23 589
Non-current assets 232 230 209 211 212 183
       
Inventories 78 296 70 671 70 671
Trade and other receivables 83 434 67 219 67 219
Current tax receivable 9 502 9 885 9 885
Other current assets 4 875 1 816 1 816
Cash and cash equivalents 21 228 15 853 15 853
Current assets 197 334 165 444 165 444
Assets held for sale and discontinued operations 2 096 3 814 3 814
       
TOTAL ASSETS 431 660 378 470 381 442
       
       
EQUITY AND LIABILITIES in k¤ DEC 2014 2013 restated 2013 published
       
Share Capital 16 390 16 390 16 390
Additional paid-in capital 20 514 20 514 20 514
Retained earnings 173 513 150 236 151 919
Translation adjustment (22 887) (26 926) (26 926)
Current year profit (Group share) 45 286 33 294 34 583
Stockholders'equity (Group share) 232 816 193 507 196 479
Non-controlling interests 1 796 1 490 1 490
Stockholders'equity incl. non-controlling interests 234 613 194 997 197 969
       
Provisions for retirement commitments 8 025 5 864 5 864
Other provisions 604 765 765
Loans and bank debt - long-term portion 75 065 76 633 76 633
Other non-current liabilities 9 369 369
Deferred tax liabilities 2 231 2 484 2 484
Non-current liabilities 85 934 86 116 86 116
       
Loans and bank debt - short term portion 24 720 20 168 20 168
Trade and other payables 74 309 68 535 68 535
Current tax payable 3 163 2 435 2 435
Other current liabilities 7 191 3 947 3 947
Current liabilities 109 383 95 084 95 084
Liabilities held for sale and discontinued operations 1 730 2 273 2 273
       
TOTAL EQUITY AND LIABILITIES 431 660 378 470 381 442

 

Montupet Group - Fiscal year 2014      
       
CASH FLOW STATEMENT in k¤ DEC 2014 2013 restated 2013 published
       
Net income attributable to shareholders 45 286 33 294 34 583
Minority interests 256 44 44
Share in net earnings of associates 144    
Net dividends received from associates 0    
Depreciation, amortization and provisions 34 134 30 571 30 850
Losses/ (gains) on sales of assets 336 212 212
Variation of deferred taxes 363 292 292
GROSS CASH FLOW 80 519 64 412 65 980
Changes in working capital (except variation in def. taxes) (11 721) (22 048) (23 616)
NET CASH FLOW FROM OPERATING ACTIVITIES 68 798 42 364 42 364
       
Intangible & tangible investments (56 730) (42 993) (42 993)
Transfers or decreases of intangible & tangible assets 0 215 215
Financial investments 290 6 6
Transfers or decreases of financial assets 0 14 14
Outflow relating to entry in scope (2 775) 0 0
Inflow relating to changes in scope 0 0 0
NET CASH FLOW FROM INVESTING ACTIVITIES (59 215) (42 758) (42 758)
       
Dividends paid to the parent company shareholders (8 625) (6 470) (6 470)
Increase in debt 90 555 1 875 1 875
Decrease in debt (88 091) (8 000) (8 000)
Investment grants received 1 526 475 475
NET CASH FLOW FROM FINANCING ACTIVITIES (4 635) (12 120) (12 120)
       
Effects of exchange rate changes on cash 414 (623) (623)
       
NET CURRENT CASH FLOW 5 362 (13 137) (13 137)
Portion of cash-related assets and liabilities from discontinued
operations
(63) (920) (920)

Information réglementée
Communiqués au titre de l'obligation d'information permanente :
- Communiqué sur comptes, résultats, chiffres d'affaires
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