PRESS RELEASE – DELFINGEN
Net sales for 1st semester 2022
Anteuil, July 29th 2022
Reported net sales above €203.9 million, up +5.3%
Outperformance of the Mobility market of +4.5 points in a very difficult market context
Good dynamic in the industrial division at constant perimeter
1st half consolidated sales
|In million euros||1S 2022||1S 2021||Published||Organic||Exchange rate||New perimeter|
*2022 perimeter: disposal of the Russian site in May 2022
** 2021 perimeter: disposal of the technical straps and belts business on June 30, 2021
Mobility market: organic growth of 2.7%
World automobile production was down 1.8% in the first half of the year in a still difficult context with tensions supply of electronic components, the Russian-Ukrainian crisis and health restrictions in China (two months of lockdown in April and May). DELFINGEN outperformed the market by 4.5 points and by 7.6 points excluding the geographical mix effect of its sales. Indeed, the automobile production decrease was particularly hindered in Europe/Africa (-10%), where the group generates 51% of its sales.
At the end of June 2022, net sales at constant exchange rates and perimeter were up 2.7% (+6.5% on a reported basis). The exchange rate effect at the end of June was positive by €7.7 million (or 4.8% of net sales), mainly due to the parity (€/$).
Note the excellent performance of the "Fluid Transfer" business, driven by a 3.9% increase in the automotive market in the Americas.
|In million euros||2022||2021||Published||Organic||Exchange rate|
All regions are outperforming the automotive market, especially the Americas and Asia:
|In million euros||2022||2021||Published||Organic||Exchange rate||Automotive market evolution ***||Performance vs Organic |
|Europe - Africa||88.7||97.3||-8.8%||-7.7%||0.2%||-9.8%||2.1|
*** Source: S&P Global Mobility july 2022
Industrial Market sales were up 7.3% at constant exchange rates (-1.2% on a reported basis) with a negative impact (-14.8%) due to the change in consolidation perimeter following the sale of the "Technical straps and belts" business in June 2021.
Note the good dynamic sales of the "Electrical and Thermal Insulation" activity (+16.8% at constant exchange rates) and of Drossbach (+5.5% at constant exchange rates).
Exchange rates at the end of June were positive by €2.0 million.
Uncertainty is weighing on the markets with multiple factors such as the situation in Ukraine and supply chain disruptions.
According to S&P Global Mobility (ex IHS Markit) estimates published in July 2022, global automotive production is expected to reach 80.8 million units in 2022, up 5% from 2021.
DELFINGEN remains very cautious about market expectations. However, given its strategic positioning in vehicle wiring protection solutions, its leadership and its global presence, DELFINGEN expects the market to outperform by 2 to 3 points.
DELFINGEN is adapting to these difficult economic conditions while at the same time seizing the growth opportunities linked to the market transformation towards cleaner and more responsible mobility.
“Safe Harbor” statement
Although DELFINGEN's management believes that these forward-looking statements are reasonable as of the date of this document, investors are cautioned that forward-looking statements are subject to numerous factors, risks and uncertainties, many of which are difficult to predict and generally beyond DELFINGEN's control, that could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements.
DELFINGEN, a global leader in protection and routing solutions
for electric and fluid on-board networks