AKWEL (FR0000053027, AKW, PEA-eligible), the automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, has reported consolidated turnover of €245.8m in the first quarter of 2022, down by -10.1% compared to the first quarter of 2021.
Consolidated turnover for the 1st quarter of 2022 (from 1 January to 31 March)
|In € millions – unaudited||2022||2021||Variation||LFL variation (*)|
|1st quarter||245.8||273.3||-10.1 %||-4.4 %|
(*) Comparing like-for-like figures
The global automotive market continued to suffer from production disruptions at manufacturers due to problems with the supply of raw materials and electronic components, amplified at the end of the quarter with the events in Ukraine. In this unfavourable context, AKWEL limited its decline in activity to -4.4% on a like-for-like basis, which is comparable to the decline in global automotive production (-4.2%1).
Products and Functions turnover was €239.1m, down -9.0%. The Cooling business (-4.0%) limited its decline, as did the Air business (-3.5%), which gained market share, while the Pollution Control product line posted a sharper decline this quarter (-12.9%). Control revenue for its part continued to fall, to €4.0m, after unusual previous years.
A still limited level of investments this quarter as well as a clear improvement of the working capital, with a return to normal of suppliers’ debts and the continuation of the optimization of receivables, contributed to generating a significant quarterly free cash flow at €19.8m.
Difficulties in the supply of raw materials and components will continue to weigh on the organisation and activity of manufacturers and equipment suppliers, exacerbated by international geopolitical tensions. In this context, and even if AKWEL is not directly exposed to the situation in Ukraine and Russia, the group remains cautious in its annual forecasts and anticipates at this stage a moderate growth of its activity in 2022.
|An independent, family-owned group listed on the Euronext Paris Stock Exchange, AKWEL is an automotive and HGV equipment and systems manufacturer specialising in fluid management and mechanisms, offering first-rate industrial and technological expertise in applying and processing materials (plastics, rubber, metal) and mechatronic integration.
Operating in 20 countries across every continent, AKWEL employs 9,700 people worldwide.
1 Source S&P Global Mobility
Source: AKWEL via GLOBE NEWSWIRE