DELFINGEN INDUSTRY : ERRATUM - PRESS RELEASE - DELFINGEN, Net sales for 1st semester 2021

ERRATUM: The DELFINGEN automotive market organic growth is going up by 55,2%, and not 13%, as announced in our August 6th 2021 press release

• Reported net sales above €190 million, up +130 % (+52 % organic)
• Clear automotive market outperformance in all regions
• Strong growth in the "Protection Systems" business
• Sustained sales performance of the ex-Schlemmer Europe/Africa perimeter

Sales

1^st half consolidated sales

*unaudited

Bridge turnover 2020-2021 (in million euros)

• 2020: 84,0
• Exchange rate: -7,5
• Organic: 43,6
• Change of scope: 73,6
• 2021: 193,7

• Automotive market: organic growth of 55%

Net sales at constant exchange rates and at constant consolidation were up by 55% at the end of June 2021 (+46% on a reported basis).

The effect of exchange rates on -Automotive- sales at the end of June was unfavorable by €5.8 million, mainly due to the parity (€/$).

By business:

The "Protection Systems" business grew by 70% (+22% compared to 2019), confirming DELFINGEN's strategic positioning as a key player in the transition to sustainable mobility with hybrid and electric vehicles.

The "Fluid Transfer" business grew by 32%, despite the shortage of electronic chips that shut down several customer plants in North America. 

The "Logistics and assembly services" business was down 55%, following the sale of the Tangiers plant in December 2020.

The "Fastening systems for interior trim" activity is up 116% in a market strongly impacted by the COVID-19 crisis in 2020 (India).

By region:

All regions outperformed the automotive market :

**IHS sources: July 2021

• Industrial market:

Industrial Market sales were up 40% at constant exchange rates (+30% on a reported basis).

At constant exchange rates,

• Sales of Drossbach North America rose by 60% (+46% on a reported basis) ;
• The "Electrical and Thermal Insulation" activity grew by 34% (+24% on a reported basis);
• The "Technical straps and belts" business grew by 4% (same change on a reported basis).

The effect of exchange rates on sales -Industrial Market- at the end of June was unfavorable by -1.7 M€.

• Schlemmer

The sales of the Schlemmer perimeter, fully integrated as of January 1, 2021, amounted to €73.6 million at the end of June, representing 38% of the group's total sales.

The level of activity is higher than expected at the time of the acquisition.

Perspectives

In a market situation that remains as unstable as ever (demand variability, shortage of materials and components, soaring purchase prices, logistical difficulties, etc.), DELFINGEN is making every effort to adapt the management of its operations and its cost structure and thus strengthen its leadership as a preferred partner for its customers by offering unique service and quality.

In addition, DELFINGEN is developing its product and service offering to meet the challenges of the transformation of the automotive industry towards clean and sustainable mobility.

In the first half of the year, DELFINGEN should achieve its target of a 9% operating margin.

“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, un leader mondial dans les solutions de protection
et de cheminement des réseaux électriques et fluides embarqués

WWW.DELFINGEN.COM

Source Actusnews