Revenue of EUR 108.3 million 10% lower than in Q1 2018 (EUR 120.6 million)
EBITDA of EUR 12.7 million or 11.8% (Q1 2018 normalised: EUR 17.7 million or 14.6%), a decrease of 28%, fully attributable to revenue decline
Staff cost levels 3.5% lower than normalised costs of Q1 2018
Revenue in China up by more than 20% with multiple new programmes ramping up
Investments in key opportunities continue, with a focus on passenger cars, electromagnetic brakes for robotics and China
Continued strong balance sheet and financial position
Key figures

Joep van Beurden, Kendrion CEO:
"We have had a difficult quarter, as the global automotive market continues to be under pressure. Car sales declined in Europe (4%), the US (3%) and China (13%). This has had a significant impact on our Automotive revenue, which declined by 13% compared with Q1 2018. Industrial was somewhat weaker as well, but at a healthy overall level.

We continue to focus our resources and investments in passenger cars, specifically in the areas of electrification, autonomous driving, safety and comfort, in permanent magnet brakes for robotics and in China where we see healthy growth opportunities.

We have significantly simplified and streamlined our organisation over the past few years. The current slowdown provides evidence of just how important that is as we continue to invest in the longer-term opportunities in front of us. In that context, it is gratifying to see that in China, despite a weak local trading environment, we have grown our year-on-year revenue by more than 20% as we ramp up multiple new production lines.

We take a long-term view of the opportunities for both our Automotive and Industrial activities; these opportunities remain intact and we reiterate our long-term financial targets of ROIC of at least 20% and an EBITDA margin of more than 15% by 2023. Despite the difficult market conditions and short-term economic uncertainty, we face the future with confidence."

tijd 15.29
Kendrion EUR 19,78 -97ct vol. 15.196