Kendrion, difficult market conditions affect Kendrion. Investment in key growth opportunities continues.

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13/08/2019 08:11
Revenue decreases in Q2 2019 by 8% to EUR 109.0 million (Q2 2018: EUR 119.0 million)
Normalised EBITDA in Q2 2019 decreases 27% to EUR 12.7 million (Q2 2018: EUR 17.4 million)
HY1 2019 revenue decrease of 9% to EUR 217.3 million (HY1 2018: EUR 239.6 million)
Normalised EBITDA in HY1 2019 of EUR 25.4 million from EUR 35.1 million in HY1 2018
Normalised EBITDA margin in HY1 2019 of 11.7% from 14.6% in HY1 2018
Normalised net profit of EUR 8.3 million in HY1 2019 (HY1 2018: EUR 15.8 million)
New share buyback programme of max. EUR 10 million reflecting confidence in Kendrion's strategy and future

Key figures

Joep van Beurden, Kendrion CEO:
"We have had a difficult first half of 2019, as the global automotive market continues to be challenging. Global car production declined by 6.7% compared with the first half of 2018, with weakness in all major markets, and especially China. Industrial markets weakened as well and purchasing managers' indexes around Europe are now pointing towards a contraction in industrial activity. This has had a significant impact on our revenue, which declined by 9% compared with HY1 2018. Automotive revenue decreased by 12% and Industrial by 4%.

The difficult trading environment inevitably puts our short-term results under pressure. We have simplified and streamlined the organisation, decreased our costs significantly and increased our focus. This enables us to cope with the current headwinds that we expect to continue in the second half of 2019.

We firmly believe in our longer-term prospects and continue to invest in our three focus areas: Automotive and specifically in products relevant to the development of Autonomous, Connected, Electric, Shared vehicles, the so called "ACES", permanent magnet brakes for robotics and in China. We see opportunities for healthy growth in all areas.

In Automotive, we are working on six "Lighthouse Projects", developing products such as a Sensor Cleaning Valve and Control System, AVAS Sound Systems and a Battery Cooling Valve and Control System. In robotics, the next phase of our China production line is on schedule, while in that same China facility, revenue grew by more than 20% compared with the first half of 2018, despite slowing economic growth.

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. Today we announce our intention to buy back shares with an aggregate market value equivalent of up to EUR 10 million in order to reduce our issued share capital."

tijd 09.31
De Smallcap 947,55 -4,25 -0,45% Kendrion EUR 15,22 -40ct vol. 9.372

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