Kendrion posts full-year revenue and normalized profitability growth, mainly driven by Industrial. Focus on electrification continues

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Overig advies 28/02/2023 08:41
FY 2022 revenue was a record EUR 519.3 million, 12% higher than 2021 (EUR 464.0 million)
Normalized FY 2022 EBITDA increased by 3% to EUR 57.4 million (2021: EUR 55.8 million)
Reported FY 2022 EBITDA was EUR -6.6 million (2021: EUR 51.7 million) due to impairment of EUR 57.3 million related to the Automotive Core business, as announced on 8 February 2023
Q4 2022 revenue was EUR 129.6 million, 12% higher than 2021 (EUR 116.2 million)
Normalized Q4 2022 EBITDA was EUR 12.0 million, 4% higher than Q4 2021 (EUR 11.5 million)
Strong Q4 2022 cash flow of EUR 16.7 million (Q4 2021: EUR 9.8 million) driven by a reduction in working capital
Automotive split into Automotive Core and E completed on 31 December 2022
Nominated lifetime project revenue in Automotive of EUR 304.5 million, of which EUR 206.7 million related to Automotive E
Construction of a 28,000 m2 manufacturing facility in Suzhou Industrial Park, China almost completed. Production expected to start in H1 2023
Proposed dividend of EUR 0.72 per share; pay-out ratio 50% of normalized full-year net profit before amortization (2021: EUR 0.69 per share)

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Joep van Beurden, Kendrion CEO:
“In 2022, in a volatile economy with high inflation and geopolitical instability, we delivered strong revenue growth and improved our normalized profit. We kept our operational focus on product margins, cost and working capital, and despite the significant investment in our 28,000 m2 manufacturing facility in Suzhou Industrial Park, China, our normalized cash flow stayed positive at EUR 3.1 million. I am proud of our performance and of the progress we have made towards our ambitious financial targets for 2025.

To help increase our focus on clean energy, we took the strategic decision to split the Automotive Group. Automotive E is responsible for products relevant to electric vehicles with profitable growth and innovation as its main goals. Automotive Core handles our combustion engine-related business with cash and cashflow as its KPIs. We added EUR 305 million in lifetime revenue to the pipeline of which 68% were nominations for Automotive E. This is our fifth consecutive year with a positive book-to-bill ratio. As a result of the Automotive split, it became necessary to impair the goodwill and other intangibles related to the acquisitions of companies in the past which were, and are, entirely focused on the combustion engine. The impairment of EUR 57.3 million was announced on 8 February 2023.

Our Industrial franchise had a strong year. Revenues grew by 19% to EUR 276.5 million, as demand for actuators for electrification applications increased in many of our markets. Both Industrial Brakes and Industrial Actuators and Controls are performing significantly above pre-pandemic levels and the Industrial product and project pipeline supports sustained growth over the coming years. Industrial Brakes, Industrial Actuators and Controls, Automotive E and China all focus on delivering actuator products related to electrification; in 2022, approximately 65% of our revenue came from clean energy applications.

Looking ahead, we expect the current economic environment to continue in the first half of 2023, with potentially better economic circumstances in the second half of the year, as China’s economy is expected to benefit from the end of its strict zero-COVID policy. We have set ourselves ambitious medium-term financial targets of 5% organic growth between 2019 and 2025, an EBITDA of at least 15% in 2025 and an ROI of at least 25% in 2025. Over the past two years, our organic revenue has grown, on average, by 12% per year. Over the same period, our EBITDA has grown by 29% and our ROI by 44%. In my view, we are on our way to achieve these targets.”


Please find the full press release attached.?


230228 Kendrion N.V. press release - Kendrion posts full-year revenue and normalized profitability growth.pdf
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