image KENDRION N.V. PRESS RELEASE 9 May 2023 Kendrion posts record revenues in more stable market environment

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Overig advies 09/05/2023 09:24
Q1 2023 revenue up 5% to a record EUR 136.8 million compared to EUR 129.9 million in Q1 2022 driven by all three Business Groups
Normalized Q1 2023 EBITDA of EUR 15.7 million, 7% lower than in Q1 2022 (EUR 16.8 million)
Abandoning of zero-COVID policy triggered reduced economic activity in China in Q1 2023
New manufacturing facility in Suzhou Industrial Park, China, to be officially opened in May 2023 with production expected to start shortly after
Stable financial position with a leverage ratio of 2.6 (Q1 2022: 2.4)
Maturity date EUR 102.5 million credit facility extended by one year until 28 April 2026

Key figures:

Joep van Beurden, Kendrion CEO:
“We have delivered solid results with further growth and record revenues in a market environment that was more stable than in the past years. The volatility in the Automotive order patterns reduced, and a feared recession did not materialize. The economic activity level in China was reduced in Q1 2023 triggered by a sharp rise in COVID infections as the country abandoned its zero-COVID policy, temporarily lowering our revenue there. Inflation remained stubbornly high, putting pressure on our added value margin. Our normalized EBITDA was a healthy EUR 15.7 million.

We grew our Automotive revenue by 8% relative to Q1 2022 and saw more stability in the Automotive market than in the past few years. The new Automotive Core and E set up, which came into effect at the end of last year, is proving successful. In Automotive Core, with inflation persistently high, we have increased our sales prices, which we expect will result in improving added value margins in Q2 and the second half of 2023. In Automotive E we won a sizeable additional suspension order for China. Our Industrial business grew with 3%, somewhat below expectation, mostly caused by a slower market in China, and compared to a strong Q1 2022. We expect to officially open our new facility in Suzhou’s Industrial Park in May 2023, and to ramp up production early July 2023, as scheduled.

Going forward, the world and the global economic environment remain highly unpredictable. A recession later in the year remains a possibility. For Q2 2023 and beyond we will continue to focus on protecting our value-added margin, especially in Automotive Core, on disciplined investment in the growth opportunities in Automotive E and on commissioning our new factory in Suzhou.

Longer-term, with most of our revenue coming from clean energy applications, we are well positioned to benefit from the accelerating global energy transition and continue to grow both our revenue and profitability. We reiterate our medium-term financial targets: 5% organic growth between 2019 and 2025, an EBITDA of at least 15% in 2025 and an ROI of at least 25% in 2025.”

Please find the full press release attached. ?

20230509 Kendrion N.V. press release - Kendrion posts record revenues in more stable market environment .pdf
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