Antolin grows quarterly EBITDA by 20% and posts sales of €1,039 million



Antolin grows quarterly EBITDA by 20% and posts sales of €1,039 million

2024-05-29
  • The EBITDA margin for the first quarter of 2024 stood at 8%, 2 percentage points higher than in the same period last year, thanks to the efficiency measures and strict cost controls of its transformation plan.

Antolin significantly improved margins and profitability during the first quarter of 2024 in a volatile market context, thanks to efficiency and optimization measures and to the strict cost controls applied as part of its transformation plan.

The company increased gross operating profit (EBITDA) by 20% to €83 million, taking the EBITDA margin to 8%, 2 percentage points higher than in the same period last year. Operating profit (EBIT) increased by 156% to €23 million.

In the first three months of the year, global vehicle production fell by 1% to 21.4 million units, with a slight drop in volumes in both Asia and Europe. This unstable context, coupled with the conclusion of certain programs and production stoppages by some customers in North America and the impact from exchange rates, resulted in Antolin posting sales of €1,039 million between January and March, versus the €1,157 million (-10%) in the same quarter of the previous year. Adjusted for exchange rates and on a like-for-like basis which excludes the effect of last year’s divestment of the Austrian Ebergassing plant, revenue fell by 5%.

From the point of view of revenue, 2024 is a transition year for Antolin until the new programs go into production. At the close of December 2023, Antolin had an order backlog worth €20 billion for the next four years, which guarantees sustained, profitable and diversified growth in the medium term. In particular, new projects will drive the North American business in 2025.

During this year, the company is focused on increasing its EBITDA and margins, as well as generating cash flow, while maintaining financial discipline. The aim of its current transformation plan is to achieve a double-digit EBITDA margin in the medium term.

Commitment to technology

One of the pillars of Antolin's transformation plan is to evolve its products by incorporating more technological solutions, and thus offer the most comprehensive and extensive portfolio of components for vehicle interiors in the market. To this end, the company presented its new Sunrise cockpit prototype a few weeks ago, in partnership with VIA Optronics AG, the leading provider of interactive display systems and solutions.

Sunrise marks a milestone in the user experience by incorporating integrated screens and smart surfaces, technologies that are in demand to improve the user experience, immersive ambient lighting, and safety advances to avoid driver distractions. Antolin showcased this system to considerable interest at the recent Embedded World (Nuremberg) and Display Week 2024 (California) fairs.

This commitment to technology is allowing Antolin to expand its business toward new innovative projects, such as the new Dynamic Interaction Light System (IAL), which Audi has just introduced in the new Q6 e-tron and Q6 e-tron Sportback electric models. This smart lighting system allows the vehicle to interact with the driver and front passenger; for example, by notifying of incoming calls or the status of the electric battery charge. If a functional light is not requested, the application acts like standard ambient lighting.

By region, Antolin recorded sales of €542 million in Europe and the Rest of the World, compared to €605 million in the same period in 2023 (-10%). By comparison, due to the divestment of the Ebergassing plant, sales in that region fell by 3%, in line with the 2% production drop in the market. The company's revenues in Asia reached €173 million, versus €177 million in the same quarter a year earlier (-2%); stripping out the effect of exchange rates, revenue grew by 3%, while the overall market was down 1%.

Meanwhile, in North America, revenue stood at €323 million, compared to €374 million in the first three months of last year (-14%).

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