Antolin closed the 2023 financial year with a significant improvement in its margins and main financial figures, thus meeting the objectives set for the year.
The company's sales reached 4,617 million euros, which represents an increase of 4% compared to the 4,451 million of the previous year. This growth would be 10% adjusted for the exchange rate and comparable effects following the divestment of the Austrian Ebergassing plant at the end of last year.
The provider of technological solutions for the automobile interior recorded attributable net losses of 6.7 million euros, which means reducing the 'red numbers' of 225.6 million euros in 2022 by 97%, as reported by this Thursday the company.
The firm has attributed this improvement, mainly, “to a greater profit from continued ordinary operations and a substantially lower impairment recorded”, after the 2022 losses were due to extraordinary provisions for the impairment of the value of some assets and the sale of its business in Russia.
Its consolidated profit (before the payment of benefits to minority shareholders) was positive, earning 12.6 million euros compared to losses of 211 million the previous year.
Antolin recorded sales of 4,617 million euros, which represents an increase of 4% compared to the 4,451 million of the previous year.
This growth, as the company has explained, would be 10% adjusted for the exchange rate and for comparable purposes after the divestment of the Austrian Ebergassing plant at the end of last year.
The company's gross operating profit (Ebitda) increased by 10% in 2023, to 328 million euros, in a context marked by widespread cost pressure in all markets and the impact of exchange rates.
On the other hand, the company's Ebitda margin reached 8.1% (+1.1 points more than in 2022), if extraordinary expenses are excluded and the synergies associated with the Transformation Plan are included.
Antolin explains that this plan was approved last year and seeks to consolidate the company as “a leading supplier of vehicle interiors through sustainable and profitable growth.” Furthermore, he points out that the efficiency and optimization measures adopted and cost control boosted the company's profitability.
New projects
During the past year it achieved a portfolio of new projects worth 5.5 billion euros, more than 25% located in Asia and 11% linked to business with Chinese automobile manufacturers.
Antolin indicates that it is thus advancing its objective of expanding its business in the Asian market with a focus on China and India, increasing and diversifying its customer base.
In total, Antolin indicates that it has an order book for the next four years worth 20,000 million, which ensures sustained, profitable and diversified growth in the medium term.
Its sales in Asia increased by 3%, to 756 million euros, and in Europe and the Rest of the World, by 6%, to 2,286 million. Revenue from North America in 2023, on the other hand, reached 1,571 million, compared to 1,565 million in the previous year.
«The transformation that we began last year is beginning to bear fruit at an operational and industrial level as reflected in the improvement of the company's financial figures and profitability. During 2023 we have made progress in the main strategic lines and we have achieved important projects with clients, which allows us to have a solid base for future growth in new mobility,” explains the president of Antolin, Ernesto Antolín.
In addition, the president indicates that Antolin has sealed technological agreements with key partners such as VIA optronics for integrated display systems or Biometric Vox in the development of vehicle access systems.
Looking ahead to 2024, Antolin plans to continue increasing its Ebitda and profitability, as well as cash generation, with the aim of achieving a double-digit Ebitda margin in the medium term. As part of its strategic plan, the company has stressed that it will advance the divestment of certain assets to strengthen the balance sheet and redirect resources to businesses with higher returns and growth potential.
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