- Reported net sales of €279.5 million for the first 9 months of 2021, up +84.9 %
- Outperformed the automotive market of +14.2 bps in Q3 and +19.8 bps at the end of September in a very difficult market context
- Strong growth in the "Protection Systems" business at the end of September and good resistance in Q3
Sales
Consolidated sales for 3rd quarter
| In million euros | Q3 2021* | Q3 2020 | Published | Organic | Exchange rate | Change of perimeter | |
| Net sales | 85.8 | 67.1 | 27.8 % | -5.4 % | -0.6 % | 33.8 % | |
| Automotive | 46.5 | 49.0 | -5.2 % | -5.3 % | 0.1 % | - | |
| Industrial | 9.0** | 8.8 | 2.4 % | 21.6 % | -0.1 % | -19.1 % | |
| Schlemmer | 30.3 | 9.3*** | 225.3 % | -13.5 % | -4.7 % | 243.5 % |
Consolidated sales at end September
| In million euros | Q3 2021* | Q3 2020 | Published | Organic | Exchange rate | Change of perimeter | |
| Net sales | 279.5 | 151.1 | 84.9 % | 26.5 % | -5.2 % | 63.7 % | |
| Automotive | 143.8 | 115.5 | 24.5 % | 29.5 % | -5.0 % | - | |
| Industrial | 31.8 | 26.3 | 20.8 % | 33.5 % | -6.3 % | -6.3 %** | |
| Schlemmer | 103.9 | 9.3*** | 1015.4 % | -13.5 % | -4.7 % | 1033.6 % |
*unaudited
** perimeter 2021: sale of the technical straps and belts activity on June 30, 2021
*** perimeter 2020: acquisition of Schlemmer's Lot 1 (Germany, Romania, Russia, Spain) on September 1, 2020 and acquisition of Schlemmer's Lot 2 (Italy, Morocco, Tunisia) on December 31, 2020.
- Automotive market: organic growth of 29,5%
By business segment:
Net sales at constant exchange rates were up by 29.5 % at the end of September 2021 (+24.5 % based on published data) in a market up only 9.7%. The effect of exchange rates at the end of September was unfavorable by €5.8 million, mainly due to the parity (€/$).
In the third quarter, sales at constant exchange rates were down 5.3% (-5.2% on a reported basis) in a market down 19.5%, penalized by semiconductor supply disruptions that led to the slowdown or even shutdown of many OEM plants.
Cumulative net sales to end September 2021:
| In million euros | 2021 | 2020 | Published | Organic | Exchange rate | |
| Protection systems | 111.7 | 82.0 | 36.2% | 41.3 % | -5.2 % | |
| Fluid transfer | 24.8 | 24.1 | 3.1 % | 8.5 % | -5.5 % | |
| Interior trim fastening | 4.7 | 2.7 | 77.5 % | 87.3 % | -9.8 % | |
| Logistics and Assembly Services | 2.5 | 6.7 | -62.3 % | -62.3 %* | 0 % |
*Sale of the activity in Tangier plant in December 2020
Net sales for the 3rd quarter 2021:
| In million euros | 2021 | 2020 | Published | Organic | Exchange rate | |
| Protection systems | 35.5 | 34.5 | 2.7 % | 2.3 % | 0.4 % | |
| Fluid transfer | 8.6 | 10.9 | -20.6 % | -19.9 % | -0.7 % | |
| Interior trim fastening | 1.7 | 1.2 | 48.9 % | 50.3 % | -1.4 % | |
| Logistics and Assembly Services | 0.6 | 2.5 | -74.3 % | -74.4 %* | 0.1 % |
*Sale of the activity in Tangier plant in December 2020.
By region:
All regions outperformed the automotive market, particularly the Americas and Asia:
| In million euros | 2021 | 2020 | Published | Organic | Exchange rate | Automotive market evolution * | Outperformance | |
| Americas | 73.0 | 58.9 | 23.9 % | 32.1 % | -8.2 % | 9.9 % | + 22.2 bps | |
| Europe - Africa | 45.9 | 40.0 | 15.0 % | 15.2 % | -0.3 % | 6.9 % | + 8.3 bps | |
| Asia | 24.9 | 16.6 | 49.7 % | 54.9 % | -5.2 % | 10.7 % | + 44.2 bps |
*IHS Source: October 2021
By quarters:
| In million euros | 2021 | 2020 | Published | Organic | Exchange rate | |
| Q1 | 51.2 | 48.2 | 6.3 % | 13.2 % | -6.9 % | |
| Q2 | 46.1 | 18.3 | 152.6 % | 165.9 % | -13.3 % | |
| Q3 | 46.5 | 49.0 | -5.2 % | -5.3 % | 0.1 % |
- Industrial market
Industrial Market sales were up 33.5 % at constant exchange rates (+20.8 % on a reported basis).
At constant exchange rates,
- Sales of Drossbach North America increased by 45 % (+36 % on a reported basis) ;
- The "Electrical and Thermal Insulation" activity grew by 40 % (+32 % on a reported basis);
- The "Technical straps and belts" business is down -26 % following the sale of this activity on June 30, 2021
The effect of exchange rates at the end of September was unfavorable by €1.7 million.
- Schlemmer
The sales of the Schlemmer perimeter, fully integrated as of January 1, 2021, amounted to €103.9 million at the end of September, representing 37 % of the group's total sales.
The level of activity is higher than expected at the time of the acquisition.
Perspectives
In a market context that is as unstable as ever (variability of demand, shortage of materials and components, soaring purchase prices, logistical difficulties, etc.), DELFINGEN is doing its utmost to adapt the management of its operations and its cost structure and thus strengthen its leadership as a privileged partner of its customers by offering a unique service and quality.
In addition, DELFINGEN is developing its product and service offering to meet the challenges of the transformation of the automotive industry towards clean and sustainable mobility.
In view of this market situation, DELINGEN is revising its 2021 targets downwards, with sales of around €345 million and an operating margin of 5 %.
"Safe Harbor" statement
Although DELFINGEN's management believes that these forward-looking statements are reasonable as of the date of this document, investors are cautioned that forward-looking statements are subject to numerous factors, risks and uncertainties, many of which are difficult to predict and generally beyond DELFINGEN's control, that could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements.
DELFINGEN, a global leader in protection and routing solutions
for electric and fluid on-board networks
WWW.DELFINGEN.COM
| EURONEXT Growth Paris Code ISIN: FR 0000054132 Mnémonique: ALDEL | Membre de MiddleNext | Next press release: February 4th, 2022 Net sales for 4th quarter 2021 Contact: Mr Christophe Clerc: +33 (0)3.81.90.73.00 |
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