(AOF) – Akwel, the equipment supplier for the automotive and heavy goods vehicle industry, achieved consolidated revenue of 491 million euros in the first half of 2022, down very slightly compared to the first half of 2021 (487. 6 million), but up 5% at constant scope and exchange rates, while global automotive production remained down over the period (-1.8%). Nevertheless, net income group share fell to 1.9 million, compared to 38 million in the first half of 2021. Financial income was -10 million, compared to -0.6 million a year ago.
As communicated by the group during the publication of the half-yearly turnover, the half-yearly results are in fact down significantly. They are impacted by the strong inflation experienced on raw materials, components, energy, transport and labor costs.
The published turnover includes, for the first time, the application of the IAS 29 standard (financial information in hyper-inflationary economies) impacting the Turkish subsidiaries, generating a readjustment of + 2.9 million compared to the communicated figure in July.
In a market still largely disrupted by supply constraints, the group notably achieved strong growth in North America (+18.4%).
In a still very disrupted global automotive market, Akwel confirms its forecast of moderate revenue growth for the 2022 financial year, with in particular a good performance expected in the third quarter.
Given the inflationary context and the ongoing impact of supply difficulties on the activity of manufacturers, the group remains cautious with regard to sector forecasts, even if the second half should see the application of the first effects of sales price increases
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