Grupo Antolin Q1 Report 2024
- Net turnover of €1,039.3 million in Q1 2024, down 10.1% (-5.3% on a constant currency considering the dollarization of our Mexican business and excluding Ebergassing figure in Q1 2023 to do a homogeneous consolidation perimeter) vs. Q1 2023 and compared to -0.8%1 industry production growth on a worldwide basis. FX evolution reduced our total sales by around €22.3 million mainly due to the negative evolution of the USD, the Chinese Yuan, the Argentinean peso and the Czech Koruna against the Euro.
- Net turnover for components (without including Tools on behalf of customers) decreased by 10.3% up to 1,020.8 million euros. In Q1 2024 tooling sales amounted to 18.5 million euros, compared with the 19.8 million euros recorded in Q1 2023.
- EBITDA of €82.5 million in Q1 2024, thus representing a 19.5% increase (+22.1% on a constant currency) vs. Q1 2023 (€69.3 million), while EBITDA margin materially improved to 8.0% compared with the 6.0% recorded in Q1 2023.
- Excluding one-off costs and including synergies linked to the 2023-2026 GOA Transformation Plan which totaled 47.9 euro million at 31.03.2024 (LTM, 9.0 euro million for Q1 2024), EBITDA margin was 8.8% vs. 6.6% in Q1 2023 (one-off and synergies of €6.9 million in Q1 2023).
- The evolution of exchange rates negatively impacted our EBITDA by around €1.8 million in the period.
- EBIT of €22.8 million in Q1 2024 (+156% YoY) vs. €8.9 million recorded in Q1 2023, while EBIT margin improved by 1.4 percentual points to +2.2% vs. +0.8% in Q1 2023.
- Cash available of €240.8 million.
- Available credit facilities of €127.8 million.
- Cash and long-term undrawn committed credit lines of €368.5 million versus shortterm maturities of €150.0 million (excluding €130.0 million of drawn RCF which can be roll-over until March 2026 and €16.6 million of other credit lines which can be rollover until April 2024).
- Net Financial Debt to EBITDA of 3.2x (for covenant purposes: excluding one-off costs and including synergies linked to the 2023-2026 GOA Transformation Plan which totaled 41.9 euro million).
- Interest coverage (EBITDA to Net Financial expenses) of 4.7x (for covenant purposes: excluding one-off costs and including synergies linked to the 2023-2026 GOA Transformation Plan which totaled 41.9 euro million).
