Autoneum delivers significant increase in operating result

In the first half of 2024, automotive industry production volumes were somewhat restrained worldwide and even declined slightly in Europe. While economic conditions in the automotive supply industry have improved to a certain extent since the coronavirus crisis, high vehicle prices in some markets were putting a damper on demand. Only North America and Asia recorded slight growth compared to the same period of the previous year.

Despite the flat market development, Autoneum managed to significantly increase both revenue and profitability before special effects over the prior-year period. This positive development was achieved through the automotive business of traditional German company Borgers, which had been acquired as of April 1, 2023, and thus contributed for the first time to the entire reporting period. At the same time, Autoneum achieved operational improvements worldwide.

Revenue increases considerably thanks to inorganic growth

At Group level, Autoneum’s revenue in local currencies increased by a significant 15.1% in the first half of 2024. At 0.3%, organic revenue growth was slightly above the market, which declined by 0.2%*. In addition, there was inorganic growth in local currencies of 14.8% due to the first-time inclusion of Borgers Automotive for the entire first half-year. Overall, Autoneum managed to outgrow the market significantly. Compared to the prior-year period, revenue consolidated in Swiss francs rose by CHF 109.8 million to CHF 1 212.3 million (prior-year period: CHF 1 102.6 million). Excluding negative currency translation effects of CHF 56.6 million, revenue climbed to CHF 1 269.0 million.

Operating results rises significantly

EBIT in the first half of 2024 climbed by CHF 20.8 million to CHF 65.8 million (prior-year period excluding special effects: CHF 45.0 million) and the EBIT margin improved accordingly by 1.3 percentage points to 5.4% (prior-year period excluding special effects: 4.1%). This is largely attributable to continuous operational improvements, particularly in Business Group North America. Autoneum achieved a net result of CHF 36.1 million (prior-year period: CHF 51.5 million). This represents a substantial improvement in profitability, since the prior-year period included positive net special effects.

Free cash flow, equity ratio and net debt improve

The free cash flow of CHF 39.1 million (prior-year period excluding acquisition-related special effects: CHF 30.6 million) reflects the strong operating performance. It includes investments in tangible assets of CHF 28.6 million (prior-year period: CHF 21.7 million). Thanks in particular to the net result achieved and the positive foreign currency effects recognized directly in equity, in the first half of 2024 equity ratio increased by 2.2 percentage points to 34.4% as of June 30, 2024 (December 31, 2023: 32.1%). Group equity increased accordingly by CHF 53.0 million to CHF 590.0 million in the reporting period. Thanks to the free cash flow generated, net debt (excluding lease liabilities) was reduced further compared with year-end 2023 and stood at CHF 173.6 million as of the reporting date (December 31, 2023: CHF 177.8 million).