PRESS RELEASE - DELFINGEN

2018 1st HALF-YEAR RESULTS
Anteuil, September 10th, 2018

Acceleration in organic growth


Sales Current operating income Net income

Group share
Cashflow from

operating activities
+ 9.6 %
(+ 0.9 % in published data)
5.5  % of net sales
(i.e. 5.9 M€)
+ 4.1 %
(Soit 3.1 M€)

0.5 M€
     


In millions euros 1st HY 2018 1st HY 2017
Net sales 108.1 107.1
Ebitda 9.1 10.6
Current operating income 5.9 7.6
Operating income 5.9 7.6
Net income Group share 3.1 3.0
Cashflow from operating activities 0.5 2.9
Net financial debt 56.2 51.7
Equity 64.4 58.1


Net sales increased by 9.6 % at constant exchange rates (+ 0.9 % in published data).


Sales in the Automotive division, representing 79 % of the overall net sales, are up by 11 % at constant exchange rates (+ 2.1 % in published data). Global automotive growth for the same period is +1.8 %(1).

Sales in the "on-board networks protection" business are up by 6 % at constant exchange rates (- 2.6 % in published data).
The "technical tubing for fluid transfer" business increased by 50 % at constant exchange rates (+ 37.8 % in published data). The "mechanical parts assembly" business went down by 1 % at constant exchange rates (- 5.8 % in published data).
Sales in the Specialty markets division are up by 4.6 % at constant exchange rates (- 3.4 % in published data).

The impact of the exchange rates on sales was unfavorable of - 9.3 M€.

DELFINGEN Industry generated a current operating income of 5.9 M€, i.e. 5.5 % of sales (7.6 M€ in the 1st half-year of 2017) with a decrease in gross margin by 1.1 percentage points (raw materials price increase and adverse impact of product mix), non-recurring fright costs of 1.1 M€ for the Celaya plant in order to meet the production ramp-up of the "technical tubing for fluid transfer" business and an unfavorable effect of currencies of 0.3 M€.

The financial result is - 1.6 M€ compared to - 3.0 M€ in the 1st half-year of 2017, which had been affected by a negative effect of currencies by 1.7 M€.


The effective tax rate reduced from 34.4 % to 28.5 %, due to the American tax reform which brought the income tax rate down from 34 % to 21 %. The net income is 3.1 M€ (up by 4.1 %).

The net financial debt is at 56.2 M€ on June 30th, 2018 compared to 51 M€ on December 31st, 2017 due to an investment level of 4.3 M€ and a 7.3 M€ working capital requirement.
The Gearing is at 87 %.


In a context where the automotive production is expected to grow by 2 %, and currency exchange rates remain in line with the actual levels, DELFINGEN Industry expects further growth of its net sales in 2018.


(1) source: IHS


DELFINGEN, a global leader in protection and routing solutions
for electric and fluid on-board networks

EURONEXT Growth Paris - Code ISIN : FR 0000054132 - Mnemonic: ALDEL
Next press release: November 5th, 2018 - 2018 3rd Quarter Sales
Contact: Mr. Christophe Clerc : +33 (0)3.81.90.73.00 - www.delfingen.com

Attachment